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Certain Transfers of Financial Assets (Tables)
 6 Months Ended
Jun. 30, 2020
Transfers and Servicing [Abstract]  
Schedule of Loans Held-for-sale [Table Text Block]
The table below presents a reconciliation of the changes in loans held for sale:
 
 
Six Months Ended June 30,
(in thousands)
 
2020
 
2019
Outstanding balance(1):
 
 
 
 
Beginning balance
 
$
2,568,362

 
$
1,949,785

Loans purchased and originated
 
4,931,981

 
4,172,519

Payments and loans sold
 
(7,052,942
)
 
(5,071,502
)
Ending balance
 
447,401

 
1,050,802

Fair value adjustment:
 

 
 
Beginning balance
 
8,772

 
19,689

Increase/(decrease) to fair value
 
(1,592
)
 
(12,905
)
Ending balance
 
7,180

 
6,784

Loans held for sale at fair value
 
$
454,581

 
$
1,057,586


(1)
Includes $5.8 million of loans held for sale that are carried at lower of cost or market as of December 31, 2019 and $299,000 as of December 31, 2018, as well as $1.1 million as of June 30, 2019. There were no loans held for sale carried at lower of cost or market as of June 30, 2020.
Schedule of Mortgage Servicing Rights Activity [Table Text Block] retain the right to service the loans sold through our Mortgage Correspondent Aggregation ("MCA") program, creating mortgage servicing rights ("MSRs") which are recorded as assets on our balance sheet. A summary of MSR activity is as follows:
 
Six months ended June 30,
(in thousands)
2020
 
2019
MSRs:
 
 
 
Balance, beginning of year
$
70,707

 
$
42,474

Capitalized servicing rights
45,397

 
14,806

Amortization
(14,032
)
 
(3,723
)
Sales
—

 
—

Balance, end of period
$
102,072

 
$
53,557

Valuation allowance:
 
 
 
Balance, beginning of year
$
5,803

 
$
—

Increase in valuation allowance
20,818

 
5,772

Balance, end of period
$
26,621

 
$
5,772

MSRs, net
$
75,451

 
$
47,785

MSRs, fair value
$
75,451

 
$
47,845
Schedule of Fair Value Assumption Used to Value Mortgage Servicing Rights Retained [Table Text Block] The following summarizes the assumptions used by management to determine the fair value of MSRs:
 
June 30, 2020
 
December 31, 2019
Average discount rates
9.18
%
 
9.06
%
Expected prepayment speeds
17.15
%
 
13.11
%
Weighted-average life, in years
4.7

 
5.8
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block]
A sensitivity analysis of changes in the fair value of our MSR portfolio resulting from certain key assumptions is presented in the following table:
(in thousands)
June 30, 2020
 
December 31, 2019
50 bp adverse change in prepayment speed
$
(6,133
)
 
$
(10,768
)
100 bp adverse change in prepayment speed
(6,954
)
 
(17,965
)