Velocity Financial Q3 net income $15.8M (+30.8% YoY); EPS $0.44; loan production up 64%

Velocity Financial, Inc.

2024-Q3 EPS reported $1.34

Net income $15.8M, diluted EPS $0.44, up from $0.35 YoY; core net income $16.9M, core EPS $0.47.
Loan production $476.8M in UPB, up 12.9% QoQ and 64.1% YoY; record full-year funding expected.
Nonperforming loans 10.6% of HFI (vs 10.1% YoY); resolution gains $2.3M at 103.4% UPB.
Portfolio NIM 3.60% (+26 bps YoY); completed VCC 2024-4 securitization $253.6M at 6.9% rate.
Book value per share $14.91, up 14.7% YoY; recourse debt/equity 1.5x.

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