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MCT Credit Union

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Phone: (409) 727-1446Fax: (409) 724-3509View Additional Phone Numbers2736 Nall St, Port NechesTX 77651-5204 Send email to MCT Credit Union

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BBB Accreditation

A BBB Accredited Business since 11/01/1992

BBB has determined that MCT Credit Union meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised MCT Credit Union's rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 1 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.

Customer Complaints SummaryRead complaint details

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Problems with Product / Service1
Advertising / Sales Issues0
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 1

Complaint Breakdown by Resolution

Complaint Resolution Log (1)BBB Closure Definitions
06/13/2013Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint Category: None of the Above - Customer Service Complaint Issue

Complaint: Lost sale of home due to inadequate/incompetent loan officer at MCT.
We had a contract to sell our home to the *******. Their lender was MCT Credit Union on Nall Street, Port Neches. Closing date was April 5, 2013. After that date had passed **** no explanation as to why they did not meet their obligation to close, MCT requested another closing date of 4/26/13 (an additional three weeks) which we granted. After the second closing date had passed, there was not another closing date set but we were told survey had been ordered (which is final step for "set to close" process). Several days later we were told the ******* had backed out due to personal reasons. Our house had been off the market since mid-February due to the contract with the *******. ***********, loan office at MCT was handling paperwork. During the process, my husband had spoken with her and I had spoken with her. In each case, she was to get us an update on why we were not closing and was to call us back. Neither time did she return our calls. Our real estate agent also tried on several occasions to contact her for a status. ****** never answered her calls nor did she return them when our agent left messages. We had movers vacate our house on 4/2, based on the 4/5 closing date. We no longer have use of the house in Nederland as it is empty. We also have incurred additional mortgage payments, taxes, insurance, and utilities that should have ended on 4/5. The person handling their loan, in my opinion, is incompetent/incapable of getting the paperwork processed in a timely manner plus her failure to return phone calls is unacceptable in the capacity she serves. She should not have been allowed to continue handling the contract - it should have been referred to someone else that could meet the deadline set forth by the contract. We have been done an injustice and have lost valuable time for marketing the house due to the breach of contract and inadequacies. My husband and I are both retired and live at the lake. We have been unable to build our dream retirement home, awaiting the sale of the house in Nederland. This has postponed our plans indefinitely.

Business' Initial Response
The party making the claim is the seller.

Timeline is as follows:
February 20, 2013 Date of contract
March 4, 2013 Contract received from Realtor/Application made for FHA loan and disclosures sent to borrower
March 18, 2013 Disclosures & check for appraisal brought in by borrower - FHA Case # ordered
March 20, 2013 Received FHA case number
March 22, 2013 Title work received from the title company
April 1, 2013 FHA appraisal received
April 1-18, 2013 Ongoing requests for additional information and completeness of documentation required for FHA lender underwriting including but not limited to asset verification, employment verification and credit
April 10, 2013 Disposition of current home issues, lease agreement on current home executed
April 19, 2013 Submitted to underwriting after all correct documentation was accumulated
April 22, 2013 Received notice of 10 day underwriting turnaround from FHA lender
May 2, 2013 Received underwriting conditions including request for new appraisal on current home
May 3, 2013 Received appraisal on current home and sent to underwriter
May 7, 2013 Received "Clear to Close" from FHA lender and borrower was notified. Borrower stated that he had an unexpected issue and canceled closing
Typical turnaround time for FHA loans is from 45 - 60 days from date of receipt of contract and completed application. The length of time in processing depends on documents required by FHA lender underwriting. This file was complete in approximately 60 days, which is typical for a file of this intensity.

Our response to the seller was limited to the extent of requirements under the Privacy Act. We did inform them that the borrowers were kept up to date of the status and they could relay any information as they deemed necessary.

The complaint was filed prior to a meeting we had with the sellers. We have since met with them to address their concerns.

Consumer's Final Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Original closing date was 4/5/13 (which is omitted from above timeline). Second closing date was 4/26 (also excluded from timeline). The buyer's current home issues should not have entered into this transaction as we did NOT have a contingency contract. Our agent was told upfront that buyers did not have to sell their current home in order for this purchase to be completed. Obviously those issues delayed our closing date again and again. None of this was conveyed to us until we went to the MCT to voice our concerns after the deal was lost. We should have been told this so we could have made the decision whether or not to continue with the deal or nullify it and get our house back on the market. Also, why was the closing date set at 45 days if MCT knew FHA could take up to 60 days? That was misleading to us - even though they couldn't get the deal closed in 60 days either! In my opinion, MCT bears just as much responsibility in costing us this home sale as the buyers do! We've spent monies that should not have incurred had this happened in a timely manner plus we lost market time on our home due to this fiasco! We are now back where we were prior to this contract offer, which was the end of January.

Business' Final Response
In response to Case #XXXXXXXX:
The issue of the disposition of a current home is a factor in the underwriting of any home loan. In this case, the borrower was to lease their existing house. The file could not be submitted to underwriting without a lease agreement on the current home. The lease agreement was not executed by the borrowers until April 10th, which was 5 days after the initial closing date in the contract.

The closing date set in the contract was determined by the realtors, sellers and buyers. MCT made every effort to meet the initial closing date in the contract. However, due to the borrowers' lack of urgency to cooperate with documentation requirements in a timely manner, the loan process took longer than expected. Even after the contract closing date was extended, required documents were not provided on time. A clear to close was received once all documentation was approved by FHA underwriting; however, the buyers decided to cancel due to extenuating personal issues


**********
Vice President Real Estate Lending
NMLS #XXXXXX
MCT CREDIT UNION

Complaint Resolution: BBB determined that despite the company's reasonable effort to address complaint issues, the consumer remained dissatisfied.

Industry Comparison| Chart

Credit Unions, Non-Profit Services, Mortgage Brokers, Loans

Additional Information

top
BBB file opened: 12/03/1992Business started: 01/01/1980
Licensing

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Texas Department of Savings and Mortgage Lending

Contact Information
Principal: Thad Angelle (President/CEO)Customer Contact: Karen Frederick (Chief Operating Officer) Kathy Buescher (Business Development Officer) Jill Forse (Vice President Human Resources) Amanda LeBlanc (Branch Manager - Orange) Virginia Reece (Branch Manager - Nederland) Christina Sterling (Bridge City) Brian Turpen (Financial Advisor)
Number of Employees

80

Business Category

Credit Unions, Non-Profit Services, Mortgage Brokers, Loans

Alternate Business Names
Mid-County Teachers Credit Union
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Beware of Abusive Lending Practices
High Cost Payday Lenders Advertise Everywhere
Home Buyers: Protect Yourself from Predatory Lenders
Investors Warned Not to Risk Homes to Buy Securities
Mortgage Choices
To Rent or Buy - Which is Right for You

Map & Directions

Map & Directions

Address for MCT Credit Union

2736 Nall St

Port Neches, TX 77651-5204

To | From

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Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Southeast Texas. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*MCT Credit Union is in this range.

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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Additional Phone Numbers

  • (409) 779-9129
  • (800) 846-1751

Additional Fax Numbers

  • (409) 722-9185
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Additional Email Addresses

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