Capitalized servicing assets (Tables)

12 Months Ended

Dec. 31, 2012

Changes in capitalized servicing assets were as follows:


	Residential Mortgage Loans									Small-Balance Commercial Mortgage Loans
For Year Ended December 31,	2012			2011			2010			2012			2011			2010
	(In thousands)
Beginning balance	$	131,264		$	92,066		$	101,155		$	15,678		$	26,197		$	40,251
Originations		14,577			13,920			27,430			—			—			—
Purchases		109			61,642			593			—			—			—
Consolidation of loan securitization trusts (note 19)		—			—			(1,843	)		—			—			—
Amortization		(41,095	)		(36,364	)		(35,269	)		(7,535	)		(10,519	)		(14,054	)

		104,855			131,264			92,066			8,143			15,678			26,197
Valuation allowance		(4,500	)		(1,800	)		—			—			—			—

Ending balance, net	$	100,355		$	129,464		$	92,066		$	8,143		$	15,678		$	26,197


	Commercial Mortgage Loans									Total
For Year Ended December 31,	2012			2011			2010			2012			2011			2010
	(In thousands)
Beginning balance	$	51,250		$	42,613		$	32,896		$	198,192		$	160,876		$	174,302
Originations		19,653			17,613			16,976			34,230			31,533			44,406
Purchases		—			—			—			109			61,642			593
Consolidation of loan securitization trusts (note 19)		—			—			—			—			—			(1,843	)
Amortization		(10,925	)		(8,976	)		(7,259	)		(59,555	)		(55,859	)		(56,582	)

		59,978			51,250			42,613			172,976			198,192			160,876
Valuation allowance		—			—			—			(4,500	)		(1,800	)		—

Ending balance, net	$	59,978		$	51,250		$	42,613		$	168,476		$	196,392		$	160,876

Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions


	Residential			Small-Balance Commercial			Commercial
Weighted-average prepayment speeds		19.50	%		9.16	%
Impact on fair value of 10% adverse change	$	(8,924,000	)	$	(1,814,000	)
Impact on fair value of 20% adverse change		(16,880,000	)		(3,480,000	)
Weighted-average OAS		9.29	%		17.91	%
Impact on fair value of 10% adverse change	$	(2,857,000	)	$	(1,468,000	)
Impact on fair value of 20% adverse change		(5,577,000	)		(2,832,000	)
Weighted-average discount rate								18.00	%
Impact on fair value of 10% adverse change							$	(3,078,000	)
Impact on fair value of 20% adverse change								(5,940,000	)

- Definition

Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test.

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- Definition

Tabular disclosure of the activity in the balance of servicing assets subsequently measured at amortized value (including a description of where changes in carrying value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (through purchases of servicing assets and servicing assets that result from transfers of financial assets), disposals, amortization, application of valuation allowances, other-than-temporary impairments, and other changes that affect the balance along with a description of those changes.

+ References+ Details