Net Gains on Loans Held for Sale

3 Months Ended

Mar. 31, 2021

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

Note 18—Net Gains on Loans Held for Sale

Net gains on loans held for sale at fair value is summarized below:

	Quarter ended March 31,
	2021		2020
	(in thousands)
From non-affiliates:
Cash gains (losses):
Loans	$	82,712	$	111,757
Hedging activities		736,225		(122,666)
		818,937		(10,909)
Non-cash gains:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales		463,571		275,739
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(10,053)		(3,712)
Reductions in liability due to change in estimate		3,685		1,676
Changes in fair values of loans and derivatives held at quarter end:
Interest rate lock commitments		(339,086)		178,543
Loans		105,222		(72,080)
Hedging derivatives		(273,687)		(102,891)
		768,589		266,366
From PennyMac Mortgage Investment Trust (1)		(14,248)		77,916
	$	754,341	$	344,282