Arvest Bank Breaks Billion-Dollar Mark
by January 24, 2011 12:00 am 71 views
Arvest Bank Group Inc. originated $1.78 billion in loans during 2010, the company said. The value is attached to a total of 12,415 loans.
The value was down from $1.94 billion a year prior, an 8.2 percent decrease.
The numbers are bank-wide – Arvest actively lends in Arkansas, Oklahoma, Kansas and Missouri.
About 70 percent of the values were refinanced mortgages, the bank said.
Todd White, senior vice president and production manager at Arvest Mortgage Co., said refinancing was a big draw as homeowners sought lower rates.
“If they save $100 [on their mortgage payment], that’s $100 ultimately they can spend,” White said. “We feel very fortunate to be a part of that.”
White noted that even with the refinancing business, there was a healthy bit of new purchase business.
Arvest maintains almost all servicing agreements on loans it originates instead of selling them on the secondary market.
The bank’s total portfolio of servicing increased to a total of 53,000 loans in 2010 with a total value of $5.9 billion.