Scott Veerkamp
Reviews and Complaints

Scott Veerkamp used Yield Spread Premium to receive kickbacks from lenders. Ask Scott to return the kickbacks he collected on predatory loans.

The financial benefit of Yield Spread Premium belongs to the client...

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.

The Center for Responsible Lending estimates excessive interest rates cost families $2.9 billion each year. Please take time to review the following information regarding Yield Spread Premium and Loan Steering...

YouTube Video: Yield Spread Premium...
http://www.youtube.com/watch?v=iPXsKygQSRc

YSP and 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

Predatory Lending and the National Association of Realtors:
http://www.zimbio.com/Exposing+Scams/articles/15VN_4Q6HLA/NAR+Predatory+Lending+Information

CRL: Seven Signs of Predatory Lending
http://www.zimbio.com/Exposing+Scams/articles/AKevJQHWOKO/Center+Responsible+Lending+Seven+Signs+Predatory

Scott Veerkamp is the President of the Franklin Township School Board. In addition, Scott is a member of the CIESC Advisory Council. Clearly, this is a huge "conflict of interest" for three specific reasons...

1. CIESC is collecting fees on (school buses) already paid for with Franklin Township tax dollars. In other words, parents are being DOUBLE TAXED for their children's transportation to school.

2. As many people know, Scott Veerkamp OWES MONEY in back taxes.

3. Given this information, why are the residents of Franklin Township being DOUBLE TAXED by a School Board President that refuses to pay his own taxes?

Important video to review:
http://www.fox59.com/videobeta/?watchId=74ac22d9-a496-474a-a630-0c8c5159e6e7

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

Conflict of interest:
http://www.ftcsc.k12.in.us/board/

Sign petition:
http://www.noschoolbustax.com/

Lawsuit:
http://www.ibj.com/indiana-school-district-that-ended-bus-routes-faces-lawsuit/PARAMS/article/30512

Scott Veerkamp is the President of the Franklin Township School Board. In addition, Scott is a member of the CIESC Advisory Council. Clearly, this is a huge "conflict of interest" for three specific reasons...

1. CIESC is collecting fees on (school buses) already paid for with Franklin Township tax dollars. In other words, parents are being DOUBLE TAXED for their children's transportation to school.

2. As many people know, Scott Veerkamp OWES MONEY in back taxes.

3. Given this information, why are the residents of Franklin Township being DOUBLE TAXED by a School Board President that refuses to pay his own taxes?

Important video to review:
http://www.fox59.com/videobeta/?watchId=74ac22d9-a496-474a-a630-0c8c5159e6e7

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

Conflict of interest:
http://www.ftcsc.k12.in.us/board/

Sign petition:
http://www.noschoolbustax.com/

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."

Re: Scott Veerkamp / Franklin Township Community School Corporation

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.

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-funding

Please take time to review 3 exhibits (below)…

I had a phone conversation with David Bickell regarding Scott Veerkamp. David told me I should contact Jonathan D. Nicholas at REMAX of Indiana to review my complaint.

I filed several written complaints with REMAX of Indiana and REMAX International. In fact, I stopped at the REMAX regional office on three seperate occaisions to speak with Janie Monroe about my situation.

I told her I wanted to schedule a meeting with Jonathan D. Nicholas to discuss my complaint against Scott Veerkamp. My complaint included documentation of Loan Steering and Predatory Lending with REMAX Central. Nonetheless, Jonathan refused to meet with me and discuss my experience with the “REMAX Central Sting Operation.”

To my knowledge, REMAX did nothing to prevent Scott Veerkamp from preying on the unsuspecting public. Instead, REMAX decided to honor Scott with a “Lifetime Achievement Award” for his effort in misrepresenting the public.