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NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (VIEs) AND SERVICING ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2023
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (VIEs) AND SERVICING ASSETS [Abstract] |
Changes in Servicing Assets [Table Text Block] | Quarter Ended September 30, Nine-Month Period Ended September 30, 2023 2022 2023 2022 (In thousands) Balance at beginning of period $ 28,034 $ 30,277 $ 29,037 $ 30,986 Capitalization of servicing assets 601 679 1,839 2,637 Amortization (1,035) (1,247) (3,265) (3,850) Temporary impairment recoveries 7 1 12 65 Other (1) (6) (20) (22) (148) Balance at end of period $ 27,601 $ 29,690 $ 27,601 $ 29,690 (1) Mainly represents adjustments related to the repurchase of loans serviced for others.
Changes in Impairment Allowance [Table Text Block] | Quarter Ended September 30, Nine-Month Period Ended September 30, 2023 2022 2023 2022 (In thousands) Balance at beginning of period $ 7 $ 14 $ 12 $ 78 Temporary impairment recoveries (7) (1) (12) (65) Balance at end of period $ - $ 13 $ - $ 13
Components of Net Servicing Income [Table Text Block] | Quarter Ended September 30, Nine-Month Period Ended September 30, 2023 2022 2023 2022 (In thousands) Servicing fees $ 2,606 $ 2,758 $ 7,984 $ 8,398 Late charges and prepayment penalties 137 201 547 614 Other (1) (6) (20) (22) (148) Servicing income, gross 2,737 2,939 8,509 8,864 Amortization and impairment of servicing assets (1,028) (1,246) (3,253) (3,785) Servicing income, net $ 1,709 $ 1,693 $ 5,256 $ 5,079 (1) Mainly represents adjustments related to the repurchase of loans serviced for others.
Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans [Table Text Block] | Weighted Average Maximum Minimum Nine-Month Period Ended September 30, 2023 Constant prepayment rate: Government-guaranteed mortgage loans 6.6 % 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 13.0 % 14.0 % 11.5 % Nine-Month Period Ended September 30, 2022 Constant prepayment rate: Government-guaranteed mortgage loans 6.6 % 18.3 % 4.8 % Conventional conforming mortgage loans 6.6 % 18.4 % 3.4 % Conventional non-conforming mortgage loans 6.0 % 21.9 % 3.8 % Discount rate: Government-guaranteed mortgage loans 11.8 % 12.0 % 11.5 % Conventional conforming mortgage loans 9.8 % 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 September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, 2023 2022 (In thousands) Carrying amount of servicing assets $ 27,601 $ 29,037 Fair value $ 45,114 $ 44,710 Weighted-average expected life (in years) 7.75 7.80 Constant prepayment rate (weighted-average annual rate) 6.31 % 6.40 % Decrease in fair value due to 10% adverse change $ 1,036 $ 1,048 Decrease in fair value due to 20% adverse change $ 2,027 $ 2,054 Discount rate (weighted-average annual rate) 10.72 % 10.69 % Decrease in fair value due to 10% adverse change $ 1,937 $ 1,925 Decrease in fair value due to 20% adverse change $ 3,727 $ 3,704

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- Definition 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 + Details
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- Definition 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 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-3 + Details
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