Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Mortgage Servicing Rights and Mortgage Servicing Liabilities

Schedule of activity in MSRs carried at fair value

	Quarter ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)
Balance at beginning of period	$	9,531,249	$	7,923,078	$	8,744,528	$	7,099,348
Additions (deductions):
MSRs resulting from loan sales		700,326		578,982		2,165,213		1,532,709
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities		—		(121,520)		—		(121,520)
Sales to:
Non-affiliates		(183,514)		—		(183,514)		—
PennyMac Mortgage Investment Trust		(1,895)		—		(1,895)		—
		514,917		457,462		1,979,804		1,411,189
Change in fair value due to:
Changes in inputs used in valuation model (1)		(102,519)		(402,376)		(292,058)		(132,984)
Other changes in fair value (2)		(289,705)		(225,872)		(778,332)		(625,261)
Total change in fair value		(392,224)		(628,248)		(1,070,390)		(758,245)
Balance at end of period	$	9,653,942	$	7,752,292	$	9,653,942	$	7,752,292
Unpaid principal balance of underlying loans at end of period					$	470,281,735	$	410,031,301
					September 30,		December 31,
					2025		2024
					(in thousands)
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets					$	9,440,264	$	8,609,388

(1) Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing inputs.

(2) Represents changes due to realization of cash flows.

Schedule of activity in mortgage servicing liability carried at fair value

	Quarter ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)
Balance at beginning of period	$	1,643	$	1,708	$	1,683	$	1,805
Changes in fair value due to:
Changes in inputs used in valuation model (1)		(24)		46		2		34
Other changes in fair value (2)		(26)		(36)		(92)		(121)
Total change in fair value		(50)		10		(90)		(87)
Balance at end of period	$	1,593	$	1,718	$	1,593	$	1,718
Unpaid principal balance of underlying loans at end of period					$	17,457	$	20,179

(1) Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing.

(2) Represents changes due to realization of cash flows.

Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income

	Quarter ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)
Contractual servicing fees	$	460,359	$	393,457	$	1,313,563	$	1,126,523
Other fees:
Late charges		21,477		19,122		61,383		53,979
Other		4,503		3,804		12,042		9,593
	$	486,339	$	416,383	$	1,386,988	$	1,190,095