CORRECTING and REPLACING WealthSpring Mortgage Announces Launch of New Rightfee Guaranteed Closing Cost System.Business Editors CORRECTION...by WealthSpring MINNEAPOLIS--(BUSINESS WIRE)--Dec. 2, 2003 In BW5770 issued Dec. 2, 2003: In the contact info, phone number should read: 763-450-7315 (sted 763-450-7531). The corrected release reads: WEALTHSPRING MORTGAGE ANNOUNCES LAUNCH OF NEW RIGHTFEE GUARANTEED CLOSING COST SYSTEM Michael Warner Michael Warner is a literary critic and social theorist. He is Senior Professor of English Literature and American Studies at Yale University in New Haven, Connecticut, see faculty. He also writes for Art Forum, The Nation, The Advocate, and The Village Voice. , president of WealthSpring Mortgage, announced today the launch of the company's new Rightfee(SM) guaranteed closing cost system. "Rightfee takes the worry and uncertainty out of fees at closing," said Warner. "With many companies the customer gets an initial closing cost quote only to find out that it is surprisingly higher at closing. To eliminate this unwanted surprise, Rightfee(SM) provides the customer with one set guaranteed closing fee, excluding variable prepaid costs such as taxes and insurance. It also combines a competitive interest rate guarantee for the loan." HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. (the U.S. Department of Housing and Urban Development) is in the process of passing legislation requiring companies to offer a GFE GFEabbr. government-furnished equipment (Good Faith Estimate) to allow consumers to be able to understand and better compare closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, . The GFE as outlined by HUD would include a GMPA GMPA General Materiel and Petroleum Activity GMPA Groupement Militaire de Prévoyance des Armées (France) GMPA General Material and Petroleum Activity (less common) (Guaranteed Mortgage Package Agreement), after which Rightfee(SM) is modeled. If such legislation is passed, companies like WealthSpring Mortgage will have already gotten a head start offering consumers set closing costs. Warner said, "Our clients don't want surprises. It is the right thing to do for the customer." WealthSpring Mortgage has grown rapidly since its inception in Arden Hills, Minnesota Arden Hills is a city in Ramsey County, Minnesota, United States. The population was 9,652 at the 2000 census. Bethel University and Seminary is located in the city of Arden Hills. Also, the campus of Northwestern College is partially in Arden Hills. in 1997. Since then, it has expanded to include four offices, including its new headquarters in Golden Valley, Minnesota Golden Valley is a city in Hennepin County, Minnesota, United States. It is a suburb bounded on the east by Minneapolis, and is the locus of the corporate headquarters of General Mills. Golden Valley is also the home of the Perpich Center for Arts Education and Breck School. . The company has always been willing to do things from which many mortgage companies have shied away. One way it garnered success early on was by assisting homeowners with credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. and by working with lenders to creatively put together financing for more difficult to serve clients. "What we do is enable the client to get better financing than before. Instead of trying to fit the client to a loan, we try hard to fit a loan to the client," said Michael McVay, founder, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and sole owner. Programs such as Rightfee(SM) will truly enable consumers to compare closing costs and better understand the mortgage process. "WealthSpring Mortgage is rolling out Rightfee(SM) for reasons other than that it might be legally required in the future. It truly benefits our clients. We are pleased to offer consumers this easy to understand, competitive, guaranteed option for closing costs," said Warner. About WealthSpring Mortgage The company is comprised of a wholesale mortgage lending division named Avizen Lending Solutions, as well as the retail mortgage broker division, WealthSpring Mortgage. Avizen Lending Solutions and WealthSpring Mortgage are also affiliated with ClearRock Title. Headquartered in Golden Valley, MN, the company also has offices in Arden Hills, Eden Prairie, and Woodbury. It serves clients in over 15 states. Michael McVay, founder, currently employs over 450 people. More information about Rightfee(SM) can be found at www.wealthspringmortgage.com. |
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