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 hou
