General Servicing Questions

General Servicing Questions

Who will be servicing my MOP loan?
The servicing of your loan will be handled by University employees in the Office of Loan Programs in Oakland at the address above.
How will payments to my MOP loan be made?
While on active payroll status, your mortgage payments are required to be deducted from your monthly paycheck.
When will I receive my annual mortgage interest statement?
Every January, we will send you a mortgage interest statement showing the total amount of interest paid on your loan for the prior calendar year. This information is for tax reporting purposes and is also reported to the Internal Revenue Service on IRS form 1098.
The IRS requires us to mail these statements by January 31st, however, we usually mail them by mid-January. If you need this information earlier, we can provide it to you verbally.
Will you mail me a history of payments made?
Twice a year, in July and December, we will mail you a history statement detailing all payments received in the prior six months. If, for any reason, you would like other specific information about your loan payments, please contact us at the address above.
Do you report to the credit agencies?
Yes. Every month we send an updated data file to a credit reporting agency.
Does your office sell my name and address to anyone?
No. We do not sell or allow access to our mailing list. We have taken all possible precautions to keep borrower information confidential. However, as you may be aware, all real estate transactions are a matter of public record.
Do you ever use private collection agencies or outside personnel to contact borrowers?
No. Please be advised that we do not employ outside collectors and all contact concerning your mortgage loan will be with University employees during normal business hours, 8:00 a.m. to 5:00 p.m. All written correspondence from this office will be on University of California, Office of Loan Programs letterhead.
How can I obtain a copy of my loan documents or appraisal?
Please contact us in writing at the address above for copies of any of the documentation produced when your loan was made.
I have a MOP loan and a SHLP loan. Will your office service both loans?
Probably. All MOP loans are serviced by the Office of Loan Programs in Oakland. Some of the Supplemental Housing Loan Program (SHLP) loans issued by the Berkeley campus are serviced by that campus. Most of the other SHLP loans are serviced by the Office of Loan Programs. However, there are some isolated exceptions to this policy.
When I pay off my loan, do you stop the payroll deduction?
Yes. After receipt of the payoff funds, the Office of Loan Programs will contact your campus payroll office and advise them to stop the monthly payroll deduction. If, due to payroll processing deadlines, the cancellation does not occur in time to stop the deduction, we will refund the deduction as soon as possible.
What happens if the property secured by the MOP loan is no longer my primary residence?
A condition of the MOP program is that all loans are first deeds of trust securing the primary residence of the eligible borrower. If you choose to change your primary residence, we will expect you to payoff your MOP loan as soon as possible. However, 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.
What Happens When I Request to Pay Off My University Home Loan?
When we receive a request for Payoff Demand from either an escrow or title company, or a borrower informing us that a loan will be paying off, OLP issues a payoff demand statement. This statement details the current principal balance, interest (collected from the due date of the most recent payment through the date we receive the funds at OLP) and a recording and reconveyance fee of $55.00. We recommend remitting payoff funds by wire transfer and that we be notified 24 hours prior to wiring the funds. We will provide you with the actual payoff amount needed once we know the date the funds will be wired. We will also accept cashiers' checks for payoffs.
Your automatic payroll deduction will be canceled after receipt of the payoff amount. If a refund is due, it will be mailed to you within five business days of your payroll deduction. Once we receive the full payoff amount, OLP will prepare the deed of reconveyance for recording by the county recorder. Upon receipt of the recorded deed of reconveyance, the original documents will be forwarded to you via certified mail at your current address. This usually takes a minimum of six (6) weeks. If you are paying off your loan because you have sold your house, you will need to provide OLP with your new address.
How Do I Request a Payoff Demand Statement?
If you are planing to pay off your home loan and are using an escrow or title company, the escrow or title company will submit a request for demand to the Office of Loan Programs at the above address or by fax. You will need to keep in touch with the escrow or title officer that is handling your loan payoff. OLP will prepare the demand statement within 48 hours of receipt and will submit it to the escrow or title company. If you wish to pay off your home loan directly, contact the Office of Loan Programs Payoff Department at the number above or via e-mail at olp@ucop.edu. A loan servicing staff member will provide you with the necessary information.