Velocity Financial, Inc. (NYSE:VEL) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Chris Oltmann - Director of Investor Relations
Chris Farrar - President & CEO
Mark Szczepaniak - CFO

Conference Call Participants

Stephen Laws - Raymond James
Don Fandetti - Wells Fargo
Steve Delaney - Citizens JMP Securities
Eric Hagen - BTIG

Operator

Good day and welcome to the Velocity Financial Third Quarter 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Chris Oltmann, Director of Investor Relations. Please go ahead.

Chris Oltmann

Thanks Danielle. Hello everyone and thank you for joining us today for the discussion of Velocity's Third 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 Third Quarter results and you could find the press release and accompanying presentation we will refer to during this call on our Investor Relations website at www.velfinance.com. I'd 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 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 in 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 thank you all for joining our third quarter earnings call. After the close, we reported another record quarter for the company as our team continues to execute well across the board. We saw strong demand for new loans as our origination volumes grew by 64% over the prior year quarter, and our net portfolio growth was $876 million, or 22% in total UPB.