This would be 5 star review if SWBC was just a loan origination staff which the Boulder office is awesome. The SWBC problem is the opposite IF YOU HAVE A BIG OR HAIL INSURANCE CLAIM-
during your 30 yr mortgage, GOD HELP YOU!
With the best insurance company and a $22,000 insurance check in hand, with local SWBC offices, I had to write a $25,000 check from my savings because SWBC made my insurance company check made out to us and SWBC worthless. SWBC tried to shut down my reroofing job with old roof removed, rain gutters gone, potetntial rain daily, and $25K due now for work completed, supplies delivered. The check was to pay for past work so they would start putting on the new roof with potential rain coming daily. Without gutters, rain can completely overpressure and destroy the homes foundation, making the home a total loss, so you are in emergency mode between gutters and roof off and at least felt and gutters back on. All mortgage companies know this in detail.
SWBC refused to co endorse the check, no matter what that was for less than 6% our our personal equity in the home.
SWBC makes the best insurance worthless. Your insurance company working directly with your roofing company, issues the checks in your name and the mortgage company name in enough time for the local loan company to do any and all it wants to check out and cosign the check the insurance company has told the contractor is coming and is counting for to pay payroll and for your new roof sitting in your driveway. Having an office just a few miles away, they have days to verify the work and materials are done and there, if they wish. That always allows plenty time to get the payment co signed by your mortgage company and on time to your contractor -to keep time and damage critical work, putting the new roof and gutters on done quickly.
SWBC does not care! Instead, SWBC stops payment on your insurance checks your contractor knows is comingby not endorsing the check. With many big hail storms, Your contractor has lots of other jobs to work on. SWBC tries to force your contractor leave the job by causing you to failure to perform,fail to deliver contract specified payments each time specific proven work is done. With SWBC your insurance is essentially worthless, you are literally left without a roof over your head, or gutters to prevent your foundation from destruction because SWBC won't cosign the checks and allow them to go to your contractor- ever. No mortgage company has ever sabotaged our family or done anything this outrageous.
Worse yet they strong arm you, refuse to ever co endorse the insurance company the check to the construction company your insurance company is working with. Yes, they operate like the IRS. They just want to use all their customers money for as long as they can keep it , interest free. They take your insurance check money you owe NOW to the construction company NOW, for work documented and completed, promise to give you a refund of YOUR MONEY, a verbal promise from an unknown person 1500 miles away but only after it's far too late. If you get your own money back, it's too late. Then you learn about this massive IRS style paperwork process. you must complete every step perfect, They say they can fax but won't tell you when so you don't know when to temporarily re-purpose the office line to plug in your seldom used fax machine. They give you a web site which no one who reads the fine print would ever agree to using, especially after reading about the complaints and problems. That leaves only a month or 2 long process to get it back and forth with 1500 mile snail mail- with the roof off your house. They won't allow their close by local agents who did a wonderful job getting you a loan, stressing they are LOCAL, to intercede. -- If you have a SWBC loan and the best insurance in the world, you are screwed! --- after hours on the phone, for two days you finally have to cash in bonds and write the check yourself to get a roof back over your head and gutter son. I had to write a $25,000 check today out of my pocket today because SWBC refused and STILL refuses to allow local reps to confirm work done, materials still on the driveway and allow the check to go towards getting the roof installed. read more