7): Fair Value of Financial Instruments: Schedule of Financial Instruments Carried at Other Than Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Financial Instruments Carried at Other Than Fair Value

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Fixed maturity securities, held to maturity	$     186,445,498	$             -	$      195,986,579	$                        -	$     195,986,579
Mortgage loans:
Residential	62,961,706	-	-	67,122,262	67,122,262
Residential construction	33,817,195	-	-	33,817,195	33,817,195
Commercial	37,344,872	-	-	38,610,972	38,610,972
Mortgage loans, net	$     134,123,773	$             -	$                        -	$     139,550,429	$     139,550,429
Loans held for sale	151,891,428	-	-	156,891,384	156,891,384
Policy loans	6,666,500	-	-	6,666,500	6,666,500
Insurance assignments, net	32,856,652	-	-	32,856,652	32,856,652
Short-term investments	28,346,922	-	-	28,346,922	28,346,922
Mortgage servicing rights	19,432,993	-	-	26,632,996	26,632,996
Liabilities
Bank and other loans payable	$   (153,592,365)	$-	$-	$   (153,592,365)	$   (153,592,365)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows as of December 31, 2016:

	Carrying Value	Level 1	Level 2	Level 3	Total Estimated Fair Value
Assets
Fixed maturity securities, held to maturity	$     184,979,644	$             -	$       191,850,749	$                        -	$     191,850,749
Mortgage loans:
Residential	57,132,082	-	-	61,357,393	61,357,393
Residential construction	40,700,003	-	-	40,700,003	40,700,003
Commercial	51,349,493	-	-	53,299,800	53,299,800
Mortgage loans, net	$     149,181,578	$             -	$                          -	$     155,357,196	$     155,357,196
Loans held for sale	189,139,832	-	-	192,289,854	192,289,854
Policy loans	6,694,148	-	-	6,694,148	6,694,148
Insurance assignments, net	32,477,246	-	-	32,477,246	32,477,246
Short-term investments	27,560,040	-	-	27,560,040	27,560,040
Mortgage servicing rights	18,872,362	-	-	25,496,832	25,496,832
Liabilities
Bank and other loans payable	$   (152,137,371)	$             -	$                          -	$   (152,137,371)	$   (152,137,371)