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MORTGAGE BANKING (Tables)
 3 Months Ended
Mar. 31, 2015
Mortgage Banking [Abstract]  
Schedule of valuation allowance for impairment of recognized servicing assets
Changes related to MSRs were as follows:
 
Three Months Ended March 31,
(in millions)
2015

 
2014

MSRs:
 
 
 
Balance as of January 1

$184

 

$208

Amount capitalized
6

 
4

Amortization
(10
)
 
(11
)
Carrying amount before valuation allowance
180

 
201

Valuation allowance for servicing assets:
 
 
 
Balance as of January 1
18

 
23

Valuation recovery
(1
)
 
(4
)
Balance at end of period
17

 
19

Net carrying value of MSRs

$163

 

$182
Servicing asset at amortized cost
Changes related to MSRs were as follows:
 
Three Months Ended March 31,
(in millions)
2015

 
2014

MSRs:
 
 
 
Balance as of January 1

$184

 

$208

Amount capitalized
6

 
4

Amortization
(10
)
 
(11
)
Carrying amount before valuation allowance
180

 
201

Valuation allowance for servicing assets:
 
 
 
Balance as of January 1
18

 
23

Valuation recovery
(1
)
 
(4
)
Balance at end of period
17

 
19

Net carrying value of MSRs

$163

 

$182
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:

(dollars in millions)
March 31, 2015
 
December 31, 2014
Fair value
$176
 
$179
Weighted average life (in years)
5.1
 
5.2
Weighted average constant prepayment rate
 12.8%
 
 12.4%
Weighted average discount rate
   9.8%
 
   9.8%
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:
 
Three Months Ended March 31,
 
2015
 
2014
Weighted average life (in years)
4.7
 
5.2
Weighted average constant prepayment rate
12.2
%
 
12.1
%
Weighted average discount rate
9.6
%
 
10.4
%
Schedule of the impact to fair value of an adverse change in key economic assumptions
(in millions)
March 31, 2015
 
December 31, 2014
Prepayment rate:
 
 
 
Decline in fair value from 50 basis points adverse change in interest rates

$6

 

$9

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

$12

 

$15

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