Overview of the loan process

Step One – Nomination for Program Participation

Nomination for participation in the Program is determined at the campus level, and is dependent on the amount of funds available to the campus, based on allocations that are approved by the President of the University every two years.  Once you have been nominated for Program participation, your campus home loan coordinator will:

  • discuss the Program requirements with you;
  • provide the campus eligibility documents to OLP in order to initiate the loan application process.
(IMPORTANT NOTE:  Nomination for participation and actual loan approval are not one in the same.  After nomination is confirmed, the Participant must apply for the loan and qualify based on the Program loan underwriting criteria).

Step Two – Complete and Submit a Loan Application

Once OLP has confirmed your nomination and eligibility to participate in the UC Home Loan Program, you will be sent an invitation to initiate the loan application process through our online portal.

Step Three – Underwriting Review & Pre-Approval

Once your application is received, you will be assigned a Loan Underwriter, who will work with you throughout the loan process.

During the review process, your Loan Underwriter will:

  • Evaluate the information provided on your loan application, including income, asset and credit verifications, to ensure the qualifying underwriting requirements have been met;
  • Request additional information and documentation, if needed, for qualifying purposes;
  • Provide you with preliminary disclosures as required by Federal law;
  • Work with your campus representative, realtor and escrow contacts to obtain additional documentation, as needed.
After all underwriting requirements have been met, OLP will:
  • Issue a Pre-Approval Certificate that is good for 90 days which states that you have been pre-approved based on the specified loan terms and review of credit, income and assets only, and not a specific property;
  • Renew your Pre-Approval Certificate after 90 days, as requested, provided that your eligibility period has not expired and updated credit and asset verifications are received by OLP.

Step Four – Loan Commitment and Signing of Loan Documents

Prior to final loan commitment, your Loan Underwriter will:

  • Complete an analysis of all property documentation including the purchase contract, an appraisal ordered by OLP, preliminary title report, etc.
  • Obtain and review any updated information related to income, asset, and credit verifications, as needed.
  • Upon OLP's satisfactory review of all required documentation, a Loan Commitment letter (Final Loan Approval) will be issued committing to the funding of your loan for a specific property at the stated loan terms. The commitment letter will also specify any prior to funding conditions.
After loan commitment, your Loan Underwriter will:
  • Prepare and send a Closing Disclosure for your review and acknowledgement.
  • Prepare your final loan documents and instructions to escrow outlining all final loan funding conditions;
  • Notify you by email when your loan documents have been sent to the escrow/title company and request that you contact escrow to arrange for the signing of all final loan documents.

Step Five – Closing your loan

After OLP receives all signed loan documents and final escrow papers from the escrow/title company and upon receipt of all final funding conditions, OLP will:

  • Authorize the funding and recordation (closing) of your loan;
  • Require a Notice of Completion within 60 days of loan closing for any outstanding repairs for which funds were held in escrow pending completion (e.g. Section 1 termite work, or any other repairs that were required as a condition to the loan).