THE Mortgage and Property Law 2010 established the Lagos State Mortgage Board (LMB). The law outlines the functions of the agency. Some of these functions include generating a conducive environment for citizens of the state to secure affordable mortgages or charges to enable them purchase their own homes; advise the Governor on the funding, administration and structure of the State’s Mortgage Finance Program or Policy.
Others are: To articulate any Mortgage Scheme or Policy, which the government has or may put in place from time to time in connection with mortgage lending; articulate any Lagos Mortgage Scheme or Policy, which the government has or may put in place from time to time in connection with the making, processing, placing, registering or administration of mortgage lending in the State.
There are other functions contained in the law, which established the agency. Every Lagosian should endeavor to get a copy; it is a good reference material.
The mortgage and property law signed into law in 2010 established the agency and it serves as a guide to the agency towards setting its goals.
The objectives will be achieved through the dedicated management and staff of the organization among who are tested professionals committed to putting smiles on the faces of Lagos state residents.
One of the issues we are facing in this sector is the availability of housing stock. The Federal government should take the lead role in the supply of the much-needed housing stock, which is what we are doing in Lagos State.
The creation of housing stock will support the Nigerian Mortgage Refinancing Corporation’s (NMRC) core function of refinancing mortgaged homes. This will jump-start the secondary market, which is the catalyst for sustaining the demand side (consumer mortgage loan).