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SERVICING RIGHTS (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]  
Summary of servicing rights activity

At or For the Three Months Ended

June 30, 

    

2022

    

2021

Beginning balance, at the lower of cost or fair value

$

18,041

$

15,735

Additions

 

1,460

 

2,456

Servicing rights amortized

 

(985)

 

(1,831)

Impairment of servicing rights

 

 

(4)

Ending balance, at the lower of cost or fair value

$

18,516

$

16,356

At or For the Six Months Ended

June 30, 

    

2022

    

2021

Beginning balance, at the lower of cost or fair value

$

16,970

$

12,595

Additions

 

4,010

 

5,600

Servicing rights amortized

 

(2,465)

 

(3,885)

Recovery of servicing rights

1

2,046

Ending balance, at the lower of cost or fair value

$

18,516

$

16,356

Key economic assumptions and the sensitivity of the current fair value for single family mortgage servicing rights

    

    

June 30, 2022

    

December 31, 2021

 

Aggregate portfolio principal balance

 

  

 

$

2,789,663

 

$

2,609,776

Weighted average rate of note

 

  

 

3.3

%  

3.2

%

At June 30, 2022

 

Base

 

0.5% Adverse Rate Change

 

1.0% Adverse Rate Change

Conditional prepayment rate

 

8.8

%  

9.4

%  

10.4

%

Fair value MSR

$

34,098

 

$

33,334

 

$

32,420

Percentage of MSR

 

1.2

%  

 

1.2

%  

 

1.2

%

Discount rate

 

9.1

%  

 

9.6

%  

 

10.1

%

Fair value MSR

$

34,098

 

$

33,364

 

$

32,659

Percentage of MSR

 

1.2

%  

 

1.2

%  

 

1.2

%

At December 31, 2021

Base

 

0.5% Adverse Rate Change

 

1.0% Adverse Rate Change

Conditional prepayment rate

 

13.8

%  

20.0

%  

31.5

%

Fair value MSR

$

26,070

 

$

21,188

 

$

15,348

Percentage of MSR

 

1.0

%  

 

0.8

%  

 

0.6

%

Discount rate

 

9.1

%  

 

9.6

%  

 

10.1

%

Fair value MSR

$

26,070

 

$

25,586

 

$

25,119

Percentage of MSR

 

1.0

%  

 

1.0

%  

 

1.0

%

Mortgage servicing rights.  
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]  
Valuation assumptions

At June 30, 

At December 31, 

 

Key assumptions:

    

2022

    

2021

Weighted average discount rate

 

9.1

%  

9.1

%

Conditional prepayment rate (“CPR”)

 

8.8

%  

13.8

%

Weighted average life in years

 

7.6

 

5.9