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Residential Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 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 years ended December 31, 2023, 2022, and 2021: 
(in thousands) 202320222021
Balance, beginning of period$185,017 $123,615 $92,907 
Additions for new MSR capitalized5,347 24,137 38,522 
Sale of MSR assets(57,305)— — 
Changes in fair value:  
  Changes due to collection/realization of expected cash flows over time
(17,694)(20,272)(18,903)
  Changes due to valuation inputs or assumptions (1)
(6,122)57,537 11,089 
Balance, end of period$109,243 $185,017 $123,615 
(1) The changes 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 December 31, 2023, 2022, and 2021 is as follows: 
(dollars in thousands)December 31, 2023December 31, 2022December 31, 2021
Balance of loans serviced for others$8,175,664 $13,020,189 $12,755,671 
MSR as a percentage of serviced loans1.34 %1.42 %0.97 %

The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in residential mortgage banking revenue, were $33.4 million, $37.4 million, and $36.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. 
During the year, the Company closed the sale of $57.3 million in residential mortgage servicing rights associated with $4.3 billion of residential mortgage loans serviced for others, which relates to the non-relationship component of the serviced loan portfolio.

Key assumptions used in measuring the fair value of MSR as of December 31, 2023, 2022, and 2021 were as follows:
 December 31, 2023December 31, 2022December 31, 2021
Constant prepayment rate6.78 %6.39 %12.75 %
Discount rate10.25 %10.06 %9.57 %
Weighted average life (years)8.38.75.9

A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2023 and 2022 is as follows:
 December 31, 2023December 31, 2022
Constant prepayment rate
Effect on fair value of a 10% adverse change$(2,858)$(4,870)
Effect on fair value of a 20% adverse change$(5,575)$(9,518)
Discount rate
Effect on fair value of a 100 basis point adverse change$(4,620)$(8,229)
Effect on fair value of a 200 basis point adverse change$(8,888)$(15,807)

The sensitivity analysis presents the hypothetical effect on fair value of the MSR, due to the change in assumptions. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. The Company has entered into a fair value hedge by purchasing interest rate futures and forward settling mortgage-backed securities to hedge the interest rate risk of MSRs. Refer to Note 19 - Derivatives for further information.