North Carolina is far and away the leader in this space,” said Secretary Marshall. “We are more prepared than any other state in terms of the legal infrastructure. Truliant’s announcement today opens the door to more and more eClosings, which are more efficient for consumers, save time and money for financial institutions, and allow land records to be recorded instantly at the register of deeds.”
EClosings—for mortgage applications to closings—significantly shorten the length of the mortgage process. Lenders have been able to reduce the lengthy mortgage process from 50 days to 30 days or less. Consumers see the final closing meeting take 20-45 minutes, instead of several hours. In addition, eClosings reduce the use of paper, legal fees, mailing, and courier costs. And the process is done on a secure network with all documents being encrypted and stored on an electronic vault.
“I think this is going to be revoluntary for the mortgage industry and for our members who go through the mortgage process,” said Truliant Federal Credit Union President Todd Hall. “It’s abundantly clear that this process is better, faster, and more secure than the traditional paper methods. We instantly saw value and the potential benefits for our members and the opportunity to grow our mortgage footprint.”
Truliant plans to offer fully digital eClosings in its online origination system and at its North Carolina Member Financial Centers in the first quarter of 2020—and expects to complete its first eClosing in the same quarter. Truliant was chartered in 1952 and now serves more than 250,000 members, with 30 Member Financial Centers in North Carolina.
The first all-electronic real estate transaction in North Carolina was in 2017 on a property located in Winston-Salem. Since that time the N.C. Secretary of State issued a guide on how to conduct eClosings called “North Carolina Electronic Mortgage Closing 101: A White Paper.” It also hosted an eClosing conference for mortgage closing professionals in September this year, and was named a finalist for an innovative government program award by the National Association of Secretaries of State.
In addition to today’s announcement, Secretary Marshall is appointing Beth Eller, Vice President of Mortgage Lending at Truliant Federal Credit Union, to the North Carolina Electronic Mortgage Closing Advisory Committee.