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#2128936 - 05/03/17 02:37 PM Re: Loan Entity Identifier Truffle Royale
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Yeah, I would think you need it so that all entries beginning with action dates of 1-1-18 have the complete identifier.
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#2128969 - 05/03/17 04:51 PM Re: Loan Entity Identifier Truffle Royale
MarieR Offline
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Joined: Nov 2005
Posts: 614
To be honest, I went ahead and got ours just so I could check off one item on that horrible HMDA list.
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#2129003 - 05/03/17 05:55 PM Re: Loan Entity Identifier Truffle Royale
Darth HMDA, CRCM, CAMS Offline
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Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,385
CA
I wouldn't put it off. Our LOS will generate the ULI when the loan is created - we wont have to worry about creating a ULI afterwards. We got our LEI back in Q1 of this year.. one less thing to worry about towards the end of the year.
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#2129012 - 05/03/17 06:04 PM Re: Loan Entity Identifier Truffle Royale
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,645
Bloomington, IN
"Our LOS will generate the ULI when the loan is created - we wont have to worry about creating a ULI afterwards."

That is one reason to get your LEI. To be able to test your LOS to insure they are correctly calculating the ULI. Also to avoid any potential last minute rush of thousands of lenders applying for the LEI.
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#2129374 - 05/05/17 03:00 PM Re: Loan Entity Identifier Truffle Royale
Truffle Royale Offline

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Posts: 17,324
Isn't it just a matter of a day or two between applying for the ULI and getting it? (granted if you wait till everybody else does, just like HMDA filing on 3/1, turn-around will slow down)
Also, does the fee run from the date of application or is it a 1/1 through 12/31 fee?

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#2129485 - 05/05/17 08:15 PM Re: Loan Entity Identifier Truffle Royale
Sinatra Fan Offline
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Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
According to GMEI, it is a 3-day turnaround from application to receipt.

I agree with Dan that it makes sense to get the LEI now so you can test your LOS.
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#2129926 - 05/10/17 05:18 PM Re: Loan Entity Identifier Truffle Royale
ZmbRzr Offline
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ZmbRzr
Joined: Nov 2011
Posts: 117
Arkansas
I randomly selected Bloomberg from the list on GLEIF, and their prices are $75 for a new registration and $50 for annual renewal. Does anyone know why they would be so much cheaper than going through the GMEI Utility? I thought the $219 and $100 were standards for U.S. registrations.

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#2130027 - 05/11/17 12:19 PM Re: Loan Entity Identifier Truffle Royale
Susan R Offline
New Poster
Joined: May 2017
Posts: 1
We tried to register through GMEI Utility and our credit card company rejected the transaction and shut down our card since it was in the Netherlands. Opted to use Bloomberg instead.

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#2130040 - 05/11/17 12:49 PM Re: Loan Entity Identifier Truffle Royale
JWills, CRCM Offline
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JWills, CRCM
Joined: May 2013
Posts: 1,742
The Mitten State
I got ours last week. I submitted my request on Monday, May 1, and on May 3, I received an email from the GMEI Utility that they had issued our number. I have not heard of Bloomberg. I would have thought the fees would be the same.
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#2130180 - 05/11/17 07:55 PM Re: Loan Entity Identifier Susan R
ZmbRzr Offline
100 Club
ZmbRzr
Joined: Nov 2011
Posts: 117
Arkansas
Susan R, was their anything different about Bloomberg's registration or number? Since I thought they were all the same price, I was very surprised that they were so much cheaper. It made me a little skeptical about the whole thing.

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#2132776 - 06/01/17 08:18 PM Re: Loan Entity Identifier Truffle Royale
Winning Offline
Member
Joined: Sep 2015
Posts: 88
Am I understanding correctly that the only number we pay for is the LEI #? Our software will calculate the ULI# (which will be added to the LEI#)? and what about the "check digit"...does that cost $$ and where do we get that?

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#2132781 - 06/01/17 08:50 PM Re: Loan Entity Identifier Truffle Royale
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
Posts: 620
Yes, the only number you pay for is the LEI#. We got ours in two days from GMEI. Hopefully the new CFPB tool will be helpful in calculations that check digit based on the ULI #. Not real sure about that one, but I am sure about what you pay for. Also, there is an annual fee for the LEI number and I think it is $100.00.
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#2132953 - 06/02/17 05:58 PM Re: Loan Entity Identifier Sunshine Lady
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,324
It appears that now MERS is entering the fray as a provider of the LEI.

So of course, I'm being asked what difference it makes where we get the number from and, more to the point, what do the various companies charge.

Would appreciate people weighing in with names and numbers I can share with my bank.
Thank you.

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#2132955 - 06/02/17 05:59 PM Re: Loan Entity Identifier Truffle Royale
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,324
Clarification: By 'numbers' I mean how much did it cost wherever you got your number.

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#2135981 - 06/27/17 02:12 PM Re: Loan Entity Identifier Truffle Royale
Christine81 Offline
Member
Joined: Mar 2011
Posts: 78
We randomly selected Bloomberg from the list also, and the fee was $75. They issued our LEI number within about a day.

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#2136042 - 06/27/17 04:53 PM Re: Loan Entity Identifier Truffle Royale
Banker K, CRCM Offline
Gold Star
Joined: Jan 2010
Posts: 290
Oklahoma
Is MERS going to issue our LEIs for free? And do we know WHEN they will issue them? I am ready to begin testing, but management is wanting to use MERS because their understanding is that it will be free.
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#2136046 - 06/27/17 05:11 PM Re: Loan Entity Identifier Truffle Royale
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,324
MERS is offering three webinars to address their LEI offering but unfortunately, all three are full and closed.
The webinar had a $10 fee.
The site does note that recordings will be available but doesn't state whether they will be free or not.
I have reached out to them asking for another session or at the very least, explanation of cost for listening to recording.

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#2136047 - 06/27/17 05:12 PM Re: Loan Entity Identifier Truffle Royale
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,646
Galveston, TX
I think they are dreaming. While they might be facilitating obtaining an LEI, I see nothing that says they are going to do it for free.
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#2136061 - 06/27/17 05:47 PM Re: Loan Entity Identifier Truffle Royale
Banker K, CRCM Offline
Gold Star
Joined: Jan 2010
Posts: 290
Oklahoma
Yeah that's what I'm afraid of. So we might as well get it over with now!
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All comments are mine & should not be taken as legal advice.

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#2136215 - 06/28/17 03:10 PM Re: Loan Entity Identifier Banker K, CRCM
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,324
Just got this from Amy Moses at MERS:
Quote:
When the online course becomes available it will be free. We will send an email on July 21 advising all Members that it is available.

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#2136220 - 06/28/17 03:20 PM Re: Loan Entity Identifier Truffle Royale
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,646
Galveston, TX
That is definitely different than issuing LEIs for free.
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#2136234 - 06/28/17 03:41 PM Re: Loan Entity Identifier Truffle Royale
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,324
I don't know anything about what MERS will charge or not, Randy.
I also have no idea what led Banker K's management to think MERS would be getting the LEIs for free. Maybe they got a communication I didn't. That's why I want to attend (or now listen) to one of these webinars.

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#2136292 - 06/28/17 06:13 PM Re: Loan Entity Identifier Truffle Royale
Banker K, CRCM Offline
Gold Star
Joined: Jan 2010
Posts: 290
Oklahoma
MERS sent out an email on 5/15/17 with subject "MERSCORP Holdings to Provide LEI Registrations and Renewals to U.S. Mortgage Industry". It was forwarded to me from another Banker here. When I asked about purchasing our LEI, management thought the email meant that MERS would provide its members free registration.
It was a confusing email so I sent my Q to MERS.
They replied that their "service" should go live on July 1st for members, and this is for aid in the PROCESS to apply for/renew/update an LEI. They are streamlining it to pre-populate fields for their members that they already maintain on us. They said we still have to pay the new LEI cost of $119 (or renew for $99). They also mentioned those webinar. Then they gave me a table of the fields of information we would have to have to apply for our LEI.

So I'm guessing (hoping) management will just give me a credit card and the okay to go ahead and get signed up ourselves and not have to add yet another company/party to this whole mess.
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#2146854 - 09/20/17 04:39 PM Re: Loan Entity Identifier Truffle Royale
Compliance NABW Online
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Joined: Oct 2015
Posts: 1,578
There is no requirement to use an issuer particular to any country. This link provides a list of the accredited issuers: https://www.gleif.org/en/about-lei/how-to-get-an-lei-find-lei-issuing-organizations

GMEI Utility seems to be recognized as the most used provider for US institutions. https://www.gmeiutility.org
Last edited by Justin C.; 09/20/17 04:40 PM.
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#2146858 - 09/20/17 04:50 PM Re: Loan Entity Identifier Truffle Royale
Compliance NABW Online
Diamond Poster
Joined: Oct 2015
Posts: 1,578
Sorry, posted that before I saw page 2 and 3 of the thread, but still think the information is useful. Basically, if an issuer is accredited, it would likely make sense to go through the list and see who has the lower prices, if there are differences.

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