Ndubuisi Francis in Abuja
The Nigerian Mortgage Refinance Company (NMRC) has advocated for the creation of mortgage boards akin to a one-stop shop for all land and titling transactions in the various states to be run under the supervision of the commissioners for housing or similar government representatives.
This is aimed at addressing issues relating to foreclosure, which have torpedoed an effective housing delivery system in the country.
NMRC Managing Director, Prof. Charles Inyanete, who proffered the solutions at the 10th Abuja Housing Show, said if created, such boards would advise the states on the funding, administration and structure of mortgage finance programmes.
In the address which was presented on his behalf by the Director, Policy, Strategy and Partnerships, Dr. (Mrs.) Chii Akporji, the NMRC chief executive said the boards would also implement and honour on behalf of the states all obligations in any agreement made between their states and other parties with regards to any mortgage scheme for the provision of funds for land ownership or development of real estate in the state.
According to him, the boards are to encourage, promote and coordinate all forms of research concerned with the mortgage lending industry as it relates to economic well-being of the states and their esidents.
It will also be their duty to manage the stamping and registration system relating to mortgages in the states, the mode of application for governors consent or the consent of the appropriate local government area relating to mortgage transactions.
He disclosed that the NMRC) making housing affordable by providing long-term funds to mortgage institutions in the country, adding with this, mortgage banks would be able to increase their lending to customers.
“NMRC is connecting the mortgage sector to the capital markets, thereby providing longer-tenor funds of up to 20 years at near-sovereign interest rates.
“The impact of NMRC’s market activities is expected to drive increase in effective housing demand, standardisation and technology, which will in turn drive down construction costs.
“The ripple effect of the increased activities in the housing supply sector is expected to promote job creation and increase household income,’’ he said.
Further Details Later