Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash	$ 77,647	$ 34,476
Short-term investments	18,398	122,088
Mortgage-backed securities at fair (includes $989,461 and $863,802 pledged to creditors, respectively)	989,461	865,061
Mortgage loans acquired for sale at fair value (includes $1,249,277 and $1,653,748 pledged to creditors, respectively)	1,269,515	1,673,112
Mortgage loans at fair value (includes $1,081,893 and $1,712,190 pledged to creditors, respectively)	1,089,473	1,721,741
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure assets sold under agreements to repurchase to PennyMac Financial Services, Inc.	236,534	288,669
Derivative assets (includes $26,058 and $9,078 pledged to creditors, respectively)	113,881	33,709
Real estate acquired in settlement of loans (includes $124,532 and $215,713 pledged to creditors, respectively)	162,865	274,069
Real estate held for investment (includes $31,128 pledged to creditors at December 31, 2017)	44,224	29,324
Mortgage servicing rights (includes $91,459 and $64,136 at fair value; $831,892 and $656,567 pledged to creditors)	844,781	656,567
Servicing advances	77,158	76,950
Deposits securing credit risk transfer agreements (includes $400,778 and $414,610 pledged to creditors, respectively)	588,867	450,059
Other	87,975	124,586
Total assets	5,604,933	6,357,502
LIABILITIES
Assets sold under agreements to repurchase	3,180,886	3,784,001
Mortgage loan participation purchase and sale agreements	44,488	25,917
Notes payable	0	275,106
Asset-backed financing of a variable interest entity at fair value	307,419	353,898
Exchangeable senior notes	247,186	246,089
Interest-only security payable at fair value	7,070	4,114
Derivative liabilities	1,306	9,573
Accounts payable and accrued liabilities	64,751	107,758
Income taxes payable	27,317	18,166
Liability for losses under representations and warranties	8,678	15,350
Total liabilities	4,060,348	5,006,388
Commitments and contingencies ─ Note 19	0	0
SHAREHOLDERS’ EQUITY
Preferred shares of beneficial interest, $0.01 par value per share, authorized 100,000,000 shares, issued and outstanding 12,400,000 shares at December 31, 2017, liquidation preference $310,000,000	299,707	0
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 61,334,087 and 66,697,286 common shares	613	667
Additional paid-in capital	1,290,931	1,377,171
Accumulated deficit	(46,666)	(26,724)
Total shareholders’ equity	1,544,585	1,351,114
Total liabilities and shareholders’ equity	5,604,933	6,357,502
Variable Interest Entities [Member]
ASSETS
Mortgage loans at fair value (includes $1,081,893 and $1,712,190 pledged to creditors, respectively)	321,040	367,169
Derivative assets (includes $26,058 and $9,078 pledged to creditors, respectively)	98,640	15,610
Deposits securing credit risk transfer agreements (includes $400,778 and $414,610 pledged to creditors, respectively)	588,867	450,059
Other—interest receivable	904	1,058
Total assets of Consolidated Variable Interest Entity	1,009,451	833,896
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	307,419	353,898
Interest-only security payable at fair value	7,070	4,114
Accounts payable and accrued liabilities—interest payable	904	1,058
SHAREHOLDERS’ EQUITY
Total liabilities of Consolidated Variable Interest Entity	315,393	359,070
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	4,154	7,091
LIABILITIES
Assets sold under agreements to repurchase	144,128	150,000
Due to PennyMac Financial Services, Inc.	$ 27,119	$ 16,416