Velocity Financial, Inc. (NYSE:VEL) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Chris Oltmann – Treasurer

Chris Farrar – President and Chief Executive Officer

Mark Szczepaniak – Chief Financial Officer

Conference Call Participants

Steve Delaney – JMP Securities

Operator

Good day, and welcome to the Velocity Financial Inc First Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Chris Oltmann, Treasurer. Please go ahead.

Chris Oltmann

Thanks, Kate. Hello, everyone, and thank you for joining us today for the discussion of Velocity Financial's first quarter 2022 results. Joining me today are Chris Farrar, Velocity's President and Chief Executive Officer; and Mark Szczepaniak, Velocity's Chief Financial Officer. Earlier this afternoon, we released our first quarter 2022 press release and the accompanying presentation, which are available now on our Investor Relations website.

I'd like to remind everybody that today's call may include forward-looking statements, which are uncertain and outside of the company's control and actual results may differ materially. For a discussion of the risks and other factors that could affect results, please see the risk factors and other cautionary statements made in our communications with shareholders, including the risk factors disclosed in our filings with the Securities and Exchange Commission.

Please also note that the content of this conference call contains time-sensitive information that is accurate only as of today, and we do not undertake any duty to update forward-looking statements. We may also refer to certain non-GAAP measures on this call. For reconciliations of these non-GAAP measures, you should refer to the earnings materials on our Investor Relations website. And finally, today's call is being recorded and will be available on the company's website later today.

And with that, I will now turn the call over to Chris Farrar.

Chris Farrar

Thanks, Chris, and appreciate everyone joining the call today. Our team is very proud to report another record quarter for Velocity. During Q1, the Federal Reserve quickly changed the expected course for monetary accommodation, and we saw a very rapid increase in short-term rates as well as fixed income and equity market volatility. New issue securitization markets remained open, but traded at wider spreads on top of increased base rates. This type of market often reveals the winners and losers as firms navigate difficult conditions, and we're pleased to report strong results despite these challenges. Our unique model, nimble process and sound risk management enabled us to navigate a tricky market backdrop.