NMRC boosts liquidity in Nigeria’s housing market
The Nigeria Mortgage Refinance Company (NMRC), a Central Bank of Nigeria (CBN)-licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets has refinanced mortgage loans totaling N18billion as at December 2018.
This is in line with the company’s mandate to promote affordable home ownership in the country by leveraging funding from the capital market to deepen liquidity in the primary and secondary mortgage markets.
NMRC refinances mortgage loan portfolios of its member primary mortgage lending and commercial banks that comply with its uniform underwriting standards.
The deployment of the N18billion to refinance mortgage loan portfolios of member lending institutions has helped to boost liquidity in the Nigerian housing market, thus enabling mortgage lenders to provide more housing loans and encouraging long-term mortgage loan creation.
Speaking on the development, the Managing Director/Chief Executive Officer of NMRC, Mr. Kehinde Ogundimu stated that the company is working hard to further boost its refinancing operations.
Incorporated on June 24, 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on February 18, 2015, NMRC is promoting affordable home ownership in Nigeria by raising long- term funds from the capital market.
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