You can help us put a stop to online scams before they grow too big and end-up ruining thousands of lives. A scam is a scam, doesn’t matter if it’s big or small. Now that this is out of the way, let’s get started with the review.
Third Federal Savings & Loan has received numerous complaints for scamming its customers. Before you consider doing business with them, be sure to read the reviews below:
We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.
All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.
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About Third Federal Savings & Loan
Third Federal Savings & Loan is a savings and loan association (S&L) which basically functions as a financial institution typically owned and overseen by its customers or shareholders. Because of this “pool” structure, Third Federal savings and loan associations are able to offer mortgages. The main purpose of Third Federal Savings & Loans is to offer residential mortgage loans and accept savings deposits.
While mortgage fraud may take many different forms, its main method of operation is the theft of money from unsuspecting victims. For instance, frauds involving debt relief aim to defraud those who may be looking for loan modifications, while frauds involving closing costs aim to defraud those who are getting ready to pay their closing expenses for a mortgage.
Third Federal, claims on its website that its core values are love, trust, respect, dedication to excellence, and fun. Third Federal became a publicly traded corporation in 2007, and the company recently celebrated its 80th anniversary. The company, which provides loans in 25 states and the District of Columbia, is dedicated to providing excellent service and competitive rates to customers.
Third Federal has seven loan offices in Central and Southern Ohio, 21 full-service branches in Northeast Ohio, 16 full-service branches in Florida, and 21 full-service branches in Northeast Ohio. The company’s total assets were $14.1 billion as of September 30, 2021. When you read their reviews, however, the claims crumble to the ground.
What is a Federal Savings and Loan?
The term federal savings and loan (S&L) refers to a financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers. These institutions are also referred to as thrift credit unions and savings banks that are mutually owned by their customers.
Who is the CEO of Third Federal Savings and Loan?
Chairman. Marc A. Stefanski joined Third Federal Savings and Loan in 1982 and was appointed Chairman of the Board and Chief Executive Officer in 1987, succeeding his father in these positions. He was elected President of Third Federal Savings and Loan and the Company in 2000.
How do personal loan scams work?
A loan that is provided under false pretences is known as a loan scam. Scammers frequently entice victims by making grand promises they can’t keep or by concealing the true cost of the loan. Even fraudulent corporate logos, phoney caller IDs, and other ruses are employed by loan scammers to pass for trustworthy organisations.
How do I know if a loan company is scamming me?
- The lender guarantees approval
- The lender isn’t registered in your state
- The lender demands payment upfront
- The lender calls writes or knocks
- The lender has no physical address
- The lender pressures you to act immediately
- The lender is not transparent about its fees
- It sounds too good to be true.
Third Federal Savings & Loan Reviews You Must Read
Mortgage fraud can happen by way of overvaluing properties, forged documentation, and inflating the value of a commercial property. Borrowers with the help of the bank of finance officials conceal the relevant facts of property like price and the title so that they can avail undue profit from it
Key Points to remember:
- Identity theft and income/asset falsification are common individual mortgage fraud scams, while industry professionals may use appraisal fraud and air loans to defraud the system.
- Predatory lending, foreclosure rescue, and mortgage reduction schemes all contributed to the 2007 Great Recession.
- Mortgage fraud is still a problem in the United States. According to CoreLogic data from September 2018, one out of every 109 mortgage applications contains evidence of fraud.
- Along with the FBI, professional organizations monitor and investigate mortgage fraud.
There are two distinct areas of mortgage fraud which are as follows:
Fraud for Profit
Mortgage fraud perpetrators are frequently industry insiders who use their specialized knowledge or authority to commit or facilitate fraud.
Fraud for Housing:
This type of fraud is typically represented by a borrower motivated to acquire or maintain ownership of a home.
Third Federal Saving & Loan Reviews and Complaints:
A customer expressed his dissatisfaction with Third Federal Savings & Loan. After considering numerous options, the customer decided on a mortgage loan. After speaking with a Third Federal Savings & Loan officer, the customer understood every term. The closing costs and interest rates were discussed and agreed upon by both parties, and they were supposed to be valid for 60 days.
Following the completion of a home purchase contract, a Third Federal Savings & Loan customer reviewed the loan package and discovered that, without prior discussion or notification, $3000 in additional closing costs had been slipped in visible on page twenty-something of the package.
Another customer shared their tragic experience, which is extremely upsetting. The loan officer even advised the customer to sell jewellery to pay off the mortgage.
The customer requested loan modification several times, but no one listened. Third Federal Savings & Loan did not respond to the customer’s repeated requests, and when the amount accumulated, they simply demanded full payment. The customer was unable to pay such a large sum of money and was even required to pay the monthly mortgage. However, they insisted on paying the full amount, and the customer’s financial options were exhausted.
Get Your Money Back Suspicious
Conclusion
The good news is that by reducing mortgage fraud, we can improve the markets. Individuals must set realistic borrowing and homeownership expectations. Profit targets should be set by investors. Professionals in the industry must strive for higher personal standards and submit to peer organization accountability. Governments must standardize legislation and reconcile law enforcement with active investigations.
Clearly, Third Federal Savings & Loan is not as reliable as the company claims to be. Beware.
