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MORTGAGE BANKING AND OTHER (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
(in millions)			2021						2020						2021						2020
Cash proceeds from residential mortgage loans sold with servicing retained			$9,024						$9,504						$28,601						$23,668
Repurchased residential mortgages			114						—						1,283						—
Gain on sales(1)			96						273						321						699
Contractually specified servicing, late and other ancillary fees(1)			63						56						181						169

(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 September 30,												As of and for the Nine Months Ended September 30,
(in millions)			2021						2020						2021						2020
Fair value as of beginning of the period			$902						$568						$658						$642
Transfers upon election of fair value method(1)			—						—						—						190
Fair value as of beginning of the period, adjusted			902						568						658						832
Amounts capitalized			109						85						318						238
Changes in unpaid principal balance during the period(2)			(54)						(55)						(159)						(141)
Changes in fair value during the period(3)			21						8						161						(323)
Fair value at end of the period			$978						$606						$978						$606

(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

			September 30, 2021												December 31, 2020
			Actual			Decline in fair value due to									Actual			Decline in fair value due to
(dollars in millions)
Fair value			$978			50 bps adverse change			100 bps adverse change						$658			50 bps adverse change			100 bps adverse change
Weighted average life (in years)			6.0												4.2
Weighted average constant prepayment rate(1)			11.3%			$125			$275						17.3%			$122			$202
Weighted average option adjusted spread			582 bps			20			39						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)			September 30, 2021						December 31, 2020
Education			$809						$974
Commercial(1)			67						51

(1) Represents the government guaranteed portion of SBA loans sold to outside investors.

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Loans and Leases Receivable, Mortgage Banking Activities [Table Text Block]

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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

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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=125521744&loc=d3e122625-111746

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