Loans Held-for-Sale, Net

9 Months Ended

Sep. 30, 2017

Note 5 — Loans Held-for-Sale, Net

Loans held-for-sale, net consists of the following:

	September 30, 2017			December 31, 2016

Fannie Mae	$	185,188,000		$	538,189,475
Freddie Mac	142,312,000			124,102,000
FHA	1,033,203			56,247

	328,533,203			662,347,722
Fair value of future MSR	5,450,662			13,145,814
Unearned discount	(715,889		)	(2,126,232		)

Loans held-for-sale, net	$	333,267,976		$	673,367,304

Our loans held-for-sale, net are typically sold within 60 days of loan origination and the gain on sales are included in gain on sales, including fee-based services, net in the consolidated statements of income. During the three and nine months ended September 30, 2017, we sold $1.05 billion and $3.62 billion, respectively, of loans held-for-sale and recorded gain on sales of $16.3 million and $52.1 million, respectively. During both the three and nine months ended September 30, 2016, we sold $551.8 million of loans held-for-sale, excluding $418.2 million of sales related to loans that were acquired on July 14, 2016 as part of the Acquisition, and recorded gain on sales of $9.0 million. At September 30, 2017 and December 31, 2016, there were no loans held-for-sale that were 90 days or more past due, and there were no loans held-for-sale that were placed on a non-accrual status.