How to fix mortgage loan amorization

Win10, current subscription Quicken home version (Q). The home mortgage loan feature in Q with automatic entry used to work years ago but not with my 2017 loan. The payment amount principle v. interest was always wrong, the cumm loan bal was wrong, and frustratingly it could not be easily corrected. Q would not even allow me to adjust the loan balance. Every month I had to manually change the payment. Now I have a new loan from Rocket Mortgage (a Quicken loan). When setting up the Quicken loan in Quicken software, the Q program went directly to Q loans and downloaded all the pertinent info; term, interest rate, etc. But the first payment is wrong and does not match the prin/int info from Q loan company which Q provided. Is there a solution other than manually entering the specific info every month? What's the point of having an inaccurate loan feature which is locked in and cannot be corrected. I'm thinking I may be able to adjust the interest rate by some fractional amount to fool Q into working unless there's a fix coming. The Q program should recognize the error if the first payment is manually changed and then seek and use the correct amortization table, or use Q loans to download the payment breakout into Q software. Q is not working with Q. Is there a fix for this?

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    can you provide some specifics? The first payment on a mortgage is normally 'interest only" and is part of the closing statement. Technically it is not one of the 360 payments required on a 30 year mortgage. 

    A few questions:

    - does the interest rate in Q match the download? please provide the accurate number
    - does the term in Q match the download? please provide the accurate number
    - does the payment match the download? please provide the accurate number. Does the payment include the escrow by chance? 
    -  does the principle balance in Q match the download? optional: please provide the accurate number.

    From your comments, I am not clear whether Rocket Mortgage is sending the incorrect information or somehow Quicken is incorrectly consuming what it receives. 

    note that Quicken Software and Quicken Loans are two very separate companies; they have not been part of the same umbrella company since 2002, which is why Quicken Loans' parent company is now called "Rocket Mortgage" - to eliminate the confusion 

    Let's refer to your mortgage as :"Rocket Mortgage" for the rest of this thread to eliminate further confusion.
  • gregb4
    gregb4 Member ✭✭
    An interest payment was made as part of closing and is not part of loan setup in Q. Everything downloaded by Rocket loaded into Q exactly and was exactly as indicated in the closing mortgage documents. That everything includes, the interest rate to three decimals, fixed, 30 yr term, and initial loan amount. I entered it manually but had the same error. Loan start was 1Oct but I did not apply the first payment because the princ/int amounts in Q are wrong. The first payment in Q loan is now 1Nov, not 1Oct, and it won't allow me to go back. It appears the Nov pymt matchs the princ/inter for Oct as provided by Rocket in the first 1Oct statement. Q is off one month. Not sure Q will accept a prior date payment if I deleted the loan now and started over. May let it go and see what happens 1Nov. Otherwise, I just won't use the feature. It not correct nor useful. Thanks anyway
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