Arvest Bank’s mortgage division originated more than $1 billion in mortgage loans, which includes both purchase money loans and refinance loans, for the 13th consecutive year.
“The Arvest Bank team continues to show tremendous commitment and service to the communities we serve through consistency in making home loans to as many families as possible,” said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division.
Arvest said it reached the $1 billion milestone more than a month earlier this year than it did in 2014. The bank originated a total of 6,380 loans with a total value exceeding $1.008,591 billion as of Aug. 31. The bank said it didn’t cross the $1 billion level until Sept. 30 of last year.
“Low mortgage rates in early 2015 really stimulated this year’s mortgage activity and complemented the improved home buying season through the early spring and well into summer,” Plaisance said.
He said this is the second year in which home purchase loans account for more of Arvest’s total mortgage loan volume than refinances. These home purchase loans accounted for 61% of the company’s total loan volume. That’s up from 33% and 43% in 2012 and 2013, respectively.
“We are very pleased to see our overall volume being led by existing home sales and new construction activity in many of our markets,” Plaisance said. “Homeownership continues to be the choice for the majority of people in the markets we serve.”
Arvest made 4,110 home purchase loans with a volume of $652,846,736. That’s up from 4,073 loans and $610,847,597 in volume as of Aug. 31, 2014.
“Average loan sizes have increased as home prices continue to appreciate modestly,” Plaisance said. “Refinancers have also benefited from recovery in their values to take advantage of the very low mortgage rates.”