SERVICING RIGHTS (Tables)

9 Months Ended

Sep. 30, 2016

The following table presents a composition of servicing rights as of the dates indicated:



	September 30, 2016		December 31, 2015
	(In thousands)
Mortgage servicing rights, at fair value	$	62,676	$	49,939
SBA servicing rights, at cost	1,167		788
Total	$	63,843	$	50,727

Mortgage Servicing Rights Fair Value and Weighted Average Life

The following table presents the key characteristics, inputs and economic assumptions used to estimate the Level 3 fair value of the MSRs as of the dates indicated:



	September 30, 2016			December 31, 2015
	($ in thousands)
Fair value of retained MSRs	$	62,676		$	49,939
Discount rate	9.81		%	9.75		%
Constant prepayment rate	15.54		%	11.81		%
Weighted-average life	5.29 years			6.48 years

Mortgage Servicing Rights

The following table presents activity in the MSRs for the periods indicated:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
	(In thousands)
Balance at beginning of period	$	52,567		$	34,198		$	49,939		$	19,082
Additions	14,300			12,143			35,648			36,034
Changes in fair value resulting from valuation inputs or assumptions	(465		)	(3,097		)	(14,497		)	(2,087		)
Sales of servicing rights	—			—			(3		)	(5,862		)
Other	(3,726		)	(2,407		)	(8,411		)	(6,330		)
Balance at end of period	$	62,676		$	40,837		$	62,676		$	40,837

Small Business Administration Servicing Rights

The following table presents activity in the SBA servicing rights for the periods indicated:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
	(In thousands)
Balance at beginning of period	$	1,083		$	744		$	788		$	484
Additions	122			132			505			471
Amortization, including prepayments	(38		)	(67		)	(126		)	(146		)
Balance at end of period	$	1,167		$	809		$	1,167		$	809