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Frequently Asked Questions

For Current Borrowers

1. What is Ebix BPO?
2. How do I refinance or obtain a home equity line?
3. How do I payoff my Stanford loans?
4. Will Stanford refinance my loans?
5. Will FSH list my off-campus home for sale or rent?
6. What programs are available for an existing homeowner?
7. 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 risk.

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 loans.  Contact 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.

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