Velocity Financial Inc (VEL) Earnings

Velocity Financial, Inc. operates a real estate finance company, which originates and manages investor loans secured by residential rental and small commercial properties. The company is headquartered in Westlake Village, California and currently employs 309 full-time employees. The company went IPO on 2020-01-17. The company originates loans nationwide across an extensive network of independent mortgage brokers. The firm's portfolio provides loans held for investment. The Company’s 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 $5.1 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.