LOWELL, Ark. – Arvest Bank announced today its mortgage division has originated more than $1 billion in purchase-money mortgage loans in 2018, the third time it has done so in its history.
Arvest hit the $1 billion mark on Sept. 26, more than three months earlier than the previous two times it reached that milestone. Purchase-money loans are used to buy a home, as opposed to refinances and other types of loans.
“Home sales are driving the majority of our mortgage business this year, and reaching this $1 billion milestone has been even more remarkable given the rising interest rates and the housing inventory issues in some of our markets,” said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division.
Arvest regularly originates more than $1 billion in mortgage loans – both purchase-money and refinances – having done so earlier in 2018 for the 16th consecutive year.
“Our team of mortgage professionals – from the start of your home loan process through servicing those loans long after you close it – are well-qualified to handle all the unique needs we see on a day-to-day basis,” Plaisance said. “Our mission statement of ‘People helping people find financial solutions for life’ is central to the mortgage services we offer and the team we build to execute those services.”
As of Sept. 26, Arvest had closed a total of 5,519 purchase-money loans with total loan value of $1,002,521,772. As of the same date in 2017, Arvest had closed 4,938 purchase-money loans with total loan value of $857,159,409. This year’s numbers represent an 11.7 percent increase in number of loans and a 16.9 percent increase in volume.
“We are privileged to work with so many Realtors®, brokers, builders and other housing professionals in all of our markets. Being available to all of them and offering a variety of mortgage solutions for all of the communities we serve benefits everyone involved.”
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.