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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 151,374 $ 168,694 $ 397,178 $ 689,720
Loan origination fees 37,701 34,037 108,059 141,840
Fulfillment fees from PennyMac Mortgage Investment Trust 5,531 18,407 22,895 55,807
Loan servicing fees:        
Loan servicing fees 387,934 313,080 1,082,462 906,688
Change in fair value of mortgage servicing rights and mortgage servicing liabilities 221,096 95,411 (70,608) 420,424
Mortgage servicing rights hedging results (423,656) (164,749) (531,565) (558,614)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust (202,560) (69,338) (602,173) (138,190)
Net loan servicing fees 185,374 243,742 480,289 768,498
Interest income:        
Interest income 166,552 82,994 467,982 186,740
Interest expense:        
Interest expense 156,863 82,965 467,276 231,399
Net interest income (expense) 9,689 29 706 (44,659)
Management fees, net:        
Management fees from PennyMac Mortgage Investment Trust 7,175 7,731 21,510 23,758
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust (51) (119) 91 (311)
Results of real estate acquired in settlement of loans 637 528 978 1,881
Other 2,878 3,241 8,011 8,775
Total net revenues 400,308 476,290 1,039,717 1,645,309
Expenses        
Compensation 156,909 157,793 441,826 601,532
Technology 39,000 35,647 110,282 105,054
Loan origination 28,889 28,356 87,621 148,620
Professional services 11,942 16,230 50,837 57,126
Servicing 13,242 20,399 40,526 22,204
Occupancy and equipment 8,900 11,299 27,786 30,139
Marketing and advertising 4,632 7,601 13,451 43,011
Other 9,997 13,493 29,527 40,105
Total expenses 273,511 290,818 801,856 1,047,791
Income before provision for income taxes 126,797 185,472 237,861 597,518
Provision for income taxes 33,927 50,338 56,363 159,628
Net income $ 92,870 $ 135,134 $ 181,498 $ 437,890
Earnings per share        
Basic (in dollars per share) $ 1.86 $ 2.59 $ 3.63 $ 8.10
Diluted (in dollars per share) $ 1.77 $ 2.46 $ 3.44 $ 7.69
Weighted-average shares outstanding        
Basic (in shares) 49,902 52,170 49,975 54,043
Diluted (in shares) 52,561 54,968 52,735 56,913
Related Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ (500) $ (1,648) $ (1,494) $ (16,052)
Loan origination fees 579 2,192 2,690 6,938
Nonrelated Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value 151,874 170,342 398,672 705,772
Loan origination fees 37,122 31,845 105,369 134,902
Interest expense:        
Interest expense 156,863 82,965 467,276 231,399
Non-affiliates | Nonrelated Party        
Loan servicing fees:        
Loan servicing fees 328,049 270,336 925,865 774,483
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 (500) (1,648) (1,494) (16,052)
Loan servicing fees:        
Loan servicing fees 20,257 20,247 61,023 61,670
Others | Nonrelated Party        
Loan servicing fees:        
Loan servicing fees $ 39,628 $ 22,497 $ 95,574 $ 70,535