MBAN seeks better policies for mortgage sector

For efficient delivery of mortgage services to persons seeking loans from Primary Mortgage Institutions, there has to be efficient polices that will enhance operations in the sub-sector, the Mortgage Banks Association of Nigeria has said.According to the association, the low awareness of the Nigerian public of the services rendered by mortgage banks is due to the lack of enabling policies to enhance the operations of the PMIs in the sub-sector.The President, MBAN, Mr. Abimbola Olayinka, while announcing the associations first housing finance and investment conference and exhibition in Lagos on Thursday, said there had been various misconceptions about the strength and stability of PMIs for many years.He noted that this was due to lack of proper awareness concerning the functions of mortgage banks, adding that the development had made many to source funds internationally or locally through other financial institutions.Admitting that the sub-sector had witnessed significant achievements through the influence of some policies, Olayinka noted that there was room for improvement adding that in addition to raising funds for building houses and carrying out other constructions, PMIs also provided technical, mechanical and professional assistance to clients.He said, "This industry has achieved this much because of previous favourable policies and we believe there is still room to do more in terms of creating adequate policies to enhance our operations."As we work towards affordable accommodation for all in Nigeria, all that is necessary to make this attainable should be in place."Olayinka noted that the need to educate the public about the mortgage bank sub-sector and its products and services led to the planned exhibition which would be held in Lagos by November.He explained that the exhibition was a private sector initiative in partnership with relevant financial institutions and government agencies in order to evolve robust mortgage financing systems for the attainment of affordable housing delivery in Nigeria.He said, "This is aimed at spotlighting the need to develop innovative solutions to tackle problems plaguing the housing industry, and establishing common grounds to influence the required reforms."Housing is one of the three cardinal points of life, the others being clothing and food, so by this exhibition we hope to bridge the gap by providing affordable shelter or housing. We want Nigerians to know how easily they can get a roof over their head which they can proudly call their own home, and we hope to also attract foreign investors to come and invest in this sector of our
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