PennyMac Financial Services (PFSI) 10-Q3 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 01, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38727
Entity Registrant Name	PennyMac Financial Services, Inc.
Entity Central Index Key	0001745916
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1098934
Entity Address, Address Line One	3043 Townsgate Road
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	818
Local Phone Number	224-7442
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PFSI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,873,664
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash	$ 1,532,399	$ 1,328,536
Short-term investment at fair value	8,088	12,194
Loans held for sale at fair value (includes $4,194,839 and $3,442,847 pledged to creditors)	4,270,494	3,509,300
Derivative assets	85,517	99,003
Servicing advances, net (includes valuation allowance of $70,070 and $78,992; $288,082 and $381,379 pledged to creditors)	500,122	696,753
Mortgage servicing rights at fair value (includes $6,457,553 and $5,897,613 pledged to creditors)	6,510,585	5,953,621
Operating lease right-of-use assets	56,410	65,866
Investment in PennyMac Mortgage Investment Trust at fair value	1,011	929
Receivable from PennyMac Mortgage Investment Trust	$ 25,046	$ 36,372
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entities	Affiliated entities
Loans eligible for repurchase	$ 4,401,098	$ 4,702,103
Other (includes $38,118 and $12,277 pledged to creditors)	593,698	417,907
Total assets	17,984,468	16,822,584
LIABILITIES
Assets sold under agreements to repurchase	3,780,524	3,001,283
Mortgage loan participation purchase and sale agreements	505,712	287,592
Notes payable secured by mortgage servicing assets	2,472,726	1,942,646
Unsecured senior notes	1,781,756	1,779,920
Derivative liabilities	22,039	21,712
Mortgage servicing liabilities at fair value	1,940	2,096
Accounts payable and accrued expenses	258,278	262,358
Operating lease liabilities	75,956	85,550
Other liabilities	$ 123,287	$ 205,011
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated entities	Affiliated entities
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$ 26,099	$ 26,099
Income taxes payable	1,026,147	1,002,744
Liability for loans eligible for repurchase	4,401,098	4,702,103
Liability for losses under representations and warranties	30,146	32,421
Total liabilities	14,505,708	13,351,535
Commitments and contingencies - Note 16
STOCKHOLDERS' EQUITY
Retained earnings	3,478,755	3,471,044
Total stockholders' equity	3,478,760	3,471,049
Total liabilities and stockholders' equity	17,984,468	16,822,584
Common Class A [Member]
STOCKHOLDERS' EQUITY
Common stock - authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 49,857,588 and 49,988,492 shares respectively	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loans held for sale	$ 4,270,494	$ 3,509,300
Servicing advances, net	500,122	696,753
Mortgage servicing rights, at fair value	6,510,585	5,953,621
Other assets	593,698	417,907
Servicing advances, net, valuation allowance	$ 70,070	$ 78,992
Common Class A [Member]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	49,857,588	49,988,492
Common stock, shares outstanding	49,857,588	49,988,492
Asset Pledged as Collateral without Right
Loans held for sale	$ 4,194,839	$ 3,442,847
Servicing advances, net	288,082	381,379
Mortgage servicing rights, at fair value	6,457,553	5,897,613
Other assets	$ 38,118	$ 12,277

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 141,419	$ 222,567	$ 245,804	$ 521,026
Loan origination fees	38,968	39,945	70,358	107,803
Fulfillment fees from PennyMac Mortgage Investment Trust	5,441	20,646	17,364	37,400
Loan servicing fees:
Loan servicing fees	356,471	302,350	694,528	593,608
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(55,257)	112,102	(291,704)	325,013
Mortgage servicing rights hedging results	(155,136)	(176,005)	(107,909)	(393,865)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust	(210,393)	(63,903)	(399,613)	(68,852)
Net loan servicing fees	146,078	238,447	294,915	524,756
Interest income:
Interest income	172,952	49,864	301,430	103,746
Interest expense:
Interest expense	178,642	71,127	310,413	148,434
Net interest expense	(5,690)	(21,263)	(8,983)	(44,688)
Management fees, net:
Management fees from PennyMac Mortgage Investment Trust	7,078	7,910	14,335	16,027
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	116	(194)	142	(192)
Results of real estate acquired in settlement of loans	199	810	341	1,353
Other	2,938	2,647	5,133	5,534
Total net revenues	336,547	511,515	639,409	1,169,019
Expenses
Compensation	136,982	198,192	284,917	443,739
Technology	35,244	34,621	71,282	69,407
Loan origination	31,646	44,931	58,732	120,264
Professional services	17,888	20,793	38,895	40,896
Servicing	14,652	3,051	27,284	1,805
Occupancy and equipment	10,066	9,371	18,886	18,840
Marketing and advertising	5,578	13,007	8,819	35,410
Other	11,574	10,023	19,530	26,612
Total expenses	263,630	333,989	528,345	756,973
Income before provision for income taxes	72,917	177,526	111,064	412,046
Provision for income taxes	14,667	48,363	22,436	109,290
Net income	$ 58,250	$ 129,163	$ 88,628	$ 302,756
Earnings per share
Basic (in dollars per share)	$ 1.17	$ 2.38	$ 1.77	$ 5.51
Diluted (in dollars per share)	$ 1.11	$ 2.28	$ 1.68	$ 5.23
Weighted-average shares outstanding
Basic (in shares)	49,874	54,167	50,013	54,995
Diluted (in shares)	52,264	56,642	52,803	57,892
Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ (509)	$ (4,752)	$ (994)	$ (14,404)
Loan origination fees	701	2,404	2,111	4,746
Nonrelated Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	141,928	227,319	246,798	535,430
Loan origination fees	38,267	37,541	68,247	103,057
Interest expense:
Interest expense	178,642	71,127	310,413	148,434
Non-affiliates \| Nonrelated Party
Loan servicing fees:
Loan servicing fees	307,119	259,338	597,816	504,147
PennyMac Mortgage Investment Trust \| Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	(509)	(4,752)	(994)	(14,404)
Loan servicing fees:
Loan servicing fees	20,317	20,335	40,766	41,423
Others \| Nonrelated Party
Loan servicing fees:
Loan servicing fees	$ 29,035	$ 22,677	$ 55,946	$ 48,038

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock.	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 6	$ 125,396	$ 3,292,923	$ 3,418,325
Balance (in shares) at Dec. 31, 2021	56,867
Changes in stockholders' equity
Net income			302,756	302,756
Stock based compensation		17,823		17,823
Stock based compensation (in shares)	817
Issuance of common stock in settlement of directors' fees		102		102
Issuance of common stock in settlement of directors' fees (in shares)	2
Common stock dividends			(22,564)	(22,564)
Repurchase of common stock	$ (1)	(143,321)	(111,735)	(255,057)
Repurchase of common stock (in shares)	(4,747)
Balance at Jun. 30, 2022	$ 5		3,461,380	3,461,385
Balance (in shares) at Jun. 30, 2022	52,939
Balance at Mar. 31, 2022	$ 6		3,441,597	3,441,603
Balance (in shares) at Mar. 31, 2022	55,342
Changes in stockholders' equity
Net income			129,163	129,163
Stock based compensation		15,352		15,352
Stock based compensation (in shares)	23
Issuance of common stock in settlement of directors' fees		51		51
Issuance of common stock in settlement of directors' fees (in shares)	1
Common stock dividends			(11,139)	(11,139)
Repurchase of common stock	$ (1)	(15,403)	(98,241)	(113,645)
Repurchase of common stock (in shares)	(2,427)
Balance at Jun. 30, 2022	$ 5		3,461,380	3,461,385
Balance (in shares) at Jun. 30, 2022	52,939
Balance at Dec. 31, 2022	$ 5		3,471,044	3,471,049
Balance (in shares) at Dec. 31, 2022	49,988
Changes in stockholders' equity
Net income			88,628	88,628
Stock based compensation		11,530		11,530
Stock based compensation (in shares)	1,069
Issuance of common stock in settlement of directors' fees		102		102
Issuance of common stock in settlement of directors' fees (in shares)	2
Common stock dividends			(20,974)	(20,974)
Repurchase of common stock		(11,632)	(59,943)	(71,575)
Repurchase of common stock (in shares)	(1,201)
Balance at Jun. 30, 2023	$ 5		3,478,755	3,478,760
Balance (in shares) at Jun. 30, 2023	49,858
Balance at Mar. 31, 2023	$ 5		3,452,185	3,452,190
Balance (in shares) at Mar. 31, 2023	50,097
Changes in stockholders' equity
Net income			58,250	58,250
Stock based compensation		4,680		4,680
Stock based compensation (in shares)	193
Issuance of common stock in settlement of directors' fees		51		51
Issuance of common stock in settlement of directors' fees (in shares)	1
Common stock dividends			(10,197)	(10,197)
Repurchase of common stock		$ (4,731)	(21,483)	(26,214)
Repurchase of common stock (in shares)	(433)
Balance at Jun. 30, 2023	$ 5		$ 3,478,755	$ 3,478,760
Balance (in shares) at Jun. 30, 2023	49,858

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Common Stock dividends (in dollars per share)	$ 0.20	$ 0.20	$ 0.40	$ 0.40

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities
Net income	$ 88,628	$ 302,756
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net gains on loans held for sale at fair value	(245,804)	(521,026)
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	291,704	(325,013)
Mortgage servicing rights hedging results	107,909	393,865
Capitalization of interest on loans held for sale	(507)	(2,817)
Amortization of debt issuance costs	9,315	10,133
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust	(82)	263
Results of real estate acquired in settlement in loans	(341)	(1,353)
Stock-based compensation expense	12,025	24,223
Reversal of provision for servicing advance losses	(5,049)	(51,293)
Depreciation and amortization	25,939	14,375
Amortization of operating lease right-of-use assets	9,154	7,755
Purchase of loans held for sale from PennyMac Mortgage Investment Trust	(32,087,157)	(23,982,890)
Origination of loans held for sale	(5,303,061)	(15,128,696)
Purchase of loans held for sale from non-affiliates	(968,096)	(1,215,388)
Purchase of loans from Ginnie Mae securities and early buyout investors	(1,395,735)	(4,752,678)
Sale to non-affiliates and principal payment of loans held for sale	38,410,109	50,841,788
Sale of loans held for sale to PennyMac Mortgage Investment Trust		298,862
Repurchase of loans subject to representations and warranties	(24,345)	(45,176)
Decrease in servicing advances	164,845	128,940
Decrease (increase) in receivable from PennyMac Mortgage Investment Trust	11,537	(3,998)
Sale of real estate acquired in settlement of loans	16,411	9,937
(Increase) decrease in other assets	(81,155)	134,692
Decrease in accounts payable and accrued expenses	(3,977)	(54,033)
Decrease in operating lease liabilities	(10,080)	(8,040)
Decrease in payable to PennyMac Mortgage Investment Trust	(82,156)	(140,615)
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		(3,516)
Increase in income taxes payable	23,403	200,459
Net cash (used in) provided by operating activities	(1,036,566)	6,131,516
Cash flow from investing activities
Decrease in short-term investment	4,106	1,912
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights	(20,239)	(574,109)
Transfer of mortgage servicing rights related to delinquent loans to Agency	232
Acquisition of capitalized software	(19,244)	(39,267)
Purchase of furniture, fixtures, equipment and leasehold improvements	(631)	(4,089)
(Increase) decrease in margin deposits	(150,716)	188,176
Net cash used in investing activities	(186,492)	(427,377)
Cash flow from financing activities
Sale of assets under agreements to repurchase	39,333,545	42,087,498
Repurchase of assets sold under agreements to repurchase	(38,551,928)	(46,938,843)
Issuance of mortgage loan participation purchase and sale certificates	10,042,768	9,556,801
Repayment of mortgage loan participation purchase and sale certificates	(9,824,304)	(9,533,871)
Issuance of notes payable secured by mortgage servicing assets	680,000	500,000
Repayment of notes payable secured by mortgage servicing assets	(150,000)
Repayment of obligations under capital lease		(3,489)
Payment of debt issuance costs	(10,119)	(12,892)
Issuance of common stock pursuant to exercise of stock options	8,647	1,380
Payment of withholding taxes relating to stock-based compensation	(9,142)	(7,780)
Payment of dividends to holders of common stock	(20,974)	(22,564)
Repurchase of common stock	(71,575)	(255,057)
Net cash provided by (used in) financing activities	1,426,918	(4,628,817)
Net increase in cash and restricted cash	203,860	1,075,322
Cash and restricted cash at beginning of period	1,328,539	340,093
Cash and restricted cash at end of period	1,532,399	1,415,415
Cash	1,532,399	1,415,396
Restricted cash included in Other assets		19
Supplemental cash flow information:
Cash paid for interest	305,512	154,745
Cash refunds received for income taxes, net	967	91,169
Non-cash investing activities:
Mortgage servicing rights resulting from loan sales	849,056	1,014,555
Operating right-of-use assets recognized	1,727	793
Non-cash financing activities:
Issuance of common stock in settlement of directors' fees	$ 102	$ 102

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2023
Organization
Organization	PENNYMAC FINANCIAL SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1—Organization PennyMac Financial Services, Inc. (together, with its consolidated subsidiaries, unless the context indicates otherwise, “PFSI” or the “Company”) is a holding corporation and its primary assets are equity interests in Private National Mortgage Acceptance Company, LLC (“PNMAC”). The Company is the managing member of PNMAC, and it operates and controls all of the businesses and consolidates the financial results of PNMAC and its subsidiaries. PNMAC is a Delaware limited liability company which, through its subsidiaries, engages in mortgage banking and investment management activities. PNMAC’s mortgage banking activities consist of residential mortgage loan production and servicing. PNMAC’s investment management activities and a portion of its mortgage banking activities are conducted on behalf of PennyMac Mortgage Investment Trust (“PMT”), a publicly held real estate investment trust that invests in residential mortgage-related assets. PNMAC’s primary wholly owned subsidiaries are: ● PennyMac Loan Services, LLC (“PLS”) — a Delaware limited liability company that services portfolios of residential mortgage loans on behalf of non-affiliates and PMT , purchases, originates and sells new prime credit quality residential mortgage loans and engages in other mortgage banking activities for its own account and the account of PMT. PLS is approved as a seller/servicer of mortgage loans by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and as an issuer of securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”). PLS is a licensed Federal Housing Administration (“FHA”) Nonsupervised Title II Lender with the U.S. Department of Housing and Urban Development (“HUD”) and a lender/servicer with the U.S. Department of Veterans Affairs (“VA”) and U.S. Department of Agriculture (“USDA”) (each of the above an “Agency” and collectively the “Agencies”). ● PNMAC Capital Management, LLC (“PCM”) — a Delaware limited liability company registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM has an investment management agreement with PMT.

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Basis of Presentation
Basis of Presentation	Note 2—Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s Accounting Standards Codification The accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of income that may be expected for the full year ending December 31, 2023. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates.

Concentration of Risk

Concentration of Risk	6 Months Ended
Concentration of Risk	Jun. 30, 2023
Concentration of Risk
Concentration of Risk	Note 3—Concentration of Risk A portion of the Company’s activities relate to PMT. Revenues generated from PMT (generally comprised of gains on loans held for sale, loan origination and fulfillment fees, loan servicing fees, management fees, change in fair value of investment in and dividends received from PMT, and expense allocations charged to PMT) totaled 11% and 9% of total net revenues for the quarters ended June 30, 2023 and 2022, respectively, and 12% and 8% for the six months ended June 30, 2023 and 2022, respectively. The Company also purchased 84% and 66% of its newly originated loan production from PMT during the quarters ended June 30, 2023 and 2022, respectively, and 84% and 59% during the six months ended June 30, 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	Note 4—Related Party Transactions PennyMac Mortgage Investment Trust Operating Activities Mortgage Loan Production Activities and Mortgage Servicing Rights (“MSRs”) Recapture Loan Sales MSR Recapture ● 40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate”; ● 35% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 15% and up to 30% ; and ● 30% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30% . Fulfillment Services ● the number of loan commitments multiplied by a pull-through factor of either .99 or .80 depending on whether the loan commitments are subject to a “mandatory trade confirmation” or a “best efforts lock confirmation”, respectively, and then multiplied by $585 for each pull-through adjusted loan commitment up to and including 16,500 per quarter and $355 for each pull-through adjusted loan commitment in excess of 16,500 per quarter, plus ● $315 multiplied by the number of purchased loans that are sold to Fannie Mae and Freddie Mac up to the and including 16,500 per quarter and $195 multiplied by the number of such purchased loans in excess of 16,500 per quarter, plus ● $750 multiplied by the number of all purchased loans that are sold or securitized to parties other than Fannie Mae and Freddie Mac; provided, however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae loans and certain Fannie Mae or Freddie Mac loans acquired by PLS. Sourcing Fees Following is a summary of loan production and MSR recapture activities, between the Company and PMT: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net losses on loans held for sale at fair value: Net losses on loans sold to PMT (primarily cash) $ — $ (1,429) $ — $ (2,820) Mortgage servicing rights recapture incurred (509) (3,323) (994) (11,584) $ (509) $ (4,752) $ (994) $ (14,404) Sales of loans held for sale to PMT $ — $ 39,824 $ — $ 298,862 Tax service fees earned from PMT included in Loan origination fees $ 701 $ 2,404 $ 2,111 $ 4,746 Fulfillment fee revenue $ 5,441 $ 20,646 $ 17,364 $ 37,400 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees $ 3,029,274 $ 10,323,700 $ 9,658,084 $ 20,092,962 Sourcing fees included in cost of loans purchased from PMT $ 1,832 $ 1,063 $ 3,160 $ 2,359 Unpaid principal balance of loans purchased from PMT: Government guaranteed or insured $ 11,307,342 $ 10,634,209 $ 20,521,054 $ 23,381,988 Conventional conforming 7,017,890 — 11,080,764 — $ 18,325,232 $ 10,634,209 $ 31,601,818 $ 23,381,988 Loan Servicing The Company and PMT have entered into a loan servicing agreement (the “Servicing Agreement”), pursuant to which the Company provides subservicing for PMT’s MSRs, loans at fair value held in consolidated variable interest entities and loans held for sale (“Prime Servicing”) and its portfolio of residential mortgage loans purchased with credit deterioration (“Special Servicing”). The Servicing Agreement provides for servicing fees of per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or the real estate acquired in settlement of loans (“REO”). The Company also remains entitled to customary ancillary income and market-based fees and charges relating to loans it services for PMT. Prime Servicing ● The base servicing fees for prime loans are calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the loan is a fixed-rate or adjustable-rate loan. The base servicing fee rates are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans. ● To the extent that prime loans become delinquent, the Company is entitled to an additional servicing fee per loan ranging from $10 to $55 per month based on the delinquency, bankruptcy and foreclosure status of the loan or $75 per month if the underlying mortgaged property becomes REO. The Company is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and a percentage of late charges. ● The Company receives certain fees for COVID-19-related forbearance and modification activities provided for under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Special Servicing ● The base servicing fee rates for special servicing loans range from $30 per month for current loans up to $95 per month for loans in foreclosure proceedings. The base servicing fee rate for REO is $75 per month. The Company also receives a supplemental servicing fee of $25 per month for each special servicing loan. ● The Company receives activity-based fees for modifications, foreclosures and liquidations that it facilitates with respect to special servicing loans, as well as other market-based refinancing and loan disposition fees. Following is a summary of loan servicing fees earned from PMT: Quarter ended June 30, Six months ended June 30, Loan type serviced 2023 2022 2023 2022 (in thousands) Prime Servicing $ 20,286 $ 20,229 $ 40,615 $ 41,107 Special Servicing 31 106 151 316 $ 20,317 $ 20,335 $ 40,766 $ 41,423 Investment Management Activities The Company has a management agreement with PMT (the “Management Agreement”), pursuant to which the Company oversees PMT’s business affairs in conformity with the investment policies that are approved and monitored by its board of trustees, for which PFSI collects a base management fee and may collect a performance incentive fee. The Management Agreement provides that: ● The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of PMT’s average shareholders’ equity up to $2 billion, (ii) 1.375% per year of PMT’s average shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of PMT’s average shareholders’ equity in excess of $5 billion. ● The performance incentive fee is calculated quarterly at a defined annualized percentage of the amount by which PMT’s “net income,” on a rolling four-quarter basis and before deducting the incentive fee, exceeds certain levels of return on “equity.” The performance incentive fee is equal to the sum of: (a) 10% of the amount by which PMT’s “net income” for the quarter exceeds (i) an 8% return on “equity” plus the “high watermark,” up to (ii) a 12% return on PMT’s “equity”; plus (b) 15% of the amount by which PMT’s “net income” for the quarter exceeds (i) a 12% return on PMT’s “equity” plus the “high watermark,” up to (ii) a 16% return on PMT’s “equity”; plus (c) 20% of the amount by which PMT’s “net income” for the quarter exceeds a 16% return on “equity” plus the “high watermark.” For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss attributable to PMT’s common shares of beneficial interest computed in accordance with GAAP adjusted for certain other non-cash charges determined after discussions between the Company and PMT’s independent trustees and approval by a majority of PMT’s independent trustees. “Equity” is the weighted average of the issue price per common share of all of PMT’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the rolling four-quarter period. “High watermark” is the quarterly adjustment that reflects the amount by which the “net income” (stated as a percentage of return on “equity”) in that quarter exceeds or falls short of the lesser of 8% and the average Fannie Mae 30-year MBS yield (the “Target Yield”) for the four quarters then ended. If the “net income” is lower than the Target Yield, the high watermark is increased by the difference. If the “net income” is higher than the Target Yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for the Company to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s “net income” over (or under) the Target Yield, until the “net income” in excess of the Target Yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned. The base management fee and the performance incentive fee are both receivable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at PMT’s option. In the event of termination of the Management Agreement between PMT and the Company, the Company may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by the Company, in each case during the 24-month period immediately preceding the date of termination. Following is a summary of the base management and performance incentive fees earned from PMT: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Base management $ 7,078 $ 7,910 $ 14,335 $ 16,027 Performance incentive — — — — $ 7,078 $ 7,910 $ 14,335 $ 16,027 Expense Reimbursement Under the Management Agreement, PMT reimburses the Company for its organizational and operating expenses, including third-party expenses, incurred on PMT’s behalf, it being understood that the Company and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax and investor relations services for the direct benefit of PMT. With respect to the allocation of the Company’s and its affiliates’ personnel compensation, the Company is reimbursed $165,000 per fiscal quarter, such amount to be reviewed annually and not preclude reimbursement for any other services performed by the Company or its affiliates. PMT is also required to pay its pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Company and its affiliates required for PMT’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of PMT’s proportion of gross assets compared to all remaining gross assets owned or managed by the Company as calculated at each fiscal quarter end. The Company received reimbursements from PMT for expenses as follows: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Reimbursement of: Expenses incurred on PMT's behalf, net $ 3,978 $ 2,834 $ 9,639 $ 8,191 Common overhead incurred by the Company 2,140 1,809 3,961 3,673 Compensation 165 165 330 330 $ 6,283 $ 4,808 $ 13,930 $ 12,194 Payments and settlements during the period (1) $ 30,872 $ 29,562 $ 63,256 $ 69,326 (1) Payments and settlements include payments for the operating, investing and financing activities itemized in this Note. Investing Activities The Company owns 75,000 common shares of beneficial interest of PMT. Following is a summary of investing activities between the Company and PMT: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust $ 116 $ (194) $ 142 $ (192) June 30, December 31, 2023 2022 (in thousands) Common shares of beneficial interest of PennyMac Mortgage Investment Trust: Fair value $ 1,011 $ 929 Number of shares 75 75 Receivable from and Payable to PMT Amounts receivable from and payable to PMT are summarized below: June 30, December 31, 2023 2022 (in thousands) Receivable from PMT: Management fees $ 7,078 $ 7,307 Correspondent production fees 6,876 6,835 Servicing fees 6,761 6,740 Allocated expenses and expenses incurred on PMT's behalf 2,886 11,447 Fulfillment fees 1,445 4,043 $ 25,046 $ 36,372 Payable to PMT: Amounts advanced by PMT to fund its servicing advances $ 115,463 $ 201,451 Other 7,824 3,560 $ 123,287 $ 205,011 Exchanged Private National Mortgage Acceptance Company, LLC Unitholders The Company entered into a tax receivable agreement with certain former owners of PNMAC that provides for the payment from time to time by the Company to PNMAC’s exchanged unitholders of an amount equal to 85% of the amount of the net tax benefits, if any, that the Company is deemed to realize as a result of (i) increases in tax basis of PNMAC’s assets resulting from exchanges of ownership interests in PNMAC and (ii) certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. The Company has recorded a $26.1 million Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement Townsgate Closing Services, LLC On December 27, 2022, the Company advanced $801,000 to one of its joint ventures, Townsgate Closing Services, LLC, under a revolving loan agreement. The revolving loan agreement has a maximum commitment amount of $1.5 million, matures on December 27, 2027, and earns interest, initially 10.75% per year, subject to semi-annual adjustment indexed to the 10+ year USD High Yield Corporate Bond Index as determined by Tradeweb/Bloomberg. The outstanding balance is included in Other

Loan Sales and Servicing Activi

Loan Sales and Servicing Activities	6 Months Ended
Loan Sales and Servicing Activities	Jun. 30, 2023
Loan Sales and Servicing Activities
Loan Sales and Servicing Activities	Note 5—Loan Sales and Servicing Activities The Company originates or purchases and sells loans in the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans. The following table summarizes cash flows between the Company and transferees as a result of the sale of loans in transactions where the Company maintains continuing involvement with the loans as servicer: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Cash flows: Sales proceeds $ 25,024,768 $ 19,574,766 $ 38,410,109 $ 50,841,788 Servicing fees received $ 282,315 $ 228,834 $ 550,738 $ 433,762 The following table summarizes the UPB of the loans sold by the Company in transactions when it maintains continuing involvement with the loans as servicer: June 30, December 31, 2023 2022 (in thousands) Unpaid principal balance of loans outstanding $ 319,257,805 $ 295,032,674 Delinquent loans: 30-89 days $ 11,388,376 $ 11,019,194 90 days or more: Not in foreclosure $ 6,097,693 $ 6,548,849 In foreclosure $ 708,722 $ 834,155 Foreclosed $ 10,983 $ 12,905 Loans in bankruptcy $ 1,256,468 $ 1,143,484 The following tables summarize the Company’s loan servicing portfolio as measured by UPB: June 30, 2023 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 319,257,805 $ — $ 319,257,805 Purchased 18,474,265 — 18,474,265 337,732,070 — 337,732,070 PennyMac Mortgage Investment Trust — 234,476,519 234,476,519 Loans held for sale 4,250,706 — 4,250,706 $ 341,982,776 $ 234,476,519 $ 576,459,295 Delinquent loans: 30 days $ 9,249,438 $ 1,461,447 $ 10,710,885 60 days 2,773,726 341,976 3,115,702 90 days or more: Not in foreclosure 6,314,682 846,880 7,161,562 In foreclosure 787,804 69,863 857,667 Foreclosed 12,688 5,438 18,126 $ 19,138,338 $ 2,725,604 $ 21,863,942 Loans in bankruptcy $ 1,385,130 $ 155,453 $ 1,540,583 Custodial funds managed by the Company (1) $ 5,377,724 $ 2,687,024 $ 8,064,748 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income. December 31, 2022 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 295,032,674 $ — $ 295,032,674 Purchased 19,568,122 — 19,568,122 314,600,796 — 314,600,796 PennyMac Mortgage Investment Trust — 233,575,672 233,575,672 Loans held for sale 3,498,214 — 3,498,214 $ 318,099,010 $ 233,575,672 $ 551,674,682 Delinquent loans: 30 days $ 8,903,829 $ 1,576,414 $ 10,480,243 60 days 2,855,176 337,081 3,192,257 90 days or more: Not in foreclosure 6,829,985 888,057 7,718,042 In foreclosure 914,213 75,012 989,225 Foreclosed 13,835 7,979 21,814 $ 19,517,038 $ 2,884,543 $ 22,401,581 Loans in bankruptcy $ 1,291,038 $ 125,719 $ 1,416,757 Custodial funds managed by the Company $ 3,329,709 $ 1,783,157 $ 5,112,866 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income. Following is a summary of the geographical distribution of loans included in the Company’s loan servicing portfolio for the top five and all other states as measured by UPB: June 30, December 31, State 2023 2022 (in thousands) California $ 69,242,770 $ 68,542,279 Florida 54,537,628 50,873,961 Texas 52,283,855 47,911,696 Virginia 34,432,055 33,478,151 Maryland 25,999,115 25,473,417 All other states 339,963,872 325,395,178 $ 576,459,295 $ 551,674,682

Fair Value

Fair Value	6 Months Ended
Fair Value	Jun. 30, 2023
Fair Value.
Fair Value	Note 6—Fair Value Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the significant inputs used to determine fair value. These levels are: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. ● Level 3— Prices determined using significant unobservable inputs. In situations where observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. Fair Value Accounting Elections The Company identified its MSRs, its mortgage servicing liabilities (“MSLs”) and all of its non-cash financial assets to be accounted for at fair value so changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. Assets and Liabilities Measured at Fair Value on a Recurring Basis Following is a summary of assets and liabilities that are measured at fair value on a recurring basis: June 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 8,088 $ — $ — $ 8,088 Loans held for sale at fair value — 3,877,736 392,758 4,270,494 Derivative assets: Interest rate lock commitments — — 41,379 41,379 Forward purchase contracts — 2,545 — 2,545 Forward sales contracts — 67,764 — 67,764 MBS put options — 2,790 — 2,790 Put options on interest rate futures purchase contracts 25,249 — — 25,249 Call options on interest rate futures purchase contracts 844 — — 844 Total derivative assets before netting 26,093 73,099 41,379 140,571 Netting — — — (55,054) Total derivative assets 26,093 73,099 41,379 85,517 Mortgage servicing rights at fair value — — 6,510,585 6,510,585 Investment in PennyMac Mortgage Investment Trust 1,011 — — 1,011 $ 35,192 $ 3,950,835 $ 6,944,722 $ 10,875,695 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 10,743 $ 10,743 Forward purchase contracts — 45,997 — 45,997 Forward sales contracts — 7,894 — 7,894 Total derivative liabilities before netting — 53,891 10,743 64,634 Netting — — — (42,595) Total derivative liabilities — 53,891 10,743 22,039 Mortgage servicing liabilities at fair value — — 1,940 1,940 $ — $ 53,891 $ 12,683 $ 23,979 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 12,194 $ — $ — $ 12,194 Loans held for sale at fair value — 3,163,528 345,772 3,509,300 Derivative assets: Interest rate lock commitments — — 36,728 36,728 Forward purchase contracts — 2,433 — 2,433 Forward sales contracts — 80,754 — 80,754 MBS put options — 6,057 — 6,057 Put options on interest rate futures purchase contracts 29,203 — — 29,203 Call options on interest rate futures purchase contracts 2,820 — — 2,820 Total derivative assets before netting 32,023 89,244 36,728 157,995 Netting — — — (58,992) Total derivative assets 32,023 89,244 36,728 99,003 Mortgage servicing rights at fair value — — 5,953,621 5,953,621 Investment in PennyMac Mortgage Investment Trust 929 — — 929 $ 45,146 $ 3,252,772 $ 6,336,121 $ 9,575,047 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 10,884 $ 10,884 Forward purchase contracts — 48,670 — 48,670 Forward sales contracts — 20,684 — 20,684 Put options on interest rate futures sales contracts 3,008 — — 3,008 Total derivative liabilities before netting 3,008 69,354 10,884 83,246 Netting — — — (61,534) Total derivative liabilities 3,008 69,354 10,884 21,712 Mortgage servicing liabilities at fair value — — 2,096 2,096 $ 3,008 $ 69,354 $ 12,980 $ 23,808 As shown above, certain of the Company’s loans held for sale, Interest Rate Lock Commitments (“IRLCs”), MSRs and MSLs are measured using Level 3 fair value inputs. Following are roll forwards of assets and liabilities measured at fair value using “Level 3” inputs at either the beginning or the end of the period presented: Quarter ended June 30, 2023 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, March 31, 2023 $ 312,789 $ 58,846 $ 6,003,390 $ 6,375,025 Purchases and issuances, net 614,486 67,878 — 682,364 Capitalization of interest and servicing advances 13,183 — — 13,183 Sales and repayments (146,289) — — (146,289) Mortgage servicing rights resulting from loan sales — — 562,523 562,523 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 10,951 — — 10,951 Other factors (929) (21,692) (55,328) (77,949) 10,022 (21,692) (55,328) (66,998) Transfers from Level 3 to Level 2 (411,179) — — (411,179) Transfers to real estate acquired in settlement of loans (254) — — (254) Transfers to loans held for sale — (74,396) — (74,396) Balance, June 30, 2023 $ 392,758 $ 30,636 $ 6,510,585 $ 6,933,979 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2023 $ 5,868 $ 30,636 $ (55,328) $ (18,824) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Quarter ended Liabilities June 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, March 31, 2023 $ 2,011 Changes in fair value included in income (71) Balance, June 30, 2023 $ 1,940 Changes in fair value recognized during the quarter relating to liabilities still outstanding at June 30, 2023 $ (71) Quarter ended June 30, 2022 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, March 31, 2022 $ 776,590 $ 37,899 $ 4,707,039 $ 5,521,528 Purchases and issuances, net 598,948 145,980 — 744,928 Capitalization of interest and servicing advances 15,608 — — 15,608 Sales and repayments (129,896) — — (129,896) Mortgage servicing rights resulting from loan sales — — 398,253 398,253 Changes in fair value included in income arising from: Changes in instrument-specific credit risk (24,394) — — (24,394) Other factors (8,922) (167,106) 111,875 (64,153) (33,316) (167,106) 111,875 (88,547) Transfers from Level 3 to Level 2 (723,995) — — (723,995) Transfer to real estate acquired in settlement of loans (386) — — (386) Transfers to loans held for sale — 48,378 — 48,378 Balance, June 30, 2022 $ 503,553 $ 65,151 $ 5,217,167 $ 5,785,871 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2022 $ (18,079) $ 65,151 $ 111,875 $ 158,947 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Liabilities Quarter ended June 30, 2022 (in thousands) Mortgage servicing liabilities Balance, March 31, 2022 $ 2,564 Changes in fair value included in income (227) Balance, June 30, 2022 $ 2,337 Changes in fair value recognized during the quarter relating to liabilities still outstanding at June 30, 2022 $ (227) Six months ended June 30, 2023 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, December 31, 2022 $ 345,772 $ 25,844 $ 5,953,621 $ 6,325,237 Purchases and issuances, net 1,052,136 130,386 — 1,182,522 Capitalization of interest and servicing advances 20,838 — — 20,838 Sales and repayments (269,147) — (232) (269,379) Mortgage servicing rights resulting from loan sales — — 849,056 849,056 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 20,494 — — 20,494 Other factors (136) 50,720 (291,860) (241,276) 20,358 50,720 (291,860) (220,782) Transfers from Level 3 to Level 2 (776,893) — — (776,893) Transfers to real estate acquired in settlement of loans (306) — — (306) Transfers to loans held for sale — (176,314) — (176,314) Balance, June 30, 2023 $ 392,758 $ 30,636 $ 6,510,585 $ 6,933,979 Changes in fair value recognized during the period relating to assets still held at June 30, 2023 $ 10,646 $ 30,636 $ (291,860) $ (250,578) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Six months ended Liabilities June 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2022 $ 2,096 Changes in fair value included in income (156) Balance, June 30, 2023 $ 1,940 Changes in fair value recognized during the period relating to liabilities still outstanding at June 30, 2023 $ (156) Six months ended June 30, 2022 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, December 31, 2021 $ 1,128,876 $ 322,193 $ 3,878,078 $ 5,329,147 Purchases and issuances, net 2,733,726 307,289 — 3,041,015 Capitalization of interest and servicing advances 47,719 — — 47,719 Sales and repayments (1,264,888) — — (1,264,888) Mortgage servicing rights resulting from loan sales — — 1,014,555 1,014,555 Changes in fair value included in income arising from: Changes in instrument-specific credit risk (30,210) — — (30,210) Other factors (21,318) (566,483) 324,534 (263,267) (51,528) (566,483) 324,534 (293,477) Transfers from Level 3 to Level 2 (2,089,966) — — (2,089,966) Transfers to real estate acquired in settlement of loans (386) — — (386) Transfers to loans held for sale — 2,152 — 2,152 Balance, June 30, 2022 $ 503,553 $ 65,151 $ 5,217,167 $ 5,785,871 Changes in fair value recognized during the period relating to assets still held at June 30, 2022 $ (28,700) $ 65,151 $ 324,534 $ 360,985 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Six months ended Liabilities June 30, 2022 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2021 $ 2,816 Changes in fair value included in income (479) Balance, June 30, 2022 $ 2,337 Changes in fair value recognized during the period relating to liabilities still outstanding at June 30, 2022 $ (479) The Company had transfers among the fair value levels arising from the return to salability in the active secondary market of certain loans held for sale and from transfers of IRLCs to loans held for sale at fair value upon purchase or funding. Assets and Liabilities Measured at Fair Value under the Fair Value Option Net changes in fair values included in income for assets and liabilities carried at fair value as a result of management’s election of the fair value option by income statement line item are summarized below: Quarter ended June 30, 2023 2022 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Loans held for sale $ 20,753 $ — $ 20,753 $ (96,365) $ — $ (96,365) Mortgage servicing rights — (55,328) (55,328) — 111,875 111,875 $ 20,753 $ (55,328) $ (34,575) $ (96,365) $ 111,875 $ 15,510 Liabilities: Mortgage servicing liabilities $ — $ 71 $ 71 $ — $ 227 $ 227 Six months ended June 30, 2023 2022 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Loans held for sale $ 186,700 $ — $ 186,700 $ (204,343) $ — $ (204,343) Mortgage servicing rights — (291,860) (291,860) — 324,534 324,534 $ 186,700 $ (291,860) $ (105,160) $ (204,343) $ 324,534 $ 120,191 Liabilities: Mortgage servicing liabilities $ — $ 156 $ 156 $ — $ 479 $ 479 Following are the fair value and related principal amounts due upon maturity of loans held for sale: June 30, 2023 December 31, 2022 Principal Principal amount amount Fair due upon Fair due upon Loans held for sale value maturity Difference value maturity Difference (in thousands) Current through 89 days delinquent $ 4,221,456 $ 4,185,719 $ 35,737 $ 3,450,578 $ 3,428,052 $ 22,526 90 days or more delinquent: Not in foreclosure 41,564 46,183 (4,619) 47,252 53,351 (6,099) In foreclosure 7,474 18,804 (11,330) 11,470 16,811 (5,341) $ 4,270,494 $ 4,250,706 $ 19,788 $ 3,509,300 $ 3,498,214 $ 11,086 Assets Measured at Fair Value on a Nonrecurring Basis Following is a summary of assets that were measured at fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2023 $ — $ — $ 2,873 $ 2,873 December 31, 2022 $ — $ — $ 1,850 $ 1,850 The following table summarizes the losses recognized on assets when they were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Real estate acquired in settlement of loans $ (740) $ (326) $ (900) $ (740) Fair Value of Financial Instruments Carried at Amortized Cost The Company’s Assets sold under agreements to repurchase Mortgage loan participation purchase and sale agreements, Notes payable secured by mortgage servicing assets, Unsecured senior notes Obligations under capital lease These liabilities are classified as “Level 3” fair value items due to the Company’s reliance on unobservable inputs to estimate their fair values. The Company has concluded that the fair values of these liabilities other than term notes and term loans included in Notes payable secured by mortgage servicing assets Unsecured senior notes The Company estimates the fair value of the term notes and the Unsecured senior notes June 30, 2023 December 31, 2022 Fair value Carrying value Fair value Carrying value (in thousands) Term notes and term loans $ 2,469,563 $ 2,472,726 $ 1,677,476 $ 1,794,475 Unsecured senior notes $ 1,551,467 $ 1,781,756 $ 1,550,750 $ 1,779,920 Valuation Governance Most of the Company’s financial assets, and all of its derivatives, MSRs and MSLs, are carried at fair value with changes in fair value recognized in current period income. Certain of the Company’s financial assets and derivatives and all of its MSRs and MSLs are “Level 3” fair value assets and liabilities which require use of unobservable inputs that are significant to the estimation of the items’ fair values. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances. Due to the difficulty in estimating the fair values of “Level 3” fair value assets and liabilities, the Company has assigned responsibility for estimating the fair values of these assets and liabilities to specialized staff within its Capital Market group and subjects the valuation process to significant senior management oversight. With respect to “Level 3” valuations other than IRLCs, the capital market valuation staff group reports to the Company’s senior management valuation committee, which oversees the valuations. Capital Markets valuation staff monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities, including the models’ performance versus actual results, and reports those results as well as changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuations and any changes in model methods and inputs, to PFSI’s senior management valuation committee. The Company’s senior management valuation committee includes the Company’s chief financial, risk, and capital market officers as well as other senior members of the Company’s finance, capital markets and risk management staffs. To assess the reasonableness of its valuations, the Capital Markets valuation staff presents an analysis of the effect on the valuations of changes to the significant inputs to the models and, for MSRs, comparisons of its estimates of fair value of key inputs to those procured from nonaffiliated brokers and published surveys. The fair value of the Company’s IRLCs is developed by its Capital Markets risk management staff and is reviewed by its Capital Markets operations staff. Valuation Techniques and Inputs Following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: Loans Held for Sale Most of the Company’s loans held for sale at fair value are saleable into active markets and are therefore categorized as “Level 2” fair value assets. The fair values of “Level 2” fair value loans are determined using their contracted selling prices or quoted market prices or market price equivalents. Certain of the Company’s loans held for sale are not saleable into active markets and are therefore categorized as “Level 3” fair value assets. Loans held for sale categorized as “Level 3” fair value assets include: ● Early buy out (“EBO”) loans. EBO loans are Government guaranteed or insured loans purchased by the Company from Ginnie Mae guaranteed securities in its loan servicing portfolio. The Company’s right to purchase a government guaranteed or insured loan arises as the result of the loan being at least three months delinquent on the date of purchase by the Company and provides an alternative to the Company’s obligation to continue advancing principal and interest at the coupon rate of the related Ginnie Mae security. Such a loan may be resold to an investor and thereafter may be repurchased to the extent it becomes eligible for resale into a new Ginnie Mae guaranteed security. A loan becomes eligible for resale into a new Ginnie Mae security when the loan becomes current either through completion of a modification of the loan’s terms or after six months of timely payments following either the completion of certain types of payment deferral programs or borrower reperformance and when the issuance date of the new security is at least 120 days after the date the loan was last delinquent. ● Loans with identified defects. Loans that are not saleable into active markets due to identification of a defect by the Company or to the repurchase by the Company of a loan with an identified defect. ● Closed-end second mortgage loans. At present, there is no active market with observable inputs that are significant to the estimation of fair value of the closed-end second mortgage loans the Company produces. The Company uses a discounted cash flow model to estimate the fair value of its “Level 3” fair value loans held for sale. The significant unobservable inputs used in the fair value measurement of the Company’s “Level 3” fair value loans held for sale are discount rates, home price projections, voluntary prepayment/resale and total prepayment/resale speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds. Following is a quantitative summary of key “Level 3” fair value inputs used in the valuation of loans held for sale: June 30, 2023 December 31, 2022 Fair value (in thousands) $ 392,758 $ 345,772 Key inputs (1): Discount rate: Range 7.7% – 10.2% 5.5% – 10.2% Weighted average 7.8% 5.7% Twelve-month projected housing price index change: Range (1.6)% – (1.4)% (1.9)% – (1.7)% Weighted average (1.5)% (1.8)% Voluntary prepayment/resale speed (2): Range 4.7% – 45.2% 4.7% – 25.6% Weighted average 31.1% 21.6% Total prepayment/resale speed (3): Range 4.8% – 57.4% 4.8% – 36.1% Weighted average 39.3% 29.4% (1) Weighted average inputs are based on the fair values of the “Level 3” loans. (2) Voluntary prepayment/resale speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (3) Total prepayment/resale speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayment/resale speeds. Changes in fair value of loans held for sale attributable to changes in the loan’s instrument-specific credit risk are measured with reference to the change in the respective loan’s delinquency status and performance history at period end from the later of the beginning of the period or acquisition date. Changes in fair value of loans held for sale are included in Net gains on loans held for sale at fair value Derivative Financial Instruments Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets or liabilities. The Company estimates the fair values of IRLCs based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the loans will be funded or purchased (the “pull-through rate”). The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the estimated fair values of MSRs attributable to the mortgage loans it has committed to originate or purchase. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, could result in significant changes in the IRLCs’ fair value measurements. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC fair value, but increase the pull-through rate for the loan principal and interest payment cash flow component, which has decreased in fair value. Changes in fair value of IRLCs are included in Net gains on loans held for sale at fair value Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: June 30, 2023 December 31, 2022 Fair value (in thousands) (1) $ 30,636 $ 25,844 Key inputs Pull-through rate: Range 8.5% – 100% 10.3% – 100% Weighted average 81.5% 82.8% Mortgage servicing rights fair value expressed as: Servicing fee multiple: Range 1.7 – 7.8 (1.3) – 7.7 Weighted average 4.3 4.3 Percentage of loan commitment amount: Range 0.4% – 4.2% (0.2)% – 3.8% Weighted average 1.8% 2.0% (1) For purpose of this table, IRLC asset and liability positions are shown net. (2) Weighted average inputs are based on the committed amounts. Hedging Derivatives Fair values of derivative financial instruments actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities; fair values of derivative financial instruments based on observable interest rates, volatilities and prices in the MBS or other markets are categorized by the Company as “Level 2” fair value assets and liabilities. Changes in the fair values of hedging derivatives are included in Net gains on loans held for sale at fair value, Net loan servicing fees – Mortgage servicing rights hedging results . Mortgage Servicing Rights MSRs are categorized as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include the applicable prepayment rate (prepayment speed), pricing spread (discount rate), and annual per-loan cost to service the underlying loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not directly related. Changes in the fair value of MSRs are included in Net loan servicing fees Change in fair value of mortgage servicing rights and mortgage servicing liabilities Following are the key inputs used in determining the fair value of MSRs received by the Company when it retains the obligation to service the mortgage loans it sells: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (Amount recognized and unpaid principal balance of underlying loans in thousands) MSR and pool characteristics: Amount recognized $ 562,523 $ 398,253 $ 849,056 $ 1,014,555 Unpaid principal balance of underlying loans $ 24,993,118 $ 19,377,222 $ 38,688,482 $ 49,953,192 Weighted average servicing fee rate (in basis points) 50 42 50 43 Key inputs (1): Annual total prepayment speed (2): Range 9.1% – 20.7% 5.7% – 19.3% 9.1% – 23.2% 5.7% – 23.4% Weighted average 10.9% 8.4% 11.3% 8.3% Equivalent average life (in years): Range 3.1 – 8.4 4.3 – 9.2 3.0 – 8.4 3.7 – 9.2 Weighted average 7.6 8.5 7.5 8.4 Pricing spread (3): Range 5.5% – 12.6% 5.7% – 11.7% 5.5% – 12.6% 5.7% – 16.1% Weighted average 7.4% 8.2% 7.5% 7.7% Per-loan annual cost of servicing: Range $68 – $127 $80 – $146 $68 – $127 $80 – $176 Weighted average $98 $103 $100 $104 (1) Weighted average inputs are based on the UPB of the underlying loans. (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United State Treasury Securities (the “Treasury”) yield curve for purposes of discounting cash flows relating to MSRs. Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs and the effect on the fair value from adverse changes in those inputs: June 30, 2023 December 31, 2022 (Fair value, unpaid principal balance of underlying loans and effect on fair value amounts in thousands) Fair value $ 6,510,585 $ 5,953,621 Pool characteristics: Unpaid principal balance of underlying loans $ 337,695,442 $ 314,567,639 Weighted average note interest rate 3.7% 3.4% Weighted average servicing fee rate (in basis points) 38 36 Key inputs (1): Annual total prepayment speed (2): Range 6.3% – 17.4% 5.0% – 17.7% Weighted average 7.7% 7.5% Equivalent average life (in years): Range 3.2 – 9.3 3.7 – 9.3 Weighted average 8.2 8.4 Effect on fair value of (3): 5% adverse change ($93,045) ($77,346) 10% adverse change ($182,826) ($152,192) 20% adverse change ($353,270) ($294,872) Pricing spread (4): Range 5.4% – 12.6% 4.9% – 14.3% Weighted average 6.4% 6.5% Effect on fair value of (3): 5% adverse change ($84,331) ($81,021) 10% adverse change ($166,478) ($159,863) 20% adverse change ($324,529) ($311,329) Per-loan annual cost of servicing: Range $67 – $130 $68 – $144 Weighted average $108 $109 Effect on fair value of (3): 5% adverse change ($42,395) ($41,263) 10% adverse change ($84,790) ($82,527) 20% adverse change ($169,580) ($165,053) (1) Weighted average inputs are based on the UPB of the underlying loans. (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, the estimates should not be viewed as earnings forecasts. (4) The Company applies a pricing spread to the Treasury yield curve for purposes of discounting cash flows relating to MSRs. Mortgage Servicing Liabilities MSLs are categorized as “Level 3” fair value liabilities. The Company uses a discounted cash flow approach to estimate the fair value of MSLs. The key inputs used in the estimation of the fair value of MSLs include the applicable pricing spread, annual total prepayment speed, and the per-loan annual cost of servicing the underlying loans. Changes in the fair value of MSLs are included in Net servicing fees Change in fair value of mortgage servicing rights and mortgage servicing liabilities Following are the key inputs used in

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	6 Months Ended
Loans Held for Sale at Fair Value	Jun. 30, 2023
Loans Held for Sale at Fair Value
Loans Held for Sale at Fair Value	Note 7—Loans Held for Sale at Fair Value Loans held for sale at fair value include the following: June 30, December 31, Loan type 2023 2022 (in thousands) Government-insured or guaranteed $ 2,224,970 $ 2,006,157 Conventional conforming 1,631,926 1,145,053 Jumbo 20,840 12,318 Closed-end second loans 153,700 46,589 Purchased from Ginnie Mae securities serviced by the Company 226,668 257,175 Repurchased pursuant to representations and warranties 12,390 42,008 $ 4,270,494 $ 3,509,300 Fair value of loans pledged to secure: Assets sold under agreements to repurchase $ 3,661,755 $ 3,139,870 Mortgage loan participation purchase and sale agreements 533,084 302,977 $ 4,194,839 $ 3,442,847

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2023
Derivative Financial Instruments
Derivative Financial Instruments	Note 8—Derivative Financial Instruments The Company holds and issues derivative financial instruments in connection with its operating activities. Derivative financial instruments are created in the Company’s loan production activities and when the Company enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created in the Company’s loan production activities are IRLCs that are created when the Company commits to purchase or originate a loan for sale. The Company engages in interest rate risk management activities in an effort to moderate the effect of changes in market interest rates on the fair value of certain of the its assets. To manage this fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and its MSRs. The Company does not designate and qualify any of its derivatives for hedge accounting. The Company records all derivative financial instruments at fair value and records changes in fair value in current period income. Derivative Notional Amounts, Fair Value of Derivatives and Netting of Financial Instruments The Company has elected to present net derivative asset and liability positions, and cash collateral obtained from or posted to its counterparties when subject to a master netting arrangement that is legally enforceable on all counterparties in the event of default. The derivatives that are not subject to a master netting arrangement are IRLCs. The Company had the following derivative financial instruments recorded on its consolidated balance sheets: June 30, 2023 December 31, 2022 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Derivative instrument amount (1) assets liabilities amount (1) assets liabilities (in thousands) Not subject to master netting arrangements: Interest rate lock commitments 6,484,588 $ 41,379 $ 10,743 7,009,119 $ 36,728 $ 10,884 Subject to master netting arrangements (2): Forward purchase contracts 16,819,007 2,545 45,997 8,320,849 2,433 48,670 Forward sales contracts 15,781,217 67,764 7,894 12,487,760 80,754 20,684 MBS put options 1,100,000 2,790 — 1,750,000 6,057 — Put options on interest rate futures purchase contracts 4,220,000 25,249 — 6,800,000 29,203 — Call options on interest rate futures purchase contracts 537,500 844 — 1,350,000 2,820 — Put options on interest rate futures sale contracts — — — 250,000 — 3,008 Treasury futures purchase contracts 5,375,900 — — 3,709,200 — — Treasury futures sale contracts 13,145,500 — — 3,456,900 — — Total derivatives before netting 140,571 64,634 157,995 83,246 Netting (55,054) (42,595) (58,992) (61,534) $ 85,517 $ 22,039 $ 99,003 $ 21,712 Deposits (received from) placed with derivative counterparties included in the derivative balances above, net $ (12,459) $ 2,542 (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All derivatives subject to master netting agreements are interest rate derivatives that are used as economic hedges. Derivative Assets, Financial Instruments, and Cash Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. June 30, 2023 December 31, 2022 Gross amount not Gross amount not offset in the offset in the consolidated consolidated Net amount balance sheet Net amount balance sheet of assets in the Cash of assets in the Cash consolidated Financial collateral Net consolidated Financial collateral Net balance sheet instruments received amount balance sheet instruments received amount (in thousands) Interest rate lock commitments $ 41,379 $ — $ — $ 41,379 $ 36,728 $ — $ — $ 36,728 RJ O'Brien 26,093 — — 26,093 29,016 — — 29,016 Wells Fargo Bank, N.A. 5,422 — — 5,422 — — — — Athene Annuity & Life Assurance Company 3,658 — — 3,658 — — — — Bank of America, N.A. 2,572 — — 2,572 1,519 — — 1,519 JPMorgan Chase Bank, N.A. 2,569 — — 2,569 238 — — 238 Morgan Stanley Bank, N.A. 1,785 — — 1,785 18,501 — — 18,501 Goldman Sachs — — — — 5,757 — — 5,757 Citibank, N.A. — — — — 5,098 — — 5,098 Others 2,039 — — 2,039 2,146 — — 2,146 $ 85,517 $ — $ — $ 85,517 $ 99,003 $ — $ — $ 99,003 Derivative Liabilities, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase are secured by sufficient collateral or have fair values that exceed the liability amounts recorded on the consolidated balance sheets. June 30, 2023 December 31, 2022 Gross amounts Gross amounts not offset in the not offset in the Net amount consolidated Net amount consolidated of liabilities balance sheet of liabilities balance sheet in the Cash in the Cash consolidated Financial collateral Net consolidated Financial collateral Net balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount (in thousands) Interest rate lock commitments $ 10,743 $ — $ — $ 10,743 $ 10,884 $ — $ — $ 10,884 Atlas Securitized Products, L.P. 1,240,174 (1,240,174) — — — — — — Credit Suisse First Boston Mortgage Capital LLC — — — — 970,725 (968,804) — 1,921 Bank of America, N.A. 932,023 (932,023) — — 567,745 (567,745) — — Royal Bank of Canada 489,378 (489,378) — — 381,893 (381,893) — — BNP Paribas 239,047 (239,015) — 32 300,280 (300,280) — — JPMorgan Chase Bank, N.A. 193,076 (191,991) — 1,085 211,713 (211,713) — — Wells Fargo Bank, N.A. 178,827 (178,827) — — 228,181 (221,986) — 6,195 Morgan Stanley Bank, N.A. 166,871 (166,871) — — 114,277 (114,277) — — Goldman Sachs 122,825 (120,335) — 2,490 64,486 (64,486) — — Citibank, N.A. 119,698 (118,654) — 1,044 94,211 (94,211) — — Barclays Capital 109,809 (109,038) — 771 80,276 (79,295) — 981 Mizuho Securities 3,431 — — 3,431 — — — — Others 2,443 — — 2,443 1,731 — — 1,731 $ 3,808,345 $ (3,786,306) $ — $ 22,039 $ 3,026,402 $ (3,004,690) $ — $ 21,712 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . Following are the gains (losses) recognized by the Company on derivative financial instruments and the income statement lines where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated income statement line 2023 2022 2023 2022 (in thousands) Interest rate lock commitments Net gains on loans held for sale at fair value (1) $ (28,209) $ 27,251 $ 4,793 $ (257,043) Hedged item: Interest rate lock commitments and loans held for sale Net gains on loans held for sale at fair value $ 150,760 $ 296,290 $ 55,962 $ 997,069 Mortgage servicing rights Net loan servicing fees–Mortgage servicing rights hedging results $ (155,136) $ (176,005) $ (107,909) $ (393,865) (1) Represents net change in fair value of IRLCs from the beginning to the end of the quarter. Amounts recognized at the date of commitment and fair value changes recognized during the quarter until purchase of the underlying loans or the cancellation of the commitment are shown in the rollforward of IRLCs for the period in Note 6 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis .

Mortgage Servicing Rights and M

Mortgage Servicing Rights and Mortgage Servicing Liabilities	6 Months Ended
	Jun. 30, 2023
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Mortgage Servicing Rights and Mortgage Servicing Liabilities	Note 9—Mortgage Servicing Rights and Mortgage Servicing Liabilities Mortgage Servicing Rights at Fair Value The activity in MSRs is as follows: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 6,003,390 $ 4,707,039 $ 5,953,621 $ 3,878,078 Additions (deductions): MSRs resulting from loan sales 562,523 398,253 849,056 1,014,555 Sales — — (232) — 562,523 398,253 848,824 1,014,555 Change in fair value due to: Changes in inputs used in valuation model (1) 118,898 233,697 28,619 557,625 Other changes in fair value (2) (174,226) (121,822) (320,479) (233,091) Total change in fair value (55,328) 111,875 (291,860) 324,534 Balance at end of period $ 6,510,585 $ 5,217,167 $ 6,510,585 $ 5,217,167 Unpaid principal balance of underlying loans at end of period $ 337,695,442 $ 297,269,682 June 30, December 31, 2023 2022 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets $ 6,457,553 $ 5,897,613 (1) Principally reflects changes in annual total prepayment speed, pricing spread, per loan annual cost of servicing and UPB of underlying loan inputs. (2) Represents changes due to realization of cash flows. Mortgage Servicing Liabilities at Fair Value The activity in MSLs is summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 2,011 $ 2,564 $ 2,096 $ 2,816 Changes in fair value due to: Changes in inputs used in valuation model (7) (129) (22) (267) Other changes in fair value (1) (64) (98) (134) (212) Total change in fair value (71) (227) (156) (479) Balance at end of period $ 1,940 $ 2,337 $ 1,940 $ 2,337 Unpaid principal balance of underlying loans at end of period $ 36,628 $ 41,481 (1) Represents changes due to realization of cash flows. Contractual servicing fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—From non-affiliates Net loan servicing fees—Loan servicing fees—Other Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Contractual servicing fees $ 307,119 $ 259,338 $ 597,816 $ 504,147 Other fees: Late charges 12,897 9,527 25,498 19,644 Other 2,775 3,541 4,956 8,535 $ 322,791 $ 272,406 $ 628,270 $ 532,326

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases
Leases	Note 10—Leases The Company has operating lease agreements relating to its facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to eight years. Some of the operating lease agreements include options to extend the term for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments. The Company’s lease agreements are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Lease expense: Operating leases $ 4,854 $ 5,008 $ 9,803 $ 9,962 Short-term leases 74 241 237 460 Sublease income (173) — (269) — Net lease expense included in Occupancy and equipment $ 4,755 $ 5,249 $ 9,771 $ 10,422 Other information: Payments for operating leases $ 5,904 $ 5,388 $ 11,600 $ 10,257 Operating lease right-of-use assets $ — $ 793 $ 1,727 $ 793 Period end weighted averages: Remaining lease term (in years) 4.5 5.3 Discount rate 3.8% 3.9% Lease payments of the Company’s operating lease liabilities are summarized below: Twelve months ended June 30, Operating leases (in thousands) 2024 $ 22,779 2025 19,309 2026 17,599 2027 11,336 2028 5,180 Thereafter 9,559 Total lease payments 85,762 Less imputed interest (9,806) Operating lease liability $ 75,956

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2023
Other Asset
Other Assets	Note 11—Other Assets Other June 30, December 31, 2023 2022 (in thousands) Capitalized software, net $ 156,047 $ 157,460 Margin deposits 153,533 55,968 Servicing fees receivable, net 31,546 31,356 Other servicing receivables 43,312 24,854 Interest receivable 39,091 24,110 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets 38,118 12,277 Prepaid expenses 32,068 38,780 Furniture, fixtures, equipment and building improvements, net 23,731 28,382 Real estate acquired in settlement of loans 12,171 11,497 Derivative settlements receivable 6,753 1,522 Other 57,328 31,701 $ 593,698 $ 417,907 Deposits securing Assets sold under agreements to repurchase $ 38,118 $ 12,277 Deposits securing Notes payable secured by mortgage servicing assets $ 31,561 $ 12,277

Short-Term Debt

Short-Term Debt	6 Months Ended
Short-Term Debt	Jun. 30, 2023
Short-Term Debt
Short-Term Debt	Note 12—Short-Term Debt The borrowing facilities described throughout these Notes 12 and 13 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of June 30, 2023. Assets Sold Under Agreements to Repurchase The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by loans held for sale at fair value or participation certificates backed by mortgage servicing assets. Eligible assets are sold at advance rates based on the fair value (as determined by the lender) of the assets sold. Interest is charged at a rate based on the Secured Overnight Financing Rate (“SOFR”). Loans and participation certificates financed under these agreements may be re-pledged by the lenders. Assets sold under agreements to repurchase are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance of assets sold under agreements to repurchase $ 4,688,102 $ 2,215,595 $ 4,101,440 $ 2,964,727 Weighted average interest rate (1) 7.25% 2.80% 6.95% 2.42% Total interest expense $ 87,480 $ 18,949 $ 146,703 $ 42,719 Maximum daily amount outstanding $ 6,358,007 $ 3,316,376 $ 6,358,007 $ 7,289,147 June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,786,306 $ 3,004,690 Unamortized debt issuance costs (5,782) (3,407) $ 3,780,524 $ 3,001,283 Weighted average interest rate 6.87% 6.00% Available borrowing capacity (2): Committed $ 1,284,131 $ 1,078,927 Uncommitted 5,204,563 5,391,383 $ 6,488,694 $ 6,470,310 Assets securing repurchase agreements: Loans held for sale $ 3,661,755 $ 3,139,870 Servicing advances (3) $ 288,082 $ 381,379 Mortgage servicing rights (3) $ 5,774,905 $ 5,339,513 Deposits (3) $ 38,118 $ 12,277 (1) Excludes the effect of amortization of debt issuance costs and utilization fees of $2.8 million and $3.5 million for the quarters ended June 30, 2023 and 2022, respectively, and $5.4 million and $7.1 million for the six months ended June 30, 2023 and 2022, respectively. (2) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (3) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The term notes and term loans are described in Note 13 — Long-Term Debt - Notes payable secured by mortgage servicing assets. Remaining maturity at June 30, 2023 (1) Unpaid principal balance (dollars in thousands) Within 30 days $ 678,162 Over 30 to 90 days 2,652,552 Over 90 to 180 days 2,758 Over one year to two years 452,834 Total assets sold under agreements to repurchase $ 3,786,306 Weighted average maturity (in months) 4.2 (1) The Company is subject to margin calls during the periods the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair values (as determined by the applicable lender) of the assets securing those agreements decrease. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s assets sold under agreements to repurchase is summarized by counterparty below as of June 30, 2023: Weighted average Counterparty Amount at risk maturity of advances Facility maturity (in thousands) Atlas Securitized Products, L.P. & Citibank, N.A. & Goldman Sachs Bank USA (1) $ 3,580,863 February 7, 2025 February 7, 2025 Atlas Securitized Products, L.P (2) $ 312,426 June 27, 2025 June 27, 2025 Bank of America, N.A. $ 100,954 August 1, 2023 June 12, 2025 Atlas Securitized Products, L.P. $ 77,346 August 30, 2023 June 27, 2025 Wells Fargo Bank, N.A. $ 21,712 September 17, 2023 May 3, 2025 Barclays Bank PLC $ 21,248 September 1, 2023 November 13, 2024 Royal Bank of Canada $ 16,897 August 1, 2023 May 10, 2024 JP Morgan Chase Bank, N.A. $ 10,883 August 28, 2023 June 16, 2025 Morgan Stanley Bank, N.A. $ 7,810 September 17, 2023 January 27, 2025 JP Morgan Chase Bank, N.A. (EBO facility) $ 7,029 June 9, 2025 June 9, 2025 BNP Paribas $ 6,393 September 12, 2023 July 31, 2024 Goldman Sachs Bank USA $ 3,062 September 11, 2023 December 23, 2023 Citibank, N.A. $ 2,804 August 31, 2023 June 27, 2025 (1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . (2) The amount at risk includes the beneficial interests in Fannie Mae MSRs pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase . Mortgage Loan Participation Purchase and Sale Agreements Two of the borrowing facilities secured by loans held for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in mortgage loans that have been pooled with Fannie Mae, Freddie Mac or Ginnie Mae, are sold to a lender pending the securitization of the mortgage loans and sale of the resulting securities. A commitment to sell the securities resulting from the pending securitization between the Company and a non-affiliate is also assigned to the lender at the time a participation certificate is sold. The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount that is based on a percentage of the purchase price. The holdback amount is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation purchase and sale agreements are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 266,907 $ 214,654 $ 225,778 $ 218,977 Weighted average interest rate (1) 6.45% 2.25% 6.29% 1.98% Total interest expense $ 4,462 $ 1,377 $ 7,385 $ 2,497 Maximum daily amount outstanding $ 515,537 $ 514,054 $ 515,537 $ 515,043 (1) Excludes the effect of amortization of debt issuance costs totaling $172,000 for each of the quarters ended June 30, 2023 and 2022, respectively, and $344,000 for the six months ended June 30, 2023 and 2022, respectively. June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 506,407 $ 287,943 Unamortized debt issuance costs (695) (351) $ 505,712 $ 287,592 Weighted average interest rate 6.39% 5.71% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements $ 533,084 $ 302,977

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2023
Long-Term Debt.
Long-Term Debt	Note 13—Long-Term Debt Notes Payable Secured by Mortgage Servicing Assets Term Notes and Term Loans The Company, through its wholly-owned subsidiaries PLS, PNMAC, and the PNMAC GMSR ISSUER TRUST (“Issuer Trust”) has entered into a structured finance transaction, in which PLS pledges and/or sells to the Issuer Trust participation certificates representing beneficial interests in Ginnie Mae mortgage servicing assets pursuant to a repurchase agreement. The Issuer Trust has issued a variable funding note to PLS, has issued secured term notes (the “Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and has entered into a series of syndicated term loans with various lenders (the “Term Loans”). The Term Notes and Term Loans are secured by participation certificates relating to Ginnie Mae mortgage servicing assets financed pursuant to the servicing asset repurchase facilities, and rank pari passu with the mortgage servicing assets variable funding notes. Following is a summary of the issued and outstanding Term Notes and Term Loans: Annual interest rate Maturity date Issuance date Principal balance Index Spread Stated Optional extension (1) (in thousands) Term Notes: February 28, 2018 $ 650,000 One-month LIBOR (2) 3.85% 2/25/2025 (3) August 10, 2018 650,000 One-month LIBOR (2) 2.65% 8/25/2023 8/25/2025 (4) June 3, 2022 500,000 SOFR 4.25% 5/25/2027 5/25/2029 Term Loans: February 28, 2023 680,000 SOFR 3.00% 2/25/2028 2/25/2029 $ 2,480,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes or Term Loans as specified in the respective agreements. (2) London Interbank Offered Rate (“LIBOR”). Effective July 1, 2023, the one-month LIBOR index was replaced with SOFR. (3) Stated maturity date reflects the exercise by the Company of its option to extend the maturity of this issuance. (4) In July 2023, the Company exercised its option to extend the maturity for two years . Freddie Mac MSR Note Payable On December 16, 2022, the Company issued a note payable to a lender that is secured by Freddie Mac MSRs. Interest is charged at a rate based on SOFR plus a spread as defined in the agreement. The facility expires on November 13, 2024. The maximum amount that the Company may borrow under the note payable is $400 million, $350 million of which is committed and which may be reduced by other debt outstanding with the counterparty. Notes payable secured by mortgage servicing assets are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 2,480,000 $ 1,426,373 $ 2,287,099 $ 1,363,536 Weighted average interest rate (1) 8.57% 3.69% 8.19% 3.34% Total interest expense $ 53,817 $ 13,656 $ 94,595 $ 23,565 (1) Excludes the effect of amortization of debt issuance costs totaling $809,000 and $548,000 for the quarters ended June 30, 2023 and 2022, respectively, and $1.7 million and $1.0 million for the six months ended June 30, 2023 and 2022, respectively. June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance: Term Notes and Term Loans $ 2,480,000 $ 1,800,000 Freddie Mac MSR Note Payable — 150,000 2,480,000 1,950,000 Unamortized debt issuance costs (7,274) (7,354) $ 2,472,726 $ 1,942,646 Weighted average interest rate 8.51% 7.46% Assets pledged to secure notes payable (1): Servicing advances $ 288,082 $ 381,379 Mortgage servicing rights $ 6,457,553 $ 5,897,613 Deposits $ 31,561 $ 12,277 (1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets. Unsecured Senior Notes The Company has issued unsecured senior notes (the “Unsecured Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The Unsecured Notes are senior unsecured obligations of the Company and will rank senior in right of payment to any future subordinate indebtedness of the Company, equally in right of payment with all existing and future senior indebtedness of the Company and effectively subordinate to any existing and future secured indebtedness of the Company to the extent of the fair value of collateral securing such indebtedness. The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by PFSI’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indenture under which the Unsecured Notes were issued). The guarantees are senior unsecured obligations of the guarantors and will rank senior in right of payment to any future subordinate indebtedness of the guarantors, equally in right of payment with all existing and future senior indebtedness of the guarantors and effectively subordinate to any existing and future secured indebtedness of the guarantors to the extent of the fair value of collateral securing such indebtedness. The Unsecured Notes and the guarantees are structurally subordinate to the indebtedness and liabilities of the Company’s subsidiaries that do not guarantee the Unsecured Notes. Following is a summary of the Company’s outstanding Unsecured Notes issued: Issuance date Principal balance Coupon interest rate Maturity date Optional redemption date (1) (in thousands) (annual) September 29, 2020 $ 500,000 5.38% October 15, 2025 October 15, 2022 October 19, 2020 150,000 5.38% October 15, 2025 October 15, 2022 February 11, 2021 650,000 4.25% February 15, 2029 February 15, 2024 September 16, 2021 500,000 5.75% September 15, 2031 September 15, 2026 $ 1,800,000 (1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued interest. Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 1,800,000 $ 1,800,000 $ 1,800,000 $ 1,800,000 Weighted average interest rate (1) 5.07% 5.07% 5.07% 5.07% Total interest expense $ 23,688 $ 23,688 $ 47,116 $ 47,116 (1) Excludes the effect of amortization of debt issuance costs of $923,000 for each of the quarters ended June 30, 2023 and 2022, and $1.8 million for each of the six months ended June 30, 2023 and 2022. June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 1,800,000 $ 1,800,000 Unamortized debt issuance costs and premiums, net (18,244) (20,080) $ 1,781,756 $ 1,779,920 Weighted average interest rate 5.07% 5.07% Maturities of Long-Term Debt Maturities of long-term debt (based on stated maturity dates) are as follows: Twelve months ended June 30, 2024 2025 2026 2027 2028 Thereafter Total (in thousands) Notes payable secured by mortgage servicing assets (1) $ 650,000 $ 650,000 $ — $ 500,000 $ 680,000 $ — $ 2,480,000 Unsecured senior notes — — 650,000 — — 1,150,000 1,800,000 Total $ 650,000 $ 650,000 $ 650,000 $ 500,000 $ 680,000 $ 1,150,000 $ 4,280,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements. Obligation Under Capital Lease The Company had a capital lease transaction secured by certain fixed assets and capitalized software. The outstanding amount under the capital lease was repaid on June 13, 2022 and bore interest at a spread over one-month LIBOR. Obligations under capital lease are summarized below: Period ended June 30, 2022 Quarter Six months (dollars in thousands) Average balance $ 523 $ 1,695 Weighted average interest rate 2.49% 2.18% Total interest expense $ 5 $ 20 Maximum daily amount outstanding $ 1,396 $ 3,489

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	6 Months Ended
Liability for Losses Under Representations and Warranties	Jun. 30, 2023
Liability for Losses Under Representations and Warranties
Liability for Losses Under Representations and Warranties	Note 14—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 31,103 $ 42,794 $ 32,421 $ 43,521 Provision for losses: Resulting from sales of loans 3,139 2,182 4,874 6,236 Resulting from change in estimate (2,008) (2,227) (3,453) (5,396) Losses incurred (2,088) (3,413) (3,696) (5,025) Balance at end of period $ 30,146 $ 39,336 $ 30,146 $ 39,336 Unpaid principal balance of loans subject to representations and warranties at end of period $ 320,986,649 $ 278,793,884

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Taxes
Income Taxes	Note 15—Income Taxes The Company’s effective income tax rates were 20.1% and 27.2% for the quarters ended June 30, 2023 and 2022, respectively, and 20.2% and 26.5% for the six months ended June 30, 2023 and 2022, respectively. The decrease in the effective income tax rates for the quarter and six months ended June 30, 2023 when compared to the same periods for 2022 results from an increase in favorable permanent tax adjustments and a decrease in income before income taxes in 2023. The Company has favorable permanent tax adjustments of $4.9 million and $7.4 million with corresponding income before tax of $72.9 million and $111.1 million in the quarter and six months ended June 30, 2023, respectively. For the quarter and six months ended June 30, 2022, the Company reported unfavorable permanent tax adjustments of

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 16—Commitments and Contingencies Commitments to Purchase and Fund Mortgage Loans The Company’s commitments to purchase and fund loans totaled $6.5 billion as of June 30, 2023. Legal and Regulatory Proceedings From time to time, the Company may be a party to legal proceedings, lawsuits and other claims arising in the ordinary course of its business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, income, or cash flows of the Company. Litigation On November 5, 2019, Black Knight Servicing Technologies, LLC, a wholly-owned indirect subsidiary of Black Knight, Inc. (“BKI”), filed a Complaint and Demand for Jury Trial in the Fourth Judicial Circuit Court in and for Duval County, Florida (the “Florida State Court”), captioned Black Knight Servicing Technologies , LLC v. PennyMac Loan Services, LLC , Case No. 2019-CA-007908 (the “BKI Complaint”). Allegations contained within the BKI Complaint include breach of contract and misappropriation of MSP® System trade secrets in order to develop an imitation mortgage-processing system intended to replace the MSP® System. The BKI Complaint seeks damages for breach of contract and misappropriation of trade secrets in excess of $340 million, injunctive relief under the Florida Uniform Trade Secrets Act and declaratory judgment of ownership of all intellectual property and software developed by or on behalf of PLS as a result of its wrongful use of and access to the MSP® System and related trade secret and confidential information. No assurance can be provided as to the ultimate outcome of these claims or the amount of any losses to the Company, and any such amount could be material. However, the Company believes the BKI Complaint is without merit and is vigorously defending the matter, which is currently in arbitration. The arbitration hearing concluded on June 16, 2023, and a final order is expected later this year. Regulatory Matters The Company and/or its subsidiaries are subject to various state and federal regulations related to its loan production and servicing operations by the various states it operates in as well as federal agencies such as the Consumer Financial Protection Bureau (“CFPB”), HUD, and the FHA and is subject to the requirements of the Agencies to which it sells loans and for which it performs loan servicing activities. As a result, the Company may become involved in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by such various federal, state and local regulatory bodies. As previously disclosed, on January 7, 2021, PLS received a letter from the CFPB notifying PLS that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement was considering recommending that the CFPB take legal action against PLS for alleged violations of the Real Estate Settlement Procedures Act and Truth in Lending Act. PLS responded to the NORA letter on February 8, 2021 and thereafter engaged in discussions with the CFPB. On July 13, 2023, PLS received a closing letter from the Bureau stating that it had completed its investigation, that it did not intend to take enforcement action, and that PLS was relieved from the document-retention obligations required by the Bureau’s investigation.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Stockholders' Equity.
Stockholders' Equity	Note 17—Stockholders’ Equity The Company’s board of directors previously approved the Company’s common stock repurchase program in the revised amount of $2 billion. Following is a summary of activity under the stock repurchase program: Quarter ended June 30, Six months ended June 30, Cumulative 2023 2022 2023 2022 total (1) (in thousands) Shares of common stock repurchased 433 2,427 1,201 4,747 34,063 Cost of shares of common stock repurchased $ 26,214 $ 113,645 $ 71,575 $ 255,057 $ 1,788,282 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program from inception through June 30, 2023. Cumulative total cost of common stock repurchased includes $621,000 , of transaction fees and excise tax.

Net Gains on Loans Held for Sal

Net Gains on Loans Held for Sale	6 Months Ended
Net Gains on Loans Held for Sale	Jun. 30, 2023
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	Note 18—Net Gains on Loans Held for Sale Net gains on loans held for sale at fair value are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) From non-affiliates: Cash (losses) gains: Loans $ (608,885) $ (451,171) $ (664,271) $ (1,395,392) Hedging activities 300,686 82,617 84,548 972,704 (308,199) (368,554) (579,723) (422,688) Non-cash gains: Mortgage servicing rights resulting from loan sales 562,523 398,253 849,056 1,014,555 Provisions for losses relating to representations and warranties: Pursuant to loan sales (3,139) (2,182) (4,874) (6,236) Reductions in liability due to changes in estimate 2,008 2,227 3,453 5,396 Changes in fair values of loans and derivatives held at period end: Interest rate lock commitments (28,209) 27,251 4,793 (257,043) Loans 66,870 (43,349) 2,679 177,081 Hedging derivatives (149,926) 213,673 (28,586) 24,365 141,928 227,319 246,798 535,430 From PennyMac Mortgage Investment Trust (1) (509) (4,752) (994) (14,404) $ 141,419 $ 222,567 $ 245,804 $ 521,026 (1) Gains on sale of loans to PMT are described in Note 4– Related Party Transactions – Transactions with PMT–Operating Activities.

Net Interest Expense

Net Interest Expense	6 Months Ended
Net Interest Expense	Jun. 30, 2023
Net Interest Expense
Net Interest Expense	Note 19—Net Interest Expense Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Interest income: Cash and short-term investments $ 21,127 $ 405 $ 37,372 $ 977 Loans held for sale at fair value 78,780 36,777 139,773 85,890 Placement fees relating to custodial funds 73,024 12,682 124,243 16,879 From Townsgate Closing Services, LLC 21 — 42 — 172,952 49,864 301,430 103,746 Interest expense: Assets sold under agreements to repurchase 87,480 18,949 146,703 42,719 Mortgage loan participation purchase and sale agreements 4,462 1,377 7,385 2,497 Obligations under capital lease — 5 — 20 Notes payable secured by mortgage servicing assets 53,817 13,656 94,595 23,565 Unsecured senior notes 23,688 23,688 47,116 47,116 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 6,714 12,286 9,924 29,765 Interest on mortgage loan impound deposits 2,225 1,166 4,192 2,752 Other 256 — 498 — 178,642 71,127 310,413 148,434 $ (5,690) $ (21,263) $ (8,983) $ (44,688)

Stock-based Compensation

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Jun. 30, 2023
Stock-based Compensation
Stock-based Compensation	Note 20—Stock-based Compensation On May 24, 2022, PFSI’s stockholders approved and adopted the 2022 Equity Incentive Plan and no additional equity awards will be issued from the Company’s 2013 Equity Incentive Plan. Following is a summary of the stock-based compensation activity: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Grants: Units: Performance-based restricted share units ("RSUs") — — 307 342 Stock options — — 221 574 Time-based RSUs 5 — 187 331 Grant date fair value: Performance-based RSUs $ — $ — $ 18,611 $ 19,522 Stock options — — 5,492 12,138 Time-based RSUs 300 — 11,341 18,903 Total $ 300 $ — $ 35,444 $ 50,563 Vestings and exercises: Performance-based RSUs vested — — 612 643 Stock options exercised 195 19 351 63 Time-based RSUs vested 1 2 246 246 Stock-based compensation expense $ 375 $ 14,948 $ 12,025 $ 24,223

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share
Earnings Per Share	Note 21—Earnings Per Share Basic earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding, assuming all dilutive securities were issued. The Company’s potentially dilutive securities are stock-based compensation awards. The Company applies the treasury stock method to determine the diluted weighted average number of shares of common stock outstanding based on the outstanding stock-based compensation awards. The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Net income $ 58,250 $ 129,163 $ 88,628 $ 302,756 Weighted average shares of common stock outstanding 49,874 54,167 50,013 54,995 Effect of dilutive securities - shares issuable under stock-based compensation plan 2,390 2,475 2,790 2,897 Weighted average diluted shares of common stock outstanding 52,264 56,642 52,803 57,892 Basic earnings per share $ 1.17 $ 2.38 $ 1.77 $ 5.51 Diluted earnings per share $ 1.11 $ 2.28 $ 1.68 $ 5.23 Calculations of diluted earnings per share require certain potentially dilutive shares to be excluded when their inclusion in the diluted earnings per share calculation would be anti-dilutive. The following table summarizes the weighted-average number of anti-dilutive outstanding RSUs and stock options excluded from the calculation of diluted earnings per share: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands except for weighted average exercise price) Performance-based RSUs (1) 608 508 520 412 Time-based RSUs 1 144 129 233 Stock options (2) 470 1,424 410 1,256 Total anti-dilutive units and options 1,079 2,076 1,059 1,901 Weighted average exercise price of anti-dilutive stock options (2) $ 58.92 $ 58.49 $ 58.62 $ 58.68 (1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved. (2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock prices for the period.

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	6 Months Ended
Regulatory Capital and Liquidity Requirements	Jun. 30, 2023
Regulatory Capital and Liquidity Requirements
Regulatory Capital and Liquidity Requirements	Note 22—Regulatory Capital and Liquidity Requirements The Company, through PLS, is required to maintain specified levels of capital and liquidity to remain a seller/servicer in good standing with the Agencies. Such capital and liquid asset requirements generally are tied to the size of the Company’s loan servicing portfolio, loan origination volume and delinquency rates. The Company is subject to financial eligibility requirements established by the Federal Housing Finance Agency for sellers/servicers eligible to sell or service mortgage loans with Fannie Mae and Freddie Mac. The eligibility requirements include: ● tangible net worth of $2.5 million plus 25 basis points of the UPB of the Company’s total 1-4 unit servicing portfolio, excluding mortgage loans subserviced for others; ● a liquidity requirement equal to 3.5 basis points of the aggregate UPB serviced for the Agencies plus 200 basis points of total nonperforming Agency servicing UPB less 70% of such nonperforming Agency servicing UPB in excess of 600 basis points where the underlying loans are in COVID-19 forbearance but were current at the time they entered forbearance. The Company is also subject to financial eligibility requirements for Ginnie Mae single-family issuers. The eligibility requirements include net worth of $2.5 million plus 35 basis points of PLS' outstanding Ginnie Mae single-family obligations and a liquidity requirement equal to the greater of $1.0 million or 10 basis points of PLS' outstanding Ginnie Mae single-family securities. The Agencies’ capital and liquidity levels and requirements, the calculations of which are specified by each Agency, are summarized below: June 30, 2023 December 31, 2022 Requirement/Agency Actual (1) Requirement (1) Actual (1) Requirement (1) (dollars in thousands) Capital Fannie Mae & Freddie Mac $ 6,759,237 $ 857,457 $ 6,632,627 $ 797,748 Ginnie Mae $ 5,766,170 $ 986,713 $ 5,899,892 $ 923,202 HUD $ 5,766,170 $ 2,500 $ 5,899,892 $ 2,500 Liquidity Fannie Mae & Freddie Mac $ 1,484,296 $ 116,155 $ 1,265,569 $ 107,768 Ginnie Mae $ 1,484,296 $ 259,871 $ 1,265,569 $ 246,953 Adjusted net worth / Total assets ratio Ginnie Mae 31 % 6 % 35 % 6 % Tangible net worth / Total assets ratio Fannie Mae & Freddie Mac 37 % 6 % 39 % 6 % (1) Calculated in compliance with the respective Agency’s requirements. In August 2022, the Agencies issued revised capital and liquidity requirements. The requirements will be effective at various dates beginning September 30, 2023, for issuers of securities guaranteed by Ginnie Mae and seller/servicers of mortgage loans to Fannie Mae and Freddie Mac. The Company believes it is in compliance with Agencies’ revised requirements as of June 30, 2023. Noncompliance with an Agency’s requirements can result in such Agency taking various remedial actions up to and including terminating the Company’s ability to sell loans to and service loans on behalf of the respective Agency.

Segments

Segments	6 Months Ended
Segments	Jun. 30, 2023
Segments
Segments	Note 23—Segments The Company conducts its business in three segments: production, servicing (together, production and servicing comprise its mortgage banking activities) and investment management: ● The production segment performs loan origination, acquisition and sale activities. ● The servicing segment performs loan servicing for loans held for sale and loans serviced for others, including for PMT. ● The investment management segment represents the Company’s investment management activities relating to PMT, which include the activities associated with investment asset acquisitions and dispositions such as sourcing, due diligence, negotiation and settlement. The Company’s reportable segments are identified based on their unique activities. The Company’s chief operating decision maker is its chief executive officer. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. Financial performance and results by segment are as follows: Quarter ended June 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 126,249 $ 15,170 $ 141,419 $ — $ 141,419 Loan origination fees 38,968 — 38,968 — 38,968 Fulfillment fees from PennyMac Mortgage Investment Trust 5,441 — 5,441 — 5,441 Net loan servicing fees — 146,078 146,078 — 146,078 Net interest expense: Interest income 75,423 97,529 172,952 — 172,952 Interest expense 75,994 102,648 178,642 — 178,642 (571) (5,119) (5,690) — (5,690) Management fees — — — 7,078 7,078 Other 528 304 832 2,421 3,253 Total net revenues 170,615 156,433 327,048 9,499 336,547 Expenses 146,200 109,889 256,089 7,541 263,630 Income before provision for income taxes $ 24,415 $ 46,544 $ 70,959 $ 1,958 $ 72,917 Segment assets at quarter end $ 4,976,152 $ 12,985,134 $ 17,961,286 $ 23,182 $ 17,984,468 (1) All revenues are from external customers. Quarter ended June 30, 2022 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 152,895 $ 69,672 $ 222,567 $ — $ 222,567 Loan origination fees 39,945 — 39,945 — 39,945 Fulfillment fees from PennyMac Mortgage Investment Trust 20,646 — 20,646 — 20,646 Net loan servicing fees — 238,447 238,447 — 238,447 Net interest expense: Interest income 28,379 21,485 49,864 — 49,864 Interest expense 19,207 51,920 71,127 — 71,127 9,172 (30,435) (21,263) — (21,263) Management fees — — — 7,910 7,910 Other 583 900 1,483 1,780 3,263 Total net revenues 223,241 278,584 501,825 9,690 511,515 Expenses 213,587 110,959 324,546 9,443 333,989 Income before provision for income taxes $ 9,654 $ 167,625 $ 177,279 $ 247 $ 177,526 Segment assets at quarter end $ 3,735,706 $ 10,509,950 $ 14,245,656 $ 26,599 $ 14,272,255 (1) All revenues are from external customers. Six months ended June 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 200,975 $ 44,829 $ 245,804 $ — $ 245,804 Loan origination fees 70,358 — 70,358 — 70,358 Fulfillment fees from PennyMac Mortgage Investment Trust 17,364 — 17,364 — 17,364 Net loan servicing fees — 294,915 294,915 — 294,915 Net interest expense: Interest income 132,416 169,014 301,430 — 301,430 Interest expense 130,077 180,336 310,413 — 310,413 2,339 (11,322) (8,983) — (8,983) Management fees — — — 14,335 14,335 Other 1,102 81 1,183 4,433 5,616 Total net revenue 292,138 328,503 620,641 18,768 639,409 Expenses 287,363 224,512 511,875 16,470 528,345 Income before provision for income taxes $ 4,775 $ 103,991 $ 108,766 $ 2,298 $ 111,064 Segment assets at period end $ 4,976,152 $ 12,985,134 $ 17,961,286 $ 23,182 $ 17,984,468 (1) All revenues are from external customers. Six months ended June 30, 2022 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 374,505 $ 146,521 $ 521,026 $ — $ 521,026 Loan origination fees 107,803 — 107,803 — 107,803 Fulfillment fees from PennyMac Mortgage Investment Trust 37,400 — 37,400 — 37,400 Net loan servicing fees — 524,756 524,756 — 524,756 Net interest expense: Interest income 59,320 44,426 103,746 — 103,746 Interest expense 46,266 102,168 148,434 — 148,434 13,054 (57,742) (44,688) — (44,688) Management fees — — — 16,027 16,027 Other 1,368 1,516 2,884 3,811 6,695 Total net revenue 534,130 615,051 1,149,181 19,838 1,169,019 Expenses 515,206 222,273 737,479 19,494 756,973 Income before provision for income taxes $ 18,924 $ 392,778 $ 411,702 $ 344 $ 412,046 Segment assets at period end $ 3,735,706 $ 10,509,950 $ 14,245,656 $ 26,599 $ 14,272,255 (1) All revenues are from external customers.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events
Subsequent Events	Note 24—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: ● On July 27, 2023, the Company announced that the board of directors declared a cash dividend of $0.20 per common share. The dividend will be paid on August 25, 2023 to common shareholders of record as of August 15, 2023. ● All agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Related Party Transactions (Tab

Related Party Transactions (Tables) - Related Party - PennyMac Mortgage Investment Trust	6 Months Ended
	Jun. 30, 2023
Transactions with Affiliates
Summary of lending activity between the Company and affiliate	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net losses on loans held for sale at fair value: Net losses on loans sold to PMT (primarily cash) $ — $ (1,429) $ — $ (2,820) Mortgage servicing rights recapture incurred (509) (3,323) (994) (11,584) $ (509) $ (4,752) $ (994) $ (14,404) Sales of loans held for sale to PMT $ — $ 39,824 $ — $ 298,862 Tax service fees earned from PMT included in Loan origination fees $ 701 $ 2,404 $ 2,111 $ 4,746 Fulfillment fee revenue $ 5,441 $ 20,646 $ 17,364 $ 37,400 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees $ 3,029,274 $ 10,323,700 $ 9,658,084 $ 20,092,962 Sourcing fees included in cost of loans purchased from PMT $ 1,832 $ 1,063 $ 3,160 $ 2,359 Unpaid principal balance of loans purchased from PMT: Government guaranteed or insured $ 11,307,342 $ 10,634,209 $ 20,521,054 $ 23,381,988 Conventional conforming 7,017,890 — 11,080,764 — $ 18,325,232 $ 10,634,209 $ 31,601,818 $ 23,381,988
Summary of loan servicing fees earned from PMT	Quarter ended June 30, Six months ended June 30, Loan type serviced 2023 2022 2023 2022 (in thousands) Prime Servicing $ 20,286 $ 20,229 $ 40,615 $ 41,107 Special Servicing 31 106 151 316 $ 20,317 $ 20,335 $ 40,766 $ 41,423
Summary of management fees earned	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Base management $ 7,078 $ 7,910 $ 14,335 $ 16,027 Performance incentive — — — — $ 7,078 $ 7,910 $ 14,335 $ 16,027
Summary of reimbursement of expenses	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Reimbursement of: Expenses incurred on PMT's behalf, net $ 3,978 $ 2,834 $ 9,639 $ 8,191 Common overhead incurred by the Company 2,140 1,809 3,961 3,673 Compensation 165 165 330 330 $ 6,283 $ 4,808 $ 13,930 $ 12,194 Payments and settlements during the period (1) $ 30,872 $ 29,562 $ 63,256 $ 69,326 (1) Payments and settlements include payments for the operating, investing and financing activities itemized in this Note.
Summary of investing activity between the Company and affiliate	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust $ 116 $ (194) $ 142 $ (192) June 30, December 31, 2023 2022 (in thousands) Common shares of beneficial interest of PennyMac Mortgage Investment Trust: Fair value $ 1,011 $ 929 Number of shares 75 75
Summary of amounts due from and payable to affiliate	June 30, December 31, 2023 2022 (in thousands) Receivable from PMT: Management fees $ 7,078 $ 7,307 Correspondent production fees 6,876 6,835 Servicing fees 6,761 6,740 Allocated expenses and expenses incurred on PMT's behalf 2,886 11,447 Fulfillment fees 1,445 4,043 $ 25,046 $ 36,372 Payable to PMT: Amounts advanced by PMT to fund its servicing advances $ 115,463 $ 201,451 Other 7,824 3,560 $ 123,287 $ 205,011

Loan Sales and Servicing Acti_2

Loan Sales and Servicing Activities (Tables)	6 Months Ended
Loan Sales and Servicing Activities (Tables)	Jun. 30, 2023
Loan Sales and Servicing Activities
Summary of cash flows between the Company and transferees upon sale of loans in transactions	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Cash flows: Sales proceeds $ 25,024,768 $ 19,574,766 $ 38,410,109 $ 50,841,788 Servicing fees received $ 282,315 $ 228,834 $ 550,738 $ 433,762
Summary of sale of loans between the Company and transferees upon sale of loans in transactions	June 30, December 31, 2023 2022 (in thousands) Unpaid principal balance of loans outstanding $ 319,257,805 $ 295,032,674 Delinquent loans: 30-89 days $ 11,388,376 $ 11,019,194 90 days or more: Not in foreclosure $ 6,097,693 $ 6,548,849 In foreclosure $ 708,722 $ 834,155 Foreclosed $ 10,983 $ 12,905 Loans in bankruptcy $ 1,256,468 $ 1,143,484
Summary of servicing portfolio	June 30, 2023 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 319,257,805 $ — $ 319,257,805 Purchased 18,474,265 — 18,474,265 337,732,070 — 337,732,070 PennyMac Mortgage Investment Trust — 234,476,519 234,476,519 Loans held for sale 4,250,706 — 4,250,706 $ 341,982,776 $ 234,476,519 $ 576,459,295 Delinquent loans: 30 days $ 9,249,438 $ 1,461,447 $ 10,710,885 60 days 2,773,726 341,976 3,115,702 90 days or more: Not in foreclosure 6,314,682 846,880 7,161,562 In foreclosure 787,804 69,863 857,667 Foreclosed 12,688 5,438 18,126 $ 19,138,338 $ 2,725,604 $ 21,863,942 Loans in bankruptcy $ 1,385,130 $ 155,453 $ 1,540,583 Custodial funds managed by the Company (1) $ 5,377,724 $ 2,687,024 $ 8,064,748 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income. December 31, 2022 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 295,032,674 $ — $ 295,032,674 Purchased 19,568,122 — 19,568,122 314,600,796 — 314,600,796 PennyMac Mortgage Investment Trust — 233,575,672 233,575,672 Loans held for sale 3,498,214 — 3,498,214 $ 318,099,010 $ 233,575,672 $ 551,674,682 Delinquent loans: 30 days $ 8,903,829 $ 1,576,414 $ 10,480,243 60 days 2,855,176 337,081 3,192,257 90 days or more: Not in foreclosure 6,829,985 888,057 7,718,042 In foreclosure 914,213 75,012 989,225 Foreclosed 13,835 7,979 21,814 $ 19,517,038 $ 2,884,543 $ 22,401,581 Loans in bankruptcy $ 1,291,038 $ 125,719 $ 1,416,757 Custodial funds managed by the Company $ 3,329,709 $ 1,783,157 $ 5,112,866 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these 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)	June 30, December 31, State 2023 2022 (in thousands) California $ 69,242,770 $ 68,542,279 Florida 54,537,628 50,873,961 Texas 52,283,855 47,911,696 Virginia 34,432,055 33,478,151 Maryland 25,999,115 25,473,417 All other states 339,963,872 325,395,178 $ 576,459,295 $ 551,674,682

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jun. 30, 2023
Fair Value
Summary of financial statement items measured at estimated fair value on a recurring basis	June 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 8,088 $ — $ — $ 8,088 Loans held for sale at fair value — 3,877,736 392,758 4,270,494 Derivative assets: Interest rate lock commitments — — 41,379 41,379 Forward purchase contracts — 2,545 — 2,545 Forward sales contracts — 67,764 — 67,764 MBS put options — 2,790 — 2,790 Put options on interest rate futures purchase contracts 25,249 — — 25,249 Call options on interest rate futures purchase contracts 844 — — 844 Total derivative assets before netting 26,093 73,099 41,379 140,571 Netting — — — (55,054) Total derivative assets 26,093 73,099 41,379 85,517 Mortgage servicing rights at fair value — — 6,510,585 6,510,585 Investment in PennyMac Mortgage Investment Trust 1,011 — — 1,011 $ 35,192 $ 3,950,835 $ 6,944,722 $ 10,875,695 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 10,743 $ 10,743 Forward purchase contracts — 45,997 — 45,997 Forward sales contracts — 7,894 — 7,894 Total derivative liabilities before netting — 53,891 10,743 64,634 Netting — — — (42,595) Total derivative liabilities — 53,891 10,743 22,039 Mortgage servicing liabilities at fair value — — 1,940 1,940 $ — $ 53,891 $ 12,683 $ 23,979 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 12,194 $ — $ — $ 12,194 Loans held for sale at fair value — 3,163,528 345,772 3,509,300 Derivative assets: Interest rate lock commitments — — 36,728 36,728 Forward purchase contracts — 2,433 — 2,433 Forward sales contracts — 80,754 — 80,754 MBS put options — 6,057 — 6,057 Put options on interest rate futures purchase contracts 29,203 — — 29,203 Call options on interest rate futures purchase contracts 2,820 — — 2,820 Total derivative assets before netting 32,023 89,244 36,728 157,995 Netting — — — (58,992) Total derivative assets 32,023 89,244 36,728 99,003 Mortgage servicing rights at fair value — — 5,953,621 5,953,621 Investment in PennyMac Mortgage Investment Trust 929 — — 929 $ 45,146 $ 3,252,772 $ 6,336,121 $ 9,575,047 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 10,884 $ 10,884 Forward purchase contracts — 48,670 — 48,670 Forward sales contracts — 20,684 — 20,684 Put options on interest rate futures sales contracts 3,008 — — 3,008 Total derivative liabilities before netting 3,008 69,354 10,884 83,246 Netting — — — (61,534) Total derivative liabilities 3,008 69,354 10,884 21,712 Mortgage servicing liabilities at fair value — — 2,096 2,096 $ 3,008 $ 69,354 $ 12,980 $ 23,808
Summary of roll forward of items measured using Level 3 inputs on a recurring basis	Quarter ended June 30, 2023 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, March 31, 2023 $ 312,789 $ 58,846 $ 6,003,390 $ 6,375,025 Purchases and issuances, net 614,486 67,878 — 682,364 Capitalization of interest and servicing advances 13,183 — — 13,183 Sales and repayments (146,289) — — (146,289) Mortgage servicing rights resulting from loan sales — — 562,523 562,523 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 10,951 — — 10,951 Other factors (929) (21,692) (55,328) (77,949) 10,022 (21,692) (55,328) (66,998) Transfers from Level 3 to Level 2 (411,179) — — (411,179) Transfers to real estate acquired in settlement of loans (254) — — (254) Transfers to loans held for sale — (74,396) — (74,396) Balance, June 30, 2023 $ 392,758 $ 30,636 $ 6,510,585 $ 6,933,979 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2023 $ 5,868 $ 30,636 $ (55,328) $ (18,824) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Quarter ended Liabilities June 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, March 31, 2023 $ 2,011 Changes in fair value included in income (71) Balance, June 30, 2023 $ 1,940 Changes in fair value recognized during the quarter relating to liabilities still outstanding at June 30, 2023 $ (71) Quarter ended June 30, 2022 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, March 31, 2022 $ 776,590 $ 37,899 $ 4,707,039 $ 5,521,528 Purchases and issuances, net 598,948 145,980 — 744,928 Capitalization of interest and servicing advances 15,608 — — 15,608 Sales and repayments (129,896) — — (129,896) Mortgage servicing rights resulting from loan sales — — 398,253 398,253 Changes in fair value included in income arising from: Changes in instrument-specific credit risk (24,394) — — (24,394) Other factors (8,922) (167,106) 111,875 (64,153) (33,316) (167,106) 111,875 (88,547) Transfers from Level 3 to Level 2 (723,995) — — (723,995) Transfer to real estate acquired in settlement of loans (386) — — (386) Transfers to loans held for sale — 48,378 — 48,378 Balance, June 30, 2022 $ 503,553 $ 65,151 $ 5,217,167 $ 5,785,871 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2022 $ (18,079) $ 65,151 $ 111,875 $ 158,947 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Liabilities Quarter ended June 30, 2022 (in thousands) Mortgage servicing liabilities Balance, March 31, 2022 $ 2,564 Changes in fair value included in income (227) Balance, June 30, 2022 $ 2,337 Changes in fair value recognized during the quarter relating to liabilities still outstanding at June 30, 2022 $ (227) Six months ended June 30, 2023 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, December 31, 2022 $ 345,772 $ 25,844 $ 5,953,621 $ 6,325,237 Purchases and issuances, net 1,052,136 130,386 — 1,182,522 Capitalization of interest and servicing advances 20,838 — — 20,838 Sales and repayments (269,147) — (232) (269,379) Mortgage servicing rights resulting from loan sales — — 849,056 849,056 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 20,494 — — 20,494 Other factors (136) 50,720 (291,860) (241,276) 20,358 50,720 (291,860) (220,782) Transfers from Level 3 to Level 2 (776,893) — — (776,893) Transfers to real estate acquired in settlement of loans (306) — — (306) Transfers to loans held for sale — (176,314) — (176,314) Balance, June 30, 2023 $ 392,758 $ 30,636 $ 6,510,585 $ 6,933,979 Changes in fair value recognized during the period relating to assets still held at June 30, 2023 $ 10,646 $ 30,636 $ (291,860) $ (250,578) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Six months ended Liabilities June 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2022 $ 2,096 Changes in fair value included in income (156) Balance, June 30, 2023 $ 1,940 Changes in fair value recognized during the period relating to liabilities still outstanding at June 30, 2023 $ (156) Six months ended June 30, 2022 Net interest Mortgage Loans held rate lock servicing Assets for sale commitments (1) rights Total (in thousands) Balance, December 31, 2021 $ 1,128,876 $ 322,193 $ 3,878,078 $ 5,329,147 Purchases and issuances, net 2,733,726 307,289 — 3,041,015 Capitalization of interest and servicing advances 47,719 — — 47,719 Sales and repayments (1,264,888) — — (1,264,888) Mortgage servicing rights resulting from loan sales — — 1,014,555 1,014,555 Changes in fair value included in income arising from: Changes in instrument-specific credit risk (30,210) — — (30,210) Other factors (21,318) (566,483) 324,534 (263,267) (51,528) (566,483) 324,534 (293,477) Transfers from Level 3 to Level 2 (2,089,966) — — (2,089,966) Transfers to real estate acquired in settlement of loans (386) — — (386) Transfers to loans held for sale — 2,152 — 2,152 Balance, June 30, 2022 $ 503,553 $ 65,151 $ 5,217,167 $ 5,785,871 Changes in fair value recognized during the period relating to assets still held at June 30, 2022 $ (28,700) $ 65,151 $ 324,534 $ 360,985 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Six months ended Liabilities June 30, 2022 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2021 $ 2,816 Changes in fair value included in income (479) Balance, June 30, 2022 $ 2,337 Changes in fair value recognized during the period relating to liabilities still outstanding at June 30, 2022 $ (479)
Summary of changes in fair value relating to financial statement items	Quarter ended June 30, 2023 2022 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Loans held for sale $ 20,753 $ — $ 20,753 $ (96,365) $ — $ (96,365) Mortgage servicing rights — (55,328) (55,328) — 111,875 111,875 $ 20,753 $ (55,328) $ (34,575) $ (96,365) $ 111,875 $ 15,510 Liabilities: Mortgage servicing liabilities $ — $ 71 $ 71 $ — $ 227 $ 227 Six months ended June 30, 2023 2022 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Loans held for sale $ 186,700 $ — $ 186,700 $ (204,343) $ — $ (204,343) Mortgage servicing rights — (291,860) (291,860) — 324,534 324,534 $ 186,700 $ (291,860) $ (105,160) $ (204,343) $ 324,534 $ 120,191 Liabilities: Mortgage servicing liabilities $ — $ 156 $ 156 $ — $ 479 $ 479
Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option	June 30, 2023 December 31, 2022 Principal Principal amount amount Fair due upon Fair due upon Loans held for sale value maturity Difference value maturity Difference (in thousands) Current through 89 days delinquent $ 4,221,456 $ 4,185,719 $ 35,737 $ 3,450,578 $ 3,428,052 $ 22,526 90 days or more delinquent: Not in foreclosure 41,564 46,183 (4,619) 47,252 53,351 (6,099) In foreclosure 7,474 18,804 (11,330) 11,470 16,811 (5,341) $ 4,270,494 $ 4,250,706 $ 19,788 $ 3,509,300 $ 3,498,214 $ 11,086
Summary of financial statement items measured at estimated fair value on a nonrecurring basis	Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2023 $ — $ — $ 2,873 $ 2,873 December 31, 2022 $ — $ — $ 1,850 $ 1,850
Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Real estate acquired in settlement of loans $ (740) $ (326) $ (900) $ (740)
Summary of carrying value and fair value of debt	June 30, 2023 December 31, 2022 Fair value Carrying value Fair value Carrying value (in thousands) Term notes and term loans $ 2,469,563 $ 2,472,726 $ 1,677,476 $ 1,794,475 Unsecured senior notes $ 1,551,467 $ 1,781,756 $ 1,550,750 $ 1,779,920
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (Amount recognized and unpaid principal balance of underlying loans in thousands) MSR and pool characteristics: Amount recognized $ 562,523 $ 398,253 $ 849,056 $ 1,014,555 Unpaid principal balance of underlying loans $ 24,993,118 $ 19,377,222 $ 38,688,482 $ 49,953,192 Weighted average servicing fee rate (in basis points) 50 42 50 43 Key inputs (1): Annual total prepayment speed (2): Range 9.1% – 20.7% 5.7% – 19.3% 9.1% – 23.2% 5.7% – 23.4% Weighted average 10.9% 8.4% 11.3% 8.3% Equivalent average life (in years): Range 3.1 – 8.4 4.3 – 9.2 3.0 – 8.4 3.7 – 9.2 Weighted average 7.6 8.5 7.5 8.4 Pricing spread (3): Range 5.5% – 12.6% 5.7% – 11.7% 5.5% – 12.6% 5.7% – 16.1% Weighted average 7.4% 8.2% 7.5% 7.7% Per-loan annual cost of servicing: Range $68 – $127 $80 – $146 $68 – $127 $80 – $176 Weighted average $98 $103 $100 $104 (1) Weighted average inputs are based on the UPB of the underlying loans. (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United State Treasury Securities (the “Treasury”) yield curve for purposes of discounting cash flows relating to MSRs.
Quantitative summary of key inputs used in the valuation of the MSRs at year end and the effect on estimated fair value from adverse changes in those inputs	Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs and the effect on the fair value from adverse changes in those inputs: June 30, 2023 December 31, 2022 (Fair value, unpaid principal balance of underlying loans and effect on fair value amounts in thousands) Fair value $ 6,510,585 $ 5,953,621 Pool characteristics: Unpaid principal balance of underlying loans $ 337,695,442 $ 314,567,639 Weighted average note interest rate 3.7% 3.4% Weighted average servicing fee rate (in basis points) 38 36 Key inputs (1): Annual total prepayment speed (2): Range 6.3% – 17.4% 5.0% – 17.7% Weighted average 7.7% 7.5% Equivalent average life (in years): Range 3.2 – 9.3 3.7 – 9.3 Weighted average 8.2 8.4 Effect on fair value of (3): 5% adverse change ($93,045) ($77,346) 10% adverse change ($182,826) ($152,192) 20% adverse change ($353,270) ($294,872) Pricing spread (4): Range 5.4% – 12.6% 4.9% – 14.3% Weighted average 6.4% 6.5% Effect on fair value of (3): 5% adverse change ($84,331) ($81,021) 10% adverse change ($166,478) ($159,863) 20% adverse change ($324,529) ($311,329) Per-loan annual cost of servicing: Range $67 – $130 $68 – $144 Weighted average $108 $109 Effect on fair value of (3): 5% adverse change ($42,395) ($41,263) 10% adverse change ($84,790) ($82,527) 20% adverse change ($169,580) ($165,053) (1) Weighted average inputs are based on the UPB of the underlying loans. (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, the estimates should not be viewed as earnings forecasts. (4) The Company applies a pricing spread to the Treasury yield curve for purposes of discounting cash flows relating to MSRs.
Mortgage servicing liabilities
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	June 30, December 31, 2023 2022 Fair value (in thousands) $ 1,940 $ 2,096 Pool characteristics: Unpaid principal balance of underlying loans (in thousands) $ 36,628 $ 33,157 Servicing fee rate (in basis points) 25 25 Key inputs (1): Pricing spread (2) 8.0% 7.8% Annual total prepayment speed (3) 16.8% 17.2% Equivalent average life (in years) 4.9 4.9 Per-loan annual cost of servicing $ 1,138 $ 1,177 (1) Weighted average inputs are based on UPB of the underlying mortgage loans. (2) The Company applies a pricing spread to the Treasury yield curve for purposes of discounting cash flows relating to MSLs. (3) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.
Interest rate lock commitments
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	June 30, 2023 December 31, 2022 Fair value (in thousands) (1) $ 30,636 $ 25,844 Key inputs Pull-through rate: Range 8.5% – 100% 10.3% – 100% Weighted average 81.5% 82.8% Mortgage servicing rights fair value expressed as: Servicing fee multiple: Range 1.7 – 7.8 (1.3) – 7.7 Weighted average 4.3 4.3 Percentage of loan commitment amount: Range 0.4% – 4.2% (0.2)% – 3.8% Weighted average 1.8% 2.0% (1) For purpose of this table, IRLC asset and liability positions are shown net. (2) Weighted average inputs are based on the committed amounts.
Mortgage loans held for sale
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	June 30, 2023 December 31, 2022 Fair value (in thousands) $ 392,758 $ 345,772 Key inputs (1): Discount rate: Range 7.7% – 10.2% 5.5% – 10.2% Weighted average 7.8% 5.7% Twelve-month projected housing price index change: Range (1.6)% – (1.4)% (1.9)% – (1.7)% Weighted average (1.5)% (1.8)% Voluntary prepayment/resale speed (2): Range 4.7% – 45.2% 4.7% – 25.6% Weighted average 31.1% 21.6% Total prepayment/resale speed (3): Range 4.8% – 57.4% 4.8% – 36.1% Weighted average 39.3% 29.4% (1) Weighted average inputs are based on the fair values of the “Level 3” loans. (2) Voluntary prepayment/resale speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (3) Total prepayment/resale speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayment/resale speeds.

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	6 Months Ended
Loans Held for Sale at Fair Value (Tables)	Jun. 30, 2023
Loans Held for Sale at Fair Value
Summary of loans held for sale at fair value	June 30, December 31, Loan type 2023 2022 (in thousands) Government-insured or guaranteed $ 2,224,970 $ 2,006,157 Conventional conforming 1,631,926 1,145,053 Jumbo 20,840 12,318 Closed-end second loans 153,700 46,589 Purchased from Ginnie Mae securities serviced by the Company 226,668 257,175 Repurchased pursuant to representations and warranties 12,390 42,008 $ 4,270,494 $ 3,509,300 Fair value of loans pledged to secure: Assets sold under agreements to repurchase $ 3,661,755 $ 3,139,870 Mortgage loan participation purchase and sale agreements 533,084 302,977 $ 4,194,839 $ 3,442,847

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2023
Derivative Financial Instruments
Summary of derivative financial instruments	June 30, 2023 December 31, 2022 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Derivative instrument amount (1) assets liabilities amount (1) assets liabilities (in thousands) Not subject to master netting arrangements: Interest rate lock commitments 6,484,588 $ 41,379 $ 10,743 7,009,119 $ 36,728 $ 10,884 Subject to master netting arrangements (2): Forward purchase contracts 16,819,007 2,545 45,997 8,320,849 2,433 48,670 Forward sales contracts 15,781,217 67,764 7,894 12,487,760 80,754 20,684 MBS put options 1,100,000 2,790 — 1,750,000 6,057 — Put options on interest rate futures purchase contracts 4,220,000 25,249 — 6,800,000 29,203 — Call options on interest rate futures purchase contracts 537,500 844 — 1,350,000 2,820 — Put options on interest rate futures sale contracts — — — 250,000 — 3,008 Treasury futures purchase contracts 5,375,900 — — 3,709,200 — — Treasury futures sale contracts 13,145,500 — — 3,456,900 — — Total derivatives before netting 140,571 64,634 157,995 83,246 Netting (55,054) (42,595) (58,992) (61,534) $ 85,517 $ 22,039 $ 99,003 $ 21,712 Deposits (received from) placed with derivative counterparties included in the derivative balances above, net $ (12,459) $ 2,542 (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All derivatives subject to master netting agreements are interest rate derivatives that are used as economic hedges.
Summary of the amount of derivative asset positions by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	June 30, 2023 December 31, 2022 Gross amount not Gross amount not offset in the offset in the consolidated consolidated Net amount balance sheet Net amount balance sheet of assets in the Cash of assets in the Cash consolidated Financial collateral Net consolidated Financial collateral Net balance sheet instruments received amount balance sheet instruments received amount (in thousands) Interest rate lock commitments $ 41,379 $ — $ — $ 41,379 $ 36,728 $ — $ — $ 36,728 RJ O'Brien 26,093 — — 26,093 29,016 — — 29,016 Wells Fargo Bank, N.A. 5,422 — — 5,422 — — — — Athene Annuity & Life Assurance Company 3,658 — — 3,658 — — — — Bank of America, N.A. 2,572 — — 2,572 1,519 — — 1,519 JPMorgan Chase Bank, N.A. 2,569 — — 2,569 238 — — 238 Morgan Stanley Bank, N.A. 1,785 — — 1,785 18,501 — — 18,501 Goldman Sachs — — — — 5,757 — — 5,757 Citibank, N.A. — — — — 5,098 — — 5,098 Others 2,039 — — 2,039 2,146 — — 2,146 $ 85,517 $ — $ — $ 85,517 $ 99,003 $ — $ — $ 99,003
Summary of amount of derivative liabilities and assets sold under agreements to repurchase by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	Derivative Liabilities, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase are secured by sufficient collateral or have fair values that exceed the liability amounts recorded on the consolidated balance sheets. June 30, 2023 December 31, 2022 Gross amounts Gross amounts not offset in the not offset in the Net amount consolidated Net amount consolidated of liabilities balance sheet of liabilities balance sheet in the Cash in the Cash consolidated Financial collateral Net consolidated Financial collateral Net balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount (in thousands) Interest rate lock commitments $ 10,743 $ — $ — $ 10,743 $ 10,884 $ — $ — $ 10,884 Atlas Securitized Products, L.P. 1,240,174 (1,240,174) — — — — — — Credit Suisse First Boston Mortgage Capital LLC — — — — 970,725 (968,804) — 1,921 Bank of America, N.A. 932,023 (932,023) — — 567,745 (567,745) — — Royal Bank of Canada 489,378 (489,378) — — 381,893 (381,893) — — BNP Paribas 239,047 (239,015) — 32 300,280 (300,280) — — JPMorgan Chase Bank, N.A. 193,076 (191,991) — 1,085 211,713 (211,713) — — Wells Fargo Bank, N.A. 178,827 (178,827) — — 228,181 (221,986) — 6,195 Morgan Stanley Bank, N.A. 166,871 (166,871) — — 114,277 (114,277) — — Goldman Sachs 122,825 (120,335) — 2,490 64,486 (64,486) — — Citibank, N.A. 119,698 (118,654) — 1,044 94,211 (94,211) — — Barclays Capital 109,809 (109,038) — 771 80,276 (79,295) — 981 Mizuho Securities 3,431 — — 3,431 — — — — Others 2,443 — — 2,443 1,731 — — 1,731 $ 3,808,345 $ (3,786,306) $ — $ 22,039 $ 3,026,402 $ (3,004,690) $ — $ 21,712 (1) Amounts represent the UPB of Assets sold under agreements to repurchase .
Summary of gains (losses) recognized on derivative financial instruments and the respective income statement line items	Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated income statement line 2023 2022 2023 2022 (in thousands) Interest rate lock commitments Net gains on loans held for sale at fair value (1) $ (28,209) $ 27,251 $ 4,793 $ (257,043) Hedged item: Interest rate lock commitments and loans held for sale Net gains on loans held for sale at fair value $ 150,760 $ 296,290 $ 55,962 $ 997,069 Mortgage servicing rights Net loan servicing fees–Mortgage servicing rights hedging results $ (155,136) $ (176,005) $ (107,909) $ (393,865) (1) Represents net change in fair value of IRLCs from the beginning to the end of the quarter. Amounts recognized at the date of commitment and fair value changes recognized during the quarter until purchase of the underlying loans or the cancellation of the commitment are shown in the rollforward of IRLCs for the period in Note 6 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis .

Mortgage Servicing Rights and_2

Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Schedule of activity in MSRs carried at fair value	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 6,003,390 $ 4,707,039 $ 5,953,621 $ 3,878,078 Additions (deductions): MSRs resulting from loan sales 562,523 398,253 849,056 1,014,555 Sales — — (232) — 562,523 398,253 848,824 1,014,555 Change in fair value due to: Changes in inputs used in valuation model (1) 118,898 233,697 28,619 557,625 Other changes in fair value (2) (174,226) (121,822) (320,479) (233,091) Total change in fair value (55,328) 111,875 (291,860) 324,534 Balance at end of period $ 6,510,585 $ 5,217,167 $ 6,510,585 $ 5,217,167 Unpaid principal balance of underlying loans at end of period $ 337,695,442 $ 297,269,682 June 30, December 31, 2023 2022 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets $ 6,457,553 $ 5,897,613 (1) Principally reflects changes in annual total prepayment speed, pricing spread, per loan annual cost of servicing and UPB of underlying loan inputs. (2) Represents changes due to realization of cash flows.
Schedule of activity in mortgage servicing liability carried at fair value	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 2,011 $ 2,564 $ 2,096 $ 2,816 Changes in fair value due to: Changes in inputs used in valuation model (7) (129) (22) (267) Other changes in fair value (1) (64) (98) (134) (212) Total change in fair value (71) (227) (156) (479) Balance at end of period $ 1,940 $ 2,337 $ 1,940 $ 2,337 Unpaid principal balance of underlying loans at end of period $ 36,628 $ 41,481 (1) Represents changes due to realization of cash flows.
Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Contractual servicing fees $ 307,119 $ 259,338 $ 597,816 $ 504,147 Other fees: Late charges 12,897 9,527 25,498 19,644 Other 2,775 3,541 4,956 8,535 $ 322,791 $ 272,406 $ 628,270 $ 532,326

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases
Summary of Company's leases	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Lease expense: Operating leases $ 4,854 $ 5,008 $ 9,803 $ 9,962 Short-term leases 74 241 237 460 Sublease income (173) — (269) — Net lease expense included in Occupancy and equipment $ 4,755 $ 5,249 $ 9,771 $ 10,422 Other information: Payments for operating leases $ 5,904 $ 5,388 $ 11,600 $ 10,257 Operating lease right-of-use assets $ — $ 793 $ 1,727 $ 793 Period end weighted averages: Remaining lease term (in years) 4.5 5.3 Discount rate 3.8% 3.9%
Schedule of maturities of operating lease liabilities	Twelve months ended June 30, Operating leases (in thousands) 2024 $ 22,779 2025 19,309 2026 17,599 2027 11,336 2028 5,180 Thereafter 9,559 Total lease payments 85,762 Less imputed interest (9,806) Operating lease liability $ 75,956

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2023
Other Asset
Summary of other assets	June 30, December 31, 2023 2022 (in thousands) Capitalized software, net $ 156,047 $ 157,460 Margin deposits 153,533 55,968 Servicing fees receivable, net 31,546 31,356 Other servicing receivables 43,312 24,854 Interest receivable 39,091 24,110 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets 38,118 12,277 Prepaid expenses 32,068 38,780 Furniture, fixtures, equipment and building improvements, net 23,731 28,382 Real estate acquired in settlement of loans 12,171 11,497 Derivative settlements receivable 6,753 1,522 Other 57,328 31,701 $ 593,698 $ 417,907 Deposits securing Assets sold under agreements to repurchase $ 38,118 $ 12,277 Deposits securing Notes payable secured by mortgage servicing assets $ 31,561 $ 12,277

Short-Term Debt (Tables)

Short-Term Debt (Tables)	6 Months Ended
Short-Term Debt (Tables)	Jun. 30, 2023
Short-Term Debt
Summary of financial data pertaining to assets sold under agreements to repurchase	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance of assets sold under agreements to repurchase $ 4,688,102 $ 2,215,595 $ 4,101,440 $ 2,964,727 Weighted average interest rate (1) 7.25% 2.80% 6.95% 2.42% Total interest expense $ 87,480 $ 18,949 $ 146,703 $ 42,719 Maximum daily amount outstanding $ 6,358,007 $ 3,316,376 $ 6,358,007 $ 7,289,147 June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,786,306 $ 3,004,690 Unamortized debt issuance costs (5,782) (3,407) $ 3,780,524 $ 3,001,283 Weighted average interest rate 6.87% 6.00% Available borrowing capacity (2): Committed $ 1,284,131 $ 1,078,927 Uncommitted 5,204,563 5,391,383 $ 6,488,694 $ 6,470,310 Assets securing repurchase agreements: Loans held for sale $ 3,661,755 $ 3,139,870 Servicing advances (3) $ 288,082 $ 381,379 Mortgage servicing rights (3) $ 5,774,905 $ 5,339,513 Deposits (3) $ 38,118 $ 12,277 (1) Excludes the effect of amortization of debt issuance costs and utilization fees of $2.8 million and $3.5 million for the quarters ended June 30, 2023 and 2022, respectively, and $5.4 million and $7.1 million for the six months ended June 30, 2023 and 2022, respectively. (2) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (3) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The term notes and term loans are described in Note 13 — Long-Term Debt - Notes payable secured by mortgage servicing assets.
Summary of maturities of outstanding advances under repurchase agreements by maturity date	Remaining maturity at June 30, 2023 (1) Unpaid principal balance (dollars in thousands) Within 30 days $ 678,162 Over 30 to 90 days 2,652,552 Over 90 to 180 days 2,758 Over one year to two years 452,834 Total assets sold under agreements to repurchase $ 3,786,306 Weighted average maturity (in months) 4.2 (1) The Company is subject to margin calls during the periods the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair values (as determined by the applicable lender) of the assets securing those agreements decrease.
Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty	Weighted average Counterparty Amount at risk maturity of advances Facility maturity (in thousands) Atlas Securitized Products, L.P. & Citibank, N.A. & Goldman Sachs Bank USA (1) $ 3,580,863 February 7, 2025 February 7, 2025 Atlas Securitized Products, L.P (2) $ 312,426 June 27, 2025 June 27, 2025 Bank of America, N.A. $ 100,954 August 1, 2023 June 12, 2025 Atlas Securitized Products, L.P. $ 77,346 August 30, 2023 June 27, 2025 Wells Fargo Bank, N.A. $ 21,712 September 17, 2023 May 3, 2025 Barclays Bank PLC $ 21,248 September 1, 2023 November 13, 2024 Royal Bank of Canada $ 16,897 August 1, 2023 May 10, 2024 JP Morgan Chase Bank, N.A. $ 10,883 August 28, 2023 June 16, 2025 Morgan Stanley Bank, N.A. $ 7,810 September 17, 2023 January 27, 2025 JP Morgan Chase Bank, N.A. (EBO facility) $ 7,029 June 9, 2025 June 9, 2025 BNP Paribas $ 6,393 September 12, 2023 July 31, 2024 Goldman Sachs Bank USA $ 3,062 September 11, 2023 December 23, 2023 Citibank, N.A. $ 2,804 August 31, 2023 June 27, 2025 (1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . (2) The amount at risk includes the beneficial interests in Fannie Mae MSRs pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase .
Summary of participating mortgage loans	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 266,907 $ 214,654 $ 225,778 $ 218,977 Weighted average interest rate (1) 6.45% 2.25% 6.29% 1.98% Total interest expense $ 4,462 $ 1,377 $ 7,385 $ 2,497 Maximum daily amount outstanding $ 515,537 $ 514,054 $ 515,537 $ 515,043 (1) Excludes the effect of amortization of debt issuance costs totaling $172,000 for each of the quarters ended June 30, 2023 and 2022, respectively, and $344,000 for the six months ended June 30, 2023 and 2022, respectively. June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 506,407 $ 287,943 Unamortized debt issuance costs (695) (351) $ 505,712 $ 287,592 Weighted average interest rate 6.39% 5.71% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements $ 533,084 $ 302,977

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2023
Long-Term Debt.
Summary of term notes issued	Annual interest rate Maturity date Issuance date Principal balance Index Spread Stated Optional extension (1) (in thousands) Term Notes: February 28, 2018 $ 650,000 One-month LIBOR (2) 3.85% 2/25/2025 (3) August 10, 2018 650,000 One-month LIBOR (2) 2.65% 8/25/2023 8/25/2025 (4) June 3, 2022 500,000 SOFR 4.25% 5/25/2027 5/25/2029 Term Loans: February 28, 2023 680,000 SOFR 3.00% 2/25/2028 2/25/2029 $ 2,480,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes or Term Loans as specified in the respective agreements. (2) London Interbank Offered Rate (“LIBOR”). Effective July 1, 2023, the one-month LIBOR index was replaced with SOFR. (3) Stated maturity date reflects the exercise by the Company of its option to extend the maturity of this issuance. (4) In July 2023, the Company exercised its option to extend the maturity for two years . Freddie Mac MSR Note Payable
Summary of note payable	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 2,480,000 $ 1,426,373 $ 2,287,099 $ 1,363,536 Weighted average interest rate (1) 8.57% 3.69% 8.19% 3.34% Total interest expense $ 53,817 $ 13,656 $ 94,595 $ 23,565 (1) Excludes the effect of amortization of debt issuance costs totaling $809,000 and $548,000 for the quarters ended June 30, 2023 and 2022, respectively, and $1.7 million and $1.0 million for the six months ended June 30, 2023 and 2022, respectively. June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance: Term Notes and Term Loans $ 2,480,000 $ 1,800,000 Freddie Mac MSR Note Payable — 150,000 2,480,000 1,950,000 Unamortized debt issuance costs (7,274) (7,354) $ 2,472,726 $ 1,942,646 Weighted average interest rate 8.51% 7.46% Assets pledged to secure notes payable (1): Servicing advances $ 288,082 $ 381,379 Mortgage servicing rights $ 6,457,553 $ 5,897,613 Deposits $ 31,561 $ 12,277 (1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets.
Summary of Unsecured Notes issued	Issuance date Principal balance Coupon interest rate Maturity date Optional redemption date (1) (in thousands) (annual) September 29, 2020 $ 500,000 5.38% October 15, 2025 October 15, 2022 October 19, 2020 150,000 5.38% October 15, 2025 October 15, 2022 February 11, 2021 650,000 4.25% February 15, 2029 February 15, 2024 September 16, 2021 500,000 5.75% September 15, 2031 September 15, 2026 $ 1,800,000 (1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued interest.
Summary of unsecured notes payable	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 1,800,000 $ 1,800,000 $ 1,800,000 $ 1,800,000 Weighted average interest rate (1) 5.07% 5.07% 5.07% 5.07% Total interest expense $ 23,688 $ 23,688 $ 47,116 $ 47,116 (1) Excludes the effect of amortization of debt issuance costs of $923,000 for each of the quarters ended June 30, 2023 and 2022, and $1.8 million for each of the six months ended June 30, 2023 and 2022. June 30, December 31, 2023 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 1,800,000 $ 1,800,000 Unamortized debt issuance costs and premiums, net (18,244) (20,080) $ 1,781,756 $ 1,779,920 Weighted average interest rate 5.07% 5.07%
Summary of maturities of Long-Term Debt	Maturities of long-term debt (based on stated maturity dates) are as follows: Twelve months ended June 30, 2024 2025 2026 2027 2028 Thereafter Total (in thousands) Notes payable secured by mortgage servicing assets (1) $ 650,000 $ 650,000 $ — $ 500,000 $ 680,000 $ — $ 2,480,000 Unsecured senior notes — — 650,000 — — 1,150,000 1,800,000 Total $ 650,000 $ 650,000 $ 650,000 $ 500,000 $ 680,000 $ 1,150,000 $ 4,280,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements.
Summary of obligations under capital lease	Period ended June 30, 2022 Quarter Six months (dollars in thousands) Average balance $ 523 $ 1,695 Weighted average interest rate 2.49% 2.18% Total interest expense $ 5 $ 20 Maximum daily amount outstanding $ 1,396 $ 3,489

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	6 Months Ended
	Jun. 30, 2023
Liability for Losses Under Representations and Warranties
Summary of repurchase activity	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 31,103 $ 42,794 $ 32,421 $ 43,521 Provision for losses: Resulting from sales of loans 3,139 2,182 4,874 6,236 Resulting from change in estimate (2,008) (2,227) (3,453) (5,396) Losses incurred (2,088) (3,413) (3,696) (5,025) Balance at end of period $ 30,146 $ 39,336 $ 30,146 $ 39,336 Unpaid principal balance of loans subject to representations and warranties at end of period $ 320,986,649 $ 278,793,884

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023
Stockholders' Equity.
Summary of share repurchase activity	Quarter ended June 30, Six months ended June 30, Cumulative 2023 2022 2023 2022 total (1) (in thousands) Shares of common stock repurchased 433 2,427 1,201 4,747 34,063 Cost of shares of common stock repurchased $ 26,214 $ 113,645 $ 71,575 $ 255,057 $ 1,788,282 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program from inception through June 30, 2023. Cumulative total cost of common stock repurchased includes $621,000 , of transaction fees and excise tax.

Net Gains on Loans Held for S_2

Net Gains on Loans Held for Sale (Tables)	6 Months Ended
Net Gains on Loans Held for Sale (Tables)	Jun. 30, 2023
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) From non-affiliates: Cash (losses) gains: Loans $ (608,885) $ (451,171) $ (664,271) $ (1,395,392) Hedging activities 300,686 82,617 84,548 972,704 (308,199) (368,554) (579,723) (422,688) Non-cash gains: Mortgage servicing rights resulting from loan sales 562,523 398,253 849,056 1,014,555 Provisions for losses relating to representations and warranties: Pursuant to loan sales (3,139) (2,182) (4,874) (6,236) Reductions in liability due to changes in estimate 2,008 2,227 3,453 5,396 Changes in fair values of loans and derivatives held at period end: Interest rate lock commitments (28,209) 27,251 4,793 (257,043) Loans 66,870 (43,349) 2,679 177,081 Hedging derivatives (149,926) 213,673 (28,586) 24,365 141,928 227,319 246,798 535,430 From PennyMac Mortgage Investment Trust (1) (509) (4,752) (994) (14,404) $ 141,419 $ 222,567 $ 245,804 $ 521,026 (1) Gains on sale of loans to PMT are described in Note 4– Related Party Transactions – Transactions with PMT–Operating Activities.

Net Interest Expense (Tables)

Net Interest Expense (Tables)	6 Months Ended
Net Interest Expense (Tables)	Jun. 30, 2023
Net Interest Expense
Summary of net interest expense	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Interest income: Cash and short-term investments $ 21,127 $ 405 $ 37,372 $ 977 Loans held for sale at fair value 78,780 36,777 139,773 85,890 Placement fees relating to custodial funds 73,024 12,682 124,243 16,879 From Townsgate Closing Services, LLC 21 — 42 — 172,952 49,864 301,430 103,746 Interest expense: Assets sold under agreements to repurchase 87,480 18,949 146,703 42,719 Mortgage loan participation purchase and sale agreements 4,462 1,377 7,385 2,497 Obligations under capital lease — 5 — 20 Notes payable secured by mortgage servicing assets 53,817 13,656 94,595 23,565 Unsecured senior notes 23,688 23,688 47,116 47,116 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 6,714 12,286 9,924 29,765 Interest on mortgage loan impound deposits 2,225 1,166 4,192 2,752 Other 256 — 498 — 178,642 71,127 310,413 148,434 $ (5,690) $ (21,263) $ (8,983) $ (44,688)

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
Stock-based Compensation (Tables)	Jun. 30, 2023
Stock-based Compensation
Summary of the stock-based compensation activity	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Grants: Units: Performance-based restricted share units ("RSUs") — — 307 342 Stock options — — 221 574 Time-based RSUs 5 — 187 331 Grant date fair value: Performance-based RSUs $ — $ — $ 18,611 $ 19,522 Stock options — — 5,492 12,138 Time-based RSUs 300 — 11,341 18,903 Total $ 300 $ — $ 35,444 $ 50,563 Vestings and exercises: Performance-based RSUs vested — — 612 643 Stock options exercised 195 19 351 63 Time-based RSUs vested 1 2 246 246 Stock-based compensation expense $ 375 $ 14,948 $ 12,025 $ 24,223

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share
Summary of basic and diluted earnings per share calculations	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Net income $ 58,250 $ 129,163 $ 88,628 $ 302,756 Weighted average shares of common stock outstanding 49,874 54,167 50,013 54,995 Effect of dilutive securities - shares issuable under stock-based compensation plan 2,390 2,475 2,790 2,897 Weighted average diluted shares of common stock outstanding 52,264 56,642 52,803 57,892 Basic earnings per share $ 1.17 $ 2.38 $ 1.77 $ 5.51 Diluted earnings per share $ 1.11 $ 2.28 $ 1.68 $ 5.23
Schedule of anti-dilutive shares outstanding	Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands except for weighted average exercise price) Performance-based RSUs (1) 608 508 520 412 Time-based RSUs 1 144 129 233 Stock options (2) 470 1,424 410 1,256 Total anti-dilutive units and options 1,079 2,076 1,059 1,901 Weighted average exercise price of anti-dilutive stock options (2) $ 58.92 $ 58.49 $ 58.62 $ 58.68 (1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved. (2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock prices for the period.

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	6 Months Ended
Regulatory Capital and Liquidity Requirements (Tables)	Jun. 30, 2023
Regulatory Capital and Liquidity Requirements
Summary of agencies' capital and liquidity requirements by each agency	June 30, 2023 December 31, 2022 Requirement/Agency Actual (1) Requirement (1) Actual (1) Requirement (1) (dollars in thousands) Capital Fannie Mae & Freddie Mac $ 6,759,237 $ 857,457 $ 6,632,627 $ 797,748 Ginnie Mae $ 5,766,170 $ 986,713 $ 5,899,892 $ 923,202 HUD $ 5,766,170 $ 2,500 $ 5,899,892 $ 2,500 Liquidity Fannie Mae & Freddie Mac $ 1,484,296 $ 116,155 $ 1,265,569 $ 107,768 Ginnie Mae $ 1,484,296 $ 259,871 $ 1,265,569 $ 246,953 Adjusted net worth / Total assets ratio Ginnie Mae 31 % 6 % 35 % 6 % Tangible net worth / Total assets ratio Fannie Mae & Freddie Mac 37 % 6 % 39 % 6 % (1) Calculated in compliance with the respective Agency’s requirements.

Segments (Tables)

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2023
Segments
Summary of financial highlights by segment	Financial performance and results by segment are as follows: Quarter ended June 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 126,249 $ 15,170 $ 141,419 $ — $ 141,419 Loan origination fees 38,968 — 38,968 — 38,968 Fulfillment fees from PennyMac Mortgage Investment Trust 5,441 — 5,441 — 5,441 Net loan servicing fees — 146,078 146,078 — 146,078 Net interest expense: Interest income 75,423 97,529 172,952 — 172,952 Interest expense 75,994 102,648 178,642 — 178,642 (571) (5,119) (5,690) — (5,690) Management fees — — — 7,078 7,078 Other 528 304 832 2,421 3,253 Total net revenues 170,615 156,433 327,048 9,499 336,547 Expenses 146,200 109,889 256,089 7,541 263,630 Income before provision for income taxes $ 24,415 $ 46,544 $ 70,959 $ 1,958 $ 72,917 Segment assets at quarter end $ 4,976,152 $ 12,985,134 $ 17,961,286 $ 23,182 $ 17,984,468 (1) All revenues are from external customers. Quarter ended June 30, 2022 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 152,895 $ 69,672 $ 222,567 $ — $ 222,567 Loan origination fees 39,945 — 39,945 — 39,945 Fulfillment fees from PennyMac Mortgage Investment Trust 20,646 — 20,646 — 20,646 Net loan servicing fees — 238,447 238,447 — 238,447 Net interest expense: Interest income 28,379 21,485 49,864 — 49,864 Interest expense 19,207 51,920 71,127 — 71,127 9,172 (30,435) (21,263) — (21,263) Management fees — — — 7,910 7,910 Other 583 900 1,483 1,780 3,263 Total net revenues 223,241 278,584 501,825 9,690 511,515 Expenses 213,587 110,959 324,546 9,443 333,989 Income before provision for income taxes $ 9,654 $ 167,625 $ 177,279 $ 247 $ 177,526 Segment assets at quarter end $ 3,735,706 $ 10,509,950 $ 14,245,656 $ 26,599 $ 14,272,255 (1) All revenues are from external customers. Six months ended June 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 200,975 $ 44,829 $ 245,804 $ — $ 245,804 Loan origination fees 70,358 — 70,358 — 70,358 Fulfillment fees from PennyMac Mortgage Investment Trust 17,364 — 17,364 — 17,364 Net loan servicing fees — 294,915 294,915 — 294,915 Net interest expense: Interest income 132,416 169,014 301,430 — 301,430 Interest expense 130,077 180,336 310,413 — 310,413 2,339 (11,322) (8,983) — (8,983) Management fees — — — 14,335 14,335 Other 1,102 81 1,183 4,433 5,616 Total net revenue 292,138 328,503 620,641 18,768 639,409 Expenses 287,363 224,512 511,875 16,470 528,345 Income before provision for income taxes $ 4,775 $ 103,991 $ 108,766 $ 2,298 $ 111,064 Segment assets at period end $ 4,976,152 $ 12,985,134 $ 17,961,286 $ 23,182 $ 17,984,468 (1) All revenues are from external customers. Six months ended June 30, 2022 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 374,505 $ 146,521 $ 521,026 $ — $ 521,026 Loan origination fees 107,803 — 107,803 — 107,803 Fulfillment fees from PennyMac Mortgage Investment Trust 37,400 — 37,400 — 37,400 Net loan servicing fees — 524,756 524,756 — 524,756 Net interest expense: Interest income 59,320 44,426 103,746 — 103,746 Interest expense 46,266 102,168 148,434 — 148,434 13,054 (57,742) (44,688) — (44,688) Management fees — — — 16,027 16,027 Other 1,368 1,516 2,884 3,811 6,695 Total net revenue 534,130 615,051 1,149,181 19,838 1,169,019 Expenses 515,206 222,273 737,479 19,494 756,973 Income before provision for income taxes $ 18,924 $ 392,778 $ 411,702 $ 344 $ 412,046 Segment assets at period end $ 3,735,706 $ 10,509,950 $ 14,245,656 $ 26,599 $ 14,272,255

Concentration of Risk (Details)

Concentration of Risk (Details) - PennyMac Mortgage Investment Trust - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Revenue
Concentration of Risk
Percentage of total	11%	9%	12%	8%
Loan Production
Concentration of Risk
Percentage of total	84%	66%	84%	59%

Related Party Transactions - Co

Related Party Transactions - Correspondent Production (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 01, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lending activity between the entity and affiliate
Net gains on loans held for sale at fair value		$ (141,419,000)	$ (222,567,000)	$ (245,804,000)	$ (521,026,000)
Sales of loans held for sale to PMT					298,862,000
Fulfillment fee revenue		5,441,000	20,646,000	17,364,000	37,400,000
Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Threshold limit of loan commitment	$ 16,500
Maximum Multiplier factor for each pull through adjusted loan commitment	585
Multiplying factor for each pull through adjusted loan commitment in excess of threshold limit per quarter	355
Multiplying factor for number of purchased loans	315
Multiplying factor for number of purchased loans in excess of threshold limit per quarter	$ 195
Ginnie Mae Mortgage Backed Securities Guide Loan \| Minimum
Transactions with Affiliates
Pull through factor as a percentage	80%
Ginnie Mae Mortgage Backed Securities Guide Loan \| Maximum
Transactions with Affiliates
Pull through factor as a percentage	99%
Other mortgage loans
Transactions with Affiliates
Multiplying factor for number of purchased loans	$ 750
MSR Recapture Agreement
Transactions with Affiliates
Target recapture rate	15%
MSR Recapture Agreement \| First 15%
Transactions with Affiliates
Percentage of fair market value.	40%
Percentage of recapture rate.	15%
MSR Recapture Agreement \| In excess of 15% and upto 30%
Transactions with Affiliates
Percentage of fair market value.	35%
MSR Recapture Agreement \| In excess of 15% and upto 30% \| Minimum
Transactions with Affiliates
Percentage of recapture rate.	15%
MSR Recapture Agreement \| In excess of 15% and upto 30% \| Maximum
Transactions with Affiliates
Percentage of recapture rate.	30%
MSR Recapture Agreement \| In excess of 30%
Transactions with Affiliates
Percentage of fair market value.	30%
Percentage of recapture rate.	30%
Related Party
Lending activity between the entity and affiliate
Net gains on loans held for sale at fair value		509,000	4,752,000	994,000	14,404,000
Related Party \| PennyMac Mortgage Investment Trust
Lending activity between the entity and affiliate
Net gains on loans held for sale at fair value		509,000	4,752,000	994,000	14,404,000
Related Party \| Mortgage Lending \| PennyMac Mortgage Investment Trust
Lending activity between the entity and affiliate
Net losses on loans sold to PMT (primarily cash)			(1,429,000)		(2,820,000)
Mortgage servicing rights and excess servicing spread recapture incurred		(509,000)	(3,323,000)	(994,000)	(11,584,000)
Net gains on loans held for sale at fair value		509,000	4,752,000	994,000	14,404,000
Sales of loans held for sale to PMT			39,824,000		298,862,000
Tax service fee		701,000	2,404,000	2,111,000	4,746,000
Fulfillment fee revenue		5,441,000	20,646,000	17,364,000	37,400,000
Unpaid principal balance of loans fulfilled for PMT		3,029,274,000	10,323,700,000	9,658,084,000	20,092,962,000
Sourcing fees paid		1,832,000	1,063,000	3,160,000	2,359,000
Government guaranteed or insured		11,307,342,000	10,634,209,000	20,521,054,000	23,381,988,000
Conventional conforming		7,017,890,000		11,080,764,000
Unpaid principal balance of loans purchased from PMT		$ 18,325,232,000	$ 10,634,209,000	$ 31,601,818,000	$ 23,381,988,000
PLS \| Minimum
Transactions with Affiliates
Sourcing fees (as a percent)	0.01%
PLS \| Maximum
Transactions with Affiliates
Sourcing fees (as a percent)	0.02%
PLS \| Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Fulfilment fee payable	$ 0

Related Party Transactions - Mo

Related Party Transactions - Mortgage Loan Servicing (Details) - USD ($)		3 Months Ended		6 Months Ended
	Sep. 12, 2016	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loan Servicing Agreement
Transactions with Affiliates
Base servicing fees per month for REO	$ 75
Base servicing fees per month for fixed-rate non-distressed loans subserviced	7.50
Base servicing fees per month for adjustable rate non-distressed loans subserviced	8.50
Supplemental fee per month for each distressed whole loan	25
Minimum \| Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for current loans	30
Additional servicing fee amount per month for delinquent loans	10
Maximum \| Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for current loans	95
Additional servicing fee amount per month for delinquent loans	$ 55
Related Party \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		$ 20,317,000	$ 20,335,000	$ 40,766,000	$ 41,423,000
Related Party \| Loans acquired for sale at fair value \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		20,286,000	20,229,000	40,615,000	41,107,000
Related Party \| Loans at fair value \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		$ 31,000	$ 106,000	$ 151,000	$ 316,000

Related Party Transactions - Ma

Related Party Transactions - Management Fees (Details) - USD ($)		3 Months Ended		6 Months Ended
	Sep. 12, 2016	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Management Fee Revenue Abstract
Management fees		$ 7,078,000	$ 7,910,000	$ 14,335,000	$ 16,027,000
Related Party \| Management Fees \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of change in net income due to quarterly adjustments	8%
Management Fee Revenue Abstract
Base management fee		7,078,000	7,910,000	14,335,000	16,027,000
Management fees		$ 7,078,000	$ 7,910,000	$ 14,335,000	$ 16,027,000
Related Party \| Management Fees \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of performance incentive fee payable by issuance of common shares	50%
Related Party \| Management Fees \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
High watermark	$ 0
Related Party \| Shareholders Equity Up To 2 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.50%
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.375%
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party \| Shareholders Equity In Excess Of 5 Billion Dollars \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.25%
Related Party \| Shareholders Equity In Excess Of 5 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party \| Return on Shareholders Equity 8 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	10%
Related Party \| Return on Shareholders Equity 8 Percent \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	12%
Related Party \| Return on Shareholders Equity 8 Percent \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	8%
Related Party \| Return on Shareholders Equity 12 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	15%
Percentage of return on affiliate's equity	12%
Related Party \| Return on Shareholders Equity 12 Percent \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	16%
Related Party \| Return on Shareholders Equity in Excess of 16 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	20%
Percentage of return on affiliate's equity	16%

Related Party Transactions - Ot

Related Party Transactions - Other Transactions, Reimbursement of Common Overhead Expenses (Details) - Related Party - PennyMac Mortgage Investment Trust - USD ($)		3 Months Ended		6 Months Ended
	Sep. 12, 2016	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Transactions with Affiliates
Expense reimbursement amount, per quarter, relating to personnel	$ 165,000
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		$ 6,283,000	$ 4,808,000	$ 13,930,000	$ 12,194,000
Payments and settlements during the period		30,872,000	29,562,000	63,256,000	69,326,000
Common overhead incurred
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		2,140,000	1,809,000	3,961,000	3,673,000
Compensation
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		165,000	165,000	330,000	330,000
Expenses incurred by related party (reporting entity), net
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		$ 3,978,000	$ 2,834,000	$ 9,639,000	$ 8,191,000

Related Party Transactions - In

Related Party Transactions - Investing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Activity during the period:
Interest income	$ 172,952	$ 49,864	$ 301,430	$ 103,746
Interest	172,952	49,864	301,430	103,746
Activity during the period:
Balance at end of period	116	(194)	142	(192)
Fair value of PennyMac Mortgage Investment Trust shares	$ 1,011		$ 1,011		$ 929
Related Party \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Common shares of beneficial interest owned	75,000		75,000		75,000
Common shares of beneficial interest owned	$ 1,011		$ 1,011		$ 929
Activity during the period:
Common shares of beneficial interest owned	75,000		75,000		75,000
Related Party \| PennyMac Holdings, L L C Repurchase Agreement \| PennyMac Mortgage Investment Trust
Activity during the period:
Change in fair value of investment in Common shares of PennyMac Mortgage Investment Trust	$ 116	$ (194)	$ 142	$ (192)

Related Party Transactions - Fi

Related Party Transactions - Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing activities:
Interest Expense	$ 178,642	$ 71,127	$ 310,413	$ 148,434
Interest expense	$ 178,642	$ 71,127	$ 310,413	$ 148,434

Related Party Transactions - Am

Related Party Transactions - Amounts due from Affiliate (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amounts due from affiliate
Total due from affiliate	$ 25,046	$ 36,372
Payable to affiliate
Other Liabilities, Total	123,287	205,011
Related Party \| PennyMac Mortgage Investment Trust
Amounts due from affiliate
Correspondent production fees	6,876	6,835
Allocated expenses and expenses incurred on PMT's behalf	2,886	11,447
Management fees	7,078	7,307
Servicing fees	6,761	6,740
Fulfillment fees	1,445	4,043
Payable to affiliate
Amounts advanced by PMT	115,463	201,451
Other expenses	7,824	3,560
Affiliated entities \| PennyMac Mortgage Investment Trust
Amounts due from affiliate
Total due from affiliate	25,046	36,372
Payable to affiliate
Other Liabilities, Total	$ 123,287	$ 205,011

Related Party Transactions - _2

Related Party Transactions - Amounts due from Investment Funds (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amounts due from affiliate
Total due from affiliate	$ 25,046	$ 36,372
Other Liabilities, Total	$ 123,287	$ 205,011

Related Party Transactions - Ex

Related Party Transactions - Exchanged Private National Mortgage Acceptance Company, LLC Unitholders (Details) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 27, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Transactions with Affiliates
Amount of tax benefits under the tax sharing agreement (as a percent)				85%
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement					$ (3,516,000)
Payable to exchanged PNMAC unitholders under tax receivable agreement		$ 26,100,000		$ 26,100,000		$ 26,100,000
Interest income		172,952,000	$ 49,864,000	301,430,000	103,746,000
Related Party \| Private National Mortgage Acceptance Company
Transactions with Affiliates
Payment of tax liability under the tax receivable agreement to Private National Mortgage Acceptance Company, LLC unitholders		0	$ 3,500,000	0	$ 3,500,000
Related Party \| Townsgate Closing Services, LLC
Transactions with Affiliates
Advances to related party	$ 801,000
Maximum commitment amount	$ 1,500,000
Advances stated percentage	10.75%
Advances variable rate	10+ year USD High Yield Corporate Bond Index
Interest income		$ 21,000		$ 42,000

Loan Sales and Servicing Acti_3

Loan Sales and Servicing Activities - Summary of Cash Flows with Transferees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows:
Sales proceeds	$ 25,024,768	$ 19,574,766	$ 38,410,109	$ 50,841,788
Servicing fees received	282,315	$ 228,834	550,738	$ 433,762
Period end information:
Unpaid principal balance of loans outstanding	319,257,805		319,257,805		$ 295,032,674
30-89 days	11,388,376		11,388,376		11,019,194
90 days or more - Not in foreclosure	6,097,693		6,097,693		6,548,849
90 days or more - In foreclosure	708,722		708,722		834,155
90 days or more - Foreclosed	10,983		10,983		12,905
Bankruptcy	$ 1,256,468		$ 1,256,468		$ 1,143,484

Loan Sales and Servicing Acti_4

Loan Sales and Servicing Activities - Summary of Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Mortgage servicing portfolio
Loans held for sale	$ 4,250,706	$ 3,498,214
Total loans serviced	576,459,295	551,674,682
Delinquent loans:
30 days	10,710,885	10,480,243
60 days	3,115,702	3,192,257
90 days or more - Not in foreclosure	7,161,562	7,718,042
90 days or more - In foreclosure	857,667	989,225
90 days or more - Foreclosed	18,126	21,814
Total delinquent mortgage loans	21,863,942	22,401,581
Bankruptcy	1,540,583	1,416,757
Custodial funds managed by the Company	8,064,748	5,112,866
Servicing rights owned
Mortgage servicing portfolio
Loans held for sale	4,250,706	3,498,214
Total loans serviced	341,982,776	318,099,010
Delinquent loans:
30 days	9,249,438	8,903,829
60 days	2,773,726	2,855,176
90 days or more - Not in foreclosure	6,314,682	6,829,985
90 days or more - In foreclosure	787,804	914,213
90 days or more - Foreclosed	12,688	13,835
Total delinquent mortgage loans	19,138,338	19,517,038
Bankruptcy	1,385,130	1,291,038
Custodial funds managed by the Company	5,377,724	3,329,709
Contract servicing and subservicing
Mortgage servicing portfolio
Total loans serviced	234,476,519	233,575,672
Delinquent loans:
30 days	1,461,447	1,576,414
60 days	341,976	337,081
90 days or more - Not in foreclosure	846,880	888,057
90 days or more - In foreclosure	69,863	75,012
90 days or more - Foreclosed	5,438	7,979
Total delinquent mortgage loans	2,725,604	2,884,543
Bankruptcy	155,453	125,719
Custodial funds managed by the Company	2,687,024	1,783,157
Non affiliated entities
Mortgage servicing portfolio
Originated	319,257,805	295,032,674
Purchased	18,474,265	19,568,122
Total loans serviced, excluding loans held for sale	337,732,070	314,600,796
Non affiliated entities \| Servicing rights owned
Mortgage servicing portfolio
Originated	319,257,805	295,032,674
Purchased	18,474,265	19,568,122
Total loans serviced, excluding loans held for sale	337,732,070	314,600,796
Affiliated entities
Mortgage servicing portfolio
Advised entities	234,476,519	233,575,672
Affiliated entities \| Contract servicing and subservicing
Mortgage servicing portfolio
Advised entities	$ 234,476,519	$ 233,575,672

Loan Sales and Servicing Acti_5

Loan Sales and Servicing Activities - Geographical Distribution of Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loan Sales and Servicing Activities
Total loans serviced	$ 576,459,295	$ 551,674,682
California
Loan Sales and Servicing Activities
Total loans serviced	69,242,770	68,542,279
Florida
Loan Sales and Servicing Activities
Total loans serviced	54,537,628	50,873,961
Texas
Loan Sales and Servicing Activities
Total loans serviced	52,283,855	47,911,696
Virginia
Loan Sales and Servicing Activities
Total loans serviced	34,432,055	33,478,151
Maryland
Loan Sales and Servicing Activities
Total loans serviced	25,999,115	25,473,417
All other states
Loan Sales and Servicing Activities
Total loans serviced	$ 339,963,872	$ 325,395,178

Fair Value - Financial Statemen

Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Short-term investment at fair value	$ 8,088	$ 12,194
Loans held for sale	4,270,494	3,509,300
Derivative assets:
Derivative asset, before netting	140,571	157,995
Netting	(55,054)	(58,992)
Total derivative assets	85,517	99,003
Investment in PennyMac Mortgage Investment Trust	1,011	929
Derivative liabilities:
Derivative liability, before netting	64,634	83,246
Netting	(42,595)	(61,534)
Net amounts of liabilities presented in the consolidated balance sheet	22,039	21,712
Mortgage servicing liabilities	1,940	2,096
Interest rate lock commitments
Derivative assets:
Total derivative assets	41,379	36,728
Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	2,545	2,433
Derivative liabilities:
Derivative liability, before netting	45,997	48,670
Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	67,764	80,754
Derivative liabilities:
Derivative liability, before netting	7,894	20,684
MBS put options
Derivative assets:
Derivative asset, before netting	2,790	6,057
Call options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	844	2,820
Put options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	25,249	29,203
Put options on Eurodollar futures \| Sales
Derivative liabilities:
Derivative liability, before netting		3,008
Level 3
Assets:
Loans held for sale	392,758	345,772
Recurring basis
Assets:
Short-term investment at fair value	8,088	12,194
Loans held for sale	4,270,494	3,509,300
Derivative assets:
Derivative asset, before netting	140,571	157,995
Netting	(55,054)	(58,992)
Total derivative assets	85,517	99,003
Mortgage servicing rights at fair value	6,510,585	5,953,621
Total assets	10,875,695	9,575,047
Derivative liabilities:
Derivative liability, before netting	64,634	83,246
Netting	(42,595)	(61,534)
Net amounts of liabilities presented in the consolidated balance sheet	22,039	21,712
Mortgage servicing liabilities	1,940	2,096
Total liabilities	23,979	23,808
Recurring basis \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	1,011	929
Recurring basis \| Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	41,379	36,728
Derivative liabilities:
Derivative liability, before netting	10,743	10,884
Recurring basis \| Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	2,545	2,433
Derivative liabilities:
Derivative liability, before netting	45,997	48,670
Recurring basis \| Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	67,764	80,754
Derivative liabilities:
Derivative liability, before netting	7,894	20,684
Recurring basis \| MBS put options
Derivative assets:
Derivative asset, before netting	2,790	6,057
Recurring basis \| Call options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	844	2,820
Recurring basis \| Put options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	25,249	29,203
Recurring basis \| Put options on Eurodollar futures \| Sales
Derivative liabilities:
Derivative liability, before netting		3,008
Recurring basis \| Level 1
Assets:
Short-term investment at fair value	8,088	12,194
Derivative assets:
Derivative asset, before netting	26,093	32,023
Total derivative assets	26,093	32,023
Total assets	35,192	45,146
Derivative liabilities:
Derivative liability, before netting		3,008
Net amounts of liabilities presented in the consolidated balance sheet		3,008
Total liabilities		3,008
Recurring basis \| Level 1 \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	1,011	929
Recurring basis \| Level 1 \| Call options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	844	2,820
Recurring basis \| Level 1 \| Put options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	25,249	29,203
Recurring basis \| Level 1 \| Put options on Eurodollar futures \| Sales
Derivative liabilities:
Derivative liability, before netting		3,008
Recurring basis \| Level 2
Assets:
Loans held for sale	3,877,736	3,163,528
Derivative assets:
Derivative asset, before netting	73,099	89,244
Total derivative assets	73,099	89,244
Total assets	3,950,835	3,252,772
Derivative liabilities:
Derivative liability, before netting	53,891	69,354
Net amounts of liabilities presented in the consolidated balance sheet	53,891	69,354
Total liabilities	53,891	69,354
Recurring basis \| Level 2 \| Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	2,545	2,433
Derivative liabilities:
Derivative liability, before netting	45,997	48,670
Recurring basis \| Level 2 \| Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	67,764	80,754
Derivative liabilities:
Derivative liability, before netting	7,894	20,684
Recurring basis \| Level 2 \| MBS put options
Derivative assets:
Derivative asset, before netting	2,790	6,057
Recurring basis \| Level 3
Assets:
Loans held for sale	392,758	345,772
Derivative assets:
Derivative asset, before netting	41,379	36,728
Total derivative assets	41,379	36,728
Mortgage servicing rights at fair value	6,510,585	5,953,621
Total assets	6,944,722	6,336,121
Derivative liabilities:
Derivative liability, before netting	10,743	10,884
Net amounts of liabilities presented in the consolidated balance sheet	10,743	10,884
Mortgage servicing liabilities	1,940	2,096
Total liabilities	12,683	12,980
Recurring basis \| Level 3 \| Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	41,379	36,728
Derivative liabilities:
Derivative liability, before netting	$ 10,743	$ 10,884

Fair Value - Level 3 Input Roll

Fair Value - Level 3 Input Roll Forward, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the period	$ 6,375,025	$ 5,521,528	$ 6,325,237	$ 5,329,147
Purchases and issuances, net	682,364	744,928	1,182,522	3,041,015
Capitalization of interest and advances	13,183	15,608	20,838	47,719
Sales and repayments	(146,289)	(129,896)	(269,379)	(1,264,888)
Mortgage servicing rights resulting from loan sales	562,523	398,253	849,056	1,014,555
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	10,951	(24,394)	20,494	(30,210)
Other factors	(77,949)	(64,153)	(241,276)	(263,267)
Total changes in fair value included in income	(66,998)	(88,547)	(220,782)	(293,477)
Transfers from Level 3 to Level 2	(411,179)	(723,995)	(776,893)	(2,089,966)
Transfers to real estate acquired in settlement of loans	(254)	(386)	(306)	(386)
Transfers to loans held for sale	(74,396)	48,378	(176,314)	2,152
Balance at the end of the period	6,933,979	5,785,871	6,933,979	5,785,871
Changes in fair value recognized during the period relating to assets still held at the end of the period	(18,824)	158,947	(250,578)	360,985
Excess servicing spread financing
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the period	2,011
Changes in fair value included in income	(71)
Balance at the end of the period	1,940		1,940
Changes in fair value recognized during the period relating to liability still outstanding at the end of the period	(71)
Mortgage servicing liabilities
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the period		2,564	2,096	2,816
Changes in fair value included in income		(227)	(156)	(479)
Balance at the end of the period	1,940	2,337	1,940	2,337
Changes in fair value recognized during the period relating to liability still outstanding at the end of the period		(227)	(156)	(479)
Mortgage loans held for sale
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the period	312,789	776,590	345,772	1,128,876
Purchases and issuances, net	614,486	598,948	1,052,136	2,733,726
Capitalization of interest and advances	13,183	15,608	20,838	47,719
Sales and repayments	(146,289)	(129,896)	(269,147)	(1,264,888)
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	10,951	(24,394)	20,494	(30,210)
Other factors	(929)	(8,922)	(136)	(21,318)
Total changes in fair value included in income	10,022	(33,316)	20,358	(51,528)
Transfers from Level 3 to Level 2	(411,179)	(723,995)	(776,893)	(2,089,966)
Transfers to real estate acquired in settlement of loans	(254)	(386)	(306)	(386)
Balance at the end of the period	392,758	503,553	392,758	503,553
Changes in fair value recognized during the period relating to assets still held at the end of the period	5,868	(18,079)	10,646	(28,700)
Interest rate lock commitments
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the period	58,846	37,899	25,844	322,193
Purchases and issuances, net	67,878	145,980	130,386	307,289
Changes in fair value included in income arising from:
Other factors	(21,692)	(167,106)	50,720	(566,483)
Total changes in fair value included in income	(21,692)	(167,106)	50,720	(566,483)
Transfers to loans held for sale	(74,396)	48,378	(176,314)	2,152
Balance at the end of the period	30,636	65,151	30,636	65,151
Changes in fair value recognized during the period relating to assets still held at the end of the period	30,636	65,151	30,636	65,151
Mortgage servicing rights
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the period	6,003,390	4,707,039	5,953,621	3,878,078
Sales and repayments			(232)
Mortgage servicing rights resulting from loan sales	562,523	398,253	849,056	1,014,555
Changes in fair value included in income arising from:
Other factors	(55,328)	111,875	(291,860)	324,534
Total changes in fair value included in income	(55,328)	111,875	(291,860)	324,534
Balance at the end of the period	6,510,585	5,217,167	6,510,585	5,217,167
Changes in fair value recognized during the period relating to assets still held at the end of the period	$ (55,328)	$ 111,875	$ (291,860)	$ 324,534

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value, Fair Value Option, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage servicing liabilities
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	$ 71	$ 227	$ 156	$ 479
Mortgage servicing liabilities \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	71	227	156	479
Assets
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(34,575)	15,510	(105,160)	120,191
Assets \| Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	20,753	(96,365)	186,700	(204,343)
Assets \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(55,328)	111,875	(291,860)	324,534
Mortgage loans held for sale
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	20,753	(96,365)	186,700	(204,343)
Mortgage loans held for sale \| Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	20,753	(96,365)	186,700	(204,343)
Mortgage servicing rights at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(55,328)	111,875	(291,860)	324,534
Mortgage servicing rights at fair value \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	$ (55,328)	$ 111,875	$ (291,860)	$ 324,534

Fair Value - Fair Value Option

Fair Value - Fair Value Option Maturities, Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value
Total fair value	$ 4,270,494	$ 3,509,300
Recurring basis
Fair value
Total fair value	4,270,494	3,509,300
Mortgage loans held for sale \| Recurring basis
Fair value
Current through 89 days delinquent	4,221,456	3,450,578
Not in foreclosure	41,564	47,252
In foreclosure	7,474	11,470
Total fair value	4,270,494	3,509,300
Principal amount due upon maturity
Current through 89 days delinquent	4,185,719	3,428,052
Not in foreclosure	46,183	53,351
In foreclosure	18,804	16,811
Total principal amount due upon maturity	4,250,706	3,498,214
Difference
Current through 89 days delinquent	35,737	22,526
Not in foreclosure	(4,619)	(6,099)
In foreclosure	(11,330)	(5,341)
Total difference	$ 19,788	$ 11,086

Fair Value - Measurement Basis,

Fair Value - Measurement Basis, Nonrecurring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	$ 2,472,726		$ 2,472,726		$ 1,942,646
Unsecured Senior Notes	1,781,756		1,781,756		1,779,920
Term Notes and Term Loans
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	2,472,726		2,472,726		1,794,475
Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	1,781,756		1,781,756		1,779,920
Nonrecurring basis
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	2,873		2,873		1,850
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Real estate acquired in settlement of loans	(740)	$ (326)	(900)	$ (740)
Nonrecurring basis \| Level 3
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	2,873		2,873		1,850
Total \| Term Notes and Term Loans
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	2,469,563		2,469,563		1,677,476
Total \| Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	$ 1,551,467		$ 1,551,467		$ 1,550,750

Fair Value - Level 3 Unobservab

Fair Value - Level 3 Unobservable Inputs, Mortgage Loans and IRLC (Details) $ in Thousands	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Excess servicing spread financing
Loans held for sale \| $	$ 4,270,494	$ 3,509,300
Level 3
Excess servicing spread financing
Loans held for sale \| $	$ 392,758	$ 345,772
Mortgage loans held for sale \| Discount rate \| Level 3 \| Minimum
Excess servicing spread financing
Input	7.7	5.5
Mortgage loans held for sale \| Discount rate \| Level 3 \| Maximum
Excess servicing spread financing
Input	10.2	10.2
Mortgage loans held for sale \| Discount rate \| Level 3 \| Weighted average
Excess servicing spread financing
Input	7.8	5.7
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Minimum
Excess servicing spread financing
Input	(1.6)	(1.9)
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Maximum
Excess servicing spread financing
Input	(1.4)	(1.7)
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Weighted average
Excess servicing spread financing
Input	(1.5)	(1.8)
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Minimum
Excess servicing spread financing
Input	4.7	4.7
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Maximum
Excess servicing spread financing
Input	45.2	25.6
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Weighted average
Excess servicing spread financing
Input	31.1	21.6
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Minimum
Excess servicing spread financing
Input	4.8	4.8
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Maximum
Excess servicing spread financing
Input	57.4	36.1
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Weighted average
Excess servicing spread financing
Input	39.3	29.4
Interest rate lock commitments \| Level 3
Excess servicing spread financing
Fair Value \| $	$ 30,636	$ 25,844
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Minimum
Excess servicing spread financing
Input	8.5	10.3
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Maximum
Excess servicing spread financing
Input	100	100
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Weighted average
Excess servicing spread financing
Input	81.5	82.8
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Minimum
Excess servicing spread financing
Input	1.7	(1.3)
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Maximum
Excess servicing spread financing
Input	7.8	7.7
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Weighted average
Excess servicing spread financing
Input	4.3	4.3
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.4	(0.2)
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Maximum
Excess servicing spread financing
Input	4.2	3.8
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Weighted average
Excess servicing spread financing
Input	1.8	2

Fair Value - Level 3 Unobserv_2

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights - Initial Recognition (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($) item	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($) item	Dec. 31, 2022 USD ($) item
Mortgage servicing rights
Inputs
Amount recognized \| $	$ 562,523,000	$ 398,253,000	$ 849,056,000	$ 1,014,555,000
Total \| Mortgage servicing rights \| Level 3 \| Minimum
Inputs:
Annual per-loan cost of servicing \| $			67		$ 68
Total \| Mortgage servicing rights \| Level 3 \| Maximum
Inputs:
Annual per-loan cost of servicing \| $			130		144
Total \| Mortgage servicing rights \| Level 3 \| Weighted average
Inputs:
Annual per-loan cost of servicing \| $			$ 108		$ 109
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Minimum
Inputs:
Input	5.4		5.4		4.9
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Maximum
Inputs:
Input	12.6		12.6		14.3
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Weighted average
Inputs:
Input	6.4		6.4		6.5
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs:
Input	6.3		6.3		5
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs:
Input	17.4		17.4		17.7
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs:
Input	7.7		7.7		7.5
Total \| Mortgage servicing rights \| Life \| Level 3 \| Minimum
Inputs:
Input	3.2		3.2		3.7
Total \| Mortgage servicing rights \| Life \| Level 3 \| Maximum
Inputs:
Input	9.3		9.3		9.3
Total \| Mortgage servicing rights \| Life \| Level 3 \| Weighted average
Inputs:
Input	8.2		8.2		8.4
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3
Inputs
Amount recognized \| $	$ 562,523,000	398,253,000	$ 849,056,000	1,014,555,000
Unpaid principal balance of underlying loans \| $	$ 24,993,118,000	$ 19,377,222,000	$ 38,688,482,000	$ 49,953,192,000
Weighted-average servicing fee rate (as a percent)	0.50%	0.42%	0.50%	0.43%
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3 \| Minimum
Inputs:
Annual per-loan cost of servicing \| $	$ 68	$ 80	$ 68	$ 80
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3 \| Maximum
Inputs:
Annual per-loan cost of servicing \| $	127	146	127	176
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3 \| Weighted average
Inputs:
Annual per-loan cost of servicing \| $	$ 98	$ 103	$ 100	$ 104
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Pricing spread \| Level 3 \| Minimum
Inputs:
Input	5.5	5.7	5.5	5.7
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Pricing spread \| Level 3 \| Maximum
Inputs:
Input	12.6	11.7	12.6	16.1
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Pricing spread \| Level 3 \| Weighted average
Inputs:
Input	7.4	8.2	7.5	7.7
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs:
Input	9.1	5.7	9.1	5.7
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs:
Input	20.7	19.3	23.2	23.4
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs:
Input	10.9	8.4	11.3	8.3
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Life \| Level 3 \| Minimum
Inputs:
Input	3.1	4.3	3	3.7
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Life \| Level 3 \| Maximum
Inputs:
Input	8.4	9.2	8.4	9.2
Total \| MSRs at the time of initial recognition, excluding MSR purchases \| Life \| Level 3 \| Weighted average
Inputs:
Input	7.6	8.5	7.5	8.4

Fair Value - Level 3 Unobserv_3

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights, Effect of Change In Inputs on Fair Value (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
MSR and pool characteristics
Carrying value	$ 6,510,585,000	$ 5,953,621,000
Mortgage servicing liabilities \| Level 3
Prepayment speed
Annual per-loan cost of servicing	1,138	1,177
Total \| Mortgage servicing rights \| Level 3
MSR and pool characteristics
Carrying value	6,510,585,000	5,953,621,000
Unpaid principal balance of underlying loans	$ 337,695,442,000	$ 314,567,639,000
Weighted-average note interest rate (as a percent)	3.70%	3.40%
Weighted-average servicing fee rate (as a percent)	0.38%	0.36%
Pricing spread
Effect on fair value of 5% adverse change	$ (84,331,000)	$ (81,021,000)
Effect on fair value of 10% adverse change	(166,478,000)	(159,863,000)
Effect on fair value of 20% adverse change	(324,529,000)	(311,329,000)
Prepayment speed
Effect on fair value of 5% adverse change	(93,045,000)	(77,346,000)
Effect on fair value of 10% adverse change	(182,826,000)	(152,192,000)
Effect on fair value of 20% adverse change	(353,270,000)	(294,872,000)
Annual per-loan cost of servicing
Effect on fair value of 5% adverse change	(42,395,000)	(41,263,000)
Effect on fair value of 10% adverse change	(84,790,000)	(82,527,000)
Effect on fair value of 20% adverse change	(169,580,000)	(165,053,000)
Total \| Mortgage servicing rights \| Level 3 \| Minimum
Prepayment speed
Annual per-loan cost of servicing	67	68
Total \| Mortgage servicing rights \| Level 3 \| Maximum
Prepayment speed
Annual per-loan cost of servicing	130	144
Total \| Mortgage servicing rights \| Level 3 \| Weighted average
Prepayment speed
Annual per-loan cost of servicing	$ 108	$ 109
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Minimum
Inputs
Input \| item	5.4	4.9
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Maximum
Inputs
Input \| item	12.6	14.3
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Weighted average
Inputs
Input \| item	6.4	6.5
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs
Input \| item	6.3	5
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs
Input \| item	17.4	17.7
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs
Input \| item	7.7	7.5
Total \| Mortgage servicing rights \| Life \| Level 3 \| Minimum
Inputs
Input \| item	3.2	3.7
Total \| Mortgage servicing rights \| Life \| Level 3 \| Maximum
Inputs
Input \| item	9.3	9.3
Total \| Mortgage servicing rights \| Life \| Level 3 \| Weighted average
Inputs
Input \| item	8.2	8.4

Fair Value - Level 3 Unobserv_4

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Liabilities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	$ 1,940,000	$ 2,096,000
Mortgage servicing liabilities \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	1,940,000	2,096,000
Unpaid principal balance of underlying loans	$ 36,628,000	$ 33,157,000
Servicing fee rate (as a percent)	0.25%	0.25%
Annual per-loan cost of servicing	$ 1,138	$ 1,177
Mortgage servicing liabilities \| Pricing spread \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input \| item	8	7.8
Mortgage servicing liabilities \| Annual total prepayment speed \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input \| item	16.8	17.2
Mortgage servicing liabilities \| Life \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input \| item	4.9	4.9

Loans Held for Sale at Fair V_3

Loans Held for Sale at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 4,270,494	$ 3,509,300
Government-insured or guaranteed
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	2,224,970	2,006,157
Conventional mortgage loans
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	1,631,926	1,145,053
Jumbo Loan
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	20,840	12,318
Closed-end second
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	153,700	46,589
Mortgage loans purchased from Ginnie Mae pools serviced by the entity
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	226,668	257,175
Mortgage loans repurchased pursuant to representations and warranties
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	12,390	42,008
Asset Pledged as Collateral without Right
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	4,194,839	3,442,847
Asset Pledged as Collateral without Right \| Loan Repo Facility
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	3,661,755	3,139,870
Asset Pledged as Collateral without Right \| Mortgage Loan Participation and Sale Agreement member
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 533,084	$ 302,977

Derivative Financial Instrume_3

Derivative Financial Instruments - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative assets:
Derivative asset, before netting	$ 140,571		$ 140,571		$ 157,995
Netting	(55,054)		(55,054)		(58,992)
Total derivative assets	85,517		85,517		99,003
Derivative liabilities:
Derivative liability, before netting	64,634		64,634		83,246
Netting	(42,595)		(42,595)		(61,534)
Net amounts of liabilities presented in the consolidated balance sheet	22,039		22,039		21,712
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(155,136)	$ (176,005)	(107,909)	$ (393,865)
Interest rate lock commitments and loans held for sale
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	150,760	296,290	55,962	997,069
Mortgage servicing rights
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(155,136)	(176,005)	(107,909)	(393,865)
Margin Deposits
Derivative assets:
Collateral placed with (received from) derivative counterparties	(12,459)		(12,459)		2,542
Interest rate lock commitments
Derivative assets:
Total derivative assets	41,379		41,379		36,728
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(28,209)	$ 27,251	4,793	$ (257,043)
Forward contracts \| Purchases
Derivative Instruments
Notional amount	16,819,007		16,819,007		8,320,849
Derivative assets:
Derivative asset, before netting	2,545		2,545		2,433
Derivative liabilities:
Derivative liability, before netting	45,997		45,997		48,670
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			8,320,849
Balance at end of period	16,819,007		16,819,007
Forward contracts \| Sales
Derivative Instruments
Notional amount	15,781,217		15,781,217		12,487,760
Derivative assets:
Derivative asset, before netting	67,764		67,764		80,754
Derivative liabilities:
Derivative liability, before netting	7,894		7,894		20,684
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			12,487,760
Balance at end of period	15,781,217		15,781,217
MBS put options
Derivative Instruments
Notional amount	1,100,000		1,100,000		1,750,000
Derivative assets:
Derivative asset, before netting	2,790		2,790		6,057
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			1,750,000
Balance at end of period	1,100,000		1,100,000
Put options on Eurodollar futures \| Purchases
Derivative Instruments
Notional amount	4,220,000		4,220,000		6,800,000
Derivative assets:
Derivative asset, before netting	25,249		25,249		29,203
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			6,800,000
Balance at end of period	4,220,000		4,220,000
Put options on Eurodollar futures \| Sales
Derivative Instruments
Notional amount					250,000
Derivative liabilities:
Derivative liability, before netting					3,008
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			250,000
Call options on Eurodollar futures \| Purchases
Derivative Instruments
Notional amount	537,500		537,500		1,350,000
Derivative assets:
Derivative asset, before netting	844		844		2,820
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			1,350,000
Balance at end of period	537,500		537,500
Treasury future \| Purchases
Derivative Instruments
Notional amount	5,375,900		5,375,900		3,709,200
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			3,709,200
Balance at end of period	5,375,900		5,375,900
Treasury future \| Sales
Derivative Instruments
Notional amount	13,145,500		13,145,500		3,456,900
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			3,456,900
Balance at end of period	13,145,500		13,145,500
Not designated as hedging instrument \| Interest rate lock commitments
Derivative Instruments
Notional amount	6,484,588		6,484,588		7,009,119
Derivative assets:
Derivative asset, before netting	41,379		41,379		36,728
Derivative liabilities:
Derivative liability, before netting	10,743		10,743		$ 10,884
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period			7,009,119
Balance at end of period	$ 6,484,588		$ 6,484,588

Derivative Financial Instrume_4

Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives subject to master netting arrangements:
Gross amounts offset in the consolidated balance sheet	$ (55,054)	$ (58,992)
Total
Gross amounts of recognized assets	140,571	157,995
Net amounts of assets presented in the balance sheet	85,517	99,003
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	41,379	36,728
MBS put options
Total
Gross amounts of recognized assets	2,790	6,057
Forward contracts \| Purchases
Total
Gross amounts of recognized assets	2,545	2,433
Forward contracts \| Sales
Total
Gross amounts of recognized assets	67,764	80,754
Put options on Eurodollar futures \| Purchases
Total
Gross amounts of recognized assets	25,249	29,203
Call options on Eurodollar futures \| Purchases
Total
Gross amounts of recognized assets	$ 844	$ 2,820

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Assets, Financial Assets, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Total
Net amounts of assets presented in the balance sheet	$ 85,517	$ 99,003
Net amount	85,517	99,003
JP Morgan
Total
Net amounts of assets presented in the balance sheet	2,569	238
Net amount	2,569	238
RJ O'Brien
Total
Net amounts of assets presented in the balance sheet	26,093	29,016
Net amount	26,093	29,016
Morgan Stanley Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	1,785	18,501
Net amount	1,785	18,501
Citibank, N.A.
Total
Net amounts of assets presented in the balance sheet		5,098
Net amount		5,098
Goldman Sachs
Total
Net amounts of assets presented in the balance sheet		5,757
Net amount		5,757
Wells Fargo Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	5,422
Net amount	5,422
Athene Annuity & Life Assurance Company
Total
Net amounts of assets presented in the balance sheet	3,658
Net amount	3,658
Bank of America, N.A.
Total
Net amounts of assets presented in the balance sheet	2,572	1,519
Net amount	2,572	1,519
Other
Total
Net amounts of assets presented in the balance sheet	2,039	2,146
Net amount	2,039	2,146
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	41,379	36,728
Net amount	$ 41,379	$ 36,728

Derivative Financial Instrume_6

Derivative Financial Instruments - Offsetting of Derivative Assets - Offsetting of Derivative and Financial Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives: Subject to master netting arrangements:
Netting	$ (42,595)	$ (61,534)
Total.
Gross amounts of recognized liabilities	64,634	83,246
Net amounts of liabilities presented in the consolidated balance sheet	22,039	21,712
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	3,786,306
Debt Issuance Costs
Net amount of liabilities in the consolidated balance sheet	3,780,524	3,001,283
Total
Net amounts of liabilities presented in the consolidated balance sheet	3,808,345	3,026,402
Net amount of liabilities in the consolidated balance sheet	22,039	21,712
Loan Repo Facility
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	3,786,306	3,004,690
Debt Issuance Costs
Debt issuance costs	(5,782)	(3,407)
Net amount of liabilities in the consolidated balance sheet	3,780,524	3,001,283
Forward contracts \| Purchases
Total.
Gross amounts of recognized liabilities	45,997	48,670
Forward contracts \| Sales
Total.
Gross amounts of recognized liabilities	7,894	20,684
Interest rate lock commitments
Total
Net amounts of liabilities presented in the consolidated balance sheet	10,743	10,884
Net amount of liabilities in the consolidated balance sheet	$ 10,743	10,884
Put options on Eurodollar futures \| Sales
Total.
Gross amounts of recognized liabilities		$ 3,008

Derivative Financial Instrume_7

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Liabilities, Financial Liabilities, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	$ 3,808,345	$ 3,026,402
Financial instruments	(3,786,306)	(3,004,690)
Net amount of liabilities in the consolidated balance sheet	22,039	21,712
Atlas Securitized Products, L.P.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,240,174
Financial instruments	(1,240,174)
Credit Suisse First Boston Mortgage Capital LLC
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet		970,725
Financial instruments		(968,804)
Net amount of liabilities in the consolidated balance sheet		1,921
JP Morgan
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	193,076	211,713
Financial instruments	(191,991)	(211,713)
Net amount of liabilities in the consolidated balance sheet	1,085
Bank of America, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	932,023	567,745
Financial instruments	(932,023)	(567,745)
Barclays
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	109,809	80,276
Financial instruments	(109,038)	(79,295)
Net amount of liabilities in the consolidated balance sheet	771	981
Citibank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	119,698	94,211
Financial instruments	(118,654)	(94,211)
Net amount of liabilities in the consolidated balance sheet	1,044
Royal Bank of Canada
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	489,378	381,893
Financial instruments	(489,378)	(381,893)
BNP Paribas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	239,047	300,280
Financial instruments	(239,015)	(300,280)
Net amount of liabilities in the consolidated balance sheet	32
Morgan Stanley Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	166,871	114,277
Financial instruments	(166,871)	(114,277)
Wells Fargo Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	178,827	228,181
Financial instruments	(178,827)	(221,986)
Net amount of liabilities in the consolidated balance sheet		6,195
Mizuho Securities
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	3,431
Net amount of liabilities in the consolidated balance sheet	3,431
Goldman Sachs
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	122,825	64,486
Financial instruments	(120,335)	(64,486)
Net amount of liabilities in the consolidated balance sheet	2,490
Other
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	2,443	1,731
Net amount of liabilities in the consolidated balance sheet	2,443	1,731
Interest rate lock commitments
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	10,743	10,884
Net amount of liabilities in the consolidated balance sheet	$ 10,743	$ 10,884

Mortgage Servicing Rights and_3

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Activity in MSRs at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Change in fair value due to:
Total change in fair value	$ 55,257	$ (112,102)	$ 291,704	$ (325,013)
Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period	6,003,390	4,707,039	5,953,621	3,878,078
Additions - Resulting from loan sales	562,523	398,253	849,056	1,014,555
Additions	562,523	398,253	848,824	1,014,555
Sales			(232)
Change in fair value due to:
Changes in valuation inputs used in valuation model	118,898	233,697	28,619	557,625
Other changes in fair value	(174,226)	(121,822)	(320,479)	(233,091)
Total change in fair value	(55,328)	111,875	(291,860)	324,534
Balance at end of period	6,510,585	5,217,167	6,510,585	5,217,167
UPB of underlying loan at end of period	337,695,442	$ 297,269,682	337,695,442	$ 297,269,682
Asset Pledged as Collateral without Right \| Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period			5,897,613
Change in fair value due to:
Balance at end of period	$ 6,457,553		$ 6,457,553
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		Notes Payable		Notes Payable

Mortgage Servicing Rights and_4

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Mortgage Servicing Liabilities Carried at FV (Details) - Mortgage servicing liabilities - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortized cost:
Balance at beginning of period	$ 2,011	$ 2,564	$ 2,096	$ 2,816
Changes in valuation inputs used in valuation model	(7)	(129)	(22)	(267)
Other changes in fair value	(64)	(98)	(134)	(212)
Total change in fair value	(71)	(227)	(156)	(479)
Balance at end of period	1,940	2,337	1,940	2,337
UPB of underlying loan at end of period	$ 36,628	$ 41,481	$ 36,628	$ 41,481

Mortgage Servicing Rights and_5

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Servicing, Late, Ancillary and Other Fees Relating to MSRs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other fees:
Loan servicing fees	$ 356,471	$ 302,350	$ 694,528	$ 593,608
Mortgage servicing rights
Contractual servicing fees	307,119	259,338	597,816	504,147
Other fees:
Late charges	12,897	9,527	25,498	19,644
Other	2,775	3,541	4,956	8,535
Loan servicing fees	$ 322,791	$ 272,406	$ 628,270	$ 532,326

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases
Operating lease option to extend			true
Lease expenses:
Operating leases	$ 4,854	$ 5,008	$ 9,803	$ 9,962
Short-term leases	74	241	237	460
Sublease income	(173)		(269)
Net lease expense included in Occupancy and equipment	4,755	5,249	9,771	10,422
Payments for operating leases	$ 5,904	5,388	11,600	10,257
Operating lease right-of-use assets recognized		$ 793	$ 1,727	$ 793
Remaining lease term (in year)	4 years 6 months	5 years 3 months 18 days	4 years 6 months	5 years 3 months 18 days
Discount rate (as a percent)	3.80%	3.90%	3.80%	3.90%
Operating lease liabilities
2024	$ 22,779		$ 22,779
2025	19,309		19,309
2026	17,599		17,599
2027	11,336		11,336
2028	5,180		5,180
Thereafter	9,559		9,559
Total lease payments	85,762		85,762
Less imputed interest	(9,806)		(9,806)
Operating lease liability	$ 75,956		$ 75,956		$ 85,550
Minimum
Leases
Remaining operating lease term	1 year		1 year
Maximum
Leases
Remaining operating lease term	8 years		8 years
Operating lease renewal term	5 years		5 years

Other Assets - Other (Details)

Other Assets - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying value:
Capitalized software, net	$ 156,047	$ 157,460
Margin deposits	153,533	55,968
Servicing fee receivables, net	31,546	31,356
Other servicing receivables	43,312	24,854
Prepaid expenses	32,068	38,780
Interest receivable	39,091	24,110
Furniture, fixtures, equipment and building improvements, net	23,731	28,382
Deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	38,118	12,277
Real estate acquired in settlement of loans	12,171	11,497
Derivative settlements receivable	6,753	1,522
Other	57,328	31,701
Other assets	593,698	417,907
Asset Pledged as Collateral without Right
Carrying value:
Other assets	38,118	12,277
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other assets	38,118	12,277
Asset Pledged as Collateral without Right \| Note Payable
Carrying value:
Other assets	$ 31,561	$ 12,277

Short-Term Debt - Assets Sold U

Short-Term Debt - Assets Sold Under Agreement to Repurchase (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Carrying value:
Net amounts of liabilities presented in the consolidated balance sheet	$ 3,786,306,000		$ 3,786,306,000
Total loans sold under agreements to repurchase	3,780,524,000		3,780,524,000		$ 3,001,283,000
Loans held for sale	4,270,494,000		4,270,494,000		3,509,300,000
Servicing advances, net	500,122,000		500,122,000		696,753,000
Mortgage servicing rights, at fair value	6,510,585,000		6,510,585,000		5,953,621,000
Other Assets	593,698,000		593,698,000		417,907,000
Note Payable
During the period:
Average balance of assets sold under agreements to repurchase	2,480,000,000	$ 1,426,373,000	2,287,099,000	$ 1,363,536,000
Carrying value:
Amortization of debt issuance costs	809,000	548,000	1,700,000	1,000,000
Loan Repo Facility
During the period:
Average balance of assets sold under agreements to repurchase	$ 4,688,102,000	$ 2,215,595,000	$ 4,101,440,000	$ 2,964,727,000
Weighted-average interest rate (as a percent)	7.25%	2.80%	6.95%	2.42%
Total interest expense	$ 87,480,000	$ 18,949,000	$ 146,703,000	$ 42,719,000
Maximum daily amount outstanding	6,358,007,000	3,316,376,000	6,358,007,000	7,289,147,000
Carrying value:
Net amounts of liabilities presented in the consolidated balance sheet	3,786,306,000		3,786,306,000		3,004,690,000
Unamortized debt issuance costs	(5,782,000)		(5,782,000)		(3,407,000)
Total loans sold under agreements to repurchase	$ 3,780,524,000		$ 3,780,524,000		$ 3,001,283,000
Weighted average interest rate (as a percent)	6.87%		6.87%		6%
Available borrowing capacity committed	$ 1,284,131,000		$ 1,284,131,000		$ 1,078,927,000
Available borrowing capacity uncommitted	5,204,563,000		5,204,563,000		5,391,383,000
Available borrowing capacity	6,488,694,000		6,488,694,000		6,470,310,000
Amortization of debt issuance costs	2,800,000	$ 3,500,000	5,400,000	$ 7,100,000
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	4,194,839,000		4,194,839,000		3,442,847,000
Servicing advances, net	288,082,000		288,082,000		381,379,000
Mortgage servicing rights, at fair value	6,457,553,000		6,457,553,000		5,897,613,000
Other Assets	$ 38,118,000		$ 38,118,000		$ 12,277,000
Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		Notes Payable		Notes Payable
Asset Pledged as Collateral without Right \| Note Payable \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	$ 6,457,553,000		$ 6,457,553,000		$ 5,897,613,000
Asset Pledged as Collateral without Right \| Note Payable \| Servicing advances
Carrying value:
Servicing advances, net	288,082,000		288,082,000		381,379,000
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	5,774,905,000		5,774,905,000		5,339,513,000
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Servicing advances
Carrying value:
Servicing advances, net	288,082,000		288,082,000		381,379,000
Asset Pledged as Collateral without Right \| Mortgage loans held for sale \| Loan Repo Facility \| Loans held for sale
Carrying value:
Loans held for sale	3,661,755,000		3,661,755,000		3,139,870,000
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other Assets	38,118,000		38,118,000		12,277,000
Asset Pledged as Collateral without Right \| Deposits. \| Note Payable \| Deposits
Carrying value:
Other Assets	31,561,000		31,561,000		12,277,000
Asset Pledged as Collateral without Right \| Deposits. \| Loan Repo Facility \| Deposits
Carrying value:
Other Assets	$ 38,118,000		$ 38,118,000		$ 12,277,000

Short-Term Debt - Maturities of

Short-Term Debt - Maturities of Outstanding Advances Under Repurchase Agreements (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 3,786,306
Weighted-average maturity (in months)	4 months 6 days
Within 30 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 678,162
Over 30 to 90 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	2,652,552
Over 90 to 180 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	2,758
Over one year to two year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 452,834

Short-Term Debt - Mortgage Loan

Short-Term Debt - Mortgage Loans Sold Under Agreement to Repurchase by Counterparty (Details) - Loan Repo Facility $ in Thousands	Jun. 30, 2023 USD ($)
Atlas Securitized Products L.P. & Citibank, N.A. & Goldman Sachs Bank USA
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 3,580,863
Atlas Securitized Products L.P. #2
Mortgage loans sold under agreement to repurchase
Amount at risk	312,426
Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	100,954
JP Morgan Chase Bank
Mortgage loans sold under agreement to repurchase
Amount at risk	7,029
JP Morgan
Mortgage loans sold under agreement to repurchase
Amount at risk	10,883
BNP Paribas
Mortgage loans sold under agreement to repurchase
Amount at risk	6,393
Atlas Securitized Products, L.P.
Mortgage loans sold under agreement to repurchase
Amount at risk	77,346
Barclays
Mortgage loans sold under agreement to repurchase
Amount at risk	21,248
Goldman Sachs
Mortgage loans sold under agreement to repurchase
Amount at risk	3,062
Citibank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	2,804
Morgan Stanley Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	7,810
Royal Bank of Canada
Mortgage loans sold under agreement to repurchase
Amount at risk	16,897
Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 21,712

Short-Term Debt - Mortgage Lo_2

Short-Term Debt - Mortgage Loan Participation and Sale Agreement (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Carrying value:
Loans held for sale	$ 4,270,494,000		$ 4,270,494,000		$ 3,509,300,000
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 505,712,000		$ 505,712,000		287,592,000
Mortgage Loan Participation and Sale Agreement member
Short-term Debt [Line Items]
Number of borrowing facilities secured by loans held for sale \| item	2		2
During the period:
Average balance	$ 266,907,000	$ 214,654,000
Weighted-average interest rate (as a percent)	6.45%	2.25%
Total interest expense	$ 4,462,000	$ 1,377,000
Carrying value:
Amortization of debt issuance costs	172,000	172,000
Mortgage Loan Participation and Sale Agreement member \| Maximum
Carrying value:
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	515,537,000	514,054,000
Note Payable
Carrying value:
Unamortized debt issuance costs	(7,274,000)		$ (7,274,000)		(7,354,000)
Amortization of debt issuance costs	809,000	$ 548,000	1,700,000	$ 1,000,000
Mortgage Loan Participation and Sale Agreement member
During the period:
Average balance			$ 225,778,000	$ 218,977,000
Weighted-average interest rate (as a percent)			6.29%	1.98%
Total interest expense			$ 7,385,000	$ 2,497,000
Carrying value:
Unpaid principal balance of mortgage loan participation and sale agreement secured by mortgage loan participation certificates	506,407,000		506,407,000		287,943,000
Unamortized debt issuance costs	(695,000)		(695,000)		(351,000)
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 505,712,000		$ 505,712,000		$ 287,592,000
Weighted average interest rate (as a percent)	6.39%		6.39%		5.71%
Amortization of debt issuance costs			$ 344,000	344,000
Mortgage Loan Participation and Sale Agreement member \| Maximum
Carrying value:
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates			515,537,000	$ 515,043,000
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	$ 4,194,839,000		4,194,839,000		$ 3,442,847,000
Asset Pledged as Collateral without Right \| Mortgage Loan Participation and Sale Agreement member
Carrying value:
Loans held for sale	$ 533,084,000		$ 533,084,000		$ 302,977,000

Long-Term Debt - Note Payable (

Long-Term Debt - Note Payable (Details) - USD ($)	3 Months Ended		6 Months Ended
Long-Term Debt - Note Payable (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 16, 2022
During the period:
Unpaid principal balance	$ 3,786,306,000		$ 3,786,306,000
Carrying value:
Notes payable	2,472,726,000		2,472,726,000		$ 1,942,646,000
Unsecured senior notes	1,781,756,000		1,781,756,000		1,779,920,000
Servicing advances, net	500,122,000		500,122,000		696,753,000
Mortgage servicing rights, at fair value	6,510,585,000		6,510,585,000		5,953,621,000
Other Assets	593,698,000		593,698,000		417,907,000
Notes payable
Repayments of Notes Payable			150,000,000
Asset Pledged as Collateral without Right
Carrying value:
Servicing advances, net	288,082,000		288,082,000		381,379,000
Mortgage servicing rights, at fair value	6,457,553,000		6,457,553,000		5,897,613,000
Other Assets	$ 38,118,000		$ 38,118,000		$ 12,277,000
Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]	Notes payable		Notes payable		Notes payable
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other Assets	$ 38,118,000		$ 38,118,000		$ 12,277,000
Note Payable
During the period:
Average balance	$ 2,480,000,000	$ 1,426,373,000	$ 2,287,099,000	$ 1,363,536,000
Weighted-average interest rate (as a percent)	8.57%	3.69%	8.19%	3.34%
Total interest expense	$ 53,817,000	$ 13,656,000	$ 94,595,000	$ 23,565,000
Carrying value:
Unpaid principal balance	2,480,000,000		2,480,000,000		1,950,000,000
Unamortized debt issuance costs	(7,274,000)		(7,274,000)		(7,354,000)
Notes payable	$ 2,472,726,000		$ 2,472,726,000		$ 1,942,646,000
Weighted-average interest rate (as a percent)	8.51%		8.51%		7.46%
Amortization of Financing Costs	$ 809,000	548,000	$ 1,700,000	1,000,000
Notes payable
Maximum loan amount	2,480,000,000		2,480,000,000
Note Payable \| SOFR
Notes payable
Maximum loan amount						$ 400,000,000
Committed amount of debt instrument						$ 350,000,000
Note Payable \| Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	6,457,553,000		6,457,553,000		$ 5,897,613,000
Note Payable \| Asset Pledged as Collateral without Right \| Servicing advances
Carrying value:
Servicing advances, net	288,082,000		288,082,000		381,379,000
Note Payable \| Asset Pledged as Collateral without Right \| Deposits. \| Deposits
Carrying value:
Other Assets	31,561,000		31,561,000		12,277,000
Notes Payable Term Loan 2018-GT1 \| LIBOR
Notes payable
Maximum loan amount	650,000,000		$ 650,000,000
Interest rate spread			3.85%
Notes Payable Term Loan 2018-GT2 \| LIBOR
Long-Term debt
Term of loan			2 years
Notes payable
Maximum loan amount	650,000,000		$ 650,000,000
Interest rate spread			2.65%
Notes Payable Term Loan 2022-GT1 \| SOFR
Long-Term debt
Maximum loan amount	500,000,000		$ 500,000,000
Notes payable
Interest rate spread			4.25%
Notes Payable Term Loan 2023-GT1 \| SOFR
Notes payable
Maximum loan amount	680,000,000		$ 680,000,000
Interest rate spread			3%
Unsecured Senior Note
During the period:
Average balance	$ 1,800,000,000	$ 1,800,000,000	$ 1,800,000,000	$ 1,800,000,000
Weighted-average interest rate (as a percent)	5.07%	5.07%	5.07%	5.07%
Total interest expense	$ 23,688,000	$ 23,688,000	$ 47,116,000	$ 47,116,000
Unpaid principal balance	1,800,000,000		1,800,000,000		1,800,000,000
Unamortized debt issuance costs and premiums	(18,244,000)		(18,244,000)		(20,080,000)
Debt Instrument Unamortized Premium And Debt Issuance Costs Net	$ 1,781,756,000		$ 1,781,756,000		$ 1,779,920,000
Weighted average interest rate (as a percent)	5.07%		5.07%		5.07%
Carrying value:
Amortization of Financing Costs	$ 923,000	$ 923,000	$ 1,800,000	$ 1,800,000
Notes payable
Maximum loan amount	1,800,000,000		$ 1,800,000,000
Redemption rate (as a percent)			100%
Unsecured Senior Note \| Before October 15, 2022 with up to 40% principal redeemed
Notes payable
Redemption rate (as a percent)			40%
Unsecured Senior Notes One Due October 2025
Notes payable
Maximum loan amount	500,000,000		$ 500,000,000
Interest rate spread			5.38%
Unsecured Senior Notes Two Due October 2025
Notes payable
Maximum loan amount	150,000,000		$ 150,000,000
Interest rate spread			5.38%
Unsecured Senior Notes Due February 2029
Notes payable
Maximum loan amount	650,000,000		$ 650,000,000
Interest rate spread			4.25%
Unsecured Senior Notes Due September 2031
Notes payable
Maximum loan amount	500,000,000		$ 500,000,000
Interest rate spread			5.75%
Loan and Security Agreement
Carrying value:
Unpaid principal balance					$ 150,000,000
Term Notes and Term Loans
Carrying value:
Unpaid principal balance	$ 2,480,000,000		$ 2,480,000,000		$ 1,800,000,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Long-Term debt
2024	$ 650,000
2025	650,000
2026	650,000
2027	500,000
2028	680,000
Thereafter	1,150,000
Total	4,280,000
Note Payable
Long-Term debt
2024	650,000
2025	650,000
2027	500,000
2028	680,000
Total	2,480,000
Unsecured Senior Note
Long-Term debt
2026	650,000
Thereafter	1,150,000
Total	$ 1,800,000

Long-Term Debt - Obligations Un

Long-Term Debt - Obligations Under Capital Lease (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Leases
Average balance	$ 523	$ 1,695
Weighted average interest rate	2.49%	2.18%
Total interest expense	$ 5	$ 20
Maximum daily amount outstanding	$ 1,396	$ 3,489
Other Assets			$ 593,698	$ 417,907
Asset Pledged as Collateral without Right
Leases
Other Assets			$ 38,118	$ 12,277

Liability for Losses Under Re_3

Liability for Losses Under Representations and Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
During the period:
Balance at beginning of period	$ 31,103	$ 42,794	$ 32,421	$ 43,521
Provision for losses on loans sold resulting from sales of loans	3,139	2,182	4,874	6,236
Provision for losses on loans sold resulting from change in estimate	(2,008)	(2,227)	(3,453)	(5,396)
Losses incurred, net	(2,088)	(3,413)	(3,696)	(5,025)
Balance at end of period	30,146	39,336	30,146	39,336
Unpaid principal balance of loans subject to representations and warranties at end of period	$ 320,986,649	$ 278,793,884	$ 320,986,649	$ 278,793,884

Income Taxes - General (Details

Income Taxes - General (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - General (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of the entity's provision for income taxes at statutory rates to the provision for income taxes at the entity's effective tax rate
Effective tax rate (as a percent)	20.10%	27.20%	20.20%	26.50%
Increase in permanent differences	$ 4.9	$ (1.3)	$ 7.4	$ (0.1)
Pretax income/(loss)	$ 72.9	$ 177.5	$ 111.1	$ 412

Commitments and Contingencies -

Commitments and Contingencies - Other (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Contingencies
Total commitments to purchase and fund mortgage loans	$ 6,500
Black Knight Servicing Technologies, LLC \| Pending Litigation \| Minimum
Contingencies
Damages for breach of contract and misappropriation of trade secrets	$ 340

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended		73 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Aug. 31, 2021
Stockholders' Equity
Cost of shares of common stock repurchased	$ 26,214,000	$ 113,645,000	$ 71,575,000	$ 255,057,000
Cumulative common stock repurchase transactions fees.			$ 621,000
Common Class A [Member]
Stockholders' Equity
Authorized stock repurchase amount						$ 2,000,000,000
Shares of common stock repurchased	433	2,427	1,201	4,747	34,063
Cost of shares of common stock repurchased	$ 26,214,000	$ 113,645,000	$ 71,575,000	$ 255,057,000	$ 1,788,282,000

Net Gains on Loans Held for S_3

Net Gains on Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Non-cash gain:
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	$ (3,139)	$ (2,182)	$ (4,874)	$ (6,236)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	2,008	2,227	3,453	5,396
Change in fair value of loans and derivatives held at period end:
Net gains on loans held for sale at fair value	141,419	222,567	245,804	521,026
Nonrelated Party
Cash (losses) gains:
Loans	(608,885)	(451,171)	(664,271)	(1,395,392)
Hedging activities	300,686	82,617	84,548	972,704
Cash gain (loss), net of effects of cash hedging, on sale of loans held for sale	(308,199)	(368,554)	(579,723)	(422,688)
Non-cash gain:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales	562,523	398,253	849,056	1,014,555
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	(3,139)	(2,182)	(4,874)	(6,236)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	2,008	2,227	3,453	5,396
Change in fair value of loans and derivatives held at period end:
Interest rate lock commitments	(28,209)	27,251	4,793	(257,043)
Loans	66,870	(43,349)	2,679	177,081
Hedging derivatives	(149,926)	213,673	(28,586)	24,365
Net gains on loans held for sale at fair value	141,928	227,319	246,798	535,430
Related Party
Change in fair value of loans and derivatives held at period end:
Net gains on loans held for sale at fair value	(509)	(4,752)	(994)	(14,404)
Related Party \| PennyMac Mortgage Investment Trust
Change in fair value of loans and derivatives held at period end:
Net gains on loans held for sale at fair value	$ (509)	$ (4,752)	$ (994)	$ (14,404)

Net Interest Expense (Details)

Net Interest Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
Net Interest Expense (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
Interest income	$ 172,952,000	$ 49,864,000	$ 301,430,000	$ 103,746,000
Interest expense:
Obligations under capital lease		5,000		20,000
Interest expense	178,642,000	71,127,000	310,413,000	148,434,000
Net interest expense	(5,690,000)	(21,263,000)	(8,983,000)	(44,688,000)
Nonrelated Party
Interest income:
Cash and short-term investments	21,127,000	405,000	37,372,000	977,000
Loans held for sale at fair value	78,780,000	36,777,000	139,773,000	85,890,000
Placement fees relating to custodial funds	73,024,000	12,682,000	124,243,000	16,879,000
Interest expense:
Assets sold under agreements to repurchase	87,480,000	18,949,000	146,703,000	42,719,000
Mortgage loan participation purchase and sale agreements	4,462,000	1,377,000	7,385,000	2,497,000
Notes payable	53,817,000	13,656,000	94,595,000	23,565,000
Unsecured senior notes	23,688,000	23,688,000	47,116,000	47,116,000
Obligations under capital lease		5,000		20,000
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	6,714,000	12,286,000	9,924,000	29,765,000
Interest on mortgage loan impound deposits	2,225,000	1,166,000	4,192,000	2,752,000
Other	256,000		498,000
Interest expense	178,642,000	71,127,000	310,413,000	148,434,000
Related Party \| Townsgate Closing Services, LLC
Interest income:
Interest income	21,000		42,000
Loan Repo Facility
Interest expense:
Assets sold under agreements to repurchase	$ 87,480,000	$ 18,949,000	$ 146,703,000	$ 42,719,000

Stock-based Compensation - Othe

Stock-based Compensation - Other (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation
Grant date fair value	$ 300		$ 35,444	$ 50,563
Stock-based compensation expense	$ 375	$ 14,948	$ 12,025	$ 24,223
Employee Stock Option [Member]
Stock-Based Compensation
Granted (in units)			221	574
Grant date fair value			$ 5,492	$ 12,138
Exercised (in units)	195	19	351	63
Performance-based RSUs
Stock-Based Compensation
Granted (in units)			307	342
Grant date fair value			$ 18,611	$ 19,522
Vested (in units)			612	643
Time-based RSUs
Stock-Based Compensation
Granted (in units)	5		187	331
Grant date fair value	$ 300		$ 11,341	$ 18,903
Vested (in units)	1	2	246	246

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Diluted earnings per share of common stock:
Net Income (Loss)	$ 58,250	$ 129,163	$ 88,628	$ 302,756
Weighted-average common stock outstanding applicable to basic earnings per share (in shares)	49,874	54,167	50,013	54,995
Effect of dilutive shares:
Common shares issuable under stock-based compensation plans (in shares)	2,390	2,475	2,790	2,897
Weighted-average shares of common stock applicable to diluted earnings per share (in shares)	52,264	56,642	52,803	57,892
Basic earnings per share of common stock (in dollars per share)	$ 1.17	$ 2.38	$ 1.77	$ 5.51
Diluted earnings per share of common stock (in dollars per share)	$ 1.11	$ 2.28	$ 1.68	$ 5.23
Total anti-dilutive shares and units (in shares)	1,079	2,076	1,059	1,901
Performance-based RSUs
Effect of dilutive shares:
Total anti-dilutive shares and units (in shares)	608	508	520	412
Time-based RSUs
Effect of dilutive shares:
Total anti-dilutive shares and units (in shares)	1	144	129	233
Employee Stock Option [Member]
Effect of dilutive shares:
Total anti-dilutive shares and units (in shares)	470	1,424	410	1,256
Weighted-average exercise price of anti-dilutive stock options (in dollars per share)	$ 58.92	$ 58.49	$ 58.62	$ 58.68

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2023	Dec. 31, 2015	Dec. 31, 2022
Fannie Mae / Freddie Mac - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth		$ 6,759,237		$ 6,632,627
Capital Requirement		857,457		797,748
Liquidity		1,484,296		1,265,569
Liquidity requirement		$ 116,155		$ 107,768
Tangible net worth / Total assets ratio actual		37%		39%
Tangible net worth / Total assets ratio requirement		6%		6%
Ginnie Mae - Issuer - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth		$ 5,766,170		$ 5,899,892
Capital Requirement		986,713		923,202
Liquidity		1,484,296		1,265,569
Liquidity requirement		$ 259,871		$ 246,953
Adjusted net worth / Total assets ratio actual		31%		35%
Adjusted net worth / Total assets ratio requirement		6%		6%
Ginnie Mae - Issuer's parent - PennyMac \| 1-4 unit servicing portfolio
Regulatory Net Worth and Agency Capital Requirements
Net worth		$ 2,500
FHFA net worth requirement spread		0.35%
FHFA liquidity spread of UPB serviced		0.10%
Liquidity requirement		$ 1,000
HUD - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth		5,766,170		$ 5,899,892
Capital Requirement		$ 2,500		$ 2,500
Federal Housing Finance Agency
Regulatory Net Worth and Agency Capital Requirements
Net worth			$ 2,500
FHFA liquidity spread of UPB serviced	0.035%
FHFA additional liquidity spread of UPB in excess of set percent	2%
FHFA additional liquidity spread of UPB excluded	70%
Federal Housing Finance Agency \| 1-4 unit servicing portfolio
Regulatory Net Worth and Agency Capital Requirements
FHFA net worth requirement spread			0.25%

Segments (Details)

Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segments (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segments and Related Information
Number of segments \| segment			3
Revenues:
Net gains on loans held for sale at fair value	$ 141,419	$ 222,567	$ 245,804	$ 521,026
Loan origination fees	38,968	39,945	70,358	107,803
Fulfillment fees from PennyMac Mortgage Investment Trust	5,441	20,646	17,364	37,400
Net loan servicing fees	146,078	238,447	294,915	524,756
Net interest income (expense):
Interest income	172,952	49,864	301,430	103,746
Interest expense, before non-segment activities	178,642	71,127	310,413	148,434
Net interest expense, before non-segment activities	(5,690)	(21,263)	(8,983)	(44,688)
Management fees from PennyMac Mortgage Investment Trust	7,078	7,910	14,335	16,027
Other	3,253	3,263	5,616	6,695
Total net revenues, before non-segment activities	336,547	511,515	639,409	1,169,019
Expenses	263,630	333,989	528,345	756,973
Income before provision for income taxes	72,917	177,526	111,064	412,046
Assets:
Segment assets at period end	17,984,468	14,272,255	17,984,468	14,272,255	$ 16,822,584
Related Party
Revenues:
Net gains on loans held for sale at fair value	(509)	(4,752)	(994)	(14,404)
Loan origination fees	701	2,404	2,111	4,746
Related Party \| PennyMac Mortgage Investment Trust
Revenues:
Net gains on loans held for sale at fair value	(509)	(4,752)	(994)	(14,404)
Operating segment
Assets:
Segment assets at period end	17,984,468	14,272,255	17,984,468	14,272,255
Operating segment \| Investment management
Net interest income (expense):
Management fees from PennyMac Mortgage Investment Trust	7,078	7,910	14,335	16,027
Other	2,421	1,780	4,433	3,811
Total net revenues, before non-segment activities	9,499	9,690	18,768	19,838
Expenses	7,541	9,443	16,470	19,494
Income before provision for income taxes	1,958	247	2,298	344
Assets:
Segment assets at period end	23,182	26,599	23,182	26,599
Operating segment \| Mortgage banking
Revenues:
Net gains on loans held for sale at fair value	141,419	222,567	245,804	521,026
Loan origination fees	38,968	39,945	70,358	107,803
Fulfillment fees from PennyMac Mortgage Investment Trust	5,441	20,646	17,364	37,400
Net loan servicing fees	146,078	238,447	294,915	524,756
Net interest income (expense):
Interest income	172,952	49,864	301,430	103,746
Interest expense, before non-segment activities	178,642	71,127	310,413	148,434
Net interest expense, before non-segment activities	(5,690)	(21,263)	(8,983)	(44,688)
Other	832	1,483	1,183	2,884
Total net revenues, before non-segment activities	327,048	501,825	620,641	1,149,181
Expenses	256,089	324,546	511,875	737,479
Income before provision for income taxes	70,959	177,279	108,766	411,702
Assets:
Segment assets at period end	17,961,286	14,245,656	17,961,286	14,245,656
Operating segment \| Mortgage banking Production
Revenues:
Net gains on loans held for sale at fair value	126,249	152,895	200,975	374,505
Loan origination fees	38,968	39,945	70,358	107,803
Fulfillment fees from PennyMac Mortgage Investment Trust	5,441	20,646	17,364	37,400
Net interest income (expense):
Interest income	75,423	28,379	132,416	59,320
Interest expense, before non-segment activities	75,994	19,207	130,077	46,266
Net interest expense, before non-segment activities	(571)	9,172	2,339	13,054
Other	528	583	1,102	1,368
Total net revenues, before non-segment activities	170,615	223,241	292,138	534,130
Expenses	146,200	213,587	287,363	515,206
Income before provision for income taxes	24,415	9,654	4,775	18,924
Assets:
Segment assets at period end	4,976,152	3,735,706	4,976,152	3,735,706
Operating segment \| Mortgage banking Servicing
Revenues:
Net gains on loans held for sale at fair value	15,170	69,672	44,829	146,521
Net loan servicing fees	146,078	238,447	294,915	524,756
Net interest income (expense):
Interest income	97,529	21,485	169,014	44,426
Interest expense, before non-segment activities	102,648	51,920	180,336	102,168
Net interest expense, before non-segment activities	(5,119)	(30,435)	(11,322)	(57,742)
Other	304	900	81	1,516
Total net revenues, before non-segment activities	156,433	278,584	328,503	615,051
Expenses	109,889	110,959	224,512	222,273
Income before provision for income taxes	46,544	167,625	103,991	392,778
Assets:
Segment assets at period end	$ 12,985,134	$ 10,509,950	$ 12,985,134	$ 10,509,950

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 27, 2023	Jun. 30, 2023
Note Payable
Subsequent Event
Maximum loan amount		$ 2,480,000
Subsequent Event
Subsequent Event
Dividends declared (in dollars per share)	$ 0.20

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 58,250	$ 129,163	$ 88,628	$ 302,756

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false