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Article: Accounting for mortgage servicing rights.
- Article from:
- The National Public Accountant
- Article date:
- September 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 National Society of Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Is it time for the Financial Accounting Standards Board (FASB) to amend the Statement of Financial Accounting Standards (SFAS) No. 65, Accounting for Certain Mortgage Banking Activities, again? Yes, and this time it's SFAS No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65 (the third amendment since the fall of 1982). Also amending SFAS No. 65 were SFAS No. 91, Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial-Direct Cost of Leases and SPAS No. 115, Accounting for Certain Investments in Debt and Equity Securities.
The Board (FASB) was asked in November 1992 by the Mortgage Bankers ...