You can review the dollar amount of each Junk Fee on your settlement
statement. Junk Fees will be listed as follows: Application fees,
processing fees, document preparation fees, etc. Yield Spread Premium
will be listed as P.O.C. or "paid outside of closing."
Clearly, these fees do not "protect the interest of the client."
Unfortunatelty, Scott Veerkamp collected large sums of money by
"steering" people into high cost loans with with YSP and Junk Fees.
Please take a moment to review two examples of Predatory Lending and
Loan Steering:
Loan 1: (Property value $150,000) A. $4,799 yield spread premium B.
$500 processing fee C. $250 document preparation fee D. $50 courier
fee E. $35 electronic filing fee F. $425 administration fee (lender
fee)
Loan 2: (Property value $120,000) A. $1,440 yield spread premium B.
$960 application fee C. $1,920 in "discount points" (paid to Scott
Veerkamp) D. $409 administration fee (lender fee) E. $150
underwriting fee (lender fee)
statement. Junk Fees will be listed as follows: Application fees,
processing fees, document preparation fees, etc. Yield Spread Premium
will be listed as P.O.C. or "paid outside of closing."
Clearly, these fees do not "protect the interest of the client."
Unfortunatelty, Scott Veerkamp collected large sums of money by
"steering" people into high cost loans with with YSP and Junk Fees.
Please take a moment to review two examples of Predatory Lending and
Loan Steering:
Loan 1: (Property value $150,000) A. $4,799 yield spread premium B.
$500 processing fee C. $250 document preparation fee D. $50 courier
fee E. $35 electronic filing fee F. $425 administration fee (lender
fee)
Loan 2: (Property value $120,000) A. $1,440 yield spread premium B.
$960 application fee C. $1,920 in "discount points" (paid to Scott
Veerkamp) D. $409 administration fee (lender fee) E. $150
underwriting fee (lender fee)
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