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an objective is to use discount rates at which those liabilities could be settled in an arm s-length transaction Estimates of expected future cash ows, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections All available evidence shall be considered in developing estimates of expected future cash ows The weight given to the evidence shall be commensurate with the extent to which the evidence can be veri ed objectively If a range is estimated for either the amount or timing of possible cash ows, the likelihood of possible outcomes shall be considered in determining the best estimate of future cash ows If it is not practicable to estimate the fair values of assets, the transferor shall record those assets at zero If it is not practicable to estimate the fair values of liabilities, the transferor shall recognize no gain on the transaction and shall record those liabilities at the greater of:
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The excess, if any, of (1) the fair values of assets obtained less the fair values of other
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liabilities incurred, over (2) the sum of the carrying values of the assets transferred
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The amount that would be recognized in accordance with SFAS No 5, Accounting for
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Contingencies, as interpreted by FASB Interpretation No 14, Reasonable Estimation of the Amount of a Loss (v) Sales of Mortgage Servicing Rights EITF No 95-5 provides the primary accounting guidance for sales of mortgage servicing rights The consensus reached in EITF No 95-5 states that a sale of mortgage servicing rights should be recognized at the date title passes if substantially all risks and rewards of ownership have irrevocably passed to the buyer and any protection provisions retained by the seller are minor and can be reasonably estimated If a sale is recognized and minor protection provisions exist, a liability should be accrued for the estimated obligation associated with those provisions The seller retains only minor protection provisions if (a) the obligation associated with those provisions is estimated to be no more than 10 percent of the sales price and (b) the risk of prepayment is retained by the seller for no more than 120 days The consensus additionally noted that a temporary subservicing agreement in which the seller would subservice the loans for a short period of time after the sale would not necessarily preclude recognizing a sale at the closing date (vi) Retained Interests In certain asset sale or securitizations transactions, the mortgage banker may retain an interest in the transferred assets Examples of retained interests include servicing assets, interest-only strips, and retained (or residual) interests in securitizations Historically, excess servicing resulted from the sale of loans where the contractual service fee (the difference between the mortgage rate and the pass-through rate to the investor in the loans, after deducting any guarantee fees) was greater than a normal servicing fee rate This excess servicing asset was then capitalized separately and subsequently accounted for distinctly from the normal servicing asset recorded Under SFAS No 140, the accounting distinction for excess servicing fees was eliminated In general, under agency servicing contracts, past excess servicing fees represent contractually speci ed servicing fees as de ned under SFAS No 140 and are combined with servicing rights as a servicing asset The combined servicing asset will then be subject to the strati ed impairment test that was described in Subsection 313(f)(iii) Generally, a servicing fee in excess of a contractually stated servicing fee would only be encountered in an instance where an entity securitizes and sells mortgage loans and creates an interest-only strip above and beyond the compensation allocated to the loan s servicer in the pooling and servicing agreements If it is determined that an entity s excess servicing fees exceed contractually speci ed amounts, those amounts would be required to be classi ed as interest-only strips under SFAS No 140 Interest-only strips are rights to future interest income from the serviced assets that exceed contractually speci ed servicing fees Interest-only strips are not servicing assets, they are nancial assets These assets should be originally recorded at allocated cost and subsequently recorded as an available for sale or trading asset in accordance with FAS No 115
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