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Wednesday, December 14, 2011

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.
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    Scott Veerkamp is a Predatory Broker. Scott used YSP to receive kickbacks on predatory loans.

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