Mortgage Operators To Address Insurance Job Losses

Ahead of plans to extend loss of job insurance scheme, mortgage operators have put underway pragmatic and contemporary solutions to the challenges in the sub-sector.
The scheme, already in place,   has upto six months coverage.
Mortgage Insurance, which is widely used in other countries and is compulsory in Nigeria, allows mortgage providers  to protect themselves for potential losses suffered as a result of a borrower defaulting by  insuring part of the loan .
President of the Mortgage Banking Association of Nigeria (MBAN), Dr Femi Johnson, who spoke at the biennial general meeting/elections of the body, said the housing  finance sector represents a growth reserve for the Nigerian economy as it has immense potentials to boost economic growth.
According to him, “the opportunity for growth lies in the challenges inherent in the sector, burgeoning housing deficit could translate to productivity and profitability, rapid ur-banisation  creates a continuous demand for housing to ensure the sustainability of the sub-sector”
Johnson said that the housing tenancy  sub-sector is capable of growing the  Nigeria GDP by 70-80 per cent of its present size, saying, “Investment in housing construction would accelerate growth in other sectors of the value chain, thus, increasing the   stock of affordable housing would accelerate growth of the middle class, deepen the Nigerian market and increase aggregate demand”
He charged the association to engage with the regulatory agencies and other concerned  parastatals on the provision of intervention funding for the sub-sector as has been done for other sectors.
Meanwhile, a National Executive Council with the Managing Director, TrustBond Mortgage Plc, Mr Adeniyi Akinlusi, as president, and Mr Akintayo Oloko, as vice president were elected for a two-year period to man  MBAN affairs.