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Loans Held-for-Sale, Net
 3 Months Ended
Mar. 31, 2024
Receivable, Held-for-Sale [Abstract]  
Loans Held-for-Sale, Net 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 to third parties or securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands):
March 31, 2024December 31, 2023
Fannie Mae$209,743 $477,212 
Freddie Mac90,658 50,235 
Private Label11,350 11,350 
SFR - Fixed Rate8,683 8,696 
FHA4,309 4,832 
324,743 552,325 
Fair value of future MSR4,656 7,784 
Unrealized impairment loss(1,971)(1,989)
Unearned discount(4,553)(6,413)
Loans held-for-sale, net$322,875 $551,707 
During the three months ended March 31, 2024 and 2023, we sold $1.09 billion and $932.7 million, respectively, of loans held-for-sale.
During 2022, we recorded a net impairment loss of $5.2 million on seven Private Label loans with a UPB of $129.9 million and a net carrying value of $116.4 million. During the first quarter of 2023, we sold these impaired loans above the net carrying value and recorded a gain of $0.9 million.
At March 31, 2024 and December 31, 2023, 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.