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E*TRADE expects mortgage-related benefit at CECL adoption

E*TRADE Financial Corp. said in its quarterly filing Aug. 1 that implementing the current expected credit losses standard will include a benefit at adoption related to its mortgage loans that were determined to be collateral-dependent and previously written down to collateral value.

The Financial Accounting Standards Board in the second quarter clarified that CECL allows for subsequent increases in the fair value of collateral for collateral-dependent loans to be recognized. E*TRADE said the potential benefit from adopting CECL does not yet take into account the impact for the rest of its mortgage loan portfolio.

The company added that it does not expect credit losses in its investment security portfolio, margins receivables and other securities-based lending activities to be material, based on its current analysis.