(Lowell, AR) – Arvest Mortgage Company has reported a 13.8% increase in its mortgage lending activity for the first quarter of 2013.
The company originated more than $624 million in new mortgage loans for both purchases and refinancing. In 2012’s first quarter, they originated $548 million. Overall the market is seeing an uptick, with the Mortgage Bankers Association forecasted first quarter 2013 new mortgage originations at $482 billion, an increase nationally of 29% over first quarter 2012.
This first quarter growth follows a record-breaking 2012 for Arvest Mortgage Company. In 2012, the bank originated more than 17,000 mortgage loans totaling $2.56 billion compared to $1.58 billion in 2011, a 62% increase.
Arvest also experienced a 34% increase in purchase loans and a 66% increase in refinances compared to national projections.