Loan Sales and Servicing Activities (Tables)

6 Months Ended

Jun. 30, 2021

Loan Sales and Servicing Activities

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

	Quarter ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Cash flows:
Sales proceeds	$	41,739,700	$	21,188,988	$	79,007,900	$	40,526,005
Servicing fees received (1)	$	201,866	$	158,871	$	397,648	$	325,427

(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

	June 30,		December 31,
	2021		2020
	(in thousands)
Unpaid principal balance of loans outstanding	$	227,560,336	$	199,655,361
Delinquencies (1):
30-89 days	$	4,574,834	$	6,041,366
90 days or more:
Not in foreclosure	$	13,173,282	$	17,799,621
In foreclosure	$	481,974	$	581,683
Foreclosed	$	6,444	$	10,893
Bankruptcy	$	1,201,936	$	1,230,696
Delinquent loans in COVID-19 pandemic-related forbearance:
30-89 days	$	1,383,601	$	2,626,617
90 days or more		9,019,414		12,181,174
	$	10,403,015	$	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

	June 30, 2021
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	227,560,336	$	—	$	227,560,336
Purchased		31,050,313		—		31,050,313
		258,610,649		—		258,610,649
PennyMac Mortgage Investment Trust		—		204,174,462		204,174,462
Loans held for sale		10,438,935		—		10,438,935
	$	269,049,584	$	204,174,462	$	473,224,046
Delinquent loans (1):
30 days	$	4,175,393	$	708,701	$	4,884,094
60 days		1,432,015		198,221		1,630,236
90 days or more:
Not in foreclosure		15,364,421		2,988,774		18,353,195
In foreclosure		624,204		28,514		652,718
Foreclosed		7,191		21,557		28,748
	$	21,603,224	$	3,945,767	$	25,548,991
Bankruptcy	$	1,582,002	$	149,224	$	1,731,226
Delinquent loans in COVID-19 pandemic-related forbearance:
30 days	$	854,161	$	140,175	$	994,336
60 days		791,271		134,304		925,575
90 days or more		10,402,947		2,467,315		12,870,262
	$	12,048,379	$	2,741,794	$	14,790,173
Custodial funds managed by the Company (2)	$	10,262,380	$	4,937,986	$	15,200,366

(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)

	June 30,		December 31,
State	2021		2020
	(in thousands)
California	$	65,386,177	$	60,591,363
Florida		39,712,103		35,360,190
Texas		38,627,464		34,591,419
Virginia		29,487,339		26,209,701
Maryland		22,372,406		19,974,809
All other states		277,638,557		250,023,348
	$	473,224,046	$	426,750,830