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Goodwill and Mortgage Servicing Rights (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Mortgage Servicing Rights | Changes in the commercial and residential MSRs follow: Table 54: Mortgage Servicing Rights
| Commercial MSRs |  | Residential MSRs |
In millions | 2024 | 2023 |  | 2024 | 2023 |
January 1 | $ | 1,032 |  | $ | 1,113 |  |  | $ | 2,654 |  | $ | 2,310 |  |
Additions: |  |  |  |  |  |
From loans sold with servicing retained | 23 |  | 38 |  |  | 18 |  | 17 |  |
Purchases | 43 |  | 27 |  |  | 30 |  | 438 |  |
Changes in fair value due to: |  |  |  |  |  |
Time and payoffs (a) | (241) |  | (247) |  |  | (191) |  | (176) |  |
Other (b) | 118 |  | 238 |  |  | 17 |  | 248 |  |
September 30 | $ | 975 |  | $ | 1,169 |  |  | $ | 2,528 |  | $ | 2,837 |  |
Related unpaid principal balance of loans serviced at September 30 | $ | 288,696 |  | $ | 282,123 |  |  | $ | 199,571 |  | $ | 212,521 |  |
Servicing advances at September 30 | $ | 598 |  | $ | 507 |  |  | $ | 123 |  | $ | 121 |  |
(a)Represents decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans that were paid off during the period. (b)Includes MSR value changes resulting from changes in interest rates and other market-driven conditions.
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions | The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions: Table 55: Commercial Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions | September 30, 2024 |  | December 31, 2023 |
Fair value | $ | 975 |  |  | $ | 1,032 |  |
Weighted-average life (years) | 3.8 |  | 3.9 |
Weighted-average constant prepayment rate | 4.41 | % |  | 5.51 | % |
Decline in fair value from 10% adverse change | $ | 8 |  |  | $ | 9 |  |
Decline in fair value from 20% adverse change | $ | 15 |  |  | $ | 17 |  |
Effective discount rate | 10.69 | % |  | 9.64 | % |
Decline in fair value from 10% adverse change | $ | 30 |  |  | $ | 31 |  |
Decline in fair value from 20% adverse change | $ | 61 |  |  | $ | 61 |  |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 56: Residential Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions | September 30, 2024 |  | December 31, 2023 |
Fair value | $ | 2,528 |  |  | $ | 2,654 |  |
Weighted-average life (years) | 7.8 |  | 8.1 |
Weighted-average constant prepayment rate | 7.21 | % |  | 6.42 | % |
Decline in fair value from 10% adverse change | $ | 61 |  |  | $ | 60 |  |
Decline in fair value from 20% adverse change | $ | 119 |  |  | $ | 117 |  |
Weighted-average option adjusted spread | 755 |  | bps | 765 |  | bps
Decline in fair value from 10% adverse change | $ | 78 |  |  | $ | 83 |  |
Decline in fair value from 20% adverse change | $ | 151 |  |  | $ | 161 |  |

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- Definition A sensitivity analysis or stress test showing the hypothetical effect on the fair value of commercial mortgage servicing rights of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References No definition available. + Details
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- Definition A sensitivity analysis or stress test showing the hypothetical effect on the fair value of residential mortgage servicing rights of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References No definition available. + Details
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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3 + Details
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