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Capitalized Mortgage Servicing Rights | 6 Months Ended
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Jun. 30, 2021
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% - 13% (representing a weighted average discount rate of 10%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 8.6 years at both June 30, 2021 and December 31, 2020. ​ A summary of our capitalized MSR activity is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2021 | ​ | Six Months Ended June 30, 2021
​ |  | Originated |  | Acquired |  | Total |  | Originated |  | Acquired |  | Total
Beginning balance | ​ | $ | 367,428 | ​ | $ | 39,552 | ​ | $ | 406,980 | ​ | $ | 336,466 | ​ | $ | 43,508 | ​ | $ | 379,974
Additions | ​ | ​ | 31,971 | ​ | ​ | — | ​ | ​ | 31,971 | ​ | ​ | 77,009 | ​ | ​ | — | ​ | ​ | 77,009
Amortization | ​ | ​ | (11,796) | ​ | ​ | (2,871) | ​ | ​ | (14,667) | ​ | ​ | (22,875) | ​ | ​ | (5,996) | ​ | ​ | (28,871)
Write-downs and payoffs | ​ | ​ | (4,540) | ​ | ​ | (1,091) | ​ | ​ | (5,631) | ​ | ​ | (7,537) | ​ | ​ | (1,922) | ​ | ​ | (9,459)
Ending balance | ​ | $ | 383,063 | ​ | $ | 35,590 | ​ | $ | 418,653 | ​ | $ | 383,063 | ​ | $ | 35,590 | ​ | $ | 418,653
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2020 | ​ | Six Months Ended June 30, 2020
Beginning balance |  | $ | 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)
Ending balance | ​ | $ | 260,452 | ​ | $ | 52,836 | ​ | $ | 313,288 | ​ | $ | 260,452 | ​ | $ | 52,836 | ​ | $ | 313,288
​ We collected prepayment fees totaling $4.2 million and $6.9 million during the three and six months ended June 30, 2021, respectively, and $3.0 million and $8.1 million during the three and six months ended June 30, 2020, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of operations. As of June 30, 2021 and December 31, 2020, we had no valuation allowance recorded on any of our MSRs. ​ The expected amortization of capitalized MSRs recorded as of June 30, 2021 is as follows (in thousands): ​
​ | ​ | ​ | ​
Year |  | Amortization
2021 (six months ending 12/31/2021) | ​ | $ | 29,936
2022 |  | ​ | 57,277
2023 |  | ​ | 53,613
2024 |  | ​ | 49,872
2025 | ​ | ​ | 46,778
2026 | ​ | ​ | 42,711
Thereafter |  | ​ | 138,466
Total | ​ | $ | 418,653
​ Actual amortization may vary from these estimates.

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