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Capitalized Mortgage Servicing Rights | 6 Months Ended
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Jun. 30, 2020
Capitalized Mortgage Servicing Rights |
Capitalized Mortgage Servicing Rights | Note 5 — Capitalized Mortgage Servicing Rights ​ Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived from loans sold in our Agency Business or acquired MSRs. 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 8.2 years and 8.0 years at June 30, 2020 and December 31, 2019, respectively. ​ A summary of our capitalized MSR activity is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2020 | ​ | Six Months Ended June 30, 2020
​ |  | Originated |  | Acquired |  | Total |  | Originated |  | Acquired |  | Total
Balance at beginning of period | ​ | $ | 230,377 | ​ | $ | 58,577 | ​ | $ | 288,954 | ​ | $ | 221,901 | ​ | $ | 64,519 | ​ | $ | 286,420
Additions | ​ | ​ | 39,875 | ​ | ​ | — | ​ | ​ | 39,875 | ​ | ​ | 60,151 | ​ | ​ | — | ​ | ​ | 60,151
Amortization | ​ | ​ | (7,998) | ​ | ​ | (3,893) | ​ | ​ | (11,891) | ​ | ​ | (15,614) | ​ | ​ | (8,099) | ​ | ​ | (23,713)
Write-downs and payoffs | ​ | ​ | (1,802) | ​ | ​ | (1,848) | ​ | ​ | (3,650) | ​ | ​ | (5,986) | ​ | ​ | (3,584) | ​ | ​ | (9,570)
Balance at end of period | ​ | $ | 260,452 | ​ | $ | 52,836 | ​ | $ | 313,288 | ​ | $ | 260,452 | ​ | $ | 52,836 | ​ | $ | 313,288
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, 2019 | ​ | Six Months Ended June 30, 2019
Balance at beginning of period | ​ | $ | 189,610 | ​ | $ | 88,029 | ​ | $ | 277,639 | ​ | $ | 176,686 | ​ | $ | 97,084 | ​ | $ | 273,770
Additions | ​ | ​ | 15,923 | ​ | ​ | — | ​ | ​ | 15,923 | ​ | ​ | 36,532 | ​ | ​ | — | ​ | ​ | 36,532
Amortization | ​ | ​ | (6,778) | ​ | ​ | (5,546) | ​ | ​ | (12,324) | ​ | ​ | (13,145) | ​ | ​ | (11,461) | ​ | ​ | (24,606)
Write-downs and payoffs | ​ | ​ | (1,599) | ​ | ​ | (2,991) | ​ | ​ | (4,590) | ​ | ​ | (2,917) | ​ | ​ | (6,131) | ​ | ​ | (9,048)
Balance at end of period | ​ | $ | 197,156 | ​ | $ | 79,492 | ​ | $ | 276,648 | ​ | $ | 197,156 | ​ | $ | 79,492 | ​ | $ | 276,648
​ We collected prepayment fees totaling $3.0 million and $8.1 million during the three and six months ended June 30, 2020, respectively, and $3.5 million and $8.5 million during the three and six months ended June 30, 2019, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of operations. As of June 30, 2020 and December 31, 2019, we had no valuation allowance recorded on any of our MSRs. ​ The expected amortization of capitalized MSRs recorded as of June 30, 2020 is as follows (in thousands): ​
​ | ​ | ​ | ​
Year |  | Amortization
2020 (six months ending 12/31/2020) | ​ | $ | 24,372
2021 |  | ​ | 46,434
2022 |  | ​ | 42,337
2023 |  | ​ | 38,209
2024 | ​ | ​ | 34,141
2025 | ​ | ​ | 31,015
Thereafter |  | ​ | 96,780
Total | ​ | $ | 313,288
​ Actual amortization may vary from these estimates.

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