Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
	(in thousands)
Activity during the year:
Payments under tax receivable agreement	$	—	$	3,855	$	4,635
Repricing of liability	$	—	$	(576)	$	—
Balance at end of year	$	26,099	$	26,099	$	30,530

Related Party | PennyMac Mortgage Investment Trust

Transactions with Affiliates

Summary of lending activity between the Company and affiliate

	Year ended December 31,
	2023		2022		2021
	(in thousands)
Net losses on loans held for sale at fair value:
Net losses on loans sold to PMT (primarily cash)	$	—	$	(2,820)	$	—
Mortgage servicing rights recapture incurred		(1,784)		(13,744)		(51,473)
	$	(1,784)	$	(16,564)	$	(51,473)
Sales of loans held for sale to PMT	$	—	$	298,862	$	—
Tax service fees earned from PMT included in Loan origination fees	$	3,216	$	8,418	$	26,126
Fulfillment fee revenue	$	27,826	$	67,991	$	178,927
Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees	$	14,898,301	$	37,090,031	$	110,003,574
Sourcing fees included in cost of loans purchased from PMT	$	7,162	$	4,968	$	6,472
Unpaid principal balance of loans purchased from PMT:
Government guaranteed or insured	$	40,476,782	$	45,768,110	$	64,774,728
Conventional conforming		31,141,915		3,912,157		—
	$	71,618,697	$	49,680,267	$	64,774,728

Summary of loan servicing fees earned from PMT

	Year ended December 31,
Loan type serviced	2023		2022		2021
	(in thousands)
Prime servicing	$	81,139	$	81,386	$	80,153
Special servicing		208		529		505
	$	81,347	$	81,915	$	80,658

Summary of management fees earned

	Year ended December 31,
	2023		2022		2021
	(in thousands)
Base management	$	28,762	$	31,065	$	34,794
Performance incentive		—		—		3,007
	$	28,762	$	31,065	$	37,801

Summary of reimbursement of expenses

	Year ended December 31,
	2023		2022		2021
	(in thousands)
Reimbursement of:
Expenses incurred on PMT's behalf, net	$	21,468	$	23,829	$	18,812
Common overhead incurred by the Company		7,492		8,588		4,906
Compensation		660		660		660
	$	29,620	$	33,077	$	24,378
Payments and settlements during the year (1)	$	94,339	$	144,012	$	284,381

(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,
		2023		2022		2021
	(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
Interest income						$	387
Balance at end of year						$	—
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Activity during the year:
Dividends earned from PennyMac Mortgage Investment Trust		$	120	$	136	$	141
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust			192		(371)		195
		$	312	$	(235)	$	336
Balance at end of year:
Fair value		$	1,121	$	929
Number of shares			75		75

Summary of financing activity between the Company and affiliate

	Year ended
	December 31, 2021
	(in thousands)
Excess servicing spread financing:
Balance at beginning of year	$	131,750
Issuance pursuant to recapture agreement		557
Accrual of interest		1,280
Change in fair value		1,037
Repayment		(134,624)
Balance at end of year	$	—
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

Summary of amounts due from and payable to affiliate

	December 31,
	2023		2022
	(in thousands)
Receivable from PMT:
Correspondent production fees	$	8,288	$	6,835
Management fees		7,252		7,307
Servicing fees		6,809		6,740
Allocated expenses and expenses incurred on PMT's behalf		5,612		11,447
Fulfillment fees		1,301		4,043
	$	29,262	$	36,372
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances	$	208,154	$	201,451
Other		56		3,560
	$	208,210	$	205,011