Arvest Bank’s mortgage division originated record volume in 2020, the second consecutive year that the division has set a new mark, the bank announced Thursday.
Arvest’s total 2020 mortgage loan volume of more than $4.6 billion represents an increase of more than 67% year over year compared to 2019, when it set a then-record of $2.8 billion, according to the news release. Additionally, 2020 marked the fifth time – and the third consecutive year – that the division has topped $2 billion in mortgage loan production.
“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,” division President and CEO Steven Plaisance said. “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% of our loans were purchase-money transactions, and we cannot applaud our Realtor partners, appraisers, title companies, customers and all involved in the homebuying process enough 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.