LOAN SERVICING (Tables) - Mortgage Servicing Rights [Member]

6 Months Ended

Jun. 30, 2021

Servicing Assets at Fair Value [Line Items]

Servicing Asset at Amortized Cost

The unpaid principal balance of mortgage loans serviced for others is listed below:

TABLE 6.1

(in millions)	June 30, 2021		December 31, 2020
Mortgage loans sold with servicing retained	$	4,756	$	4,653

The following table summarizes activity relating to mortgage loans sold with servicing retained:

TABLE 6.2

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Mortgage loans sold with servicing retained	$	518	$	416	$	1,024	$	676
Pretax net gains resulting from above loan sales (1)	11		15		26		22
Mortgage servicing fees (1)	3		3		6		6

(1) Recorded in mortgage banking operations on the Consolidated Statements of Income.

Following is a summary of activity relating to MSRs:

TABLE 6.3

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Balance at beginning of period	$	38.6	$	34.9	$	35.6	$	42.6
Additions	5.7		4.0		10.9		6.5
Payoffs and curtailments	(3.5)		(4.0)		(7.6)		(5.9)
(Impairment charge) / recovery	0.3		(0.3)		2.8		(8.0)
Amortization	(0.6)		(0.6)		(1.2)		(1.2)
Balance at end of period	$	40.5	$	34.0	$	40.5	$	34.0
Fair value, beginning of period	$	40.2	$	34.9	$	35.6	$	45.0
Fair value, end of period	40.8		34.0		40.8		34.0

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement

Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions:

TABLE 6.4

(dollars in millions)	June 30, 2021			December 31, 2020
Weighted average life (months)	70.5			66.6
Constant prepayment rate (annualized)	12.8		%	13.4		%
Discount rate	9.5		%	9.5		%
Effect on fair value due to change in interest rates:
+0.25%	$	3		$	2
+0.50%	5			4
-0.25%	(3)			(2)
-0.50%	(6)			(3)