Why is my Home Equity Loan from Prosperity Bank loading in Quicken as a Line of Credit now?

Am I the only one whose Home Equity Loan from Prosperity Bank is now loading in Quicken as a second account as a Line of Credit and is now listed under credit cards versus debt? The Home Equity account was originally set up in May 2017 and is still showing up under Debt, but stopped updating Jan 2020 when the new account appeared as a credit line. I talked to Quicken Help and was told it was because the bank must have this loan set up as a Line of Credit and I should contact them. We deleted the account and attempted to reset it up, but still the same problem. I did talk to Prosperity customer service and was told the account is clearly set up as a Home Equity Loan not a line of credit. Looking at my bank account online, it doesn't say anywhere that it is a line of credit. They are pointing fingers at each other! Quicken versus Prosperity Bank. I use Quicken for Mac. I can't be the only person this has happened to? Help anyone?

Comments

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    edited August 2020
    Hello @Sarah D

    Thank you for taking the time to visit the Community to post your question, although I apologize that you haven't received a response.

    It is pretty common that the bank transmits a mortgage/loan as a line of credit, to track a mortgage/loan it often requires that the bank specifically supports this type of account to download to Quicken as these accounts have a different format than regular banking accounts.

    Have you considered tracking this manually? Manual loans offer the ability to split the payment between principal and interest which a downloaded loan would not include. 

    Also, with a monthly reminder,  to track the loan payment, the end result ends up not being much different than automatically downloading the account.

    To learn more, please take a moment to review the information available here.

    I hope this helps!

    -Quicken Tyka
    ~~~***~~~
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    @Quicken_Tyka, but the OP stated that this loan is an HEL ... not a traditional mortgage.
    HEL's and HELOC's are set up as if they were credit cards in Q because they act more like a card than a traditional mortgage.
    In an HEL or HELOC, you're allowed to take additional draws, and to make payments in varying amounts ... neither of which you can do in a traditional mortgage.
    @sarah d, in Q, please do TOOLS, Account List and then click EDIT adjacent to this accounts name.  Click the 'Display Options' tab and then you'll have options under "Account Intent" as to where the account appears.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Sarah D
    Sarah D Member ✭✭
    @Quicken_Tyka - thanks for the response. I guess tracking manually is an option I can consider.
    @NotACPA - I would like to try your approach as a solution, but I don't see TOOLS to even begin making the selections you have outlined. Step 1: where do I find TOOLS?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    @sarah d, sorry for the misinformation.  I'm running QWin ... and that's how one would fix it in QWin.
    How would you edit account attributes in QMac?  You might try looking there.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Sarah D
    Sarah D Member ✭✭
    @NotACPA - I was sooo hoping I could try your plan. I will explore how to edit account attributes in QMac. Thanks for the input!!!
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