Arvest Mortgage reports double-digit growth to start 2013

Arvest Mortgage Company reports a 13.8% increase in lending activity for the first quarter of 2013, compared to the year-ago period.

The company originated more than $624 million in new mortgage loans for both purchases and refinancing. This compared to $548 million a year earlier.

Overall the market is seeing an uptick, with the Mortgage Bankers Association forecasted first quarter 2013 new mortgage originations at $482 billion, an increase nationally of 29%, over first quarter 2012, the release noted.

This first quarter growth comes on the heels of a record 2012 for Arvest Mortgage Company who originated more than 17,000 mortgage loans totaling $2.56 billion, up 62% year over year.

“We see this year-over-year increase as a positive sign and recognize that homebuyers are looking for local lenders who will focus on customer service after the loan is originated,” said Todd White, Arvest Mortgage senior vice president.

“Low interest rates have enabled many homeowners to refinance their mortgages at near record low rates and encouraged others to purchase homes. We made more home loans than we ever have before in 2012, and we are excited to be carrying that momentum into this year,” he added.

Arvest also experienced a higher mix of purchase loans (34%) to refinances (66%). This  compared to national projections where refinances are projected to be 74% of total applications.

“We are encouraged by the amount of purchase loans we saw in the first quarter. Approximately 34% of the 4,279 mortgages we’ve made were purchase loans, so while refinancing was still strong, more and more people are buying homes,” White said.