Quantcast

Arvest Bank Has Best Purchase Money Mortgage Year Yet: Strong 20 - KOAM TV 7

Arvest Bank Has Best Purchase Money Mortgage Year Yet: Strong 2013 numbers means growth for local economies

Updated:

NEWS RELEASE FROM ARVEST BANK

Arvest Bank Has Best Purchase Money Mortgage Year Yet

Strong 2013 numbers means growth for local economies

JOPLIN, Missouri, (April 25, 2014)— Arvest Mortgage Company (AMC) has seen strong purchase money mortgage activity over the past two years. In 2012, Arvest originated $818 million in purchase money loans, and in 2013 that number grew to $934 million.

Purchase money loans accounted for 43 percent of all mortgage loans in 2013, and for 33 percent in 2012. Simply put, a purchase money loan is a loan used to buy a home, rather than any type of loan that is taken out after you buy a home such as a home equity line of credit or a refinance mortgage. A borrower can obtain a purchase money loan from a bank, a credit union or a private source of funds.

This increase in purchase money activity comes as refinance activity has slowed in recent years. The Mortgage Bankers Association (MBA) has projected a continued decrease in the percentage of refinance mortgages originations this year. The MBA is projecting that refinance mortgage originations will fall from 62 percent in 2013, to just 36 percent in 2014. 1

“We saw a strong growth in purchase money mortgages in 2013, and are anticipating continued growth in 2014 as refinance loans continue to decrease in 2014,” said Steven Plaisance, president and chief operating officer of Arvest Mortgage Company. “The continued increase in purchase money transactions is a positive sign and we know that homebuyers are looking for local lenders who can be with them through every step of the mortgage process. That personal level of service is always our top priority.”

“I am excited that purchase money activity looks like it will continue to grow this year. That means growth for local housing markets and the local economies of the communities we serve,” Plaisance continued. “This shift from refinance loans to purchase money means that there are still plenty of opportunities for both new home buyers and those who wish to refinance their current mortgage. Rates are still historically a bargain, and buyers can use that to their advantage.”

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 deal with Arvest for any needs after their loan closes. Arvest’s mortgage servicing portfolio had a strong 2013, servicing more than 66,000 loans. The total value of loans serviced in 2013 was more than $ 7.7 billion.

Plaisance continued, “The continued presence of low interest rates in 2013 resulted in positive growth for mortgage loan origination. We expect to continue to see the positive effects of that this year with more growth in purchase money originations, and look forward to helping Arvest Mortgage customers throughout 2014.”

# # #

  • NewsMore>>

  • Humboldt Police Chief Fired

    Humboldt Police Chief Fired

    Thursday, August 16 2018 10:05 PM EDT2018-08-17 02:05:27 GMT

    The city of Humboldt, Kansas  is searching for a new police chief after firing its current one.

    More >>

    The city of Humboldt, Kansas  is searching for a new police chief after firing its current one.

    More >>
  • Galena Aims to Repeat as CNC Champion

    Galena Aims to Repeat as CNC Champion

    Thursday, August 16 2018 6:58 PM EDT2018-08-16 22:58:41 GMT

    The Bulldogs finished last season 11-1 overall, winning the CNC title and making the state quarterfinals.

    More >>

    The Bulldogs finished last season 11-1 overall, winning the CNC title and making the state quarterfinals.

    More >>
  • Missing Person: Joplin Police Ask for Public's Help

    Missing Person: Joplin Police Ask for Public's Help

    Thursday, August 16 2018 2:08 PM EDT2018-08-16 18:08:25 GMT
    Missing: Sarah Burton of Joplin, MOMissing: Sarah Burton of Joplin, MO
    Missing: Sarah Burton of Joplin, MOMissing: Sarah Burton of Joplin, MO
    The Joplin Police Department asks for the public's help in finding 28-year-old Sarah E. Burton of Joplin. She was last seen walking in the area of 10th and Rex on July 16th, 2018 and reported missing to JPD on July 20th, 2018. Burton is described as 5"07, 160 pounds, brown hair and blue eyes. Detectives have interviewed several people and followed up on leads in Joplin, Jasper County, Newton County, Oklahoma and Kansas in this case. Authorities say there are no known v...More >>
    The Joplin Police Department asks for the public's help in finding 28-year-old Sarah E. Burton of Joplin. She was last seen walking in the area of 10th and Rex on July 16th, 2018 and reported missing to JPD on July 20th, 2018. Burton is described as 5"07, 160 pounds, brown hair and blue eyes. Detectives have interviewed several people and followed up on leads in Joplin, Jasper County, Newton County, Oklahoma and Kansas in this case. Authorities say there are no known v...More >>
Powered by Frankly

KOAM - Licensed to Pittsburg, Kansas
Send tips, ideas and press releases to: tips@koamtv.com
Send newsroom questions or comments to: comments@koamtv.com
Phone: (417) 624-0233 or (620) 231-0400
Web comments or questions: webmaster@koamtv.com
Newsroom Fax: (417) 624-3158

Powered by Frankly, Inc. All content © Copyright 2000 - 2018 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.