Can anyone vouch for "The Federal Savings Bank"?

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
9y
Originally posted by @Brendon K.:

Thanks for that Max. I may still consider going that route, although I was hoping to get a lender that does all the lending and servicing themselves. My government student loans have been sold at least three times and it gets pretty tiring to have to readjust to new companies. 

You will not find a lender who does FHA or conventional financing that does not sell the loan. If one tells you that they will keep the servicing of the loan permanently, they are simply lying.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    300 yelp reviews and you are not sure if they are real?

    Also if you are in Texas why would you be using their Chicago branch?

    I've closed about a dozen transactions with their DC area branch. Like with any bank your service really depends on who your loan officer is. Every bank has both good and bad ones I'm sure.

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  • Brendon K.
    OP
    Real Estate Agent · Los Angeles · Member since 2017 · 107 posts · 33 votes
    9y

    300? My view is showing 24, and of course there are tons of fake reviews out there. I only found the chicago listing, but the guy said even though he's personally in virginia he services all 50 states. I'm really just looking for a good deal and the university federal credit unions out here have no idea how to talk about FHA loans with 3/4-plexes while the huge Frost Bank doesn't even do home mortgages. It's so weird

    0Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    9y

    Upen helped me with an FHA streamline refi about a year ago. It went smoothly from start to finish and he was easy to work with.

    The Federal Savings Bank originates loans but doesn't service them. Shortly after it closes they will sell the note up the chain.

    3Reply
  • Brendon K.
    OP
    Real Estate Agent · Los Angeles · Member since 2017 · 107 posts · 33 votes
    9y

    Thanks for that Max. I may still consider going that route, although I was hoping to get a lender that does all the lending and servicing themselves. My government student loans have been sold at least three times and it gets pretty tiring to have to readjust to new companies. 

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y
    Originally posted by @Brendon K.:

    Thanks for that Max. I may still consider going that route, although I was hoping to get a lender that does all the lending and servicing themselves. My government student loans have been sold at least three times and it gets pretty tiring to have to readjust to new companies. 

    You will not find a lender who does FHA or conventional financing that does not sell the loan. If one tells you that they will keep the servicing of the loan permanently, they are simply lying.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    4Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y
    Originally posted by @Russell Brazil:
    Originally posted by @Brendon K.:

    Thanks for that Max. I may still consider going that route, although I was hoping to get a lender that does all the lending and servicing themselves. My government student loans have been sold at least three times and it gets pretty tiring to have to readjust to new companies. 

    You will not find a lender who does FHA or conventional financing that does not sell the loan. If one tells you that they will keep the servicing of the loan permanently, they are simply lying.

     WF ended up purchasing a mortgage of mine. The bill and the website and everything say "WF." But it's mega loan servicer Cenlar who endorses the back of the checks, and after a thorough grilling I got a person on the other end of the 1-800 number that answered as WF to finally concede that their W-2 and paycheck says Cenlar on it, not Wells, even though they answer the phone as if WF employees. 

    So even when all the branding and everything indicates one firm is doing the loan servicing, it's often not the case at all. 

    The firms that actually held their paper for 30 years, went bust during the Great Recession. A lesson learned from that is that lenders always need to have an exit plan, which means selling it on the secondary market. Basically the mortgage industry went from "buy and hold" to a mix of "assignment contract wholesaling" and "flipping," if you want to think in terms more familiar to the BP community. 

    2Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y

    ^ @Brendon K.

    0Reply
  • Chris Truong
    Flipper · Pomona, NY · Member since 2016 · 8 posts · 0 votes
    8y
    Originally posted by @Brendon K.:

    Thanks for that Max. I may still consider going that route, although I was hoping to get a lender that does all the lending and servicing themselves. My government student loans have been sold at least three times and it gets pretty tiring to have to readjust to new companies. 

    updates from your end with this lender? Can you share?

    0Reply
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