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Capitalized Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2023

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 8.0 years and 8.6 years at December 31, 2023 and 2022, respectively.

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


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	386,878	$	14,593	$	401,471	$	395,573	$	27,161	$	422,734
Additions	67,612		—		67,612		83,115		—		83,115
Amortization	(59,182)		(3,911)		(63,093)		(53,449)		(6,427)		(59,876)
Write-downs and payoffs	(12,726)		(2,010)		(14,736)		(38,361)		(6,141)		(44,502)
Ending balance	$	382,582	$	8,672	$	391,254	$	386,878	$	14,593	$	401,471

We collected prepayment fees totaling $6.4 million and $48.2 million during 2023 and 2022, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At December 31, 2023 and 2022, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of capitalized MSRs recorded at December 31, 2023 is as follows (in thousands):


Year	Amortization
2024	$	65,500
2025	62,514
2026	56,969
2027	52,366
2028	45,188
Thereafter	108,717
Total	$	391,254

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