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Loan Servicing (Tables)
 3 Months Ended
Mar. 31, 2024
Transfers and Servicing [Abstract]  
Summary of Residential Mortgage Banking Activities
The following tables summarize residential mortgage servicing activities:
(Dollars in millions)Mar 31, 2024Dec 31, 2023
UPB of residential mortgage loan servicing portfolio$265,890 $269,068 
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate
210,635 213,399 
Mortgage loans sold with recourse167 173 
Maximum recourse exposure from mortgage loans sold with recourse liability105 109 
Indemnification, recourse and repurchase reserves49 52 
As of / For the Three Months Ended March 31,
(Dollars in millions)		20242023
UPB of residential mortgage loans sold from LHFS$1,763 $2,507 
Pre-tax gains recognized on mortgage loans sold and held for sale15 16 
Servicing fees recognized from mortgage loans serviced for others147 163 
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others
0.28 %0.27 %
Weighted average interest rate on mortgage loans serviced for others3.59 3.52 
Analysis of Activity in Residential MSRs
The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value:
(Dollars in millions)20242023
Residential MSRs, carrying value, January 1$3,088 $3,428 
Additions30 44 
Sales(1)(428)
Change in fair value due to changes in valuation inputs or assumptions(1)
77 (1)
Realization of expected net servicing cash flows, passage of time, and other(60)(57)
Residential MSRs, carrying value, March 31$3,134 $2,986 
(1)The three months ended March 31, 2023 includes realized gains on the portfolio sale of excess servicing.
Residential MSRs Sensitivity
The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table:
March 31, 2024December 31, 2023
RangeWeighted AverageRangeWeighted Average
(Dollars in millions)MinMaxMinMax
Prepayment speed6.5 %17.3 %7.3 %6.7 %18.2 %7.5 %
Effect on fair value of a 10% increase$(82)$(82)
Effect on fair value of a 20% increase(158)(160)
OAS2.4 %11.9 %4.5 %2.2 %12.0 %4.6 %
Effect on fair value of a 10% increase$(60)$(60)
Effect on fair value of a 20% increase(117)(118)
Composition of loans serviced for others:   
Fixed-rate residential mortgage loans99.6 %99.6 %
Adjustable-rate residential mortgage loans
0.4 0.4 
Total  100.0 %  100.0 %
Weighted average life  7.6 years  7.5 years
Summary of Commercial Mortgage Banking Activities
The following table summarizes commercial mortgage servicing activities:
(Dollars in millions)Mar 31, 2024Dec 31, 2023
UPB of CRE mortgages serviced for others$29,075 $31,681 
CRE mortgages serviced for others covered by recourse provisions9,656 9,661 
Maximum recourse exposure from CRE mortgages sold with recourse liability2,813 2,813 
Recorded reserves related to recourse exposure14 16 
CRE mortgages originated during the year-to-date period276 2,989 
Commercial MSRs at fair value268 272