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Loan Servicing, Mortgage Origination, and Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020
Loans held for sale, loan servicing and mortgage origination |  |  |  |  |
Residential mortgages serviced for others | $ 5,800,000 |  | $ 5,800,000 |  | $ 5,100,000
Contractually specified servicing fees earned | 3,500 | $ 2,100 | 6,800 | $ 4,200 |
Mortgage servicing rights | 57,351 |  | 57,351 |  | $ 43,820
Changes in the fair value of MSRs and its offsetting hedge. |  |  |  |  |
Increase (decrease) in fair value of MSRs | (2,192) | (5,179) | 5,883 | (10,098) |
Decay of MSRs | (3,288) | (1,994) | (7,849) | (3,198) |
Loss related to derivatives | 2,802 | 689 | (3,601) | 10,296 |
Net effect on statements of income | $ (2,678) | $ (6,484) | $ (5,567) | $ (3,000) |
Characteristics and sensitivity analysis of the MSR |  |  |  |  |
Composition of residential loans serviced for others | 100.00% |  | 100.00% |  | 100.00%
Weighted average life (in years) |  |  | 6 years 11 months 12 days |  | 6 years 1 month 6 days
Constant Prepayment rate (CPR) (as a percent) |  |  | 9.40% |  | 12.30%
Weighted average discount rate (as a percent) |  |  | 9.00% |  | 9.00%
Effect on fair value due to change in interest rates: |  |  |  |  |
25 basis point increase | $ 3,798 |  | $ 3,798 |  | $ 2,744
50 basis point increase | 7,363 |  | 7,363 |  | 5,520
25 basis point decrease | (4,141) |  | (4,141) |  | (2,497)
50 basis point decrease | (8,096) |  | (8,096) |  | (4,114)
Custodial escrow balances maintained in connection with the loan servicing | $ 54,700 |  | $ 54,700 |  | $ 26,600
Fixed-rate mortgage loans |  |  |  |  |
Characteristics and sensitivity analysis of the MSR |  |  |  |  |
Composition of residential loans serviced for others | 99.90% |  | 99.90% |  | 99.90%
Adjustable-rate mortgage loans |  |  |  |  |
Characteristics and sensitivity analysis of the MSR |  |  |  |  |
Composition of residential loans serviced for others | 0.10% |  | 0.10% |  | 0.10%

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- Definition All amounts that, per contract, are due to the servicer in exchange for servicing the financial asset and would no longer be received by a servicer if the beneficial owners of the serviced assets (or their trustees or agents) were to exercise their actual or potential authority under the contract to shift the servicing to another servicer. Depending on the servicing contract, those fees may include some or all of the difference between the interest rate collected on the asset being serviced and the rate to be paid to the beneficial owners of the asset. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746 + Details
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- Definition The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 + Details
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