Velocity Financial (VEL) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	VEL
Entity Registrant Name	Velocity Financial, Inc.
Entity Central Index Key	0001692376
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		20,087,494
Entity File Number	001-39183
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0659719
Entity Address, Address Line One	30699 Russell Ranch Road
Entity Address, Address Line Two	Suite 295
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91362
City Area Code	818
Local Phone Number	532-3700
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 7,649	$ 21,465
Restricted cash	4,483	6,087
Loans held for sale, net	223,123	214,467
Loans held for investment, net	1,922,485	1,863,360
Loans held for investment, at fair value	2,987	2,960
Total loans, net	2,148,595	2,080,787
Accrued interest receivables	14,470	13,295
Receivables due from servicers	37,884	49,659
Other receivables	2,516	4,778
Real estate owned, net	16,164	13,068
Property and equipment, net	4,964	4,680
Net deferred tax asset	10,111	8,280
Other assets	10,518	12,667
Total assets	2,257,354	2,214,766
LIABILITIES
Accounts payable and accrued expenses	58,591	56,146
Secured financing, net	74,364	145,599
Securitizations, net	1,576,432	1,438,629
Warehouse repurchase facilities, net	297,537	421,548
Total liabilities	2,006,924	2,061,922
Commitments and contingencies
STOCKHOLDERS' / MEMBERS' EQUITY
Preferred stock ($0.01 par value, 25,000,000 shares authorized; none issued and outstanding)
Common stock ($0.01 par value, 100,000,000 shares authorized; 20,087,494 shares issued at March 31, 2020, none issued and outstanding at December 31, 2019)	201
Additional paid-in capital	247,746
Retained earnings	2,483
Members’ equity (at December 31, 2019)		152,844
Total stockholders' / members’ equity	250,430	152,844
Total liabilities and stockholders' / members’ equity	$ 2,257,354	$ 2,214,766

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	20,087,494	0
Common stock, shares, outstanding	20,087,494	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Interest income	$ 44,637	$ 36,143
Interest expense — portfolio related	22,848	19,062
Net interest income — portfolio related	21,789	17,081
Interest expense — corporate debt	6,342	3,353
Net interest income	15,447	13,728
Provision for loan losses	1,290	348
Net interest income after provision for loan losses	14,157	13,380
Other operating income
Gain on disposition of loans	2,618	1,995
Unrealized gain (loss) on fair value loans	45	(8)
Other income (expense)	(1,043)	(266)
Total other operating income	1,620	1,721
Operating expenses
Compensation and employee benefits	5,041	4,006
Rent and occupancy	456	338
Loan servicing	2,238	1,863
Professional fees	1,184	656
Real estate owned, net	1,134	301
Other operating expenses	1,997	1,336
Total operating expenses	12,050	8,500
Income before income taxes	3,727	6,601
Income tax expense	1,148	1,906
Net income	$ 2,579	$ 4,695
Earnings per share
Basic	$ 0.13
Diluted	$ 0.13

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' / MEMBERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Class A equity units	Class D equity units	Members’ Equity	Members’ EquityClass C	Members’ EquityClass A equity units	Members’ EquityClass D equity units	Common Stock	Common Stock, Additional Paid-in Capital	Retained Earnings
Beginning balance at Dec. 31, 2018					$ 136,800
Liquidation preference return						$ (463)
Net income		$ 4,695			4,695
Ending balance at Mar. 31, 2019					141,032
Beginning balance at Dec. 31, 2019		152,844			$ 152,844
Cumulative effect of change in accounting principle	[1]	(96)									$ (96)
Conversion			$ (92,650)	$ (60,194)			$ (92,650)	$ (60,194)
Issuance of common stock		247,740							$ 201	$ 247,539
Issuance of common stock, shares									20,087,494
Stock-based compensation		207								207
Net income		2,579									2,579
Ending balance at Mar. 31, 2020		$ 250,430							$ 201	$ 247,746	$ 2,483
Ending balance at Mar. 31, 2020									20,087,494
[1]	Impact due to adoption of ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", and related amendments on January 1, 2020.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 2,579	$ 4,695
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	303	338
Amortization of right-of-use assets	299	282
Provision for loan losses	1,290	348
Origination of loans held for sale	(96,067)	(53,552)
Proceeds from sales of loans held for sale	80,858	76,210
Purchase of held for sale loans	(203)	(1,721)
Repayments on loans held for sale	8,987	1,397
Net accretion of discount on purchased loans and deferred loan origination costs	1,324	1,156
Provision for uncollectible borrower advances	99	100
Gain on sale of loans	(2,271)	(1,924)
Real estate acquired through foreclosure in excess of recorded investment	(346)	(71)
Amortization of debt issuance discount and costs	6,175	1,915
Loss on disposal of property and equipment	38
Change in valuation of real estate owned	568	14
Change in valuation of fair value loans	(45)	8
Change in valuation of held for sale loans	40	(88)
Gain on sale of real estate owned	(49)	(35)
Stock-based compensation	207
Net deferred tax benefit	(1,790)	(1,261)
(Increase) decrease in operating assets and liabilities:
Accrued interest and other receivables	1,088	4,332
Other assets	(2,151)	(3,167)
Accounts payable and accrued expenses	433	10,638
Net cash provided by operating activities	1,366	39,614
Cash flows from investing activities:
Purchase of loans held for investment	(3,571)	(3,689)
Origination of loans held for investment	(153,600)	(147,679)
Payoffs of loans held for investment and loans at fair value	103,384	96,213
Proceeds from sale of real estate owned	1,202	1,511
Capitalized real estate owned improvements	(119)	(285)
Change in advances	(746)	(263)
Change in impounds and deposits	2,011	2,296
Purchase of property and equipment	(625)	(56)
Net cash used in investing activities	(52,064)	(51,952)
Cash flows from financing activities:
Warehouse repurchase facilities advances	250,416	155,479
Warehouse repurchase facilities repayments	(374,732)	(275,145)
Repayment of secured financing	(75,000)
Proceeds of securitizations, net	248,691	235,535
Repayment of securitizations	(109,566)	(98,039)
Debt issuance cost	(3,428)	(3,235)
Issuance of common stock	100,800
IPO deal costs	(1,903)
Net cash provided by financing activities	35,278	14,595
Net increase (decrease) in cash, cash equivalents, and restricted cash	(15,420)	2,257
Cash, cash equivalents, and restricted cash at beginning of period	27,552	16,677
Cash, cash equivalents, and restricted cash at end of period	12,132	18,934
Supplemental cash flow information:
Cash paid during the period for interest	22,033	16,846
Cash paid during the period for income taxes		323
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to real estate owned	4,352	6,962
Deferred IPO costs charged against additional paid-in capital	$ (4,000)
Discount (premium) on issuance of securitizations		45
Class C Preferred Units
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		463
Class D Preferred Units
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		$ 3,312

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Description of Business	Note 1 — Organization and Description of Business Velocity Financial, LLC (VF or the Company) was a Delaware limited liability company (LLC) formed on July 9, 2012 for the purpose of acquiring all membership units in Velocity Commercial Capital, LLC (VCC). On January 16, 2020, Upon completion of the conversion, Velocity Financial, LLC’s Class A equity units of 97,513,533 and Class D equity units of 60,193,989 were converted to 11,749,994 shares of Velocity Financial, Inc. common stock. On January 22, 2020, the Company completed its initial public offering of 7,250,000 shares of common stock at a price to the public of $13.00 per share. The Company’s stock trades on The New York Stock Exchange under the symbol “VEL”. VCC, a California LLC formed on June 2, 2004, is a mortgage lender that originates and acquires small balance investor real estate loans, providing capital to the investor real estate loan market. The Company is licensed as a California Finance Lender and, as such, is required to maintain a minimum net worth of $250 thousand. The Company does not believe there is any potential risk of not being able to meet this regulatory requirement. The Company uses its equity capital and borrowed funds to originate and invest in investor real estate loans and seeks to generate income based on the difference between the yield on its investor real estate loan portfolio and the cost of its borrowings. The Company does not engage in any other significant line of business or offer any other products or services, nor does it originate or acquire investments outside of the United States of America. The Company, through its wholly owned subsidiaries, is the sole beneficial owner of the Velocity Commercial Capital Loan Trusts, from the 2014-1 Trust through and including the 2020-1 Trust, all of which are New York common law trusts. The Trusts are bankruptcy remote, variable interest entities (VIE) formed for the purpose of providing secured borrowings to the Company and are consolidated with the accounts of the

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies The consolidated financial statements of the Company have been prepared on the accrual basis of accounting and in accordance with United States Generally Accepted Accounting Principles (U.S. GAAP). (a) Partnership to Corporation Conversion On January 16, 2020, Velocity Financial, LLC converted from a limited liability company to a corporation and changed its name to Velocity Financial, Inc. The Conversion was accounted for in accordance with ASC 805-50 – Business Combinations , as a transaction between entities under common control. All assets and liabilities of Velocity Financial, LLC were contributed to Velocity Financial, Inc. at their carrying value, and the results of operations are being presented as if the Conversion had occurred on January 1, 2020. Additionally, Class A’s and Class D’s partnership equity at December 31, 2019 were converted to stockholders’ equity and presented as such on the Consolidated Balance Sheets and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period. (c) Significant Accounting Policies The Company’s accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). There have been no significant changes to the Company’s Significant Accounting Policies as described in its 2019 Annual Report other than the adoption of Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as described in (d) Principles of The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The following table presents a summary of the assets and liabilities of the Trusts as of March 31, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): March 31, December 31, 2020 2019 Restricted cash $ — $ — Loans held for investment, net 1,740,902 1,571,100 Accrued interest and other receivables 46,893 56,675 Real estate owned, net 8,993 6,091 Other assets 9 11 Total assets $ 1,796,797 $ 1,633,877 Accounts payable and accrued expenses $ 24,561 $ 21,265 Securities issued 1,576,431 1,438,630 Total liabilities $ 1,600,992 $ 1,459,895 The consolidated financial statements as of March 31, 2020 and December 31, 2019 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs, and do not include any assets, liabilities, revenues, and expenses attributable to limited liability members’ individual activities. The liability of each member in an LLC was limited to the amounts reflected in their respective member accounts.

Current Accounting Developments

Current Accounting Developments	3 Months Ended
	Mar. 31, 2020
Accounting Changes And Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments Accounting Standards Adopted in 2019 Effective January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables held for investment. Under the CECL methodology, the allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments based on risk characteristics of the loans in its loan portfolio (pool): • Residential 1– 4 Unit – Purchase (loans to purchase 1– 4 unit residential rental properties); • Residential 1– 4 Unit – Refinance (refinance loans on 1– 4 unit residential rental properties); • Commercial – Purchase (loans to purchase traditional commercial properties) and • Commercial – Refinance (refinance loans on traditional commercial properties). The Company determines the collectability of its loans by evaluating certain risk characteristics. The segmentation of its loan portfolio was determined based on analyses of the Company’s loan portfolio performance over the past seven years. Based on analyses of the loan portfolio’s historical performance, the Company concluded that loan purpose and product types are the most significant risk factors in determining its expectation of future loan losses. Loan purpose considers whether a borrower is acquiring the property or refinancing an existing property. The Company’s historical experience shows that refinance loans have higher loss rates than acquisitions. Product type includes residential 1-4 unit property and traditional commercial property. The Company’s historical experience shows that traditional commercial property loans have higher loss rates than residential 1-4 unit property. To determine the loss rates used for the open pool methodology, the Company starts with its historical database of losses, segments the loans by loan purpose and product type, and then adjusts the loss rates based upon macroeconomic forecasts over a reasonable and supportable period. The reasonable and supportable period is meant to represent the period in which the Company believes the forecasted macroeconomic variables can be reasonably estimated. In determining the January 1, 2020 CECL transition impact, the Company used a third-party model with a four-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management determined that a four-quarter forecast period and four-quarter straight-line reversion period were appropriate for the January 1, 2020 initial CECL estimate because, as of the beginning of the year, the economy was strong, unemployment and interest rates were low, and GDP was expected to have a modest increase during 2020. Management concluded that using a 1-year forecast trending steadily back to the Company’s historical loss levels best fit the strong, stable economy at that time. For the March 31, 2020 CECL estimate, the Company used a COVID-19 stress scenario with a six-quarter reasonable and supportable forecast period followed by a three-quarter straight-line reversion period. Management concluded that using a six-quarter forecast and a three-quarter straight-line reversion best coincided with management’s and analysts’ sentiments that the impact of the COVID crisis would linger into 2021, with expectation of a quick recovery. This forecast period and reversion to historical loss is subject to change as conditions in the market change and the Company’s ability to forecast economic events evolves. Loans 90 days or more delinquent, in bankruptcy, or in foreclosure, are evaluated individually for determination of allowance for credit losses. Loans individually evaluated are excluded from loans evaluated collectively by segment. The Company primarily relies on the value of the underlying real estate, coupled with low loan-to-value ratios, to satisfy the loan obligation, either through successful loss mitigation efforts or foreclosure and sale of the underlying real estate. Expected loan losses are based on the fair value of the collateral underlying the loans at the reporting date, adjusted for estimated selling costs as appropriate. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when the Company believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company estimates the allowance using relevant available information, from internal and external sources, relating to historical performance, current conditions, and reasonable and supportable macroeconomic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are considered for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term, as well as for changes in environmental conditions, such as unemployment rates, property values and changes in the competitive or regulatory environment. The allowance for credit losses is maintained at a level deemed adequate by management to provide for expected losses in the portfolio at the balance sheet date. While management uses available information to estimate its required allowance for credit losses, future additions to the allowance for credit losses may be necessary based on changes in estimates resulting from economic and other conditions. Interest income on loans held for investment is accrued on the unpaid principal balance (UPB) at their respective stated interest rates. Generally, loans are placed on nonaccrual status when they become 90 days past due. Loans are considered past due when contractually required principal or interest payments have not been made on the due The Company adopted ASU 2016-13, or ASU 326 using the modified-retrospective transition approach. Upon adoption, the Company recognized a cumulative effect adjustment to decrease retained earnings by $96,000, net of taxes. Results for reporting periods after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table illustrates the impact of ASC 326 on the Company’s allowance for credit losses (in thousands): January 1, 2020 As Reported Impact of Under Pre-ASC 326 ASC 326 Allowance for credit losses ASC 326 Adoption Adoption Commercial - Purchase $ 323 $ 304 $ 19 Commercial - Refinance 1,078 1,016 62 Residential 1-4 Unit - Purchase 157 148 9 Residential 1-4 Unit - Refinance 819 772 47 Total $ 2,377 $ 2,240 $ 137

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Note 4 — Cash, Cash Equivalents, and Restricted Cash The Company is required to hold cash for potential future advances due to certain borrowers. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated statement of financial condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Cash and cash equivalents $ 7,649 $ 16,948 Restricted cash 4,483 1,986 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 12,132 $ 18,934

Loans Held for Sale, Net

Loans Held for Sale, Net	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans Held for Sale, Net	Note 5 — Loans Held for Sale, Net The following table summarizes loans held for sale for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Unpaid principal balance $ 224,334 $ 58,551 Valuation adjustments (436 ) (83 ) Deferred loan origination costs (775 ) (345 ) Ending balance $ 223,123 $ 58,123

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans Held for Investment and Loans Held for Investment at Fair Value	Note 6 — Loans Held for Investment and Loans Held for Investment at Fair Value The following tables summarize loans held for investment as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Unpaid principal balance $ 1,902,566 $ 1,843,290 Valuation adjustments on FVO loans (399 ) (444 ) Deferred loan origination costs 26,801 25,714 1,928,968 1,868,560 Allowance for loan losses (3,496 ) (2,240 ) Total loans held for investment and loans held for investment at fair value, net $ 1,925,472 $ 1,866,320 As of March 31, 2020 and December 31, 2019, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitizations issued were as follows (in thousands): March 31, December 31, 2020 2019 Citibank warehouse repurchase agreement $ 197,767 $ 108,504 Barclays warehouse repurchase agreement 167,128 175,689 Pacific Western Bank agreement 3,022 3,331 Total pledged loans $ 367,917 $ 287,524 2014-1 Trust 27,313 29,559 2015-1 Trust 61,637 64,876 2016-1 Trust 90,597 97,727 2016-2 Trust 63,385 68,961 2017-1 Trust 104,727 116,670 2017-2 Trust 165,513 173,390 2018-1 Trust 133,729 141,567 2018-2 Trust 244,989 260,278 2019-1 Trust 223,495 229,151 2019-2 Trust 201,060 210,312 2019-3 Trust 150,453 157,119 2020-1 Trust 260,223 — Total $ 1,727,121 $ 1,549,610 (a) Nonaccrual The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of March 31, 2020 and December 31, 2019. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2020 and December 31, 2019. March 31, 2020 Nonaccrual With No Allowance Total for Loan Loss Nonaccrual (In thousands) Commercial - Purchase $ 10,380 $ 11,436 Commercial - Refinance 58,404 60,205 Residential 1-4 Unit - Purchase 12,815 13,266 Residential 1-4 Unit - Refinance 61,115 66,737 Total $ 142,714 $ 151,644 Troubled Debt Restructuring included in nonaccrual loans: $ — $ 178 December 31, 2019 ($ in thousands) Nonaccrual loans: Recorded investment $ 125,819 Percentage of the originated loans held for investment 6.7 % Impaired loans: Unpaid principal balance $ 124,050 Recorded investment 125,998 Recorded investment of impaired loans requiring a specific allowance 12,286 Specific allowance 913 Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance 7.4 % Recorded investment of impaired loans not requiring a specific allowance $ 113,712 Percentage of recorded investment of impaired loans not requiring a specific allowance 90.2 % TDRs included in impaired loans: Recorded investment of TDRs $ 179 Recorded investment of TDRs with a specific allowance 179 Specific allowance 25 Recorded investment of TDRs without a specific allowance — The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. The Company has also made the accounting policy election to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due. The following table presents the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Commercial - Purchase $ 122 $ 38 Commercial - Refinance 672 176 Residential 1-4 Unit - Purchase 83 79 Residential 1-4 Unit - Refinance 612 189 Total $ 1,489 $ 482 For the three months ended March 31, 2020 and 2019, there was no accrued interest income recognized on nonaccrual loans, cash basis interest income recognized on nonaccrual loans was $3.3 million and $3.1 million, respectively, and the average recorded investment of individually evaluated loans, computed using month-end balances, was $142.7 million and $108.2 million, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified as of March 31, 2020 and December 31, 2019. (b) Allowance for Credit Losses The following table presents the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2020 (in thousands): Three Months Ended March 31, 2020 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ 2,240 Impact of adopting ASC 326 47 62 9 19 137 Provision for loan losses 108 516 173 493 1,290 Charge-offs (79 ) — (80 ) (12 ) (171 ) Ending balance $ 380 $ 1,594 $ 250 $ 1,272 $ 3,496 Allowance related to: Loans individually evaluated 137 130 96 $ 479 $ 842 Loans collectively evaluated 215 1,463 154 822 2,654 Amortized cost related to: Loans individually evaluated 11,436 60,205 13,266 $ 66,737 $ 151,644 Loans collectively evaluated 302,419 668,712 242,577 560,367 1,774,075 Activity in the allowance for credit losses for the three months ended March 31, 2019 was as follows (in thousands): Three Months Ended March 31, 2019 Beginning balance $ 1,680 Provision for loan losses 348 Charge-offs (112 ) Ending balance $ 1,916 Allowance related to: Loans individually evaluated for impairment $ 737 Loans collectively evaluated for impairment 1,179 Recorded investment related to: Loans individually evaluated for impairment $ 87,914 Loans collectively evaluated for impairment 1,517,511 (c) Credit Quality A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors delinquencies, bankruptcies, and foreclosures as its primary credit quality indicator, and the following table presents the aging status of the amortized cost basis in the loans held for investment portfolio as of March 31, 2020 and December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2020: past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 133 $ 2,320 $ 8,984 $ 11,437 $ — $ 11,437 Commercial - Refinance 2,161 4,009 53,857 60,027 178 60,205 Residential 1-4 Unit - Purchase — 803 12,462 13,265 — 13,265 Residential 1-4 Unit - Refinance 1,695 654 64,388 66,737 — 66,737 Total loans individually evaluated $ 3,989 $ 7,786 $ 139,691 $ 151,466 $ 178 $ 151,644 Loans collectively evaluated Commercial - Purchase $ 9,466 $ 3,375 $ — $ 12,841 $ 289,578 $ 302,419 Commercial - Refinance 60,791 20,479 — 81,270 587,442 668,712 Residential 1-4 Unit - Purchase 12,806 3,931 — 16,737 225,840 242,577 Residential 1-4 Unit - Refinance 45,810 25,734 — 71,544 488,823 560,367 Total loans collectively evaluated $ 128,873 $ 53,519 $ — $ 182,392 $ 1,591,683 $ 1,774,075 Ending balance $ 132,862 $ 61,305 $ 139,691 $ 333,858 $ 1,591,861 $ 1,925,719 December 31, 2019: Impaired loans $ 6,195 $ 7,696 $ 111,928 $ 125,819 $ 179 $ 125,998 Nonimpaired loans 119,465 41,138 — 160,603 1,578,984 1,739,587 Ending balance $ 125,660 $ 48,834 $ 111,928 $ 286,422 $ 1,579,163 $ 1,865,585 (1) Includes loans in bankruptcy and foreclosure less than 90 days past In addition to the aging status, the Company also evaluates credit quality by payment activity. The following table presents the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on payment activity and by loan origination year. Term Loans Amortized Cost Basis by Origination Year March 31, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 35,949 $ 114,031 $ 74,937 $ 48,076 $ 12,847 $ 16,580 $ 302,420 Nonperforming — 1,423 4,061 3,145 1,377 1,430 11,436 Total Commercial - Purchase $ 35,949 $ 115,454 $ 78,998 $ 51,221 $ 14,224 $ 18,010 $ 313,856 Commercial - Refinance Payment performance Performing $ 51,515 $ 207,418 $ 182,984 $ 111,805 $ 46,515 $ 68,475 $ 668,712 Nonperforming — 11,607 18,963 16,914 6,222 6,498 60,204 Total Commercial - Refinance $ 51,515 $ 219,025 $ 201,947 $ 128,719 $ 52,737 $ 74,973 $ 728,916 Residential 1-4 Unit - Purchase Payment performance Performing $ 17,234 $ 86,715 $ 57,181 $ 37,571 $ 9,770 $ 34,105 $ 242,576 Nonperforming — 1,002 4,932 3,921 1,348 2,063 13,266 Total Residential 1-4 Unit - Purchase $ 17,234 $ 87,717 $ 62,113 $ 41,492 $ 11,118 $ 36,168 $ 255,842 Residential 1-4 Unit - Refinance Payment performance Performing $ 48,788 $ 219,876 $ 123,727 $ 85,249 $ 30,791 $ 51,937 $ 560,368 Nonperforming — 13,961 23,124 10,264 8,387 11,001 66,737 Total Residential 1-4 Unit - Purchase $ 48,788 $ 233,837 $ 146,851 $ 95,513 $ 39,178 $ 62,938 $ 627,105 Total Portfolio $ 153,486 $ 656,033 $ 489,909 $ 316,945 $ 117,257 $ 192,089 $ 1,925,719

Securitizations Net

Securitizations Net	3 Months Ended
	Mar. 31, 2020
Transfers And Servicing [Abstract]
Securitization, Net	Note 7 — Securitizations, Net From May 2011 through February 2020, the Company completed thirteen securitizations of $3.0 billion of loans, issuing $2.8 billion of securities to third parties through thirteen respective Trusts. The Company is the sole beneficial interest holder of the Trusts, which are variable interest entities included in the consolidated financial statements. The transactions are accounted for as secured borrowings under U.S. GAAP. The securities are subject to redemption by the Company when the stated principal balance is less than a certain percentage, ranging from 5%–30% of the original stated principal balance of loans at issuance. As a result, the actual maturity dates of the securities issued could be earlier than their respective stated maturity dates, ranging from September 2044 through February 2050. The following table summarizes the outstanding balance, net of discounts and deals costs, of the securities and the effective interest rate for the three months ended March 31, 2020 and 2019 (dollars in thousands): Three Months Ended March 31, 2020 2019 Securitizations: Securitizations, net $ 1,576,432 $ 1,438,629 Interest expense 18,547 15,920 Average outstanding balance 1,542,318 1,228,446 Effective interest rate (1) 4.81 % 5.18 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.26%) and debt issue cost amortization (0.55%) and average rate (4.67%) and debt issue cost amortization (0.51%) as of March 31, 2020 and 2019, respectively.

Other Debt

Other Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Other Debt	Note 8 — Other Debt The secured financing and warehouse facilities were utilized to finance the origination and purchase of commercial real estate mortgage loans. Warehouse facilities are designated to fund mortgage loans that are purchased and originated within specified underwriting guidelines. These lines of credit fund less than 100% of the principal balance of the mortgage loans originated and purchased, requiring the use of working capital to fund the remaining portion. (a) Secured Financing, Net (Corporate On August 29, 2019, the Company entered into a five-year $153.0 million corporate debt agreement with Owl Rock Capital Corporation, the “2019 Term Loan”. The 2019 Term Loan under this agreement bears interest at a rate equal to one-month LIBOR (with a LIBOR floor that is generally 1.0%) plus 7.50% and mature in August 2024. As of March 31, 2020 and December 31, 2019, the balance of the 2019 Term Loan was $78.0 million and $153.0 million, respectively. In January 2020, the Company used a portion of its IPO proceeds to pay down $75.0 million in principal amount of the 2019 Term Loan. The balance in the consolidated Statements (b) Warehouse Repurchase and Revolving Loan Facilities, The Barclays Repurchase Agreement was originally entered into on May 29, 2015 by and between VCC and Barclays Bank PLC and currently has a maturity date of August 3, 2020. The agreement is a short-term borrowing facility, collateralized by a pool of loans, with an initial maximum capacity of $300.0 million, and bears interest at one-month LIBOR plus a margin that ranges from 3.000% to 3.125%. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. For the three months ended March 31, 2020 and 2019, the effective interest rates were 4.98% and 5.82%, respectively. The Citibank Repurchase Agreement was originally entered into on May 17, 2013 by and between VCC and Citibank, N.A. and has a current maturity date of August 3, 2020. The Agreement is a short-term borrowing facility, collateralized by a pool of performing loans, with a maximum capacity of $200.0 million, and bears interest at one-month LIBOR plus 3.25%. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. For the three months ended March 31, 2020 and 2019, the effective interest rates were 4.65% and 5.73%, respectively. On September 12, 2018, the Company entered into a three-year secured revolving loan facility agreement with Pacific Western Bank. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at the lesser of the one-month LIBOR Rate plus 3.5% per annum and the maximum rate, which is the highest lawful and non-usurious rate of interest applicable to the loan. The maximum loan amount under this facility is $50 million. On December 26, 2019, the Company entered into a $3.0 million loan agreement with Hershiser Capital Finance, the “HCF loan”. The HCF loan is secured by five real properties acquired by the Company through foreclosure or by deed-in lieu of foreclosure. The HCF loan bears a fixed interest rate of 9.5%, and matures the earlier of (i) January 1, 2021, and (ii) the date on which the unpaid principal balance of this loan becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document. The maturity date of the HCF loan is subject to extension up to July 1, 2021 . Certain of the Company’s loans are pledged as security under the warehouse repurchase facilities and the revolving loan facility, which contain covenants. Should the Company fail to adhere to those covenants or otherwise default under the facilities, the lenders have the right to terminate the facilities and demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of March 31, 2020 and December 31, 2019, the Company was in compliance with these covenants. The following table summarizes the maximum borrowing capacity and current gross balances outstanding for the Company’s warehouse facilities and loan agreements as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity Barclays repurchase agreement $ 135,703 $ 300,000 $ 226,212 $ 250,000 Citibank repurchase agreement 157,582 200,000 190,977 200,000 Pacific Western credit agreement 2,267 50,000 2,499 50,000 Hershiser Capital Finance loan agreement 2,820 3,000 3,000 3,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.8 million and $1.1 million as of March 31, 2020 and December 31, 2019, respectively. The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2020 and 2019 (dollars in thousands): Three Months Ended March 31, 2020 2019 Warehouse repurchase facilities: Average outstanding balance $ 347,350 $ 216,250 Highest outstanding balance at any month-end 439,547 276,210 Effective interest rate (1) 4.95 % 5.81 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.62%) and debt issue cost amortization (.33%) and average rate (5.42%) and debt issue cost amortization (0.39%) for the three months ended March 31, 2020 and 2019, respectively. The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Warehouse repurchase facilities $ 4,301 $ 3,142 Securitizations 18,547 15,920 Interest expense — portfolio related 22,848 19,062 Interest expense — corporate debt 6,342 (1) 3,353 Total interest expense $ 29,190 $ 22,415 (1) Included in the $6.3 million of interest expense – corporate debt for the three months ended March 31, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated repayment of $75.0 million in outstanding principal amount

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 — Commitments and Contingencies (a) Repurchase Liability When the Company sells loans, it is required to make normal and customary representations and warranties about the loans to the purchaser. The loan sale agreements generally require the Company to repurchase loans if the Company breaches a representation or warranty given to the loan purchaser. In addition, the Company may be required to repurchase loans as a result of borrower fraud or if a payment default occurs on a loan shortly after its sale. The Company records a repurchase liability relating to representations and warranties and early payment defaults. The method used to estimate the liability for repurchase is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults. The Company establishes a liability at the time loans are sold and continually updates the estimated repurchase liability. The level of the repurchase liability for representations and warranties and early payment default requires considerable management judgment. As of March 31, 2020 and December 31, 2019, the balance of repurchase liability was $76 thousand, and it is included in accounts payable and accrued expenses in the consolidated balance sheets. (b) Legal Proceedings The Company is a party to various legal proceedings in the normal course of business. The Company, after consultation with legal counsel, believes the disposition of all pending litigation will not have a material effect on the Company’s consolidated financial condition or results of operations.

Members' Equity

Members' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Members' Equity	Note 10 — Members’ Equity Prior to the conversion of Velocity Financial, LLC into a corporation, the Company had the authority to issue four types of membership units, Class A, Class B, Class C, and Class D units. The Class A units represented ownership interests in VF. Class B units were profit interest units, which represented a right to share, with the Class A units, in the distribution of profits earned by the Company. The Class C and Class D units were preferred units, which had the right to convert to Class A units. The Company repurchased all outstanding Class C preferred units for an aggregate purchase price equal to the Class C liquidation preference of approximately $27.7 million on August 29, 2019. All Class A and Class D units were converted to common stock upon the conversion of the Company into a corporation on January 16, 2020. All Class B units were converted at zero value upon the conversion of the Company into a corporation on January 16, 2020. Prior to the Company’s IPO, the outstanding Class A, Class B and Class D units and equity balance were as follows as of December 31, 2019 (in thousands): December 31, 2019 (In thousands) Class A units issued and outstanding 97,514 Class A equity balance $ 92,650 Class B units issued and outstanding 16,072 Class B equity balance $ — Class D units issued and outstanding 60,194 Class D equity balance $ 60,194

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 11 — Stock-Based Compensation The Company’s 2020 Omnibus Incentive Plan, or the 2020 Plan, authorized grants of stock‑based compensation instruments to purchase or issue up to 1,520,000 shares of Company common stock. In connection with its IPO in January 2020, the Company granted stock options to non-employee directors and certain employees, including named executive officers to purchase approximately 782,500 shares of common stock upon future exercise of stock options with an exercise price equal to the initial public offering price of $13.00. Stock options vest ratably over a service period of three years from the date of the grant. Compensation expense related to stock options is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. For the three months ended March 31, 2020, 10,000 shares of stock options were forfeited, and the Company recognized $0.2 million compensation expense related to the outstanding stock options granted to employees. Such amount is included in “Compensation and employee benefits” on the Consolidated Statement of Income. The amount of unrecognized compensation expense related to unvested stock options totaled $2.8 million as of March 31, 2020. As of March 31, 2020, unvested stock options outstanding were 782,500 shares at an exercise price per share of $13.00.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 12 — Earnings Per Share B asic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings. None of the outstanding stock options were vested at March 31, 2020 and they were not included in the computation of diluted earnings per share due to their anti-dilutive effect. The following table presents the earnings per common share calculations for the three months ended March 31, 2020: Three Months Ended March 31, 2020 2019 (1) (In thousands, except share and per share data) Net income $ 2,579 $ 4,695 Weighted-average shares: Basic weighted-average number of common shares outstanding 20,087,494 NA Dilutive weighted-average number of common shares outstanding 20,087,494 NA Earnings per common share: Basic 0.13 NA Diluted 0.13 NA (1) Earnings per common share is not applicable to periods prior to the Company's IPO on January 17, 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 — Fair Value Measurements (a) Fair Value ASC Topic 820, “ Fair Value Measurement • Level 1 - Valuation is based on quoted prices for identical instruments traded in active • Level 2 - Valuation is based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market • Level 3 - Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant Given the nature of some of the Company’s assets and liabilities, clearly determinable market-based valuation inputs are often not available; therefore, these assets and liabilities are valued using internal estimates. As subjectivity exists with respect to the valuation estimates used, the fair values disclosed may not equal prices that can ultimately be realized if the assets are sold or the liabilities are settled with third parties. Below is a description of the valuation methods for the assets and liabilities recorded at fair value on either a recurring or nonrecurring basis and for estimating fair value of financial instruments not recorded at fair value for disclosure purposes. While management believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the measurement date. (b) Cash and Cash Equivalents and Restricted Cash Cash and restricted cash are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities and interest rates that approximate market, a Level 1 measurement. (c) Loans Held for Investment Loans held for investment are recorded at their outstanding principal balance, net of purchase discounts, deferred loan origination fees/costs, and allowance for credit losses. The Company determined the fair value estimate of loans held for investment using a cash flow model incorporating the latest securitization execution prices as a proxy, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment are interest rates, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs could result in a significant change to the loans’ fair value measurement. (d) Collateral Dependent or Loans Individually Evaluated Nonaccrual loans held for investment are evaluated individually and are recorded at fair value on a nonrecurring basis. To the extent a loan is collateral dependent, the Company determines the allowance for credit losses based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on appraisals or broker price opinions obtained, less estimated costs to sell, a Level 3 measurement. (e) Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The Company uses a discounted cash flow model to estimate the fair value of loans held for sale, a Level 3 measurement. (f) Interest-Only Strips The Company retains an interest-only strip on certain sales of held for sale loans. The interest-only strips are classified as trading securities under FASB ASC Topic 320, Investments-Debt Securities (g) Loans Held for Investment, at Fair Value The Company has elected to account for certain purchased distressed loans held for investment, at fair value (the FVO Loans) using FASB ASC Topic 825, Financial Instruments The Company uses a modified discounted cash flow model to estimate the fair value at instrument level, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment, at fair value are discount rate, property values, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. (h) Real Estate Owned, Net (REO) Real estate owned, net is initially recorded at the property’s estimated fair value, based on appraisals or broker price opinions obtained, less estimated costs to sell, at the acquisition date, a Level 3 measurement. From time to time, nonrecurring fair value adjustments are made to real estate owned, net based on the current updated appraised value of the property, or management’s judgment and estimation of value based on recent market trends or negotiated sales prices with potential buyers. (i) Secured Financing, Net (Corporate Debt) The Company determined the fair values estimate of the secured financing using the estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. (j) Warehouse Repurchase Facilities, Net Warehouse repurchase facilities are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities of one-year or less and interest rates that approximate market plus a spread, a Level 2 measurement. (k) Securitizations, Net The fair value estimate of securities issued is determined by using estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. (l) Accrued Interest Receivable and Accrued Interest Payable The carrying amounts of accrued interest receivable and accrued interest payable approximate fair value due to the short-term nature of these instruments, a Level 1 measurement. The Company does not have any off-balance sheet financial instruments. (m) Fair Value Disclosures The following tables present information on assets measured and recorded at fair value as of March 31, 2020 and December 31, 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,987 $ 2,987 Interest-only strips — — 1,534 1,534 Total recurring fair value measurements — — 4,521 4,521 Nonrecurring fair value measurements: Loans held for sale, net — — 223,123 223,123 Real estate owned, net — — 16,164 16,164 Individually evaluated loans requiring specific allowance, net — — 8,088 8,088 Total nonrecurring fair value measurements — — 247,375 247,375 Total assets $ — $ — $ 251,896 $ 251,896 Fair value measurements using Total at December 31, 2019 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,960 $ 2,960 Interest-only strips — — 894 894 Total recurring fair value measurements — — 3,854 3,854 Nonrecurring fair value measurements: Loans held for sale, net — — 214,467 214,467 Real estate owned, net — — 13,068 13,068 Impaired loans requiring specific allowance, net — — 11,373 11,373 Total nonrecurring fair value measurements — — 238,908 238,908 Total assets $ — $ — $ 242,762 $ 242,762 The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 Loans held for sale, net $ (40 ) $ 89 Real estate held for sale, net (568 ) (14 ) Individually evaluated loans requiring specific allowance, net 71 (101 ) Total net loss $ (537 ) $ (26 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 8,088 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 16,164 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,987 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 16.0% to 96.0% 88.0% Timing of resolution/payoff (months) 4 to 125 62.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 223,123 Discounted cash flow Discount rate 12.0% to 15.0% 14.6% Timing of resolution/payoff (months) 0 to 14 9.3 Interest-only strips 1,534 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 13.0 4.1 December 31, 2019 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Collateral dependent impaired loans requiring specific allowance, net $ 11,373 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,068 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,960 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 18.0% to 94.0% 87.0% Timing of resolution/payoff (months) 5 to 218 65.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 214,467 Discounted cash flow Discount rate 12.0% to 15.0% 14.7% Timing of resolution/payoff (months) 0 to 12 7.0 Interest-only strips 894 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 7.0 2.1 The following is a rollforward of loans that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended Year Ended March 31, 2020 December 31, 2019 Beginning balance $ 2,960 $ 3,463 Loans liquidated — (421 ) Principal paydowns (18 ) (73 ) Total unrealized gain (loss) included in net income 45 (9 ) Ending balance $ 2,987 $ 2,960 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended Year Ended March 31, 2020 December 31, 2019 Beginning balance $ 894 $ 812 Interest-only strip additions 1,820 2,495 Interest-only strip write-offs (1,180 ) (2,202 ) Total unrealized loss included in net income — (211 ) Ending balance $ 1,534 $ 894 The Company estimates the fair value of certain financial instruments on a quarterly basis. These instruments are recorded at fair value through the use of a valuation allowance only if they are individually evaluated. As described above, these adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. As of March 31, 2020 and December 31, 2019, the only financial assets measured at fair value were certain individually evaluated loans held for investment, loans held for sale, interest-only strips, REO and FVO loans, which were measured using unobservable inputs, including appraisals and broker price opinions on the values of the underlying collateral. Individually evaluated loans were carried at approximately $8.1 million and $11.4 million as of March 31, 2020 and December 31, 2019, net of specific allowance for credit losses of approximately $0.8 million and $0.9 million, respectively. A financial instrument is cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): March 31, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 7,649 $ 7,649 $ — $ — $ 7,649 Restricted cash 4,483 4,483 — — 4,483 Loans held for sale, net 223,123 — — 223,123 223,123 Loans held for investment, net 1,922,485 — — 1,975,146 1,975,146 Loans held for investment, at fair value 2,987 — — 2,987 2,987 Accrued interest receivable 14,470 14,470 — — 14,470 Real estate owned, net 16,164 — — 16,164 16,164 Interest-only strips 1,534 — — 1,534 1,534 Liabilities: Secured financing, net $ 74,364 $ — $ — $ 78,000 $ 78,000 Warehouse repurchase facilities, net 297,537 — 297,537 — 297,537 Securitizations, net 1,576,432 — — 1,635,641 1,635,641 Accrued interest payable 8,172 8,172 — — 8,172 December 31, 2019 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 21,465 $ 21,465 $ — $ — $ 21,465 Restricted cash 6,087 6,087 — — 6,087 Loans held for sale, net 214,467 — — 222,260 222,260 Loans held for investment, net 1,863,360 — — 1,913,481 1,913,481 Loans held for investment, at fair value 2,960 — — 2,960 2,960 Accrued interest receivable 13,295 13,295 — — 13,295 Real estate owned, net 13,068 — — 13,068 13,068 Interest-only strips 894 — — 894 894 Liabilities: Secured financing, net $ 145,599 $ — $ — $ 153,000 $ 153,000 Warehouse repurchase facilities, net 421,548 — 421,548 — 421,548 Securitizations, net 1,438,629 — — 1,486,990 1,486,990 Accrued interest payable 7,190 7,190 — — 7,190

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 14 — Subsequent Events COVID-19 As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which are likely to negatively impact the Company’s financial condition, results of operations and cash flows. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and impact on its customers, employees and vendors, all of which are uncertain and cannot be predicted. The extent to which COVID-19 may impact the Company’s financial condition or results of operations cannot be reasonably estimated at this time. April 2020 Preferred Stock and Warrants On April 7, 2020, the Company issued and sold in a private placement 45,000 newly issued shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Preferred”), at a price per share of $1,000, plus warrants (the “Warrants”) to purchase an aggregate of 3,013,125 shares of the Company’s common stock to funds affiliated with Snow Phipps and a fund affiliated with Pacific Investment Management Company LLC to pay down its existing warehouse repurchase facilities and for general corporate purposes. In connection with these transactions, the Company entered into a securities purchase agreement with Snow Phipps and TOBI granting TOBI the right to nominate an additional director to the Company’s board of directors for so long as TOBI and its permitted transferees meet certain ownership thresholds. The Preferred Stock ranks senior to the Company’s common stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution and winding up. It is entitled to receive any dividends or distributions paid in respect of the common stock on an as-converted basis and has no stated maturity and will remain outstanding indefinitely unless converted into common stock or repurchased by the Company. Holders of the Preferred Stock will be entitled to vote, together with the holders of common stock, on an as-converted basis, subject to limitations of the rules of the New York Stock Exchange, on all matters submitted to a vote of the holders of common stock, and as a separate class as required by law. The holders of the Preferred Stock will also have the right to elect two directors to the board of directors of the Company if the Company defaults under its obligation to repurchase Preferred Stock. The Preferred Stock has a liquidation preference equal to the greater of (i) $2,000 per share from April 7, 2020 through October 7, 2022, which amount increases ratably to $3,000 per share from October 8, 2022 through November 28, 2024 and to $3,000 per share from and after November 28, 2024 and (ii) the amount such holder would have received if the Preferred Stock had converted into common stock immediately prior to such liquidation. At any time following receipt of the requisite approval by the holders of the Company’s common stock, the Preferred Stock is convertible at the option of the holder into the number of shares of common stock equal to then applicable conversion rate plus cash in lieu of fractional shares, if any. The initial conversion price is $3.85 per share of common stock and is subject to customary antidilution adjustments. In addition, the Company has the right to cause the Preferred Stock to convert beginning October 7, 2021 if the Company’s common stock meets certain weighted average price targets. Beginning on October 7, 2022, if permitted by the terms of the Company’s material indebtedness, and in no event later than November 28, 2024, holders of the Preferred Stock have the option to cause the Company to repurchase all or a portion of such holder’s shares of Preferred Stock, for an amount in cash equal to such share’s liquidation preference. If the Company defaults on its repurchase obligation, the holders of the Preferred Stock have the right (until the repurchase price has been paid in full, in cash, or such the Preferred Stock has been converted) to force a sale of the Company and the holders of the Preferred Stock will have the right to elect two directors of the Company’s Board until such default is cured. The Company is also required to redeem the Preferred Stock upon a change of control (as defined in the certificate of designation governing the Preferred Stock). The Warrants are exercisable at the warrantholder’s option at any time and from time to time, in whole or in part, until April 7, 2025 at an exercise price of $2.96 per share of common stock, with respect to 2,008,750 of the Warrants, and at an exercise price of $4.94 per share of common stock, with respect to 1,004,375 of the Warrants. The exercise price and the number of shares of common stock issuable upon exercise of the Warrants are subject to customary antidilution adjustments and certain issuances of common stock (or securities convertible into or exercisable for common stock) at a price (or having a conversion or exercise price) that is less than the then current exercise price. The Company is not required to effect an exercise of Warrants, if after giving effect to the issuance of common stock upon exercise of such Warrants such warrantholder together with its affiliates would beneficially own 49% or more of the Company’s outstanding common stock. Amendments to Warehouse Repurchase Facilities On April 6, 2020, VCC entered into amendments to the Barclays Repurchase Agreement and the Citibank Repurchase Agreement with the lenders under such agreements. Pursuant to the terms of the amendments, (i) the Company must maintain unrestricted cash and cash equivalents of at least $7.5 million, (ii) VCC must make aggregate payments of $20.0 million to reduce VCC’s obligations under the warehouse repurchase agreements at Closing, and (iii) VCC must ensure that payments of at least $3.0 million per month are made to each lender, from the cash flow of the underlying financed loans and/or corporate cash each month from April 6 through August 3, 2020, in reduction of its obligations thereunder. In addition, the interest rate under each warehouse repurchase facility was increased by 25 basis points. The Company made payments of $20.0 million at closing of the transactions. The Company has evaluated events that have occurred subsequent to March 31, 2020 through the issuance of the accompanying consolidated financial statements and has concluded there are no other subsequent events that would require recognition or disclosure in the accompanying consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Partnership to Corporation Conversion	(a) Partnership to Corporation Conversion On January 16, 2020, Velocity Financial, LLC converted from a limited liability company to a corporation and changed its name to Velocity Financial, Inc. The Conversion was accounted for in accordance with ASC 805-50 – Business Combinations , as a transaction between entities under common control. All assets and liabilities of Velocity Financial, LLC were contributed to Velocity Financial, Inc. at their carrying value, and the results of operations are being presented as if the Conversion had occurred on January 1, 2020. Additionally, Class A’s and Class D’s partnership equity at December 31, 2019 were converted to stockholders’ equity and presented as such on the Consolidated Balance Sheets and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020.
Use of Estimates	(b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period.
Significant Accounting Policies	(c) Significant Accounting Policies The Company’s accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). There have been no significant changes to the Company’s Significant Accounting Policies as described in its 2019 Annual Report other than the adoption of Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as described in
Principles of Consolidation	(d) Principles of The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The following table presents a summary of the assets and liabilities of the Trusts as of March 31, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): March 31, December 31, 2020 2019 Restricted cash $ — $ — Loans held for investment, net 1,740,902 1,571,100 Accrued interest and other receivables 46,893 56,675 Real estate owned, net 8,993 6,091 Other assets 9 11 Total assets $ 1,796,797 $ 1,633,877 Accounts payable and accrued expenses $ 24,561 $ 21,265 Securities issued 1,576,431 1,438,630 Total liabilities $ 1,600,992 $ 1,459,895 The consolidated financial statements as of March 31, 2020 and December 31, 2019 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs, and do not include any assets, liabilities, revenues, and expenses attributable to limited liability members’ individual activities. The liability of each member in an LLC was limited to the amounts reflected in their respective member accounts.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Assets and Liabilities of Trusts	The following table presents a summary of the assets and liabilities of the Trusts as of March 31, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): March 31, December 31, 2020 2019 Restricted cash $ — $ — Loans held for investment, net 1,740,902 1,571,100 Accrued interest and other receivables 46,893 56,675 Real estate owned, net 8,993 6,091 Other assets 9 11 Total assets $ 1,796,797 $ 1,633,877 Accounts payable and accrued expenses $ 24,561 $ 21,265 Securities issued 1,576,431 1,438,630 Total liabilities $ 1,600,992 $ 1,459,895

Current Accounting Developmen_2

Current Accounting Developments (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Changes And Error Corrections [Abstract]
Schedule of Impact of ASC 326 on Allowance for Credit Losses	The following table illustrates the impact of ASC 326 on the Company’s allowance for credit losses (in thousands): January 1, 2020 As Reported Impact of Under Pre-ASC 326 ASC 326 Allowance for credit losses ASC 326 Adoption Adoption Commercial - Purchase $ 323 $ 304 $ 19 Commercial - Refinance 1,078 1,016 62 Residential 1-4 Unit - Purchase 157 148 9 Residential 1-4 Unit - Refinance 819 772 47 Total $ 2,377 $ 2,240 $ 137

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated statement of financial condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Cash and cash equivalents $ 7,649 $ 16,948 Restricted cash 4,483 1,986 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 12,132 $ 18,934

Loans Held for Sale, Net (Table

Loans Held for Sale, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Summary of Loans Held for Sale	The following table summarizes loans held for sale for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Unpaid principal balance $ 224,334 $ 58,551 Valuation adjustments (436 ) (83 ) Deferred loan origination costs (775 ) (345 ) Ending balance $ 223,123 $ 58,123

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Unpaid principal balance $ 1,902,566 $ 1,843,290 Valuation adjustments on FVO loans (399 ) (444 ) Deferred loan origination costs 26,801 25,714 1,928,968 1,868,560 Allowance for loan losses (3,496 ) (2,240 ) Total loans held for investment and loans held for investment at fair value, net $ 1,925,472 $ 1,866,320
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued	As of March 31, 2020 and December 31, 2019, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitizations issued were as follows (in thousands): March 31, December 31, 2020 2019 Citibank warehouse repurchase agreement $ 197,767 $ 108,504 Barclays warehouse repurchase agreement 167,128 175,689 Pacific Western Bank agreement 3,022 3,331 Total pledged loans $ 367,917 $ 287,524 2014-1 Trust 27,313 29,559 2015-1 Trust 61,637 64,876 2016-1 Trust 90,597 97,727 2016-2 Trust 63,385 68,961 2017-1 Trust 104,727 116,670 2017-2 Trust 165,513 173,390 2018-1 Trust 133,729 141,567 2018-2 Trust 244,989 260,278 2019-1 Trust 223,495 229,151 2019-2 Trust 201,060 210,312 2019-3 Trust 150,453 157,119 2020-1 Trust 260,223 — Total $ 1,727,121 $ 1,549,610
Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment	The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of March 31, 2020 and December 31, 2019. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2020 and December 31, 2019. March 31, 2020 Nonaccrual With No Allowance Total for Loan Loss Nonaccrual (In thousands) Commercial - Purchase $ 10,380 $ 11,436 Commercial - Refinance 58,404 60,205 Residential 1-4 Unit - Purchase 12,815 13,266 Residential 1-4 Unit - Refinance 61,115 66,737 Total $ 142,714 $ 151,644 Troubled Debt Restructuring included in nonaccrual loans: $ — $ 178 December 31, 2019 ($ in thousands) Nonaccrual loans: Recorded investment $ 125,819 Percentage of the originated loans held for investment 6.7 % Impaired loans: Unpaid principal balance $ 124,050 Recorded investment 125,998 Recorded investment of impaired loans requiring a specific allowance 12,286 Specific allowance 913 Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance 7.4 % Recorded investment of impaired loans not requiring a specific allowance $ 113,712 Percentage of recorded investment of impaired loans not requiring a specific allowance 90.2 % TDRs included in impaired loans: Recorded investment of TDRs $ 179 Recorded investment of TDRs with a specific allowance 179 Specific allowance 25 Recorded investment of TDRs without a specific allowance —
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment	The following table presents the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Commercial - Purchase $ 122 $ 38 Commercial - Refinance 672 176 Residential 1-4 Unit - Purchase 83 79 Residential 1-4 Unit - Refinance 612 189 Total $ 1,489 $ 482
Schedule of Activity in Allowance for Credit Losses by Portfolio Segment	The following table presents the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2020 (in thousands): Three Months Ended March 31, 2020 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ 2,240 Impact of adopting ASC 326 47 62 9 19 137 Provision for loan losses 108 516 173 493 1,290 Charge-offs (79 ) — (80 ) (12 ) (171 ) Ending balance $ 380 $ 1,594 $ 250 $ 1,272 $ 3,496 Allowance related to: Loans individually evaluated 137 130 96 $ 479 $ 842 Loans collectively evaluated 215 1,463 154 822 2,654 Amortized cost related to: Loans individually evaluated 11,436 60,205 13,266 $ 66,737 $ 151,644 Loans collectively evaluated 302,419 668,712 242,577 560,367 1,774,075 Activity in the allowance for credit losses for the three months ended March 31, 2019 was as follows (in thousands): Three Months Ended March 31, 2019 Beginning balance $ 1,680 Provision for loan losses 348 Charge-offs (112 ) Ending balance $ 1,916 Allowance related to: Loans individually evaluated for impairment $ 737 Loans collectively evaluated for impairment 1,179 Recorded investment related to: Loans individually evaluated for impairment $ 87,914 Loans collectively evaluated for impairment 1,517,511
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio	A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors delinquencies, bankruptcies, and foreclosures as its primary credit quality indicator, and the following table presents the aging status of the amortized cost basis in the loans held for investment portfolio as of March 31, 2020 and December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2020: past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 133 $ 2,320 $ 8,984 $ 11,437 $ — $ 11,437 Commercial - Refinance 2,161 4,009 53,857 60,027 178 60,205 Residential 1-4 Unit - Purchase — 803 12,462 13,265 — 13,265 Residential 1-4 Unit - Refinance 1,695 654 64,388 66,737 — 66,737 Total loans individually evaluated $ 3,989 $ 7,786 $ 139,691 $ 151,466 $ 178 $ 151,644 Loans collectively evaluated Commercial - Purchase $ 9,466 $ 3,375 $ — $ 12,841 $ 289,578 $ 302,419 Commercial - Refinance 60,791 20,479 — 81,270 587,442 668,712 Residential 1-4 Unit - Purchase 12,806 3,931 — 16,737 225,840 242,577 Residential 1-4 Unit - Refinance 45,810 25,734 — 71,544 488,823 560,367 Total loans collectively evaluated $ 128,873 $ 53,519 $ — $ 182,392 $ 1,591,683 $ 1,774,075 Ending balance $ 132,862 $ 61,305 $ 139,691 $ 333,858 $ 1,591,861 $ 1,925,719 December 31, 2019: Impaired loans $ 6,195 $ 7,696 $ 111,928 $ 125,819 $ 179 $ 125,998 Nonimpaired loans 119,465 41,138 — 160,603 1,578,984 1,739,587 Ending balance $ 125,660 $ 48,834 $ 111,928 $ 286,422 $ 1,579,163 $ 1,865,585 (1) Includes loans in bankruptcy and foreclosure less than 90 days past
Schedule of Amortized Cost in Loans Held for Investment based on Payment Activity and by Loan Origination Year	The following table presents the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on payment activity and by loan origination year. Term Loans Amortized Cost Basis by Origination Year March 31, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 35,949 $ 114,031 $ 74,937 $ 48,076 $ 12,847 $ 16,580 $ 302,420 Nonperforming — 1,423 4,061 3,145 1,377 1,430 11,436 Total Commercial - Purchase $ 35,949 $ 115,454 $ 78,998 $ 51,221 $ 14,224 $ 18,010 $ 313,856 Commercial - Refinance Payment performance Performing $ 51,515 $ 207,418 $ 182,984 $ 111,805 $ 46,515 $ 68,475 $ 668,712 Nonperforming — 11,607 18,963 16,914 6,222 6,498 60,204 Total Commercial - Refinance $ 51,515 $ 219,025 $ 201,947 $ 128,719 $ 52,737 $ 74,973 $ 728,916 Residential 1-4 Unit - Purchase Payment performance Performing $ 17,234 $ 86,715 $ 57,181 $ 37,571 $ 9,770 $ 34,105 $ 242,576 Nonperforming — 1,002 4,932 3,921 1,348 2,063 13,266 Total Residential 1-4 Unit - Purchase $ 17,234 $ 87,717 $ 62,113 $ 41,492 $ 11,118 $ 36,168 $ 255,842 Residential 1-4 Unit - Refinance Payment performance Performing $ 48,788 $ 219,876 $ 123,727 $ 85,249 $ 30,791 $ 51,937 $ 560,368 Nonperforming — 13,961 23,124 10,264 8,387 11,001 66,737 Total Residential 1-4 Unit - Purchase $ 48,788 $ 233,837 $ 146,851 $ 95,513 $ 39,178 $ 62,938 $ 627,105 Total Portfolio $ 153,486 $ 656,033 $ 489,909 $ 316,945 $ 117,257 $ 192,089 $ 1,925,719

Securitizations Net (Tables)

Securitizations Net (Tables)	3 Months Ended
	Mar. 31, 2020
Transfers And Servicing [Abstract]
Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate	The following table summarizes the outstanding balance, net of discounts and deals costs, of the securities and the effective interest rate for the three months ended March 31, 2020 and 2019 (dollars in thousands): Three Months Ended March 31, 2020 2019 Securitizations: Securitizations, net $ 1,576,432 $ 1,438,629 Interest expense 18,547 15,920 Average outstanding balance 1,542,318 1,228,446 Effective interest rate (1) 4.81 % 5.18 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.26%) and debt issue cost amortization (0.55%) and average rate (4.67%) and debt issue cost amortization (0.51%) as of March 31, 2020 and 2019, respectively.

Other Debt (Tables)

Other Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding	The following table summarizes the maximum borrowing capacity and current gross balances outstanding for the Company’s warehouse facilities and loan agreements as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity Barclays repurchase agreement $ 135,703 $ 300,000 $ 226,212 $ 250,000 Citibank repurchase agreement 157,582 200,000 190,977 200,000 Pacific Western credit agreement 2,267 50,000 2,499 50,000 Hershiser Capital Finance loan agreement 2,820 3,000 3,000 3,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.8 million and $1.1 million as of March 31, 2020 and December 31, 2019, respectively.
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2020 and 2019 (dollars in thousands): Three Months Ended March 31, 2020 2019 Warehouse repurchase facilities: Average outstanding balance $ 347,350 $ 216,250 Highest outstanding balance at any month-end 439,547 276,210 Effective interest rate (1) 4.95 % 5.81 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.62%) and debt issue cost amortization (.33%) and average rate (5.42%) and debt issue cost amortization (0.39%) for the three months ended March 31, 2020 and 2019, respectively.
Summary of Interest Expense	The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Warehouse repurchase facilities $ 4,301 $ 3,142 Securitizations 18,547 15,920 Interest expense — portfolio related 22,848 19,062 Interest expense — corporate debt 6,342 (1) 3,353 Total interest expense $ 29,190 $ 22,415 (1) Included in the $6.3 million of interest expense – corporate debt for the three months ended March 31, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated repayment of $75.0 million in outstanding principal amount

Members' Equity (Tables)

Members' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Outstanding Units and Equity Balance	Prior to the Company’s IPO, the outstanding Class A, Class B and Class D units and equity balance were as follows as of December 31, 2019 (in thousands): December 31, 2019 (In thousands) Class A units issued and outstanding 97,514 Class A equity balance $ 92,650 Class B units issued and outstanding 16,072 Class B equity balance $ — Class D units issued and outstanding 60,194 Class D equity balance $ 60,194

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share Calculations	The following table presents the earnings per common share calculations for the three months ended March 31, 2020: Three Months Ended March 31, 2020 2019 (1) (In thousands, except share and per share data) Net income $ 2,579 $ 4,695 Weighted-average shares: Basic weighted-average number of common shares outstanding 20,087,494 NA Dilutive weighted-average number of common shares outstanding 20,087,494 NA Earnings per common share: Basic 0.13 NA Diluted 0.13 NA (1) Earnings per common share is not applicable to periods prior to the Company's IPO on January 17, 2020.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Information on Assets Measured and Recorded at Fair Value	The following tables present information on assets measured and recorded at fair value as of March 31, 2020 and December 31, 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,987 $ 2,987 Interest-only strips — — 1,534 1,534 Total recurring fair value measurements — — 4,521 4,521 Nonrecurring fair value measurements: Loans held for sale, net — — 223,123 223,123 Real estate owned, net — — 16,164 16,164 Individually evaluated loans requiring specific allowance, net — — 8,088 8,088 Total nonrecurring fair value measurements — — 247,375 247,375 Total assets $ — $ — $ 251,896 $ 251,896 Fair value measurements using Total at December 31, 2019 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,960 $ 2,960 Interest-only strips — — 894 894 Total recurring fair value measurements — — 3,854 3,854 Nonrecurring fair value measurements: Loans held for sale, net — — 214,467 214,467 Real estate owned, net — — 13,068 13,068 Impaired loans requiring specific allowance, net — — 11,373 11,373 Total nonrecurring fair value measurements — — 238,908 238,908 Total assets $ — $ — $ 242,762 $ 242,762
Schedule of Losses Recognized on Assets Measured on Nonrecurring Basis	The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 Loans held for sale, net $ (40 ) $ 89 Real estate held for sale, net (568 ) (14 ) Individually evaluated loans requiring specific allowance, net 71 (101 ) Total net loss $ (537 ) $ (26 )
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets	The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 8,088 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 16,164 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,987 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 16.0% to 96.0% 88.0% Timing of resolution/payoff (months) 4 to 125 62.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 223,123 Discounted cash flow Discount rate 12.0% to 15.0% 14.6% Timing of resolution/payoff (months) 0 to 14 9.3 Interest-only strips 1,534 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 13.0 4.1 December 31, 2019 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Collateral dependent impaired loans requiring specific allowance, net $ 11,373 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,068 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,960 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 18.0% to 94.0% 87.0% Timing of resolution/payoff (months) 5 to 218 65.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 214,467 Discounted cash flow Discount rate 12.0% to 15.0% 14.7% Timing of resolution/payoff (months) 0 to 12 7.0 Interest-only strips 894 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 7.0 2.1
Rollforward of Loans and Interest Only Strips Measured at Estimated Fair Value on Recurring Basis	The following is a rollforward of loans that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended Year Ended March 31, 2020 December 31, 2019 Beginning balance $ 2,960 $ 3,463 Loans liquidated — (421 ) Principal paydowns (18 ) (73 ) Total unrealized gain (loss) included in net income 45 (9 ) Ending balance $ 2,987 $ 2,960 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended Year Ended March 31, 2020 December 31, 2019 Beginning balance $ 894 $ 812 Interest-only strip additions 1,820 2,495 Interest-only strip write-offs (1,180 ) (2,202 ) Total unrealized loss included in net income — (211 ) Ending balance $ 1,534 $ 894
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): March 31, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 7,649 $ 7,649 $ — $ — $ 7,649 Restricted cash 4,483 4,483 — — 4,483 Loans held for sale, net 223,123 — — 223,123 223,123 Loans held for investment, net 1,922,485 — — 1,975,146 1,975,146 Loans held for investment, at fair value 2,987 — — 2,987 2,987 Accrued interest receivable 14,470 14,470 — — 14,470 Real estate owned, net 16,164 — — 16,164 16,164 Interest-only strips 1,534 — — 1,534 1,534 Liabilities: Secured financing, net $ 74,364 $ — $ — $ 78,000 $ 78,000 Warehouse repurchase facilities, net 297,537 — 297,537 — 297,537 Securitizations, net 1,576,432 — — 1,635,641 1,635,641 Accrued interest payable 8,172 8,172 — — 8,172 December 31, 2019 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 21,465 $ 21,465 $ — $ — $ 21,465 Restricted cash 6,087 6,087 — — 6,087 Loans held for sale, net 214,467 — — 222,260 222,260 Loans held for investment, net 1,863,360 — — 1,913,481 1,913,481 Loans held for investment, at fair value 2,960 — — 2,960 2,960 Accrued interest receivable 13,295 13,295 — — 13,295 Real estate owned, net 13,068 — — 13,068 13,068 Interest-only strips 894 — — 894 894 Liabilities: Secured financing, net $ 145,599 $ — $ — $ 153,000 $ 153,000 Warehouse repurchase facilities, net 421,548 — 421,548 — 421,548 Securitizations, net 1,438,629 — — 1,486,990 1,486,990 Accrued interest payable 7,190 7,190 — — 7,190

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)	Jan. 28, 2020	Jan. 22, 2020	Mar. 31, 2020	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation			Jul. 9, 2012
Minimum net worth required			$ 250,000
Class A Equity Units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units				97,513,533
Class D equity units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units				60,193,989
Common Stock
Class Of Stock [Line Items]
Shares issued upon conversion of equity units				11,749,994
Issuance of common stock, shares	1,087,500	7,250,000	20,087,494
Stock price	$ 13	$ 13

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Assets and Liabilities of Trusts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Loans held for investment, net	$ 1,922,485	$ 1,863,360
Real estate owned, net	16,164	13,068
Other assets	10,518	12,667
Total assets	2,257,354	2,214,766
Accounts payable and accrued expenses	58,591	56,146
Total liabilities	2,006,924	2,061,922
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held for investment, net	1,740,902	1,571,100
Accrued interest and other receivables	46,893	56,675
Real estate owned, net	8,993	6,091
Other assets	9	11
Total assets	1,796,797	1,633,877
Accounts payable and accrued expenses	24,561	21,265
Securities issued	1,576,431	1,438,630
Total liabilities	$ 1,600,992	$ 1,459,895

Current Accounting Developmen_3

Current Accounting Developments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to decrease retained earnings	$ (96,000)

Current Accounting Developmen_4

Current Accounting Developments - Schedule of Impact of ASC 326 on Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	$ 3,496		$ 2,240	$ 1,916	$ 1,680
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		$ 2,377
ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		137
Commercial - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	380		304
Commercial - Purchase | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		323
Commercial - Purchase | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		19
Commercial - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	1,594		1,016
Commercial - Refinance | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		1,078
Commercial - Refinance | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		62
Residential 1-4 Unit - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	250		148
Residential 1-4 Unit - Purchase | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		157
Residential 1-4 Unit - Purchase | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		9
Residential 1-4 Unit - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	$ 1,272		$ 772
Residential 1-4 Unit - Refinance | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		819
Residential 1-4 Unit - Refinance | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses		$ 47

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 7,649	$ 21,465	$ 16,948
Restricted cash	4,483	6,087	1,986
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 12,132	$ 27,552	$ 18,934	$ 16,677

Loans Held for Sale, Net - Summ

Loans Held for Sale, Net - Summary of Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Loans Held For Sale [Abstract]
Unpaid principal balance	$ 224,334	$ 58,551
Valuation adjustments	(436)	(83)
Deferred loan origination costs	(775)	(345)
Loans held for sale, net	$ 223,123	$ 58,123	$ 214,467

Loans Held for Investment and_3

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Unpaid principal balance	$ 1,902,566	$ 1,843,290
Valuation adjustments on FVO loans	(399)	(444)
Deferred loan origination costs	26,801	25,714
Total loans held for investment and loans held for investment at fair value, gross	1,928,968	1,868,560
Allowance for loan losses	(3,496)	(2,240)	$ (1,916)	$ (1,680)
Total loans held for investment and loans held for investment at fair value, net	$ 1,925,472	$ 1,866,320

Loans Held for Investment and_4

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	$ 367,917	$ 287,524
Total	1,727,121	1,549,610
Citibank Warehouse Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	197,767	108,504
Barclays Warehouse Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	167,128	175,689
Pacific Western Bank Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	3,022	3,331
2014-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	27,313	29,559
2015-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	61,637	64,876
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	90,597	97,727
2016-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	63,385	68,961
2017-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	104,727	116,670
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	165,513	173,390
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	133,729	141,567
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	244,989	260,278
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	223,495	229,151
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	201,060	210,312
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	150,453	$ 157,119
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 260,223

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Receivables [Abstract]
Financing receivable, 90 days or more past due, still accruing	$ 0		$ 0
Accrued interest income recognized on nonaccrual loans	0	$ 0
Cash basis interest income recognized on nonaccrual loans	3,300,000	3,100,000
Average recorded investment of individually evaluated loans, computed using month-end balances	$ 142,700,000	$ 108,200,000

Loans Held for Investment and_6

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2020
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		$ 142,714
Total Nonaccrual	$ 125,819	151,644
Troubled Debt Restructuring included in nonaccrual loans:	$ 179	178
Percentage of the originated loans held for investment	6.70%
Unpaid principal balance	$ 124,050
Recorded investment	125,998
Recorded investment of impaired loans requiring a specific allowance	12,286
Specific allowance	$ 913
Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance	7.40%
Recorded investment of impaired loans not requiring a specific allowance	$ 113,712
Percentage of recorded investment of impaired loans not requiring a specific allowance	90.20%
Recorded investment of TDRs with a specific allowance	$ 179
Specific allowance	$ 25
Commercial - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		10,380
Total Nonaccrual		11,436
Commercial - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		58,404
Total Nonaccrual		60,205
Residential 1-4 Unit - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		12,815
Total Nonaccrual		13,266
Residential 1-4 Unit - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		61,115
Total Nonaccrual		$ 66,737

Loans Held for Investment and_7

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable Impaired [Line Items]
Accrued interest receivables written off	$ 1,489	$ 482
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Accrued interest receivables written off	122	38
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Accrued interest receivables written off	672	176
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Accrued interest receivables written off	83	79
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Accrued interest receivables written off	$ 612	$ 189

Loans Held for Investment and_8

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	$ 2,240	$ 1,680
Impact of adopting ASC 326	137
Provision for loan losses	1,290	348
Charge-offs	(171)	(112)
Ending balance	3,496	1,916
Allowance related to Loans individually evaluated	842	737	$ 900
Allowance related to Loans collectively evaluated	2,654	1,179
Amortized cost related to Loans individually evaluated	151,644
Amortized cost related to Loans collectively evaluated	1,774,075
Loans individually evaluated for impairment	8,100	87,914	$ 11,400
Loans collectively evaluated for impairment		$ 1,517,511
Commercial - Purchase
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	304
Impact of adopting ASC 326	47
Provision for loan losses	108
Charge-offs	(79)
Ending balance	380
Allowance related to Loans individually evaluated	137
Allowance related to Loans collectively evaluated	215
Amortized cost related to Loans individually evaluated	11,436
Amortized cost related to Loans collectively evaluated	302,419
Commercial - Refinance
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	1,016
Impact of adopting ASC 326	62
Provision for loan losses	516
Ending balance	1,594
Allowance related to Loans individually evaluated	130
Allowance related to Loans collectively evaluated	1,463
Amortized cost related to Loans individually evaluated	60,205
Amortized cost related to Loans collectively evaluated	668,712
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	148
Impact of adopting ASC 326	9
Provision for loan losses	173
Charge-offs	(80)
Ending balance	250
Allowance related to Loans individually evaluated	96
Allowance related to Loans collectively evaluated	154
Amortized cost related to Loans individually evaluated	13,266
Amortized cost related to Loans collectively evaluated	242,577
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326	772
Impact of adopting ASC 326	19
Provision for loan losses	493
Charge-offs	(12)
Ending balance	1,272
Allowance related to Loans individually evaluated	479
Allowance related to Loans collectively evaluated	822
Amortized cost related to Loans individually evaluated	66,737
Amortized cost related to Loans collectively evaluated	$ 560,367

Loans Held for Investment and_9

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 333,858	$ 286,422
Loans, current	1,591,861	1,579,163
Total loans	1,925,719	1,865,585
Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	313,856
Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	728,916
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	255,842
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	627,105
30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	132,862	125,660
60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	61,305	48,834
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	139,691	111,928
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	151,466
Loans, current	178
Total loans	151,644
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	11,437
Total loans	11,437
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	60,027
Loans, current	178
Total loans	60,205
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	13,265
Total loans	13,265
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	66,737
Total loans	66,737
Loans Individually Evaluated | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,989
Loans Individually Evaluated | 30–59 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	133
Loans Individually Evaluated | 30–59 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,161
Loans Individually Evaluated | 30–59 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,695
Loans Individually Evaluated | 60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	7,786
Loans Individually Evaluated | 60–89 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,320
Loans Individually Evaluated | 60–89 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	4,009
Loans Individually Evaluated | 60–89 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	803
Loans Individually Evaluated | 60–89 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	654
Loans Individually Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	139,691
Loans Individually Evaluated | 90+days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	8,984
Loans Individually Evaluated | 90+days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	53,857
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,462
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	64,388
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	182,392
Loans, current	1,591,683
Total loans	1,774,075
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,841
Loans, current	289,578
Total loans	302,419
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	81,270
Loans, current	587,442
Total loans	668,712
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	16,737
Loans, current	225,840
Total loans	242,577
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	71,544
Loans, current	488,823
Total loans	560,367
Loans Collectively Evaluated | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	128,873
Loans Collectively Evaluated | 30–59 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	9,466
Loans Collectively Evaluated | 30–59 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	60,791
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,806
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	45,810
Loans Collectively Evaluated | 60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	53,519
Loans Collectively Evaluated | 60–89 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,375
Loans Collectively Evaluated | 60–89 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	20,479
Loans Collectively Evaluated | 60–89 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,931
Loans Collectively Evaluated | 60–89 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 25,734
Impaired loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		125,819
Loans, current		179
Total loans		125,998
Impaired loans | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,195
Impaired loans | 60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,696
Impaired loans | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		111,928
Nonimpaired loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		160,603
Loans, current		1,578,984
Total loans		1,739,587
Nonimpaired loans | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		119,465
Nonimpaired loans | 60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		$ 41,138

Loans Held for Investment an_10

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Amortized Cost in Loans Held for Investment based on Payment Activity and by Loan Origination Year (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	$ 153,486
Term Loans Amortized Cost Basis by Origination Year, 2019	656,033
Term Loans Amortized Cost Basis by Origination Year, 2018	489,909
Term Loans Amortized Cost Basis by Origination Year, 2017	316,945
Term Loans Amortized Cost Basis by Origination Year, 2016	117,257
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	192,089
Total loans	1,925,719	$ 1,865,585
Commercial - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	35,949
Term Loans Amortized Cost Basis by Origination Year, 2019	115,454
Term Loans Amortized Cost Basis by Origination Year, 2018	78,998
Term Loans Amortized Cost Basis by Origination Year, 2017	51,221
Term Loans Amortized Cost Basis by Origination Year, 2016	14,224
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	18,010
Total loans	313,856
Commercial - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	35,949
Term Loans Amortized Cost Basis by Origination Year, 2019	114,031
Term Loans Amortized Cost Basis by Origination Year, 2018	74,937
Term Loans Amortized Cost Basis by Origination Year, 2017	48,076
Term Loans Amortized Cost Basis by Origination Year, 2016	12,847
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	16,580
Total loans	302,420
Commercial - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2019	1,423
Term Loans Amortized Cost Basis by Origination Year, 2018	4,061
Term Loans Amortized Cost Basis by Origination Year, 2017	3,145
Term Loans Amortized Cost Basis by Origination Year, 2016	1,377
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	1,430
Total loans	11,436
Commercial - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	51,515
Term Loans Amortized Cost Basis by Origination Year, 2019	219,025
Term Loans Amortized Cost Basis by Origination Year, 2018	201,947
Term Loans Amortized Cost Basis by Origination Year, 2017	128,719
Term Loans Amortized Cost Basis by Origination Year, 2016	52,737
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	74,973
Total loans	728,916
Commercial - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	51,515
Term Loans Amortized Cost Basis by Origination Year, 2019	207,418
Term Loans Amortized Cost Basis by Origination Year, 2018	182,984
Term Loans Amortized Cost Basis by Origination Year, 2017	111,805
Term Loans Amortized Cost Basis by Origination Year, 2016	46,515
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	68,475
Total loans	668,712
Commercial - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2019	11,607
Term Loans Amortized Cost Basis by Origination Year, 2018	18,963
Term Loans Amortized Cost Basis by Origination Year, 2017	16,914
Term Loans Amortized Cost Basis by Origination Year, 2016	6,222
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	6,498
Total loans	60,204
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,234
Term Loans Amortized Cost Basis by Origination Year, 2019	87,717
Term Loans Amortized Cost Basis by Origination Year, 2018	62,113
Term Loans Amortized Cost Basis by Origination Year, 2017	41,492
Term Loans Amortized Cost Basis by Origination Year, 2016	11,118
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	36,168
Total loans	255,842
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,234
Term Loans Amortized Cost Basis by Origination Year, 2019	86,715
Term Loans Amortized Cost Basis by Origination Year, 2018	57,181
Term Loans Amortized Cost Basis by Origination Year, 2017	37,571
Term Loans Amortized Cost Basis by Origination Year, 2016	9,770
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	34,105
Total loans	242,576
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2019	1,002
Term Loans Amortized Cost Basis by Origination Year, 2018	4,932
Term Loans Amortized Cost Basis by Origination Year, 2017	3,921
Term Loans Amortized Cost Basis by Origination Year, 2016	1,348
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	2,063
Total loans	13,266
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	48,788
Term Loans Amortized Cost Basis by Origination Year, 2019	233,837
Term Loans Amortized Cost Basis by Origination Year, 2018	146,851
Term Loans Amortized Cost Basis by Origination Year, 2017	95,513
Term Loans Amortized Cost Basis by Origination Year, 2016	39,178
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	62,938
Total loans	627,105
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	48,788
Term Loans Amortized Cost Basis by Origination Year, 2019	219,876
Term Loans Amortized Cost Basis by Origination Year, 2018	123,727
Term Loans Amortized Cost Basis by Origination Year, 2017	85,249
Term Loans Amortized Cost Basis by Origination Year, 2016	30,791
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	51,937
Total loans	560,368
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2019	13,961
Term Loans Amortized Cost Basis by Origination Year, 2018	23,124
Term Loans Amortized Cost Basis by Origination Year, 2017	10,264
Term Loans Amortized Cost Basis by Origination Year, 2016	8,387
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	11,001
Total loans	$ 66,737

Securitizations, Net - Addition

Securitizations, Net - Additional Information (Detail) $ in Billions	3 Months Ended	106 Months Ended
	Mar. 31, 2020Securities	Feb. 29, 2020USD ($)
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations | Securities	13
Securitization loans		$ 3
Issuing of securities to third parties		$ 2.8
Minimum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	5.00%
Maturity dates of the securities	2044-09
Maximum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	30.00%
Maturity dates of the securities	2050-02

Securitizations Net - Summary o

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Securitizations, net	$ 1,576,432	$ 1,438,629	$ 1,438,629
Interest expense — portfolio related	22,848	19,062
Average outstanding balance	$ 1,542,318	$ 1,228,446
Effective interest rate	4.81%	5.18%
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 18,547	$ 15,920

Securitizations Net - Summary_2

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Transfers And Servicing [Abstract]
Average interest rate	4.26%	4.67%
Debt issue cost amortization rate	0.55%	0.51%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)	Dec. 26, 2019	Aug. 29, 2019	Sep. 12, 2018	Jan. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Lines of credit fund maximum percentage of principle balance of mortgage loans					100.00%
Repayment of term loans					$ 75,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			3 years
Debt instrument, description					one-month LIBOR
Debt instrument, spread rate				3.50%
Line of credit, maximum capacity			$ 50,000,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Debt instrument, term		5 years
Debt instrument, face amount		$ 153,000,000
Debt instrument, description					one-month LIBOR
Debt instrument, maturity month year		2024-08
Term loans, balance					$ 78,000,000	$ 153,000,000
Repayment of term loans				$ 75,000,000
Debt issuance costs, net					3,600,000	7,400,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate		1.00%
Debt instrument, spread rate		7.50%
Barclays Repurchase Agreement
Debt Instrument [Line Items]
Line of credit, maximum capacity					$ 300,000,000	250,000,000
Barclays Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, description					one-month LIBOR
Agreement entered date					May 29, 2015
Debt instrument, maturity date					Aug. 3, 2020
Line of credit, maximum capacity					$ 300,000,000
Debt Instrument, effective interest rate					4.98%		5.82%
Barclays Repurchase Agreement | Minimum | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, spread rate					3.00%
Barclays Repurchase Agreement | Maximum | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, spread rate					3.125%
Citibank Repurchase Agreement
Debt Instrument [Line Items]
Line of credit, maximum capacity					$ 200,000,000	200,000,000
Citibank Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, description					one-month LIBOR
Debt instrument, spread rate					3.25%
Agreement entered date					May 17, 2013
Debt instrument, maturity date					Aug. 3, 2020
Line of credit, maximum capacity					$ 200,000,000
Debt Instrument, effective interest rate					4.65%		5.73%
Hershiser Capital Finance Loan Agreement
Debt Instrument [Line Items]
Line of credit, maximum capacity					$ 3,000,000	$ 3,000,000
Hershiser Capital Finance Loan Agreement | HCF Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 3,000,000
Debt instrument, maturity date	Jul. 1, 2021
Debt instrument, maturity date description					earlier of (i) January 1, 2021, and (ii) the date on which the unpaid principal balance of this loan becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document.
Debt instrument, fixed interest rate	9.50%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Barclays Repurchase Agreement
Debt Instrument [Line Items]
Period end balance	$ 135,703,000	$ 226,212,000
Maximum borrowing capacity	300,000,000	250,000,000
Citibank Repurchase Agreement
Debt Instrument [Line Items]
Period end balance	157,582,000	190,977,000
Maximum borrowing capacity	200,000,000	200,000,000
Pacific Western Credit Agreement
Debt Instrument [Line Items]
Period end balance	2,267,000	2,499,000
Maximum borrowing capacity	50,000,000	50,000,000
Hershiser Capital Finance Loan Agreement
Debt Instrument [Line Items]
Period end balance	2,820,000	3,000,000
Maximum borrowing capacity	$ 3,000,000	$ 3,000,000

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 0.8	$ 1.1

Other Debt - Schedule of Activi

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse Repurchase Facilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Average outstanding balance	$ 347,350	$ 216,250
Highest outstanding balance at any month-end	$ 439,547	$ 276,210
Debt Instrument, effective interest rate	4.95%	5.81%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt Instrument, average rate	4.62%	5.42%
Debt issue cost amortization percentage	0.33%	0.39%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 22,848	$ 19,062
Interest expense — corporate debt	6,342	3,353
Total interest expense	29,190	22,415
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related	4,301	3,142
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 18,547	$ 15,920

Other Debt - Summary of Inter_2

Other Debt - Summary of Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Interest expense — corporate debt		$ 6,342	$ 3,353
Repayment of outstanding principal amount		75,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Interest expense — corporate debt		6,300
Write off of debt issuance cost		3,500
Prepayment penalties		$ 300
Repayment of outstanding principal amount	$ 75,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Repurchase liability	$ 76	$ 76

Members' Equity - Additional In

Members' Equity - Additional Information (Details) $ in Millions	Mar. 31, 2020Membership	Aug. 29, 2019USD ($)
Class Of Stock [Line Items]
Number of membership units issued | Membership	4
Class C Preferred Units
Class Of Stock [Line Items]
Preferred units, liquidation preference | $		$ 27.7

Members' Equity - Summary of Ou

Members' Equity - Summary of Outstanding Units and Equity Balance (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares, outstanding	20,087,494	0
Preferred Class A Units
Class Of Stock [Line Items]
Preferred units issued		97,514,000
Preferred units outstanding		97,514,000
Equity Class A
Class Of Stock [Line Items]
Equity outstanding balance		$ 92,650
Preferred Class B Units
Class Of Stock [Line Items]
Preferred units issued		16,072,000
Preferred units outstanding		16,072,000
Class D Preferred Units
Class Of Stock [Line Items]
Preferred units issued		60,194,000
Preferred units outstanding		60,194,000
Equity Class D
Class Of Stock [Line Items]
Equity outstanding balance		$ 60,194

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2020	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted requisite service period		3 years
Description of compensation expense related to stock options		Compensation expense related to stock options is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straightline method.
Number of shares of stock options forfeited		10,000
Compensation expense related to the outstanding stock options granted		$ 0.2
Amount of unrecognized compensation expense related to unvested stock options		$ 2.8
Number of shares of unvested stock options outstanding		782,500
Exercise price of unvested stock options		$ 13
2020 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of authorized to grant		1,520,000
Stock options granted	782,500
2020 Omnibus Incentive Plan | Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options granted	$ 13

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - Stock Options	3 Months Ended
	Mar. 31, 2020shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding stock options vested	0
Stock options excluded from computation of diluted earnings per share	0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings per Common Share Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 2,579	$ 4,695
Weighted-average shares:
Basic weighted-average number of common shares outstanding	20,087,494
Dilutive weighted-average number of common shares outstanding	20,087,494
Earnings per common share:
Basic	$ 0.13
Diluted	$ 0.13

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 2,987	$ 2,960
Total recurring fair value measurements	251,896	242,762
Real estate owned, net	16,164	13,068
Individually evaluated/Impaired loans requiring specific allowance, net		125,998
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	251,896	242,762
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	2,987	2,960
Interest-only strips	1,534	894
Total recurring fair value measurements	4,521	3,854
Recurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	2,987	2,960
Interest-only strips	1,534	894
Total recurring fair value measurements	4,521	3,854
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	247,375	238,908
Loans held for sale, net	223,123	214,467
Real estate owned, net	16,164	13,068
Individually evaluated/Impaired loans requiring specific allowance, net	8,088	11,373
Nonrecurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	247,375	238,908
Loans held for sale, net	223,123	214,467
Real estate owned, net	16,164	13,068
Individually evaluated/Impaired loans requiring specific allowance, net	$ 8,088	$ 11,373

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Losses Recognized on Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Fair Value Measurements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (537)	$ (26)
Loans Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(40)	89
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(568)	(14)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ 71	$ (101)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 251,896	$ 242,762
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 251,896	$ 242,762
Level 3 | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring allowance, net	0.080
Real estate owned, net	0.080	0.080
Collateral dependent impaired loans requiring specific allowance, net		0.080
Level 3 | Valuation, Market Approach | Weighted Average | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring allowance, net	0.080
Real estate owned, net	0.080	0.080
Collateral dependent impaired loans requiring specific allowance, net		0.080
Level 3 | Discounted Cash Flow | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.105	0.105
Interest-only strips	0.150	0.150
Level 3 | Discounted Cash Flow | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.150	0.150
Level 3 | Discounted Cash Flow | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.010	0.010
Level 3 | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.100	0.100
Level 3 | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale	0.120	0.120
Level 3 | Discounted Cash Flow | Minimum | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.160	0.18
Level 3 | Discounted Cash Flow | Minimum | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	4 months	5 months
Loans held for sale	0 months	0 months
Interest-only strips	0 months	0 months
Level 3 | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale	0.150	0.150
Level 3 | Discounted Cash Flow | Maximum | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.960	0.94
Level 3 | Discounted Cash Flow | Maximum | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	125 months	218 months
Loans held for sale	14 months	12 months
Interest-only strips	13 months	7 months
Level 3 | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.105	0.105
Loans held for sale	0.146	0.147
Interest-only strips	0.150	0.150
Level 3 | Discounted Cash Flow | Weighted Average | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.880	0.870
Level 3 | Discounted Cash Flow | Weighted Average | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	62 months	65 months
Loans held for sale	9 months 9 days	7 months
Interest-only strips	4 months 3 days	2 months 3 days
Level 3 | Discounted Cash Flow | Weighted Average | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.150	0.150
Level 3 | Discounted Cash Flow | Weighted Average | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.010	0.010
Level 3 | Discounted Cash Flow | Weighted Average | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.100	0.100
Level 3 | Individually evaluated loans requiring allowance net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 8,088
Level 3 | Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	16,164	$ 13,068
Level 3 | Loans Held for Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	2,987	2,960
Level 3 | Loans Held for Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	223,123	214,467
Level 3 | Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 1,534	894
Level 3 | Collateral Dependent Impaired Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements		$ 11,373

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Loans and Interest Only Strips Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 2,960	$ 3,463
Loans liquidated		(421)
Principal paydowns	(18)	(73)
Total unrealized gain (loss) included in net income	45	(9)
Ending balance	2,987	2,960
Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	894	812
Interest-only strip additions	1,820	2,495
Interest-only strip write-offs	(1,180)	(2,202)
Total unrealized gain (loss) included in net income		(211)
Ending balance	$ 1,534	$ 894

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Loans individually evaluated for impairment	$ 8,100	$ 11,400	$ 87,914
Allowance for loan losses	$ 842	$ 900	$ 737

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Assets:
Restricted cash	$ 4,483	$ 6,087	$ 1,986
Loans held for investment, net	1,922,485	1,863,360
Loans held for investment, at fair value	2,987	2,960
Real estate owned, net	16,164	13,068
Liabilities:
Secured financing, net	74,364	145,599
Warehouse repurchase facilities, net	297,537	421,548
Securitizations, net	1,576,432	1,438,629	$ 1,438,629
Carrying Value
Assets:
Cash	7,649	21,465
Restricted cash	4,483	6,087
Loans held for sale, net	223,123	214,467
Loans held for investment, net	1,922,485	1,863,360
Loans held for investment, at fair value	2,987	2,960
Accrued interest receivable	14,470	13,295
Real estate owned, net	16,164	13,068
Interest-only strips	1,534	894
Liabilities:
Secured financing, net	74,364	145,599
Warehouse repurchase facilities, net	297,537	421,548
Securitizations, net	1,576,432	1,438,629
Accrued interest payable	8,172	7,190
Estimated Fair Value
Assets:
Cash	7,649	21,465
Restricted cash	4,483	6,087
Loans held for sale, net	223,123	222,260
Loans held for investment, net	1,975,146	1,913,481
Loans held for investment, at fair value	2,987	2,960
Accrued interest receivable	14,470	13,295
Real estate owned, net	16,164	13,068
Interest-only strips	1,534	894
Liabilities:
Secured financing, net	78,000	153,000
Warehouse repurchase facilities, net	297,537	421,548
Securitizations, net	1,635,641	1,486,990
Accrued interest payable	8,172	7,190
Level 1 | Estimated Fair Value
Assets:
Cash	7,649	21,465
Restricted cash	4,483	6,087
Accrued interest receivable	14,470	13,295
Liabilities:
Accrued interest payable	8,172	7,190
Level 2 | Estimated Fair Value
Liabilities:
Warehouse repurchase facilities, net	297,537	421,548
Level 3 | Estimated Fair Value
Assets:
Loans held for sale, net	223,123	222,260
Loans held for investment, net	1,975,146	1,913,481
Loans held for investment, at fair value	2,987	2,960
Real estate owned, net	16,164	13,068
Interest-only strips	1,534	894
Liabilities:
Secured financing, net	78,000	153,000
Securitizations, net	$ 1,635,641	$ 1,486,990

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Apr. 07, 2020USD ($)$ / sharesshares	Apr. 06, 2020USD ($)	Mar. 31, 2020USD ($)Director$ / sharesshares	Nov. 29, 2024$ / shares	Nov. 28, 2024$ / shares	Oct. 07, 2022$ / shares
Subsequent Event [Line Items]
Expense payable of preferred stock and warrants			$ 1,903,000
Number of directors right to elect by preferred stock holders | Director			2
Common stock initial conversion price per share | $ / shares			$ 3.85
Percentage of common stock held by warrant holder and affiliates			49.00%
Exercise Price of $2.96 per Share of Common Stock
Subsequent Event [Line Items]
Exercise price per share | $ / shares			$ 2.96
Warrants to purchase an aggregate shares | shares			2,008,750
Exercise Price of $4.94 per Share of Common Stock
Subsequent Event [Line Items]
Exercise price per share | $ / shares			$ 4.94
Warrants to purchase an aggregate shares | shares			1,004,375
Scenario, Forecast
Subsequent Event [Line Items]
Preferred stock liquidation preference per share | $ / shares				$ 3,000	$ 3,000	$ 2,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of preferred stock and warrants	$ 45,000,000
Expense payable of preferred stock and warrants	$ 1,000,000
Payments to reduce obligations under warehouse repurchase agreements at closing		$ 20,000,000
Increase in interest rate under each warehouse repurchase facility		0.25%
Payments for repurchase agreement		$ 20,000,000
Subsequent Event | Minimum
Subsequent Event [Line Items]
Unrestricted cash and cash equivalents		7,500,000
Payments per month made to each lender		$ 3,000,000
Subsequent Event | Warrants
Subsequent Event [Line Items]
Exercise price per share | $ / shares	$ 1,000
Warrants to purchase an aggregate shares | shares	3,013,125
Private Placement | Subsequent Event | Series A Convertible Preferred Stock
Subsequent Event [Line Items]
Issuance of common stock, shares | shares	45,000
Stock price | $ / shares	$ 0.01