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Loans Held-for-Sale
12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Loans Held-for-Sale Loans Held-for-Sale

The majority of our mortgage loans originated as LHFS are ultimately sold into the secondary market on a whole loan basis or by securitizing the loans into agency, government, or private label mortgage-backed securities. At December 31, 2019 and 2018, LHFS totaled $5.3 billion and $3.9 billion, respectively. For the years ended December 31, 2019, 2018 and 2017, we had net gains on loan sales associated with LHFS of $333 million, $197 million, and $267 million, respectively.

At December 31, 2019 and 2018, $39 million and $137 million, respectively, of LHFS were recorded at lower of cost or fair value. We elected the fair value option for the remainder of the loans in the portfolio.