Loan Sales and Servicing Activities (Tables)

9 Months Ended

Sep. 30, 2022

Loan Sales and Servicing Activities

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

	Quarter ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in thousands)
Cash flows:
Sales proceeds	$	16,215,098	$	39,040,868	$	67,056,886	$	118,048,768
Servicing fees received (1)	$	242,622	$	178,684	$	676,384	$	576,332

(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

	September 30,		December 31,
	2022		2021
	(in thousands)
UPB of loans outstanding	$	283,653,037	$	254,524,015
Delinquent loans (1):
30-89 days	$	9,359,346	$	6,129,597
90 days or more:
Not in foreclosure	$	5,706,722	$	8,399,299
In foreclosure	$	726,438	$	715,016
Foreclosed	$	8,324	$	6,900
Loans in bankruptcy	$	1,128,050	$	1,039,362
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30-89 days	$	1,501,578	$	1,020,290
90 days or more		2,708,785		2,550,703
	$	4,210,363	$	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

	September 30, 2022
	Servicing				Total
	rights owned		Subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	283,653,037	$	—	$	283,653,037
Purchased		20,182,332		—		20,182,332
		303,835,369		—		303,835,369
PennyMac Mortgage Investment Trust		—		230,978,819		230,978,819
Loans held for sale		4,287,585		—		4,287,585
	$	308,122,954	$	230,978,819	$	539,101,773
Subserviced for the Company (1)	$	375,370	$	—	$	375,370
Delinquent loans (2):
30 days	$	7,604,547	$	1,302,774	$	8,907,321
60 days		2,447,898		247,285		2,695,183
90 days or more:
Not in foreclosure		5,980,180		785,860		6,766,040
In foreclosure		807,860		71,060		878,920
Foreclosed		8,959		8,595		17,554
	$	16,849,444	$	2,415,574	$	19,265,018
Loans in bankruptcy	$	1,288,876	$	126,299	$	1,415,175
Delinquent loans in COVID-19 pandemic-related forbearance plans:
30 days	$	717,783	$	121,966	$	839,749
60 days		830,299		110,363		940,662
90 days or more		2,813,468		435,609		3,249,077
	$	4,361,550	$	667,938	$	5,029,488
Custodial funds managed by the Company (3)	$	5,385,565	$	2,898,932	$	8,284,497

(1) Certain of the mortgage loans for which the Company has purchased the MSRs are subserviced on the Company’s behalf by other mortgage loan servicers on an interim basis when servicing of the loans has not yet been transferred to the Company’s loan servicing platform.

(2) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act.

(3) 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 these custodial funds where it owns the MSRs and they 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
Loans in 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 these custodial funds where it owns the MSRs and they 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)

	September 30,		December 31,
State	2022		2021
	(in thousands)
California	$	67,949,538	$	67,317,935
Florida		49,221,053		45,222,233
Texas		45,908,590		42,064,686
Virginia		33,026,449		31,442,370
Maryland		25,093,210		23,922,075
All other states		317,902,933		299,738,982
	$	539,101,773	$	509,708,281