Net Gains on Loans Held for Sale

3 Months Ended

Mar. 31, 2022

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

Note 18—Net Gains on Loans Held for Sale

Net gains on loans held for sale at fair value are summarized below:

	Quarter ended March 31,
	2022		2021
	(in thousands)
From non-affiliates:
Cash (loss) gains:
Loans	$	(944,221)	$	82,712
Hedging activities		890,087		736,225
		(54,134)		818,937
Non-cash gains:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales		616,302		463,571
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(4,054)		(10,053)
Reductions in liability due to change in estimate		3,169		3,685
Changes in fair values of loans and derivatives held at quarter end:
Interest rate lock commitments		(284,294)		(339,086)
Loans		220,430		105,222
Hedging derivatives		(189,308)		(273,687)
		308,111		768,589
From PennyMac Mortgage Investment Trust (1)		(9,652)		(14,248)
	$	298,459	$	754,341

(1) Gains on sale of loans to PMT are described in Note 4–Related Party Transactions.