GAINS FROM MORTGAGE BANKING ACTIVITIES

12 Months Ended

Dec. 31, 2012

NOTE 5—GAINS FROM MORTGAGE BANKING ACTIVITIES

Gains from mortgage banking activities consist of the following activity for each of the years ended December 31, 2012, 2011 and 2010 (in thousands):

	For the year ended December 31,

	2012			2011			2010
Contractual loan origination related fees, net	$	93,949		$	48,411		$	42,151
Fair value of expected net future cash flows from servicing recognized at commitment		98,308			57,560			45,491
Fair value of expected guaranty obligation		(5,714	)		(3,259	)		(2,439	)

Total gains from mortgage banking activities	$	186,543		$	102,712		$	85,203