XML 62 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1
Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of Changes in Servicing Assets
The following table presents changes in the servicing asset during the year ended December 31, 2023, 2022 and 2021:

Servicing Asset
dollars in millionsYear Ended December 31,
202320222021
Beginning balance$25 $23 $18 
Servicing rights originated4 4 11 
Servicing rights obtained in CIT Merger— 3 — 
Amortization(4)(6)(9)
Valuation allowance benefit— 1 3 
Ending balance$25 $25 $23 
Schedule of Activity in Servicing Asset Valuation Allowance
The following table presents the activity in the servicing asset valuation allowance:

Servicing Asset Valuation Allowance
dollars in millionsYear Ended December 31,
202320222021
Beginning balance$— $1 $4 
Valuation allowance benefit— (1)(3)
Ending balance$— $— $1 
Schedule of Servicing Asset Key Economic Assumptions
MSRs valuations are performed using a pooling methodology where loans with similar risk characteristics are grouped together and evaluated using discounted cash flows to estimate the present value of future earnings. Key economic assumptions used to value MSRs were as follows:

MSRs Valuation Assumptions
December 31, 2023December 31, 2022
Discount rate10.20 %9.62 %
Weighted average constant prepayment rate7.66 %6.76 %
Weighted average cost to service a loan$80 $81