VEL - Earnings call transcript Q4 2020 | Velocity Financial, Inc.

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Operator

Good day, and welcome to the Velocity Financial Incorporated Fourth Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note today's event is being recorded. I would like now to turn the conference call over to Chris Oltmann. sir. ahead, go Please

Chris Oltmann

Chief today's Hello, forward-looking quarter released press Velocity thank Earnings Financial release are; Earlier President like me Chuck. which Velocity's Mark which us our Financial on available website. Chief and XXXX Call. for today the today Officer. and and Velocity's Farrar, I'd for Fourth presentation, afternoon, outside include differ Chris Officer; fourth Company's actual everyone Investor you, remind to call and you are uncertain Szczepaniak, we and this that joining control With Executive our everybody are Thank Quarter statements, results the accompanying may materially. Relations' of earnings may and XXXX

content factors For and discussion call update certain filings forward Exchange shareholders, and in on that We risk see with Also undertake measures to we duty cautionary results, other of today including disclosed and call. of our note factors the please also refer any may the this some affect of communications other do of this our made information that Securities and could in statements factors with contains that risk looking accurate as the Commission. conference non-GAAP the not only is to time-sensitive statements. risks

available And call reconciliations these opening today's over be is Company's finally, the Farrar website. on call for you the will non-GAAP Investor should measures, our refer recorded website For like to Relations' of I to on would materials to remarks. the later earnings being turn today. Chris and

Chris Farrar

earnings everyone Welcome it. to Chris, Thanks, QX the call. appreciate

our fact to conditions press very of challenges proud faced. impressive year. also which our to finish the levels, the year's faced extreme the all from release, quarters, in four we And overcame on continued we positive see really quarter well. XXXX we improved under a can in we're we that difficult income, obviously strong is you had and As portfolio delinquency really we provide income elevated last Despite so net the

business want macro Velocity, who world see real worked a most our parts member changing to the all important estate perspective, so continue faced. and are we rapidly thank every to team we that the adapt From strong to people I of to to country. so values quickly hard in Our at

Fortunately, we have hit, for hard types theatres, that i.e. and most the no standalone hospitality, movie credit commercial of exposure restaurants. were properties

we On to impressive rolled And and impacted information markets. allow borrowers folks survive is to team difficulties the sharing things, pandemic, for servicing general. We Tremendous states low for as our and/or get government rate hope of special real environment becomes those healthy out backdrop our residential real landlord with origination relevant starting back by estate side stimulus it the in that's they've to and these we're relief demand many been see the encountered and tenant and programs strong a that will on-track. see functioning interest continue estate available.

Turning more Velocity specifically. to

still we of QX, paying we markets But and epidemic, to well an QX's activity normalize. we of entirely. the some are increased see much secured as side, off as asset Overall higher was the struggling or in On up, starting impacts increased see saw borrowers level payoffs the catching borrowers than with delinquency, other loans. obviously as

we're very quality see. lending of very pleased realized opportunities we with in the that new recovery the strong we Fortunately, rates and quarter

We're decided confident capital more growth to capital. base. our completed to liability us a work. More put with with to important side, changes the with and well designed financing, profile minimize business stable On we these organically two now, this as new important result risk our risk mark-to-market a funding to positioned grow of provide recently and

wanted our entire all focused we'll stakeholders. that's prepared we that. $XXX securitization. that presentation The support. That here continued to And to customers aggregate on delivering your value big for turn appreciate our attractive really our performing we until my EPS. always, organization by remarks. want unusual concludes was driven and the then we to turn Mark it’s As it is That prices. know, million and end, very everything point presentation On We wrap to just to QX the corporate we and with two a investors really that obviously some now net very, under of two, And prudent, materials. differentiator new for typically done. manage where page real us, a income bit loans us, all the three up and the page and the quarter here of had -- sold up got don't And with at over liquidity factors. do we hit highlights, strong debt be a for the that but, we One, is in for the I'll well, really again, little quarter, great first

saw increased quarter, the even though an drive yields earnings had fourth portfolio for was that drivers uptick we really that team quarter. above in in importantly, to on again, NIMs income. delinquency. So But good strong rates, the as Also boosted of the and sales our servicing kind over recovery the gain just saw normal, when we change our were special our continued the in the kind we of higher,

again, is very recovery So, rates wider. driving on that strong assets NIM delinquent

the and really originations. fourth got we of In rates. new terms $XXX production recovery portfolio, of in good the $XXX.X terms mentioned quarter and that, I of strong resolutions million

so in good And really driven tick up opening loans interest non-performing did to status. So, of majority again, is there. that that remarks, and then folks given have my I to Seeing delinquent gone still the were making $XXX million. above contractual mentioned money over results as unfortunately by back forbearance then, due, and the that's

to even kind million, $XXX people perspective, financing just resolved added guess, of we warehouse favorably, non-mark-to-market still lot the assets fall capital seeing we again, here, facility. had we a then And from wrap-up though a So I are behind. of and some

a closed And we some that growth and into for really that was any achievement term as us, going also, syndicated us minimize February. entered really us, there that helps forward we which partners great got So securitization the supporting a $XX are loan, gave transaction, of that for we've in going that us great risk capital new aggregate then million roughly forward.

of make So got years and couple we've of the a portfolio continue to loans. we here, grow capacity more as

on So take on you that's presentation. I'll the wrap-up the it turn rest four, the Mark, over high to a page of kind quarter. to of level through

Mark Szczepaniak

QX We pretax of $X and talked spread a in pretax the income the page a of what strong for standpoint that kind everybody. about $XX.X On generate it's of we earnings Chris million quarter mentioned -- as by the Thanks the is Chris. Hi, generated four, that for Velocity very Financial, portfolio, over for in-place total the and million fix in-place quarter, portfolio. portfolio. that

So, was non-performing loans again, The again. and of prepayment $XX.X for is loans collect million the we interest portfolio loans, prepayment being that nice to we'll earnings that also on have A on in fees, in product -- all these gain resolutions million interest of we're resolutions Chris and in couple the quarter. that million we well, NPL for going on and some as so mentioned default as as strong of $X.X that QX. mentioned fees $X the well again, contractual default of see our a still see that Chris interest sometimes strong very the of slides. we a have lot sale of slides as as principal in couple demand

sure So, have deal. the working coming corporate product for we demand make as debt the plenty the to that of liquidity because origination the of volume in we as saw on strong wanting pipeline as we're this for through, well

mentioned, debt deal in through As $XXX this million Chris came that February.

wanted strong liquidity. liquidity to we really So, position our strengthen prudent has

generating So, UPB of million we a debt $X.X gain. deal bit out of just lot and market again sold with this January, came We February. QX was in liquidity -- this in $XX strong little worth short more debt million at did through sell again in

and to of in our loans fixed basics kind Our goal portfolio, and originating is securitizations holding get rates and putting spread. now on loans long-term locking to of our into then them that back

look up share of main per The purposes. on follow the goal terms $XX.XX model from once to always of the to that value same had to QX opportunistically for QX. five, we've loans picking to we'll kind in the Chris book sell end page again business right; increased mentioned in but securitization is the volume page So, loans share the while, the in a On at of kind these maybe of $XX.XX. a holding

the product, third the pandemic, see quarter about you can $XXX million QX suspension $XXX with in QX all loan those origination originations then of product see during was originations second million. we QX, volume. Originations full originations. the our our starting had in basically with was mentioned quarters and in again in XX-year and no Then Chris you there in So, short-term platform was as of

market To We’re in our the as see. investment still currently for the offering loan investment appropriate but off watching we're that all composition, portfolio looking can short-term page We're you held see six, product. loans for the to kind product, and not just points of the start at offering of re-entry products. short-term now the showing basically On loan as portfolio. the you year third held left,

from end loan of QX. QX of no down the just XXXX, end was from that's and the You and year originations, mentioned, six again can mainly see came portfolio up as QX starting at of months because in slightly

and on. were sales for loans prepayments new XXXX, the the than So, QX in some of amount those put principal of greater

a but to had we're origination we little that now run off again. back fully So, bit of portfolio,

adding non-performing resolution the very a portfolio be principal I'm loan as just the exceeded on see go QX you’ll loan portfolio for on quarter. loan talking kind in-place showing about activity. production the basis. waterfall a on the forward spread from sales seven Page the And our of QX side to mentioned, of activity. And and of fixed to expect then kind Chris loan in We strong is that had resolution the prepayments is rate right that to

QX, resolutions. in total that loans; see the resolution, we $XX of million $XX.X gain for times non-performing from million of QX, UPB and quarter almost You those for X.X resolved $X.X

you in for bringing a and QX, NPL can our resolutions. on point see QX gain even about So X.X

the We've in that, when loans. non-performing historical our XXX% we're non-performing or said on of and when we collect they our that. either on contractual that not off, So resolutions paying but principal of really default also loans of XX% interest, on And pay fees of and many prepayment over current. top pay kind off depending loans cases, interest, only following the does

generating what's X.X% that's QX. QX and that So gain for

we XX-K the average of resolution a had in that the year X.X% non-performing for entire see XXXX. You'll gains

all interest margin on X.XX%, activities resolution the we've for historically, the steady resolutions non-performing straight there. right, that on very eight QX kind kind because it's we of Over that an because the And to net average million, the margin. interest so we of to $XX of So of left-side, over was continue net consistent. always in that the Chris uptick QX, margin, did just we net margin. again, improvement the X.X% And interest due reason hasn't far see so do components the been these X.XX%. margin our X.X% interest as To part the interest prepayment and of pandemic, as the loans the QX, to XXXX. of gain, us, was they of so and fees, can made non-performing, and for the year, you default uptick whole the mentioned, troubling strong that, shows this through to Page money bringing saw all helps net just of

line top the the yield. is So, loan

from is the which So the QX. for X.XX cost Chris to of really forward. good the also debt so mentioned, loan costs. went yield from nine, non-performing. portfolio as But sign average a loan Overall, in improved the X.XX us well, going debt uptick QX widening performance. to page On margin, the

were that, for was next at little COVID non-performing. over the XX.X% end put of forbearance but to Chris our So on of loans missed a compared And the just the QX. main you'd for months as XX% out out coming reason three payments then mentioned, then came that QX, program, and see their

going main day So, program that's right gave the in through one to going and up miss April XX for June, we end that, to that through uptick. a ran months the three they're the where that's of QX, after them forbearance forbearance reasons

We're you Going is working in going on off. February, saw down working much leveled now, pretty to million loans. QX. we $XX more expect that, NPL that as January don’t in We through and uptick resolving to right start and see those

remain very Our overall very, charge-offs consistent.

XX XXXX QX XXXX, XXXX. You for XX QX, points can points of XX basis QX and basis see from basis points

and basis been consistent points been very up QX historical that’s year loans, trends. we've with consistent of So XX non-performing the

FASB million very over CECL So light in reserve loss on the time increasing, And under implemented over our we've have we’d we consistent to increase second to to And reserve, level you And very of -- terms felt that can and on million, basis very did of was of went we of XX, of COVID page that half that of the $X.X that little starting QX and on we've that our XXXX. mentioned and the we X January the XX year to in was charge-offs, level QX, that loan $X.X GAAP. XXXX probably the charge-offs. of prudent reserve maintain a good QX felt reserve is the prudent of reserve QX, non-performing kind during increase see it points. out of that pandemic from pandemic, to was the end because that at

QX, So, one up, is points. basis QX or going two for

loans, back XX right $X.X still a the turn and at to in with the see points, we again, Chris, very the it it's now. X.X% million gain reserve charge-off basis XXXX. Velocity's reserve. So, talk based we the year little outlook I'll we're that level ended resolving on about we to for feel bit you that And on NPL low where comfortable up

Chris Farrar

Mark. Appreciate Thanks it. Great.

portfolio go the think From obviously, we'll are perspective, we an finish in start on able to delinquency. there, And and of opportunities back and start originating loans. we're by see hoping start we'll track lending to to as economic here. to good see begin be take kind seeing to by of that encouraged to hopeful we advantage reopen a that the trend of to to forward. build we're that. presentation really down that and see expecting economy perspective, up and good more get things on so We that Just From normalize growth terms

lastly, backlog servicing going to we're we've very over we mentioned our a to case as working non-mark-to-market I very in got there. talking the hope, that won't we and excited allows any fuel way I surprises our offence business. the of loan but team, been And -- things go well think capital we in obviously, place on growth bullish And growing here that think to and seeing to risk we've there with the start loans. and off with to reserves to that be good we're conservative to of night at us deal so sleep don't expect loss that resolutions special our from perspective, everything have getting really kind

forward. think, strengthen the and really, balance grow to I we've So, the sheet going business

and presentation. that So, I wraps for our -- prepared up questions. up of remarks it we'll, open guess, With our all that,

Operator

come Instructions] And session. the begin Citi. question-and-answer with the from [Operator ahead. first Please Cyganovich go will now Arren We question will

Arren Cyganovich

some pace, year, the What's us expect it which it and that? new there bit touching of, like would production. impact Thanks. $XXX seasonal there. as XQ, new be are pace have million it's around you around the kind is a increase XQ of from It on gauge. but give on to the first the months don't production, a be of, kind you looks in on is modest product, for year-over-year, you're two the quarter, is from That short-term thoughts will -- your a prior pickups, do expectation the just Maybe primary in the just decrease a for any, it would this

Chris Farrar

Sure. Hi Arren.

to little been billion is seasonally has year. expect the QX we $X little think January, I guidance a February, do a for light a bit usually our light.

February. I think saw a be and at we level March than stronger will in January

think I the doable expect the year. $X this grow quarterly production level, we to for So, -- and we very this think numbers from is billion do

probably and we'll mentioned, short-term that'll another As in terms product the overall Mark growth. of help reintroduce be soon, the

is looking at, demand really about product. there that much where excluding good and we for and there at the So product we're out how capacity levels feel this

So, yeah, quarter probably the think we year. is the low of this

Arren Cyganovich

I Thanks. And collections of the as loans and referenced elevated this a was yield that ticked as quarter-over-quarter, being is interest, some stay as this level these of non-performing up or believe portfolio an continuing loans? then at increased work related level, Okay. little that to through bit default do expect you viewed to to you're

Chris Farrar

tough when very question. us a really good is on lumpy. to depends Yeah, forecast, that's resolve. just so because It assets It's for it

to I quarter loans kind when see fall X.X around tricky of and resolve. to in eight, or on us of like forecast. our they'll think build in whether low some the these is the bouncing first we -- quarter, But so eight it model second from the the in I for to there you'll we our mean, of So projections depending timing

Sometimes a you'll that's we for that. only have two a days delinquent and that's and you'll a not loan impactful. up obviously on big loan delinquent years have for XXX loan been like it's Other times catch been a as have

Mark Szczepaniak

current, don't and And interest we're proceeds receive it's this trade as financials. the off This interest, call mentioned, why we department Mark. accruing the working cash well, is we're that loans that we with the then getting there default the not to are get when servicing Chris them cash financials, them was So non-performing, our Arren, special cash the non-performing, as interest. booking pay we then because but is to then right? and borrowers as and actual interest the accrue That's in going we a

to current, cash once there they're off because then back the then accruing to statements up, not catching so paying in, lumpy if but they interest, again, that we're there's much there's interest hitting is but the may they financial of not trade coming cash start they as as as kind up in, current, so right, much accruing you're catch there. once go So be a coming

Arren Cyganovich

Yeah, it's fair point.

Okay. is to added, of a big roll new And XXXX? the discuss funds, you've cost through positive. how the financing maybe your that as you funds for is then, of obviously, cost the expectation impact non-mark-to-market, going But on that

Chris Farrar

Yeah.

So debt higher the funds have there. upsize to on a going corporate we're we cost side, because obviously, of definitely

the equity attractive that we're So that this but drag will have the levels like we or anything raise to most was an don't at grow year's the do thought be on so results, to we capital it trading. business, where

will year, this for earnings it -- So, we into headwind when be fully next production drag an you of that or build this see a the when year, so we year, put that's should we know year as year, growth. in the strong following but seen bit be a scales -- which on you've very model, this

Arren Cyganovich

Thank Okay. All you. right.

Operator

Raymond next James. come The from ahead. go question Please with Laws will Stephen

Stephen Laws

nice them down mix of how to do costs, afternoon. like follow below good costs wanted pay Hi, the – are you the The Nice XXXX? looks but more sequential sales, end them opportunistic financing expect or the to – in couple year, and deals on XX%, Aaron's lower touch they on those costs change pay loan them a funding the especially to are – portfolio or do question the are you of older at resecuritize of really side. there base opportunities call have

Chris Farrar

Yes.

started on or definitely you a to progressed and the the smaller impact not our have a XX%, X% when – costs. in we And and a to there, securitizations original XX better of track do cost. It our we will a us up opportunity that backdrop tricky stepped to couple bit some XX% just then probably call next first out, the rates And XX% be as these maybe overall it's to balances, and funding got little absolutely payoff but to good those out XX%. be deal, historically for months record, give of were we huge we It's deals. tends so So to exactly, opportunity. that swap a will predict

but way of in some savings, as be don't be in XXXX. their swap the matures, there'll probably a I will So, out to much business there the meaningful overall XXXX significant more think costs,

Stephen Laws

but Okay. and a That's great those of bit, little to stand three deals small it I about we But cost where know just there. balance, the point see the given your it does first move given the…

Chris Farrar

Yes. bit. Little

Stephen Laws

it continue, blended how this paying follow-up million, term the think shorter on comment faster down like do think mix? XXXX-X-MCX, to to others, then $XXX looks a think down I the as we you it's deal, And pays release, in that press that is Awesome. was quickly than a about the little expected

Chris Farrar

Yes.

on the to So XX of in the XX loans of duration. deal that were majority the that collateral short-term months kind

speed we do be much expect So deals. the a to faster that relative other to

that So, expect yes, throughout we to continue year. the

Stephen Laws

should is loan – is the sales, in recurring the do that's – see here do on securitizations that place now a to to closed, that do that of expect then you the you've preferred of or year we any the not? is And something Great. to they that facility and on and the this expect that retain basis are corporate kind got

Chris Farrar

don't or I – $XX we we've it a quite recurring don't a We on about expect talked internally. should so… think basis. probably bit did you million sell it Yes. think I

Mark Szczepaniak

Yes. $XX million.

Chris Farrar

first…. the In

Mark Szczepaniak

January. $XX million in

Chris Farrar

Okay.

million. So the $XX about first quarter in

when that be see But quarters going to go opportunistic. next a we're on results. do you'll So we basis, forward

capital have smartly. We to allocate

price way and a like that of right see take the or the of not ahead if the in forecasting, counting So business way advantage on opportunity, we it. we'll we something model really But and the we're we're go great and… terms

Stephen Laws

sold XX that at points or…? X Was

Chris Farrar

to that. what probably know but to can be use very we close pretty on don't QX. something good the the used on I number, exact to – close It's you

Mark Szczepaniak

X.X to Yes. points. Close

Stephen Laws

Okay. short-term can in the business. return a still you -- you have And then lastly,

can -- you see what metrics market. you're like product you at? know really You you to continue watch offering provide color that to I mentioned that on do little a start before you'd it You looking Can again? is what you that mean,

Chris Farrar

Yes.

sure side. securitization so financing the we've to and driven and just exit rock got in make We're lot place more and we're good the now we've that that's capital what of progress looking on there. So solid a working really markets on right at it's made

So you'll us quarter two. get back think I or see in

Stephen Laws

Well, the this comments thanks. Great. Thanks it. afternoon. for Appreciate

Chris Farrar

Stephen. you, Thank

Operator

question DeLaney with Please from will next Securities. come Steve The ahead. go JMP

Steve DeLaney

Thanks. to times. quarter. -- normal Hello, everybody normal back more congratulations Great and on reopen and your

Chris Farrar

Thanks.

Steve DeLaney

So in my of capable kind field, know, compatriots six about, questions. research seven checked the very they've off of or eight my you

their they did things. job got on So a I've couple great Q&A. a

bridge the a rocking, on volume Following loans, question kind quarterly up of would two when about rolling product past Stephen’s range you was? know, sale you gain say the short-term in give of you or your margin? Thanks. that expected ago. if in of was And What kind years three us could on that average

Chris Farrar

Sure.

thanks that. won't one there. going I'm sale to first. on do We So gain the take probably for second

Steve DeLaney

Okay.

Chris Farrar

We'll probably aggregate securitize.

Steve DeLaney

you past, the guess, be NIM, its Chris normally but… and of a didn't that opportunistic versus I going sell product In always matter to

Chris Farrar

did… we Yes,

Steve DeLaney

sale. a Yes. thought just as gain on of it I

Chris Farrar

No.

of we XXXX all You're then for through did first selling right. we're our it XXXX, the way aggregating beginning the we We stopped and at started securitization. and

pause and we're of So took one hopefully… a year kind here

Steve DeLaney

Okay.

Chris Farrar

do cash. to go could that right it. the now may, we'll and securitize it We ahead soon. Hopefully, for is We strategy sell but

Steve DeLaney

Nice.

Okay.

Chris Farrar

Yes. of was in know, running volume, you our roughly of then business. about And terms it XX%

again, were it'll so on, yes, while. a doing -- what we So, take depending

Steve DeLaney

to million, month. a XX - XX, $XX million $XX

Chris Farrar

was It significant. Yes.

it be volume. can but we'll as meaningful on how So, turn here, see things we back it go

Steve DeLaney

Obviously, thanks for facility the capital non-mark-to-market. new a you the Okay, -- color quasi is the financings. term-loan And on getting in for great. the

the the cost for So, funds. thank warehouse the curious I'm guidance higher you of facility. on on

$XXX million, what Now, your capacity this funding with is warehouse that total time? at

Chris Farrar

million $XXX are today. we So

Steve DeLaney

Okay.

Chris Farrar

$XXX two get another just probably and like other on million the million. in yes, or forward in that is other something And, like the probably to two $XXX a $XXX expand $XX million, have to that is We'll place and facilities the we place go basis. facility put million --

to this $XXX million, we So right that's now. how get

Steve DeLaney

Got it.

and clients for up XX, Okay, and happy well are listen, the it great, rolling Thank you. happy, September I'm XXXX amazing see XX%-plus That's keep thanks great, to in since comments. the stock

Chris Farrar

We appreciate Steve. your Thanks, support.

Mark Szczepaniak

Thanks, Steve.

Operator

Fandetti will Please go The next question Don Fargo. from come Wells ahead. with

Don Fandetti

Chris. Hey,

given Just then thoughts the have also if the on up provide environment And you rates wonder, competitive business? mortgage here? that could housing lending for your your market, moved

Chris Farrar

Sure. Hi, Don.

fire. say, general, in markets – on I So, obviously the would are

to purchase I probably – cool one if we think But we see people doing. sell activity are them obviously a have is what if going we When to strong to able they're quickly. they're strong four we continue refinancing demand still off, very to facing sell rates or, doing that see there. foreclosure

So, than still I think, it's more – demand our supply perspective. from there's

on pre-COVID. small – is haven't were Intentionally felt set offering there pressure similar So of that some that. ours of in four just where a – one that's we’re side, there, rates. anything commercial like rising us But pie products lenders rates the there – than competitive to mean, plenty to strong, stay we people are volume price with great. pressure have there's of now. us competitive with even somebody I and the pretty in – to product, putting lenders do that we market very everyone. for have expect then – people we to else. non-QM terms lot, there out of our are drop a match And the on to so shopping share, in there know competition, right or don't we to pressures are being other less that fortunate we out that I tremendous that not cautious know we from seeing I are amount getting there a of

Don Fandetti

Thank you.

Chris Farrar

Sure.

Operator

next Our Instructions] question go [Operator will come Please from [ph], Cooper Investor. Mark ahead.

Unidentified Analyst

call. was place, your in how facility the just that on? wondering, I the taking to difficult more have loans for was warehouse Thanks get to you. afternoon. good Thank Hi, you expand facility it

Chris Farrar

Mark. straightforward. Yeah, question. Thanks for It's sure, relatively the

than helpful to more Our and it in we need supportive willing upsize are do as chunks, they're of capacity if it. you lenders there, kind very and reach

of of plenty to will capacity they've have add that XXX have us done in – facilities, I all mentioned will to couple for or have willing they're the we're million that We going one capacity give us. of the where credit said, another lenders there. But right past another two or But so now. earlier that of upsized

there's we need capacity it. – plenty there's there, So of if

Unidentified Analyst

also the And model to than Thank for looking through other get borrowers at? there you're of going growth, that further you. Okay. another brokers brokers method is to

Chris Farrar

with there's can are ways pretty No, brokers. exclusively do for other work We're that There We to not. expensive. that built model. it Sure. be

current not front. But, nothing we to so do And plenty with ahead of on intend the growth it's model. us – yeah, that that of

Unidentified Analyst

Okay. Appreciate it. Thank you very much.

Chris Farrar

You're welcome.

Operator

the would back for turn like concludes Chris Farrar, remarks. ahead, session. to to This Please any question-and-answer over CEO, conference sir. I our go closing

Chris Farrar

Again, your the you. going thanks of the to to day your plan. continue taking and Thank listen call to support. our for and on We're business time the to grow hard work everybody out execute appreciate to

So call. thank joining for all the you

Operator

presentation. conference now The concluded. you Thank today's for has attending

You may now disconnect.

Velocity Financial (VEL) 17 Mar 212020 Q4 Earnings call transcript