LOAN SALES AND MORTGAGE SERVICING RIGHTS |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| LOAN SALES AND MORTGAGE SERVICING RIGHTS | |
| LOAN SALES AND MORTGAGE SERVICING RIGHTS | NOTE 6: LOAN SALES AND MORTGAGE SERVICING RIGHTS FFB sold $580 million of multifamily loans for the nine months ended September 30, 2021 and recognized a gain of $21.5 million. In 2020, FFB sold $553 million of multifamily loans and recognized a gain of $15.1 million. For sales of multifamily loans, FFB retained servicing rights for the majority of these loans and recognized mortgage servicing rights as part of the transactions. As of September 30, 2021 and December 31, 2020, mortgage servicing rights were $10.7 million and $7.9 million, respectively. The amount of loans serviced for others totaled $1.5 billion as of September 30, 2021 and December 31, 2020. The mortgage servicing rights as of September 30, 2021 and December 31, 2020 are net of $3.6 million and $1.4 million valuation allowances, respectively. Excluding $3.1 million in valuation provisions on mortgage servicing rights taken in the nine months ended September 30, 2021, servicing fees for the first nine months ended September 30, 2021 were $2.3 million, while servicing fees were $0.3 million for the nine months ended September 30, 2020. |