LOWELL, Ark. – Arvest Bank announced today its mortgage division originated more than $1 billion in purchase-money mortgage loans in 2017, the second year in a row it has done so.
Passing the $1 billion mark in purchase-money loans in 2016 was a milestone for Arvest, so topping the year-old record for performance a year later is particularly rewarding, according to Steven Plaisance, president and chief executive officer of the mortgage division”
“Arvest continues to show its commitment to home loan lending through its growing production and service to its communities,” Plaisance said. “Housing is healthy in our markets, and we are very privileged to be there for the customers that choose us. We have a dedicated team with experience and expertise ready to answer the call on these important financial transactions. We thank our customers and partners for the opportunity to be part of these important moments in their lives.”
As of Dec. 31, 2017, Arvest had closed a total of 6,684 purchase-money loans with total loan value of $1,146,950,855. In 2016, Arvest closed a total of 6,222 purchase-money loans with total loan value of $1,009,284,166.
“Mortgage rates continue to remain historically favorable even though the Fed has taken action to push short-term rates up. Mortgage rates are derived from longer-term maturities (7-10 years), so mortgage rates do not always move in lock-step with the Fed action on short-term rates.
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 deal with Arvest for any needs after their loan closes.