The Mortgage Practices Regulation Bill, which recently scaled third reading in Nigeria’s House of Representatives, will create jobs and eradicate sharp practices in the mortgage industry.
In a statement made available to Financial Street, sponsor of the bill, Jasper Olusayero, disclosed that beside increasing the country’s Gross Domestic Product by, at least, 51 per cent, the bill would curb corrupt dealings done through mortgage practices.
The entrepreneur, realtor and financial analyst, pointed out that the bill was sponsored by Danchung Bagos, representing Jos South/East Federal Constituency of Plateau State.
His words, “The Mortgage Practices Regulation Bill, which was presented on the floor of the green chamber in 2020, enjoys massive support from the lawmakers due to its benefits towards addressing the housing deficit and protecting the interest of small enterprises in accessing credit facilities in the country.”
He further remarked that the bill would empower the Institute of Mortgage Bankers and Lenders to train persons seeking to become registered practitioners as well as determine the standard, knowledge and skills to be attained by members.
He noted that the Act would also enable IMBL to attain a professional status in the country, thereby bringing mortgage practice in Nigeria at par with those of other climes.
Domestically, he said, it promises to bridge the gap between borrowers and lenders, thereby ensuring smooth transactions.
“IMBL also offers consultancy services on mortgage brokerage, financing and lending, and helps foster a favourable operating environment in the housing and mortgage market.
“The organisation pledges to be the voice of the residential mortgage lending industry and the central provider of economic, statistical, legal, research and other market information that makes mortgage transactions quick and seamless,” he added.
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