XML 19 R10.htm IDEA: XBRL DOCUMENT v3.22.2.2
Loans Held-for-Sale, Net
9 Months Ended
Sep. 30, 2022
Loans Held-for-Sale, Net  
Loans Held-for-Sale, Net

Note 4 — Loans Held-for-Sale, Net

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 or securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands):

   

September 30, 2022

   

December 31, 2021

Fannie Mae

$

201,325

$

392,876

Freddie Mac

 

160,718

112,561

Private Label

127,106

507,918

FHA

54,395

54,532

SFR - Fixed Rate

8,762

9,352

 

552,306

1,077,239

Fair value of future MSR

7,411

19,318

Unrealized impairment loss

(12,163)

Unearned discount

 

(3,678)

(2,948)

Loans held-for-sale, net

$

543,876

$

1,093,609

During the three and nine months ended September 30, 2022, we sold $1.08 billion and $3.70 billion of loans held-for-sale, respectively, and $1.01 billion and $4.33 billion during the three and nine months ended September 30, 2021, respectively. Included in the total loans sold during 2022 and 2021 were Private Label loans totaling $489.3 million and $449.9 million, respectively, which were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in the 2022 and 2021 securitizations totaling $43.4 million and $38.2 million, respectively, in satisfaction of credit risk retention requirements (see Note 7 for details), and we are also the primary servicer of the mortgage loans.

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 $7.8 million and $12.2 million during the three and nine months ended September 30, 2022, respectively, which was included in other income, net on the consolidated statements of income.

At September 30, 2022 and December 31, 2021, 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.