Home Loan Programs

The Mortgage Origination Program (MOP) is an additional tool available to the schools to support specific recruitment needs by assisting qualifying new faculty to purchase their first home in the Bay Area using a below-market rate mortgage funded by the University. The priority for this recruitment assistance is junior faculty.

Titles eligible for nomination are restricted to recruitments into the Academic Senate series (Professor/ Ladder Rank, Professor In Residence, or Professor of Clinical X). As part of the recruitment action, departments may nominate a faculty member as soon as the appointment has been approved at the department level and no later than two years from the effective date of the eligible appointment.

Adjunct and Health Sciences Clinical Professor titles are not eligible for nomination to this program. This is not an entitlement program but a recruitment and relocation assistance program with limited funding available.

What Faculty Need to Know

MOP FAQ
MOP Summary

Current program loan maximum: $1.9 million.
Minimum program rate: 3.25% variable.
The interest rate for loans funded during the period November 1, 2024 through January 31, 2025 will be 4.50%.

The Mortgage Origination Program is a pre-approval program and candidates must have a pre-approval certificate before placing offers if they would like to utilize University financing.

Eligibility for MOP participation is restricted to faculty with appointments in the Academic Senate series (Professor/ Ladder Rank, Professor In Residence, or Professor of Clinical X) or members of the Senior Management Group (SMG).
Eligibility requires that candidates not already own nor have owned in the past 12 months a primary residence in the Bay Area. Faculty may participate in the MOP program only once (unless they take a new appointment at a different UC campus). The home loan program cannot be used for refinancing.
MOP loans must be used to purchase primary places of residence which are single family dwellings (house or condominium). They cannot be used for second homes, income-generating property, duplexes, or TICs. No funds may be taken out in borrower equity or used for renovations or construction.
MOP loan payments are made via payroll deduction.

The Mortgage Origination Program provides first deed of trust variable rate loans with up to a 30-year term; not to exceed a loan-to-value ratio of 90% or a maximum income-debt ratio of 48%. The minimum Standard Rate under the program is 3.25%. There is also a 5/1 MOP by which candidates may lock in a (usually higher) fixed rate for the first five years, after which the loan converts to the Standard Rate (variable).

How much can I borrow? What can I afford?
You can estimate qualifying loan amounts, monthly payments, taxes, and closing costs using the MOP Loan Calculator.

How long does this take? What are the steps in the process?
Home Loan Program Steps-Appointment Pending
Home Loan Program Steps-Appointment Final

Comprehensive overview and next steps:
For recruits with an appointment pending approval.
For newly recruited faculty who have begun their appointment.

The Office of Loan Programs (UCOP)

Understanding the MOP Rate

MOP loans have a variable rate, but it is lower than typical variable rate mortgages found in the market and does not fluctuate like rates do at lending institutions. Bank lending rates are based on a variety of indices and factors, none of which apply to the MOP rate.

The UC Regents fund the Mortgage Origination Program by an allocation from the University of California Short Term Investment Pool (STIP); these funds are invested in faculty mortgages rather than in the pool. As such, the MOP rate is indexed to the income rate of the Short Term Investment Pool. Under this structure, the MOP rate is lower than commercial lending rates and is not subject to the same market conditions.

There are two considerations in determining the MOP rate: the Calculated Rate and the Program Rate. The Calculated Rate is the four-quarter average of the STIP rate plus 0.25% servicing fee. To avoid IRS imputed income rules and to keep the program solvent, the program also has minimum rate. The minimum program rate was initially set at 3.0%. was briefly adjusted to 2.75%, and was ultimately set to the current Minimum Program Rate of 3.25%.

Each quarter the Office of Loan Programs issues the effective Program Rate, which is the higher of the Calculated Rate or the Minimum Program Rate.

Calculated Index Rate vs Minimum Program Rate

The Mortgage Origination Program has an adjustable rate which can vary, the calculated rate has been below the minimum program rate and so the rate has not been adjusted in more than a decade. However, as of November 6, 2023, the calculated rate has exceeded the minimum program rate for this quarter, and Program loans approved during the period May 1, 2024 through July 31, 2024 will be 4.40%.

The MOP rate is expected to return to below the minimum program rate in the future, but this is a particularly volatile time and the rate may be adjusted upward before it falls again. Funded MOP loan rates are only adjusted once annually on the anniversary of the loan, and the MOP rate is prohibited from being adjusted (either up or down) by more than 1.0% at any given adjustment time, and feature a lifetime cap of 10% over the initial rate.

Administrator Forms & Procedures

Department managers may request a MOP allocation reservation and participation in the program for eligible faculty within the first two years of their appointment into a Ladder Rank, In Residence, or Clinical X title by completing the MOP/SHLP Allocation Request Form, affixing the signature of the chair, and submitting it to the Director of Academic Affairs in the appropriate dean’s office with a copy of the fully-executed offer letter. The faculty member should not complete this form.

Requests for participation may also be submitted as part of a retention effort. For these cases, contact the Home Loan Program Manager (Wilson Hardcastle) regarding the request.

MOP requests for SMG titles should be coordinated via Executive Leadership Coordinator Holly Rodriguez and Home Loan Program Manager Wilson Hardcastle.

The following information is to facilitate department managers and academic personnel representatives in requesting faculty participation in the home loan program.

MOP FAQ
MOP Summary
The MOP/SHLP Allocation Request Form
UCSF-Specific Requirements and Procedures for the MOP
UCSF-Specific Requirements and Procedures for the SHLP
The Every Expectation Letter (For requesting participation in the home loan program before a candidate’s academic appointment is fully approved.)
Steps in the Process
- Home Loan Program Steps-Appointment Pending
- Home Loan Program Steps-Appointment Final
The MOP Process and HR

Detailed Program Resources

The following are links to more detailed resources governing the University of California Mortgage Origination Program. These pages and documents are provided by the Office of Loan Programs (OLP) at the Office of the President (UCOP). Please note that each campus has its own restrictions and procedures regarding the program.

The Mortgage Origination Program home page
Basic MOP Loan Information
Current MOP Rate
Overview of the Loan Process
Frequently Asked Questions (for new borrowers)
Frequently Asked Questions (for existing borrowers)
MOP Rate Comparison Chart
Historic MOP Rates
Consumer Information

The 5/1 Mortgage Origination Program (5/1 MOP)

Real Estate Agents

To avoid conflicts of interest, the University of California does not recommend nor endorse individual real estate agents. Individual faculty, however, are free to make recommendations regarding their experiences in the home-buying market and may recommend (or not) specific agents who were successful in assisting them with a home purchase using UC Mortgage Origination Program (MOP) financing.

The following real estate agents have been personally recommended by faculty who have closed on a MOP home purchase in the past few years. The University of California and UCSF make no endorsement nor attestation regarding these agents, nor is the University responsible for their conduct should you engage them. This list is provided as an informational resource only as it may assist new or relocating faculty to identify a real estate agent experienced with the Mortgage Origination Program who satisfies their individual needs and preferences. It is important to review potential agents for yourself and decide who best suits your style, location, experience, and other needs. See also: Tips for finding a realtor.

Real Estate Agents
Bryce Adams The Front Steps [email protected] 415-497-6153	Meryl Bennan Meryl Real Estate [email protected] 415-637-7059	Mike Bohnert The Bohnert Group [email protected] 650-504-2378
Jodi Campion Compass (Burlingame) [email protected] 650-430-4556	Ben and Miriam Chirko Miriam Chirko [email protected] 650-740-3593	Carey Condy Carey Hagglund Condy (Marin) [email protected] 415-302-2986
Serena Conti Serena Conti [email protected] 650-619-8398	Jeremy Davidson Davidson Group [email protected] 415-717-4103	Joshua Deitch Joshua Deitch (Marin) [email protected] 415-572-5433
Dan Dodd Inspire [email protected] 415-577-9462	Ryan Fay Mosaik Real Estate [email protected] 415-412-9649	C.M. Foo C.M. Foo [email protected] 415-706-6550
Gabriella Fracchia Compass [email protected] 415-794-8639	Barbara Stein Friedman BarbaraSF.com 415-298-8958	Julie Gardner Julie Gardner (Piedmont) [email protected] 510-326-0840
Kaitlin Gilbert Carey Hagglund Condy (Marin) [email protected] 415-342-2763	Sherry Gray City Real Estate [email protected] 415-656-9825	Jeannie Grant Grant Properties [email protected] 415-215-7146
Judson Gregory JudsonGregory.com (San Francisco) [email protected] 415-722-5515	Alex Hachiya Sotheby’s 415-314-6690	Tiffany Hickenbottom Compass [email protected] 415-933-7001
Chris Jacobson Chris Jacobson (Solano County) [email protected] 707-805-4014	Simon Kiang Simon Kiang (Fremont) [email protected] 510-938-1898	Lauren Neuschel Krishnan Team [email protected] 415-371-9869
Andrew Preston Ascendre [email protected] 510-410-1851	Daniel Risman-Jones Acendre [email protected] 415-816-1429	Becky Sanchez Rivet [email protected] 650-823-7936
Houda Tanverakul Houda Design Realty [email protected] 415-794-3461	Haley Tone Vanguard [email protected] 415-302-3455	Lotte Toftdahl Lotte and Sarah (Marin) [email protected] 415-412-7471
Suki Tsang Chancere [email protected] 415-860-9668	Andrew Ulmer The Gunderman Group (Alameda, Berkeley) [email protected] 415-225 4343

Tips for Finding a Real Estate Agent

There are well over 4,500 realtors covering San Francisco listed on sfrealtors.com alone, and there are many other resources and reference sources. Realtor.com offers these descriptions of the terms for real estate sales professionals:

A real estate agent is anyone who has earned a real estate license, whether that license is as a sales professional, an associate broker, or a broker.
A realtor is a real estate agent who is a member of the National Association of Realtors, which means that he or she must uphold the standards of the association and its code of ethics.
A real estate broker is a person who has taken education beyond the agent level as required by state laws and has passed a broker’s license exam. Brokers can work alone or they can hire agents to work for them.
The University cannot make recommendations regarding specific real estate agents or realtors, but we can offer some advice when looking for a real estate agent.

Search online: A Google search will provide several reference sites. Look for someone with experience and familiarity with your interests and areas of interest. Popular local sites for residential real estate information include zillow.com and sf.curbed.com. The San Francisco Bay Area and UCSF are committed to sustainability, and for energy savings and environmental concerns you may want to look for the term “eco-broker” in agent profiles. The San Francisco Association of Realtors is online at www.sfrealtors.com.

Ask around: The best referrals may be from people you know. Put word out to the faculty and staff in your department that you are looking for a real estate agent, and ask if they can recommend someone with whom they have had a positive experience. Other faculty may be best suited to understand your needs as a faculty member and your particular work/life interests and potential neighborhoods.

Look around: Saturdays and Sundays from 1:00 to 4:00 pm, drive or walk to open houses in your neighborhoods of interest. You may find a good home, and possibly a good realtor. Feel free to approach other buyers or sellers and ask about their experience.

Interview potential agents: It is always good to interview at least three realtors before beginning your property search. HowStuffWorks.com has several recommended questions to ask your realtor. Some specific questions to consider:

What is their number of years in the business and number of transactions per year?
What are their area(s) of specialization?
Will you be working directly with them or with an assistant?
How available are they? Do they work nights? Weekends?
What is their preferred mode of communication (phone, text, e-mail)? How often will they contact you?

Consider calling a real estate broker or manager at one of the more successful or popular companies in the San Francisco Bay Area and ask for a “buyer’s agent interview.” Ask if they have any agents who are experienced with working with UCSF faculty.

Other Resources

Trying to calculate mortgage payments in general? There are several mortgage calculators online and BankRate.com offers a simple one which may be helpful.

The State of California has recently launched the California Dream For All Shared Appreciation Loan program, a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs. (This cannot be used in conjunction with the Mortgage Origination Program.)

Heath Sciences Clinical Professors are not eligible to participate in the UC home loan program. However, Truist, U.S. Bank, and others offer home loan programs specifically for clinicians and doctors. The University makes no endorsements regarding these programs but provides this information as alternative resources which may benefit clinical faculty.

Home Loan Program Manager: [email protected]