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Commercial Mortgage Banking (Tables) | 12 Months Ended
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Dec. 31, 2013
Text Block [Abstract] |
Unpaid Principal Balance of Loans | The total unpaid principal balance of loans the Company was servicing for various institutional investors was as follows at December 31, 2013 and 2012:
(Expressed in thousands) |  |  |  |  |  |
|  | 2013 |  |  | 2012 |
Unpaid principal balance of loans |  | $ | 3,885,437 |  |  | $ | 3,393,700 |
Summary of Changes in Carrying Value of Mortgage Servicing Rights | The following tables summarize the changes in carrying value of MSRs for the years ended December 31, 2013 and 2012:
(Expressed in thousands) |  |  |  |  |  |
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |
Balance at beginning of year |  | $ | 26,983 |  |  | $ | 22,795 |
Originations (1) |  |  | 7,351 |  |  |  | 5,562 |
Purchases |  |  | 1,344 |  |  |  | 2,301 |
Disposals (1) |  |  | (4,918 | ) |  |  | (475 | )
Amortization expense |  |  | (1,881 | ) |  |  | (3,200 | )
Balance at end of year |  | $ | 28,879 |  |  | $ | 26,983 |
(1) | Includes refinancings
Schedule of Amortization Expense | Servicing rights are amortized using the straight-line method over 10 years. Amortization expense for the next five years is as follows:
(Expressed in thousands) |  |  |  |  |  |  |  |  |
|  | Originated MSRs |  |  | Purchased MSRs |  |  | Total MSRs |
2014 |  | $ | 2,299 |  |  | $ | 1,266 |  |  | $ | 3,565 |
2015 |  |  | 2,299 |  |  |  | 1,266 |  |  |  | 3,565 |
2016 |  |  | 2,299 |  |  |  | 1,266 |  |  |  | 3,565 |
2017 |  |  | 2,293 |  |  |  | 1,244 |  |  |  | 3,537 |
2018 |  |  | 2,273 |  |  |  | 1,212 |  |  |  | 3,485 |
Thereafter |  |  | 7,670 |  |  |  | 3,492 |  |  |  | 11,162 |
|  | $ | 19,133 |  |  | $ | 9,746 |  |  | $ | 28,879 |
Components of Mortgage Servicing Rights Fees | The Company receives fees during the course of servicing the mortgage loans. The amount of these fees for the years ended December 31, 2013, 2012 and 2011 was as follows:
(Expressed in thousands) |  |  |  |  |  |  |  |  |
|  | For the Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Servicing fees |  | $ | 5,049 |  |  | $ | 4,177 |  |  | $ | 2,872 |
Late fees |  |  | 132 |  |  |  | 54 |  |  |  | 13 |
Ancillary fees |  |  | 396 |  |  |  | 483 |  |  |  | 367 |
Total MSR fees |  | $ | 5,577 |  |  | $ | 4,714 |  |  | $ | 3,252 |

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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122739-111746 + Details
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