DESIGN AND IMPLEMENTATION OF A COMPUTER BASED INFORMATION SYSTEM FOR MORTGAGE FINANCING
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Background of the study
The provision of the financial resources that are necessary for homebuyers to complete the acquisition of their properties is the primary objective of mortgage financing systems (Akinwale, 2021). The issuance, sale, and trading of mortgage-backed securities (MBS) is the ultimate goal of the housing finance system. This simple description has given rise to a vast ambry of institutional arrangements, ranging from contractual saving schemes as conceptualized under the National Housing policy vis-à-vis the National Housing fund (NHF) scheme, to depository institutions that specialize in mortgage finance as we now have in primary mortgage institution (PMI), to the issuance, sale, and trading of mortgage-backed securities (MBS) (Ambrose 2022). The question of private sector participation in the housing delivery system was opened up by the National Housing policy, and all of these arrangements are now being discussed or developed in this country with the same goal in mind: to channel funds from savers to borrowers. In addition, the National Housing policy opened the door for the question (Okolo, 2022). The National Housing Policy (NHP) was established in 1991 with the primary goal of fostering conditions that are favorable for the establishment of a housing delivery system that is both environmentally and economically sound and of fostering private entrepreneurial initiative in the field of housing development. The strategy establishes a collaboration between the commercial sector and the public sector in the effort to develop a housing distribution system that is efficient (Akinwale, 2021).
The issue of the mortgage institutions decree No. 53 of 1989, which established the legal foundation for the construction of such an institution, led to the development of privately held PMTs shortly after the decree's publication (Ambrose 2022). PMTs are expected to fulfill a purpose, which is to provide a secure and convenient method of saving for the general public, as well as to a limited intent for various corporate and unincorporated bodies, and to use those finances to make loans on mortgages primarily to individuals who wish to buy or build their own homes. Since the beginning of over a decade, PMTs have been a part of the Nigerian financial system (Okolo, 2022). Housing finance, which is the focal point of the policy document, is structured as a two-tiered system, with the Federal Mortgage Bank of Nigeria (FMBN) serving as the apex-mortgage institution on the one hand, and the Multiplication of Primary Mortgage Institution (PMI) serving as the primary mortgage institution on the other. The National Housing Fund (NHF), among other responsibilities, is under the purview of the FNBN, which is responsible for its management and administration. The National Housing Foundation's mission is to ensure that there is a consistent flow of financial resources towards housing construction (Akinwale, 2021). The decree number 7 of 1977 was the one that initiated the formation of the FMBN. The provision of banking and advising services as well as research activities related to housing are the primary responsibilities of the FMBN. Decree 3 of January 1991 gave the FMBN the authority to license and regulate mortgage institutions in Nigeria (Ambrose 2022).
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