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Mortgage Servicing Rights (Tables) | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Mortgage Servicing Rights | 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
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 |
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 |
Schedule of Other Revenues | 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 |
Summary of Unpaid Principal Balances of the Servicing Portfolio | 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 |
Assumptions Used in Determining MSR Value | 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 |

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