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Mortgage Servicing Rights | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Mortgage Servicing Rights | 21) Mortgage Servicing Rights The Company reports MSRs pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements. The following table presents the MSR activity. Schedule of Mortgage Servicing Rights
|  | 2021 |  |  | 2020 |
|  | December 31 |
|  | 2021 |  |  | 2020 |
Amortized cost: |  |  |  |  |  |  |  |
Balance before valuation allowance at beginning of year |  | $ | 35,210,516 |  |  | $ | 17,155,529 |
MSR additions resulting from loan sales |  |  | 32,701,819 |  |  |  | 29,896,465 |
Amortization (1) |  |  | (14,851,880 | ) |  |  | (11,841,478 | )
Application of valuation allowance to write down MSRs with other than temporary impairment |  |  | - |  |  |  | - |
Balance before valuation allowance at year end |  | $ | 53,060,455 |  |  | $ | 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 year end |  | $ | - |  |  | $ | - |
Mortgage servicing rights, net |  | $ | 53,060,455 |  |  | $ | 35,210,516 |
Estimated fair value of MSRs at year end |  | $ | 68,811,809 |  |  | $ | 38,702,358 |
(1) |  | Included in other expenses on the consolidated statements of earnings
The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2021 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management. Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights
|  | Estimated MSR Amortization |
2022 |  | $ | 7,341,097 |
2023 |  |  | 6,020,240 |
2024 |  |  | 5,263,053 |
2025 |  |  | 4,583,231 |
2026 |  |  | 4,008,838 |
Thereafter |  |  | 25,843,996 |
Total |  | $ | 53,060,455 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2021 and 2020 21) Mortgage Servicing Rights (Continued) The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the consolidated statements of earnings. Schedule of Other Revenues
|  | Years Ended December 31 |
|  | 2021 |  |  | 2020 |
Contractual servicing fees |  | $ | 15,471,307 |  |  | $ | 8,940,612 |
Late fees |  |  | 321,337 |  |  |  | 305,962 |
Total |  | $ | 15,792,644 |  |  | $ | 9,246,574 |
The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio. Summary of Unpaid Principal Balances of the Servicing Portfolio
|  | December 31 |
|  | 2021 |  |  | 2020 |
Servicing UPB |  | $ | 7,060,536,350 |  |  | $ | 5,070,287,864 |
The following key assumptions were used in determining MSR value. Assumptions Used in Determining MSR Value
|  | Prepayment Speeds |  |  | Average Life(Years) |  |  | Discount Rate |
December 31, 2021 |  |  | 11.60 |  |  |  | 6.64 |  |  |  | 9.50 |
December 31, 2020 |  |  | 15.60 |  |  |  | 5.30 |  |  |  | 9.50 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2021 and 2020

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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