Net Gains on Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2019

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Year ended December 31,
	2019		2018		2017
	(in thousands)
From non-affiliates:
Cash loss:
Loans	$	(190,853)	$	(469,647)	$	(174,669)
Hedging activities		(175,305)		93,288		(16,866)
		(366,158)		(376,359)		(191,535)
Non-cash gain:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales		846,888		584,156		563,872
Provision for losses relating to representations and warranties:
Pursuant to loan sales		(8,377)		(5,824)		(5,890)
Reduction in liability due to change in estimate		7,877		4,672		4,301
Change in fair value of loans and derivatives held at year end:
Interest rate lock commitments		87,312		(8,934)		(1,120)
Loans		(42,878)		(1,506)		4,576
Hedging derivatives		17,499		(11,766)		(4,389)
		542,163		184,439		369,815
From PennyMac Mortgage Investment Trust		183,365		64,583		21,989
	$	725,528	$	249,022	$	391,804