Loan Servicing

At SWE Homes we care about our customers and want to make sure you have a seamless experience if you have sustained damages to your property and are in the recovery process, such as filing claim(s) with your insurance company.

In order to protect you and your property from dishonest contractors, we have created the following procedures.

After filing the claim with your insurance provider, you must notify us that you are in a process of a claim and one of our inspectors would be contacting you to take pictures of the damages.

Please find below the steps needed in order to continue with processing the insurance claim check received from your insurance company to begin repairs on your home. The following requirements are in accordance with the terms of your loan.

1) Provide SWE Homes a copy of the adjuster (insurance) bid.

2) Deliver endorsed claims check to SWE Homes.

3) Provide photos and/or videos of damage.

4) Obtain an estimate (bid) of your choice and send it to our office. All estimates must include:

         a) Name of contractor, address, and phone number.

         b) Type of material to be used for repairs.

         c) Total cost of job

         d) Copy of contractor’s insurance policy (general liability) with coverage limit of $1,000,000

Note – estimates should be as detailed as possible including the scope of work.

An inspection by SWE Homes will be done before the final payment is released. On some instances if the total job/claim is below $2,000.00 pictures may be accepted if an inspection cannot be performed.

Please note that if the property is a total loss or the repairs are not done in a timely fashion, SWE Homes reserves the option to apply insurance proceeds to reduce the principal of the note.

Please be advised that all insurance proceeds can be applied at our discretion, either to (a) repay your mortgage on your property or (b) repair or improve your property in any manner we select and apply any remaining proceeds to your mortgage. It is imperative that the procedures above be followed, and your mortgage be in good standing in order that we agree, at our discretion, to apply the insurance proceeds to repair or improvement of your property.

Please be assured that we will work with you expeditiously to reduce the inconvenience you are going through. However, these steps are necessary to ensure that all the work done to your property is performed correctly.

Also known as lender-placed or collateral protection insurance is an insurance policy placed by a lender, bank, or loan servicer on a home when the property owners’ own hazard insurance may have lapsed or where the lender deems the hazard insurance insufficient. 

Hazard insurance is always required on your property. At SWE Homes if our records indicate that your Hazard insurance has or will be expiring and we have not received a Renewal Invoice or we received a Notice of Cancellation/Non-Renewal from your current insurance provider, and we do not have evidence that you have obtained new coverage, we will buy insurance for your property.  You must pay us for any period during which the insurance we buy is in effect and you do not have insurance. You should immediately provide us with your insurance information. 

The insurance we buy:

May be more expensive than the insurance you can buy yourself.

May not provide as much coverage as an insurance policy you buy yourself.

If your policy has expired or is set to expire, SWE Homes will send you two reminders to update your policy.  Please provide a copy of your Insurance Policy Declarations Page, Evidence of Insurance, Binder, or other written confirmation from your insurance agent or carrier immediately.  Phone calls will not be accepted as a verification. The confirmation of insurance coverage must be in writing from your agent or company. Verifications may be faxed to SWE Homes at 713-231-1170. 

If you have a continuous insurance policy, we ask that your insurance agent confirm on an annual basis that your policy has been renewed for the next policy period.

Assuring that your insurance provider annually provides to our insurance department the renewal offers and/or evidence of insurance at least 25 days prior to the expiration date. You may contact our insurance department to verify if your renewal invoice or evidence of insurance was successfully obtained at 713-231-1170.