XML 60 R49.htm IDEA: XBRL DOCUMENT v3.23.3

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 347,300	$ 295,339
Nonaccrual with No Allowance for Loan Loss	338,587	282,777
Nonaccrual with Allowance for Loan Loss	8,713	12,562
Allowance for Loans Individually Evaluated	$ 854	$ 1,096	$ 874
Percentage of Allowance to Total Nonaccrual Loans with Allowance	9.90%	8.70%
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 24,013	$ 22,571
Nonaccrual with No Allowance for Loan Loss	23,077	22,437
Nonaccrual with Allowance for Loan Loss	936	134
Allowance for Loans Individually Evaluated	$ 137	$ 28	6
Percentage of Allowance to Total Nonaccrual Loans with Allowance	1.60%	0.20%
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 93,080	$ 87,133
Nonaccrual with No Allowance for Loan Loss	89,247	82,330
Nonaccrual with Allowance for Loan Loss	3,833	4,803
Allowance for Loans Individually Evaluated	$ 415	$ 517	369
Percentage of Allowance to Total Nonaccrual Loans with Allowance	4.80%	4.10%
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 40,235	$ 27,984
Nonaccrual with No Allowance for Loan Loss	40,235	27,516
Nonaccrual with Allowance for Loan Loss		468
Allowance for Loans Individually Evaluated		$ 118	118
Percentage of Allowance to Total Nonaccrual Loans with Allowance		0.90%
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	138,951	$ 113,909
Nonaccrual with No Allowance for Loan Loss	137,249	111,742
Nonaccrual with Allowance for Loan Loss	1,702	2,167
Allowance for Loans Individually Evaluated	$ 171	$ 175	176
Percentage of Allowance to Total Nonaccrual Loans with Allowance	2.00%	1.40%
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 7,804	$ 8,140
Nonaccrual with No Allowance for Loan Loss	7,644	8,140
Nonaccrual with Allowance for Loan Loss	160
Allowance for Loans Individually Evaluated	$ 23
Percentage of Allowance to Total Nonaccrual Loans with Allowance	0.30%
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 43,217	35,602
Nonaccrual with No Allowance for Loan Loss	41,135	30,612
Nonaccrual with Allowance for Loan Loss	2,082	4,990
Allowance for Loans Individually Evaluated	$ 108	$ 258	$ 205
Percentage of Allowance to Total Nonaccrual Loans with Allowance	1.20%	2.10%
Individual Loan Evaluation
Financing Receivable Impaired [Line Items]
Troubled Debt Restructuring included in nonaccrual loans:		$ 25

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

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_FinancingReceivableImpairedLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Accumulated amortized cost of financing receivable modified for debtor experiencing financial difficulty.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 33
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-33

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481746/310-40-50-4

+ Details

Name:	us-gaap_FinancingReceivableModificationsRecordedInvestment
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	instant

X

- Definition

Amortized cost of financing receivable on nonaccrual status with no allowance for credit loss. Excludes net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-16

+ Details

Name:	us-gaap_FinancingReceivableNonaccrualNoAllowance
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	instant

X

- Definition

Percentage of nonaccrual financing receivable balance outstanding that is past due.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

+ Details

Name:	us-gaap_FinancingReceivableNonaccrualPercentPastDue1
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:percentItemType
Balance Type:	na
Period Type:	instant

X

- Definition

Amortized cost of financing receivable on nonaccrual status. Excludes net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-16

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (3)
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7

+ Details

Name:	us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	debit
Period Type:	instant

X

- Definition

Nonaccrual loans with allowance for loan losses.

+ References

No definition available.

+ Details

Name:	vel_FinancingReceivableNonaccrualWithAllowanceForLoanLoss
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:

X

- Details

Name:	us-gaap_FinancingReceivablePortfolioSegmentAxis=vel_IndividualLoanEvaluationMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: