Arvest Bank announced on Thursday that its mortgage division originated record volume in 2020, the second consecutive year it has set a new mark.
Arvest’s total 2020 mortgage loan volume of more than $4.6 billion represents an increase of 67-plus percent year-over-year compared to 2019, when it set a then-record of $2.8 billion. Additionally, 2020 marks the fifth time – and third consecutive year – Arvest has topped $2 billion in mortgage loan production.
In a statement, division president and CEO Steven Plaisance said:
“We started 2020 with low mortgage rates and one of the effects of COVID-19 was that they went even lower, to record lows in some cases. As a result, millions of families nationwide took advantage of those rates, whether they were refinancing or buying a home. We were very pleased that 40 percent of our loans were purchase-money transactions, and we cannot applaud our realtor partners, appraisers, title companies, customers, and all involved in the home buying process for their incredible flexibility, ingenuity and resilience during a most unusual 2020. At Arvest, our team members were incredible, balancing their own personal adjustments to COVID-19 to serve a record number of families. Whether our team was working remotely or still on-site, they all made tremendous sacrifices to deliver on our mission during this vital time for so many.”
Purchase-money loans are used to buy a home, as opposed to refinances. Arvest reported a record of more than $1.7 billion in purchase-money loans in 2020, compared to more than $2.9 billion in refinance loans. Purchase volume has increased year-over-year for six consecutive years.
“It was impressive how homebuyers, sellers and realtors all adapted quickly to finding ways to keep properties moving during this time,” Plaisance said. “From virtual open houses to leaps in technology adoption to drive-up loan closings at title companies, the residential real estate and housing finance industry rolled up its sleeves and found solutions quickly. It was a privilege to help so many people and families with their mortgage needs during a year like none other,” said David Nickel, loan manager for Arvest in Bartlesville. “Our team of Jill Carse, Julia May, Jennifer Tomlinson and Lindsay Horton take great pride and pleasure in assessing our customers’ individual needs and finding the right solution.”
Arvest is unique among most local lenders in that it services 99 percent of its mortgage loans, meaning that customers make their payments to Arvest and work directly with Arvest for any needs after their loan closes. Arvest currently services more than 336,000 mortgage loans, totaling more than $65 billion.