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12) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2014
Tables/Schedules  
Schedule of Mortgage Servicing Rights

 

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

 

As of June 30 2014

As of December 31 2013

Amortized cost:

Balance before valuation allowance at beginning of year

 $         4,844,101

 $              2,797,470

MSRs proceeds from loan sales

            1,608,696

                 2,494,254

Amortization

             (321,189)

                  (447,623)

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

                        -

                             -

Balance before valuation allowance at year end

 $         6,131,608

 $              4,844,101

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

 $         6,131,608

 $              4,844,101

Estimated fair value of MSRs at end of period

 $         6,860,160

 $              5,491,270