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, Inc. (NYSE:VEL) will announce its first quarter 2023 results on May 4, 2023, after market closure. The management team will conduct a conference call and webcast at 2:00 p.m. PT to discuss these financial results. Interested parties can access the live webcast via the Investor Relations website. For those wishing to participate by phone, a dial-in option is available starting 15 minutes prior to the call. An audio replay of the conference call will remain accessible until midnight on May 31, 2023. Velocity specializes in business purpose loans secured by residential and commercial properties, leveraging a 19-year network of independent mortgage brokers to serve clients nationwide.
Velocity Financial reported a net income of $32.2 million for FY 2022, up 10.2% from $29.2 million in 2021. Diluted earnings per share rose to $0.94 from $0.86. Core net income increased 26.7% to $42.2 million, with core diluted EPS at $1.24. Despite a 44.2% drop in loan production volume in Q4 2022, the total loan portfolio grew to $3.5 billion, up 35.8% year-over-year. The net interest margin decreased 19.8% to 3.64%. Although operating expenses rose 68.8% to $20.4 million due to increased compensation costs, liquidity stood at $64.2 million as of December 31, 2022.
Velocity Financial, Inc. (NYSE:VEL) will announce its fourth quarter and full-year 2022 results on March 9, 2023, after market close. The executive management team will lead a conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results. Investors can access the call via a live webcast on Velocity's Investor Relations website. A replay will be available until March 31, 2023. Velocity specializes in originating and managing investor loans primarily secured by residential rental and small commercial properties, leveraging a vast network of independent mortgage brokers nationwide.
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