Commercial Mortgage Banking (Tables)

6 Months Ended

Jun. 30, 2016

The total unpaid principal balance of loans the Company was servicing for various institutional investors as of June 30, 2016 and December 31, 2015 was as follows:



(Expressed in thousands)
	As of June 30, 2016		As of December 31, 2015
Unpaid principal balance of loans	$	196,726	$	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 six months ended June 30, 2016 and 2015:



(Expressed in thousands)
	For the Six Months Ended June 30,
	2016			2015
Balance at beginning of period	$	28,168		$	30,140
Originations	2,311			3,491
Purchases	478			653
Disposals	(1,753		)	—
Sale of MSRs	(25,987		)	(4,569		)
Amortization expense	(1,224		)	(495		)
Balance at end of period	$	1,993		$	29,220

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	$	97	$	19	$	116
2017	195		37		232
2018	195		37		232
2019	195		37		232
2020	195		37		232
Thereafter	791		158		949
	$	1,668	$	325	$	1,993

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, 2016 and 2015 were as follows:



(Expressed in thousands)
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016		2015		2016		2015
Servicing fees	$	1,409	$	1,454	$	2,864	$	2,921
Ancillary fees	49		93		154		194
Total MSR fees	$	1,458	$	1,547	$	3,018	$	3,115