The Nigerian Mortgage Refinance Company Plc (NMRC) was established on June 24, 2013 as a public listed limited liability company with Securities & Exchange Commission (SEC) and is governed by the Central Bank of Nigeria (CBN) as a non-depositary financial institution with the core activity of refinancing mortgages.
NMRC was established to bridge the cost of financing mortgages housing and promote the availability and affordability of good housing for Nigeria by providing increased liquidity in the mortgage market through mortgages and commercial banks.
Video Nigeria Mortgage Refinance Company
Histori
The Nigerian Mortgage Refinance Company (NMRC) was incorporated as a licensed public limited liability company to provide mortgage lending institutions with access to long-term finance at affordable interest rates, thus allowing mortgages to be issued by these institutions to Nigeria, with longer durations and affordable prices.
NMRC obtained Principal Approval from CBN on June 20, 2013. The Company was established on June 24, 2013 as a Nigerian Mortgage Financing Company and issued its operating license on February 18, 2015.
Maps Nigeria Mortgage Refinance Company
Leadership
The NMRC board of directors is responsible for formulating the Company's policies and strategies.
Awards
Nigeria Mortgage Refinance Company (NMRC) received the award for the 'Mortgage Bank of the Year' category in the eighth edition of the African Banker Awards held in Kigali, Rwanda.
Branches and Subsidiaries
The Nigerian Mortgage Refinance Company Plc (NMRC) has 18 pilot countries in Nigeria where the governors have committed to supporting the NMRC initiative by creating an enabling environment for mortgage orientation to be refinanced by companies including Abia, Anambra, Bauchi, Bayelsa, Delta, Edo , Ekiti, Enugu, Gombe, Kaduna, Kano, Kwara, Lagos, Nasarawa, Ogun, Ondo and FCT.
The Nigerian Mortgage Refinancing Company (NMRC) has about 20 members of a mortgage lender bank;
1. Sterling Bank Plc
2. Akses Bank Plc
3. Heritage Bank Plc
4. Stanbic IBTC Bank Plc
5. Infinity Trust Mortgage Bank Plc.
6. Homebase Mortgage Limited
7. FHA Homes Savings & amp; Unlimited Loans
8. Trust Bond Mortgage Bank
9. Imperial Homes Mortgage Bank
10. Abbey Mortgage Bank Plc
11. Savings & amp; Unlimited Loans
12. Platinum Mortgage Bank Limited
13. Jubilee Life Savings & amp; Unlimited Loans
14. Haggai & amp; Unlimited Loans
15. Refuge Home Savings & amp; Unlimited Loans
16. New Prudential Building Society
17. Sun Trust Bank
18. Nigeria Police Mortgage Bank Limited
19. Mayfresh & amp; Unlimited Loans
Mode Operasi
Siklus Refinancing
The initial step is for the borrower to take a mortgage loan from a participating mortgage lender under uniform underwriting criteria established by NMRC; in return the borrower will provide regular payments of the principal plus interest. The borrower will also provide collateral in the form of a mortgage on the property to be purchased.
The second step is for the participating mortgage lenders to refinance the loan with NMRC. NMRC will refinance bank mortgage lending by other means to financial institutions. The participating mortgage lender in turn, will guarantee the loan portfolio to support NMRC.
The third step is NMRC to increase its own funding by accessing the capital market and issuing bonds. It will issue corporate bonds, which do not involve credit risks attached to the mortgage. NMRC acts as a simple intermediary between mortgage lenders and the capital market. Using its size and creditworthiness, NMRC will be able to raise funds at lower prices. This is due to strong shareholders, strong capital base, excellent asset quality in bookkeeping, and the fact that CBN and SEC are governing NMRC.
Events
See also
Central Bank of Nigeria
References
External links
- NMRC overview
Source of the article : Wikipedia
0 Comments