MSRs (Tables)

3 Months Ended

Mar. 31, 2022

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity for the three months ended March 31, 2022 and the three months ended March 31, 2021:

	March 31, 2022			March 31, 2021
Balance at beginning of period	$	551,997		$	919,678
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	187,498			167,839
Other changes to fair value(1)	(40,116)			(188,294)
Balance at end of period	$	699,379		$	899,223
Loans associated with MSRs(2)	$	85,101,195		$	152,465,708
MSR values as percent of loans(3)	0.82		%	0.59		%

(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, 2022 and March 31, 2021, respectively.

(3)Amounts represent the carrying value of MSRs at March 31, 2022 and March 31, 2021, 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, 2022 and March 31, 2021:

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Servicing income, net	$	67,181	$	124,156
Total servicing income	$	67,181	$	124,156