MSRs (Tables)

3 Months Ended

Mar. 31, 2021

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity for the three months ended March 31, 2021 and the three months ended March 31, 2020:

	March 31, 2021			March 31, 2020
Balance at beginning of period	$	919,678		$	2,700,207
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	167,839			(728,585)
Other changes to fair value(1)	(188,294)			(149,164)
Balance at end of period	$	899,223		$	1,822,458
Loans associated with MSRs(2)	$	152,465,708		$	315,173,382
MSR values as percent of loans(3)	0.59		%	0.58		%

(1)Amounts represent changes due to realization of expected cash flows and prepayment of principal of the underlying loan portfolio.

(2)Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at March 31, 2021 and March 31, 2020, respectively.

(3)Amounts represent the carrying value of MSRs at March 31, 2021 and March 31, 2020, 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 months ended March 31, 2021 and March 31, 2020:

	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
Servicing income, net	$	124,156	$	194,147
Total servicing income	$	124,156	$	194,147