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Loans Held-for-Sale
9 Months Ended
Sep. 30, 2020
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. LHFS totaled $5.4 billion and $5.3 billion at September 30, 2020 and December 31, 2019, respectively. For the three and nine months ended September 30, 2020 we had net gain on loan sales associated with LHFS of $344 million and $737 million as compared to $110 million and $232 million for the three and nine months ended September 30, 2019.
    
    At September 30, 2020 and December 31, 2019, $15 million and $39 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.