MERSCORP Holdings, Inc., announced this week it will support the Consumer Financial Protection Bureau’s updated Home Mortgage Disclosure Act requirements by facilitating legal entity identifier (LEI) registrations and renewals for users of MERS System and other industry participants.
MERSCORP Holdings is partnering with the Depository Trust & Clearing Corporation’s (DTCC) subsidiary that operates the Global Markets Entity Identifier (GMEI) and will offer LEIs through DTCC’s GMEI.
“We are happy to partner with MERSCORP Holdings on this initiative,” said Ron Jordan, Managing Director of Data Services at DTCC.
“DTCC’s GMEI utility, which has been accredited by the Global LEI Foundation (GLEIF), continues to operate as the largest LEI issuer by share of the total LEIs issued worldwide, and MERSCORP Holdings has the mortgage industry relationships needed to educate clients on the requirements and facilitate their registration and renewal process,” Jordan said.
MERSCORP Holdings will begin offering the LEI service in the third quarter of this year.
Based in Reston, Virginia, MERSCORP Holdings manages the MERS System, a national electronic database of residential mortgage loan information, serving thousands of mortgage industry firms and participants.
“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,” said MERSCORP Holdings President & CEO, Bill Beckmann.