Arvest Bank announced its mortgage division has originated more than $1 billion in mortgage loans for the 14th year in a row. That includes both purchase-money and refinance loans.
"We are so pleased to be able to offer home financing solutions for buyers and refinancers as well," said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division. "The low rates have really provided a great opportunity for so many to improve their financial conditions or increase buying power and affordability."
As of Aug. 19, Arvest had closed a total of 6,272 loans with total loan value of $1,010,992,848. In 2015, Arvest didn’t hit the $1 billion mark until Aug. 21.
"Forecasts for this year called for rising rates, so the lower-than-expected rates have definitely helped accelerate our volumes versus last year," Plaisance said.
This is the third consecutive year in which purchase-money loans account for more of Arvest’s total mortgage loan volume than refinances. Through Aug. 19, purchase money loans accounted for 64 percent of the company’s total loan volume. That’s up from 62 percent in 2015.
"Purchase-money activity has been very healthy in many of our markets, and that is a great indicator as to how the local economies are performing," Plaisance said.
Through Aug. 19, 2016, Arvest made 3,956 purchase money loans with a volume of $647,758,817. That’s up from 3,830 loans and $608,529,062 in volume as of Aug. 19, 2015.
Arvest’s overall volume of $1,010,992,848 – on 6,272 loans as of Aug. 19, 2016 – is up from $994,827,519 on 6,285 loans as of Aug. 19, 2015. That’s a 1.6 percent increase over the same time last year.
The average loan size at Arvest as of Aug. 19, 2016, also increased compared to the same period last year, from $158,286 to $161,191, 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 deal with Arvest for any needs after their loan closes.