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Loans Held-for-Sale, Net | 3 Months Ended
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Mar. 31, 2023
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 non-GSE loans are generally expected to be sold to third-parties or securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2023 |  | December 31, 2022
Fannie Mae | ​ | $ | 316,283 | ​ | $ | 173,020
FHA | ​ | ​ | 68,008 | ​ | ​ | 21,021
Freddie Mac | ​ |  | 41,813 | ​ | ​ | 8,938
Private Label | ​ | ​ | 33,897 | ​ | ​ | 152,735
SFR - Fixed Rate | ​ | ​ | 8,737 | ​ | ​ | 12,352
​ | ​ |  | 468,738 | ​ | ​ | 368,066
Fair value of future MSR | ​ | ​ | 7,387 | ​ | ​ | 5,557
Unrealized impairment loss | ​ | ​ | (1,565) | ​ | ​ | (15,703)
Unearned discount | ​ |  | (4,958) | ​ | ​ | (3,850)
Loans held-for-sale, net | ​ | $ | 469,602 | ​ | $ | 354,070
​ During the three months ended March 31, 2023 and 2022, we sold $932.7 million and $1.59 billion, respectively, of loans held-for-sale. Included in the total loans sold in the first quarters of 2023 and 2022 were $159.9 million and $489.3 million, respectively, of Private Label loans that were sold to unconsolidated affiliates. In connection with the Private Label loans sold in the first quarter of 2022, which were securitized by the purchaser, we retained the most subordinate class of certificates in this securitization totaling $43.4 million in satisfaction of credit risk retention requirements (see Note 7 for details), and we are also the primary servicer of the mortgage loans. ​ During 2022, we recorded a loss of $5.2 million (net of corresponding swap gains associated with these loans) on seven Private Label loans with a UPB of $129.9 million and a net carrying value of $116.4 million. During the first quarter of 2023, we sold these loans and recorded a gain of $0.9 million. ​ At March 31, 2023 and December 31, 2022, 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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