(5) Servicing Asset

An analysis of the servicing asset for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):


	Years Ended December 31,
	2014			2013			2012
Balance at beginning of year	$	4,178		$	4,568		$	4,836
Capitalized mortgage servicing rights		286			995			1,365
Amortization		(1,016	)		(1,385	)		(1,633	)
Mortgage servicing rights sold		(2,747	)		—			—

Balance at end of year	$	701		$	4,178		$	4,568

Loans serviced for others amounted to $197,791,000 and $806,810,000 at December 31, 2014 and 2013, respectively, all of which relate to residential loans. At December 31, 2014, the servicing asset had an estimated fair value of $1,143,000 and was valued based on expected future cash flows considering a weighted average discount rate of 9.7%, a weighted average constant prepayment rate on mortgages of 11.9% and a weighted average life of 7.3 years. At December 31, 2013, the servicing asset had an estimated fair value of $7,458,000 and was valued based on expected future cash flows, considering a weighted average discount rate of 9.5%, a weighted average constant prepayment rate on mortgages of 8.6% and a weighted average life of 9.5 years. As of December 31, 2014, estimated future servicing amortization through 2019 based on the prepayment assumptions utilized in the December 31, 2014 valuation, is as follows: $244,000 for 2015, $166,000 for 2016, $95,000 for 2017, $66,000 for 2018 and $48,000 for 2019. Actual results will vary depending upon the level of repayments on the loans currently serviced.