Origen Financial Inc., whose main business is managing the residual interest in securitized manufactured housing loan portfolios, had net income of $173,000 for 2Q13, compared with a $2.8 million loss for 2Q12.
The company's net interest income decreased by 15% to $4 million from $4.7 million one year prior as a result of the continued runoff of its static loan portfolio. Origen exited the manufactured housing loan origination business in March 2008 and in separate deals sold its
It took a $2.3 million loan loss provision in 2Q13, down 53% from 2Q12’s provision of $4.9 million.
Non-interest expense was $2.5 million, down from $3 million in 2Q12. This includes $1.7 million of loan servicing expense in 2Q13, compared with $2 million for the same period in 2012.