Consumer complaint received 2018-08-25
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — 
Company: Selene Finance LP (IN)

In the last 30 days I have been receiving letters from Selene Finance indicating that my Property insurance coverage is insufficient. Upon having conversation with my insurance company, I was advised by my insurance company that the level of overage I had selected was above what is required for the State of Indiana. In XX/XX/2018 I had an property appraiser complete a physical on site review of my property and dwelling. The selected coverage exceeded the property appraisers assessment.

My insurance representative made several attempts to reach someone at Selene Finance for an explanation. The only information that was released to my insurance representative was that Selene Finance required {$340000.00} worth of coverage with no clear explanation as to why.We made the necessary changes that Selene Finance requested until a time that was available to receive a more clear indication as to why the elevated amount was required. I had to take time out of work day to once again deal with the incompetence of this company to achieve the answers needed to resolve this issue. After waiting on hold for an excessive amount of time I reached a Selene Representative who in-turn sent me to the real estate representative, once again on hold until someone decided to answer the phone. During this time of waiting I patched in my insurance company representative to join the call and receive the explanation as well. once the real estate representative was on the line she kept asking me for the loan number to my account. I did not have the number with me but my insurance agent did. My insurance agent provided the number multiple times at the Selene representative would not process the request. We were on a 3 way call, my insurance company represents me and my interests and we have to play games like this?? Once again my insurance rep and I were placed on hold. I wrote the Loan number down and prepared for the return of the smug attitude of the Selene representative. Upon return I provided the loan number and proceeded to asking the question on the insurance requirements. The Selene rep would only state that they require the {$340000.00} amount, when asked how they came to that number, the Selene Rep stated she would have to transfer my call to customer service to get that answer. Again the call was transferred. Again, my insurance rep and I were place on an excessive hold time. Once the Selene Finance customer service rep connected, we went through the same verification process that was previously experienced. My insurance agent to the lead in questioning the Selene customer service rep. She insisted on sending me back to the real estate side to get the answers that we were seeking. I informed the Selene rep that we were just speaking with someone from the real estate group and they referred us to you because they could not answer the question.

Finally after nearly an hour had elapsed we were able to determine that the {$340000.00} amount is what Selene Finance required by what ever standards they were using to achieve that number, even though the mortgage amount was $ XXXX they demanded the excessive amount costing me more money unnecessarily. As a blue collar worker and field service technician, it is disrespectful of Selene Finance to respect the time of consumers while on the phone instead of jumping through hoops and playing the transfer back and forth games.It is despicable to say the least to be harassed by Selene Finance with letters and demand more money from me unnecessarily.

It is evident to me why Selene Finance has 1,120,400 complaints registered here on the CFPB and 200 different lawsuits filed against them. What is far more challenging is that a Regulatory Agency has yet to do anything about the malfeasance. I have also filed complaints with the Indiana Attorney Generals office. Something has to be done about this company and how they are operating.