Arvest Bank’s mortgage division originated more than $1 billion in home mortgage loans last year.
It was a milestone for Arvest and a 6.3 percent increase over the bank’s home mortgage loans in 2015. Steven Plaisance, president and chief executive officer of Arvest’s mortgage division, said it indicated a “healthy” economy.
The Bentonville, Arkansas-based regional bank with branches in Arkansas, Oklahoma, Kansas and Missouri announced in September it originated more than $1 billion in both “purchase-money” and refinance loans for the 14th consecutive year.
But this was the first year for Arvest to cross the $1 billion mark solely on purchase-money loans.
“We couldn’t have reached this remarkable milestone without the dedication and expertise of all our mortgage lenders, assistants and our operations team,” Plaisance added. “Additionally, low interest rates have helped many people realize the dream of buying their first home, their dream home, or something in between. We’re always happy to help provide the opportunity for people to improve their lives through the purchase of a home.”
As of Dec. 28, 2016, Arvest had closed a total of 6,170 purchase-money loans with total loan value of $1,001,191,628.
In 2015, Arvest closed a total of 5,931 purchase-money loans with total loan value of $941,340,727.
“Mortgage interest rates remain one of the best deals going, and thus we are very excited about the 2017 purchase-money market despite the recent rate movement,” Plaisance said. “We urge everyone to keep in mind historical mortgage rates as we move forward.”
Depending on the applicant, the 30-year fixed mortgage interest rate is currently running between 4.125 percent and 4.375 percent.
