Arvest surpasses $1 billion mortgage mark for 14th consecutive year

A strong housing market has helped Arvest Bank’s mortgage division reach the $1 billion loan threshold a little earlier than last year. As of Aug. 19, Arvest closed 6,272 home loans with a combined value of more than $1.010 billion. The number of loans rose 3.28% while volume is up 1.6% from the exact day a year ago.

Last year Arvest crossed the $1 billion mark two day later on Aug. 21. This is the 14th consecutive year that the Fayetteville-based bank’s mortgage operation has surpassed $1 billion in mortgage lending for the year, inducing home purchase and refinance loans.

“The low rates have really provided a great opportunity for so many to improve their financial conditions or increase buying power and affordability,” said Steven Plaisance, president and CEO of Arvest’s mortgage division. “Forecasts for this year called for rising rates, so the lower-than-expected rates have definitely helped accelerate our volumes versus last year.”

This is the third consecutive year new purchase loans account for more of Arvest’s total mortgage loan volume than refinances. Through Aug. 19, home purchase loans accounted for 64% of the company’s total loan volume. That’s up from 62% in 2015.

Through Aug. 19, Arvest made 3,956 loans for home purchases with a combined volume of $647,758,817, up from 3,830 loans and $608,529,062 in volume as of Aug. 19, 2015.

Arvest reports the average loans size through Aug. 19 was $161,191, up 1.83% from the $158,286 a year ago, a reflection of improving values in the real estate market overall.