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a couple dreaming about a home

Loan Referral Program

For the exclusive use of NextMark Employees and Loan Referral Program Participants

Current Rates

Thank you for doing business with nextmark.

Our Purchase Money Seconds get your clients the financing they need to get into their dream home.

 

Program Details

NextMark’s Loan Referral Program offers Home Equity (2nd Trust) products for properties in Virginia, D.C., Maryland, Delaware, West Virginia, North Carolina, South Carolina, Pennsylvania, and Florida.

Loan Types¹

  • 10-Year Balloon Home Equity Loan with 30-Year Amortization – Fixed Rate
  • 15-Year Home Equity Loan – Fixed Rate
  • 20-Year Home Equity Loan – Fixed Rate
  • 30-Year Easy Payment Home Equity Line of Credit – Variable Rate
  • 40-Year Easy Payment Home Equity Line of of Credit – Variable Rate
  • No interest-only products offered

Maximum loan amount for all products is $500,000 for CLTV 85% or less; $400,000 for CLTV up to 95%; $250,000 for up to 100% CLTV. (Lower limits may apply for lower credit score tiers.)

Membership is required for all borrowers. Borrowers are eligible for membership in NextMark Credit Union if they live, work, regularly conduct business in, worship, or attend school in Culpeper County, Fairfax County, Fauquier County, Loudoun County, Prince William County, Spotsylvania County, Stafford County, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, or Manassas Park City, Virginia. Membership is also open to immediate family members of a NextMark Credit Union members.

  • A NextMark Credit Union membership account consists of a Savings Account with a minimum balance of $5. Our Loan Processor will contact the borrowers directly to assist with their membership so please make sure you include their email address and best phone numbers.

Application Process

Once the 1st mortgage loan is approved, download, complete, and email these forms to [email protected]:

OR, you can send an email to [email protected] with this information:

  • Borrowers names, emails, phone numbers
  • Home Equity product and amount requested
  • Scheduled Closing Date
  • Title company contact information

Important: You will be contacted by your Loan Processor with instructions for uploading the required documents to a secure folder. You may also fax documents to 703-591-4168.

Please submit the following documents:

Forms:

  1. Forms 1003 and, if applicable, 1008 with the loan amount requested
  2. Full Appraisal
  3. Desktop Underwriter (DU) Findings
  4. Loan Estimate (Good Faith Estimate)
  5. IDs of all borrowers²

Proof of Income³:

  1. 30 days of pay stubs within 60 days of closing (e.g. if paid monthly, 1 pay stub; 2 pay stubs if paid biweekly; 4 if paid weekly – all dated within 60 days of the closing date)
  2. Previous two years of W2s
  3. Written Verification of Employment (WVOE)
  4. SELF-EMPLOYED – two years of personal and business TAX RETURNS with all schedules, K1’s and 1099s (if applicable)
  5. SELF-EMPLOYED – two years of personal and business TAX TRANSCRIPTS
  6. Lease agreement (if rental property is owned)

Other items needed:

  1. Sales contract for a Purchase – Include the Ratification Date
  2. Sales contract or HUD if current property will be sold or was sold
  3. Title search showing NextMark Federal Credit Union as proposed insured. Title insurance is required for all of our 2nd trust loans.
  4. Borrower(s) email address
  5. For Home Equity Fixed Rate Loans ONLY – Home Owners Insurance premium, Home Owners Association dues, Title Company fees, and Title Company contact information
  6. Current unencumbered NMLS number of the referring Loan Officer

CLOSING PREPARATION (MORTGAGE COMPANY)

We require the following items prior to closing:

  1. Home Owners Insurance – NextMark Credit Union must be added as 2nd Mortgage. Dwelling amount must cover the “Estimated Cost – New” on the appraisal or the “Building” Value on the Tax Assessment.
    Mortgagee Clause is:
    NextMark Federal Credit Union ISAOA/ATIMA
    PO Box 1300
    Fairfax VA 22038
  2. Membership accounts must be opened and funded at least 5 days prior to closing. Our Loan Processor will assist the borrowers with membership, but you may direct them to: https://www.NextMarkCU.org/join-today/
  3. Wire instructions
  4. Collect last and most recent pay stubs
  5. Approved HUD for the 1st and 2nd Trust – obtain from the Title Company on the date of closing or a day prior to closing

 

AFTER CLOSING (TITLE COMPANY)

  1. Final Form 1003 signed by Loan Officer and Borrowers
  2. 2nd Trust documents signed by Borrowers at closing must be sent to:
    NextMark Credit Union
    Attention: Post Closing
    4201 Members Way
    Fairfax VA 22030
  3. Ensure that all of the Borrowers receive their copies at closing. Do not send Borrowers’ copies to the Credit Union.

ADDITIONAL INFORMATION

  • An origination fee of $299 and flood certification fee of $20 will be collected from the net proceeds of the loan at disbursement.
  • Please provide only what is requested here. We don’t require Assets, Bank Statements, Credit Reports and Reserves, unless specifically requested during the NextMark Credit Union underwriting process.

We have used many other financials for these types of loans in the past, and I have never gotten this good of service as I have from NextMark!

 

 

— Bobbi H. Licensed Production Partner

I’ve compared your HELOC and 2nd Trust rates with several other local and national institutions, and you guys are killing them.

— Tony D. Chief Mortgage Officer

Meet Our Team

Our team of experts will guide you through the process to ensure your clients are taken care of every step of the way. We’re good at what we do – just ask your colleagues who’ve worked with us already!

Disclosures

¹We only finance primary residences and second homes. The maximum combined loan-to-value (CLTV) for a second home is 80%. We do not finance investment properties.
NextMark Credit Union generally makes 2nd trust loans in conjunction with most 1st mortgages but not Interest Only or Negative Amortization Loans.

²We only lend to US Citizens and Permanent Residents. We accept the H1B-1 Visa only if they have the 797A Notice of Action-Approved. Other visas may also be accepted.

³We calculate 75% of rent payments received as income. We will also apply the full mortgage payment as a debt. Product prices and LTV limits are based on the borrower’s Equifax credit score. We will pull our own credit report.

NextMark NMLS# 401513

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