Arvest Mortgage Co., Lowell, Ark., has originated $1 billion in mortgages for the seventh consecutive year. But this year, instead of reaching that mark in mid-to-late December, it accomplished this goal in the first six months of 2009. This also means the company has now surpassed its total volume for 2008. Refinancings accounted for 75% of the six-month total, but in the last few months, there has been a shift in applications to 60%/40% in favor of purchases. Helping the shift from refis to new mortgage loan applications, explained Arvest Mortgage senior vice president Todd White, is that the first-time homebuyer tax credit is stimulating consumer interested.
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