First you need to contact the state banking department, as this is who governs lenders and brokers, that is who they get their licenses from. Second, for the first few years of your mortgage, you pay mostly interest: only a very little piece of your payment goes to principal. Your payment for up to the first three to four years is mostly interest then you start paying more and more to principal. When you closed you should have gotten a schedule of payments for the entire term of the mortgage which shows how the monies get disburst. If anything at all is going to principal, even just a small percentage than you are not in an interest only loan. Get your schedule and see how it works. If it was only interest only, nothing would be going to principal. Check your monthly statement, that will show you the breakdown of your principal, interest, and escrows if you included them. As far as them "sitting" on the check, make your payments over the phone each month, it is an automatic debit out of your checking account, and you control the whole thing.