Mortgage Account Shows as a Credit Card, Unable to Change Account Type

System

This discussion was created from comments split from: Mobile App homepage - account totals are single digits.

TheBudah

I also have an issue under the property and debt section.

The bank whoholds my mortgage has somehow encoded my mortgage account as a credit card.
My bank is Citizens First Bank in Florida. I have seen others stating this issue since a user is unable to change the account type.

On my Quicken Deluxe windows application my property value is listed with the mortgage account and my net value is calculated correctly.

On the mobile app the mortgage is being listed under Banking and Credit.

This causes my total in that area to be extremely incorrect and my Property and Debt numbers do not include my mortgage.

Any assistance would be greatly appreciated.

Quicken Jasmine

Hello @TheBudah,

Thank you for contacting the Quicken Community, though I do apologize that you are experiencing this issue. 

First, I suggest creating a test file and adding the Citizens First Bank account(s) to see if it produces the same issue with the loan categorization. It is recommended to save a backup before proceeding with troubleshooting steps in the event that you would like to return to your original starting position. Below are instructions on how to create a test file:

1. Choose File menu > New Quicken File.
2. Select New Quicken File.
3. Click OK.
4. In the File name field, enter the name of the new file, then click Save. Use a name like "Test File" to tell it apart from your main file. 
   Don't use any of these characters: * ? < > | " : \ / (asterisk, question mark, left and right-angle bracket, pipe, straight quotation marks, colon, BACKSLASH, FORWARD SLASH). Also, don't add the .qdf extension; Quicken does that for you.
5. Sign in with your Quicken ID. If you are prompted to create a Quicken ID but already have one, click Sign In under the Create Account prompt. 
6. Select to not use Mobile.
7. Click Add Account to start adding accounts to the new file.

After adding accounts, see if you are experiencing the same problems in this test file. 

Please let me know how this goes, I look forward to hearing your response. 

TheBudah

I am unsure what happened to my response entered yesterday but I will reply again.

I created the test file as requested. Setup my accounts (2) at the bank where my mortgage is.

Is was created as a credit card account. In order to be able to link it with the asset account I also created, I had to change the it to a liability.

I was then able to link it to my house asset account but this is exactly what I had already done in my normal file.

So, I don't believe there was any change.

Quicken Jasmine

Hello @TheBudah,

Thank you for attempting that test file and for providing more information.

Due to the same issue occurring in the test file as in the main file, we recommend reaching out to Citizens First Bank for further assistance as this indicates an issue with the way they are sending information through the servers. It is recommended to request to speak to a tier 2 agent or a supervisor as they are generally more familiar with third-party applications such as Quicken.

I hope this helps!

TheBudah

Hi Jasmine - thanks for your response.
I have created a new Quicken file and named it Test File.

I have connected with the bank that holds my mortgage and has a checking account.

The bank is listed in the partner area so I simply added my creds and Quiken found the 2 accounts.

The checking account is account type checking and the mortgage account is still credit.

I added an asset account for my house and attempted to link the new mortgage account to it.

The account didn't show up as an existing account. I went to the account details and changed it to a liability account and was able to link it to the asset account. Changes it to a liability account also stops its amount from showing up as part of the total credit balances.

So from my perspective it is the same as before.

Just curious…. Does the bank provide an account type to Quicken during the download/creation process?

Thank you

UKR

Since the process appears to be broken …
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 as offline 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 name seems to vary with the Loan Type you selected when creating the loan account in Quicken.

Effective with Quicken Windows 2018 and newer
you should be able to deactivate an online-connected loan account and regain full control over your transaction register. And you should also 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.

Just my 2cents' worth …