Post on 18-Dec-2015
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Outline
● Office of Loan Programs
●Who we are●Where we are
● Mission Statement
● Program Description●Mortgage Origination Program Features●Eligibility
● Questions
Be sure to grab a sandwich!
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Who We Are
● Prior to September 2008, OLP was part of Facilities Administration
● OLP is now within Dan Sampson’s area- Financial Services and Controls
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Who We Are
● Director – Ruth Assily
● Loan Origination Team
●Janis Vega
●Jay Valancy
●Sally Hopkins
●Nora Omalza
●Wendy Fong
●Alyce Brown
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Who We Are
● Loan Servicing Team
●Luann Ford
●Melinda Dahms
●Lisa Clemons
●Sam Phung
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Mission Statement
● The Office of Loan Programs designs, delivers and manages housing assistance programs for the recruitment and retention of faculty and senior managers in support of the education, research, and public service missions of the University of California.
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Mission Statement
● The Office of Loan Programs strives to maintain superior customer satisfaction by:
● Providing timely, accurate and cost-effective mortgage products and services in compliance with University policy and governmental regulations
● Researching and evaluating new mortgage product alternatives and providing analysis of proposed programs
● Evaluating mortgage industry processes and related technological changes to continually improve services
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● To Help Alleviate the High Cost of Housing Surrounding our Campuses
● To Provide a Predictable Source of Mortgage Financing
● To Provide Liberal Qualifying Standards, Reduced Down Payment, and Lower Fees
WHY A LOAN PROGRAM?
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● Approved by the Regents in 1984
● Tool to recruit and retain faculty and senior managers
MOP Features
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MOP Features
● First trust deed loans secured on borrower’s primary residence
● One year adjustable rate mortgage (ARM)● Tied to an internal University index (Short
Term Investment Pool)● Maximum 1% annual rate change (up or
down)● Minimum 3% interest rate● No overall rate cap
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MOP Features
● Loan term may be up to 40 years
● Loan rate is the same regardless of term
● No points or lender fees
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MOP Features
● Qualifying ratios are more liberal than with a conventional lender
● Maximum loan amount is $1,330,000 with a maximum loan-to-value ratio of 90%
● Loan payments are collected by payroll deduction
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Loan Program Eligibility
Faculty (Academic Senate Members)
Senior Managers
Note: Applicants cannot have owned a primary residence near campus during the12 months preceding issuance of their MOP loan
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Loan Program Eligibility
•Property must be:
• Owner-occupied
• Single Family Residence or Condominium
• Used for residential, non-income producing purposes
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Loan Program Eligibility
●Participant must have at least a 50% ownership interest in the property
●Loans are condition-of-employment loans: must be repaid if borrower leaves University employment
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Summary
●OLP supports the recruitment and retention of faculty and senior managers
●All loans are originated in-house
●Loan accounting and servicing is also completed in-house
●MOP program has funded over $2 billion in loans during its 28 year history
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For More Information
Visit our website at www.ucop.edu/olp