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Business Profile

Credit Union

NextMark Credit Union
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BBB Accredited BusinessA+Rated by BBB

Complaints

This profile includes complaints for NextMark Credit Union's headquarters and its corporate-owned locations. To view all corporate locations, see

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NextMark Credit Union has 5 locations, listed below.

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    Customer Complaints Summary

    • 1 complaint in the last 3 years.
    • 0 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint type

    • Initial Complaint

      Date:10/03/2023

      Type:Order Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      This institution is conducting predatory lending practices. They issue Adjustable Rate Mortgages camouflaged as Home Equity Lines of Credit when you buy a house. This is known as simultaneous HELOC predatory lending and they then end up taking 95% of your payment as interest. My main mortgage puts 45% to my principal where as nextmark is putting $25 out of a $1800 payment to principal. This is robbery and they need to fix their lending practices. They are stealing hard earned money and this is illegal, confirmed by the fines issued by the Federal government in the 2008/9 housing crash.

      Business Response

      Date: 03/22/2024

      Due to privacy rules surrounding the release of any personal financial information, I am not at liberty to comment on this matter.  However, anyone is able to contact the ************************** or the National Credit Union Agency and file a complaint.  If this person has filed such a complaint then one of those agencies would have provided a written response.  The credit union always reponds to such complaints through official channels.  Perhaps this person would share with you their response from the investigative agency.

      Business Response

      Date: 03/25/2024

      Below is an email sent to **************** in October in response to his complaint to the ***** which was forwarded to the ****.  Based on **************** response, the **** has "Closed" there investigation.

      Hello ***************,
      I am writing to you in response to your complaint you sent to the National Credit Union Administration regarding your home equity line of credit (HELOC) account. I am sorry that you feel this type of loan did not meet your expectations during the last two years.
      You state that you felt forced to take this loan in order to buy your house without losing it to another buyer. NextMark Credit Union in no way forced you to apply for nor accept this HELOC against your wishes.
      We obtained your signed authorization to work with your 1st mortgage provider to help you with a second trust HELOC to enable you to purchase your home, which closed on November 30, 2021. Prior to that on October 19, 2021, we delivered to you a booklet titled What You Should Know About Home Equity Lines of Credit and you confirmed with your electronic signature that you applied for the NextMark HELOC 10YR Draw/20YR Repay/3% Floor program.
      Your greatest concern appears to be that the variable interest rate on your HELOC has increased as the Prime Interest Rate has increased over the past two years. The disclosures you received and the agreement you signed at closing were clearly for a home equity line of credit. Since this type of loan allows you to make future draws from your line of credit, it has a variable rate feature. Your variable rate is tied to an index that is out of the credit unions control,the Prime Interest Rate as published in the ******************** The Prime Rate has increased by 5.25% since you closed on your loan. However, your rate has increased by only 4.00% in total over the last two years. In fact, your agreement allows for increases of no more than 2% per year.
      Upon your request, I will gladly provide you copies of your signed agreement if you are unable to locate your copies.
      As your rate increases, your payment will also increase to ensure that your minimum payment is adequate to cover the accrued finance charges, as is stated in your agreement. As your interest rate will likely increase again in the coming months, your payment will also increase.
      I am sorry that the features of your HELOC no longer meet your needs. I note that on October 6,you applied with NextMark to refinance your HELOC into a fixed rate loan, which we have approved pending your home appraisal. We are happy to waive our origination fee for this application.
      Please feel free to contact me with any questions or if I can help you in any way.
      Best regards,
      *****************
      Chief Lending Officer

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