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Servicing Asset | 3 Months Ended
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Mar. 31, 2020
Transfers and Servicing [Abstract] |
Servicing Asset | Servicing Asset Activity for the servicing asset and the related changes in fair value for the three months ended March 31, 2020 and 2019 are shown in the table below.
(in thousands) |  | Three Months Ended
|  | March 31, 2020 |  | March 31, 2019
Beginning balance |  | $ | 2,481 |  |  | $ | — |
Additions |  | 113 |  |  | — |
Changes in fair value |  | (179 | ) |  | — |
Ending balance |  | $ | 2,415 |  |  | $ | — |
Loans serviced for others are not included in the condensed consolidated balance sheets. The unpaid principal balances of these loans serviced for others as of March 31, 2020 and December 31, 2019 are shown in the table below.
(in thousands) |  |
|  | March 31, 2020 |  | December 31, 2019
Loan portfolios serviced for: |  |  |  |
SBA guaranteed loans |  | $ | 103,878 |  |  | $ | 103,981 |
Total |  | $ | 103,878 |  |  | $ | 103,981 |
Loan servicing revenue totaled $0.3 million for the three months ended March 31, 2020. There was no loan servicing revenue for the three months ended March 31, 2019. Loan servicing asset revaluation, which represents the change in fair value of the servicing asset, resulted in a $0.2 million downward valuation for the three months ended March 31, 2020. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Though fluctuations in prepayment speeds and changes in secondary market premiums generally have the most substantial impact on the fair value of servicing rights, other influencing factors include changing economic conditions, changes to the discount rate assumption and the weighted average life of the servicing portfolio. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time; however, those assumptions may change over time. Refer to Note 12 - Fair Value of Financial Instruments for further details.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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