The International Secondary Mortgage Market Association (ISMMA) is the global association dedicated to uniting institutions involved in secondary mortgage markets. Founded in 2018 under the sponsorship of the World Bank, ISMMA focuses on regulatory advocacy, knowledge-sharing, and supporting the development of newly-established institutions in this space.
ISMMA provides a collaborative platform for member institutions to exchange insights and best practice aimed at expanding access to housing finance. The ultimate goal is to help ensure adequate, safe, and affordable housing for all.
According to the United Nations, the global population is expected to reach 8.5 billion by 2030, with nearly 60% living in urban areas. With an estimated 3 billion people requiring new housing and basic urban infrastructure by 2030, the challenge is immense. Rapid urbanisation continues to strain housing delivery systems, particularly affecting the urban poor, who often cannot access formal housing without viable financing options. In this context, housing finance is central to the global development agenda, and ISMMA plays a critical role in shaping and supporting solutions to improve housing finance access worldwide.
ISMMA membership is open to all secondary mortgage market institutions worldwide that are committed to strengthening housing finance systems through collaboration and knowledge-sharing.
In July 2022, the ISMMA Secretariat transitioned from the World Bank to the European Mortgage Federation – European Covered Bond Council (EMF-ECBC), further enhancing its operational and strategic reach within the global mortgage finance community.
ISMMA currently has 14 member organisations from Armenia, Indonesia, Japan, Jordan, Kenya, Korea, Malaysia, Mongolia, Nigeria, Pakistan, Philippines, Tanzania, Uzbekistan and WAEMU.
Download the full list of ISMMA members here.
The concept of a ‘community of practice’ for secondary mortgage market institutions had been discussed for several years prior to ISMMA’s inception in 2018. There had been a round-table discussion in 2014 during the Global Housing Finance Conference in Washington D.C., where the idea was floated for a knowledge sharing platform for secondary mortgage market institutions.
The idea gained strength with the support and drive of Cagamas Berhad ahead of the 2018 conference. At this stage, there was a positive alignment of institutions and a desire to both share more national experiences and to learn from others. The World Bank had supported the creation of several Mortgage Refinance Companies (MRCs) in Egypt, Jordan, Tanzania and Nigeria with a pipeline of new companies under creation in Kenya and Pakistan.
So there was a natural objective of reaching synergies and shared lessons across these different but very similar institutions. This was the aim of ISMMA, to be a place where like-minded institutions can come together and by sharing knowledge strengthen the outlook for afford- able housing in each of their countries.
Seven years since its founding, the International Secondary Mortgage Market Association (ISMMA) has evolved from an emerging network into a globally recognised platform for collaboration, innovation, and policy dialogue in housing finance. While ISMMA’s original vision centred on knowledge sharing around credit policies, capital market strategies, and institutional development, its role quickly expanded in response to global disruptions—including the COVID-19 pandemic—during which ISMMA became a critical channel for peer learning and the exchange of crisis-response strategies. Since then, the association has grown in both relevance and reach.
In 2024, ISMMA convened four highly attended quarterly meetings—held in hybrid or virtual format in Singapore, Zanzibar, and online—that deepened member engagement and explored themes such as green finance, capital markets, and housing microfinance. Beyond regular meetings, ISMMA has increasingly aligned itself with global forums and capacity-building efforts, providing its members with direct access to wider industry conversations and technical expertise. Under the stewardship of the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) since 2022, the Secretariat has brought renewed momentum, strategic focus, and organisational strength to ISMMA’s activities.
The global context has continued to evolve, with urbanisation, climate imperatives, and financial system transformation now at the forefront of housing finance challenges. With cities expected to host nearly 70% of the world’s population by 2050, the need for resilient and sustainable housing systems is more urgent than ever. ISMMA has positioned itself as a vital platform for bridging public policy and private capital, supporting institutional capacity in emerging markets, and fostering innovation in secondary mortgage systems.
Today, ISMMA’s network is stronger, its voice more influential, and its purpose clearer: to help build inclusive, well-functioning secondary mortgage markets that underpin safe, affordable, and sustainable housing for all.
With the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) continuing to serve as Secretariat, ISMMA is well-positioned to expand its global reach and deepen its impact. The coming years will see ISMMA play an increasingly strategic role in shaping housing finance policy—particularly as markets face complex challenges, from inflationary pressures and tightening financial conditions to the effects of evolving credit cycles in emerging economies.
Climate change will remain a defining issue for the sector. As governments and financial systems respond to the urgency of climate mitigation and adaptation, the way housing is financed will become a key policy lever. Green housing finance—whether through capital market innovations, sustainable bonds, or incentives for energy-efficient retrofitting—will be central to building resilient and climate-aligned urban infrastructure.
While new and unexpected disruptions may lie ahead, ISMMA’s core strength remains its ability to unite institutions with a shared mission: to expand access to affordable housing through robust, innovative, and inclusive secondary mortgage markets. Continued knowledge exchange, joint learning, and global cooperation will ensure that ISMMA members are not only prepared to meet future challenges—but also to lead the way in reimagining housing finance for a changing world.
Virtual ISMMA Meeting, 04 July 2025
The European Covered Bond Council (ECBC) is the platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders.
