Transcript Slide 0

Lunch-n-Learn: Office of Loan Programs
Presented By:
Ruth Assily
June 19, 2012
Outline
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Office of Loan Programs
Who we are
● Where we are
●
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Mission Statement
●
Program Description
Mortgage Origination Program Features
● Eligibility
UNIVERSITY OF CALIFORNIA
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Questions
Be sure to grab a sandwich!
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UNIVERSITY OF CALIFORNIA
Who We Are
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Prior to September 2008, OLP was part of
Facilities Administration
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OLP is now within Dan Sampson’s area- Financial
Services and Controls
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Who We Are
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Director – Ruth Assily
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Loan Origination Team
● Janis
UNIVERSITY OF CALIFORNIA
● Jay
Vega
Valancy
● Sally
Hopkins
● Nora
Omalza
● Wendy
● Alyce
Fong
Brown
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Who We Are
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Loan Servicing Team
● Luann
Ford
UNIVERSITY OF CALIFORNIA
● Melinda
Dahms
● Lisa
Clemons
● Sam
Phung
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Where We Are
10th Floor
9th Floor
UNIVERSITY OF CALIFORNIA
X
6th Floor
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Mission Statement
UNIVERSITY OF CALIFORNIA
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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
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The Office of Loan Programs strives to maintain
superior customer satisfaction by:
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UNIVERSITY OF CALIFORNIA
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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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PROGRAM DESCRIPTION
UNIVERSITY OF CALIFORNIA
WHY A LOAN PROGRAM?
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To Help Alleviate the High Cost of Housing
Surrounding our Campuses
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To Provide a Predictable Source of Mortgage
Financing
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To Provide Liberal Qualifying Standards,
Reduced Down Payment, and Lower Fees
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UNIVERSITY OF CALIFORNIA
MOP Features
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Approved by the Regents in 1984
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Tool to recruit and retain faculty and senior
managers
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UNIVERSITY OF CALIFORNIA
MOP Features
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First trust deed loans secured on borrower’s
primary residence
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One year adjustable rate mortgage (ARM)
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Tied to an internal University index (Short Term
Investment Pool)
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Maximum 1% annual rate change (up or down)
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Minimum 3% interest rate
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No overall rate cap
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UNIVERSITY OF CALIFORNIA
MOP Features
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Loan term may be up to 40 years
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Loan rate is the same regardless of term
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No points or lender fees
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UNIVERSITY OF CALIFORNIA
MOP Features
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Qualifying ratios are more liberal than
with a conventional lender
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Maximum loan amount is $1,330,000 with
a maximum loan-to-value ratio of 90%
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Loan payments are collected by payroll
deduction
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Loan Program Eligibility
 Faculty (Academic Senate Members)
UNIVERSITY OF CALIFORNIA
 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
UNIVERSITY OF CALIFORNIA
• 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
UNIVERSITY OF CALIFORNIA
● 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
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
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UNIVERSITY OF CALIFORNIA
QUESTIONS?
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For More Information
UNIVERSITY OF CALIFORNIA
Visit our website at www.ucop.edu/olp
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