Change in Employment Status

Change in Employment Status Questions

How will my payments be made if I go on Leave Without Pay?

If you are on approved leave without pay status for any period of time, please contact this office to make alternative payment arrangements and advise us of your forwarding address (if applicable).
Typically, borrowers will mail a personal check on the first of each month. Some borrowers have used "PC banking" or "bank by phone" services. At the present time, we do not offer an automatic withdrawal service from checking accounts. Please note that any payment received after the fifteenth of the month will be assessed a late fee of 4% of the amount past due.

If you pay by personal check, a billing statement acknowledging receipt of your payment will be mailed to you each month. Please refer to the address specified above for making payments.

How will my payments be made if I go on Sabbatical Leave?
Typically, faculty on Sabbatical Leave are paid their full-time salary while on Sabbatical. When this occurs, your mortgage payment will continue to be deducted from your monthly paycheck. If this is not the case in your situation, you will need to remit your payment by personal check. For details on this procedure, please see the "How will my payments be made if I go on Leave Without Pay" question in this section.
What happens if I terminate my employment with the University of California?
The University of California Mortgage Origination Program provides condition of employment loans to eligible faculty and members of the Senior Management Group.
Once you have terminated your employment with the University, you are no longer eligible to participate in the Mortgage Origination Program. As detailed in the Note and Deed of Trust, you will have six months from the date of separation to payoff your loan via either sale or refinance. Until your loan is paid off, you must continue to make regularly scheduled monthly payments by submitting a personal check to the address specified above, as well as keep property taxes current and adequate hazard insurance in force.
Will I be eligible to continue participating in the Mortgage Origination Program when I retire from the University of California or will I be required to pay off the existing balance of my loan at that time?
As a member of the Academic Senate, or Senior Management Group, when you retire from the University of California, you may continue to participate in the Program. However, you must continue to make regularly scheduled monthly payments by submitting a personal check to the Office of Loan Programs, as well as keep property taxes current and adequate hazard insurance in force. In addition, you must continue to maintain the property as your primary residence and retain at least a 50% ownership interest in the property. Since retirees are no longer paid from the campus payroll, automatic payroll deduction is not possible.
Borrowers who retire due to a disability are also eligible to continue to participate in the Program, but the above payment requirements still apply.