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Mortgage Servicing Rights (Tables)
 9 Months Ended
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:

 

   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:

 

                 
   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:

 

   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:

 

   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