XML 28 R12.htm IDEA: XBRL DOCUMENT

Capitalized Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2021

Capitalized Mortgage Servicing Rights

Note 5 — Capitalized Mortgage Servicing Rights

Our capitalized MSRs reflect commercial real estate MSRs derived from loans sold in our Agency Business or acquired MSRs. The weighted average estimated life remaining of our MSRs was 8.5 years and 8.6 years at December 31, 2021 and 2020, respectively.

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


	Year Ended December 31, 2021						Year Ended December 31, 2020
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	336,466	$	43,508	$	379,974	$	221,901	$	64,519	$	286,420
Additions		134,116		—		134,116		159,533		—		159,533
Amortization		(47,845)		(10,770)		(58,615)		(34,186)		(15,036)		(49,222)
Write-downs and payoffs		(27,164)		(5,577)		(32,741)		(10,782)		(5,975)		(16,757)
Ending balance	$	395,573	$	27,161	$	422,734	$	336,466	$	43,508	$	379,974

We collected prepayment fees totaling $38.2 million and $12.8 million during 2021 and 2020, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of December 31, 2021 and 2020, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of capitalized MSRs recorded as of December 31, 2021 is as follows (in thousands):


Year	Amortization
2022	$	58,814
2023		55,777
2024		53,179
2025		50,610
2026		46,582
Thereafter		157,772
Total	$	422,734

Actual amortization may vary from these estimates.