Truliant Registers First eHELOC with MERS® Using DocMagic Mortgage Technology
Industry Insights

Truliant Registers First eHELOC with MERS® Using DocMagic Mortgage Technology

Credit Union Wire

Truliant, a top 75 U.S. credit union, announced today it successfully utilized DocMagic’s technology to complete the mortgage industry’s first electronic Home Equity Line of Credit (eHELOC) registration with MERS®.

Truliant utilized DocMagic’s digital lending technology on Friday, June 6, to register the home equity note. It is the first time an eHELOC note has been registered with MERS® national electronic database, which tracks changes in mortgage servicing rights and ownership interests in residential real estate loans, simplifying the transfer process.

Truliant’s pioneering eHELOC registration represents a milestone for the mortgage industry. It shows that HELOCs can be digitized, stored, and transferred as fully compliant electronic assets. The North Carolina Secretary of State’s office, which has been essential to establishing and promoting eClosings, noted Truliant’s work at its forefront.

“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,” said North Carolina Secretary of State Elaine F. Marshall.

Truliant has established itself as a leader in eClosings. In 2020, Truliant completed its first electronic mortgage eClosing, making it the first credit union to perform such a closing online. Almost a year later, Truliant completed its first mortgage eNote transfer to the Federal Home Loan Bank of Atlanta. These 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.”

DocMagic’s new eHELOC solution provides a fully paperless process that spans from document generation through MERS® eRegistration. Leveraging DocMagic’s SmartSAFE tm eVault technology and MISMO’s SMART Doc® format, the solution ensures real-time transparency, legal enforceability, and seamless secondary market transfers.

“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.”

In 2021, Truliant leveraged DocMagic’s technology to achieve another eClosing milestone: completing a fully remote closing in which buyers, notaries, and lawyers conducted their transactions from different locations.

“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.”

DocMagic’s eHELOC solution delivers multiple benefits: It digitizes the full HELOC lifecycle, eliminating paperwork and reducing operational errors, enables MERS® eRegistration and transfer of HELOCs using legally recognized digital contracts, and provides real-time transparency and audibility through SmartSAFEtm eVault.