Business Profile

Financial Services

SWBC Mortgage Corporation

Headquarters

Complaints

This profile includes complaints for SWBC Mortgage Corporation's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

20 total complaints in the last 3 years.
8 complaints closed in the last 12 months.

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The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:05/30/2025
Type:Service or Repair Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
We have been working with **** on behalf of ******************************. We had storm damage and repairs done in 2024, *** sent us an initial check that they endorsed and sent back. After work was complete we had a large second check sent for deprecation, they deposited the check 2.5 months ago and have been giving us a run around ever since. Weve provided every document theyve asked, I sent them our bill from the contractor, all the insurance paperwork, theyve spoken to our insurance agent, they did an inspection on the house. We had to take out a loan to pay the contractor because they were threatening a lien on the house. Every week its a new issue they need us to prove to them. At this point we have nothing else we can send them to prove work was done. Its also not possible to directly contact our file owner, everyone we call its a new person. Were at our wits end and looking into a lawyer at this point.
Business Response
Date: 06/06/2025
June 6, 2025

Better Business Bureau
Attn: Dispute Resolution Department
*********************************************
****************

Re: Complaint ID ********

Dear *** or Madam:

SWBC Mortgage Corporation, while having no direct connection to complainant or to the Complaint, requested from its affiliates relevant information concerning the subject matter of the Complaint. Records provided in response indicate that the contested issues stated in the Complaint have been resolved.

Sincerely,

Legal Department
Customer Answer
Date: 06/09/2025
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Regards,

******* ***********
Initial Complaint
Date:05/05/2025
Type:Customer Service Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
SWBC Subject: Dispute Regarding Unauthorized Use of Personal Information Dear **** ***************** UNDER 15 USC 1681 SECTION 602 STATES I HAVE RIGHTS TO PRIVACY 15 USC 1681 SECTION 604A SECTION. I hope this letter finds you well. I am writing to formally dispute the unauthorized use of my personal information by ****. It has come to my attention that my personal data has been utilized without my knowledge or consent, which is a violation of my privacy rights.I would like to emphasize that I have not provided permission for **** to access or use my personal information in any capacity. As such, I request that you cease any further use of my information immediately.Additionally, I would like to formally opt out of any screenings you have also any screening or verification for vehicle insurance and reporting processes to ****** credit union on my behalf , as well as the sale of my personal information to third parties. Please ensure that my preferences are respected and that my information is handled in compliance with applicable privacy laws or I will take legal action immediately I appreciate your prompt attention to this matter and look forward to your confirmation that my personal information will no longer be used or shared without my explicit consent. If you require any further information from my side to resolve this issue, please do not hesitate to contact me.Thank you for your cooperation.
Business Response
Date: 05/19/2025
Better Business Bureau
Attn: Dispute Resolution Department
************************
****************

Re:       Complaint ID ********
            Respondent: Southwest Business Corporation
            Subject: Complaint Response

Dear *** or Madam:

SWBC Mortgage Corporation has no direct connection to complainant or to the Complaint. Please accept this letter as Southwest Business Corporations (SWBC) written response to the above-referenced complaint (the Complaint).

Complainant has an auto loan with a lender who has engaged **** to track the insurance requirements on auto loans to ensure the appropriate insurance protection is in place in accordance with the loan documents. SWBC tracks the insurance and communicates with borrowers on behalf of the lender to request documentation showing proof of insurance. When proof of current insurance is not provided by the borrower, **** secures ******************************* on behalf of the lender to protect the financial institutions interest in the collateral. **** protects the privacy of borrower data shared by the financial institution to perform the insurance tracking services. **** does not sell or use any personal data for any purpose other than to perform the contracted services.

**** will inform the lender of Complainants desired settlement.

Sincerely,

Legal Department
Initial Complaint
Date:04/21/2025
Type:Customer Service Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
SWBC Mortgage is the most difficult company to access customer service help. Nowhere on their statements is a phone number to request information. Each time I find a number online it is a different one and attempting to access information through their website (for my SWBC Mortgage) it would not accept my login information therefore I must re-register for a new login access profile, EACH TIME! Finally, after 10 or so minutes grinding through their voicemail system (once I located a phone number that works) I was transferred to a live person, *****, a very friendly, patient and helpful (almost) that transferred me to yet ANOTHER department who did not want to answer my question (having to do with an escrow shortage). After several moments of badgering this person to give me the information I needed, she relented and complied. Not the first time I was forced to endure this treatment with this company, I believe it is their business practice to make it so difficult to deal with them that one would just give up the fight and comply with their inaccessibility. If it were not so expensive to refinance a mortgage, I would be only too happy to dump them in a heartbeat, which may happen sooner than later.Please make anyone who inquires about doing business with SWBC mortgage to be aware of the frustration I am frequently subjected to by them. I have 35+ years of mortgage banking experience as a professional and their customer service is unacceptable. Thank you!
Business Response
Date: 04/30/2025
April 30, 2025

BBB Corporate Office
**********************************************************************************************************

Re: Case number: ********

To Whom It May Concern:

We have received your correspondence dated April 21, 2025, pertaining to Case Number ********. We understand the borrowers concerns and take this matter seriously. We have conducted a thorough review of the circumstances cited in this case.

Based on the information the borrower provided,we have reviewed their account and have resolved their concern. On April 21, 2025, we confirmed that a representative spoke with the borrower regarding the current escrow shortage on their loan and provided guidance on how to address it.

The borrowers annual escrow analysis, completed on January 13, 2025, indicated a shortage due to an increase in the hazard insurance premium from the previous year. On March 3, 2025, we received an updated insurance policy with a lower premium, and the loan was adjusted accordingly.

On April 21, 2025, the borrower informed us that they received a refund from their previous insurance company and sought advice on handling the check.During that call, we recommended using the refund to make an escrow payment to cure the current shortage.

Given the lower premium of their new insurance policy, a new escrow analysis was conducted on April 22, 2025. This analysis revealed a lesser escrow shortage. Consequently, their new monthly payment, effective May ******, has been reduced as well.

Our review of the loan determined that no servicing errors occurred related to the servicing of the loan. The borrower has a right to receive a copy of the documentation we relied upon to reach this conclusion. This documentation has been provided to the borrower for their convenience.

Should you require additional assistance, or wish to dispute the outcome of our review, please contact us in writing at SWBC Mortgage, **************************************

Should you have any questions regarding this matter, please contact me at ************.

Sincerely,
Mykkallinn *******
Executive Resolution Specialist
Initial Complaint
Date:02/07/2025
Type:Delivery Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I sold my house in *********** on 10/25/24 and moved to **********, **. I have been trying to get the overage in my impound account of $3900+ since then. It seems to be impossible to get. I have made call regularly and been told it is in the mail. It is going on 3 months. Asked for interest on the money. Asked for it to be sent overnight. The answer is no.
Business Response
Date: 02/19/2025
Good evening,
We are still researching and drafting a response to this complaint. We expect to have the final response submitted by EOD 2/21/2025. Thank you
Customer Answer
Date: 02/22/2025
Complaint: 22906902

I am rejecting this response because: ************ kept my funds for almost 4 months. I called and called. I was told it was in the mail multiple times. I changed my address in a timely manner. No matter what I did I couldn't get them to give my my impounds overage. I asked for the interest, all be it small, as it remained in ****'s bank account. The answer was "no". I asked them to overnight my funds. The answer was "no". OK. So let's compound this to the many borrowers **** has done this to and continues to do this to. How much money is **** gaining by doing this to its borrowers? It is not right. CUSTOMER NO SERVICE! I am elderly on a fixed income. That made no difference.

Regards,

******* *******
Business Response
Date: 03/13/2025
******* A. *******
***************************
*********************************************

Re: Loan number: 0167727056
Property Address: ***********************************
Case Number: 22906902

Dear ******* A. *******:

This letter is in response to a correspondence dated February 6, 2025, from the Better Business Bureau. For your privacy and security, we are responding to you directly.

We have completed our review. On February 5, 2025, we re-issued your escrow check in the amount of $3,909.34.

Our records indicate the subject loan was paid in full on October 28, 2024. We subsequently sent a letter to the mailing address of record, acknowledging that the loan was paid in full. On November 20, 2024, the remaining balance in the escrow account was refunded to you and a check in the amount of $3,909.34, was sent to the mailing address in accordance with the timeframe specified by the *********** Settlement Procedures Act ("RESPA").

We understand that the check was not received and remained outstanding. Therefore, we submitted a request to stop the check and reissued it in January 2025. On February 5, 2025, we reissued the funds via check number ******. The check was sent by regular mail, please allow 7 to 10 business days to receive the check in the mail.

We attempted to call you on February 18, 2025, to provide you with the outcome of our review, but we were unsuccessful in reaching you.

Please note that we are unable to accommodate your request to pay interest on the funds as interest was not collected.

Our review of the loan determined that no servicing errors occurred related to escrow. You have a have a right to receive a copy of the documentation we relied upon to reach this conclusion. This documentation has been enclosed for your convenience.

Should you require additional assistance, or wish to dispute the outcome of our review, please contact us in writing at SWBC Mortgage, ****************************************

Should you have any questions regarding this matter, please contact me at ************.

Sincerely,
Asia G.

Executive Resolution Specialist

Enclosure
Initial Complaint
Date:02/03/2025
Type:Sales and Advertising Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
My husband and I received a "Delinquent Notice" from SWBC Mortgage on January 15th, 2025 stating our "loan payment due on February 01, 2025 is in default." We called them to ask "How can a payment in the future be in default" and their response was "That letter was sent in error...lots of people received those." We asked for a letter clearing this "error" and the ***resentative told us she "was sorry and can place a complaint for us." Sending people notices such as this one has happened before and **** needs to start taking accountability for these "errors" and be help responsible for these errors by compensating people for their time and anxiety due to these errors. My husband and I stay current on our responsibilities and, as cancer Survivors, these heighten our stress levels, especially when you call in and the *** acts as though it's no big deal. Absolutely unacceptable!
Business Response
Date: 02/24/2025
February 24, 2025

***********************
***************************************************************************************

Re: Case number: ********

To Whom It May Concern:

We have received your correspondence dated February 3, 2025, pertaining to Case Number ********. We understand the borrowers concerns and take this matter seriously. We have conducted a thorough review of the circumstances cited in this case.

Based on the information the borrower provided, we have reviewed their account and have resolved their concern. On February 13, 2025,we confirmed no errors occurred regarding this request.

While we are unable to provide personal financial information, we would like to share the steps taken to resolve the borrower's issue. Here is a summary of our response and any new information (if applicable):

On December 13, 2024, the January 2025 installment statement was mailed out to the borrower.
On January 13, 2025, the January 2025 statement was generated again and sent to the borrower. A payment was also received from the borrower.
On February 3, 2025, the borrower submitted a post-dated payment to process on February 13, 2025.

This loan was not reported delinquent for the month of January 2025.

Our review of the loan determined that no servicing errors related to payments. The borrower has a right to receive a copy of the documentation we relied upon to reach this conclusion.This documentation has been provided to the borrower for their convenience.

Should you require additional assistance, or wish to dispute the outcome of our review, please contact us in writing at SWBC Mortgage, ******************************* 08628.

Should you have any questions regarding this matter, please contact me at ************.

Sincerely,
******* *.
Executive Resolution Analyst
Initial Complaint
Date:10/28/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
If I could give this mortgage company a zero rating I would. They have been an absolute nightmare to work with their customer service over the past year. No one cares or wants to help when an issue comes up. You cant get to an actual person that can do anything about your account. I feel like they are trying to push us out because we received our mortgage loan when interest rates were so low. They are doing everything in their power to find a way to mess with our mortgage every month. We never had an issue until the past year when interest rates were climbing . Its funny how the timing all works out. We were tired of dealing with constant issues with their online service and started sending certified checks from our bank. They tried to tell us that it was a bad check until my husband called their customer service multiple times. One representative finally told him they didnt know why it was showing up like that and fixed it only after it already was showing up as a late payment on our credit. There has been some issue every month for the past 4 months, that turns out is not an actual issue, once my husband calls and has to waste his time on the phone to get them to fix their mistakes. My husband also sent our mortgage for October in 2 weeks before the due date and they applied it directly to our principle even though the statement was already out for the month. So now they are trying to say we didnt make octobers payment and its showing up as a late payment. There also has been issues in the beginning of the year where they said we didnt make a payment even though it came out of my husbands account when we were on auto draft and all of that went against our credit. Theres been so much more but its too much to write all out.
Business Response
Date: 11/05/2024
November 5, 2024

BBB Corporate Office
*******************************************
****************

Re: Case number: ********

To Whom It May Concern:

We have received your correspondence dated October 28, 2024, pertaining to Case Number ********. We understand the borrowers concerns and take this matter seriously. We have conducted a thorough review of the circumstances cited in this case.

Based on the information the borrower provided, we have reviewed their account and have resolved their concern. While we are unable to provide personal financial information, we would like to share the steps taken to resolve the borrower's issue. Here is a summary of our response and any new information (if applicable):

The borrowers loan was reported delinquent multiple times.
The borrower has numerous payments not honored by their bank which resulted in the borrowers having to make their payments through certified funds.
The borrower must provide documentation that shows the information, we have on record is incorrect.
We have not received the borrowers payment for October 2024. The borrower will need to provide proof of the payment.

Our review of the loan determined that no servicing errors occurred related to your credit reporting.The borrower has a right to receive a copy of the documentation we relied upon to reach this conclusion. This documentation has been provided to the borrower for their convenience.

Should you require additional assistance, or wish to dispute the outcome of our review, please contact us in writing at SWBC Mortgage, **********************************************************************

Should you have any questions regarding this matter, please contact me at ************.

Sincerely,
***** *.
Executive Resolution Specialist
Initial Complaint
Date:06/04/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I have a mortgage with SWBC Mortgage. Due to a divorce, I have been trying to pursue an Assumption of the Loan so that the existing mortgage can remain in my name and my ex-husband can be released. I reached out in 03/2023 to SWBC Mortgage in order to get the assumption process started. The process has been very slow and frustrating. The company has been unresponsive to both emails and phone calls. I was able to find documentation to fill out on line as a Preliminary Request for Assumption/Release of Liability on 03/23/2023. I followed-up, via email on 04/25/2023, and received a response on 05/09/2023 acknowledging receipt of the form that I had sent. I followed-up again on 07/08/2023 via email and on 07/26/2023, I received a response that included Assumption Package Paperwork. As I was filling out the forms, I had some questions as to whether the papers they gave me were the documentation that I needed, as it appeared to be for a 3rd party purchaser of the property, so I called SWBC to ask for assistance. I was told that someone would call back within 48 hours, and never received a call. I called multiple times after that, but was unable to get assistance. So I filled out the forms to the best of my ability and sent them to the ********************** on 12/19/2023. After sending the package, I called many times to inquire about the status. on 02/04/2024, I received a package from SWBC in the mail with a request for clarification on some of the information I had included in the original package along with a request for additional information. I promptly returned the requested information the following day. I was informed that although my package was overnighted to them on 12/19/2023, they did not officially open my file until 01/23/2024. I was told that it would take 120 days to go through the underwriting process. It has now been well over 120 days since the day the file was opened and well over a year of poor communication and customer service.
Business Response
Date: 06/19/2024
Good evening,
We are currently pending the final response from our servicing team. I expect to receive the final version by end of business Friday. Thank you
Customer Answer
Date: 06/20/2024
Complaint: 21795632

I am rejecting this response because:
I finally received an email from the ********************** on June 13, 2024 in which they requested additional information regarding my finances along with a request for my most recent paystub. All of which I returned on the same day. On June 18, 2024, I received an email stating that Underwriting is still backed up and there is still no clear information regarding the timing of completing the transaction.

Regards,

*******************************
Business Response
Date: 07/03/2024
Our records indicate that ********************** initially inquired about submitting an assumption request in March 2023. However, we did not receive the actual written request until December 2023.

On January 4, 2024, we received a request from to send the assumption package to ** XXXXXXXX ************, ********. We processed this request. On January 24, 2024, we reviewed the information we had on file and determined that additional information was needed. A letter detailing what was needed was sent on January 24, 2024. However, we did not receive the necessary documents and on March 8, 2024, we were informed by ********************** that she did not receive the letter requesting additional information. She requested that we resend the additional items letter. We processed that request accordingly.

On March 11, 2024, we determined that we had the necessary documentation and that the file would be forwarded to our underwriting team for review. On April 8, 2024, May 7, 2024, May 21, 2024 and June 12, 2024, incomplete application notices were sent to you advising them that we needed additional information to render a decision regarding the assumption request.

Our records indicate that the assumption processor spoke with ********************** on June 3, 2024. At the time of the call, the loan was with the underwriting department and there were no updates available for your loan.

On June 6, 2024, the loan was sent back to the processor as additional information was needed to complete the underwriter's review. Most recently, a Notice of Incomplete Application (NOIA) was sent on June 12, 2024, detailing the items needed to proceed with the underwriters review.

In regard to the assumption process, the entire assumption process *** take between ****** days from receipt of the completed application. If a complete package is not received upfront, this can extend the timeframes for completion.

An underwriting decision can take up to 30 days after a complete application is received. It can take upwards of 90 to 120 or more days for a final determination on an Assumption request.

Once approved, a closing will need to be held, at your expense, which could add another 15 to 30 or more days to the process.

We attempted to make contact with ********************** to discuss the resolution on June 14, 2024, however, we were not successful in making contact.

Regarding dissatisfaction with the assumption process, we do note that attempts were made to resolve this issue several times with representatives in our **************************** We regret that the experience reflects a level of customer service that does not meet our standards.

Our review of the loan determined that no servicing errors occurred related to the assumption process.

Should you require additional assistance, or wish to dispute the outcome of our review, please contact us in writing at ********************************************.
Initial Complaint
Date:03/25/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
My mortgage company is falsely reporting my balance on my mortgage and I contacted them asking them why they are falsely reporting an incorrect amount. The amount they are reporting is the balance and the escrow shortage, which had NOTHING to do with the balance. They told me they dont know anything about it and cant do anything about it so they told me to contact the credit bureaus. They were reporting *******. And now are reporting *******. Both are including the escrow shortage which is incorrect; my current balance is sitting at *******.
Business Response
Date: 04/08/2024

April 8, 2024
Better Business Bureau
************************************************************
****************

Re: Case number: ********

To Whom It May Concern:

We have received your correspondence dated March 23, 2024, pertaining to Case Number ********. We understand the borrowers concerns and take this matter seriously. We have conducted a thorough review of the circumstances cited in this case.

Based on the information the borrower provided, we have reviewed their account and have resolved their concern. While we are unable to provide personal financial information, we would like to share the steps taken to resolve the borrower's issue. Here is a summary of our response and any new information (if applicable):

The borrowers balance on their loan has been reported accurately.
There are no corrections to be made to the borrowers credit reporting.
The account has not been reported delinquent while being serviced.
To provide more accurate data to the credit reporting agencies, the balance reported to the credit bureaus may contain a number of additional items which are calculated into the total balance. This amount includes (where applicable):

The principal balance (including balloon payment amounts)
Interest - calculated to the end of the prior month
Late fees
Insufficient funds (NSF) fees
Assumption fees
Escrow advance balances
The borrowers loan currently has shortage, due to an increase in property taxes causing the escrow account balance to drop below the required amount
As a servicer, we are bound by contract with investors to report to the credit repositories. The Fair Credit Reporting Act (FCRA) requires that if we report, it must be accurate. We are therefore unable to waive or revise our late payment reporting.

We contacted the borrower to discuss the resolution on March 28, 2024. While we regret this was not resolution they had hoped for,we appreciate them bringing this to our attention.

Our review of the loan determined that no servicing errors error occurred related to the credit reporting. The borrower has a right to receive a copy of the documentation we relied upon to reach this conclusion. This documentation has been provided to the borrower for their convenience.

Should you require additional assistance, or wish to dispute the outcome of our review, please contact us in writing at ****************************************************************************************************

Should you have any questions regarding this matter, please contact me at ************.

Sincerely,
**************
Customer Answer
Date: 04/09/2024
Complaint: 21477692

I am rejecting this response because the business continues to report my account balance falsely. They insist to add my escrow shortage into the balance which is incorrect. Escrow shortages are very common and do not result in the increase in your loan balance! And I have already provided the business proof as to how this has dropped my and my husbands credit scores significantly because the credit bureaus believe that instead of paying off the debt, we increased the amount of debt owed to the business! I understand full and well that an escrow shortage will mean that my payment will increase when the escrow analysis is completed. That is it. That escrow shortage should not be added to my loan balance. In the conversation I had with the business when they contacted me about the complaint, they insisted that they have only reported on time payments therefore they have not impacted our credit negatively, But increasing our loan balance does indeed negatively impact our credit because as I stated before, the credit bureaus now think that the debt we owe the business increased.

Regards,

*************************
Business Response
Date: 04/26/2024
Good afternoon,
I am confirming receipt of the borrower's response. This has been forwarded to our Servicing team to draft a reply. Thank you
Customer Answer
Date: 04/26/2024
Complaint: 21477692

I am rejecting this response because:
Its not a real response, just an update on correspondence

Regards,

*************************
Business Response
Date: 05/02/2024
May 2, 2024
Better Business Bureau
**********************************************************
****************

Re: Case number:********

To Whom It May Concern:

We have received your correspondence dated April 30, 2024, pertaining to Case Number ********. We understand the borrowers concerns and take this matter seriously. We have conducted a thorough review of the circumstances cited in this case.

The borrowers loan currently has shortage due to an increase in property taxes causing the escrow account balance to drop below the required amount. When the taxes were due, there were not enough funds in the escrow account to make the payment, SWBC Mortgage covered the shortage and paid $1849.01 towards the taxes. This is called an escrow advance, which is added to the loan balance.

As a servicer, we are bound by contract with investors to report to the credit repositories. The Fair Credit Reporting Act (FCRA) requires that if we report, it must be accurate. We are therefore unable to waive or revise our payment/balance reporting.

While we are unable to provide personal financial information, we would like to share the steps taken to resolve the borrower's issue. Here is a summary of our response and any new information (if applicable):

The borrowers balance on their loan has been reported accurately.
There are no corrections to be made to the borrowers credit reporting.
The account has not been reported delinquent while being serviced.
To provide more accurate data to the credit reporting agencies,the balance reported to the credit bureaus may contain a number of additional items which are calculated into the total balance. This amount includes (where applicable):

1) The principal balance (including balloon payment amounts)
2) Interest - calculated to the end of the prior month
3) Late fees
4) Insufficient funds (NSF) fees
5) Assumption fees
6) Escrow advance balances**** (This is the $1849.01)

We contacted the borrower to discuss the resolution on March 28, 2024. While we regret this was not resolution they had hoped for, we appreciate them bringing this to our attention.
Our review of the loan determined that no servicing errors error occurred related to the credit reporting. The borrower has a right to receive a copy of the documentation we relied upon to reach this conclusion.
Customer Answer
Date: 05/03/2024
Complaint: 21477692

I am rejecting this response because:

As a result of my complaint, the company executed an early escrow analysis on my account and raised my payment $500 prematurely. When speaking to the loan servicing supervisor on the phone, she assured me that my escrow analysis was to be executed in June of this year as it was last year and that my payment would likely change then. However this month I discovered that they did it earlier than anticipated and with no notice whats so ever two months ago and the payment took effect, again without any notice to myself. No email, No notification, nothing. This begins to feel like retaliation.
Regards,

*************************
Business Response
Date: 08/21/2024
August 21, 2024

Better Business Bureau
************************************************************
****************

Re: Case number: 21477692

To Whom It May Concern:
When the borrower initially inquired about their escrow account, it triggered an automatic escrow analysis, which is standard procedure. The analysis, conducted in March 2024, determined that the borrower's escrow account needed a balance of $2,511.88 to cover anticipated disbursements and meet reserve requirements. However, the current balance was -$1,849.01, resulting in a shortage of $4,360.89. The analysis also indicated an increase in property taxes contributing to the shortage. Details of the escrow shortage can be found in the Account Projections section of the analysis statement, which was mailed to the borrower on 03/07/2024. The statement informed them that their new payment amount effective 05/01/2024 reflects these adjustments. A copy of the analysis is enclosed with this response for your reference.
Customer Answer
Date: 08/22/2024
Complaint: 21477692

I am rejecting this response because:
Nobody is denying the account had an escrow shortage. The fact is that it should not be added into the amount owed when reporting to the credit bureau because adding the shortage to the principal is inaccurate and incorrect. The escrow and the loan amount are two separate things.

Regards,

*************************
Initial Complaint
Date:03/22/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I am looking to file a gap insurance claim and have requested a list of the required documents. Every time I try to speak with a live representative I get put in a loop of automated messages. The automated message asks for a list of nine documents to process my claim and has the option of having a list sent to my email. I sent the email on Monday and I have yet to hear a reply. I tried calling SWBC's main customer service line which again put me in the automated message loop. In other words, there is no user friendly way to file a gap insurance claim. I suspect this is a way to deter customers from filing valid gap insurance claims. I have called the number and repeated the automated list of documents to try and file the claim despite the above-described challenges. However, I have no live person to speak with to ask questions on how to obtain said documents. The document list includes a complete list of payment history, principle and interest. It also asks for gap contractor waiver. Without having a live human to answer your questions some of these documents are very challenging for an ordinary customer to locate or know how to obtain. Again, I suspect this is a strategy create a disincentive and deter people from filing valid gap insurance claims. All I am asking for is a live human to speak with to file my valid claim and for some guidance from the company, which SWBC has not done to date.
Business Response
Date: 03/28/2024
On March 26, 2024, **** called the borrower and left a voice mail requesting the borrower call back and provided the borrower instructions on how to reach a live representative to file a GAP claim. **** also sent via email to the borrower a list of documents required to file a GAP claim with the named parties from whom the borrower may request the documents and provided the contact phone number, facsimile, and email address for the **** GAP Claims department.
Initial Complaint
Date:08/17/2023
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
State Farm incorrectly sent a refund check to SWBC Mortgage for an overpayment on my ********************** SWBC Mortgage cashed this check instead of returning the check. SWBC states they did not receive this check and they cannot help me. State Farm provided proof that SWBC was mailed the check and the check was cashed. SWBC is withholding $634.00 from me.
Business Response
Date: 08/23/2023
********************,
We can certainly understand the frustration this situation has caused you. We do not see that you have a current loan or a prior loan with SWBC Mortgage so trying to find any information or track the receipt of the check is difficult. Can you provide a copy of the canceled check or something that will help us with our search? Also, since we have no record of you being a customer, if State Farm issued the check to us in error, it's concerning they're not taking ownership of the error. You should not have to **** down your money if they sent the check to a company that has absolutely nothing to do with your current mortgage. If you need further assistance, you can email me directly at ******************.
Sincerely,
***************************
Sr. Compliance Manager
Customer Answer
Date: 08/23/2023
Complaint: 20480852

I am rejecting this response because: I reached out to ***** directly via email, this case is not completed. Pending *****'s response.

Regards,

*************************
Business Response
Date: 12/19/2023
Please see attached. Thank you.

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