Manufactured housing lender Origen Financial, back in the ABS primary market in January after a two-year hiatus, has led the shift toward more conservative loan underwriting practices, something that is evident in the underlying collateral pool, Standard & Poor's, analysts said.

For example, FICO scores for the 2004 vintage were 711 on average, an exceptionally high score for the typical manufactured housing borrower, according to S&P analysts. By contrast, scores on the 2002 and 2001 vintages were 679 and 675, respectively.

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