Velocity Financial, Inc. Reports Third Quarter 2024 Results
Velocity Financial, Inc. (VEL)
Company Research
Source: Business Wire
Third Quarter Highlights:Net income of $15.8 million, up 30.8% from $12.1 million for 3Q23. Diluted EPS of $0.44, up $0.09 from $0.35 per share for 3Q23Core net income(1) of $16.9 million, an increase of 31.2% from $12.9 million for 3Q23. Core diluted EPS(1) of $0.47, up from $0.37 per share for 3Q23Loan production of $476.8 million in UPB, a 12.9% and 64.1% increase from 2Q24 and 3Q23, respectivelyNonperforming loans as a percentage of Held for Investment (HFI)(2) loans was 10.6%, up slightly from 10.5% as of June 30, 2024, and 10.1% as of September 30, 2023, respectivelyResolutions of nonperforming loans (NPL) and real estate owned (REO) totaled $68.6 million in UPBRealized gains of $2.3 million or 103.4% of UPB resolvedPortfolio net interest margin (NIM) of 3.60%, an increase of 6 bps Q/Q and 26 bps from 3.34% for 3Q23Completed the VCC 2024-4 securitization totaling $253.6 million of securities issuedCollapsed the 2020-2 securitization allowing us to redeploy $25.1 million in retai
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News
- Velocity Financial Inc (VEL) Q3 2024 Earnings Call Highlights: Record Origination Volumes and ... [Yahoo! Finance]Yahoo! Finance
- Velocity Financial, Inc. Announces Date of Third Quarter 2024 Financial Results Webcast and Conference CallBusiness Wire
- Plunge in Mortgage Rates Spurs Refinancing Surge - Consider PFSI, VEL, GHLD [Yahoo! Finance]Yahoo! Finance
- Zacks Industry Outlook Highlights Velocity Financial, Onity Group and PennyMac Financial Services [Yahoo! Finance]Yahoo! Finance
- Is Velocity Financial (VEL) Stock Undervalued Right Now? [Yahoo! Finance]Yahoo! Finance
VEL
Earnings
- 11/7/24 - In-Line
VEL
Sec Filings
- 11/8/24 - Form 8-K
- 11/8/24 - Form 8-K
- 11/8/24 - Form 10-Q
- VEL's page on the SEC website