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MORTGAGE BANKING AND OTHER (Tables) | 6 Months Ended
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Jun. 30, 2021
Mortgage Banking [Abstract] |
Schedule of mortgage banking activities | The following table summarizes activity related to residential mortgage loans sold with servicing rights retained:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Cash proceeds from residential mortgage loans sold with servicing retained | $10,540 |  |  | $8,797 |  |  | $19,577 |  |  | $14,164 |
Gain on sales (1) | 85 |  |  | 283 |  |  | 225 |  |  | 426 |
Contractually specified servicing, late and other ancillary fees (1) | 60 |  |  | 55 |  |  | 118 |  |  | 113 |
(1) Reported in mortgage banking fees in the Consolidated Statements of Operations.
Servicing asset at fair value | The following table summarizes changes in MSRs recorded using the fair value method:
| As of and for the Three Months Ended June 30, |  | As of and for the Six Months Ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Fair value as of beginning of the period | $893 |  |  | $577 |  |  | $658 |  |  | $642 |
Transfers upon election of fair value method (1) | — |  |  | — |  |  | — |  |  | 190 |
Fair value as of beginning of the period, adjusted | 893 |  |  | 577 |  |  | 658 |  |  | 832 |
Amounts capitalized | 122 |  |  | 86 |  |  | 209 |  |  | 153 |
Changes in unpaid principal balance during the period (2) | (47) |  |  | (46) |  |  | (105) |  |  | (86) |
Changes in fair value during the period (3) | (66) |  |  | (49) |  |  | 140 |  |  | (331) |
Fair value at end of the period | $902 |  |  | $568 |  |  | $902 |  |  | $568 |
(1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method. (2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.
Schedule of fair value assumptions used to estimate the value of Mortgage Servicing Rights |
| June 30, 2021 |  | December 31, 2020
| Actual | Decline in fair value due to |  | Actual | Decline in fair value due to
(dollars in millions) |
Fair value | $902 | 50 bps adverse change | 100 bps adverse change |  | $658 | 50 bps adverse change | 100 bps adverse change
Weighted average life (in years) | 5.7 |  | 4.2
Weighted average constant prepayment rate (1) | 11.9% | $129 | $273 |  | 17.3% | $122 | $202
Weighted average option adjusted spread | 581 bps | 18 | 36 |  | 595 bps | 12 | 24
(1) Estimated adverse change for the weighted average constant prepayment rate based on an adverse change in market interest rates.
Schedule of other serviced loans | The following table presents the unpaid principal balance of other serviced loans:
(in millions) | June 30, 2021 |  | December 31, 2020
Education | $867 |  |  | $974 |
Commercial (1) | 61 |  |  | 51 |
(1) Represents the government guaranteed portion of SBA loans sold to outside investors.

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- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746 + Details
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