LunchnLearn Office of Loan Programs Presented By Ruth
Lunch-n-Learn: Office of Loan Programs Presented By: Ruth Assily June 19, 2012
Outline ● Office of Loan Programs ● Who we are ● Where we are ● Mission Statement ● Program Description UNIVERSITY OF CALIFORNIA ● Mortgage Origination Program Features ● Eligibility ● Questions Be sure to grab a sandwich! 1
UNIVERSITY OF CALIFORNIA 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 2
Who We Are ● Director – Ruth Assily ● Loan Origination Team ● Janis UNIVERSITY OF CALIFORNIA ● Jay Vega Valancy ● Sally Hopkins ● Nora Omalza ● Wendy ● Alyce Fong Brown 3
Who We Are ● Loan Servicing Team ● Luann Ford UNIVERSITY OF CALIFORNIA ● Melinda Dahms ● Lisa Clemons ● Sam Phung 4
Where We Are 10 th Floor 9 th Floor UNIVERSITY OF CALIFORNIA X 6 th Floor 5
Mission Statement UNIVERSITY OF CALIFORNIA ● 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. 6
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 UNIVERSITY OF CALIFORNIA ● 7
PROGRAM DESCRIPTION
UNIVERSITY OF CALIFORNIA WHY A LOAN PROGRAM? ● 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 9
UNIVERSITY OF CALIFORNIA MOP Features ● Approved by the Regents in 1984 ● Tool to recruit and retain faculty and senior managers 10
UNIVERSITY OF CALIFORNIA 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 11
UNIVERSITY OF CALIFORNIA MOP Features ● Loan term may be up to 40 years ● Loan rate is the same regardless of term ● No points or lender fees 12
UNIVERSITY OF CALIFORNIA 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 13
Loan Program Eligibility Faculty (Academic Senate Members) UNIVERSITY OF CALIFORNIA Senior Managers Note: Applicants cannot have owned a primary residence near campus during the 12 months preceding issuance of their MOP loan 14
Loan Program Eligibility • Property must be: • Owner-occupied UNIVERSITY OF CALIFORNIA • Single Family Residence or Condominium • Used for residential, non-income producing purposes 15
Loan Program Eligibility ● Participant must have at least a 50% ownership interest in the property UNIVERSITY OF CALIFORNIA ● Loans are condition-of-employment loans: must be repaid if borrower leaves University employment 16
Summary ● OLP supports the recruitment and retention of faculty and senior managers ● All loans are originated in-house UNIVERSITY OF CALIFORNIA ● Loan accounting and servicing is also completed in-house ● MOP program has funded over $2 billion in loans during its 28 year history 17
UNIVERSITY OF CALIFORNIA QUESTIONS? 18
For More Information UNIVERSITY OF CALIFORNIA Visit our website at www. ucop. edu/olp 19
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