Mortgage Setup with Express Connect

slewkowicz

It appears that a mortgage set up with an online update feature does not provide the payment details needed to track individual transactions. Last year I set up a mortgage with Wells Fargo, downloaded the information and created the accounts. Since then, no transactions were showing and I can't reconcile the account.

I later refinanced the mortgage with Rocket Mortgage and did the same thing and encountered the same issue. In order to show the payment details, I had to deactivate the connection. This then allowed me to split the opening balance transaction to pay off the Wells Fargo mortgage. I tried to deactivate the WF connection, but could not do so because I had unreconciled transactions, which did not display.

Any help on this issue or should it be reported to Quicken as a support issue?

Tom Young

I believe that what you describe would be called "working as designed" by the programmers.  IF you set up a loan for automatic update THEN you have no access to the loan's register and must simply accept the numbers pushed to you by the lender.  It's a passive approach to doing your accounting and you have to take the bad with the good, which includes having your loan principal payments treated as a "Category", (expense), which they most certainly are not under conventional accounting principles.

To have access to the loan register you must set the loan up as a manual loan.  In the main this latter approach works well, particularly if you are diligent about reconciling your Accounts, including loan Accounts.

Tom Young

I believe that what you describe would be called "working as designed" by the programmers.  IF you set up a loan for automatic update THEN you have no access to the loan's register and must simply accept the numbers pushed to you by the lender.  It's a passive approach to doing your accounting and you have to take the bad with the good, which includes having your loan principal payments treated as a "Category", (expense), which they most certainly are not under conventional accounting principles.

To have access to the loan register you must set the loan up as a manual loan.  In the main this latter approach works well, particularly if you are diligent about reconciling your Accounts, including loan Accounts.

compuwise

It seems problematic that one cannot simply disconnect the FI connection to revert to a manual loan. the opening balance transaction remains inaccessible. It may be "working as designed" but the design is flawed.

Chris_QPW

compuwise said:

It seems problematic that one cannot simply disconnect the FI connection to revert to a manual loan. the opening balance transaction remains inaccessible. It may be "working as designed" but the design is flawed.

I don't have a "connected loan" to try on, but it has always been my understanding that since the start of Quicken Subscription they allow you to disconnect in the Account Details -> Online Services tab, and get back to manual entry.  But note once you do that you can't connect it back up for online download.