A book of preprinted, precoded tickets or punched cards provided to borrowers. A coupon is sent with each payment to enable the lender to identify the payment by name of borrower, account number, amount of payment, and type of mortgage loan.
A loan repayment tool. Generally, lenders (or servicers) provide coupon books (rather than monthly bills) to remind borrowers of their obligation to pay and to associate the borrower's payment with his or her account (once received via mail). Coupon books are mailed to the borrower and contain all the coupons required by the borrower until the next coupon book is printed and mailed or until the loan is paid in full.
A book of printed tickets furnished to the borrower. One coupon is returned each month with a check or money order, enabling the mortgage servicer to identify the payment by name and loan number.