채권관리권한(Mortgage Servicing Rights)에 대한 회계제도 개선을 위한 연구

This paper explains what the Mortgage Servicing Rights (hereafter "MSR") are and reviews accounting and reporting standards on MSR in U.S. GAAP and IFRS. MSR represent a contractual right to a stream of fee-based cash flows and an obligation to perform the specified mortgage servicing activities, such as collecting monthly payments from borrowers and forwarding the payments to investors. In Korea, there is no specific and detailed accounting standards which can be applied to such contracts undertaken in conjunction with selling or securitizing the mortgage loans being serviced. Consequently, the assets of the servicer are underestimated, and the revenues from servicing activities are not appropriately matched to the corresponding expenses. We review mortgage markets in the U.S. and Europe and summarize the accounting standards on MSR in U.S. GAAP as well as in IFRS. Particularly, we provide the comprehensive review of accounting standards on MSR in U.S. GAAP, along with a thorough discussion about the background around major revisions in accounting standards. We propose the MSR accounting applicable in Korea in conjunction with IFRS adoption scheduled in 2011. Finally, We discuss some potential problems regarding MSR accounting in Korea.