Net Loan Servicing Fees (Tables)

3 Months Ended

Mar. 31, 2016

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Summary of Net Loan Servicing Fees

Net loan servicing fees are summarized below:

	Quarter ended March 31,
	2016			2015
	(in thousands)
Servicing fees (1)	$	28,872		$	22,629
MSR recapture fee receivable from PFSI		130			—
Effect of MSRs:
Carried at lower of amortized cost or fair value:
Amortization		(14,287	)		(9,592	)
Provision for impairment		(17,706	)		(6,379	)
Gain on sale		—			83
Carried at fair value—change in fair value		(11,415	)		(9,816	)
Gains on hedging derivatives		29,960			11,076
		(13,448	)		(14,628	)
Net loan servicing fees	$	15,554		$	8,001
Average servicing portfolio	$	43,253,977		$	34,599,043

(1) Includes contractually specified servicing and ancillary fees.