IAR: Realtor "Kickbacks"
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Author's Comments: 0 Rebuttal: You must be logged in: 0 Status: Unresolved I have a question for the Indiana Association of Realtors. Have you ever known anyone that deliberately searches for a higher interest rate when they want to borrow money?
This is what Scott Veerkamp was doing with Yield Spread Premium. He was helping his clients search for a higher interest rate so he could receive a "kickback" at closing.
If Scott 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. Scott Veerkamp was not "protecting the interest of his clients." Instead, he was using his clients as a profit center to expand his personal bank account.
Please review Scott Veerkamp article dated 10-6-10 below:
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