Transactions with Affiliates (Tables) - PMT

6 Months Ended

Jun. 30, 2020

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Net gains on loans held for sale at fair value:
Net gains on loans held for sale to PMT	$	70	$	37,719	$	81,294	$	64,865
Mortgage servicing rights and excess servicing spread recapture incurred		(5,662)		(1,408)		(8,970)		(2,531)
	$	(5,592)	$	36,311	$	72,324	$	62,334
Sale of loans held for sale to PMT	$	2,742	$	1,334,211	$	2,248,869	$	2,218,721
Tax service fees earned from PMT included in Loan origination fees	$	4,288	$	3,102	$	8,268	$	5,345
Fulfillment fee revenue	$	52,815	$	29,590	$	94,755	$	57,164
Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees	$	18,899,695	$	10,741,078	$	35,052,238	$	18,876,630
Sourcing fees paid to PMT	$	3,324	$	3,155	$	7,485	$	5,149
Unpaid principal balance of loans purchased from PMT	$	11,080,565	$	10,514,390	$	24,950,845	$	17,161,728

Summary of loan servicing fees earned from PMT

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Loan type serviced:
Loans acquired for sale at fair value	$	607	$	385	$	1,143	$	624
Loans at fair value		188		617		488		1,080
Mortgage servicing rights		14,738		10,566		28,423		20,434
	$	15,533	$	11,568	$	30,054	$	22,138
Property management fees received from PMT included in Other income	$	—	$	102	$	—	$	225

Summary of management fees earned

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Base management	$	8,288	$	6,839	$	17,343	$	12,948
Performance incentive		—		1,993		—		3,132
	$	8,288	$	8,832	$	17,343	$	16,080

Summary of reimbursement of expenses

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Reimbursement of:
Common overhead incurred by the Company	$	1,585	$	1,276	$	3,125	$	2,512
Compensation		120		120		240		240
Expenses incurred on PMT's behalf, net		1,438		489		2,709		1,059
	$	3,143	$	1,885	$	6,074	$	3,811
Payments and settlements during the quarter (1)	$	136,352	$	28,031	$	170,035	$	43,220

(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 June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Interest income relating to Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	792	$	1,692	$	2,010	$	3,488
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Dividends received	$	30	$	35	$	48	$	71
Change in fair value of investment		513		84		(362)		240
	$	543	$	119	$	(314)	$	311

	June 30,		December 31,
	2020		2019
	(in thousands)
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	90,101	$	107,512
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Fair value	$	1,310	$	1,672
Number of shares		75		75

Summary of financing activity between the Company and affiliate

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Excess servicing spread financing:
Balance at beginning of period	$	157,109	$	205,081	$	178,586	$	216,110
Issuance pursuant to recapture agreement		483		442		862		950
Accrual of interest		2,372		2,767		4,346		5,833
Repayment		(8,122)		(10,530)		(17,430)		(21,082)
Change in fair value		(636)		(3,604)		(15,158)		(7,655)
Balance at end of period	$	151,206	$	194,156	$	151,206	$	194,156
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	$	535	$	393	$	916	$	882

Summary of amounts due from and payable to affiliate

	June 30,		December 31,
	2020		2019
	(in thousands)
Receivable from PMT:
Allocated expenses and expenses incurred on PMT's behalf	$	11,867	$	3,724
Fulfillment fees		11,549		18,285
Management fees		8,288		10,579
Correspondent production fees		7,746		10,606
Servicing fees		4,824		4,659
Interest on assets purchased under agreements to resell		45		85
Conditional reimbursement		10		221
	$	44,329	$	48,159
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	53,100	$	70,520
Mortgage servicing rights recapture payable		202		149
Other		3,256		2,611
	$	56,558	$	73,280