Lowell, Ark. – Arvest Bank announced today its mortgage division originated more than $1 billion in purchase-money mortgage loans in 2016, the first time it has done so in its history.
Arvest announced in September it had originated more than $1 billion in mortgage loans – both purchase-money and refinances – for the 14th consecutive year. Steven Plaisance, president and chief executive officer of Arvest’s mortgage division, said passing the $1 billion mark in purchase-money loans alone is a testament to Arvest’s mortgage lenders and a good indicator of healthy local economies within the bank’s footprint.
“We couldn’t have reached this remarkable milestone without the dedication and expertise of all our mortgage lenders, assistants and our operations team,” Plaisance said. “Additionally, low interest rates have helped many people realize the dream of buying their first home, their dream home, or something in between. We’re always happy to help provide the opportunity for people to improve their lives through the purchase of a home.”
As of Dec. 28, Arvest had closed a total of 6,170 purchase-money loans with total loan value of $1,001,191,628. In 2015, Arvest closed a total of 5,931 purchase-money loans with total loan value of $941,340,727.
“Mortgage interest rates remain one of the best deals going, and thus we are very excited about the 2017 purchase-money market despite the recent rate movement. We urge everyone to keep in mind historical mortgage rates as we move forward.”
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.