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Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2022 and 2021:

Servicing Asset
Three Months Ended June 30,Six Months Ended June 30,
dollars in millions2022202120222021
Beginning balance$28 $23 $23 $18 
Servicing rights originated1 3 4 7 
Servicing rights obtained in CIT Merger— — 4 — 
Amortization(1)(2)(4)(4)
Valuation allowance credit (provision)— (2)1 1 
Ending balance$28 $22 $28 $22 
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 June 30,Six Months Ended June 30,
dollars in millions2022202120222021
Beginning balance$— $1 $1 $4 
Valuation allowance credit (provision)— 2 (1)(1)
Ending balance$— $3 $— $3 
Schedule of Servicing Asset Key Economic Assumptions Key economic assumptions used to value MSRs were as follows:
MSRs Valuation Assumptions
June 30, 2022December 31, 2021
Discount rate - conventional fixed loans9.93 %8.51 %
Discount rate - all loans excluding conventional fixed loans11.22 %9.51 %
Weighted average constant prepayment rate8.40 %15.69 %
Weighted average cost to service a loan$91 $88