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NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (VIEs) AND SERVICING ASSETS (Tables)
6 Months Ended
Jun. 30, 2023
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (VIEs) AND SERVICING ASSETS [Abstract]  
Changes in Servicing Assets [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30,
 
Six-Month Period Ended June 30,
 
2023
2022
2023
2022
(In thousands)
Balance at beginning of period
$
28,431
$
30,753
$
29,037
$
30,986
Capitalization of servicing assets
706
828
1,238
1,958
Amortization
(1,102)
(1,273)
(2,230)
(2,603)
Recoveries
1
9
5
64
Other
(1)
(2)
(40)
(16)
(128)
Balance at end of period
$
28,034
$
30,277
$
28,034
$
30,277
(1)
Mainly represents adjustments related to the repurchase
 
of loans serviced for others.
Changes in Impairment Allowance [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30,
Six-Month Period Ended June 30,
 
2023
2022
2023
2022
(In thousands)
Balance at beginning of period
$
8
$
23
$
12
$
78
Recoveries
(1)
(9)
(5)
(64)
 
Balance at end of period
$
7
$
14
$
7
$
14
Components of Net Servicing Income [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30,
 
Six-Month Period Ended June 30,
 
2023
2022
2023
2022
(In thousands)
Servicing fees
$
2,660
$
2,821
$
5,378
$
5,640
Late charges and prepayment penalties
211
219
410
413
Adjustment for loans repurchased
(2)
(40)
(16)
(128)
 
Servicing income, gross
2,869
3,000
5,772
5,925
Amortization and impairment of servicing assets
(1,101)
(1,264)
(2,225)
(2,539)
 
Servicing income, net
$
1,768
$
1,736
$
3,547
$
3,386
Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
Maximum
Minimum
Six-Month Period Ended June 30,
 
2023
Constant prepayment rate:
 
 
Government-guaranteed mortgage loans
6.7
%
11.6
%
4.8
%
 
Conventional conforming mortgage loans
7.4
%
16.0
%
3.8
%
 
Conventional non-conforming mortgage loans
5.9
%
9.0
%
2.1
%
Discount rate:
 
Government-guaranteed mortgage loans
11.5
%
11.5
%
11.5
%
 
Conventional conforming mortgage loans
9.5
%
9.5
%
9.5
%
 
Conventional non-conforming mortgage loans
12.9
%
14.0
%
11.5
%
Six-Month Period Ended June 30,
 
2022
Constant prepayment rate:
 
 
Government-guaranteed mortgage loans
6.7
%
18.3
%
4.8
%
 
Conventional conforming mortgage loans
6.6
%
18.4
%
3.4
%
 
Conventional non-conforming mortgage loans
6.3
%
21.9
%
4.5
%
Discount rate:
 
Government-guaranteed mortgage loans
11.9
%
12.0
%
11.5
%
 
Conventional conforming mortgage loans
9.9
%
10.0
%
9.5
%
 
Conventional non-conforming mortgage loans
12.4
%
14.5
%
11.5
%
Weighted-Averages of Key Economic Assumptions in Valuation Model [Table Text Block]
The weighted
 
averages of the
 
key economic
 
assumptions that the
 
Corporation used
 
in its valuation
 
model and the
 
sensitivity of the
current
 
fair
 
value
 
to
 
immediate
10
%
 
and
20
%
 
adverse
 
changes
 
in
 
those
 
assumptions
 
for
 
mortgage
 
loans
 
as
 
of
 
June
 
30,
 
2023
 
and
December 31, 2022 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
 
December 31,
2023
2022
(In thousands)
Carrying amount of servicing assets
$
28,034
$
29,037
Fair value
$
44,420
$
44,710
Weighted-average
 
expected life (in years)
7.79
7.80
Constant prepayment rate (weighted-average annual
 
rate)
6.28
%
6.40
%
 
Decrease in fair value due to 10% adverse change
$
1,025
$
1,048
 
Decrease in fair value due to 20% adverse change
$
2,008
$
2,054
Discount rate (weighted-average annual rate)
10.71
%
10.69
%
 
Decrease in fair value due to 10% adverse change
$
1,902
$
1,925
 
Decrease in fair value due to 20% adverse change
$
3,660
$
3,704