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MORTGAGE BANKING OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Mortgage Banking [Abstract]  
Schedule of Loans Held for Sale and Sold
LHFS consisted of the following: 
At December 31,
(in thousands)20222021
Single family $14,075 $128,041 
CRE, multifamily and SBA3,252 48,090 
Total $17,327 $176,131 
Loans sold consisted of the following for the periods indicated: 
 Years Ended December 31,
(in thousands)202220212020
Single family$693,348 $2,046,811 $1,985,944 
CRE, multifamily and SBA145,622 773,378 908,776 
Total$838,970 $2,820,189 $2,894,720 
Net Gain on Mortgage Loan Origination and Sale Activity
Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following: 
 Years Ended December 31,
(in thousands)202220212020
Single family $13,054 $66,850 $100,795 
CRE, multifamily and SBA4,647 25,468 21,769 
Total $17,701 $92,318 $122,564 
Company's Portfolio of Loans Serviced for Others The unpaid principal balance of loans serviced for others is as follows:
At December 31,
(in thousands)20222021
Single family
$5,436,899 $5,539,180 
CRE, multifamily and SBA1,938,484 2,031,087 
Total$7,375,383 $7,570,267 
Schedule of Mortgage Repurchase Losses
The following is a summary of changes in the Company's liability for estimated single family mortgage repurchase losses:
 Years Ended December 31,
(in thousands)20222021
Balance, beginning of period$1,312 $2,122 
Additions, net of adjustments (1)
1,629 (334)
Realized losses (2)
(709)(476)
Balance, end of period$2,232 $1,312 
(1)Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans.
(2)Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses.
Revenue from Mortgage Servicing, Including the Effects of Derivative Risk Management Instruments
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following.:
 
 Years Ended December 31,
(in thousands)202220212020
Servicing income, net:
Servicing fees and other$32,082 $35,342 $32,037 
Amortization of single family MSRs (1)
(9,951)(19,669)(17,754)
Amortization of multifamily and SBA MSRs(7,692)(7,581)(5,657)
14,439 8,092 8,626 
Risk management, single family MSRs:
Changes in fair value of MSRs due to assumptions (2)
16,739 7,379 (19,955)
Net gain (loss) from economic hedging(18,790)(8,238)20,820 
Total(2,051)(859)865 
Loan servicing income $12,388 $7,233 $9,491 
(1)Represents changes due to collection/realization of expected cash flows and curtailments.
(2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily reflected by changes in mortgage interest rates.
Changes in Single Family MSRs Measured at Fair Value The changes in single family MSRs measured at fair value are as follows:
 
 Years Ended December 31,
(in thousands)202220212020
Beginning balance$61,584 $49,966 $68,109 
Additions and amortization:
Originations
8,245 23,908 19,424 
Amortization (1)
(9,951)(19,669)(17,754)
Net additions and amortization
(1,706)4,239 1,670 
Changes in fair value assumptions (2)
16,739 7,379 (19,813)
Ending balance$76,617 $61,584 $49,966 
(1)Represents changes due to collection/realization of expected cash flows and curtailments.
(2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily reflected by changes in mortgage interest rates.
Key Economic Assumptions Used in Measuring Initial FV of Capitalized Single Family MSRs
Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows:
 
Years Ended December 31,
(rates per annum) (1)
202220212020
Constant prepayment rate ("CPR") (2)
10.91 %8.84 %11.37 %
Discount rate9.35 %8.23 %7.82 %
(1)Based on a weighted average.
(2)Represents the expected lifetime average CPR used in the model.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
For single family MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below:

At December 31, 2022At December 31, 2021
Range of Inputs
Average (1)
Range of Inputs
Average (1)
CPRs
6.01% - 11.10%
8.19 %
7.90%- 17.35%
10.35 %
Discount Rates
9.74% - 16.88%
10.66 %
6.94% -13.96%
7.97 %
(1) Weighted averages of all the inputs within the range.

To compute hypothetical sensitivities of the value of our single MSRs to immediate adverse changes in key assumptions, we computed the impact of changes in CPRs and in discount rates as outlined below:

(dollars in thousands)At December 31, 2022
Fair value of single family MSRs$76,617 
Expected weighted-average life (in years)7.77
CPR
Impact on fair value of 25 basis points adverse change in interest rates$(447)
Impact on fair value of 50 basis points adverse change in interest rates$(1,045)
Discount rate
Impact on fair value of 100 basis points increase$(3,150)
Impact on fair value of 200 basis points increase$(6,062)
Changes in Multifamily MSRs Measured at the Lower of Amortized Cost or Fair Value
The changes in multifamily and SBA MSRs measured at LOCOM or fair value were as follows:
 
Years Ended December 31,
(in thousands)202220212020
Beginning balance$39,415 $35,774 $29,494 
Origination
3,533 11,222 11,587 
Amortization
(7,692)(7,581)(5,307)
Ending balance$35,256 $39,415 $35,774 
Projected Amortization Expense for the Gross Carrying Value of Multifamily MSRs Projected amortization expense for the gross carrying value of multifamily and SBA MSRs is estimated as follows:
 
(in thousands)At December 31, 2022
2023$5,483 
20245,309 
20255,068 
20264,582 
20273,868 
2028 and thereafter10,946 
Carrying value of multifamily and SBA MSRs$35,256