Any cost that is not a product cost is considered a period cost. As it pertains to the income statement, cost of goods sold is a product cost. All other income statement costs are period costs. As it pertains to the balance sheet, product costs for manufacturing companies are found in the three inventory accounts.
CFPB Issues Final Rule On Force-Placed Hazard Insurance implements RESPA. Including background, discussion and commentary, the Mortgage Servicing Rules are 753 pages. The first 645 pages contain the FPâs rational for the rules. So the good news is that the actual Mortgage Servicing Rule amendments are only 108 pages, 97 of which add a new âSubpart âMortgage Servicingâ to Regulation X. Within the 97 pages of Subpart of Regulation X, there are 12 new Sections (1024.30 - 1024.41). According to the FPâs summary, there are nine major topics covered in the Final Rule. We are interested in topic number four, in Section 1024.37 of the new rules, entitled, âForce-Placed Insuranceâ. Section 1024.37, is 21 pages, including commentary and model forms. We are going to skip most of the 1601 pages to talk
After years of requests for clarification, last week the CFPB finally issued an amendment to their mortgage servicing rules. As early as October 2013 the CFPB began to clarify said... After years of requests for clarification, last week the CFPB finally issued an amendment to their mortgage servicing rules. As early as October 2013 the CFPB began to clarify said rules when they issued Bulletin 2013-12 which addressed some of the industry's concern. Less than 12 months after the effective date of the initial 2013 servicing rules, the Bureau published, Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) in the federal register in December 2014.