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Mortgage Servicing Rights (Tables)
 3 Months Ended
Mar. 31, 2022
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of Changes in Servicing Assets
The following table presents changes in the servicing asset during the three months ended March 31, 2022 and 2021:

Servicing Asset
Three months ended March 31,
dollars in millions20222021
Beginning balance$23 $18 
Servicing rights originated2 4 
Servicing rights obtained in CIT Merger3 — 
Amortization(1)(2)
Valuation allowance decrease1 3 
Ending balance$28 $23 
Schedule of Activity in Servicing Asset Valuation Allowance
The following table presents the activity in the servicing asset valuation allowance:

Servicing Asset Valuation Allowance
Three months ended March 31,
dollars in millions20222021
Beginning balance$1 $4 
Valuation allowance decrease(1)(3)
Ending balance$— $1 
Schedule of Servicing Asset Key Economic Assumptions Key economic assumptions used to value MSRs were as follows:
MSRs Valuation Assumptions
March 31, 2022December 31, 2021
Discount rate - conventional fixed loans9.30 %8.51 %
Discount rate - all loans excluding conventional fixed loans10.61 %9.51 %
Weighted average constant prepayment rate9.56 %15.69 %
Weighted average cost to service a loan$90.57 $87.58