NMC
State-backed mortgage refinancing institution in Armenia, established and wholly owned by the Central Bank of Armenia in 2009, that refinances residential mortgage loans originated through a network of 18+ partner banks and 7+ credit organizations, with cumulative volume of AMD 243 billion across 39,541 loans.
- Company typePrivate
- Founded2009
- HeadquartersYerevan, Armenia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What NMC does
National Mortgage Company RCO CJSC (NMC) is a state-backed mortgage refinancing institution established and wholly owned by the Central Bank of Armenia in 2009. The company operates exclusively as a wholesale B2B refinancing intermediary — it does not lend directly to consumers but refinances mortgage loans originated by its network of 18+ partner banks and 7+ credit organizations across Armenia. Its core product suite spans Standard Acquisition Loans (up to AMD 35 million, 10-year minimum term), Extended Acquisition Loans (up to AMD 60 million), Green/Energy-Efficient Acquisition, Construction, and Renovation Loans (up to AMD 45 million), and State Program refinancing. Underlying technology consists of a web-based platform at nmc.am hosting loan payment and amount calculators, plus a dedicated Energy Efficiency Assessment Tool at green.nmc.am used to evaluate green renovation projects. NMC has cumulatively refinanced 39,541 loans totaling AMD 243 billion since inception.
NMC's revenue model is anchored in net interest spread earned on the difference between its refinancing rates to partner financial institutions and the end-borrower rates set by those PFIs, supplemented by capital-markets funding activity through 29+ bond issuances on the Armenia Securities Exchange since 2011. The company also operates managed-service-style refinancing under state programs co-financed by international development institutions including KfW (Germany), AFD (France), IBRD (World Bank), the EU, and the German-Armenian Fund. Pricing is defined at the PFI level rather than by NMC directly, with NMC setting wholesale refinancing rates. The company maintains a Ba3 credit rating from Moody's and had regulatory capital of AMD 27.9 billion as of December 2019 following a capital replenishment by the Central Bank. Its GTM motion is entirely channel-partner-driven, with no direct consumer-facing distribution.
NMC firmographics
Firmographics- Name
- NMC
- Legal name
- National Mortgage Company RCO CJSC
- Website
- https://nmc.am
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- State-backed mortgage refinancing institution in Armenia, established and wholly owned by the Central Bank of Armenia in 2009, that refinances residential mortgage loans originated through a network of 18+ partner banks and 7+ credit organizations, with cumulative volume of AMD 243 billion across 39,541 loans.
- Ownership category
- akta.pro rank
NMC industry classification
Industry- Product category
- Mortgage Refinancing and Housing Finance
- NAICS
- Mortgage and Nonmortgage Loan Brokers (52231)
- SIC
- Mortgage Bankers & Loan Correspondents (6162), Federal & Federally-Sponsored Credit Agencies (6111)
- akta.pro primary industry
- Mortgage Loan Sales & Aggregation (Correspondent/Conduit Aggregators) (FSALAFAD)
Keywords
Where NMC is headquartered
LocationHeadquarters
- HQ city
- Yerevan
- HQ country
- Armenia
- HQ region
- Asia
Offices1 record
Markets served
NMC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- Mortgage Refinancing: NMC refinances mortgage loans originated by partner financial institutions (PFIs) including banks and credit organizations. The company provides refinancing for acquisition, construction, and renovation of residential housing, earning spread income on the difference between refinancing rates and rates charged by PFIs to end borrowers. NMC also offers green/efficiency refinancing under various state programs.
- Bond Issuance: NMC raises capital through periodic bond issuances on the Armenia Securities Exchange. Proceeds are used to fund refinancing operations. The company has completed over 29 bond issuances since 2011.
- Green Program Refinancing: Refinancing of energy-efficient mortgage loans under state programs including the Green financing program, Jerm Ojakh program (with AFD/EU), and Housing Finance programs with KfW. These programs often include concessional funding components and grants.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Standard Acquisition Loans - Up to AMD 35 million, minimum 10 years, max 45% OTI |
| Other | Monthly | Extended Acquisition Loans - Up to AMD 60 million, max 60% OTI |
| Other | Monthly | Green Acquisition Loans - Up to AMD 45 million, energy efficiency compliant |
| Other | Monthly | EE and Green Renovation Loans - From AMD 275 thousand up to AMD 45 million, minimum 5 years |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
NMC product offering
Product offeringCore offering
National Mortgage Company (NMC) is a state-backed wholesale mortgage refinancing institution established by the Central Bank of Armenia in 2009. NMC refinances mortgage loans originated by partner financial institutions (banks and credit organizations), enabling them to provide housing acquisition, construction, and renovation financing to Armenian residents. The company funds its refinancing operations through capital markets (over 29 bond issuances on the Armenia Securities Exchange) and concessional funding from international development institutions such as KfW, AFD, IBRD, and the EU.
Product overview
National Mortgage Company (NMC) is a refinancing credit organization established by the Central Bank of Armenia in 2009 to develop Armenia's mortgage market. It operates as a wholesale refinancing institution — it does not lend directly to individuals but refinances mortgage loans originated by partner financial institutions (banks and credit organizations). NMC's product portfolio consists of three core loan program categories: (1) Standard Acquisition Loans for purchasing apartments or houses, (2) Green/Ene
Differentiator
Problem solved
Functional benefit
Products and services
- Standard Acquisition Loans Refinancing of standard mortgage loans for the purchase of apartments or single-family houses that meet NMC's minimum eligibility criteria, using NMC's own funds. Loan amount up to AMD 35 million, minimum 10-year term, maximum OTI ratio of 45%. Down payment minimum 30% (or 10% with down payment insurance). Interest rate defined by partner financial institutions. Available to partner banks and credit organizations in Armenia.
- Extended Acquisition Loans Refinancing of mortgage loans for amounts up to AMD 60 million with OTI up to 60%, funded from NMC's own resources. All other standard mortgage requirements apply. Interest rate defined by partner PFIs.
- Green Acquisition Loans (Im Taniq) Refinancing of mortgage loans for acquiring apartments or single-family houses that meet energy efficiency (EE) criteria under the Green financing program. Requires at least energy class B (requiring at least 20% energy savings vs. baseline). Loan amount up to AMD 45 million.
- Green Construction Loans Refinancing of mortgage loans for the construction of residential houses that meet Green Standards defined under the Program, supporting energy-efficient new building.
- EE and Green Renovation Loans Refinancing of loans for energy efficiency improvements in apartments or single-family houses. Loan amount from AMD 275,000 to AMD 45 million. Minimum 5-year term. At least 30% of loan must be used for EE improvements (heating systems, thermal insulation, windows, solar systems, efficient lighting, household appliances). Property to be renovated serves as collateral.
- State Programs Refinancing Refinancing of targeted state assistance programs through partner financial institutions, providing subsidized mortgage refinancing for qualifying Armenian residents.
- Loan Payment Calculator Standalone online calculator available at nmc.am allowing prospective mortgage borrowers to estimate monthly loan payments based on loan amount, interest rate, and term. Supports annuity and equal principal repayment types.
- Loan Amount Calculator Standalone online calculator available at nmc.am enabling prospective borrowers to determine the maximum loan amount they may qualify for based on their income.
- Energy Efficiency Assessment Tool Standalone online tool available at green.nmc.am for assessing the energy efficiency of properties and estimating renovation project costs under the green renovation loan program.
Quantifiable outcome
- Over 39,500 mortgage loans refinanced totaling AMD 243 billion since inception in 2009
- +2 more outcomes
Companies that use NMC
Customer profileNamed customers8 records
Segments2 records
Ideal customer profiles1 record
NMC technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
NMC partnerships and signals
Strategic signalPartnerships
24 partnerships are on record, tiered minor and core.
- Korea Housing Finance CorporationminorMemorandum of Understanding signed for joint development of Armenia's and Korea's housing finance markets. Purpose is joint research and exchange of knowledge on topics of mutual interest in mortgage market development.
- ACBA-Credit Agricol Bank CJSCcoreMajor partner bank in Housing Finance program phases. Originated mortgage loans and received refinancing from NMC since 2015.
- Ameriabank CJSCcorePartner bank since October 2015. MLA signed for Housing Finance program. One of the largest Armenian banks.
- Inecobank CJSCcoreMLA signed November 2009; one of earliest partner banks. Active in Housing Finance program.
- First Mortgage Company UCO LLCcoreFirst credit organization partner; MLA signed September 2009. Named as First Mortgage Company in Armenian.
- Ardshinbank CJSCcorePartner bank in Housing Finance program, 4th phase. MLA signed in various phases of the program.
- Converse Bank CJSCcorePartner bank in Housing Finance program, 4th phase. MLA signed October 2010.
- Kamurj UCO CJSCcoreCredit organization partner in Housing Finance program, 4th phase.
- Armbusinessbank CJSCcoreFirst partner bank. First refinancing application disbursed to Armbusinessbank on July 10, 2009.
- ARARATBANK OJSCcorePartner bank; MLA signed July 2009. Acts as underwriter for bond placements on Armenia Securities Exchange.
- HSBC Armenia Bank CJSCminorMLA signed October 2009; early international bank partner in Armenian market.
- Armenian Development Bank CJSCminorMLA signed April 2010.
- Global Credit UCO CJSCminorCredit organization partner in Housing Finance program, 4th phase.
- Evocabank CJSCminorMLAs signed August 2018 in Housing Finance program, 4th phase.
- Armeconombank OJSCminorMLAs signed August 2018 in Housing Finance program, 4th phase.
- Fast Credit Capital UCO CJSCminorMLA signed January 2018 for refinancing of mortgage loans and Jerm Ojakh Program.
- Unibank CJSCminorMLA signed October 2010.
- ArmSwissBank CJSCminorMLA signed February 2011.
- Byblos Bank Armenia CJSCminorMILA signed December 2009.
- Cascade Bank CJSCminorMLA signed November 2009.
- Areximbank-Gazprombank Group CJSCminorMLA signed July 2009.
- NOR HORIZON UCO LLCminorMLA signed March 2014.
- New Horizon UCO CJSCminorMLA signed March 2015. Agreement terminated February 2016.
- Prometey Bank LLCminorMLA signed December 2014.
Scale indicators5 records
Recent moves8 records
Expansion highlights5 records
NMC competitors and assessment
Company assessmentRegional players
- Cagamas (Malaysia): Malaysian national mortgage corporation that purchases mortgage loans from financial institutions to provide secondary market liquidity — closely comparable in business model to NMC's mortgage refinance function in Armenia.
- National Housing Bank (India): Indian regulator and apex refinance institution for housing finance companies, channeling liquidity to primary mortgage lenders — analogous in mechanism (wholesale refinance to primary originators) and policy orientation (state-backed housing access) to NMC.
- Japan Housing Finance Agency (JHF): Japanese policy-based financial institution supporting housing finance through mortgage purchase and securitization programs. Operates a similar secondary-market mortgage function with government backing, though in a mature Asian market.
- Kazakhstan Mortgage Company: State-affiliated mortgage refinance institution in Kazakhstan supporting residential mortgage market development through partner financial institutions — closely comparable in mission and structure to NMC within another post-Soviet economy.
Broad incumbents
- Fannie Mae: US government-sponsored enterprise operating the world's largest secondary residential mortgage market — analogous in function to NMC's wholesale refinance role in Armenia but at vastly greater scale and with MBS securitization as the core funding mechanism.
- Freddie Mac: US government-sponsored enterprise that buys residential mortgages from lenders and packages them into MBS. Comparable to NMC's refinance-from-PFIs model within a much broader US secondary mortgage market.
- Ginnie Mae (GNMA): US government corporation guaranteeing mortgage-backed securities to support government-backed mortgage liquidity. Comparable in function (state-backed guarantee and channel for housing finance) though operating at massive US scale.
- Federal Home Loan Banks (FHLB): US government-sponsored cooperative system providing wholesale liquidity and funding to member banks for mortgage and community lending — structurally comparable to NMC's role as a wholesale funder of partner banks in Armenia.
Direct peers
- Canada Mortgage and Housing Corporation (CMHC): Canadian Crown corporation providing mortgage liquidity, housing finance, and policy support — directly analogous in mission (state-backed housing finance institution) and mechanism (partner-bank channel) to NMC's role in Armenia.
- Korea Housing Finance Corporation (KHFC): State-backed Korean secondary mortgage market institution that purchases and securitizes mortgages from primary lenders, providing housing-finance liquidity. Directly comparable in mission and structure to NMC and is also an existing strategic partner (MoU signed March 2019).
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
NMC social profiles
Digital presenceNMC financial estimates
Financial estimateRevenue estimate
Valuation estimate
NMC leadership team
Management profileNumber of profiles
Profiles3 records
NMC funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NMC M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NMC
What does NMC do?
National Mortgage Company (NMC) is a state-backed wholesale mortgage refinancing institution established by the Central Bank of Armenia in 2009. NMC refinances mortgage loans originated by partner financial institutions (banks and credit organizations), enabling them to provide housing acquisition, construction, and renovation financing to Armenian residents. The company funds its refinancing operations through capital markets (over 29 bond issuances on the Armenia Securities Exchange) and concessional funding from international development institutions such as KfW, AFD, IBRD, and the EU.
Is NMC a public or private company?
NMC is a private company. It is classified as state government owned and is currently operating.
When was NMC founded?
NMC was founded in 2009. It employs 11 to 50 people.
Where is NMC based?
NMC is headquartered in Yerevan, Armenia, in the Asia region.
How does NMC make money?
Three revenue lines are on record. Mortgage Refinancing is the primary driver. The others are bond Issuance and green Program Refinancing.
Who are NMC's main competitors?
Regional players on record are Cagamas (Malaysia), National Housing Bank (India), Japan Housing Finance Agency (JHF) and Kazakhstan Mortgage Company. Broad incumbents are Fannie Mae, Freddie Mac, Ginnie Mae (GNMA) and Federal Home Loan Banks (FHLB). Direct peers are Canada Mortgage and Housing Corporation (CMHC) and Korea Housing Finance Corporation (KHFC).
Does NMC have an API?
No public API is recorded for NMC.
What industry is NMC in?
NMC's product category is Mortgage Refinancing and Housing Finance. Its primary akta.pro industry code is FSALAFAD, Mortgage Loan Sales & Aggregation (Correspondent/Conduit Aggregators). Its NAICS code is 52231 and its SIC code is 6162.