REAL ESTATE AND RESIDENTIAL LOAN REALITY CHECK

OK HERE WE GO AGAIN, THE PEOPLE IN FINANCE INDUSTRY MAKE MONEY BY CHARGING A SPECIFIC MARKET RATE BASED ON COMPENSATION NEEDED TO KEEP A BUSINESS RUNNING, IM SO TRIED OF HEARING EVERYONE ELSE TELLING US WHAT WE NEED TO MAKE ON EACH FINANCE TRANSACTION AND HOW YOUR THINK WE NEED TO RUN OUR BUSINESSES, VEERKAMP IS REAL ESTATE BROKER, HE GETS A PERCNETAGE ON THE SALES PRICE IF HE IS SELLING AND DOESNT GET "KICKBACKS" FROM A LOAN TRANSACTION, LEGALLY . THATS NOT THE PERSON DOING THE LOAN ON THE HOME,ALL OF THESE PEOPLE THAT VOICE THEIR OPINION ON WHAT SOMEONE NEEDS TO MAKE ON A FINANCIAL TRANSACTION HAVE A FALSE SENSE OF REALIT!! WE DONT COME TO YOUR JOB AND TELL YOU HOW MUCH YOU NEED TO MAKE !! HOW DARE ANY OF YOU ! QUESTION US ON OUR COMPENSATION WE HAVE TO ENDURE THE RETARDED REGULATIONS AND THE MEDIA BS WE ALL GET FED, AND THE GENERAL PUBLIC CAN WORRY ABOUT DOING BETTER AT THEIR OWN JOB AND STOP THINKING THEY HAVE RIGHT OR KNOWLEDGE TO EVEN PRESUME THEY CAN TELL SOMEONE ELSE WHAT THEY SHOULD MAKE PROTECTING AND PROMOTING THE INTEREST ON THE CLIENT IS THE DISCLOSURE OF THE CURRENT AND POSSIBLE FAULTS OF THE HOME THEY ARE BUYING ! ONCE AGAIN WE AS PEOPLE IN THE FINANCIAL SECTOR HAVE TO LIVE AND EAT AND BUY CARS ALSO AND THE FINANCIAL TRANSACTIONS ARENT FREE !!!!!AND STOPPING THINKING YOU GET LOANS FOR FREE!!!! THATS FANTASY LAND AND SOME FORM OF ENTITLMENT JUST SO WE ARE ALL CLEAR , IM NOT A REPRESNTATIVE OF VEERKAMP AND DONT WORK WITH OR FOR HIM EITHER IM ONE OF THE PEOPLE WHO HAVE DONE LOANS FOR A LONG TIME AND GET MANY REFERRALS FROM REALISTIC CUSTOMERS THATS NEVER THOUGHT MY SERVICES WERE FREE!!! AND THIS JAMES BRUGGENSCHMIDT *** HAS THE SAME STUFF POSTED ON BLOGGER ONCE AGAIN THINKING THAT THE REALTOR IS GETTING COMPENSATION FROM A LOAN TRANSACTION! , THATS NOT PREDATORY LENDING! THATS NOT EVEN HOW HE IS COMPENSATED AND ONCE AGAIN WHEN SOMEONE DOES A MORTGAGE LOAN FOR YOU !!!!!! THEY DONT DO IT FOR FREE !!!! AND MOST PEOPLE DONT EXPECT YOU TO WORK FOR FREE EITHER AND SHAME ON THEM IF THEY DO !!! ALSO INCLUDED A BUNCH A FILLER ABOUT SHOWING YSP PREMIUMS PAID TO THE PERSON WHO ASSMBLED THE LOAN FOR YOU !, THATS HOW THEY GET PAID!!!! , I WONDER IF THIS PORTION OF THE PUBLIC THAT THINK THIS IS A CRIME WOULD LIKE ALL THE REST OF THE POPULATION TO COME TO THEIR JOB AND ANALYZE WHAT THEIR COMPENSATION IS WORTH IN TODAYS MARKET!!!! RIDICULOUS
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4 comments
#1345914

Scott Veerkamp is a dirtbag and should not have a license! Constantly looks for higher interest rates so he can get kickback dollars from lenders

#1113729

1. Have you ever known anyone that deliberately searches for a HIGHER interest rate when they want to borrow money?

2. This is what Scott Veerkamp was doing with Yield Spread Premium.

3. He was helping his clients search for a HIGHER interest rate so he could receive a KICKBACK on their loan.

4. The Center for Responsible Lending says YSP "steals equity from struggling families".

5. Clearly, YSP represents the extreme opposite of "protecting and promoting the interest of the client" as described in the NAR Code of Ethics.

#1112041

1. Scott Veerkamp received a WARNING letter from the Office of the Indiana Attorney General.

2.

Scott had his mortgage license revoked by the Office of the Indiana Secretary of State Securities division.

3.

Scott has been investigated by WRTV 6 for unpaid taxes.

4. Strangely, Scott refers to himself as a "Christian Super Servant".

#1109599

1. How does a kickback on a predatory loan "protect and promote the interest of the client"?

2.

How does a $4,799 Yield Spread Premium represent the "lowest possible interest rate"?

3. How does a $960 application fee represent the "lowest possible price"?

4.

How does a $1,440 YSP "keep the interest of the client above all else"?

5. Can someone please explain?

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ID
#761104 Review #761104 is a subjective opinion of poster.
Location
Indianapolis, Indiana
Pros
  • Customer service and timeline
Reason of review
Fair pricing
New Reviewer

CAUTION: Scott Veerkamp Deceptive Lending

Have you ever known anyone that deliberately searches for a HIGHER interest rate when they want to borrow money? This is what Scott Veerkamp was doing with Yield Spread Premium. He was helping his clients search for a HIGHER interest rate so he could receive a KICKBACK on their loan. YSP cost the homeowner thousands of extra dollars over the life of the loan. The Center for Responsible Lending says Yield Spread Premium "steals equity from struggling families". Clearly, Scott Veerkamp was not "protecting and promoting the interest of the client" when he received kickbacks on predatory loans. Instead, he was protecting the interest of his own bank account.
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4 comments
#1113730

1. Have you ever known anyone that deliberately searches for a HIGHER interest rate when they want to borrow money?

2. This is what Scott Veerkamp was doing with Yield Spread Premium.

3. He was helping his clients search for a HIGHER interest rate so he could receive a KICKBACK on their loan.

4. The Center for Responsible Lending says YSP "steals equity from struggling families".

5. Clearly, YSP represents the extreme opposite of "protecting and promoting the interest of the client" as described in the NAR Code of Ethics.

#1111776

1. How does a kickback on a predatory loan "protect and promote the interest of the client"?

2.

How does a $4,799 Yield Spread Premium represent the "lowest possible interest rate"?

3. How does a $960 application fee represent the "lowest possible price"?

4.

How does a $1,440 YSP "keep the interest of the client above all else"?

5. Can someone please explain?

#1009944

Yield spread premium was used as a way for people who DONT have upfront funds or equity to pay for the services provided by the mortgage broker. Was the YSP used in addition to paying this broker directly? Regardless brokers are limited on the amount of their fees and the closing documents that you sign with YOUR title company details EVERY charge, the rate you are agreeing to, your payment amount, amount you are borrowing, length of the loan...

#1290187
@PissedConsumer1009944

???

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ID
#476486 Review #476486 is a subjective opinion of poster.
Location
Indianapolis, Indiana
New Reviewer

Scott Veerkamp Predatory Lending RIPOFF

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".
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5 comments
#1113732

1. Scott Veerkamp received a WARNING letter from the Office of the Indiana Attorney General.

2.

Scott had his mortgage license revoked by the Office of the Indiana Secretary of State Securities division.

3.

Scott has been investigated by WRTV 6 for unpaid taxes.

4. Strangely, Scott refers to himself as a "Christian Super Servant".

#1113731

1. Have you ever known anyone that deliberately searches for a HIGHER interest rate when they want to borrow money?

2. This is what Scott Veerkamp was doing with Yield Spread Premium.

3. He was helping his clients search for a HIGHER interest rate so he could receive a KICKBACK on their loan.

4. The Center for Responsible Lending says YSP "steals equity from struggling families".

5. Clearly, YSP represents the extreme opposite of "protecting and promoting the interest of the client" as described in the NAR Code of Ethics.

#668679

YSP isnt an illegal kickback its a way to compensate the broker... the broker makes money for his service either by the borrower writing them a check or from the lender (or a combination of both).

Each client is different. If the client doesnt have the funds to write a check then raising the rate and getting compensated by the lender makes sense. Nobody is going to do the work to find their client a lender with the best rate for free. It's not always about the cost of the loan over 30 years...

if the client in your example was at 8.5% before refinancing they would still be saving $98,529 over that 30 year period... sure it could have been 23,414 more if they had the money to pay upfront but thats not always possible and the result is still very financially beneficial to them.

YSP also make sense when a client has the money but only plans to have the loan for a short period of time.. If they sell or refinance within 5 years it makes more sense to pay the higher interest resulting in a $65/mo higher payment than to pay $4000 up front.

#828307
@PissedConsumer668679

If YSP compensates the broker, what is the purpose of the following fees? 1.

$960 application fee 2. $500 processing fee 3. $250 document preparation fee 4. $1,920 in discount points paid to Scott Veerkamp 5.

$35 electronic filing fee 6. $1,420 Yield Spread Premium paid to Scott Veerkamp 7. $4,799 Yield Spread Premium paid to Scott Veerkamp

Clearly, Scott collected large sums of money when he steered people into high cost loans. YSP and Junk Fees do NOT "keep the interest of the client above all else".

Instead, these fees keep the interest of Scott Veerkamp's bank account "above all else".

Please stop pretending Yield Spread Premium has a special benefit to the customer. Why do you think the federal government banned the use of YSP?

#1009950
@PissedConsumer828307

YSP takes the place of loan orgination fees. the other fees you list are typical fees associated with mortgages.

Are they high? That's for you to decide. Did you compare fees with other brokers? How is this different than what a the finance department does with an auto loan?

The government via the dodd-frank act did many things to prevent abuse in this area but the overreaching by product is that lower income/lower net worth individuals now have less ability to buy a home and are forced to rent.

looks like you paid exactly 3% in points and ysp.

Seems fairly standard to me. The app fee is high in my opinion tho.

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ID
#416386 Review #416386 is a subjective opinion of poster.
Location
Indianapolis, Indiana
New Reviewer

Scott Veerkamp Real Estate Fraud

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 MooreGMAC 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.blogspo is the reason Scott could not show (or sell) the property...http://narrealtorbaitandswitchblog.blog
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2 comments
#1113734

1. Have you ever known anyone that deliberately searches for a HIGHER interest rate when they want to borrow money?

2. This is what Scott Veerkamp was doing with Yield Spread Premium.

3. He was helping his clients search for a HIGHER interest rate so he could receive a KICKBACK on their loan.

4. The Center for Responsible Lending says YSP "steals equity from struggling families".

5. Clearly, YSP represents the extreme opposite of "protecting and promoting the interest of the client" as described in the NAR Code of Ethics.

#1111784

1. Scott Veerkamp received a WARNING letter from the Office of the Indiana Attorney General.

2. Scott had his mortgage license revoked by the Office of the Indiana Secretary of State Securities division.

3.

Scott has been investigated by WRTV 6 for unpaid taxes.

4. Strangely, Scott refers to himself as a "Christian Super Servant".

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ID
#382920 Review #382920 is a subjective opinion of poster.
Location
Indianapolis, Indiana
Loss
$4320
New Reviewer

Scott Veerkamp Bait and Switch ALERT

"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 / "Pluto 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" 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 "Pluto 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, Senator Merkley says Yield Spread Premium has turned the home mortgage industry into a SCAM. Nonetheless, Scott describes this scenario as: "Keeping the interest of his clients above all else." Jeff Merkley and Yield Spread Premium: http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F
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2 comments
#1112108

1. Scott Veerkamp received a WARNING letter from the Office of the Indiana Attorney General.

2.

Scott had his mortgage license revoked by the Office of the Indiana Secretary of State Securities division.

3.

Scott has been investigated by WRTV 6 for unpaid taxes.

4. Strangely, Scott refers to himself as a "Christian Super Servant".

#1111785

1. How does a kickback on a predatory loan "protect and promote the interest of the client"?

2.

How does a $4,799 Yield Spread Premium represent the "lowest possible interest rate"?

3. How does a $960 application fee represent the "lowest possible price"?

4.

How does a $1,440 YSP "keep the interest of the client above all else"?

5. Can someone please explain?

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ID
#337596 Review #337596 is a subjective opinion of poster.
Location
Indianapolis, Indiana
New Reviewer

Ripoff Warning: Scott Veerkamp SCAM

Please review this summary of events regarding 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. Click on Fullscreen in the upper left hand corner of each document. (You will need to scroll to see these documents). http://jmb27.posterous.com/mortgage-documents-1-and-2 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://jmb27.posterous.com/scott-veerkamp-refuses-to-conduct-an-open-hou 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://jmb27.posterous.com/scott-veerkamp-the-land-contract-scam 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://jmb27.posterous.com/scott-veerkamp-removes-my-property-from-the-m-10511 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://jmb27.posterous.com/scott-veerkamp-flips-his-own-listing 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://jmb27.posterous.com/scott-veerkamp-refers-to-himself-as-a-christi 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). Warning Letter.pdf (51 KB) 8. Here is a copy of the response from Scott Veerkamp. (This is documented on a blog from ripoff report). http://jmb27.posterous.com/here-is-a-copy-of-the-response-from-scott-vee 9. The MIBOR promise... http://jmb27.posterous.com/the-mibor-promise 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... Comparative Market Analysis.pdf Land Contract Information.pdf
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1 comment
#1112106

1. How does a kickback on a predatory loan "protect and promote the interest of the client"?

2.

How does a $4,799 Yield Spread Premium represent the "lowest possible interest rate"?

3. How does a $960 application fee represent the "lowest possible price"?

4.

How does a $1,440 YSP "keep the interest of the client above all else"?

5. Can someone please explain?

ID
#334715 Review #334715 is a subjective opinion of poster.
Location
Indianapolis, Indiana

Real Estate Expert Talks

"I'm a Huge Proponent of Building a Home" Ty Wilde About Real Estate Industry

Sep 15, 2020

A real estate industry expert, Ty Wilde, shares his insights on whether to buy or build a house, what to consider when dealing with real estate agents, home inspections, and what to think of when investing your money.

Ty Wilde
Ty Wilde

Ty Wilde is the Utah Realtor and New Home Construction Specialist with over 15 years of experience. He helps people to go through the process of buying or selling a home.

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