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Loans Held-for-Sale, Net

12 Months Ended

Dec. 31, 2021

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):


	December 31, 2021		December 31, 2020
Private Label	$	507,918	$	56,186
Fannie Mae		392,876		679,342
Freddie Mac		112,561		180,004
FHA		54,532		53,063
SFR - Fixed Rate		9,352		—
		1,077,239		968,595
Fair value of future MSR		19,318		21,600
Unearned discount		(2,948)		(3,276)
Loans held-for-sale, net	$	1,093,609	$	986,919

During 2021, 2020 and 2019, we sold $6.42 billion, $6.59 billion and $4.40 billion, respectively, of loans held-for-sale and recorded gain on sales, including fees, of $123.0 million, $94.6 million and $65.7 million, respectively. Included in the total loans sold during 2021 and 2020 were Private Label loans totaling $985.1 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 $85.7 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.

At December 31, 2021 and 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.

Subsequent Event. In February 2022, we closed a Private Label securitization totaling $489.3 million and retained the most subordinate certificates totaling $43.4 million.