MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables)

12 Months Ended

Dec. 31, 2022

Transfers and Servicing [Abstract]

Schedule of activity relating to loans securitized sold with servicing rights

The following table summarizes activity relating to residential mortgage loans sold with servicing retained.

	Year Ended December 31,
(dollar amounts in millions)	2022		2021		2020
Residential mortgage loans sold with servicing retained	$	5,686	$	9,702	$	8,436
Pretax gains resulting from above loan sales (1)	137		356		311

(1)Recorded in mortgage banking income.

Schedule of Servicing Assets at Fair Value

The following table summarizes the changes in MSRs recorded using the fair value method:

	Year Ended December 31,
(dollar amounts in millions)	2022		2021
Fair value, beginning of period	$	351	$	210
Servicing assets obtained in acquisition	—		59
New servicing assets created	85		135
Change in fair value during the period due to:
Time decay (1)	(22)		(15)
Payoffs (2)	(34)		(65)
Changes in valuation inputs or assumptions (3)	114		27
Fair value, end of period	$	494	$	351

(1)Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

(2)Represents decrease in value associated with loans that paid off during the period.

(3)Represents change in value resulting primarily from market-driven changes in interest rates.

Summary of key assumptions and the sensitivity analysis of servicing rights

The following table summarizes the key assumptions and the sensitivity of the MSR value to changes in these assumptions.

	At December 31, 2022							At December 31, 2021
				Decline in fair value due to							Decline in fair value due to
(dollar amounts in millions)	Actual			10% adverse change		20% adverse change		Actual			10% adverse change		20% adverse change
Constant prepayment rate (annualized)	7.05	%		$	(13)	$	(25)	12.28	%		$	(17)	$	(32)
Spread over forward interest rate swap rates	578		bps	(12)		(22)		466		bps	(7)		(13)