Velocity Financial, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2021
March 10, 2022 at 04:15 pm EST
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Velocity Financial, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2021. For the fourth quarter, the company reported net income was USD 8.35 million compared to USD 9.58 million a year ago. Basic earnings per share from continuing operations was USD 0.26 compared to USD 0.48 a year ago. Diluted earnings per share from continuing operations was USD 0.24 compared to USD 0.29 a year ago.
For the full year, net income was USD 29.22 million compared to USD 17.78 million a year ago. Basic earnings per share from continuing operations was USD 0.9 compared to basic loss per share from continuing operations of USD 1.55 a year ago. Diluted earnings per share from continuing operations was USD 0.86 compared to diluted loss per share from continuing operations of USD 1.55 a year ago.
Velocity Financial, Inc. is a vertically integrated real estate finance company that primarily originates and manages business purpose loans secured by 1-4-unit residential rental and small commercial properties. It originates loans nationwide across its network of independent mortgage brokers. The Company's portfolio provides loans held for investment. The Companyâs typical investor real estate loan is secured by a first lien on the underlying property with the added protection of a personal guarantee. Its portfolio of loans held for investment totaled $4.1 billion of unpaid principal balance (UPB) on properties in 45 states and the District of Columbia. The Company funds its portfolio primarily through a combination of committed and uncommitted secured warehouse facilities, securitized debt, corporate debt and equity.