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Statement No. 65 Accounting for Certain Mortgage Banking Activities STATUS Issue Date: September 1982 Effective Date: For transactions entered into after December 31, 1982 Affects: Amends FAS 32, Appendix A Affected by: Paragraphs 1 and 10 amended by FAS 122 and FAS 125 Paragraph 4 amended by FAS 115 and FAS 124 Paragraphs 5, 7, 8, 9(c), 12, 17, 28, and 29 amended by FAS 115 Paragraphs 6 amended by FAS 91, FAS 115, and FAS 125 Paragraphs 8, 11, 19, and 30 and footnote 4 superseded by FAS 125 Paragraph 9(a) amended by FAS 115 and FAS 125 Paragraphs 14, 21, 25, and 26 and footnotes 2 and 7 superseded by FAS 91 Paragraph 15 amended by FAS 122 and FAS 125 Paragraphs 16 through 18 and footnote 6 superseded by FAS 122 and FAS 125 Paragraphs 19 and 30 amended by FAS 122 Paragraph 23 amended by FAS 91 Paragraph 34 amended by FAS 125 Other Interpretive Pronouncement: FTB 87-3 Issues Discussed by FASB Emerging Issues Task Force (EITF) Affects: No EITF Issues Interpreted by: Paragraph 3 interpreted by EITF Topic No. D-2 Paragraph 11 interpreted by EITF Issue No. 86-38 Related Issues: EITF Issues No. 84-4, 84-21, 85-13, 87-34, 88-11, 90-21, 94-9, and 95-5 and Topic No. D-48 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement extracts the specialized accounting and reporting principles and practices from AICPA Statements of Position 74-12, Accounting Practices in the Mortgage Banking Industry, and 76-2, Accounting for Origination Costs and Loan and Commitment Fees in the Mortgage Banking Industry, and establishes accounting and reporting standards for certain mortgage banking activities. Mortgage loans and mortgage-backed securities held for sale are reported at the lower of cost or market value. Origination costs associated with loan applications received directly from borrowers are expensed as period costs. The premium paid for the right to service loans in a purchase of mortgage loans ordinarily is capitalized as the cost of acquiring that right. This Statement also establishes accounting and reporting standards for several different types of loan and commitment fees. Loan origination fees, to the extent they represent reimbursement of loan origination costs, are recognized as revenue when the loan is made. Loan commitment fees ordinarily are recognized as revenue or expense when the loans are sold to permanent investors. Fees for services performed by third parties and loan placement fees are recognized as revenue when all significant services have been performed. Land acquisition, development, and construction loan fees and standby and gap commitment fees are recognized as revenue over the combined commitment and loan periods. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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