Fayetteville-chartered Arvest Bank has originated more than $1 billion in mortgage loans for the 15th consecutive year, and nearly a month earlier than in 2016. The bank announced the achievement Tuesday (Aug. 1). The loans include both purchase-money and refinance loans.
It’s the earliest in a year the bank has reached the $1 billion mark since 2013. As of July 24, the bank had closed on 5,696 loans with a total loan value of $1,004,913,837. Total loan value has risen 16.8%, from the same period in 2016, when the bank originated 5,360 loans with a value of $860,630,640. In 2016, Arvest reached $1 billion in loans on Aug. 19.
“We are honored that our customers choose Arvest for their mortgage business, both when purchasing a home and in situations when our low rates provide them the opportunity to refinance and improve their financial position,” said Steven Plaisance, president and CEO for Arvest Bank’s mortgage division. “The majority of loans we are issuing are purchase-money loans, which is a healthy sign for our markets and rates are still very good.”
Through July 24, purchase-money loans accounted for 64% of the company’s total loan volume. In 2016, the loans accounted for 58% of total loan volume. Purchase-money loans have comprised of more total mortgage loan volume than refinances for four consecutive years.
“The continued year-over-year increase in purchase-money activity in our markets is yet another strong indicator of the health of those local economies,” Plaisance said.
Through July 24, the bank originated 3,687 purchase-money loans with a value of $645,467,279. Through the same period in 2016, the bank made 3,390 loans with a value of $555,367,905.
Average loan size through July 24, has risen to $176,424, from $160,565 in the same period in 2016.