MSRs (Tables)

9 Months Ended

Sep. 30, 2019

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

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

	September 30, 2019			September 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	(817,137)			513,807
Other changes to fair value(1)	(466,840)			(293,673)
Balance at end of period	$	2,713,809		$	4,209,124
Loans associated with MSRs(2)	$	359,718,840		$	415,564,795
MSR values as percent of loans(3)	0.75		%	1.01		%

(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, 2019 and September 30, 2018, respectively.

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

	Three Months Ended September 30, 2019		Three Months Ended September 30, 2018
Servicing income, net	$	243,265	$	285,745
Total servicing income	$	243,265	$	285,745

	Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2018
Servicing income, net	$	676,944	$	702,127
Total servicing income	$	676,944	$	702,127