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Capitalized Mortgage Servicing Rights | 9 Months Ended
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Sep. 30, 2017
Capitalized Mortgage Servicing Rights |
Capitalized Mortgage Servicing Rights | Note 6 — Capitalized Mortgage Servicing Rights Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived from loans sold in our Agency Business. The discount rates used to determine the present value of our MSRs throughout the periods presented for all MSRs were between 8-15% (representing a weighted average discount rate of 13%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 7.1 years and 6.9 years at September 30, 2017 and December 31, 2016, respectively. A summary of our capitalized MSR activity is as follows:
|  | Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017 |
|  | Acquired |  | Originated |  | Total |  | Acquired |  | Originated |  | Total |
Balance at beginning of period |  | $ | 168,189,300 |  | $ | 74,894,159 |  | $ | 243,083,459 |  | $ | 194,800,754 |  | $ | 32,942,232 |  | $ | 227,742,986 |
Additions |  | — |  | 20,719,529 |  | 20,719,529 |  | — |  | 66,273,164 |  | 66,273,164 |
Amortization |  | (8,952,573 | ) | (2,758,805 | ) | (11,711,378 | ) | (29,074,057 | ) | (6,353,160 | ) | (35,427,217 | )
Write-offs |  | (4,193,665 | ) | (22,286 | ) | (4,215,951 | ) | (10,683,635 | ) | (29,639 | ) | (10,713,274 | )
Balance at end of period |  | $ | 155,043,062 |  | $ | 92,832,597 |  | $ | 247,875,659 |  | $ | 155,043,062 |  | $ | 92,832,597 |  | $ | 247,875,659 |
|  | Three and Nine Months Ended September 30, 2016 |
Balance at beginning of period |  | $ | — |  | $ | — |  | $ | — |
Additions |  | 221,647,421 |  | 11,905,394 |  | 233,552,815 |
Amortization |  | (7,358,639 | ) | (227,885 | ) | (7,586,524 | )
Write-offs |  | (1,669,081 | ) | — |  | (1,669,081 | )
Balance at end of period |  | $ | 212,619,701 |  | $ | 11,677,509 |  | $ | 224,297,210 |
We recorded write-offs relating to specific MSRs, primarily due to prepayments of certain loans, of $4.2 million and $10.7 million during the three and nine months ended September 30, 2017, respectively, and $1.7 million during both the three and nine months ended September 30, 2016. We collected prepayment fees of $3.8 million and $7.9 million during the three and nine months ended September 30, 2017, respectively, and $1.5 million during both the three and nine months ended September 30, 2016, which are included as a component of servicing revenue, net on the consolidated statements of income. As of September 30, 2017 and December 31, 2016, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded as of September 30, 2017 is shown in the table below. Actual amortization may vary from these estimates.
Year |  | Amortization |
2017 (three months ended 12/31/2017) |  | $ | 11,925,780 |
2018 |  | 45,577,306 |
2019 |  | 41,680,988 |
2020 |  | 35,461,494 |
2021 |  | 28,170,144 |
2022 |  | 22,176,139 |
Thereafter |  | 62,883,808 |
Total |  | $ | 247,875,659 |

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