The American Institute of Certified Public Accountants has issued guidance on the accounting treatment that mortgage bankers have to use for loan commitments that are treated as derivatives.The "practice aid" developed by the AICPA includes examples of disclosures that meet the accounting requirements mandated by the Securities and Exchange Commission in Staff Accounting Bulletin No. 105. "Disclosures in the practice aid include registrant's methods and assumptions used to estimate the fair values of derivative loan commitments and any associated hedging strategies," the AICPA said. Mortgage bankers must apply SAB 105 to new loan commitments that are entered into after March 31.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25