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Mortgage Servicing Rights (Tables) | 6 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Mortgage Servicing Rights |
Schedule of Mortgage Servicing Rights |  |  |  |
|  | As of June 30 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 |  |  | 18,286,569 |  |  |  | 29,896,465 |
Amortization (1) |  |  | (6,772,539 | ) |  |  | (11,841,478 | )
Application of valuation allowance to write down MSRs with other than temporary impairment |  |  | — |  |  |  | — |
Balance before valuation allowance at end of period |  | $ | 46,724,546 |  |  | $ | 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 |  | $ | 46,724,546 |  |  | $ | 35,210,516 |
Estimated fair value of MSRs at end of period |  | $ | 58,838,077 |  |  | $ | 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights |  |
|  | Estimated MSR Amortization
| 2021 |  |  |  | 5,996,013 |
| 2022 |  |  |  | 4,891,593 |
| 2023 |  |  |  | 4,248,886 |
| 2024 |  |  |  | 3,685,273 |
| 2025 |  |  |  | 3,217,703 |
| Thereafter |  |  |  | 24,685,078 |
| Total |  |  | $ | 46,724,546 |
Schedule of Other Revenues |
Schedule of Other Revenues |  |  |  |  |  |  |  |
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Contractual servicing fees |  | $ | 3,755,294 |  |  | $ | 1,929,565 |  |  | $ | 7,142,765 |  |  | $ | 3,714,509 |
Late fees |  |  | 74,437 |  |  |  | 71,704 |  |  |  | 155,487 |  |  |  | 169,512 |
Total |  | $ | 3,829,731 |  |  | $ | 2,001,269 |  |  | $ | 7,298,252 |  |  | $ | 3,884,021 |
Summary of Unpaid Principal Balances of the Servicing Portfolio |
Summary of Unpaid Principal Balances of the Servicing Portfolio |  |  |  |
|  | As of June 30 2021 |  | As of December 31 2020
Servicing UPB |  | $ | 6,280,506,543 |  |  | $ | 5,070,287,864 |
Assumptions used in determining MSR value |
Assumptions used in determining MSR value |  |  |  |  |  |
|  | Prepayment Speeds |  | Average Life (Years) |  | Discount Rate
| June 30, 2021 |  |  |  | 12.20 |  |  |  | 6.55 |  |  |  | 9.50 |
| December 31, 2020 |  |  |  | 15.60 |  |  |  | 5.30 |  |  |  | 9.50 |

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