Arvest Bank Passes $2 Billion Mortgage Mark in 2018
FAYETTEVILLE, Ark. (Jan. 15, 2019) – Arvest Bank announced today that its mortgage division originated more than $2 billion in loans in 2018, the third time it has done so in its history.
“From strong performance to the launch of our Home4Me mobile app to an updated online platform and process improvements, 2018 was a good year for Arvest Mortgage,” division president and CEO Steven Plaisance said. “We thank all of those who chose Arvest for their mortgage needs. Helping customers from start to finish in the home loan process is what drives and inspires us every day.”
Arvest’s total mortgage loan volume in 2018 was $2,012,808,326, an 8.8 percent increase over 2017 and the first time since 2013 it eclipsed the $2 billion mark. Arvest also reached the $2 billion mark in 2012.
Purchase-money loans continued to account for the majority of volume in 2018. Purchase-money loans are used to buy a home, as opposed to refinances and other types of loans. Arvest reported a record $1.32 billion in purchase-money loans in 2018, compared to more than $684 million in refinance loans.
“Our record purchase-money volume is representative of the housing health of the communities we serve, and we look forward to continuing that momentum in 2019,” Plaisance said. “Homeownership is a positive for families and communities, and we are privileged to help make that possible each day.”
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.