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MORTGAGE BANKING (Tables)
 6 Months Ended
Jun. 30, 2015
Mortgage Banking [Abstract]  
Schedule of valuation allowance for impairment of recognized servicing assets
Changes related to MSRs were as follows:
 
As of and for the Six Months Ended June 30,
(in millions)
2015

 
2014

MSRs:
 
 
 
Balance as of January 1

$184

 

$208

Amount capitalized
13

 
8

Amortization
(20
)
 
(21
)
Carrying amount before valuation allowance
177

 
195

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

 
23

Valuation recovery
(7
)
 
(3
)
Balance at end of period
11

 
20

Net carrying value of MSRs

$166

 

$175
Servicing asset at amortized cost
Changes related to MSRs were as follows:
 
As of and for the Six Months Ended June 30,
(in millions)
2015

 
2014

MSRs:
 
 
 
Balance as of January 1

$184

 

$208

Amount capitalized
13

 
8

Amortization
(20
)
 
(21
)
Carrying amount before valuation allowance
177

 
195

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

 
23

Valuation recovery
(7
)
 
(3
)
Balance at end of period
11

 
20

Net carrying value of MSRs

$166

 

$175
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)
June 30, 2015
 
December 31, 2014
Fair value
$180
 
$179
Weighted average life (in years)
5.4
 
5.2
Weighted average constant prepayment rate
 11.7%
 
 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:
 
Six Months Ended June 30,
 
2015
 
2014
Weighted average life (in years)
5.4
 
5.4
Weighted average constant prepayment rate
 11.1%
 
 12.1%
Weighted average discount rate
9.6%
 
 10.3%
Schedule of the impact to fair value of an adverse change in key economic assumptions
(in millions)
June 30, 2015
 
December 31, 2014
Prepayment rate:
 
 
 
Decline in fair value from a 50 basis point decrease in interest rates

$6

 

$9

Decline in fair value from a 100 basis point decrease in interest rates

$12

 

$15

Weighted average discount rate:
 
 
 
Decline in fair value from a 50 basis point increase in weighted average discount rate

$3

 

$3

Decline in fair value from a 100 basis point increase in weighted average discount rate

$6

 

$6