Concentration of Risk

3 Months Ended

Mar. 31, 2020

Concentration of Risk

Concentration of Risk

Note 3—Concentration of Risk

A substantial portion of the Company’s activities relate to PMT. Revenues generated from PMT (generally comprised of gains on loans held for sale, loan origination and fulfillment fees, loan servicing fees, change in fair value of excess servicing spread financing (“ESS”), management fees, net interest, and change in fair value of investment in and dividends received from PMT) totaled 22% and 31% of total net revenue for the quarters ended March 31, 2020 and 2019, respectively.