v3.25.2
Loans Held-for-Sale
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
Fannie Mae$199,230 $171,235 
Private Label77,853 38,962 
Freddie Mac74,611 159,201 
SFR - Fixed Rate9,444 3,246 
FHA— 65,589 
361,138 438,233 
Fair value of future MSR3,480 5,138 
Unrealized impairment recovery (loss)1,407 (1,381)
Unearned discount(4,578)(6,231)
Loans held-for-sale, net$361,447 $435,759 
During the three and six months ended June 30, 2025, we sold $807.0 million and $1.54 billion, respectively, of loans held-for-sale. During the three and six months ended June 30, 2024, we sold $1.14 billion and $2.22 billion, respectively, of loans held-for-sale.
At June 30, 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.