# ASC 310-948: Receivables — Financial Services—Mortgage Banking Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/310/948/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:30:42.417Z to 2026-09-09T23:31:26.845Z Record version: sha256:c697e1284f722fa53ae29dd30e0765d6b218d1b95e135ca9a4fd9cdb22425d97 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948: Receivables — Financial Services—Mortgage Banking ### Machine-generated study aids ```json { "summary": "This subtopic governs how mortgage banking entities account for mortgage loans and mortgage-backed securities, including classification as held for sale versus held for long-term investment, related origination fees and costs, and transactions with affiliates. Loans held for sale are carried at the lower of amortized cost basis or fair value through a valuation allowance charged to income, while loans held for long-term investment are carried at amortized cost basis with credit losses measured under Subtopic 326-20. Transfers between classifications require reversal in earnings of any previously recorded allowance and re-measurement under the new classification.", "key_points": [ "A mortgage loan may be classified as a long-term investment only if the entity has both the ability and the intent to hold it for the foreseeable future or until maturity, and the transfer occurs on the transfer date (310-948-25-1); such loans are measured at amortized cost basis (310-948-30-4).", "For loans held for resale, origination fees and direct loan origination costs are deferred until the loan is sold; for loans held for investment they are deferred and recognized as a yield adjustment under 310-20-35-18 and 310-20-35-21 through 35-26 (310-948-25-3).", "Mortgage loans held for sale are reported at the lower of amortized cost basis or fair value at the balance sheet date, with any excess of amortized cost over fair value recorded as a valuation allowance whose changes flow through net income; purchase discounts are not amortized as interest revenue while held for sale (310-948-35-1; 310-948-35-2).", "Fair value of loans held for sale is measured by type of loan (residential and commercial separately, on an aggregate or individual basis), with committed loans valued based on investor commitments and uncommitted loans valued in the principal or most advantageous market under Topic 820 (310-948-35-3).", "On transfer from held-for-long-term-investment to held-for-sale, the entity reverses any allowance for credit losses in earnings, transfers the loan at amortized cost basis, and then assesses whether a valuation allowance is needed; the reverse process applies for transfers into held-for-long-term-investment (310-948-35-2A; 310-948-35-5A).", "Mortgage loans to be sold to an affiliate are adjusted to the lower of amortized cost basis or fair value as of the date management decides the sale will occur, with the adjustment charged to income; loans originated exclusively for an affiliate are transferred at the originator's acquisition cost because the originator acts as agent (310-948-30-1; 310-948-30-2).", "After securitization qualifying as a sale under 860-10-40-5, MBS received as proceeds are classified under Topic 320, except that MBS committed to be sold before or during securitization must be classified as trading (310-948-40-1); the balance sheet must distinguish held-for-sale from held-for-investment loans, transfer-related allowance amounts must be presented gross, and the aggregate-or-individual method must be disclosed (310-948-45-1; 310-948-45-2; 310-948-50-1)." ], "categories": [ "Subsequent measurement", "Financial instruments", "Industry-specific", "Presentation" ], "audience_level": "intermediate", "student_note": "The classification decision (held for sale vs. held for long-term investment) drives everything: fee deferral, measurement basis, and whether you record a valuation allowance or a CECL allowance. A common misunderstanding is treating transfers between classifications as simple reclassifications — the prior allowance must be reversed in earnings and presented gross, not netted.", "related_topics": [ "310-20", "326-20", "320", "860-50", "815-25", "820" ], "key_concepts": [ "mortgage loans held for sale", "held for long-term investment", "lower of amortized cost basis or fair value", "valuation allowance", "loan origination fees and costs", "securitization and sale accounting", "transactions with affiliates", "mortgage servicing rights" ] } ``` Source downloaded (UTC): 2026-09-09T23:30:42.417Z to 2026-09-09T23:30:42.417Z Record version: sha256:5d2abc8a941c787e1d3ced076dc413b32792d5647d0ee8eac5a19f854e6ef4e8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/310/948/#00-status) SEC content: no ##### [310-948-00-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:42.417Z to 2026-09-09T23:30:42.417Z Record version: sha256:5541631d88fb5e39e75d2c0b75db02b12e396e7ab393a3c8950f1332b8e87019 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Fair Value (3rd def.)AddedAccounting Standards Update No. 2012-0410/01/2012
Most Advantageous MarketAddedAccounting Standards Update No. 2012-0410/01/2012
Principal MarketAddedAccounting Standards Update No. 2012-0410/01/2012
948-310-30-1AmendedAccounting Standards Update No. 2016-1306/16/2016
948-310-30-4AmendedAccounting Standards Update No. 2019-0404/25/2019
948-310-30-4AmendedAccounting Standards Update No. 2016-1306/16/2016
948-310-35-1AmendedAccounting Standards Update No. 2022-0103/28/2022
944-310-35-1 through 35-3
AmendedAccounting Standards Update No. 2016-1306/16/2016
948-310-35-1AAddedAccounting Standards Update No. 2022-0103/28/2022
948-310-35-2AAddedAccounting Standards Update No. 2019-0404/25/2019
948-310-35-3AmendedAccounting Standards Update No. 2012-0410/01/2012
948-310-35-3AAmendedAccounting Standards Update No. 2012-0410/01/2012
948-310-35-3AAmendedAccounting Standards Update No. 2009-1612/23/2009
948-310-35-5SupersededAccounting Standards Update No. 2016-1306/16/2016
948-310-35-5AAmendedAccounting Standards Update No. 2019-0404/25/2019
948-310-35-5AAddedAccounting Standards Update No. 2016-1306/16/2016
948-310-40-1AmendedAccounting Standards Update No. 2009-1612/23/2009
948-310-45-2AddedAccounting Standards Update No. 2019-0404/25/2019
948-310-50-1AmendedAccounting Standards Update No. 2016-1306/16/2016
Source downloaded (UTC): 2026-09-09T23:30:44.378Z to 2026-09-09T23:30:44.378Z Record version: sha256:c28c1decfd7c2ee1975e1f194606d87f367b1bd428bfe481b240ff23c1bd0da8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/310/948/#05-overview-and-background) SEC content: no ##### [310-948-05-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:44.378Z to 2026-09-09T23:30:44.378Z Record version: sha256:21757b8d30a584801b9425eeca4611e1bd1becc81fd22bc8666868fe1f973985 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. Source downloaded (UTC): 2026-09-09T23:30:47.305Z to 2026-09-09T23:30:47.305Z Record version: sha256:20bb065ea064956406e76d1e30bf68ce17c1b7556c5c35138c53aa051ae18637 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/310/948/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [310-948-15-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:47.305Z to 2026-09-09T23:30:47.305Z Record version: sha256:db700956f8ae3f7c2637936bbb09d0c38af780567d4e62e32ea1ba86ebe03c87 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 948-10-15. Source downloaded (UTC): 2026-09-09T23:30:53.875Z to 2026-09-09T23:30:53.875Z Record version: sha256:3f427842672813bf78504d15da3a9a2ef6cca1d7c06388006fb7233829641387 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/310/948/#25-recognition) SEC content: no #### Loans Held as Long-Term Investments ##### [310-948-25-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-25-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:53.875Z to 2026-09-09T23:30:53.875Z Record version: sha256:e3f8e0b804b047fb933117993710f14051b6af83e62d9057355228ed82d309d0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](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.") has both the ability and the intent to hold the loan for the foreseeable future or until maturity. ##### [310-948-25-2](https://asc.understandingaccounting.org/asc/310/948/#310-948-25-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:53.875Z to 2026-09-09T23:30:53.875Z Record version: sha256:f8e2eb7af53dbc19618e90ff3bfbe12767b33c762c85f5f0bed59ed4ecb2072e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph not used](https://asc.understandingaccounting.org/updates/page-1833002/). #### Fees and Costs ##### [310-948-25-3](https://asc.understandingaccounting.org/asc/310/948/#310-948-25-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:53.875Z to 2026-09-09T23:30:53.875Z Record version: sha256:8088fe70d36f8090955f179e8d626c9effb2aa19720b001756fbae5f0cb0f795 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](https://asc.understandingaccounting.org/asc/310/20/#310-20-35-18), [310-20-35-21 through 35-26](https://asc.understandingaccounting.org/asc/310/20/#310-20-35-21) , and [310-20-50-2](https://asc.understandingaccounting.org/asc/310/20/#310-20-50-2). ##### [310-948-25-4](https://asc.understandingaccounting.org/asc/310/948/#310-948-25-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:53.875Z to 2026-09-09T23:30:53.875Z Record version: sha256:6638ac948b4d78223fdbc9d95f3a3becfb53f9dac199c66f6d73d6958112d803 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. ##### [310-948-25-5](https://asc.understandingaccounting.org/asc/310/948/#310-948-25-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:53.875Z to 2026-09-09T23:30:53.875Z Record version: sha256:ff3d725f9f495baff5791957a71eee9eff5235ececeeef5986bc6cf4b985d36a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](https://asc.understandingaccounting.org/asc/310/20/#310-20-35-3). Source downloaded (UTC): 2026-09-09T23:30:57.679Z to 2026-09-09T23:30:57.679Z Record version: sha256:50f234b71f9cd3fe6478231589dfeb45a99a30648184ac10cfec2b25ff446b1b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-30: 30 Initial Measurement [Read section](https://asc.understandingaccounting.org/asc/310/948/#30-initial-measurement) SEC content: no #### Affiliated Transactions ##### [310-948-30-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-30-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:57.679Z to 2026-09-09T23:30:57.679Z Record version: sha256:589c1a868ef7a92ad6789a057f7fdf37b0fc56dd4710fe920dbbaadddaeb78a4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The carrying amount of mortgage loans to be sold to an [affiliated entity](https://asc.understandingaccounting.org/glossary/a/#affiliated-entity "An entity that directly or indirectly controls, is controlled by, or is under common control with another entity; also, a party with which the entity may deal if one party has the ability to exercise significant influence over the other's operating and financial policies as discussed in Section 323-10-15.") shall be adjusted to the lower of amortized cost basis or fair value of the loans as of the date management decides that a sale to an affiliated entity will occur. The date shall be determined based on, at a minimum, formal approval by an authorized representative of the purchaser, issuance of a commitment to purchase the loans, and acceptance of the commitment by the selling entity. The amount of any adjustment shall be charged to income. ##### [310-948-30-2](https://asc.understandingaccounting.org/asc/310/948/#310-948-30-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:57.679Z to 2026-09-09T23:30:57.679Z Record version: sha256:cafa1ff5b5bfbac555a81925a1b605ddb0dfaf809e405f3915ac39efd8863170 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a particular class of mortgage loans or all loans are originated exclusively for an affiliated entity, the originator is acting as an agent of the affiliated entity, and the loan transfers shall be accounted for at the [originator's acquisition cost](https://asc.understandingaccounting.org/glossary/o/#originator-s-acquisition-cost "Costs incurred by a mortgage banking entity that originates mortgage loans for a lender that intends to hold the loans to maturity.The originator's acquisition cost is equal to the principal amount of the loan adjusted for unamortized net fees and costs and any unearned discounts or premiums."). Such an agency relationship, however, would not exist in the case of right of first refusal contracts or similar types of agreements or commitments if the originator retains all the risks associated with ownership of the loans. ##### [310-948-30-3](https://asc.understandingaccounting.org/asc/310/948/#310-948-30-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:57.679Z to 2026-09-09T23:30:57.679Z Record version: sha256:bdd76c72d3573b00383a852f6b93ec77fc419fcdb649c6b26ef62d6921a66901 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The originator's acquisition cost must conform to the provisions set forth in Topic 310. #### Loans Held as Long-Term Investments ##### [310-948-30-4](https://asc.understandingaccounting.org/asc/310/948/#310-948-30-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:30:57.679Z to 2026-09-09T23:30:57.679Z Record version: sha256:3f801084ad2834613f9bb9e80781dfbc646f932842fc31af150daed65165fa32 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A mortgage loan classified as held-for-long-term-investment shall be measured at amortized cost basis. See Subtopic 326-20 for guidance on the measurement of credit losses for financial assets measured at amortized cost basis. Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:389841f4ad341f843d58dba0af7060dba4b3096831c5105ce113c7e4587f80f4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-35: 35 Subsequent Measurement [Read section](https://asc.understandingaccounting.org/asc/310/948/#35-subsequent-measurement) SEC content: no #### Loans Held for Sale ##### [310-948-35-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:7ba54515b2e869c23fed2a61b177fcebf7764c52e53b264b0939dbac1766bf33 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Mortgage loans held for sale shall be reported at the lower of amortized cost basis or fair value, determined as of the balance sheet date. If a mortgage loan has been the hedged item in a fair value hedge that is not a portfolio layer method hedge (as addressed in Topic 815), the loan's amortized cost basis used in lower-of-amortized-cost-basis-or-fair-value accounting shall reflect the effect of the adjustments of its carrying amount made pursuant to paragraph [815-25-35-1(b)](https://asc.understandingaccounting.org/asc/815/25/#815-25-35-1). ##### [310-948-35-1A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-1A) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:6c451137ba99c8b5f317de7c57d0815940a0e3e5b3eb4820a479a878bed57948 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a mortgage loan that is held for sale is included in a closed portfolio hedged in an existing portfolio layer method hedge, the loan’s amortized cost basis used in lower-of-amortized-cost-basis-or-fair-value accounting shall not reflect the effect of the adjustments made pursuant to paragraph [815-25-35-1(c)](https://asc.understandingaccounting.org/asc/815/25/#815-25-35-1). If that portfolio layer method hedge is discontinued pursuant to paragraphs [815-25-40-7A through 40-8](https://asc.understandingaccounting.org/asc/815/25/#815-25-40-7A) , the loan’s amortized cost basis used in lower-of-amortized-cost-basis-or-fair-value accounting shall reflect the effect of the adjustments of its carrying amount made pursuant to paragraphs [815-25-35-1(b)](https://asc.understandingaccounting.org/asc/815/25/#815-25-35-1) and [815-25-40-9 through 40-9A](https://asc.understandingaccounting.org/asc/815/25/#815-25-40-9). ##### [310-948-35-2](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:e8a708c9748b2be3baa943792f83f90c1fc83cee8c8b394212ca417f462e7a08 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The amount by which amortized cost basis exceeds fair value shall be accounted for as a valuation allowance. Changes in the valuation allowances shall be included in the determination of net income of the period in which the change occurs. Purchase discounts on mortgage loans shall not be amortized as interest revenue during the period the loans or securities are held for sale. ##### [310-948-35-2A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-2A) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:e42c8e5bcc004ad713a90689ab667e067cffaec5f2233ad28718bd1781ed7204 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For a mortgage loan that is transferred into the held-for-sale classification from the held-for-long-term-investment classification, an entity shall reverse in earnings any allowance for credit losses previously recorded on the mortgage loan held-for-long-term-investment at the transfer date. An entity shall then reclassify and transfer the mortgage loan into the held-for-sale classification at its amortized cost basis (which is reduced by any previous writeoffs but excludes any allowance for credit losses). An entity shall then determine if a valuation allowance is necessary by following the applicable guidance in this Subtopic. ##### [310-948-35-3](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:9eccb10ae8d750affb4f43b6b00f58c9970694711232932a3f027a486b98e397 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.") of mortgage loans and [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.") held for sale shall be measured by type of loan. At a minimum, the fair value of residential (one- to four-family dwellings) and commercial mortgage loans shall be measured separately. Either the aggregate or individual loan basis may be used in determining the lower of amortized cost basis or fair value for each type of loan. Fair value for loans subject to investor purchase commitments (committed loans) and loans held on a speculative basis (uncommitted loans) shall be measured separately as follows: 1. a Committed loans. Mortgage loans covered by investor commitments shall be based on the fair values of the loans. 2. b [Uncommitted loans](https://asc.understandingaccounting.org/glossary/u/#uncommitted-loans "A mortgage loan that does not meet the specific terms of a commitment or for which a reasonable doubt exists about the acceptance of the loan under a commitment."). Fair value for uncommitted loans shall be based on [principal market](https://asc.understandingaccounting.org/glossary/p/#principal-market "The market with the greatest volume and level of activity for the asset or liability.") or, in the absence of a principal market, in the [most advantageous market](https://asc.understandingaccounting.org/glossary/m/#most-advantageous-market "The market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs and transportation costs.") (see paragraphs [820-10-35-5 through 35-6C](https://asc.understandingaccounting.org/asc/820/10/#820-10-35-5)). That determination relies on the principles in Topic 820 and would include consideration of the following: 1. 1 Market prices and yields sought by market participants in the principal or most advantageous market 2. 2 Quoted [Government National Mortgage Association](https://asc.understandingaccounting.org/glossary/g/#government-national-mortgage-association "Often referred to as Ginnie Mae, GNMA is a U.S. governmental agency that guarantees certain types of mortgage-backed securities and provides funds for and administers certain types of low-income housing assistance programs.") (GNMA) security prices or other public market quotations for long-term mortgage loan rates 3. 3 [Federal Home Loan Mortgage Corporation](https://asc.understandingaccounting.org/glossary/f/#federal-home-loan-mortgage-corporation "Often referred to as Freddie Mac, FHLMC is a private corporation authorized by Congress to assist in the development and maintenance of a secondary market in conventional residential mortgages. FHLMC purchases mortgage loans and sells mortgages principally through mortgage participation certificates representing an undivided interest in a group of conventional mortgages. FHLMC guarantees the timely payment of interest and the collection of principal on the participation certificates.") (FHLMC) and [Federal National Mortgage Association](https://asc.understandingaccounting.org/glossary/f/#federal-national-mortgage-association "Often referred to as Fannie Mae, FNMA is an investor-owned corporation established by Congress to support the secondary mortgage loan market by purchasing mortgage loans when other investor funds are limited and selling mortgage loans when other investor funds are available.") (FNMA) current delivery prices. 3. c [Subparagraph superseded by Accounting Standards Update No. 2012-04](https://asc.understandingaccounting.org/updates/asu-2012-04/). ##### [310-948-35-3A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-3A) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:6d90928d144cdb0d4b753cad56b9589185197434efb18628b113bccaa014d24e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph [948-310-40-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-40-1) states that, after the securitization of a mortgage loan held for sale that meets paragraph [860-10-40-5](https://asc.understandingaccounting.org/asc/860/10/#860-10-40-5)'s conditions for a sale, any mortgage-backed securities received by the transferor as proceeds shall be classified in accordance with the provisions of Topic 320. However, a [mortgage banking entity](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.") shall classify as trading any retained mortgage-backed securities that it commits to sell before or during the securitization process. Paragraph [948-310-40-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-40-1) states that an entity is prohibited from reclassifying loans as investment securities unless the transfer of those loans meets paragraph [860-10-40-5](https://asc.understandingaccounting.org/asc/860/10/#860-10-40-5)'s conditions for sale accounting. #### Loans Held as Long-Term Investments ##### [310-948-35-4](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:e93412c5dd486b37099b47c7462d0db7685eba75de82ec415234f47a219d2960 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Any difference between the carrying amount of the loan and its outstanding principal balance shall be recognized as an adjustment to yield by the interest method. The interest method shall be applied as set forth in paragraphs [310-20-35-18](https://asc.understandingaccounting.org/asc/310/20/#310-20-35-18), [310-20-35-26](https://asc.understandingaccounting.org/asc/310/20/#310-20-35-26), and [310-20-50-2](https://asc.understandingaccounting.org/asc/310/20/#310-20-50-2). ##### [310-948-35-5](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:757975608616548697d4608f1d8e7e315f2a12a740f8b5e57f20d0f461620741 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-13](https://asc.understandingaccounting.org/updates/asu-2016-13/). ##### [310-948-35-5A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-5A) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:c4d84d1e7f1dbbe4b2927811cb5d50c6fa68b32039d24bb605b4db6d297cd9e2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For a mortgage loan that is transferred into the held-for-long-term-investment classification from the mortgage loans held-for-sale classification, an entity shall reverse in earnings any valuation allowance previously recorded on the mortgage loan held for sale at the transfer date. An entity shall then reclassify and transfer the mortgage loan into the held-for-long-term-investment classification at its amortized cost basis (which is reduced by any previous writeoffs but excludes any valuation allowance). An entity shall then determine if an allowance for credit losses is necessary by following the guidance in Subtopic 326-20. #### Other Considerations ##### [310-948-35-6](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:b41b940fadcb8d9f69fcbbc3ed2a48ffe13b1963745465970d109174f947cedc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Capitalized costs of acquiring rights to service mortgage loans, associated with the purchase or origination of mortgage loans (see paragraph [860-50-25-1](https://asc.understandingaccounting.org/asc/860/50/#860-50-25-1)), shall be excluded from the cost of mortgage loans for the purpose of determining the lower of cost or fair value. ##### [310-948-35-7](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:00.735Z to 2026-09-09T23:31:00.735Z Record version: sha256:22dd2e4be6c16c5ae336323814c496947f5f6f23cd009042261f66d28ee028eb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a loan commitment expires without the loan being made or if a loan is repaid before the estimated repayment date, any related unrecognized fees shall be recognized as revenue or expense at that time. Source downloaded (UTC): 2026-09-09T23:31:03.745Z to 2026-09-09T23:31:03.745Z Record version: sha256:fe08dead982cc610331b6912d0fc93cef8281a1554900b1a564aea1da8553539 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-40: 40 Derecognition [Read section](https://asc.understandingaccounting.org/asc/310/948/#40-derecognition) SEC content: no #### Securitization of a Mortgage Loan Held for Sale ##### [310-948-40-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-40-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:03.745Z to 2026-09-09T23:31:03.745Z Record version: sha256:9228cdbc10bd80ff06dcb1aeffa47b0fad21058384fe4a0b290c8cd4133c907d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. After the securitization of a mortgage loan held for sale that meets paragraph [860-10-40-5](https://asc.understandingaccounting.org/asc/860/10/#860-10-40-5)'s conditions for a sale, any mortgage-backed securities received by the transferor as proceeds shall be classified in accordance with the provisions of Topic 320. However, paragraph [948-310-35-3A](https://asc.understandingaccounting.org/asc/310/948/#310-948-35-3A) states that a mortgage banking entity must classify as trading any mortgage-backed securities received as proceeds that it commits to sell before or during the securitization process. An entity is prohibited from reclassifying loans as investment securities unless the transfer of those loans meets paragraph [860-10-40-5](https://asc.understandingaccounting.org/asc/860/10/#860-10-40-5)'s conditions for sale accounting. Source downloaded (UTC): 2026-09-09T23:31:06.792Z to 2026-09-09T23:31:06.792Z Record version: sha256:46075faf8512348692fef6cceb878a07f3bbe854f88f9dab66a4947085121015 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/310/948/#45-other-presentation-matters) SEC content: no ##### [310-948-45-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-45-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:06.792Z to 2026-09-09T23:31:06.792Z Record version: sha256:203dc4bdb6036c3bcf92a72e97620a5e21d22c2a650f5fb0b84680c16e387804 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [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) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:06.792Z to 2026-09-09T23:31:06.792Z Record version: sha256:061c8f22805324530f37f2773b70723aa87148cd1a4cec25d1ad05203e65a087 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. Source downloaded (UTC): 2026-09-09T23:31:09.036Z to 2026-09-09T23:31:09.036Z Record version: sha256:d02a5b7ea317de95192a8cd917a109f90f5cd64774368e54db7b9b480f546d53 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/310/948/#50-disclosure) SEC content: no ##### [310-948-50-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:09.036Z to 2026-09-09T23:31:09.036Z Record version: sha256:83d26827c7c5e2411b5f66be49c875014bcbf0129a76f8e610be347ae29bf9ac Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The method used in determining the lower of amortized cost basis or fair value of mortgage loans (that is, aggregate or individual loan basis) shall be disclosed. Source downloaded (UTC): 2026-09-09T23:31:10.835Z to 2026-09-09T23:31:10.835Z Record version: sha256:41979884208c6a4e320d4695bb1d4268afc9977f2b6569fed5a03b7c4da4d30c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-60: 60 Relationships [Read section](https://asc.understandingaccounting.org/asc/310/948/#60-relationships) SEC content: no #### Receivables ##### [310-948-60-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-60-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:10.835Z to 2026-09-09T23:31:10.835Z Record version: sha256:681f27444ae95f6dfda4ced8027808e369ea23a88eb39f4e761b284fba963669 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For the accounting for fees and costs associated with originating or acquiring or committing to originate or acquire loans for investment, see Topic 310. #### Not-for-Profit Entities ##### [310-948-60-2](https://asc.understandingaccounting.org/asc/310/948/#310-948-60-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:10.835Z to 2026-09-09T23:31:10.835Z Record version: sha256:5fe0a8877cc6b4edff2bf4dd3f1cbcd798cfb5505690214c4642a7647026aa1f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For reporting of [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.") held by not-for-profit entities (NFPs), see Topic 958. Source downloaded (UTC): 2026-09-09T23:31:15.473Z to 2026-09-09T23:31:15.473Z Record version: sha256:cf0bdad33b0d91a8be2da5977b79346d1b4bdf3d555b1a823fae484749fa0bf7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/310/948/#sec-00-status) SEC content: yes ##### [310-948-S00-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:15.473Z to 2026-09-09T23:31:15.473Z Record version: sha256:2313535f7380aa518cb2e52aafa4c81b39e7b092fcb9fb301d2acbd6e7be9eb6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
948-310-S99-1AmendedAccounting Standards Update No. 2019-0707/26/2019
Source downloaded (UTC): 2026-09-09T23:31:19.341Z to 2026-09-09T23:31:19.341Z Record version: sha256:7a1d8f46bd42c7db144f06e4a28a0dc8980d325e84b170866257f91ea00689aa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/310/948/#sec-50-disclosure) SEC content: yes #### Supplemental Schedule ##### [310-948-S50-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:19.341Z to 2026-09-09T23:31:19.341Z Record version: sha256:3788f3ee9d48a8e36b8f41325b1deca872a89e62916d8b4f3e2b75b07a12b19d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [205-10-S99-6](https://asc.understandingaccounting.org/asc/205/10/#205-10-S99-6), Regulation S-X Rule 5-04(c), for the entities required to include Schedule IV—Mortgage Loans on Real Estate. ##### [310-948-S50-2](https://asc.understandingaccounting.org/asc/310/948/#310-948-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:19.341Z to 2026-09-09T23:31:19.341Z Record version: sha256:34fe0b104d4ebd90cd2253e9862b6ebe01e947055fdb73ca83ed4102ecff20f0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [948-310-S99-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-S99-1), Regulation S-X Rule 12-29, for the disclosure requirements of Schedule IV—Mortgage Loans on Real Estate. ##### [310-948-S50-3](https://asc.understandingaccounting.org/asc/310/948/#310-948-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:19.341Z to 2026-09-09T23:31:19.341Z Record version: sha256:58c1968bd157294d0a18c065ca92e758a1f6ad632ce6509baef538b94bb7ddc5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [970-10-S99-1](https://asc.understandingaccounting.org/asc/970/10/#970-10-S99-1), SAB Topic 7.C, for SEC Staff views on whether certain supplemental schedules are required in annual reports. Source downloaded (UTC): 2026-09-09T23:31:26.845Z to 2026-09-09T23:31:26.845Z Record version: sha256:9e8439f60bea6963f353f75dfd862b0c1575bdfc2c764887b1cd95eb397fb9ec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-948-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/310/948/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [310-948-S99-1](https://asc.understandingaccounting.org/asc/310/948/#310-948-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:31:26.845Z to 2026-09-09T23:31:26.845Z Record version: sha256:56fce606b642a1433a406bd9467a397f9c57252e089c4636c599fedaea065b4e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-29, Mortgage Loans on Real Estate (17 CFR 210.12-29). - ![](https://asc.understandingaccounting.org/asc-img/GUID-FAF62BD8-DFCA-49F4-83DE-E19BF59852B4-low.gif) Reg. § 210.12-29 Mortgage Loans on Real Estate 1 (For certain real estate companies) Column A Column B Column C Column D Column E Column F Column G Column H "Description2,3,4" Interest rate Final maturity date Periodic payment terms5 Prior liens Face amount of mortgages "Carrying amount of mortgages3,6,7,8,9 " "Principal amount of loans subject to delinquent principal or interest10" 1 All money columns shall be totaled. 2 The required information is to be given for each individual mortgage loan which exceeds three percent of the total of column G. 3 "If the portfolio includes large numbers of mortgages most of which are less than three percent of column G, the mortgages not required to be reported separately should be grouped by classifications that will indicate the dispersion of the portfolio, i.e., for a portfolio of mortgages on single family residential housing. The description should also include number of loans by original loan amounts (e.g., over $100,000, $50,000-$99,999, $20,000-$49,000, under $20,000) and type loan (e.g., VA, FHA, Conventional). Interest rates and maturity dates may be stated in terms of ranges. Data required by columns D, E and F may be omitted for mortgages not required to be reported individually." 4 "Loans should be grouped by categories, e.g., first mortgage, second mortgage, construction loans, etc., and for each loan the type of property, e.g., shopping center, high rise apartments, etc., and its geographic locations should be stated." 5 "State whether principal and interest is payable at level amount over life to maturity or at varying amounts over life to maturity. State amount of balloon payment at maturity, if any. Also state prepayment penalty terms, if any." 6 "In a note to this schedule, furnish a reconciliation, in the following form, of the carrying amount of mortgage loans at the beginning of each period for which statements of comprehensive income are required, with the total amount shown in column G: Balance at beginning of period ....................................................................................... $ ............................ Additions during period: New mortgage loans................................................ $ ............................... Other (describe) ...................................................... ................................ ............................ Deductions during period: Collections of principal ............................................ $................................ Foreclosures .......................................................... ................................ Cost of mortgages sold ........................................... ................................ Amortization of premium .......................................... ................................. Other (describe) ..................................................... ................................. ............................ Balance at close of period $ ............................" "If additions represent other than cash expenditures, explain. If any of the changes during the period result from transactions, directly or indirectly with affiliates, explain the bases of such transactions, and state the amounts involved. State the aggregate mortgages (a) renewed and (b) extended. If the carrying amount of new mortgages is in excess of the unpaid amount of the extended mortgages, explain." 7 "If any item of mortgage loans on real estate investments has been written down or reserved against, describe the item and explain the basis for the write-down or reserve." 8 State in a note to column G the aggregate cost for Federal income tax purposes. 9 "The amount of all intercompany profits in the total of column G shall be stated, if material." 10 "(a) Interest in arrears for less than 3 months may be disregarded in computing the total amount of principal subject to delinquent interest. (b) Of the total principal amount, state the amount acquired from controlled and other affiliates." \[38 FR 6069, Mar. 6, 1973; 38 FR 7323, Mar. 20, 1973. Redesignated at 45 FR 63680, Sept. 25, 1980; 83 FR 50209, Oct. 4, 2018\]