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Commercial Mortgage Banking (Tables) | 12 Months Ended
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Dec. 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 as of December 31, 2015 and 2014 was as follows:
(Expressed in thousands) |  |  |
| 2015 |  | 2014
Unpaid principal balance of loans | $ | 3,974,292 |  |  | $ | 4,134,894 |
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, 2015 and 2014:
(Expressed in thousands) |  |  |
| Year Ended December 31,
| 2015 |  | 2014
Balance at beginning of year | $ | 30,140 |  |  | $ | 28,879 |
Originations (1) | 6,569 |  |  | 5,956 |
Purchases | 799 |  |  | 345 |
Disposals (1) | (8,613 | ) |  | (2,221 | )
Amortization expense | (727 | ) |  | (2,819 | )
Balance at end of year | $ | 28,168 |  |  | $ | 30,140 |
(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
2016 | $ | 3,039 |  |  | $ | 1,084 |  |  | $ | 4,123 |
2017 | 3,036 |  |  | 1,082 |  |  | 4,118 |
2018 | 3,008 |  |  | 1,075 |  |  | 4,083 |
2019 | 2,913 |  |  | 1,014 |  |  | 3,927 |
2020 | 2,758 |  |  | 912 |  |  | 3,670 |
Thereafter | 6,962 |  |  | 1,285 |  |  | 8,247 |
| $ | 21,716 |  |  | $ | 6,452 |  |  | $ | 28,168 |
Components of Mortgage Servicing Rights Fees | The Company receives fees during the course of servicing the mortgage loans. The fees for the years ended December 31, 2015, 2014 and 2013 were as follows:
(Expressed in thousands) |  |  |  |  |
| For the Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Servicing fees | $ | 5,848 |  |  | $ | 5,552 |  |  | $ | 5,049 |
Ancillary fees | 310 |  |  | 328 |  |  | 528 |
Total MSR fees | $ | 6,158 |  |  | $ | 5,880 |  |  | $ | 5,577 |

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