When will Rocket Mortgage be available as an Account?

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ktjones
ktjones Member ✭✭
edited April 2022 in Download, Add/Update Accounts (Windows)
I'd like to setup my mortgage in Quicken for Rocket Mortgage. It still is not in the financial institution list, and using Quicken Loans is not working
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  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
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    That is a question you need to ask of Rocket Mortgage.  Whether or not a Financial Institution (FI) will support Quicken is a decision the FI must make and then they must agree to contract with Quicken to get added to the list.  If Rocket Mortgage gets enough customers requesting this then perhaps they will then agree to do the contract.

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Just my 2cents' worth ... I would not bother attempting to activate any loan or mortgage account for downloading.  (Not discussing LOC or HELOC accounts here which should be treated like 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 seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018+
    you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still 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.

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
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    I am of the same opinion as @UKR regarding setting up and managing loan accounts in Quicken as manual loans, instead of connected loans.  But it is a personal choice to make.
    That being said, since Rocket Mortgage does not yet support Quicken, then setting it up as a manual loan is your only choice at this time...assuming you want to include the mortgage in Quicken.  When setting up the manual loan the prompts will walk you through the process and will automatically set up the amortization schedule and the recurring Loan Reminder.

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

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