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Commercial Mortgage Banking (Tables) | 3 Months Ended
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Mar. 31, 2015
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 March 31, 2015 |  | As of December 31, 2014
Unpaid principal balance of loans | $ | 3,959,623 |  |  | $ | 4,134,894 |
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, 2015 and 2014:
(Expressed in thousands) |  |  |
| For the Three Months Ended March 31,
| 2015 |  | 2014
Balance at beginning of period | $ | 30,140 |  |  | $ | 28,879 |
Originations (1) | 601 |  |  | 1,544 |
Purchases | 208 |  |  | 21 |
Disposals (1) | (2,328 | ) |  | (562 | )
Amortization expense | (230 | ) |  | (656 | )
Balance at end of period | $ | 28,391 |  |  | $ | 29,226 |
(1) | Includes refinancings
Schedule of Amortization Expense | Servicing rights are amortized using the straight-line method over 10 years. Estimated amortization expense for the next five years and thereafter is as follows:
(Expressed in thousands) |  |  |  |  |
| Originated MSRs |  | Purchased MSRs |  | Total MSRs
2015 | $ | 2,144 |  |  | $ | 918 |  |  | $ | 3,062 |
2016 | 2,857 |  |  | 1,225 |  |  | 4,082 |
2017 | 2,851 |  |  | 1,222 |  |  | 4,073 |
2018 | 2,825 |  |  | 1,216 |  |  | 4,041 |
2019 | 2,727 |  |  | 1,155 |  |  | 3,882 |
Thereafter | 7,187 |  |  | 2,064 |  |  | 9,251 |
| $ | 20,591 |  |  | $ | 7,800 |  |  | $ | 28,391 |
Components of Mortgage Servicing Rights Fees | The Company receives fees during the course of servicing the mortgage loans. The fees for the three months ended March 31, 2015 and 2014 were as follows:
(Expressed in thousands) |  |  |
| For the Three Months Ended March 31,
| 2015 |  | 2014
Servicing fees | $ | 1,467 |  |  | $ | 1,344 |
Ancillary fees | 101 |  |  | 93 |
Total MSR fees | $ | 1,568 |  |  | $ | 1,437 |

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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=56950315&loc=d3e122739-111746 + Details
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