Downey Savings and Loan Review
Downey Savings and Loan, a subsidiary thrift, retail mortgage seller, and wholesale mortgage lender of Downey Financial Corp., has assets of $13.4 billion, and 169 branches throughout California and Arizona. We located a website, six telephone numbers, and a slew of complaints and lawsuits.
Downey Savings and Loan Website and Phone Contacts
Downey Savings and Loan Website: http://www.downeysavings.com
Downey Savings and Loan Phone:
(800) 725-4480
(949) 509-4408
(800) 833-3870
(800) 598-6322
(800) 883-3885
(949) 854-3100
Fax: (949) 725-0618
Address: 3501 Jamboree Road, Newport Beach, CA 92660
Downey Savings and Loan Review
I my opinion any retail mortgage seller with this many consumer complaints and has pushed the Worst Loan in America, the Option ARM, for so long is a company to shun when shopping for a mortgage.
From the standpoint of a bank customer who’s looking for a depositor bank, even though they have been hit hard by the mortgage crisis, and have been under regulatory scrutiny, as long as you don’t put more than $100,000 FDIC limit, you could be fine or they could follow IndyMac, another California thrift that got to aggressive with their mortgage products.
It appears when I search for complaints against Downey Savings and Loan, there are many. Click the link to see all the Downey Savings complaints listed in Google.
BBB Activity on Downey Savings and Loan
” Our complaint history for this company shows that the company responded to and gave proper consideration to most complaints. However, some complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate.”
See Comments Below to Add/Read Customer Opinions On Downey Savings and Loan
We would really like to hear your experience with Downey Savings and Loan as a mortgage retailer, mortgage servicer, or wholesale mortgage lender, so add your comments in the section below.
Thanks!
Author: The Mortgage Insider
Previous Post:« NVR Mortgage – Ryan Homes Review
Next Post:» Quicken Loans Review
Tagged with: Complaints • Mortgage Company Reviews • Wholesale Mortgage Lender
"Our Online Quote Service Is A Guaranteed Way To Compare Mortgage Offers Quickly." - Rob K. Blake, The Mortgage Insider ...Click Here!
Sally, if money was seized for taxes, it was because Downey was ordered to do so by either the Franchise Tax Board or the IRS. In other words, your account was levied. Downey was legally obligated to make the seizure. Do you really think an employee at the bank wants to go to prison for not obeying the order? The direction your anger should be taking on that issue is towards the Franchise Tax Board or IRS. DUH! Or towards the clients that began paying you late. DUH! You are late on the loan because of YOUR deadbeat customers. Accounts were levied because YOU didn’t pay your taxes.
Were you also bouncing checks?
Banks don’t generally loan money to folks who bounce checks, or have liens or levies. Your frustration is real. The direction of your anger is all wrong. Banks and other lending institutions are businesses, not charities.
You want the bank and eventually the taxpayers to take the hit because YOUR business is in trouble?
I know, I know…you are entitled to special treatment. You and all the other folks that get in trouble.
By the way, Downey and all these other banks have failed because the Federal Government passed laws requiring they make all those bad mortgage loans. Just look up the role of the Community Reinvestment Act, Barney Franks, and Chris Dodd in all this. Also look up how the Bush Administration warned about all this at least 17 times in 2008 alone and how the Democrats said there was not a problem. Go on, google it. Look at how you are being lied to.
That’s my 2 cents. That’s the only change you or anyone else is going to get from the socialists in power now.
Downey Savings has the worst Customer Service in the universe. The employees are told the follow one simple rule, just say NO. I’ve been a long time customer, got into some trouble when my clients started paying me late. Tried to work w/DS, they impounded my taxes, won’t work out a new loan, and now monthly I’m paying astronomical fees. They send me the usual forms to fill out for a new loan but I am self employed and would not qualify under the usual process. They will not do anything for me. Every month they suck the life out of me to make that payment and start making harrassing phone calls around the 15th. I stopped answering the phone, there is no point in talking to a drone. I really hate Downey Savings and their lousy customer service at every level in every department.
I have had horrible experiences with Downey Savings since first getting my loan with them in November 2004. I got into a rotten OPTION ARM and it was never explained to me properly. When my husband died in August 2005, I was continually harrassed by a woman in collections for being behind in my payments. After complaining about her and her incorrect and inaccurate remarks she was eventually fired. In trying to get Downey to help me over the years with loan work outs, it was only due to my diligence in letter writing and accelerating my requests to supervisors and leads of certain departments.
In 2008 Downey outsourced their loan modification servicing to another company last July 2008, who made false claims on behalf of Downey Savings and went on to botch up my loan modification.
I am currently in process on another loan mod with them, have a terrible time getting a straight answer on the phone and I am told something different every time I call. Faxing them two pieces of paper takes allegedly 7 to 10 days, as they have admitted to me.
There are some competent people at the top of the collection and loan mod departments but are impossible to get ahold of.
My advice to people trying to do mods is to ask for the underwriting department and dont take no for an answer. Would love any other feedback from Downy borrowers! Thanks!