Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2022

Transactions with Affiliates

Summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Activity during the year:
Payments under tax receivable agreement	$	3,855	$	4,635	$	10,713
Repricing of liability	$	(576)	$	—	$	(280)
Balance at end of year	$	26,099	$	30,530	$	35,165

PennyMac Mortgage Investment Trust

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Net (losses) gains on loans held for sale at fair value:
Net (losses) gains on loans held for sale to PMT (primarily cash)	$	(2,820)	$	—	$	81,295
Mortgage servicing rights and excess servicing spread recapture incurred		(13,744)		(51,473)		(30,614)
	$	(16,564)	$	(51,473)	$	50,681
Sale of loans held for sale to PMT	$	298,862	$	—	$	2,248,896
Tax service fees earned from PMT included in Loan origination fees	$	8,418	$	26,126	$	23,408
Fulfillment fee revenue	$	67,991	$	178,927	$	222,200
Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees	$	37,090,031	$	110,003,574	$	100,389,252
Sourcing fees included in cost of loans purchased from PMT	$	4,968	$	6,472	$	11,037
Unpaid principal balance of loans purchased from PMT	$	49,680,267	$	64,774,728	$	60,540,530

Summary of loan servicing fees earned from PMT

	Year ended December 31,
Loan type serviced	2022		2021		2020
	(in thousands)
Loans acquired for sale	$	1,018	$	2,363	$	2,067
Loans at fair value		529		505		807
Mortgage servicing rights		80,368		77,790		64,307
	$	81,915	$	80,658	$	67,181

Summary of management fees earned

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Base management	$	31,065	$	34,794	$	34,538
Performance incentive		—		3,007		—
	$	31,065	$	37,801	$	34,538

Summary of reimbursement of expenses

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Reimbursement of:
Expenses incurred on PMT's behalf, net	$	23,829	$	18,812	$	22,583
Common overhead incurred by the Company		8,588		4,906		5,172
Compensation		660		660		570
	$	33,077	$	24,378	$	28,325
Payments and settlements during the year (1)	$	144,012	$	284,381	$	378,162

(1) Payments and settlements include payments for the operating, investing and financing activities summarized in this note and netting settlements made pursuant to master netting agreements between the Company and PMT.

Summary of investing activity between the Company and affiliate

		Year ended December 31,
		2022		2021		2020
	(in thousands)
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors:
Activity during the year:
Net repayments of assets purchased from PMT under agreement to resell				$	80,862	$	26,650
Interest income				$	387	$	3,325
Balance at end of year				$	—	$	80,862
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Activity during the year:
Dividends earned from PennyMac Mortgage Investment Trust		$	136	$	141	$	114
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust			(371)		195		(567)
		$	(235)	$	336	$	(453)
Balance at end of year:
Fair value		$	929	$	1,300
Number of shares			75		75

Summary of financing activity between the Company and affiliate

		Year ended December 31,
		2021		2020
	(in thousands)
Excess servicing spread financing:
Balance at beginning of year		$	131,750	$	178,586
Issuance pursuant to recapture agreement			557		2,093
Accrual of interest			1,280		8,418
Change in fair value			1,037		(24,970)
Repayment			(134,624)		(32,377)
Balance at end of year		$	—	$	131,750
Recapture incurred pursuant to refinancings by the Company of mortgage loans subject to excess servicing spread financing included in Net gains on loans held for sale at fair value		$	614	$	2,241

Summary of amounts due from and payable to affiliate

	December 31,
	2022		2021
	(in thousands)
Receivable from PMT:
Allocated expenses and expenses incurred on PMT's behalf	$	11,447	$	15,431
Management fees		7,307		8,918
Correspondent production fees		6,835		8,894
Servicing fees		6,740		6,848
Fulfillment fees		4,043		—
	$	36,372	$	40,091
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	201,451	$	212,066
Other		3,560		15,953
	$	205,011	$	228,019