I've just learned that our institution needs to obtain a Legal Entity Identifier (LEI).

I'd appreciate advice to work through this process. Thanks.

https://www.gleif.org/en/about-lei/get-an-lei-find-lei-issuing-organizations/

Someone on here can likely tell you who the one company that issues these is - if I remember right, there's one company who issues them and multiple others who just help you buy one from that first company.

I got ours from Bloomberg

lei.bloomberg.com

we got ours through MERS.

We are a state chartered, non-Fed member bank. FDIC is our federal regulator.

What requires us to have an LEI?

Where do we use the LEI? Thanks.

You have to have one if you are a HMDA reporter.

That requirement must have come in after our last HMDA filing which was for 2016 activity.

If we were selling mortgages to Fannie Mae/Freddie Mac, would they require LEI?

The LEI is part of the Universal Loan Identifier (ULI) and I believe that the ULI is part of the Freddie Mac and Fannie Mae Phase 3 updates of the Uniform Loan Delivery Dataset (ULDD) with an Application Received Date on or after January 1, 2019 and for delivery on or after the May 20, 2019 mandate. I don't think that just because your entity might be exempt from HDMA reporting that the ULI is going to be optional.

Thanks!

Not to derail the topic, but that might be one of the most compliancy statements ever. Not sure even Mr. Dickenson could turn that into "plain English"

Let me try:
If you sale loans to Freddie or Fannie, you'll need a LEI.

David - you are the pro