Velocity Financial, Inc. reported net income of $15.8 million for the third quarter of 2024, marking a 30.8% increase from $12.1 million in the prior year's quarter. Core net income also rose by 31.2% to $16.9 million, up from $12.9 million in 3Q23, reflecting robust operational performance.
Diluted earnings per share reached $0.44, an increase from $0.35 in 3Q23, while core diluted EPS grew to $0.47 from $0.37. The company achieved loan production of $476.8 million in unpaid principal balance (UPB), representing a 64.1% increase year-over-year and a 12.9% increase from the second quarter of 2024.
The total loan portfolio expanded to $4.8 billion in UPB, a 22.6% increase from $3.9 billion in 3Q23. Velocity also completed its VCC 2024-4 securitization, issuing $253.6 million of securities with a weighted average rate of 6.9%, and collapsed the 2020-2 securitization, redeploying $25.1 million in retained equity.
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