Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2011

Mortgage Servicing Rights [Abstract]

Mortgage Servicing Rights

NOTE 10. MORTGAGE SERVICING RIGHTS

The following table presents the changes in the Company's mortgage servicing rights ("MSR") for the years ended December 31, 2011, 2010 and 2009:

(in thousands)
	2011			2010			2009
Balance, beginning of year	$	14,454		$	12,625		$	8,205
Additions for new mortgage servicing rights capitalized		6,720			5,645			7,570
Acquired mortgage servicing rights		—			62			—
Changes in fair value:
Due to changes in model inputs or assumptions(1)		(858	)		(1,598	)		(3,469	)
Other(2)		(2,132	)		(2,280	)		319
Balance, end of year	$	18,184		$	14,454		$	12,625
Balance of loans serviced for others	$	2,009,849		$	1,603,414		$	1,277,832
MSR as a percentage of serviced loans		0.90	%		0.90	%		0.99	%

(1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.

(2) Represents changes due to collection/realization of expected cash flows over time.

The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in mortgage banking revenue on the Consolidated Statements of Operations, were $4.7 million, $3.9 million, and $3.0 million, respectively, for the years ended December 31, 2011, 2010, and 2009.