This project is part of an integrated strategy with World Bank, the Nigerian government, the IFC Investment team and other donors. This intervention addresses the lack of long term financing for housing in Nigeria. Eligibility standards for mortgage collateral will be a key cornerstone of NMRC's financial foundation. The AS portion of this project will support NMRC's efforts to develop and promulgate criteria for acceptable mortgage loans, including payment performance, financial terms, legal contract terms, mortage loan product designs, mortgage loan underwriting criteria, and the contents of mortgage loan documents. As the sole long maturity mortgage financier, NMRC's eligibility standards will act as industry standards, thereby promoting efficiency and mitigating the legal and operational risks inherent in mortgage lending. The Master Refinancing and Servicing Agreement (MRSA) between NMRC and its shareholder borrowers will form the second cornerstone of NMRC's strength. Elements of this advisory project will include two (2) phases of work: 1) Phase I: Background review a. The project will start with the review of current mortgage lending practices in Lagos and The Federal Capital Territory, building on knowledge gathered in previous work with primary mortgage banks (PMBs) and deposit money banks (DMBs). b. The team will conduct an initial workshop with NMRC and industry staff. The workshop will introduce the elements required in the Master Refinancing and Servicing Agreement and the Mortgage Eligibility requirements c. The review of materials and feedback from the workshop will provide important inputs into drafting Eligibility Requirements and MRSA. 2) Phase Two: Draft Standards, Present to Industry a. The team will produce Draft Eligibility Standards for collateral b. The team will produce a draft MRSA. IFC will help to develop a master credit agreement that structure the pledging of eligible collateral, and the disbursement and repayment of funds by PMBs and DMBs.