MERS To Provide LEI Registrations And Renewals To Mortgage Industry

Posted by Patrick Barnard on May 15, 2017 No Comments
Categories : Residential Mortgage

In order to help the mortgage industry comply with expanded reporting requirements under the Home Mortgage Disclosure Act (HMDA), MERSCORP Holdings Inc., which operates the MERS e-registry, has entered into an agreement with The Depository Trust & Clearing Corp.’s (DTCC) subsidiary operating the Global Markets Entity Identifier utility (GMEI utility) to facilitate legal entity identifier (LEI) registrations and renewals for MERS System members and other mortgage participants.

The company says in a press release that it is on target to provide this Web-based service starting in the third quarter.

The requirements include a Universal Loan Identifier (ULI) that contains the financial institution’s LEI. MERSCORP Holdings will provide the LEI registration and renewal service through DTCC’s GMEI utility.

“MERSCORP Holdings has served as the mortgage industry’s utility for 20 years, and with the majority of residential mortgage originations registered on the MERS System today, we believe we can add even greater value by providing our MERS System Members and other industry participants with assistance meeting this HMDA requirement,” says Bill Beckmann, president and CEO of MERSCORP Holdings, in the release.

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