How to set up New Mortgage Servicing Company

Hi...my home mortgage is moving to a new service provider, and I'm not sure how to both set up the new provider and retain records associated with the old provider.
The things that are changing are the Company Name, Account Number, and Bill Payment Address. The rate, term and payment amounts are the same.
I can't change the existing Payee entry, and would like to add the new Payee, but how do I carry over the Balance, Rate and Payment amounts?
I use Quicken for Windows, and the Online Bill Pay tool to send payments to the mortgage company.
Thanks!

Answers

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Hello @Bob DaBlob

    Thank you for taking the time to visit the Community to report this issue, although I apologize that you have not received a response.

    If you have not done so already, please take a moment to review the steps and information available in this support article.

    Please let us know if these steps help to correct the issue.

    Thank you,
    -Quicken Tyka
    ~~~***~~~
  • Bob DaBlob
    Bob DaBlob Member ✭✭
    Thanks! I have scanned the article and will try to follow the steps later today and see if it does what I needed.
  • Bob DaBlob
    Bob DaBlob Member ✭✭
    edited September 2020
    I followed the steps in the article and was able to set up a new loan using the opening date/rate/balance from the original loan.
    Following the instructions from the support article, there wasn't a place for me to enter any information to reference the old loan as being transferred to the new loan.
    I now have 2 mortgages...each with the same balance.

    Thanks for additional help!

    P.S. I have deleted the new loan, and would like to simply EDIT the payee information from the original loan...New Payee Name, New Account Number, New Payment Address.
    Is this possible, and is it a better approach?
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited September 2020
    "I followed the steps in the article and was able to set up a new loan using the opening date/rate/balance from the original loan.
    Following the instructions from the support article, there wasn't a place for me to enter any information to reference the old loan as being transferred to the new loan.
    I now have 2 mortgages...each with the same balance."
    What you missed here is Steps 5. through 8. of the referenced article. 
    The loan wizard you use when you set up a loan makes an "Opening balance" entry in the new loan Account.  The entry is "self-referencing" in that the credit (increase) in the new loan Account's balance is offset by a debit (decrease) to that same new loan Account.  The paradoxical result of this entry isn't an opening balance of $0; the Account instead ends up with an opening balance in the amount of the new loan.  It's a programming trick that Quicken uses in certain situations where this trick proves useful.  If you stop there then, yes, you'll have two mortgages with the same balance.
    So the article tells you to edit that opening balance entry to change the offsetting debit to the old loan Account.  That leaves the old loan's balance at $0 and does not affect the opening dollar amount in the new loan.
    "[I] would like to simply EDIT the payee information from the original loan...New Payee Name, New Account Number, New Payment Address."
    I've never done this but you certainly can change the Payee name within the original loan Account:  Open Account > Click Payment Details tab > click Edit payment details > click Edit Loan Reminder > change name in Pay to box.
    Then, I'd guess, you could click Tools > Address Book > select current Payee > click Edit button??


  • Bob DaBlob
    Bob DaBlob Member ✭✭
    Thanks for the reply, Tom!
    I had seen that info and was unclear how to see the Register in the first place...and I was going to ask you how to do that...but looking closer at my prior loan, and eventually realized it was under Payment Details.
    So now I'm all set.
    Whew!
  • Billsolo
    Billsolo Member
    Why is the new loan account grayed out on the transaction entry list? This prevents me from transferring the old balance to the new account. Kindly advise.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Did you set up the new loan as a "downloading" loan, not a "manual" loan?  If so, that might be the reason you can't make entries in the new loan as a downloading loan allows you no access to the loan register.  Set it up again as a manual loan and you should be able to follow the support article's directions.