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 (click here to view Meracord on NMLS). 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 a few payment processors in the nation with the elite status of having this distinction in more than 40 states. We are the only company in the nation that holds escrow licenses and money transmitter licenses 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 the state laws sets us apart from our competition and provides significant protection for our customers.