| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7637 | Closed | public | FHA Lender |
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I have a question regarding what specifically should be included in this “Other Income” amount. I take it to mean all income (interest, fees, etc) that a lender would have that is not related to mortgage lending. Would this be correct? Also, what is intended for “mortgage lending” in this case? Would that include just the FHA/Secondary Market mortgage loans, or income related to any mortgage lending the bank is involved in? (Commercial R/E, etc.) |
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From Mike Olsen: Line 412 is Other Income (Loss) NOT Related To Mortgage Lending Activities. Therefore, it would include any income that is derived from NON-Mortgage Lending Activities. If a company has a rental property, the rental income would not be income from a Mortgage Lending Activity, so therefore, it would be reported on this line. Generally, we do not see a lot of income reported in this line because most income Lenders have is from Mortgage Related activities. Interest earned on loans held for sale or investment and other sources should be reported on line 400 Gross Interest Income. Mortgage Lending is any mortgage lending activity, FHA, Commercial, R/E, etc., it is not limited to just FHA, but any mortgage lending. |