Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2021

Transactions with Affiliates

Summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Activity during the year:
Payments under tax receivable agreement	$	4,635	$	10,713	$	—
Repricing of liability	$	—	$	(280)	$	(379)
Balance at end of year	$	30,530	$	35,165	$	46,158

PennyMac Mortgage Investment Trust

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Net gains on loans held for sale at fair value:
Net gains on loans held for sale to PMT (primarily cash)	$	—	$	81,295	$	190,416
Mortgage servicing rights and excess servicing spread recapture incurred		(51,473)		(30,614)		(7,051)
	$	(51,473)	$	50,681	$	183,365
Sale of loans held for sale to PMT	$	—	$	2,248,896	$	6,255,915
Tax service fees earned from PMT included in Loan origination fees	$	26,126	$	23,408	$	14,695
Fulfillment fee revenue	$	178,927	$	222,200	$	160,610
Unpaid principal balance (“UPB”) of loans fulfilled for PMT subject to fulfillment fees	$	110,003,574	$	100,389,252	$	56,033,704
Sourcing fees included in cost of loans purchased from PMT	$	6,472	$	11,037	$	14,381
Unpaid principal balance of loans purchased from PMT	$	64,774,728	$	60,540,530	$	47,937,306

Summary of loan servicing fees earned from PMT

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Loan type serviced:
Loans acquired for sale	$	2,363	$	2,067	$	1,772
Loans at fair value		505		807		2,207
Mortgage servicing rights		77,790		64,307		44,818
	$	80,658	$	67,181	$	48,797
Property management fees received from PMT included in Other income	$	—	$	—	$	314

Summary of management fees earned

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Base management	$	34,794	$	34,538	$	29,303
Performance incentive		3,007		—		7,189
	$	37,801	$	34,538	$	36,492

Summary of reimbursement of expenses

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Reimbursement of:
Common overhead incurred by the Company	$	4,906	$	5,172	$	5,340
Compensation		660		570		480
Expenses incurred on PMT's behalf, net		18,812		22,583		4,362
	$	24,378	$	28,325	$	10,182
Payments and settlements during the period (1)	$	284,381	$	378,162	$	177,116

(1) Payments and settlements include payments for the operating, investing and financing activities summarized in this note and netting settlements made pursuant to master netting agreements between the Company and PMT.

Summary of investing activity between the Company and affiliate

		Year ended December 31,
		2021		2020		2019
	(in thousands)
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors:
Activity during the year:
Net repayments of assets purchased from PMT under agreement to resell		$	80,862	$	26,650	$	23,513
Interest income		$	387	$	3,325	$	6,302
Balance at end of year		$	—	$	80,862	$	107,512
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Activity during the year:
Dividends earned from PennyMac Mortgage Investment Trust		$	141	$	114	$	141
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust			195		(567)		275
		$	336	$	(453)	$	416
Balance at end of year:
Fair value		$	1,300	$	1,105
Number of shares			75		75

Summary of financing activity between the Company and affiliate

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Excess servicing spread financing:
Balance at beginning of year	$	131,750	$	178,586	$	216,110
Issuance pursuant to recapture agreement		557		2,093		1,757
Accrual of interest		1,280		8,418		10,291
Change in fair value		1,037		(24,970)		(9,256)
Repayment		(134,624)		(32,377)		(40,316)
Balance at end of year	$	—	$	131,750	$	178,586
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	$	2,241	$	1,726

Summary of amounts due from and payable to affiliate

	December 31,
	2021		2020
	(in thousands)
Receivable from PMT:
Allocated expenses and expenses incurred on PMT's behalf	$	15,431	$	38,142
Management fees		8,918		8,686
Correspondent production fees		8,894		13,065
Servicing fees		6,848		6,213
Fulfillment fees		—		20,873
Interest on assets purchased under agreements to resell		—		26
	$	40,091	$	87,005
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	212,066	$	132,154
Other		15,953		8,152
	$	228,019	$	140,306