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LOAN SERVICING (Tables) | 6 Months Ended
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Jun. 30, 2019
Mortgage Servicing Rights [Member] |
Servicing Assets at Fair Value [Line Items] |
Servicing Asset at Amortized Cost | The unpaid principal balance of mortgage loans serviced for others is listed below: TABLE 6.1
(in millions) | June 30, 2019 |  | December 31, 2018
Mortgage loans sold with servicing retained | $ | 4,333 |  |  | $ | 3,968 |
The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2019 |  | 2018 |  | 2019 |  | 2018
Mortgage loans sold with servicing retained | $ | 406 |  |  | $ | 283 |  |  | $ | 583 |  |  | $ | 520 |
Pretax gains resulting from above loan sales (1) | 9 |  |  | 5 |  |  | 13 |  |  | 9 |
Mortgage servicing fees (1) | 3 |  |  | 2 |  |  | 5 |  |  | 4 |
(1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of the MSR activity: TABLE 6.3
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2019 |  | 2018 |  | 2019 |  | 2018
Balance at beginning of period | $ | 36.4 |  |  | $ | 30.8 |  |  | $ | 36.8 |  |  | $ | 29.1 |
Additions | 4.3 |  |  | 3.3 |  |  | 6.3 |  |  | 6.0 |
Payoffs and curtailments | (0.8 | ) |  | (0.5 | ) |  | (1.3 | ) |  | (0.9 | )
Impairment charge | (1.3 | ) |  | — |  |  | (2.6 | ) |  | — |
Amortization | (0.6 | ) |  | (0.6 | ) |  | (1.2 | ) |  | (1.2 | )
Balance at end of period | $ | 38.0 |  |  | $ | 33.0 |  |  | $ | 38.0 |  |  | $ | 33.0 |
Fair value, beginning of period | $ | 40.3 |  |  | $ | 36.4 |  |  | $ | 41.1 |  |  | $ | 32.4 |
Fair value, end of period | 39.8 |  |  | 38.6 |  |  | 39.8 |  |  | 38.6 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 6.4
(dollars in millions) | June 30, 2019 |  | December 31, 2018
Weighted average life (months) | 77.9 |  |  | 82.2 |
Constant prepayment rate (annualized) | 10.6 | % |  | 10.1 | %
Discount rate | 9.7 | % |  | 9.7 | %
Effect on fair value due to change in interest rates: |  |  |
+0.25% | $ | 2 |  |  | $ | 3 |
+0.50% | 5 |  |  | 5 |
-0.25% | (2 | ) |  | (3 | )
-0.50% | (4 | ) |  | (6 | )
SBA-Guaranteed Loan Servicing [Member] |
Servicing Assets at Fair Value [Line Items] |
Servicing Asset at Amortized Cost | The unpaid principal balance of SBA-guaranteed loans serviced for investors was as follows: TABLE 6.5
(in millions) | June 30, 2019 |  | December 31, 2018
SBA loans sold to investors with servicing retained | $ | 258 |  |  | $ | 283 |
The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 6.6
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2019 |  | 2018 |  | 2019 |  | 2018
SBA loans sold with servicing retained | $ | 7 |  |  | $ | 11 |  |  | $ | 13 |  |  | $ | 24 |
Pretax gains resulting from above loan sales (1) | 1 |  |  | 1 |  |  | 1 |  |  | 2 |
SBA servicing fees (1) | — |  |  | — |  |  | 1 |  |  | 1 |
(1) Recorded in non-interest income. Following is a summary of the activity in SBA servicing rights: TABLE 6.7
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2019 |  | 2018 |  | 2019 |  | 2018
Balance at beginning of period | $ | 4 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 5 |
Additions | — |  |  | 1 |  |  | — |  |  | 1 |
Amortization | — |  |  | (1 | ) |  | — |  |  | (1 | )
Balance at end of period | $ | 4 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 5 |
Fair value, beginning of period | $ | 4 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 5 |
Fair value, end of period | 4 |  |  | 5 |  |  | 4 |  |  | 5 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of key assumptions and the sensitivity of the SBA servicing rights to changes in these assumptions. The declines in fair values were immaterial in the scenarios presented. TABLE 6.8
| June 30, 2019 |  | December 31, 2018
|  |  | Decline in fair value due to |  |  |  | Decline in fair value due to
(dollars in millions) | Actual |  | 10% adverse change |  | 20% adverse change |  | 1% adverse change |  | 2% adverse change |  | Actual |  | 10% adverse change |  | 20% adverse change |  | 1% adverse change |  | 2% adverse change
Weighted-average life (months) | 48.0 |  |  |  |  |  |  |  |  |  |  | 52.2 |  |  |  |  |  |  |  |  |
Constant prepayment rate (annualized) | 14.4 | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 12.5 | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Discount rate | 15.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19.4 |  |  | — |  |  | — |  |  | — |  |  | — |

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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746 + Details
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