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Billing statements can sometimes be confusing. There’s the overall payment, but what are you really being charged for? Your mortgage payment is made up of the principal, interest, taxes, homeowners insurance and sometimes homeowners association dues.

Here at Quicken Loans, one of our ISMs – or company philosophies – states, “Simplicity is genius.” With that in mind, we’ve designed our billing statement so it’s easy to find the information you need.

Before we take a guided tour of your billing statement, we do have a change to when we send our statements that will go into effect starting in November, so we wanted to make you aware of it.

When You’ll Get Your Statement

In the past, we’ve sent your statement after a full payment was applied to your loan. On occasion, this meant that some clients received multiple statements in one month. We understand you get a lot of mail and don’t want to add to the pile unnecessarily.

We have some important information to share regarding the timing of future billing statements from Quicken Loans. We heard your feedback loud and clear, and we think we have a solution that will work best for all our clients.

Beginning in April and moving forward, your statement will be finalized toward the end of the grace period, which lasts until the 16th of the month. Your statement will then be sent – either by mail or electronically – by the 20th of the month, with your payment due on the first.

The next statement you receive will be finalized as of 15th of April. Beginning in May, your information will be pulled on the 16th of the month. Should this date fall on a Sunday, your new statement will be finalized on the 15th.This ensures that only one statement per month will be sent to Quicken Loans clients. This statement will show your payment activity from the last statement up to the date of the current statement. All activity beyond that point will be reflected on the statement for the next month. If you are looking for information pertaining to your previous transactions, you can reference your previous statements or view your Transaction History on RocketMortgage.com®.

Your payment will still be due on the 1st of the following month. For example, the statement you receive in May would have a due date of June 1. The grace period for your monthly mortgage payment still lasts until the 16th of each month. If you have automatic payment set up, nothing is changing about your settings. All payment emails and letters will remain unchanged. Also, you can sign in to RocketMortgage.com® anytime to view your most recent transactions and up-to-date history. If you need assistance logging in, you can speak with one of our client advocates at (800) 508-0944.

A Tour of Your Billing Statement

The goal of our billing statement is to make it easy for you to find the information you need and get on with your life. You can view a mockup of the statement, but let’s go over the features.

Loan Information

The first thing you’ll notice about the statement is a big box in the top right-hand corner, where you can get a quick peek at your most important payment details. This box includes your loan number and the property address as well as crucial information such as the statement date, the due date and the amount due.

A separate box underneath shows additional loan information, including the original loan amount and your interest rate, along with your principal balance. Knowing your original loan amount and current balance can help you see your advancement in paying off your mortgage.

Your escrow balance will also be included here. If you see a negative balance in this area, it means you have a shortage as a result of increased insurance premiums or the fact that your taxes went up along with your property value.

Payment History

Knowing your loan information is one thing, but let’s not lose track of the reason we like knowing that information. We want to know how close we are to paying the loan off. And if you know where you’ve been, it can also help you predict where your payment is going in the future. That’s where the payment history comes in.

The payment history section shows not only your last payment but also all the payments you’ve made in the last year. This will help you determine the overall funds you’ve put toward principal, interest, taxes and insurance.

On the second page, you can see all the activity that’s occurred with your loan since your last statement. This helps you to see how your payments are allocated every month.

For example, it would help you find out when taxes and insurance were paid using the money in your escrow account.

Current Payment Breakdown

We’ve all paid our bills and then wondered where all that money actually goes every month. If you take a look at your payment breakdown, you can see not only how much of your mortgage payment is going to the principal and interest but also what you pay on a monthly basis for mortgage insurance, homeowners insurance and property taxes.

This section also shows any escrow overage or shortage and any advances that may have been paid on your behalf.

Important Messages

If we have something we need to make sure you see, it’ll be in this section at the top of your statement. You might see a notification that your homeowners insurance is about to renew or a message about an opportunity to sign up for electronic payment options.

That’s the skinny on our billing statement. If you have any additional questions, please let us know below, and we’ll get you the answers.

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This Post Has 327 Comments

  1. Please put me on paperless statements so as to save on your envelope and stamp. Thank you, Larry Bartelson

    1. Hi Larry:

      Thank you for your interest! While I don’t have the ability to sign you up for that myself, this link will take you directly to the options for managing paperless statements once you sign into your Rocket Mortgage Servicing Account. Have a great day!

  2. whose idea was it to demolish the previous quicken web page? Fire them okay? I have to spend all my time just trying to get my mortgage statement. All I get is promos for new people to get mortgages. What about those of us who work in the salt mine everyday and and are never late with our payments. this is crazy and disappointing how you are constantly seeking new suckers and it’s fu to the rest of us. Way too bad. Shame.

    1. Hi Preston:

      I’m sorry to hear that you feel this way and I want you to know that your opinion is valued and that every client of ours, old and new, is important. While we want people to be able to look into their options for a new mortgage should they choose, we certainly never want anyone to feel that they struggle to get to their payment or mortgage information on a monthly basis. I’m going to get this to our client relations team to see if we can pull up any information about your sessions and identify any issues we can help you out with. Thank you for reaching out this morning!

  3. This is borderline criminal by Quicken. To mail a billing statement so that arrives at the customer’s door on the same day that the customer would have to mail it in order to have the bill paid before the grace period is shady at best and possibly criminal. I prefer to pay my bills before the grace period like a responsible customer. This is simply a way to make it difficult for responsible customers to pay their bill on time. Shame on you Quicken!

    1. Hi Kevin:

      We certainly understand your viewpoint. However, I can assure you that we are in compliance with all applicable laws including but not limited to Consumer Financial Protection Bureau regulations. That said, we certainly value your feedback and I will be getting this to our Client Relations team. We want to take in the perspective of all of our clients. Enjoy the rest of your day!

  4. What sense does it make for Quicken to mail out statements on the 20th and have them due back by the 1st.
    I still don’t have my latest statement and today is the 25th. If I were to get it today, I would have to get to the Post Office and send it back the same day and you would still not receive it by the 1st.
    I like to pay my bills on time and don’t use the grace period.
    Let those that do be inconvenienced.

    1. Hi Dave:

      We appreciate your feedback and I’m going to pass this along to our team. I will tell you that for the most part, the post office is very efficient and if you get it back to us in a reasonable timeframe, there are no impacts to your credit. Thank you for reaching out and have a wonderful day!

  5. I prefer the previous method of pay our mortgage. Being self employed, there are financial cycles. Some months are a windfall, and others a dry spell. It gave us the options of getting ahead a couple payments, in the good months and ride it out in the slow months. How flexible can you get! Loved it! I know this system creates more work for you, attempting to accommodate all the particular variables, your constituents can muster up. It has to be an accounting nightmare! But hey! There’s a reason why you guys won all those JD Power awards! Hope we can revert back to the flexibility, which is what I have also deducted thus far.

    1. Good morning, Laszlo:

      I’m absolutely sympathetic to your thoughts here and will send through your feedback on the timing of the statement. That said, we offer several options should you still want to get ahead making your monthly payments. I’d like to point out that these are available to you regardless of when statements are sent because we absolutely want you to be able to meet your financial goals.

      First, you don’t need to pay with a coupon. You can make your payment to the following address. We just ask that you put your loan number in the memo line of each check. Also, you may want to give us a heads up at (800) 508-0944 the first time you do this so that we can make sure your future payments by this method are processed smoothly. That address is:

      Quicken Loans
      P.O. Box 6577
      Carol Stream, IL 60197

      You can also make a payment by phone at (800) 508-0944.

      Because most people commenting on this thread are likely paying by statement, we thought we would lead with those options, but you can also make both automatic and one-time payments through your Rocket Account. If you haven’t logged on in a while, the credentials are the same as the ones you used to use for MyQL. Let’s say you just made one payment online. You would be able to make the next payment within a few days allowing for processing time related to electronic funds transactions.

      I hope these solutions are helpful, and I will be passing along your thoughts. Have a wonderful day and it’s been a pleasure to serve you as a Quicken Loans client!

    2. It’s April 25, and I have still not received my May 1 billing statement. I find this totally unacceptable! Please go back to send me my next month’s billing statement once my current month’s has been received!!!

      1. Hi Rosie:

        It’s still early morning Eastern Time. If it’s not there in your mail today, we would anticipate that it will be there in the next day or two. That said, I understand your feedback and it’s all being taken into account.

  6. I guess we cannot plan any late month vacations so we can sit and wait for our statement! Please go back how it was!

    1. Hi Peggy:

      I understand and respect your feedback, Peggy. I will be passing it along. However, I think it’s important to note that you do have until the 16th of the month to make a payment. Additionally, we offer multiple payment options including paying online through your Rocket Account or by phone at (800) 508-0944.

  7. I am very upset over the new Billing ! I want it the old way in 2018 !!!! This does not give us time to pay by the first in the Mail! I was one Month ahead and then you changed the billing to send a new bill when it was due . Now you are making it easy for slackers Not responsible customers who Do Not use the grace period to pay a bill as I would call it late ! Please dont tell me this is what customers want or has ask for ! I just dont believe it ! Please change back to old way of sending new bill as soon as you receive a Payment ! NOT A Happy customer !!!

    1. Hi Laura:

      I understand your feedback. I know this isn’t preferred for everyone, but we have many customers who pay it all different times over the course of the month and we’re trying to strike a balance. That said, I will certainly pass this along.

      1. I don’t know who you talked to but it wasn’t me or many others with your loans . I need it early to pay all my bills on the day my social security comes in . Please return it to the way it was .

        1. Good afternoon, Martin:

          I understand your feedback and will happily pass it along to our client relations team. With that said, your statement should in most cases come by the 25th. There are edge cases, but in general, the post office is fairly efficient. Assuming you get your Social Security check on or around the first, you should have your statement in time to make the payment along with your other bills. There’s also no penalty as long as you pay before the 16th. Thanks for reaching out!

    2. I agree with Laura and Peggy, etc. Though we have a grace period to the 16th of the month, I don’t want my records indicating my payment was NOT received by the 1st of the month when it’s due. I prefer receiving my statement soon after I have made a payment. Thank you for listening.

      1. I understand your feedback and want to thank you for reaching out. I do want to let you know that even if you don’t make your payment by the first, you should receive your statement in plenty of time to get it back and the credit bureaus wouldn’t consider it a slow payment. That said, I will get it to our team to share your thoughts. Have a great day!

  8. I would like to make my payments ahead of time instead of waiting later during the month for the billing statement. If someone is on fixed income, this system may be a problem. Also, this new system provides very minimal time to send the payment on time for the due date of the first month.

    1. Hi Lorna:

      We expect everyone to get their statement between the 23rd and 25th. Although the due date is technically the first, you’ll be able to take advantage of the grace period if you need to in order to get it in by the 16th. This has the same effect as paying by the first. The payment remains the same, so it shouldn’t have an impact one way or another based on how you get your income.

  9. I like the way you are sending the statement. I didn’t like the way you kept raising the interest rate on me though. I guess I will have to live with it. It would be helpful if you would include the date of when my loan stated because the feds now want that information.

    1. Hi Jon:

      If you have an adjustable rate mortgage, the rate may go up or down based on current market rates and subject to initial, annual and lifetime caps on how much your interest rate is allowed to rise. That being said, I’m going to get this and your suggestion about showing when your loan started to our Client Relations team to get additional information from you about your situation. They can take the feedback and provide insight on whether your interest rate is fixed or adjustable. If needed, we can also connect you with someone to talk about a fixed-rate loan.

    1. Hi Larry:

      We understand and value your perspective. We are passing this along to our Client Relations team and we periodically evaluate our processes.

  10. Your Property Repair “ team” is very unresponsive,unimpressive and not helpful It takes too long to get anything done. Why not have fax capability in order that paper can pass between the CUSTOMER and the team. They seem to forget that a real person , in need of assistance, is on the other end of the phone . Some of us are not as young and as intelligent as they are.

    1. Hi Mary:

      I can assure you that we take homeowners insurance claims very seriously and understand that this is an incredibly stressful time for our clients. I’m sorry to hear you’ve had this experience. I’m going to get this to our Client Relations team to look into the issues you’ve been having and work to get your process moving forward.

    1. Hi Mark:

      If you receive your disability payment between the 15th and 20th and our statement comes between the 23rd and 25th, you should safely be able to use those funds toward your monthly mortgage payment. Hope this helps and let us know if we can ever be of assistance.

  11. How is this a “fix”? You’re doing the exact same thing, just a few days different. This is an obvious play to prevent people from paying ahead and reducing their total interest payment over time. Very ham-handed of you.

    1. Hi Michael:

      I can assure you this isn’t an attempt to keep people from paying ahead on the loan. When you make your mortgage payment, you’re paying for the interest accrued in the previous month. We also don’t calculate the interest based on the number of days since your last payment, but based on a monthly distribution. Therefore, this isn’t the best strategy for interest savings. The best way to attain the dual benefit of paying less interest over time on your loan and paying the loan off early is to make extra payments toward the principal. We encourage all of our clients to do this if it makes sense for their situation. Also, we don’t charge any prepayment penalties. I hope this helps clear things up a bit!

  12. Looks to me that you are making our home loan payments worse than better. I always paid our home loan on the 15th of the month for the next month. Now it is around the 20th before I get the statement to pay. And now you are not going to mail them out until the 20th? If I receive the statement by the 27th how am I suppose to pay on time by the 1st? This is crazy.

    1. Hi Katherine:

      If we mail your statement on the 20th, most people will receive it between the 23rd and 25th. There are outlier situations, but the post office is generally fairly efficient. You would still have time to get it in the mail to us and pay by the first if you chose to do so. There’s also no penalty for paying by the 16th during the grace period. That said, I understand your viewpoint and we take all client feedback into account.

    2. Katherine, Have you thought about making your payment by having an automatic deduction on the same date each month ? It is something Quicken will do for no extra charge and I never need to worry about the payment being on time.
      It’s truly a stress free solution. You’ll get the statement when you get it but you never need to worry about the timing of the payment. Consider it, you’ll be glad you did.

      1. Hi James:

        Thanks for offering the suggestion. While not all of our clients like having their payment automatically taken out of their accounts, we are proud to offer a variety of options.

  13. I love your statements as they are so much clearer where our payments are applied i.e. interest, escrow, principal. I see nothing wrong with your new billing format and your most gracious time frame before incurring a late fee. I totally understand by reading the comments everybody manages their money and payments in various ways. But, my previous Lender never broke down exactly where our payments were going too, so I really appreciate that you do. No issues here at all.

    1. Hi Hilary:

      I’m very glad to hear our statements are useful to you. We are always here to help! Have a good night!

  14. I liked the old system as when you receive a pymt another bill was generated. We work for 6 to 10 months and we like to get ahead with our pymts. Makes it easier to pay them when you have the coupon for upcoming months !! I have still been making pymts without coupon, hope I’m getting ahead !!!

    1. Hi Steve:

      We certainly appreciate your situation and feedback. I’m also going to get this to our client relations team to look into your account and make sure that your wishes are being carried out as you expect. We can absolutely check on that for you. Have a good night!

  15. I had the same experience with wanting to keep my payment at the 2018 amount, instead of creasing my monthly payment I too wanted to pay the estimated shortage up front which I had done previously. The answer was a resounding NO. I know other companies offer this option and don’t understand why you don’t. The lower amount was much better for me because I’m on a fixed income.

    1. Hi Kathleen:

      We are continuously evaluating our policies and I’m happy to get this to our Client Relations team. They would also be able to go over options like you might have to help you out in this situation. Thanks for reaching out!

    2. Yes, I agree with Kathleen Porter as to wanting to keep my payment at the 2018 amount and pay the estimated shortage up front.

  16. My Quicken Mortgage Loan is on Auto Pay from my Chase bank account. Will you change the due date automatically?

    Pls. email a reply to me as well as posting…my internet is not always reliable.

    Thank you.

    1. Hi Leonor:

      The due date isn’t changing. The only thing that’s different is when we send the statements. Your mortgage payment is still due on the 1st of the month and you have a grace period that lasts until the 16th, so whenever you had the payment scheduled to come out of your Chase account will still work. You’ll just get your statement at a slightly different time. Thanks!

  17. I too hate your new billing cycle. I paid my mortgage after I received your statement and 2 to 3 weeks early and before the 1st. I would like to see it go back to the old ways. I agree that you are more concerned about the ones who pay their payments late. No credit to the ones who pay early. This was my way of paying my mortgage off early.

    1. Hi Jim:

      We understand and appreciate your feedback. I’m going to get this to our Client Relations team. We take all client opinions very seriously and periodically evaluate this and other policies. Thank you!

  18. My escrow account was short to. In the past when this happened I called you and you let me pay the shortage, pay the difference in the taxes/insurance and you kept my monthly payments the same. This year you refused to do this for me saying before was a test ????
    Now we are all having our payments raise while you do nothing for us. Sorry to say that my taxes and insurance has continued to raise for the past 16 years. Now I face my payment increasing each year for the next 14 years. You do the math as I might not be able to make the payments in my retirement years. Please review this and give customers a chance to pay the difference. Now my only option is to deplete my retirement savings and pay off the total loan. If we all do this Quicken Loans will have a major hardship, is this what you want?

    1. Hi Eldon:

      We would like to review what you were told in this matter. I’m going to get this to our Client Relations team who may reach out for more information. Thanks for contacting us!

  19. my escrow account was short so you raise my payment you don’t let me know so I can keep payment the same called you guys and you did nothing to help me. I wanted to pay shortage you need to give customers a chance to pay the difference.is this how you treat your good customers.

    1. Hi Lawrence:

      I’m going to get this to our Client Relations Team to look into your situation and exactly what you were told in this process. One thing I can tell you is that even if you pay the shortage in one lump sum, your mortgage payment may not remain the same. It would increase by the amount that your taxes have increased, divided into 12 equal monthly payments. I will get this over to our Client Relations Team and I do apologize for your experience. Thank you for reaching out!

  20. This so called fix makes matters worse. I have always payed a week or 2 early. Now I am being forced to be on your record for paying during a grace period. I sure hope that I get my payment coupon in time to pay without a late fee, because that will be unacceptable.
    This new system caters to those customers who never pay on time, and causes problems and needless stress for those of us who are more responsible. Seems like everything thing in this country is turning out that way.

    1. Hi L:

      Your statement is mailed on the 20th and you just have to get it back to us by the 16th of the following month in order to pay without a late fee. We don’t keep records of people who pay during grace periods because we aren’t charging late fees until that point. We also don’t report a late payment at all to credit bureaus unless your payment is 30 days late.

      1. If payment is not required until the 16th of the month, then why is the due date listed as the 1st of the month on the statement? If statements are mailed on the 20th, then will not be received by the customer until perhaps the 25th or later. How can you expect your customer to send in payment so it is received by the due date of the 1st? For me, only the below 2 courses of action make sense:
        1. Continue to mail statements on the 20th, but change the due date on the statement from the 1st to the 16th of the following month.
        2. Maintain the due date of the 1st of the month, but mail statements to your customer no later than the 5th of the preceding month.

        1. Hi Jim:

          I can tell you that it is standard industry practice for the payment due on the first with a grace period lasting until the 16th. We also follow strict guidelines regarding the due dates of our payments set by our mortgage investors including Fannie Mae, Freddie Mac, etc. While that’s the case, we do value your feedback and I will be sending it to our team.

    2. I want my payment to get to you by the 1st. I think the change is legally unacceptable. I am not going to be forced to autopay. The law states that we have to receive a credit bill 15days prior? Why is a mortgage payment different. It does show when your payment is not received on the first regardless of the grace period and any credit reporting will show this as a late pay or slow pay? You are not legally sound and I am not happy with this stupid crap. Think again as this will get ugly for you.

      1. Hi Thane:

        I wanted to assure you first that we take all client feedback extremely seriously and understand your point of view in this matter. With that said, I wanted to clarify our legal responsibilities because we do work very hard to always make sure we’re doing the best possible job for our clients and operating within the law.

        When it comes to statement billing dates, we follow the rules put in place by the Consumer Financial Protection Bureau. The rule, which you can read in detail here states that we should have our statement in the mail no later than four days following the end of the courtesy period, in this case, the grace period, which ends on the 16th. It’s in compliance as long as your statement is in the mail by the 20th.

        There are a couple of things to keep in mind here. Most clients will get their payment in the mail between the 23rd-25th of each month. That will give you between six and eight days if you wanted to get the payment back to us by the first. You’re also free to mail us your payment whenever you want. Here’s the mailing address. Just put your loan number in the memo line.

        Quicken Loans
        P.O. Box 6577
        Carol Stream, IL 60197

        You can also pay by phone at (800) 508-0944. There’s no payment coupon required to do that. Additionally, we don’t report any late payments until you’re 30 days late. Hope this helps!

      1. Hi Roy:

        I can assure you that if you ever got into a situation where you were having a health problem or other issue that caused a temporary loss of income, we would do everything in our power to help you stay in your home. Is there a specific situation we can look into for you?

    3. How can this be a better solution if our payment is due 1st of the month and you are not sending statements until the 20th. When you supposedly were sending them on the 9th, we weren’t getting ours until the 20th or 21st of the month. I mail my statement out on the 20th of every month to ensure my payment is there by the 1st. This new plan is horrible! I prefer not to do electronic billing at this time. Maybe you should send some blank statements and those of us who don’t care about this crap can just mail those in. This is all really stupid. Not a happy customer.

      1. Hi Rita:

        I’ll be forwarding your feedback to our Client Relations team. We take all of this very seriously. I want to reiterate that although your payment is due on the first, there’s no penalty for getting it at any point before the end of the grace period, which is the 16th of the month. Thank you for reaching out and have a wonderful day!

  21. Why do I get monthly billing from you (Quicken Loans) when you are on Automatic Pay from my bank. I also want to know why I have escrow shortage Every year.

    1. Hi Margaret:

      You get a statement every month because we want all of our clients to have awareness of what’s going on with their loan and to have the option to make an additional payment toward the principal and/or escrow if they want to. If you would prefer not to get statements in the mail, you can sign up for paperless statements through your Rocket Account.

      Now, let’s go over your escrow question. This isn’t true for every market and all situations are different, but in general, for the last several years, property values have been rising across the country. Because of this, pending the way your municipality and state do tax assessments, your property tax will tend to rise when your property value rises. We do an analysis of your escrow account once per year. Unfortunately, because every municipality does tax assessment at different times, it’s often not at the same time that the county updates your tax bill, so when we do analyze the account, you could end up with a shortage. One way to manage this might be to set aside extra money in your escrow account once you get your updated tax assessment from the county if you see that your taxes have gone up so as to avoid ending up with a shortage. You can make an extra payment toward escrow through your Rocket Account or with the payment coupon on your statement. We would also be happy to help you take care of it over the phone at (800) 508-0944.

      Alternatively, you’re welcome to wait for the shortage notice, at which point you can make a one-time payment or spread it out within your future escrow payments over the next year. I know escrow can be difficult to deal with, but I hope this helps!

  22. Don’t like new statement mailing dates. Mail is slow. I want my next months statement sent as soon as you receive current one. I don’t like having to wait till the end of month to send the next one and wondering if I will get it on time. I should not have to depend on grace period .Thank you S,Shepard

    1. Thank you for sharing your thoughts. While this works best for the majority of our clients, we understand that not everyone will feel the same way. We do value your feedback and take everything into account when making decisions

  23. When I made this loan I wanted to pay it off on 15 years, payments were set for $1,190.45 every month, since I have automatic payments taken from my checking account I rather have one payment every month, my only request is that my. payments be due on the 3th of the month my pension is posted on the 1st, 2nd or third each month, I don’t want to be late making the payment.

    1. Hi Victorina:

      You can manage your auto payment date by logging into your Rocket Account here and selecting any date between the 1st and 16th of the month. If you haven’t logged on in a while, the credentials are the same as your old MyQL account. I’m also going to get it to our Client Relations team to make sure you’re taken care of.

  24. I too do not like all the different factions, ie, Zing, Rocket Mortgage, Quicken, and what ever else I don’t know about. If I have a Mortgage with Quicken it should stay within that Company. It has been found that the more “Companies, and anyone else” that have your information, the more chance of my private information has a chance of getting out. Leave it with Quicken.

    1. Hi Barry:

      Rocket Mortgage is a service of Quicken Loans. It’s the same company. Zing is the corporate blog of Quicken Loans. We all are under the same company and control. I hope this clears things up!

  25. I am so happy to do business with a company that has our best in mine!! so, THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!for the change!!!!!

  26. I’m glad you made this statement change. My advisor told me that the (apparent) double payment required was affecting my credit score. I have just recently changed my automatic payment date from the 14th to the 6th – just so that it is recorded properly on my statement.
    This now gives me a 6 day grace period.
    So, I will change it back to the 14th now so I can have a full 15 day grace period that I had prior to your change in Nov 2018.

    1. Hi Jerry:

      We’re glad you like the change. I’m going to have our Client Relations team reach out to discuss the issues with your credit score and see what your experience was. Thank you for reaching out!

    1. Hi George:

      We understand that we have clients who prefer a variety of different billing cycles. The federal government requires us to be consistent in the way we send statements to our clients. Based on previous feedback, this change has been calculated to be the one that helps the most clients effectively manage their mortgage payment. However, we certainly appreciate your feedback and I will be passing this along. Thanks for reaching out!

  27. Now I have another company that I have never heard of that I guess is operating on Quicken Loans behalf. ZING what is Zing and what is Pocket Mortgage or maybe it is Rocket Mtg., the CEO needs to spend more time with the company than the sports teams.

    1. Hi George:

      Rocket Mortgage is a service of Quicken Loans. It’s still the same company and we’re committed to providing the same high level of service. Zing is the name of our corporate blog which I’m proud to write for. Our CEO is Jay Farner. He doesn’t own any professional sports teams. Our founder and chairman Dan Gilbert does. Although we’re happy to have Dan share his passion in an advisory role for Quicken Loans and our Family of Companies, he isn’t involved in day-to-day operations or decision-making. I hope this clarifies things! Have a great night!

  28. It doesn’t matter to me what time I get a statement. That’s not important to me. What irritates me is: 1/3 of my payment goes to the principle and 2/3 goes to interest. After 7 years it still have not evened out. Then in 7 years I have to start over again. This means I will never get my mortgage paid off. How can you treat people like that. I think it’s called “highway robbery”. I am looking for a new mortgage broker.

    1. Hi Shirley:

      At the beginning of your loan, more money goes toward your interest than your principal. Over time, that slips at some point once you get far enough into the loan term. You’ll find that to be the case with any loan you get. Depending on the loan term, it could take shorter or longer to make the flip. For example, you’ll be paying more interest than principal for a longer period on a 30-year-long then you would on a 15-year loan. I invite you to check out our amortization calculator. You should be able to see exactly how your loan is structured and when the flip is made to paying more toward the principal than interest by logging into your Rocket Account. We appreciate your thoughts.

    1. Hi Christine:

      Thanks for reaching out! This blog post fully explains how to set up biweekly payments, but I’m going to briefly summarize here.

      In order to set up biweekly payments, your next monthly payment has to be made so that you’re caught up and current. After that, you can set up a biweekly payment by going to the auto payment screen of your Rocket Account. From there, select “Every 14 days” under frequency. You pick the date on which your first biweekly payment is made and your next biweekly payment is drafted 14 days following. You also have the option at this time to choose to put additional money toward the principal over and above the amount due for your biweekly payment in order to pay off your loan even faster. Our servicing team can also help you set up biweekly payments if you call (800) 508-0944.

      I hope this helps and have a wonderful night!

  29. Great! Now quit messing around with the escrow accounts, and leave the monthly mortgage payment the same if the client wants to pay up the escrow.

    1. Hi Leo:

      There are strict regulations around how we handle your escrow account, but I’m going to get this to our client relations team to see if there’s any way we might be able to help you keep your monthly payment more consistent. Have a great night!

    1. Hi Calvin:

      I’m happy to get this to our Client Relations team to look into this for you. We’ll get it straightened out and get you the right information. Have a great evening!

  30. If I understand this correctly my bill will now be sent.out on the 20th of the month to reach me by the 27/28th. Since I pay by check it will now not reach you till somewhere around the 6th or 7th if I pay the day I receive it. Which means every month Iwill be into the grace period. I would rather get it early and pay it early rather than late. This format basically forces me to pay online if I want to pay on time. If I wanted to pay online o would go paperless… this sucks

    1. Hi Brett:

      We do anticipate most statements reaching people quicker than seven or eight days. That said. If you pay during the grace period for any reason, it’s not late. Also, since statements are finalized after the 15th or 16th of every month, this should never affect the amount shown on your statement if you pay during the grace period. We support whatever method our clients choose to use to pay their bill. Thanks for the feedback!

      1. I agree with Brett. My USPS mail is slow in being delivered to me. I like to make my payment on the 15th of the month by USPS so it gets to Quicken by the 1st of the month. The old system worked fine for me, and many other responsible mortgage holders as well. It seems your new process is geared to make things easier for late payers and more difficult for those who choose to pay early. Don’t suggest online as an alternative; my accounts have been hacked numerous times in the past few years and I prefer to keep a low online profile.

        1. Hi Deborah:

          We appreciate your feedback. While it’s probably not possible to find the perfect system to appeal to everyone, we are continually taking into account feedback like yours in order to evaluate our policies and make adjustments for the benefit of all of our clients. I’m passing this along. Have a good day!

    1. Hi Greg:

      I’m sorry to hear that. Although this decision was made to help the majority of our clients, I’m happy to pass along your feedback. Thank you very much for reaching out and we value your opinion.

    2. I agree with Greg.
      I always paid my mortgage several weeks prior to the 1st of the month. Now I have to wait for my payment coupon, until almost the end of the month.
      You are now shifting from the 8th of the month to the 20th to generate statements. I will be lucky to get the statement (and the attached payment coupon) before the 1st of the month.
      Instead of paying 3 weeks prior to the due date, I am being forced to pay after the 1st of the month. You have effectively forced my payments to being received after the 1st, and during the Grace Period.

      I suspect this has more to do with maximizing your interest income and less with providing service to your clients. An NO, I don’t want automatic withdrawal from my account.
      Let’s go back to generating a statement immediately following your receipt of payment.
      This isn’t ROCKET science, folks.

      1. Hi Dan:

        While I understand that many of our clients pay at all different times before the payment is due or during the grace period, I can assure you that this change was made to help the majority of our clients based on the feedback we’ve received on the best time to send statements. With that said, I can appreciate your perspective and I’m happy to pass it along to our team. Thank you for reaching out and enjoy the rest of your day!

  31. Your clerk recently told me you take 7 days to post a payment and then you charge me and probably many others a late fee. My payments to you are directly from the bank, and you receive it the same day or the next, not 7 days later. So a late fee for your incompetence.

    1. Hi Jack:

      I’m going to get this to our Client Relations team to look into what you were told. It’s possible that they meant seven days to receive your statement in the mail, but we want to look into this. Thanks for reaching out!

  32. Please send info on how I can prevent our mortgage from increasing each year. I had added money to Escrow and was sent a refund check of $144.00. Our payment went up almost $5 per month….sounds like no big deal until you are 69, retired military, (husband has a TBI and PTSD requiring constant attention/care), and on a fixed income. I need to know how to prevent the mortgage increase in the future. We always make our payment on time and never late.
    Thank you for your assistance.
    Kay A. Smith

    1. Hi Kay:

      I’m removing your email and personal address because this is a public forum. I’m going to get this to our client relations team to see if there’s anything that can be done in order to make your escrow process easier. However, I can tell you that we have no control over property tax and homeowners insurance payments. The property taxes are based on property value and homeowners insurance companies set their own rates, so it might be helpful to periodically shop around. The one really practical piece of advice I can give you is to make sure you’re claiming every possible property tax exemption you can get. I will get this to our team though.

  33. Hi, my payment is set up to automatically come out of my bank account on the 1st of the month. this usually does not happen since the 1st of January 2019./ this is screwing up hot I pay my other bills. can your company take the money out on the 1st of each month? maybe this change that your company is doing starting on may 1, 2019 can incorporate taking out the money on the day it is set up to be taken out.

    thank you

    1. Hi Kathy:

      One thing we recommend is to set up your payments through your Rocket Account instead of through your bank. My reasoning for that is that if your escrow payment changes, that way your consistently paying the right amount for your monthly mortgage payment without having to set it up through your bank again. I can’t tell you what’s going on with your automatic payments because we have no insight into your bank’s auto drafting system. The only thing I can recommend is possibly to make sure that the settings are correct with your bank. I hope this helps somewhat!

  34. Hello Zing admin,

    I just read my email stating that you would be changing your Billing Statements again, & got really excited until I read it.
    I absolutely hate the way you now mail your statements. I realize I have a grace period & that is fine and dandy …. I had a grace period the old way that statements were mailed as well. I like having my payment mailed out to you by the 20th of each month to ensure you receive it on or before the 1st. I have done this all my life with every mortgage we have ever had. When statements are not prepared until the 20th, I do not receive my statement in the mail until approximately the 27th of each month …. this stinks! Please go back to the old way …. I liked getting my statement as soon as I paid the previous statement. This allows me to send early if I am going to be out of town, state, or country when my payment is due. It also gives me my payment coupon so I can add additional funds towards my principal or escrow if I feel the need to do so. I do realize I could have this payment set up as a automatic payment, but prefera paper bill in the mail each month, and to write out the check myself again allowing me to decide how much I choose to pay each month if I wish to pay additional. Since obviously I am not the only customer that feels this way …. is there someway that those of us that prefer to make payments before the 1st of each month could still receive our statement immediately after payment by opting to do so, just like some opt to auto pay, and some prefer to go paperless?

    1. Hi Donna:

      We can understand concerns around the post office and it’s taking longer to get your bill in the mail if there are any mistakes or forwarding that happens. However in the overwhelming majority of cases, our clients will receive their statement within a few days of it being sent out. There’s no reason to anticipate frequent issues. If something were to ever come up where you didn’t receive your statement by a certain date and you were going out of town, you could always login through your Rocket Account and make a one-time payment with all the same controls for extra payments toward the principal or escrow. If you haven’t visited in a while, the credentials are the same as your old MyQL account.

      Regarding your suggestion, the government requires that we mail these out for all clients on a consistent pattern. It’s hard to satisfy everyone because some clients pay before the first while others paid during the grace period, but this particular billing cycle will work for the most clients based on the feedback we received. Thank you for sharing your thoughts!

    2. What Donna stated makes perfect sense and I totally agree with her. The 20th is too late to receive a statement which is due on the first of the month!

      1. Hi Kathy:

        While I understand your concern, most people will receive their statement within a few business days after they are mailed. You also have until the 16th of the month to make your payment because of the grace period.

  35. I did a comment and then post the comment, But don’t know where it went, or if it got posted, and if the bank will read the comments. Does anyone know? Does it first go to be looked at before posting on here? thanks,

    1. Hi Mike and Luann:

      These do not show up right away because our site only updates every so often to help with load times. Regarding your original comment:

      We appreciate people who pay on time. Lenders don’t like people to pay late. If people pay late, we spend time and money working with them to help them get back on track. While we are happy to help, it’s not something we encourage because no one benefits.

      In terms of interest rates, those are based on market rates at the time you do your loan plus adjustments made by the investor (Fannie Mae, Freddie Mac, FHA, etc.) for your financial profile as well as the type of loan you’re working on. While you don’t necessarily get a better rate during the time you’re paying off a particular loan for paying on time, the better your credit profile is, the better rate you would get when you refinance a loan or take a loan for something new.

  36. March 29th, 2019
    Dear loans dept.
    We would like to see, that if you make all you payments on time every month, for every year, Quicken Loan will lower your interest rate , for that year past, and so on. We get tired of the fact that, we always make our payments on time every month, never late. And we never get any appreciation from the banks for doing so. I believe if something like this was offered, You would have less people paying late. I realize that the banks must like the idea of people being late and that they get that extra charge, in there pockets. The only reward that people like us get is, we get good credit, to get, more in debt, with more loans. I have 4 loans, I pay on time, in full, every month. Can someone bring up this idea to your bank for us. Its just our opinion of how we never get rewarded for being good people. We are out there, We are them.
    Thank You,
    Mr. and Mrs. Michael Cutaiar
    PS. Could we get a response to this offer Please.

  37. Congrats. Sending the mortgage billing statements after the end of grace period makes so much sense. Thanks for listening!

  38. If someone pays a mortgage payment on the 28th of each month along with the late fee…. does this hurt their credit standing with QUICKEN?
    They Never go beyond 30 days.
    This is done sometimes to assist in finances

    Thank you….

    1. Hi Anthony:

      If you don’t go 30 days late, it doesn’t hit your credit report, so there’s no impact on your mortgage qualification. The only thing that might happen is that you would possibly be charged a late fee by whoever you make the payment to. Hope this helps!

  39. Hi,
    So I got a bill “due date: 12/01/2018” and mailed in my payment Nov. 9th.
    This was received and acknowledged by you.
    Then I got another bill for same due date.
    Are some of us getting two bills for the same due date?
    Can I safely ignore the second one?

    1. Good morning, Lehua:

      If the first bill was mailed and acknowledged by us, you should be safe to ignore the second bill if they had the same due date. However, I’m going to get this to our Client Relations team just to make sure everything is OK with your account and you get the right information. Thanks for reaching out! Have a good day!

  40. I really do not like the new billing statement format and do not understand how this is beneficial. My current statement basically shows that we owe for 2 month’s mortgage because the cut off date is the before our monthly payment is auto withdrawn from our
    account.
    This is silly and confusing and I do not see any benefit to payers like ourselves whose
    mortgage is withdrawn after the 8th of the month. Ridiculous.
    Also, someone keeps calling us from your office and YOU NEED TO STOP. We are not interested in a refi, or equity loan. Please take us off your contact list as it’s so annoying and not appropriate. If I need you I know where to call.

    1. Hi Kathie:

      We respect and understand your feedback on the new statement send dates. I do want to make sure that we take care of getting you opted out of further phone calls. Unfortunately, I can’t find a new existing lead associated with your email address. I’m going to share this with our Client Relations team, but if you send an email to Sarah@quickenloans.com with the phone number at which you’re receiving the calls, we can absolutely take care of getting you opted out. I apologize for the inconvenience.

  41. I really liked the last billing and payment information you had before showing everything. I liked you showing the aprox. property worth and all the info on that page. I hope that does not change.

    1. Hi Mary:

      I’m happy to report nothing about the content or layout of the statement or website is changing at this time. Thanks!

    1. Hola Christina:

      Entendemos su preocupación: Puede estar segura de que su pago mensual no se ha duplicado. Nosotros cambiamos la fecha de cuando enviamos los estados de cuenta. Por este motivo, algunas personas que hacen sus pagos dentro de los 16 días de gracia, están viendo un balance de pago duplicado en su estado de cuenta. Si regularmente hace sus pagos dentro de este periodo, puede ignorar este monto y seguir haciendo sus pagos normales. Yo voy a compartir esta preocupación con mi equipo de Relaciones al Cliente. ¡Gracias por comunicarse con nosotros!

  42. Not at all happy with new statement policy I do love Quicken. Best customer service and the most polite and caring employees ever.

    1. Hi Carol:

      I want to assure you that interest isn’t a motivator. You still have multiple ways of paying several payments ahead if you want to. If you pay online through your Rocket Account, you can always make a payment a few days after your initial monthly payment is due. If you make your full monthly payment and don’t specify that it should go to principal, it’s automatically applied to the next month’s payment. If you wanted it all to go to principal, you can check the box.

      If you prefer to make your payments by mail, you don’t need a coupon. We ask you to give us a call at (800) 508-0944. That way we can set up your account preferences correctly. From then on, you can just send a check with your loan number in the memo line to:

      Quicken Loans
      P.O. Box 6577
      Carol Stream, IL 60197

      Hope this helps! Happy Thanksgiving!

  43. Very disappointed in your new statements. I liked getting my statement as soon as I paid one payment. I could pay several payments ahead that way and end my mortgage sooner. I think this is just a way for you to get more interest since we only get one statement a month. I know you can pay more on the principle each month but I liked paying extra payments.

  44. my wife and myself are on a fix income we get our money on the third of each month that can fall on the 15th or up to the 21 we always pay our mortgage each month but the pass due fees are hurting us we can not afford to double up payment can you help us

    1. Hi Dana:

      We changed when we mail statements. The new statement goes from the sixth of the previous month to the sixth of the following month. (E.g. October 6-November 6) Because you have until the 16th to make your November payment without incurring a late fee, some people will see the balance due double depending on when they normally make the payments. If you always make your payment sometime within the grace period, you can safely ignore it. Just make your November payment for the usual amount whenever you make it and do the same with your December payment.

    2. Dear Quicken Managers,
      I agree with Dana. We are disappointed with the current statement which shows doubled payment as we already made previous month payment. Please leave the payment due amount BLANK in the coupon. We will fill all entries when we send the payment. So we do not need to strike and replace with correct amount. Thanks for letting us know about the change in statement.

      1. Hi Sree:

        I’m going to pass this along to our Client Relations team so we can make sure someone sees your feedback. We are required to put certain payment amounts in our statements, but I do understand where you’re coming from. Have a good day!

  45. I have to say this new statement period is mid confusing. Regular working people like myself find the grace period very nice and reassuring that I can pay my largest bill of the month, my mortgage. I always only received one statement a month , I’d like to see statements go back as before.

    1. Hi Melinda:

      We absolutely understand your feedback. I do want to reiterate that although the timing of your statement is changing, your grace period isn’t you still have until the 16th of the following month to pay your bill.

  46. I just nearly had a heart attack when I opened my bill and saw a pass due amount. I do not pay my bill until the 8th of the month and we have until the 16th. I agree with Randy Trotter and I would like not to get a bill until after the 16th of the month. It is only common sense

    1. Hi Andrea:

      We apologize for any momentary distress this caused. We certainly understand your feedback, and I’m going to pass it along. I do want to reiterate that the statement you get has a due date that’s the first of the following month and nothing changes about your grace period. You just might see some different things on your statement depending on when you make your payment. Thanks for your feedback!

  47. I am quite disappointed that now that Quicken Loans is now partnered with ROCKET Mortgage that the amount of services has declined.

    I wanted to keep my Payment the same every month and in previous years, I made a one time payment to ensure that I could do that. Last year, I was told to add extra money to my ESCROW ACCOUNT to have the money in my account so that when the new year started for me (NOVEMBER). That the money would be in the account. I have done what was requested and now I am being told I am getting a check for the Overage in my Escrow Account and then my monthly payment will go up nearly $50 a month.

    The Service previously allowed me to keep my payments close to the same amount and now this was determined by ROCKET/QL that you can no longer do it. SAD DAY, sorry that Customer Service has now taken a back seat when it appears to be an easy fix but you are choosing NOT to do it….

    1. Hi Todd:

      Rocket Mortgage is a service of Quicken Loans. That said, regardless of what we call our services, we strive to provide a high level of client service at all times. While there are certain procedures we follow with escrow accounts, I’m going to get this to our Client Relations team to look into your experience and also look into any options you may have to accomplish your goal with your payment. Thanks for reaching out, and someone will be in touch.

    2. I am upset with the escrow also as I made a one time payment and the then send me a check for less than $2.00 and have plenty in escrow and still upped my payment. No reason to send a check to me for less than $2, which is stupid

      1. Hi Sharon:

        I understand your viewpoint. Unfortunately, we don’t control your tax and insurance levels and are very strict regulations around how we have to handle your escrow account. We do appreciate your feedback!

    1. Hi Marilyn:

      No, we wouldn’t do that to you. The statement will come between the 8th and the 12th but it’s not due until the 1st of the following month. The grace period would remain the same. Thanks for reaching out!

    1. Yes you can. Nothing is changing about your personal billing preferences. The only thing that’s changed is the day on which your statements are sent.

    1. Hi Donald:

      It depends on what you mean by bimonthly. You have to make at least one full mortgage payment per month. However, we do offer what we call biweekly payments. When you set up biweekly payments, you pick a date between the 1st and 14th of the month to make the first half of your monthly payment. This is then put into a non-interest-bearing escrow account and the second half of your monthly payment is taken out two weeks after the first half and applied to your loan in accordance with the rules of the major mortgage investors like Fannie Mae, Freddie Mac, FHA, etc. From then on, you make half a mortgage payment every two weeks. Because there are 52 weeks in a year, you make the equivalent of 13 monthly payments as opposed to 12. This extra monthly payment, if you choose to make it, is applied directly to your principal, meaning that over time you save on interest in addition to paying off your loan faster.

      There’s more information in this blog post. If you would like to get set up, you can do so through your Rocket Account or give our servicing team a call at (800) 508-0944 and someone will be happy to help you. Have a great day!

  48. Since our payments are not overdue until the 16th why not make the monthly statement email on the 15th instead of the 8th. That way it could double as a reminder.

  49. Actually, I have a question for you. How much is it costing me in terms of my overall interest cost to have you pay for my homeowner’s insurance and my property taxes? Are these amounts considered to be part of the overall loan amount? How much would I save on interest if I paid them directly on my own. Obviously that would reduce my overall mortgage payment. I am interested in knowing how much you charge me for the service and how it impacts upon my overall interest on the loan, if any. Thank you

    1. Hi Sergio:

      Your escrow account isn’t one of the things that impacts your interest rate. You would only save the equivalent of the actual monthly amount you pay on your property taxes and homeowners insurance if you were to get rid of the escrow account. You would also still have to pay the items separately, so there are no net savings. They also aren’t part of your loan amount. Your escrow amounts are calculated every year based upon your local property taxes and the premiums charged by your homeowners insurance provider. For more information on the types of things that do impact your interest rate, check out this blog post. Thanks!

  50. For the past 2 to 3 years (maybe more) I have paid my mortgage one (1) month in advance. Last month I missed the amount on my mortgage by .06 cents. Instead of 219.69 I paid (on line) 219.63. I immediately received an e-mail from Quicken stating my loan payment was SHORT and also received a letter notifying me that my mortgage payment was .06 cents SHORT!!!! SINCE YOU HAD AN ADDITIONAL PAYMENT IN MY ACCOUNT IN THE AMOUNT OF 219.69 I ACTUALLY HAD A CREDIT BALANCE OF $219.63 AFTER YOU HAD APPLIED MY .06 CENT BALANCE DUE!! OBVIOUSLY I DON’T APPRECIATE THIS PETTY B.S.. HOWEVER I WILL NOT PAY YOU AN EXTRA MONTH ANYMORE AND IN DECEMBER YOU WILL GET MY PAYMENT OF $219.75 UNLESS YOU CHARGE ME INTEREST ON .06 CENTS.
    Fred J. Martin

    1. Hi Fred:

      I’m going to get this to our Client Relations Team to look into your experience. I’m sorry you’re having an issue.

  51. So, a Nov 3rd statement won’t show my November payment since even though due on 1st there’s grace period through 15th. So we normally pay on the first Friday date. So now instead of receiving a clean statement, every month we’ll receive a statement that looks as if we have two payments due. Doesn’t look like we’ll be happy with this change 🙁

    1. Hi Judy and William:

      Due to differing regulations in various states, we do have to show both payments on the statement. However, only one of those payments would be due by the end of the November grace period. So you can still do what you’ve been doing. It will just show up differently. Nothing is late, so there won’t be any additional fees. While we can’t anticipate everyone’s payment scenario, we do want to avoid the possibility of sending duplicate statements.

      I also wanted to take a moment to say you can always view the transaction history and the amount of your payment that’s due through your Rocket Account so that you can keep track of the amount owed and your principal balance in real time at any time. I understand your feedback and I hope this helps somewhat. Have a good day.

  52. I have been with QL for about 4 years now and am pretty much happy with your services. One area that I will like for you guys to look into is this issue with escrow. When the analysis is done in August and there is a shortage, why not give borrowers the opportunity to make up any differences that may occur instead of automatically raising the monthly payment. Am sure that many people will be happy and benefit from this arrangement if it is implemented. Thank You

    1. Hi Osi:

      Escrow issues, particularly shortages, are among the most confusing topics for all of our clients, so I certainly understand where you’re coming from. To get to the root of your concern, I’m going to try and do a short explanation of what happens when you have an escrow shortage.

      As I’m sure you’re aware, the amount of escrow you have due each month is impacted by changes in homeowners insurance and property taxes. Because different counties analyze property taxes at different times throughout the year and you could change homeowners insurance at any time, lenders like Quicken Loans analyze your escrow account once a year. If we find that the amount in your account is short of what’s due, we pay the amount due in advance and give you a couple of options to deal with the shortage. The first option is to make one big payment as a lump-sum. The other option is to spread the amount of the shortage out over the next 12 months, essentially acting as an interest-free loan from us to you that’s paid out over the course of the year.

      I think your confusion stems from the next part of the process. Even if you pay off your shortage all at once with an additional payment directed solely at escrow, your payment is going to go up. This happens because your taxes and/or homeowners insurance premiums have gone up and we have to account for that in an effort to make sure you’re not continuously running with a shortage. Of course, if your property taxes go up again before your escrow is analyzed for the following year, a shortage will happen anyway, but we try to avoid it. Hope this helps!

      1. That is so not true. I had to argue with this company because I wanted to pay my shortage in one lump some and you didn’t want me to do that. I can’t wait to change to a different loan company, it’s just not the right time for me to do that, but it won’t be Quicken loans when I do. I know the reason is the loan company can get more money off the interest when it is carried out through the year.. Watch out you people are misleading and tricky…

        1. Hi Norberta:

          I’m going to get this to our Client Relations team to look into your experience because we enable you to pay escrow shortages as a lump sum payment if you want. We don’t make extra money by having you spread the payments out. It comes out to the same amount of money either way.

    2. The concern that your answers seem to not be addressing are this. I will get my December statement before I make my November payment on the 15th. How is the information on that statement accurate?? Why wouldn’t ALL statements go out after the grace period for all customers ends on the 15th? That would seem to make a lot more sense. What you’re doing is going to confuse a majority of your customers. A poor business decision on your part!!

      1. Hi Kenneth:

        Your payment is always due on the first. For purposes of the statements, we have to go by the contract date. The grace period is just so you can avoid late charges. We’re trying to avoid sending multiple statements to clients as we’ve received feedback about that in the past. You can still make your regular payment before the grace period and continue to do it that way. You just need to be aware that it will show as if there are two payments due to state regulations. You can always see accurate real-time information on your payment by visiting your Rocket Account.

        1. With all due respect, I have yet to see an answer to the question of why this change is required. If you are responding to complaints from some people who wanted a fixed single statement at the same time each month, then you should have made that an OPTION for those who wanted it. I, for one, do not. I pay every month within the grace period, but I do not pay by the 3rd, so from now on, for the duration of my loan, or unless and until you change this practice, I will be receiving an inaccurate statement each month. And the terms of the promissory note and the ability to see up to date information online are not the point. I prefer having a paper statement, and there is nothing in my loan agreement that requires payment by the 3rd in order to receive an accurate statement. From the moment I first began working with Quicken Loans I have been extraordinarily pleased with every aspect of my experience with you. This is the first thing you have done that has disappointed me. I respectfully hope that you will reconsider this change, or, at the very least, make it optional.

          1. Good morning, Eric:

            We understand and respect your feedback. I’m going to pass this on. Have a good day!

  53. Change is always difficult, especially when things have been so easy working with QUICKEN. On the other hand, I believe if you don’t give a new idea a try, you’ll be left behind. Our world is moving so fast and new ideas are being created by fresh new minds. I am willing to take a risk; however, if the outstanding customer service that I have become so fond of for many years changes, then you’ll hear from me. Good luck on your new system.

    1. Hi Gail:

      This sounds like a great perspective to have on a number of things in life. Although the timing of when we’re sending our statements is changing, one thing that won’t be changing is our commitment to client service. If you call us up on the phone with a question about your closed loan, you’re going to get a real person based here in Detroit. I’m also real and always ready to help or point people in the direction of someone who can. My name is Kevin and our entire team is extremely committed to providing the best client service experience possible. Have a great day!

  54. I would like to see the term length in months and the remaining months on the statement as well.
    For example; ” you have paid 38 months of your 180 months”
    Is there a way to determine that from the current monthly statement?
    Thank you

    1. Hi Timothy:

      There’s nothing like that on the current physical statement. That’s feedback I can pass along.

      You can get to that information by accessing your personal amortization calculator in your Rocket Account. I’ve linked it here. Hope this helps and have a great day!

  55. I was very disappointed to receive the update from the email pertaining to your new billing procedures. I realize that these are not cookie cutter procedures; however, it would have been an excellent idea to consider your customers input prior to finalizing these new procedures. This has caused me some concerns in which I have to make sure I have an accurate accounting of how the new billing cycle will run. This is very concerning to me, and I was not able to get pertinent questions answered from Quicken Loans Representatives. I hope this is not the manner in which you do business. If so, I will have to consider my options.

    1. Hi Gerald:

      We certainly want to look into the fact that you feel your questions were not adequately answered by our representatives. I’m going to get this to our Client Relations team to look into this for you.

      In terms of the billing cycle, I think I can help clear some of this up for you. Starting in November, you’ll receive your statement sometime between the 6th and the 10th of each month. The payment for that statement will be due on the 1st of the following month (e.g. December 1) with a grace period extending until the 16th. That’s all that’s happening with the billing cycle. Nothing else about your statement is changing. I hope this helps and I’m going to have someone reach out regarding your previous communications with us. Thanks and have a good day!

    1. Hi Richard:

      I understand your concern, and your feedback is valued. Please note that we strive to always make sure our clients know everything they need to know about their loan and will work to communicate with you through various mediums. We’re always here to help!

      1. Hi Peter:

        Your statement will arrive between the 6th and 10th of November, for example. However, the payment for that statement wouldn’t be due until December 1 with a grace period extending until December 16. Hope this helps!

  56. I like it the way it is now, I like to receive a statement each time I make a payment. I sincerely doubt it had anything to do with paper clutter, it is all about Quicken cutting corners. Tell me how many complaints you had from customers about paper clutter. I doubt if you ever received even one.

    1. Hi George:

      I certainly understand your feedback and I’m going to pass it along. I do want to note that in many cases, nothing is changing from a client perspective besides the dates on which the statement is sent. Many of our clients didn’t necessarily receive a follow-up payment statement, so you may find no change. In addition, all electronic notifications regarding confirmation of your payment are unchanged. Thank you for your feedback and have a good day!

    2. I agree with this comment. I have a very busy schedule also and make mental note when bills are due. I keep these statements in my files and when this is paid off will have a bonfire. Until that time I prefer to receive bill statement as is currently. Always someone who thinks a change is necessary when it worked fine. So we have to corroborate with change.

      1. Hi Alice:

        I want to reassure you that nothing about your actual statement is changing. Your payment is still due on the first of the month with a grace period extending until the 16th of the month. Starting in November, you’ll get your statement sometime between the 6th and the 10th and your payment will be due December 1. This doesn’t affect your due dates. I hope this helps! Depending on the timing of when you sent in your payment, some people were receiving duplicate statements. This will alleviate that.

  57. Thanks for the heads up! 2nd home with quicken and we are very much enjoying our downsize and change from the ocean to the mountains ❣️

  58. So you are telling me that I will not receive a bill telling me my loan payment is due on the first of the month? I have called twice because I have not received a bill by email for two months like I have in the past and no one said anything about this when I called. All I was told was to keep checking my spam box. I always checked my spam box and there was nothing in there pertaining to my loan payment. This raises a trust issue because I was not informed there was going to be a change. Very disappointed.

    1. Hi Theda:

      Unless you signed up for paperless statements, you should be receiving a bill in the mail. If you did sign up for paperless statements, they should definitely be coming to your email. I’m going to get this to our client relations team to look into your issue.

      In terms of what this post is saying, under the new system starting in November, you would receive your statement either physically or in email sometime between the 6th and the 10th of every month, but when you receive your statement in November, it will be due December 1.

      Someone will be reaching out. Thanks!

    1. There is a window, but we strive to get you your statements in a timely fashion. Also, because your payment won’t be due until the first of the following month, with a grace period lasting until the 16th, you should never have an issue with receiving your statement too late to make a timely payment. Thanks for being a valued client, Ida!

  59. Hello,
    My concern is, since I still do things the old-fashioned way(by sending a check in the mail), that by receiving my statement between the 6th and the 10th, you may not receive my payment before the 16th! So…then what?

    1. Hi Lori:

      The date range listed above is just a guideline. Your statement could very well come before the 10th. That said, if you don’t wish to make payments online and have concerns over the timing after receiving your statement, you can also give us a call at (800) 508-0944 and you can either make your payment through our automated system or one of our specialists will be happy to take care of you. However, it shouldn’t be a problem because I’ve received clarification from our servicing team that the statement you receive between the 6th and the 10th will always be due on the first of the following month. Hope this helps!

  60. I was happy that I was able to pay ahead some months so that at certain time during the year ( Christmas Ect. ) when money is tight I was able to skip a month without any harm. I find the new arrangement Not so good or is there a way that this still can be done.

    1. Hi John:

      This doesn’t change anything about the way you pay. The only thing that’s changing is the date on which we send your statement. You still have the option to choose to pay ahead some months so that you have a little bit of extra money for the holidays or any other time you find it’s beneficial for your budget. Nothing about this statement or the payment options are changing and your due date remains the same. Thanks!

      1. I agree with John’s reply. I try to make extra payments throughout the year. My past experience with Quicken is that if I make an extra payment, it is only applied to the next month’s payment if the statement has been mailed out and I have received the new one, otherwise Quicken just applies it straight to the principle rather than the next monthly payment. The once a month method will limit the customer’s ability to make monthly payments in advance because many electronic payment methods have limits on notes that can be added to the payment. I strongly prefer Quickens previous process.

        1. I want to clarify that this doesn’t impact your ability to make monthly payments ahead of time. There are a couple of ways to do this. In the first, you can use your Rocket Account. Let’s say you paid your payment that was due December 1 on November 1. You could then choose to go back on November 7 and make the payment for January 1 if you wanted. You would do this by selecting the option to pay the full monthly balance and it would be applied to your January 1 payment. This happens unless you select the option to pay principal only.

          We completely understand that not everyone wants to make payments online. If you’re paying by check, you don’t need a payment coupon. You can just send your check with your loan number in the memo line to:

          Quicken Loans
          P.O. Box 6577
          Carol Stream, IL 60197

          In order to make sure these payments are applied according to your wishes, we would ask that you give us a call at (800) 508-0944 so that a member of our Client Relations team can set up your account properly and apply your checks to the future balance.

          This change is being made in order to avoid people getting multiple statements unnecessarily. I hope this explanation has been somewhat helpful. Have a good day!

  61. In 10 years, I have never received more than one statement in any monthly period. I like the current statement format because it gives 100% of all information regarding my mortgage account, right up to the minute. I hope that you will not simplify the new statement so that it leaves out any of the information shown on the current statement. If you want to change your statement format and date of notification to clients, you have the right to do that. To me, it seems it may cause a lot more confusion to clients than your current format by being sent out each middle of the month. My due date is the First Day of every month; I hope that you are not considering changing my due date, so as to greatly change even one of my monthly payment principal and interest amounts, simply to easily change the time of each month you send out statements. It seems that changing your mailing date will mean any updated information may not be correct. This could lead to confusion about the exact end of payment or exact amount of payments made. A gap of 10 days or more in paperwork means a gap in up-to-date- information shown.
    I also do not wish to see any changes relating to the date of my auto-withdrawal so as to add to any possible confusion. I will venture to say that most of us do not appreciate changes with any of our banking or legal paperwork or accounts. I hope this change relates to ONLY moving forward in time, the date Quicken Loans sends the paper statement to clients, and involves No Other changes.
    Thank you for clarifying these details.

    1. Hi Gloria:

      These are all very good questions/concerns and I’m going to take them in turn. Nothing is changing about your statement. The only thing that’s changing at this point is the dates on which things are sent. We’re not taking any information out and nothing is changing about your payment due date or the way payments would be applied as far as principal and interest. Not all clients received payment confirmation in the mail. You had to be signed up for it. The information on the statements will always be accurate as of the third of the month. I hope this helps!

  62. you had aGood experience with us. I’m going to have someone reach out about this. A Quicken user surely need a supporting hand that can instruct them systematically and when the user unable to implement it on its own, then still take the remote access of its system in order to avail the Quicken customer care services directly.

    1. Hi James:

      We’re always here to help, but we do think there are plenty of things our clients can do on their own. We try to make things as simple as possible. Is there something we can help you with?

      Thanks,
      Kevin Graham

  63. Our refi experience was an excellent one with QL. We already had done a VA refi in 2012 and our 2016 VA refi actually provided a lower interest rate and enough cash back to liquidate most of our credit debt. We expected some delay with the process but since we do not subscribe to the drive-thru mentality of too many impatient people, it went smoothly and above expectation.
    The new statement is very good. The detailed explanation was easy to understand. We remain satisfied customers of QL.

  64. I appreciayed dealing with Quickens courteous, patient. and helpful reps –
    in particular dan welch – – thank you !

    1. Thanks, William! You’ve made our day! We’re going to make sure Dan sees your compliment as well. Have a great night!

  65. My experience with Quicken loans has been amazing 6months in on my home purchase and everything has been fair and very understandable the billing statement I receive is EXCELLENT to say the least, Thanks Quicken loans for a tremendous Experience

  66. The billing update email was excellent. I have li longed for this type of statement. I need to know the history, balance owed, etc. This keeps me from having to call to get an update on my account.

    You are thoughtful and AMAZING!!!
    M ODEN

  67. the whole refiexperence was anythung but born to amaze. it was a pain of redo redo redo with each person telling me something else. this email is another stupid attempt to amaze. why not a sample withexplanation. no need to writ a book

    1. I do apologize for using a whole lot of words to describe a simplified billing statement. That’s on me as the writer. However, I do want to make sure we look into your refi experience and see what happened. Thanks for reaching out! Someone will be in touch.

      Thanks,
      Kevin Graham

        1. Hi Sandra:

          I’m sorry to hear you had a poor experience with us. I’m going to have someone reach out about this.

          Thanks,
          Kevin Graham

          1. I don’t understand why there’s an increase in taxes every year causing my mortgage payment to change I send extra money in escrow and principal every month along with my regular payment and still I have to pay all these taxes every year since I’ve been with Quicken Loan I don’t understand it and I don’t like it what has to happen in order for there to be a decrease at the end of the year?

          2. I don’t understand why there’s an increase in taxes every year causing my mortgage payment to change I send extra money in escrow and principal every month along with my regular payment and still I have to pay all these taxes every year since I’ve been with Quicken Loan I don’t understand it and I don’t like it what has to happen in order for there to be a decrease at the end of the year?

          3. Hi Carolyn:

            Without knowing about your personal property values, I can tell you that property values across the nation are up in general. Although this can be good because you’re gaining more equity faster, your taxes also increase depending on where you’re at in your bracket. If your property value decreases, your taxes can decrease. They’re proportional to each other. One thing I might suggest is to make sure you’re taking every exemption you qualify for.

            Thanks,
            Kevin Graham

    2. Carl, you nailed it. Why not offer an example statement to look at? That'[s what I expected to see before I wasted my time opening this email.

  68. We remain thrilled with the refinancing terms, now entering our third year. And I was already pleased with the organization and clarity of both the paper statement and the online statement. [You probably want me to bypass the paper and just stick with the online version and copy stuff myself, but I still have too much “old blood” in my veins! 🙂 ] Thanks for providing such a tremendous service to our family! We had been in a tough spot before QL came along!!

    1. I’m very glad we were able to help you, Paul and Sally! It’s great to have you as clients. And paper does work really well when you’re not near a computer. We get it! Have a great night!

  69. why cant we paid into our escrow?i talked to one agent, and he said that they were allow to keep x amount in the escrow account.

    1. Hi Evon:

      I’m going to get this over to our client relations team so they can sort this out and help you.

      Thanks,
      Kevin Graham

  70. I’m very happy My Quicken loans has made the update to the system. I like the flexibility of being able to pay over the phone or online.

    Thank you Quicken
    Sincerely,
    Mike Tarquini Buffalo, NY

    1. Hi Wayne:

      Sorry to hear that. Your monthly payment should be clearly visible on the statement, but I’m going to get this over to our client relations team to see if we can help you out.

      Thanks,
      Kevin

    1. Hi Melissa:

      This is still meant to help you. Even if you don’t receive physical statements, you can still get them through MyQL.

  71. STOP SENDING ME ZING STUFF. I only want whatever is important to MY mortgage account. You don’t need to spam me, I only need and want what is important pertaining to my account. The whole refinance experience was beyond excellent, don’t ruin it now. TY

    1. Hi Diane:

      As Mr. Zing, I’m sorry to see you go. That said, I do understand it can be a lot of email. I’ve gone ahead and opted you out.

      Thanks,
      Kevin

    1. Hi Arlen:

      I’m going to have someone from our team reach out regarding options to recast your loan.

      Thanks,
      Kevin Graham

    1. Hi Cynthia:

      The option should be in MyQL with your billing options if you login to your account. Hope this helps!

      Thanks,
      Kevin Graham

  72. I appreciate the opportunity to provide feedback, so I plan to follow my own advice…

    In today’s “quick hit” world, being brief but informative should be your goal… With email inboxes nearly always full and unmanageable, 10 seconds is about correct amount of time a person has to read, decipher and take action on your message. You should follow the advice of proven methods of communication: ” a picture is worth a thousand words”, and “KISS, keep it simple stupid”. So, I do believe you have room to improve.. In your article above, “Quicken Loans® Revamps and Simplifies Its Billing Statement” by Kevin Graham, although well written, two specific areas could really enhance the message… (1) attach an example of the new statement (or link with drill-down) so that the explanations coincide with a visual reference.. and (2) one-lined bullets or an accompanied table would provide comparable brevity results, allowing the customer the ability to “customize” their experience.
    Thanks.

    1. Thanks for the great feedback! We have added a link to the statement that should give people a visual reference. I think the table is a good idea in the future.

  73. I think your doing a very good job of keeping your customer in touch with there finance and always looking better ways to make it easier. I also would like to remove my PMI in 2018

    1. Hi Mike:

      Thanks! You made our day. As far as PMI, I’m going to recommend you reach out to our servicing team at (800) 863-4332. They can go over your options and make sure you’re on track.

      Thanks,
      Kevin Graham

    1. Hi Judith:

      I’m going to get this over to our client relations team and see if we can’t get some clarity on your escrow situation.

      Thanks,
      Kevin Graham

  74. Since you’ve redesigned the payment stub I’ve been mailing my bill before the 16 of every month it does not show that in this new billing. Does it mean that you have to receive the payment at beginning of the month? Before if you receive it before the 16 of every month there is no penalty. Just want to make sure so I don’t pay the penalty. The reason is I’ve scheduled all my bills in accordance to the date I get my paychecks. Thank you and more power to all of you.

    1. Hi Nelson:

      Nothing is changing about our grace period. If you get it in before the 16th, you should be good to go.

      Thanks,
      Kevin Graham

  75. I make my payment by phone, and get a letter in the mail acknowledging the payment.

    I don’t find that necessary, a’s my bank notifies me of the transaction. It’s a cost you could eliminate.

  76. All this is very informational, however don’t you thing a sample of the bill would have been nice so we could have had a peek preview!

  77. I want reduce my monthly payment
    by any way:
    1-by refinance(if the rate below than 3.5%)
    2-Remove my mortgage insurance
    (some other lenders can remove it)
    N.B:recent property value increases
    in my area(my home now above
    150.000$as estimation by quicken
    Loans)

    1. Hey Nabil:

      You can definitely go over your options if you want to refinance online through Rocket Mortgage. You can also definitely talk to one of our Home Loan Experts by calling (888) 980-6716.

      Thanks,
      Kevin Graham

  78. I am enlisted to make online payments but want to make extra principle payments by check but QL doesn’t sent a return envelop with the statement.

    1. Hi Frank:

      While we don’t send clients that are set up for auto pay return envelopes, you do have some options here. You can make an additional principal payment that is applied directly toward your principal. If you want a certain amount to come out every month, you can also choose to apply anything over and above what’s due to your principal payment. You can also call and make an additional monthly payment over the phone using our automated system or with a representative by calling (800) 508-0944. Hope this helps!

      Thanks,

    1. Hi Thomas:

      I’m going to get this over to our client relations team and they’ll be able to take care of you.

      Thanks,
      Kevin Graham

  79. if I decide to pay off the house will it show the payment amount that I need to send or do I need to call Quicken loans offices.

  80. I like graphs. Any chance of adding a graph of the principal going down with maybe a “what if” like make a principal reduction payment here and watch what happens next!

  81. YOU GUYS ARE THE.BEST! I have NEVER had such an amazing positive experience with any other company (including my employer of 30 years!). Your dedication to your consumers is incomparable. Of the numerous employees I was involved with throughout the process of securing a loan, I had NOT A SINGLE negative experience; never an “attitude,” not even so much as an exasperated “sigh!” I have a brain injury, and, trust me, I can exasperate the MOST PATIENT, MOST LOVING, MOST COURTEOUS people on Earth! Your company is THE STELLAR EXAMPLE of how to treat people, and I commend you!
    Thank you, thank you, thank you!
    Sincerely,
    Patty Myles

  82. A picture of the new bill would be nice. Reading this on an iOS device and I don’t see a link or graphic showing what the new bill will look like.

  83. Kevin — thanks for the write up. I think your article would benefit from a generic visual to accompany each improvement… that way we’re reading about and seeing the new stuff…

  84. I’ve no problem with the present billing statement. I suggest leaving as is for customers that don’t want a change. If it’s going to include all, then I suppose I’ll be included. Thanks,
    STJ

  85. If I needed to change my e-mail w/Quicken Loans®, please advise on how I would go about doing this. ALSO, I am looking to refinance and get a cash-out of approximately $10,000 to $11,000. Please let me know how I can do this. Your bank has been great to deal with. Thank you.

    1. Hi Carlos:

      I’m going to have someone reach out to you about email. If you’re looking to refinance you can get started online through Rocket Mortgage and get a complete refinance approval. If you’d prefer to start over the phone, you can call (888) 980-6716. Hope this helps! Happy to have you as a client!

      Thanks,
      Kevin Graham

  86. I do not understand why I received a bill in the mail and this email. Our payments on bi-monthly and automatic.

    1. Hi Katherine:

      If you mean the email you came from, it’s not a bill. It’s just an informational post about our new statement. That said, I’m going to have our client relations team look into the mail issue. Thanks!

  87. Your company has the most pleasant employees that I have ever dealt with. Everyone is kind and helpful. Remortgaging with Quicken Loans® has been a wonderful experience and has helped me so much. Thanks to all!

  88. Why, are you charging more for my insurance then what it suppost to be without letting me know ? I had to find out about this myself. thank you kathryn olmstead

    1. Hi Kathryn:

      I’m going to pass this along to our client relations team and we can look into this for you.

      Thanks,
      Kevin Graham

  89. To whom it may concern
    I’m inquiring about my monthly mortgage payment .Had put higher insurance on home and property State farm Agent shared that my monthly payment would decrease somewhere around twenty dollars a month have not seen these adjustments on my payments .

    1. Hi Tina:

      Your escrow is reanalyzed once a year generally. Typically, when your escrow is reanalyzed, you’re given options to pay off the amount of the shortage. That said, I’m going to forward this to our client relations team and see if there’s anything we can do for you right now.

      Thanks,
      Kevin Graham

  90. Maybe I missed it, but a mock-up of the new billing statement would have been a nice addition to the article. Otherwise, sounds good.
    earl

  91. You folks are the BEST, I don’t need J.D. Powers to confirm what I know and have experienced since establishing my mortgage with Quicken Loans®!

    Thank You!

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