The Oregonian wrote a piece in 2008 about JP Morgan Chase memo that had surfaced that gave a glimpse into the mentality of JP Morgan Chase employees that fueled the mortgage mess. Here was the JP Morgan Chase memo by an employee. This memo was posted in the newspaper on Friday March 28, 2008. Hat tip to The Oregonian:
ZiPPY Cheats & Tricks...
If you get a "refer" or if you DO NOT get
Stated Income / Stated Asset findings....
Never Fear!! ZiPPY can be adjusted (just ever so slightly)
Try these steps next time you use Zippy!
You just might get the findings you need!!
* Always select "ALTERNATE DOCS" in the documentation drop down.
* Borrower(s) MUST have a mid credit score of 700.
* First time homebuyers require a 720 credit score.
* NO! BK's OR Foreclosures, EVER!! Regardless of time!
* Salaried borrowers must have 2 years time on job with current employer .
* Self employed must be in existence for 2 years. (verified with biz license)
* NO non-occupant co borrowers.
* Max LTV/CLTV is 100%
Try these handy steps to get SISA findings . . .
1) In the income section of your 1003, make sure you input all income in base income. DO NOT break it down by overtime, commissions or bonus.
2) NO GIFT FUNDS! If your borrower is getting a gift, add it to a bank account along with the rest of the assets. Be sure to remove any mention of gift funds on the rest of your 1003.
3) If you do not get Stated/Stated, try resubmitting with slightly higher income.
Inch it up $500 to see if you can get the findings you want. Do the same for assets.
It's super easy! Give it a try!
If you get stuck, call me . . . I am happy to help!
Tammy Lish
(503) 307-7079
tammy.d.lish@chase.com
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