Arvest Bank’s mortgage division originated $1.146 billion in purchase-money mortgage loans in 2017, the second consecutive year it has originated more than $1 billion in loans. The Fayetteville-chartered bank announced the achievement on Thursday (Feb. 8.)
It surpassed the $1 billion mark for the first time in 2016 and exceeded the milestone in 2017, said Steven Plaisance, president and CEO of the mortgage division.
“Arvest continues to show its commitment to home loan lending through its growing production and service to its communities,” Plaisance said. “Housing is healthy in our markets, and we are very privileged to be there for the customers that choose us. We have a dedicated team with experience and expertise ready to answer the call on these important financial transactions. We thank our customers and partners for the opportunity to be part of these important moments in their lives.”
As of Dec. 31, 2017, the bank closed on 6,684 purchase-money loans with a total loan value of $1,146,950,855. In 2016, the bank closed on 6,222 purchase-money loans with total loan value of $1,009,284,166.
“Mortgage rates continue to remain historically favorable even though the Fed has taken action to push short-term rates up,” Plaisance said. “Mortgage rates are derived from longer-term maturities (seven to 10 years), so mortgage rates do not always move in lock-step with the Fed action on short-term rates.”
Unlike many banks, Arvest services 99% of its mortgage loans, which means customers make their payments to Arvest and deal with the bank for any needs after the loan closes. Arvest operates more than 250 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 15 banks, each with their own board and management team. The banks serve customers in more than 120 communities and offer loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing.