Net Gains on Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2025

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended March 31,
	2025		2024
	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(276,310)	$	(309,190)
Hedging activities		(310,699)		150,219
		(587,009)		(158,971)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		650,349		412,520
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(3,547)		(3,952)
Reductions in liability due to changes in estimate		1,415		3,320
Changes in fair values of loans and derivatives held at end of quarter:
Interest rate lock commitments		76,377		(19,786)
Loans		(87,039)		27,645
Hedging derivatives		165,653		(97,982)
		216,199		162,794
From PennyMac Mortgage Investment Trust (1)		4,838		(353)
	$	221,037	$	162,441

(1) Gains and losses on sales of loans to PMT are described in Note 5–Related Party Transactions–PennyMac Mortgage Investment Trust–Operating Activities.