Loan Sales and Servicing Activities (Tables)

3 Months Ended

Mar. 31, 2022

Loan Sales and Servicing Activities

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

	Quarter ended March 31,
	2022		2021
	(in thousands)
Cash flows:
Sales proceeds	$	31,267,022	$	37,268,200
Servicing fees received (1)	$	204,928	$	195,782

(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,
	2022		2021
	(in thousands)
UPB of loans outstanding	$	268,886,759	$	254,524,015
Delinquencies (1):
30-89 days	$	6,219,747	$	6,129,597
90 days or more:
Not in foreclosure	$	6,565,644	$	8,399,299
In foreclosure	$	806,337	$	715,016
Foreclosed	$	4,752	$	6,900
Bankruptcy	$	1,151,627	$	1,039,362
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30-89 days	$	1,080,136	$	1,020,290
90 days or more		2,263,698		2,550,703
	$	3,343,834	$	3,570,993

(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, 2022
	Servicing				Total
	rights owned		Subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	268,886,759	$	—	$	268,886,759
Purchased		21,911,132		—		21,911,132
		290,797,891		—		290,797,891
PennyMac Mortgage Investment Trust		—		222,887,371		222,887,371
Loans held for sale		5,125,298		—		5,125,298
	$	295,923,189	$	222,887,371	$	518,810,560
Delinquent loans (1):
30 days	$	5,192,271	$	982,735	$	6,175,006
60 days		1,732,451		231,020		1,963,471
90 days or more:
Not in foreclosure		6,912,067		1,114,616		8,026,683
In foreclosure		894,070		72,250		966,320
Foreclosed		5,301		12,510		17,811
	$	14,736,160	$	2,413,131	$	17,149,291
Bankruptcy	$	1,354,884	$	129,862	$	1,484,746
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30 days	$	502,603	$	95,804	$	598,407
60 days		631,453		124,177		755,630
90 days or more		2,337,820		487,985		2,825,805
	$	3,471,876	$	707,966	$	4,179,842
Custodial funds managed by the Company (2)	$	7,082,697	$	3,293,190	$	10,375,887

(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.

(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, 2021
	Servicing				Total
	rights owned		Subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	254,524,015	$	—	$	254,524,015
Purchased		23,861,358		—		23,861,358
		278,385,373		—		278,385,373
PennyMac Mortgage Investment Trust		—		221,892,142		221,892,142
Loans held for sale		9,430,766		—		9,430,766
	$	287,816,139	$	221,892,142	$	509,708,281
Delinquent loans (1):
30 days	$	5,338,545	$	974,055	$	6,312,600
60 days		1,604,782		190,727		1,795,509
90 days or more:
Not in foreclosure		9,001,137		1,750,628		10,751,765
In foreclosure		829,494		43,793		873,287
Foreclosed		8,017		16,489		24,506
	$	16,781,975	$	2,975,692	$	19,757,667
Bankruptcy	$	1,261,980	$	133,655	$	1,395,635
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30 days	$	554,161	$	81,580	$	635,741
60 days		556,990		89,534		646,524
90 days or more		2,732,089		638,703		3,370,792
	$	3,843,240	$	809,817	$	4,653,057
Custodial funds managed by the Company (2)	$	8,485,081	$	3,823,527	$	12,308,608

(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.

(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	2022		2021
	(in thousands)
California	$	67,446,975	$	67,317,935
Florida		46,603,815		45,222,233
Texas		42,991,482		42,064,686
Virginia		31,980,724		31,442,370
Maryland		24,332,266		23,922,075
All other states		305,455,298		299,738,982
	$	518,810,560	$	509,708,281