BNET Industries

Market Cap:$37.0M
Last Fiscal Year Sales:$93.7M
  • Public
  • US
Dow Jones Description

Origen Financial, Inc. is an internally-managed and internally-advised Delaware corporation that is taxed as a real estate investment trust, or REIT. Since our inception and until early 2008, we were a national manufactured housing lender and loan servicer. We and our predecessors originated more than $3.0 billion of manufactured housing loans from 1996 through March 31, 2008, including $44.8 million in 2008. We additionally processed $185.5 million in loans originated under third-party origination agreements in 2008, and $388.3 million since inception of the third party lending program in 2003. In March 2008, because of the lack of a reliable source for a loan warehouse facility and the uncertainty of the availability of an exit in the securitization market, we ceased originating loans for our own account and sold our portfolio of unsecuritized loans at a substantial loss. The proceeds from the loan sale were used to pay off our existing loan warehouse facility, which was not renewed. We completed, in April 2008, a secured financing transaction with a related party and used the proceeds, combined with other funds, to pay off the outstanding balance of a supplemental advance credit facility which would have expired in June 2008. At our annual stockholders meeting on June 25, 2008, our stockholders approved an Asset Disposition and Management Plan. Pursuant to this plan, we executed a number of transactions and took several actions, as follow. ...

Chief Executive Officer
Ronald A. Klein
Number of Employees 27
Contact Information

27777 Franklin Rd Ste 1700

Southfield, Michigan 48034

www.origenfinan...

(248) 746-7000

NAICS Code : 525930

Recent Events

  • Origen Financial Announces Final Third Quarter 2009 Results

    11/12/09 - Financial Announcement - View Story

  • Origen Financial Announces Final Second Quarter 2009 Results

    8/16/09 - Financial Announcement - View Story

News & Analysis

origen financial inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
Ronald A. Klein Chief Executive Officer
J. Peter Scherer President and Head of Operations
Anderson Geater CFO
Paul Galaspie Senior Vice President and Chief Information Officer
W. Anderson Geater Chief Financial Officer
Douglas Burdett Executive Vice President
Mark Landschulz Executive Vice President of Portfolio Management
O. Douglas Burdett Executive Vice President
Ben Sergi Senior Vice President
Brett Thomas Senior Vice President, Servicing
David Rand Senior Vice President, Strategic Development
Jim Bramlage Senior Vice President, Sales
Laura Campbell Senior Vice President, Human Resources
Sergi Benton Senior Vice President
Dave Daugherty Vice President, Controller
Elaine Nesbitt Vice President, Portfolio Analysis
Jeff Mouat Vice President, Sales
Matt Allen Vice President, Marketing
Wayne Carpenter New Vice President of Business Development for the Mid, Atlantic and Northeast Region
Jennifer Cronk Director of Training and Development
Jennifer Schotte Director of Training and Development
Allen Mitchell Manager, Underwriting
Dustin Goshorn Manager, Underwriting
Kelly Kornman Marketing Coordinator
William M Davidson
Gary A. Shiffman Director
Richard Rogel Director

Board of Directors

Name (plus bio) Position
Paul A. Halpern Chairman
James A. Williams Board Member
Jonathan S. Aaron Board of Directors
Michael J. Wechsler Board of Directors
Robert S. Sher Board of Directors

Ronald Klein joined our predecessor in December 1999 and currently serves as one of our directors and Chief Executive Officer. Prior to this position, he served as President of our predecessor. Prior to joining Origen and its predecessors, Mr. Klein served as the Managing Director of Equity Growth L.L.C., a private real estate investment company, and was a member of the Chicago Board Options Exchange.

Organization Position Status
Origen Financial, Inc. Chief Executive Officer Current
Origen Financial, Inc. Board of Directors Current
Origen Financial, Inc. President Former
Origen Financial, Inc. Manager Former
Origen Inc. Former
Chicago Board Options Exchange Board of Directors Former
Chicago Board Options Exchange Member Former

J. Peter Scherer joined our predecessor in December 1999 and currently serves as our President and Head of Operations. Prior to this position, Mr. Scherer served as Chief Operating Officer of our predecessor. Mr. Scherer was responsible for reshaping Origen into a leader within the Manufactured Housing Finance Industry and instilling a "lean and mean" profit culture. Mr. Scherer has more than 20 years of experience including all aspects of real estate development, finance, management, operations and leasing. Prior to joining Origen and its predecessors, Mr. Scherer was Senior Vice President of The Taubman Company, a publicly traded shopping center REIT and one of the nation's leading real estate development firms.

Organization Position Status
Origen Financial, Inc. President and Head of Operations Current
Origen Financial, Inc. Chief Operating Officer Former
Reit Corp Senior Vice President Former
Origen Financial, Inc. Head of Operations Former
Origen Inc. Former

Organization Position Status
Origen Financial, Inc. CFO Current

Paul Galaspie joined our predecessor in March 1994 and currently serves as Senior Vice President and Chief Information Officer. He is responsible for the day-to-day performance of Origen Systems, supporting the company's key objectives through the use of technology, and maintaining an experienced staff of systems managers, programmers, and support specialists. Prior to this position, Mr. Galaspie served as Project Manager, responsible for the development of the Origen loan origination system, databases, and management support systems, creating the infrastructure that supports Origen's long-term growth plans. Mr. Galaspie has more than 13 years of experience in information systems and development. Prior to joining Origen and its predecessors, Mr. Galaspie was a Senior Programmer Analyst for Saxon Mortgage Funding Corporation.

Organization Position Status
Origen Financial, Inc. Senior Vice President and Chief Information Officer Current
Origen Inc. Former

W. Anderson Geater, Jr. joined our predecessor in April 2000 and currently serves as our Chief Financial Officer. His responsibilities include financial management, banking relations, accounting, financial reporting and regulatory reporting. Mr. Geater serves on various executive management committees. Mr. Geater has more than 25 years of banking and financial services experience, including capital market transactions, encompassing both debt and equity. Prior to joining Origen and its predecessors, Mr. Geater was Chief Financial and Administrative Officer for UFS Holdings, LLC.

Organization Position Status
Origen Financial, Inc. Chief Financial Officer Current
Origen Financial, Inc. Secretary Current
Origen Inc. Former

Organization Position Status
Origen Financial, Inc. Executive Vice President Current
Loan Servicing Corporation Executive Vice President, Manager Current
Origen Inc. Current
GE Asset Management Senior Vice President Former
General Electric Capital Corporation Vice President Former

Mark Landschulz joined our predecessor in February 2000 and currently serves as Executive Vice President of Portfolio Management. He leads the Portfolio Management group, focusing on capital market execution and portfolio analytics. He brings a breadth of experience to the organization as he has spent the last 15 years in a number of leadership roles in the housing finance sector, most notably with GE Capital. Prior to this position, Mr. Landschulz served as Chief Financial Officer for our predecessor.

Organization Position Status
Origen Financial, Inc. Executive Vice President of Portfolio Management Current
Origen Financial, Inc. Chief Financial Officer Former
General Electric Capital Corporation Former

Organization Position Status
Origen Financial, Inc. Executive Vice President Current

Ben Sergi joined our predecessor in June 2003 and currently serves as our Senior Vice President, Operations. Mr. Sergi directs all of the day-to-day responsibilities for loan underwriting, processing, funding, Dealer Services and Mortgage Operations Groups. Mr. Sergi has more than 19 years experience in the retailer/broker finance arena and has served in a wide variety of finance industries including automotive, recreational vehicle, marine and manufactured housing. Prior to joining Origen and its predecessors, Mr. Sergi's most recent position was with HomePride Finance Corp, where he served as the Executive Vice President, National Sales and Operations. He previously served as the Senior Vice President, Sales and Operations, for the CIT Group and worked in the sales finance division at Key Bank.

Organization Position Status
Origen Financial, Inc. Senior Vice President Current
CIT Group Inc. Senior Vice President, Sales Former

Organization Position Status
Origen Financial, Inc. Senior Vice President, Servicing Current
Origen Inc. Current
Origen Financial, Inc. Senior V. P. of Servicing Former

Organization Position Status
Origen Financial, Inc. Senior Vice President, Strategic Development Current
Associates First Capital Corp Vice President, New Business, Product Development Former

Jim Bramlage joined Origen in October 2004 and currently serves as Senior Vice President, Sales. In this capacity, Mr. Bramlage manages a staff of 20 and is responsible for growing Origen's national retailer, broker and correspondent origination channels. Mr. Bramlage has more than 18 years experience in the manufactured housing industry, specifically in the insurance and financial sectors. Prior to joining Origen and its predecessors, he most recently served as Senior Vice President, National Sales Manager for Chase Home Finance - Manufactured Housing.

Organization Position Status
Origen Financial, Inc. Senior Vice President, Sales Current
Origen Inc. Current

Laura Campbell joined our predecessor in November 1999 and currently serves as Senior Vice President of Human Resources. In this position, Ms. Campbell develops, implements and directs the human resource and training activities of the company, and provides counsel to Origen's managers and employees. Ms. Campbell has over ten years of human resource experience in various lending and servicing areas including manufactured housing, mortgage banking and commercial lending. Prior to joining Origen and its predecessors, Ms. Campbell served as Vice President, Human Resources for DMR Financial Services.

Organization Position Status
Origen Financial, Inc. Senior Vice President, Human Resources Current
Origen Inc. Former

Organization Position Status
Origen Financial, Inc. Senior Vice President Current

Organization Position Status
Origen Financial, Inc. Vice President, Controller Current

Organization Position Status
Origen Financial, Inc. Vice President, Portfolio Analysis Current

Jeff Mouat joined our predecessor in July of 1998 and currently serves as the Vice President, Sales. In this capacity, Mr. Mouat manages a staff of 12 and is responsible for growing Origen's national chattel loan origination volume in 48 states. Prior to this position, Mr Mouat served as the Vice President, Business Development, West Region where he managed chattel loan origination for the 22 western states. He has also served as Vice President, Dealer Services and as Vice President - Training, Sales Analysis and Product Development, National Sales Trainer and Region Sales Manager. Mr. Mouat has 11 years experience in the manufactured housing industry, specifically in manufactured housing operations. Prior to joining Origen, he held credit and underwriting positions with Associates Housing Finance.

Organization Position Status
Origen Inc. Former

Array

Organization Position Status
Origen Inc. Current

Wayne Carpenter is the new Vice President of Business Development for the Mid-Atlantic and Northeast Region, where he is responsible for managing the sales force and overall volume production. Carpenter has more than 25 years of manufactured housing experience, most recently as an Account Executive with Chase. Origen previously announced that it had hired an additional six (6) former Chase account executives who have already started with Origen.

Organization Position Status
Origen Financial, Inc. New Vice President of Business Development for the Mid, Atlantic and Northeast Region Current
Origen Financial, Inc. Account Executive Former

Organization Position Status
Origen Financial, Inc. Director of Training and Development Current
Origen Inc. Current

Jennifer Schotte joined our predecessor in July 2002 and serves as the Director of Training and Development. Ms. Schotte's responsibilities include identifying department specific development needs, guiding employees' individual development, and creating training curricula for Origen University. Ms. Schotte has ten years experience in the training and development field, and additional experience in project management, performance and process improvement. Prior to joining Origen and its predecessors, Ms. Schotte served as the Corporate Training Manager for F.X. Coughlin Co., a logistics provider.

Organization Position Status
Origen Financial, Inc. Director of Training and Development Current
Origen Financial, Inc. Board of Directors Current

Organization Position Status
Origen Financial, Inc. Manager, Underwriting Current

Organization Position Status
Origen Financial, Inc. Manager, Underwriting Current

Organization Position Status
Origen Financial, Inc. Marketing Coordinator Current

Organization Position Status
Origen Financial, Inc. Current

Paul A. Halpern has been the Chairman of the Board since August 2003. He is the Chairman of the Nominating and Governance Committee, a member of the Audit Committee and an alternate member of the Executive Committee. Mr. Halpern is currently the manager of Woodward Holding, LLC, a stockholder of Origen. Since April 2007, Mr. Halpern has served as President of Guardian Energy Management Corp., an oil and gas exploration and production company, which is a subsidiary of Guardian Industries Corp., a glass manufacturing corporation. He served as Vice President of Operations of Guardian Energy Management Corp. from 1990 to April 2007. In addition, Mr. Halpern has served as Associate Tax Counsel of Guardian Industries Corp. since 1988. From 1979 through 1988, Mr. Halpern was employed in various capacities by both McDermott Incorporated and McDermott International, Inc., with his last position as Tax Director for McDermott Incorporated. Before joining McDermott, Mr. Halpern worked in the tax department of the public accounting firm of Alexander Grant & Company.

Organization Position Status
Guardian Industries Corp. Associate Tax Counsel Current
Origen Financial, Inc. Chairman Current

Gary A. Shiffman is the Chairman,Chief Executive Officer, and President and has been an executive officer of Sun since its inception. He has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past twenty years. He has overseen the land acquisition, rezoning, development and marketing of numerous manufactured home expansion projects. Mr. Shiffman is also an executive officer and a director of Sun Home Services, Inc. (“Sun Home Services”) and all other corporate subsidiaries of the Company. Mr. Shiffman is also a director of Origen Financial, Inc (NASDAQ: ORGN).

Organization Position Status
Sun Communities, Inc. Chief Executive Officer Current
Sun Communities, Inc. President Current
Sun Communities, Inc. Chairman of the Board Current
Sun Communities, Inc. Chief Operating Officer Former
University Corp. Former
Michigan State Former

Organization Position Status
Origen Financial, Inc. Board Member Current

Organization Position Status
Origen Financial, Inc. Board of Directors Current

Organization Position Status
Origen Financial, Inc. Board of Directors Current

Richard H. Rogel has been a member of our board of directors since our inception. Since 1997, Mr. Rogel has been a private investor. Mr. Rogel served as chairman of the board of CoolSavings, Inc., a provider of interactive marketing services to advertisers, their agencies, and publishers, from 1996 to December 2005, serving as its chairman of the board from July 2001 to December 2005 and as the chairman of its audit committee from 1998 to December 2005. In 1982, Mr. Rogel founded Preferred Provider Organization of Michigan, Inc., a preferred provider organization for health care delivery, and served as its Chairman from its inception until it was sold in 1997. Mr. Rogel has been a director of Origen Financial, Inc., a Nasdaq Global Market listed real estate investment trust, since August 2003. Mr. Rogel is the chairman of The Michigan Difference, a $2.5 billion endowment campaign for the University of Michigan. He is also on the University of Michigan President Advisory Board and is the past president of the University of Michigan Alumni Association. He has self-funded over 200 scholarships for the University of Michigan. He serves on the Board of Trustees of the Progressive Policy Institute and the Board of Directors of the Gore Range Natural Science School. Mr. Rogel received a B.B.A. from the University of Michigan.

Organization Position Status
The Michigan Difference Chairman Current
Progressive Policy Institute Board of Directors Current
Boise Paper Board of Directors Current
Origen Financial, Inc. Director Current
CoolSavings, Inc. Chairman of The Board Former
CoolSavings, Inc. Director Former
University of Michigan B.B.A. Former

Organization Position Status
Origen Financial, Inc. Board of Directors Current
Schostak Brothers & Company Vice Chairman of the Board Current
Uniprop Manufactured Housing Communities Income Fund II Board of Directors Current
Schostak Brothers & Company Chief Financial Officer Former
University of Michigan Business School Lecturer Former
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     ORGN $1.43 0.00 (0.00% )
Average Volume 26,884
Shares Outstanding 25.93M
Market Cap 37.1M
Year High 1.75
Year Low 0.48
Earnings Per Share N/A
P/E Ratio -
Dividend N/A
Yield N/A
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