Net Gains on Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2023

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
From non-affiliates:
Cash (losses) gains:
Loans	$	(608,885)	$	(451,171)	$	(664,271)	$	(1,395,392)
Hedging activities		300,686		82,617		84,548		972,704
		(308,199)		(368,554)		(579,723)		(422,688)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		562,523		398,253		849,056		1,014,555
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(3,139)		(2,182)		(4,874)		(6,236)
Reductions in liability due to changes in estimate		2,008		2,227		3,453		5,396
Changes in fair values of loans and derivatives held at period end:
Interest rate lock commitments		(28,209)		27,251		4,793		(257,043)
Loans		66,870		(43,349)		2,679		177,081
Hedging derivatives		(149,926)		213,673		(28,586)		24,365
		141,928		227,319		246,798		535,430
From PennyMac Mortgage Investment Trust (1)		(509)		(4,752)		(994)		(14,404)
	$	141,419	$	222,567	$	245,804	$	521,026

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