Arvest Bank announced Friday (Feb. 14) that its mortgage division originated record volume in 2019.
The bank’s total mortgage loan volume of more than $2.8 billion was up 39.3% over 2018, and up 9.2% over its previous record of more than $2.5 billion, set in 2012.
Arvest has topped the $2 billion mark in mortgage loan production four times in its history, including in each of the past two years.
“Our team was privileged to assist thousands of families with their home loan needs,” division president and CEO Steven Plaisance said in a statement. “While many benefited from the low rates to refinance, we were also excited to assist a record number of families purchase homes.
“Home loans have always been one of our core banking products, and we thank our customers that entrusted us with one of the most important and largest financial transactions of their lives.”
Purchase-money loans accounted for the majority of volume in 2019. Purchase-money loans are used to buy a home, as opposed to refinances and other types of loans. Arvest reported a record $1.46 billion in purchase-money loans in 2019, compared to more than $1.33 billion in refinance loans. Purchase volume has increased year-over-year for five consecutive years, according to a news release.
“The housing health of our banking footprint was demonstrated by the record purchase-money activity,” Plaisance said. “A home purchase has a multiplier effect on the local economy, and homeownership is proven to be a positive for communities and, more importantly, families.”
Arvest services 99% of its mortgage loans, according to the release, meaning that customers make their payments to Arvest and work directly with Arvest for any needs after their loan closes.
Arvest currently services more than 310,000 mortgage loans, totaling more than $59 billion.