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11) Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2016
Notes  
11) Mortgage Servicing Rights

11)  Mortgage Servicing Rights

 

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

 

As of September 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

                  6,432,715

                 6,217,551

Amortization

                (1,680,145)

                (1,372,543)

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

                              -

                              -

Balance before valuation allowance at year end

 $             17,432,325

 $             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

 $             17,432,325

 $             12,679,755

Estimated fair value of MSRs at end of period

 $             18,642,682

 $             13,897,160

 

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