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12) Mortgage Servicing Rightss (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31 2021 |  | As of December 31 2020
Amortized cost: |  |  |  |
Balance before valuation allowance at beginning of year |  | $ 35,210,516 |  | $ 17,155,529
MSR additions resulting from loan sales |  | 11,008,149 |  | 29,896,465
Amortization (1) |  | (3,439,304) |  | (11,841,478)
Application of valuation allowance to write down MSRs with other than temporary impairment |  | - |  | -
Balance before valuation allowance at end of period |  | $ 42,779,361 |  | $ 35,210,516
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 |  | $ 42,779,361 |  | $ 35,210,516
Estimated fair value of MSRs at end of period |  | $ 55,087,150 |  | $ 38,702,358
(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
2021 |  | 5,760,982
2022 |  | 4,670,850
2023 |  | 4,116,524
2024 |  | 3,617,054
2025 |  | 3,191,065
Thereafter | 21,422,886
Total |  | $ 42,779,361
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 March 31
| 2021 |  | 2020
Contractual servicing fees | $ 3,387,472 |  | $ 1,784,944
Late fees | 81,050 |  | 97,808
Total | $ 3,468,522 |  | $ 1,882,752
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 March 31 2021 |  | As of December 31 2020
Servicing UPB | $ 5,824,986,566 |  | $ 5,070,287,864
Assumptions used in determining MSR value | The following key assumptions were used in determining MSR value:
|  | Prepayment Speeds |  | Average Life (Years) |  | Discount Rate
March 31, 2021 |  | 11.90 |  | 6.72 |  | 9.50
December 31, 2020 |  | 15.60 |  | 5.30 |  | 9.50

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