Federal lending law requires that mortgage companies at least send an annual statement
at the beginning of the year to its fixed rate customers. Some mortgage companies do choose to send monthly statements with a monthly payment coupon attached to the statement, but it is completely legal and common for a mortgage company to send a coupon book with six months' or a years' worth of coupons in the book.
Federal lending law also requires mortgage companies to send monthly statements to customers who have adjustable rate mortgages. Since the rate on the mortgage can change from month to month, it is imperative that a homeowner have up to date information on the interest rate the bank is charging. When the interest rate changes, the monthly payment changes, also. Without a monthly statement, homeowners may not be paying the correct monthly payment. A monthly statement also arms the homeowner with the correct information needed to make a decision on whether he would like to refinance to a fixed rate.
Whether a loan is at a fixed rate or an adjustable rate, mortgage companies are required by law to supply a customer with a new coupon booklet upon request (they do tend to get lost in a home office frequently). They are also required by law to supply a customer with a current statement upon request.
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