SERVICING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2017

The following table presents a composition of servicing rights, on a consolidated operations basis, as of the dates indicated:



	March 31, 2017		December 31, 2016
	(In thousands)
Mortgage servicing rights, at fair value	$	42,833	$	76,121
SBA servicing rights, at cost	1,618		1,496
Total	$	44,451	$	77,617

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, on a consolidated operations basis, as of the dates indicated:



	March 31, 2017			December 31, 2016
	($ in thousands)
Fair value of retained MSRs	$	42,833		$	76,121
Discount rate	10.95		%	10.18		%
Constant prepayment rate	12.83		%	11.84		%
Weighted-average life	6.20 years			6.50 years

Mortgage Servicing Rights

The following table presents activity in the MSRs, on a consolidated operations basis, for the periods indicated:



	Three Months Ended
	March 31,
	2017			2016
	(In thousands)
Balance at beginning of period	$	76,121		$	49,939
Additions	7,801			8,582
Changes in fair value resulting from valuation inputs or assumptions	(44		)	(8,201		)
Sales of servicing rights⁽¹⁾	(39,186		)	(3		)
Other	(1,859		)	(1,947		)
Balance at end of period	$	42,833		$	48,370

(1) Includes $37.8 million of MSRs sold as a part of discontinued operations for the three months ended March 31, 2017.

Small Business Administration Servicing Rights

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



	Three Months Ended
	March 31,
	2017			2016
	(In thousands)
Balance at beginning of period	$	1,496		$	788
Additions	186			293
Amortization, including prepayments	(47		)	(45		)
Impairment	(17		)	—
Balance at end of period	$	1,618		$	1,036