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Commercial Mortgage Banking (Tables) | 6 Months Ended
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Jun. 30, 2014
Transfers and Servicing [Abstract] |
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 June 30, 2014 |  | As of December 31, 2013
Unpaid principal balance of loans | 3,985,594 |  |  | $ | 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 six months ended June 30, 2014 and 2013:
(Expressed in thousands) |  |  |
| Six Months Ended June 30,
| 2014 |  | 2013
Balance at beginning of period | $ | 28,879 |  |  | $ | 26,983 |
Originations (1) | 2,474 |  |  | 4,638 |
Purchases | 52 |  |  | 1,165 |
Disposals (1) | (776 | ) |  | (4,583 | )
Amortization expense | (1,514 | ) |  | (538 | )
Balance at end of period | $ | 29,115 |  |  | $ | 27,665 |
(1) | Includes refinancings
Schedule of Amortization Expense | Servicing rights are amortized using the straight-line method over 10 years. Future amortization expense is as follows:
(Expressed in thousands) |  |  |  |  |
| Originated MSRs |  | Purchased MSRs |  | Total MSRs
2014 | $ | 1,452 |  |  | $ | 704 |  |  | $ | 2,156 |
2015 | 2,905 |  |  | 1,407 |  |  | 4,312 |
2016 | 2,895 |  |  | 1,393 |  |  | 4,288 |
2017 | 2,868 |  |  | 1,364 |  |  | 4,232 |
2018 | 2,768 |  |  | 1,339 |  |  | 4,107 |
Thereafter | 7,376 |  |  | 2,644 |  |  | 10,020 |
| $ | 20,264 |  |  | $ | 8,851 |  |  | $ | 29,115 |
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 and six months ended June 30, 2014 and 2013 were as follows:
(Expressed in thousands) |  |  |  |  |  |  |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Servicing fees | $ | 1,376 |  |  | $ | 1,244 |  |  | $ | 2,720 |  |  | $ | 2,452 |
Late fees | 5 |  |  | 12 |  |  | 5 |  |  | 75 |
Ancillary fees | 75 |  |  | 64 |  |  | 168 |  |  | 121 |
Total MSR fees | $ | 1,456 |  |  | $ | 1,320 |  |  | $ | 2,893 |  |  | $ | 2,648 |

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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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