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Mortgage Servicing Rights (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021:

Servicing Asset
dollars in millionsThree Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Beginning balance$28 $22 $23 $18 
Servicing rights originated— 2 4 9 
Servicing rights obtained in CIT Merger— — 3 — 
Amortization(2)(2)(5)(6)
Valuation allowance benefit— — 1 1 
Ending balance$26 $22 $26 $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
dollars in millionsThree Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Beginning balance$— $3 $1 $4 
Valuation allowance benefit— — (1)(1)
Ending balance$— $3 $— $3 
Schedule of Servicing Asset Key Economic Assumptions Key economic assumptions used to value MSRs were as follows:
MSRs Valuation Assumptions
September 30, 2022December 31, 2021
Discount rate9.62 %8.55 %
Weighted average constant prepayment rate6.70 %15.69 %
Weighted average cost to service a loan$81 $88