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Transactions with Affiliates (Tables)
 9 Months Ended
Sep. 30, 2018
PMT  
Transactions with Affiliates  
Summary of lending activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

 

    

2018

    

2017

   

2018

    

2017

 

 

 

(in thousands)

 

Net gains on mortgage loans held for sale at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains on mortgage loans held for sale to PMT

 

$

19,722

 

$

11,396

 

$

49,396

 

$

12,280

 

Mortgage servicing rights and excess servicing spread recapture incurred

 

 

(1,157)

 

 

(1,495)

 

 

(3,518)

 

 

(4,696)

 

 

 

$

18,565

 

$

9,901

 

$

45,878

 

$

7,584

 

Sale of mortgage loans held for sale to PMT

 

$

908,525

 

$

332,886

 

$

2,336,162

 

$

373,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fulfillment fee revenue

    

$

26,256

    

$

23,507

    

$

52,759

 

$

61,184

 

Unpaid principal balance of mortgage loans fulfilled for PMT subject to fulfillment fees

 

$

7,517,883

 

$

6,530,036

 

$

17,139,884

 

$

17,079,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sourcing fees paid to PMT

 

$

2,689

 

$

3,275

 

$

8,221

 

$

9,340

 

Unpaid principal balance of mortgage loans purchased from PMT

 

$

8,916,654

 

$

10,915,194

 

$

27,404,022

 

$

31,131,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax service fees received from PMT included in Mortgage loan origination fees

 

$

2,119

 

$

2,108

 

$

4,869

 

$

5,377

 

Early purchase program fees earned from PMT included in Mortgage loan servicing fees

 

$

 —

 

$

 1

 

$

 —

 

$

 7

 

 

Summary of mortgage loan servicing fees earned from PMT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2018

    

2017

 

2018

   

2017

 

 

(in thousands)

Mortgage loans acquired for sale at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Base and supplemental

    

$

98

    

$

88

    

$

250

    

$

235

Activity-based

 

 

218

 

 

188

 

 

489

 

 

507

 

 

 

316

 

 

276

 

 

739

 

 

742

Mortgage loans at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Base and supplemental

 

 

614

 

 

1,571

 

 

2,328

 

 

5,284

Activity-based

 

 

657

 

 

2,702

 

 

3,200

 

 

6,859

 

 

 

1,271

 

 

4,273

 

 

5,528

 

 

12,143

Mortgage servicing rights:

 

 

 

 

 

 

 

 

 

 

 

 

Base and supplemental

 

 

8,326

 

 

6,702

 

 

23,875

 

 

18,727

Activity-based

 

 

158

 

 

151

 

 

379

 

 

375

 

 

 

8,484

 

 

6,853

 

 

24,254

 

 

19,102

 

 

$

10,071

 

$

11,402

 

$

30,521

 

$

31,987

Property management fees received from PMT included in Other income

 

$

122

 

$

95

 

$

333

 

$

261

 

Summary of management fees earned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2018

    

2017

 

2018

   

2017

 

 

(in thousands)

Base management

 

$

5,799

 

$

6,038

    

$

17,223

    

$

16,380

Performance incentive

 

 

683

 

 

 —

 

 

683

 

 

304

 

 

$

6,482

 

$

6,038

 

$

17,906

 

$

16,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of reimbursement of expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

 

    

2018

    

2017

   

2018

   

2017

 

 

 

(in thousands)

 

Reimbursement of:

    

 

                

    

 

                

    

 

                

 

 

 

 

Common overhead incurred by the Company (1)

 

$

1,210

 

$

1,193

 

$

3,387

 

$

4,220

 

Compensation (1)

 

 

120

 

 

 —

 

 

360

 

 

 —

 

Expenses incurred on (the Company's) PMT's behalf, net

 

 

527

 

 

196

 

 

586

 

 

849

 

 

 

$

1,857

 

$

1,389

 

$

4,333

 

$

5,069

 

Payments and settlements during the quarter (2)

 

$

21,650

 

$

22,786

 

$

45,265

 

$

63,249

 

(1)

The Company adopted ASU 2014-09 using the modified retrospective method effective January 1, 2018. Adoption of ASU 2014-09 using the modified retrospective method required the Company to include those reimbursements from PMT in Other revenue starting January 1, 2018.

 

(2)

Payments and settlements include payments for management fees and correspondent production activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PMT.
Summary of investing activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2018

    

2017

    

2018

    

2017

 

 

 

(in thousands)

Interest income relating to Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell

 

$

1,812

 

$

2,116

 

$

5,686

 

$

5,946

 

Common shares of beneficial interest of PennyMac Mortgage Investment Trust:

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends received

 

$

35

 

$

35

 

$

106

 

$

106

 

Change in fair value of investment

 

 

94

 

 

(68)

 

 

313

 

 

76

 

 

 

$

129

 

$

(33)

 

$

419

 

$

182

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2018

    

2017

 

 

(in thousands)

Assets purchased from PennyMac Mortgage Investment Trust under agreements to

 resell

 

$

133,128

 

$

144,128

Common shares of beneficial interest of PennyMac Mortgage Investment Trust:

 

 

 

 

 

 

Fair value

 

$

1,518

 

$

1,205

Number of shares

 

 

75

 

 

75

 

Summary of financing activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

 

    

2018

    

2017

   

2018

   

2017

 

 

 

(in thousands)

 

Excess servicing spread financing:

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance pursuant to recapture agreement

 

$

499

 

$

1,207

    

$

1,983

    

$

4,160

 

Repayment

 

$

11,543

 

$

13,410

 

$

35,852

 

$

42,320

 

Change in fair value

 

$

1,109

 

$

(4,828)

 

$

9,026

 

$

(14,757)

 

Interest expense

 

$

3,740

 

$

3,998

 

$

11,584

 

$

13,011

 

Recapture incurred pursuant to refinancings by the Company of mortgage loans subject to excess servicing spread financing included in Net gains on mortgage loans held for sale at fair value

 

$

597

 

$

1,163

 

$

1,951

 

$

3,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

 

 

 

 

 

 

 

2018

 

2017

 

 

 

 

 

 

 

 

 

(in thousands)

 

Excess servicing spread financing at fair value

 

 

 

 

 

 

 

$

223,275

 

$

236,534

 

 

Summary of amounts due from and payable to affiliate

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

    

2018

    

2017

 

 

 

(in thousands)

 

Receivable from PMT:

 

 

 

 

 

 

 

Fulfillment fees

 

$

12,078

 

$

346

 

Management fees

 

 

6,482

 

 

5,901

 

Servicing fees

 

 

3,765

 

 

6,583

 

Allocated expenses and expenses incurred on PMT's behalf

 

 

2,295

 

 

11,542

 

Correspondent production fees

 

 

1,864

 

 

1,735

 

Conditional Reimbursement

 

 

870

 

 

870

 

Interest on assets purchased under agreements to resell

 

 

113

 

 

142

 

 

 

$

27,467

 

$

27,119

 

Payable to PMT:

 

 

 

 

 

 

 

Deposits made by PMT to fund servicing advances

 

$

89,467

 

$

132,844

 

Mortgage servicing rights recapture payable

 

 

250

 

 

282

 

Other

 

 

2,101

 

 

3,872

 

 

 

$

91,818

 

$

136,998

 

 

Investment Funds  
Transactions with Affiliates  
Summary of amounts due from and payable to affiliate

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 2017

 

 

 

(in thousands)

 

Carried Interest due from Investment Funds:

 

 

 

 

PNMAC Mortgage Opportunity Fund, LLC

 

$

6,389

 

PNMAC Mortgage Opportunity Fund Investors, LLC

 

 

2,163

 

 

 

$

8,552

 

Receivable from Investment Funds:

 

 

 

 

Mortgage loan servicing fee rebate deposit

 

$

300

 

Management fees

 

 

88

 

Expense reimbursements

 

 

27

 

Mortgage loan servicing fees

 

 

 2

 

 

 

$

417

 

Payable to Investment Funds:

 

 

 

 

Deposits received to fund servicing advances

 

$

2,329

 

Other

 

 

98

 

 

 

$

2,427