# ASC 605-948: Revenue Recognition — Financial Services—Mortgage Banking Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/605/948/) 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): 2026-09-10T00:50:04.724Z to 2026-09-10T00:50:11.205Z Record version: sha256:9ef6524d465b0b90aedeacef7f414396bd1b649d57693249adad9f6997a6be0a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-948: Revenue Recognition — Financial Services—Mortgage Banking ### Machine-generated study aids ```json { "summary": "ASC 605-948 formerly provided revenue recognition guidance for mortgage banking activities (notably loan servicing fees and related mortgage banking revenues) under the legacy ASC 605 model. Every paragraph in the subtopic — Sections 05, 15, and 25 — was superseded by ASU 2014-09 (Revenue from Contracts with Customers). The subtopic therefore contains no operative guidance today; mortgage banking revenue is addressed under ASC 606 and the specialized guidance retained in ASC 948.", "key_points": [ "All content of this subtopic, including 605-948-05-1, 605-948-15-1, and 605-948-25-1 through 25-3, was superseded by Accounting Standards Update No. 2014-09.", "No recognition, scope, or overview guidance remains operative in ASC 605-948; the shell paragraphs exist only to preserve Codification structure.", "Revenue from contracts with customers in mortgage banking (for example, certain servicing-related fee arrangements) is now evaluated under ASC 606, principally the five-step model in 606-10-05-4.", "Mortgage banking activities that are financial-instrument based — loans held for sale, mortgage servicing rights, and loan origination fees — remain outside ASC 606 and are governed by ASC 948, ASC 860, and ASC 310-20.", "Entities should not apply legacy ASC 605-948 guidance for periods after adoption of ASU 2014-09; it is retained solely for historical reference." ], "categories": [ "Revenue", "Industry-specific", "Transition and effective dates", "Recognition" ], "audience_level": "intermediate", "student_note": "This subtopic is an empty shell — every paragraph was killed by ASU 2014-09 — so citing it as live authority is the classic mistake. Know that mortgage banking revenue questions now split between ASC 606 (customer-contract fees) and ASC 948/860/310-20 (loans held for sale, servicing rights, origination fees, which ASC 606 explicitly scopes out).", "related_topics": [ "606-10", "948", "860", "310-20", "340-40", "825" ], "key_concepts": [ "superseded guidance", "mortgage banking activities", "loan servicing fees", "revenue from contracts with customers", "transition to asc 606", "financial services industry guidance" ] } ``` Source downloaded (UTC): 2026-09-10T00:50:04.724Z to 2026-09-10T00:50:04.724Z Record version: sha256:d30d8a4b67050d3f481e60ddecd10ca8cf50675c6b410156222a0e6365f77408 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-948-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/605/948/#00-status) SEC content: no ##### [605-948-00-1](https://asc.understandingaccounting.org/asc/605/948/#605-948-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:50:04.724Z to 2026-09-10T00:50:04.724Z Record version: sha256:09fa7673758eecbaa193297033faaad44176b4aa08f7a36d425b2eaf1d42700e 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
Mortgage Banking EntitySupersededAccounting Standards Update No. 2014-0905/28/2014
Permanent InvestorSupersededAccounting Standards Update No. 2014-0905/28/2014
948-605-05-1SupersededAccounting Standards Update No. 2014-0905/28/2014
948-605-15-1SupersededAccounting Standards Update No. 2014-0905/28/2014
948-605-25-1 through 25-3
SupersededAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-10T00:50:06.873Z to 2026-09-10T00:50:06.873Z Record version: sha256:a9ac09b6d468a5330998357ee2da73ba38242e49ab6058c7a6cfdaca36e78d38 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-948-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/605/948/#05-overview-and-background) SEC content: no ##### [605-948-05-1](https://asc.understandingaccounting.org/asc/605/948/#605-948-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:50:06.873Z to 2026-09-10T00:50:06.873Z Record version: sha256:65efd6328b3969a916fd7529cf2cac7d567033db8dfde38e19dd1007948105d2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:50:08.523Z to 2026-09-10T00:50:08.523Z Record version: sha256:a2901af7031b5ac2245db7ee41c1eb779f6497cc39ed38501ffee14a15e2fda1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-948-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/605/948/#15-scope-and-scope-exceptions) SEC content: no ##### [605-948-15-1](https://asc.understandingaccounting.org/asc/605/948/#605-948-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:50:08.523Z to 2026-09-10T00:50:08.523Z Record version: sha256:d90eef5f15ddf442ecb59693934db8e1421200049d5898ea95d999f90acb597f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:50:11.205Z to 2026-09-10T00:50:11.205Z Record version: sha256:7e38baa1f1de858dada6d4d0875c0d1be6adc93a23f701a182440c3c7b08c55a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-948-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/605/948/#25-recognition) SEC content: no ##### [605-948-25-1](https://asc.understandingaccounting.org/asc/605/948/#605-948-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:50:11.205Z to 2026-09-10T00:50:11.205Z Record version: sha256:97cb91573e673dc708efa6749eec641d809dc49101fbc4ce31d2894b91136659 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-948-25-2](https://asc.understandingaccounting.org/asc/605/948/#605-948-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:50:11.205Z to 2026-09-10T00:50:11.205Z Record version: sha256:7bec2062e6be1fe859953d98b81cd7b52575d38f94bc879eed6f5b6b678db5c5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-948-25-3](https://asc.understandingaccounting.org/asc/605/948/#605-948-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:50:11.205Z to 2026-09-10T00:50:11.205Z Record version: sha256:8fcf3bef8a8efc731cae90d5d075a2b60bd2797c6522e4eb1c92a7df11aada7e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).