Faculty Mortgage Program

Dear colleague eligible for the College’s mortgage program:

On behalf of the Faculty Benefits Committee and the Mortgage Program Working Group[1], I am pleased to inform you that the new mortgage program that was discussed this fall in Academic Council (and unanimously endorsed by the FBC and the Working Group), has now been approved by the Investment and Finance Committees of the Board of Trustees. We believe this new program will be highly attractive to qualifying participants, and based on the comments and feedback we heard from faculty this fall, is responsive to a number of concerns that have been raised over the years regarding the College’s prior mortgage program, including limited geography, loan limits that make it hard to buy in the town of Wellesley, and having to share home appreciation with the College.

Following Trustee approval, the College is now in the process of implementing this new mortgage program as soon as possible, with the expectation that applications for new mortgages under the new program will be accepted beginning sometime in March of 2015, in time for the start of the spring housing market. We expect that applications to refinance existing College mortgage program loans into the new mortgage program for those who choose to do so will be accepted beginning sometime after that, and that a special window for such refinancing will run through the fall of 2015.

Implementing this new mortgage program will require significant resources from the College’s Investment and Finance offices over the next several months. In this period when very few College mortgages have historically been originated, these offices will be focusing the limited resources these offices devote to administering the mortgage program entirely to launching this new program. For this reason, from now on, no new applications for the College’s previous mortgage program will be accepted, and the prior program is now closed to new loans. We appreciate your patience and understanding as the College launches this exciting new program. More information and details about the new program, and how to access it, will be forthcoming shortly. In the meantime, Melissa Fletcher, AVP for Finance and Controller, remains the point of contact for the College’s mortgage program should you have any pressing mortgage-related questions or issues that cannot wait until then.

Ben Hammond
VP for Finance and Administration and Treasurer 

[1] Don Elmore, Melissa Fletcher, Ben Hammond, Debby Kuenstner, Phil Levine, Katherine Lynch, Ray Oquendo, Casey Rothschild