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FREDDIE MAC OPEN ACCESS

FREDDIE MAC OPEN ACCESS. Freddie Mac Open Access.

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FREDDIE MAC OPEN ACCESS

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  1. FREDDIE MAC OPEN ACCESS

  2. Freddie Mac Open Access The primary expectation for the Home Affordable Refinance Program (HARP) is that refinancing will put responsible borrower(s) in a better position by reducing their monthly principal and interest payments, reducing the amortization period, or moving them from a risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage).

  3. Is there a maximum debt-to-income ratio requirement for Open Access? • Loan Prospector calculates and assesses the borrower’s qualifying ratios. • Loan Prospector (LP) will determine that the borrower’s qualifying ratios are acceptable.

  4. When is employment and income verification required for Open Access? • Open Access requires a full underwrite for all new loans. • The mortgage must, at a minimum, meet NAM’s income and asset documentation requirements regardless of the documentation level returned by LP.

  5. Under what circumstances can a borrower on the mortgage being refinanced be omitted form the Open Access Mortgage? • A borrower on the mortgage being refinanced may be omitted for any cause (not solely death or divorce). Open Access no longer requires that the omitted borrower be removed from the deed and not have an ownership interest in the property. • At least one borrower(s) from the mortgage being refinanced must be retained.

  6. Can a borrower who is not on the mortgage being refinanced be added to the new Open Access? • Yes, a borrower who is not on the mortgage being refinanced may be added provided that at least one of the existing borrower(s) is retained. This is available for all occupancy types. • A non-occupying co-borrower may not be added to the new mortgage.

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