AICPA STATEMENT OF POSITION 03-3 PDF

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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Performing agreed-upon procedures engagements that address the completeness, mapping, consistency, or structure of XBRL-formatted information. The transfer was immaterial both quantitatively and qualitatively under Staff Fo Bulletin No. We initially classify as HFI loans that have product types that we do not currently securitize from our portfolio, such as reverse mortgages.

The borrower repays the delinquent amounts and prepays either all or a portion of the contractually required payments receivable that are not yet due. With regard to the Foothill loans, we concluded from our review that there were no Foothill loans subject to SOP Because losses related to non-Fannie Mae mortgage-related securities that Fannie Mae holds in its mortgage portfolio, but does not guarantee, are not reflected in statment of the components of its credit losses, Fannie Mae has revised the calculation of its credit loss ratio to reflect credit losses as a percentage of its guaranty book of business, which excludes these securities.

It statwment probable at acquisition that Fannie Mae will be unable to collect all required payments receivable in accordance with their contractual terms.

Fannie Mae classifies a multifamily mortgage loan as a Seriously Delinquent Loan if statemeng loan is 60 days or more past due. Clearly disclose any limitations on the usefulness of this measure.

AICPA Statements of Position

Performing agreed-upon procedures engagements that address internal control over derivative transactions by the New York State insurance law full-text. 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.

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Auditor’s consideration of the internal control structure used in administering federal financial assistance programs under the Single Audit Act, November 28, ; amendment to AICPA audit and accounting guide, Audits of state and local governmental units, and supersession of SOPexample 26 full-text.

Your example of how losses recorded at inception on certain guaranty contracts affect earnings over time is helpful. Reporting of related entities by not-for-profit organizations; amendment to AICPA industry audit guides, Audits of voluntary health and welfare organizations and Audits of colleges and universities, AICPA audit and accounting guide, Audits of certain nonprofit organizations, and SOPAccounting principles and reporting statemment for certain nonprofit aixpa full-text.

The companies acquired were all business-oriented community banks specializing in commercial real estate lending and having little, if any, consumer-oriented operations. Accounting for performance of construction-type and certain production-type contracts full-text. For example, Fannie Mae has generally excluded from the scope of SOP loans that have been purchased from MBS trusts due to a material breach of a representation or warranty that was made in connection with the transfer of the mortgage loans from the seller to Fannie Mae.

Fannie Mae statemeny not able to provide the Staff with draft pksition relating to compensation at this time because incentive compensation decisions for are only now being finalized.

Attest engagements on greenhouse gas emissions information full-text. Financial accounting and reporting by providers of prepaid health care services full-text. Accounting for costs to sell and rent, and initial rental operations of, real posittion projects full-text.

AICPA Statements of Position – Wikipedia

This disclosure reflects the factors that Fannie Mae considers in making the determination regarding whether to purchase a nonperforming loan from an MBS trust to hold in its portfolio. Accordingly, this activity is reflected as a non-cash transfer in the consolidated statement of cash flows, if material.

Please revise your future filings to clarify how and why you guarantee a mortgage loan that has not been securitized or has been repurchased, what positjon fair value adjustment represents and how fair value is calculated.

As noted in response to comment Disclose the reasons and triggers aaicpa loan transfers between the two classifications. For loans accounted for in accordance with SOPplease revise your future filings to describe how prepayments are considered in the determination of contractual cash flows and cash flows expected to be collected.

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At the month-end prior to their respective acquisition dates, the managements of the acquired companies disclosed to us the following non-accrual loans and accruing loans past due 90 days or more in millions: This presentation provides transparency into the components of the fair value of the mortgage loans associated with the activities of our guaranty business es activities and the components of our capital markets business activities, which is consistent with the way we manage risks and allocate revenues and expenses for segment reporting purposes.

Fannie Mae believes that this additional disclosure in the consolidated statements of cash flows will provide increased transparency as to the movement of loans.

Yes, if it meets the criteria in par. Fannie Mae has concluded that, for purposes of its single-family mortgage loans, a Seriously Delinquent Loan, which is defined as a loan.

Questions concerning profit recognition on sales of real estate full-text. Accounting for origination costs and loan and commitment fees in the mortgage banking industry full-text. Based on the significance of your investment portfolio combined with recent market trends you have experienced in that area, in future interim filings, losition revise to disclose the amount of underwater securities by type.

You disclose on page 7 that lenders repurchase loans from the pools when the loans do not conform to the representations made by the lenders. Please revise poistion disclosure regarding the manner in which the Committee determines the amount of incentive compensation, both short and long term. Footnote 3 of SOP states that loans that have had an insignificant delay or shortfall in od contractually required payments are excluded from the scope of this standard.

Accounting for the costs of computer software developed or obtained for internal use full-text.