Mortgage Servicing Rights (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Transfers And Servicing [Abstract] |
|
| Summary of Activity of Mortgage Servicing Rights |
The activity of mortgage servicing rights was as follows for the three and nine months ended September 30, 2020 and 2019:
|
|
|
For the three months ended
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Balance - beginning of period
|
|
$
|
336,687
|
|
|
$
|
399,535
|
|
|
MSRs originated
|
|
|
96,510
|
|
|
|
61,416
|
|
|
Changes in fair value
|
|
|
|
|
|
|
|
|
|
Due to collection/realization of cash flows
|
|
|
(31,540
|
)
|
|
|
(27,907
|
)
|
|
Due to changes in valuation model inputs or assumptions
|
|
|
(9,466
|
)
|
|
|
(63,061
|
)
|
|
Balance - end of period
|
|
$
|
392,191
|
|
|
$
|
369,983
|
|
|
|
|
For the nine months ended
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Balance - beginning of year
|
|
$
|
418,402
|
|
|
$
|
511,852
|
|
|
MSRs originated
|
|
|
219,605
|
|
|
|
109,321
|
|
|
Changes in fair value
|
|
|
|
|
|
|
|
|
|
Due to collection/realization of cash flows
|
|
|
(85,270
|
)
|
|
|
(57,395
|
)
|
|
Due to changes in valuation model inputs or assumptions
|
|
|
(160,546
|
)
|
|
|
(193,795
|
)
|
|
Balance - end of period
|
|
$
|
392,191
|
|
|
$
|
369,983
|
|
|
| Summary of Weighted Average Discount Rate and Prepayment Speed Assumptions Used to Determine Fair Value of MSRs |
The following table presents a summary of the weighted average discount rate and prepayment speed assumptions used to determine the fair value of MSRs as of September 30, 2020 and December 31, 2019:
|
|
|
September 30,
2020
|
|
December 31,
2019
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
|
Discount rate
|
|
9.2% - 15.5% (10.1%)
|
|
9.2% - 15.5% (10.2%)
|
|
Prepayment rate
|
|
9.0% - 34.6% (20.6%)
|
|
8.9% - 30.0% (17.3%)
|
|
| Summary of Actual Revenue Generated from Servicing Activities |
Actual revenue generated from servicing activities included contractually specified servicing fees, as well as late fees and other ancillary servicing revenue, which were recorded within loan servicing and other fees as follows for the three and nine months ended September 30, 2020 and 2019:
|
|
|
For the three months ended
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Servicing fees from servicing portfolio
|
|
$
|
38,994
|
|
|
$
|
35,392
|
|
|
Late fees
|
|
|
1,193
|
|
|
|
1,715
|
|
|
Other ancillary servicing revenue
|
|
|
(28
|
)
|
|
|
(567
|
)
|
|
Total loan servicing and other fees
|
|
$
|
40,159
|
|
|
$
|
36,540
|
|
|
|
|
For the nine months ended
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Servicing fees from servicing portfolio
|
|
$
|
113,172
|
|
|
$
|
101,501
|
|
|
Late fees
|
|
|
3,828
|
|
|
|
4,578
|
|
|
Other ancillary servicing revenue
|
|
|
(531
|
)
|
|
|
(1,102
|
)
|
|
Total loan servicing and other fees
|
|
$
|
116,469
|
|
|
$
|
104,977
|
|
|
| Summary of Impact of Adverse Changes on Discount Rate and Prepayment Speeds at Two Different Data Points |
The following table illustrates the impact of adverse changes on the discount rate and prepayment speeds at two different data points at September 30, 2020 and December 31, 2019, respectively:
|
|
|
Discount Rates
|
|
|
Prepayment Speeds
|
|
|
|
|
10% Adverse
|
|
|
20% Adverse
|
|
|
10% Adverse
|
|
|
20% Adverse
|
|
|
|
|
Change
|
|
|
Change
|
|
|
Change
|
|
|
Change
|
|
|
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing rights
|
|
$
|
(16,677
|
)
|
|
$
|
(27,696
|
)
|
|
$
|
(32,799
|
)
|
|
$
|
(58,291
|
)
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing rights
|
|
$
|
(23,682
|
)
|
|
$
|
(35,701
|
)
|
|
$
|
(31,329
|
)
|
|
$
|
(49,031
|
)
|
|