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12) Mortgage Servicing Rightss (Tables)
 3 Months Ended
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