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  1. #1
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    Scott Veerkamp/MIBOR Scam

    Warning Letter To Scott Veerkamp From The Office Of The Indiana Attorney General...

    Warning Letter.pdf (51 KB)

    Scott Veerkamp is the President of the Franklin Township School Board and a member of the National Association of Realtors. Please ask Scott to post a copy of his WARNING letter from the office of the Indiana Attorney General. In addition, please encourage Scott to provide a written response to items 1-16 on this website.
    Items 1-8 in group A: 1. I have documentation of a WARNING letter that was sent to Scott Veerkamp from the office of the Indiana Attorney General. 2. This letter was sent to Scott in November of 2008. 3. Here are the questions I have regarding this letter: A. Is a WARNING letter supposed to be an example of how Scott Veerkamp was "exonerated" by the office of the Indiana Attorney General? B. Can Scott post a copy of his WARNING letter for the public to review? 4. Please explain how a $1,440 Yield Spread Premium "protects and promotes the interest of your client." FYI: The federal government has banned the use of YSP. 5. Please explain how a $4,799 Yield Spread Premium "Serves Others First." This is in reference to your OTHER client in Wanamaker, IN. 6. Please provide documentation that shows how you "protected and promoted the interest of your client" when you attempted to sell a $120,000 property on a land contract with a "due on sale clause." 7. Please explain how you honored your fiduciary responsibility to your client when you made approximately $26,000 on a $120,000 property listed with REMAX Central in your own neighborhood. 8. Please provide documentation that shows how you "did your very best" when you refused to conduct an open house on a property located "one block down the street" from the house you were living in.

    Items 9-16 in group B: 9. Apparently, $26,000 was not enough money to justify Scott driving "one block down the street" to conduct an open house on the $120,000 property. 10. David Worley used to work for Scott Veerkamp at REMAX Central. Scott had an appraisal conducted on the $120,000 property in response to my complaint. The appraisal was conducted by Bill Worley. Are David Worley and Bill Worley related? 11. Scott refers to me as licensed real estate agent. I would like for Scott to provide documentation that supports this statement. 12. Please explain why you removed my property from the multiple listing service after I filed my complaint with MIBOR. How was I supposed to sell this property if you refuse to conduct an open house? How was I supposed to sell this property if you remove it from the MLS? 13. The National Association of Mortgage Brokers stated it is not necessary to pay an application fee. Please explain how a $960 application fee keeps the interest of your client "first and foremost." 14. NAMB says processing fees are a violation of their code of ethics because "they're generally not related to any actual service performed by a broker." Please explain how a $500 processing fee "protects and promotes the interest of your client." 15. Scott ran an advertisement in Christian Phone Book with the following statement: "We will do our very best to help you get the lowest possible interest rates at the lowest possible price."A. Please provide documentation that explains how a $4,799 Yield Spread Premium represents "the lowest possible interest rate." B. Likewise, please explain how a $960 application fee represents "the lowest possible price." 16. ISBA Code of Ethics: Please provide documentation that shows how you "met the responsibilities to your community" when you steered people into high cost loans.

    I look forward to a written response from Scott Veerkamp on items 1-16.


    Jim Bruggenschmidt


    NAR: "How To Avoid Predatory Lending"
    http://www.realtor.org/home_buyers_and_sellers/how_to_avoid_predatory_lending

    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

  2. #2
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    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."

  3. #3
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    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."

  4. #4
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    Scott Veerkamp's Switching Technique

    "Going In and Going Out" is a term I use to describe the mortgage
    transaction I had with Scott Veerkamp. This term is synonymous with
    Bait and Switch. Please take a moment to review the following
    explanation:

    The "Going In" phase typically represents a statement from Scott's
    website or his affiliation with NAR. As I mentioned earlier, this
    statement is often used as "BAIT."

    The "Going Out" phase shows the financial result for his client. As
    you might expect, this is where the "SWITCH" takes place. Please
    review the following "Going In and Going Out" examples... ( *
    indicates junk fee )

    Group A: 1. "Serving Others First" going in---and a $500 "processing
    fee" going out.* 2. "Keeping the interest of my clients above all
    else" going in---and a $960 "application fee" going out.* 3.
    "Dedicated to providing the finest service possible" going in---and a
    $150 "underwriting fee" from the lender going out.* 4. Scott
    describes himself as a "Super Servant" going in---and Scott
    "blindsides" his client with a $4,799 "Yield Spread Premium" going
    out. 5. "Protecting and promoting the interest of his client" going
    in---and a $409 "administration fee" from the lender going out.* 6.
    Following the "Golden Rule" going in--and $1,920 in "discount points"
    going out.* 7. "Someone You Can Trust" (public awareness campaign)
    going in---and thirteen examples of "deception" and "financial harm"
    going out.

    Group B: 8. "Be truthful in all communications with the public" going
    in---and Scott collects $6,239 in "secret bonus payments" and YSP
    going out. 9. "Fairness and high integrity" going in---and a $35
    "electronic filing fee" going out.* 10. "We go the extra mile to help
    you achieve your goals" going in---and a $425 "administration fee"
    from the lender going out.* 11. "We'll make your home buying or
    selling experience a pleasant one" going in---and a $250 "document
    preparation" fee going out.* 12. "You can trust our REALTORS to
    always put your interest first and foremost" going in---and a $1,440
    "Yield Spread Premium" going out. 13. "You need a professional team
    that understands the industry and is positioned to stay ahead of the
    game" going in---and a $50 "courier fee" going out.* 14. "We will do
    our very best to help you get the lowest interest rates possible at
    the lowest possible price" going in---and a whopping $10,938 in junk
    fees and "kickbacks" going out.

    Hopefully, this information will give you a better understanding of
    Scott's "switching" technique. He consistently does the opposite of
    what he says he is going to do. As you can see, he often receives a
    large financial sum for "steering" people into high cost loans.
    Unfortunately, these large financial gains are coming at the expense
    of the public.

    In summary: The examples above total $10,938 in junk fees and
    kickbacks, or $5,469 per loan. Scott collected $6,239 in Yield Spread
    Premium from the lender. As discussed earlier, the Center for
    Responsible Lending says YSP "steals equity from struggling families."
    Nonetheless, Scott describes this scenario as: "Keeping the interest
    of his clients above all else."
    http://www.realtor.org/home_buyers_and_sellers/how_to_avoid_predatory_lending
    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

  5. #5
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    Scott Veerkamp: Shady Business Tactics

    Scott Veerkamp: The $26,000 Heist

    Again, I want to emphasize Scott Veerkamp made approximately $26,000 in profit on a $120,000 property. Please understand this is a real
    number. It is not a "misprint."

    Scott accomplished this profit using a "Bait and Switch" strategy with
    a REMAX Central listing in Wanamaker, IN. This is why I refer to his
    company as the REMAX Central Sting Operation. In my personal
    experience, this felt like a "mafia hit" on behalf of the REMAX
    organization.

    I mailed copies of complaints to 13 different contacts affiliated
    with the REMAX organization. This includes REMAX of Indiana and REMAX
    International. I was consistently "brushed aside" and ignored by
    REMAX corporate and members of the National Association of Realtors.

    Obviously, Scott Veerkamp was not focused on "protecting the interest
    of his clients." In reality, he used his customers as a profit center
    to expand his personal bank account.

    Please take a moment to review the following information:
    1. REMAX of Indiana presented Scott with a "Lifetime Achievement Award" after reviewing my complaint. 2. My complaint included
    documentation of Loan Steering and Predatory Lending. 3. Jonathan Nicholas (NAR) presented the award to Scott Veerkamp. 4. In return,
    Scott used the award to recognize himself with another advertisement
    in Christian Phone Book.

  6. #6
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    Scott Veerkamp: Loan Steering

    Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

    Here is an example of what I am talking about:
    Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

    Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
    "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."

    The Center for Responsible Lending says YSP "steals equity from struggling families."
    1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

    http://merkley.senate.gov/newsroom/p...5-31925F046B6F

  7. #7
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    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 ******* 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)

  8. #8
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    Scott Veerkamp: YSP and Junk Fees

    You can review the dollar amount of each Junk Fee on your settlement
    statement. Junk Fees will be listed as follows: Application fees,
    processing fees, document preparation fees, etc. Yield Spread Premium
    will be listed as P.O.C. or "paid outside of closing."

    Clearly, these fees do not "protect the interest of the client."
    Unfortunatelty, Scott Veerkamp collected large sums of money by
    "steering" people into high cost loans with with YSP and Junk Fees.

    Please take a moment to review two examples of Predatory Lending and
    Loan Steering:
    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)

  9. #9
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    Scott Veerkamp: 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 and presented Scott Veerkamp with a "Lifetime Achievement Award" for his effort in using YSP and implementing the land contract scam.

    Land Contract Information.pdf (68 KB)

    GMAC Letter.pdf (31 KB)

  10. #10
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    Dick Gaylord: Consumer Alert / REMAX

    Please review my email and the response I received from Dick Gaylord (NAR.) As I said before, this is a mass scale "Bait and Switch" operation with REMAX and the National Association of Realtors.


    Jim,
    The process for ethics complaints works where there are complaints within the jurisdiction of the Association.
    As you mentioned to me you have taken your complaint to numerous entities and none will take it on.
    I am sorry I cannot help. This matter falls under the jurisdiction of the local association and I have no authority to get involved.
    I wish you the best in your future real estate endeavors. My personal advise: don't let this consume you; get on with your business and life.
    I am off to D.C. for NAR's midyear meetings.
    Dick Gaylord

    ----- Original Message -----
    From: "jim bruggenschmidt"
    Sent: 05/10/2008 07:31 AM AST
    To: dick@dickgaylord.org
    Subject: NAR Ethics Complaint


    Attn: Mr. Dick Gaylord / NAR President

    I have contacted several different members of the Indiana Association
    of Realtors (State Board.) In addition, I have contacted a member of
    the Board of Directors with MIBOR. To date, I have not found anyone
    willing to discuss my complaint with me. As you know, NAR members say
    they are dedicated to "protecting and promoting the interest of the
    client."

    I have not found this to be the case in Indiana. Unfortunately, it
    would appear that Scott Veerkamp continues to use "predatory lending"
    tactics with his customers. As you know from reading my letter, there
    is a possibility that Scott has caused financial harm to over 1,000
    clients in the last 5 years with the use of YSP.

    I find this information to be disturbing...

    Sincerely,

    Jim Bruggenschmidt

    Warning Letter To Scott Veerkamp From The Office Of The Indiana Attorney General...
    http://jmb27.posterous.com/warning-letter-to-scott-veerkamp-from-the-off

  11. #11
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    Pam Aguirre: Consumer Alert / REMAX

    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."

    As a member of MIBOR, Pam did absolutely nothing to protect my interest. She refused to review my complaint against Scott Veerkamp (NAR.)

    Here is an example 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)

    In closing, please take time to review this information regarding a WARNING letter sent to Scott Veerkamp from the office of the Indiana Attorney General...
    http://jmb27.posterous.com/warning-letter-to-scott-veerkamp-from-the-off

  12. #12
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    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)

  13. #13
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    Jonathan D. Nicholas: Consumer Alert / RIPOFF

    When I filed my initial complaint with REMAX of Indiana, Jonathan Nicholas had the following designations: NAR, CRB, CRS, and GRI.

    As I mentioned earlier, my initial complaint included documentation of Loan Steering and Predatory Lending. Likewise, I informed Jonathan that Scott Veerkamp removed my property from the MLS without my permission.

    Please review this important information:
    1. Jonathan Nicholas refused to meet with me and discuss my experience with the REMAX Central Sting Operation. 2. Scott Veerkamp made approximately $26,000 on a $120,000 property with a "land contract scam." 3. Scott refused to conduct an open house on this property. 4. Scott lived "one block down the street" from this property. 5. Jonathan Nicholas presented Scott Veerkamp with a "Lifetime Achievement Award" for misrepresenting the value of this property and stealing my money. 6. Scott used the award to recognize himself with another advertisement in Christian Phone Book. 7. Apparently, this is supposed to be an example of how to "protect and promote the interest of your client." 8. In reality, this felt like a "mafia hit" on behalf of the REMAX organization. 9. This "mafia hit" included the following components: A. Loan Steering B. Predatory Lending C. Inflated property value D. Land contract with a "due on sale" clause. E. $26,000 "heist" for Scott Veerkamp...

    REMAX agent David Bickell was the President of the Metropolitan Indianapolis Board of Realtors (local association) in 2008. Likewise, REMAX agent Dick Gaylord was the President of the National Association of Realtors in 2008. Clearly, there is a "pattern of deception" emerging with REMAX, NAR, and Loan Steering.

    Please take time to review this example of Scott Veerkamp's deception: "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)

    In closing, please take time to review this information regarding a WARNING letter sent to Scott Veerkamp from the office of the Indiana Attorney General...
    http://jmb27.posterous.com/warning-letter-to-scott-veerkamp-from-the-off

  14. #14
    Join Date
    Jan 2011
    Posts
    32

    Scott Veerkamp / Jonathan D. Nicholas Scam

    Plaese take time to review 3 exhibits (below)...



    Scott Veerkamp listed Jonathan D. Nicholas as a "connection" on Plaxo. Perhaps this is one of the reasons why Jonathan refused to meet with me and discuss the Predatory Lending tactics at REMAX Central. Nonetheless, I find it strange that Jonathan would recognize Scott with a specific award when he knew Scott was preying on the public.



    With regard to Predatory Lending, I discovered an article from NAR entitled: "Realtors seek to protect home buyers from Predatory Lending and educate them on mortgage products." The article contains the following statement: "A brochure, How to Avoid Predatory Lending, produced jointly by NARand the Center for Responsible Lending identifies the warning signs of Predatory Loans."



    I wish someone from NAR would teach Scott Veerkamp how to "identify the warning signs of Predatory Loans." Clearly, Scott needs extensive training on this topic.



    As you know, the Center for Responsible Lending has a significant amount of documentation on the common abuses of Predatory Lending. Please review this information regarding Yield Spread Premium and Loan Steering...



    http://jmb27.posterous.com/scott-veerkamp-broken-promises-and-deceptive









    Download now or preview on posterous

    Jonathan D. Nicholas on Plaxo.pdf (33 KB)




    Download now or preview on posterous

    Predatory Lending Information.pdf (239 KB)




    Download now or preview on posterous

    Seven Signs of Predatory Lending.pdf (80 KB)

  15. #15
    Join Date
    Jan 2011
    Posts
    32

    Dick Gaylord Ripoff

    Please note: REMAX agent Dick Gaylord was the President of the National Association of Realtors in 2008. I filed a complaint with Dick regarding Scott Veerkamp. My complaint included documentation of Loan Steering and Predatory Lending. To my knowledge, REMAX and NAR did nothing to prevent Scott Veerkamp from preying on the public.

    Upon review of my documentation, you will see that Scott Veerkamp must have "skipped class" the day they held ethics training at the National Association of Realtors.
    NAR and the Center For Responsible Lending produced a brochure entitled: "How to Avoid Predatory Lending." Please take a moment to review this information from the NAR website...

    http://www.realtor.org/home_buyers_and_sellers/how_to_avoid_predatory_lending

    NAR says: "Here are some common problems with predatory loans." (I have included examples from my personal experience with Scott Veerkamp.)

    1. High interest rates and fees:
    Example A: $960 application fee. Example B: $500 processing fee. As discussed earlier, the National Association of Mortgage Brokers says it is not necessary to pay "application" fees and "processing" fees. Therefore, the cost of these items should be ZERO as opposed to $1,460.

    2. Loan "Steering":
    Example A: $4,799 Yield Spread Premium. Example B: $1,440 Yield Spread Premium. The Center for Responsible Lending states the following with regard to Yield Spread Premium: YSP is "a bonus a lender pays to reward a mortgage broker for placing or "steering" a borrower into a higher-cost loan than the borrower qualifies for." "Yield Spread Premiums are a destructive feature of the subprime market because they give brokers an incentive to act contrary to a borrowers best interest." "The effect of YSP is to steal equity from struggling families."

    3. Broken promises, "Bait and Switch":
    Example A: "As qualified professionals, we'll guide you through the entire home buying experience and assist you in being an educated buyer." Example B: "We will do our very best to help you get the lowest interest rates possible at the lowest possible price." Example C: "You can trust our REALTORS to always keep your interest first and foremost." Example D: "Keeping the interest of my clients above all else." Example E: "Serving Others First." Example F: REALTORS are required to "protect and promote the interest of the client" at all times. Example G: REALTORS are required to follow the "Golden Rule" at all times. Example H: "The term REALTOR has come to connote competency, fairness, and high integrity."

    In addition, NAR says you should ask the following question: "Does the lender belong to a trade association with ethics requirements for members"? In my case, the answer is yes. Scott Veerkamp is a member of MIBOR and the National Association of Realtors.

    The article also encourages people to do the following: "Share predatory lending "horror" stories with regulators, other consumers, REALTORS, counseling groups, housing professionals, and the media." As everyone knows, I have taken their advice on this issue. I believe it is important for consumers to be aware of Predatory Lending tactics in their community.

    In closing, please review the articles below from the Center for Responsible Lending. This will give you a better understanding of the "Bait and Switch" tactics some brokers use when misrepresenting their clients.

    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

  16. #16
    Join Date
    Jan 2011
    Posts
    32

    myftef.org: Scott Veerkamp Owes Money

    Re: Scott Veerkamp / Franklin Township Education Foundation

    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 ******* 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 "******* 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.

    Please note: On November 5, 2010 Scott Veerkamp gave people the impression my complaints had "done nothing but strengthen his business." If his business is strong, why does Scott owe $7,632 in back taxes? In other words, Scott says his real estate business is STRONG going in---and Scott claims he can not afford to pay his taxes going out. Does this "Bait and Switch" tactic sound familiar?

    Please take time to review the articles below...
    http://hadenoughindy.blogspot.com/2010/11/elected-officials-who-didnt-pay-their.html


    http://jmb27.posterous.com/warning-letter-to-scott-veerkamp

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

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