A substantial amount of the risks and rewards of ownership in the sale of mortgage servicing rights should be passed to the buyer before those rights can be recognized at the date of the sales agreement--but not all--the mortgage banking industry told the Emerging Issues Task Force.

The EITF is struggling with yet another issue regarding the sale of mortgage servicing rights; this time the task force has to iron out inconsistencies with its guidance. EITF hopes to resolve the issue during its meeting Sept. 21 to 29. The task force has had the issue on its agenda since March, but has not been able to come to a resolution.

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