Scott Veerkamp - REMAX Predatory Broker Indianapolis Indiana
Rip-off Report: Scott Veerkamp RE/MAX Central / "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 YSP as a "secret bonus payment."
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."
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F
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