Truliant is the first North Carolina-based financial institution to complete an all-digital, completely remote residential mortgage closing

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WINSTON-SALEM, North Carolina, Dec. 10, 2021 (GLOBE NEWSWIRE) — North Carolina Secretary of State Elaine F. Marshall and Truliant Federal Credit Union today announced that Truliant has become the first North Carolina-based financial institution to complete a remote digital and fully electronic mortgage closing, or eClosing.

The transaction included a paperless mortgage eClosing and also used the state’s temporary emergency video notarization law.

This was North Carolina’s first electronic closing in which the buyer, notary, and attorney were each in different physical locations. Previously, NC notaries were required to provide final “wet ink” signatures in person with homebuyers. A homebuyer from King, NC completed the electronic closing 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 Registry.

“The desire for home ownership remains high. As a leader in eClosings, Truliant is proud to continue to pioneer greater convenience in the mortgage process,” said Todd Hall, President and CEO. “With another year of strong demand expected in 2022, eClosings makes it easier for our members to navigate the complexities of buying a home, achieve their personal dreams and build 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, eNotaries had to be present when signing eClosing documents. The state has not enacted a permanent RON law, but one is currently before the General Assembly.

“North Carolina is a national leader in electronic closings, which makes mortgage closings more efficient, secure and convenient for the consumer, the financial institution and everyone else involved in the buying process. of a home,” said North Carolina Secretary of State Elaine Marshall. “Now, coupling Mortgage eClosings with our Emergency Video Notarization Act makes it even more convenient and safer during this global pandemic. These innovative tools give North Carolina a competitive edge 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. Closings – from mortgage applications to closing – dramatically shorten the time of the mortgage process. No paper is exchanged throughout the process. Closing in this case took 27 minutes from start to finish.

In March, Truliant became the first financial institution in the Southeast to transfer an electronic promissory note to 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 Closing Advisory Committee, oversaw the fully remote electronic closing at Truliant. Eller started Truliant’s eClosings program in 2020 and was responsible for its FHLB eNotes transfer this year.

“This is a monumental milestone for Truliant and the eClosings process. We are committed to continuing innovation in the mortgage eClosings space and being at the forefront of North Carolina’s efforts to make them successful,” said Beth Eller, vice president of Truliant Mortgage Services.

The electronic closing process is streamlined so that communication between the borrower, the lawyer and the 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 distributes the funds to complete the sale. Complete electronic closings reduce paper usage, legal fees, postage 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, not-for-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 chartered in 1952 and now serves over 280,000 members. Truliant has more than 30 member financial centers in North Carolina, South Carolina and Virginia.

CONTACT: Heath Combs Truliant Federal Credit Union 3362932054 [email protected]
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