ANALYSIS OF INSTITUTIONAL FRAMEWORK FOR ACCESSING SECONDARY MORTGAGE FINANCE (SMF) OF HOUSING IN NIGERIA

Purpose: The study examined the institutional framework for accessing secondary mortgage finance (SMF) of housing in Nigeria. The primary objectives were to identify the critical criteria, prominent institutional framework and its level of significance to level of accessing SMM.

Methodology: The study surveyed members of Real Estate Developers Association of Nigeria (REDAN) through the use of questionnaire and data obtained were analysed by descriptive and inferential statistical tools.

Findings: The study found that criteria for accessing SMM fund were important and both the corporate and individual loan seekers showed a high level of compliance but at varying levels. Institutional framework that exhibited prominent influence on level of access to SMM fund were land use act, land administrative framework and exchange trust fund act among others at vary degrees.

Research limitations/Implications: The study is limited to the development institutional framework for accessing secondary mortgage finance in Nigeria only.

Practical Implication: The study discovered that institutional framework with positive and statistically significant were (p<0.05) effects were LUA, LAF, FFW, RFW and SAF. Meanwhile a negative and statistically significant (p<0.05) effects of IEC and LFW were observed.