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Financial Services Law Insights and Observations
FHA requires mortgagees to provide UEI
On August 23, the FHA announced in Mortgagee Letter (ML) 2022-14 that all FHA-approved lenders and mortgagees, and institutions seeking FHA approval, must provide an active Unique Entity Identifier (UEI) as part of their institution data in the Lender Electronic Assessment Portal (LEAP) or application for FHA approval. Additionally, the ML, among other things: (i) informs mortgagees how to register for an UEI; (ii) provides instructions on updating the institution profile in LEAP; and (iii) invites feedback from interested parties for 30 calendar days from the ML’s issuance date. The new provisions must be implemented no later than December 31.