PAYMENT METHODS AND OPTIONS
What options are available for making my monthly payment?
PAY ONLINE:
Securely submit your payment using the “Make My Payment” option on this page. Choose from either a one-time payment or setup recurring payments.
RECURRING MONTHLY PAYMENT (ACH):
ACH is an easy and efficient way for you to make your monthly mortgage payment. With this payment method, your mortgage payment will automatically deduct from your designated checking or savings account each month on the date you choose.
To set up and manage your recurring monthly payment, complete the ACH form under “forms” on this page. Enroll, edit, or cancel your recurring ACH at any time through this safe and secure customer-friendly platform.
ONLINE BILL PAY:
You can use your financial institution’s bill payment service* to send payments electronically. Make sure to include your Carver loan number as the account to pay.
*Please note: Some third-party electronic bill-pay services may withdraw the funds from your bank account prior to sending our way. We will credit your account when we receive the payment from the third-party service.
PAY BY MAIL:
Detach the payment coupon and mail it along with a check or money order. Please write the loan number on the check or money order and mail it to the Payment Processing Center listed below.
Mailing Address:
Carver Federal Savings Bank Attention: Loan Operations
1825 Park Ave – 7th FL
New York, NY 10035-1932
Can I pay with a credit/debit card?
No. Currently, we are unable to process payments by credit or debit card. However, we can process payments using either a checking or savings account.
If I select the ACH option, can I change my draft date?
Yes. Go to “Forms” and select ACH FORM and make the change. Please note: Available draft dates are the 1st, 2nd, 3rd, 4th and 5th days of each month. Additionally, if the change request is submitted after the scheduled draft date, the change will take effect with your next scheduled draft.
PAYMENT ADJUSTMENTS
Why does my billing statement show multiple payments due?
Please be advised your printed statement may have been mailed before your payment was posted, causing your billing statement to show two payments due.
When are billing statements generated?
Billing statements are auto generated if/when:
- The first time a payment has been completed each month
- Within four days of the end of the grace period (If a payment has not yet been made)
- On the first business day of the month (if two or more contractual payments were completed the prior month)
NOTE: Customers will receive one (1) billing statement monthly.
Do I have a grace period?
Although payments are considered late if not received by the due date, most mortgage notes allow time after the due date for the monthly payment to be received before late charges are assessed. Every mortgage note is different; therefore, the “grace period” may vary from one loan to another. Please contact our Loan Operations team at 1-844-201-1171 to discuss the specific terms of your account.
Will Carver accept less than the total amount due?
If a contractual monthly payment is due, payments received for less than the amount owed will be treated as a partial payment and will not be applied to your balance. We will hold the partial payment in a suspense account until the full amount has been received.
If no payment is currently due, the funds from the partial payment will be applied to the principal balance (if no additional fees exist.)
If the total amount due has not been received by the end of the grace period, a late fee may be assessed. Further delays could negatively impact credit reporting.
FINAL PAYMENTS AND PAYOFFS
How do I request a payoff statement?
To submit your payoff request electronically, click here.
If you were making payments through a bill pay service or Automated Clearinghouse (ACH), please ensure you cancel or delete any future payments at least five (5) days before sending your payoff funds.
I received an updated payoff quote without requesting this. Why?
Payoff amounts are subject to change. If the payoff amount of your loan increases, we will send an updated quote to the original requestor free-of-charge.
I requested a payoff, but I never received it. Where could it be?
If you requested your payoff quote by e-mail, please make sure to check your Spam and/or Junk folders. These documents are, at times, automatically routed there by your email client.
If we sent the payoff to your mailing address, receipt could take 7-10 business days from the date of your request. If you have not received a payoff quote by either method listed above,
Is there a fee to request a payoff?
No fees are assessed for requesting a payoff quote.
Where do I send a payoff payment?
Carver Federal Savings Bank Attention: Loan Operations – Payoff Processing
1825 Park Ave – 7th FL
New York, NY 10035-1932
What happens once my loan is paid in full?
We will send the Satisfaction of Mortgage (SAT) to the county where your property is located. This process usually takes anywhere between 10 and 90 days to complete.
Once the county records the SAT/lien release, they will mail the recorded lien release to our partner. We will receive a copy of the recorded lien release, and you will receive the recorded lien release directly from our lien release partner. Additionally, depending on the state where the property is located, you may receive copies of the original note and/or deed of trust.
Any remaining escrow funds will be mailed within 20 business days from the paid-in-full date. Any remaining funds on your account, due to overpayment of payoff funds or additional payments, will also be mailed to you via check as soon as possible. Please ensure we have your updated mailing address on file to avoid delays. You can update your address by contacting our Loan Operations team at 1-844-201-1171.
My loan has been paid in full; do I need to cancel any outstanding ACH or Bill Pay?
Carver will cancel any automated clearinghouse (ACH) payments once a loan pays in full, but we may not be able to prevent drafts scheduled within five (5) business days of receiving payoff funds. Please contact Carver to cancel your recurring payment once you have confirmed that your loan will be paid off.
Once your loan has been paid in full, please contact any bill pay provider to cancel and delete any future payments.
