MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables)

6 Months Ended

Jun. 30, 2025

Summarizes Activity Relating to Loans Securitized Sold with Servicing Retained

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


	Three Months Ended				Six Months Ended
(dollar amounts in millions)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Residential mortgage loans sold with servicing retained	$	1,168	$	983	$	2,177	$	1,794
Pretax gains resulting from above loan sales (1)	23		19		42		32
Total servicing, late, and other ancillary fees (1)	26		25		53		51

(1)Included in mortgage banking income.

Summarizes Activity Relating to Loans Sold with Servicing Retained Using the Fair Value Method

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


	Three Months Ended				Six Months Ended
(dollar amounts in millions)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Fair value, beginning of period	$	564	$	534	$	573	$	515


New servicing assets created	20		11		40		21
Change in fair value during the period due to:
Time decay (1)	(7)		(7)		(14)		(13)
Payoffs (2)	(10)		(7)		(17)		(12)
Changes in valuation inputs or assumptions (3)	—		12		(15)		32
Fair value, end of period	$	567	$	543	$	567	$	543
Related loans serviced for third parties, unpaid principal balance, end of period	$	33,925	$	33,404	$	33,925	$	33,404

(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 of the Servicing Rights Value to Changes in the Assumptions

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


	At June 30, 2025							At December 31, 2024
				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)	8.31	%		$	(16)	$	(30)	7.54	%		$	(14)	$	(28)
Spread over forward interest rate swap rates	566		bps	(13)		(26)		568		bps	(13)		(26)