Continue to receive Error CC-501 trying to connect a Loan Depot mortgage account to Quicken.

Frank B..
Frank B.. Member ✭✭
My first call to Quicken was on 7/9/21 and I have had two other calls since where the Quicken rep was going to submit the problem. The problem was posted twice in the Quicken Community but neither specifically referenced Loan Depot. Both times Quicken responded the issue being resolved but my problem continues and I still cannot electronically connect to Loan Depot. The message continues, ". . . unable to connect to Quicken servers. Do not contact Loan Depot for assistance, they cannot fix the problem."

Please try to resolve this or if I need to set it up to manually adjust monthly, well, that's what I may have to do for 30 years!

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭

    For whatever it's worth ... I would not bother attempting to activate any loan or mortgage account for downloading.  (Not discussing LOC or HELOC accounts here which should be treated like credit card accounts)

    An online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018+
    you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

    Loan setup in Quicken for a mortgage usually correctly calculates the amounts of principal and interest required for each payment. Using the Scheduled Reminder to record your monthly payment will have the correct amounts each month. Other than comparing the monthly amounts to the mortgage statement, there's nothing you should have to do.
  • Frank B..
    Frank B.. Member ✭✭
    Thank you UKR. Luckily this loan is only three months old. I did the manual updates on a car loan a few years ago and hoped it would be a little easier now with a mortgage. Getting PITI details off the monthly mortgage account statement just takes minutes but that is 'my time'. Can't understand why the technology doesn't improve and make things easier for us but maybe someday, suppose is more on the banks side than Quicken's. Thank you again and it appears I am in manual mode again!
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