As spelt out in its enabling Act and other related legislations, FMBN's functions include:
- Provide long-term credit facilities to mortgage institutions in Nigeria
- Encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.
- Mobilizing both domestic and offshore funds into the housing sector.
- Link the capital market with the housing industry, establish and operate a viable secondary mortgage market.
- Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act; and
- Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.