#loan steering

  YSP Letter.pdf Download this file

I do not qualify for legal action because my loan was initiated in 2004.  However, it is estimated that 60% of all mortgages across the nation contain Yield Spread Premium  (YSP). 

Please take time to review the letter (above) from a law firm in Indiana.  According to the letter, loans initiated within the last 3 years may qualify for legal action... 

You can find Yield Spread Premium on the settlement statement in your mortgage documents.  It will be listed as P.O.C. or paid "outside of closing."  This shows the dollar amount of the kickback your broker received for inflating your interest rate. 

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

YSP Letter.pdf Download this file

I do not qualify for legal action because my loan was initiated in 2004.  However, it is estimated that 60% of all mortgages across the nation contain Yield Spread Premium  (YSP). 

Please take time to review the letter (above) from a law firm in Indiana.  According to the letter, loans initiated within the last 3 years may qualify for legal action... 

You can find Yield Spread Premium on the settlement statement in your mortgage documents.  It will be listed as P.O.C. or paid "outside of closing."  This shows the dollar amount of the kickback your broker received for inflating your interest rate. 

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

Re:  Corporate GREED / Kickbacks to Realtors... 

Plaese take time to review 3 exhibits (below)... 

Scott Veerkamp listed Jonathan D. Nicholas as a "connection" on Plaxo.  Perhaps this is one of the reasons why Jonathan refused to meet with me and discuss the Predatory Lending tactics at REMAX Central.  Nonetheless, I find it strange that Jonathan would recognize Scott with a specific award when he knew Scott was preying on the public. 

With regard to Predatory Lending, I discovered an article from NAR entitled:  "Realtors seek to protect home buyers from Predatory Lending and educate them on mortgage products."  The article contains the following statement:  "A brochure, How to Avoid Predatory Lending, produced jointly by NAR and the Center for Responsible Lending identifies the warning signs of Predatory Loans."  

I wish someone from NAR would teach Scott Veerkamp how to "identify the warning signs of Predatory Loans."  Clearly, Scott needs extensive training on this topic. 

As you know, the Center for Responsible Lending has a significant amount of documentation on the common abuses of Predatory Lending.  Please review this information regarding Yield Spread Premium and Loan Steering... 

http://jmb27.posterous.com/scott-veerkamp-broken-promises-and-deceptive      

Download now or preview on posterousJonathan D. Nicholas on Plaxo.pdf (33 KB)

Download now or preview on posterousPredatory Lending Information.pdf (239 KB)