Scott Veerkamp: Loan Steering / American Liberty Mortgage

Please take time to review the following mortgage documents from American Liberty Mortgage. I am still trying to understand how Scott Veerkamp "Served Others First" when he steered people into high cost loans...

Mortgage Documents PDF:
http://www.scribd.com/doc/124992449/mortgage-documents-1-and-2


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)

You can find Yield Spread Premium on the settlement statement in your mortgage documents. It will be listed as P.O.C. or paid "outside of closing." This shows the dollar amount of the kickback your broker received for inflating your interest rate.

http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf

http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf

Potential Class Action Lawsuit: Loan Steering / Yield Spread Premium

Letter from attorney PDF:
http://www.scribd.com/doc/125651087/YSP-Letter-Attorney

I do not qualify for legal action because my loan was initiated in 2004.  However, it is estimated that 60% of all mortgages across the nation contain Yield Spread Premium  (YSP). 

Please take time to review the letter (above) from a law firm in Indiana.  According to the letter, loans initiated within the last 3 years may qualify for legal action... 

You can find Yield Spread Premium on the settlement statement in your mortgage documents.  It will be listed as P.O.C. or paid "outside of closing."  This shows the dollar amount of the kickback your broker received for inflating your interest rate. 

http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf

http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf

Franklin Township bus fees: Scott Veerkamp conflict of interest...

Scott Veerkamp is the President of the Franklin Township School Board.  In addition, Scott is a member of the CIESC Advisory Council.  Clearly, this is a huge "conflict of interest" for three specific reasons... 

1. CIESC is collecting fees on (school buses) already paid for with Franklin Township tax dollars.  In other words, parents are being DOUBLE TAXED for their children's transportation to school. 

2. As many people know, Scott Veerkamp OWES MONEY in back taxes. 

3. Given this information, why are the residents of Franklin Township being DOUBLE TAXED by a School Board President that refuses to pay his own taxes?

Important video to review:

http://www.fox59.com/videobeta/?watchId=74ac22d9-a496-474a-a630-0c8c5159e6e7

Scott Veerkamp:  Unpaid taxes..

http://hadenoughindy.blogspot.com/2010/11/elected-officials-who-didnt-pay-their.html

Conflict of interest:

http://www.ftcsc.k12.in.us/board/

Sign petition:

http://www.noschoolbustax.com/

Scott Veerkamp preys on the public. Example: Kathy Hendricks

Please take time to review the information in this blog entitled:  "Fighting foreclosure fraud by sharing the knowledge." 

http://4closurefraud.org/2010/01/26/predatory-grizzly-bear-attacks-innocent-elderly-poor-minorities-disabled-disadvantaged-with-predatory-lending-scams-frauds/

Kathy Hendricks makes the following statement regarding Scott Veerkamp:  "I would like to hear more about Scott as I have a problem with him also." 

For obvious reasons, it is important for the public to know Scott collected large sums of money with "kickbacks" on Predatory Loans.  Therefore, I am informing consumers about his deceptive lending tactics in my blogs. 

http://libertymaven.com/2010/01/21/two-lame-duck-senators-quacking-against-ron-pauls-fed-audit-effort/8696/

myftef.org: Scott Veerkamp Owes Money

Re:  Scott Veerkamp / Franklin Township Education Foundation

Loan Steering.  The Center for Responsible Lending estimates that excessive interest rates cost families $2.9 billion each year.  CRL states:  "When a borrower loses a home to foreclosure, society pays the price in the drop in surrounding property values and LOST TAX REVENUES."

1. Here is the formula:  Yield Spread Premium and excessive interest rates = loss of tax revenues from mortgage defaults.  2. Clearly, this is one of the reasons for the lack of funding in our school systems.  3. I find it Ironic that Scott Veerkamp has not paid his taxes and FTCSC wants to sue the state over a "funding formula."  4. In other words, Scott wants taxpayers to pay for the lawsuit going in---and Scott feels no responsibility to pay his own taxes going out.  5. On a scale of 1-10 Scott Veerkamp's level of integrity is at ZERO.

Please note:  On November 5, 2010 Scott Veerkamp gave people the impression my complaints had "done nothing but strengthen his business."  If his business is strong, why does Scott owe $7,632 in back taxes?  In other words, Scott says his real estate business is STRONG going in---and Scott claims he can not afford to pay his taxes going out.  Does this "Bait and Switch" tactic sound familiar?

Please take time to review the articles below...

http://hadenoughindy.blogspot.com/2010/11/elected-officials-who-didnt-pay-their.html

http://jmb27.posterous.com/warning-letter-to-scott-veerkamp

http://www.wthr.com/story/12029420/growing-school-districts-suing-over-funding

REMAX: Response From NAR President Dick Gaylord

Please take time to review 8 exhibits (below)...

Here is my email and the response I received  from Dick Gaylord (NAR.)  As I said before, this is a mass scale "Bait and Switch" operation with REMAX and the National Association of Realtors.  

Jim,

    The process for ethics complaints works where there are complaints within the jurisdiction of the Association.

    As you mentioned to me you have taken your complaint to numerous entities and none will take it on.

    I am sorry I cannot help.  This matter falls under the jurisdiction of the local association and I have no authority to get involved.

    I wish you the best in your future real estate endeavors.  My personal advise:  don't let this consume you;  get on with your business and life.

    I am off to D.C. for NAR's midyear meetings.

         Dick Gaylord

 ----- Original Message -----

From: "jim bruggenschmidt"

Sent: 05/10/2008 07:31 AM AST

To: dick@dickgaylord.org

Subject: NAR Ethics Complaint

Attn:  Mr. Dick Gaylord / NAR President

I have contacted several different members of the Indiana Association

of Realtors (State Board.)  In addition, I have contacted a member of

the Board of Directors with MIBOR.  To date, I have not found anyone

willing to discuss my complaint with me.  As you know, NAR members say

they are dedicated to "protecting and promoting the interest of the

client."

I have not found this to be the case in Indiana.  Unfortunately, it

would appear that Scott Veerkamp continues to use "predatory lending"

tactics with his customers.  As you know from reading my letter, there

is a possibility that Scott has caused financial harm to over 1,000

clients in the last 5 years with the use of YSP.

I find this information to be disturbing...

Sincerely,

Jim Bruggenschmidt

Download atlanta_legal_aid.pdf

Download gaylord_fair_housing.pdf

Download gaylord_facing_foreclosure.pdf

Download Code_Of_Ethics.pdf

Download Public_Awareness_Campaign.pdf

Download gaylord_website.pdf


Download Seven_Signs_of_Predatory_Lendi.pdf

Download Predatory_Lending_Information.pdf

REMAX International: Bait and Switch examples

Please take time to review 6 exhibits (below)...

REMAX International uses the following statements as "Bait":

1. "When a situation such as this is brought to our attention, we want you to know that we care and do what we can to try and assist in resolving problems."

2. "Since receiving your letter, I have forwarded a copy of it to REMAX of Indiana and have requested they look into the matter."

3. "We at REMAX International, believe that the REMAX network of offices and sales associates is the finest real estate organization in the world."

4. "It is our sincere hope that this matter can be amicably resolved."

5. "It is our further hope that all involved will learn from this experience and will have improved relationships and communications in the future."

6. "Your willingness to communicate your concerns to us is not only appreciated, but is extremely important to our organization."

7. "We are committed to finding better ways to serve the public..."

8. "Our excellent reputation is the result of a commitment on the part of each REMAX affiliate to provide the finest in professional real estate services."

The examples below represent the "Switch" from REMAX Central...

A. Standard of Practice 1-3 Violation in the NAR Code of Ethics.  B. Documentation of Predatory Lending with Yield Spread Premium.  C. False advertising in Christian Phone Book.  D. Scott refuses to conduct an "open house."  E. Scott attempts to sell my property on a land contract with a "due on sale clause."  F. REMAX Central removes my property from the MLS without my permission.  G. $26,000 profit when Scott "flipped" his REMAX Central listing at my expense.   

Conclusion:  The REMAX organization ignored all of my attempts to contact them for assistance.  This includes my attempts to contact them after Scott removed my property from the MLS on June 25, 2005.  To my knowledge, REMAX did nothing to prevent Scott Veerkamp from preying on the public with Yield Spread Premium. 

Download remax_intl_letter_1.pdf

Download Letter_to_REMAX_International.pdf

Scott Veerkamp Inflates The Value Of The Eaton Court Property

Please take time to review 9 PDF exhibits (below)...

The following information was presented after I purchased the Eaton Court property in September of 2004:

1.  The Bill Worley appraisal. 

Here are the numbers for the price per square foot of each comparable:  A. $81.10  B. $96.40  C.  $86.61  (The average price of the comparables is $88 per square foot.)

2.  The square footage shown on the 8202 Eaton Court property is 1,450.  1,450 times $88 per square foot equals $127,600 in property value.

3.  Mysteriously, Bill Worley is showing the 8202 property as having a value of $140,000 on his appraisal dated June 14, 2005.

4.  Here are the numbers for the square footage of each comparable in the Bill Worley appraisal:  A. 1,714  B. 1,555  C. 1,732  (The average square footage of the comparables is 1,667.)

5.  Please compare 1,667 square feet to the square footage shown on the 8202 property in the Chad Barker appraisal.  The square footage shown for the 8202 property in the Chad Barker appraisal is 1,388. 

6.  As a comparison:  1,388 times $88 per square foot equals $122,144 in property value.  

7.  Clearly, the square footage in the Bill Worley appraisal shows evidence of a mysterious "growth spurt."  The square footage was inflated from 1,388 in the original appraisal to an average of 1,667 in the Worley appraisal. 

8.  I had to go to an independent real estate agent to get Comparative Market Analysis because the information Scott Veerkamp provided was FALSE.

9.  The Comparative Market Analysis showed properties were selling at an average of $82 per square foot in this neighborhood.

10.  The square footage shown for the 8202 Eaton Court property was 1,420.  1,420 times $82 per square foot equals $116,440 in property value.  

11.  Please pay close attention to the exhibit regarding the NAR Code of Ethics.  Standard of Practice 1-3 states the following:  "REALTORS in attempting to to secure a listing, shall not deliberately mislead the owner as to market value."

12.  Scott deliberately misled myself and Chris Moore on the value of the property.  After reviewing Comparative Market Analysis, Chris Moore's potential loss on the property would have been -($28,560) the day he signed the contract. 

13.  Obviously, Scott has a unique perspective on "protecting the interest of his clients" and following the "Golden Rule."

14.  I continue to ask Scott Veerkamp this question:  Are David Worley and Bill Worley related?  Scott refuses to answer this question.  David Worley has his name listed on the MLS sheet as a contact with the "Scott Veerkamp Team" for the 8211 Eaton Court property.  (Please see "Exhibit H" in Scott's response to MIBOR.)

Here is a quick summary of what happened with the Bill Worley appraisal... 

A. Scott Veerkamp inflated the value of the property to induce purchase in September of 2004.  

B. As discussed, Scott attempted to sell the property to Chris Moore for $145,000 on contract.   

C. Scott "painted himself into a corner" when I filed the complaint with MIBOR.  

D. He had no documentation to support the inflated price of $145,000 on May 10, 2005.   

E. Obviously, Scott knew the Comparative Market Analysis would not support the $145,000 price he quoted.  (CMA showed an estimated value of $116,440.)   

F. Therefore, he put himself in a position where he had to pay $300 to "create" a value for the property on June 14, 2005.  

G. This is the only way he could "cover himself" in his response to MIBOR.

1.  Bill Worley appraisal 2005:

Download Bill_Worley_Appraisal.pdf

2.  Chad Barker appraisal 2004:

Download Chad_Barker_Appraisal.pdf

3.  CMA:  $82 per square foot.

Download Comparative_Market_Analysis.pdf

4.  1-3 Ethics Violation (bottom of page)

Download Code_Of_Ethics.pdf

5.  Are David and Bill Worley related?

Download David_Worley_MLS_Sheet.pdf

6.  Chris Moore: 145k land contract.

Download Land_Contract_Information.pdf

7.  Land contract presented in May of 2005:

Download Land_Contract_May_2005.pdf

8.  Rejection letter from GMAC:

Download GMAC_Letter.pdf

9.  Scott pays $300 to get his number:

https://www.scribd.com/doc/291401587/Appraisal-Invoice

 

Scott Veerkamp: False Advertising

Please take time to review 2 exhibits (below)...

In doing some research on the Code of Ethics, I found the following
information listed on the RE/MAX International website: "The REALTOR
you hire adheres to a strict Code of Ethics and professionalism while
protecting ownership of property." "In the U.S., all of our agents
are members of their local REALTOR board and uphold the associated
strict Code of Ethics."

Please be advised that I am providing evidence of "Bait and Switch"
advertising on behalf of Scott Veerkamp and his organization. Scott
and his company ran the following advertisement in Christian Phone
Book: "We will do our very best to help you get the lowest interest
rates possible at the lowest possible price."
Upon review, you will see two examples of "Bait and Switch"
advertising in this message. Please take time to review the following
examples...

Example #1: A $4,799 Yield Spread Premium does NOT represent "the
lowest possible interest rate." Again, I refer you to the Center for
Responsible Lending and their definition of Yield Spread Premium: "A
YSP is a cash bonus that a broker receives from a lender for placing
borrowers in a loan with a HIGHER interest rate than the lender would
accept. The higher the interest rate, the higher the premium received
by the broker." "The effect of YSP is to steal equity from struggling
families."

Example #2: A $960 application fee does NOT represent the "lowest
possible price." As discussed earlier, the National Association of
Mortgage Brokers says it is not necessary to pay an application fee.
Therefore, "the lowest possible price" for an application fee is ZERO.
With regard to advertising, the Better Business Bureau defines "Bait
and Switch" in the following manner: "A "bait" offer is an alluring
but insincere offer to sell a product or service which the advertiser
does not intend to sell. Its purpose is to SWITCH consumers from
buying the advertised merchandise or service, in order to sell
something else, usually at a HIGHER price or on a basis more
advantageous to the advertiser."

After reading this description, it is evident Scott Veerkamp meets all
of the requirements for "Bait and Switch" advertising. Here are 4 key
points to review: 1. Obviously, Scott was not sincere about offering
"the lowest possible interest rate" or "the lowest possible price" to
his clients. 2. He simply used these statements as "bait." 3. In the
next step, Scott "switches" his clients to Yield Spread Premium and
junk fees. 4. Clearly, these HIGHER fees are more advantageous to the
advertiser.

In doing some additional research on the Code of Ethics, I found the
following information listed on the Metropolitan Indianapolis Board of
Realtors website: 1. "REALTORS shall be careful at all times to
present a true picture in their advertising and their representations
to the public." 2. "The Code of Ethics is a promise to the public
that when dealing with a real estate agent who is a REALTOR, they can
expect honest and ethical treatment in all transaction- related
matters." 3. "Only REALTORS pledge to abide by the Code of Ethics,
and only REALTORS are held accountable for their ethical behavior."

Previously, Scott Veerkamp deliberately misled the public when he
presented the following statement on one of his websites: "As a
Christian business owner, it truly is the desire of my heart to not be
a "Superstar," but rather a "Super Servant" with the hope of achieving
excellence by keeping the interest of my clients above all else."

Please note: Yield Spread Premium and Junk Fees represent the extreme
opposite of the statement listed above. In fact, Predatory Lending
puts the public at risk for serious financial harm. Unfortunately,
this is the same public Scott Veerkamp claims to be "Serving."

Download False_Advertising.pdf

Download Christian_Phone_Book_Ad.pdf

Scott Veerkamp and Jonathan D. Nicholas on Plaxo

Plaese take time to review 3 exhibits (below)...

Scott Veerkamp listed Jonathan D. Nicholas as a "connection" on Plaxo.  Perhaps this is one of the reasons why Jonathan refused to meet with me and discuss the Predatory Lending tactics at REMAX Central.  Nonetheless, I find it strange that Jonathan would recognize Scott with a specific award when he knew Scott was preying on the public.

With regard to Predatory Lending, I discovered an article from NAR entitled:  "Realtors seek to protect home buyers from Predatory Lending and educate them on mortgage products."  The article contains the following statement:  "A brochure, How to Avoid Predatory Lending, produced jointly by NAR and the Center for Responsible Lending identifies the warning signs of Predatory Loans." 

I wish someone from NAR would teach Scott Veerkamp how to "identify the warning signs of Predatory Loans."  Clearly, Scott needs extensive training on this topic.

As you know, the Center for Responsible Lending has a significant amount of documentation on the common abuses of Predatory Lending.  Please review this information regarding Yield Spread Premium and Loan Steering...

Download Jonathan_D._Nicholas_on_Plaxo.pdf

 

Download Seven_Signs_of_Predatory_Lendi.pdf

Download Predatory_Lending_Information.pdf
 

Scott Veerkamp / ALM Group: Documentation Of Mortgage License Revoked By The Indiana Secretary Of State Securities Division...

The Indiana Secretary Of State Securities Division revoked the license of American Liberty Mortgage Group in 2008.  American Liberty Mortgage was located in the REMAX Central office owned by Scott Veerkamp. 

Please take time to review 2 exhibits below...

Download Revoked_Loan_Brokers.pdf


Download American_Liberty_Mortgage.pdf

Documentation Of Letters Sent To REMAX Of Indiana And REMAX International...

Please take time to review 4 exhibits (below)...

I had a phone conversation with David Bickell regarding Scott Veerkamp.  David told me I should contact Jonathan D. Nicholas at REMAX of Indiana to review my complaint.

I filed several written complaints with REMAX of Indiana and REMAX International.  In fact, I stopped at the REMAX regional office on three separate occasions to speak with Janie Monroe about my situation.

I told her I wanted to schedule a meeting with Jonathan D. Nicholas to discuss my complaint against Scott Veerkamp.  My complaint included documentation of Loan Steering and Predatory Lending with REMAX Central.  Nonetheless, Jonathan refused to meet with me and discuss my experience with the "REMAX Central Sting Operation."

To my knowledge, REMAX did nothing to prevent Scott Veerkamp from preying on the unsuspecting public.  Instead, REMAX decided to honor Scott with a "Lifetime Achievement Award" for his effort in misrepresenting the public...

Download Jonathan_D._Nicholas_on_Plaxo.pdf

Download Letter_to_Jonathan_D._Nicholas.pdf

Download Email_to_Jonathan_D._Nicholas.pdf

Download Letter_to_REMAX_International.pdf

REMAX: Pam Aguirre Refuses The Delivery Of My Complaint Against Scott Veerkamp...

Please take time to review 2 exhibits (below)...

Pam Aguirre is a member of the Metropolitan Indianapolis Board of
Realtors. I mailed a complaint to Pam regarding Scott Veerkamp's
Predatory Lending tactics. The complaint included documentation of
Loan Steering with YSP and Junk Fees. (She refused the delivery of my
complaint.)

This response provides additional evidence that REMAX and the National
Association of Realtors are participating in a "pattern of deception"
with the public. As I mentioned earlier, MIBOR states the following:

1. "REALTORS shall be careful at all times to present a true picture
in their advertising and their representations to the public." 2. "The Code of Ethics is a  promise to the public that when dealing with
a real estate agent who is a REALTOR, they can expect honest and
ethical treatment in all transaction- related matters." 3. "Only
REALTORS pledge to abide by the Code of Ethics, and only REALTORS are
held accountable for their ethical behavior." 

Pam Aguirre had the following statement on her website dated May 1, 2008:  "Pam is a member of the Metropolitan Indianapolis Board of Realtors (MIBOR) where she helps protect the interest of homeowners and increase professionalism in the industry by serving on the board of directors." 

In addition, this statement was included on her website in 2008:  "Pam communicates openly at all times and not only answers questions but supplies additional information whenever possible."

As a member of MIBOR, Pam did absolutely nothing to protect my interest.  She refused to review my complaint against REMAX Central. 

Unfortunately, the REMAX organization consistently uses Bait and Switch tactics to deceive the public.  Here are some examples...

1. Pam "communicates openly at all times" going in---and Pam refuses to discuss my documentation on Loan Steering going out.  2. Pam "helps protect the interest of homeowners" going in---and Pam refuses the delivery of my complaint against REMAX Central going out. 

In my opinion,  Pam should spend less time shopping and more time investigating complaints about Loan Steering and Predatory Lending with REMAX realtors.  This would be a legitimate way for her to "help protect the interest of homeowners."  

Here are some examples of Scott Veerkamp's deception with Predatory Lending tactics... 

"You can trust our Realtors to always keep your interest first and foremost:

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) 

Download Website_Information.pdf

Download Refusing_Delivery.pdf

The Center For Responsible Lending:

http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf

CRL and Equity Theft:
http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf

Jeff Merkley and Yield Spread Premium:

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

Scott Veerkamp Refuses To Conduct An Open House

Download Exhibit_NN.pdf

Scott Veerkamp was living in a home located "one block down the street" from the property he listed with REMAX Central.  Nonetheless, Scott refused to conduct an open house on the property located at 8202 Eaton Court.

Apparently, Scott felt $26,000 was not enough money to justify driving (one block) to conduct an open house.  Therefore, REMAX Central consistently refused to show the property.  This information represents another Bait and Switch tactic from Scott Veerkamp: "Doing His Very Best" to "Serve Others First." 

Please take time to review the "record of property shown" receipts in Scott's response to MIBOR.  The specific receipt I am referring to is in the upper right hand corner of Exhibit NN.  (Scott showed the property 1 time in 10 months to a legitimate buyer.)

As I mentioned earlier, REMAX decided to honor Scott with a Lifetime Achievement Award for his effort in showing my property 1 time in 10 months.  In return, Scott used the award to recognize himself with another advertisement in Christian Phone Book. 

David Bickell: Consumer Alert / REMAX

REMAX:  David Bickell was the President of the Indianapolis Metropolitan Board
of Realtors in 2008. 

According to MIBOR: 1. "REALTORS shall be
careful at all times to present a true picture in their advertising
and their representations to the public." 2. "The Code of Ethics is a
promise to the public that when dealing with a real estate agent who
is a REALTOR, they can expect honest and ethical treatment in all
transaction- related matters." 3. "Only REALTORS pledge to abide by
the Code of Ethics, and only REALTORS are held accountable for their
ethical behavior."

As the President of MIBOR, David Bickell did absolutely nothing to protect my interest.  He watched Scott Veerkamp's sting operation collect $26,000 at my expense.  Unfortunately, the REMAX organization consistently uses "Bait and Switch" tactics to deceive the public.  Here is an example...

Scott Veerkamp (NAR):  "You can trust our Realtors to always keep your interest first and foremost."

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) 

Scott Veerkamp: The Land Contract Scam...

Please take time to review "Exhibit H" and the letter from GMAC Mortgage (below)

 

1. The letter from Chris Moore (Exhibit H) was included in Scott Veerkamp's response to MIBOR.  2.  This letter confirms Scott's intention to sell the property on contract. 

GMAC Mortgage provided the following response:

"This mortgage is neither assumable nor transferable under any terms or conditions.  Upon any sale or transfer of this loan, we would require payment in full of this mortgage."   

Clearly, Scott Veerkamp was attempting serious financial harm with his "land contract scam."  Unfortunately, this scenario is common for Scott.  He is constantly manipulating and misrepresenting information to the public.

Please note: 

REMAX of Indiana presented Scott Veerkamp with a "Lifetime Achievement Award" for his effort in using YSP and implementing the land contract scam.

Download Land_Contract_Information.pdf

Download GMAC_Letter.pdf

Scott Veerkamp: REMAX...YSP Scam

Regarding disclosure of Yield Spread Premium, would this be a typical
conversation between a REMAX Realtor and a client?

REMAX Realtor:  I can get you a loan at 4.5%, or I can get you a loan
at 5%. I will receive a kickback on the 5% loan for increasing your
interest rate. Which loan do you prefer?

Client: Please give me the 5% loan so you can receive a kickback on
my mortgage. In addition, I want to pay thousands of extra dollars
over the life of my loan so you can deposit the kickback in your bank
account.

REMAX Realtor: Thank you for understanding and appreciating the
benefits of YSP.

Client: You are welcome. As you know, there is a high probability
that REMAX will honor you with a "Lifetime Achievement Award" for your
effort in assisting me with Yield Spread Premium.

REMAX Realtor: You are correct. REMAX requires us to follow a strict
Code of Ethics in the representation of our clients. In fact, we are
required to follow the "Golden Rule" at all times. This is the reason
we are presented with "Lifetime Achievement Awards" each year.

Client: Congratulations on your accomplishments. However, I have one
final question: Should I use Countrywide Home Loans or Wells Fargo to
provide the funding for my predatory loan? I noticed these companies
were listed as "Platinum Sponsors" with members of the National
Association of Realtors.

I think you get the picture... In my opinion, I believe it is more
appropriate to use the word "disguised" when referencing YSP. This is
more realistic than using the word "disclosed."

Why would anyone agree to a higher interest rate if they understood
the financial impact it was having on their mortgage? For obvious
reasons, this is why Senator Merkley refers to Yield Spread Premium as
a "secret bonus payment" and a scam.

Please note: The Center for Responsible Lending and the National
Association of Realtors produced a brochure entitled: "How to Avoid
Predatory Lending." The brochure refers to Yield Spread Premium as
Predatory Lending.

As I mentioned earlier, MIBOR says "Realtors are held accountable for
their ethical behavior." Who is holding REMAX and the National
Association of Realtors accountable for deliberately misleading the
public?

Please take time to review the following articles...

Loan Steering Lawsuit:
http://www.huffingtonpost.com/2010/06/30/countrywide-lawsuit-racia_n_630661.html

Subprime Loan Steering:
http://industry.bnet.com/financial-services/10003019/ex-wells-fargo-loan-officer-details-shady-practices/?tag=talkback;tb-content

Loan Steering Lawsuit:
http://www.dailyfinance.com/story/real-estate/wells-fargo-subprime-mortgage-exit/19548625/

REALTORS and Yield Spread Premium:
http://www.realtyresourcesil.com/Seven-Signs-of-Predatory-Lending.asp

National Association of Realtors and Predatory Lending:
http://www.realtor.org/home_buyers_and_sellers/how_to_avoid_predatory_lending

Center for Responsible Lending:
http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf

Center for Responsible Lending:
http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf

Senator Jeff Merkley and Yield Spread Premium:
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

NAR Code of Ethics:
http://www.realtor.org/mempolweb.nsf/pages/code

Scott Veerkamp (NAR):  "You can trust our Realtors to always keep your interest first and foremost."

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)