WINSTON-SALEM, N.C.–Truliant FCU has completed the first electronic home equity line of credit (eHELOC) registration with the Mortgage Electronic Registration Systems‘ (MERS) national electronic database, according to DocMagic, which said its technology was used for the transaction.
“We’ve worked for years to set the legal framework for North Carolina’s vibrant e-commerce culture and we’ve been honored to have Truliant as a partner in our eClosing initiative for the past five years, so we are especially gratified that our state could lead the way in this next step in innovation,” North Carolina Secretary of State Elaine F. Marshall said in a statement reported by Housing Wire.
Added Beth Eller, SVP-mortgage services at the $5.1-billion Truliant, “We recognized home equity was a great area to use our mortgage eClosings expertise to improve our processes and increase convenience and security in digital lending,” “Our partners at the North Carolina Secretary of State’s office and DocMagic have been instrumental in ensuring this access for our members.”
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Housing Wire noted Truliant is not a stranger to eClosings. In 2020, it was the first credit union to complete an electronic mortgage eClosing. Roughly a year later, Truliant completed its first mortgage eNote transfer to the Federal Home Loan Bank of Atlanta. Both digital closings were supported by DocMagic’s eClosing and eVault technologies.
In 2021, Truliant again used DocMagic’s technology to complete a fully remote closing in which buyers, notaries and lawyers conducted their transactions from different locations.
