Document:

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                                                                     EXHIBIT 4.3

                          REGISTRATION RIGHTS AGREEMENT

        This Registration Rights Agreement (the "Agreement") is made and entered
into as of February 4, 2004, by and between Origen Financial, Inc., a Delaware
corporation (the "Company"), and DB Structured Finance Americas, LLC, a Delaware
limited liability company (the "Investor").

        WHEREAS, this Agreement is made in connection with the Private Placement
Agreement (the "Placement Agreement"), dated on or about the date hereof between
the Company and the Investor. In order to induce the Investor to enter into the
Placement Agreement, the Company has agreed to provide the registration rights
provided for in this Agreement to the Investor. The execution of this Agreement
is a condition to the closing of the transactions contemplated by the Placement
Agreement.

        Therefore, the parties hereby agree as follows:

Section 1.    Definitions.

         As used in this Agreement, the following terms shall have the following
meanings:

        "Affiliate" When used with reference to a specified person, (i) any
person that directly or indirectly controls or is controlled by or is under
common control with the specified person, (ii) any person that is an officer of,
partner in or trustee of, or serves in a similar capacity with respect to, the
specified person or of which the specified person is an officer, partner or
trustee, or with respect to which the specified person serves in a similar
capacity, and (iii) any person that, directly or indirectly, is the beneficial
owner of 5% or more of any class of equity securities of the specified person or
of which the specified person is directly or indirectly the beneficial owner of
5% or more of any class of equity securities.

        "Agreement" This Registration Rights Agreement, as the same may be
amended, supplemented or modified from time to time in accordance with the terms
hereof.

        "Business Day" With respect to any act to be performed hereunder, each
Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which
banking institutions in New York, New York or other applicable places where such
act is to occur are authorized or obligated by applicable law, regulation or
executive order to close.

        "Closing Date" February 4, 2004 or such other time or such other date as
the Investor and the Company may agree.

        "Closing Price" on any date shall mean the last sale price, regular way,
or, in case no such sale takes place on such day, the average of the closing bid
and asked prices, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to Common Shares listed
or admitted to trading on the New York Stock Exchange or, if the Common Shares
are not listed or admitted to trading on the New York Stock Exchange, as
reported in the principal consolidated transaction reporting system with respect
to Common

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Shares listed on the principal national securities exchange on which the Common
Shares are listed or admitted to trading or, if the Common Shares are not listed
or admitted to trading on any national securities exchange, the last quoted
price, or if not so quoted, the average of the high bid and low asked prices in
the over-the-counter market, as reported by the Nasdaq Stock Market, Inc. or, if
such system is no longer in use, the principal other automated quotation system
that may then be in use.

        "Commission" The Securities and Exchange Commission.

        "Common Shares" Shares of the common stock of the Company, par value
$.01 per share.

        "Company" As defined in the preamble.

        "Controlling Person" As defined in Section 8(a) hereof.

        "Eligible Registrable Shares" All Registrable Shares acquired pursuant
to the Placement Agreement.

        "End of Suspension Notice" As defined in Section 7(b) hereof.

        "Exchange Act" The Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated by the Commission pursuant thereto.

        "Holder" A holder of any Registrable Shares.

        "Indemnified Party" As defined in Section 8(a) hereof.

        "IPO" The initial public offering of the Company's Common Shares.

        "NASD" National Association of Securities Dealers, Inc.

        "October Registration Rights Agreement" The Registration Rights
Agreement dated October 8, 2004 among the Company, Lehman Brothers, Inc. (on
behalf of itself and as agent for certain investors) and the Direct Sale
Shareholders named therein.

        "Person" An individual, partnership, corporation, trust, unincorporated
organization, government or agency or political subdivision thereof, or any
other legal entity.

        "Prospectus" The prospectus included in any Registration Statement,
including any preliminary prospectus, and all other amendments and supplements
to any such prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference, if any, in
such prospectus.

        "Register," "Registered" and "Registration" Such terms shall refer to a
registration effected by preparing and filing a Registration Statement in
compliance with the Securities Act

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and applicable rules and regulations thereunder, and the declaration or ordering
of the effectiveness of such Registration Statement.

        "Registrable Shares" Each of the Shares, upon original issuance thereof,
until (i) the date on which it has been registered effectively pursuant to the
Securities Act and disposed of in accordance with the Registration Statement
relating to it, (ii) the date on which either it is distributed to the public
pursuant to Rule 144 (or any similar provisions then in effect) or is saleable
pursuant to Rule 144 promulgated by the Commission pursuant to the Securities
Act during any three month period; provided that the restrictions set forth in
Section 9 are not applicable during such three month period, or (iii) the date
on which it is otherwise saleable, without restriction, pursuant to an available
exemption from registration under the Securities Act.

        "Registration Expenses" Any and all expenses incident to the performance
of or compliance with this Agreement, including without limitation: (i) all
Commission, stock exchange, NASD registration, listing and filing fees, (ii) all
fees and expenses incurred in connection with compliance with federal or state
securities or blue sky laws (including any registration, listing and filing fees
and reasonable fees and disbursements of counsel in connection with blue sky
qualification of any of the Registrable Shares and the preparation of a blue sky
memorandum and compliance with the rules of the NASD), (iii) all expenses of
printing, delivering and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any certificates and other
documents relating to the performance of and compliance with this Agreement,
(iv) all fees and expenses incurred in connection with the listing of any of the
Registrable Shares on any securities exchange or The Nasdaq Stock Market
pursuant to Section 5(l) hereof, (v) the fees and disbursements of counsel for
the Company and of the independent public accountants (including, without
limitation, the expenses of any special audit and "cold comfort" letters
required by or incident to such performance) of the Company, (vi) any fees and
disbursements customarily paid by issuers or sellers of securities (including
the fees and expenses of any experts retained by the Company in connection with
any Registration Statement) and (vii) any fees and expenses of one (1) counsel
to the Holders as a class; provided, however, that Registration Expenses shall
exclude brokers' commissions and transfer taxes, if any, relating to the sale or
disposition of Registrable Shares by a Holder.

        "Registration Statement" Any registration statement of the Company,
including the Prospectus, amendments and supplements to such registration
statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be
incorporated by reference, if any, in such registration statement.

        "Rule 144" Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto
having substantially the same effect as such rule.

        "Rule 158" Rule 158 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto
having substantially the same effect as such rule.

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        "Rule 424" Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto
having substantially the same effect as such rule.

        "Securities Act" The Securities Act of 1933, as amended, and the rules
and regulations promulgated by the Commission thereunder.

        "Shares" The Common Shares being offered and sold pursuant to the terms
and conditions of the Placement Agreement.

        "Stand-Off Period" As defined in Section 9 hereof.

        "Suspension Event" As defined in Section 7(b) hereof.

        "Suspension Notice" As defined in Section 7(b) hereof.

        "Underwritten Offering" A sale of securities of the Company to an
underwriter or underwriters for reoffering to the public.

Section 2. Resale Registration. Following the Closing Date, but in no event
later than February 5, 2004, the Company shall use its best efforts to file a
Registration Statement with the Commission on the appropriate form registering
for resale all of the Registrable Shares held by the Investor in accordance with
the method of disposition specified by the Investor and all of the Common Shares
that are subject to the registration rights granted under the October
Registration Rights Agreement (the "Investor Resale Registration Statement").
The Company shall use commercially reasonable efforts to cause the Investor
Resale Registration Statement to be declared effective within 90 days of filing
with the Commission and to remain effective until all Shares held by Investor
are no longer Registrable Shares.

Section 3.    IPO Registration.

                 (a) Piggyback Registration Rights and Notice of Registration.
The Company hereby notifies the Investor that it intends to file a Registration
Statement under the Securities Act for purposes of effecting an underwritten IPO
(the "IPO Registration Statement") on or about February 5, 2004 and will afford
the Investor an opportunity to include in such Registration Statement all or any
part of the Eligible Registrable Shares then held by the Investor, subject to
the rights of the holders of Common Shares that are subject to the registration
rights granted under the October Registration Rights Agreement. If the Investor
desires to include in the IPO Registration Statement all or any part of its
Eligible Registrable Shares, it shall, within fifteen (15) days after the date
hereof so notify the Company in writing, and in such notice shall inform the
Company of the number of Eligible Registrable Shares it wishes to include in the
IPO Registration Statement.

                 (b) Right to Terminate Registration. Notwithstanding any other
provision of this Agreement, the Company shall have the right to terminate or
withdraw the IPO Registration Statement initiated by it under this Section 3, at
any time, whether or not the Investor has elected

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to include Eligible Registrable Shares in such registration.

                 (c) Underwriting. The Investor's right to include Eligible
Registrable Shares in the IPO Registration Statement shall be conditioned upon
the Investor's participation in such underwriting and the inclusion of the
Investor's Registrable Shares in the underwriting to the extent provided herein.
If the Investor proposes to distribute Eligible Registrable Shares through such
underwriting, it shall enter into an underwriting agreement in customary form
with the managing underwriter(s) selected for such underwriting. Notwithstanding
any other provision of this Agreement, if the managing underwriter(s)
determine(s) in good faith that due to marketing factors the number of Common
Shares to be underwritten should be limited, then the managing underwriter(s)
may exclude Shares (including Eligible Registrable Shares) from the registration
and the underwriting, and the number of Common Shares that may be included in
the registration and the underwriting shall be allocated, first, to the Company,
second, to each of the Piggyback Holders (as that term is defined in the October
Registration Rights Agreement) requesting inclusion of their Common Shares in
the IPO Registration Statement, and third, to the Investor. If the Investor
disapproves of the terms of any such underwriting, the Investor may elect to
withdraw therefrom by written notice to the Company and the underwriter,
delivered at least ten (10) Business Days prior to the anticipated effective
date of the IPO Registration Statement. Any Eligible Registrable Shares excluded
or withdrawn from such underwriting shall be excluded and withdrawn from the
registration.

Section 4. Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the Commission that may at any time permit the
sale of the Registrable Shares to the public without registration, after such
time as the Company becomes subject to the reporting requirements of the
Exchange Act, the Company agrees to:

                 (a) Make and keep public information available, as those terms
are understood and defined in Rule 144, at all times while the Company is
subject to the reporting requirements of the Exchange Act;

                 (b) File with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act (at all times that it is subject to such reporting requirements);
and

                 (c) So long as a Holder owns any Registrable Shares, to furnish
to the Holder forthwith upon request a written statement by the Company as to
its compliance with the reporting requirements of said Rule 144 and of the
Securities Act and the Exchange Act (at all times that it is subject to the
reporting requirements of the Exchange Act), a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents of the
Company as a Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing a Holder to sell any such securities
without registration (at all times that the Company is subject to the reporting
requirements of the Exchange Act).

Section 5.    Registration Procedures.   In connection with the obligations of
the Company with respect to any registration pursuant to this Agreement, the
Company shall:

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                 (a) prepare and file with the Commission, as specified in this
Agreement, a Registration Statement, that complies as to form in all material
respects with the requirements of the applicable form and includes all financial
statements required by the Commission to be filed therewith;

                 (b) subject to Section 5(i) hereof, prepare and file with the
Commission such amendments and post-effective amendments to each such
Registration Statement as may be necessary to keep such Registration Statement
effective for the applicable period, cause each such Prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 or any similar rule that may be adopted under the
Securities Act; and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by the Registration
Statement during the applicable period in accordance with the intended method or
methods of distribution by the selling Holder thereof;

                 (c) furnish to a Holder of Registrable Shares, without charge,
as many copies of each Prospectus, including each preliminary Prospectus, and
any amendment or supplement thereto and such other documents as such Holder may
reasonably request, in order to facilitate the public sale or other disposition
of the Registrable Shares; the Company consents to the use in compliance with
applicable law of any such Prospectus, including each preliminary Prospectus, by
the Holder of Registrable Shares, if any, in connection with the offering and
sale of the Registrable Shares covered by any such Prospectus;

                 (d) use its best efforts to register or qualify, or obtain
exemption from registration or qualification for, all Registrable Shares by the
time the applicable Registration Statement is declared effective by the
Commission under all applicable state securities or "blue sky" laws of such
jurisdictions as a Holder of Registrable Shares covered by a Registration
Statement shall reasonably request in writing, keep each such registration or
qualification or exemption effective during the period such Registration
Statement is required to be kept effective and do any and all other acts and
things that may be reasonably necessary or advisable to enable such Holder to
consummate the disposition in each such jurisdiction of such Registrable Shares
owned by such Holder;

                 (e) notify the Holders promptly and, if requested by a Holder,
confirm such advice in writing (i) when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become
effective, (ii) of the issuance by the Commission or any state securities
authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, and (iii) of
the happening of any event during the period a Registration Statement is
effective as a result of which such Registration Statement or the related
Prospectus contains any untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the
statements therein not misleading, and at the request of any such Holder,
promptly to furnish to such Holder a reasonable number of copies of a supplement
to or an amendment of such Prospectus as may be necessary so that, as thereafter
delivered to the purchaser of such securities, such Prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading;

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                 (f) upon request by a Holder, furnish to such Holder copies of
any request by the Commission or any state securities authority of amendments or
supplements to a Registration Statement and Prospectus or for additional
information;

                 (g) use its best efforts to avoid the issuance of, or if issued
to obtain the withdrawal of, any enjoining order suspending the use or
effectiveness of a Registration Statement or the lifting of any suspension of
the qualification (or exemption from qualification) of any of the Registrable
Shares for sale in any jurisdiction, at the earliest possible moment;

                 (h) upon request, furnish to a Holder, without charge, at least
one conformed copy of the Registration Statement and any post-effective
amendment thereto (without documents incorporated therein by reference or
exhibits thereto, unless requested);

                 (i) upon the occurrence of any event contemplated by Section
5(e)(iii) hereof, use its best efforts to prepare a supplement or post-effective
amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Shares, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;

                 (j) if requested by the representative underwriters, if any, or
any Holder, (i) promptly incorporate in a prospectus supplement or
post-effective amendment such information relating to the representative of the
underwriters, if any, or such Holder as they may reasonably request be included
therein, and (ii) make all required filings of such prospectus supplement or
such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such prospectus
supplement or post-effective amendment; provided, however, that the Company
shall not be required to take any action pursuant to this Section 5 that would,
in the opinion of counsel for the Company, violate applicable law;

                 (k) make available for inspection by representatives of the
Holders and the representative of any underwriters participating in any
disposition pursuant to a Registration Statement and any special counsel or
accountant retained by such Holders or underwriters, during normal business
hours and upon reasonable notice, all financial and other records, corporate
documents and properties of the Company reasonably related to the Registration
Statement and cause the respective officers, directors and employees of the
Company to supply all information reasonably requested by any such
representatives, the representative of the underwriters, the special counsel or
accountants in connection with and reasonably related to the Registration
Statement; provided, however, that all such records, documents or information
provided by the Company that have not been made generally available to the
public shall be held and treated as confidential by such representatives,
representative of the underwriters, special counsel or accountants and shall not
be disclosed to any other person unless (i) the disclosure of such records,
documents or information is necessary to avoid or correct a misstatement or
omission in a Registration Statement, or (ii) the release of such records,
documents or

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information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction;

                 (l) use its best efforts to list all Registrable Shares on each
securities exchange or quotation system on which the Common Shares are then
listed or are contemplated to be listed in such Registration;

                 (m) [intentionally omitted]

                 (n) otherwise use commercially reasonable efforts to comply
with all applicable rules and regulations of the Commission and make generally
available to its security holders, as soon as reasonably practicable, earnings
statements covering at least 12 months that satisfy the provisions of Section
11(a) of the Securities Act and Rule 158;

                 (o) provide and cause to be maintained a transfer agent for all
Registrable Shares covered by any Registration Statement from and after a date
not later than the effective date of such Registration Statement; and

                 (p) in connection with any sale or transfer of Registrable
Shares that will result in such securities no longer being Registrable Shares,
cooperate with the Holders and the representative of the underwriters, if any,
to facilitate the timely preparation and delivery of certificates representing
the Registrable Shares to be sold, and to enable such Registrable Shares to be
in such denominations and registered in such names as the representative of the
underwriters, if any, or Holders may request at least two Business Days prior to
any sale of such Registrable Shares.

Section 6.    Certain Covenants of Holders.

                 (a) Each Holder acknowledges that the Company may require the
Holder of Registrable Shares, as a condition to the Company's obligations
pursuant to Sections 2, 3 and 5 hereof, to furnish to the Company such
information regarding itself, the securities of the Company held by it and the
proposed method of distribution by such Holder of such Registrable Shares; and
each Holder agrees to provide such information as the Company may from time to
time reasonably request in writing or as shall be required to effect the
registration of their Registrable Shares. Each Holder further agrees to furnish
promptly to the Company in writing all information required from time to time to
make the information previously furnished by such Holder not misleading.

                 (b) Each Holder agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
5(e)(iii) hereof, such Holder will immediately discontinue disposition of
Registrable Shares pursuant to a Registration Statement until such Holder's
receipt of the copies of the supplemented or amended Prospectus. If so directed
by the Company, such Holder will deliver to the Company (at the expense of the
Company) all copies in its possession, other than permanent file copies then in
such Holder's possession, of the Prospectus covering such Registrable Shares
current at the time of receipt of such notice.

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Section 7.    Suspension Period.

                 (a) Following the effectiveness of a Registration Statement
(and the filings with any state securities commissions), the Company may direct
the Holders to suspend sales of the Registrable Shares for such times as the
Company deems necessary or advisable, including for up to 60 days in any 12
month period in the case of pending negotiations relating to, or consummation
of, a transaction or the occurrence of an event (i) that would require
additional disclosure of material information by the Company in the Registration
Statement (or such state filings), (ii) as to which the Company has a bona fide
business purpose for preserving confidentiality, or (iii) that renders the
Company unable to comply with Commission requirements, in each case under
circumstances that would make it impractical or inadvisable to cause the
Registration Statement (or such state filings) to become effective, or to
promptly amend or supplement the Registration Statement on a post-effective
basis, as applicable.

                 (b) In the case of an event that causes the Company to suspend
sales by Holders pursuant to an effective Registration Statement (a "Suspension
Event"), the Company may give notice (a "Suspension Notice") to the Holders to
suspend sales of the Registrable Shares so that the Company may correct or
update the Registration Statement (or such state filings); provided, however,
that such suspension shall continue only for so long as the Suspension Event or
its effect is continuing. The Holders shall not effect any sales of the
Registrable Shares pursuant to such Registration Statement (or such state
filings) at any time after it has received a Suspension Notice from the Company.
If so directed by the Company, the Holders will deliver to the Company all
copies of the Prospectus covering the Registrable Shares held by them at the
time of receipt of the Suspension Notice. The Holders may recommence effecting
sales of the Registrable Shares pursuant to the Registration Statement (or such
state filings) following further notice to such effect (an "End of Suspension
Notice") from the Company, which End of Suspension Notice shall be given by the
Company promptly following the conclusion of any Suspension Event.

Section 8.    Indemnification and Contribution.

                 (a) Indemnification by the Company. The Company agrees to
indemnify and hold harmless (i) each Holder, (ii) each person, if any, who
controls (within the meaning of the Securities Act or the Exchange Act) any of
the foregoing (any of the persons referred to in this clause (ii) being
hereinafter referred to as a "Controlling Person"), and (iii) the respective
officers, directors, partners, employees, representatives and agents of each
Holder, or any Controlling Person (any person referred to in clause (i), (ii),
or (iii) above may hereinafter be referred to as an "Indemnified Party"), as
follows:

                          (A) from and against any and all loss, claim,
liability, damage and expense whatsoever, as incurred, arising out of any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment thereto) pursuant to which Registrable
Shares were registered under the Securities Act including all documents
incorporated therein by reference, or the omission or alleged omission to state
a material fact required to be stated therein or necessary to make the
statements therein, not misleading or

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arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Prospectus (or any amendment or supplement thereto),
including all documents incorporated therein by reference, or the omission or
alleged omission to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading;

                          (B) from and against any and all loss, liability,
claim, damage and expense whatsoever, as incurred, to the extent of the
aggregate amount paid in settlement of any litigation, or investigation or
proceeding by any governmental agency or body, commenced or threatened, or of
any claim whatsoever, in each case based upon any such untrue statement or
omission, if such settlement is effected with the written consent of the Company
(which consent shall not be unreasonably withheld);

                          (C) from and against any and all expenses whatsoever
(including reasonable fees and disbursements of counsel), as incurred in
investigating, preparing or defending against any litigation, or investigation
or proceeding by any governmental agency or body, commenced or threatened, in
each case whether or not a party, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under subparagraph (A) or (B)
above; and

                          (D) provided that such indemnity pursuant to this
Section 8(a) shall not apply to the Holder with respect to any loss, liability,
claim, damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in
conformity with written information furnished to the Company by such Holder
expressly for use in a Registration Statement (or any amendment thereto) or any
Prospectus (or any amendment or supplement thereto).

                 (b) Indemnification by Holders. Each Holder severally agrees to
indemnify and hold harmless the Company, each of its directors and officers
(including each officer of the Company who signed the Registration Statement),
each Controlling Person of the Company, any underwriter and any other Holder
selling securities under such Registration Statement or any of such other
Holder's partners, directors, officers or Controlling Persons, against any and
all loss, liability, claim, damage and expenses described in the indemnity
contained in Section 8(a) hereof (provided, however, that any settlement
described in Section 8(a)(ii) hereof is effected with the written consent of
such Holder, which consent shall not be unreasonably withheld), as incurred, but
only with respect to such untrue statement or omission, or alleged untrue
statements or omissions, made in a Registration Statement (or any amendment
thereto) or any Prospectus (or any amendment or supplement thereto) in reliance
upon and in conformity with written information furnished to the Company by the
Holder expressly for use in such Registration Statement (or any amendment
thereto) or such Prospectus (or any amendment or supplement thereto). If the
Registrable Shares are registered in an Underwritten Offering, the Holders shall
be required to agree to such indemnification provisions as may be required by
the underwriter in connection with such Underwritten Offering.

                 (c) Conduct of Indemnification Proceedings. Each Indemnified
Party shall give

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reasonably prompt notice to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but
failure to so notify an indemnifying party shall not relieve it from any
liability that it may have under this Agreement except to the extent that the
indemnifying party is actually prejudiced by such failure to give notice. If the
indemnifying party so elects within a reasonable time after receipt of such
notice, the indemnifying party may assume the defense of such action or
proceeding at such indemnifying party's own expense with counsel chosen by the
indemnifying party and approved by the Indemnified Party or parties in such
action or proceeding, which approval shall not be unreasonably withheld;
provided, however, that if such Indemnified Party or parties reasonably
determines that a conflict of interest exists where it is advisable for such
Indemnified Party or parties to be represented by separate counsel or that, upon
advice of counsel, there may be legal defenses available to them that are
different from or in addition to those available to the indemnifying party, then
the indemnifying party shall not be entitled to assume such defense and the
Indemnified Party or parties shall be entitled to one separate counsel at the
indemnifying party's expense. If an indemnifying party is not entitled to assume
the defense of such action or proceeding as a result of the proviso to the
preceding sentence, such indemnifying party's counsel shall be entitled to
conduct such indemnifying party's defense, and counsel for the Indemnified Party
or parties shall be entitled to conduct the defense of such Indemnified Party or
parties, it being understood that both such counsel will cooperate with each
other to conduct the defense of such action or proceeding as efficiently as
possible. If an indemnifying party is not so entitled to assume the defense of
such action or does not assume such defense, after having received the notice
referred to in the first sentence of this paragraph, the indemnifying party or
parties will pay the reasonable fees and expenses of counsel for the Indemnified
Party or parties. In such event, however, no indemnifying party will be liable
for any settlement effected without the written consent of such indemnifying
party. No indemnifying party shall, without the consent of the Indemnified
Party, consent to entry of any judgment or enter into a settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party of a release from all liability in respect of such
claim or litigation. If an indemnifying party is entitled to assume, and
assumes, the defense of such action or proceeding in accordance with this
paragraph, such indemnifying party shall not be liable for any fees and expenses
for counsel for the Indemnified Parties incurred thereafter in connection with
such action or proceeding.

                 (d) Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity provided for in this
Section 8 is for any reason held to be unenforceable, unavailable or
insufficient although applicable in accordance with its terms, the Company and
each Holder shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by this Section 8 incurred by
the Company and the Holder in such proportion that the percentage of the
Holder's total contribution under this Section 8(d) shall correspond to the
percentage that the public offering price of the Holder's Registrable Shares
offered by and sold under the Registration Statement bears to the public
offering price of all securities offered by and sold under such Registration
Statement. Notwithstanding the foregoing, no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 8, each Controlling
Person of a Holder, if any, shall have the same rights to contribution as such
Holder, and each director of the

                                       11

<PAGE>

Company, each officer of the Company who signed the Registration Statement and
each Controlling Person of the Company, if any, shall have the same rights to
contribution as the Company. Each party entitled to contribution agrees that
upon the service of a summons or other initial legal process upon it in any
action instituted against it in respect of which contribution may be sought, it
shall promptly give written notice of such service to the party or parties from
whom contribution may be sought, but the omission so to notify such party or
parties of any such service shall not relieve the party from whom contribution
may be sought from any obligation it may have hereunder or otherwise.

                 (e) Survival. The obligations of the Company and the Holders
under this Section 8 shall survive the completion of any offering of Registrable
Shares pursuant to a Registration Statement and otherwise.

Section 9.    Market Stand-Off Agreement

                 (a) Investor. In the event, and only in the event the IPO
Registration Statement is filed not later than February 5, 2004 and becomes
effective within 90 days of its filing, the Investor shall not, to the extent
requested by the Company or an underwriter of securities of the Company,
directly or indirectly sell, offer to sell (including without limitation any
short sale), grant any option, pledge or otherwise transfer or dispose of any
Shares (other than (i) to donees, members or partners of the Investor who agree
to be similarly bound and (ii) Shares registered on the IPO Registration
Statement) for the period beginning 21 days prior to the anticipated effective
date of the IPO Registration Statement and ending 60 days following the
effective date of the IPO Registration Statement; provided that, if following
the IPO, the Closing Price of the Common Shares is at least 120% of the initial
public offering price for a period of five (5) consecutive trading days
following the date on which the Common Shares first trade on a when issued or
direct basis on a nationally recognized securities exchange, the Investor's
obligations under this Section 9(a) shall terminate automatically at the close
of business on the fifth consecutive trading day; provided, that the Company may
extend the Investor's obligations under this Section 9(a) for a period not to
exceed 15 days in its sole discretion by giving written notice to the Investor
prior to the termination of the Investor's obligations under this Section 9(a).

                 (b) Legends. In order to enforce the foregoing covenant, the
Company shall have the right to place restrictive legends on the certificates
representing the Shares subject to this Section 9 and to impose stop transfer
instructions with respect to the Registrable Shares and such other Shares of
each Holder (and the Common Shares or securities of every other person subject
to the foregoing restriction) until the end of such period.

Section 10. Termination of the Company's Obligations. The Company shall have no
obligations pursuant to this Agreement with respect to any Shares proposed to be
sold by a Holder in a registration pursuant to this Agreement if, in the opinion
of counsel to the Company, all such Shares proposed to be sold by such Holder
are no longer Registrable Shares.

Section 11. Limitations on Subsequent Registration Rights. After the date of
this Agreement, the Company shall not, without the prior written consent of the
Holders of two-thirds of the then

                                       12

<PAGE>

outstanding Registrable Shares, enter into any agreement with any holder or
prospective holder of any securities of the Company that would allow such holder
or prospective holder to include such securities in any registration filed
pursuant to this Agreement or that includes for registration Registrable Shares,
unless under the terms of such agreement, such holder or prospective holder may
include such securities in any such registration only to the extent that the
inclusion of his securities will not reduce the amount of the Registrable Shares
of the Holders that is included.

Section 12. Consent of Other Stockholders. The Company covenants and agrees to
use commercially reasonable efforts to obtain the written consent of the holders
of at least two-thirds of the shares registrable under the October Registration
Rights Agreement to grant to the Investor registration rights that are in all
respects pari passu with the registration rights granted to the Investors (as
defined in the October Registration Rights Agreement) under the October
Registration Rights Agreement.

Section 13.    Miscellaneous.

                 (a) Remedies. If the Company (i) fails to file any Registration
Statement required to be filed hereunder (each a "Required Registration
Statement") within its prescribed time frame, (ii) fails to cause a Required
Registration Statement to become effective within its prescribed time frame,
(iii) fails to maintain the effectiveness of a Required Registration Statement
for its prescribed time period or (iv) directs the Holders to suspend sales of
Registrable Shares under an effective Registration Statement for more than 60
days during any 12 month period (each of (i) through (iv) a "Section 13
Breach"), then each Holder that registered Registrable Shares on or was entitled
to register Registrable Shares on the Required Registration Statement to which
the Section 13 Breach pertains will be entitled as the sole and exclusive remedy
for such Section 13 Breach, to liquidated and agreed upon damages payable on
each Registrable Share for each day of any such Section 13 Breach. Such
liquidated damages shall be payable quarterly, in arrears within ten (10) days
of the end of each fiscal quarter and shall accrue at a daily rate of (i) $0.25
per Registrable Share per annum during the first 90 days of a Section 13 Breach,
(ii) $0.50 per Registrable Share per annum during days 91 to 180 of a Section 13
Breach, (iii) $0.75 per Registrable Share per annum during days 181 to 270 of
the Section 13 Breach and (iv) $1.00 per Registrable Share per annum after the
270th day of the Section 13 Breach.

                 (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, except in a written instrument executed by the Company and the
Holders of a majority of the then outstanding Registrable Shares. No waiver of
rights or consent to departure from the provisions of this Agreement shall be
effective unless set forth in a written instrument signed by the party to be
charged therewith; provided, however, that a waiver of rights or consent to
departure from the terms hereof on behalf of the Holders shall be effective if
signed by the Holders of a majority of the then outstanding Registrable Shares.
Notwithstanding the foregoing, a waiver or consent to departure from the
provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of the Registrable Shares whose securities are being sold
pursuant to a Registration Statement and that does not directly or indirectly
affect the rights of other Holders of the

                                       13

<PAGE>

Registrable Shares may be given by Holders of a majority of the Registrable
Shares being sold by such Holders pursuant to such Registration Statement. For
the purposes of determining any majority pursuant to this Section 13(b),
Registrable Shares that are owned, directly or indirectly, by either the Company
or an Affiliate of the Company shall not be deemed outstanding.

                 (c) Notices. All notices and other communications provided for
herein shall be made in writing by hand-delivery, next-day air courier,
certified first-class mail, return receipt requested, telex or telecopy;

                          (i) if to the Company, to 27777 Franklin Road, Suite
1700, Southfield, MI 48034, Attn: Chief Executive Officer; and

                          (ii) if to any other person who is then the Holder of
any Registrable Shares, to the address of such Holder as it appears in the
Common Share register of the Company.

Except as otherwise provided in this Agreement, all such communications shall be
deemed to have been duly given (A) when delivered by hand, if personally
delivered, (B) one Business Day after being timely delivered to a next-day air
courier, (C) five Business Days after being deposited in the mail, postage
prepaid, if mailed, (D) when answered back, if telexed, or (E) when receipt is
acknowledged by the recipient's telecopier machine or otherwise, if telecopied.

                 (d) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may
assign its rights or obligations hereunder to any successor to the Company's
business or with the prior written consent of Holders of a majority of the then
outstanding Registrable Shares. Notwithstanding the foregoing, no assignee of
the Company shall have any of the rights granted under this Agreement until such
assignee shall acknowledge its rights and obligations hereunder by a signed
written agreement pursuant to which such assignee accepts such rights and
obligations. A Holder may assign its rights under this Agreement to any
transferee of its Shares provided such transferee agrees to be bound by all of
the obligations of the transferring Holder under this Agreement.

                 (e) Counterparts. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original, and all of which taken
together shall constitute one and the same Agreement.

                 (f) Governing Law; Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware,
as applied to contracts made and performed within the State of Delaware without
regard to principles of conflicts of law. The parties hereto irrevocably consent
to the jurisdiction of the federal and state courts located in the State of
Delaware in any suit or proceeding based on or arising under this Agreement and
irrevocably agree that any and all claims arising out of this Agreement or
related to the transactions contemplated by this Agreement shall be determined
exclusively in such courts. The parties hereto irrevocably waive the defense of
an inconvenient forum to the maintenance of

                                       14

<PAGE>

such suit or proceeding.

                 (g) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

                 (h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the terms
of this Agreement. All references made in this Agreement to "Section" refer to
such Section of this Agreement, unless expressly stated otherwise.

                 (i) Adjustment for Stock Splits, etc. Wherever in this
Agreement there is a reference to a specific number of shares or liquidated
damages payable with respect to any Registrable Shares, then upon the occurrence
of any subdivision, combination, or stock dividend of such shares, the specific
number of shares or amount of liquidated damages payable with respect to any
Registrable Shares so referenced in this Agreement shall automatically be
proportionally adjusted to reflect the effect on the outstanding shares of such
class or series of stock by such subdivision, combination, or stock dividend.

                 (j) Expenses. As between the Company and the Holders, the
Company shall pay all Registration Expenses in connection with the registration
of the Registrable Shares pursuant to this Agreement. The Holder or Holders
shall pay all broker's commissions and transfer taxes, if any, related to the
sale or disposition of such Holder's Registrable Shares pursuant to any
Registration Statement.

                            [SIGNATURE PAGES FOLLOW]

                                       15

<PAGE>

        IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of the date first written above.

                                           COMPANY:

                                           ORIGEN FINANCIAL, INC.

                                           By: /s/ J. Peter Scherer
                                              --------------------------
                                           Name: J. Peter Scherer
                                           Title: President

                                           INVESTOR:

                                           DB STRUCTURED FINANCE AMERICAS, LLC

                                           By: /s/ Richard C. Kennedy
                                              --------------------------
                                           Name: Richard C. Kennedy
                                           Title: VP

                                           DB STRUCTURED FINANCE AMERICAS, LLC

                                           By: /s/ Jill H. Rathjen
                                              --------------------------
                                           Name: Jill H. Rathjen
                                           Title: VP<PAGE>
                                                                    EXHIBIT 10.1

================================================================================

                             CONTRIBUTION AGREEMENT

                                      AMONG

                        THE ENTITIES LISTED ON APPENDIX I

                                       AND

                             ORIGEN FINANCIAL, INC.

                                 OCTOBER 8, 2003

================================================================================

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                                Page

<S>     <C>                                                                                                   <C>

1.       CERTAIN DEFINITIONS......................................................................................1

2.       CONTRIBUTION AND ACQUISITION.............................................................................2
         2.1      Contribution and Acquisition....................................................................2
         2.2      Transfer of Contributors' Interest..............................................................2

3.       REPRESENTATIONS AND WARRANTIES OF CONTRIBUTORS CONCERNING THE TRANSACTION................................2
         3.1      Organization and Power..........................................................................2
         3.2      Authorization, No Violations and Notices........................................................2
         3.3      Contributed Interests...........................................................................3
         3.4      No Brokerage Commissions........................................................................3
         3.5      Bingham Approval................................................................................3

4.       ADDITIONAL AGREEMENTS; SURVIVAL..........................................................................3
         4.1      Survival........................................................................................3
         4.2      Further Assurances..............................................................................4
         4.4      Access to Books and Records.....................................................................4

5.       CONDITIONS TO CLOSING....................................................................................4
         5.1      Conditions Precedent to the Contributors' Obligation............................................4
                  (b)      Performance of Agreement...............................................................4
                  (c)      Approvals..............................................................................4
                  (d)      Offering...............................................................................4
                  (e)      Litigation.............................................................................5
                  (g)      Delivery of Closing Documents..........................................................5
         5.2      Conditions Precedent to Acquiror's Obligation...................................................5
                  (a)      The Contributors' Representations and Warranties.......................................5
                  (b)      Performance of Agreement...............................................................5
                  (d)      Delivery of Closing Documents..........................................................5
                  (e)      Litigation.............................................................................5
                  (g)      Licenses and Permits...................................................................6
                  (h)      Approvals..............................................................................6

6.       CLOSING..................................................................................................6
         6.1      Closing.........................................................................................6
         6.2      Documents to Be Delivered at Closing by the Contributors........................................6
         6.3      Documents to be Delivered at Closing by the Acquiror............................................6

7.       MISCELLANEOUS............................................................................................7
         7.1      Notices.........................................................................................7
         7.2      Headings........................................................................................7
         7.3      Governing Law...................................................................................7
         7.4      No Assignment; Benefit..........................................................................7
         7.5      Entire Agreement................................................................................7
         7.6      Counterparts....................................................................................7
         7.7      Waiver..........................................................................................7
         7.8      Amendment.......................................................................................7
         7.9      Brokerage or Finder's Fee.......................................................................8

</TABLE>

                                        i

<PAGE>

<TABLE>
<S>              <C>                                                                                           <C>
         7.10     Publicity.......................................................................................8
         7.11     No Third Party Beneficiaries....................................................................8
         7.12     Certain Tax Matters.............................................................................8
         7.13     Covenant of Bingham.............................................................................8
         7.14     No Indemnification..............................................................................8

</TABLE>

                                       ii

<PAGE>

                             CONTRIBUTION AGREEMENT

         This Contribution Agreement (the "Agreement") is made and entered into
as of the 8th day of October, 2003 by and among the entities set forth on
Appendix I (collectively, the "Contributors") and Origen Financial, Inc., a
Delaware corporation ("Acquiror").

                                    RECITALS

         A.       Contributors own all of the equity interests in Origen
Financial L.L.C., a Delaware limited liability company ("OFLLC").

         B.       Contributors desire to contribute to the Acquiror, and
Acquiror desires to acquire from Contributors, all of the equity interests in
OFLLC in exchange for consideration, the receipt and sufficiency of which is
hereby acknowledged by the Contributors, on the terms and subject to the
conditions hereinafter set forth.

                                    COVENANTS

         Now, therefore, for and in consideration of the foregoing Recitals, the
mutual covenants and undertakings set forth below and other good and valuable
consideration, the receipt and adequacy of which are acknowledged, the Parties
agree as follows:

1.       CERTAIN DEFINITIONS. For purposes of this Agreement, the following
         capitalized terms shall have the following meanings (other capitalized
         terms may be defined elsewhere in this Agreement):

         1.1.     "Bingham" means Bingham Financial Services Corporation.

         1.2.     "Closing" has the meaning set forth in Section 6.1 below.

         1.3.     "Closing Date" has the meaning set forth in Section 6.1 below.

         1.4.     "Contributed Interests" means the aggregate of the
                  Contributors' Interests.

         1.5.     "Contributor's Interest" means with respect to each
                  Contributor, all right, title and interest of such Contributor
                  in and to the membership interests and the warrants to acquire
                  membership interests of OFLLC set forth opposite such
                  Contributor's name on Appendix I hereto.

         1.6.     "Initial Purchase Agreement" means the Purchase Agreement by
                  and between Acquiror and Lehman Brothers Inc. or its
                  affiliates.

         1.7.     "Material Adverse Effect" means a material adverse effect on
                  the business, condition (financial or otherwise), or results
                  of operations of the Origen Entities taken as a whole.

         1.8.     "Origen Entities" means OFLLC and the Origen Subsidiaries,
                  collectively, and "Origen Entity" means any one of the Origen
                  Entities.

         1.9.     "Origen Subsidiaries" means Origen Securitization Company,
                  L.L.C., a Delaware limited liability company, Origen
                  Manufactured Home Financial, L.L.C., a Delaware limited
                  liability company, Origen Insurance Agency, L.L.C., a Virginia

<PAGE>

                  limited liability company, Origen Special Purpose, L.L.C., a
                  Delaware limited liability company, Origen Special Purpose II,
                  L.L.C., a Delaware limited liability company, Origen Special
                  Purpose Manager, Inc., a Delaware corporation, Origen
                  Financial of South Dakota, L.L.C., a Delaware limited
                  liability company, Origen Special Holdings Corporation, a
                  Delaware corporation, Origen Credit, L.L.C., a Delaware
                  corporation, Origen Servicing, Inc., a Delaware corporation,
                  Origen M.H. Contract Company, LLC, a Delaware limited
                  liability company, and OF Insurance Agency, Inc., a Louisiana
                  corporation.

         1.10.    "Parties" means the Contributors and the Acquiror
                  collectively, and Party means any one of the Parties.

2.       CONTRIBUTION AND ACQUISITION.

         2.1.     CONTRIBUTION AND ACQUISITION. Each of the Contributors agrees,
                  at the Closing, to contribute, assign and transfer its
                  Contributor's Interest to the Acquiror and the Acquiror agrees
                  to accept and acquire each Contributor's Interest in exchange
                  for consideration, the receipt and sufficiency of which is
                  hereby acknowledged by the Contributors in accordance with the
                  terms and conditions set forth herein. The parties agree that
                  the Acquiror has the right to designate an alternate entity or
                  person to take title to any of the Contributors' Interests at
                  the time of Closing.

         2.2.     TRANSFER OF CONTRIBUTORS' INTEREST.  At the Closing, each
                  Contributor shall execute and deliver to Acquiror such
                  documents as Acquiror reasonably requests to evidence the
                  transfer of the Contributor's Interest.

3.       REPRESENTATIONS AND WARRANTIES OF CONTRIBUTORS CONCERNING THE
         TRANSACTION. To induce the Acquiror to enter into this Agreement and to
         acquire the Contributed Interests, each Contributor, severally (and not
         jointly), makes the following representations and warranties with
         respect to itself (except that only Bingham, and none of the other
         Contributors, makes the representations and warranties contained in
         Section 3.5 below):

         3.1.     ORGANIZATION AND POWER. The Contributor is a corporation or
                  limited liability company, as applicable, duly formed, validly
                  existing and in good standing under the law of its
                  jurisdiction of formation, all as set forth on Schedule 3.1.
                  The Contributor has the requisite power and authority to
                  execute and deliver this Agreement and any other document or
                  instrument required to be executed and delivered hereunder, to
                  perform its obligations and to consummate the transactions
                  contemplated hereby and thereby.

         3.2.     AUTHORIZATION, NO VIOLATIONS AND NOTICES.

                  (a)      The execution, delivery and performance of this
                           Agreement by the Contributor, and the consummation of
                           the transactions contemplated hereby have been duly
                           authorized, adopted and approved by the manager(s)
                           and member(s) of the Contributor which is a limited
                           liability company and board of directors and
                           shareholders of the Contributor which is a
                           corporation, in each case to the extent required by
                           each entity's organizational documents and applicable
                           law. No other proceedings are necessary to authorize
                           this Agreement and the transactions contemplated
                           hereby. This Agreement has been duly executed by the
                           Contributor and is a valid and binding obligation
                           enforceable against it in accordance with its

                                       -2-

<PAGE>

                           terms, except as such enforceability may be limited
                           by applicable bankruptcy, insolvency, reorganization,
                           moratorium, liquidation or similar laws relating to
                           the enforcement of creditors' rights and remedies or
                           by other equitable principles of general application.

                  (b)      Except as set forth on Schedule 3.2, neither the
                           execution, delivery, or performance by the
                           Contributor of this Agreement, nor the consummation
                           of the transactions contemplated hereby and under any
                           document executed pursuant hereto will:

                           (i)     violate, conflict with, result in a breach of
                                   any provision of, constitute a default (or an
                                   event that, which, with notice or lapse of
                                   time or both, would constitute a default)
                                   under, result in the termination of,
                                   accelerate the performance required by, or
                                   result in a right of termination or
                                   acceleration, or the creation or imposition
                                   of any lien, security interest, charge, or
                                   encumbrance upon the Contributor's Interests
                                   under any of the terms, conditions, or
                                   provisions of any note, bond, mortgage,
                                   indenture, deed of trust, license, lease,
                                   agreement, or other instrument, or obligation
                                   to which any Origen Entity or such
                                   Contributor is a party, or by which any
                                   Origen Entity or such Contributor may be
                                   bound or affected, or to which any Origen
                                   Entity or such Contributor or its properties
                                   or assets may be subject; or

                           (ii)    violate any judgment, ruling, order, writ,
                                   injunction, decree, statute, rule, or
                                   regulation applicable to any Origen Entity or
                                   its property or assets or such Contributor or
                                   its property or assets.

         3.3.     CONTRIBUTED INTERESTS. The Contributor's Interests will be
                  free and clear of all liens and encumbrances on the Closing
                  Date and the Contributor has good, merchantable title thereto
                  and the right to convey its interests in accordance with the
                  terms of this Agreement. Upon delivery of an assignment of
                  membership interests to the Acquiror at Closing in accordance
                  with Section 6.2(b) hereof, good, valid and merchantable title
                  to the Contributor's Interests, free and clear of all liens
                  and encumbrances, will pass to the Acquiror.

         3.4.     NO BROKERAGE COMMISSIONS. The Contributor has not engaged the
                  services of, nor has it or will it or Acquiror become liable
                  to, any agent, broker, finder or any other person or entity
                  for any brokerage or finder's fee, commission or other amount
                  with respect to the transactions described herein on account
                  of any action by the Contributor.

         3.5.     BINGHAM APPROVAL. The Board of Directors of Bingham has
                  approved this Agreement and has acknowledged that Bingham will
                  not receive any consideration pursuant to this Agreement.

4.       ADDITIONAL AGREEMENTS; SURVIVAL.

         4.1.     SURVIVAL. The representations and warranties set forth in
                  Article 3 of this Agreement shall survive until the earlier of
                  (i) three months after the date the Securities and Exchange
                  Commission declares effective a registration statement
                  registering for resale the shares of common stock of the
                  Acquiror purchased pursuant to the Initial Purchase Agreement
                  and (ii) twelve (12) months after the

                                      -3-

<PAGE>

                  Closing Date; provided that in no event shall the
                  representations and warranties set forth in Article 3 hereof
                  survive for less than nine (9) months from the Closing Date.
                  No investigation, audit, inspection, review or the like
                  conducted by or on behalf of the Acquiror or the Contributors
                  shall be deemed to terminate the effect of any such
                  representations, warranties and covenants, it being understood
                  that the Acquiror and the Contributors have the right to rely
                  thereon and that each such representation, warranty and
                  covenant constitutes a material inducement to the Acquiror or
                  the Contributors, as applicable, to execute this Agreement and
                  to close the transaction contemplated hereby.

         4.2.     FURTHER ASSURANCES. From time to time after the Closing Date,
                  at the Acquiror's reasonable request and without further
                  consideration, the Contributors shall execute and deliver, or
                  cause to be executed and delivered, such further instruments
                  of conveyance, assignment and transfer and shall take such
                  other action as the Acquiror may reasonably request in order
                  to effectuate the contribution of the Contributed Interests
                  and to more effectively convey and transfer the Contributed
                  Interests to the Acquiror. At the Acquiror's reasonable
                  request, the Contributors shall cooperate and use their best
                  efforts to have their officers, directors, employees and
                  agents cooperate with the Acquiror on or after the Closing
                  Date by furnishing information, evidence, testimony and other
                  assistance in connection with any actions, proceedings,
                  arrangements or disputes involving any Origen Entity and which
                  are based on contracts, leases, arrangements or acts of an
                  Origen Entity which were in effect or occurred on or prior to
                  the Closing Date.

         4.3.     ACCESS TO BOOKS AND RECORDS. After execution of this
                  Agreement, the Contributors shall, on the reasonable request
                  of the Acquiror, cause each Origen Entity to make the
                  corporate records of each Origen Entity relating to its
                  organization and existence and other corporate materials and
                  information available to the Acquiror for inspection and
                  copying at all times during normal business hours.

5.       CONDITIONS TO CLOSING.

         5.1.     CONDITIONS PRECEDENT TO THE CONTRIBUTORS' OBLIGATION. The
                  obligation of the Contributors to consummate the transactions
                  contemplated in this Agreement at the Closing is subject to
                  the satisfaction of all of the following conditions, any of
                  which may be waived (but only in writing) by all of the
                  Contributors:

                  (a)      Performance of Agreement. The Acquiror shall have
                           performed and complied in all material respects with
                           all of its obligations under this Agreement which are
                           to have been performed or complied with on or prior
                           to the Closing Date.

                  (b)      Approvals. The Acquiror shall have obtained,
                           performed or given all of the consents, approvals,
                           authorizations, designations, declarations, filings
                           and notices deemed advisable by the Contributors.

                  (c)      Offering. The Acquiror and Lehman Brothers Inc. or
                           its designees shall have executed and delivered the
                           Initial Purchase Agreement, and the Initial Purchase
                           Agreement shall be in full force and effect.

                                       -4-

<PAGE>

                  (d)      Litigation. There shall not be any litigation,
                           action, suit, claim, proceeding, order, investigation
                           or inquiry pending or threatened before any court or
                           quasi-judicial or administrative agency to, or
                           pursuant to which a judgment, order, decree,
                           stipulation, injunction or charge could be entered,
                           which could: (i) enjoin or prevent the consummation
                           of the transactions contemplated in this Agreement or
                           the Initial Purchase Agreement or (ii) cause any of
                           the transactions contemplated in this Agreement or
                           the Initial Purchase Agreement to be rescinded
                           following consummation thereof.

                  (e)      Delivery of Closing Documents. Acquiror shall have
                           executed and delivered, or caused to be executed and
                           delivered, all of the documents described in Section
                           6.3 below. All documents relating to the transactions
                           contemplated in this Agreement shall be reasonably
                           satisfactory in form and content to the Contributors
                           and their legal counsel.

         5.2.     CONDITIONS PRECEDENT TO ACQUIROR'S OBLIGATION. The obligation
                  of the Acquiror to consummate the transactions contemplated in
                  this Agreement at the Closing is subject to the satisfaction
                  of all of the following conditions, any of which may be waived
                  (but only in writing) by the Acquiror:

                  (a)      The Contributors' Representations and Warranties. All
                           representations, warranties and covenants made by the
                           Contributors in this Agreement shall have been true
                           and correct in all material respects on the date of
                           this Agreement and shall be true and correct in all
                           material respects as of the Closing Date with the
                           same force and effect as if they had been made on and
                           as of such date.

                  (b)      Performance of Agreement. Each of the Contributors
                           shall have performed and complied in all material
                           respects with all of its obligations under this
                           Agreement which are to have been performed or
                           complied with on or prior to the Closing Date.

                  (c)      Delivery of Closing Documents. Each of the
                           Contributors shall have executed and delivered, or
                           caused to be executed and delivered, all of the
                           documents described in Section 6.2 below. All
                           documents relating to the transactions contemplated
                           in this Agreement shall be reasonably satisfactory in
                           form and content to Acquiror and its legal counsel.

                  (d)      Litigation. There shall not be any litigation,
                           action, suit, claim, proceeding, order, investigation
                           or inquiry pending or threatened before any court or
                           quasi-judicial or administrative agency to, or
                           pursuant to which a judgment, order, decree,
                           stipulation, injunction or charge could be entered
                           which could: (i) enjoin or prevent the consummation
                           of the transactions contemplated in this Agreement or
                           the Initial Purchase Agreement, (ii) cause any of the
                           transactions contemplated in this Agreement or the
                           Initial Purchase Agreement to be rescinded following
                           consummation thereof, (iii) adversely affect the
                           right of the Acquiror to own the Contributed
                           Interests, or (iv) otherwise have a Material Adverse
                           Effect.

                                       -5-

<PAGE>

                  (e)      Licenses and Permits. OFLLC will have obtained all
                           material licenses and permits necessary to permit
                           OFLLC to carry on its business from and after the
                           Closing Date.

                  (f)      Approvals. OFLLC and the Contributors shall have
                           obtained, performed or given all of the consents,
                           approvals, authorizations, designations,
                           declarations, filings and notices deemed advisable by
                           the Acquiror.

6.       CLOSING

         6.1.     CLOSING. The closing (the "Closing") of the transactions
                  contemplated in this Agreement shall be held at the offices of
                  Jaffe, Raitt, Heuer & Weiss, Professional Corporation, One
                  Woodward Avenue, Suite 2400, Detroit, Michigan, immediately
                  prior to the closing of the offering contemplated by the
                  Initial Purchase Agreement or at such other location and time
                  as the Parties may mutually agree. As used in this Agreement,
                  the term "Closing Date" means the date on which the Closing
                  actually occurs.

         6.2.     DOCUMENTS TO BE DELIVERED AT CLOSING BY THE CONTRIBUTORS. At
                  the Closing, each of the Contributors shall properly execute
                  (if necessary) and deliver to the Acquiror, or cause to be
                  executed and delivered to the Acquiror, the following:

                  (a)      A Closing Certificate, executed by an authorized
                           person of the Contributor, to the effect that (i) all
                           of the representations and warranties made by the
                           Contributor in this Agreement which are qualified as
                           to materiality are true and correct in all respects
                           and all representations and warranties made by the
                           Contributors which are not qualified as to
                           materiality are true and correct in all material
                           respects on the Closing Date with the same force and
                           effect as though made on and as of the Closing Date,
                           except for those representations and warranties that
                           address matters only as of a particular date (which
                           shall be correct in all material respects as of such
                           date), and (ii) such Contributor has performed and
                           complied in all material respects with all of its
                           obligations under this Agreement which are to have
                           been performed or complied with on or prior to the
                           Closing Date.

                  (b)      An assignment of membership interests satisfactory to
                           Acquiror evidencing the assignment of the Contributed
                           Interests duly executed by an authorized
                           representative of the Contributor.

                  (c)      Such other documents and instruments as are
                           contemplated in this Agreement or as the Acquiror or
                           its counsel may reasonably request in order to
                           evidence or consummate the transactions contemplated
                           in this Agreement or to effectuate the purpose or
                           intent of this Agreement.

         6.3.     DOCUMENTS TO BE DELIVERED AT CLOSING BY THE ACQUIROR. At the
                  Closing, the Acquiror shall properly execute and deliver to
                  the Contributors, or cause to be executed and delivered to the
                  Contributors, as the case may be, such documents and
                  instruments as are contemplated in this Agreement or as the
                  Contributors or their counsel may reasonably request in order
                  to evidence or consummate the transactions contemplated in
                  this Agreement or to effectuate the purpose or intent of this
                  Agreement.

                                       -6-

<PAGE>

7.       MISCELLANEOUS

         7.1.     NOTICES. Any notice, request, waiver, information or other
                  document to be given hereunder to any of the Parties by any
                  other Party shall be in writing and shall be deemed to have
                  been duly given if delivered personally, sent by certified
                  mail, postage prepaid, or sent by next day or overnight mail
                  or delivery, to that Party's notice address on the records of
                  the Acquiror.

                  Any Party may change the address to which notices hereunder
                  are to be sent to it by giving written notice of such change
                  of address in the manner herein provided for giving notice.
                  Any notice delivered personally shall be deemed to have been
                  given on the date it is so delivered, any notice delivered by
                  registered or certified mail shall be deemed to have been
                  given on the date it is received and any notice sent by next
                  day or overnight mail or delivery shall be deemed to have been
                  delivered on the next business day.

         7.2.     HEADINGS. The headings contained in this Agreement are for
                  reference purposes only and shall not in any way affect the
                  meaning or interpretation of this Agreement.

         7.3.     GOVERNING LAW. This Agreement shall be governed by and
                  construed in accordance with the laws of the State of Michigan
                  applicable to contracts made and to be performed therein. The
                  Parties hereto hereby irrevocably submit to the jurisdiction
                  of the courts of the State of Michigan and the federal courts
                  of the United States located in the State of Michigan in
                  respect of the interpretation and enforcement of the
                  provisions of this Agreement and of the documents referred to
                  in this Agreement.

         7.4.     NO ASSIGNMENT; BENEFIT. This Agreement shall be binding upon
                  and inure to the benefit of the Parties hereto and their
                  respective successors, assigns, heirs and legal
                  representatives. This Agreement may not be assigned without
                  the prior written consent of all of the other Parties hereto.

         7.5.     ENTIRE AGREEMENT. This Agreement and the exhibits and
                  schedules attached hereto contain the entire agreement of the
                  Parties hereto with respect to the matters set forth herein
                  and the other transactions contemplated herein, and supercede
                  all prior understandings and agreements of the Parties with
                  respect to the subject matter hereof. Any reference herein to
                  this Agreement shall be deemed to include the schedules and
                  appendices attached hereto.

         7.6.     COUNTERPARTS. This Agreement may be executed in counterparts,
                  each of which shall be deemed an original and all of which
                  together shall be considered one and the same agreement.
                  Photostatic or facsimile reproductions of this Agreement may
                  be made and relied upon to the same extent as originals.

         7.7.     WAIVER. The waiver by any Party of any breach of any provision
                  of this Agreement shall not operate or be construed as a
                  waiver of any subsequent or similar breach.

         7.8.     AMENDMENT. This Agreement may only be amended by written
                  agreement executed by all of the Parties.

                                       -7-

<PAGE>

         7.9.     BROKERAGE OR FINDER'S FEE. Any and all brokerage fees due and
                  payable to any broker, finder, agent or similar intermediary
                  in connection with this Agreement or the transactions
                  contemplated hereby shall be borne by the Party responsible
                  for retaining, or claimed to be responsible for retaining,
                  such broker, finder, agent or similar intermediary.

         7.10.    PUBLICITY. No press release or other public announcement
                  related to this Agreement or the transactions contemplated
                  hereby will be issued by any Party hereto without the prior
                  approval of all of the other Parties, except that any Party
                  may make such public disclosure which it believes in good
                  faith to be required by law or by the terms of any listing
                  agreement with a securities exchange (in which case such Party
                  will consult with the other Parties prior to making such
                  disclosure).

         7.11.    NO THIRD PARTY BENEFICIARIES. The rights and obligations of
                  the Parties under this Agreement are for the benefit of the
                  Contributors and the Acquiror only, and neither any creditor
                  of any of the Contributors or the Acquiror, nor any other
                  person or entity shall have the right to rely on or enforce
                  the provisions of this Agreement as a third-party beneficiary
                  or otherwise. Without limiting the generality of the
                  foregoing, the rights granted to any of the Contributors or
                  the Acquiror in this Agreement are personal to them, and no
                  receiver, trustee or liquidator of the any of them, or any
                  other person or entity, shall have the right or power to
                  exercise any such rights.

         7.12.    CERTAIN TAX MATTERS. As of the Closing Date, OFLLC will cease
                  to qualify as a partnership for tax purposes. The Acquiror
                  shall assume the obligation and expense of filing final
                  partnership tax returns for OFLLC; provided, however, that the
                  Contributors shall have the right to review and comment on
                  such returns prior to the their filing.

         7.13.    COVENANT OF BINGHAM. At any time after the Closing Date,
                  Bingham shall afford the Acquiror and its accountants, counsel
                  and other representatives reasonable access during normal
                  business hours, upon reasonable notice, to the books, records
                  and personnel of Bingham to obtain all information concerning
                  the business, results of operations and personnel of Bingham
                  as the Acquiror may reasonably request to assist the Acquiror
                  in the preparation and filing of a registration statement
                  relating to the common stock, $0.01 par value per share of
                  Acquiror with the Securities and Exchange Commission.

         7.14.    NO INDEMNIFICATION. Notwithstanding anything to the contrary
                  contained in this Agreement or in any document, agreement or
                  instrument entered into in conjunction with the transactions
                  contemplated in or by this Agreement, no Party shall have any
                  claim against any other Party or Parties for indemnification
                  arising from or as a result of any breach of this Agreement or
                  for any and all actions, suits, proceedings, demands,
                  assessments, judgments, costs and expenses incident to any of
                  the foregoing (whether brought or incurred by a Party or by
                  any third party).

             [the remainder of this page intentionally left blank --
                      the next page is the signature page]

                                       -8-

<PAGE>

         IN WITNESS WHEREOF, the Parties have executed this Contribution
Agreement on or as of October 8th, 2003.

                                    ACQUIROR:

                                    ORIGEN FINANCIAL, INC.,
                                    a Delaware corporation

                                    By:      /s/ Ronald A. Klein
                                       -----------------------------------------

                                    Its:     CEO

                                    CONTRIBUTORS:

                                    SOE, LLC,
                                    a Michigan limited liability company

                                    By:      /s/ Gary Shiffman
                                       -----------------------------------------

                                    Its:     Manager
                                        ----------------------------------------

                                    WOODWARD HOLDING, LLC,
                                    a Michigan limited liability company

                                    By:      /s/ Paul A. Halpern
                                       -----------------------------------------

                                    Its:     Manager

                                    SHIFFMAN FAMILY LLC,
                                    a Michigan limited liability company

                                    By:      /s/ Arthur A. Weiss
                                       -----------------------------------------

                                    Its:     Manager
                                        ----------------------------------------

                                    BINGHAM FINANCIAL SERVICES CORPORATION,
                                    a Michigan corporation

                                    By:      /s/ Ronald A. Klein
                                       -----------------------------------------

                                    Its:     CEO
                                        ----------------------------------------

                                       -9-

<PAGE>

                                   APPENDIX I

                                  CONTRIBUTORS
<TABLE>
<CAPTION>

                                                                                      CONTRIBUTED WARRANTS TO
                                                                                      -----------------------
                    NAME                         CONTRIBUTED INTEREST                 PURCHASE SERIES E UNITS
                    ----                         --------------------                 -----------------------
<S>                                           <C>                                    <C>
   SOE, LLC                                     300,000 Series B Units                        550,000

   Woodward Holding, LLC                        400,000 Series C Units                        400,000

   Shiffman Family LLC                          100,000 Series B Units                         50,000

   Bingham Financial Services Corporation       200,000 Series A Units                           0

</TABLE>

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