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Mortgage Servicing Assets (Tables) | 3 Months Ended
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Mar. 31, 2021
Servicing Asset [Abstract] |
Changes in Carrying Amount of Mortgage Servicing Assets | Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
| Three months ended March 31, |  |
in millions | 2021 | 2020 |  |  |
Balance at beginning of period | $ | 578 |  | $ | 539 |  |  |  |
Servicing retained from loan sales | 29 |  | 24 |  |  |  |
Purchases | 7 |  | 11 |  |  |  |
Amortization | (29) |  | (29) |  |  |  |
Temporary (impairments) recoveries | 3 |  | (2) |  |  |  |
Balance at end of period | $ | 588 |  | $ | 543 |  |  |  |
Fair value at end of period | $ | 682 |  | $ | 655 |  |  |  |
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
| Three months ended March 31, |  |
in millions | 2021 | 2020 |  |  |
Balance at beginning of period | $ | 58 |  | $ | 46 |  |  |  |
Servicing retained from loan sales | 11 |  | 5 |  |  |  |
Purchases | — |  | — |  |  |  |
Amortization | (5) |  | (2) |  |  |  |
Temporary (impairments) recoveries | 8 |  | (9) |  |  |  |
Balance at end of period | $ | 72 |  | $ | 40 |  |  |  |
Fair value at end of period | $ | 77 |  | $ | 41 |  |  |  |
Schedule of Range and Weighted-Average of Significant Unobservable Inputs | The range and weighted average of the significant unobservable inputs used to determine the fair value of our commercial mortgage servicing assets at March 31, 2021, and March 31, 2020, along with the valuation techniques, are shown in the following table:
dollars in millions |  | March 31, 2021 |  | March 31, 2020
Valuation Technique | Significant Unobservable Input | Range | Weighted Average |  | Range | Weighted Average
Discounted cash flow | Expected defaults | 1.01 | 2.00 | % | 1.18 | % |  | 0.97 | 2.00 | % | 1.14 | %
| Residual cash flows discount rate | 7.42 | 10.59 | % | 9.20 | % |  | 7.00 | 11.42 | % | 9.24 | %
| Escrow earn rate | 0.94 | 1.22 | % | 1.10 | % |  | 1.20 | 1.92 | % | 1.67 | %
| Loan assumption rate | 0.00 | 1.75 | % | 1.44 | % |  | 0.01 | 3.37 | % | 1.32 | %
The range and weighted-average of the significant unobservable inputs used to fair value our mortgage servicing assets at March 31, 2021, and March 31, 2020, along with the valuation techniques, are shown in the following table:
|  | March 31, 2021 |  | March 31, 2020
Valuation Technique | Significant Unobservable Input | Range | Weighted Average |  | Range | Weighted Average
Discounted cash flow | Prepayment speed | 10.55 |  | 50.81 | % | 12.82 | % |  | 10.50 |  | 55.60 | % | 17.16 | %
| Discount rate | 7.51 |  | 8.63 | % | 7.55 | % |  | 7.50 |  | 8.50 | % | 7.52 | %
| Servicing cost | $62.00 | 4375 | 72.48 |  | $ | 62.00 |  | 8,375 | 68.14

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- Definition Schedule of estimation of fair value of servicing rights using key economic assumptions. + References No definition available. + Details
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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746 + Details
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- References No definition available. + Details
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