o R I G E N™

At Origen Financial: W. Anderson Geater ChiefFinancial Officer

(248) 746-701o

FOR IMMEDIATE RELEASE MONDAY, DECEMBER 16, 2013

At Financial Relations Board:

Han Huie

(312) 98 1-8542 hhui e@mww. com

ORIGEN FINANCIAL ANNOUNCES THIRD QUARTER 2013 RESULTS

SOUTHFIELD,MI- December 16, 2013 - Origen Financial, Inc. (Pini{ Sheets: ORGN) ("Origen" or the "Company''), a real estate investment trust that manages resid ua!interests in securitized manufactured housing loan portfolios, today announced a net loss of$1.0 million, or approximately $0.04 per share of common stock outstanding, for the quarter ended

September 30, 2013, as compared to a net loss of $1.9 million, or $0.07 per share, for the third quarter of2012. For the nine months ended September 30, 2013 a net loss of $2.7 million or

$0.11 per share was rea1ized as compared to a net loss of $1.3 million, or $0.05 per share for the nine months ended September 30, 2012. The results for the nine months ended September 30,

2012 include a first quarter gain of approximately $6.2 million relating to the termination of certain of Origen's interest rate swap transactions with Citibank, N.A.

On December 16, 2013, Origen's Board ofDirectors declared a dividend on common stock of

$0.14 per share to be paid to holders ofOrigen's common stock ofrecord on December 26,2013. The dividend will be paid on December 31, 2013 and will approximate $3.6 million.

Net interest income, before loan losses and impairment, decreased by approximately 23 percent for the third quarter 2013 to $3.7 million from $4.8 million for the third quarter 2012 and decreased approximately 15 percent to $11.7 million for 2013 year-to-date versus $13.7 million for 2012. Such decrease is the result ofthe continued runoff ofthe Company's static loan p01tfolio. The third quarter 2013 provision for loan losses was $2.6 million versus $4.1 million for the prior year quarter, a decrease of approximately 37 percent. The provision for loan losses for 2013 year-to-date was $8.3 million as compared to $14.1 million for the prior year-to-date, a decrease of approximately 41 percent. Sueh decreases are also a result of the declining loan balances ofthe static pmtfolio, as well as improvements in delinquency levels and increased recovery percentages on the dispositions offoreclosures and repossessions.

Non-interest expenses, including $1.7 million ofloan servicing expense, were $2.5 million for the third quatter 2013, as compared to $2.7 million, including $1.9 million ofloan servicing expense, for the year ago quarter, a decrease of approximately 7 percent. Year-to-date 2013 non-

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interest expenses, including $5.2 million ofloan servicing expense, were $7.6 million as compared to $8.6 million, including $6.0 million of loan servicing expense, for the prior year-to­ date, a decrease of approximately 12 percent.

Ea rnings Cali and Webcast

A conference cali has been scheduled for Tuesday, December 17, at 4:00p.m. Eastern Time to discuss third quarter results and current operations. The cali may be accessed by dialing 888-

438-5535 or 719-325-2308. A replay will be available through December 24, 2013 by dialing

877-870-5176 or 858-384-5517 pass code 9117920.

Fonvard-Looldng Statements

This press release contains various "forward-looking statements" within the meaning ofthe Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could,""expect," "anticipate," "believes,""intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These

forward-looking statements reflect Origen's cunent views with respect to future events and

financial performance, but involve known and unlmown risks and uncettainties, both generai and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and unce1tainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings. The forward-looking statements contained in this press release speak only as ofthe date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward­ looking statements made herein to reflect changes in Origen's expectations or future events.

About Origen Financial, Inc.

Origen is an internally managed and internally advised company that has elected to be taxed as a rea l estate investment trust. Origen is based in Southfield, Michigan.

For more information about Origen, please visit http : // www.origenfimmcial.com .

Financial Tables Follow...

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Origen Financial, lnc.

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ORIGEN FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands)

ASSETS

Assets

(Unaudited) September 30,

2013

December 31,

2012



T

LIABILITIES ANO STOCKHOLDERS' EQUITY



Liabilities

Securitization Fìnancing

439.712

491,720

Derivative Liabilities

28,204

37,454

Other Liabilities

9,096

10,935

Total Liabilities

477,012

540,109

Equity

21,640

23,135

Total Liabilities and Equity

$ 498,652

$ 563,244

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ORIGEN FINANCIAL,INC. CONSOLIDATED STATEMENT OF OPERATIONS (Dallars in thausands, except far share data)

(Unaudited) Three Manths Ended

---==_.Septernber 30,,_=,_-

(Unaudited) Nine Months Ended

-- =.--.:-5.:-eptember 30,_


Totallnterest Expense

_,7.

.8.§.9_

2_i._I§_

Provision for Loan Losses

Net lnterest lncome (Loss) After Loan Losses and lmpairment

NonMinterest Incarne

Gain on Derivative

------ ··--,2.,?_3_4

1,099

·----.-. - ---4.9Z...

766

-··---·----- -·:2- 2-

3,457

----- --1_4,_1_ (3- (413)

6,278

Other

386 -------i103

1,479 1,510

Total NonMinterest lncome

NonMinterest Expenses

386_..

103

-----.,1. 7_9_ -- -· Z,Z88

Total Personnel

Total Loan Origination & Servicing

State Taxes

340

1,659

68

345

1,935

29

1,034

5,175

204

1,069

6,009

200

Other Operating

§.i -

------;,1,22_5_

-- ------1,?_!?_

Total NonMinterest Expenses

Net Loss Before Incarne Taxes

2,521

-----(-:1,-òi6)

2,737

---(1866)

-----i(2.io2)

---------- - ·61.9

(1,265)

lncome Tax Expense

7 11

22 42

Net Loss

$ ·--- -J1.04.3) $

(1"s 9L

-$-- J2.724I

--$---..--. (i.3ifif

Weighted Average Common Shares Outstanding, Basic and Diluted === "" ?2-:cl1b.o =------o-=..=----= -:- , ,?-'='1

Net Loss Per Common Share

.,--- ,,? j$ '

io,ot

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