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v3.22.2.2

Servicing rights (Tables) | 9 Months Ended
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Sep. 30, 2022
Schedule of information regarding portfolio of servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
SBA servicing rights, at amortized cost
Beginning net carrying amount | ​ | $ | 21,670 | ​ | $ | 19,721 | ​ | $ | 22,157 | ​ | $ | 18,764
Additions due to loans sold, servicing retained | ​ |  | 1,921 | ​ |  | 2,778 | ​ |  | 5,700 | ​ |  | 6,478
Amortization | ​ |  | (929) | ​ |  | (986) | ​ |  | (2,878) | ​ |  | (3,075)
Impairment | ​ |  | (765) | ​ |  | (308) | ​ |  | (3,082) | ​ |  | (962)
Ending net carrying amount | ​ | $ | 21,897 | ​ | $ | 21,205 | ​ | $ | 21,897 | ​ | $ | 21,205
Multi-family servicing rights, at amortized cost
Beginning net carrying amount | ​ | $ | 63,188 | ​ | $ | 24,724 | ​ | $ | 62,300 | ​ | $ | 19,059
Additions due to loans sold, servicing retained | ​ |  | 2,883 | ​ |  | 3,292 | ​ |  | 8,510 | ​ |  | 10,760
Acquisitions | ​ |  | — | ​ |  | 15,800 | ​ |  | — | ​ |  | 15,800
Amortization | ​ |  | (2,429) | ​ |  | (1,504) | ​ |  | (7,168) | ​ |  | (3,307)
Ending net carrying amount | ​ | $ | 63,642 | ​ | $ | 42,312 | ​ | $ | 63,642 | ​ | $ | 42,312
Total servicing rights, at amortized cost | ​ | $ | 85,539 | ​ | $ | 63,517 | ​ | $ | 85,539 | ​ | $ | 63,517
Residential MSRs, at fair value
Beginning net carrying amount | ​ | $ | 168,653 | ​ | $ | 100,820 | ​ | $ | 120,142 | ​ | $ | 76,840
Additions due to loans sold, servicing retained | ​ |  | 9,463 | ​ |  | 11,622 | ​ |  | 32,417 | ​ |  | 35,595
Loan pay-offs | ​ | ​ | (2,610) | ​ | ​ | (5,000) | ​ | ​ | (9,636) | ​ | ​ | (15,650)
Unrealized gains | ​ |  | 16,647 | ​ |  | 147 | ​ |  | 49,230 | ​ |  | 10,804
Ending fair value amount | ​ | $ | 192,153 | ​ | $ | 107,589 | ​ | $ | 192,153 | ​ | $ | 107,589
Total servicing rights | ​ | $ | 277,692 | ​ | $ | 171,106 | ​ | $ | 277,692 | ​ | $ | 171,106
Residential MSRs |
Schedule of servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022 | ​ | December 31, 2021
(in thousands) | ​ | UPB | ​ | Fair Value | ​ | UPB | ​ | Fair Value
Fannie Mae | ​ | $ | 4,435,689 | ​ | $ | 64,610 | ​ | $ | 4,056,595 | ​ | $ | 41,698
Freddie Mac | ​ | ​ | 4,502,736 | ​ | ​ | 68,710 | ​ | ​ | 4,131,904 | ​ | ​ | 45,017
Ginnie Mae | ​ | ​ | 3,033,547 | ​ | ​ | 58,833 | ​ | ​ | 2,807,186 | ​ | ​ | 33,427
Total | ​ | $ | 11,971,972 | ​ | $ | 192,153 | ​ | $ | 10,995,685 | ​ | $ | 120,142
Schedule of mortgage servicing rights portfolio | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, 2022 | ​ | December 31, 2021
​ | ​ |  | Range of input values | ​ | Weighted Average |  | Range of input values | ​ | Weighted Average
Residential MSRs
​ | Forward prepayment rate | ​ | 6.0 | - | 8.6 | % | ​ | 6.2 | % | ​ | 8.4 | - | 20.9 | % | ​ | 9.5 | %
​ | Discount rate | ​ | 9.5 | - | 12.0 | % | ​ | 10.1 | % | ​ | 9.0 | - | 11.0 | % | ​ | 9.4 | %
​ | Servicing expense | ​ | $70 | - | $85 | ​ | ​ | $74 | ​ | ​ | $70 | - | $85 | ​ | ​ | $74 | ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | September 30, 2022 | ​ | December 31, 2021
Residential MSRs | ​ | ​ | ​ | ​ | ​ | ​
Prepayment rate | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (5,564) | ​ | $ | (5,262)
Impact of 20% adverse change | ​ | $ | (10,845) | ​ | $ | (9,262)
Discount rate | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (8,957) | ​ | $ | (4,533)
Impact of 20% adverse change | ​ | $ | (17,158) | ​ | $ | (8,745)
Servicing expense | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (2,682) | ​ | $ | (2,125)
Impact of 20% adverse change | ​ | $ | (5,365) | ​ | $ | (4,251)
SBA | Multi-family |
Schedule of servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2022 | ​ | As of December 31, 2021
(in thousands) | ​ | UPB | ​ | Carrying Value | ​ | UPB | ​ | Carrying Value
SBA | ​ | $ | 976,135 | ​ | $ | 21,897 | ​ | $ | 856,188 | ​ | $ | 22,157
Multi-family | ​ | ​ | 4,659,868 | ​ | ​ | 63,642 | ​ | ​ | 4,232,969 | ​ | ​ | 62,300
Total | ​ | $ | 5,636,003 | ​ | $ | 85,539 | ​ | $ | 5,089,157 | ​ | $ | 84,457
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, 2022 | ​ | December 31, 2021
​ | ​ |  | Range of input values | ​ | Weighted Average |  | Range of input values | ​ | Weighted Average
SBA servicing rights
​ | Forward prepayment rate | ​ | 9.6 | - | 21.7 | % | ​ | 10.1 | % | ​ | 7.9 | - | 21.0 | % | ​ | 8.9 | %
​ | Forward default rate | ​ | 0.0 | - | 10.0 | % | ​ | 9.2 | % | ​ | 0.0 | - | 10.4 | % | ​ | 9.1 | %
​ | Discount rate | ​ | 13.4 | - | 21.4 | % | ​ | 13.9 | % | ​ | 10.0 | - | 21.3 | % | ​ | 10.7 | %
​ | Servicing expense | ​ | 0.4 | - | 0.4 | % | ​ | 0.4 | % | ​ | 0.4 | - | 0.4 | % | ​ | 0.4 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family servicing rights
​ | Forward prepayment rate | ​ | 0.0 | - | 7.3 | % | ​ | 3.5 | % | ​ | 0.0 | - | 7.3 | % | ​ | 3.5 | %
​ | Forward default rate | ​ | 0.0 | - | 1.3 | % | ​ | 0.9 | % | ​ | 0.0 | - | 1.3 | % | ​ | 1.0 | %
​ | Discount rate | ​ | 6.0 | - | 6.0 | % | ​ | 6.0 | % | ​ | 6.0 | - | 6.0 | % | ​ | 6.0 | %
​ | Servicing expense | ​ | 0.0 | - | 0.8 | % | ​ | 0.1 | % | ​ | 0.0 | - | 0.8 | % | ​ | 0.1 | %
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | September 30, 2022 |  | December 31, 2021
SBA servicing rights | ​ | ​ | ​ | ​ | ​ | ​
Forward prepayment rate | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (679) | ​ | $ | (670)
Impact of 20% adverse change | ​ | $ | (1,320) | ​ | $ | (1,305)
Default rate | ​ |  | ​ | ​ |  | ​
Impact of 10% adverse change | ​ | $ | (146) | ​ | $ | (155)
Impact of 20% adverse change | ​ | $ | (290) | ​ | $ | (309)
Discount rate | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (828) | ​ | $ | (746)
Impact of 20% adverse change | ​ | $ | (1,591) | ​ | $ | (1,443)
Servicing expense | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (1,339) | ​ | $ | (1,344)
Impact of 20% adverse change | ​ | $ | (2,679) | ​ | $ | (2,687)
Multi-family servicing rights | ​ | ​ | ​
Forward prepayment rate | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (280) | ​ | $ | (291)
Impact of 20% adverse change | ​ | $ | (553) | ​ | $ | (575)
Default rate | ​ |  | ​ | ​ |  | ​
Impact of 10% adverse change | ​ | $ | (25) | ​ | $ | (25)
Impact of 20% adverse change | ​ | $ | (49) | ​ | $ | (50)
Discount rate | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (1,894) | ​ | $ | (1,910)
Impact of 20% adverse change | ​ | $ | (3,698) | ​ | $ | (3,726)
Servicing expense | ​ | ​ | ​ | ​ | ​ | ​
Impact of 10% adverse change | ​ | $ | (2,658) | ​ | $ | (2,659)
Impact of 20% adverse change | ​ | $ | (5,316) | ​ | $ | (5,318)
Schedule of future amortization expense for the servicing rights | ​
​ | ​ | ​ | ​
(in thousands) |  | September 30, 2022
2022 | ​ | $ | 5,480
2023 | ​ |  | 12,266
2024 | ​ |  | 10,840
2025 | ​ |  | 9,583
2026 | ​ |  | 8,589
Thereafter | ​ |  | 38,781
Total | ​ | $ | 85,539

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- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + Details
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