Scott Veerkamp

"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 )

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" and YSP
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 junk
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, the Center for
Responsible Lending says YSP "steals equity from struggling families."
Nonetheless, Scott describes this scenario as: "Keeping the interest
of his clients above all else."
http://www.realtor.org/home_buyers_and_sellers/how_to_avoid_predatory_lending

http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf

http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf