MSRs (Tables)

12 Months Ended

Dec. 31, 2019

Mortgage Servicing Rights MSR Disclosure [Abstract]

MSR Activity

The following table presents the Company’s MSR activity as of the years ended December 31, 2019 and December 31, 2018:

	December 31, 2019			December 31, 2018
Balance at beginning of year	$	3,997,786		$	2,963,861
MSRs related to deconsolidation of securitization trust	—			1,025,129
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	(572,963)			375,016
Other changes to fair value(1)	(724,616)			(366,220)
Balance at end of year	$	2,700,207		$	3,997,786
Loans associated with MSRs(2)	$	333,563,728		$	407,332,854
MSR values as percent of loans(3)	0.81		%	0.98		%

(1)Amounts represent changes due to realization of expected cash flows

(2)Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at December 31, 2019 and December 31, 2018, respectively

(3)Amounts represent the carrying value of MSRs at December 31, 2019 and December 31, 2018, 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 years ended December 31, 2019 and December 31, 2018:

	Year Ended December 31, 2019		Year Ended December 31, 2018
Servicing income, net	$	869,032	$	940,090
Income from MSRs, net	$	869,032	$	940,090