MSRs (Tables)

9 Months Ended

Sep. 30, 2017

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity as of September 30, 2017 and the year ended December 31, 2016:

	September 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	(50,751		)	(102,855		)
Other changes to fair value (1)	(406,971		)	(1,089,172		)
Balance at end of period	$	2,993,997		$	3,440,809
Loans associated with MSRs (2)	$	352,061,683		$	397,925,409
MSR values as percent of loans (3)	0.85		%	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 September 30, 2017 and December 31, 2016, respectively.

(3) Amounts represent the carrying value of MSRs at September 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 tables presents the components of servicing income recorded on the Company’s statements of operations for the three and nine months ended September 30, 2017, and September 30, 2016:

	Three Months Ended September 30, 2017		Three Months Ended September 30, 2016
Servicing income	$	276,211	$	258,458
Total servicing income	$	276,211	$	258,458

	Nine Months Ended September 30, 2017		Nine Months Ended September 30, 2016
Servicing income	$	721,468	$	726,011
Total servicing income	$	721,468	$	726,011