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Commercial Mortgage Banking (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2016 and December 31, 2015 was as follows:
(Expressed in thousands) |  |  |
| As of September 30, 2016 |  | As of December 31, 2015
Unpaid principal balance of loans | $ | 26,149 |  |  | $ | 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 nine months ended September 30, 2016 and 2015:
(Expressed in thousands) |  |  |
| For the Nine Months Ended September 30,
| 2016 |  | 2015
Balance at beginning of period | $ | 28,168 |  |  | $ | 30,140 |
Originations | 789 |  |  | 5,726 |
Purchases | 301 |  |  | 675 |
Disposals | (1,753 | ) |  | (6,118 | )
Sale of MSRs | (27,193 | ) |  | — |
Amortization expense | (44 | ) |  | (829 | )
Balance at end of period | $ | 268 |  |  | $ | 29,594 |
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) |
2016 | $ | 8 |
2017 | 33 |
2018 | 33 |
2019 | 33 |
2020 | 33 |
Thereafter | 128 |
| $ | 268 |
Components of Mortgage Servicing Rights Fees | The Company receives fees during the course of servicing the mortgage loans. The fees for the three and nine months ended September 30, 2016 and 2015 were as follows:
(Expressed in thousands) |  |  |  |  |  |  |
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Servicing fees | $ | 80 |  |  | $ | 1,463 |  |  | $ | 2,944 |  |  | $ | 4,384 |
Ancillary fees | 8 |  |  | 47 |  |  | 162 |  |  | 241 |
Total MSR fees | $ | 88 |  |  | $ | 1,510 |  |  | $ | 3,106 |  |  | $ | 4,625 |

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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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