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Loans Held-for-Sale | 9 Months Ended
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Sep. 30, 2024
Receivable, Held-for-Sale [Abstract] |
Loans Held-for-Sale | Loans Held-for-Sale 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, 2024 |  | December 31, 2023
Fannie Mae | $ | 181,590 |  |  | $ | 477,212 |
Freddie Mac | 127,067 |  |  | 50,235 |
Private Label | 11,329 |  |  | 11,350 |
SFR - Fixed Rate | 3,601 |  |  | 8,696 |
FHA | 3,323 |  |  | 4,832 |
| 326,910 |  |  | 552,325 |
Fair value of future MSR | 3,887 |  |  | 7,784 |
Unrealized impairment loss | (876) |  |  | (1,989) |
Unearned discount | (3,780) |  |  | (6,413) |
Loans held-for-sale, net | $ | 326,141 |  |  | $ | 551,707 |
During the three and nine months ended September 30, 2024, we sold $1.12 billion and $3.34 billion, respectively, of loans held-for-sale. During the three and nine months ended September 30, 2023, we sold $1.28 billion and $3.62 billion, respectively, of loans held-for-sale. During 2022, we recorded a net impairment loss of $5.2 million 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 impaired loans above the net carrying value and recorded a gain of $0.9 million. At September 30, 2024 and December 31, 2023, 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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