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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Mortgage loan servicing fees      
From non-affiliates and affiliates $ 585,101 $ 475,848 $ 385,633
Ancillary and other fees 64,133 58,924 46,910
Mortgage loan servicing fees 691,282 579,297 485,741
Amortization, impairment and change in fair value of mortgage servicing rights and mortgage servicing liabilities (237,389) (292,588) (324,198)
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (245,889) (273,238) (300,275)
Net mortgage loan servicing fees 445,393 306,059 185,466
Net gains on mortgage loans held for sale at fair value:      
From non-affiliates 184,439 369,815 539,872
Net gains on mortgage loans held for sale at fair value 249,022 391,804 531,780
Mortgage loan origination fees from non-affiliates 94,208 112,124 118,844
Mortgage loan origination fees 101,641 119,202 125,534
Fulfillment fees from PennyMac Mortgage Investment Trust     86,465
Interest income:      
From non-affiliates 208,954 135,141 73,297
Interest income 216,416 143,179 81,127
Interest expense:      
To non-affiliates 129,459 127,569 83,605
Interest expense 144,597 144,520 106,206
Net interest income (expense): 71,819 (1,341) (25,079)
Management fees, net:      
Management fees 24,469 23,585 22,746
Carried Interest from Investment Funds (365) (1,040) 980
Result of real estate acquired in settlement of loans 589 94 (82)
Revaluation of payable to exchanged Private National Mortgage Acceptance Company , LLC unitholders under tax receivable agreement 1,126 32,940 551
Other 9,253 3,683 3,302
Total net revenue 984,629 955,463 931,887
Expenses      
Compensation 403,270 358,721 342,153
Servicing 137,104 117,696 85,857
Technology 60,103 52,013 35,322
Professional services 27,615 17,845 18,078
Loan origination 27,398 20,429 22,528
Occupancy and equipment 27,152 22,615 17,140
Marketing 8,207 9,118 5,264
Other 26,083 21,117 22,462
Total expenses 716,932 619,554 548,804
Income before provision for income taxes 267,697 335,909 383,083
Provision for income taxes 23,254 24,387 46,103
Net income 244,443 311,522 336,980
Less: Net income attributable to noncontrolling interest 156,749 210,765 270,901
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 87,694 $ 100,757 $ 66,079
Earnings per share      
Basic (in dollars per share) $ 2.62 $ 4.34 $ 2.98
Diluted (in dollars per share) $ 2.59 $ 4.03 $ 2.94
Weighted-average shares outstanding      
Basic (in shares) 33,524 23,199 22,161
Diluted (in shares) 35,322 24,999 76,629
PMT      
Mortgage loan servicing fees      
From non-affiliates and affiliates $ 42,045 $ 43,064 $ 50,615
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (8,500) 19,350 23,923
Net mortgage loan servicing fees     185,466
Net gains on mortgage loans held for sale at fair value:      
Recapture payable to PennyMac Mortgage Investment Trust 64,583 21,989 (8,092)
Mortgage loan origination fees from PennyMac Mortgage Investment Trust 7,433 7,078 6,690
Fulfillment fees from PennyMac Mortgage Investment Trust 81,350 80,359 86,465
Interest income:      
From PennyMac Mortgage Investment Trust 7,462 8,038 7,830
Interest expense:      
To PennyMac Mortgage Investment Trust 15,138 16,951 22,601
Management fees, net:      
Management fees 24,465 22,584 20,657
Change in fair value of investment in and dividends received from affiliate 332 118 224
Investment Funds      
Mortgage loan servicing fees      
From non-affiliates and affiliates 3 1,461 2,583
Management fees, net:      
Management fees 4 1,001 2,089
Carried Interest from Investment Funds $ (365) $ (1,040) $ 980