XML 43 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Mortgage Servicing Rights (Tables)
 3 Months Ended
Mar. 31, 2015
Transfers and Servicing [Abstract]  
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 as of March 31, 2015 and December 31, 2014.
 
 
March 31, 2015
 
December 31, 2014
(In Thousands)
 
MSR Fair Value
 
Associated Principal
 
MSR Fair Value
 
Associated Principal
Mortgage Servicing Rights
 
 
 
 
 
 
 
 
Conforming Loans
 
$
69,203

 
$
6,800,645

 
$
81,301

 
$
7,705,146

Jumbo Loans
 
51,121

 
5,851,993

 
57,992

 
5,962,784

Total Mortgage Servicing Rights
 
$
120,324

 
$
12,652,638

 
$
139,293

 
$
13,667,930
Activity for Residential First-Lien Mortgage Servicing Rights
The following table presents activity for MSRs for the three months ended March 31, 2015 and 2014.
MSR Activity
 
 
Three Months Ended March 31,
(In Thousands)
 
2015
 
2014
Balance at beginning of period
 
$
139,293

 
$
64,824

Additions
 
18,754

 
2,858

Sales
 
(18,206
)
 
—

Changes in fair value due to:
 
 
 
 
Changes in assumptions (1)
 
(14,036
)
 
(1,125
)
Other changes (2)
 
(5,481
)
 
(1,586
)
Balance at End of Period
 
$
120,324

 
$
64,971


(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 three months ended March 31, 2015.
MSR Additions
(In Thousands)
 
Three Months Ended March 31, 2015
 
 
MSR Fair Value
 
Associated Principal
Jumbo MSR additions:
 
 
 
 
   From securitization
 
$
1,872

 
$
227,852

   From loan sales
 
92

 
10,145

Total jumbo MSR additions
 
1,964

 
237,997

Conforming MSR additions:
 
 
 
 
   From loan sales
 
$
13,711

 
$
1,352,658

   From purchases
 
3,079

 
318,338

Total conforming MSR additions
 
16,790

 
1,670,996

Total MSR additions
 
$
18,754

 
$
1,908,993
Components of Mortgage Servicing Rights Income
The following table presents the components of our MSR income.
 
 
Three Months Ended March 31,
(In Thousands)
 
2015
 
2014
Servicing income
 
 
 
 
Income
 
$
9,716

 
$
3,633

Cost of sub-servicer
 
(1,229
)
 
(316
)
Net servicing income
 
8,487

 
3,317

Market valuation adjustments
 
(19,517
)
 
(2,711
)
MSR provision for repurchases
 
106

 
—

MSR income (loss)
 
$
(10,924
)
 
$
606