Ally Bank 2014 Annual Report Download - page 132
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
120
The components of servicing valuation and hedge activities, net, were as follows.
Year ended December 31, ($ in millions) 2014 2013 2012
Change in estimated fair value of mortgage servicing rights $—
$ (101) $ (560)
Change in fair value of derivative financial instruments —(112) 556
Servicing asset valuation and hedge activities, net $—
$ (213) $ (4)
Mortgage Servicing Fees
The components of mortgage servicing fees were as follows.
Year ended December 31, ($ in millions)2014 2013 2012
Contractual servicing fees, net of guarantee fees and including subservicing $—
$ 62 $ 281
Late fees —27
Ancillary fees —412
Total mortgage servicing fees $—
$ 68 $ 300
Automotive Finance Servicing Activities
We service consumer automotive contracts. Historically, we have sold a portion of our consumer automotive contracts. With respect to
contracts we sell, we retain the right to service and earn a servicing fee for our servicing function. Typically, we conclude that the fee we are
paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, we do not recognize a
servicing asset or liability. We recognized automotive servicing fee income of $31 million, $58 million, and $109 million during the years
ended December 31, 2014, 2013, and 2012, respectively.
Automotive Finance Serviced Assets
The current unpaid principal balance and any related unamortized deferred fees and costs of total serviced automotive finance loans
outstanding were as follows.
December 31, ($ in millions) 2014 2013
On-balance sheet automotive finance loans and leases
Consumer automotive $ 58,085 $ 56,417
Commercial automotive 34,022 33,803
Operating leases 19,510 17,680
Other 55 54
Off-balance sheet automotive finance loans
Loans sold to third-party investors
Securitizations 2,832 887
Whole-loan 887 2,748
Total serviced automotive finance loans and leases $ 115,391 $ 111,589
12. Premiums Receivable and Other Insurance Assets
Premiums receivable and other insurance assets consisted of the following.
December 31, ($ in millions) 2014 2013
Prepaid reinsurance premiums $ 326 $ 288
Reinsurance recoverable on unpaid losses 143 182
Reinsurance recoverable on paid losses 12 13
Premiums receivable 90 85
Deferred policy acquisition costs 1,124 1,045
Total premiums receivable and other insurance assets $ 1,695 $ 1,613