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MORTGAGE BANKING (Tables)
 9 Months Ended
Sep. 30, 2014
Mortgage Banking [Abstract]  
Schedule of valuation allowance for impairment of recognized servicing assets
Changes related to MSRs were as follows:
 
Nine Months Ended September 30,
(in millions)
2014
 
2013
MSRs:
 
 
 
Balance as of January 1

$208

 

$215

Amount capitalized
13

 
39

Amortization
(32
)
 
(41
)
Carrying amount before valuation allowance
189

 
213

Valuation allowance for servicing assets:
 
 
 
Balance as of January 1
23

 
70

Valuation recovery
(8
)
 
(42
)
Balance at end of period
15

 
28

Net carrying value of MSRs

$174

 

$185
Servicing asset at amortized cost
Changes related to MSRs were as follows:
 
Nine Months Ended September 30,
(in millions)
2014
 
2013
MSRs:
 
 
 
Balance as of January 1

$208

 

$215

Amount capitalized
13

 
39

Amortization
(32
)
 
(41
)
Carrying amount before valuation allowance
189

 
213

Valuation allowance for servicing assets:
 
 
 
Balance as of January 1
23

 
70

Valuation recovery
(8
)
 
(42
)
Balance at end of period
15

 
28

Net carrying value of MSRs

$174

 

$185
Schedule of fair value assumptions used to estimate the value of Mortgage Servicing Rights
The key economic assumptions used to estimate the value of MSRs are presented in the following table:

 
September 30,
(dollars in millions)
2014
 
2013
Fair value

$187

 

$193

Weighted average life (in years)
5.3

 
5.1

Weighted average constant prepayment rate
12.2
%
 
13.9
%
Weighted average discount rate
10.3
%
 
10.8
%
Schedule of fair value assumptions used to estimate the value of Mortgage Servicing Rights capitalized in current period
The key economic assumptions used in estimating the fair value of MSRs capitalized during the period were as follows:
 
Nine Months Ended September 30,
 
2014
 
2013
Weighted average life (in years)
5.7

 
6.1

Weighted average constant prepayment rate
11.7
%
 
12.6
%
Weighted average discount rate
10.3
%
 
10.5
%
Schedule of the impact to fair value of an adverse change in key economic assumptions
 
Nine Months Ended September 30,
(in millions)
2014
 
2013
Prepayment rate:
 
 
 
Decline in fair value from 50 basis points adverse change in interest rates

$6

 

$7

Decline in fair value from 100 basis points adverse change in interest rates
11

 
10

Weighted average discount rate:
 
 
 
Decline in fair value from 50 basis points adverse change
3

 
3

Decline in fair value from 100 basis points adverse change
6

 
6