The State Worker

Chronicling civil-service life for California state workers

December 15, 2010
Dec. 24 deadline for CalPERS home mortgage loan applications

Thumbnail image for Thumbnail image for Thumbnail image for 100607 CALPERS HQ.JPGEditor's note, 12:35 p.m.: An earlier version of this post said that CalPERS is accepting loan applications until Friday. The fund has since decided to push back the date by one week.

We knew that CalPERS is getting out of the member home mortgage business. Now we can report that the deadline for applying for a loan and locking in the rate is Dec. 24.

That wasn't clear on Monday when the fund issued this press release. It referred to CalPERS deciding to end its member home loan program, but it didn't say exactly when the fund would stop accepting loan applications.

So we asked. CalPERS spokesman Wayne Davis said in an e-mail today that the fund will "honor registered loan applications with a locked-in rate through Dec. 24."

The Member Home Loan Program started 29 years ago and offers conventional loans at market rates.

CalPERS members have taken out more than 136,000 loans worth more than $22.7 billion over that time. Demand for the program has fallen off, however. Through the first nine months of this year 2,283 loans have been originated through the program, Davis said.

PHOTO: Sacramento Bee file

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at jortiz@sacbee.com.

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