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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 141,419 $ 222,567 $ 245,804 $ 521,026
Loan origination fees 38,968 39,945 70,358 107,803
Fulfillment fees from PennyMac Mortgage Investment Trust 5,441 20,646 17,364 37,400
Loan servicing fees:        
Loan servicing fees 356,471 302,350 694,528 593,608
Change in fair value of mortgage servicing rights and mortgage servicing liabilities (55,257) 112,102 (291,704) 325,013
Mortgage servicing rights hedging results (155,136) (176,005) (107,909) (393,865)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust (210,393) (63,903) (399,613) (68,852)
Net loan servicing fees 146,078 238,447 294,915 524,756
Interest income:        
Interest income 172,952 49,864 301,430 103,746
Interest expense:        
Interest expense 178,642 71,127 310,413 148,434
Net interest expense (5,690) (21,263) (8,983) (44,688)
Management fees, net:        
Management fees from PennyMac Mortgage Investment Trust 7,078 7,910 14,335 16,027
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust 116 (194) 142 (192)
Results of real estate acquired in settlement of loans 199 810 341 1,353
Other 2,938 2,647 5,133 5,534
Total net revenues 336,547 511,515 639,409 1,169,019
Expenses        
Compensation 136,982 198,192 284,917 443,739
Technology 35,244 34,621 71,282 69,407
Loan origination 31,646 44,931 58,732 120,264
Professional services 17,888 20,793 38,895 40,896
Servicing 14,652 3,051 27,284 1,805
Occupancy and equipment 10,066 9,371 18,886 18,840
Marketing and advertising 5,578 13,007 8,819 35,410
Other 11,574 10,023 19,530 26,612
Total expenses 263,630 333,989 528,345 756,973
Income before provision for income taxes 72,917 177,526 111,064 412,046
Provision for income taxes 14,667 48,363 22,436 109,290
Net income $ 58,250 $ 129,163 $ 88,628 $ 302,756
Earnings per share        
Basic (in dollars per share) $ 1.17 $ 2.38 $ 1.77 $ 5.51
Diluted (in dollars per share) $ 1.11 $ 2.28 $ 1.68 $ 5.23
Weighted-average shares outstanding        
Basic (in shares) 49,874 54,167 50,013 54,995
Diluted (in shares) 52,264 56,642 52,803 57,892
Related Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ (509) $ (4,752) $ (994) $ (14,404)
Loan origination fees 701 2,404 2,111 4,746
Nonrelated Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value 141,928 227,319 246,798 535,430
Loan origination fees 38,267 37,541 68,247 103,057
Interest expense:        
Interest expense 178,642 71,127 310,413 148,434
Non-affiliates | Nonrelated Party        
Loan servicing fees:        
Loan servicing fees 307,119 259,338 597,816 504,147
PennyMac Mortgage Investment Trust | Related Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value (509) (4,752) (994) (14,404)
Loan servicing fees:        
Loan servicing fees 20,317 20,335 40,766 41,423
Others | Nonrelated Party        
Loan servicing fees:        
Loan servicing fees $ 29,035 $ 22,677 $ 55,946 $ 48,038