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Mortgage Servicing Rights | 12 Months Ended
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Dec. 31, 2019
Transfers and Servicing [Abstract] |
Mortgage Servicing Rights | MORTGAGE SERVICING RIGHTS Information with respect to the Company’s mortgage servicing rights follows:
Year Ended December 31, | 2019 |  | 2018 |  | 2017
Balance at beginning of year | $ | 27.7 |  |  | $ | 24.8 |  |  | $ | 18.7 |
Acquisitions of mortgage servicing rights | — |  |  | — |  |  | 3.5 |
Originations of mortgage servicing rights | 7.3 |  |  | 6.0 |  |  | 5.6 |
Amortization expense | (4.4 | ) |  | (3.1 | ) |  | (3.0 | )
Balance at end of year | 30.6 |  |  | 27.7 |  |  | 24.8 |
Less valuation reserve | (0.4 | ) |  | — |  |  | — |
Balance at end of year, net of valuation reserve | $ | 30.2 |  |  | $ | 27.7 |  |  | $ | 24.8 |
Principal balance of serviced loans underlying mortgage servicing rights | $ | 3,710.1 |  |  | $ | 3,698.2 |  |  | $ | 3,636.7 |
Mortgage servicing rights as a percentage of serviced loans | 0.81 | % |  | 0.75 | % |  | 0.68 | %
At December 31, 2019, the estimated fair value and weighted average remaining life of the Company’s mortgage servicing rights were $34.8 million and 6.0 years, respectively. The fair value of mortgage servicing rights was determined using discount rates ranging from 9.3% to 11.0% and monthly prepayment speeds ranging from 0.6% to 1.5% depending upon the risk characteristics of the underlying loans. At December 31, 2018, the estimated fair value and weighted average remaining life of the Company’s mortgage servicing rights were $42.4 million and 8.0 years, respectively. The fair value of mortgage servicing rights was determined using discount rates ranging from 10.4% to 12.1% and monthly prepayment speeds ranging from 0.4% to 1.5% depending upon the risk characteristics of the underlying loans. There were no material impairments reversed in 2019, 2018 and 2017, respectively. No permanent impairment was recorded in 2019, 2018, or 2017.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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