Fraud in three easy steps
‘The memo was called “Zippy Cheats & Tricks,” with Zippy being Chase’s in-house automated loan underwriting system. It recommends three “handy steps” to loan approval.
1. Lump all of an applicant’s compensation as the applicant’s base income, rather than breaking out commissions, bonuses and tips.
2. Do not disclose use of gifts for down payments.
3. If all else fails, simply inflate the applicant’s income.”Inch it up $500 to see if you can get the findings you want,” the memo says. “Do the same for assets.”’
