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NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (VIEs) AND SERVICING ASSETS (Tables)
6 Months Ended
Jun. 30, 2024
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,
2024
2023
2024
2023
(In thousands)
Balance at beginning of period
$
26,355
$
28,431
$
26,941
$
29,037
Capitalization of servicing assets
647
706
1,107
1,238
Amortization
(1,038)
(1,102)
(2,075)
(2,230)
Temporary impairment
 
recoveries
-
1
-
5
Other
(1)
(12)
(2)
(21)
(16)
Balance at end of period
$
25,952
$
28,034
$
25,952
$
28,034
(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,
2024
2023
2024
2023
(In thousands)
Balance at beginning of period
$
-
$
8
$
-
$
12
Temporary impairment
 
recoveries
-
(1)
-
(5)
 
Balance at end of period
$
-
$
7
$
-
$
7
Components of Net Servicing Income [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended June 30,
 
Six-Month Period Ended June 30,
2024
2023
2024
2023
(In thousands)
Servicing fees
$
2,605
$
2,660
$
5,178
$
5,378
Late charges and prepayment penalties
181
211
370
410
Other
(1
)
(12)
(2)
(21)
(16)
 
Servicing income, gross
2,774
2,869
5,527
5,772
Amortization and impairment of servicing assets
(1,038)
(1,101)
(2,075)
(2,225)
 
Servicing income, net
$
1,736
$
1,768
$
3,452
$
3,547
(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
Six-Month Period Ended June 30, 2024
Constant prepayment rate:
 
 
Government-guaranteed mortgage loans
6.8
%
17.1
%
3.2
%
 
Conventional conforming mortgage loans
6.8
%
15.9
%
2.9
%
 
Conventional non-conforming mortgage loans
6.2
%
7.6
%
4.4
%
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
11.5
%
12.5
%
11.0
%
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
%
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
 
were
 
as
 
follows
 
as
 
of
 
the
indicated dates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
December 31, 2023
(In thousands)
Carrying amount of servicing assets
$
25,952
$
26,941
Fair value
$
44,590
$
45,244
Weighted-average
 
expected life (in years)
7.69
7.79
Constant prepayment rate (weighted-average annual
 
rate)
6.30
%
6.27
%
 
Decrease in fair value due to 10% adverse change
$
881
$
886
 
Decrease in fair value due to 20% adverse change
$
1,720
$
1,731
Discount rate (weighted-average annual rate)
10.70
%
10.68
%
 
Decrease in fair value due to 10% adverse change
$
1,890
$
1,927
 
Decrease in fair value due to 20% adverse change
$
3,641
$
3,712