In its continued bid towards improving access to housing finance and developing criteria for acceptable mortgage loans, the Nigeria Mortgage Refinancing Company (NMRC), holds a workshop with Mortgage Lending Institutions (MLI’s) to discuss activities surrounding the refinancing and mortgage lending agreements in the country.

(L-R) Dr. Femi Johnson, President MBAN, Dr. Chii Akporji, Director Policy & Strategy NMRC, Mr. Adedeji Adesemoye, Assistant Director Other Financial Institutions Supervision Division, Central Bank of Nigeria, Prof. Charles Inyangete, Chief Executive Officer, Nigeria Mortgage Refinance Company (NMRC), Mr. Kehinde Ogundimu, Chief Finance Officer NMRC, Mr. Chinua Azubike, Managing Director, Dunn Loren Merrifield Advisory Partners and Mr. Kayode Omotoso, Executive Secretary MBAN at a workshop by NMRC in Lagos recently.

During the course of the workshop, NMRC recounted to the stakeholders how the body in conjunction with International Finance Corporation (IFC) implemented a Uniform Underwriting Standards (UUS) after a workshop with the Primary Lending Institutions (PLIs) and other stakeholders.

“The UUS will act as industry standard for granting home mortgage loans to borrowers that will qualify for refinancing by NMRC, promoting efficiency and mitigating the mortgage financing risks in the market as well as lead to more affordable home ownership in Nigeria.

The final version of NMRC‟s Uniform Underwriting Standards for Eligible Mortgage Loans which was published in November 2014 is to be updated by NMRC from time to time subject to prevailing market conditions and applicable developments in the mortgage industry.”

In addition, the market institution equally stated that it has taken critical steps to enable the company achieve its purpose of providing long-term funds to refinance the eligible loan portfolios of mortgage originators (MOs) that conform to its Uniform Underwriting Standards.

“Being key stakeholders and beneficiaries of its refinancing activities, NMRC intends to hold a Workshop for member MLIs to update them on recent milestones achieved by NMRC in its bid to „tap the market‟ with a nominal bond issuance by Q2, 2015.”