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
Mortgage servicing is where they make their profit. Once your loan has been packaged into a pool and sold to Fannie Mae, Freddie Mac, or Ginnie Mae, the lender gets additional funds so they can make more loans (to service in their portfolio) and sell to those institutions, so they can get more money, and so on...f the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds. It doesn't generally work like that anymore. Most of the money for home loans comes from three major institutions: 1  Fannie Mae (FNMA-Federal National Mortgage Association).