MSRs (Tables)

6 Months Ended

Jun. 30, 2019

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity for the six months ended June 30, 2019 and the six months ended June 30, 2018:

	June 30, 2019			June 30, 2018
Balance at beginning of period	$	3,997,786		$	2,963,861
MSRs relating to sales to securitizations	—			—
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	(589,660		)	336,406
Other changes to fair value(1)	(249,457		)	(219,783		)
Balance at end of period	$	3,158,669		$	4,105,613
Loans associated with MSRs(2)	$	381,847,136		$	428,153,251
MSR values as percent of loans(3)	0.83		%	0.96		%

(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 June 30, 2019 and June 30, 2018, respectively.

(3) Amounts represent the carrying value of MSRs at June 30, 2019 and June 30, 2018, 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 six months ended June 30, 2019 and June 30, 2018:

	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018
Servicing income, net	$	185,465	$	196,404
Total servicing income	$	185,465	$	196,404

	Six Months Ended June 30, 2019		Six Months Ended June 30, 2018
Servicing income, net	$	433,679	$	416,382
Total servicing income	$	433,679	$	416,382