{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/310/948/#25-recognition","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"310","topic_title":"Receivables","subtopic":"310-948","subtopic_title":"Financial Services—Mortgage Banking","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Loans Held as Long-Term Investments","paragraphs":[{"citation":"310-948-25-1","para":"25-1","html":" A mortgage loan transferred to a long-term-investment classification shall be transferred on the transfer date. A mortgage loan shall not be classified as a long-term investment unless the mortgage banking entity has both the ability and the intent to hold the loan for the foreseeable future or until maturity. If a loan is held for resale, loan origination fees and the direct loan origination costs as specified in Topic 310 shall be deferred until the related loan is sold. If a loan is held for investment, such fees and costs shall be deferred and recognized as an adjustment of yield as specified in paragraphs 310-20-35-18, , and 310-20-50-2. Fees and costs associated with originating or acquiring or committing to originate or acquire loans for investment shall be accounted for as prescribed in Topic 310. Fees received for guaranteeing the funding of mortgage loans to borrowers, builders, or developers shall be accounted for as prescribed in paragraph 310-20-35-3.