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Mortgage Servicing Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Servicing Asset [Abstract] |
Schedule of Changes in Carrying Amount of Mortgage Servicing Assets | Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
Year ended December 31, Dollars in millions | 2023 | 2022
Balance at beginning of period | $ | 653 |  | $ | 634 |
Servicing retained from loan sales | 87 |  | 106 |
Purchases | 21 |  | 38 |
Amortization | (123) |  | (125) |
Temporary recoveries (impairments) | — |  | — |
Balance at end of period | $ | 638 |  | $ | 653 |
Fair value at end of period | $ | 911 |  | $ | 997 |
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions | 2023 | 2022
Balance at beginning of period | $ | 106 |  | $ | 93 |
Servicing retained from loan sales | 12 |  | 23 |
Purchases | — |  | — |
Amortization | (9) |  | (11) |
Temporary recoveries (impairments) | (1) |  | 1 |
Balance at end of period | $ | 108 |  | $ | 106 |
Fair value at end of period | $ | 132 |  | $ | 130 |
Schedule of Range and Weighted-Average of Significant Unobservable Inputs | The range and weighted-average of the significant unobservable inputs used to determine fair value our commercial mortgage servicing assets along with the valuation techniques, are shown in the following table:
dollars in millions |  | December 31, 2023 | December 31, 2022
Valuation Technique | Significant Unobservable Input | Range | Weighted-Average | Range | Weighted-Average
Discounted cash flow | Expected defaults | 1.00 | % | 2.00 | % | 1.01 | % | 0.97 | % | 2.00 | % | 1.07 | %
| Residual cash flows discount rate | 7.42 | % | 10.56 | % | 10.17 | % | 8.54 | % | 10.02 | % | 9.48 | %
| Escrow earn rate | 5.67 | % | 5.72 | % | 5.67 | % | 5.09 | % | 5.21 | % | 5.17 | %
| Loan assumption rate | — | % | 2.15 | % | 1.97 | % | — | % | 1.41 | % | 1.12 | %
The range and weighted-average of the significant unobservable inputs used to fair value our residential mortgage servicing assets along with the valuation techniques, are shown in the following table:
|  | December 31, 2023 | December 31, 2022
Valuation Technique | Significant Unobservable Input | Range | Weighted-Average | Range | Weighted-Average
Discounted cash flow | Prepayment speed | 6.27 | % | 44.47 | % | 7.70 | % | 6.10 | % | 41.34 | % | 7.20 | %
| Discount rate | 6.50 | % | 8.75 | % | 6.59 | % | 7.50 | % | 8.50 | % | 7.53 | %
| Servicing cost | $ | 70.00 |  | $ | 3,582 |  | $ | 75.02 |  | $ | 62.00 |  | $ | 4,375 |  | $ | 67.05 |

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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 -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-4 + Details
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- References No definition available. + Details
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