Net Gains on Loans Held for Sale

3 Months Ended

Mar. 31, 2020

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

Note 16—Net Gains on Loans Held for Sale

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

	Quarter ended March 31,
	2020		2019
	(in thousands)
From non-affiliates:
Cash loss:
Loans	$	111,757	$	(41,242)
Hedging activities		(122,666)		(8,927)
		(10,909)		(50,169)
Non-cash gain:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales		275,739		114,957
Provision for losses relating to representations and warranties:
Pursuant to loan sales		(3,712)		(1,067)
Reduction in liability due to change in estimate		1,676		4,210
Change in fair value of loans and derivatives held at quarter end:
Interest rate lock commitments		178,543		16,727
Loans		(72,080)		(164)
Hedging derivatives		(102,891)		(25,741)
		266,366		58,753
From PennyMac Mortgage Investment Trust		77,916		26,023
	$	344,282	$	84,776