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LOAN SERVICING RIGHTS | 12 Months Ended
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Dec. 31, 2024
Transfers and Servicing [Abstract] |
LOAN SERVICING RIGHTS | LOAN SERVICING RIGHTS A summary of loan servicing rights at December 31, 2024 and December 31, 2023 is as follows:
| December 31, 2024 |  | December 31, 2023
(dollars in thousands) | Serviced Loans |  | Carrying Value |  | Serviced Loans |  | Carrying Value
Commercial FHA | $ | 1,904,843 |  |  | $ | 17,053 |  |  | $ | 2,084,961 |  |  | $ | 19,273 |
SBA | 42,152 |  |  | 451 |  |  | 42,685 |  |  | 549 |
Residential | 197,161 |  |  | 338 |  |  | 225,067 |  |  | 431 |
Total | $ | 2,144,156 |  |  | $ | 17,842 |  |  | $ | 2,352,713 |  |  | $ | 20,253 |
Commercial FHA Mortgage Loan Servicing The fair value of commercial FHA loan servicing rights is determined using key assumptions, representing both general economic and other published information, including the assumed earnings rates related to escrow and replacement reserves, and the weighted average characteristics of the commercial portfolio, including the prepayment rate and discount rate. The prepayment rate considered many factors as appropriate, including lockouts, balloons, prepayment penalties, interest rate ranges, delinquencies, and geographic location. The discount rate was based on an average pre-tax internal rate of return utilized by market participants in pricing the servicing portfolio. Significant increases or decreases in any one of these assumptions would result in a significantly lower or higher fair value measurement. The weighted average prepayment rate and weighted average discount rate was 10.00% and 8.18% at December 31, 2024. Changes in our commercial FHA loan servicing rights for the years ended December 31, 2024, 2023 and 2022 are summarized as follows:
|  |  | Years Ended December 31,
(dollars in thousands) |  |  |  |  | 2024 |  | 2023 |  | 2022
Loan servicing rights: |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 19,273 |  |  | $ | — |  |  | $ | 27,386 |
Servicing rights transferred from (to) held for sale |  |  |  |  | — |  |  | 20,473 |  |  | (23,995) |
Amortization |  |  |  |  | (2,220) |  |  | (1,200) |  |  | (1,907) |
Refinancing fee received from third party |  |  |  |  | — |  |  | — |  |  | (221) |
Permanent impairment |  |  |  |  | — |  |  | — |  |  | (1,263) |
Balance, end of period |  |  |  |  | $ | 17,053 |  |  | $ | 19,273 |  |  | $ | — |
Fair value: |  |  |  |  |  |  |  |  |
At beginning of period |  |  |  |  | $ | 32,469 |  |  | $ | — |  |  | $ | 28,368 |
At end of period |  |  |  |  | 25,916 |  |  | 32,469 |  |  | — |

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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