Why is it taking so long to fix the issue with mortgage accounts with error CC501?

I have not been able to update my Cenlar accounts since September of last year. The discussion link below keeps saying that the issue is being worked on, but it seems to me to be taking too long without more specific information on why the issue is still unresolved. Thx. Charles

https://community.quicken.com/discussion/comment/20261783#Comment_20261783

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭

    Just my 2cents' 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)

    At least in Quicken for Windows, 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.

    If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account.

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    A search of this Community has turned up some comments by other Quicken users who said they were told by Cenlar that Cenlar no longer supports 3rd party financial software.  Here are a couple of them:
    If you have not already done so, you might want to contact Cenlar to confirm this.
    If Cenlar confirms this then you might want to consider changing your Cenlar mortgage from a connected loan to a manual one or to set up a new mortgage account for it in Quicken as a manual loan.  There are some good advantages for having a mortgage set up for manual management instead of being a connected loan, including the fact that manual loans have account registers so you can see and edit (if needed) the payment transactions and the loan payment transaction downloaded to the checking account can be linked via transfer to the mortgage.
    (QW Premier Subscription: R39.23 on Windows 10)
  • splasher
    splasher SuperUser ✭✭✭✭
    Not trying to pile on here, but loans generally only have one transaction a month, two at most.  A manual loan account in Quicken setup with the loan wizard will do the job with minimal effort on your part and no issues with the download connection to the financial institution.  You have already wasted a lot more time trying to fix your issue than you would have spent with a manual loan.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
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