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Residential Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2024

Transfers and Servicing [Abstract]

Schedule Of Changes In Mortgage Servicing Rights

The following table presents the changes in the Company's residential MSR for the years ended December 31, 2024, 2023, and 2022: 

(in thousands)															2024						2023						2022
Balance, beginning of period															$	109,243					$	185,017					$	123,615
Additions for new MSR capitalized															6,452						5,347						24,137
Sale of MSR assets															—						(57,305)						—
Changes in fair value:
Changes due to collection/realization of expected cash flows over time															(12,566)						(17,694)						(20,272)
Changes due to valuation inputs or assumptions (1)															5,229						(6,122)						57,537
Balance, end of period															$	108,358					$	109,243					$	185,017

(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.

Schedule Of Other Information Servicing Loan Portfolio

Information related to the serviced loan portfolio as of the dates presented is as follows: 

(dollars in thousands)			December 31, 2024						December 31, 2023						December 31, 2022
Balance of loans serviced for others			$	7,939,445					$	8,175,664					$	13,020,189
MSR as a percentage of serviced loans			1.36		%				1.34		%				1.42		%

Key Assumptions Used In Measuring The Fair Value of MSR

Key assumptions used in measuring the fair value of MSR as of December 31, 2024, 2023, and 2022 were as follows:

			December 31, 2024						December 31, 2023						December 31, 2022
Constant prepayment rate			6.92		%				6.78		%				6.39		%
Discount rate			10.23		%				10.25		%				10.06		%
Weighted average life (years)			8.2						8.3						8.7

Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions

A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2024, 2023, and 2022 is as follows:

(in thousands)			December 31, 2024						December 31, 2023						December 31, 2022
Constant prepayment rate
Effect on fair value of a 10% adverse change			$	(2,747)					$	(2,858)					$	(4,870)
Effect on fair value of a 20% adverse change			$	(5,351)					$	(5,575)					$	(9,518)
Discount rate
Effect on fair value of a 100 basis point adverse change			$	(4,565)					$	(4,620)					$	(8,229)
Effect on fair value of a 200 basis point adverse change			$	(8,789)					$	(8,888)					$	(15,807)

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Tabular disclosure of all information related to the key inputs and assumptions used in measuring the fair value of assets obtained or liabilities incurred, as the result of a sale of financial assets, relating to the transferor's continuing involvement, if any, at the time of securitization, asset-backed financing arrangement, or similar transfer (including at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses, including expected static pool losses).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

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Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

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Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.

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