 | Board of Visitors minutes October 10, 1981 |  |
1995
MODIFICATION OF FACULTY MORTGAGE LOAN REGULATIONS
The following resolution was adopted:
- RESOLVED by The Rector and Visitors of the University of Virginia that the regulations governing the Faculty Home Mortgage Loan Program be amended effective October 10, 1981 as follows:
- (a) At present money rates, no loan will be made at less than 13%.
- (b) A service charge due and payable at the time of the closing of the loan shall be 1/2 of 1% of the principal amount of the loan.
- (c) Loans shall be limited to one per faculty member during the period of employment.
- (d) The outstanding principal balance of mortgage loans shall not exceed an aggregate amount of $32,000,000.
- The University will maintain a waiting list for mortgage loans at such time as the principal amount of mortgage loans outstanding reaches the $32,000,000 limit.
- (e) There shall be an appraisal fee of $100 each for residential properties.
- (f) The program regulations will be reviewed by the Finance Committee of the Board of Visitors on an annual basis or more frequently if necessary.
| Board of Visitors minutes October 10, 1981 | |