Frequently Asked Questions


Are you a customer who has been recently transferred to Selene?

You may have been notified that you were being transferred to Selene. It is extremely common for one servicer to sell mortgages to another servicer. Now that you’re with us, we want to welcome you to the new home for your loan!

Managing your mortgage just got easier. With our borrower portal, you can make payments, download documents and receive account notifications. You’ll also have access to our exceptional call center team, who are ready to assist you with any of your mortgage issues, as well as access to all our education resources and tools.

What is some important transfer information I should know as a new customer?

Your previous servicer should have sent you a letter of notification that included your official transfer date. If you didn’t receive a letter with an official transfer date, please reach out to your previous servicer. It’s important to note that the terms of your existing loan will not change. You will continue with your same interest rate, monthly principal and interest payments and repayment time frame.

Within 15 business days after your transfer date, you will receive a welcome letter from Selene. The welcome letter will include your new loan number, contact details and other relevant information, including when to start making payments to Selene.

When will I receive my first statement?

Your first statement from Selene should arrive within 30 business days of your transfer date.

How do I register my account online?

After 7 business days from your official transfer date, you can register to get access to your account online through our customer portal. To register, you can use your new Selene loan number.

How do I access tax documents?

Every year, if you’re not currently enrolled in e-statements, we mail paper copies of year-end tax statements no later than January 31.

For quicker access, these forms will also be available through the customer portal no later than February 1.

To view or download your IRS Form 1098 or Form(s) 1099:

  1. Sign-in to your Online Account
  2. Click on Documents
  3. Click on your Form 1098 or Form(s) 1099 document, where applicable

What is Form 1098?

A standard Form 1098, or “Mortgage Interest Statement,” is used to report mortgage interest of $600 or more paid to a lender for a mortgage. It will tell you the amount you’ve paid in interest over the past year. All Form 1098s for the previous year are mailed by January 31.

What will happen with my escrow account?

If you had an escrow account with your previous servicer, it was also transferred to us with your loan and your payments will continue. Please let your insurance company know that your loan was transferred to Selene and that we will be sending them payments from now on.

If you had life insurance or disability coverage (known as optional insurance products) through your previous servicer, they will not transfer. This means there’s a possibility that they could be cancelled. If you’d like to keep these policies, call your insurance provider to arrange direct payments for these policies.

What is escrow?

An escrow account, sometimes called an impound account, is set up by your mortgage lender to pay certain property-related expenses such as taxes and insurance. The money that goes into the account comes from a portion of your monthly mortgage payment. Many lenders require that you pay your taxes and insurance using an escrow account. Your mortgage servicer will manage the escrow account and pay these bills on your behalf.

What is private mortgage insurance (PMI)?

Private mortgage insurance, or PMI, is an insurance policy that protects a lender in the event that the borrower defaults on the loan.

Can I cancel private mortgage insurance?

Private mortgage insurance, or PMI, is an insurance policy that protects a lender in the event that the borrower defaults on the loan.

  • You may be eligible to request the cancellation of your PMI one of two ways:
    • When your loan-to-value (or LTV) ratio is scheduled to reach 80% of the original value* of the property (regardless of outstanding balance on this date)
    • When the principal balance of your mortgage reaches 80% of the original value* of the property (based on actual payments)

Additional requirements:

  • You must be current on your loan:
    • All payments in the last 12 months must have been paid no later than 30 days past the due date
    • All payments in the last 24 months must have been paid no later than 60 days past the due date
    • You must certify that the property is not subject to a subordinate lien
    • You must satisfy any requirement of the holder of the mortgage for evidence that the value of the property has not declined below the original value

*Based on original value, not current value.

We will automatically cancel your PMI when the principal balance of the mortgage is scheduled to reach 78% of the original value* of the property.

*Based on original value, not current value.

*Not applicable for FHA Loans.

How do I request mortgage assistance?

We recognize that homeownership can be challenging when financial difficulties arise. We are committed to helping you avoid financial hardship if possible. We have flexible options for our customers who are struggling financially. We focus on finding solutions to assist customers who are facing difficulty making their mortgage payment. Please contact us at (877) 735-3637 to review repayment and loan modification options. Our team of experts are ready to assist you.

What are the types of mortgage assistance?

Loan Modification
If you are currently going through a financial hardship, Selene will work with you to modify the terms of your loan to accommodate your situation, such as reduced monthly payments, lower interest rate or extending the time frame of the loan.

Short Sale
In the event there is not financially viable option to keep you in your home, a short sale is when, pending on the approval from your lender, you sell your home for less than you owe on the mortgage. If you’re approved and able to sell your home, any sales proceeds will be applied toward your mortgage debt. This is a good option because a short sale can have less of a negative impact on your credit score than a foreclosure.

Deed-In-Lieu
A Deed-In-Lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. And it can have less impact on your credit score than a foreclosure. A Deed-In-Lieu also gives you more time to arrange your move and transition to your new residence.

Military Service
U.S. military service members are eligible to receive financial protections under the Servicemembers Civil Relief Act. If your loan originated before your military service, you may be entitled to protection from foreclosure during your active service and up to 12 months following it. Also, if you have a high interest rate, you may be eligible to lower it to 6%.

SCRA Benefits
SCRA covers all active-duty service members, reservists and members of the National Guard while on active duty. The protection begins on the date of entering active duty and generally terminates within 30 to 90 days after discharge.
If you think you may qualify for protection and benefits under the SCRA? Please send a copy of your active-duty orders to:
Email: CustomerService@SeleneFinance.com
Fax: (866) 926-5496
Mail: Selene Finance LP
P. O. Box 8619
Philadelphia, PA 19101-8619

HUD
The United States Department of Housing and Urban Development (HUD) has a number of programs that can help assist you if you’re struggling with making your monthly mortgage payment. What’s unique about HUD is that they have trained housing counselors who will talk to you about your unique situation and go over all options that could work for you. Click here to find a HUD counselor.

When are my mortgage payments reported to the credit bureaus?

Selene reports borrower payments (both positive and negative) monthly to the credit bureaus. If a scheduled payment is not received by the last business day of billing cycle in which it is due, the payment may be reported as 30 days past due. Making your payment before the 30-day late payment deadline is important to avoid negative credit reporting.

How do I request a mortgage payoff?

For an instant mortgage payoff quote, please call (877) 735-3637

Written requests can be sent to: payoffquotes@selenefinance.com

If you pay off your loan in full, a notification letter will be sent to you within 3 business days after we receive your payoff funds. Also, your updated mortgage agreement and security instrument (Mortgage or Deed of Trust) to the property will be sent to you within the time frame required by your state. Charges for payoff statements vary by state and loan product type. Certain states require a fee while others do not.

Once your loan is paid in full, if there is an escrow balance, it will be refunded and sent to you within 20 business days of the payoff transaction.

What is a Successor in Interest?

Federal regulations define a successor in interest as the recipient of an ownership interest in a property securing a mortgage loan as a result of:

  • The death of a co-borrower on the mortgage secured by the property:
    • The death of a relative who is a mortgagor on the property;
    • Transfer by a spouse or parent;
    • Transfer as a result of a divorce or legal separation;
    • The establishment of a living trust

Transferees may qualify for successor in interest status that would allow them access to information related to this loan. However, in order to confirm this status, we need to be provided a copy of any deeds related to the transfer, any evidence of family relationship (i.e., marriage certificate, birth certificate, or other documents) and/or any trust documents, if applicable.

If you believe you are a successor in interest, please submit documentation
Email: CustomerService@SeleneFinance.com
Fax: (866) 926-5496
Mail: Selene Finance LP
P. O. Box 8619
Philadelphia, PA 19101-8619

How do I submit a Loss Draft claim?

For education on the Loss Draft process and to ensure a smooth repair process, please visit LossTrak.

LossTrak provides helpful educational videos and information on the Loss Draft process that can answer many of your questions. You will also have the option to notify Loss Draft of a claim directly from the website in order to start the process and receive a claim packet as well as other self-service options.