The Nigeria Mortgage Refinance Company Plc (NMRC), Friday, launched a Mortgage Market System (MMS) in Lagos to enhance the efficiency of processes and costs in Nigerian housing finance.
NMRC’s MD/CEO, Professor Charles Inyangete said the launch of the MMS is part of NMRC’s drive to promote home ownership in Nigeria.
He said, “By enabling the seamless integration of stakeholders and their business processes and systems, the new MMS is arguably perhaps the most advanced mortgage origination and refinancing system in the world.’’
NMRC’s Executive Director, Corporate Strategy and Partnerships, Dr. Chika Akporji added that the MMS system will reduce cumbersome processes by delivering costs reduction to the consumer, and making housing more affordable.
Mr. Taofeeq Olatinwo, the Project Lead, in his demo of how the MMS works, said that aside from market integration, the MMS platform will enhance cost and operational efficiency and effectiveness throughout the value chain by improving turnaround for mortgage processing and documentation as the system is based on 3S’s – standardization, simplification and sharing.
Analysts also noted that the introduction and adoption of the Mortgage Market System enhances the agility and business environment for mortgage improvement as the platform will provide greater availability of data for business analytics to drive policy and decision making as well as credit penetration.
Experts are of the view that the state of the Nigerian housing finance market remains one of the barriers to bridging the country`s 17 million housing deficit due to poor mortgage uptake or penetration. Current mortgage to GDP ratio in Nigeria is estimated at 0.6% compares to 2% in Ghana, 31% in South Africa, 32% in Malaysia, 77% in the United States and about 80% in the United Kingdom.
NMRC said its new innovation ‘MMS’ will integrate the entire housing value chain such as: land and titling, construction finance, primary mortgage origination and administration to secondary mortgage market refinance, housing finance, savings, payment, and monitoring will be more accessible using the MMS system mobile devices applications.
NMRC said this would bring more transparency and confidence into the housing market for buyers, investors, and stakeholders, adding that it has embarked on an extensive training programme of participating mortgage banks on the deployment of the MMS platform for efficient collaboration.