Loan Sales and Servicing Activities (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
	(in thousands)
Cash flows:
Sales proceeds	$	19,574,766	$	41,739,700	$	50,841,788	$	79,007,900
Servicing fees received (1)	$	228,834	$	201,866	$	433,762	$	397,648

(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,
	2022		2021
	(in thousands)
UPB of loans outstanding	$	276,627,961	$	254,524,015
Delinquencies (1):
30-89 days	$	8,229,868	$	6,129,597
90 days or more:
Not in foreclosure	$	4,937,553	$	8,399,299
In foreclosure	$	761,684	$	715,016
Foreclosed	$	6,809	$	6,900
Bankruptcy	$	1,127,843	$	1,039,362
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30-89 days	$	1,186,431	$	1,020,290
90 days or more		2,346,059		2,550,703
	$	3,532,490	$	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

	June 30, 2022
	Servicing				Total
	rights owned		Subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	276,627,961	$	—	$	276,627,961
Purchased		20,683,203		—		20,683,203
		297,311,164		—		297,311,164
PennyMac Mortgage Investment Trust		—		226,388,582		226,388,582
Loans held for sale		3,575,712		—		3,575,712
	$	300,886,876	$	226,388,582	$	527,275,458
Delinquent loans (1):
30 days	$	6,978,732	$	1,273,934	$	8,252,666
60 days		1,973,027		215,132		2,188,159
90 days or more:
Not in foreclosure		5,211,953		809,369		6,021,322
In foreclosure		843,852		77,542		921,394
Foreclosed		7,737		11,824		19,561
	$	15,015,301	$	2,387,801	$	17,403,102
Bankruptcy	$	1,309,018	$	123,905	$	1,432,923
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30 days	$	628,325	$	109,758	$	738,083
60 days		603,333		88,208		691,541
90 days or more		2,439,641		431,331		2,870,972
	$	3,671,299	$	629,297	$	4,300,596
Custodial funds managed by the Company (2)	$	5,656,246	$	2,907,651	$	8,563,897

(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)

	June 30,		December 31,
State	2022		2021
	(in thousands)
California	$	67,505,093	$	67,317,935
Florida		47,896,679		45,222,233
Texas		44,140,186		42,064,686
Virginia		32,497,446		31,442,370
Maryland		24,673,589		23,922,075
All other states		310,562,465		299,738,982
	$	527,275,458	$	509,708,281