Velocity Financial Inc. (VEL) Misses Q3 EPS by 3c
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Velocity Financial, Inc. Announces Third Quarter 2020 Results
November 11, 2020 4:10 PM ESTThird Quarter Highlights:
Net income of $3.5 million, core earnings of $3.9 million(1) and diluted EPS of $0.11 Net income growth of 63% from the prior quarter primarily driven by normalization of credit loss provision expense Normalized provision expense of $0.4 million. Restarted loan production activities in September to strong demand September loan applications totaled $226 million in unpaid principal balance (UPB), mirroring pre-COVID levels; loan production totaled $8 million in UPB October loan originations totaled $63 million in UPB Book value per... More