The Federal Savings Bank
Waste of Money
We have a VA loan, The Federal Savings Bank continuously sends mailers every week asking to take over the loan.
I have repeatedly asked to be removed from their spam list.
Sent mailers back to them and they finally stopped sending their sh *t.
Added my mother to title from a terminal illness and without a hiccup this pos bank started sending mailers again just because we added a family member to title at the county recorders office.
Waste is paper waste of money we are sending all the mailers back to their corporate HQ.
Negative reviews everywhere for them for now on. Everywhere
Is The Federal Savings Bank a legit?
The Federal Savings Bank is not running a legit business. They are not aggressive towards customer satisfaction and complaint grievance redressal, Hence 49 consumer[s] submitted negative ratings, and only a few left positive feedback.
Where is The Federal Savings Bank located?
The Federal Savings Bank is headquarted at 300 N Elizabeth St Ste 3E Chicago, IL 60607. You can contact The Federal Savings Bank by dialing (877) 788-3520 or visit their website thefederalsavingsbank.com.
How much monetary loss is incurred by The Federal Savings Bank’s customers?
According to The Federal Savings Bank’s customers, a monetary loss of US $1324 has been reported. The severity of entire incident reports is high.
Stay away from this company. Their practices need to be investigated.
Under no circumstances you should use this bank! Their practices are deceitful. They will promise credits they will not deliver and you will be lucky if you get out of the relationship without losing any money.
They claim to help veterans but it is just a marketing stunt. Stay away from this company. Their practices need to be investigated.
Federal Savings Bank Scam
After several letters in the mail, I called the number to asked to be removed off their mailing list. The man who answered their phone got real rude and offended. He is the only one who answers the phone. The number is 1844-604-7126.
Unprofessional and untrustworthy.
Unprofessional and untrustworthy. Horribly disappointed with the mortgage loan experience. Do your research and LOOK FOR ANOTHER COMPANY!
I will never use a mortgage broker again!
I agree with the bulk of the other reviewers: Incompetence on the part of the “support staff,” delay after delay with closing, and overall, a very poor experience. Don’t use a mortgage broker for your loan!!! Shop around and let the banks compete for your business, particularly if you have excellent credit.
Brad Mullens, Austin, Texas sold me a “bill of goods” when he told me that he would shop around to get ME the best rate because he worked with a lot of lenders; he also guaranteed that we would close within a specified period of time. BS. “Snake oil/used car salesman/horse trader” come to mind. Bottom line, he was shopping around for the best rate for him.
He kept putting me off when I tried to pin him down on a rate. When we started, the rate was at about 3.5%; I kept him abreast of the rates by e-mail; sometimes several times a week and letting him know that they were dropping.
He kept putting me off about a rate lock and then about 5 weeks later, locked me in for a 15 year loan @3.5% when the rates were now down around 3.125%. He was not up front in his interactions with me but I will say he is a consummate salesman and charmer.
As others have posted, I kept forwarding the same information and being put off on the closing date. In the end, I had to burn both vacation and sick days in order to finally go to closing. One hand didn’t seem to know what the other was doing.
I will never use a mortgage broker again!!! I called around to banks right before closing and was given the 3.125% rate, guaranteed, but now time constraints would not have allowed me to start the whole process over as the seller needed his money. Do yourself a favor and steer clear of this bank!!!
I do NOT recommend doing any kind of business with this bank.
I do NOT recommend doing any kind of business with this bank. My husband is a disabled vet and I went with them because they say they are veteran owned. First, what a run around for needed paperwork. Next I thought my rate was locked in – NOPE. Had some guy come to my house to fill out some paperwork – haven’t received a copy of it.
All the papers they asked for I sent – haven’t heard from them over a week – and I have emailed them almost daily. I worked with David McCollum and Isabel Garcia. Also, they charged my credit card for an appraisal before I even had the appraisal!
So, I’ve contacted them and cancelled my application. I hope I can get a refund back for the appraisal as I never had one! This is by far the worse experience I’ve ever had with a refinance! DON’T DO IT!
Scammer
Paul Ortega a loan officer with this bank continually misrepresented the status of the loan to our buyers and us the people they were to buy from.
Scammer
Over the last 30 years I have done many real estate transactions, this was the absolute worst! Would not deal with this bank ever again. Poor customer service, the loan process was very painful and settlement was not on time, even thought they were rushing it through!
After we were clear to close, they continually requested further documentation which slowed the process down and they did not bother to see that they had what they needed from the insurance company and let me know so that I could get on them. What a NIGHTMARE!
I would recommend them to my friends.
I refinanced with The Federal Savings Bank, it went smooth and easy. My broker, Robert, was excellent and honest. Federal Savings Bank followed up and met all their document requirements.
Once I submitted all the required information, The Federal Savings Bank quickly completed the re-finance and closed the loan under 60 days . I would recommend them to my friends.
Good Service Provide.
Bought a house through this company and I must say they did good by me I was very please with the short time that every thing was process
This lender did not care the only answer was "I apologize"
They turned down a borrower after 67 days of having the loan and cost the buyer their $3k deposit the buyer lost the money for inspection and appraisal. This lender did not care the only answer was “I apologize”
Worst Bank ever.
They lie to you, don’t ever use this bank.
Very disappointed in this whole process and really hope the next guy doesn't pull this crap on us.
Wish I didn’t have to give them 1 star. They don’t even deserve it. They gave us the run around for a month trying to get pre-approved. Here’s the kicker… They promised an answer on pre-aprroval the following day which lead to them asking for money to even get an answer on how much we approved for. According to the lender it’s part of a program. Why wasnt this brought up in the beginning of the process? To me red flags went off! Why would anyone write a check to find out if they approve or not? Pretty much they want to take you for your money!
I believe this bank is a complete joke, very unprofessional and the have a complete lack of communication. Straight up this company wasted a month of my time and strung us along making us feel like we were getting closer to getting an answer to just asking for money. Very disappointed in this whole process and really hope the next guy doesn’t pull this crap on us.
SCAM ARTISTS.
Got some random notice from them about my equity line (they are not my mortgage company), discussing HELOC reset. I called my mortgage company and I don’t even have a HELOC mortgage. SCAM ARTISTS.
This lender did not care the only answer was "I apologize"
They turned down a borrower after 67 days of having the loan and cost the buyer their $3k deposit the buyer lost the money for inspection and appraisal. This lender did not care the only answer was “I apologize”
The mortgage banker I spoke with was very rude
The mortgage banker I spoke with was very rude after we declined to refinance our home. He laughed at me on the phone and even hung up on me. Very rude. I explained to him that we wanted to wait until after some remodeling got completed before we refinance, guess who we won’t be calling!