# ASC 948-10-15: Financial Services—Mortgage Banking — Overall — 15 Scope and Scope Exceptions

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/948/10/#15-scope-and-scope-exceptions)

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## ASC 948-10-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/948/10/#15-scope-and-scope-exceptions)

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#### Overall Guidance

##### [948-10-15-1](https://asc.understandingaccounting.org/asc/948/10/#948-10-15-1)

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The Subtopics within the Financial Services—Mortgage Banking Topic only provide incremental industry-specific guidance for the entities defined in this Scope Section, or as further defined in the Scope Sections of the individual Financial Services—Mortgage Banking Subtopics. Entities within the scope of this Topic shall also comply with the applicable guidance not included in this Topic.

#### Entities

##### [948-10-15-2](https://asc.understandingaccounting.org/asc/948/10/#948-10-15-2)

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The guidance in the Financial Services—Mortgage Banking Topic applies to certain activities of [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.").

##### [948-10-15-3](https://asc.understandingaccounting.org/asc/948/10/#948-10-15-3)

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The guidance in this Topic also applies to certain operations of other entities, such as commercial banks and thrift institutions, that may participate in any of the following activities:

1.  a
    
    Conduct operations that are substantially similar to the primary operations of a mortgage banking entity (for example, through subsidiaries or divisions)
    
2.  b
    
    Engage in transactions that involve mortgage activities or transactions but that do not consider themselves to be mortgage companies.
    

The guidance in this Topic does not apply, however, to the normal lending activities of those other entities.

#### Transactions

##### [948-10-15-4](https://asc.understandingaccounting.org/asc/948/10/#948-10-15-4)

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The guidance in this Topic does not apply to the following transactions:

1.  a
    
    Commitments related to the origination of mortgage loans to be held for sale
    
2.  b
    
    Fees and costs related to commitments to sell or purchase loans that are accounted for as derivatives under Topic 815.