Commercial Mortgage Banking (Tables)

12 Months Ended

Dec. 31, 2014

Transfers and Servicing [Abstract]

Unpaid Principal Balance of Loans

The total unpaid principal balance of loans the Company was servicing for various institutional investors was as follows at December 31, 2014 and 2013:

(Expressed in thousands)
	2014		2013
Unpaid principal balance of loans	$	4,134,894	$	3,885,437

Summary of Changes in Carrying Value of Mortgage Servicing Rights

The following tables summarize the changes in carrying value of MSRs for the years ended December 31, 2014 and 2013:

(Expressed in thousands)
	Year Ended December 31,
	2014			2013
Balance at beginning of year	$	28,879		$	26,983
Originations (1)	5,956			7,351
Purchases	345			1,344
Disposals (1)	(2,221		)	(4,918		)
Amortization expense	(2,819		)	(1,881		)
Balance at end of year	$	30,140		$	28,879

(1) Includes refinancings

Schedule of Amortization Expense

Servicing rights are amortized using the straight-line method over 10 years. Estimated amortization expense for the next five years and thereafter is as follows:

(Expressed in thousands)
	Originated MSRs		Purchased MSRs		Total MSRs
2015	$	2,954	$	1,285	$	4,240
2016	2,953		1,285		4,238
2017	2,947		1,283		4,230
2018	2,921		1,272		4,193
2019	2,819		1,207		4,026
Thereafter	7,181		2,032		9,213
	$	21,775	$	8,364	$	30,140

Components of Mortgage Servicing Rights Fees

The Company receives fees during the course of servicing the mortgage loans. The amount of these fees for the years ended December 31, 2014, 2013 and 2012 was as follows:

(Expressed in thousands)
	For the Year Ended December 31,
	2014		2013		2012
Servicing fees	$	5,552	$	5,049	$	4,177
Ancillary fees	328		528		537
Total MSR fees	$	5,880	$	5,577	$	4,714