Feature request: fix mortgage account import

I have a mortgage account ( yourmortgageonline.com ) and when it imports my monthly payment, it shows the entire payment. This is pretty much useless. A mortgage payment contains principal and interest and can also include escrow components like property taxes, PMI, and homeowners insurance. The account balance, however, only adjusts based on the principal portion. I'd like to avoid having to log into my mortgage site every month to check the principal amount and manually adjust the incoming transaction.

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    • WordTenor
    • Can we agree that goals are dumb and immature? Sure.
    • WordTenor
    • 3 yrs ago
    • 1
    • Reported - view

    That’s the info coming from your bank. I don’t imagine there’s much YNAB can do about that. 

    Personally, I only update my mortgage principal (in Personal Capital; I find YNAB more work than I want for tracking my net worth) once a quarter. It’s not a payoff priority for me and I’m near the beginning of my term so that’s all the movement I really ever need to see. 

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  • Whether YNAB can do anything depends on the kind of data they have available from their import partner. I work as a programmer and I could definitely implement this myself. They really shouldn't offer to integrate sources that behave this poorly. As-is, it's basically useless for anything other than a recognition that the transaction has cleared. But I already get that from my bank every time I make a payment, and I'd see it in the bank ledger anyway.

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      • WordTenor
      • Can we agree that goals are dumb and immature? Sure.
      • WordTenor
      • 3 yrs ago
      • 1
      • Reported - view

      Cadet Blue Sloth I 100% agree that they shouldn’t allow you to import that data. I feel pretty stongly that direct import is causing a lot of people to hook up every account ever without any regard to whether they actually need that info in their YNAB budget. 

      On the list of things I want YNAB’s programmers working on, dealing with the way individual financial institutions deal with PITI for the handful of people who are determined to put their mortgage into YNAB is pretty low. I suspect the actual view from the programming team is similar. I don’t see this being changed any time soon, so I’d find a way to work around it. 

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  • Hi Cadet Blue Sloth !

    Sorry to hear that import is giving you so much trouble. The accounts we suggest you add as Tracking accounts (Mortgages, Investment accounts, etc) don't always import well, if they import at all. We're only able to import the information the bank provides, so you'd need to manually enter a transaction to account for the PMI, interest, and other additives.

    We know it's an extra step, but if you click Edit next to the name of the account, you can change the Today's Balance entry and YNAB will automatically adjust the account for you.

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    • Faness 

       

      Sounds like a bit of a cop out. Yes, the total payment is what the bank pushes back. Personal Capital's app manages to update the actual principal balance though, so it must be available. 

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    • Cornflower Blue Sloth At the moment, the way those transactions import on our end varies from bank to bank - some will import interest charges separately, some won't. It depends on how that particular bank is reporting that information. I'm unsure of the Direct Import partner Personal capital uses, but we're hoping to improve the import with Tracking accounts so, hopefully, it'll one day be possible on our end! :)

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    • Cornflower Blue Sloth If you've already entered the loan terms (I assume Personal Capital has the ability to do this), the software can *calculate* the principal and interest portions of the payment if the bank doesn't split it out.  YNAB isn't really oriented towards tracking this kind of information, as it doesn't relate directly to budgeting - and as far as I know (I haven't tried the new online YNAB yet), doesn't have an option to enter your loan terms.

      It's also possible that Personal Capital (or their integration partner that does the imports) has worked out an integration with that loan servicer where the bank actually does provide the detailed information, whereas YNAB (and its integration partner) has not.  I don't think it's really a cop-out to say that YNAB is primarily a budgeting tool and Personal Capital is primarily a wealth management tool, and that they have different priorities.

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  • I have a similar question as the OP. (I'm near the end of my first month of YNAB, and I have my mortgage account in a Tracking Account.) I budgeted the entire monthly payment as "Mortgage Payment" in YNAB, but then direct import just brought in an "inflow" transaction (the mortgage account doesn't appear to have in/out columns on my bank website) for Property Tax. What the transaction is really showing (on my bank website) is the bank paying my quarterly property tax payment from an escrow account.

    Since I primarily use YNAB as a budgeting tool, should I just remove the mortgage as a Tracking account and only track the expense coming out of my checking account without the correlating mortgage account side?

    Alternatively, I'm curious how the OP (or others) would categorize the "inflow" into my mortgage account that is really an "outflow" of my bank paying property tax from escrow, so the mortgage principal balance isn't affected.

    I've enjoyed YNAB so far, but this is the most confusing thing I've seen so far.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 yr ago
      • Reported - view

      Doctor J Whether you have the account in YNAB at all is a personal choice. I do because I track my net worth. (I also have a house asset "account" with the value of my house.) I also like seeing what I owe on the house and how it goes down over time. 

      Now, if you do want to track it, I wouldn't use direct import with it. I don't with any of my tracking accounts. I just record the payment as a transfer from my checking account and I add the offsetting interest payment each month.

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  • 1 yr agoLast active
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