The “locked-in” MOP rate will be the Program rate in effect at the time of loan commitment. Also known as form OLP-30.Ĭommunity Property: Property acquired by a married couple, or either spouse in a married couple, during marriage, when not acquired as the separate property of either.Ĭo-Borrower: Any individual who will assume responsibility on the loan, take a title interest in the property and intends to occupy the property as their primary residence.Ĭo-Signer: Any individual who will assume responsibility on the loan, but who will not take a title interest in the property nor occupy the property.Ĭurtailment: An additional payment made to reduce the principal balance of a loan.Ĭurrent MOP Rate: MOP rate currently in effect for Program loans. It is intended that a bridge loan will be paid off with the net proceeds from the prior residence's sale.Ĭlose of Escrow: The meeting between the buyer, seller and lender (or their agents) where the property and funds legally change hands.Ĭertification of Eligibility : Form signed by campus representative certifying that the applicant is eligible for Program participation and the amount of the loan allocation. This feature is available only to borrowers who are not currently on active payroll status.īalloon Payment: An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note.īeneficiary: The lender on the note secured by a deed of trust.īorrower: An eligible person as specified in an executed Certification of Eligibility, prepared by the appropriate campus representative, who will be primarily responsible for the repayment of a Program loan.īridge Loan: A temporary loan, usually less than 12 months, provided to a borrower when the net proceeds from a sale of a prior residence are not available for the purchase of a new home. Also known as form OLP-09.Īppointee: A person who has been offered and has accepted a full-time position with the University of California.Īppraised Value: The dollar value assigned to a single-family residence by an appraiser approved by the Office of Loan Programs.Īutomated Clearinghouse (ACH): An electronic funds transfer network that enables direct money transfers between participating bank accounts and lenders. This occurs in the same calendar month and day each year thereafter on any MOP Promissory Note.Īnnual Percentage Rate (APR): A percentage rate that reflects the amount of interest earned or charged.Īpplicant: An eligible Appointee designated by one of the ten University campuses, Office of the President or, LBNL as eligible to apply for a loan under the UC Home Loan Program.Īpplication Checklist : An itemized list of documentation that the borrower and the campus need to provide to the Office of Loan Programs for either pre-approval or loan approval. To find a definition, click the first letter of the term.Ī | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | ZĪmortization: Loan payments by equal periodic amounts calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.Īmortized Loan: A loan to be repaid, by a series of regular installments of principal and interest, that are equal or nearly equal, without any special balloon payment prior to maturity.Īnniversary Date: The date upon which the twelfth payment is due. Your Campus Housing Programs Representative or the Office of Loan Programs staff will be happy to answer any specific questions you may have. The terms and definitions that follow have no binding effect for purposes of any contracts or other transactions with us. The specific meaning of a term or phrase will depend on where and how it is used, because the relevant documents, including signed agreements, customer disclosures, internal Program policy manuals and industry usage, will control meaning in a particular context. The terms and definitions that follow are meant to give simple, informal meaning for words and phrases you may see on our Web site that may not be familiar to you.
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