Net Gains on Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2024

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	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.