Arvest tallies $1B in new mortgage loans

Fayetteville, Ark.-based Arvest Bank's mortgage division has reached $1 billion in new loans for the 11th consecutive year, reaching a company record by hitting the mark May 29.

"Our hard-working and knowledgeable associates are the top reason for this success,” Arvest Mortgage Co. President and Chief Operating Officer Steven Plaisance said in a news release. “Additionally, the increase in purchase money transactions we saw during the first quarter, along with the continuous low mortgage rates that have encouraged homeowners to refinance, allowed us to reach this milestone quickly.”

In the first quarter, the company originated more than $624 million in mortgage loans, a 13.8 percent increase from 2012. Through the first five months of 2013, mortgage loan originations increased by 7.8 percent. Of the increase, mortgage refinancing accounted for 56.7 percent.

The Springfield region is responsible for $54.9 million of the total amount, according to local Arvest Marketing Officer Michael Gandy.

In 2012, Arvest Mortgage serviced roughly 62,00 loans, growing its outstanding balance to $7.1 billion from $6.3 billion in 2011, the release said.

Arvest operates more than 290 branches in Arkansas, Missouri, Oklahoma and Kansas, including four in Springfield.