The Nigeria Mortgage Refinance Company (NMRC) has called for contributions from the general public in support of the formulation of a Model Mortgage and Foreclosure Law to be adopted by pilot states.

The move is in furtherance of its mandate of promoting legislative reforms to improve processes in land administration towards creating an enabling environment for mortgage origination in the country.

The pilot states are those that have committed to supporting the NMRC initiative by creating an enabling environment for mortgage orientation to be refinanced by the company. They include Abia, Anambra, Bauchi, Bayelsa, Delta, Edo, Ekiti, Enugu, Gombe, Kaduna, Kano, Kwara, Lagos, Nasarawa, Ogun, Ondo and the Federal Capital Territory (FCT).

A statement from the company calling for the memoranda stated: “NMRC has engaged a panel of reputable law firms and experts to advice on and coordinate the process of formulating and drafting the model law, which will be implemented in close collaboration with the pilot states and key stakeholders.

“The key issues the model mortgage law will seek to address include fast-tracking the process for creating legal mortgages (including reducing the cost and the processes for obtaining the relevant consents and registration), timely resolution of disputes arising out of mortgage transactions, consumer protection and creating an efficient foreclosure process.