Wells Fargo 2012 Annual Report Download - page 183
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We present the components of our managed servicing
portfolio in the following table at unpaid principal balance for
loans serviced and subserviced for others and at book value for
owned loans serviced.
December 31,
(in billions) 2012 2011
Residential mortgage servicing:
Serviced for others $ 1,498 1,456
Owned loans serviced 368 358
Subservicing 7 8
Total residential servicing 1,873 1,822
Commercial mortgage servicing:
Serviced for others 408 398
Owned loans serviced 106 106
Subservicing 13 14
Total commercial servicing 527 518
Total managed servicing portfolio $ 2,400 2,340
Total serviced for others $ 1,906 1,854
Ratio of MSRs to related loans serviced for others 0.67 % 0.76
The components of mortgage banking noninterest income were:
Year ended December 31,
(in millions) 2012 2011 2010
Servicing income, net:
Servicing fees
Contractually specified servicing fees $ 4,626 4,611 4,566
Late charges 257 298 360
Ancillary fees 342 354 434
Unreimbursed direct servicing costs (1) (1,234) (1,119) (763)
Net servicing fees 3,991 4,144 4,597
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2) (2,893) (3,680) (2,957)
Other changes in fair value (3) (3,061) (2,141) (2,554)
Total changes in fair value of MSRs carried at fair value (5,954) (5,821) (5,511)
Amortization (233) (264) (228)
Provision for MSRs in excess of fair value - (34) (3)
Net derivative gains from economic hedges (4) 3,574 5,241 4,485
Total servicing income, net 1,378 3,266 3,340
Net gains on mortgage loan origination/sales activities 10,260 4,566 6,397
Total mortgage banking noninterest income $ 11,638 7,832 9,737
Market-related valuation changes to MSRs, net of hedge results (2) + (4) $ 681 1,561 1,528
(1) Primarily associated with foreclosure expenses and certain interest costs.
(2) Refer to the changes in fair value of MSRs table in this Note for more detail.
(3) Represents changes due to collection/realization of expected cash flows over time.
(4) Represents results from free-standing derivatives (economic hedges) used to hedge the risk of changes in fair value of MSRs. See Note 16 – Free-Standing Derivatives for
additional discussion and detail.
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