Basic Information & Eligibility:

Mortgage Origination Program (MOP)

The Mortgage Origination Program was created by the University of California to offset the negative impact of California housing prices by providing competitive first mortgages to eligible Riverside faculty and senior management to assist them in the purchase of a principal residence within a reasonable commuting distance of their campus.

Eligibility

The eligible population for the program consists of full-time University appointees who are: 

• Members of the Academic Senate or hold an equivalent title

• Members of the Senior Management Group (SMG)

Campus Participation

New Faculty and SMG Members whose length of service at UCR is equal to or less than twelve months and who have not had a UCR MOP loan previously are eligible to apply.

Limited Resource Allocation Loans

If a Faculty or SMG Member (1) is a homeowner in the past twelve months within the campus area and wishes to purchase another house using MOP funds, or (2) will be using the MOP to refinance his/her current mortgage, or (3) is a prior MOP borrower, the new MOP loan would be a Limited Resource Allocation Loan. Eligibility to apply for a Limited Resource Allocation Loan is not automatic as campus funds for these loans are limited. Interested Faculty should contact the Vice Provost of Academic Personnel for eligibility. Interested SMG Members should contact the Chancellor for eligibility.

Loan Term

All fully amortized loans have terms from 10 - 30 years.

Loan Position

MOP loans must be secured on the property by a first deed of trust.

Adjustment

The interest rate is adjusted annually, on the anniversary date of the promissory note. The base rate will be adjusted up or down, to a maximum of 1% annually, to the most recently available four-quarter average of the STIP index. To derive a new interest rate, an administrative fee of .25% will be added to this adjusted base rate.

Lifetime Adjustment Cap

There is an interest rate cap of 10% over the starting interest rate (rate cap effective for loans made on or after January 1, 2014).  

Amortization

MOP loans are fully amortized.

Maximum Loan Amount

Each campus determines maximum loan amounts with MOP as sole financing.

Property Guidelines

• Properties must be owner-occupied and must be a single-family residence (including condominiums and units within planned unit developments).

• Property must be the participant's principal place of residence.

• Property must be used primarily for residential non-income producing purposes.

• Property must be 50% or more participant owned.

Location Guidelines

• The campus has defined a "reasonable commuting distance" to be 30 miles or less from UCR.  Effective February 12, 2019, no exceptions will be granted.

For questions about location, please call Yvonne Lujan @ 951-827-5154 or Trisha Marcinko @ 951-827-5263.

Assumability

Loans under this program are not assumable.

Repayment

Monthly repayment is made through payroll deduction. Repayment in full is required six months after separation from the University, unless separation is due to retirement or disability.

Prepayment

MOP loans carry no prepayment penalties.