Payments are due on the 1st of each month. On or about the 20th of the month prior to your first payment, Cake, Inc. will mail your billing statement. For your convenience, Cake has also provided you with a First Payment Letter with two payment coupons in your set of loan closing documents that you can use to mail with your check should you not receive your mortgage statement in time. In either case please include your loan number on your check, make it payable to Cake, Inc. and mail it to:

Cake, Inc.
Attn: Loan Servicing
3700 Wilshire Blvd., Suite 330
Los Angeles, CA 90010

Cake will be transferring the servicing of your loan to a new Servicer within the first 30-90 days of your loan closing. You will receive a Welcome Letter notifying you of this change. Should any payments be sent to Cake during the transferring of your loan, Cake will forward to your new Servicer for proper posting to your account. If you need to wire your payment, please call the Customer Service Department at 213-788-3530 for correct wiring instructions.

Please Note that late charges will be assessed for all payments not received in accordance with the terms of your Note. To avoid the additional expense of a late charge, please refer to your Note for the specific late charge terms applicable to your loan.

Yes, by selecting the Contact Customer Service link and providing the required information, you will be able to contact us electronically with your questions or concerns. You will receive a written response or phone call within 48 hours of receipt of your request.

HELOC is a lenders?promise to advance the borrower the maximum dollar amount at the time the loan was approved and closed. When the loan closes, the payment amount stated in the loan documents must reflect what the payment would be should the borrower choose to withdraw the entire loan amount immediately. Since a HELOC’s balance will vary based on what the borrower draws, the actual interest charged and the payment calculated will be determined by the dollar amount the borrower has withdrawn.
Here’s an example: If a HELOC funds on February 10, the first payment will be due on the first day of the second month following funding – April 1. Interest is never collected upfront on a HELOC loan, so as of April 1, 48 days of interest on whatever draws the borrower has taken (if any) will have accrued. If no withdrawals have been made, no interest is due. If the entire amount was withdrawn, the maximum amount of interest will be due ?but this first payment will be higher because it’s based on 48 days worth of interest rather than the 30 days the payment in the loan documents is based upon.
Succeeding payments will be due on the first day of each month thereafter. Since the balance on a HELOC can change daily, payments will be recalculated monthly, based on each month’s outstanding balance and the current index that the payment is based on.
Remember, a HELOC’s interest rate is also based on compounded interest rather then simple interest like a standard 1st trust deed loan. Hence why the balance can change daily.