Primary mortgage banks (PMBs) operators are seeking collaborative efforts of state governments and the federal mortgage bank of Nigeria (FMBN) to ease title perfection for affordable housing delivery.
Two major issues have been identified as obstacles to making affordable housing available to Nigerians and these obstacles are the absence of a central title depository and bottlenecks in title perfection.
The operators reason that as a government agency, the FMBN working together with state governments will eliminate identified obstacles to the growth of Nigeria’s real estate sector.
“FMBN could collaborate with state governments to fast track title perfection in order to facilitate ease of on-lending through the Primary Mortgage Institutions (PMIs),” Adekunle Adewole, the managing director of LivingTrust Mortgage Bank, said.
Adewole who spoke during a meeting with the FMBN management in Abuja, explained that the collaboration would serve as a major boost to efforts at private and public sector levels aimed at making affordable housing available to Nigerians.
Expectation is that making title perfection easy would in turn make getting loans from mortgage banks easy, leading to timely and cheaper way of delivering housing to Nigerians. At the end, all these would lead to reducing the country’s housing demand-supply gap.
Adewole described the discussion with the FMBN’s team as fruitful, while reiterating his bank’s commitment to championing the development of the mortgage sector.
Melville Ebo, an Executive Director who represented FMBN at the meeting along with the bank’s Group Head, Loans and Mortgages, Mohammed Jibo Ibrahim, commended the LivingTrust Mortgage Bank team for the visit.
He promised to take the conversation further at their next board meeting, and in the ongoing engagement with the Mortgage Banking Association of Nigeria (MBAN)