Net Gains on Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2023

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Year ended December 31,
	2023		2022		2021
	(in thousands)
From non-affiliates:
Cash (losses) gains:
Loans	$	(1,337,613)	$	(2,128,195)	$	600,840
Hedging activities		(99,515)		1,347,843		443,341
		(1,437,128)		(780,352)		1,044,181
Non-cash gains:
Mortgage servicing rights resulting from loan sales		1,849,957		1,718,094		1,755,318
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(12,997)		(9,617)		(31,590)
Reductions in liability due to changes in estimate		9,115		8,451		16,037
Changes in fair values of loans and derivatives held at year end:
Interest rate lock commitments		63,749		(296,349)		(354,833)
Loans		(71,425)		188,849		210,961
Hedging derivatives		146,456		(20,879)		(124,200)
		547,727		808,197		2,515,874
From PennyMac Mortgage Investment Trust (1)		(1,784)		(16,564)		(51,473)
	$	545,943	$	791,633	$	2,464,401

(1) Gains on sales of loans to PMT are described in Note 4–Transactions with Related Parties.