Seven persons representing "the borrower viewpoint" have been named to a 33-member Federal Home Loan Bank Board advisory panel that is studying ways to increase the flexibility of mortgages.

Those named to the Alternative Mortgage Instruments Research Study group by FHLBB Chairman Garth Marston include Kenneth J. Luchs, vice president of the Shannon and Luchs realty company here, and Nathaniel H. Rogg, retiring executive vice president of the National Association of Home Builders.

The advisory board, composed a savings and loan officials as well as representatives of labor, academe and the public, has begun a year-long analysis of mortgage plans such as graduated payments, variable rates, deferred interest, reverse annuities, price level adjustments and the so-called Canadian rollover.

Although the study will consider the lender's viewpoint, the second market and regulatory considerations, major emphasis will be put on the borrower's viewpoint, one which Marston says has been given "relatively inadequate attention." Parts of the study are expected to be ready as early as March or April.

The other consumer members are: Thomas L. Clark, deputy superintendent of banks for consumer affairs, New York State Banking Department; H. Robert Erwin, director of the consumer law center, Baltimore Legal Aid Bar; Elsie Federman, professor and family economics and management specialist, University of Connecticut; Josephine Lawyer, family resource management specialist, U.S. Department of Agriculture, and William R. Morris, director of housing programs, National Association for the Advancement of Colored People.