Truliant registers first eHELOC using DocMagic mortgage tech  by Sarah Wolak for HousingWire

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North Carolina-based Truliant Federal Credit Union announced Wednesday that it successfully utilized DocMagic’s technology to complete the first electronic home equity line of credit (eHELOC) registration with Mortgage Electronic Registration Systems‘ (MERS) national electronic database.

Truliant said the home equity note was registered using DocMagic‘s digital lending technology on June 6. The MERS database tracks changes in mortgage servicing rights and ownership interests in residential real estate loans.

The move “shows that HELOCs can be digitized, stored, and transferred as fully compliant electronic assets,” Truliant stated in a press release.

“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 regarding the company’s accomplishment.

“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,” said Beth Eller, senior vice president of mortgage services at Truliant.

“Our partners at the North Carolina Secretary of State’s office and DocMagic have been instrumental in ensuring this access for our members.”

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 closing milestones were supported by DocMagic’s eClosing and eVault technologies.

“The achievement underscores Truliant’s leadership in eClosings,” said Todd Hall, president and CEO of Truliant. “By improving speed, efficiency, and the experience for borrowers through digital eClosings, we continue to make service more convenient for our members.”

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.

“We’re proud to work with Truliant to help lead the industry into the next era of digital lending,” said Pat Theodora, CEO of DocMagic. “Their successful eHELOC registration with MERS validates the power and readiness of DocMagic’s solution to fully digitize the HELOC process while maintaining legal and regulatory compliance.”

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