Velocity Financial, Inc. (NYSE:VEL) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET

Company Participants

Chris Oltmann - Treasurer

Chris Farrar - President and CEO

Mark Szczepaniak - Chief Financial Officer

Conference Call Participants

Stephen Laws - Raymond James

Sarah Barcomb - BTIG

Steve Delaney - JMP Securities

Operator

Good day and welcome to the Velocity Financial Q3 2023 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.

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

Chris Oltmann

Thanks Rachel. Hello, everyone, and thank you for joining us today for the discussion of Velocity's third quarter 2023 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 third quarter 2023 results and the press release and accompanying presentation are available on our Investor Relations website. I want to remind everyone 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 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

Thank you, Chris and I'd like to welcome everyone to our third quarter earnings call. Earlier today, we released the results from a strong quarter as we continue to execute very well on our growth strategy.

Our core earnings increased 29% over the prior year quarter, which is quite impressive, given the various headwinds we faced. Despite the uncertainty in various cross currents, we expect to continue to take market share and expand our portfolio.

One of the key themes we're experiencing is the tightening of credit from the banking system. We're seeing more high-quality borrowers that have been turned away by traditional lenders come our way.