LOWELL — For the first time ever, Arvest Mortgage Company has reached the $2 billion mark in new mortgage loans that the bank has originated.
According to a press release issued Tuesday (Oct. 16), this indicates growing strength in the housing market, a robust refinancing environment and an improving purchase-money market.
“The industry continues to make corrections to ensure that there will be access to the long-term, fixed-rate mortgage money that mortgage companies have depended on for so many years,” according to the press release.
Steven Plaisance, president and chief operating officer at Arvest Mortgage Company, said that the low rates are helping Arvest achieve their mission.
“At Arvest, our mission statement is ‘People helping people find financial solutions for life,’ and right now the record low rates are providing thousands of families in our communities an opportunity to improve their current mortgage rate, shorten their term, or buy their first home or next home,” he said. “We are customer-focused and, by having over 150 mortgage lenders and a dedicated operations team situated throughout our footprint, we are there for our customers each day.”
Plaisance continued, “This milestone is exciting, and we look forward to working with all of our customers for years to come. At Arvest, we pride ourselves on being able to provide customers with service after the sale because we retain servicing on 99 percent of the loans we make. That means we maintain that close customer relationship after the loan closes, which allows us to help that customer again on a refinance or another home purchase.”
This has been a banner year for Arvest as it celebrated reaching the $1 billion mark in new mortgage loans earlier than ever before. The milestone was reached in June 2012, the earliest that it has been reached in 10 consecutive years.