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11) Mortgage Servicing Rights | 3 Months Ended
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Mar. 31, 2017
Notes |
11) Mortgage Servicing Rights | 11) Mortgage Servicing Rights The Company reports these MSRs pursuant to the accounting policy discussed in Note 7. The following is a summary of the MSR activity for the periods presented.
| As of March 31, 2017 | As of December 31, 2016
Amortized cost: |  |
Balance before valuation allowance at beginning of year | $18,872,362 | $12,679,755
MSRs proceeds from loan sales | 1,357,867 | 8,603,154
Amortization | (797,236) | (2,410,547)
Application of valuation allowance to write down MSRs with other than temporary impairment | - | -
Balance before valuation allowance at end of period | $19,432,993 | $18,872,362
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 | $19,432,993 | $18,872,362
Estimated fair value of MSRs at end of period | $26,632,996 | $25,496,832
The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the Condensed Consolidated Statement of Earnings:
| Three Months Ended Mar 31
| 2017 |  | 2016
Contractual servicing fees | $1,835,873 |  | $1,314,285
Late fees | 86,338 |  | 63,055
Total | $1,922,211 |  | $1,377,340
The following is a summary of the unpaid principal balances of the servicing portfolio for the periods presented:
| As of March 31, 2017 |  | As of December 31, 2016
Servicing UPB | $2,744,354,316 |  | $2,720,441,340
The following key assumptions were used in determining MSR value:
| Prepayment Speeds | Average Life(Years) | Discount Rate
March 31, 2017 | 3.79% | 6.55 | 10.01
December 31, 2016 | 3.77% | 6.52 | 10.01

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