{"id":2908,"date":"2017-04-03T03:07:55","date_gmt":"2017-04-03T03:07:55","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-banks-propose-one-year-job-insurance-scheme\/"},"modified":"2017-04-03T03:07:55","modified_gmt":"2017-04-03T03:07:55","slug":"mortgage-banks-propose-one-year-job-insurance-scheme","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-banks-propose-one-year-job-insurance-scheme\/","title":{"rendered":"Mortgage banks propose one-year job insurance scheme"},"content":{"rendered":"

\n<\/p>\n

\n

\"\"Elect Akinlusi as MBAN president<\/strong><\/p>\n

Fresh efforts are underway to\u00a0seek\u00a0pragmatic and contemporary solutions to the challenges in the mortgage<\/a> sub-sector, following plans by the operators to extend\u00a0loss of job insurance scheme, which will cover\u00a0mortgage default up to a year.<\/p>\n

The scheme is already in place and covers up to\u00a0six months.\u00a0Mortgage insurance<\/a>, which is widely used in other countries and is compulsory in Nigeria, allows mortgage providers to protect themselves for potential losses suffered as a result of a borrower defaulting by insuring part of the loan.<\/p>\n

Mortgage Banking Association of Nigeria (MBAN), president,\u00a0Dr. Femi Johnson who spoke at the\u00a0the bi-ennial general meeting\/elections, said the housing<\/a> finance sector represents a growth reserve for the Nigerian economy as it has immense potentials to boost economic growth.<\/p>\n

According to him, \u201cthe\u00a0opportunity for growth lies in the challenges inherent in the sector; burgeoning housing deficit could translate to productivity and profitability, rapid urbanization creates a continuous demand for housing and by extension Finance, high population of the young and middle aged guarantees the proliferation of new households whose demand for housing ensures the sustainability of the sub-sector.\u201d<\/p>\n

He said that the\u00a0the housing finance sub-Sector is capable of growing the Nigerian GDP by 70-80per cent of its present size.\u00a0\u201cInvestment in housing construction would accelerate growth in other sectors of the value chain.\u00a0Thus, increasing the stock of affordable housing<\/a> would accelerate the growth of the middle class, deepen the Nigerian market and increase aggregate demand,\u201d Johnson said.<\/p>\n

MBAN out going president, charged the association to\u00a0engage with the regulatory agencies, and other concerned parastatals on the provision of intervention funding<\/a> for the Sub-Sector like has been done for other sectors.<\/p>\n

\u201cWe need to put in place\u00a0robust operational guidelines to enhance profitability of mortgage banks, especially with respect to loan margins, diaspora lending, foreign exchange denominated and matched lending, and \u00a0loan loss provisioning.<\/p>\n

\u201cThe association\u00a0need to develop and implement a\u00a0Mortgage Banking Tariff that is different from the regular banking tariff, and mortgage banks need to be allowed to develop housing microfinance products\u00a0and mortgage-related consumer and commercial loans<\/a>.\u201d<\/p>\n

Meanwhile, the association has elected members of the National Executive Council for a period of two years. The managing director,\u00a0TrustBond Mortgage Bank Plc, \u00a0\u00a0 Mr. Adeniyi Akinlusi was elected \u00a0president, while \u00a0Mr. Akintayo Oloko of Safetrust Mortgage Bank Limited, vice president.<\/p>\n

Other elected officials include,\u00a0Mrs. Ruby Okoro,\u00a0Delta Trust Mortgage Finance Limited,\u00a0Deputy President (East);\u00a0Mr. Babangida Umar,\u00a0Jigawa Savings & Loans Limited\u00a0Deputy President (North);\u00a0Mr.\u00a0Richard Olubameru,\u00a0Haggai Mortgage Bank Limited,\u00a0Deputy President (West).<\/p>\n

Others are\u00a0Mr. Remi Olatunbode,\u00a0Jubilee-Life Mortgage Bank Limited, treasurer; Mr. Olabanjo Obaleye,\u00a0Infinity Trust Mortgage Bank Plc,Publicity Secretary\u00a0 and\u00a0Mrs. Olamide Ipadeola,\u00a0Gateway Savings & Loans Limited,\u00a0Legal Adviser.<\/p>\n<\/div>\n

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Elect Akinlusi as MBAN president Fresh efforts are underway to\u00a0seek\u00a0pragmatic and contemporary solutions to the challenges … Mortgage banks propose one-year job insurance scheme<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2909,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,2890,1331,617,344,1442,698,1329,604,408,1032,2879,522,41,15301],"class_list":["post-2908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-construction","tag-finance","tag-house","tag-housing","tag-in-housing","tag-insurance","tag-loan","tag-loans","tag-mortgage","tag-mortgage-bank","tag-mortgage-sub-sector","tag-nigeria","tag-property","tag-translate"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/mortgage.jpg?fit=1280%2C720&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":11073,"url":"https:\/\/amazingproperty.com.ng\/blog\/operatives-urge-regulatory-measures-to-stimulate-mortgage-sub-sector\/","url_meta":{"origin":2908,"position":0},"title":"Operatives urge regulatory measures to stimulate mortgage sub-sector","author":"Amazing Property","date":"December 28, 2020","format":false,"excerpt":"\u00a0 Regulatory measures to stimulate mortgage sub-sector . Mortgage operators have appealed for regulatory-induced fiscal and monetary measures that would stimulate the sub-sector towards sustainable development. They also implored the Central Bank of Nigeria (CBN) to fast-track implementation of the Mortgage Interest Draw-Back Programme (MIDP), together with other policy measures\u2026","rel":"","context":"In "Mortgage"","block_context":{"text":"Mortgage","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/mortgage\/"},"img":{"alt_text":"mortgage sub-sector","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7921,"url":"https:\/\/amazingproperty.com.ng\/blog\/mban-operators-plan-non-interest-mortgages-lobby-for-intervention-fund\/","url_meta":{"origin":2908,"position":1},"title":"MBAN, operators plan non-interest mortgages, lobby for intervention fund","author":"Amazing Property","date":"January 29, 2018","format":false,"excerpt":"Adeniyi Akinlusi is the President, Mortgage Banking Association of Nigeria (MBAN) and Chief Executive Officer, TrustBond Mortgage Bank Plc.Gearing up for a veritable funding source for the sub-sector, mortgage operators have moved to explore the suitability, applicability and the possibility of adopting the non-interest mortgages to unlock the potentials of\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Akinlusi-25-09-2017.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Akinlusi-25-09-2017.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Akinlusi-25-09-2017.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Akinlusi-25-09-2017.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Akinlusi-25-09-2017.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Akinlusi-25-09-2017.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8323,"url":"https:\/\/amazingproperty.com.ng\/blog\/valuation-jobs-up-for-grab-as-cbn-okays-new-mortgage-standards\/","url_meta":{"origin":2908,"position":2},"title":"Valuation jobs up for grab as CBN okays new mortgage standards","author":"Amazing Property","date":"February 19, 2018","format":false,"excerpt":"L-R:Director, Special Insured Institutions Department, Nigerian Deposit Insurance Corporation (NDIC), Mr. Etopidiok Joshua James; Director,Other Financial Institution Supervision Department, Mrs. Agnes Olatokunbo Martins; and Head, Nigeria Housing Finance Program\/ Deputy Director, Central Bank of Nigeria (CBN), Mr. Adedeji Jones Adesenoye, at the workshop on Nigerian housing finance programme in Lagos\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgages.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgages.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgages.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgages.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgages.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8027,"url":"https:\/\/amazingproperty.com.ng\/blog\/cbn-enlists-34-mortgage-banks-others-for-my-own-home-scheme\/","url_meta":{"origin":2908,"position":3},"title":"CBN enlists 34 mortgage banks, others for 'My Own Home\u2019 scheme","author":"Amazing Property","date":"February 5, 2018","format":false,"excerpt":"CBN buildingFollowing plans to introduce a public private partnership scheme that seeks to increase access to housing finance, the Central Bank of Nigeria (CBN) has selected 34 primary mortgage banks and four commercial banks to stimulate housing finance for low-income earners in the formal and informal sectors. 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With the pandemic\u2019s effect on\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"mortgage sub-sector","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/04\/mortgage-1-750x430.jpg?fit=750%2C430&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2908"}],"version-history":[{"count":1,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2908\/revisions"}],"predecessor-version":[{"id":89876,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2908\/revisions\/89876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/2909"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}