Support Monthly statements, Ban coupon payment books

We need monthly statements to verify our payments, not payment coupon books when making our mortgage and student loan payments. When we send in our payments utilizing a payment coupon book provided to consumers by the lenders, we have no way of verifying that our payments made have been applied accurately. Consumers need monthly statements to track their account and ensure accuracy. By utilizing coupon payment books provided by the lender, we are blindly trusting that the mortgage servicer has accurately applied our payments as intended without the benefit of a "checks and balance" system in place. By using the coupon payment books, we are blindly trusting that whatever payments we make timely to the lender are being applied as timely payments...accurately. When we send in our payments utilizing a coupon book, we have no way of verifying that our payment has been applied without any errors by the mortgage servicer. Many recent findings and rulings against the mortgage servicing industry, point to billions of dollars owed to consumers for misapplied or mismanaged accounts due to widespread mortgage servicing problems both negligently and illegally. Without monthly statements the consumer is often unaware that these inaccuracies are taking place and that often times these errors extend the life of their loan and cost us thousands of dollars of additional fees and interest. Late payments with additional late charges and incured fees have been finding there way illegally applied to consumer loans. If the consumer makes additional principal payments, in an attempt to pay off their loan earlier, there is no way to track and verify how that money was applied without the benefit of a monthly statement. Consumers need to follow their loan progress to effectively ensure mortgage servicing errors do not grow to the magnitude where the true balance of their loan can not be determined, and to ensure that consumers are not being overcharged. We are asking that monthly statements be mandated to those consumers that request a monthly statement and those that don't want a monthly statement can opt out. Many petitions are being circulated off-line as well as on other sites...please only sign in one location. for addtional information see: http://www.consumercity.org