The Nigeria Mortgage Refinance Company has refinanced mortgage loans totalling N18bn as at December 2018. The company confirmed the amount in a statement issued in Abuja.
NMRC is a Central Bank of Nigeria licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets by raising long-term funds from the capital market, thereby promoting affordable home ownership in Nigeria.
NMRC was incorporated on 24th June 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on 18th February 2015.
The statement said that the refinancing of the N18bn housing loan was in line with the company’s mandate to promote affordable home ownership in the country.
This, it added is being achieved by leveraging funding from the capital market to deepen liquidity in the primary and secondary mortgage markets.
It said the company refinances mortgage loan portfolios of its member primary mortgage lending and commercial banks that comply with its uniform underwriting standards.
The statement said the deployment of the N18bn 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.
The Managing Director/Chief Executive Officer of NMRC, Mr. Kehinde Ogundimu in the statement said that the company is working hard to further boost its refinancing operations.