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Loans Held-for-Sale, Net

12 Months Ended

Dec. 31, 2022

Note 4 — Loans Held-for-Sale, Net

Our GSE loans held-for-sale are typically sold within 60 days of loan origination, while our non-GSE 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, 2022		December 31, 2021
Fannie Mae	$	173,020	$	392,876
Private Label		152,735		507,918
FHA		21,021		54,532
SFR - Fixed Rate		12,352		9,352
Freddie Mac		8,938		112,561
		368,066		1,077,239
Fair value of future MSR		5,557		19,318
Unrealized impairment loss		(15,703)		—
Unearned discount		(3,850)		(2,948)
Loans held-for-sale, net	$	354,070	$	1,093,609

During 2022, 2021 and 2020, we sold $5.44 billion, $6.42 billion and $6.59 billion, respectively, of loans held-for-sale.Included in the total loans sold during 2022 and 2021 were Private Label loans totaling $489.3 million and $985.1 million, respectively, which were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in these securitizations totaling $43.4 million and $85.7 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.

We determined that the fair value of certain loans held-for-sale were below their carrying values and, based on the fair value analysis performed, recorded unrealized impairment losses of $15.7 million during 2022 which was included in other income, net on the consolidated statements of income.

At December 31, 2022 and 2021, 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.