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MORTGAGE BANKING (Tables)
 12 Months Ended
Dec. 31, 2014
Mortgage Banking [Abstract]  
Schedule of valuation allowance for impairment of recognized servicing assets
Changes related to MSRs were as follows:
 
Year Ended December 31,
(in millions)
2014

 
2013

 
2012

MSRs:
 
 
 
 
 
Balance as of January 1

$208

 

$215

 

$215

Amount capitalized
17

 
45

 
67

Amortization
(41
)
 
(52
)
 
(67
)
Carrying amount before valuation allowance
184

 
208

 
215

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

 
70

 
58

Valuation (recovery) impairment
(5
)
 
(47
)
 
12

Balance at end of period
18

 
23

 
70

Net carrying value of MSRs

$166

 

$185

 

$145
Servicing asset at amortized cost
Changes related to MSRs were as follows:
 
Year Ended December 31,
(in millions)
2014

 
2013

 
2012

MSRs:
 
 
 
 
 
Balance as of January 1

$208

 

$215

 

$215

Amount capitalized
17

 
45

 
67

Amortization
(41
)
 
(52
)
 
(67
)
Carrying amount before valuation allowance
184

 
208

 
215

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

 
70

 
58

Valuation (recovery) impairment
(5
)
 
(47
)
 
12

Balance at end of period
18

 
23

 
70

Net carrying value of MSRs

$166

 

$185

 

$145
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:

 
Year Ended December 31,
(dollars in millions)
2014
 
2013
Fair value

$179

 

$195

Weighted average life (in years)
5.2
 
5.4
Weighted average constant prepayment rate
12.4
%
 
13.0
%
Weighted average discount rate
9.8
%
 
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:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Weighted average life (in years)
5.8
 
6.0
 
4.0
Weighted average constant prepayment rate
11.7
%
 
12.4
%
 
20.7
%
Weighted average discount rate
10.3
%
 
10.5
%
 
10.5
%
Schedule of the impact to fair value of an adverse change in key economic assumptions
 
Year Ended December 31,
(in millions)
2014

 
2013

 
2012

Prepayment rate:
 
 
 
 
 
Decline in fair value from 50 basis points adverse change in interest rates

$9

 

$9

 

$11

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

$15

 

$18

 

$18

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

$3

 

$3

 

$2

Decline in fair value from 100 basis points adverse change

$6

 

$6

 

$4