WINSTON-SALEM, NC, December 14, 2021 (GLOBE NEWSWIRE) – North Carolina Secretary of State Elaine F. Marshall and Truliant Federal Credit Union today announced that Truliant has become the premier financial institution North Carolina-based remote fully electronic, digital mortgage closing, or eClosing.
The transaction included a paperless mortgage eClosing and also used the state’s temporary emergency video notarization law.
It was the first electronic fence in North Carolina where the buyer, solicitor, and lawyer were each in different physical locations. Previously, NC notaries were required to provide final âwet inkâ signatures in person with homebuyers. A buyer in King, North Carolina completed the electronic fence with Truliant in Winston-Salem and a notary in Charlotte using the state’s emergency video notarization law. The electronically notarized documents have been accepted by the Stokes County Deeds Register.
âThe desire to own a home remains high. As a leader in electronic closures, Truliant is proud to continue to pioneer greater convenience in the mortgage process, âsaid Todd Hall, President and CEO. âWith another year of strong demand expected in 2022, electronic closings make it easier for our members to navigate the intricacies of buying a home, achieving their personal dreams and building thriving communities. “
North Carolina passed the Temporary Emergency Video Notarization Act in 2020 in response to the coronavirus pandemic that enabled Remote Online Notarization (RON). Previously, electronic notaries had to be present when signing electronic closing documents. The state has not enacted a permanent RON law, but a law is currently under consideration by the General Assembly.
“North Carolina is a national leader in electronic closings, which makes mortgage fencing more efficient, secure, and convenient for the consumer, the financial institution, and everyone else involved in the home buying process.” , said North Carolina Secretary of State Elaine Marshall. âNow, pairing electronic mortgage fencing with our emergency video notarization law makes it even more convenient and secure during this global pandemic. These innovative tools give North Carolina a competitive advantage to help our consumers. “
In 2020, Truliant became the second North Carolina-based financial institution to be able to offer a fully electronic mortgage closing process. Fences – from mortgage applications to closing – dramatically shorten the length of the mortgage process. No paper is exchanged throughout the process. The shutdown in this case took 27 minutes from start to finish.
In March, Truliant became the first financial institution in the Southeast to complete an electronic promissory note transfer to the Federal Home Loan Bank (FHLB) of Atlanta. The transaction used the DocMagic eVault and Mortgage Electronic Registration Systems (MERS) electronic delivery systems.
Beth Eller, vice president of Truliant Mortgage Services and a member of the North Carolina Secretary of State’s 2021 Electronic Mortgage Closure Advisory Committee, oversaw the fully remote electronic closure at Truliant. Eller started Truliant’s eClosings program in 2020 and was responsible for his FHLB eNotes transfer this year.
âThis is a monumental milestone for Truliant and the eClosings process. We are committed to continuing to innovate in mortgage eClosings and to be at the forefront of North Carolina’s efforts to make them thrive, âsaid Beth Eller, vice president of Truliant Mortgage Services.
The electronic closing process is streamlined so that communication between the borrower, lawyer and electronic notary is fast and secure. Once the documents are digitally signed, an electronic note is securely submitted to the electronic mortgage registration system. Truliant then electronically disperses the funds to close the sale. Full electronic shutdowns reduce paper use, legal fees, mail and courier costs. The process is carried out over a secure network, with all documents encrypted and stored in an electronic safe.
About Truliant Federal Credit Union
Truliant is a mission-driven, non-profit financial institution that promises to always have the best interests of its member-owners at heart. It improves lives by providing financial advice and affordable financial services. Truliant was established in 1952 and now has over 280,000 members. Truliant has more than 30 member financial centers in North Carolina, South Carolina and Virginia.