- Mortgage Brokers Institute Vows To Clampdown on Fraudulent Developers
- Sets To Hold Mortgage Conference in Abuja
The Institute of Mortgage Brokers and Lenders of Nigeria (IMBLN) has vowed to clampdown on fraudulent/unlicensed developers, mortgage professionals and real estate promoters across the country.
The IMBLN Management gave this hint in a statement issued on Thursday to outline activities for National Mortgage and Real Estate 2023 Conference.
According to the statement, the Conference slated for November 16 and 17 will focus on the theme: ‘Towards a sustainable Mortgage and Real Estate Industry in Nigeria’ at National Merit House, Abuja.
The Institute is an integral part of Mortgage and Real Estate sector with mandate to award license and for conferment of charter to practitioners in accordance with the provisions of the establishment ACT signed by former President Muhammadu Buhari in 2022.
Speaking on house deficit in the country, the Institute said: “Nigeria’s housing shortage still persists, despite the real estate industry contributing 5.64 per cent to the country’s GDP in 2022. The Federal Government would need to spend N21 trillion to address the country’s 28 million housing deficit. This is to meet the needs of a rapidly growing population, which is estimated to be 219 million.
“The country’s poor mortgage system and economic crunch have made it difficult for many Nigerians to have a roof over their heads. This is compounded by a lack of finance, a dearth of long-term loans and the high-interest rates that lenders demand. Many depend on personal savings to build a house and it is now proving very difficult because of the economic crisis. There are more than enough market opportunities for mortgage products through affordable mortgage schemes, but lack of awareness and struggling infrastructure are major challenges inhibiting the growth of this very important sector.”
The Management said the Act establishing Institute of Mortgage Brokers and Lenders of Nigeria empowers the institute to regulate real estate, mortgage professionals and developers in the industry, stating that all these issues would be discussed by experts during Conference.
Expected stakeholders at the Conference include industry professionals, Government functionaries, Financial regulatory agencies – ICPC, EFCC, FRCN etc Mortgage bankers, Finance institutions/ professionals, Real Estate Developers, Lawyers, Architects, Surveyors institutions, Real estate developers, consultants, Academic institutions, Individuals with interest in the mortgage or real estate industry Government functionaries and Lawmakers.
“We are confident that by doing so, we can create a housing landscape that not only meets the needs of our citizens but also contributes to a sustainable and prosperous future for all.”
*About Institute of Mortgage Brokers and Lenders*
The Institute of Mortgage Brokers and Lenders of Nigeria is a regulatory body in real estate and mortgage industry. The Act establishing the Institute was assented by former President Muhammadu Buhari in December 2022 after passage of the bill by House of Representatives and Senate.
The primary objective of IMBLN is to promote professionalism, ethics, and best practices within the mortgage brokering and lending sector. The Institute serves as a professional body for mortgage brokers and lenders, providing education, training, and resources to its members. It aims to enhance their knowledge, skills, and expertise in order to better serve their clients and the wider community.
Members of the Institute benefit from access to a range of resources, including industry updates, research, and networking opportunities. The organization also works towards establishing and maintaining high standards of professionalism and integrity in the mortgage industry.
Through various initiatives, the Institute of Mortgage Brokers and Lenders strives to foster consumer confidence and trust in the mortgage brokering and lending process. It aims to ensure that its members adhere to a code of conduct and uphold the highest standards of ethical behavior.
