How do you record mortgage payments from both checking and mortgage banks?

I am struggling to figure out the best way to record the transaction around mortgage payments. Here is a common setup.

  1. Bank A checking account where rent is collected, and mortgage payments are made to Bank B
  2. Mortgage account from Bank B(also synced to Stessa) which downloaded P+I and escrow transactions.

So every month, I get a transaction, let’s say $1500, as a mortgage payment in Bank A. Then I get a mortgage account in Bank B transaction downloaded saying something like $600 interest, $400 principal, and $500 -escrow. Then twice a year, I also get transactions that property tax was made or insurance from Bank B.

If I don’t make any changes in Stessa, those show up as if I paid a $3000 mortgage a month. How do you clean it up? Do you merge the transaction? do you mark one coming out of Bank A as “transfer”? Do you just delete it?

I feel like this is more work than benefit.

I have just been deleting the transaction from the checking account when you have a linked mortgage account (to avoid the duplication). In the case that you do not have a linked mortgage account (or it’s broken like Fay Servicing…) I split the transaction from the checking account into the applicable categories. I am curious to see how others are handling this, or what Stessa would suggest. I cringe every time I delete a transaction from Stessa…

I hope this helps.

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That is very disappointing. Stessa claims to “streamline” work, not add work

It’s really not that big if a deal. Ultimately I would want to be the one to determine duplicate transactions, not a Stessa algorithm. The pros definitely out weigh the cons here.

The bigger issue I’m facing is that there are several mortgage servicers that are not linking or have broken links with Stessa - which is unfortunate. That makes for much more manual effort…