Arvest Bank announced that for the tenth consecutive year its mortgage division topped $1 billion in loans boosted in large part by home refinancing.
The Bentonville-based privately held bank said that reaching the billion-dollar milestone before the end of June was a record.
“A number of factors have helped us reach $1 billion in mortgage loans this early in the year,” said Steven Plaisance, president and chief operating officer of Arvest Mortgage Co. “In addition, low mortgage rates continue to encourage homeowners to refinance and a new, improved version of the government’s Home Affordable Refinance Program (HARP)
has recently allowed more homeowners to do so.”
The HARP program is a revised government program that helps “underwater” mortgage holders with good credit obtain a lower rate.
Plaisance also said that mortgage loan volume at Arvest is expected to increase 125% during the first two quarters of 2012 over the same time period in 2011 based on the June forecast. Mortgage refinancing is expected to account for 68% of that total.