Arvest passes $1B mortgage mark for 14th straight year

Lowell, Ark.-based Arvest Bank announced this morning the company originated over $1 billion in mortgage loans for the 14th consecutive year.

The bank crossed the threshold Aug. 19, two days ahead of last year, according to a news release.

As of Aug. 19, Arvest closed 6,272 loans.

“Low rates have really provided a great opportunity for so many to improve their financial conditions or increase buying power and affordability,” said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division, in the release. “Forecasts for this year called for rising rates, so the lower-than-expected rates have definitely helped accelerate our volumes versus last year.”

Purchase-money loans made up 64 percent of the total loan volume, marking the third year in a row that type of loan has accounted for more volume than refinances.

The average loan size through Aug. 19 rose to $161,191, a 1.8 percent bump from a year earlier, according to the release.

Spokeswoman Stacey Roberts said the numbers were not broken down by specific market.