Mortgage Origination Program
Program Description
The Mortgage Origination Program (MOP) is a key resource in faculty and staff recruitment and retention, providing valuable assistance in securing housing in our region. The Mortgage Origination Program (MOP) can be used to fund home purchases both on-campus and off-campus.
However, due to unprecedented demand and budgetary constraints, the UC Office of Loan Programs (OLP) has recently implemented several changes that will impact the availability of these loans.
Temporary Program Suspension
The campus MOP program was temporarily suspended for Fiscal Year 2025 (FY25) due to exhaustion of its FY25 MOP allocation. When funding is unavailable, the MOP program is temporarily put on hold and new pre-approvals cannot proceed. As additional funding is allocated, applicants will be invited to move forward in the order they appear on the Pre-Approval Waitlist.Impact on Faculty and Staff
Faculty and staff who are currently in escrow with a MOP or have an active pre-approval will not be affected by these changes. Your loan process will continue as planned, and you will remain eligible to close on your home purchase under the terms of their pre-approval. However, if your pre-approval expires, extensions will not be granted, and any faculty or staff who have not yet received pre-approval from OLP will experience a delay.
This pause is expected to be temporary but will remain in place until the campus receives its new MOP allocation funding.
During the pause, faculty and senior management group members with a MOP loan allocation may join the pre-approval waitlist by completing and submitting the following form:
Please wait to join the waitlist until you are ready to begin the pre-approval process. If you reach the top of the list and are not yet prepared to start, you will have six months to initiate pre-approval before your name is removed. If removed, you may rejoin the list at the bottom once you are ready to proceed. Please note that if you reach the top a second time and do not begin the pre-approval process within six months, your name will be permanently removed from the list. Also, please keep in mind that reaching the top of the list does not guarantee funding availability. If funding is unavailable when you reach the top, you will remain next in line once additional funds are allocated to the campus.
We understand that these changes may present challenges. We appreciate your cooperation and understanding as we navigate this temporary shortage of available funds
Mortgage Origination Program (MOP) Eligibility
Eligibility Time Limit
Employees with an MOP loan allocation from their employment offer, that has not yet been activated, will have six years from March 12, 2025 to request pre-approval for an MOP loan. Assistant Professors and Assistant Teaching Professors with a start date of July 1, 2023, or later, will have eight years from their start date to request pre-approval for an MOP loan. If a pre-approval request is not initiated within this timeline, the MOP loan eligibility will expire. After campus loan allocation approval, there is a two-year time limit to close on the loan.
New assistant professor rank hires will have an eight-year eligibility period, and new hires at the associate or full rank will have a six-year eligibility period.
Maximum Loan Size
The maximum loan size offered will be up to $1,300,000.
Employees who are already pre-approved for a loan may continue with their current pre-approval and will not be impacted by the $1,300,000 limit on loan size.
Approval of Exceptions
Exceptions will continue to be considered for faculty who want to live outside the immediate region and want to live in the greater Bay Area. Other exceptions will generally not be approved while funding is limited.
Alternative Lenders
MOP loans are not required for purchase of employee housing units and alternative lenders are available. Reach out to employeehousing@ucsc.edu for more information.
