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Capitalized Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2022

Capitalized Mortgage Servicing Rights

Note 5 — Capitalized Mortgage Servicing Rights

Our capitalized MSRs reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The weighted average estimated life remaining of our MSRs was 8.6 years and 8.5 years at December 31, 2022 and 2021, respectively.

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


	Year Ended December 31, 2022						Year Ended December 31, 2021
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	395,573	$	27,161	$	422,734	$	336,466	$	43,508	$	379,974
Additions		83,115		—		83,115		134,116		—		134,116
Amortization		(53,449)		(6,427)		(59,876)		(47,845)		(10,770)		(58,615)
Write-downs and payoffs		(38,361)		(6,141)		(44,502)		(27,164)		(5,577)		(32,741)
Ending balance	$	386,878	$	14,593	$	401,471	$	395,573	$	27,161	$	422,734

We collected prepayment fees totaling $48.2 million and $38.2 million during 2022 and 2021, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At December 31, 2022 and 2021, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of capitalized MSRs recorded at December 31, 2022 is as follows (in thousands):


Year	Amortization
2023	$	61,024
2024		59,025
2025		55,033
2026		49,121
2027		44,287
Thereafter		132,981
Total	$	401,471

Based on scheduled maturities, actual amortization may vary from these estimates.