	Residential Mortgage Loans									Commercial Mortgage Loans
For the Year Ended December 31,	2019			2018			2017			2019			2018			2017
	(In thousands)
Beginning balance	$	120,509		$	114,978		$	117,351		$	114,663		$	114,076		$	103,764
Originations		26,067			28,985			28,792			41,370			26,298			34,620
Purchases		144,326			454			699			—			—			—
Amortization		(46,491	)		(23,908	)		(31,864	)		(25,397	)		(25,711	)		(24,308	)
		244,411			120,509			114,978			130,636			114,663			114,076
Valuation allowance		(7,000	)		—			—			—			—			—
Ending balance, net	$	237,411		$	120,509		$	114,978		$	130,636		$	114,663		$	114,076

Residential mortgage loans serviced for others were $32.3 billion at December 31, 2019, $22.2 billion at December 31, 2018 and $22.6 billion at December 31, 2017. Excluded from residential mortgage loans serviced for others were loans sub-serviced for others of $62.8 billion, $56.8 billion and $56.6 billion at December 31, 2019, 2018, and 2017, respectively. On January 31, 2019, the Company purchased servicing rights for residential real estate loans that had outstanding principal balances at that date of approximately $13.3 billion. The purchase price of such servicing rights was approximately $144 million. Commercial mortgage loans serviced for others were $17.6 billion at December 31, 2019, $15.5 billion at December 31, 2018 and $13.6 billion at December 31, 2017. Excluded from commercial mortgage loans serviced for others were loans sub-serviced for others of $3.4 billion at December 31, 2019, $2.7 billion at December 31, 2018 and $2.6 billion at December 31, 2017.

The estimated fair value of capitalized residential mortgage loan servicing assets was approximately $297 million at December 31, 2019 and $240 million at December 31, 2018. The fair value of capitalized residential mortgage loan servicing assets was estimated using weighted-average discount rates of 10.6% and 11.4% at December 31, 2019 and 2018, respectively, and contemporaneous prepayment assumptions that vary by loan type. At December 31, 2019 and 2018, the discount rate represented a weighted-average option-adjusted spread (“OAS”) of 928 basis points (hundredths of one percent) and 963 basis points, respectively, over market implied forward London Interbank Offered Rates (“LIBOR”). The estimated fair value of capitalized residential mortgage loan servicing rights may vary significantly in subsequent periods due to changing interest rates and the effect thereof on prepayment speeds. The estimated fair value of capitalized commercial mortgage loan servicing assets was approximately $153 million and $135 million at December 31, 2019 and 2018, respectively. An 18% discount rate was used to estimate the fair value of capitalized commercial mortgage loan servicing rights at December 31, 2019 and 2018 with no prepayment assumptions because, in general, the servicing agreements allow the Company to share in customer loan prepayment fees and thereby recover the remaining carrying value of the capitalized servicing rights associated with such loan. The Company’s ability to realize the carrying value of capitalized commercial mortgage servicing rights is more dependent on the borrowers’ abilities to repay the underlying loans than on prepayments or changes in interest rates.

The key economic assumptions used to determine the fair value of significant portfolios of capitalized servicing rights at December 31, 2019 and the sensitivity of such value to changes in those assumptions are summarized in the table that follows. Those calculated sensitivities are hypothetical and actual changes in the fair value of capitalized servicing rights may differ significantly from the amounts presented herein. The effect of a variation in a particular assumption on the fair value of the servicing rights is calculated without changing any other assumption. In

reality, changes in one factor may result in changes in another which may magnify or counteract the sensitivities. The changes in assumptions are presumed to be instantaneous.

	Residential			Commercial
	(Dollars in thousands)

Weighted-average prepayment speeds		15.84	%
Impact on fair value of 10% adverse change	$	(16,555	)
Impact on fair value of 20% adverse change		(31,475	)
Weighted-average OAS		9.28	%
Impact on fair value of 10% adverse change	$	(8,070	)
Impact on fair value of 20% adverse change		(15,663	)
Weighted-average discount rate					18.00	%
Impact on fair value of 10% adverse change				$	(6,948	)
Impact on fair value of 20% adverse change					(13,395	)