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Frequently Asked Questions
For Current Borrowers
- What is Ebix BPO?
- How do I refinance or obtain a home equity line?
- How do I payoff my Stanford loans?
- Will Stanford refinance my loans?
- Will FSH list my off-campus home for sale or rent?
- What programs are available for an existing homeowner?
- What happens to my housing programs after I leave Stanford?
1. What is Ebix BPO?
All borrowers with current Stanford loans are required to maintain insurance on their homes.
The loans require that Stanford be notified of the type and terms of the insurance. The
University has contracted with Ebix BPO to assist in tracking and monitoring insurance
information for all outstanding loans.
The University provided Ebix BPO with the current insurance information on file.
Ebix BPO will review the information for compliance and contact the insurance
agent with questions or for additional information. Ebix may contact the borrower
directly if a policy has lapsed or if no information is on file.
2. How do I refinance or obtain a home equity line?
If you wish to keep any Stanford loans after refinancing, please refer to the Subordination brochure. Your
new first mortgage lender will generally submit the required documentation
and request that Stanford subordinate its loans to the new first mortgage or equity line. Faculty
Staff Housing will approve or deny the subordination after assessing the new
3. How do I payoff my Stanford loans?
If you are paying off your Stanford loans through a sale
or refinance, your title company will request a Demand for Payoff from us. For
cash payoffs, contact Faculty Staff Housing. Additional documentation
may be required to calculate the deferred interest on the following loans:
- Mortgage Assistance
Program (MAP). The deferred interest
is calculated in two different ways and you owe the lesser of the two:
(1) based on the maximum note rate or (2) Stanford’s share of appreciation. Faculty
Staff Housing can provide a breakeven house value at which #1 and #2 are
equal. If an appraisal or sales price is projected to be less than
the breakeven value, submit a valid sales contract or request that Faculty Staff Housing order an appraisal in order
to reduce your deferred interest obligation. For only method #2, you may be able to further reduce your deferred interest by submitting documentation of Adjustment Improvements and by submitting documentation of real estate agent fees.
- Deferred Interest Program
(DIP). A valid sales contract or an appraisal ordered by Faculty Staff Housing is required to calculate the deferred interest obligation.
You may be able to further reduce your deferred interest by submitting documentation of Adjustment Improvements and by submitting documentation of real estate agent fees.
4. Will Stanford refinance my loans?
Stanford does not have a program to refinance existing
a commercial lender to take advantage of lowering your interest rate, taking
cash out, or eliminating your deferred interest obligations.
5. Will Faculty Staff Housing list my off-campus
home for sale or rent?
Faculty Staff Housing only lists campus homes for sale
or rent. You may wish to list your off-campus home in the Stanford Report,
the Community Housing Office, or local newspapers.
6. What programs are available for an existing homeowner?
Those who meet the eligibility criteria and currently
own a home in the local area may use a Mortgage
Assistance Program (MAP) loan
to purchase a different home. Under certain conditions, a Deferred
Interest Program (DIP) loan, a
Reduced Interest Program (RIP) loan, and a
Zero Interest Program (ZIP) loan
may also be used to purchase another home. The Housing
Allowance Program (HAP) will continue on its original schedule when it transfers
to your new home. Programs cannot be used simultaneously on more than one house at a time.
7. What happens
to my housing programs after I leave Stanford?
If you are participating in housing programs, contact
Faculty Staff Housing before you leave. You may wish to leave sufficient time
to make arrangements to refinance your loans or sell your
house. We will
stop your HAP on your termination date. Please refer to Payments
on Existing Loans. MAP and DIP loans are due upon termination. Please
refer to your note regarding due date provisions on other types of loans. Your
campus home must be sold to an eligible person within two years.
New Homebuyers | Campus
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Nothing on this site or in the documents it contains should be construed
as an offer or commitment of any kind. Programs and eligibility requirements
can be changed or discontinued without notice.