Newrez Mortgage payments fail with Quick Pay
Quicken Classic Premier for Windows Version R52.28 Build 27.1.52.28 (and prior versions of Quicken Premier for Windows)
The bills and income “Quick Pay” feature fails to send online payments to Newrez Mortgage.
Problem:
After setting up Newrez Mortgage as an online biller, Quicken is unable to successfully send “Quick Pay” payments to this biller even though Quicken lists “Quick Pay” as an option for the biller (see “NewRez.jpg”). I have not experienced this problem with any other online billers where Quicken offers the "Quick Pay" option for them.
When trying to actually send the Newrez Mortgage online payment through “Quick Pay” Quicken will display an error dialog stating “Quick Pay payments not available for this biller” (see “QuickPayFailure.jpg”). All actions taken so far to resolve the quick pay problem have failed and included the removing of the biller, re-adding the biller, "fixing" the biller, and using a new data file.
I suspect the online “Quick Pay” failures have something to do with Newrez’ Multi-Factor Authentication (MFA) which they introduced and the protocol checks around it. During the Quicken online biller setup for Newrez Mortgage, Quicken will automatically trigger the Newrez internal systems to send a new MFA code to the account holder (i.e.: via SMS text message) so that the MFA code can be entered into the Quicken online biller “security code” credential field. Once the Newrez Mortgage biller is successfully setup in Quicken the Newrez systems may either be asking Quicken for a new MFA code every time the “Quick Pay” payment option is chosen or having difficulties identifying the online payments are coming from Quicken and no MFA code is actually required. Many years ago E-Trade had a very similar problem with Quicken when E-Trade introduced their MFA tokens. The problem with Quicken and E-trade was eventually fixed when the Quicken application no longer trigger the need for a new MFA code every time the application accessed E-Trade. Instead, the E-Trade user id and password were only required when using the Quicken application.
What’s even stranger is that Quicken does properly download the Newrez Mortgage bill due dates, total amounts due, and even the most recent payment history when a payment is made from the account directly on the Newrez Mortgage website. The “NewRez-PaidFromNewrezWebsite.jpg” shows how Quicken automatically updated after I physically logged into my account on the Newrez Mortgage website and scheduled a payment there for October 1.
I have noticed the Quicken “Bills and Income” page will, for whatever reason, every so often indicate the Newrez Mortgage biller needs to be “fixed” even though Quicken is still properly downloading all the information for both the current and upcoming bills. The “fix it” feature for the Newrez Mortgage biller is always successful when this occurs and does prompt for the Newrez online credentials of user id / password along with the newly generated MFA security code that Quicken triggered Newrez to send to the online account holder.
Comments
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Recommend you stop trying to use Bill Manager / Quick Pay to make your mortgage payments. As you can see from the error message, it won't work.
Instead, on the mortgage website, authorize NewRez to automatically direct debit your checking account for this and all future payments on due date. This way, and provided you always have sufficient funds in your checking account, payments will be made on time every time.
In Quicken maintain the mortgage account as an "offline account", not connected to NewRez for transaction downloading. This allows the Scheduled Reminder, created by the Loan Setup process, to correctly transfer principal to the mortgage account register, to reduce the balance. Interest is categorized to a Mortgage:Interest (or similar name) category. Optional Escrow amounts withheld by the mortgage company are transferred to a separate offline Escrow Withholding asset account0 -
Thank you for the feedback.
Quick pay online payments is a feature of Quicken and something that should work. Granted hiccups might arise along the way but that shouldn't be a reason for users to find alternative means for shortfalls of the product. Quicken support should really look into the problem and address it. Or, if the issue is on the billers side then flag the biller as not accepting quick pay and remove the option for it.
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