Mortgage Operators Want Review Of NHF Processes

Mortgage Operators under the aegis of Mortgage Banking Association of Nigeria (MBAN) and the executive of Federal Mortgage Bank of Nigeria (FMBN0 have advocated for review of processes and procedures in the operations of the National Housing Fund (NHF).

The Operators in a meeting in Abuja noted  that modalities  for efficient and effective collection system would be mutually fashioned out, as collection of NHF contributions should be a collective responsibility of FMBN  and Primary Mortgage  Institutions (PMIS).

The moves follow the renewed interest by state governments and corporate organisations  to the NHF scheme, as well as the desire to providing affordable housing to the populace and to attract more contributors.

Operators advocated for  the use  of Mortgage  firms as collection points  for the monthly NHF contributions, as a means of creating liquidity for PMIS  as well as processes for disbursement of mortgage loans to developers.

Major trusts of discussion at the meeting are development on the NHF scheme, inclusion of other financial sectors in the on-lending window of NHF scheme/increase in loan amounts, placement of term deposits such as NHF process collected from contributors with PMIS/commercial banks under standard/specific criteria, collection by PMIS of NHF scheme and recapitalisation of FMBN.

Mortgage stakeholders noted that the growing cordial relationship between the bank and MBAN should be sustained in the interest of the sector, and also agreed that FMBN would  leverage on the existing support being derived from the Federal Government to speed up action on buying of mortgage from PMIS  to create liquidity for the sector.

The meeting which held  at the FMBN Office, in Abuja had the Managing Director Mr. Kumo Yau Gimba, and other executive members of FMBN as the President and Managing Director of Resort  Savings, Mr. Abimbola Olayinka who led the MBAN’s delegation among others, in attendance.

It was agreed that FMBN and MBAN should collaborate to address publicity and visibility and public awareness for the sector. This could be expressed in Braiding Housing Estates Development as having been financed by PMIS/MBAN and supported by FABN.

According to them, thee would be an entire diagnostic review  of FMBAN  processes and procedures for improvement of the NHF scheme, wile application forms would be down loaded from the website of FMBN, very soon  while he technical and policy committee meeting would be  reconvened soon.