Rocket Mortgage in Quicken? (2024)

Answers

• Quicken Paloma Quicken Windows Subscription Alumni ✭✭✭✭

  October 2021

  Hello @PricklyPete,

  Thank you for reaching out to Quicken Community. I apologize you are having this issue. I was not able to find a financial institution by that name either, which means that it is currently not supported. While you may not be able to connect to it automatically you can also create a manual account. I apologize for the inconvenience.

  Please let us know if you have any questions or concerns.

  -Quicken Paloma

• PricklyPete Quicken Windows Subscription Member ✭✭✭

  October 2021

  Weren't you two companies these same company at one point? Bad breakup?

• NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

  October 2021 Answer ✓

  PricklyPete said:

  Weren't you two companies these same company at one point? Bad breakup?

  They were never the same company. Intuit (former owner of Quicken) licensed the "Quicken" name to the company that's now known as Rocket Mortgage.

  I don't know if the name change was Rocket's decision, of if the license expired.
  

  Q user since February, 1990. DOS Version 4
  Now running Quicken Windows Subscription, Business & Personal
  Retired "Certified Information Systems Auditor" & Bank Audit VP

• PricklyPete Quicken Windows Subscription Member ✭✭✭

  October 2021

  > @NotACPA said:
  > They were never the same company. Intuit (former owner of Quicken) licensed the "Quicken" name to the company that's now known as Rocket Mortgage.I don't know if the name change was Rocket's decision, of if the license expired.

  Thanks. Seems if they had a relationship they'd integrate better. That's why I suspected a bad breakup.

  1

• Quicken Sarah Quicken Windows Subscription Alumni ✭✭✭✭

  October 2021 Answer ✓

  Hello @PricklyPete

  Thank you for taking the time to share your question with the community, although I apologize for any confusion or inconvenience experienced.

  At this time, Rocket Mortgage is available in Quicken under "Quicken Loans". I am aware that Quicken Loans is moving to be Rocket Mortgage, however, their name has not been updated to reflect this coming change, as of yet.

  If you haven't already, please attempt to connect your account once more, selecting Quicken Loans from the list.

  

  Please let us know how it goes and if you experience any issues/errors connecting through this different option.

  Thank you,

  Sarah

• paulflstrup Quicken Windows Subscription Member ✭✭

  October 2021

  I am unable to load my RocketMortgage under that name or Quicken Loans - it goes thru the process but will not create a loan for me. What the heck????

• UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

  October 2021

  For whatever it'sworth ... I would not bother attempting to activate any loan or mortgageaccount for downloading. (Not discussingLOC or HELOC accounts here which should be treated like credit card accounts)

  An online-connectedloan or mortgage account does NOT have a transaction register. All data shownin the account come from whatever information the bank downloads to you ... ifthis process works at all.

  As a result of beingconnected, the scheduled payment transaction reminder cannot transfer theamount of principal paid into the (non existent) account register and must usea category, usually something like Loan:Principal, instead. The category seemsto vary with the Loan Type you selected when creating the loan account inQuicken.

  Effective withQuicken Windows 2018+
  you can deactivate an online-connected loan account and regain full controlover 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 Principalto the loan account register and not to a Category.

• jacobs Quicken Mac Subscription SuperUser, Mac Beta Beta

  October 2021

  @UKR This is a Quicken Mac thread, so the Quicken Windows information you posted isn't relevant.

  Quicken Mac Subscription • Quicken user since 1993

• UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

  October 2021

  jacobs said:

  @UKR This is a Quicken Mac thread, so the Quicken Windows information you posted isn't relevant.

  OK, so it is. But are you saying that online-connected mortgage accounts work differently or, heaven forbid, better than in Quicken for Windows? My opinion stands: Offline mortgage accounts work better than online-connected ones.
  

• jacobs Quicken Mac Subscription SuperUser, Mac Beta Beta

  October 2021

  @UKR Having not ever worked with Quicken Windows, I can't comment on whether Quicken Mac is better in this area or not. I also don't currently have a mortgage, so my usage in this area is purely testing.

  The loan set-up in Quicken Mac creates the reminder transaction in the checking account, with splits for interest expense, a transfer to the loan liability account, and optionally, a transfer to an escrow asset account. You can open the loan account and view the account register showing the incoming principal payments. (But you can't enter manual transactions in the loan account, since that would mess with the loan calculations.)So I think I'm agreeing with you in that I would probably not connect the loan account to the lender, because downloading the monthly payment in the checking account is all you really need. When the scheduled transaction with the splits is matched with the downloaded payment in the checking account, that should be all that's necessary.

  Quicken Mac Subscription • Quicken user since 1993