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CMB OMS FASB 140/156/166 - Topic 860 Valuations
Mortgage servicing valuation can be a complex and time consuming task. Although it's been required since 1996, many smaller community institutions have not implemented yet due to the view that it's too time consuming and too risky.
Neither is true. CMB provides a cost-effective simple solution to all required valuations, with a minimum of client data preparation. And since it's based on CMB's proprietary MIPP™, which provides accurate market-based prepayment assumptions, risk is reduced, while allowing more competitive street pricing and more volume.
How does it work?
WebVal™ is an email based system. You download the basic data from your servicing system, email it (or upload it to our secure server) to CMB and receive all reports by return email, generally within 48 hours.
See WebVal Frequently Asked Questions FAQ
See Getting Started with WebVal
What do you receive?
A full report set (See Samples Here), with summaries for managment and detail for internal and external auditors.
How do you sign up?
Contact CMB for more information.
Contact CMB Now: Click on this link.
WHY Choose CMB?
CMB has been providing timely, accurate and useful mortgage servicing valuations since 1995. These have been accepted by all the major accounting firms.
Mortgage servicing valuation is our primary business.
CMB Clients
CMB clients include both public and mutual thrifts, credit unions and commercial banking firms.
We currently provide valuations to almost 50 institutions with over $10 billion in mortgage servicing.
About FASB and mortgage servicing valuation
FASB has issued numerous changes to the accounting for mortgage servicing.
Starting with FASB 140, FASB 156, and FASB 166. And now as part of the Accounting Standards Codification Process, these have been combined and classified as Topic 860 and Presentation section 865000 in the project.
There are various, complex rules for accounting for OMS/MSA's (loans sold with servicing rights retained).
There are also different methods of accounting for the income generated from mortgage servicing, some of which are clearly more advantageous to servicers.
These accounting treatments are mandatory, not optional.
FAQ - Valuing Mortgage Servicing