Transactions with Affiliates (Tables) - PMT

3 Months Ended

Mar. 31, 2020

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Quarter ended March 31,
	2020		2019
	(in thousands)
Net gains on loans held for sale at fair value:
Net gains on loans held for sale to PMT	$	81,224	$	27,146
Mortgage servicing rights and excess servicing spread recapture incurred		(3,308)		(1,123)
	$	77,916	$	26,023
Sale of loans held for sale to PMT	$	2,246,127	$	884,510
Tax service fees earned from PMT included in Loan origination fees	$	3,980	$	2,243
Fulfillment fee revenue	$	41,940	$	27,574
Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees	$	16,152,543	$	8,135,552
Sourcing fees paid to PMT	$	4,161	$	1,994
Unpaid principal balance of loans purchased from PMT	$	13,870,280	$	6,647,338

Summary of loan servicing fees earned from PMT

	Quarter ended March 31,
	2020		2019
	(in thousands)
Loan type serviced:
Loans acquired for sale at fair value	$	536	$	239
Loans at fair value		300		463
Mortgage servicing rights		13,685		9,868
	$	14,521	$	10,570
Property management fees received from PMT included in Other income	$	—	$	123

Summary of management fees earned

	Quarter ended March 31,
	2020		2019
	(in thousands)
Base management	$	9,055	$	6,109
Performance incentive		—		1,139
	$	9,055	$	7,248

Summary of reimbursement of expenses

	Quarter ended March 31,
	2020		2019
	(in thousands)
Reimbursement of:
Common overhead incurred by the Company	$	1,540	$	1,236
Compensation		120		120
Expenses incurred on PMT's behalf, net		1,271		570
	$	2,931	$	1,926
Payments and settlements during the quarter (1)	$	33,683	$	15,189

(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 March 31,
	2020		2019
	(in thousands)
Interest income relating to Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	1,218	$	1,796
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Dividends received	$	18	$	36
Change in fair value of investment		(875)		156
	$	(857)	$	192

	March 31,		December 31,
	2020		2019
	(in thousands)
Assets purchased from PennyMac Mortgage Investment Trust under agreements to  resell	$	99,766	$	107,512
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Fair value	$	797	$	1,672
Number of shares		75		75

Summary of financing activity between the Company and affiliate

	Quarter ended March 31,
	2020		2019
	(in thousands)
Excess servicing spread financing:
Issuance pursuant to recapture agreement	$	379	$	508
Repayment	$	9,308	$	10,552
Gain recognized	$	14,522	$	4,051
Interest expense	$	1,974	$	3,066
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	$	381	$	489
	March 31,		December 31,
	2020		2019
	(in thousands)
Excess servicing spread financing at fair value	$	157,109	$	178,586

Summary of amounts due from and payable to affiliate

	March 31,		December 31,
	2020		2019
	(in thousands)
Receivable from PMT:
Fulfillment fees	$	17,366	$	18,285
Allocated expenses and expenses incurred on PMT's behalf		16,314		3,724
Management fees		9,055		10,579
Correspondent production fees		8,475		10,606
Servicing fees		4,929		4,659
Interest on assets purchased under agreements to resell		74		85
Conditional reimbursement		10		221
	$	56,223	$	48,159
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	55,769	$	70,520
Mortgage servicing rights recapture payable		151		149
Other		3,361		2,611
	$	59,281	$	73,280