Loan Sales and Servicing Activities (Tables)

12 Months Ended

Dec. 31, 2019

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


	Year ended December 31,
	2019		2018		2017
	(in thousands)
Cash flows:
Sales proceeds	$	61,214,102	$	44,557,560	$	50,235,245
Servicing fees received (1)	$	587,919	$	488,483	$	376,160
Net servicing advances	$	36,277	$	28,557	$	52,353

(1)

Net of guarantee fees paid to the Agencies

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


	December 31,
	2019		2018
	(in thousands)
Unpaid principal balance of loans outstanding	$	168,842,011	$	145,224,596
Delinquencies:
30-89 days	$	7,947,560	$	6,222,864
90 days or more:
Not in foreclosure	$	3,237,563	$	2,208,083
In foreclosure	$	888,136	$	720,894
Foreclosed	$	15,387	$	24,243
Bankruptcy	$	1,343,816	$	970,329

Summary of servicing portfolio


	December 31, 2019
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	168,842,011	$	—	$	168,842,011
Purchased		59,703,547		—		59,703,547
		228,545,558		—		228,545,558
PennyMac Mortgage Investment Trust		—		135,414,668		135,414,668
Loans held for sale		4,724,006		—		4,724,006
	$	233,269,564	$	135,414,668	$	368,684,232
Delinquent loans:
30 days	$	7,987,132	$	857,660	$	8,844,792
60 days		2,490,797		172,263		2,663,060
90 days or more:
Not in foreclosure		4,070,482		274,592		4,345,074
In foreclosure		1,113,806		68,331		1,182,137
Foreclosed		18,315		89,421		107,736
	$	15,680,532	$	1,462,267	$	17,142,799
Bankruptcy	$	1,898,367	$	136,818	$	2,035,185
Custodial funds managed by the Company (1)	$	6,412,291	$	2,529,984	$	8,942,275

(1)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to 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 loans’ investors. Placement fees are included in Interest income in the Company’s consolidated statements of income.


	December 31, 2018
			Contract
	Servicing		servicing and		Total
	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
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 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)

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

(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)


	December 31,		December 31,
State	2019		2018
	(in thousands)
California	$	57,311,867	$	51,377,441
Florida		28,940,696		22,650,926
Texas		27,909,821		23,648,042
Virginia		22,115,619		19,011,950
Maryland		16,829,320		13,774,011
All other states		215,576,909		168,831,502
	$	368,684,232	$	299,293,872