Note 5—Capitalized Mortgage Servicing Rights

Our capitalized MSRs reflect commercial real estate MSRs derived from loans sold in our Agency Business, or MSRs acquired as part of the Acquisition or in the open market from third parties. The weighted average estimated life remaining of our MSRs was 8.0 years and 7.6 years at December 31, 2019 and 2018, respectively.

A summary of our capitalized MSR activity is as follows (in thousands):



	Year Ended December 31, 2019						Year Ended December 31, 2018
	Acquired		Originated		Total		Acquired		Originated		Total
Balance at beginning of period	$	97,084	$	176,686	$	273,770	$	143,270	$	109,338	$	252,608
Additions		—		83,756		83,756		—		94,344		94,344
Amortization		(21,042)		(27,639)		(48,681)		(28,958)		(19,166)		(48,124)
Write-downs and payoffs		(11,523)		(10,902)		(22,425)		(17,228)		(7,830)		(25,058)
Balance at end of period	$	64,519	$	221,901	$	286,420	$	97,084	$	176,686	$	273,770

We collected prepayment fees totaling $18.4 million and $21.9 million during 2019 and 2018, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of December 31, 2019 and 2018, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of capitalized MSRs recorded as of December 31, 2019 is as follows (in thousands):


Year	Amortization
2020	$	46,307
2021		42,538
2022		37,596
2023		33,203
2024		28,981
Thereafter		97,795
Total	$	286,420

Actual amortization may vary from these estimates.