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SERVICING RIGHTS, AT FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2021
Transfers and Servicing [Abstract] |
Summary of Outstanding Principal Balance of Servicing Rights | The outstanding principal balance of the servicing portfolio was comprised of the following:
|  | September 30, 2021 |  | December 31, 2020
Conventional |  | $ | 112,166,336 |  |  | $ | 74,459,448 |
Government |  | 33,138,846 |  |  | 28,471,810 |
Total servicing portfolio |  | $ | 145,305,182 |  |  | $ | 102,931,258 |
Summary of Unpaid Principal Balance Underlying Servicing Rights | A summary of the unpaid principal balance underlying servicing rights is as follows:
|  | September 30, 2021 |  | December 31, 2020
Current loans |  | $ | 143,345,702 |  |  | $ | 100,358,713 |
Loans 30 - 89 days delinquent |  | 455,284 |  |  | 709,946 |
Loans 90 or more days delinquent or in foreclosure |  | 1,504,196 |  |  | 1,862,599 |
Total servicing portfolio (1) |  | $ | 145,305,182 |  |  | $ | 102,931,258 |
(1)At September 30, 2021 and December 31, 2020, 1.1% and 2.4%, respectively, of the servicing portfolio was in forbearance as a result of payment relief efforts afforded to borrowers under the Coronavirus Aid, Relief, and Economic Security Act and other regulatory guidance.
Summary of Changes in Servicing Rights | A summary of the changes in the balance of servicing rights is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period |  | $ | 1,776,395 |  |  | $ | 569,927 |  |  | $ | 1,124,302 |  |  | $ | 444,443 |
Additions |  | 345,882 |  |  | 262,401 |  |  | 1,302,884 |  |  | 574,768 |
Sales proceeds, net |  | (182,892) |  |  | (2,319) |  |  | (365,680) |  |  | (9,620) |
Changes in fair value: |  |  |  |  |  |  |  |
Due to changes in valuation inputs or assumptions |  | (3,461) |  |  | (3,009) |  |  | 98,295 |  |  | (112,059) |
Other changes in fair value (1) |  | (99,230) |  |  | (50,007) |  |  | (323,107) |  |  | (120,539) |
Balance at end of period (2) |  | $ | 1,836,694 |  |  | $ | 776,993 |  |  | $ | 1,836,694 |  |  | $ | 776,993 |
(1)Other changes in fair value include fall out and decay from loan payoffs and principal amortization. (2)Balance is net of $4.8 million and $3.5 million of servicing rights liability at September 30, 2021 and 2020, respectively.
Summary of Components of Loan Servicing Fee Income | The following is a summary of the components of servicing fee income as reported in the Company’s consolidated statements of operations:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Contractual servicing fees |  | $ | 99,640 |  |  | $ | 46,234 |  |  | $ | 271,374 |  |  | $ | 112,917 |
Late, ancillary and other fees |  | 2,789 |  |  | 2,172 |  |  | 8,364 |  |  | 8,603 |
Total servicing fee income |  | $ | 102,429 |  |  | $ | 48,406 |  |  | $ | 279,738 |  |  | $ | 121,520 |
Summary of Components of Changes in Fair Value of Servicing Rights | The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Changes in fair value: |  |  |  |  |  |  |  |
Due to changes in valuation inputs or assumptions |  | $ | (3,461) |  |  | $ | (3,009) |  |  | $ | 98,295 |  |  | $ | (112,059) |
Other changes in fair value (1) |  | (99,230) |  |  | (50,007) |  |  | (323,107) |  |  | (120,539) |
Realized losses on sales of servicing rights |  | (14,218) |  |  | (2,606) |  |  | (8,224) |  |  | (2,549) |
Net (loss) gain from derivatives hedging servicing rights |  | (21,553) |  |  | 26,309 |  |  | (94,158) |  |  | 125,330 |
Changes in fair value of servicing rights, net |  | $ | (138,462) |  |  | $ | (29,313) |  |  | $ | (327,194) |  |  | $ | (109,817) |
(1) Other changes in fair value include fall out and decay from loan payoffs and principal amortization.
Servicing Rights Sensitivity Analysis | The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.
Servicing Rights Sensitivity Analysis |  | September 30, 2021 |  | December 31, 2020
Fair Value of Servicing Rights, net |  | $ | 1,836,694 |  |  | $ | 1,124,302 |
Change in Fair Value from adverse changes: |  |  |  |
Discount Rate: |  |  |  |
Increase 100 basis points |  | (80,001) |  |  | (45,745) |
Increase 200 basis points |  | (153,883) |  |  | (87,800) |
Cost of Servicing: |  |  |  |
Increase 10% |  | (18,600) |  |  | (11,556) |
Increase 20% |  | (37,284) |  |  | (23,112) |
Prepayment Speed: |  |  |  |
Increase 10% |  | (66,889) |  |  | (63,351) |
Increase 20% |  | (130,552) |  |  | (122,294) |

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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122625-111746 + Details
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