MORTGAGE SERVICING RIGHTS

6 Months Ended

Jun. 30, 2015

10.

MORTGAGE SERVICING RIGHTS

Activity in the balance of mortgage servicing rights, measured using the amortization method, for the six month period ended June 30, 2015 and the year ended December 31, 2014 was as follows:

		June 30, 2015			December 31, 2014
Balance, beginning of period	$	632,634		$	673,576
Servicing rights capitalized		37,663			53,859
Amortization of servicing rights		(59,530	)		(111,224	)
Change in valuation allowance		7,243			16,423
Balance, end of period	$	618,010		$	632,634

Activity in the valuation allowance for mortgage servicing rights for the six month period ended June 30, 2015 and the year ended December 31, 2014 was as follows:

		June 30, 2015			December 31, 2014
Balance, beginning of period	$	56,969		$	73,392
Additions		-			-
Reductions		(7,243	)		(16,423	)
Balance, end of period	$	49,726		$	56,969

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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