The Federal Savings BankReviews of thefederalsavingsbank.com

DO NOT WASTE YOUR TIME WITH THIS COMPANY This company presents itself as veteran-owned and claims to work in the best interest of veterans, but my experience was the complete opposite. I was contacted by Elizabeth just days before signing a new offer with my current lender. She explained that her company was veteran-owned and focused on helping veterans secure better mortgage rates and payments. She assured me they could offer a lower rate and lower payment than my current lender. After reviewing my information, she came back with what appeared to be a better offer. I informed Elizabeth that I was about to close with another lender, and she promised that her company could complete everything within 7–10 days. Based on that assurance, I moved forward with them. I was then contacted by Shelly to complete the paperwork. On March 18th, Elizabeth sent me an email stating: “We have everything we need—just finalizing everything and finishing everything on our end. We will be in touch early next week.” The following Tuesday, I began emailing both Elizabeth and Shelly and received no response. Shortly after, I received an automated email stating that something was missing in my portal. When I finally reached Shelly, she asked me to upload my mortgage note because she was supposed to request it from my lender the week before but had not done so. I immediately provided the document. Eric was included in the email chain, so I also attempted to call him multiple times, but my calls were never returned. Today, Thursday the 26th, I received a call from a woman who identified herself as a manager. She informed me that I had been denied because the rates had changed. I explained that my previous lender’s offer had now expired due to the delay and that I had been told everything was complete and moving forward. She responded by saying that was not her fault and claimed she did not send the earlier email, even though it came from someone within their company. When I attempted to explain the situation and the impact this had on me, she cut me off, stated she was starting a recording, told me I was denied, and abruptly ended the call with “Goodbye.” This is not how any customer—especially a veteran—is supposed to be treated. The lack of communication, failure to follow through, and unprofessional handling of this situation caused me to lose my previous lender’s offer and left me in a worse position than when I started. I strongly advise anyone considering this company to proceed with caution. Tim

In the beginning we were very pleased with our team. Halfway through our construction loan process, the team left and were replaced with mortgage brokers that could not get a fanny mae loan approved. These folks have more in common with loan sharks than an actual bank. Run, don't walk to another bank. They will hound you, give you no help or creative solutions, even after surviving a natural disaster. We never missed a payment and were still hounded. We have built mult projects, flipped mult houses, have done over 20 mortgages so I can tell you this is not a good company, they will try and steal your property if they can. **Update, even though we paid off 2/27/26 they still reported us as delinquent on the final month. They are not to be trusted.

started refinance in OCT.now almost end of January no movment all i get is waiting for underwriters and investor no excuse for it to take this long terrible way to treat customer and a veteran

My elderly parents were conned into a refi by Carolyn Brown, VP. They now have their house they’ve lived in 47 years mortgaged at over 90% and are paying PMI every month. When I spoke to her on the phone she had the nerve to accuse me of just wanting my parents money. One of their credit cards they rolled into the refi had been paid in full so they were owed back some money but never got it after multiple emails and calls to Carolyn. I found out today that she called them AGAIN wanting them to refi again and raise their payment $500 “but pay off all their credit cards”. This woman is predatory and should be ashamed of herself for scamming old people. Shame on her and shame on this company! Do not do business with them.

I worked with the vice President of this bank. I was approved paid my refundable deposit then due to health reasons I had to stop the process for my home. They will not return to me the money that is CLEARLY STATED is refundable if the loan doesn't proceed through no matter who stops the process. I contacted the BBB and they didn't help. This bank is CLEARLY out to rip off Americans. Beware. Don't even start the process. There is so much more I could share that was negative but limited to space here. Just please be careful!

These guys are a bunch of scam artist. They will say that they can do things they can not, and when you pay them they will ignore and make excuses. They owe me for $495 appraisal that never happened. Austin Hirsch is the one that lied and scamed me.

My experience with The Federal Savings Bank was nothing short of deceptive and fraudulent. I was working with John Forker, who assured me of a specific interest rate without any discount points. Based on that assurance, I paid the application fee. Only after they had my money was I told that the rate would actually require points—completely contradicting what I had been promised. When I reached out to his manager, Mark Bechtold, I received no real explanation or accountability. This bait-and-switch tactic is fraudulent and completely unacceptable. I had to walk away and go with a lender that was honest and upfront from the beginning. I strongly advise others to steer clear of The Federal Savings Bank.

I was shorted a fee refund for a VA appraisal. I was charged more for it, so they could keep the balance for payment due, as I decided to go with another lender and not with them, which, to me, from an organization like this to a Veteran, is pretty classless, I get it, we did some work, we want money for it because you switched to another lender, I will never use them or recommend them to any vet or non vet. The loan VP I worked with (Tracey Cardina) could have at least disclosed it, but that's why you have to read all of it; I feel like I was taken advantage of. Vets, please stay away from TFSB. Find another more honest lender; there are many out there.