Velocity Financial, Inc. (NYSE:VEL) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET

Company Participants

Chris Oltmann - Treasurer
Chris Farrar - President & Chief Executive Officer
Mark Szczepaniak - Chief Financial Officer

Conference Call Participants

Stephen Laws - Raymond James
Steve Delaney - Citizens JMP
Eric Hagen - BTIG

Operator

Good day, and welcome to the Velocity Financial Incorporated First Quarter 2024 Earnings 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 Chris Oltmann, Treasurer. Please go ahead.

Chris Oltmann

Thanks, Danielle. Hello everyone and thank you for joining us today for the discussion of Velocity's first quarter 2024 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 results and you can find the press release and accompanying presentation, we will refer to during this call on our Investor Relations website at www.velfinance.com.

I would like 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 some 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.

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 welcome everyone to our first quarter earnings call. I'd like to start out by thanking all my team members as we had a tremendous first quarter as reflected in the results we released after the close.

Origination volumes were almost 75% higher than the previous year and reflects strong demand in our niche especially since the first quarter is typically lighter in terms of new volume. The team continues to originate target assets in a disciplined way, while controlling expenses to drive increased earnings and higher returns on equity.