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MORTGAGE SERVICING RIGHTS | 3 Months Ended
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Mar. 31, 2024
MORTGAGE SERVICING RIGHTS |
MORTGAGE SERVICING RIGHTS | NOTE 6 – MORTGAGE SERVICING RIGHTS Loans serviced for others are not included in the accompanying consolidated balance sheets. MSRs are recognized as separate assets when loans sold in the secondary market are sold with servicing retained. The Company utilizes a third-party consulting firm to assist with determining an accurate assessment of the MSRs fair value. The third-party firm collects relevant data points from numerous sources. Some of these data points relate directly to the pricing level or relative value of the mortgage servicing while other data points relate to the assumptions used to derive fair value. In addition, the valuation evaluates specific collateral types, and current and historical performance of the collateral in question. The valuation process focuses on the non-distressed secondary servicing market, common industry practices and current regulatory standards. The primary determinants of the fair value of MSRs are servicing fee percentage, ancillary income, expected loan life or prepayment speeds, discount rates, costs to service, delinquency rates, foreclosure losses and recourse obligations. The valuation data also contains interest rate shock analyses for monitoring fair value changes in differing interest rate environments. Following is an analysis of activity in the MSR asset: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Year Ended
​ | ​ | March 31, 2024 | ​ | December 31, 2023
Fair value at beginning of period | ​ | $ | 13,668 | ​ | $ | 9,582
​ | ​ | ​ | ​ | ​ | ​ | ​
Servicing asset additions | ​ |  | 189 | ​ |  | 879
Loan payments and payoffs | ​ |  | (363) | ​ |  | (1,624)
Changes in valuation inputs and assumptions used in the valuation model | ​ |  | (138) | ​ |  | 1,140
Amount recognized through earnings | ​ | ​ | (312) | ​ | ​ | 395
MSR asset acquired | ​ |  | — | ​ |  | 3,691
Fair value at end of period | ​ | $ | 13,356 | ​ | $ | 13,668
​ | ​ | ​ | ​ | ​ | ​ | ​
Unpaid principal balance of loans serviced for others | ​ | $ | 1,170,466 | ​ | $ | 1,175,709
Mortgage servicing rights as a percent of loans serviced for others | ​ |  | 1.14 | ​ |  | 1.16
​ The primary economic assumptions utilized by the Company in measuring the value of MSRs were constant prepayment speeds of 8.0 and 7.5 months as of March 31, 2024 and December 31, 2023, respectively, and discount rates of 10.19% as of each of those periods. The constant prepayment speeds are obtained from publicly available sources for each of the loan programs the Company originates under.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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