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FAIRVALUECAPITALIZATIONOF

MORTGAGELOANSERVICINGRIGHTSRobertJ.Cochran,EdwardN.CoffmanandDavidW.Harless

ABSTRACT

Thisstudyexamineswhetherthecapitalizationofmortgageloanservicingrights(MSRs)isconsistentwithFASB’sobjectiveoffairvalueaccounting.TheFASBissuedSFASNo.122,“AccountingforMortgageServicingRights,anamendmentofFASBStatementNo.65”withtheprescriptionthattheMSRsbecapitalizedattheirfairvalue.Fairvaluewouldimplythatonlyservicingrelated rmcharacteristicsin uencethecapitalizationofMSRs.Thisstudy ndsthatseveralnon-servicingrelated rmcharacteristicsalsoexertastatisticallysigni cantin uenceonthecapitalizationofMSRs.Assuch,theevidencesuggeststhatsigni cantsegmentsoftheindustrymayhaveactedinawaythatwasatoddswiththeFASB’sstatedobjectiveoffairvaluecapitalization.

INTRODUCTION

TheFinancialAccountingStandardsBoard(FASB) rstconsideredtheissueofaccountingfortheactivitiesofmortgagebankingconcernsin1982withtheissuanceofSFASNo.65,“AccountingforCertainMortgageBankingActivities.”OneoftheprimaryissuesconsideredinthestatementwastheaccountingResearchinAccountingRegulation

ResearchinAccountingRegulation,Volume17,153–165

Copyright©2004byElsevierLtd.

Allrightsofreproductioninanyformreserved

ISSN:1052-0457/doi:10.1016/S1052-0457(04)17007-0

153

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