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Residential Mortgage Servicing Rights | 6 Months Ended
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Jun. 30, 2023
Transfers and Servicing [Abstract] |
Residential Mortgage Servicing Rights | Residential Mortgage Servicing Rights The Company measures its MSR asset at fair value with changes in fair value reported in residential mortgage banking revenue, net. The following table presents the changes in the Company's residential MSR for the periods indicated:
| Three Months Ended |  | Six Months Ended
(in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Balance, beginning of period | $ | 178,800 |  |  | $ | 165,807 |  |  | $ | 185,017 |  |  | $ | 123,615 |
Additions for new MSR capitalized | 1,168 |  |  | 7,813 |  |  | 2,769 |  |  | 15,203 |
Changes in fair value: |  |  |  |  |  |  |
Changes due to collection/realization of expected cash flows over time | (4,797) |  |  | (4,961) |  |  | (9,678) |  |  | (10,308) |
Changes due to valuation inputs or assumptions (1) | (2,242) |  |  | 10,899 |  |  | (5,179) |  |  | 51,048 |
Balance, end of period | $ | 172,929 |  |  | $ | 179,558 |  |  | $ | 172,929 |  |  | $ | 179,558 |
(1) The change in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates. Information related to the serviced loan portfolio as of the dates presented is as follows:
(dollars in thousands) | June 30, 2023 |  | December 31, 2022
Balance of loans serviced for others | $ | 12,726,615 |  |  | $ | 13,020,189 |
MSR as a percentage of serviced loans | 1.36 | % |  | 1.42 | %
The amount of contractually specified servicing fees, late fees, and ancillary fees earned, which is recorded in residential mortgage banking revenue, was $9.2 million and $18.6 million for the three and six months ended June 30, 2023, respectively, as compared to $9.5 million and $18.6 million for the three and six months ended June 30, 2022, respectively. In July 2023, the Company signed an indication of interest to sell the mortgage servicing rights of approximately $4.5 billion of the MSR portfolio, which relates to the non-relationship component of the serviced loan portfolio. The transaction is expected to close in the second half of 2023; however as of June 30, 2023, the MSR assets were marked to the sale price which resulted in a decrease in valuation

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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 -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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