# ASC 310-948-45: Receivables — Financial Services—Mortgage Banking — 45 Other Presentation Matters

Source: FASB Accounting Standards Codification, Basic View

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## ASC 310-948-45: 45 Other Presentation Matters

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##### [310-948-45-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-45-1)

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[Mortgage banking entities](https://asc.understandingaccounting.org/glossary/m/#mortgage-banking-entity "An entity that is engaged primarily in originating, marketing, and servicing real estate mortgage loans for other than its own account. Mortgage banking entities, as local representatives of institutional lenders, act as correspondents between lenders and borrowers.") using either a classified or unclassified balance sheet shall distinguish between mortgage loans held for sale and mortgage loans held for long-term investment.

##### [310-948-45-2](https://asc.understandingaccounting.org/asc/310/948/#310-948-45-2)

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An entity shall present the amounts reversed or established for the valuation allowance and the allowance for credit losses, as applicable, related to the transfer of a mortgage loan between classifications (see paragraphs [948-310-35-2A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-2A) and [948-310-35-5A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-5A)) on a gross basis in the income statement. An entity may present those amounts on the income statement or in the notes to financial statements.