Arvest 2011 Mortgage Results Saw Surge in Purchase Loans

Tuesday, February 21 at 07:48 AM
Category: Personal Finance

Arvest Bank announced Monday the 2011 outcome for mortgage lending and servicing. Nearly breaking $600 million in purchase money mortgages, the bank saw an overall increase of eight percent, making for a successful year and a positive impact on local housing and the economy as a whole.  See the following release for more details.

(February 21, 2012)—Arvest Bank recently released results of its mortgage lending and servicing activities in 2011. The bank reported an eight percent increase in purchase money mortgages, from $553 million in 2010 to $598 million in 2011. In contrast, the Mortgage Bankers Association projected 2011 purchase loans to be down 14 percent nationally.

“As the state’s largest mortgage company, we see the increase in purchase money transactions as a positive sign that homebuyers are looking for local lenders who emphasize service after the loan is originated,” stated Steven Plaisance, Arvest Mortgage executive vice president and chief operating officer.

The bank also originated more than $1 billion in new mortgage loans for both purchases and refinancing for the ninth consecutive year. While the Mortgage Bankers Association predicted that mortgage loan values would decrease nationally by 20 percent in 2011 compared to 2010, Arvest originated refinance and purchase mortgage loans totaling $1.6 billion in 2011 compared to $1.78 billion in 2010, or a decrease of 10 percent over the previous year – significantly better than the national average.

“While our total volume was down from 2010, we were very encouraged by our increase in purchase money activity and its impact on local housing and the economy,” stated Plaisance.

Arvest is unique for most local lenders in that it services 99 percent of its mortgage loans.  Consequently, the bank’s mortgage servicing portfolio reached a record of approximately 56,000 loans in 2011. The outstanding balance of these loans grew from $5.9 billion in 2010 to $6.3 billion in 2011, or an increase of more than six percent in the value of loans being serviced.

Plaisance continued, “The dip in interest rates in the fourth quarter of 2011 to near historic lows created a surge in mortgage loan originations. We are continuing to see the positive effects in 2012, as our business is up significantly from this time last year. Both the low interest rates and mild weather that we’ve experienced over the past few months have contributed to a successful first quarter at Arvest Mortgage.”
 

 

Tags: Arkansas, Home Loans, Mortgage, Press Release
William Meza on 8/22/2013 at 5:57 AM
That is actually a good results to everyone. By the way thank you so much for sharing such informative post.

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