Commercial Mortgage Banking (Tables)

12 Months Ended

Dec. 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 as of December 31, 2015 and 2014 was as follows:

(Expressed in thousands)
	2015		2014
Unpaid principal balance of loans	$	3,974,292	$	4,134,894

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, 2015 and 2014:

(Expressed in thousands)
	Year Ended December 31,
	2015			2014
Balance at beginning of year	$	30,140		$	28,879
Originations (1)	6,569			5,956
Purchases	799			345
Disposals (1)	(8,613		)	(2,221		)
Amortization expense	(727		)	(2,819		)
Balance at end of year	$	28,168		$	30,140

(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
2016	$	3,039	$	1,084	$	4,123
2017	3,036		1,082		4,118
2018	3,008		1,075		4,083
2019	2,913		1,014		3,927
2020	2,758		912		3,670
Thereafter	6,962		1,285		8,247
	$	21,716	$	6,452	$	28,168

Components of Mortgage Servicing Rights Fees

The Company receives fees during the course of servicing the mortgage loans. The fees for the years ended December 31, 2015, 2014 and 2013 were as follows:

(Expressed in thousands)
	For the Year Ended December 31,
	2015		2014		2013
Servicing fees	$	5,848	$	5,552	$	5,049
Ancillary fees	310		328		528
Total MSR fees	$	6,158	$	5,880	$	5,577