Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:

	March 31, 2016		December 31, 2015
	(in millions)
Mortgage servicing rights	$	—	$	140
Purchased credit card relationships	39		41
Total intangible assets	$	39	$	181

Fair Value of Residential MSRs

The following table summarizes the critical assumptions used to calculate the fair value of MSRs at December 31, 2015:

	December 31, 2015
Annualized constant prepayment rate	13.8	%
Constant discount rate	12.6	%
Weighted average life (in years)	4.5

The following table summarizes the critical assumptions used to calculate the fair value of MSRs at March 31, 2016:

	March 31, 2016
Annualized constant prepayment rate	16.4	%
Constant discount rate	11.4	%
Weighted average life (in years)	4.0

Residential MSRs Activity

The following table summarizes MSRs activity during the three months ended March 31, 2015:

Three Months Ended March 31,	2015
	(in millions)
Fair value of MSRs:
Beginning balance	$	159
Changes in fair value due to changes in valuation model inputs or assumptions	(11		)
Reductions related to customer payments	(8		)
Ending balance	$	140