MSRs (Tables)

6 Months Ended

Jun. 30, 2022

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity for the six months ended June 30, 2022 and the six months ended June 30, 2021:

	June 30, 2022		June 30, 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	300,977		68,314

Other changes to fair value(1)	(72,379)			(309,204)
Balance at end of period	$	780,595		$	678,788
Loans associated with MSRs(2)	$	79,643,107		$	127,453,198
MSR values as percent of loans(3)	0.98		%	0.53		%

(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 June 30, 2022 and June 30, 2021, respectively.

(3)Amounts represent the carrying value of MSRs at June 30, 2022 and June 30, 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 consolidated statements of operations for the three and six months ended June 30, 2022 and June 30, 2021:

	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021
Servicing income, net	$	56,053	$	95,766
Total servicing income	$	56,053	$	95,766

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Servicing income, net	$	123,234	$	219,922
Total servicing income	$	123,234	$	219,922