Presented By Ruth Assily June 19 2012 Outline Office of Loan Programs Who we are Where we are Mission Statement Program Description Mortgage Origination Program Features Eligibility ID: 639212
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Lunch-n-Learn: Office of Loan Programs
Presented By: Ruth AssilyJune 19, 2012Slide2
Outline
Office of Loan Programs Who we areWhere we areMission Statement Program DescriptionMortgage Origination Program FeaturesEligibility
Questions Be sure to grab a sandwich!Slide3
Who We Are
Prior to September 2008, OLP was part of Facilities AdministrationOLP is now within Dan Sampson’s area- Financial Services and Controls Slide4
Who We Are
Director – Ruth AssilyLoan Origination TeamJanis VegaJay ValancySally HopkinsNora OmalzaWendy FongAlyce Brown
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Who We Are
Loan Servicing TeamLuann FordMelinda DahmsLisa ClemonsSam Phung Slide6
Where We Are
10th Floor 9th Floor X 6th FloorSlide7
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. Slide8
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 regulationsResearching and evaluating new mortgage product alternatives and providing analysis of proposed programsEvaluating mortgage industry processes and related technological changes to continually improve services Slide9
PROGRAM DESCRIPTIONSlide10
To Help Alleviate the High Cost of Housing Surrounding our Campuses
To Provide a Predictable Source of Mortgage FinancingTo Provide Liberal Qualifying Standards, Reduced Down Payment, and Lower FeesWHY A LOAN PROGRAM?Slide11
Approved
by the Regents in 1984Tool to recruit and retain faculty and senior managersMOP Features Slide12
MOP Features
First trust deed loans secured on borrower’s primary residenceOne 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 rateNo overall rate capSlide13
MOP Features
Loan term may be up to 40 yearsLoan rate is the same regardless of termNo points or lender feesSlide14
MOP Features
Qualifying ratios are more liberal than with a conventional lenderMaximum loan amount is $1,330,000 with a maximum loan-to-value ratio of 90%Loan payments are collected by payroll deductionSlide15
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 loanSlide16
Loan Program Eligibility
Property must be:Owner-occupiedSingle Family Residence or CondominiumUsed for residential, non-income producing purposesSlide17
Loan Program Eligibility
Participant must have at least a 50% ownership interest in the propertyLoans are condition-of-employment loans: must be repaid if borrower leaves University employmentSlide18
Summary
OLP supports the recruitment and retention of faculty and senior managersAll loans are originated in-houseLoan accounting and servicing is also completed in-houseMOP program has funded over $2 billion in loans during its 28 year historySlide19
QUESTIONS?Slide20
For More Information
Visit our website at www.ucop.edu/olp