Arvest Mortgage reaches $1 billion in record time

by The City Wire staff ([email protected]) 102 views 

Arvest Bank said Wednesday (June 12) it originated more than $1 billion in mortgage loans for the 11th consecutive year and achieved this milestone in record time.

The bank cited growing strength in the housing market and a robust environment for refinancing as two of the reasons for the busier year.

“The increase in purchase money transactions we saw during the first quarter, along with the continuous low mortgage rates that have encouraged homeowners to refinance, allowed us to reach this milestone quickly,” said  Steven Plaisance, president and chief operating officer of Arvest Mortgage Company.  

In a 13.8%  increase from last year, the company originated more than $624 million in new mortgage loans in the first quarter of 2013.

In total, mortgage loans at Arvest increased 7.8% during the first five months of 2013 over the same time period in 2012. Mortgage refinancing accounted for 56.7% of that total increase.

The lender said 2012 was a record-breaking year as well, reaching about 62,000 loans. The outstanding balance of these loans grew from $6.3 billion in 2011 to $7.1 billion in 2012, or an increase of 12% in the value of loans being serviced.

“We pride ourselves on providing customers with service after the sale because we retain servicing on 99% of the loans we make. We are truly partners with our customers, and they can still call us years into their mortgage with any need related to their loan.” Plaisance said,