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MORTGAGE BANKING AND OTHER (Tables) | 9 Months Ended
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Sep. 30, 2022
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) | 2022 |  | 2021 |  | 2022 |  | 2021
Cash proceeds from residential mortgage loans sold with servicing retained | $3,518 |  |  | $9,024 |  |  | $14,676 |  |  | $28,601 |
Repurchased residential mortgages(1) | — |  |  | 114 |  |  | 87 |  |  | 1,283 |
Gain on sales(2) | 21 |  |  | 96 |  |  | 74 |  |  | 321 |
Contractually specified servicing, late and other ancillary fees(2) | 75 |  |  | 63 |  |  | 213 |  |  | 181 |
(1) Includes government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option. (2) 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) | 2022 |  | 2021 |  | 2022 |  | 2021
Fair value as of beginning of the period | $1,411 |  |  | $902 |  |  | $1,029 |  |  | $658 |
Amounts capitalized | 70 |  |  | 109 |  |  | 244 |  |  | 318 |
Servicing rights acquired | — |  |  | — |  |  | 16 |  |  | — |
Changes in unpaid principal balance during the period(1) | (31) |  |  | (54) |  |  | (102) |  |  | (159) |
Changes in fair value during the period(2) | 74 |  |  | 21 |  |  | 337 |  |  | 161 |
Fair value at end of the period | $1,524 |  |  | $978 |  |  | $1,524 |  |  | $978 |
(1) 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. (2) 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 |
(dollars in millions) | September 30, 2022 |  | December 31, 2021
Fair value | $1,524 |  | $1,029
Weighted average life (years) | 9.2 |  | 6.4
Weighted average constant prepayment rate | 6.8% |  | 10.7%
Decline in fair value from 10% adverse change | $34 |  | $45
Decline in fair value from 20% adverse change | $66 |  | $87
Weighted average option adjusted spread | 627 bps |  | 596 bps
Decline in fair value from 10% adverse change | $42 |  | $25
Decline in fair value from 20% adverse change | $85 |  | $50
Schedule of other serviced loans | The following table presents the unpaid principal balance of other serviced loans:
(in millions) | September 30, 2022 |  | December 31, 2021
Education | $621 |  |  | $761 |
Commercial and industrial(1) | 604 |  |  | 80 |
Leases(2) | 354 |  |  | — |
(1) Includes $92 million of government guaranteed SBA loans sold to outside investors with servicing retained and $512 million of loans acquired in the Investors acquisition that were sold and are subject to a temporary service agreement set to expire in the fourth quarter of 2022. (2) Represents leases acquired in the Investors acquisition that were sold and are subject to a temporary service agreement set to expire in the fourth quarter of 2022.

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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 https://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 https://asc.fasb.org/extlink&oid=128311188&loc=d3e122625-111746 + Details
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