# ASC 310-948-05: Receivables — Financial Services—Mortgage Banking — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 310-948-05: 05 Overview and Background

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##### [310-948-05-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-05-1)

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This Subtopic addresses the accounting and reporting for mortgage loans, [mortgage-backed securities](https://asc.understandingaccounting.org/glossary/m/#mortgage-backed-securities "Securities issued by a governmental agency or corporation (for example, Government National Mortgage Association [GNMA] or Federal Home Loan Mortgage Corporation [FHLMC]) or by private issuers (for example, Federal National Mortgage Association [FNMA], banks, and mortgage banking entities). Mortgage-backed securities generally are referred to as mortgage participation certificates or pass-through certificates. A participation certificate represents an undivided interest in a pool of specific mortgage loans. Periodic payments on GNMA participation certificates are backed by the U.S. government. Periodic payments on FHLMC and FNMA certificates are guaranteed by those corporations, but are not backed by the U.S. government."), and related fees and costs. The Subtopic also provides measurement guidance for mortgage loan transactions with affiliates.