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BBB Accredited Business since

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BBB Accreditation

A BBB Accredited Business since

BBB has determined that SWBC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

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Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for SWBC include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 5 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

5 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 1
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 3
Total Closed Complaints 5

Customer Reviews Summary Read customer reviews

0 Customer Reviews on SWBC
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

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BBB file opened: February 01, 1987 Business started: 04/01/1976 Business started locally: 04/01/1976 Business incorporated: 05/11/1977 in TX
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Texas Department of Insurance
333 Guadalupe St, Austin TX 78701
http://www.tdi.texas.gov
Phone Number: (800) 252-3439

Texas Department of Savings & Mortgage Lending
2601 N Lamar Blvd # 201, Austin TX 78705
www.sml.state.tx.us
Phone Number: (877) 276-5550
rcrochet@sml.state.tx.us

Type of Entity

Corporation

Business Management
Mr. Gary Dudley, President Charles E Amato, Chairman C Jorgensen, CFO
Contact Information
Principal: Mr. Gary Dudley, President
Business Category

Financial Services Insurance - Employee Benefits Mortgage Bankers Employee Benefit Plans Insurance Companies Mortgage Lender

Alternate Business Names
Southwest Business Corporation SWBC Employee Benefits Consulting SWBC Insurance Services SWBC Investment Services, LLC SWBC Mortgage Corp SWBC PEO (Professional Employer Organization)
Industry Tips
Finding a financial planner

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  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
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  • Guarantee or Warranty

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Additional Phone Numbers

  • (210) 525-1242(Phone)
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Complaint Detail(s)

10/1/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: SWBC has failed many times to pay-out on an insurance check that was issued to them and my name. It has been two months in their possession and I fulfilled all paperwork asked of me. I have been hung up on by there claims department several of times. The claims department has been giving me false information about the funds dispersement process and have failed to give me direct yes or no answers. I am unable to fix my home which in the process has been getting more damages as I wait for their departments poor customer service to respond or give me appropriate answers. My claim check funds have been in their possession, I can't sell my home or rent it in the condition it is in. I have even been told to foreclose on my home if I can't move out of it. I have to move for the military and have no choice in the matter. The problem can be fixed if I could get the insurance funds to repair my home. But, the claims department continues to give me false dates and no direct answers.

Desired Settlement: Quick check turn around without withholding funds for repairs on my home. A payment for holding funds without any reason and an apology for intentionally lying to me about sending checks and misinformation about policies.

Business Response:

We are working with our sub-servicer to form a response as quickly as possible.


Sincerely,

 

***** ******

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

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

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

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

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

(800) 527-0066 - Toll free

(210) 581-1665 - Fax

Consumer Response: Complaint: ********

I am rejecting this response because: I have already waited an additional month for any kind of response from any of your departments. Collections gave me a call to try and collect on a debt i didn't owe, collections even said they didnt know why the were calling me. I ended up going with another financial institute to resolve the poor service and long wait times with SWBC. I hope nobody tries to continue to do business with SWBC because they are terrible at what they do. Im sure they will collect the insurance money from me before i transfer my loan to the new company. Stay away from SWBC they are weasels with money.

Regards,

****** *****

Business Response: First, we would like to apologize for any unnecessary delays the consumer experienced in the handling of the loss draft claim as this does not reflect the level of service we strive to provide.  We appreciate that he brought this matter to our attention so that we can utilize it as a coaching opportunity to enhance our customer service skills.  According to our records, on August 4, 2014, the consumer contacted our office to notify us that the mortgaged property had sustained damage as a result of a wind storm on May 26, 2014.  Since the estimated cost of the damage exceeded $10,000.00, the representative informed him that we considered the claim to be a “monitored claim.”

On August 6, 2014, we received claim documents that included the Conditional Waiver of Lien and the W-9 form, however, the Conditional Waiver of Lien was rejected since it was missing the contractor’s signature.  We note the consumer’s statement that the insurance claim check has been “in [our] possession” for two months and we respectfully disagree.  Our records indicate that on August 8, 2014, we received the insurance claim check for less than $10,000.00 from the insurance company, payable to the consumers and SWBC Mortgage Corporation.  According to our records, the consumer contacted our claims department on August 11, 2014, and requested an exception be made to the monitored-claim process to allow for the release of the full amount of the claim funds.  The exception request was reviewed and approved the same day.  A call was placed to the consumer and he was informed that he claim funds would be released to him and his contractor.  On August 12, 2014, the claim check was deposited into the restricted escrow account. Unfortunately, a processing error occurred and the claim funds were not released promptly.  Further, there was confusion surrounding the requirement for completed claim documents and a letter dated August 14, 2014, was erroneously mailed to the address of record informing the consumer of the missing documents.  On August 18, 2014, the consumer contacted our claims department to request the status of the check and was erroneously informed that in order to release the funds the missing documents were required. Additionally, since funds are generally released in both borrowers’ names, the consumer was informed that a power of attorney would be needed to ensure the second consumer could endorse any additional checks that may be released in the original consumer's name while he is deployed.   According to our records, on August 21, 2014, we released the funds from the restricted escrow account and on August 26, 2014, our check number payable to the consumer and his contractor, was sent via regular mail to the borrower’s address of record. Our records indicate that our check was negotiated on September 4, 2014.   We received a second insurance claim check  on September 2, 2014, for less than $10,000.00 from the insurance company, payable to the consumers and SWBC Mortgage Corporation.  The funds were deposited to restricted escrow on September 4, 2014.  Although no updated claim information has been received to date, on September 24, 2014, we made a second exception and released the balance of the funds in the restricted escrow account to the borrowers.  We will contact the insurance adjustor to obtain any updated claim documents.  Once the claim check has been issued, we will send the funds to the mailing address of record via FedEx overnight delivery.  A call was placed to the consumer today to apprise him of the status of the claim and to inform him that an inspection is required to confirm completion of the repairs. The consumer stated that it would be approximately 30 days before the repairs would be completed. 

10/1/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: My wife and I purchased a house (*** ********* **) back in Feb 14. There was a hail storm in May 14. I filed through my insurance. Everything happened that was suppose to. I recieved a check from the insurance for repairs to my house. I picked a contractor out to repair everything needed. Now I also contacted SWBC because they have to co sign the check for the funds to be released. Now the issue is my wifes name is on the account, mine is not. Yet to over come this I submitted to thier request of providing a power attorney etc.. I sent in this power of attorney, I also sent in a copy of the estimated damages. The check was even sent in to SWBC. Now they are saying they never recieved my power of attorney and they don't have the check. Then when I called again they said they sent the check back... Then when they finally would talk to me they said I needed another peice of paperwork, I called my contractor got this paperwork filled out and sent to them.. Yet some how some way they are saying my case is still imcomplete that they need more paperwork and they can't talk to me. Mind you, my wife is in Afghanistan and I being active duty we are extremely busy. So my wife stays up late to call them to tell them they can talk to me. When they do talk to me, they seem reluctant to help. Granted this has been going now for two months.. Wonder what actions they would take if I missed a mortgage payment.. Oh they would call then, everyday till they got thier money. And yes yet again I will send another POA.

Desired Settlement: I want to get the check endorsed, so I can pay the contractor and get my roof fixed.. That would be awesome..

Business Response:

Re:       ***** ******* on behalf of ******* **** *******: ** ********

Dear *** ******:

This letter is in response to your correspondence received in our office on September 3, 2014.

According to our records, Mr. ******* contacted our office on April 18, 2014, to notify us that the mortgaged property had sustained damage as a result of a hail storm. At that time, Ms. ******* provided a verbal authorization to discuss the loan account with Mr. *******. It is our policy that a verbal authorization is in effect for the day it is granted. The insurance claim specialist offered to establish a life-of-loan authorization, but Mr. ******* cleaned.

Although we do not have a record of having received the Power of Attorney Mr. ******* references in his correspondence, we have confirmed that he is a co-signer on the Deed of Trust, and is therefore an interested party to the real estate. Our records have been documented accordingly so that he will have access to ban account information.

The insurance claim specialist with whom Mr. ******* spoke informed him if the total amount of the claim was below $10,000.00, the claim would be considered "non-monitored," and we would endorse the check upon its receipt and return the check to the borrower's address of record. The specialist also informed Mr. ******* of our monitored-claim process when the loss exceeds $10,000.00, which is a result of investor guidelines designed to protect both the consumer as well as the loan investor.

According to our records, on June 12, 2014, we received an unendorsed claim check for $6,355.84 along with claim documentation, including a statement of loss, indicating the total claim amount was $12,055.50. An outbound call was placed to the insurance carrier, ******** ******* **** ****** ********* ***********, on June 16, 2014, requesting a copy of the adjustor's estimate to confirm the total amount of the claim.

The estimate was received on June 19, 2014 and confirmed the total claim amount exceeded the endorse-and-release threshold of $10,000.00. The claim check was returned to the borrower requesting that it be endorsed.

The insurance adjustors worksheet was received on June 25, 2014, and manually reviewed by an insurance claim specialist on June 30, 2014. Since the total amount of the insurance claim as indicated on the worksheet exceeded $10,000.00, a monitored-claim package was mailed to the borrower on July 7, 2014.


 

As of today's date, we are in receipt of a complete monitored-claim package; however, we do not have a record of the borrower having returned the endorsed insurance claim check to our office. We will endorse the claim proceeds check and send the funds to the borrower's address of record once it is received in our office.

On September 12, 2014, we contacted the insurance carrier and confirmed that the claim check has not been negotiated. Should Mr. ******* not be in receipt of the claim check we returned on June 18, 2014, he may wish to contact the insurance carrier, to discuss his options.

At this time, we are not in receipt of any claim proceeds.

Once the repairs are complete, we will order an inspection. Upon receipt of evidence that the repairs are complete, we will endorse and release the depreciation check if it is in our possession at that time.

We understand that the insurance claim process can be stressful and frustrating and apologize for any unnecessary delays the *******s experienced as this does not reflect the level of service we strive to provide.

Should you have questions with regard to this matter, please contact me at ************. Sincerely,

******* ****

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

cc:       ***** *******

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

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


2/7/2013 Advertising/Sales Issues
8/27/2012 Problems with Product/Service
7/31/2012 Billing/Collection Issues