Office of Loan Programs

Products & Services

Mortgage Origination Program (MOP): The program provides first deed of trust variable rate loans with up to 40-year terms at maximum amounts of 85% to 90% of value, depending upon loan size. The maximum annual adjustment of the interest rate for a loan, upwards or downwards, is one percent. Eligibility for MOP participation is generally restricted to qualified applicants who are purchasing a home in the campus area for the first time. More details can be found in the Program brochure.

Interest-Only Mortgage Origination Program (IO-MOP): The IO-MOP loan features interest-only payments for a specified period of time (IO-Period) as defined in the promissory note. During the IO-Period, the monthly payments due are based on the interest-only rate (IO-MOP Rate) which is equal to the Standard Rate, plus an additional fee component of .25% and adjusts annually on the Anniversary Date of the note with a maximum annual rate adjustment of 1%, up or down. After the IO-Period, the interest rate will be the then-current Standard Rate, without the added .25% fee component, and the principal balance of the loan will be fully amortized over the remaining term of the loan resulting in a principal and interest monthly payment. Although the maximum overall loan term is 40 years, an IO-MOP loan must have a minimum 30-year amortization period remaining after the IO-Period ends. More details can be found in the IO-MOP brochure.

Graduated Payment Mortgage (GP-MOP): The GP-MOP loan features an initial interest rate that is a specified percentage lower than the Standard MOP loan rate in effect at the time of loan commitment. This percentage changes each year so that the difference between the Borrower Rate and the Standard Rate gradually decreases until the rate equals the Standard Rate. In no case can the Borrower Rate be less than 3.0%. For additional information, please refer to the Graduated Payment Mortgage page.

Supplemental Home Loan Program (SHLP): SHLP provides primary and secondary mortgage financing with variable and fixed rate options. The SHLP Program brochure offers additional details.

Faculty Recruitment Allowance Program: Formerly known as the Salary Differential Housing Allowance Program, this program assists faculty recruitment through grants to selected eligible participants. The primary purpose of the Faculty Recruitment Allowance is to provide support for housing costs, but recipients may also use the allowance for childcare expenses, education or tuition assistance, or similar expenses. The Faculty Recruitment Allowance is considered taxable income and may be paid in one lump sum or over a period not to exceed ten years in equal, unequal, or declining balance amounts.

The eligible population for the program is full-time University appointees who are members of the Academic Senate pursuant to Regents' Standing Order Section 105.1, full time appointees to the title Acting Assistant Professor, or appointees in the Astronomer series and the Agronomist in the Agricultural Experiment Station series. The program is further limited to persons within two years of their qualifying appointment. An eligible faculty member who permanently transfers to another University location may be considered for a Faculty Recruitment Allowance, subsequent to his or her date of transfer.

The full text of the University Policy is located at http://www.ucop.edu/acadadv/acadpers/apm/apm-190-e.pdf

Lending Services: In addition to providing the direct lending services for MOP, the Office provides policy oversight and consultations to campus personnel regarding individual loan applications as well as financial analysis and consultations for individual borrowers to assist them in making decisions regarding loan qualifications.

For-Sale Housing Development:The Office also provides policy oversight and consultation to campuses who are developing and/or managing housing developments for faculty and staff. Current summary statistics for these developments can be found in the most recent annual report. For more detailed information regarding any campus development, please contact the local campus administrator.