Net Gains on Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2023

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended March 31,
	2023		2022
	(in thousands)
From non-affiliates:
Cash (losses) gains:
Loans	$	(55,386)	$	(944,221)
Hedging activities		(216,138)		890,087
		(271,524)		(54,134)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		286,533		616,302
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(1,735)		(4,054)
Reductions in liability due to changes in estimate		1,445		3,169
Changes in fair values of loans and derivatives held at quarter end:
Interest rate lock commitments		33,002		(284,294)
Loans		(64,191)		220,430
Hedging derivatives		121,340		(189,308)
		104,870		308,111
From PennyMac Mortgage Investment Trust (1)		(485)		(9,652)
	$	104,385	$	298,459

(1) Gains on sale of loans to PMT are described in Note 4–Related Party Transactions–Transactions with PMT–Operating Activities.