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Arvest Bank’s mortgage volumes grow

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The Springfield market contributed to a nearly 40% increase in mortgage loan volume reported by Arkansas-based Arvest Bank.

In 2019, mortgages climbed 39.3% to $2.8 billion companywide, a new record for the company, according to a news release. At more than $121 million, Springfield market mortgages accounted for over 4% of the total.

“While many benefited from the low rates to refinance, we were also excited to assist a record number of families purchase homes,” said Steven Plaisance, president and CEO of Arvest Bank’s mortgage division, in the release.

Of the companywide total, nearly $1.5 billion were purchase-money loans used to buy a home, and roughly $1.3 billion were refinance loans.

Arvest Bank previously reported the Springfield market originated $92.7 million in mortgage loans during 2018. That makes the 2019 figure an increase of around 14%.

In the Springfield market, Arvest Bank recently announced the appointment of Kyle Hubbard, a 17-year veteran of the company, as the local president. He succeeds Brad Crain, who was promoted to Arvest’s president and CEO in Benton County, Arkansas.

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