Loan Servicing
Thank you for being a valued SWE Homes customer. SWE Homes has been in business for more than 35 years, and we are commited to providing a positive experience for our customers.
Loan Servicing Department
The SWE Homes Loan Servicing Team is here to answer your owner-financed loan questions. Our team is based in Houston, Texas.
How to make your loan payment
At SWE Homes we provide our customers with multiple options to make payments that are fast and convenient. Please contact us if you have any questions about your monthly payment. We accept the following forms of payment:
Make a claim
We know this may be a difficult time, and we are committed to helping you get your insurance claim funds as quickly as possible. Not only do we value you as a SWE customer, but as your mortgage company, we have a security interest in the property and need to make sure the property is restored to good or marketable condition that is similar to what it was before the damage occurred.
Claims Process
Below are the steps needed to process the insurance claim check received from your insurance company. The following requirements are in accordance with the terms of your loan.
- Provide SWE Homes a copy of the insurance adjuster's report/estimate.
- Deliver endorsed insurance claim check to SWE Homes.
- Provide photos and/or videos of damage.
- Obtain a contractor's estimate (bid) of your choice and send it to our office.
Your estimate (bid) should include:
- Name of contractor, address, and phone number.
- Itemization of repairs to be made, designating the type of materials to be used with corresponding costs.
- Total cost of job.
- Copy of contractor's liability insurance.
When the repairs are complete, an inspection by SWE Homes will be done before the final payment is released. If the total job/claim is below $2,000.00 pictures may be accepted if an inspection cannot be performed.
What else do I need to know?
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.
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 improve your property.
Forced Placed Insurance
Force-placed insurance, also known as "Lender-placed" insurance, is an insurance policy placed on a property when the borrower has failed to maintain sufficient hazard insurance or has otherwise allowed insurance coverage to lapse. It covers the lender against loss of property securing the loan. SWE may force-place insurance on a home if the borrower fails to maintain adequate coverage as specified in the loan documents and require the borrower to pay the premiums.
It is important to note that force-placed insurance:
- is typically more expensive than an insurance policy you can obtain yourself
- may not provide as much coverage
- does not cover personal property or liability coverage
It is best to provide your own insurance. If we are notified that your policy is set to expire or has expired, SWE will send you two reminders to update your policy prior to force-placing coverage. Written confirmation of insurance from your agent, such as renewal policy, biner, or other evidence, should be faxed to 713-231-1170 or emailed to dl-insurance@swehomes.com
713-231-1170If 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. Please provide our office with a copy of your renewal certificate.
Make a Payoff Request
Ready to pay off your mortgage or switch lenders? Request a payoff statement from SWE Homes. Please make sure to include your property address and the primary account holder’s name at the time of your request. Payoff requests can take 4-7 business days. First Payoff is Free of charge, additional requests are $25.00, which may be added to the monthly payment.
Common Questions
At SWE Homes we care about our customers and want to help you through the recovery process, such as filing claim(s) with your insurance company.
In order to protect you and your property, we have created the following procedures.
After filing the claim with your insurance provider, notify us that you are in the process of a claim, and if needed one of our inspectors will be contact you to take pictures of the damages.
Please find below the steps needed to continue with processing the insurance claim check received from your insurance company and 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 insurance adjuster's report/estimate.
2) Deliver endorsed claims check to SWE Homes.
3) Provide photos and/or videos of damage.
4) Obtain a contractor's estimate (bid) of your choice and send it to our office. All estimates must include:
a) Name of contractor, address, and phone number.
b) Itemization of repairs to be made, designating the type of materials to be used with corresponding costs.
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. In 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.
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 improve 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, force-placed insurance is an insurance policy placed by the lender 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 if we received a Notice of Cancellation/Non-Renewal from your current insurance provider, and 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.
Does not cover personal property or liability coverage.
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.