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Loans Held-for-Sale, Net | 9 Months Ended
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Sep. 30, 2023
Receivable, Held-for-Sale [Abstract] |
Loans Held-for-Sale, Net | 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):
| September 30, 2023 |  | December 31, 2022
Fannie Mae | $ | 257,371 |  |  | $ | 173,020 |
Freddie Mac | 86,089 |  |  | 8,938 |
Private Label | 11,350 |  |  | 152,735 |
SFR - Fixed Rate | 8,710 |  |  | 12,352 |
FHA | 4,810 |  |  | 21,021 |
| 368,330 |  |  | 368,066 |
Fair value of future MSR | 4,302 |  |  | 5,557 |
Unrealized impairment loss | (2,891) |  |  | (15,703) |
Unearned discount | (5,421) |  |  | (3,850) |
Loans held-for-sale, net | $ | 364,320 |  |  | $ | 354,070 |
During the three and nine months ended September 30, 2023, we sold $1.28 billion and $3.62 billion of loans held-for-sale, respectively, and $1.08 billion and $3.70 billion during the three and nine months ended September 30, 2022, respectively. Included in the total loans sold during 2022 were $489.3 million of Private Label loans that were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in this securitization totaling $43.4 million in satisfaction of credit risk retention requirements 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. During the three months ended June 30, 2022, 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, we recorded an unrealized impairment loss of $4.1 million. The unrealized impairment loss was included in other income (loss), net on the consolidated statements of income. At September 30, 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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