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Loans Held-for-Sale
 3 Months Ended
Mar. 31, 2025
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):
March 31, 2025December 31, 2024
Fannie Mae$173,329 $171,235 
Private Label83,870 38,962 
Freddie Mac38,736 159,201 
FHA16,988 65,589 
SFR - Fixed Rate2,777 3,246 
315,700 438,233 
Fair value of future MSR3,554 5,138 
Unrealized impairment recovery (loss)581 (1,381)
Unearned discount(5,200)(6,231)
Loans held-for-sale, net$314,635 $435,759 
During the three months ended March 31, 2025 and 2024, we sold $730.9 million and $1.09 billion, respectively, of loans held-for-sale.
At March 31, 2025 and December 31, 2024, 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.