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Commercial Mortgage Banking (Tables) | 3 Months Ended
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Mar. 31, 2014
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Unpaid Principal Balance of Loans | The total unpaid principal balance of loans the Company was servicing for various institutional investors was as follows:
(Expressed in thousands) |  |  |  |  |  |
|  | As of March 31, 2014 |  |  | As of December 31, 2013 |
Unpaid principal balance of loans |  |  | 3,941,492 |  |  | $ | 3,885,437 |
Summary of Changes in Carrying Value of Mortgage Servicing Rights | The following table summarizes the changes in carrying value of MSRs for the three months ended March 31, 2014 and 2013:
(Expressed in thousands) |  |  |  |  |  |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2014 |  |  | 2013 |
Balance at beginning of period |  | $ | 28,879 |  |  | $ | 26,983 |
Originations (1) |  |  | 1,544 |  |  |  | 1,540 |
Purchases |  |  | 21 |  |  |  | 186 |
Disposals (1) |  |  | (562 | ) |  |  | (882 | )
Amortization expense |  |  | (656 | ) |  |  | (640 | )
Balance at end of period |  | $ | 29,226 |  |  | $ | 27,187 |
(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 |  | $ | 2,702 |  |  | $ | 1,354 |  |  | $ | 4,056 |
2015 |  |  | 2,702 |  |  |  | 1,354 |  |  |  | 4,056 |
2016 |  |  | 2,693 |  |  |  | 1,342 |  |  |  | 4,035 |
2017 |  |  | 2,669 |  |  |  | 1,316 |  |  |  | 3,985 |
2018 |  |  | 2,577 |  |  |  | 1,292 |  |  |  | 3,869 |
Thereafter |  |  | 6,687 |  |  |  | 2,538 |  |  |  | 9,225 |
|  | $ | 20,030 |  |  | $ | 9,196 |  |  | $ | 29,226 |
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 three months ended March 31, 2014 and 2013 were as follows:
(Expressed in thousands) |  |  |  |  |  |
|  | For the Three Months Ended March 31, |
|  | 2014 |  |  | 2013 |
Servicing fees |  | $ | 1,344 |  |  | $ | 1,208 |
Late fees |  |  | — |  |  |  | 62 |
Ancillary fees |  |  | 93 |  |  |  | 57 |
Total MSR fees |  | $ | 1,437 |  |  | $ | 1,327 |

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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + Details
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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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