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Mortgage Servicing Rights | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Mortgage Servicing Rights | 20) 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
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Amortized cost: |  |  |  |  |  |  |  |
Balance before valuation allowance at beginning of year |  | $ | 3,039,765 |  |  | $ | 53,060,455 |
MSR additions resulting from loan sales |  |  | 1,009,312 |  |  |  | 10,243,922 |
Amortization (1) |  |  | (587,931 | ) |  |  | (9,078,706 | )
Sale of MSRs |  |  | - |  |  |  | (51,185,906 | )
Application of valuation allowance to write down MSRs with other than temporary impairment |  |  | - |  |  |  | - |
Balance before valuation allowance at year end |  | $ | 3,461,146 |  |  | $ | 3,039,765 |
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 |  | $ | 3,461,146 |  |  | $ | 3,039,765 |
Estimated fair value of MSRs at year end |  | $ | 4,543,657 |  |  | $ | 3,927,877 |
(1) |  | Included in other expenses on the consolidated statements of earnings
The table below summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the Company’s assumptions in its December 31, 2023 valuation of MSRs. The assumptions used in the following table are likely to change as market conditions, portfolio composition and borrower behavior change, causing both actual and projected amortization levels to change over time. Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights
|  | Estimated MSR Amortization |
2024 |  | $ | 390,131 |
2025 |  |  | 342,170 |
2026 |  |  | 306,597 |
2027 |  |  | 271,773 |
2028 |  |  | 242,596 |
Thereafter |  |  | 1,907,879 |
Total |  | $ | 3,461,146 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2023 and 2022 20) 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
|  | 2023 |  |  | 2022 |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Contractual servicing fees |  | $ | 1,144,540 |  |  | $ | 15,792,105 |
Late fees |  |  | 97,300 |  |  |  | 398,754 |
Total |  | $ | 1,241,840 |  |  | $ | 16,190,859 |
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, |
|  | 2023 |  |  | 2022 |
Servicing UPB |  | $ | 414,147,436 |  |  | $ | 360,023,384 |
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 |
December 31, 2023 |  |  | 9.70 |  |  |  | 7.79 |  |  |  | 11.85 |
December 31, 2022 |  |  | 8.12 |  |  |  | 8.49 |  |  |  | 11.95 |
On October 31, 2022, the Company sold certain of its MSRs. The MSRs related to mortgage loans previously originated by the Company in aggregate unpaid principal amount of approximately $7.02 billion. As a result of the sale, the book value of the Company’s MSRs decreased $51,185,906 and generated a gain of $34,051,938 included in mortgage fee income on the consolidated statements of earnings. Substantially all the consideration was received by the Company with the remainder subject to certain holdbacks during transfer of the MSRs. The Company completed the physical transfer of files prior to its deadline. The holdbacks were received in 2023. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2023 and 2022

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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