You will either get a replacement coupon book or receive monthly billings until the new coupon book comes out in June. A small fee will be charged. Your payments cover the principal and interest on your loan as well as property taxes and insurance premiums. In June, you will receive a Summary Statement with an annual analysis of your escrow accounts. They will advise you of any shortage or overage, and of the interest we pay you on those escrow accounts.
Payments are due on the first of the month and are late if received after that date.
However, you have a 15 day grace period before late fees are assessed. If your payment is not received by the 15th of the month, the late fee will be assessed. A reminder notice will be sent to you. You should make your payment promptly, including the late fee. They will help you work out what to do.