1.0 Introduction
1.1 An Overview Of The Study.
The aim of a mortgage finance system is to provide the funds, which home buyers need to purchase their homes. This simple description has spawned a broad 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 specializing in mortgage finance as we now have in primary mortgage institution (PMI), to the issuance, sale and trading of mortgage backed securities (MBS) the ultimate aim of the housing finance system. All of these arrangements are now being orated or evolved in this country with the same purpose in mind to channel funds from savers to borrowers in the question of private sector participation in the housing delivery system was opened up by the National Housing policy. The National a Housing Policy (NHP) was launched in 1991, mainly to create a conducive environment for a sustainable housing delivery system as well as to encourage private entrepreneurial imitative in housing development. The policy opens up a partnership between government and private sector in working towards an effective housing delivery system.
The emergence of privately owned PMTs followed the promulgation of the mortgage institutions decree No 53 of 1989, which provided the legal framework for the establishment of such institution. PMTs are expected to fulfill a purpose: to provide a safe and convenient means of saving for the general public, and to a limited intent for various corporate and unincorporated bodies and to use those finance to make loans on mortgages primary to those who wish to buy or build their own homes PMTs have been in the Nigeria financial system for almost a decade.
Housing finance which is the cent replace of the policy document, has a two tier arrangement with the federal Mortgage bank of Nigeria (FMBN) as the a pex-mortgage institution on one hand and the multiplication of primary mortgage institution (PMI) on the other hand. FNBN is charged with the responsibility of managing and administering the National Housing Fund (NHF), among others. The NHF has the objective of ensuring continuous flow of financial resources into housing development.
The FMBN was established by decree No 7 of 1977. The main function of the FMBN includes provision of the banking and advisory services and research activities pertaining to housing decree 3 of JAN 1991 empowered FMBN to license and regulate mortgage institution in Nigeria.
1.2 Statements Of Problems
The problems, which necessitated the study in the Harvard Trust Finance Enugu, are as follows:
- Slowness in accomplishing task generally
- The frequent collapse of mortgage banks, in the country through fraudulent malpractices by the staff.
- The incessant delays in the payment and processing of customer fund in theand processing of customer fund in the Harvard trust finance Enugu.
1.3 Aims And Objective Of The Study
The major aim of this study is to design and implement a computer based information for system for mortgage financing that will accomplish the task of quick retrieval of information on a mortgage’s records in Harvard trust finance. This also involves knowing what operations are carried out and how they are done.
1.4 Significance Of The Study
The study will ensure that adequate security is provided to customer’s funds and collateral (ther original document). It will also increase the revenue that will be accruable to the mortgage institution in the effect of the computer base.
Information system for mortgage financing it will also make it possible for faster seriates to be rendered to customers.
Finally, the work will be a very useful adding to the existing research work carried out in the area of computer based information system for mortgage financing.
1.5 Scope Of The Study
This research work is limited to the design and implementation of a computer, based information system for mortgage financing for the Harvard trust fiancé.
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