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11) Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2015
Notes  
11) Mortgage Servicing Rights

 

11)  Mortgage Servicing Rights

 

The following is a summary of the MSR activity for the periods presented.

 

As of March 31 2015

As of December 31 2014

Amortized cost:

Balance before valuation allowance at beginning of year

 $              7,834,747

 $              4,844,101

MSRs proceeds from loan sales

                    987,707

                 3,741,381

Amortization

                  (259,966)

                  (750,735)

Application of valuation allowance to write down MSRs    with other than temporary impairment

                              -

                             -

Balance before valuation allowance at year end

 $              8,562,488

 $              7,834,747

Valuation allowance for impairment of MSRs:

Balance at beginning of year

 $                           -

 $                           -

Additions

                              -

                             -

Application of valuation allowance to write down MSRs    with other than temporary impairment

                              -

                             -

Balance at end of period

 $                           -

 $                           -

Mortgage servicing rights, net

 $              8,562,488

 $              7,834,747

Estimated fair value of MSRs at end of period

 $              8,926,200

 $              8,485,570

 

The Company reports these MSRs pursuant to the accounting policy discussed in Note 7.