Better days may be in the offing for mortgage operators and developers, with the unveiling of a groundbreaking technology infrastructure that provides a platform for the seamless integration of their operations along the housing value chain.
The web-based platform promoted by Nigeria Mortgage Refinance Company Plc (NMRC), known as Mortgage Market System (MMS) is expected to enhance the efficiency of processes and costs in the entire Nigerian housing finance ecosystem.
Designed by Canadian firm – Revodoc Inc, the MMS is an end–to–end solution that integrates the entire housing value chain ecosystem, from land and titling to construction finance, to primary mortgage origination and administration to secondary mortgage market (refinancing).
With the development and deployment of the MMS, NMRC is meeting its goal of redressing the key barrier of lack of access to long term funding to catalyse growth in the market and promote home ownership.
The MMS system will contribute towards market transparency and investors’ confidence. Enhances the agility and business environment improvement via the provision of available data for business analytics to help in policy and decision-making as well as credit penetration.
NMRC has already standardized the process of mortgage origination and administration through the publication of its Uniform Underwriting Standards.
At the launch of the platform in Lagos, NMRC Managing Director, Prof. Charles Inyangete, said the system signals NMRC’s drive to remain at the leading-edge of market innovation to promote home ownership in Nigeria.
Inyangete stated that, by adopting a value chain approach to its operations, NMRC enhances standardization of processes and the efficiency of systems and processes of stakeholders in the market.
“MMS will remove of duplications of effort 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, that allows us to time when to go to the market to raise funds. It also brings credibility to the market,” he said.
The Head, Nigeria Housing Finance Programme and Deputy Director, Other Financial Institutions Supervision (OFIS), Central Bank of Nigeria, Adedeji Adesemoye, disclosed that CBN has a strong relationship with NMRC. We have been part of the initiative of coming up with a national mortgage market system for club members of the refinancing company and other subscribers.
“As robust as the market system is, we will like to track information from the construction stages to arrange for primary or secondary finance for the construction firms,” he said.
NMRC’s Executive Director, Corporate Strategy and Partnerships, Dr. Chika Akporji added that the MMS is part of NMRC’s continuing contribution towards the growth and deepening of the mortgage market in Nigeria.
“Enhancing the efficiency of systems and processes reduces cumbersome processes by delivering costs reduction to the consumer, and making housing more affordable.”
The Project Lead, Mr. Taofeeq Olatinwo, revealed that aside from market integration, the MMS platform would enhance cost and operational efficiency and effectiveness throughout the value chain by improving turnaround for mortgage processing and documentation.
This story originally appeared on Guardian.ng