In other cases, lenders will not keep debt on their accounts if the debt is delinquent, so they sell it to companies like Selene to remove it from their accounts and concurrently bring in more cash for additional loans. If you took out a mortgage with another direct lender, and then received information that it was being transferred or sold to Selene, this was likely why. There are situations where a direct lender may not service their loans so they sell them to companies like Selene. However, Selene is a loan servicer so they will follow up with you, communicate with you, and call about payments on your mortgage.
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A debt collection company buys existing loans or debt for pennies on the dollar and after taking ownership of the loan, tries to collect the full amount. They can choose to manage the loans they provide or use a loan servicer to manage on their behalf. A direct lender is the financial institution that loans money for mortgages. A loan servicer can manage loans they have originated or loans provided by other lenders. A mortgage loan servicer is a company that sends mortgage statements to you, keeps track of your interest, responds to questions, and otherwise manages the loan. Selene Finance is a mortgage loan servicer. If you have complaints about Selene, you can share them. Selene definitely is a real company, but real companies sometimes do unfair things. It is a residential mortgage company based out of Texas. These are some of the common questions we hear about Selene: Is Selene a real company?
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