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MORTGAGE BANKING (Tables)
 3 Months Ended
Mar. 31, 2016
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
Three Months Ended
March 31,
(in millions)
2016

 
2015

MSRs:
 
 
 
Balance as of January 1

$173

 

$184

Amount capitalized
5

 
6

Amortization
(9
)
 
(10
)
Carrying amount before valuation allowance
169

 
180

Valuation allowance for servicing assets:
 
 
 
Balance as of January 1
9

 
18

Valuation charge-offs (recoveries)
5

 
(1
)
Balance at end of period
14

 
17

Net carrying value of MSRs

$155

 

$163
Servicing asset at amortized cost
Changes related to MSRs were as follows:
 
As of and for the
Three Months Ended
March 31,
(in millions)
2016

 
2015

MSRs:
 
 
 
Balance as of January 1

$173

 

$184

Amount capitalized
5

 
6

Amortization
(9
)
 
(10
)
Carrying amount before valuation allowance
169

 
180

Valuation allowance for servicing assets:
 
 
 
Balance as of January 1
9

 
18

Valuation charge-offs (recoveries)
5

 
(1
)
Balance at end of period
14

 
17

Net carrying value of MSRs

$155

 

$163
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, 2016
 
December 31, 2015
Fair value
$168
 
$178
Weighted average life (in years)
4.9
 
5.4
Weighted average constant prepayment rate
13.3%
 
11.6%
Weighted average discount rate
9.7%
 
9.7%
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,
 
2016
 
2015
Weighted average life (in years)
6.1
 
4.7
Weighted average constant prepayment rate
11.0%
 
 12.2%
Weighted average discount rate
  9.8%
 
   9.6%
Schedule of the impact to fair value of an adverse change in key economic assumptions
(in millions)
March 31, 2016
 
December 31, 2015
Prepayment rate:
 
 
 
Decline in fair value from a 50 basis point decrease in interest rates

$6

 

$5

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

$14

 

$11

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

$5

 

$6