Commercial Mortgage Banking (Tables)

9 Months Ended

Sep. 30, 2016

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



(Expressed in thousands)
	As of September 30, 2016		As of December 31, 2015
Unpaid principal balance of loans	$	26,149	$	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 nine months ended September 30, 2016 and 2015:



(Expressed in thousands)
	For the Nine Months Ended September 30,
	2016			2015
Balance at beginning of period	$	28,168		$	30,140
Originations	789			5,726
Purchases	301			675
Disposals	(1,753		)	(6,118		)
Sale of MSRs	(27,193		)	—
Amortization expense	(44		)	(829		)
Balance at end of period	$	268		$	29,594

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)
2016	$	8
2017	33
2018	33
2019	33
2020	33
Thereafter	128
	$	268

Components of Mortgage Servicing Rights Fees

The Company receives fees during the course of servicing the mortgage loans. The fees for the three and nine months ended September 30, 2016 and 2015 were as follows:



(Expressed in thousands)
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015
Servicing fees	$	80	$	1,463	$	2,944	$	4,384
Ancillary fees	8		47		162		241
Total MSR fees	$	88	$	1,510	$	3,106	$	4,625