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. (NYSE: VEL) is a U.S. real estate finance company focused on business purpose and investor real estate loans, and its news flow centers on loan production, portfolio performance, securitizations and capital markets activity. The company describes itself as a leader in investor real estate loans and business purpose loans, with a portfolio secured by investor 1–4 family rental properties and a range of commercial property types.
News updates for Velocity commonly include quarterly and annual earnings releases that detail net income, core net income, diluted and core diluted earnings per share, portfolio net interest margin and net revenue. These releases also provide insight into record loan production volumes, growth in the total loan portfolio, and trends in nonperforming loans and real estate owned resolutions, including realization rates on resolved nonperforming assets.
Investors following VEL news will see regular disclosures on securitization activity, such as the completion of new securitizations, the collapse and refinancing of existing securitizations, and liquidity and warehouse line capacity metrics. Announcements can also cover equity capital actions, including issuance of common shares through an at-the-market offering program, and developments like a dual listing of the company’s common stock on NYSE Texas, Inc. alongside its primary New York Stock Exchange listing.
Other notable news items include rating agency reviews of securitizations issued by Velocity’s subsidiary, with rating affirmations and upgrades based on collateral and structure performance, and transactions such as the sale of nonperforming loans combined with third-party servicing mandates. For investors and analysts tracking VEL, this news page offers a centralized view of the company’s operating trends, credit performance, funding strategy and corporate milestones over time.
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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