New Mortgage Servicing Company

johnodrake

I was recently transferred to a new mortgage servicing company: Freedom Mortgage Corporation.

This servicing company does not show in Quicken. Moreover, when I asked the Freedom Mortgage CSR, his response was "what's Quicken" Does Quicken have any plans to add this servicing company to the companies that interface with Quicken?

Tom Young

Quicken cannot, on its own, decide to allow for downloading from a financial institution, the financial institution itself must make that decision.

johnodrake

Correct. Freedom Mortgage does not interface with Quicken

UKR

It's up to management at Freedom to decide if they want to set up transaction download access for Quicken users. If and when they do, they need to work together with Intuit Inc. as the data service provider.

Until such time I recommend you maintain your loan account in Quicken as an Offline (manual) loan account.
Use the Scheduled Reminder created by the loan setup process in Quicken to make your monthly payments, internal to Quicken, and use the monthly mortgage statement to verify the amounts for principal, interest, optional additional principal and optional escrow are correctly calculated. Correct as needed to keep Quicken register in sync with mortgage statement.
To make actual payment access the mortgage website and set up Autopay, to pay monthly amount on due date as direct debit from your checking account. This is a one-time action. When set up, you won't have to worry about making each monthly payment when it comes due. The mortgage company's computer does the work for you.

NotACPA

Downloading into a mortgage account is ill-advised as ONLY the principal portion of your payment will download … not the Interest or any Escrow amounts.

A preferred practice is to use Q's "Mortgage Wizard" to set up the payments, download into your checking account (to confirm the total paid) and then manually compare Q's numbers to your monthly statement.

Q's Wizard will automatically calculate the amortization of the Prin/Int split and I've found it to be VERY accurate once it's setup … although on occasion a penny adjust will need to be made once at setup to bring Q's payment calc into agreement with the Lender's.