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Loans Held-for-Sale, Net | 6 Months Ended
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Jun. 30, 2021
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, 2021 |  | December 31, 2020
Fannie Mae | ​ | ​ | $ | 220,944 | ​ | $ | 679,342
Private Label | ​ | ​ | ​ | 135,934 | ​ | ​ | 56,186
FHA | ​ | ​ |  | 50,770 | ​ | ​ | 53,063
Freddie Mac | ​ | ​ | ​ | 39,806 | ​ | ​ | 180,004
SFR - Fixed Rate | ​ | ​ | ​ | 1,486 | ​ | ​ | —
​ | ​ | ​ |  | 448,940 | ​ | ​ | 968,595
Fair value of future MSR | ​ | ​ | ​ | 9,669 | ​ | ​ | 21,600
Unearned discount | ​ | ​ |  | (962) | ​ | ​ | (3,276)
Loans held-for-sale, net | ​ | ​ | $ | 457,647 | ​ | $ | 986,919
​ During the three and six months ended June 30, 2021, we sold $1.48 billion and $3.32 billion, respectively, of loans held-for-sale and recorded gain on sales, including fees, of $40.9 million and $69.8 million, respectively. 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, including fees, of $26.4 million and $40.7 million, respectively. ​ Included in the total loans sold during 2021 and 2020 were Private Label loans totaling $449.9 million and $727.2 million, respectively, which were sold to unconsolidated affiliates of ours who pooled and securitized the loans. We retained the most subordinate class of certificates in the 2021 and 2020 securitizations totaling $38.2 million and $63.6 million, respectively, in satisfaction of credit risk retention requirements (see Note 7 for details), and we are also the primary servicer of the mortgage loans. In addition, the total loans sold during 2021 included 23 fixed rate SFR permanent loans totaling $75.3 million which resulted in a gain on sale of $2.8 million. ​ At June 30, 2021 and December 31, 2020, 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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