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 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

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