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.
Velocity Financial (VEL) announced a business update, revealing a strong recovery in loan production following the COVID-19 pandemic. In September and October 2020, loan applications reached $226 million and $252 million, respectively, matching pre-COVID levels. The company anticipates a pretax income of $4.8 million to $5.1 million for Q3 2020, up from $2.6 million in Q2. The company is also set to complete a securitization of newly originated loans in Q1 2021. A webcast discussing Q3 results will be held on November 11, 2020.