Arvest Mortgage Company Has Record-Breaking Year

Friday, February 08 at 09:40 AM
Category: Arvest News

Arvest Mortgage Company saw a surge in purchase loans in 2012, and we expect to continue to see positive effects in 2013. We want to thank our customers for choosing Arvest and thank our associates for their hard work. You all are key to our successful 2012! Below is the official press release regarding the announcement.

LOWELL, Ark.—Today Arvest Bank announced results of its mortgage lending and servicing activities for 2012. The bank originated more than 17,000 mortgage loans – both refinance loans and purchase money loans – totaling $2.56 billion in 2012 compared to $1.58 billion in 2011, a 62 percent increase.

The bank reported a 37 percent increase in the value of purchase money mortgages, from $597 million in 2011 to $818 million in 2012, significantly higher than the projected increase in such loans nationally. The Mortgage Bankers Association (MBA) projected 2012 purchase loans to be up 9 percent nationally from 2011.

“We see this increase in purchase money transactions as a positive sign and recognize that homebuyers are looking for local lenders who will focus on customer service after the loan is originated,” stated Steven Plaisance, Arvest Mortgage’s president and chief operating officer.

“We are certainly excited that our total volume was up from 2011, and we are very encouraged by our increase in purchase money activity and its impact on the local housing market and the economy,” stated Plaisance.

Mortgage growth continues to be positive around the country, with the Mortgage Bankers Association predicting strong growth in 2013. In a statement, Jay Brinkmann, MBA's chief economist, said that growth in new-home sales and modest home price increases would both contribute to an increase in 2013 purchase originations.

Arvest is unique among most local lenders in that it services 99 percent of its mortgage loans, meaning that customers make their payments to Arvest and deal with Arvest for any needs after their loan closes. Arvest’s mortgage servicing portfolio also had a record year, reaching approximately 62,000 loans in 2012. 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.

Plaisance continued, “The continued presence of historically low interest rates in 2012 resulted in positive growth for mortgage loan origination. We expect to continue to see the positive effects in 2013, and look forward to helping Arvest Mortgage customers as this year progresses.”

Tags: Arvest Growth, Home Loans, Lending and Financing, Press Release
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