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  • Comment Detail

  • Date: 04/22/24
    First Name: Kara
    Last Name: Lamphere
    Organization: Click n' Close, Inc.
    City: Addison
    State: N/A
    Attachment: N/A
    Number: 2024-N-5

  • Comment

    #1 Allowing the purchase of second liens under this program definitely promotes access to mortgage credit throughout the nation. FHLMC lends across the nation which means the borrowers in their portfolio may be able to tap into this program. It keeps the low rate on the first lien safe and allows lenders the ability to aid the borrower without causing undo budget constraints by raising the rate on the full lien balances.
    #3: HELOCs and Home Equity loans already supply the same type of product in the market which are not restricted to first liens held by a specific agency.
    #8: The product provides another avenue for borrowers to gain access to equity without having to refinance the first lien from a low interest rate to a much higher rate. This allows borrowers to keep their monthly budget palatable while still allowing them to tap into equity for various reasons.