Origen Financial Inc. has completed the previously announced sale of its servicing platform assets to Green Tree Servicing LLC, a leading servicer of manufactured housing loans, other residential loans and consumer loans. As part of the sale transaction, Green Tree assumed the lease for Origen's Fort Worth, Texas, servicing facility.
Origen used proceeds from the sale to retire a $15 million loan secured by the servicing assets, to partially repay a $46 million secured loan facility entered into in April and for working capital.
The sale was approved by Origen's stockholders at the company's annual meeting on June 25 as one component of an asset disposition and management plan. Other components of this plan include the active management of Origen's securitized loan portfolios and other remaining assets, and the continued rationalizing of operating costs as necessary and appropriate to efficiently and effectively continue operations and preserve stockholder value, the company says.
Source: Origen Financial
