Other Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Group Held for Sale

The disposal group held for sale reported in other assets consisted of the following at March 31, 2016:

	Location on Consolidated Balance Sheet Prior to Reclassification to Held for Sale	March 31, 2016
		(in millions)
Mortgage servicing rights	Intangible assets, net	$	117
Servicing advances	Other assets	217
Total assets held for sale		$	334

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

Rollforward of MSRs

The following table summarizes MSRs activity during the three months ended March 31, 2016:

Three Months Ended March 31,	2016
	(in millions)
Fair value of MSRs:
Beginning balance	$	140
Changes in fair value due to changes in valuation model inputs or assumptions	(16		)
Reductions related to customer payments	(7		)
Ending balance	$	117