Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2015

The following table sets forth the changes in the balances of residential MSRs for the periods indicated:


	For the Three Months Ended March 31,
(in thousands)	2015		2014
Carrying value, beginning of year	$	227,297	$	241,018
Additions		15,017		6,808
Increase (decrease) in fair value:
Due to changes in interest rates and valuation assumptions		(6,448)		43
Due to other changes⁽¹⁾		(15,495)		(9,865)
Amortization		--		--

Carrying value, end of period	$	220,371	$	238,004

(1)	Net servicing cash flows, including loan payoffs, and the passage of time.

The following table presents the key assumptions used in calculating the fair value of the Company’s residential MSRs at the dates indicated:


	March 31, 2015			December 31, 2014
Expected Weighted Average Life		83 months			83 months
Constant Prepayment Speed		10.5	%		9.3	%
Discount Rate		10.0			10.0
Primary Mortgage Rate to Refinance		3.8			4.0
Cost to Service (per loan per year):
Current		$ 63			$ 63
30-59 days or less delinquent		213			213
60-89 days delinquent		313			313
90-119 days delinquent		413			413
120 days or more delinquent		563			563