Loan Sales and Servicing Activities (Tables)

3 Months Ended

Mar. 31, 2019

Summary of cash flows between the Company and transferees upon sale of mortgage loans in transactions


	Quarter ended March 31,
	2019		2018
	(in thousands)
Cash flows:
Sales proceeds	$	8,536,430	$	11,103,785
Servicing fees received (1)	$	137,148	$	113,091
Net servicing recoveries	$	(24,176)	$	(10,637)

(1)

Net of guarantee fees paid to the Agencies.

Summary of sale of loans between the Company and transferees upon sale of mortgage loans in transactions


	March 31,		December 31,
	2019		2018
	(in thousands)
Unpaid principal balance of mortgage loans outstanding	$	148,795,055	$	145,224,596
Delinquencies:
30-89 days	$	5,489,000	$	6,222,864
90 days or more:
Not in foreclosure	$	2,085,034	$	2,208,083
In foreclosure	$	710,297	$	720,894
Foreclosed	$	24,875	$	24,243
Bankruptcy	$	1,053,399	$	970,329

Summary of mortgage servicing portfolio


	March 31, 2019
			Contract		Total
	Servicing		servicing and		mortgage
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	148,795,055	$	—	$	148,795,055
Purchased		72,039,709		—		72,039,709
		220,834,764		—		220,834,764
PennyMac Mortgage Investment Trust		—		101,287,428		101,287,428
Mortgage loans held for sale		2,573,121		—		2,573,121
	$	223,407,885	$	101,287,428	$	324,695,313
Subserviced for the Company (1)	$	16,270,233	$	—	$	16,270,233
Delinquent mortgage loans:
30 days	$	6,244,534	$	479,185	$	6,723,719
60 days		1,781,121		111,089		1,892,210
90 days or more:
Not in foreclosure		3,100,186		223,231		3,323,417
In foreclosure		1,094,892		115,637		1,210,529
Foreclosed		35,354		157,762		193,116
	$	12,256,087	$	1,086,904	$	13,342,991
Bankruptcy	$	1,521,842	$	118,609	$	1,640,451
Custodial funds managed by the Company (2)	$	3,851,327	$	1,384,404	$	5,235,731

(1)

Certain of the mortgage loans for which the Company has purchased the MSRs are subserviced on the Company’s behalf by other mortgage loan servicers on an interim basis when servicing of the loans has not yet been transferred to the Company’s loan servicing platform.

(2)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to mortgage loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the mortgage loans’ borrowers and investors, which are included in Interest income in the Company’s consolidated statements of income.


	December 31, 2018
			Contract		Total
	Servicing		servicing and		mortgage
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	145,224,596	$	—	$	145,224,596
Purchased		56,990,486		—		56,990,486
		202,215,082		—		202,215,082
PennyMac Mortgage Investment Trust		—		94,658,154		94,658,154
Mortgage loans held for sale		2,420,636		—		2,420,636
	$	204,635,718	$	94,658,154	$	299,293,872
Subserviced for the Company (1)	$	414,219	$	—	$	414,219
Delinquent mortgage loans:
30 days	$	6,677,179	$	525,989	$	7,203,168
60 days		1,983,381		113,238		2,096,619
90 days or more:
Not in foreclosure		3,102,492		217,115		3,319,607
In foreclosure		1,027,493		127,025		1,154,518
Foreclosed		33,493		176,377		209,870
	$	12,824,038	$	1,159,744	$	13,983,782
Bankruptcy	$	1,415,106	$	107,083	$	1,522,189
Custodial funds managed by the Company (2)	$	3,033,658	$	970,328	$	4,003,986

(1)

(2)

Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)


	March 31,		December 31,
State	2019		2018
	(in thousands)
California	$	54,790,956	$	51,377,441
Florida		25,043,416		22,650,926
Texas		24,957,664		23,648,042
Virginia		19,845,177		19,011,950
Maryland		14,748,291		13,774,011
All other states		185,309,809		168,831,502
	$	324,695,313	$	299,293,872