Freedom Mortgage Status

WolfieH3

Hi all. New here, trying out Quicken as a Mint refugee. I can't seem to find any recent posts about the status of Freedom Mortgage. The latest one said it was connecting but I'm not seeing it in the account list. Does anyone know what's going on with this one?

Mint uses the Intuit data provider too and they connect to Freedom Mortgage without a problem. [Removed - 3rd Party Software] uses Plaid & Finicity and they connect to it. How is Quicken different where they can't? Are there different versions of the Intuit data provider? I guess I was thinking that since Quicken also uses Intuit that they'd be able to connect to/offer everything that Mint can?

UKR

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.

WolfieH3

Thanks @UKR Is this something on Quicken’s radar to fix? Or how they mean it to be? I’m trying to sort of up my game with managing my finances after using Mint for the basics. There the following transactions come thru:

1. Mortgage Insurance Payment
2. Mortgage Payment (though they recently started coming thru as negatives instead of positives in the account)
3. Property tax dispursement

I honestly didn’t do much with the info except to compare my mortgage payment and property tax year over year.

I’d like to properly set these up with the correct categorizations. I’ll manually update since that’s needed. Could you recommend an article or something that explains the how’s and whys of managing these transactions here in quicken by chance?

UKR

Don't hold your breath trying to wait for fixes.

To manage a home mortgage in Quicken I recommend

1. Create an "offline" checking account register for the amount of Escrow withheld every month.
2. Define an "offline" mortgage account beginning with your next monthly payment due and the remaining balance due. Let the loan setup process guide you thru the steps of setting things up.
   This is what my mortgage payment transaction looked like. It withdrew funds from my checking account
   
   
3. Record any payments for taxes, insurance, etc. made for you by the mortgage company in the Escrow account register.
4. Make sure your monthly transactions' principal, interest, etc. amounts exactly match the monthly mortgage statement. Adjust as needed.
5. If you haven't done so already, go to the mortgage website and set up Autopay. Allow the mortgage holder to automatically debit your monthly payment from your checking account on due date. This way you don't have to remember making payment every month. And you don't miss a payment or are late.

WolfieH3

@UKR Thank you! You can't know how much I appreciate the help! I've tried calling/chatting with support a few times and it's been a horrendous experience. Shocked and disappointed so far with Quicken support.

WolfieH3

@Quicken Anja @Quicken Bree Any chance you might have an update on this?

WolfieH3

@Quicken Anja @Quicken Bree Also, why is this marked as answered? How do I remove that? My original question hasn't been answered yet. Thanks!