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Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Fair Value of MSRs and Aggregate Principal Amounts of Associated Loans

The following table presents the fair value of MSRs and the aggregate principal amounts of associated loans at December 31, 2014 and 2013.

		December 31, 2014								December 31, 2013
(In Thousands)		MSR Fair Value				Associated Principal				MSR Fair Value				Associated Principal
Mortgage Servicing Rights
Conforming Loans		$	81,301			$	7,705,146			$	3,331			$	308,258
Jumbo Loans			57,992				5,962,784				61,493				5,483,500
Total Mortgage Servicing Rights		$	139,293			$	13,667,930			$	64,824			$	5,791,758

Activity for Residential First-Lien Mortgage Servicing Rights

The following table presents activity for MSRs for the years ended December 31, 2014 and 2013.

MSR Activity

		Years Ended December 31,
(In Thousands)		2014				2013
Balance at beginning of period		$	64,824			$	5,315
Additions			95,550				47,514
Changes in fair value due to:
Changes in assumptions (1)			(12,467	)			15,719
Other changes (2)			(8,614	)			(3,724	)
Balance at End of Period		$	139,293			$	64,824

(1) Primarily reflects changes in prepayment assumptions due to changes in market interest rates.

(2) Represents changes due to realization of expected cash flows.

Details of Retention and Purchase of MSRs

The following table details the retention and purchase of MSRs during the years ended December 31, 2014.

MSR Additions

(In Thousands)		December 31, 2014								December 31, 2013
		MSR Fair Value				Associated Principal				MSR Fair Value				Associated Principal
Jumbo MSR additions:
From securitization		$	8,518			$	1,002,235			$	42,920			$	4,787,264
From loan sales			488				58,793				1,092				124,359
Total jumbo MSR additions			9,006				1,061,028				44,012				4,911,623
Conforming MSR additions:
From loan sales		$	38,995			$	3,618,256			$	52			$	5,107
From purchases			47,549				3,993,387				3,450				306,669
Total conforming MSR additions			86,544				7,611,643				3,502				311,776
Total MSR additions		$	95,550			$	8,672,671			$	47,514			$	5,223,399

Income from Mortgage Servicing Rights, Net

MSR Income

The following table presents the income from MSRs.

		Years Ended December 31,
(In Thousands)		2014				2013				2012
Servicing income
Income		$	19,362			$	9,239			$	807
Cost of sub-servicer			(1,834	)			(925	)			(184	)
Net servicing income			17,528				8,314				623
Market valuation adjustments			(21,081	)			11,995				(2,014	)
MSR provision for repurchases			(708	)			—				—
MSR income (loss)		$	(4,261	)		$	20,309			$	(1,391	)

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- Definition

Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 50

-Section 50

-Paragraph 3

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7882072&loc=d3e122625-111746

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