Residential Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2020

The Company measures its residential mortgage servicing rights ("MSR") at fair value with changes in fair value reported in residential mortgage banking revenue. The following table presents the changes in the Company's residential mortgage servicing rights for the three months ended March 31, 2020 and 2019:


	Three Months Ended
(in thousands)	March 31, 2020		March 31, 2019
Balance, beginning of period	$	115,010	$	169,025
Additions for new MSR capitalized	10,023		3,887
Changes in fair value:
Changes due to collection/realization of expected cash flows over time	(5,329)		(6,431)
Changes due to valuation inputs or assumptions⁽¹⁾	(25,358)		(7,535)
Balance, end of period	$	94,346	$	158,946

⁽¹⁾The changes in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates.

Information related to our serviced loan portfolio as of March 31, 2020 and December 31, 2019 is as follows:


(dollars in thousands)	March 31, 2020			December 31, 2019
Balance of loans serviced for others	$	12,533,045		$	12,276,943
MSR as a percentage of serviced loans	0.75		%	0.94		%

The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in residential mortgage banking revenue on the Condensed Consolidated Statements of Income, was $8.9 million and $10.8 million for the three months ended March 31, 2020 and 2019, respectively.