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12) Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2014
Notes  
12) Mortgage Servicing Rights

 

12)       Mortgage Servicing Rights

 

The following is a summary of the MSR activity for the periods presented.

 

As of September 30 2014

As of December 31 2013

Amortized cost:

Balance before valuation allowance at beginning of year

 $              4,844,101

 $              2,797,470

MSRs proceeds from loan sales

                 2,582,672

                 2,494,254

Amortization

                  (521,704)

                  (447,623)

Application of valuation allowance to write down MSRs with other than temporary impairment

                              -

                             -

Balance before valuation allowance at year end

 $              6,905,069

 $              4,844,101

Valuation allowance for impairment of MSRs:

Balance at beginning of year

 $                           -

 $                           -

Additions

                              -

                             -

Application of valuation allowance to write down MSRs with other than temporary impairment

                              -

                             -

Balance at end of period

 $                           -

 $                           -

Mortgage servicing rights, net

 $              6,905,069

 $              4,844,101

Estimated fair value of MSRs at end of period

 $              7,278,193

 $              5,491,270

 

The Company reports these MSRs pursuant to the accounting policy discussed in Note 8.