| Schedule of other mortgage notes serviced and chages in our mortgage servicing rights |
A summary of mortgage loans serviced for others as of December 31, 2016 and 2015 is as follows (in thousands):
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2016
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2015
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Commercial FHA mortgage loans
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$
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3,811,066
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$
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3,649,524
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Residential mortgage loans
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1,833,443
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1,826,280
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Total loans serviced for others
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$
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5,644,509
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$
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5,475,804
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Changes in our mortgage servicing rights were as follows for the years ended December 31, 2016, 2015 and 2014 (in thousands):
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2016
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2015
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2014
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Mortgage servicing rights:
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Balance at beginning of period
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$
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67,218
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$
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62,900
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$
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2,522
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Servicing rights acquired – commercial FHA mortgage loans
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—
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—
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45,544
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Servicing rights acquired – residential mortgage loans
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—
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—
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14,791
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Servicing rights capitalized – commercial FHA mortgage loans
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6,805
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4,318
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—
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Servicing rights capitalized – residential mortgage loans
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3,828
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5,015
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464
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Amortization – commercial FHA mortgage loans
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(2,388)
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(2,272)
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—
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Amortization – residential mortgage loans
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(3,753)
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(2,743)
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(421)
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Balance at end of period
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71,710
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67,218
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62,900
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Valuation allowances:
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Balance at beginning of period
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567
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119
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202
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Additions
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6,962
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1,630
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92
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Reductions
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(3,827)
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(1,182)
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(175)
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Balance at end of period
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3,702
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|
567
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|
119
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Mortgage servicing rights, net
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$
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68,008
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$
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66,651
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$
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62,781
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Fair value:
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At beginning of period
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$
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66,700
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$
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62,781
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$
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2,320
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At end of period
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$
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68,008
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$
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66,700
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$
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62,781
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| Schedule of summary of key assumptions |
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Remaining
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Servicing
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Interest
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Years to
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Prepayment
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Servicing
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Discount
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Fee
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Rate
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Maturity
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Rate
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Cost
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Rate
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December 31, 2016:
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Commercial FHA mortgage loans
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0.13
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%
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3.72
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%
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30.2
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8.31
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%
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$
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1,000
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10 - 13
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%
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Residential mortgage loans
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0.26
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%
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3.89
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%
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24.2
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9.72
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%
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$
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60.27
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9 - 11
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%
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December 31, 2015:
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Commercial FHA mortgage loans
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0.12
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%
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3.85
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%
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30.6
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8.53
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%
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$
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1,000
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10 - 13
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%
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Residential mortgage loans
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0.27
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%
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3.96
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%
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24.4
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11.22
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%
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$
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73.66
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9 - 11
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%
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