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Loan Servicing
12 Months Ended
Dec. 31, 2021
Loan Servicing  
Note 6. Loan Servicing

Note 6.  Loan Servicing

 

Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets.  The unpaid principal balances of mortgage loans serviced for others were $151,198,760 and $164,610,868 at December 31, 2021 and 2020, respectively. Net gain realized on the sale of loans was $540,540 and $1,027,175 for the years ended December 31, 2021 and 2020, respectively.  Most loan sales are with servicing rights retained.

 

The following table summarizes changes in MSRs for the years ended December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Balance at beginning of year

 

$922,146

 

 

$939,577

 

MSRs capitalized

 

 

147,328

 

 

 

292,654

 

MSRs amortized

 

 

(225,404)

 

 

(256,435)

Change in valuation allowance

 

 

53,650

 

 

 

(53,650)

Balance at end of year

 

$897,720

 

 

$922,146