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Phone: (312) 726-8814 Fax: (312) 726-5349 View Additional Phone Numbers 1407 W Washington Blvd, Chicago, IL 60607
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Reason for Rating
BBB rating is based on 13 factors. Get the details about the factors considered.
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||1|
|Total Closed Complaints||2|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
These agencies may include:
Nationwide Mortgage Licensing System (NMLS)
Type of Entity
Business ManagementMr. Scott Arney, C.E.O.
Credit Unions Loans Banking Services Credit Unions (NAICS: 522130)
THIS LOCATION IS NOT BBB ACCREDITED
1407 W Washington Blvd
Chicago, IL 60607 Directions
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Additional Phone Numbers
- (800) 326-8814(Phone)
Complaint Trends - Last 3 Years
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|Customer Review Experience||Value|
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|Negative Review||1 point per review|
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Read Complaint Details
Complaint: I was instructed to circle the charges that were not mine, then returned the form with a police report and was re-billed a charge of 75.00 plus fees bringing the total to $96.38. I was also sent a copy of a bill of an unknown person from ********* who I do not know. This is not justification of re-billing charges. This account is supposed to be closed!
Desired Settlement: I want my account cleared, charges taken away and account closed.
Business Response: Initial Business Response /* (1000, 5, 2014/03/19) */ Contact Name and Title: *** ********* COO Contact Phone: XXX-XXX-XXXX Contact Email: *********@cpdfcu.com The rebilling of the charge was done directly by the merchant. The cerdit union subsequently reversed all charges and the account has a zero ($0) balance. The old account (card)was already closed and a new account (card) was issued. Member was informed by the credit union. Final Consumer Response /* (2000, 7, 2014/03/26) */ (The consumer indicated he/she ACCEPTED the response from the business.) I was contacted by a member of the Credit Union and the problem was taken care of and the money was credited to my account.
Problems with Product/Service
Read Complaint Details
Complaint: I was attempting to refinance my home with a different bank. CPFCU made it extremely difficult to release a subordination for my refinance. They then charged me a fee of 100.00 to release the agreement which i never did use because they lagged on the release. In turn, CPFCU then cut my line of credit in retaliation for this. They explained it as the home values dropping. I know other people that bank there from my neighborhood that did not experience this cut. I have been a customer for 20 years! I have never missed a payment or have ever been late. My credit scores also prove this. Horrible treatment, horrible customer service, today 01 feb 14 i was at the lobby,, at 1159 and they wouldnt open the door because they close at 12.
Desired Settlement: I want my credit line restored, and my 100.00 refunded.
Business Response: Initial Business Response /* (1000, 5, 2014/02/10) */ Contact Name and Title: **** ******* Lending Mgr. Contact Phone: XXX-XXX-XXXX Contact Email: *******@onechicagomortgage.com In response to Ms. ******'s concerns with Chicago Patrolmen's Federal Credit Union (CPFCU), there are several factors to take into consideration throughout the process of approving a subordination request that are being overlooked. When a subordination agreement is being requested the lender making the request will provide an updated value for the collateral. Due to the negative changes in real estate market value over the last few years, if the lien held by CPFCU is no longer fully secured by the residence, the subordination request can only be approved per policy if the new first mortgage financing term does not exceed the remaining term on the prior loan being refinanced, and the availability on the credit line with CPFCU is reduced or suspended. This was the situation for Ms. ******. The length of time required to grant the request was due to the terms the new lender was attempting to grant, re-extending the first mortgage to thirty years. CPFCU was unable to grant the subordination request under the proposed terms, and Ms. ****** was not charged the $100 fee for processing the request. After numerous conversations with Ms. ****** as well as the loan officer from the requesting bank, a new subordination request was made that met the approval requirements for CPFCU as the request was for a shortened term from the existing mortgage. The request was approved; the subordination agreement was prepared and sent to the requesting lender for recording. Ms. ****** was charged the processing fee of $100 for this request. While Ms. ****** did not go through with the transaction, the request for subordination was processed in a timely manner once receiving the updated terms. CPFCU is required by its federal regulating body, the ******** ****** ***** ************** ******* to perform a periodic analysis on the collateral value of all secured loans. With respect to home equity lines of credit, if a transaction is no longer fully secured as outline by CPFCU's lending policy, CPFCU must either reduce the credit availability to meet lending policy guidelines or eliminate the availability to take further advances on the credit line depending on the updated loan to collateral value. In the case of a subordination request, an updated collateral value is provided which will trigger this action. Unfortunately, based on the collateral value information received on Ms. ******'s property, CPFCU is not in position to restore the credit line. This is not a reflection of her history with the credit union, but rather a required action due to the current economic environment. CPFCU appreciates the business of Ms. ****** along with the entire membership and will make every effort to be as accommodating as possible while remaining in compliance with the NCUA and CPFCU's lending policy. This information was provided to Ms. ****** via phone conversation by two members of CPFCU's staff while the subordination request was in process.