GAINS FROM MORTGAGE BANKING ACTIVITIES

3 Months Ended

Mar. 31, 2013

GAINS FROM MORTGAGE BANKING ACTIVITIES

NOTE 4—GAINS FROM MORTGAGE BANKING ACTIVITIES

The gains from mortgage banking activities consisted of the following activity for the three months ended March 31, 2013 and 2012 (in thousands):

	For the three months ended March 31,
	2013			2012
Contractual loan origination related fees, net	$	22,260		$	10,279
Fair value of expected future cash flows from servicing recognized at commitment	21,871			10,083
Fair value of expected guaranty obligation	(1,200		)	(560		)
Total gains from mortgage banking activities	$	42,931		$	19,802

The origination fees shown in the table above are net of co-broker fees of $3.3 million and $3.5 million for the three months ended March 31, 2013 and 2012, respectively.