Quicken calculates that Rocket Mortgage through Schwab is paid off, when it isn't

GregCote

For at least six months now, my rocket mortages are incorrectly calculated as paid off in Quicken. Every time that I update, a pay off transaction is added to the account (wish this were true). Does anyone know how to fix? I've tried to delete these accounts and reload, but the same error occurs. Thanks.

Tom Young

I expect that you've got this mortgage set up as a "downloading" loan?

If that's the case then your complaint that the loan is shown as paid off when it isn't is a fairly common complaint in this "Community" as the downloading process -simply put - just isn't all that reliable. The best way to fix this is to not have loans, of just about any sort, setup as downloading loans. Instead, let the Checking Account in your file feed principle reductions to the (manual) loan Account, and periodically check Quicken's balance to the loan servicer's balance to make sure the liability is correctly stated.

The conceit here with downloading loans is that since the servicer is updating the loan's balance you shouldn't have any access to the loan's register, so there's no way to correct errors when erroneous information is downloaded. Keep the loan as a manual loan and as long as you're entering payments in the checking Account correctly the loan's balance will be correct.