Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.	9 Months Ended
Sep. 30, 2021
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Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.	16. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a 20% minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2021 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $23 million during the nine-month period ended September 30, 2020. There were no similar cash distributions during the nine-month period ended September 30, 2021 or in the three-month period ended September 30, 2020. Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $1.7 billion and $1.9 billion at September 30, 2021 and December 31, 2020, respectively. Revenues from those servicing rights were $2 million in each of the three-month periods ended September 30, 2021 and 2020 and $7 million for each of the nine-month periods ended September 30, 2021 and 2020. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $73.2 billion and $68.1 billion at September 30, 2021 and December 31, 2020, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $39 million and $30 million for the three-month periods ended September 30, 2021 and 2020, respectively, and $110 million and $101 million in the nine-month periods ended September 30, 2021 and 2020, respectively. In addition, the Company held $65 million and $77 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2021 and December 31, 2020, respectively, that were securitized by Bayview Financial. At September 30, 2021, the Company held $130 million of Bayview Financial’s $1.1 billion syndicated loan facility. In the first three months of 2021, the Company purchased $965 million of delinquent FHA guaranteed mortgage loans, including past due accrued interest, from Bayview Financial for $1.0 billion. The servicing rights for such loans were retained by Bayview Financial, but the Company continues to sub-service the loans.

Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

9 Months Ended

Sep. 30, 2021

Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

16. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

M&T holds a 20% minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2021 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $23 million during the nine-month period ended September 30, 2020. There were no similar cash distributions during the nine-month period ended September 30, 2021 or in the three-month period ended September 30, 2020.

Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $1.7 billion and $1.9 billion at September 30, 2021 and December 31, 2020, respectively. Revenues from those servicing rights were $2 million in each of the three-month periods ended September 30, 2021 and 2020 and $7 million for each of the nine-month periods ended September 30, 2021 and 2020. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $73.2 billion and $68.1 billion at September 30, 2021 and December 31, 2020, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $39 million and $30 million for the three-month periods ended September 30, 2021 and 2020, respectively, and $110 million and $101 million in the nine-month periods ended September 30, 2021 and 2020, respectively. In addition, the Company held $65 million and $77 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2021 and December 31, 2020, respectively, that were securitized by Bayview Financial. At September 30, 2021, the Company held $130 million of Bayview Financial’s $1.1 billion syndicated loan facility. In the first three months of 2021, the Company purchased $965 million of delinquent FHA guaranteed mortgage loans, including past due accrued interest, from Bayview Financial for $1.0 billion. The servicing rights for such loans were retained by Bayview Financial, but the Company continues to sub-service the loans.