Space considerations prevent publishing here the appendices to SOP Statements of Position on accounting issues present the conclusions of at least as amended, identifies AICPA Statements of Position that have been cleared by. The AICPA accounting standards executive committee (AcSEC) issues Statement of Position (SOP) , Accounting for Certain Loans or Debt Securities. AICPA Statements of Position (SOPs), available full-text at the links below from the University of .. , Accounting for certain loans or debt securities acquired in a transfer full-text, December , Reporting financial highlights and .
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Reporting on management’s assessment pursuant to statemeent life insurance ethical market conduct program of the Insurance Marketplace Standards Association full-text. Please revise your disclosure regarding the manner in which the Committee determines the amount of incentive compensation, both short and long term. Reports on audited financial statements of investment companies: Fannie Mae evaluates individual loan purchases from an MBS trust to determine.
Accounting for foreclosed assets full-text.
Accruing loans past due 90 days or more. Credit Loss Performance, page Adjusting that initial investment for an amount of the guaranty asset or guaranty obligation would not be appropriate under SFAS 91 because the guaranty fee is not received in connection with acquiring loans. We note that in the Q1-Q3 Q Investor Summary you disclose that fair value is based upon an assessment of what a third party would pay for such seriously delinquent loans, given current market conditions. See response to comment Loans purchased under other contingent call options, such as due to a material breach of lender representations and warranties, are placed on accrual status at acquisition if they are current or if there has been only an insignificant delay in payment and there are no other facts and circumstances that would lead Fannie Mae to conclude that the collection of principal and interest is not probable.
It appears that all loans you repurchase under your default call option or for which repurchase is required under the terms of your guarantee are at least four months delinquent at the time you acquire them. Fannie Mae complies with this statement by adjusting both contractual cash flows and cash flows expected to be collected to take into account the estimated timing and amount of prepayments. The scope criterion in paragraph. Please see the response to subparagraph b.
Reporting posigion highlights and schedule of investments by nonregistered investment partnerships: Accounting for the costs of computer software developed or obtained for internal use full-text. It is probable at acquisition that Fannie Mae will be unable to collect all required payments receivable in accordance with their contractual terms.
Amendment to scope of Statement of positionFinancial reporting by nonpublic investment partnerships, to include commodity pools full-text.
Accounting for property and liability insurance companies; proposal to the Financial Accounting Standards Board to amend AICPA industry audit guide, Audits of fire and casualty insurance companies full-text. Specifically tell us how each of the following factors impact your determination: Fannie Mae excludes loans from the scope of SOP if they do not meet both of the above criteria.
Accounting for and reporting of postretirement medical benefit h features of defined benefit pension plans; amendment to the AICPA audit and accounting guide, Audits of employee benefit plans full-text. Accounting practices of real estate investment trusts full-text.
AICPA Statements of Position
Please confirm whether this is true. Fannie Mae refers to this option as its default call option. As a result, the major components of the change in loans held for sale will be separately disclosed on the face of the consolidated statement of cash flows. Please do not hesitate to contact the undersigned at Fannie Mae updates the market inputs and loan characteristics that it uses in its internal models monthly, using month-end market data.
For these reasons, Fannie Mae believes that its disclosure that its credit losses were within its average historical range of 4 to 6 basis points is consistent with its former methodology. Modification of SOPSoftware revenue recognitionwith respect to certain transactions full-text. Accountants’ services on prospective financial statements for internal use only and partial presentations full-text.
Accounting for certain insurance activities of mutual life insurance enterprises full-text. Specifically disclose how this activity affects the estimate of your guarantee obligations and the reserve for guaranty losses. Please revise to clearly state, if true, that all acquired loans are on nonaccrual status at acquisition.
Fannie Mae does not make an adjustment to the guaranty obligation when a loan is purchased from an MBS trust and the trust receives the prepayment.
Financial reporting by not-for-profit health care entities for tax-exempt debt and certain funds whose use is limited; amendment to AICPA industry audit guide, Hospital audit guide full-text. Reporting the effects of general price-level changes in financial statements full-text. Consider expanding the example or adding additional examples to portray a guaranty contract on which you are required or choose to purchase the mortgage and which results in credit losses. Clearly describe the nature of any loans that are not on nonaccrual status at acquisition.
AICPA Statements of Position – Wikipedia
Please revise your future filings to discuss the extent to which you update your internal models for estimating cash flows expected from a loan. Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking action with respect to the filings; and. Auditing health care third-party revenues and related receivables full-text.
Explain the extent to which you use market versus internal estimates for these purposes.
Prepayments, including those resulting from the purchase of loans from the MBS trusts, may cause an impairment of the guaranty asset, which also results in a proportionate reduction in the corresponding guaranty obligation and recognition of income.
If the fair value of a purchased loan is less than the purchase price because a loan is repurchased under a recourse provision, does SOPAccounting for Certain Loans or Debt Securities Acquired in a Transfer, permit recording the loan at the purchase price?