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

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: 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) 

myftef.org: Scott Veerkamp Ripoff Alert

Please review this article in the Southside Times regarding Predatory
Lending and Yield Spread Premium...

http://www.ss-times.com/2009/02/05/buyer-beware-is-your-realtor-adhering-to-the-nar-code-of-ethics/

Scott Veerkamp: Deceptive Advertising

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."

Countrywide Home Loans, NAR, and Predatory Lending

The Indiana Attorney General sued Countrywide Home Loans for deception and Predatory Lending in 2008.  Therefore, you may find it strange that Indiana NAR members recognized Countrywide as a "Platinum Sponsor" in 2009.

Please review this article about Countrywide Home Loans...

http://www.wthr.com/story/8892040/state-sues-countrywide-over-lending-practices?redirected=true

Obviously, this information makes it difficult for NAR to say Countrywide Home Loans "protects and promotes the interest of their clients."  As you can see, NAR consistently uses the Code of Ethics to mislead the public.

www.ftcsc: Scott Veerkamp / Predatory Broker

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices.  Senator Merkley makes the following statement in his letter to the President:

"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages.  These secret bonus payments, often called yield spread premiums, turned home mortgages into a SCAM."

In addition, Senator Merkley references an article in the New York Times entitled "Predatory Brokers."  The article makes two important statements regarding predatory lending:  1. "The first step must be to outlaw the kickbacks that lenders pay brokers for steering clients into costlier loans."  2.  "The most clearly unethical form of payment is the so-called yield spread premium." 

NAR members are supposed to help their clients avoid predatory lending tactics.  The code of ethics requires them to follow the "Golden Rule" in the representation of their clients. 

If Scott Veerkamp was applying for a loan, would he select a mortgage that is loaded with yield spread premium and junk fees?  The answer to this question is obvious.  Unfortunately, Scott refuses to comply with the "do unto others" philosophy in the code of ethics.  He uses NAR as a selling tool to build trust with his clients. 

After gaining trust, he "blindsides" his clients with YSP so he can receive a kickback on their loan.

This concept is called "steering" and it can be very costly for consumers.  No one would agree to a higher interest rate if they understood the financial impact it was having on their loan.  This is why Senator Merkley refers to yield spread premium as a "secret bonus payment."

Please take a moment to review two examples of predatory lending using YSP and junk fees: 
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) 

I have provided documentation Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees.  This is an average of $5,000 per loan.  This type of lending represents the extreme opposite of "protecting the interest of the client." 

As I mentioned earlier, predatory lending can cause serious financial harm to the unsuspecting public.  Therefore, I agree with Senator Merkley when he says yield spread premium has turned the home mortgage industry into a "SCAM."

MIBOR: Code of Ethics "Bait and Switch"

Scott Veerkamp removed my property from the MLS after I filed a complaint with MIBOR.  After spending some time reviewing my options, I contacted another REMAX agency to see if they would put my property back on the market.  The REMAX agency I contacted refused to list my property.

It is important to note that I was not living in this property.  The people at MIBOR and REMAX knew it was costing me $1,000 per month.  They seemed to feel it was permissible for Scott Veerkamp to remove my property from the MLS without my permission.  In other words, MIBOR and REMAX declined to offer me any assistance in this difficult situation. 

They watched Scott Veerkamp's sting operation collect $26,000 at my expense.  This is another example of MIBOR using the "Golden Rule" as a bait and switch tactic.

ISBA Code of Ethics

The Indiana School Boards Association has the following statement written in their Code of Ethics:  "A School Board member should meet his responsibilities to his community."

Is Scott Veerkamp meeting his responsibilities to his community when he "steers" people into high cost loans? 

NAMB: Code of Ethics

Please review this information regarding the National Association of Mortgage Brokers policy on processing and administration fees: 

NAMB says processing and administration fees are a violation of their Code of Ethics "because they are generally not related to any actual service performed by a broker."

In addition, NAMB says it is not necessary to pay an application fee on your mortgage.

REMAX Agent David Bickell (NAR)

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."

Clearly, there is a "pattern of deception" emerging with REMAX and the
National Association of Realtors...

NAR Code of Ethics

According to NAR: REALTORS are required to "put the interest of the
client ahead of their own at all times."

Scott Veerkamp: Predatory Lending Blog

Scott Veerkamp: Predatory Lending Blog: Scott Veerkamp: NAR / "Bait and Switch" Example: "In doing some research on the Code of Ethics, I found the following information listed on the RE/MAX International website: 'The REALTOR you..."