Sheryl (Veerkamp) Owens SCAM:

Sheryl (Veerkamp) Owens is Scott Veerkamp's sister. She worked for Scott at American Liberty Mortgage. Sheryl Owens helped Scott Veerkamp prey on the public with deceptive lending tactics. These tactics included the following: 1. Kickbacks on Predatory Loans (Yield Spread Premium.) 2. False Advertising 3. Loan Steering 4. Excessive Fees

Sheryl Owens and Scott Veerkamp used Bait and Switch tactics on consumers. Please take time to review the following information...

"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."


NAR: Predatory Lending Information...

NAR: Predatory Lending Information - Exposing Scams - Zimbio

Center for Responsible Lending: Seven Signs of Predatory Lending
Center for Responsible Lending: Seven Signs of Predatory Lending - Exposing Scams - Zimbio

Center For Responsible Lending: YSP document...
http://www.responsiblelending.org/mo...0507-final.pdf

CRL and Equity Theft:
http://www.responsiblelending.org/mo...Theft-0604.pdf

Jeff Merkley and Yield Spread Premium:
Jeff Merkley - United States Senator for Oregon: Home

Warning letter to Scott Veerkamp:
www.ftcsc: Warning Letter To Scott Veerkamp From The Office Of The Indiana Attorney General - jmb27's posterous

Scott refuses to drive (one block) to conduct an open house:
Scott Veerkamp Refuses To Conduct An Open House In His Neighborhood... - jmb27's posterous

Scott Veerkamp owes money:
Scott Veerkamp: Excessive interest rates and loss of tax revenues... - jmb27's posterous