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11) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2016
Tables/Schedules  
Schedule of Mortgage Servicing Rights

 

As of June 30 2016

As of December 31 2015

Amortized cost:

Balance before valuation allowance at beginning of year

 $          12,679,755

 $              7,834,747

MSRs proceeds from loan sales

              3,779,530

                 6,217,551

Amortization

             (1,042,720)

                (1,372,543)

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

                           -

                              -

Balance before valuation allowance at year end

 $          15,416,565

 $             12,679,755

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

 $          15,416,565

 $             12,679,755

Estimated fair value of MSRs at end of period

 $          15,952,247

 $             13,897,160