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
CFPB New Mortgage Servicing Rules. Investor Update: On January 17, the Consumer Financial Protection Bureau (CFPB) released an update entitled 2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules.