Quicken calculates that Rocket Mortgage through Schwab is paid off, when it isn't
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.
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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.
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Not a great solution (obviously), but I appreciate your helpful response.
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While I believe that in almost every case having a downloading loan is a Complete and Utter Waste of Time - after all, everything having to do with an regular amortizing mortgage comes from your payments out of the checking Account, (and, Quicken uses hinky accounting entries to make this work with your recorded principal being recognized as an expense, not an principal pay down) - if you really want a downloading loan in your Quicken file then at this point I'd suggest calling Official Quicken Support, allowing screen sharing, and see if they can't determine what the problem is here.
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