The Reporter: June 1995, Vol.6, No.3
Personnel News

Mortgage Program

A new mortgage program has been established to assist full-time officers, support staff, and Columbia University alumni in purchasing and refinancing their homes, reports Jonathan R. Cole, provost and dean of faculties. Through an alliance with PHH US Mortgage Corp., the program provides access to mortgages and cooperative loans with highly competitive rates, reduced closing costs, liberal qualification requirement, and easy application procedures.

While designed principally to help with owner-occupied primary residences, the program also offers financing on second homes, vacation homes, and residential investment property. Qualified participants may use it to obtain bridge, construction, and home equity loans.

On average, PHH US Mortgage closes mortgages in less than a month and guarantees it will meet the closing date of your choice or reduce your interest rate by one-eighth of a percent. A representative can be reached at 1-800-818-4201.

Q&A:

Q: How do I continue my group medical insurance if I lose eligibility due to a change in status or if I leave employment at Columbia?

A: The Consolidated Omnibus Benefits Reconciliation Act (COBRA) states that you have the right to continue your group health insurance coverage for up to 18 months from the date of termination of your coverage. The continuation coverage must be identical to the coverage you had as an eligible insured dependent. In other words, you cannot change carriers or change from individual to family. You may, however, reduce coverage to individual coverage only. Details are available from the Health Sciences Human Resources Office at 305-3819 (ext.73819).