The financial statements of mortgage businesses will have a new look in coming quarters, and the impact of the changes should cause executives to take a hard look at some of the traditional beliefs about servicing rights.

The new accounting requirements introduced by the Financial Accounting Standards Board's statement 122 are the reason for the new look. That statement amends FAS 65 by putting originated mortgage servicing rights on the same basis as purchased rights and also establishes standards for measuring impairment of their value.

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