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 [ad_2]![\"\"](\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/13f3b037019f096896a4816189e7e8be.jpg?resize=1280%2C720&ssl=1\")
Elect Akinlusi as MBAN president<\/strong><\/p>\n
\n
link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"