Welcome to our dedicated page for Velocity Financial news (Ticker: VEL), a resource for investors and traders seeking the latest updates and insights on Velocity Financial stock.
Velocity Financial, Inc. (symbol: VEL) is a leading real estate finance company in the United States, specializing in originating and managing investor loans secured by residential rental and small commercial properties. The company operates in a variety of states including New York, California, Florida, and New Jersey, providing essential financial services to a diverse range of property investors.
Velocity Financial earns its revenue primarily through interest income derived from these loans. By offering competitive loan products tailored to the needs of property investors, the company has positioned itself as a crucial player in the real estate finance sector.
In recent years, Velocity Financial, Inc. has achieved significant milestones, including expansion into new markets and the development of innovative loan products. The company's dynamic approach to real estate financing has attracted a variety of partnerships and collaborations with key players in the industry, further solidifying its market position.
Investors and stakeholders can stay updated with the latest developments and financial performance of Velocity Financial, Inc. through regular news updates and reports. The company's commitment to transparency and excellence ensures that it remains a trusted name in real estate finance.
Velocity Financial reported strong Q3 2024 results with net income of $15.8 million, up 30.8% from Q3 2023. Diluted EPS increased to $0.44 from $0.35 year-over-year. Loan production reached $476.8 million, a 64.1% increase from Q3 2023. The company's total loan portfolio grew to $4.8 billion, up 22.6% year-over-year. Portfolio net interest margin improved to 3.60%, while maintaining stable credit metrics with nonperforming loans at 10.6%. The company completed its fourth securitization of 2024, totaling $253.6 million, and maintained strong liquidity of $92.8 million.
Velocity Financial, Inc. (NYSE:VEL), a leader in commercial investor loans, has announced its upcoming third quarter 2024 financial results webcast and conference call. The company will release its results after market close on Thursday, November 7, 2024, followed by a conference call and webcast at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on the same day.
Interested parties can access the webcast through Velocity's Investor Relations website. To participate in the conference call, dial 1-833-316-0544 (U.S. and Canada) or 1-412-317-5725 (international). An audio replay will be available until November 29, 2024, accessible by dialing specific numbers for different regions. The replay passcode is #8544057. A transcript of the call will be posted on Velocity's website approximately 24 hours after its completion.
Velocity Financial (NYSE: VEL) reported strong Q2 2024 results with net income of $14.7 million, up 21.3% year-over-year. Diluted EPS rose to $0.42 from $0.36 in Q2 2023. Key highlights include:
- Loan production of $422.2 million, up 63.2% year-over-year
- Portfolio net interest margin of 3.54%, up 30 bps year-over-year
- Total loan portfolio grew 20.4% to $4.5 billion in unpaid principal balance
- Completed two securitizations totaling $490.8 million
- GAAP book value per share increased 15.5% to $14.52
The company saw strong demand for traditional commercial financing and maintained higher loan coupons while increasing production volume. Nonperforming loans were 10.5% of total loans held for investment, up slightly from 10.0% a year ago.
Velocity Financial, Inc. (NYSE:VEL), a leader in commercial investor loans, has announced its second quarter 2024 financial results webcast and conference call. The company will release its Q2 2024 results after market close on Thursday, August 1, 2024. Velocity's executive management team will host a conference call and webcast to review the financial results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on the same day.
The webcast will be available in listen-only mode through the Events and Presentations section of Velocity's Investor Relations website. To participate by phone, dial 1-833-316-0544 in the U.S. and Canada or 1-412-317-5725 for international callers. An audio replay will be accessible until August 30, 2024, by dialing 1-877-344-7529 (U.S.), 855-669-9658 (Canada), or 1-412-317-0088 (international) with passcode #8011693.
Velocity Financial (NYSE: VEL) announced that Kroll Bond Rating Agency (KBRA) has reviewed 19 of its securitizations, resulting in 271 rating affirmations and three rating upgrades. These actions were part of KBRA's comprehensive review, reflecting stable collateral and structure performance and increased credit support. The upgrades were based on improved credit support and positive performance trends. Cumulative loss levels in Velocity’s securitizations are very low, ranging from 0.02% to 0.45%, with 14 out of 19 experiencing no losses. Velocity's strategy of retaining credit risk has contributed to the strong performance of its securitizations.
Velocity Financial, Inc. reported strong financial results for the first quarter of 2024, with net income of $17.3 million, up 62% from the previous year. Core net income increased by 60.4% to $18.2 million. Loan production saw a significant growth of 74.5% from the previous year, reaching $378.7 million. The company remains focused on achieving its '5X25' goal of a $5 billion loan portfolio by 2025.
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