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Commercial Mortgage Banking (Tables) | 3 Months Ended
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Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 was as follows:
(Expressed in thousands) |  |  |
| As of March 31, 2016 |  | As of December 31, 2015
Unpaid principal balance of loans | $ | 3,937,592 |  |  | $ | 3,974,292 |
Summary of Changes in Carrying Value of Mortgage Servicing Rights | The following tables summarize the changes in carrying value of MSRs for the three months ended March 31, 2016 and 2015:
(Expressed in thousands) |  |  |
| For the Three Months Ended March 31,
| 2016 |  | 2015
Balance at beginning of period | $ | 28,168 |  |  | $ | 30,140 |
Originations (1) | 1,388 |  |  | 601 |
Purchases | 111 |  |  | 208 |
Disposals (1) | (861 | ) |  | (2,328 | )
Amortization expense | (782 | ) |  | (230 | )
Balance at end of period | $ | 28,024 |  |  | $ | 28,391 |
(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 | $ | 2,340 |  |  | $ | 791 |  |  | $ | 3,131 |
2017 | 3,116 |  |  | 1,053 |  |  | 4,169 |
2018 | 3,091 |  |  | 1,046 |  |  | 4,137 |
2019 | 2,995 |  |  | 985 |  |  | 3,980 |
2020 | 2,851 |  |  | 886 |  |  | 3,737 |
Thereafter | 7,610 |  |  | 1,260 |  |  | 8,870 |
| $ | 22,003 |  |  | $ | 6,021 |  |  | $ | 28,024 |
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, 2016 and 2015 were as follows:
(Expressed in thousands) |  |  |
| For the Three Months Ended March 31,
| 2016 |  | 2015
Servicing fees | $ | 1,455 |  |  | $ | 1,467 |
Ancillary fees | 105 |  |  | 101 |
Total MSR fees | $ | 1,560 |  |  | $ | 1,568 |

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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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- 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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