MORTGAGE SERVICING RIGHTS

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2018 and 2017:



	Three Months Ended						Six Months Ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
	(dollars in thousands)
Fair value, beginning of period	$	596,378		$	632,166		$	580,860		$	652,216
Purchases ⁽¹⁾	—			(210		)	—			3
Change in fair value due to:
Changes in valuation inputs or assumptions ⁽²⁾	22,578			(9,205		)	59,252			(15,438		)
Other changes, including realization of expected cash flows	(19,942		)	(17,098		)	(41,098		)	(31,128		)
Fair value, end of period	$	599,014		$	605,653		$	599,014		$	605,653


⁽¹⁾	Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to be not acceptable.


⁽²⁾	Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

For the three and six months ended June 30, 2018, the Company recognized $27.6 million and $56.2 million, respectively, and for the three and six months ended June 30, 2017, the Company recognized $33.3 million and $67.8 million, respectively,

of net servicing income from MSRs in Other income (loss) in the Consolidated Statements of Comprehensive Income (Loss).