MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2018

The Company invests in MSRs and has elected to carry them at fair value. The following table presents activity related to MSRs for the three months ended March 31, 2018 and 2017:



	Three Months Ended
	March 31, 2018			March 31, 2017
	(dollars in thousands)
Fair value, beginning of period	$	580,860		$	652,216
Purchases	—			213
Change in fair value due to:
Changes in valuation inputs or assumptions ⁽¹⁾	36,674			(6,233		)
Other changes, including realization of expected cash flows	(21,156		)	(14,030		)
Fair value, end of period	$	596,378		$	632,166

⁽¹⁾ Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

For the three months ended March 31, 2018 and 2017, the Company recognized $28.5 million and $34.5 million, respectively, of net servicing income from MSRs in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss).