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MSRs (Tables)
 6 Months Ended
Jun. 30, 2017
Mortgage Servicing Rights MSR Disclosure [Abstract]  
MSR Activity
The following table presents the Company’s MSR activity as of June 30, 2017 and the year ended December 31, 2016:
 
 
June 30, 2017
 
December 31, 2016
Balance at beginning of year
 
$
3,440,809

 
$
4,268,673

MSRs relating to sales to securitizations
 
10,910

 
—

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
 
(84,005
)
 
(102,855
)
Other changes to fair value (1)
 
(270,771
)
 
(1,089,172
)
Balance at end of period
 
$
3,096,943

 
$
3,440,809

 
 
 
 
 
Loans associated with MSRs (2)
 
$
368,009,690

 
$
397,925,409

MSR values as percent of loans (3)
 
0.84
%
 
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 June 30, 2017 and December 31, 2016, respectively.
(3)
Amounts represent the carrying value of MSRs at June 30, 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 and six months ended June 30, 2017, and June 30, 2016:
 
 
Three Months Ended
June 30, 2017
 
Three Months Ended
June 30, 2016
Servicing income, net
 
$
192,519

 
$
243,875

Income from MSRs, net
 
$
192,519

 
$
243,875


 
 
Six Months Ended June 30, 2017
 
Six Months Ended June 30, 2016
Servicing income, net
 
$
445,257

 
$
467,553

Income from MSRs, net
 
$
445,257

 
$
467,553