The Oregonian has received a copy of an internal memo from JPMorgan Chase & Co. (NYSE: JPM) titled "Zippy Cheats & Tricks", providing the company's employees with advice that amounts to an endorsement of mortgage fraud. Zippy is Chase's in-house automated loan underwriting system.
Consumerist has posted the memo on its site, and the details are indicative of serious problems at the company. Among the tips:
Consumerist has posted the memo on its site, and the details are indicative of serious problems at the company. Among the tips:
- Include all compensation under "base income." Lump in tips, bonuses etc. with base income, as that amount is favored by the software.
- Do not mention gift funds -- include them as though they were earned income.
- If all else fails, lie and add $500 to the applicant's income "to see if you can get the findings you want."
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