Mortgage banking activities

3 Months Ended

Mar. 31, 2014

Notes to Financial Statements [Abstract]

Mortgage Banking Activities [Text BLock]

Note 10– Mortgage banking activities

Income from mortgage banking activities includes mortgage servicing fees earned in connection with administering residential mortgage loans and valuation adjustments on mortgage servicing rights. It also includes gain on sales and securitizations of residential mortgage loans and trading gains and losses on derivative contracts used to hedge the Corporation's securitization activities. In addition, lower-of-cost-or-market valuation adjustments to residential mortgage loans held for sale, if any, are recorded as part of the mortgage banking activities.

The following table presents the components of mortgage banking activities:

			Quarters ended March 31,
(In thousands)			2014		2013
Mortgage servicing fees, net of fair value adjustments:
	Mortgage servicing fees	$	10,751	$	11,246
	Mortgage servicing rights fair value adjustments		(8,096)		(5,615)
Total mortgage servicing fees, net of fair value adjustments			2,655		5,631
Net gain on sale of loans, including valuation on loans			7,176		13,760
Trading account (loss) profit:
	Unrealized losses on outstanding derivative positions		(760)		(22)
	Realized (losses) gains on closed derivative positions		(5,390)		931
Total trading account (loss) profit			(6,150)		909
Total mortgage banking activities		$	3,681	$	20,300