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12) Mortgage Servicing Rightss (Tables) | 6 Months Ended
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Jun. 30, 2020
Table Text Block Supplement [Abstract] |
Schedule of Mortgage Servicing Rights | The following is a summary of the MSR activity for the periods presented.
| As of June 30 2020 | As of December 31 2019
Amortized cost: |  |
Balance before valuation allowance at beginning of year | $ 17,155,529 | $ 20,016,822
MSR additions resulting from loan sales | 9,488,179 | 4,194,502
Amortization (1) | (4,948,585) | (7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment | - | -
Balance before valuation allowance at end of period | $ 21,695,123 | $ 17,155,529
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 | $ 21,695,123 | $ 17,155,529
Estimated fair value of MSRs at end of period | $ 22,921,824 | $ 22,784,571
(1) Included in other expenses on the condensed consolidated statements of earnings
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights | The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost:
|  | Estimated MSR Amortization
2020 |  | 3,370,190
2021 |  | 2,535,104
2022 |  | 1,999,989
2023 |  | 1,608,753
2024 |  | 1,317,529
Thereafter | 10,863,558
Total |  | $ 21,695,123
Schedule of Other Revenues | 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 June 30 |  | Six Months Ended June 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Contractual servicing fees | $ 1,929,565 |  | $ 1,858,599 |  | $ 3,714,509 |  | $ 3,668,013
Late fees | 71,704 |  | 87,291 |  | 169,512 |  | 178,890
Total | $ 2,001,269 |  | $ 1,945,890 |  | $ 3,884,021 |  | $ 3,846,903
Summary of Unpaid Principal Balances of the Servicing Portfolio | The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio for the periods presented:
| As of June 30 2020 |  | As of December 31 2019
Servicing UPB | $ 3,430,482,161 |  | $ 2,804,139,415
Assumptions used in determining MSR value | The following key assumptions were used in determining MSR value:
| Prepayment Speeds | Average Life (Years) | Discount Rate
June 30, 2020 | 18.90 | 4.57 | 9.51
December 31, 2019 | 15.30 | 5.27 | 9.51

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