Net Interest Income

12 Months Ended

Dec. 31, 2016

Banking And Thrift Interest [Abstract]

Net Interest Income

Note 24—Net Interest Income

Net interest income is summarized below:

		Year ended December 31,
		2016		2015		2014
	(in thousands)
Interest income:
From nonaffiliates:
Short-term investments		$	923	$	815	$	604
Mortgage-backed securities			14,663		10,267		8,226
Mortgage loans acquired for sale at fair value			54,750		48,281		23,974
Mortgage loans at fair value:
Distressed			107,044		96,536		100,340
Under forward purchase agreements			—		—		3,584
Held in a VIE			17,042		19,903		22,280
Placement fees relating to custodial funds			4,058		—		—
Deposits securing CRT Agreements			930		—		—
Other			111		178		48
			199,521		175,980		159,056
From PFSI—ESS purchased from PFSI at fair value			22,601		25,365		13,292
			222,122		201,345		172,348
Interest expense:
To nonaffiliates:
Assets sold under agreements to repurchase			92,838		79,869		58,304
Mortgage loan participation and sale agreements			1,376		1,001		912
Notes payable			12,892		6,826		—
Exchangeable Notes			14,473		14,413		14,358
Asset-backed financings of VIEs at fair value (1)			12,091		13,754		6,490
FHLB advances			122		275		—
Borrowings under forward purchase agreements			—		—		2,363
Interest shortfall on repayments of mortgage loans    serviced for Agency securitizations			6,812		4,207		2,004
Placement fees on mortgage loan impound deposits			1,334		1,020		1,158
			141,938		121,365		85,589
To PFSI—financings payable			7,830		3,343		—
			149,768		124,708		85,589
Net interest income		$	72,354	$	76,637	$	86,759

(1) The results for the year ended December 31, 2016 include interest expense from Asset-backed financing of a VIE at fair value and CRT Agreements financing at fair value.