XML 62 R51.htm IDEA: XBRL DOCUMENT
v3.23.3

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022
Allowance for credit losses: |  |  |  |  |
Beginning balance | $ 4,626 | $ 4,905 | $ 4,893 | $ 4,262 |
Provision for loan losses | 154 | 580 | 1,088 | 1,589 |
Recoveries (charge-offs) | (95) | (155) | (1,296) | (521) |
Ending balance | 4,685 | 5,330 | 4,685 | 5,330 |
Allowance for Loans Individually Evaluated | 854 | 874 | 854 | 874 | $ 1,096
Allowance related to Loans collectively evaluated | 3,831 | 4,456 | 3,831 | 4,456 |
Amortized cost related to Loans individually evaluated | 347,300 | 256,257 | 347,300 | 256,257 |
Amortized cost related to Loans collectively evaluated | 2,603,225 | 3,194,636 | 2,603,225 | 3,194,636 |
Commercial - Purchase |  |  |  |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | 732 | 612 | 639 | 385 |
Provision for loan losses | 228 | 78 | 321 | 452 |
Recoveries (charge-offs) |  |  |  | (147) |
Ending balance | 960 | 690 | 960 | 690 |
Allowance for Loans Individually Evaluated | 137 | 6 | 137 | 6 | 28
Allowance related to Loans collectively evaluated | 823 | 684 | 823 | 684 |
Amortized cost related to Loans individually evaluated | 24,013 | 19,033 | 24,013 | 19,033 |
Amortized cost related to Loans collectively evaluated | 623,111 | 703,835 | 623,111 | 703,835 |
Commercial - Refinance |  |  |  |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | 2,026 | 1,996 | 2,031 | 2,144 |
Provision for loan losses | (312) | 66 | (238) | (57) |
Recoveries (charge-offs) |  |  | (79) | (25) |
Ending balance | 1,714 | 2,062 | 1,714 | 2,062 |
Allowance for Loans Individually Evaluated | 415 | 369 | 415 | 369 | 517
Allowance related to Loans collectively evaluated | 1,299 | 1,693 | 1,299 | 1,693 |
Amortized cost related to Loans individually evaluated | 93,080 | 81,204 | 93,080 | 81,204 |
Amortized cost related to Loans collectively evaluated | 734,957 | 852,282 | 734,957 | 852,282 |
Residential 1-4 Unit - Purchase |  |  |  |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | 403 | 440 | 542 | 400 |
Provision for loan losses | 217 | 182 | 104 | 222 |
Recoveries (charge-offs) | (59) | (7) | (85) | (7) |
Ending balance | 561 | 615 | 561 | 615 |
Allowance for Loans Individually Evaluated |  | 118 |  | 118 | 118
Allowance related to Loans collectively evaluated | 561 | 497 | 561 | 497 |
Amortized cost related to Loans individually evaluated | 40,235 | 21,731 | 40,235 | 21,731 |
Amortized cost related to Loans collectively evaluated | 491,798 | 608,338 | 491,798 | 608,338 |
Residential 1-4 Unit - Refinance |  |  |  |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | 1,264 | 1,270 | 1,272 | 948 |
Provision for loan losses | (1) | 227 | 2 | 654 |
Recoveries (charge-offs) |  |  | (11) | (105) |
Ending balance | 1,263 | 1,497 | 1,263 | 1,497 |
Allowance for Loans Individually Evaluated | 171 | 176 | 171 | 176 | 175
Allowance related to Loans collectively evaluated | 1,092 | 1,321 | 1,092 | 1,321 |
Amortized cost related to Loans individually evaluated | 138,951 | 91,368 | 138,951 | 91,368 |
Amortized cost related to Loans collectively evaluated | 706,689 | 922,258 | 706,689 | 922,258 |
Short Term 1-4 Unit - Purchase |  |  |  |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | 59 | 34 | 21 | 43 |
Provision for loan losses | (407) | 9 | 410 |  |
Recoveries (charge-offs) | 393 |  | (386) |  |
Ending balance | 45 | 43 | 45 | 43 |
Allowance for Loans Individually Evaluated | 23 |  | 23 |  |
Allowance related to Loans collectively evaluated | 22 | 43 | 22 | 43 |
Amortized cost related to Loans individually evaluated | 7,804 | 7,076 | 7,804 | 7,076 |
Amortized cost related to Loans collectively evaluated | 36,812 | 65,929 | 36,812 | 65,929 |
Short Term 1-4 Unit - Refinance |  |  |  |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | 142 | 553 | 388 | 342 |
Provision for loan losses | 429 | 18 | 489 | 318 |
Recoveries (charge-offs) | (429) | (148) | (735) | (237) |
Ending balance | 142 | 423 | 142 | 423 |
Allowance for Loans Individually Evaluated | 108 | 205 | 108 | 205 | $ 258
Allowance related to Loans collectively evaluated | 34 | 218 | 34 | 218 |
Amortized cost related to Loans individually evaluated | 43,217 | 35,845 | 43,217 | 35,845 |
Amortized cost related to Loans collectively evaluated | $ 9,858 | $ 41,994 | $ 9,858 | $ 41,994 |

X
- Definition Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (1) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (3) -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (c) -Publisher SEC Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Subparagraph (c)(1) -SubTopic 10 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_FinancingReceivableAllowanceForCreditLosses
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition The valuation allowance for financing receivables that are expected to be uncollectible that were collectively evaluated for impairment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Subparagraph (g) -SubTopic 10 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
Name: | us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of valuation allowance for financing receivables that are expected to be uncollectible that were individually evaluated for impairment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Subparagraph (g) -SubTopic 10 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
Name: | us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. + References No definition available. + Details
Name: | us-gaap_FinancingReceivableAllowanceForCreditLossesRollForward
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of credit loss expense (reversal of expense) for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 + Details
Name: | us-gaap_ProvisionForLoanLossesExpensed
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Financing receivable allowance for credit losses recovery (writeoffs). + References No definition available. + Details
Name: | vel_FinancingReceivableAllowanceForCreditLossesRecoveryWriteoffs
Namespace Prefix: | vel_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Amortized cost of financing receivable collectively evaluated for impairment. + References No definition available. + Details
Name: | vel_FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
Namespace Prefix: | vel_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amortized cost of financing receivable individually evaluated for impairment. + References No definition available. + Details
Name: | vel_FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
Namespace Prefix: | vel_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Details
Name: | us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_CommercialPurchasePortfolioSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_CommercialRefinancePortfolioSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_ResidentialOneToFourUnitPurchasePortfolioSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_ResidentialOneToFourUnitRefinancePortfolioSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_ShortTermOneToFourUnitPurchasePortfolioSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_ShortTermOneToFourUnitRefinancePortfolioSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |