Licensing
Over thirty years ago Meracord began to maintain licenses required for its mortgage servicing and escrow business. In many states, Meracord is licensed via the National Mortgage Licensing System, or NMLS (See http://www.nmlsconsumeraccess.org/Home.aspx/SubSearch?searchText=NoteWorld). We still proudly hold these licenses. But, unlike our competitors, we took the next step to fully service and protect our customers by operating in compliance with the various states' money transmitter laws. Meracord is one of only 11 companies in the nation with the elite status of having this distinction in 39 or more states. We are the only company operating in compliance with money transmitter laws in the industries we serve.
Who is required to have a money transmitter license?
A company engaged in “money transmission” is a company who receives money by any means in exchange for a promise to make the money available at a later time or different location. If a company advertises itself as a company that engages in money transmission, a money transmitter license is required.
Operating as a money transmitter in accordance with state laws sets us apart from our competition and provides significant protections for our customers.
