Loan Sales and Servicing Activities (Tables)

9 Months Ended

Sep. 30, 2020

Loan Sales and Servicing Activities

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

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Cash flows:
Sales proceeds	$	26,683,234	$	17,897,693	$	67,209,239	$	39,084,441
Servicing fees received (1)	$	166,316	$	149,210	$	491,743	$	426,774
Net servicing advances (recoveries)	$	71,890	$	8,605	$	68,992	$	(23,583)

(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

	September 30,		December 31,
	2020		2019
	(in thousands)
Unpaid principal balance of loans outstanding	$	188,854,796	$	168,842,011
Delinquencies:
30-89 days	$	7,237,198	$	7,947,560
90 days or more:
Not in foreclosure	$	19,423,346	$	3,237,563
In foreclosure	$	621,649	$	888,136
Foreclosed	$	13,730	$	15,387
Bankruptcy	$	1,288,443	$	1,343,816

Summary of servicing portfolio

	September 30, 2020
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	188,854,796	$	—	$	188,854,796
Purchased		47,795,763		—		47,795,763
		236,650,559		—		236,650,559
PennyMac Mortgage Investment Trust				156,496,568		156,496,568
Loans held for sale		8,749,673		—		8,749,673
	$	245,400,232	$	156,496,568	$	401,896,800
Delinquent loans (1):
30 days	$	5,924,488	$	1,435,686	$	7,360,174
60 days		3,178,614		621,723		3,800,337
90 days or more:
Not in foreclosure		24,324,945		5,622,954		29,947,899
In foreclosure		831,239		37,293		868,532
Foreclosed		16,409		45,925		62,334
	$	34,275,695	$	7,763,581	$	42,039,276
Bankruptcy	$	1,815,833	$	158,182	$	1,974,015
Delinquent loans in COVID-19 related forbearance:
30 days	$	2,344,986	$	474,168	$	2,819,154
60 days		2,289,880		476,220		2,766,100
90 days or more not in foreclosure		17,827,122		4,716,956		22,544,078
	$	22,461,988	$	5,667,344	$	28,129,332
Custodial funds managed by the Company (2)	$	10,364,855	$	6,347,559	$	16,712,414

(1) Includes delinquent loans in COVID-19 related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act.

(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)

	September 30,		December 31,
State	2020		2019
	(in thousands)
California	$	58,062,643	$	57,311,867
Florida		33,545,822		28,940,696
Texas		31,893,436		27,909,821
Virginia		24,378,162		22,115,619
Maryland		18,700,592		16,829,320
All other states		235,316,145		215,576,909
	$	401,896,800	$	368,684,232