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Note 16: Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)
 12 Months Ended
Dec. 31, 2016
Tables/Schedules  
Schedule of Financial Instruments Carried at Other Than Fair Value

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

Fixed maturity securities, held to maturity

 $     184,979,644

 

 $                  -

 

 $   191,850,749

 

 $                        -

 

 $     191,850,749

Mortgage loans:

Residential

          57,132,082

                     -

                         -

          61,357,393

          61,357,393

Residential construction

          40,700,003

                     -

                         -

          40,700,003

          40,700,003

Commercial

          51,349,493

                     -

                         -

          53,299,800

          53,299,800

Mortgage loans, net

 $     149,181,578

 $                  -

 $                      -

 $     155,357,196

 $     155,357,196

Loans held for sale

        189,139,832

 

                     -

 

                         -

 

        192,289,854

 

        192,289,854

Policy loans

            6,694,148

                     -

                         -

            6,694,148

            6,694,148

Insurance assignments, net

          32,477,246

                     -

                         -

          32,477,246

          32,477,246

Short-term investments

          27,560,040

                     -

                         -

27,560,040

          27,560,040

Mortgage servicing rights

          18,872,362

 

                     -

 

                         -

 

          25,496,832

 

          25,496,832

Liabilities

Bank and other loans payable

 $   (152,137,341)

 $                  -

 $                      -

 $   (152,137,341)

 $   (152,137,341)

 

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2015, as restated:

 

 

Carrying Value

 

Level 1

 

Level 2

 

Level 3

 

Total Estimated Fair Value

Assets

Fixed maturity securities, held to maturity

 $     145,558,425

 

 $                  -

 

 $  150,507,158

 

 $                        -

 

 $     150,507,158

Mortgage loans:

Residential

          44,459,613

                     -

                        -

          47,193,950

          47,193,950

Residential construction

          34,751,443

                     -

                        -

          34,751,443

          34,751,443

Commercial

          33,335,849

                     -

                        -

          34,778,136

          34,778,136

Loans held for sale

 $     112,546,905

 

 $                  -

 

 $                     -

 

 $     116,723,529

 

 $     116,723,529

Mortgage loans, net

        211,453,006

 $     217,646,189

        217,646,189

Policy loans

            6,896,457

                     -

                        -

            6,896,457

            6,896,457

 Insurance assignments, net

          31,511,195

                     -

                        -

          31,511,195

          31,511,195

Short-term investments

          16,915,808

                     -

                        -

       16,915,808

          16,915,808

Mortgage servicing rights

          12,679,755

 

                     -

 

                        -

 

          13,897,160

 

          13,897,160

Liabilities

Bank and other loans payable

 $   (130,991,667)

 $                  -

 $                     -

 $   (130,991,667)

 $   (130,991,667)