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Transactions with Affiliates (Tables)
 9 Months Ended
Sep. 30, 2013
Transactions with Affiliates  
Summary of base management and performance incentive fees earned

 

 

 

Quarter ended September 30,

 

Nine months ended September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

Base management fee

 

$

5,104

 

$

3,672

 

$

14,043

 

$

7,964

 

Performance incentive fee

 

3,435

 

—

 

9,443

 

—

 

 

 

$

8,539

 

$

3,672

 

$

23,486

 

$

7,964

 

 
Summary of mortgage loan servicing fees earned from PMT

 

 

 

Quarter ended September 30,

 

Nine months ended September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

Loan servicing fees:

 

 

 

 

 

 

 

 

 

Base

 

$

7,139

 

$

3,518

 

$

19,005

 

$

9,656

 

Activity-based

 

3,599

 

1,082

 

8,246

 

3,507

 

 

 

$

10,738

 

$

4,600

 

$

27,251

 

$

13,163

 

 
Summary of lending activity between the Company and affiliate

 

 

 

Quarter ended September 30,

 

Nine months ended September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

Sourcing fees paid

 

$

1,204

 

$

747

 

$

3,563

 

$

1,448

 

Fulfillment fee revenue

 

$

18,327

 

$

17,258

 

$

68,625

 

$

31,097

 

Unpaid principal balance of loans fulfilled for PMT

 

$

3,681,771

 

$

2,488,443

 

$

12,792,482

 

$

4,828,117

 

Fair value of loans purchased from PMT

 

$

4,147,535

 

$

2,650,097

 

$

12,429,698

 

$

5,111,185

 

 
Summary of foregoing reimbursement of expenses

 

 

 

Quarter ended September 30,

 

Nine months ended September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

Reimbursement of expenses incurred on PMT’s behalf

 

$

1,934

 

$

555

 

$

3,767

 

$

2,420

 

Reimbursement of common overhead incurred by PCM and its affiliates

 

2,552

 

1,244

 

8,359

 

2,474

 

 

 

$

4,486

 

$

1,799

 

$

12,126

 

$

4,894

 

 

 

 

 

 

 

 

 

 

 

Payments and settlements during the period (1)

 

$

29,315

 

$

12,239

 

$

94,606

 

$

28,896

 

 

(1)         Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PMT.

 
PMT
  
Transactions with Affiliates  
Summary of amounts due from affiliate

 

 

 

September 30, 2013

 

December 31, 2012

 

 

 

(in thousands)

 

Management fees

 

$

8,539

 

$

4,473

 

Servicing fees

 

5,152

 

3,670

 

Underwriting fees

 

2,131

 

2,941

 

Allocated expenses

 

4,208

 

1,132

 

Loan purchases

 

—

 

4,475

 

 

 

$

20,030

 

$

16,691

 
Investment Funds
  
Transactions with Affiliates  
Summary of amounts due from affiliate

 

 

 

September 30, 2013

 

December 31, 2012

 

 

 

(in thousands)

 

Receivable from Investment Funds:

 

 

 

 

 

Loan servicing fees

 

$

47

 

$

1,052

 

Loan servicing rebate

 

(123

)

(239

)

Management fees

 

2,001

 

2,164

 

Expense reimbursements

 

616

 

695

 

 

 

$

2,541

 

$

3,672

 

Carried Interest due from Investment Funds:

 

 

 

 

 

PNMAC Mortgage Opportunity Fund, LLC

 

$

36,357

 

$

29,785

 

PNMAC Mortgage Opportunity Fund Investors, LLC

 

21,777

 

17,938

 

 

 

$

58,134

 

$

47,723