Arvest Hits $1B Mark Six Months Early

Mortgage Co. has originated more than $1 billion in new mortgage loans in 2009, the seventh consecutive year that the bank has hit the $1 billion watermark. Unlike previous years, where the company hit the $1 billion mark in mid- to late-December, this year, the mark has been hit before the year is halfway over. Based on this activity, Arvest has surpassed its entire 2008 total within the first six months of 2009. While mortgage refinancing accounted for 75% of that six-month total, the mix between refinances and new mortgage loan applications has changed significantly in the last three months. In that time period, the ratio of refinanced mortgages to mortgages for home purchases has changed to 60/40. This is evidence that the activity level of home buying as a percentage of mortgage borrowing is increasing, Arvest says. ‘Record-low interest rates and more affordable housing contributed to the substantial increase in our mortgage numbers, but we're beginning to see a shift in the type of loan applications we're receiving, from refinances to new mortgage loans," says Arvest Mortgage's senior vice president, Todd White. "We are also encouraged that the first-time homebuyer tax credit is stimulating that interest." White also emphasizes Arvest's record of retaining servicing rights on 99% of the loans the bank originates. Customers "appreciate the benefits that come with local service and having a bank that will be with them from the application process on their very first home to their last payment," he says. Arvest Bank operates more than 200 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management team. SOURCE: Arve

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