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Mortgage Servicing Rights (Tables) | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Mortgage Servicing Rights | The following is a summary of the MSR activity for the periods presented. Schedule of Mortgage Servicing Rights
|  | As of September 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 |  |  | 26,048,186 |  |  |  | 29,896,465 |
Amortization (1) |  |  | (10,897,897 | ) |  |  | (11,841,478 | )
Application of valuation allowance to write down MSRs with other than temporary impairment |  |  | — |  |  |  | — |
Balance before valuation allowance at end of period |  | $ | 50,360,805 |  |  | $ | 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 |  | $ | 50,360,805 |  |  | $ | 35,210,516 |
Estimated fair value of MSRs at end of period |  | $ | 63,885,183 |  |  | $ | 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: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights
|  | Estimated MSR Amortization |
2021 |  | $ | 14,530,529 |
2022 |  |  | 10,129,095 |
2023 |  |  | 8,049,699 |
2024 |  |  | 6,378,335 |
2025 |  |  | 5,081,973 |
Thereafter |  |  | 6,191,174 |
Total |  | $ | 50,360,805 |
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: Schedule of Other Revenues
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Contractual servicing fees |  | $ | 4,037,142 |  |  | $ | 2,340,546 |  |  | $ | 11,179,908 |  |  | $ | 6,055,055 |
Late fees |  |  | 71,724 |  |  |  | 69,314 |  |  |  | 227,211 |  |  |  | 238,826 |
Total |  | $ | 4,108,866 |  |  | $ | 2,409,860 |  |  | $ | 11,407,119 |  |  | $ | 6,293,881 |
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: Summary of Unpaid Principal Balances of the Servicing Portfolio
|  | As of September 30 2021 |  |  | As of December 31 2020 |
Servicing UPB |  | $ | 6,709,170,790 |  |  | $ | 5,070,287,864 |
Schedule of Assumptions Used in Determining MSR Value | The following key assumptions were used in determining MSR value: Schedule of Assumptions Used in Determining MSR Value
|  | Prepayment Speeds |  |  | Average Life (Years) |  |  | Discount Rate |
September 30, 2021 |  |  | 11.80 |  |  |  | 6.62 |  |  |  | 9.50 |
December 31, 2020 |  |  | 15.60 |  |  |  | 5.30 |  |  |  | 9.50 |

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