Arvest Mortgage Reaches $1 Billion In Record Time

Thursday, June 06 at 10:05 AM
Category: Arvest News

Arvest Mortgage Company originated more than $1 billion in new mortgage loans in the first part of 2013 making this the first time Arvest has achieved this milestone so early in a year. The success is a sign of the strengthening housing market and robust financing environment.

FAYETTEVILLE, Ark., — Arvest Bank today announced, for the eleventh consecutive year, Arvest Mortgage Company has originated more than $1 billion in new mortgage loans. Achieving this milestone earlier in 2013 than any previous year indicates both growing strength in the housing market and a robust environment for refinancing.

“We have reached $1 billion in mortgage loans this early in the year because of a few different factors. Our hard-working and knowledgeable associates are the top reason for this success,” said Steven Plaisance, President and Chief Operating Officer of Arvest Mortgage Company. “Additionally, the increase in purchase money transactions we saw during the first quarter, along with the continuous low mortgage rates that have encouraged homeowners to refinance, allowed us to reach this milestone quickly.”

In a 13.8 percent increase from last year, the company originated more than $624 million in new mortgage loans in the first quarter of 2013. In total, mortgage loans at Arvest increased 7.8 percent during the first five months of 2013 over the same time period in 2012. Mortgage refinancing accounted for 56.7 percent of that total increase.

2012 was a record-breaking year for Arvest Mortgage servicing portfolio, reaching approximately 62,000 loans. The outstanding balance of these loans grew from $6.3 billion in 2011 to $7.1 billion in 2012, or an increase of 12 percent in the value of loans being serviced.

Arvest is unique among local lenders in that it services 99 percent of its mortgage loans. This means that customers make their payments to Arvest and work with Arvest on any needs they have after their loan closes.
Plaisance continued, “We pride ourselves on providing customers with service after the sale because we retain servicing on 99 percent of the loans we make. We are truly partners with our customers, and they can still call us years into their mortgage with any need related to their loan.” 

Tags: Arvest Biz, Arvest Growth, Lending and Financing, Mortgage, Press Release
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