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) 

kickinbrick: Scott Veerkamp Misrepresents The Public

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.

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

ftcsc.k12: Scott Veerkamp should be ashamed...

Re: Scott Veerkamp (FTCSC) / Disconnected Board Member

Please review this letter to the editor from Bethany Nine-Lawson.
Bethany says Scott Veerkamp "should be ashamed."

http://www.indy.com/posts/advanced-placement-students-can-handle-mature-material

www.ftcsc: Scott Veerkamp fwix news

Please review this article entitled:  "Elected Officials Who Didn't
Pay Their Taxes." As you might expect, Scott Veerkamp tops the
list...
http://fwix.com/indy/search/scott+veerkamp+owes+taxes