Net Gains on Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2020

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)
From non-affiliates:
Cash gain (loss):
Loans	$	502,416	$	(13,579)	$	614,173	$	(54,821)
Hedging activities		(227,013)		(73,145)		(349,679)		(82,072)
		275,403		(86,724)		264,494		(136,893)
Non-cash gain:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales		225,534		176,493		501,273		291,450
Provision for losses relating to representations and warranties:
Pursuant to loan sales		(4,189)		(1,647)		(7,901)		(2,714)
Reduction in liability due to change in estimate		1,270		920		2,946		5,130
Change in fair value of loans and derivatives held at period end:
Interest rate lock commitments		52,871		45,711		231,414		62,438
Loans		10,978		(29,522)		(61,102)		(29,686)
Hedging derivatives		125,898		5,991		23,007		(19,750)
		687,765		111,222		954,131		169,975
From PennyMac Mortgage Investment Trust		(5,592)		36,311		72,324		62,334
	$	682,173	$	147,533	$	1,026,455	$	232,309