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Transactions with Affiliates (Tables) - PMT
 9 Months Ended
Sep. 30, 2019
Transactions with Affiliates  
Summary of lending activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2019

    

2018

   

2019

    

2018

 

 

(in thousands)

Net gains on loans held for sale at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Net gains on loans held for sale to PMT

 

$

62,558

 

$

19,722

 

$

127,423

 

$

49,396

Mortgage servicing rights and excess servicing spread recapture incurred

 

 

(1,896)

 

 

(1,157)

 

 

(4,427)

 

 

(3,518)

 

 

$

60,662

 

$

18,565

 

$

122,996

 

$

45,878

Sale of loans held for sale to PMT

 

$

1,876,358

 

$

908,525

 

$

4,095,079

 

$

2,336,162

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax service fees earned from PMT included in Loan origination fees

 

$

4,222

 

$

2,119

 

$

9,567

 

$

4,869

 

 

 

 

 

 

 

 

 

 

 

 

 

Fulfillment fee revenue

    

$

45,149

    

$

26,256

    

$

102,313

 

$

52,759

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

 

$

16,647,172

 

$

7,517,883

 

$

35,523,802

 

$

17,139,884

 

 

 

 

 

 

 

 

 

 

 

 

 

Sourcing fees paid to PMT

 

$

4,206

 

$

2,689

 

$

9,355

 

$

8,221

Unpaid principal balance of loans purchased from PMT

 

$

14,022,222

 

$

8,916,654

 

$

31,183,950

 

$

27,404,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of loan servicing fees earned from PMT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2019

    

2018

    

2019

   

2018

 

 

(in thousands)

Loans acquired for sale at fair value

 

$

507

 

$

316

 

$

1,131

 

$

739

Loans at fair value

 

 

858

 

 

1,271

 

 

1,938

 

 

5,528

Mortgage servicing rights

 

 

11,599

 

 

8,484

 

 

32,033

 

 

24,254

 

 

$

12,964

 

$

10,071

 

$

35,102

 

$

30,521

Property management fees received from PMT included in Other income

 

$

70

 

$

122

 

$

295

 

$

333

 

Summary of management fees earned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2019

    

2018

    

2019

   

2018

 

 

(in thousands)

Base management

 

$

7,914

 

$

5,799

 

$

20,862

    

$

17,223

Performance incentive

 

 

2,184

 

 

683

 

 

5,316

 

 

683

 

 

$

10,098

 

$

6,482

 

$

26,178

 

$

17,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of reimbursement of expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2019

    

2018

   

2019

   

2018

 

 

(in thousands)

Reimbursement of:

    

 

                

    

 

                

    

 

                

 

 

 

Common overhead incurred by the Company included in Other revenue

 

$

1,543

 

$

1,210

 

$

4,055

 

$

3,387

Compensation included in Other revenue

 

 

120

 

 

120

 

 

360

 

 

360

Expenses incurred on PMT's behalf, net

 

 

1,942

 

 

527

 

 

3,001

 

 

586

 

 

$

3,605

 

$

1,857

 

$

7,416

 

$

4,333

Payments and settlements during the period (1)

 

$

68,191

 

$

21,650

 

$

111,411

 

$

45,265

(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 September 30, 

 

Nine months ended September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

 

 

(in thousands)

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

 

$

1,527

 

$

1,812

 

$

5,015

 

$

5,686

 

Common shares of beneficial interest of PennyMac Mortgage Investment Trust:

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends received

 

$

36

 

$

35

 

$

107

 

$

106

 

Change in fair value of investment

 

 

30

 

 

94

 

 

270

 

 

313

 

 

 

$

66

 

$

129

 

$

377

 

$

419

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2019

    

2018

 

 

(in thousands)

Assets purchased from PennyMac Mortgage Investment Trust under agreements to

 resell

 

$

107,678

 

$

131,025

Common shares of beneficial interest of PennyMac Mortgage Investment Trust:

 

 

 

 

 

 

Fair value

 

$

1,667

 

$

1,397

Number of shares

 

 

75

 

 

75

 

Summary of financing activity between the Company and affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 

 

Nine months ended September 30, 

 

    

2019

    

2018

   

2019

   

2018

 

 

(in thousands)

Excess servicing spread financing:

 

 

 

 

 

 

 

 

 

 

 

 

Issuance pursuant to recapture agreement

 

$

377

 

$

499

    

$

1,327

    

$

1,983

Repayment

 

$

9,819

 

$

11,543

 

$

30,901

 

$

35,852

Gain (loss) recognized

 

$

3,864

 

$

(1,109)

 

$

11,519

 

$

(9,026)

Interest expense

 

$

2,291

 

$

3,740

 

$

8,124

 

$

11,584

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

 

$

429

 

$

597

 

$

1,311

 

$

1,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31,

 

 

 

 

 

 

2019

 

2018

 

 

 

 

(in thousands)

Excess servicing spread financing at fair value

 

 

 

 

 

 

 

$

183,141

 

$

216,110

 

Summary of amounts due from and payable to affiliate

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2019

    

2018

 

 

(in thousands)

Receivable from PMT:

 

 

 

 

 

 

Fulfillment fees

 

$

14,409

 

$

10,006

Management fees

 

 

10,230

 

 

6,559

Correspondent production fees

 

 

5,501

 

 

2,071

Servicing fees

 

 

4,768

 

 

4,841

Allocated expenses and expenses incurred on PMT's behalf

 

 

4,166

 

 

9,066

Conditional Reimbursement

 

 

582

 

 

801

Interest on assets purchased under agreements to resell

 

 

88

 

 

120

 

 

$

39,744

 

$

33,464

Payable to PMT:

 

 

 

 

 

 

Deposits made by PMT to fund servicing advances

 

$

56,869

 

$

100,554

Mortgage servicing rights recapture payable

 

 

162

 

 

179

Other

 

 

4,831

 

 

3,898

 

 

$

61,862

 

$

104,631