Mortgage Setup with Express Connect

slewkowicz · November 2020

It appears that a mortgage set up with an online update feature does not provide the payment details needed to track individual transactions. Last year I set up a mortgage with Wells Fargo, downloaded the information and created the accounts. Since then, no transactions were showing and I can't reconcile the account.

I later refinanced the mortgage with Rocket Mortgage and did the same thing and encountered the same issue. In order to show the payment details, I had to deactivate the connection. This then allowed me to split the opening balance transaction to pay off the Wells Fargo mortgage. I tried to deactivate the WF connection, but could not do so because I had unreconciled transactions, which did not display.

Any help on this issue or should it be reported to Quicken as a support issue?

Tom Young · November 2020

I believe that what you describe would be called "working as designed" by the programmers. IF you set up a loan for automatic update THEN you have no access to the loan's register and must simply accept the numbers pushed to you by the lender. It's a passive approach to doing your accounting and you have to take the bad with the good, which includes having your loan principal payments treated as a "Category", (expense), which they most certainly are not under conventional accounting principles.

To have access to the loan register you must set the loan up as a manual loan. In the main this latter approach works well, particularly if you are diligent about reconciling your Accounts, including loan Accounts.

Tom Young · November 2020

I believe that what you describe would be called "working as designed" by the programmers. IF you set up a loan for automatic update THEN you have no access to the loan's register and must simply accept the numbers pushed to you by the lender. It's a passive approach to doing your accounting and you have to take the bad with the good, which includes having your loan principal payments treated as a "Category", (expense), which they most certainly are not under conventional accounting principles.

To have access to the loan register you must set the loan up as a manual loan. In the main this latter approach works well, particularly if you are diligent about reconciling your Accounts, including loan Accounts.

compuwise · January 2021

It seems problematic that one cannot simply disconnect the FI connection to revert to a manual loan. the opening balance transaction remains inaccessible. It may be "working as designed" but the design is flawed.

Chris_QPW · January 2021

compuwise said:

It seems problematic that one cannot simply disconnect the FI connection to revert to a manual loan. the opening balance transaction remains inaccessible. It may be "working as designed" but the design is flawed.

I don't have a "connected loan" to try on, but it has always been my understanding that since the start of Quicken Subscription they allow you to disconnect in the Account Details -> Online Services tab, and get back to manual entry. But note once you do that you can't connect it back up for online download.

Mortgage Setup with Express Connect

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