Arvest Bank Releases Mortgage Production Totals for 2020 | New
TULSA – Arvest Bank announced on Friday that its mortgage division generated record volume in 2020, the second year in a row it has established a new brand.
Arvest’s total mortgage loan volume for 2020 of over $ 4.6 billion represents an increase of over 67% year-on-year from 2019 when it set a record 2.8 billion dollars at the time. Additionally, 2020 marks the fifth time – and the third year in a row – that Arvest has surpassed $ 2 billion in mortgage production.
“We started 2020 with low mortgage rates and one of the effects of COVID-19 has been that they are even lower, reaching record lows in some cases. As a result, millions of families across We were very happy that 40 percent of our loans were cash purchase transactions, and we cannot praise our real estate partners, appraisers, companies enough. titles, clients and all those involved in the home buying process for their incredible flexibility, ingenuity and resilience during a most unusual year of 2020, ”said Steven Plaisance, President and Chief Executive Officer. division leadership. “At Arvest, our team members were amazing, balancing their own personal adjustments to COVID-19 to serve record numbers of families. Whether our team was working remotely or always knew Instead, they all made tremendous sacrifices to carry out our mission during this vital time for so many. “
Cash purchase loans are used to buy a home, as opposed to refinancing. Arvest posted a record over $ 1.7 billion in loans on payment in 2020, compared to over $ 2.9 billion in refinancing loans. Purchasing volume has increased year over year for six consecutive years.
Arvest is unique among most local lenders in that it manages 99% of its mortgages, which means clients make their payments to Arvest and work directly with Arvest for all needs after their loan is closed. Arvest currently manages over 336,000 mortgages totaling over $ 65 billion.