NMLS# 411500

4.0 of 5 91 Reviews

The Federal Savings Bank

  • Recommended 77%
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Lender Summary

The Federal Savings Bank is a mortgage banker with access to loan programs and funds from various sources across the United States. Our centralized loan operation is the industry’s benchmark for efficient service. We control the entire loan process from start to finish: origination, processing, underwriting, closing and funding. Our team of professional mortgage bankers and operations specialists understand the concerns inherent to the loan process and are dedicated to making that process seamless and worry-free.

What they're saying

Ratings & Reviews
91 Reviews
  • Excellent
  • Excellent
  • Excellent
  • Excellent

Review Breakdown

  • 5 Star
    (63)
  • 4 Star
    (4)
  • 3 Star
    (2)
  • 2 Star
    (1)
  • 1 Star
    (21)

Awesome experience

He was so good at getting to me and making sure I understood everything going on. He was very quick at responding to me and making us happy. I never had a second guess on this experience and he was just all around amazing. We are very happy with this experience.

Jacyna from Selah, WA

Reviewed in August 2019

WAS THIS REVIEW HELPFUL?
  • Closed with Lender:

    Yes
  • Loan Type:

    Refinance
  • Review Type:

    Loan Officer Review
  • Loan Officer:

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Not liars, but not far off.

I refinanced my home with The Federal Savings Bank. The way they do business is through half truths. For instance, I was told I would receive a $20,500 (the $500 was reimbursement for an appraiser) check for the equity I had in my home. I was told this after finding out I had some money coming back to me from my first mortgage and told Michael Boyd I could put it towards a renovation I desperately needed. He informed me that I could refinance, receive the $20,000 check, not pay anything out of pocket, my monthly payment wouldn't rise anymore than $50 a month, I wouldn't have to pay my mortgage for two months and my rate would not go up. Long story short, they handed me to Samuel Adams, the Senior Vice president, who continued the façade. I later found out my mortgage payment was going to be almost $80 higher a month which is outside of my budget. Samuel told me he could see if he could get the rate reduced for me which he did... dishonestly. To make this long, unnerving experience short, I will skip to the time of closing. Here is where I found out that I am paying over $10,000 in fees. Over $6,000 of which was to buy my rate down to get that lower payment. Unfortunately for me, it was too late to back out. I had already committed to the repairs my property needed and could not back out as I had no other means of paying for it. These types of dishonest sales tactics should not go unpunished and should be unlawful.

John from VIRGINIA BEACH, VA

Reviewed in July 2019

WAS THIS REVIEW HELPFUL?
  • Closed with Lender:

    Yes
  • Loan Type:

    Refinance
  • Review Type:

    Lender Review
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Horrible treatment

My wife and I are live in texas and try to buy a home in Virginia. I separated from the military and got a job up their. She is driving our 2 month old son and three of our pets while I drive the moving truck with our other pet. While on the road, 4 days before we close on the house and after I got an email saying the loan was finalized they call her and say we cant close for another month because I'll be out of the military for three days before I start my new job. Than they call our realtor to let her know and accuse us of lying and say there is nothing they can do. We ended up going with somebody else and they worked super fast for us.

Anthony from SAN ANTONIO, TX

Reviewed in July 2019

WAS THIS REVIEW HELPFUL?
  • Loan Type:

    Home Purchase
  • Review Type:

    Lender Review
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Ken has your back!

Ken was a pleasure to work with from the very first conversation outlining the benefits of the VA Cash Out Program in relatable terms thru closing. He made sure we felt comfortable throughout the entire process, patiently answering questions.
Does what he says and always in a very customer-friendly manner to include brainstorming options. I would highly recommend and will definitely work with Ken in the future.
Nice job Ken!

Andrew from Sterling, VA

Reviewed in June 2019

WAS THIS REVIEW HELPFUL?
  • Closed with Lender:

    Yes
  • Loan Type:

    Refinance
  • Review Type:

    Loan Officer Review
  • Loan Officer:

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It was a good experience

For the most part I had a good experience with the Federal Savings bank. Their hands were tied with regard to VA stipulations and rules for my particular loan. But they worked hard to help me get my loan closed. I would recommend them over any other lenders out there!

Karen from AURORA, CO

Reviewed in June 2019

WAS THIS REVIEW HELPFUL?
  • Closed with Lender:

    Yes
  • Loan Type:

    Refinance
  • Review Type:

    Lender Review
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Ken worked hard on my loan!

Ken with The Federal Savings Bank kept in contact with me throughout the whole refi experience. He always had time for me to ask questions and he NEVER made me feel rushed in any kind of way! Ken took the time to explain anything and everything to me. He always followed through with what he said he was going to do. Ken made sending conditions in VERY easy to submit in a quick manner. I would HIGHLY recommend him to anyone else who wants to be treated with respect and dignity! Thank you Ken for being you!

Karen from Aurora, CO

Reviewed in June 2019

WAS THIS REVIEW HELPFUL?
  • Closed with Lender:

    Yes
  • Loan Type:

    Refinance
  • Review Type:

    Loan Officer Review
  • Loan Officer:

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Not a fan

My husband and I worked with Nadia Jamil on a cashout refi. It wasn’t something we were even considering before, but then we followed up on a letter the federal savings bank sent us claiming they worked for veterans. After speaking with her, I was surprised to find how much she said our home was coming in at, and with the amount of debt we had and the lower interest she was offering, the loan looked highly appealing.
I regret to say she earned my trust. I got the requested ppwk back within a day every time I was asked. We were leery about paying the $600 appraisal because that meant putting it on a credit card. She assured us again home prices had gone up and this type of appraisal was so pricey only because it was more in depth than our last.
She over projected majorly.
Never have I worked with a loan officer that was so outside of their range. I mean it was significant. Moving forward with the loan was pointless at this time.
I expressed my disappointment with her over-confidence and told her I felt like she had basically gambled with our money in the hopes that my husband and I would be desperate enough to move forward with only a quarter interest rate drop and one skip a payment, while the federal savings bank scraped up our 5k of equity for themselves. To me this is predatory and taking advantage of veterans. Not at all what she sold in the beginning.
What is worse is Nadia didn’t even bother following up with us. She proposed a solution and when we sent what she requested—the communication stopped altogether. I honestly feel cheated and scammed. I’ve never had a refinance experience like this before, and suffice it to say we will not be working with this company again.

Ashley from ALBUQUERQUE, NM

Reviewed in June 2019

WAS THIS REVIEW HELPFUL?
  • Loan Type:

    Refinance
  • Review Type:

    Lender Review
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Inconsistent

My husband and I did not have a good experience with Nadia. She over-projected what we could get for our appraisal by a long shot and it honestly feels like she gambled with our money. What’s worse—after advising us of what we could do moving forward—she did not follow up with us whatsoever. It’s been a month and no word. Highly unprofessional.

Ashley from Albuquerque, NM

Reviewed in June 2019

WAS THIS REVIEW HELPFUL?
  • Loan Type:

    Refinance
  • Review Type:

    Loan Officer Review
  • Loan Officer:

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Knowledgeable and honest!

Getting a loan when you’re self-employed is never an easy task. Daniel is very knowledgeable and was bluntly honest with me from the very beginning. He guided me every step of the way. Quickly replied to emails, and always returned my calls. I was approved and closed on my first home. Thank you Daniel and Federal Savings Bank!

Luis from New York, NY

Reviewed in March 2019

WAS THIS REVIEW HELPFUL?
  • Closed with Lender:

    Yes
  • Loan Type:

    Home Purchase
  • Review Type:

    Loan Officer Review
  • Loan Officer:

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Bank charges for loan and never approve loan

This bank charged me $700 for a loan and never distributed the loan. Constantly asking documents after documents for 10 months with so many documents and email transaction wasted my time and money. Finally they told me I need to pay off some debts before they lend me the money. Very poor customer communication and worst Sales Person (loan Processor) Niti Kapoor.

Brian from BROOKLYN, NY

Reviewed in February 2019

WAS THIS REVIEW HELPFUL?
  • Loan Type:

    Home Equity Loan or Line of Credit
  • Review Type:

    Lender Review
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