Net Gains on Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2024

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Year ended December 31,
	2024		2023		2022
	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(1,731,125)	$	(1,337,613)	$	(2,128,195)
Hedging activities		495,429		(99,515)		1,347,843
		(1,235,696)		(1,437,128)		(780,352)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		2,280,830		1,849,957		1,718,094
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(16,486)		(12,997)		(9,617)
Reductions in liability due to changes in estimate		13,579		9,115		8,451
Changes in fair values of loans and derivatives held at end of period:
Interest rate lock commitments		(56,028)		63,749		(296,349)
Loans		71,226		(71,425)		188,849
Hedging derivatives		(244,124)		146,456		(20,879)
		813,301		547,727		808,197
From PennyMac Mortgage Investment Trust (1)		4,067		(1,784)		(16,564)
	$	817,368	$	545,943	$	791,633

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