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. reports news around its real estate finance platform for business-purpose and investor real estate loans. The company primarily originates and manages loans secured by 1-4 unit residential rental and small commercial properties, with revenue tied to interest income, origination activity and portfolio performance.
Recurring updates focus on quarterly and annual earnings, loan production, portfolio unpaid principal balance, portfolio net interest margin, noninterest income and credit-related portfolio activity. News also includes capital-structure actions, including senior notes issued through Velocity Commercial Capital, LLC, and scheduled earnings webcasts for its NYSE-listed common stock.
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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.