Related Party Transactions (Tables) - PMT

9 Months Ended

Sep. 30, 2020

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Quarter ended September 30,				Nine months ended September 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	$	1	$	62,558	$	81,295	$	127,423
Mortgage servicing rights and excess servicing spread recapture incurred		(9,776)		(1,896)		(18,746)		(4,427)
	$	(9,775)	$	60,662	$	62,549	$	122,996
Sale of loans held for sale to PMT	$	27	$	1,876,358	$	2,248,896	$	4,095,079
Tax service fees earned from PMT included in Loan origination fees	$	6,076	$	4,222	$	14,344	$	9,567
Fulfillment fee revenue	$	54,839	$	45,149	$	149,594	$	102,313
Sourcing fees paid to PMT	$	1,658	$	4,206	$	9,143	$	9,355
Unpaid principal balance of loans purchased from PMT	$	16,690,482	$	14,022,222	$	41,641,327	$	31,183,950

Summary of loan servicing fees earned from PMT

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Loan type serviced:
Loans acquired for sale at fair value	$	452	$	507	$	1,595	$	1,131
Loans at fair value		187		858		675		1,938
Mortgage servicing rights		18,113		11,599		46,536		32,033
	$	18,752	$	12,964	$	48,806	$	35,102
Property management fees received from PMT included in Other income	$	—	$	70	$	—	$	295

Summary of management fees earned

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Base management	$	8,508	$	7,914	$	25,851	$	20,862
Performance incentive		—		2,184		—		5,316
	$	8,508	$	10,098	$	25,851	$	26,178

Summary of reimbursement of expenses

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Reimbursement of:
Common overhead incurred by the Company	$	1,389	$	1,543	$	4,514	$	4,055
Compensation		165		120		405		360
Expenses incurred on PMT's behalf, net		2,852		1,942		5,561		3,001
	$	4,406	$	3,605	$	10,480	$	7,416
Payments and settlements during the quarter (1)	$	58,479	$	68,191	$	228,514	$	111,411

(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 September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Interest income relating to Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	676	$	1,527	$	2,686	$	5,015
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Dividends received	$	31	$	36	$	79	$	107
Change in fair value of investment		(319)		30		(681)		270
	$	(288)	$	66	$	(602)	$	377

	September 30,		December 31,
	2020		2019
	(in thousands)
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	86,958	$	107,512
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Fair value	$	991	$	1,672
Number of shares		75		75

Summary of financing activity between the Company and affiliate

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Excess servicing spread financing:
Balance at beginning of period	$	151,206	$	194,156	$	178,586	$	216,110
Issuance pursuant to recapture agreement		531		377		1,393		1,327
Accrual of interest		2,070		2,291		6,416		8,124
Repayment		(7,682)		(9,819)		(25,112)		(30,901)
Change in fair value		(3,135)		(3,864)		(18,293)		(11,519)
Balance at end of period	$	142,990	$	183,141	$	142,990	$	183,141
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	$	525	$	429	$	1,441	$	1,311

Summary of amounts due from and payable to affiliate

	September 30,		December 31,
	2020		2019
	(in thousands)
Receivable from PMT:
Margin settlements relating to loan sales	$	48,243	$	—
Allocated expenses and expenses incurred on PMT's behalf		30,207		3,724
Fulfillment fees		18,060		18,285
Correspondent production fees		11,285		10,606
Management fees		8,509		10,579
Servicing fees		6,121		4,659
Interest on assets purchased under agreements to resell		43		85
Conditional reimbursement		10		221
	$	122,478	$	48,159
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	58,264	$	70,520
Mortgage servicing rights recapture payable		197		149
Other		18,675		2,611
	$	77,136	$	73,280