Loan Sales and Servicing Activities (Tables)

6 Months Ended

Jun. 30, 2020

Loan Sales and Servicing Activities

Summary of cash flows between the Company and transferees upon sale of loans in transactions

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
Cash flows:
Sales proceeds	$	21,188,988	$	12,650,318	$	40,526,005	$	21,186,748
Servicing fees received (1)	$	158,871	$	140,416	$	325,427	$	277,564
Net servicing advances (recoveries)	$	12,311	$	(8,012)	$	(2,898)	$	(32,188)

(1) Net of guarantee fees paid to the Agencies.

Summary of sale of loans between the Company and transferees upon sale of loans in transactions

	June 30,		December 31,
	2020		2019
	(in thousands)
Unpaid principal balance of loans outstanding	$	182,319,317	$	168,842,011
Delinquencies:
30-89 days	$	12,396,411	$	7,947,560
90 days or more:
Not in foreclosure	$	16,046,569	$	3,237,563
In foreclosure	$	718,689	$	888,136
Foreclosed	$	14,920	$	15,387
Bankruptcy	$	1,384,075	$	1,343,816

Summary of servicing portfolio

	June 30, 2020
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	182,319,317	$	—	$	182,319,317
Purchased		53,618,932		—		53,618,932
		235,938,249		—		235,938,249
PennyMac Mortgage Investment Trust		—		147,695,455		147,695,455
Loans held for sale		4,672,171		—		4,672,171
	$	240,610,420	$	147,695,455	$	388,305,875
Delinquent loans (1):
30 days	$	7,589,181	$	1,826,444	$	9,415,625
60 days		8,073,130		2,951,365		11,024,495
90 days or more:
Not in foreclosure		20,428,946		5,429,224		25,858,170
In foreclosure		954,312		48,033		1,002,345
Foreclosed		18,596		56,826		75,422
	$	37,064,165	$	10,311,892	$	47,376,057
Bankruptcy	$	1,953,297	$	156,561	$	2,109,858
Delinquent loans in COVID-19 related forbearance:
30 days	$	4,289,993	$	1,213,623	$	5,503,616
60 days		6,721,454		2,534,691		9,256,145
90 days or more not in foreclosure		16,108,414		4,527,397		20,635,811
	$	27,119,861	$	8,275,711	$	35,395,572
Custodial funds managed by the Company (2)	$	8,108,221	$	5,339,922	$	13,448,143

(1) Includes delinquent loans in COVID-19 related forbearance plans that were requested by borrowers seeking payment relief in accordance with the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) of 2020.

(2) Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, which are included in Interest income in the Company’s consolidated statements of income.

	December 31, 2019
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	168,842,011	$	—	$	168,842,011
Purchased		59,703,547		—		59,703,547
		228,545,558		—		228,545,558
PennyMac Mortgage Investment Trust		—		135,414,668		135,414,668
Loans held for sale		4,724,006		—		4,724,006
	$	233,269,564	$	135,414,668	$	368,684,232
Delinquent loans:
30 days	$	7,987,132	$	857,660	$	8,844,792
60 days		2,490,797		172,263		2,663,060
90 days or more:
Not in foreclosure		4,070,482		274,592		4,345,074
In foreclosure		1,113,806		68,331		1,182,137
Foreclosed		18,315		89,421		107,736
	$	15,680,532	$	1,462,267	$	17,142,799
Bankruptcy	$	1,898,367	$	136,818	$	2,035,185
Custodial funds managed by the Company (1)	$	6,412,291	$	2,529,984	$	8,942,275

(1) Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, which are included in Interest income in the Company’s consolidated statements of income.

Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)

	June 30,		December 31,
State	2020		2019
	(in thousands)
California	$	57,483,007	$	57,311,867
Florida		31,896,387		28,940,696
Texas		30,394,027		27,909,821
Virginia		23,467,173		22,115,619
Maryland		17,783,314		16,829,320
All other states		227,281,967		215,576,909
	$	388,305,875	$	368,684,232