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Loans Held-for-Sale
 9 Months Ended
Sep. 30, 2024
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):
September 30, 2024December 31, 2023
Fannie Mae$181,590 $477,212 
Freddie Mac127,067 50,235 
Private Label11,329 11,350 
SFR - Fixed Rate3,601 8,696 
FHA3,323 4,832 
326,910 552,325 
Fair value of future MSR3,887 7,784 
Unrealized impairment loss(876)(1,989)
Unearned discount(3,780)(6,413)
Loans held-for-sale, net$326,141 $551,707 
During the three and nine months ended September 30, 2024, we sold $1.12 billion and $3.34 billion, respectively, of loans held-for-sale. During the three and nine months ended September 30, 2023, we sold $1.28 billion and $3.62 billion, 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 September 30, 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.