1. Bundle all compensation as base income, don't break it down to commissions, bonuses and tips
2. Add gift funds to the base income
3. And if that still doesn't work, just top off the income with an extra $500!
Full document as leaked to The Oregonian (turns out journalists are good for something other than reprinting our press releases, at least now the rest of us can learn from these advanced tips), inside...
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Chase mortgage memo pushes 'Cheats & Tricks' [Oregonian via BoingBoing]
@ChadSteelgate: Nice star Chad. I bet you borrowed RandomHookup's kneepads to get it so fast.
]]>So at least one goofy name checks out.
]]>tammy.d.lish that's got to be fake
]]>The Oregonian article is from 3/27...so...a bit early for April Fool's...I think this one's real!
]]>I had to constantly coach against practices like this, as the bank I work for would terminate relationships if they found this happening, yet the brokers would be coached that this was "how you submit loans" by other AE's.
]]>I think this is legit. We got a "stated income" mortgage from Chase a few months ago and the statement re self-employment exactly matches what the broker told me was required.
]]>I KNEW other account execs where telling brokers to do this, as we constantly got loans like this. Brokers would tell me they were doing this, and get really confused when I told them that I couldn't accept the loan. They would freely volunteer that they were...
1. Inflating income figures
2. Misrepresenting sources of income and assets
3. Not even asking the borrower for income (making it up themselves for whatever the loan needed to work)
Obviously, if they hadn't been trained that this was acceptable, they wouldn't be telling me offhand that they were doing it.
I didn't work for Chase, and as I mentioned, we didn't accept loans where we knew this was happening, but when the industry is trained that this is ok, you get these loans whether you want them or not.
]]>I think we're getting our chains yanked. If not, kudos for at least requiring no BK's, foreclosures (EVER!!) and a reasonable FICO.
]]>@MercuryPDX: Dude, the Oregonian article isn't even from today. I think this is a horrible case of an April Fool's joke that isn't a joke.
]]>wait, I'm totally confused.
Unless you hacked the oregonian, this is scarier than I thought.
]]>Pretty sure this one's fo' real. And awesome.
]]>Does it mean self-employed people must be at least 2 years old?
]]>Zippy? Like the pinhead?
]]>Chase SUCKS! Worst Godforsaken money McDonalds I have EVER dealt with.
]]>lol @ Tammy D Lish
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