Loans Held-for-Sale, Net

12 Months Ended

Dec. 31, 2023

Receivable, Held-for-Sale [Abstract]

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):


	December 31, 2023		December 31, 2022
Fannie Mae	$	477,212	$	173,020
Private Label	50,235		152,735
FHA	11,350		21,021
SFR - Fixed Rate	8,696		12,352
Freddie Mac	4,832		8,938
	552,325		368,066
Fair value of future MSR	7,784		5,557
Unrealized impairment loss	(1,989)		(15,703)
Unearned discount	(6,413)		(3,850)
Loans held-for-sale, net	$	551,707	$	354,070

During 2023, 2022 and 2021, we sold $4.89 billion, $5.44 billion and $6.42 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 during 2022 and 2021, respectively, 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 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 which was included in other income (loss), net on the consolidated statements of income. During the first quarter of 2023, we sold several of these impaired loans above the net carrying value and recorded a net gain of $0.9 million.

At December 31, 2023 and 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.