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Complaint

I tried to do a Refi and was totally disappointed by the rep who started the process he told me every thing I wanted to here and then tried to get me into a loan that was totally different from what we had spoken of you we began the process and he asked me what I wanted and I told him that I wanted to Refi my house to get some equity out it, he took all my info and stated oh this looks really good ran my info including credit so we agreed on $280.000 and thirty thousand cash out so to make the story short he said everything is fine but I will need a $219.00 deposite to hold your interest rate well I was feeling trusting and have him the deposit so supposeably e every thing was good to go and that we would probable close around September time frame. Something was telling me that this was to good to be true because he never send me any paper work for the original agreement three days go by and about ten oclock at night I get A document that I needed to sign so before signing I decided to read the document and it turned out that what he was doing was trying to get me to sign for a mortgage that was for 260 thousand and no cash I was very upset and called him the next day he tried to tell me that this is I needed and that they would give me a thirty thousand dollar loan I told him that what he was doing was fraud and told him to stop the process it took me over a month to get my deposit back and only got $180.00 out of a $219.00 dollar deposite. They claim to be one of the biggest veteran lenders this is an out rage hope other vets get to read this they dont deserve to steal money from any American

User's recommendation: Do not thrust these people.

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1 comment
#1957134

The service that I received was shoddy at best once I gave them all of my information all communication stopped. I am still waiting the closing date. I would not trust another loan with them.

ID
#2152783 Review #2152783 is a subjective opinion of poster.
Service
The Federal Savings Bank Mortgage Refinance
Cons
  • Unknown yet
Loss
$39
Preferred solution
Let the company propose a solution

THE WORST CHICAGO BANK EVER!!

No important return CALLS! The worst customer service I have ever experienced. Starting from their mortgage banker to senior vice president. Lack of internal communication, lots of lies, and double-talking!! My horrific twilight zone refinance transaction was from the very beginning to the closing end (three months). Not to mention many mistakes and corrections to be made on the contracts

User's recommendation: VETERANS BE AWARE!

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ID
#3399139 Review #3399139 is a subjective opinion of poster.
Location
Las Vegas, Nevada

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TERRIBLE service, SLOW to respond to ANY messages, NO permanent LOAN since BUILDING our house in 2016, RISING INTEREST every few months until WE CANNOT aford our payments!!!!

I would not even give them a one-star if it were an option! My husband is a Disabled Veteran, and we used them to build our house in 2016. We were promised that as soon as our loan closed, our mortgage would convert to a permanent VA loan since they could not do a VA Construction Loan. We were told by our loan officer that we would have to essentially default on every bill we had for our loan not to fund. At the time of closing, we had great credit, but we had spent our entire budget and savings to move into the home and purchase the things we needed for our new home. They started asking for all of these unrealistic things from the underwriters to close for the loan conversion. A pest inspection on a brand-new construction that we JUST paid to spray the ground for at THEIR request! We did not have the money for this several hundred dollar requests at the time and told them if it was necessary they would need to pay for the inspection. They refused. They continued to balloon our interest rate up every couple of months. As they continued to do this, it caused us to be unable to afford to live and pay our bills, and we began to use our credit cards to pay other bills. As a result, our debt ratio began to get out of control. Before long, our credit scores were dropping, and we were in no hope of ever refinancing this mortgage. They have caused us to be late due to the payment being so high. Currently, our interest rate is over 7%, and we have NEVER been able to access our account online to make payments. We are dependent on getting a hold of a person on the phone to make a payment every single month. This bank is absolutely a hole-in-the-wall business! Such a SHAM!!! I would have NEVER EVER done business with someone like this if I had known they were going to ruin my life and cause so much stress for us! I feel like they will never allow us to get out of this mess.

User's recommendation: Do NOT do it! RUNNN!!! Find ANY bank, besides this one!

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ID
#3387083 Review #3387083 is a subjective opinion of poster.
Cons
  • No real covid relief program
  • Rates are high
  • Unwilling to help veterans refinance quickly
Loss
$42320
Preferred solution
Price reduction

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VA IRRL and Complaint

This is my second refi that I have done which on this one I just wanted the rate reduction and no cash out since I did a cash out on my first refi. As I read some of the other reviews, I am in the same boat...I did all the paper work and told about the skipping of two payments. As I was about to set up my payments from my bank to "The Federal Savings Bank" to start in for Dec 2021, I had gotten mail from PennyMac which I happened to open and come to find out that my loan that I just did a refi with The Federal Savings Bank sold my loan to PennyMac on Nov 18, 2021 which now my first mortgage payment will be Jan 1, 2022. Now, The Federal Savings Bank wants the December payment even though they sold my loan to PennyMac and anyone with some common sense will know that if the loan was sold in November to PennyMac then PennyMac is the new lender and that if the payment is sent to Federal Savings Bank that payment will not be applied to the mortgage that PennyMac now has. I am all set up to start paying my mortgage in Jan to PennyMac. I am not sending any money to this fraud of a business that they call themselves "Veteran" owned...if they were truly Veteran owned, they would not be out to screw over other Veterans. Since they are no longer my lender, I am pretty sure they cannot pursue any legal action such as foreclosure proceedings against me. I will also be making a complaint with the Better Business Bureau about this. As soon as I can, I am going to refi with the other lender I had "Freedom Mortgage" which I had never had any issues with.

User's recommendation: DO NOT DO BUSINESS WITH THEM, THEY ARE A SCAM!!!

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1 comment
#2143464

Your experience sounds 100% like the bank we have dealt with for over 5 years. I can only pray we could get away from this bank and get refinanced!

I'm so happy for you that you have found a way out!!! Congrats!

ID
#3156255 Review #3156255 is a subjective opinion of poster.
Cons
  • Shady business
Preferred solution
I should not have to make any payment to Federal Savings Bank for December since they sold my loan on November 18. They are no longer the lender.

Poor service,. insulting my intelligence

I called a referral service and was connected to these people. The person I spoke with wanted all the paperwork the next day. Impossible since my wife was leaving the next day for a week and wouldn't be here to sign anything. I was told I could get $150k or 2.25%. I had about $60K on my home equity account. The account exists mainly to pay or things at another house we own, an ocean front cottage we rent out summers and brings us about $50K after expenses. Our other income is our Social Security. We have savings but haven't touched them in the years we0've been retired. We got all the paperwork together and a couple of weeks later an accountant came to copy it all and have us sign numerous documents. There was a large delay and it was our fault. We had renovated the entire second floor o our house and were waiting on the carpeting to come in. Here's where the problems start. I agreed to $150K. Later I saw a form saying $167K and an increase in the interest rate. later again it was $187K and 2.875 interest. I asked about it and got a BS response. BS is the word when dealing with these people. I faxed out a load of documents to a number on the cover page. The next day the BSer was looking for them and said I should have sent them to him. I had no idea who had all this paperwork. He didn't seem to care about it. By this time I was done with this. The biggest issue is that I did not want a VA loan. Closing costs were $6000. I complained and he said it was easier because the mortgage could be assumed by another veteran. I countered that by saying that wasn't a point. It's been 50 years since the draft ended. There aren't that many veterans anymore. The last time we spoke he said that perhaps I really didn't understand the process. Trust me. I've owned 4 houses and 3 condos. I made money on all of them. The beach front house went from $285K to $1.2 M in 21 years. My home was $64 K in 1979. Now it's $400K. The second insult was to ask for my wife. I guess he thought she'd be less dense. The man I mostly dealt with was very glib. He had an instant answer for my every objection. That turned me off as well. I can't recommend this bank to anyone. We'll stay with our present situation for now. I really dislike my bank where I've been a customer for 39 years. It has merged for the fourth time and I'm ready to look elsewhere.
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ID
#3067206 Review #3067206 is a subjective opinion of poster.
Location
Charlotte, North Carolina

Refinance

This company is a joke, don't waste your time or money. Will not be doing any business in the future with them.

User's recommendation: Avoid at all costs.

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ID
#2824856 Review #2824856 is a subjective opinion of poster.
Loss
$500
Preferred solution
Deliver product or service ordered

BAD SERVICE

I will never do business with them again. They make promise they don't keep and tell their clients bad information on the process of refinancing.
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ID
#2665119 Review #2665119 is a subjective opinion of poster.
Preferred solution
I don't want nothing from them. They done enough to mess up my credit

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Absolutely the most rotten bank I have ever experienced.

Trying to do them a favor and move some CD money from the bank that is at very high rates. What do they do, enforce an early withdrawal penalty that exceeds the interest I was paid. Total *** I can't wait to lodge a complaint with the Comptroller of the Currency and the FDIC. Bank's like this one need to be taken over by a decent institution. I tried to talk to the CEO before this all happened and of course he ignored me. Probably out golfing.

User's recommendation: STAY TO *** AWAY FROM THIS BUNCH OF CROOKS!

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ID
#2616825 Review #2616825 is a subjective opinion of poster.
Service
The Federal Savings Bank Money Transfer
Loss
$10000
Preferred solution
Full refund

Always read the fine print

I have asked them multiple times to remove me from their mailing list. I have called and now Im sending back their paper. Why are they allowed to continue to bombard people and waste paper? They get real pushy too when you question them, and tell them to remove you. They act like they are trying to do me a favor. I told them I would call them if I needed them.

User's recommendation: Stay Away!

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ID
#2569031 Review #2569031 is a subjective opinion of poster.

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New Reviewer

Aramis Moreira A complete As*hole

I call to refinance my home. I'm in the industry and was responding to an email sent. This guy is an *** and I would NEVER EVER give him my business. STAY away from this company they are rude and don't deserve your business.

User's recommendation: There are many companies that can give you good service and treat you with dignity. THIS ISNT ONE OF THEM.

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ID
#2558830 Review #2558830 is a subjective opinion of poster.
Service
The Federal Savings Bank Refinance
Pros
  • Products
Cons
  • Tone
  • Nasty
  • Mortgage banker was an asshole
Preferred solution
Let the company propose a solution

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New Reviewer

Available Funds Alert letter

Received official looking letter wanting response. I called 844-329-**** phone number listed and went through their process just to have the gentleman hang up because I evidently didn't fit their billing. Called 877-788-**** asking for validity of the letter and a lady said she was in the middle of a meeting and would return my call. Never happened. Why can't *** like this be stopped. Who is giving out a persons information allowing these scammers to operate ???

User's recommendation: Don't have any at this time.

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ID
#2509328 Review #2509328 is a subjective opinion of poster.
Location
Bountiful, Utah
Preferred solution
Stop the BULL

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Verified Reviewer
New Reviewer

Very bad experience for Conventional loan!

Highly disappointed in their service, I will not recommend them to anyone. I am a real estate agent, and it took them about 60 days to close a 20% down conventional loan. This should've happened in 3-4 weeks easily. The Agent submitted the offer to me, and we accepted based on the fact the closing date was 11/30/20. It was immediately moved to 12/18/20. We closed on 1/6/21. I don't know where in their system that it broke down; I could never believe anything they told me. It was always inaccurate, wrong; that's not good business. My seller moved out of her home with her two dogs because they said it was closing. It did not! This cost my seller additional money in addition to having to find a place to live. This was not cool! They caused myself and my seller so much additional work, heartache and the "STRESS" that they caused is unforgivable. No sorry, no nothing, no explanation.Angry I normally don't write bad reviews and hate to write a bad review especially for a veteran owned company. I don't wish what happened to us on anyone. Cry

User's recommendation: Do not use them. Ask a real estate agent who are their favorite lenders.

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ID
#2372810 Review #2372810 is a subjective opinion of poster.
Service
Homeside Financial Loan
Preferred solution
I don't need anything

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New Reviewer

Not happy

I started a home loan for a second home. Told them I wanted to take equity from my home, which was a VA loan, to use as down payment, with extra money for repairs on second home. 1 month later, still nothing. Talked me into a conventional refi, which went good but process was slow, took over 2 months. The day after closing, they told me some paperwork didnt get signed, took them a week to straighten it out. After over 3 months, finally get closing on second home, only to find out the day of closing, they applied all funds from refi to second home. Leaving me with no money for repairs. Was told they were sorry, that I could apply for home equity line of credit. NO THANKS. Go somewhere else, they do not listen to what you tell them. The website they use is not the greatest. I gave them an excellent review for refi, when I went to do review for second loan, stated I already gave a review.

User's recommendation: Run away.

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ID
#2333197 Review #2333197 is a subjective opinion of poster.
Service
The Federal Savings Bank Mortgage Refinance
Pros
  • People are very nice
Cons
  • Do not listen
Loss
$6000
Preferred solution
Let the company propose a solution

Scam attempt

I received a Check listed as "This is not a Live Check" from The Federal Savings Bank. saying they have a report that I may have $2149.92 in available funds. This looks like a total scam. No mention as to why the funds are available, but they want me to call by July 17 2020 for my complete report. I will not call because if funds are available to me, I should not have to call anyone to receive them. No return address, just a case number so they can be sure they screw the right person.

User's recommendation: Destroy immediately!!!

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1 comment
#2019656

There is an address in the fine print. I now mail all their crap right back to them with a note to REMOVE me from their mailing list.

ID
#2040591 Review #2040591 is a subjective opinion of poster.
Service
The Federal Savings Bank Refinance

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Verified Reviewer
New Reviewer

Due Diligence, do your homework.

Update by user Dec 09, 2019

Too good to be trueBest deal I have heard of dateWill share with folks at my Vets Center in Eureka CAMy contact information was obtained from the VA. I received numerous solicitations in the US mail.

All vendors took my mailing address from public records. I never answer calls from unknown telephone numbers or email messages. Today when this unknown number showed up I answered for some reason. The screener told me there are storms in their region preventing caller id function.

I believed him. We are experiencing blackouts in Northern California too.

Original review posted by user Dec 09, 2019
I called the Federal Savings Bank this 9:30 am this morning. The screener asked me questions which I refused to answer until he gave me information. This is what I learned from a very patient loan officer. The application process was easy and quick. The loan office stayed with me until I completed the Doc signing and emailed my documents. VA refinance loan programs are said to have created new guidelines. This company works closely with the VA. My telephone number was obtained from the VA. A veteran can have more than one VA loan at a time. The loan process should take about 28 days if I submitted all documents today. I signed everything and paid the VA appraisal fee with a credit card. I agreed to refinance a duplex, payoff a single family dwelling mortgage, take cash out for home improvements, and secure one single VA mortgage (3.2% fixed 30 yr.) Made a trip to my banker at the Credit Union for go over everything, when I realized the deal sounded too good to be true. My banker asked to see the documents I signed and whether I had kept copies of the PDF files. I did not. I am worried about this decision. I learned the VA appraisal fee can be refunded before it has been completed. The banker told me to call Federal Savings Bank to cancel and request a refund. ($500 to $650) It is advisable not to skip loan payments based on the advice on this forum. Now, it is 7:30 p.m. I am afraid I made a mistake. I failed to seek advice from trusted professionals, do my research by checking for complaints, and gave up my social security number and credit card info on blind faith. Waiting until tomorrow to figure out how to proceed. Found this website after a long time searching the web. Hoping for suggestions for links to learn more about the Federal Savings Bank, Detroit, Michigan.
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1 comment
#1853817

I was told by my banker at federal savings bank that my account was not going to be sold off and he lied, that is one thing that was most important to me because I came from Penny Mac and wanted to be with a bank and look now I got sold off to another lender name Caliber Loans I am telling to get me back to federal savings bank or I will go higher I have been trying to get this resolved since November of last year he told me to give him three months well you do the math its April now his name is Anuj... Can someone help me because this is not right I should be a happy home owner not a mad one and regret buying or refinancing a loan...

ID
#1727620 Review #1727620 is a subjective opinion of poster.
Pros
  • Customer service
Cons
  • Unknown yet
Reason of review
Fast order processing

My credit

they advised me to not pay 2 monthly house payments but the fteedom mortgage put late payments on my credit report
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ID
#1557622 Review #1557622 is a subjective opinion of poster.

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