Commercial Mortgage Banking (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015		As of December 31, 2014
Unpaid principal balance of loans	$	4,076,235	$	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 six months ended June 30, 2015 and 2014:

(Expressed in thousands)
	For the Six Months Ended June 30,
	2015			2014
Balance at beginning of period	$	30,140		$	28,879
Originations (1)	3,491			2,474
Purchases	653			52
Disposals (1)	(4,569		)	(776		)
Amortization expense	(495		)	(1,514		)
Balance at end of period	$	29,220		$	29,115

(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	$	1,484	$	614	$	2,098
2016	2,967		1,228		4,195
2017	2,963		1,225		4,188
2018	2,934		1,220		4,154
2019	2,839		1,158		3,997
Thereafter	8,361		2,227		10,588
	$	21,548	$	7,672	$	29,220

Components of Mortgage Servicing Rights Fees

The Company receives fees during the course of servicing the mortgage loans. The fees for the three and six months ended June 30, 2015 and 2014 were as follows:

(Expressed in thousands)
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
Servicing fees	$	1,454	$	1,381	$	2,921	$	2,725
Ancillary fees	93		75		194		168
Total MSR fees	$	1,547	$	1,456	$	3,115	$	2,893