MSRs (Tables)

12 Months Ended

Dec. 31, 2018

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

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

	December 31, 2018			December 31, 2017
Balance at beginning of year	$	2,963,861		$	3,440,809
MSRs retained from 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	375,016			39,688
Other changes to fair value(1)	(366,220		)	(527,546		)
Balance at end of year	$	3,997,786		$	2,963,861
Loans associated with MSRs(2)	$	407,332,854		$	338,167,569
MSR values as percent of loans(3)	0.98		%	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 December 31, 2018 and December 31, 2017, respectively

(3) Amounts represent the carrying value of MSRs at December 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 statements of operations for the years ended December 31, 2018 and December 31, 2017:

	Year Ended December 31, 2018		Year Ended December 31, 2017
Servicing income, net	$	940,090	$	922,094
Income from MSRs, net	$	940,090	$	922,094