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12) Mortgage Servicing Rightss (Tables) | 9 Months Ended
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Sep. 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 September 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 | 19,400,262 | 4,194,502
Amortization (1) | (8,168,315) | (7,055,795)
Application of valuation allowance to write down MSRs with other than temporary impairment | - | -
Balance before valuation allowance at end of period | $ 28,387,476 | $ 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 | $ 28,387,476 | $ 17,155,529
Estimated fair value of MSRs at end of period | $ 30,288,406 | $ 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 |  | 4,926,285
2021 |  | 3,690,972
2022 |  | 3,094,986
2023 |  | 2,609,308
2024 |  | 2,213,796
Thereafter | 11,852,129
Total |  | $ 28,387,476
Schedule of Other Revenues | The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensedconsolidated statement of earnings:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Contractual servicing fees | $ 2,340,546 |  | $ 1,765,957 |  | $ 6,055,055 |  | $ 5,433,970
Late fees | 69,314 |  | 82,547 |  | 238,826 |  | 261,437
Total | $ 2,409,860 |  | $ 1,848,504 |  | $ 6,293,881 |  | $ 5,695,407
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 September 30 2020 |  | As of December 31 2019
Servicing UPB | $ 4,215,559,388 |  | $ 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
September 30, 2020 | 16.70 | 5.06 | 9.5
December 31, 2019 | 15.30 | 5.27 | 9.51

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