Arvest Bank announced Thursday (July 9) that its mortgage division has originated total volume of more than $2 billion for the third consecutive year, and at the earliest point in company history.
Arvest’s total mortgage loan volume of $2,008,003,633 through June 24 represents a year-over-year increase of more than 91%, according to a company news release.
Division president and CEO Steven Plaisance said while much of the financial news during a time when COVID-19 has dominated headlines has focused on topics such as the jobless rate, the Paycheck Protection Program and government stimulus efforts, activity in mortgage lending may have gone overlooked.
“The $2 billion may be the headline number, but the real number that matters is 9,000-plus families that we have been able to help during this time,” Plaisance said. “While refinancing has been a great opportunity for families to lower payments or reset long-term financial goals, the purchase activity has been terrific and really helps families buy first homes or move-up homes with rates at record lows.”
Through June 24, refinances (5,476 loans totaling more than $1.26 billion) led Arvest’s activity. Purchase-money loans, used to buy a home as opposed to refinances and other types of loans, totaled 3,626 with a volume of more than $741 million.
Arvest’s overall average loan size also increased, from $194,590 in 2019 to $220,611 in 2020, reflecting improving values in the real estate market.
In Benton and Washington counties, Arvest made 2,251 total loans totaling $485.6 million through June 24. That is an increase of more than 68% in loans made and more than 84% in loan volume compared to the same period in 2019.
Arvest is unique among most local lenders in that it services 99% of its mortgage loans, 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 340,000 mortgage loans, totaling more than $66 billion.