XML 25 R15.htm IDEA: XBRL DOCUMENT v3.23.3
Residential Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2023
Transfers and Servicing [Abstract]  
Residential Mortgage Servicing Rights Residential Mortgage Servicing Rights
The Company measures its MSR asset at fair value with changes in fair value reported in residential mortgage banking revenue, net. The following table presents the changes in the Company's residential MSR for the periods indicated: 
Three Months EndedNine Months Ended
 (in thousands) September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Balance, beginning of period$172,929 $179,558 $185,017 $123,615 
Additions for new MSR capitalized1,658 5,194 4,427 20,397 
Sale of MSR assets(57,454)— (57,454)— 
Changes in fair value:    
Changes due to collection/realization of expected cash flows over time(4,801)(4,978)(14,479)(15,286)
Changes due to valuation inputs or assumptions (1)
5,308 16,403 129 67,451 
Balance, end of period$117,640 $196,177 $117,640 $196,177 
(1) The change in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates.

Information related to the serviced loan portfolio as of the dates presented is as follows: 
(dollars in thousands)September 30, 2023December 31, 2022
Balance of loans serviced for others$8,240,950 $13,020,189 
MSR as a percentage of serviced loans1.43 %1.42 %
 
The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, was $8.9 million and $27.5 million for the three and nine months ended September 30, 2023, respectively, as compared to $9.5 million and $28.2 million for the three and nine months ended September 30, 2022, respectively.
In September 2023, the Company closed the sale of $57.5 million in residential mortgage servicing rights associated with $4.4 billion of residential mortgage loans serviced for others, which relates to the non-relationship component of the serviced loan portfolio.