Commercial Mortgage Banking (Tables)

3 Months Ended

Mar. 31, 2016

The total unpaid principal balance of loans the Company was servicing for various institutional investors as of March 31, 2016 and December 31, 2015 was as follows:



(Expressed in thousands)
	As of March 31, 2016		As of December 31, 2015
Unpaid principal balance of loans	$	3,937,592	$	3,974,292

Summary of Changes in Carrying Value of Mortgage Servicing Rights

The following tables summarize the changes in carrying value of MSRs for the three months ended March 31, 2016 and 2015:



(Expressed in thousands)
	For the Three Months Ended March 31,
	2016			2015
Balance at beginning of period	$	28,168		$	30,140
Originations ⁽¹⁾	1,388			601
Purchases	111			208
Disposals ⁽¹⁾	(861		)	(2,328		)
Amortization expense	(782		)	(230		)
Balance at end of period	$	28,024		$	28,391


(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	$	2,340	$	791	$	3,131
2017	3,116		1,053		4,169
2018	3,091		1,046		4,137
2019	2,995		985		3,980
2020	2,851		886		3,737
Thereafter	7,610		1,260		8,870
	$	22,003	$	6,021	$	28,024

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, 2016 and 2015 were as follows:



(Expressed in thousands)
	For the Three Months Ended March 31,
	2016		2015
Servicing fees	$	1,455	$	1,467
Ancillary fees	105		101
Total MSR fees	$	1,560	$	1,568