Steps to Becoming A Member Bank

MWFL is open to admitting new members based on formal expressions of interest from intending mortgage lenders. They;

  • Must subscribe to the shares of MWFL with a minimum equity investment of NGN5million
  • Must be licensed by the Central Bank of Nigeria to operate as a Mortgage Bank
  • Must be (or have an intention to become) a NMRC-Member Bank

How to Participate in MWFL Prefinancing

To be eligible for funding under the MWFL CP Funding Program, a mortgage bank must meet the following criteria:

  • Must be a Member Mortgage Bank of MWFL and must have executed the Master Purchase, Prefinance and Servicing Agreement with MWFL
  • Must be a Member Mortgage Bank of NMRC and must have executed the Master Purchase, Refinance and Servicing Agreement with NMRC
  • Must be rated by a recognised rating agency in Nigeria and must maintain a minimum Servicer Quality Rating of SQ3 or its equivalent
  •  Mortgage loans originated for any round of MWFL prefinancing must be underwritten with the strictest adherence to the NMRC Uniform Underwriting Standards
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