VIP Mortgage Reports Strong New Originations

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VIP Mortgage Corporation, based in Danvers, Massachusetts, reported that loan activity in July was strong. New originations for July were up 21% from June. 56% of all loans were purchase transactions while 44% were refinances of current mortgages.

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VIP Mortgage Corporation announced that July 2007 was the best July since 2003 for new business and was an increase of 21% from June. Reports showed 56% of the loans originated in July were purchase transactions of residential homes while the remaining 44% were refinances of current mortgages.

"With the market changing it is great to see that our Loan Officers are staying focused and our ability to get referral business is really working," said President & CEO Greg Deschenes. The majority of VIP Mortgage's business came from eastern Massachusetts and southern New Hampshire where VIP is both a mortgage lender and broker. The average transaction for July totalled over $258,000 per loan. "Our sales strategy that we have implemented has taken hold and we look forward to increases in production as our referral business grows," said Deschenes.

VIP Mortgage Corporation is based in Danvers, MA and has branch offices throughout New England. With a large sales, processing and underwriting staff VIP Mortgage has become a lending leader in the northeast. They have been doing residential mortgage loans since 1999.

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Greg Deschenes
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