The Federal Savings BankReviews of thefederalsavingsbank.com

I rarely leave negative reviews, but I feel it is important to share my experience so other borrowers know what to expect, especially Veterans that are considering using The Federal Savings Bank. While my refinance ultimately closed successfully, the customer service and communication I received from my loan officer, Roma Danishyar, of the Scottsdale, AZ office, made what should have been a straightforward process unnecessarily stressful. Throughout the loan process, I repeatedly asked basic borrower questions regarding the status of my loan, the impact of our appraisal and improved credit scores, the proposed loan terms, and later, a $3,777 charge that appeared on my Closing Disclosure but had not appeared on my original Loan Estimate. Rather than receiving clear, direct answers, I often received incomplete responses or explanations of the process instead of answers to the questions I had actually asked. After escalating my concerns to management, I finally received the documentation explaining the Change in Circumstance that supported the charge. Had this information been communicated clearly from the beginning, weeks of confusion and unnecessary emails could have been avoided. The most disappointing part of this experience was the tone of our interactions. When I continued asking reasonable questions before signing my closing documents, I received an email from Roma telling me to "please stop using ChatGPT," reminding me that because she is a “Vice President, she knows what is compliant”, and then referencing our previous low credit scores in a manner that I found both unnecessary and extremely insulting. As borrowers, we have every right to understand the documents we are being asked to sign and the fees we are being charged. Asking questions should never be treated as being difficult, nor should a customer be made to feel belittled for trying to understand a significant financial transaction. I appreciate the efforts that ultimately resulted in our loan closing, and I recognize that the loan itself met our needs. However, professionalism, communication, and respect are just as important as the final product. Unfortunately, those qualities were lacking throughout much of this process, and for that reason, I could never recommend this experience. My husband and I are both Veterans, and it is shameful how Roma made us feel like she was doing us a favor throughout this loan process.

Good experience with lender no issues explained the whole process and got a reasonable rate.

My research led me to this company. They were very courteous. My credit is not the greatest after veteran husband’s illness and death. I felt pretty optimistic about this potential opportunity to catch up and get ahead of finances especially when reassured numerous times of their policy to “take care” of veteran widows. Completed app. Submitted all requested documentation and taxes. Paid $500 for appraisal-assured it would be included in loan. Not. Ready to close. Approved, home insurance transferred. Denied. They did not help me. Communications stopped. Don’t trust them.

Three credit reports pulled, two after I canceled them and I’m still being harassed by these people, five people trying to get there hands on me, stop already!!!! The problem is they have no one to answer to! DO NOT APPLY!! Read the reviews

Everything was goin good wh this company and I was under the impression that there would be no problem gettin a loan and refinancing my house I just needed to pay the upfront cost for the appraisal and they would pay me back. I did that and the bank couldn't loan me the money so therefore I couldn't close amd they won't refund me the 495 I spent on the appraisal. Absolute BULLSHIT!!! I do not recommend this company!!!

I have never left a negative review before, but this experience left me no choice. Roman G. was our loan officer for three months, and throughout that process we were repeatedly assured that our loan terms would look very different from what we were ultimately presented with at closing. My frustration is not simply about receiving a higher rate than expected, it is about being led through a lengthy and costly process based on numbers that never materialized. Over the course of those three months, we received multiple estimates that were several percentage points different from the final rate, along with closing cost estimates that varied by nearly $10,000. What made this especially frustrating was that these weren't simply preliminary numbers we were told might change. Roman repeatedly assured us that he would be able to secure those terms, encouraged us not to worry, and asked us to trust him throughout the process. Based on those assurances, we continued moving forward, only to discover at closing that the loan terms were dramatically different from what we had been led to expect. The delays had real financial consequences for us. While we waited for The Federal Savings Bank to finalize the loan, construction costs increased, which raised both the price of our home and the amount we needed to borrow. The construction loan percentage also increased during that time. My husband and I are extremely disappointed with this experience and would not recommend this bank or this loan officer to friends or family. If the numbers you are being shown seem too good to be true, it probably is.

During the construction of our home, their inspector said everything was great. But, The Federal Savings Bank was a partner of the builder and, ultimately, the builder didn't produce what the blueprints required. The Bank said the inspector basically did 'good enough' even though they refused the final payment and I'm now in a lawsuit with the builder. Then, to top it off, the Bank charged me fees that weren't on the CD. Don't use The Federal Savings Bank! If you're a vet, run far, far away because these folks aren't there for you!! For the record, I responded to the Bank's reply at the email they provided. Nothing! No email response! No phone call! Just silence. Please save yourself and never talk to them about a mortgage!!

My husband has been dealing with them for about 3 weeks. They make refinancing sound so amazing. We signed the closing documents 11 days ago. Then they wanted more paperwork. They said it would take 72 hours to complete the loan. Now we’ve been told it’s still in underwriting. For well over a week it’s been in underwriting. How hard is it to approve or not approve a loan. It’s a “yes”or “no”. It’s not rocket science. Who’s running this place? Obviously, no one there has the authority to make a simple decision.