(Fayetteville, AR) – On July 9, 2020, Arvest Bank announced today 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 percent.
Division president and CEO Steven Plaisance said while much of the financial news during a time when COVID-19 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 the 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.
“I also have to mention that it is our incredible associates who are making this happen amid the COVID-19 situation, with many working remotely. So, extra hats off to our team of mortgage professionals for keeping mortgage opportunities moving during this time.”
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, form $194,590 in 2019 to $220,611 in 2020, reflecting improving values in the real estate market.
In Joplin, Arvest made 355 total loans totaling $50,391,684 through June 24.
“It is an absolute privilege to help our customers with their mortgage needs, whether that’s purchasing or refinancing a home,” said Cheryl Roderique, mortgage loan manager for Arvest in Joplin. “Our team could not be more happy to serve out customers and to share in their successes.”
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 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.
Arvest Bank operates more than 270 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board and management team. These banks serve customers in more than 135 communities, with extended weekday banking hours at many locations. Arvest provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest also is one of a select few banks in the nation to have its mobile app – Arvest Go – certified by J.D. Power for providing an outstanding mobile banking experience. Arvest is an Equal Housing Lender and Member FDIC.
About Arvest Wealth Management:
Arvest Wealth Management offers wealth management, trust services and insurance products. Investments and Insurance Products: Not FDIC Insured, May Lose Value and Not Guaranteed by the Bank. Trust services provided by Arvest Bank.
Lacie Waggoner, Marketing Manager