Scott Veerkamp Predatory Lending: This shows the financial impact Yield Spread Premium has on the homeowner.

Scott Veerkamp is the President of the Franklin Township School Board and a member of the National Association of Realtors. I have documentation of two loans initiated by Scott containing Yield Spread Premium...

Loan 1: Contains a $1,440 Yield Spread Premium on a $120,000 property.

Loan 2: Contains a $4,799 Yield Spread Premium on a $150,000 property.

(a) The following documentation is not an example of a loan initiated by Scott Veerkamp. I am merely providing this example to show the financial impact of YSP on the homeowner.

(b) On average, mortgage brokers receive 1% of the loan amount each time they raise the interest rate .25%. In other words, the lender pays the broker a "kickback" for increasing the interest rate on the loan.

(c) What is the difference in cost between a 6% rate and a 6.5% rate on a $200,000 loan over 30 years? Here is the answer according to bankrate mortgage calculator: -($23,414.40)

(d) On the mortgage above, the broker would receive a $4,000 kickback or (2% of the loan amount) for increasing the interest rate .5%. Therefore, a family would pay an extra -($23,414.40) over 30 years because they did not receive the interest rate they qualified for.

(e) I believe most families would prefer to invest the $23,414.40 in EDUCATION. Clearly, this makes more sense than "wasting it" with a predatory loan.

(f) Therefore, I am asking Scott Veerkamp to answer the following questions: 1. How does Predatory Lending "protect and promote the interest of the client"? 2. How does Yield Spread Premium "keep the interest of the client above all else"?

*You can find YSP on the settlement in your mortgage documents. It will be listed as POC or "paid outside of closing".

RIPOFF: Is Scott Veerkamp honoring his fiduciary responsibility to his clients?

Download Veerkamp_loyalty_and_fiduciary.pdf

On a previous website, Scott posted the following information regarding his commitment to his clients: (a) Loyalty to clients. (b) Fiduciary responsibility to clients. (c) Truthfulness in statements and advertising.

Regarding his statements, please take time to review all the bullet points on his website. Upon review, it is obvious Scott is not being truthful with the information he is presenting. Clearly, Scott is using false statements to mislead the public with "Bait and Switch" tactics.

Here is an example of his deception...
http://narrealtorbaitandswitchblog.blogspot.com/2012/12/consumer-alert-scott-veerkamp-uses.html

Scott Veerkamp is misleading consumers with false information on his websites...

Download Open_house_bait_and_switch.pdf

Scott displayed an "OPEN HOUSES" link on the front page of his website in 2004. This is the same year I purchased the property listed with REMAX Central. Obviously, Scott used the OPEN HOUSES link as a tool for deceiving the public. In my case, he had no intention of conducting an open house.

When comparing the 2004 website to his current website, you will notice the REMAX brand name is missing on his current site.  Apparently, REMAX does not want to have their name associated with Scott Veerkamp when he discusses his work experience in the real estate industry. 

Please note:  Scott refused to drive (one block) to conduct an open house on the Eaton Court property...

http://narrealtorbaitandswitchblog.blogspot.com/2011/02/scott-veerkamp-refuses-to-conduct-open.html

Scott Veerkamp Ripoff Alert: Here is documentation of the money I invested to renovate the Eaton Court property...

Download Expenses_for_renovation.pdf

Here is documentation of the money I invested in the 8202 Eaton Court property. Apparently, Scott thought I invested -($7,300) to renovate this house so he could flip the property at my expense.  (Please scroll to review receipts)

Exposing Scott Veerkamp Real Estate Scams

Download Christian_Phone_Book_SV_testim.pdf

1.  Scott Veerkamp is using Christian Phone Book to deceive the public.

2.  Is Predatory Lending an example of how to be a good "Christian"?

3.  Does a kickback on a predatory loan represent an example of "Serving Others First"?

4.  Scott Veerkamp is an IMPOSTER.  He is using Christian Phone Book to mislead consumers.

5.  Who is that person Scott is talking about in the PDF document?  Is this another individual Scott intends to (prey on) with false information?

Examples of deception, predatory lending, and false advertising:

http://narrealtorbaitandswitchblog.blogspot.com/2013/01/scott-veerkamp-truth-is-in-his-fees.html

Scott Veerkamp Misrepresented My Mortgage Documents

Please take time to review the following information...

I was misrepresented by Scott Veerkamp on my mortgage transaction. Scott had the property set up with a 12 month occupancy agreement when he listed the property.

When you look at Scott's response, he confirms the property is set up for a "flip." A Realtor can not flip a property with a 12 month occupancy agreement.

This is the reason Scott refused to show the property. In addition, this is the reason he refused to conduct an open house.

If Scott sold the property quickly, he would have to answer questions from the lender about violating the occupancy agreement. This is the reason he tried to sell the property on contract. As I said before, there is no mortgage on a land contract. If Scott sold the property on contract, only 3 people would know:  1. Myself  2. Scott  3. Chris Moore

GMAC would not know the property was sold on contract unless I contacted them to get permission. When you review the letter, it is clear GMAC is saying the property can not be sold on contract.

I know this sounds strange. However, the following statement is true: Scott listed a property HE COULD NOT SELL without violating the occupancy agreement.

Please remember: Scott received a WARNING letter from the office of the Indiana Attorney General. This government agency never blamed me for any issues relating to the transaction.

Here are 5 key points to review about the transaction...

1. It does not matter if I lived in the property.

2. It does not matter if the property was vacant.

3. Either way, Scott COULD NOT SELL the property without violating the terms of the occupancy agreement.

4. This is the reason he refused to show the property.

5. In the end, I met the financial requirements of the occupancy agreement. I made all the payments required over the 12 month period. In addition, I made all of my payments on time. For this reason, I did not have anyone from a government agency express concern about the occupancy agreement on my behalf. As many people do, I signed a stack of documents "one inch thick" at closing. I do not remember much about the details of the documents.

Please note: Scott had his mortgage license revoked by the office of the Indiana Secretary of State's Security Division. I do not know the reason his license was revoked. However, here is my documentation...

Mortgage license revoked:

http://narrealtorbaitandswitchblog.blogspot.com/2011/02/scott-veerkamp-alm-group-documentation.html

Here is the reason Scott could not show (or sell) the property...

http://narrealtorbaitandswitchblog.blogspot.com/2012/09/occupancy-agreement.html

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

RIPOFF: Scott Veerkamp Flips His Own Listing

Download Scott_Flips_His_Own_Listing.pdf

Please take time to review the PDF document above.  Scott Veerkamp inflated the value of the Eaton Court property and flipped his own listing for a $26,000 profit.

Consumer ALERT: Scott Veerkamp uses deception to ripoff the public...

1.  Here is a summary of my transaction with REMAX Central:
http://narrealtorbaitandswitchblog.blogspot.com/2012/06/summary-of-events-regarding-remax.html

2.  This explains the reason Scott refused to show the property...
http://narrealtorbaitandswitchblog.blogspot.com/2013/01/scott-veerkamp-misrepresented-my.html

3.  Listing contract:
http://narrealtorbaitandswitchblog.blogspot.com/2012/09/listing-contract.html

4.  Sold in "30 days"
http://narrealtorbaitandswitchblog.blogspot.com/2012/09/8725-profit-in-30-days.html

5.  $26,990:  Additional details regarding my transaction...
http://narrealtorbaitandswitchblog.blogspot.com/2012/10/scott-veerkamp-26990-mafia-hit.html

6.  False advertising and junk fees:
http://narrealtorbaitandswitchblog.blogspot.com/2013/01/scott-veerkamp-truth-is-in-his-fees.html

Scott Veerkamp: The $26,990 Mafia Hit

Here are the details of the $26,990 mafia hit...

(a) The property was vacant. I had a payment on the property of $1,000 per month while Scott was "missing in action."

(b) Therefore, I was on the edge of bankruptcy when I sold him the property.

(c) Earlier, I met with another Realtor. She told me she thought the value of the property was $128,000.  I would have to pay her a commission to sell the property. The average commission for a Realtor is about 7%. Therefore, it would cost me $8,960 to list and sell the property with her.

(d) As a comparison, Scott made the equivalent of a 21% commission on this property. I received ZERO benefit from this commission. The only thing I received from Scott was serious financial harm when he refused to show the property.

(e) After I reviewed the information from the Realtor I met with, I decided to sell the property to Scott for $131,850 to avoid bankruptcy.

(f) Scott purchased the property and flipped his own listing for $143,720. This enabled him to put an extra $11,870 in his pocket at my expense.

Here is additional information regarding the land contract...

(a) If I sold the property on contract, I would have to pay off the entire balance of the loan within 30 days. This is why they call it a "due on sale clause."

(b) There is no mortgage on a contract sale. Therefore, I would have to pay off the entire balance with "cash." Please refer to the GMAC letter where they talk about requiring "payment in full" on the mortgage.

(c) Obviously, this is a recipe for a financial disaster.

(d) I was referred to Scott by a lifelong best friend. He knew Scott from the church they attended in Franklin Township. As you might expect, my friend no longer sends referrals to Scott Veerkamp.

Here is a breakdown of the money Scott collected...

1. $8,400 commission to Scott when I purchased the property.

2. He made $4,320 on the mortgage.

3. As discussed, he collected $11,870 when he flipped the property.

4. This brings his total profit to $24,590.

5. I have been told it is common for brokers to receive a 2% "finders fee" for bringing the loan to the lender. This would add $2,400 to his profit. (I can not support the $2,400 figure with documentation).

6. I believe there is a strong possibility he received a "finders fee." If so, this brings the grand total to $26,990.

This experience felt like a "mafia hit" from Scott and his organization. If I can save even (one person) from having the same experience, it will be worth my effort. No individual should have to take responsibility for his lies and his misrepresentations. This includes individuals affiliated with FTCSC and people affiliated with his real estate transactions.

(NAR): Scott Veerkamp and the REMAX Central Sting Operation...

Please take time to review this summary of events regarding REMAX Central and Scott Veerkamp (NAR).

1. Scott engages in Predatory Lending with Yield Spread Premium and excessive fees.  This is documented on the settlement statements in the link below.  (You will need to scroll to see these documents).

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

2. Scott refuses to show the property.  He refuses to drive (one block) to conduct an open house.  (This is documented in the "record of property shown" receipts from MIBOR).

http://narrealtorbaitandswitchblog.blogspot.com/2011/02/scott-veerkamp-refuses-to-conduct-open.html

3. After 8 months of refusing to show the property, Scott attempts to sell the property on a land contract with a "due on sale clause."  (This is documented with a letter from Chris Moore and a Letter from GMAC Mortgage).

http://narrealtorbaitandswitchblog.blogspot.com/2011/01/scott-veerkamp-land-contract-scam.html

4. Scott removes my property from the MLS after I file a complaint with MIBOR.  (Please review the document from MIBOR in the link below).

http://narrealtorbaitandswitchblog.blogspot.com/2012/06/scott-veerkamp-removes-my-property-from_02.html

5. Scott flips his own listing for a $26,000 profit.  This is documented with the purchase agreement and selling price of the property.  (You will need to scroll to see these documents).

http://narrealtorbaitandswitchblog.blogspot.com/2013/01/scott-veerkamp-flips-his-own-listing_20.html

6. Scott refers to himself as a Christian Super Servant.  He believes he is dedicated to "keeping the interest of his clients above all else."  (This is documented on Scott Veerkamp's website in the link below).

http://narrealtorbaitandswitchblog.blogspot.com/2012/06/scott-veerkamp-refers-to-himself-as_02.html

7. Scott receives a warning letter from the office of the Indiana Attorney General.  (This is documented with a letter I received from their office).

Download Warning_Letter.pdf

8. Here is a copy of the response from Scott Veerkamp.  (This is documented on a blog from ripoff report).

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

9. The MIBOR promise...

http://narrealtorbaitandswitchblog.blogspot.com/2012/06/mibor-promise.html

10. Comparative Market Analysis

I had to go to an independent real estate agent to get Comparative Market Analysis on the 8202 Eaton Court property. CMA shows an average selling price of $82 per square foot in this neighborhood. The square footage on the 8202 property is 1,420. Scott attempted to sell the property to Chris Moore for $145,000.

Please review Standard of Practice 1-3 in the Code of Ethics before analyzing the following information...

NAR Code of Ethics:
http://narrealtorbaitandswitchblog.blogspot.com/2013/01/nar-code-of-ethics.html

Comparative Market Analysis on the Eaton Court property:
http://narrealtorbaitandswitchblog.blogspot.com/2013/01/comparative-market-analysis.html

Land contract information:
http://narrealtorbaitandswitchblog.blogspot.com/2011/01/scott-veerkamp-land-contract-scam.html

Here is a copy of the response from Scott Veerkamp

Here is a copy of Scott's response.  It is available on this blog from ripoff report.  (You will need to scroll to see this document).

http://www.ripoffreport.com/mortgage-companies/scott-veerkamp/scott-veerkamp-remax-predat-d83fb.htm

1. Scott says in his response: "It is nice when you have truth on your side and good documentation." 

2. Scott is claiming he was "exonerated" by the office of the Indiana Attorney General.  If this statement is true, why did he receive a warning letter? 

3. Scott says he "went well beyond the call of duty to make amends."  Can he provide an example that supports this statement? 

4. Scott has chosen an interesting title for his response.  Why is he unable to provide evidence he was cleared of ethics violations with the organizations he mentions in his response? 

5. Was Scott "completely exonerated" after he flipped his own listing?  If he was, this will confirm REMAX and MIBOR are running a scam with the Code of Ethics.  (Please see the MIBOR promise).

6. Why is he avoiding a discussion about Yield Spread Premium and the family from Wanamaker? 

http://www.litchfieldboard.com/?rm=lp&pg=predatory_lending

7. His business was strengthened with my complaints?  His company has remitted payment?

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

8. Scott is claiming I had a "violation of license law" during this transaction.  If I had a violation, why did Scott receive the warning letter?

9. As you can see, Scott is encouraging people to contact him with questions about his statements. 

10. Please ask him to provide documentation to support his statements.

Scott Veerkamp refers to himself as a Christian Super Servant

Download Christian_Super_Servant.pdf  

Please review the PDF document above.  This information was pulled from Scott Veerkamp's website.

Scott refers to himself as a Christian Super Servant that "keeps the interest of his clients above all else."

Scott Veerkamp Removes My Property From the MLS

Download Scott_Removes_My_Property_From.pdf

Please review this document from MIBOR.

Scott removed my property from the MLS when I filed the complaint with MIBOR.  He took this action without my permission.  This tactic was used to retaliate against my complaint.

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