The mortgage division of Fayetteville-chartered Arvest Bank has originated more than $1 billion in mortgage loans for the 16th year in a row. That includes both purchase-money and refinance loans. It is the earliest the bank has reached the $1 billion mark since 2013, according to a news release issued Wednesday (July 25).
“We continue to be honored and humbled that so many customers choose Arvest for their mortgage needs, whether that’s purchasing or refinancing a home,” said Steven Plaisance, president and CEO of Arvest’s mortgage division. “It’s also worth noting that the majority of loans we are issuing continue to be purchase-money loans, a sign that our markets are healthy and that rates are still very attractive. Our team of mortgage bankers has been highly energized by the solid housing activity.”
Arvest reached the $1 billion mark almost a month sooner than it did last year. As of June 29, Arvest had closed a total of 5,438 loans with a total loan value of $1.006 billion. In 2017, the bank reached the $1 billion mark on July 24.
This is the fifth consecutive year in which purchase-money loans account for more of Arvest’s total mortgage loan volume than refinances. Through June 29, purchase-money loans accounted for 66% of the company’s total loan volume. That’s up from 64% in 2017.
Also through June 29, Arvest made 3,621 purchase-money loans with a volume of $667.24 million. That’s up from 3,183 loans and $553.99 million in volume compared to year-to-date totals on June 29, 2017.
Arvest’s overall 2018 volume of $1.006 billion on 5,438 loans as of June 29 is up 15.7% from $870.51 million on 4,964 loans as of the same date in 2017.
The average loan size also increased, from $175,365 in 2017 to $185,162 in 2018, reflecting improving values in the real estate market.
Arvest services 99% of its mortgage loans, according to the release, meaning customers make their payments to Arvest and work directly with the bank after their loan closes.