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Accounting Rule Cheers Servicers.(accounting services)
Washington -- Some servicers are counting the days until they can kiss Financial Accounting Standard 133 goodbye and elect fair value accounting for mortgage servicing rights.
The Financial Accounting Standards Board is very close to issuing a new accounting standard that allows servicers to mark-to-market MSRs and avoid all the FAS 133 headaches of documenting hedging strategies and hedge effectiveness.
The Mortgage Bankers Association has asked the board to issue the final statement as soon as possible so that calendar year filers can adopt it retroactively to Jan. 1, 2006. "A lot of large servicers are planning to do that," MBA senior director Alison Utermohlen said.
The new standard for "Accounting for Servicing of Financial Assets" is expected to be numbered Statement No. 156.
FASB is working to issue FAS 156 in early March. The board has signaled that early adoption is permitted if a company has not filed a financial statement in 2006 prior to the issuance of the new standard. So it will be tight for a servicer with a fiscal year that ends Nov. 30 to go for early adoption.
FAS 156 does not interfere with servicers who want to continue to use the lower of cost or market approach.
But ...
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Source: HighBeam Research, Accounting Rule Cheers Servicers.(accounting services)