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Mortgage banking activities

3 Months Ended

Mar. 31, 2022

Mortgage Banking [Abstract]

Mortgage Banking Activities

Note 9 – Mortgage banking activities

Income from mortgage banking activities includes mortgage servicing fees earned in connection with administering residential mortgage loans and valuation adjustments on mortgage servicing rights. It also includes gain on sales and securitizations of residential mortgage loans, losses on repurchased loans, including interest advances, and trading gains and losses on derivative contracts used to hedge the Corporation’s securitization activities. In addition, lower-of-cost-or-market valuation adjustments to residential mortgage loans held for sale, if any, are recorded as part of the mortgage banking activities.

The following table presents the components of mortgage banking activities:


			Quarters ended March 31,
(In thousands)			2022		2021
Mortgage servicing fees, net of fair value adjustments:
	Mortgage servicing fees	$	9,323	$	9,715
	Mortgage servicing rights fair value adjustments		1,088		512
Total mortgage servicing fees, net of fair value adjustments			10,411		10,227
Net (loss) gain on sale of loans, including valuation on loans held-for-sale			(1,534)		4,975
Trading account profit:
	Unrealized gains on outstanding derivative positions		2		-
	Realized profit on closed derivative positions		4,135		2,502
Total trading account profit			4,137		2,502
Losses on repurchased loans, including interest advances			(149)		(361)
Total mortgage banking activities		$	12,865	$	17,343