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Transfer of mortgage

palopetes

Chase recently took over my mortgage from Amerisave. I've set up the new account in Quicken; however, the Amerisave account still shows the balance after their last payment was received. The new Chase mortgage didn't 'payoff' the Amerisave account. I can't seem to find how to resolve that.

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J_Mike

You need to enter a Transfer transaction between loan accounts reflecting that Chase transferred funds to Amerisave paying off the old loan.

In the new Chase account you should have an opening balance due transaction.

Edit that transaction making it a transfer to the old Amerisave account.

This will zero out the old account.

palopetes

That's what I'm trying to find. I don't see a register showing the initial opening transaction.

J_Mike

Are these accounts set up for download - or for manual entry?

palopetes

They both are set up for download.

UKR

https://community.quicken.com/discussion/comment/20382378#Comment_20382378

That's where the fly is in the ointment …

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 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.

J_Mike

https://community.quicken.com/discussion/comment/20382378#Comment_20382378

OK - that explains the lack of a transaction register and my earlier response does not app;y.

I have no experience with downloaded mortgage accounts. Not sure what you can do if Amerisave does not download the zero balance.

Perhaps someone else can offer a solution.

palopetes

Actually, the download process works well with the Amerisave and Chase connections. It breaks down the interest and principal as needed.

And, thanks to your info, I was able to resolve my issue. I disconnected online services to Chase which gave me a register. I re-categorized the initial balance to payoff Amerisave successfully, then reconnected Chase to online services. Equity and net worth is reflecting as I wanted.

Thank you for your response.