Mortgage banking activities

12 Months Ended

Dec. 31, 2015

Note 15 – 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:


		Years ended December 31,
(In thousands)			2015		2014		2013
Mortgage servicing fees, net of fair value adjustments:
	Mortgage servicing fees	$	59,461	$	41,761	$	45,465
	Mortgage servicing rights fair value adjustments		(7,904)		(24,683)		(11,403)
Total mortgage servicing fees, net of fair value adjustments			51,557		17,078		34,062
Net gain on sale of loans, including valuation on loans held for sale			35,336		31,213		26,719
Trading account (loss) profit:
	Unrealized gains (losses) on outstanding derivative positions		17		(726)		746
	Realized (losses) gains on closed derivative positions		(5,108)		(16,950)		10,130
Total trading account (loss) profit			(5,091)		(17,676)		10,876
Total mortgage banking activities		$	81,802	$	30,615	$	71,657