LOAN SERVICING

3 Months Ended

Mar. 31, 2020

Loans serviced for others are not reported as assets. The principal balances of these loans at March 31, 2020 and December 31, 2019 are as follows:


	March 31, 2020		December 31, 2019
Loan portfolios serviced for:
Federal Home Loan Mortgage Corporation	$	498,705	$	488,790
Federal National Mortgage Association	17,146		10,221
Other	3,455		3,504

The related loan servicing rights activity for the three months ended March 31, 2020 and 2019 were as follows:


			Three Months Ended March 31,
	2020		2019
Servicing rights:
Beginning of period	$	3,246	$	3,403
Additions	394		188
Amortized to expense	(358)		(225)
Change in impairment	(225)		—
End of period	$	3,057	$	3,366

The components of net loan servicing fees for the three months ended March 31, 2020 and 2019 were as follows:


			Three Months Ended March 31,
	2020		2019
Loan servicing fees, net:
Loan servicing fees	$	322	$	306
Amortization of loan servicing fees	(358)		(225)
Change in impairment	(225)		—
Total	$	(261)	$	81

The fair value of servicing rights was estimated by management to be approximately $3,057 at March 31, 2020. Fair value for March 31, 2020 was determined using a weighted average discount rate of 9.5% and a weighted average prepayment speed of 22.3%. At December 31, 2019, the fair value of servicing rights was estimated by management to be approximately $3,922. Fair value for December 31, 2019 was determined using a weighted average discount rate of 9.5% and a weighted average prepayment speed of 16.8%.