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Loans Held-for-Sale, Net | 6 Months Ended
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Jun. 30, 2020
Loans Held-for-Sale, Net |
Loans Held-for-Sale, Net | Note 4 — Loans Held-for-Sale, Net ​ Our GSE loans held-for-sale are typically sold within 60 days of loan origination, while our Private Label loans are generally expected to be sold and securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2020 |  | December 31, 2019 | ​
Fannie Mae | ​ | $ | 312,717 | ​ | $ | 408,534 | ​
Freddie Mac | ​ |  | 20,343 | ​ | ​ | 36,303 | ​
FHA | ​ | ​ | 11,338 | ​ | ​ | 1,082 | ​
Private Label | ​ | ​ | 5,462 | ​ | ​ | 401,207 | ​
​ | ​ |  | 349,860 | ​ | ​ | 847,126 | ​
Fair value of future MSR | ​ | ​ | 11,234 | ​ | ​ | 16,519 | ​
Unearned discount | ​ |  | (722) | ​ | ​ | (2,285) | ​
Loans held-for-sale, net | ​ | $ | 360,372 | ​ | $ | 861,360 | ​
​ During the three and six months ended June 30, 2020, we sold $1.99 billion and $2.95 billion, respectively, of loans held-for-sale and recorded gain on sales of $24.9 million and $38.2 million, respectively. Included in the total loans sold in the second quarter of 2020 were Private Label loans totaling $727.2 million, which were sold to an unconsolidated affiliate of ours who pooled and securitized the loans in May 2020. We retained the most subordinate class of certificates in the securitization totaling $63.6 million in satisfaction of credit risk retention requirements (see Note 7 for details), and are the primary servicer of the mortgage loans. ​ During the three and six months ended June 30, 2019, we sold $923.0 million and $2.02 billion, respectively, of loans held-for-sale and recorded gain on sales of $12.9 million and $28.0 million, respectively. At June 30, 2020 and December 31, 2019, 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.

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- Definition The entire disclosure for the aggregate carrying amount of loans receivable that will be sold to other entities. Includes mortgage and all other loans (collectively, loans) not classified as held for investment. Such loans are stated at the lower of cost or market, or elected fair value. Mortgage loans exclude mortgage-backed securities which are considered a debt security (other loan). + References No definition available. + Details
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- References No definition available. + Details
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