Net Gains on Loans Held for Sale

3 Months Ended

Mar. 31, 2024

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

Note 20—Net Gains on Loans Held for Sale

Net gains on loans held for sale at fair value are summarized below:

	Quarter ended March 31,
	2024		2023
	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(309,190)	$	(55,386)
Hedging activities		150,219		(216,138)
		(158,971)		(271,524)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		412,520		286,533
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(3,952)		(1,735)
Reductions in liability due to changes in estimate		3,320		1,445
Changes in fair values of loans and derivatives held at end of quarter:
Interest rate lock commitments		(19,786)		33,002
Loans		27,645		(64,191)
Hedging derivatives		(97,982)		121,340
		162,794		104,870
From PennyMac Mortgage Investment Trust (1)		(353)		(485)
	$	162,441	$	104,385

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