Arvest hits $1B mortgage milestone

Arvest Bank’s mortgage division has hit a historic milestone  – $1 billion in purchase-money mortgage loans.

Tallying loans for 2016, the Lowell, Ark.-based bank originally topped the $1 billion mark for total mortgage loans – including both purchase-money and refinances – for the 14th consecutive year in September. The new watermark is the first time purchase-money mortgage loans alone have crossed the billon-dollar threshold, according to a news release.

Steven Plaisance, president and CEO of Arvest’s mortgage division, said the news is a good indicator of healthy local economies within the bank’s footprint.

“We couldn’t have reached this remarkable milestone without the dedication and expertise of all our mortgage lenders, assistants and our operations team,” Plaisance said, in the release. “Additionally, low interest rates have helped many people realize the dream of buying their first home, their dream home, or something in between.”

As of Dec. 28, 2016, Arvest had closed 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 valued at $941,340,727. The loans are not broken down by specific market.