NOTE 3—GAINS FROM MORTGAGE BANKING ACTIVITIES

Gains from mortgage banking activities consisted of the following activity for the three and six months ended June 30, 2016 and 2015:


	For the three months ended				For the six months ended
	June 30,				June 30,
(in thousands)	2016		2015		2016		2015
Contractual loan origination related fees, net	$	46,874	$	37,592	$	69,280	$	78,995
Fair value of expected net cash flows from servicing recognized at commitment		59,580		34,558		85,007		68,250
Fair value of expected guaranty obligation recognized at commitment		(4,001)		(2,200)		(5,511)		(4,575)
Total gains from mortgage banking activities	$	102,453	$	69,950	$	148,776	$	142,670

The origination fees shown in the table are net of co-broker fees of $11.1 million and $6.4 million for the three months ended June 30, 2016 and 2015, respectively, and $16.6 million and $12.8 million for the six months ended June 30, 2016 and 2015, respectively. Additionally, included in the contractual loan origination related fees, net balance for the three months ended June 30, 2016 and 2015 are realized and unrealized gains of $2.7 million and $0, respectively, and $0.6 million and $0 for the six months ended June 30, 2016 and 2015, respectively, from the sale and mark-to-market of loans and derivative instruments related to the CMBS Program.