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Mortgage Servicing Rights | 12 Months Ended
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Dec. 31, 2022
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, 2021 | $ | 62,994 |
Capitalization | 33,948 |
Amortization | (21,485) |
Valuation adjustment | 13,561 |
Carrying Value at December 31, 2021 | $ | 89,018 |
Sale of MSRs | (15,565) |
Capitalization | 22,788 |
Amortization | (11,793) |
Carrying Value at December 31, 2022 | $ | 84,448 |
The valuation adjustments reflected in the table above as well as any gains recognized on the sale of MSRs are included in “Mortgage banking income” in the Consolidated Statements of Income. The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates. Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows:
| 2022 |  | 2021 |  | 2020
Unpaid principal balance | $ | 7,494,413 |  |  | $ | 8,728,629 |  |  | $ | 7,322,671 |
Weighted-average prepayment speed (CPR) | 7.00 | % |  | 10.56 | % |  | 15.05 | %
Estimated impact of a 10% increase | $ | (5,393) |  |  | $ | (3,875) |  |  | $ | (4,001) |
Estimated impact of a 20% increase | (10,354) |  |  | (7,464) |  |  | (7,674) |
Discount rate | 10.30 | % |  | 9.82 | % |  | 9.86 | %
Estimated impact of a 100bp increase | $ | (1,765) |  |  | $ | (4,153) |  |  | $ | (2,144) |
Estimated impact of a 200bp increase | (3,957) |  |  | (8,119) |  |  | (4,144) |
Weighted-average coupon interest rate | 3.51 | % |  | 3.29 | % |  | 3.58 | %
Weighted-average servicing fee (basis points) | 32.44 |  | 30.37 |  | 29.94
Weighted-average remaining maturity (in years) | 8.33 |  | 6.69 |  | 5.14
The Company recorded servicing fees of $18,452, $17,968 and $12,628, for the twelve months ended December 31, 2022, 2021 and 2020, respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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