Complaint Review: Scott Veerkamp Real Estate - Indianapolis Indiana
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- Author Not Confirmed
- Scott Veerkamp Real Estate 3420 South Post Road Indianapolis, Indiana USA
- Phone: 317-979-4663
- Web: scottveerkamp.com
- Category: Realtors
Scott Veerkamp Real Estate Scott Veerkamp Real Estate: Loan Steering and Financial Harm to Consumers Indianapolis Indiana
*Author of original report: Scott Veerkamp Misleads With Bait and Switch
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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".
This report was posted on Ripoff Report on 03/22/2014 07:08 AM and is a permanent record located here: https://www.ripoffreport.com/reports/scott-veerkamp-real-estate/indianapolis-indiana-46239/scott-veerkamp-real-estate-scott-veerkamp-real-estate-loan-steering-and-financial-harm-1132672. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Author of original report
Scott Veerkamp Misleads With Bait and Switch
AUTHOR: Jim - ()
SUBMITTED: Sunday, April 06, 2014
Please review the following information regarding Scott Veerkamp's fraudulent business tactics...
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 Moore
GMAC 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 Veerkamp 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. In addition, Scott had his mortgage license REVOKED by the Office of the Indiana Secretary of State Securities Division.
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.
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