Print the value of index0
National Association of Realtors Bait and Switch Tactics Scott Veerkamp Indianapolis, Indiana
Rip-off Report: National Association of Realtors / "Bait and Switch" Tactics Scott Veerkamp
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."
As stated earlier, REALTOR Magazine provided the following information in their article regarding mortgage fees: "People should ask their broker how much they're making, including yield spread premiums and direct fees, and if it's over $2,000 they should question why." Please keep this information in mind when reviewing Scott Veerkamp's "switching" technique.
Likewise, I am forwarding information from CNN Money.com regarding junk fees. The article is entitled: "The bunk behind junk closing fees." "Mortgage brokers and their many "fees"--sometimes not related to any actual service performed by a broker."
The article has a list of names that brokers use for various junk fees. Please review this statement contained in the article: "The long list of names that fees go by ( in addition to processing and administration charges, Aquila residents were hit with application, commitment, courier, document prep, origination and underwriting fees) suggests that specific things were done to earn them."
"Actually, says University of Minnesota law professor Prentiss Cox, a former head of the Minnesota attorney general's consumer division, most all of these fees end up in lender or broker coffers regardless of what a HUD-1 says: They should just call them "Pluto research fees." "They're just making this stuff up."
The quote above was taken from the CNN Money.com article. Obviously, Mr. Cox is very specific about his statement on junk fees. I agree with him when he says: "They're just making this stuff up." In fact, "Pluto research fees" is a perfect description for excessive and unnecessary junk fees. Clearly, these fees are not in the best interest of the client.
Please note: "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."
2 Updates & Rebuttals
Jim
Indianapolis,Indiana,
USA
Warning Letter To Scott Veerkamp
#3Author of original report
Mon, January 03, 2011
Warning Letter To Scott Veerkamp From The Office Of The Indiana Attorney General...
Scott Veerkamp is the President of the Franklin Township School Board and a member of theNational Association of Realtors. Please ask Scott to post a copy of his WARNINGletter from the office of the Indiana Attorney General. In addition, please encourageScott toprovide a written response to items 1-16 on this website.
Items 1-8 in group A:1. I have documentation of a WARNINGletter that was sent to Scott Veerkamp from the office of the IndianaAttorney General. 2. This letter was sent to Scott in November of 2008. 3. Here are the questions I have regarding this letter: A. Is aWARNING 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 hisWARNING 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 showshow 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 showshow 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.
http://www.responsiblelending.
Scott Veerkamp
Beech Grove,Indiana,
United States of America
The Truth will set you free.
#3REBUTTAL Owner of company
Sat, November 06, 2010
I have kept very quiet over the last 6 years about this one individuals rant of lies toward me and my company. I have not responded to ANY of these false comments on websites until now. I am going to respond to his foolishness once and for all. Below is an attached summation of truth! This individuals lies have done nothing but strengthened my business. Praise be to the lord. In Matthew 12 : 36-37 Jesus says; But I tell you that men will have to give account on the day of judgment for every careless word they have spoken. For by your words you will be acquitted, and by your words you will be condemned.
To whom it may concern,
It has been brought to my attention that some or all of you have received an email or a package of information, about me, from an individual named Jim Bruggenschmidt. If you have or have not, you may. I decided to respond to this just in case you wanted to know the readers digest version of who this is and why he is making contact with you.
Mr. Bruggenschmidt purchased an investment property that I had shown to him in 2004 whereby he was going to fix up and resale. Soon after he decided that he was going to be unsuccessful in flipping this property, he then decided to file a complaint against me with the following organizations:
The Office of the Attorney General, Metropolitan Indianapolis Board of Realtors (MIBOR), The Grand Jury investigator for Mortgage fraud and Real Estate corruption for the state of Indiana, Remax of Indiana, Remax International, and Call for help channel six and many others.
He has stated that I had used various tactics to persuade him that he should buy this home. (Bait n switch, I will buy it if you dont, the value of the home is inflated, appraisals were manipulated etc,.) Also, that I had caused a similar injustice to him with my mortgage company by over charging him etc. etc. He is basically on a BUYER BEWARE mission. Mr. Bruggenschmidt has held a Real Estate license since the 1980s even though he never disclosed this to me or the seller of the property of which he purchased ( a violation of license law ). The point is that he was fully aware of the risks of buying and flipping property!
After reviewing his complaint and my rebuttal to these false allegations, these above mentioned boards and organizations have dismissed all of this. (It is nice when you have truth on your side and good documentation! )
Whats not so nice is that for the last several years he will surface from time to time by sending these same documents of lies to anyone that he thinks will listen to him in an attempt to defame me, my staff and or one of my companies.
Mr. Bruggenschmidt copies information directly from my web site and circles quotes where I mention my desire to serve my clients, that I am a Christian which are true statements that do reflect myself as well as the people that my companies employ.
Lastly, though I was completely exonerated, I still went well beyond the call of duty to make amends with Mr. Bruggenschmidt of which I will gladly discuss with anyone who would like to.
If you have any questions regarding this, please feel free to inquire as I will be happy to discuss.
You may forward this to anyone that you would like.
Doing my very best,
Scott Veerkamp
Scott Veerkamp Real Estate
626 Main Street
Beech Grove In. 46107
(317) 780-7655
scott@scottveerkamp.com