Net Gains on Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2024

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(413,822)	$	(608,885)	$	(723,012)	$	(664,271)
Hedging activities		92,552		300,686		242,771		84,548
		(321,270)		(308,199)		(480,241)		(579,723)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		541,207		562,523		953,727		849,056
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(4,129)		(3,139)		(8,081)		(4,874)
Reductions in liability due to changes in estimate		4,076		2,008		7,396		3,453
Changes in fair values of loans and derivatives held at end of period:
Interest rate lock commitments		(1,055)		(28,209)		(20,841)		4,793
Loans		(2,695)		66,870		24,950		2,679
Hedging derivatives		(39,597)		(149,926)		(137,579)		(28,586)
		176,537		141,928		339,331		246,798
From PennyMac Mortgage Investment Trust (1)		(473)		(509)		(826)		(994)
	$	176,064	$	141,419	$	338,505	$	245,804

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