MSRs (Tables)

9 Months Ended

Sep. 30, 2018

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity for the period ended September 30, 2018 and the year ended December 31, 2017:

	September 30, 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	1,025,129			—
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	513,807			39,688
Other changes to fair value(1)	(293,673		)	(527,546		)
Balance at end of period	$	4,209,124		$	2,963,861
Loans associated with MSRs(2)	$	415,564,795		$	338,167,569
MSR values as percent of loans(3)	1.01		%	0.88		%

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

(2)Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at September 30, 2018 and December 31, 2017, respectively.

(3) Amounts represent the carrying value of MSRs at September 30, 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 servicing income recorded on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2018, and September 30, 2017:

	Three Months Ended September 30, 2018		Three Months Ended September 30, 2017
Servicing income	$	285,745	$	276,211
Total servicing income	$	285,745	$	276,211

	Nine Months Ended September 30, 2018		Nine Months Ended September 30, 2017
Servicing income	$	702,127	$	721,468
Total servicing income	$	702,127	$	721,468