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Net Gains on Loans Held for Sale
 9 Months Ended
Sep. 30, 2019
Net Gains on Loans Held for Sale  
Net Gains on Loans Held for Sale

Note 17—Net Gains on Loans Held for Sale

 

Net gains on loans held for sale at fair value is summarized below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2019

    

2018

    

2019

    

2018

 

 

(in thousands)

From non-affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

Cash loss:

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

(22,838)

 

$

(107,414)

 

$

(77,659)

    

$

(399,457)

Hedging activities

 

 

(148,128)

 

 

(2,507)

 

 

(230,200)

 

 

89,322

 

 

 

(170,966)

 

 

(109,921)

 

 

(307,859)

 

 

(310,135)

Non-cash gain:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales

 

 

227,256

 

 

147,259

 

 

518,706

 

 

443,056

Provision for losses relating to representations and warranties:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuant to loan sales

 

 

(2,508)

 

 

(1,842)

 

 

(5,222)

 

 

(4,550)

Reduction in liability due to change in estimate

 

 

1,175

 

 

1,155

 

 

6,305

 

 

3,627

Change in fair value of loans and derivatives held at period end:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

 

33,347

 

 

(18,526)

 

 

95,785

 

 

(21,109)

Loans

 

 

(5,822)

 

 

6,897

 

 

(35,508)

 

 

21,407

Hedging derivatives

 

 

92,588

 

 

13,327

 

 

72,838

 

 

11,100

 

 

 

175,070

 

 

38,349

 

 

345,045

 

 

143,396

From PennyMac Mortgage Investment Trust

 

 

60,662

 

 

18,565

 

 

122,996

 

 

45,878

 

 

$

235,732

 

$

56,914

 

$

468,041

 

$

189,274