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Mortgage banking activities | 9 Months Ended
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Sep. 30, 2023
Mortgage Banking [Abstract] |
Mortgage Banking Activities | Note 10 – 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, fair value 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 September 30, Nine months ended September 30, (In thousands) 2023 2022 2023 2022 Mortgage servicing fees, net of fair value adjustments: Mortgage servicing fees $ 8,025 $ 9,126 $ 25,083 $ 27,635 Mortgage servicing rights fair value adjustments (2,793) (499) (10,385) 2,846 Total mortgage servicing fees, net of fair value adjustments 5,232 8,627 14,698 30,481 Net (loss) gain on sale of loans, including valuation on loans held-for-sale (335) 1,124 (133) (374) Trading account profit (loss): Unrealized gains on outstanding derivative positions 45 - 160 - Realized gains (losses) on closed derivative positions 494 (240) 661 6,325 Total trading account profit (loss) 539 (240) 821 6,325 Losses on repurchased loans, including interest advances (43) (63) (277) (544) Total mortgage banking activities $ 5,393 $ 9,448 $ 15,109 $ 35,888 [1] Effective on January 1, 2023, loans held-for-sale are stated at fair value. Prior to such date, loans held-for-sale were stated at lower-of-cost-or- market.

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- Definition The entire disclosure for Mortgage Banking Activities, Net. Mortgage banking activities include the components of the contribution to net income from our mortgage loan business activities. This includes net income from MSRs, valuation changes related to derivatives used to manage certain risks associated with the mortgage loans we own or plan to acquire and securitize, and gains from mortgage loan sales. + References No definition available. + Details
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