Buying a home is the biggest purchase that most consumers make.
The benefits – like building equity and giving homebuyers the power to customize their surroundings – make owning a home a transformational experience. When the search is over and it begins to look like the end is in sight – until it’s time to start moving in – the final steps in securing a mortgage don’t have to be long and involved.
For many of its 280,000 members, Truliant Federal Credit Union is a trusted partner for this important financial process. In recent years, Truliant has added technological tools to its mortgage program. These tools have transformed and simplified the steps in obtaining a mortgage – and making the dream of homeownership a reality.
“We have a passion for helping people achieve homeownership. It stabilizes families, neighborhoods and communities,” said Beth Eller, vice president of mortgage services at Truliant. “And it’s important to help people do it the right way, which means helping them know what resources are available.”
Mortgage eClosings
The credit union has invested in an array of innovative mortgage eClosing1 tools. eClosings allow mortgages to be closed through a secure digital platform, where closing documents are accessed and executed electronically. The process adds speed, accuracy and security to homebuying transactions.
In 2021, Truliant became the first North Carolina-based financial institution to complete a fully digital and fully remote eClosing. Truliant was the first to have a buyer, notary and attorney in different locations. In addition to saving time, eClosings reduce paper, legal fees, mailing and courier costs. And the process is done on a secure network where all documents are encrypted and stored in an electronic vault.
“We know that consumers want easier ways to finish complex transactions like mortgages,” Eller said. “eClosings are one part of an evolving program that we’ve put in place to put more members in homes, and allow them to complete purchases on their schedule.”
Helping More Homebuyers
Truliant has built a strong team of dedicated mortgage loan originators at branch locations. These team members are mortgage specialists and they are available to answer any questions about obtaining a mortgage – both in person or on Zoom – and they can assist in filling out a mortgage application.
Truliant created HomePath100, a proprietary mortgage program that helps members use low- to no-down-payment options. Additionally, Truliant’s expanded mortgage offerings include Federal Home Administration (FHA) and Veterans Administration (VA) loans.
To help first-time homebuyers during the COVID-19 pandemic, Truliant began offering “Set Aside” funds assistance from the Federal Home Loan Savings Bank of Atlanta. The program offers forgivable grants to first-time homebuyers. The grant covers the costs of a down payment, closing costs and a reduction in principal costs for the purchase or rehabilitation of an existing home.
“We recognize that there is a strong need for mortgage programs that support affordable housing and assist buyers in their journey toward owning a home,” said Truliant’s Eller. “We now offer more options to support first-time and low-tomoderate-income buyers.”
With more than 30 local offices, Truliant plans to keep innovating to best meet the needs of its growing membership and to make home buying even more convenient.
Truliant is federally insured by NCUA and is an Equal Housing Lender. Rates/terms subject to change prior to consummation of the loan. Available to members in VA, NC, SC, OH, TN, FL and GA. Loans subject to credit approval. (1) eClosing, or electronic closing, is only available in North Carolina.
