MSRs (Tables)

3 Months Ended

Mar. 31, 2017

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity as of March 31, 2017 and the year ended December 31, 2016:

	March 31, 2017			December 31, 2016
Balance at beginning of year	$	3,440,809		$	4,268,673
MSRs retained from sales to securitizations	—			—
MSRs related to deconsolidation of securitization trust	—			364,163
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	54,662			(102,855		)
Other changes to fair value (1)	(181,108		)	(1,089,172		)
Balance at end of period	$	3,314,363		$	3,440,809
Loans associated with MSRs (2)	$	377,124,596		$	397,925,409
MSR values as percent of loans (3)	0.88		%	0.86		%

(1) Amounts represent changes due to realization of expected cash flows

(2) Amounts represent the principal balance of loans associated with MSRs outstanding at March 31, 2017 and December 31, 2016, respectively

(3) Amounts represent the carrying value of MSRs at March 31, 2017 and December 31, 2016, respectively divided by the outstanding balance of the loans associated with these MSRs

Components of Servicing Income

The following table presents the components of servicing income recorded on the Company’s statements of operations for the three months ended March 31, 2017, and March 31, 2016:

	Three Months Ended March 31, 2017		Three Months Ended March 31, 2016
Servicing income, net	$	252,738	$	223,678
Income from MSRs, net	$	252,738	$	223,678