Loan Sales and Servicing Activities (Tables)

3 Months Ended

Mar. 31, 2021

Loan Sales and Servicing Activities

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

	Quarter ended March 31,
	2021		2020
	(in thousands)
Cash flows:
Sales proceeds	$	37,268,200	$	19,337,017
Servicing fees received (1)	$	195,782	$	166,556

(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

	March 31,		December 31,
	2021		2020
	(in thousands)
Unpaid principal balance of loans outstanding	$	211,289,054	$	199,655,361
Delinquencies (1):
30-89 days	$	4,045,731	$	6,041,366
90 days or more:
Not in foreclosure	$	15,506,434	$	17,799,621
In foreclosure	$	539,603	$	581,683
Foreclosed	$	9,207	$	10,893
Bankruptcy	$	1,204,192	$	1,230,696
Delinquent loans in COVID-19 pandemic-related forbearance:
30-89 days	$	1,695,953	$	2,626,617
90 days or more		10,022,093		12,181,174
	$	11,718,046	$	14,807,791

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

Summary of servicing portfolio

	March 31, 2021
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	211,289,054	$	—	$	211,289,054
Purchased		36,252,669		—		36,252,669
		247,541,723		—		247,541,723
PennyMac Mortgage Investment Trust		—		188,324,162		188,324,162
Loans held for sale		12,959,016		—		12,959,016
	$	260,500,739	$	188,324,162	$	448,824,901
Delinquent loans (1):
30 days	$	3,407,163	$	664,887	$	4,072,050
60 days		1,668,346		267,050		1,935,396
90 days or more:
Not in foreclosure		18,900,569		3,827,814		22,728,383
In foreclosure		699,268		31,423		730,691
Foreclosed		10,790		24,320		35,110
	$	24,686,136	$	4,815,494	$	29,501,630
Bankruptcy	$	1,647,331	$	158,684	$	1,806,015
Delinquent loans in COVID-19 pandemic-related forbearance:
30 days	$	1,109,541	$	226,321	$	1,335,862
60 days		1,035,462		198,455		1,233,917
90 days or more		12,828,212		3,046,256		15,874,468
	$	14,973,215	$	3,471,032	$	18,444,247
Custodial funds managed by the Company (2)	$	12,007,827	$	6,571,084	$	18,578,911

(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, 2020
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	199,655,361	$	—	$	199,655,361
Purchased		41,612,940		—		41,612,940
		241,268,301		—		241,268,301
PennyMac Mortgage Investment Trust		—		174,418,591		174,418,591
Loans held for sale		11,063,938		—		11,063,938
	$	252,332,239	$	174,418,591	$	426,750,830
Delinquent loans (1):
30 days	$	5,217,949	$	901,965	$	6,119,914
60 days		2,393,267		348,416		2,741,683
90 days or more:
Not in foreclosure		21,781,226		4,473,217		26,254,443
In foreclosure		751,586		33,312		784,898
Foreclosed		12,938		37,131		50,069
	$	30,156,966	$	5,794,041	$	35,951,007
Bankruptcy	$	1,698,418	$	153,179	$	1,851,597
Delinquent loans in COVID-19 pandemic-related forbearance:
30 days	$	1,745,257	$	334,498	$	2,079,755
60 days		1,479,753		259,019		1,738,772
90 days or more		14,904,052		3,690,505		18,594,557
	$	18,129,062	$	4,284,022	$	22,413,084
Custodial funds managed by the Company (2)	$	10,660,517	$	6,086,725	$	16,747,242

(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.

Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)

	March 31,		December 31,
State	2021		2020
	(in thousands)
California	$	63,423,866	$	60,591,363
Florida		37,181,908		35,360,190
Texas		36,781,005		34,591,419
Virginia		27,728,760		26,209,701
Maryland		21,105,934		19,974,809
All other states		262,603,428		250,023,348
	$	448,824,901	$	426,750,830