{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/948/10/#50-disclosure","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":"948","topic_title":"Financial Services—Mortgage Banking","subtopic":"948-10","subtopic_title":"Overall","section":{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"948-10-50-1","para":"50-1","html":"
This Section provides capital requirements disclosure guidance for mortgage banking entities and entities with mortgage banking activities.
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All of the following are capital disclosure requirements for mortgage entities and other activities within the scope of this Subtopic.
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Noncompliance with minimum net worth (capital) requirements imposed by secondary market investors or state-imposed regulatory mandates could materially affect the economic resources of a mortgage banking entity and claims to those resources. To the extent an entity is subject to such requirements, the entity shall disclose all of the following in the notes to financial statements:
  1. a
    A description of the minimum net worth requirements related to secondary market investors and state-imposed regulatory mandates
  2. b
    The actual or possible material effects of noncompliance with those requirements
  3. c
    Whether the entity is in compliance with the regulatory capital requirements, including, as of each balance sheet date presented, both of the following with respect to quantitative measures:
    1. 1
      The entity's required and actual net worth amounts
    2. 2
      Factors that may significantly affect the adequacy of net worth such as potentially volatile components of capital, qualitative factors, or regulatory mandates.
  4. d
    If, as of the most recent balance sheet date, the entity is not in compliance with capital adequacy requirements, the possible material effects of such conditions on amounts and disclosures in the notes to financial statements.
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Further, noncompliance with minimum net worth requirements may, when considered with other factors, raise substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time. Additional information that might be disclosed in these situations may include the following:
  1. a
    Pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time
  2. b
    Possible effects of such conditions and events
  3. c
    Management's evaluation of the significance of those conditions and events and any mitigating factors
  4. d
    Possible discontinuance of operations
  5. e
    Management's plans (including any relevant financial information)
  6. f
    Information about the recoverability or classification of recorded asset amounts or the amounts or classifications of liabilities.
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Servicers with net worth requirements from multiple sources shall disclose, in the notes to financial statements, the net worth requirement of the following:
  1. a
    Significant servicing covenants with secondary market investors with commonly defined servicing requirements (Common secondary market investors include the U.S. Department of Housing and Urban Development, Federal National Mortgage Association [FNMA], Government National Mortgage Association [GNMA], and Federal Home Loan Mortgage Corporation [FHLMC].)
  2. b
    Any other secondary market investor where violation of the requirement would have a significant adverse effect on the business
  3. c
    The most restrictive third-party agreement if not included above.
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