Rocket Mortgage - Two Factor Authentication vs. One-Step Update

Rocket Mortgage now requires multi factor authentication. When using "One-Step Update" the prompt for the pass number in Quicken does not work and continues to send the request to Rocket Mortgage who issues a new pass code. This continues over and over and over. I have to cancel One-Step update and disable Rocket Mortgage if I want anything to work. Is there a work around?
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Answers

  • RPKnutson
    RPKnutson Member
    I have this same problem. Started about a week ago. Can we get this fixed or get a workaround?
  • UKR
    UKR SuperUser ✭✭✭✭✭

    Just my 2cents' worth …
    I would not bother attempting to activate any loan or mortgage accounts for downloading. I would just simply set them up as "offline" (manual) loan accounts with a Scheduled Reminder to record the monthly payment from your checking account. 
    (Not discussing LOC or HELOC accounts here. They should be set up 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.

  • mwkarrick
    mwkarrick Member
    UKR -- you are correct about the utility of downloaded mortgage data on Quicken. I like having this on the desktop and updated as part of the overall financial picture. I find it distressing that "Quicken" can't get this right with "Rocket Mortgage (AKA quicken loans). Makes me wonder if they can't get this right what else are they missing? I pay an annual subscription for Quicken and I want it to work - no matter how inane and simple the piece of financial data I want automatically updated might be. I also find in amusing that "Rocket Mortgage" is not listed under the accounts search. It is still called "quicken loans". The squeaky wheel gets the grease. It does not work - I'd like it to work.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    It is the bank, credit card or mortgage company which ultimately decides whether they allow "third party data aggregators" like Quicken, Intuit, etc. to access their computer systems on your behalf. Recently, "for security reasons", more and more banks decide to block these service providers, rendering a good feature useless.
    To avoid these problems maintain your mortgage account as an offline account, as described earlier. This way you'll have a properly working mortgage account register with a correct balance and your payments will be made on time.
  • atltiger
    atltiger Member
    i am having the same issue, just goes in a loop with it rocket keep sending the passcode and quicken not accepting it. there is a way around it as ukr says, but i have to agree with mwkarrick, i am paying for this to work, so is it possible to fix on quicken's side to get it working again.
  • Quicken people, please contact rocket mortgage and see why this issue persists. Thank you
  • Matt Comer
    Matt Comer Member ✭✭✭
    UKR said:
    It is the bank, credit card or mortgage company which ultimately decides whether they allow "third party data aggregators" like Quicken, Intuit, etc. to access their computer systems on your behalf. Recently, "for security reasons", more and more banks decide to block these service providers, rendering a good feature useless.
    To avoid these problems maintain your mortgage account as an offline account, as described earlier. This way you'll have a properly working mortgage account register with a correct balance and your payments will be made on time.
    Here are my two problems with this:
    1) But this is QUICKEN trying to connect to QUICKEN LOANS (a.k.a. Rocket Mortgage). Is it not reasonable to expect that these obviously very related companies be able to get their stuff together to have a reasonable customer experience?
    2) IMHO the entire point of software like Quicken is to be able to retrieve, aggregate, and manage my financial data across many banks and institutions. Your quote above basically says "yeah, you may as well give up on that and go back to doing everything manually". I know that for me - and I suspect this will be true for many others as well - there will be no point in continuing to use (and pay for) Quicken if that is the case.
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