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Transactions with Affiliates (Tables) - PMT
 3 Months Ended
Mar. 31, 2019
Transactions with Affiliates  
Summary of lending activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

    

2019

    

2018

 

 

(in thousands)

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

 

 

 

 

 

 

Net gains on mortgage loans held for sale to PMT

 

$

27,146

 

$

13,811

Mortgage servicing rights and excess servicing spread recapture incurred

 

 

(1,123)

 

 

(1,425)

 

 

$

26,023

 

$

12,386

Sale of mortgage loans held for sale to PMT

 

$

884,510

 

$

781,326

 

 

 

 

 

 

 

Fulfillment fee revenue

    

$

27,574

    

$

11,944

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

 

$

8,135,552

 

$

4,225,631

 

 

 

 

 

 

 

Sourcing fees paid to PMT

 

$

1,994

 

$

2,641

Unpaid principal balance of mortgage loans purchased from PMT

 

$

6,647,338

 

$

8,847,873

 

 

 

 

 

 

 

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

 

$

2,243

 

$

1,208

 

Summary of mortgage loan servicing fees earned from PMT

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

    

2019

    

2018

 

 

(in thousands)

Mortgage loans acquired for sale at fair value

 

$

239

 

$

178

Mortgage loans at fair value

 

 

463

 

 

3,085

Mortgage servicing rights

 

 

9,868

 

 

7,756

 

 

$

10,570

 

$

11,019

Property management fees received from PMT included in Other income

 

$

123

 

$

99

 

Summary of management fees earned

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

    

2019

    

2018

 

 

(in thousands)

Base management

 

$

6,109

 

$

5,696

Performance incentive

 

 

1,139

 

 

 —

 

 

$

7,248

 

$

5,696

 

 

 

 

 

 

 

 

Summary of reimbursement of expenses

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

    

2019

    

2018

 

 

(in thousands)

Reimbursement of:

    

 

                

    

 

                

Common overhead incurred by the Company included in Other revenue

 

$

1,236

 

$

1,001

Compensation included in Other revenue

 

 

120

 

 

120

Expenses incurred on PMT's behalf, net

 

 

570

 

 

573

 

 

$

1,926

 

$

1,694

Payments and settlements during the quarter (1)

 

$

15,189

 

$

7,658

(1)

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 March 31, 

 

    

2019

    

2018

 

 

(in thousands)

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

 

$

1,796

 

$

1,976

Common shares of beneficial interest of PennyMac Mortgage Investment Trust:

 

 

 

 

 

 

Dividends received

 

$

36

 

$

35

Change in fair value of investment

 

 

156

 

 

147

 

 

$

192

 

$

182

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2019

    

2018

 

 

(in thousands)

Assets purchased from PennyMac Mortgage Investment Trust under agreements to

 resell

 

$

125,929

 

$

131,025

Common shares of beneficial interest of PennyMac Mortgage Investment Trust:

 

 

 

 

 

 

Fair value

 

$

1,553

 

$

1,397

Number of shares

 

 

75

 

 

75

 

Summary of financing activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

 

    

2019

    

2018

 

 

 

(in thousands)

 

Excess servicing spread financing:

 

 

 

 

 

 

 

Issuance pursuant to recapture agreement

 

$

508

 

$

904

 

Repayment

 

$

10,552

 

$

12,291

 

Gain (loss) recognized

 

$

4,051

 

$

(6,921)

 

Interest expense

 

$

3,066

 

$

3,934

 

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

 

$

489

 

$

830

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

2019

 

2018

 

 

 

(in thousands)

 

Excess servicing spread financing at fair value

 

$

205,081

 

$

216,110

 

 

Summary of amounts due from and payable to affiliate

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2019

    

2018

 

 

(in thousands)

Receivable from PMT:

 

 

 

 

 

 

Fulfillment fees

 

$

11,744

 

$

10,006

Management fees

 

 

7,238

 

 

6,559

Servicing fees

 

 

4,350

 

 

4,841

Allocated expenses and expenses incurred on PMT's behalf

 

 

3,907

 

 

9,066

Correspondent production fees

 

 

1,852

 

 

2,071

Conditional Reimbursement

 

 

726

 

 

801

Interest on assets purchased under agreements to resell

 

 

134

 

 

120

 

 

$

29,951

 

$

33,464

Payable to PMT:

 

 

 

 

 

 

Deposits made by PMT to fund servicing advances

 

$

73,149

 

$

100,554

Mortgage servicing rights recapture payable

 

 

160

 

 

179

Other

 

 

3,185

 

 

3,898

 

 

$

76,494

 

$

104,631