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Capitalized servicing assets (Tables)
12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Servicing Asset at Amortized Cost

Changes in capitalized servicing assets were as follows:

 

 

Residential Mortgage Loans

 

 

Commercial Mortgage Loans

 

For the Year Ended December 31,

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Beginning balance

 

$

241,053

 

 

$

231,204

 

 

$

244,411

 

 

$

132,604

 

 

$

133,429

 

 

$

130,636

 

Originations

 

 

6,998

 

 

 

65,723

 

 

 

45,101

 

 

 

24,401

 

 

 

33,068

 

 

 

29,306

 

Acquired in business
   combination

 

 

12,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

 

 

(65,849

)

 

 

(55,874

)

 

 

(58,308

)

 

 

(30,614

)

 

 

(33,893

)

 

 

(26,513

)

 

 

 

194,335

 

 

 

241,053

 

 

 

231,204

 

 

 

126,391

 

 

 

132,604

 

 

 

133,429

 

Valuation allowance

 

 

 

 

 

(24,000

)

 

 

(30,000

)

 

 

 

 

 

 

 

 

 

Ending balance, net

 

$

194,335

 

 

$

217,053

 

 

$

201,204

 

 

$

126,391

 

 

$

132,604

 

 

$

133,429

 

 

Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions

 

 

Residential

 

 

Commercial

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

Weighted-average prepayment speeds

 

 

7.27

%

 

 

 

Impact on fair value of 10% adverse change

 

$

(8,471

)

 

 

 

Impact on fair value of 20% adverse change

 

 

(16,417

)

 

 

 

Weighted-average OAS

 

 

8.81

%

 

 

 

Impact on fair value of 10% adverse change

 

$

(10,226

)

 

 

 

Impact on fair value of 20% adverse change

 

 

(19,830

)

 

 

 

Weighted-average discount rate

 

 

 

 

 

18.00

%

Impact on fair value of 10% adverse change

 

 

 

 

$

(6,467

)

Impact on fair value of 20% adverse change

 

 

 

 

 

(12,498

)