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Goodwill and Mortgage Servicing Rights (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Mortgage Servicing Rights
Changes in the commercial and residential MSRs follow:

Table 52: Mortgage Servicing Rights
 Commercial MSRsResidential MSRs
In millions202420232024 2023
January 1 $1,032 $1,113 $2,654 $2,310 
Additions:
From loans sold with servicing retained3 13 5 5 
Purchases12 8 13 18 
Changes in fair value due to:
Time and payoffs (a)(79)(82)(57)(53)
Other (b)107 9 72 (48)
March 31$1,075 $1,061 $2,687 $2,232 
Related unpaid principal balance of loans serviced at March 31$286,922 $281,179 $206,544 $187,748 
Servicing advances at March 31$537 $470 $149 $137 
(a)Represents decrease in MSR value due to passage of time, including the impact from regularly scheduled loan principal payments, prepayments and loans that were paid off during the period.
(b)Includes MSR value changes resulting from changes in interest rates and other market-driven conditions.
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions
The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions:
Table 53: Commercial Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millionsMarch 31, 2024December 31, 2023
Fair value$1,075 $1,032 
Weighted-average life (years)3.93.9
Weighted-average constant prepayment rate5.24 %5.51 %
Decline in fair value from 10% adverse change$8 $9 
Decline in fair value from 20% adverse change$16 $17 
Effective discount rate9.94 %9.64 %
Decline in fair value from 10% adverse change$32 $31 
Decline in fair value from 20% adverse change$65 $61 
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions
The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions:
Table 54: Residential Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions
March 31, 2024 December 31, 2023 
Fair value$2,687 $2,654  
Weighted-average life (years)8.18.1 
Weighted-average constant prepayment rate6.29 %6.42 %
Decline in fair value from 10% adverse change$58 $60  
Decline in fair value from 20% adverse change$113 $117  
Weighted-average option adjusted spread766 bps765 bps
Decline in fair value from 10% adverse change$83 $83  
Decline in fair value from 20% adverse change$162 $161