Commercial Mortgage Banking (Tables)

3 Months Ended

Mar. 31, 2015

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:

(Expressed in thousands)
	As of March 31, 2015		As of December 31, 2014
Unpaid principal balance of loans	$	3,959,623	$	4,134,894

Summary of Changes in Carrying Value of Mortgage Servicing Rights

The following table summarizes the changes in carrying value of MSRs for the three months ended March 31, 2015 and 2014:

(Expressed in thousands)
	For the Three Months Ended March 31,
	2015			2014
Balance at beginning of period	$	30,140		$	28,879
Originations (1)	601			1,544
Purchases	208			21
Disposals (1)	(2,328		)	(562		)
Amortization expense	(230		)	(656		)
Balance at end of period	$	28,391		$	29,226

(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	$	2,144	$	918	$	3,062
2016	2,857		1,225		4,082
2017	2,851		1,222		4,073
2018	2,825		1,216		4,041
2019	2,727		1,155		3,882
Thereafter	7,187		2,064		9,251
	$	20,591	$	7,800	$	28,391

Components of Mortgage Servicing Rights Fees

The Company receives fees during the course of servicing the mortgage loans. The fees for the three months ended March 31, 2015 and 2014 were as follows:

(Expressed in thousands)
	For the Three Months Ended March 31,
	2015		2014
Servicing fees	$	1,467	$	1,344
Ancillary fees	101		93
Total MSR fees	$	1,568	$	1,437