Net Gains on Loans Held for Sale (Tables)

9 Months Ended

Sep. 30, 2020

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
From non-affiliates:
Cash gain (loss):
Loans	$	605,559	$	(22,838)	$	1,219,732	$	(77,659)
Hedging activities		(72,268)		(148,128)		(421,947)		(230,200)
		533,291		(170,966)		797,785		(307,859)
Non-cash gain:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales		245,946		227,256		747,219		518,706
Provision for losses relating to representations and warranties:
Pursuant to loan sales		(5,219)		(2,508)		(13,120)		(5,222)
Reduction in liability due to change in estimate		2,473		1,175		5,419		6,305
Change in fair value of loans and derivatives held at period end:
Interest rate lock commitments		173,381		33,347		404,795		95,785
Loans		(79,776)		(5,822)		(140,878)		(35,508)
Hedging derivatives		(5,052)		92,588		17,955		72,838
		865,044		175,070		1,819,175		345,045
From PennyMac Mortgage Investment Trust (1)		(9,775)		60,662		62,549		122,996
	$	855,269	$	235,732	$	1,881,724	$	468,041