For real estate & mortgage brokerages

Commission in. Agents paid. Books done.

Run your brokerage's operating account on Mercury, keep the books in Mercury Books, and let Lyco reconcile every month and file your agents' 1099s. In English or Spanish.

Lyco may receive a referral fee from Mercury when you open an account through our link. It costs you nothing. Mercury is a fintech company, not a bank: details at the bottom of this page.

How the money moves

Commission arrives

Commission from the closing, lender compensation and broker fees land in your Mercury operating account.

Your people get paid

Pay agent splits by ACH, and run loan officer and staff payroll through Gusto.

Books keep up

Mercury Books categorizes every transaction as it happens. Lyco reviews and reconciles every month.

January is easy

Lyco collects W-9s, e-files your agents' 1099-NEC by January 31 and gets each agent their copy.

Real estate brokerages

• One operating account for commissions, with escrow kept at your Florida bank
• Each agent's year-to-date commission tracked for their 1099
• Separate cards for marketing, assistants or each office
• Monthly escrow reconciliation prepared for you to review and sign

Mortgage brokerages

• Lender compensation and broker fees in one operating account
• Loan officer and processor payroll through Gusto
• Monthly P&L and balance sheet ready when a regulator, lender or bank asks

Your escrow account stays at your Florida bank.

Florida law requires a real estate broker's escrow money to be held by a title company or by a bank, credit union or savings association located and doing business in Florida (section 475.25(1)(k), Florida Statutes). Mercury's partner banks are not in Florida, so Mercury is for your operating account only.

Florida also requires a monthly reconciliation of every escrow account. We can prepare it from your Florida bank's statements for you to review and sign.

Questions

Can my escrow account be at Mercury?

No. Florida requires escrow money to be held by a title company or by a bank, credit union or savings association located and doing business in Florida. Keep escrow at your Florida bank and use Mercury for operating money.

Can Lyco file 1099s for my agents?

Yes. We collect each agent's W-9 through a secure link, e-file the 1099-NEC forms with the IRS by January 31 and make sure every agent gets their copy.

Do we have to move everything?

No. Most brokerages start with the operating account. Escrow stays at your Florida bank, and you can keep any other account you like.

Does Lyco get paid if we open an account?

Mercury may pay Lyco a referral fee when an account opened through our link meets Mercury's conditions. It costs you nothing and doesn't change what you pay Lyco. We only suggest Mercury when it fits your business.

Escrow rule: section 475.25(1)(k), Florida Statutes. This page is general information, not legal advice; check your own escrow duties with the Florida Real Estate Commission rules.

Disclosures

Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.

Lyco Inc takes part in the Mercury for Accountants program and may receive a referral fee from Mercury for accounts opened through its link. Lyco Inc is an independent firm; Mercury does not endorse Lyco's services. Mercury and Mercury Books are trademarks of Mercury Technologies, Inc.

Lyco Inc provides bookkeeping, payroll, tax preparation and advisory services. Lyco Inc is not a CPA firm and does not perform audit or attest services.