XML 71 R60.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | $ 38,093 | $ 49,990
Level 3 |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | $ 38,093 | $ 49,990
Level 3 | Valuation, Market Approach | Selling costs |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Individually evaluated loans requiring specific allowance, net | 0.080 | 0.080
Real estate owned, net | 0.080 | 0.080
Level 3 | Valuation, Market Approach | Weighted Average | Selling costs |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Individually evaluated loans requiring specific allowance, net | 0.080 | 0.080
Real estate owned, net | 0.080 | 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 | 0.062 | 0.062
Loans held for sale | 0.062 | 0.062
Interest-only strips | 0.150 | 0.150
Level 3 | Discounted Cash Flow | Timing of Resolution/Payoff |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans Held For Sale Term | 3 months |
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 |  | 0.010
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 | 0.950 | 0.94
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 | 1 month | 14 months
Loans Held For Sale Term |  | 31 months
Interest-only strips | 0 months | 0 months
Level 3 | Discounted Cash Flow | Minimum | Prepayment Rate |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans held for investment, at fair value | 0.218 | 0.175
Level 3 | Discounted Cash Flow | Minimum | Default Rate |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans held for investment, at fair value | 0.003 | 0.050
Level 3 | Discounted Cash Flow | Minimum | Loss Severity Rate |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans held for investment, at fair value | 0.000 |
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 | 1.180 | 1.04
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 | 36 months | 31 months
Loans Held For Sale Term |  | 34 months
Interest-only strips | 12 months | 12 months
Level 3 | Discounted Cash Flow | Maximum | Prepayment Rate |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans held for investment, at fair value | 0.500 | 0.300
Level 3 | Discounted Cash Flow | Maximum | Default Rate |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans held for investment, at fair value | 0.026 | 0.150
Level 3 | Discounted Cash Flow | Maximum | Loss Severity Rate |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Loans held for investment, at fair value | 0.083 |
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 | 0.062 | 0.062
Loans held for sale | 0.062 | 0.062
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 | 1.060 | 1.000
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 | 33 months | 25 months
Loans Held For Sale Term | 3 months | 32 months
Interest-only strips | 7 months | 1 month 15 days
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 | 0.120
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 | 0.050 | 0.010
Level 3 | Individually Evaluated Loans Requiring Specific Allowance, Net |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | $ 19,619 | $ 19,340
Level 3 | Real Estate Owned, Net |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | 15,743 | 15,767
Level 3 | Loans Held For Investment At Fair Value |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | 1,370 | 1,539
Level 3 | Loans Held For Sale |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | 1,280 | 13,106
Level 3 | Interest-only Strips |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |  |
Total recurring fair value measurements | $ 81 | $ 238

X
- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_AssetsFairValueDisclosure
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Value of input used to measure loan, held for sale. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_LoansHeldForSaleMeasurementInput
Namespace Prefix: | us-gaap_
Data Type: | xbrli:decimalItemType
Balance Type: | na
Period Type: | instant

X
- Definition Period between issuance and maturity of loan held for sale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_LoansHeldForSaleTerm
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | instant

X
- Definition Individually evaluated loans requiring specific allowance measurement input. + References No definition available. + Details
Name: | vel_IndividuallyEvaluatedLoansRequiringSpecificAllowanceMeasurementInput
Namespace Prefix: | vel_
Data Type: | xbrli:decimalItemType
Balance Type: | na
Period Type: | instant

X
- Definition Interest Only Strips Measurement Input. + References No definition available. + Details
Name: | vel_InterestOnlyStripsMeasurementInput
Namespace Prefix: | vel_
Data Type: | xbrli:decimalItemType
Balance Type: | na
Period Type: | instant

X
- Definition Interest Only Strips Term + References No definition available. + Details
Name: | vel_InterestOnlyStripsTerm
Namespace Prefix: | vel_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Loans Held For Investment Measurement Input. + References No definition available. + Details
Name: | vel_LoansHeldForInvestmentMeasurementInput
Namespace Prefix: | vel_
Data Type: | xbrli:decimalItemType
Balance Type: | na
Period Type: | instant

X
- Definition Loans Held For Investment Term. + References No definition available. + Details
Name: | vel_LoansHeldForInvestmentTerm
Namespace Prefix: | vel_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Real Estate Owned Measurement Input. + References No definition available. + Details
Name: | vel_RealEstateOwnedMeasurementInput
Namespace Prefix: | vel_
Data Type: | xbrli:decimalItemType
Balance Type: | na
Period Type: | instant

X
- Details
Name: | us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ValuationTechniqueAxis=us-gaap_MarketApproachValuationTechniqueMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=vel_MeasurementInputSellingCostMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_WeightedAverageMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_ValuationTechniqueAxis=us-gaap_ValuationTechniqueDiscountedCashFlowMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputDiscountRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=vel_MeasurementInputTimingOfResolutionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputLossSeverityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=vel_MeasurementInputCollateralValueMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputPrepaymentRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputDefaultRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByAssetClassAxis=vel_IndividuallyEvaluatedLoansRequiringSpecificAllowanceMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByAssetClassAxis=vel_RealEstateOwnedMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByAssetClassAxis=vel_LoansHeldForInvestmentAtFairValueMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByAssetClassAxis=vel_LoansHeldForSaleMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByAssetClassAxis=us-gaap_InterestOnlyStripMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |