Velocity Financial, Inc. reported record full-year 2024 net income of $68.4 million, a substantial increase from $52.3 million in 2023. Core net income for the full year reached $72.9 million, up from $53.4 million in the prior year, with diluted EPS at $1.91 and core diluted EPS at $2.03.
For the fourth quarter of 2024, net income was $20.6 million, an increase from $17.4 million in 4Q23, and core net income was $21.8 million, up from $16.2 million. Loan production for the quarter reached $563.5 million in UPB, a 60.0% increase from $352.1 million in 4Q23, contributing to a total loan portfolio of $5.056 billion as of December 31, 2024, exceeding the company's $5 billion goal.
Net revenue for the full year 2024 was $134.6 million, a 27.2% increase from $105.8 million in 2023, driven by a portfolio net interest margin of 3.56%. The company maintained disciplined underwriting with a weighted average loan-to-value of 62.9% on 4Q24 HFI production and reported $95.9 million in total liquidity.
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