From staff reports
Arvest Mortgage Co. has reported results of its mortgage lending activity for the first quarter of 2013.
In a 13.8 percent increase from last year, the company originated more than $624 million in new mortgage loans for both purchases and refinancing. That compares to $548 million in the first quarter of 2012.
Overall, the market is seeing an uptick, with the Mortgage Bankers Association estimating first-quarter 2013 new mortgage originations at $482 billion, an increase nationally of 29 percent over first-quarter 2012.
“We see this year-over-year increase as a positive sign and recognize that homebuyers are looking for local lenders who will focus on customer service after the loan is originated,” Todd White, Arvest Mortgage senior vice president, said in a statement. “Low interest rates have enabled many homeowners to refinance their mortgages at near record low rates and encouraged others to purchase homes. We made more home loans than we ever have before in 2012, and we are excited to be carrying that momentum into this year.”
Arvest also experienced a higher mix of purchase loans (34 percent) to refinances (66 percent) compared to national projections, where refinances are expected to be 74 percent of total applications.