Arvest Bank Hits $1 Billion Mortgage Mark for 16th Straight Year
FAYETTEVILLE, Ark. (July 24, 2018) – Arvest Bank announced today that its mortgage division has originated more than $1 billion in mortgage loans for the 16th year in a row. That includes both purchase-money and refinance loans. This is the earliest the bank has reached the $1 billion mark since 2013, indicating a strong real estate market in the communities the bank serves.
"We continue to be honored and humbled that so many customers choose Arvest for their mortgage needs, whether that's purchasing or refinancing a home," said Steven Plaisance, president and chief executive officer of Arvest's mortgage division. "It's also worth noting that the majority of loans we are issuing continue to be purchase-money loans, a sign that our markets are healthy and that rates are still very attractive. Our team of mortgage bankers has been highly energized by the solid housing activity, and finds no better satisfaction than helping our customers throughout the entire home loan process."
Arvest reached the $1 billion mark almost a month sooner than it did last year. As of June 29, Arvest had closed a total of 5,438 loans with a total loan value of $1,006,911,116. In 2017, the bank reached the $1 billion mark on July 24.
"The housing market has stayed robust, with competitive lending rates and strong home sales in many areas," said Plaisance. "I think these results reflect strong consumer confidence as well."
This is the fifth consecutive year in which purchase-money loans account for more of Arvest’s total mortgage loan volume than refinances. Through June 29, purchase-money loans accounted for 66 percent of the company's total loan volume. That’s up from 64 percent in 2017.
Also through June 29, Arvest made 3,621 purchase-money loans with a volume of $667,247,854. That's up from 3,183 loans and $553,997,133 in volume compared to year-to-date totals on June 29, 2017.
Arvest's overall 2018 volume of $1,006,911,116 – on 5,438 loans as of June 29 – is up from $870,514,377 on 4,964 loans as of the same date in 2017. That’s a 15.7 percent increase.
The average loan size also increased, from $175,365 in 2017 to $185,162 in 2018, reflecting improving values in the real estate market.
Arvest is unique among most local lenders in that it services 99 percent of its mortgage loans, meaning that customers make their payments to Arvest and work directly with Arvest for any needs after their loan closes.