The Nigerian Institute Of Quantity Surveyors’ Courtesy Visit To NMRCJanuary 5, 2017
FSS-2020 Team Visits NMRCMarch 2, 2017
In line with in its commitment to breaking down barriers to home ownership in Nigeria, the Nigeria Mortgage Refinance Company (NMRC) recently launched a fully-customized, internet-based Mortgage Market System (MMS). It’s the first ever mortgage management technology infrastructure proffering an end-to-end solution for the housing finance market in Nigeria, designed to address the barriers built by the cumbersome processes surrounding home ownership in Nigeria.
NMRC's Mortgage Market infrastructure integrates the financing operations of the key components of the entire housing value chain, from construction finance, to primary mortgage origination and administration to secondary market mortgage refinancing.
By enabling the seamless integration of all stakeholders in the housing finance ecosystem, their business systems and processes, NMRC's MMS enhances the efficiency of operations of the housing finance sector, deepening the market and growing access to affordable home ownership in Nigeria.
Speaking at the launch in Lagos on Friday, February 17, NMRC’s Managing Director/Chief Executive, Prof. Charles Inyangete said, “the system signals NMRC’s drive to remain at the cutting-edge of market innovation to promote home ownership in Nigeria; the new MMS is perhaps the most advanced mortgage origination and refinancing system in the world.’’
He added that by adopting a value chain approach to its operations, the MMS enhances the standardization of processes and the efficiency of systems and processes of stakeholders in the market: “MMS will remove duplication of efforts in data capture and analyses as well as in documentation (further improving on turnaround time for mortgage lending transactions). By the time an application is made, it is captured in the system; this allows us to time when to go to the market to raise funds. It also brings credibility to the market.”
Also speaking at the event, Dr. Chika Akporji, NMRC’s Executive Director, Corporate Strategy and Partnerships, added that the MMS system in streamlining processes and enhancing efficiencies will deliver resulting costs’ reductions to the consumer, making housing more affordable for Nigerians. She added that the MMS is part of NMRC’s continuing contribution towards the growth and deepening of the mortgage market in Nigeria. NMRC has already standardized the process of mortgage of mortgage origination and administration through the publication of its equally ground-breaking Uniform Underwriting Standards (UUS).
Demonstrating how the MMS works, the MMS Project Team Lead, Engr. Taofeeq Olatinwo, said that aside from market integration, the MMS platform will enhance cost and operational efficiency and effectiveness throughout the housing value chain by improving turnaround for mortgage processing and documentation as the system is based on 3s - standardization, simplification and sharing.
The introduction and adoption of the MMS enhances the agility and business environment for mortgage improvement as the platform will provide greater availability of data for business intelligence to drive policy, business decision making and credit penetration.
Ultimately, housing finance, savings, payment and monitoring will be more accessible through mobile devices. This will bring more transparency and confidence to the housing market for buyers, investors and all the stakeholders.
NMRC has already embarked on an extensive training programme of participating mortgage banks on the deployment of the MMS platform for efficient collaboration between NMRC and its participating institutions.