FAQ.

Payments received will be applied in accordance with the terms of your mortgage note. This generally means that funds will first be applied to any payments past due. Once current, any additional available funds will be applied to outstanding fees, costs and advances prior to being applied as a principal reduction. Should you have any questions regarding a specific payment, please call our office at (661) 847-4800.

You are still responsible for making your payment on time. Please write your loan number on your check or money order and send your payment to the address below. Other payment options are also listed on the Ways To Make Payment page on this website.

Karpe Real Estate Center
8501 Camino Media, Suite 400

Bakersfield, CA 93311

Late fees are determined by your mortgage documents. If your payment does not reach us within the grace period specified in your mortgage documents, you will be assessed a late fee. Again, this is determined by the date the payment is actually received by Karpe and not by the mailing date, postal date, or the date on the check.

Payments that are properly noted with your loan number and mailed to the address on your statement will post within 24 hours of the day of receipt provided they are received on any regular business day, Monday through Friday. Payments received on a weekend or holiday will post on the next regular business day.

If two or more weeks have elapsed since you sent the payment, Karpe suggests for your protection, that you ask your bank to put a Stop Payment on the check. You will then need to resubmit your payment to Karpe. If you elect to place a stop payment on the check, please note that Karpe will not be responsible for the stop payment charge from your bank, and a $25.00 returned check fee will be assessed to your account when the check is returned unpaid. Our Customer Service Department (661) 847-4800 can assist you with payment methods such as ACH (payment via the phone). If you would like to make a payment online, visit the My Mortgage main menu and click on Make Payment. If you would like to enroll in Karpe’s Automated Clearing House (ACH) service, your payments can be automatically withdrawn from your bank account. You can enroll in this program by also clicking on the option located on the main menu.

This is known as a partial prepayment. Assuming your loan is current and has the standard payment application requirements (check your Note and Mortgage for details), an amount sent over and above the regular payment amount will be applied first to any outstanding charges (such as late fees or interest) and then to principal.

Late charges are specified in your Note. A payment is considered late one day after the payment due date. However, late charges are assessed in accordance with the “grace period” as identified in your Mortgage Note.

We comply with state requirements for lien release/satisfaction. However, the actual recording of the lien release/satisfaction is performed by the county, in which the secured property resides. Upon receipt of the lien release/satisfaction document, most counties record the document and return it to Karpe within 45 to 60 days. However, some counties can take longer.

Payoff Quote is a statement that itemizes the total amount required to repay the loan in full.

A simplified way to define Interest in Arrears is that the current month’s payment pays the prior month’s interest. Interest in Arrears defines the manner in which most mortgage loans are amortized (paid) to maturity.
Example: The October 1st payment will include interest from September 1st to September 30th.

Prepayment Penalty is an amount that is charged on some loans if they are paid off early through refinancing and/or sale or if payments of principal are made before they are due. This penalty is charged in accordance to the terms reflected in the Note, and any Riders or Addendums.

Yes. Refunds are mailed within 30 days after application of payoff funds. However, keep in mind that your principal balance alone does not represent the total amount necessary to pay your loan in full. Typically a payoff consists of principal, current interest, any outstanding fees and potentially may include a prepayment penalty. Therefore, the total to pay off your loan could be considerably higher than your current principal balance.

An escrow account is a service provided by Karpe at no charge to our customers. A portion of your monthly payment is set-aside in this account to accumulate the amount necessary to pay your future taxes and/or insurance when they become due. Generally, an escrow account is set up when you purchased your home or refinanced your loan, in order to allow sufficient time to accumulate the necessary funds to cover future payments. If you have not previously setup an escrow/impound account and would like to do so now, contact our office at 661-847-4862.

An initial escrow disclosure will be mailed to notify you of the deposit amount required to open an escrow/impound account, along with the projected monthly escrow payment. Once we receive the required escrow deposit, the escrow account is activated and the escrow payment is added to your monthly mortgage payment.

In the event you think that Karpe has made an error in the servicing of your loan please send a letter to Karpe Loan Servicing, 8501 Camino Media, Suite 400, Bakersfield CA 93311 including the following information, as applicable:

• an explanation of the error or complaint,
• all evidence that supports the explanation of the error or complaint,
• the date and time frame in which the event occurred, and
• names of people with whom you interacted.

Within 5 business days of receiving your inquiry, Karpe will send you a written response acknowledging it. Within 30 business days, Karpe will either correct your account or determine that it is accurate. Karpe will send you a written notice of the action taken and why, along with the name and telephone number of whom you can contact for additional assistance.

Do not subtract any disputed amount from your mortgage payment. Payments received in an amount less than the normal monthly amount require special handling and may also result in late fees or place your loan in default.

 

By the end of January each year, you will be sent a statement (Form 1098) of the interest that you paid on your mortgage during the previous calendar year.