Arvest Mortgage Company Sees 13 Percent Loan Growth Compared to 2012

Wednesday, May 01 at 10:35 AM
Category: Arvest News

Arvest Mortgage Company loan originations top $624 million in the first quarter of 2013. Additional results of mortgage lending activity released.

LOWELL, Ark., - Arvest Mortgage Company reported results of its mortgage lending activity for the first quarter of 2013. In a 13.8 percent increase from last year, the company originated more than $624 million in new mortgage loans for both purchases and refinancing. In 2012’s first quarter, they originated $548 million. Overall the market is seeing an uptick, with the Mortgage Bankers Association forecasted first quarter 2013 new mortgage originations at $482 billion, an increase nationally of 29 percent over first quarter 2012.

This first quarter growth follows a record-breaking 2012 for Arvest Mortgage Company. In 2012, the bank originated more than 17,000 mortgage loans totaling $2.56 billion compared to $1.58 billion in 2011, a 62 percent increase.

“We see this year-over-year increase as a positive sign and recognize that homebuyers are looking for local lenders who will focus on customer service after the loan is originated,” stated an Arvest spokesperson. “Low interest rates have enabled many homeowners to refinance their mortgages at near record low rates and encouraged others to purchase homes. We made more home loans than we ever have before in 2012, and we are excited to be carrying that momentum into this year.”

Arvest also experienced a higher mix of purchase loans (34 percent) to refinances (66 percent) compared to national projections where refinances are projected to be 74 percent of total applications. U.S. lenders originated $482 billion in residential mortgages in the first quarter of 2013, led by $357 billion in refinanced loans, according to estimates published April 18 by the Mortgage Bankers Association.

“We are encouraged by the amount of purchase loans we saw in the first quarter. Approximately 34 percent of the 4,279 mortgages we’ve made were purchase loans, so while refinancing was still strong, more and more people are buying homes,” the spokesperson continued. “Right now there is a lot of opportunity in the market to help our customers improve their current mortgage rate, shorten their term, or buy their first home or next home, and Arvest is here to help in any way we can.”

Tags: Home Loans, Lending and Financing, Mortgage, Press Release
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Mortgage market participants must now face the reality of a life without the supportive, flow balancing, volatility calming bid of the Federal Reserve.

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