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Loan Sales And Securitizations (Tables)
 12 Months Ended
Dec. 31, 2011
Loan Sales And Securitizations [Abstract]  
Schedule Of Sensitivity Of Fair Value Of Retained Or Purchased MSR Immediate 10 Percent And 20 Percent Adverse Changes In Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands
except for annual cost to service)

  

December 31, 2011

  

December 31, 2010

 

First
Liens

  

Second
Liens

  

HELOC

  

First
Liens

  

Second
Liens

  

HELOC

 

Fair value of retained interests

 

 

$

 

140,724

  

 

 

$

 

231

  

 

 

$

 

3,114

  

 

 

$

 

203,812

  

 

 

$

 

262

  

 

 

$

 

3,245

  

Weighted average life (in years)

 

 

  

3.7

  

 

 

  

2.9

  

 

 

  

2.8

  

 

 

  

4.3

  

 

 

  

2.8

  

 

 

  

2.5

  

Annual prepayment rate

 

 

  

22.5

%

 

 

 

  

26.0

%

 

 

 

  

28.0

%

 

 

 

  

20.1

%

 

 

 

  

27.0

%

 

 

 

  

31.2

%

 

Impact on fair value of 10% adverse change

 

 

$

 

(7,667

)

 

 

 

$

 

(15

)

 

 

 

$

 

(202

)

 

 

 

$

 

(10,139

)

 

 

 

$

 

(31

)

 

 

 

$

 

(249

)

 

Impact on fair value of 20% adverse change

 

 

  

(14,612

)

 

 

 

  

(28

)

 

 

 

  

(387

)

 

 

 

  

(19,420

)

 

 

 

  

(59

)

 

 

 

  

(476

)

 

Annual discount rate on servicing cash flows

 

 

  

11.8

%

 

 

 

  

14.0

%

 

 

 

  

18.0

%

 

 

 

  

11.6

%

 

 

 

  

14.0

%

 

 

 

  

18.0

%

 

Impact on fair value of 10% adverse change

 

 

$

 

(3,728

)

 

 

 

$

 

(6

)

 

 

 

$

 

(96

)

 

 

 

$

 

(5,756

)

 

 

 

$

 

(14

)

 

 

 

$

 

(96

)

 

Impact on fair value of 20% adverse change

 

 

  

(7,241

)

 

 

 

  

(12

)

 

 

 

  

(187

)

 

 

 

  

(11,149

)

 

 

 

  

(28

)

 

 

 

  

(185

)

 

Annual cost to service (per loan) (a)

 

 

$

 

119

  

 

 

$

 

50

  

 

 

$

 

50

  

 

 

$

 

121

  

 

 

$

 

50

  

 

 

$

 

50

  

Impact on fair value of 10% adverse change

 

 

  

(3,333

)

 

 

 

  

(5

)

 

 

 

  

(50

)

 

 

 

  

(5,003

)

 

 

 

  

(16

)

 

 

 

  

(52

)

 

Impact on fair value of 20% adverse change

 

 

  

(6,643

)

 

 

 

  

(10

)

 

 

 

  

(100

)

 

 

 

  

(9,978

)

 

 

 

  

(32

)

 

 

 

  

(104

)

 

Annual earnings on escrow

 

 

  

1.4

%

 

 

 

  

-

  

 

 

  

-

  

 

 

  

1.4

%

 

 

 

  

-

  

 

 

  

-

  

Impact on fair value of 10% adverse change

 

 

$

 

(1,194

)

 

 

 

  

-

  

 

 

  

-

  

 

 

$

 

(2,102

)

 

 

 

  

-

  

 

 

  

-

  

Impact on fair value of 20% adverse change

 

 

  

(2,388

)

 

 

 

  

-

  

 

 

  

-

  

 

 

  

(4,204

)

 

 

 

  

-

  

 

 

  

-

  

 

 

(a)

 

 

  

Amounts represent market participant based assumptions.

 
Schedule Of Sensitivity Of Fair Value Of Other Retained Interests To Immediate 10 Percent And 20 Percent Adverse Changes Assumptions
 

 

 

 

 

 

 

 

 

(Dollars in thousands)

  

December 31, 2011

  

December 31, 2010

 

Excess
Interest
IO

  

Certificated
PO

  

Excess
Interest
IO

  

Certificated
PO

 

Fair value of retained interests

 

 

$

 

17,852

  

 

 

$

 

8,052

  

 

 

$

 

26,237

  

 

 

$

 

8,992

  

Weighted average life (in years)

 

 

  

3.7

  

 

 

  

3.5

  

 

 

  

4.5

  

 

 

  

5.0

  

Annual prepayment rate

 

 

  

20.2

%

 

 

 

  

30.2

%

 

 

 

  

17.2

%

 

 

 

  

23.4

%

 

Impact on fair value of 10% adverse change

 

 

$

 

(831

)

 

 

 

$

 

(297

)

 

 

 

$

 

(1,159

)

 

 

 

$

 

(471

)

 

Impact on fair value of 20% adverse change

 

 

  

(1,598

)

 

 

 

  

(563

)

 

 

 

  

(2,241

)

 

 

 

  

(934

)

 

Annual discount rate on residual cash flows

 

 

  

13.3

%

 

 

 

  

20.5

%

 

 

 

  

13.0

%

 

 

 

  

22.5

%

 

Impact on fair value of 10% adverse change

 

 

$

 

(667

)

 

 

 

$

 

(429

)

 

 

 

$

 

(1,084

)

 

 

 

$

 

(373

)

 

Impact on fair value of 20% adverse change

 

 

  

(1,281

)

 

 

 

  

(849

)

 

 

 

  

(2,076

)

 

 

 

  

(716

)

 

 
Schedule Of Cash Flows Related To Loan Sales And Securitizations

 

 

 

 

 

 

 

(Dollars in thousands)

  

December 31

 

2011

  

2010

  

2009

 

Proceeds from initial sales and securitizations (a)

 

 

$

 

409,003

  

 

 

$

 

837,905

  

 

 

$

 

1,320,538

  

Servicing fees retained (b)

 

 

  

72,558

  

 

 

  

95,902

  

 

 

  

132,799

  

Purchases of GNMA guaranteed mortgages

 

 

  

66,591

  

 

 

  

76,678

  

 

 

  

18,225

  

Purchases of previously transferred financial assets (c)(d)

 

 

  

267,091

  

 

 

  

458,337

  

 

 

  

302,043

  

Other cash flows received on retained interests

 

 

  

7,894

  

 

 

  

10,783

  

 

 

  

63,994

  

 

 

(a)

 

 

  

Includes $89.2 million of proceeds related to a bulk sale of nonperforming permanent mortgages in third quarter 2011.

 

(b)

  

 

  

Includes servicing fees on MSR associated with loan sales and purchased MSR.

 

(c)

  

 

  

Includes repurchases of both delinquent and performing loans, foreclosed assets, and make-whole payments for economic losses incurred by purchaser. Also includes buyouts from GSEs in order to facilitate foreclosures.

 

(d)

  

 

  

2011 and 2010 includes $33 million and $175 million, respectively, of cash paid related to clean-up calls exercised by FHN.

 
Schedule Of Principal Amount Of Delinquent Loans, And Net Credit Losses

 

 

 

 

 

 

 

(Dollars in thousands)

  

Total Principal
Amount of Loans

  

Principal Amount
of Delinquent Loans (a)

  

Net Credit
Losses (b)

 

 

  

On December 31, 2011

  

Year Ended
December 31, 2011

Type of loan:

 

 

 

 

 

 

Real estate residential

 

 

$

 

18,128,275

  

 

 

$

 

797,636

  

 

 

$

 

536,418

  

 

Total loans managed or transferred (c)

 

 

$

 

18,128,275

  

 

 

$

 

797,636

  

 

 

$

 

536,418

  

 

  

 

Loans sold

 

 

  

(11,087,955

)

 

 

 

 

 

Loans held for sale

 

 

  

(320,581

)

 

 

 

 

 

 

 

 

Loans held in portfolio

 

 

$

 

6,719,739

  

 

 

 

 

 

 

 

 

(a)

 

 

  

Loans 90 days or more past due include $42.2 million of GNMA guaranteed mortgages.

 

(b)

  

 

  

Principal amount of loans securitized and sold includes $8.0 billion of loans securitized through GNMA, FNMA, or FHLMC. FHN retains interests other than servicing rights on a portion of these securitized loans. No delinquency or net credit loss data is included for the loans securitized through FNMA or FHMLC because these agencies retain credit risk. The remainder of loans securitized and sold were securitized through proprietary trusts, where FHN retained interests other than servicing rights. See Note 18 – Contingencies and Other Disclosures for discussion related to repurchase obligations for loans transferred to GSEs and private investors.

 

(c)

  

 

  

Amount represents real estate residential loans transferred in proprietary securitizations and whole loan sales in which FHN has a retained interest other than servicing rights. For loans transferred to GSEs, includes all loans with retained interests.

 

 

 

 

 

 

 

 

(Dollars in thousands)

  

Total Principal
Amount of Loans

  

Principal Amount
of Delinquent Loans (a)

  

Net Credit
Losses (b)

 

 

  

On December 31, 2010

  

Year Ended
December 31, 2010

Type of loan:

 

 

 

 

 

 

Real estate residential

 

 

$

 

22,373,312

  

 

 

$

 

1,076,908

  

 

 

$

 

570,682

  

 

Total loans managed or transferred (c)

 

 

$

 

22,373,312

  

 

 

$

 

1,076,908

  

 

 

$

 

570,682

  

 

  

 

Loans sold

 

 

  

(14,578,430

)

 

 

 

 

 

Loans held for sale

 

 

  

(332,913

)

 

 

 

 

 

 

 

 

Loans held in portfolio

 

 

$

 

7,461,969

  

 

 

 

 

 

 

 

 

(a)

 

 

  

Loans 90 days or more past due include $39.9 million of GNMA guaranteed mortgages.

 

(b)

  

 

  

Principal amount of loans securitized and sold includes $10.9 billion of loans securitized through GNMA, FNMA, or FHLMC. FHN retains interests other than servicing rights on a portion of these securitized loans. No delinquency or net credit loss data is included for the loans securitized through FNMA or FHMLC because these agencies retain credit risk. The remainder of loans securitized and sold were securitized through proprietary trusts, where FHN retained interests other than servicing rights. See Note 18 – Contingencies and Other Disclosures for discussion related to repurchase obligations for loans transferred to GSEs and private investors.

 

(c)

  

 

  

Amount represents real estate residential loans transferred in proprietary securitizations and whole loan sales in which FHN has a retained interest other than servicing rights. For loans transferred to GSEs, includes all loans with retained interests.