Arvest Bank announced Tuesday (July 9) that its mortgage division has originated more than $1 billion in mortgage loans for the 17th year in a row. That includes both purchase-money and refinance loans.
The milestone is the earliest the bank has reached the $1 billion mark since 2013.
“We are absolutely privileged to assist thousands of customers with their mortgage needs, whether that’s purchasing or refinancing a home,” said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division. “Our activity has been driven by purchase-money this year, which is a positive sign for the territories we serve.”
Arvest reached the $1 billion mark 11 days sooner than it did last year. As of June 18, Arvest had closed a total of 5,148 loans with a total loan value of $1,002,574,734. In 2018, the bank reached the $1 billion mark on June 29.
This is the sixth consecutive year in which purchase-money loans account for more of Arvest’s total mortgage loan volume than refinances. Through June 18, purchase-money loans accounted for 65% of the company’s total loan volume, compared to 66% in 2018.
Also through June 18, Arvest made 3,407 purchase-money loans with a volume of $651,145,923. That’s up from 3,272 loans and $604,449,691 in volume compared to June 18, 2018.
“The low mortgage rates have certainly helped, but purchase activity was already leading the way before the latest downward move in rates,” Plaisance said. “That move, though, did introduce opportunities for refinancers to enter the market.”
Arvest’s overall 2019 volume of $1,002,574,734 — on 5,148 loans as of June 18 — is up from $919,649,383 on 4,947 loans as of the same date in 2018. That’s a 9% increase.
The average loan size also increased, from $185,900 in 2018 to $194,750 in 2019, reflecting improving values in the real estate market.
Arvest services 99% of its mortgage loans, meaning customers make their payments to Arvest and work directly with Arvest for any needs after their loan closes.