Loan Sales and Servicing Activities (Tables)

12 Months Ended

Dec. 31, 2024

Loan Sales and Servicing Activities

Summary of cash flows between the Company and transferees upon sale of loans in transactions

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Cash flows:
Sales proceeds	$	101,105,292	$	85,684,522	$	84,345,379
Servicing fees received	$	1,423,171	$	1,173,108	$	931,315

Summary of the allowance for losses

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Balance at beginning of year	$	73,991	$	78,992	$	120,940
Provision (reversals of provision) for losses		32,962		3,271		(36,075)
Charge-offs, net		(21,165)		(8,272)		(5,873)
Balance at end of year	$	85,788	$	73,991	$	78,992

Summary of sale of loans between the Company and transferees upon sale of loans in transactions

	December 31,
	2024		2023
	(in thousands)
Unpaid principal balance of loans outstanding	$	410,393,342	$	352,790,614
Delinquent loans:
30-89 days	$	17,301,961	$	13,775,493
90 days or more:
Not in foreclosure	$	8,104,348	$	6,754,282
In foreclosure	$	693,934	$	618,694
Foreclosed	$	2,928	$	7,565
Loans in bankruptcy	$	1,762,324	$	1,415,614

Summary of servicing portfolio

	December 31, 2024
	Servicing				Total
	rights owned		Subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	410,393,342	$	—	$	410,393,342
Purchased		15,681,406		—		15,681,406
Subserviced		—		806,584		806,584
		426,074,748		806,584		426,881,332
PennyMac Mortgage Investment Trust		—		230,753,581		230,753,581
Loans held for sale		8,128,914		—		8,128,914
	$	434,203,662	$	231,560,165	$	665,763,827
Delinquent loans:
30 days	$	13,095,250	$	1,996,821	$	15,092,071
60 days		4,838,550		676,508		5,515,058
90 days or more:
Not in foreclosure		8,289,129		1,210,270		9,499,399
In foreclosure		730,372		106,188		836,560
Foreclosed		3,716		2,732		6,448
	$	26,957,017	$	3,992,519	$	30,949,536
Loans in bankruptcy	$	1,852,396	$	286,093	$	2,138,489
Custodial funds managed by the Company (1)	$	6,171,157	$	2,391,875	$	8,563,032

(1) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income.

	December 31, 2023
	Servicing				Total
	rights owned		Subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	352,790,614	$	—	$	352,790,614
Purchased		17,478,397		—		17,478,397
		370,269,011		—		370,269,011
PennyMac Mortgage Investment Trust		—		232,653,069		232,653,069
Loans held for sale		4,294,689		—		4,294,689
	$	374,563,700	$	232,653,069	$	607,216,769
Delinquent loans:
30 days	$	11,097,929	$	1,808,516	$	12,906,445
60 days		3,316,494		399,786		3,716,280
90 days or more:
Not in foreclosure		6,941,325		1,031,299		7,972,624
In foreclosure		686,359		92,618		778,977
Foreclosed		8,133		4,295		12,428
	$	22,050,240	$	3,336,514	$	25,386,754
Loans in bankruptcy	$	1,523,218	$	186,593	$	1,709,811
Custodial funds managed by the Company (1)	$	3,741,978	$	1,759,974	$	5,501,952

(1) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income.

Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)

	December 31,
State	2024		2023
	(in thousands)
California	$	76,364,993	$	72,788,272
Texas		65,317,775		56,437,082
Florida		63,850,638		57,824,310
Virginia		36,428,575		35,376,266
Georgia (1)		28,499,141		—
Maryland (1)		—		26,746,355
All other states		395,302,705		358,044,484
	$	665,763,827	$	607,216,769

(1) Maryland and Georgia were not among the top five states as of December 31, 2024 and December 31, 2023, respectively, and are included in “All other states” as of those dates.