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SERVICING RIGHTS, AT FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2022
Transfers and Servicing [Abstract]  
Summary of Outstanding Principal Balance of Servicing Rights
The outstanding principal balance of the servicing portfolio was comprised of the following:
June 30,
2022		December 31,
2021
Conventional$120,545,854 $127,270,097 
Government34,671,158 34,842,868 
Total servicing portfolio$155,217,012 $162,112,965 
Summary of Unpaid Principal Balance Underlying Servicing Rights
A summary of the unpaid principal balance underlying servicing rights is as follows:
June 30,
2022		December 31,
2021
Current loans$153,367,435 $160,302,966 
Loans 30 - 89 days delinquent520,963 504,467 
Loans 90 or more days delinquent or in foreclosure1,328,614 1,305,532 
Total servicing portfolio (1)
$155,217,012 $162,112,965 
(1)At June 30, 2022 and December 31, 2021 0.4% and 0.6%, respectively, of the servicing portfolio was in forbearance as a result of payment relief efforts afforded to borrowers as a result of the Coronavirus Aid, Relief, and Economic Security Act and other regulatory guidance.
Summary of Changes in Servicing Rights
A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Balance at beginning of period$2,078,187 $1,766,088 $1,999,402 $1,124,302 
Additions180,455 427,458 450,215 957,001 
Sales proceeds, net(86,464)(182,113)(399,314)(182,788)
Changes in fair value:
Due to changes in valuation inputs or assumptions98,795 (129,267)297,792 101,757 
Due to collection/realization of cash flows(66,380)(105,771)(143,502)(223,877)
Balance at end of period$2,204,593 $1,776,395 $2,204,593 $1,776,395 
Summary of Components of Loan Servicing Fee Income The following is a summary of the components of loan servicing fee income as reported in the Company’s consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Contractual servicing fees$113,824 $92,164 $222,650 $171,734 
Late, ancillary and other fees3,502 2,578 5,735 5,575 
Servicing fee income$117,326 $94,742 $228,385 $177,309 
Summary of Components of Changes in Fair Value of Servicing Rights The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Changes in fair value:
Due to changes in valuation inputs or assumptions$98,795 $(129,267)$297,792 $101,757 
Due to collection/realization of cash flows
(66,380)(105,771)(143,502)(223,877)
Realized (losses) gains on sales of servicing rights
(2,493)6,089 7,540 5,992 
Net (loss) gain from derivatives hedging servicing rights
(63,429)83,851 (263,720)(72,605)
Changes in fair value of servicing rights, net$(33,507)$(145,098)$(101,890)$(188,733)
Servicing Rights Sensitivity Analysis
The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.


June 30,
2022		December 31,
2021
Fair Value of Servicing Rights, net$2,204,593 $1,999,402 
Change in Fair Value from adverse changes:
Discount Rate:
Increase 1%(79,165)(85,066)
Increase 2%(152,847)(163,255)
Cost of Servicing:
Increase 10%(19,008)(20,843)
Increase 20%(38,045)(41,727)
Prepayment Speed:
Increase 10%(29,614)(76,532)
Increase 20%(58,466)(148,556)