MSRs (Tables)

3 Months Ended

Mar. 31, 2018

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity as of March 31, 2018 and the year ended December 31, 2017:

	March 31, 2018			December 31, 2017
Balance at beginning of year	$	2,963,861		$	3,440,809
MSRs relating to sales to securitizations	—			10,910
MSRs related to deconsolidation of securitization trust	—			—
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	174,761			39,688
Other changes to fair value (1)	(117,073		)	(527,546		)
Balance at end of period	$	3,021,549		$	2,963,861
Loans associated with MSRs (2)	$	324,933,643		$	338,167,569
MSR values as percent of loans (3)	0.93		%	0.88		%

(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, 2018 and December 31, 2017, respectively.

(3) Amounts represent the carrying value of MSRs at March 31, 2018 and December 31, 2017, 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 condensed consolidated statements of operations for the three months ended March 31, 2018, and March 31, 2017:

	Three Months Ended March 31, 2018		Three Months Ended March 31, 2017
Servicing income	$	219,978	$	252,738
Total servicing income	$	219,978	$	252,738