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Mortgage Banking Activity | 12 Months Ended
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Dec. 31, 2021
Mortgage Banking [Abstract] |
Mortgage Banking Activity | Mortgage Banking Activity On July 1, 2020 as part of the IBKC merger, FHN obtained IBKC mortgage banking operations which includes origination and servicing of residential first lien mortgages that conform to standards established by GSEs that are major investors in U.S. home mortgages, but can also consist of junior lien and jumbo loans secured by residential property. These loans are primarily sold to private companies that are unaffiliated with the GSEs on a servicing-released basis. Gains and losses on these mortgage loans are included in mortgage banking and title income on the Consolidated Statements of Income. Prior to the merger, FHN’s mortgage banking operations were not significant. At December 31, 2021, FHN had approximately $45 million of loans that remained from pre-2009 Mortgage Business operations of legacy First Horizon. Activity related to the pre-2009 mortgage loans was primarily limited to payments and write-offs in 2021 and 2020, with no new originations or loan sales, and only an insignificant amount of repurchases. These loans are excluded from the disclosure below. The following table summarizes activity relating to residential mortgage loans held for sale for the years ended December 31, 2021 and 2020: Table 8.8.1 MORTGAGE LOAN ACTIVITY
(Dollars in millions) |  | 2021 |  | 2020 |  |  |  |
Balance at beginning of period |  | $ | 409 |  |  | $ | 4 |  |  |  |  |
Acquired |  | — |  |  | 320 |  |  |  |  |
Originations and purchases |  | 2,836 |  |  | 2,499 |  |  |  |  |
Sales, net of gains |  | (3,025) |  |  | (2,405) |  |  |  |  |
Mortgage loans transferred from (to) held for investment |  | 30 |  |  | (9) |  |  |  |  |
Balance at end of period |  | $ | 250 |  |  | $ | 409 |  |  |  |  |
Mortgage Servicing Rights Effective with the IBKC merger, FHN made an election to record mortgage servicing rights at the lower of cost or market value and amortize over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights are included in other assets on the Consolidated Balance Sheets. Mortgage servicing rights had the following carrying values as of the period indicated. Table 8.8.2 MORTGAGE SERVICING RIGHTS
| December 31, 2021 |  |
(Dollars in millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  |  |  |  |  |
Mortgage servicing rights | $ | 39 |  |  | $ | (9) |  |  | $ | 30 |  |  |  |  |  |  |
| December 31, 2020 |  |  |  |  |  |
(Dollars in millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  |  |  |  |  |
Mortgage servicing rights | $ | 28 |  |  | $ | (3) |  |  | $ | 25 |  |  |  |  |  |  |
In addition, there was an insignificant amount of non-mortgage and commercial servicing rights as of December 31, 2021 and 2020. Total mortgage servicing fees included in mortgage banking and title income were $4 million and $2 million for the years ended December 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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