Arvest Bank Wrote Fewer Mortgages in 2008
Last updated Friday, January 9, 2009 7:32 PM CST in Business
By THE MORNING NEWS
Arvest Bank reports its mortgage lending division originated $1.04 billion in new mortgage loans in 2008, down 7.09 percent from the previous year.
Despite the slide, Arvest's mortgage statistics are significantly better than national predictions of a 20 percent drop as forecast by the National Mortgage Bankers Association, the release said.
In terms of loan volume, the bank originated 7,328 loans compared with 8,073 in 2007, down 9.2 percent, the bank said.
"It is gratifying for us to be able to maintain this volume and again exceed the $1 billion mark in loans originated," said Todd White, Arvest Mortgage senior vice president. "We helped over 7,000 families buy homes in 2008."
This marks the sixth consecutive year the bank has exceed $1 billion in new mortgages, according to the release.
Unlike other banks in the region who makes mortgage loans, Arvest also acts a loan servicing agent. Arvest reports its mortgage servicing increased by 8.8 percent in the value of home loans, from $4.5 billion in 2007 to $4.9 billion a year later.
White said Arvest retains the servicing of 99 percent of the loans its makes in order to maintain those relationships with its customers.
Arvest Bank operates more than 200 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed community banks, each with its own board of directors and management team.
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