Related Party Transactions (Tables) - PMT

3 Months Ended

Mar. 31, 2021

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Quarter ended March 31,
	2021		2020
	(in thousands)
Net gains on loans held for sale at fair value:
Net gains on loans held for sale to PMT (primarily cash)	$	—	$	81,224
Mortgage servicing rights and excess servicing spread recapture incurred		(14,248)		(3,308)
	$	(14,248)	$	77,916
Sale of loans held for sale to PMT	$	—	$	2,246,127
Tax service fees earned from PMT included in Loan origination fees	$	8,192	$	3,980
Fulfillment fee revenue	$	60,835	$	41,940
Sourcing fees included in cost of loans purchased from PMT	$	1,738	$	4,161
Unpaid principal balance of loans purchased from PMT	$	17,559,575	$	13,870,280

Summary of loan servicing fees earned from PMT

	Quarter ended March 31,
	2021		2020
	(in thousands)
Loan type serviced:
Loans acquired for sale at fair value	$	543	$	536
Distressed loans		137		300
Mortgage servicing rights		18,413		13,685
	$	19,093	$	14,521

Summary of management fees earned

	Quarter ended March 31,
	2021		2020
	(in thousands)
Base management	$	8,449	$	9,055
Performance incentive		—		—
	$	8,449	$	9,055

Summary of reimbursement of expenses

	Quarter ended March 31,
	2021		2020
	(in thousands)
Reimbursement of:
Common overhead incurred by the Company	$	571	$	1,540
Compensation		165		120
Expenses incurred on PMT's behalf, net		1,336		1,271
	$	2,072	$	2,931
Payments and settlements during the quarter (1)	$	112,741	$	33,683

(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 March 31,
	2021		2020
	(in thousands)
Interest income relating to Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	387	$	1,218
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	$	401	$	(857)

	March 31,		December 31,
	2021		2020
	(in thousands)
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	—	$	80,862
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Fair value	$	1,470	$	1,105
Number of shares		75		75

Summary of financing activity between the Company and affiliate

	Quarter ended March 31,
	2021		2020
	(in thousands)
Excess servicing spread financing:
Balance at beginning of quarter	$	131,750	$	178,586
Issuance pursuant to recapture agreement		557		379
Accrual of interest		1,280		1,974
Repayment		(134,624)		(9,308)
Change in fair value		1,037		(14,522)
Balance at end of quarter	$	—	$	157,109
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	$	614	$	381

Summary of amounts due from and payable to affiliate

	March 31,		December 31,
	2021		2020
	(in thousands)
Receivable from PMT:
Allocated expenses and expenses incurred on PMT's behalf	$	23,325	$	38,142
Fulfillment fees		17,347		20,873
Correspondent production fees		12,937		13,065
Management fees		8,449		8,686
Servicing fees		6,586		6,213
Interest on assets purchased under agreements to resell		—		26
	$	68,644	$	87,005
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	156,948	$	132,154
Mortgage servicing rights recapture payable		—		296
Other		7,521		7,856
	$	164,469	$	140,306