DocMagic, Inc., a leading provider of compliant loan document preparation, regulatory compliance, and comprehensive eLending services, announced today that Truliant Federal Credit Union successfully leveraged DocMagic’s end-to-end digital lending technology to complete the mortgage industry’s first electronic Home Equity Line of Credit (eHELOC) registration with the MERS® eRegistry.
HELOCs can now be fully digitized, stored, and transferred as compliant electronic assets. This represents a big step forward for the mortgage industry.
“We have a long tradition of industry firsts, including executing the first eClosings in North Carolina and Massachusetts,” said Brian D. Pannell, Chief eServices Executive at DocMagic. “Registering the first-ever eHELOC with MERS® reflects our long-standing commitment to our clients and industry partners.”
DocMagic's eHELOC solution provides a fully paperless process from document generation through eSigning to MERS® eRegistration, and beyond. The solution leverages DocMagic's SmartSAFE™ eVault technology and MISMO's SMART Doc® format to ensure real-time transparency, legal enforceability, and seamless secondary market transfers.
“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 eHELOC solution delivers multiple benefits:
- Digitizes the full HELOC lifecycle, eliminating paperwork and reducing operational errors.
- Enables MERS® eRegistration and transfer of HELOCs using legally recognized digital contracts.
- Enhances liquidity, investor confidence, and funding efficiency.
- Provides real-time transparency and auditability through SmartSAFE™ eVault.
Truliant's commitment to digital innovation is supported by North Carolina's progressive regulatory environment and its consistent championing of eClosing initiatives.
“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.”
With more than 24 states and Washington, D.C., now adopting UCC Article 12, digital HELOCs are poised for widespread adoption.
“We’ve worked for years to set the legal framework for North Carolina’s vibrant e-commerce culture,” said N.C. Secretary of State Elaine F. Marshall. “We've been honored to have Truliant and DocMagic as partners in our eClosing initiative for the past five plus years, so we are especially gratified that our state could lead the way in this next step in innovation.”
About DocMagic
Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. is a leading provider of compliant document generation, automated compliance, eSignature, and comprehensive eMortgage solutions for the mortgage industry. The company’s solutions facilitate precision-based digital lending transactions, connecting industry participants and ensuring data integrity. With in-house compliance experts and legal staff, DocMagic actively monitors legal and regulatory changes at both the federal and state levels. For more information, visit www.docmagic.com.
About Truliant Federal Credit Union
Truliant is a mission-driven, not-for-profit financial institution based in Winston-Salem, N.C. It improves lives by providing great service and straightforward financial solutions. Truliant was chartered in 1952 and serves 340,000+ members. A top 100 U.S. credit union, Truliant has more than 35 branches in North Carolina, South Carolina, and Virginia. For more information, visit www.truliant.org.
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Contacts
Brian Pannell
bpannell@docmagic.com
(800) 649-1362 x6323
