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MORTGAGE SERVICING RIGHTS (Tables)
3 Months Ended
Sep. 30, 2014
MORTGAGE SERVICING RIGHTS [Abstract]  
Data and Assumptions Used in Fair Value Calculation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2014

 

2013

 

2013

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

Unpaid principal balance

 

$
5,649,897 

 

$
5,543,619 

 

$
5,577,325 

Weighted-average prepayment speed (CPR)

 

10.6 

 

11.4 

 

10.3 

Discount rate (annual percentage)

 

9.8 

 

10.3 

 

10.3 

Weighted-average coupon interest rate (percentage)

 

4.1 

 

4.2 

 

4.2 

Weighted-average remaining maturity (months)

 

313.0 

 

308.0 

 

310.0 

Weighted-average servicing fee (basis points)

 

26.5 

 

26.7 

 

26.6 

 

Activity in Class of Mortgage Servicing Assets

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

 

(In thousands)

Fair value as of January 1

 

$        54,662

 

$         37,882

Additions:

 

 

 

 

Origination of servicing assets

 

6,425 

 

12,106 

Changes in fair value:

 

 

 

 

Due to payoffs/paydowns

 

(4,313)

 

(5,004)

Due to change in valuation inputs or assumptions

 

 

 

 

used in the valuation model

 

(3,010)

 

6,049 

Other changes in fair value

 

(5)

 

(8)

Fair value as of September 30

 

$        53,759

 

$         51,025