North Carolina-based Truliant Federal Credit Union announced Wednesday that it successfully utilized DocMagic’s technology to complete the first electronic home equity line of credit (eHELOC) registration with Mortgage Electronic Registration Systems‘ (MERS) national electronic database.

Truliant said the home equity note was registered using DocMagic‘s digital lending technology on June 6. The MERS database tracks changes in mortgage servicing rights and ownership interests in residential real estate loans.

The move “shows that HELOCs can be digitized, stored, and transferred as fully compliant electronic assets,” Truliant stated in a press release.

“We’ve worked for years to set the legal framework for details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com