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Mortgage Servicing Rights | 3 Months Ended
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Mar. 31, 2014
Mortgage Servicing Rights [Abstract] |
Mortgage Servicing Rights | Note 6 – Mortgage Servicing Rights FHN recognizes all classes of mortgage servicing rights (“MSR”) at fair value. Classes of MSR are established based on market inputs used to determine the fair value of the servicing asset and FHN's risk m anagement practices. See Note 17 – Fair Value of Assets & Liabilities, the “Determination of Fair Value” section for a discussion of FHN's MSR v aluation methodology. In third quarter 2013, FHN agreed to sell substantially all remaining legacy mortgage servicing which result ed in de-recognition of substantially all first lien MSR by the end of first quarter 2014. Accordingly the rollforward of MSR is presented for the prior period only. See Note 15 – Derivatives for a discussion of how FHN hedge d the fair value of MSR prior to signing the definitive sales agreement. The balance of MSR included on the Consolidated Condensed Sta tements of Condition represented the rights to service approximately $17 billion of mortgage loans on March 31, 2013, for which a servicing right had been capitalized.
Following is a summary of changes in capitalized MSR as of March 31, 2013: |
(Dollars in thousands) | First Liens | Second Liens | HELOC | Total |
Fair value on January 1, 2013 | $ | 111,314 |  | $ | 196 |  | $ | 2,801 |  | $ | 114,311 |
Reductions due to loan payments |  | (5,374) |  |  | (48) |  |  | (125) |  |  | (5,547) |
Reductions due to exercise of cleanup calls |  | (495) |  |  | - |  |  | - |  |  | (495) |
Changes in fair value due to: |  |  |  |  |  |  |  |  |  |  |  |
Changes in valuation model inputs or assumptions |  | 834 |  |  | - |  |  | - |  |  | 834 |
Other changes in fair value |  | (88) |  |  | 45 |  |  | 42 |  |  | (1) |
Fair value on March 31, 2013 | $ | 106,191 |  | $ | 193 |  | $ | 2,718 |  | $ | 109,102 |
In first quarter 2014, FHN sold $68.5 million of first lien MSR, resulting in an ending balance of $4.7 million as of March 31, 2014. Servicing, late, and other ancillary fees recognized within mo rtgage banking income were $20.1 million for the three months ended March 31, 2014, and represent previously unrecognized servicing fees in conjunction with servicing sale s, compared to $12.1 million for the three months ended March 31, 2013. During first quarter 2013, FHN received annual servicing fees approximating .29 percent of the outstanding balance of underlying single-family residential mortgage loans and .3 4 percent inclusive of income related to excess interest. In prior periods, FHN transferred MSR to third parties in transactions that did not qualify for sales treatment due to certain recourse provisions that were included within the sale agreem en ts. In fourth quarter 2013, FHN determined that these provisio ns had lapsed and the balances related to these transactions were removed f rom FHN's Consolidated Condensed Statements of Condition. On March 31, 2013, FHN had $11.0 million of MSR related to these transactions, which were included within the first liens mortgage loans column of the rollforward of MSR. The proceeds from these transfers were recognized within Other short-term borrowin gs in the Consolidated Condensed Statements of Con dition.

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- Definition Disclosure items related to Mortgage Servicing Rights (MSR) retained from prior loan sales or securitizations. + References No definition available. + Details
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