Related Party Transactions (Tables) - PMT

6 Months Ended

Jun. 30, 2021

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Quarter ended June 30,				Six months ended June 30,
	2021		2020		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)	$	—	$	70	$	—	$	81,294
Mortgage servicing rights and excess servicing spread recapture incurred		(11,548)		(5,662)		(25,796)		(8,970)
	$	(11,548)	$	(5,592)	$	(25,796)	$	72,324
Sale of loans held for sale to PMT	$	—	$	2,742	$	—	$	2,248,869
Tax service fees earned from PMT included in Loan origination fees	$	7,128	$	4,288	$	15,320	$	8,268
Fulfillment fee revenue	$	54,020	$	52,815	$	114,855	$	94,755
Sourcing fees included in cost of loans purchased from PMT	$	1,630	$	3,324	$	3,368	$	7,485
Unpaid principal balance of loans purchased from PMT	$	16,297,216	$	11,080,565	$	33,856,791	$	24,950,845

Summary of loan servicing fees earned from PMT

	Quarter ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Loan type serviced:
Loans acquired for sale at fair value	$	630	$	607	$	1,173	$	1,143
Distressed loans		80		188		217		488
Mortgage servicing rights		19,305		14,738		37,718		28,423
	$	20,015	$	15,533	$	39,108	$	30,054

Summary of management fees earned

	Quarter ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Base management	$	8,648	$	8,288	$	17,097	$	17,343
Performance incentive		3,265		—		3,265		—
	$	11,913	$	8,288	$	20,362	$	17,343

Summary of reimbursement of expenses

	Quarter ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Reimbursement of:
Common overhead incurred by the Company	$	1,268	$	1,585	$	1,839	$	3,125
Compensation		165		120		330		240
Expenses incurred on PMT's behalf, net		7,804		1,438		9,140		2,709
	$	9,237	$	3,143	$	11,309	$	6,074
Payments and settlements during the period (1)	$	74,441	$	136,352	$	187,182	$	170,035

(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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Interest income relating to Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell	$	—	$	792	$	387	$	2,010
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	$	144	$	543	$	545	$	(314)

	June 30,		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	$	1,580	$	1,105
Number of shares		75		75

Summary of financing activity between the Company and affiliate

	Quarter ended		Six months ended June 30,
	June 30, 2020		2021		2020
	(in thousands)
Excess servicing spread financing:
Balance at beginning of period	$	157,109	$	131,750	$	178,586
Issuance pursuant to recapture agreement		483		557		862
Accrual of interest		2,372		1,280		4,346
Repayment		(8,122)		(134,624)		(17,430)
Change in fair value		(636)		1,037		(15,158)
Balance at end of period	$	151,206	$	—	$	151,206
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	$	535	$	614	$	916

Summary of amounts due from and payable to affiliate

	June 30,		December 31,
	2021		2020
	(in thousands)
Receivable from PMT:
Allocated expenses and expenses incurred on PMT's behalf	$	17,002	$	38,142
Fulfillment fees		16,467		20,873
Management fees		11,913		8,686
Correspondent production fees		9,764		13,065
Servicing fees		6,737		6,213
Interest on assets purchased under agreements to resell		—		26
	$	61,883	$	87,005
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	117,444	$	132,154
Other		19,216		8,152
	$	136,660	$	140,306