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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 222,567 $ 582,648 $ 521,026 $ 1,336,989
Loan origination fees 39,945 97,291 107,803 201,328
Fulfillment fees from PennyMac Mortgage Investment Trust 20,646 54,020 37,400 114,855
Loan servicing fees        
Loan servicing fees 302,350 260,021 593,608 519,466
Change in fair value of mortgage servicing rights and mortgage servicing liabilities 112,102 (336,268) 325,013 (112,805)
Changes in fair value included in income       (1,037)
Mortgage servicing rights hedging results (176,005) 91,118 (393,865) (351,033)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust (63,903) (245,150) (68,852) (464,875)
Net loan servicing fees 238,447 14,871 524,756 54,591
Interest income:        
Interest income 49,864 80,797 103,746 162,878
Interest expense:        
Interest expense 71,127 102,431 148,434 210,144
Net interest expense (21,263) (21,634) (44,688) (47,266)
Management fees, net:        
Management fees from PennyMac Mortgage Investment Trust 7,910 11,913 16,027 20,362
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust (194) 144 (192) 545
Result of real estate acquired in settlement of loans 810 540 1,353 1,320
Other 2,647 2,459 5,534 4,214
Total net revenue 511,515 742,252 1,169,019 1,686,938
Expenses        
Compensation 198,192 265,067 443,739 523,896
Loan origination 44,931 75,675 120,264 163,067
Technology 34,621 34,236 69,407 67,908
Professional services 20,793 24,834 40,896 38,120
Marketing and advertising 13,007 10,213 35,410 16,878
Occupancy and equipment 9,371 9,029 18,840 18,067
Servicing 3,051 31,290 1,805 50,473
Other 10,023 12,393 26,612 23,006
Total expenses 333,989 462,737 756,973 901,415
Income before provision for income taxes 177,526 279,515 412,046 785,523
Provision for income taxes 48,363 75,286 109,290 204,426
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 129,163 $ 204,229 $ 302,756 $ 581,097
Earnings per share        
Basic (in dollars per share) $ 2.38 $ 3.10 $ 5.51 $ 8.61
Diluted (in dollars per share) $ 2.28 $ 2.94 $ 5.23 $ 8.16
Weighted-average shares outstanding        
Basic (in shares) 54,167 65,890 54,995 67,493
Diluted (in shares) 56,642 69,399 57,892 71,248
Non-affiliates        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 227,319 $ 594,196 $ 535,430 $ 1,362,785
Loan origination fees 37,541 90,163 103,057 186,008
Loan servicing fees        
Loan servicing fees 259,338 208,275 504,147 419,028
Interest income:        
Interest income 49,864 80,797 103,746 162,491
Interest expense:        
Interest expense 71,127 102,431 148,434 208,864
PennyMac Mortgage Investment Trust        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value (4,752) (11,548) (14,404) (25,796)
Loan origination fees 2,404 7,128 4,746 15,320
Loan servicing fees        
Loan servicing fees 20,335 20,015 41,423 39,108
Interest income:        
Interest income       387
Interest expense:        
Interest expense       1,280
Others        
Loan servicing fees        
Loan servicing fees $ 22,677 $ 31,731 $ 48,038 $ 61,330