Fayetteville-licensed Arvest Bank, the second-largest bank in the state, has completed a legal merger of its wholly-owned subsidiaries.
In October, mortgage servicer Arvest Central Mortgage Co. (CMC) began operating under the parent company. CMC was founded by him in 1997 and was acquired by Arvest in 2000 through the acquisition of Central Bank and Trust (Little Rock).
The consolidation of banks under the Arvest brand has led to changes in the mortgage servicing system. As of November 1, Arvest completed its transition from its third-party service system, Servicing Director, to the analytics and software company Black Knight Inc.’s Mortgage Services Platform (MSP). Rodney Bechdoldt, executive director of mortgage loan services for the bank and his CMC, said the transition will affect about 200,000 customer accounts.
Arvest mortgage account holders will also notice an improved online experience. New online access portal Extended customer service hours.
Matt Kendall is the president and CEO of the bank’s mortgage division/CMC and will continue to serve as the company’s chief mortgage officer.
“We did this for efficiency and customer service,” he said.
He said there were no job cuts or layoffs related to the restructuring. He also said it shouldn’t be seen as a reaction to a downturn in the mortgage market due to rising inflation and interest rates.
“Our involvement with Black Knight began about three years ago. [transferring] Not only are we moving to a new service system, but we are also merging two separate companies into one. This has nothing to do with the mortgage market. ”
Arvest is the state’s second-largest bank, with assets of $26.5 billion as of June 30, according to the FDIC. Only Simmons Bank ($27.1 billion) chartered by Pine Bluff has more assets.
Arvest hits 3rd consecutive year of record mortgage transaction volume in 2021. Bank mortgages totaled him over $4.77 billion and in 2020 he topped $4.68 billion. His 2019 mortgage total for the bank was $2.8 billion.