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Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2020
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
(In Thousands)
Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented:
Carrying Value at January 1, 2019$48,230 
Capitalization13,823 
Amortization(7,009)
Valuation adjustment(1,836)
Carrying Value at December 31, 2019$53,208 
Capitalization41,235 
Amortization(19,723)
Valuation adjustment(11,726)
Carrying Value at December 31, 2020$62,994 
The Company recognized a negative valuation adjustment on MSRs in earnings in the amount of $11,726 and $1,836 during the years ended December 31, 2020 and 2019, respectively, which was included in “Mortgage banking income” in the Consolidated Statements of Income. There were no such adjustments recognized during 2018. The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates. The decline in interest rates during 2020, which resulted in higher than estimated prepayments speeds, was the largest contributor to the negative valuation adjustment. A continued decline in mortgage interest rates and an increase in actual prepayment speeds may cause additional negative adjustments to the valuation of the Company’s MSRs.
Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 
202020192018
Unpaid principal balance$7,322,671 $4,871,155 $4,635,712 
Weighted-average prepayment speed (CPR)15.05 %11.48 %7.95 %
Estimated impact of a 10% increase$(4,001)$(2,469)$(1,264)
Estimated impact of a 20% increase(7,674)(4,774)(2,569)
Discount rate9.86 %9.69 %9.45 %
Estimated impact of a 100bp increase$(2,144)$(2,027)$(2,657)
Estimated impact of a 200bp increase(4,144)(3,908)(5,103)
Weighted-average coupon interest rate3.58 %4.04 %4.04 %
Weighted-average servicing fee (basis points)29.9429.2027.47
Weighted-average remaining maturity (in years)5.146.358.03
The Company recorded servicing fees of $12,628, $9,491 and $8,876, for the twelve months ended December 31, 2020, 2019 and 2018, respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.