Man talking on cell phone in his kitchen

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 325 Comments

  1. 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!

  2. 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!

  3. 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!

  4. 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.

  5. 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.

  6. 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!

  7. 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.

  8. 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.

  9. 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.

  10. 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!

  11. 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.

  12. 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!

  13. 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!

  14. 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.

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