Loans Held-for-Sale, Net

12 Months Ended

Dec. 31, 2019

Note 4—Loans Held-for-Sale, Net

Loans held-for-sale, net consists of the following (in thousands):


	December 31, 2019		December 31, 2018
Fannie Mae	$	408,534	$	358,790
Private Label		401,207		—
Freddie Mac		36,303		95,004
FHA		1,082		19,170
		847,126		472,964
Fair value of future MSR		16,519		10,253
Unearned discount		(2,285)		(1,553)
Loans held-for-sale, net	$	861,360	$	481,664

Our GSE loans held-for-sale are typically sold within 60 days of loan origination , while our Private Label loans are expected to be sold and securitized within 180 days of loan origination. During 2019, 2018 and 2017, we sold $4.40 billion, $4.92 billion and $4.81 billion, respectively, of loans held-for-sale and recorded gain on sales of $61.1 million, $65.5 million and $68.3 million, respectively. At December 31, 2019 and 2018, 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.