LOWELL, Ark. – Arvest Bank announced today that its mortgage division has originated more than $1 billion in mortgage loans for the 15th 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 are honored that our customers choose Arvest for their mortgage business, both when purchasing a home and in situations when our low rates provide them the opportunity to refinance and improve their financial position,” said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division. “The majority of loans we are issuing are purchase-money loans, which is a healthy sign for our markets, and rates are still very good.”
Arvest reached the $1 billion mark almost a month sooner than it did last year. As of July 24, Arvest had closed a total of 5,696 loans with a total loan value of $1,004,913,837. In 2016, the bank reached the $1 billion mark on Aug. 19.
“The housing market is very robust, with record home sales in some areas and certainly competitive lending rates. Consumer confidence has been strong and that’s certainly reflected in the mortgage industry.”
This is the fourth consecutive year in which purchase-money loans account for more of Arvest’s total mortgage loan volume than refinances. Through July 24, purchase-money loans accounted for 64 percent of the company’s total loan volume. That’s up from 58 percent in 2016.
“The continued year-over-year increase in purchase-money activity in our markets is yet another strong indicator of the health of those local economies,” Plaisance said.
Through July 24 of this year, Arvest made 3,687 purchase-money loans with a volume of $645,467,279. That’s up from 3,390 loans and $555,367,905 in volume compared to year-to-date totals on July 24, 2016.
Arvest’s overall volume of $1,004,913,837 – on 5,696 loans as of July 24, 2017 – is up from $860,630,640 on 5,360 loans as of July 24, 2016. That’s a 16.8 percent increase compared to the same time last year.
The average loan size at Arvest as of July 24 for this year also increased, compared to the same period last year, from $160,565 to $176,424, 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.