Scott Veerkamp: The Truth Is In His Fees (Yield Spread Premium and Junk Fees)

Here is additional information regarding Predatory Lending, excessive fees, and junk fees...

In a previous post, I made reference to "junk fees" on the mortgage documents. After reviewing these documents, it is obvious Scott Veerkamp felt comfortable charging junk fees to the public.

Here are some examples: 1. $960 application fee 2. $500 processing fee 3. $250 document preparation fee 4. $35 electronic filing fee 5. $50 courier fee

I can assure you, the following statements are true: (a) Junk fees do not "protect and promote the interest of the client." (b) These fees do not "keep the interest of the client above all else." (c) In reality, Scott was "making up" junk fees to "protect the interest of his bank account."

Please review this article from CNN Money regarding junk fees...

http://money.cnn.com/2006/02/13/real_estate/closingcosts2_money_0603/index.htm

You can review Scott Veerkamp's mortgage documents here:

http://narrealtorbaitandswitchblog.blogspot.com/2011/12/mortgage-documents-1-and-2.html

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.

Please review this article from CNN Money regarding application fees...

http://money.cnn.com/2007/07/24/real_estate/salesman_factor.moneymag/index.htm

Here is documentation of false advertising by Scott Veerkamp:

http://narrealtorbaitandswitchblog.blogspot.com/2011/02/scott-veerkamp-false-advertising.html

As I mentioned earlier, Scott has chosen an interesting title for his response: "The Truth Will Set You Free." I believe the following title would be more appropriate: "The Truth Is In His Fees." (Yield Spread Premium and Junk Fees)

Here is a copy of Scott Veerkamp's response. As you will see, he has no documentation to support his statements. Scott has no evidence to present because his response is loaded with lies...

http://narrealtorbaitandswitchblog.blogspot.com/2012/06/here-is-copy-of-response-from-scott.html

Do you think REMAX discontinued Scott's franchise agreement because they got tired of reviewing complaints against him? I feel certain REMAX was embarrassed by the number of complaints filed against him for false advertising and loan steering.

NAR: How to Avoid Predatory Lending

http://narrealtorbaitandswitchblog.blogspot.com/2013/01/nar-how-to-avoid-predatory-lending.html

The Center for Responsible Lending: Seven Signs of Predatory Lending

http://narrealtorbaitandswitchblog.blogspot.com/2013/01/the-center-for-responsible-lending.html