PennyMac Mortgage Investment Trust (PMT) 10-K 28 Feb 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 25, 2014	Jun. 30, 2013
Document And Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Trading Symbol	'PMT	'	'
Entity Registrant Name	'PennyMac Mortgage Investment Trust	'	'
Entity Central Index Key	'0001464423	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	71,230,485	'
Entity Public Float	'	'	$1,226,108,506

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS	'	'
Cash	$27,411	$33,756
Short-term investments	92,398	39,017
Mortgage-backed securities at fair value	197,401	'
Mortgage loans acquired for sale at fair value (includes $454,210 and $972,079 pledged to secure mortgage loans acquired for sale under agreements to repurchase)	458,137	975,184
Mortgage loans at fair value (includes $1,963,266 and $956,583 pledged to secure mortgage loans sold under agreements to repurchase)	2,076,665	1,189,971
Mortgage loans under forward purchase agreements at fair value (includes $218,128 pledged to secure borrowings under forward purchase agreements)	218,128	'
Mortgage loans at fair value held by variable interest entity (includes $516,473 collateralized mortgage loans at fair value held by variable interest entity sold under agreement to repurchase and financed under asset-backed secured financing at fair value)	523,652	'
Excess servicing spread purchased from PennyMac Financial Services, Inc.	138,723	'
Derivative assets	7,976	23,706
Real estate acquired in settlement of loans (includes $98,109 and $23,834 pledged to secure real estate acquired in settlement of loans sold under agreements to repurchase)	138,942	88,078
Real estate acquired in settlement of loans under forward purchase agreements, pledged to secure forward purchase agreements	9,138	'
Mortgage servicing rights (includes $26,452 and $1,346 carried at fair value)	290,572	126,776
Servicing advances	59,573	32,191
Due from PennyMac Financial Services, Inc	6,009	4,829
Other assets	66,192	46,155
Total assets	4,310,917	2,559,663
Assets sold under agreements to repurchase:	'	'
Securities	190,861	'
Mortgage loans acquired for sale at fair value	424,670	894,906
Mortgage loans at fair value	1,070,105	353,805
Mortgage loans at fair value held by variable interest entity	315,744	'
Real estate acquired in settlement of loans	38,225	7,391
Borrowings under forward purchase agreements	226,580	'
Asset-backed secured financing at fair value	165,415	'
Exchangeable senior notes	250,000	'
Derivative liabilities	1,961	967
Accounts payable and accrued liabilities	71,561	48,285
Due to PennyMac Financial Services, Inc.	18,636	12,216
Income taxes payable	59,935	36,316
Liability for losses under representations and warranties	10,110	4,441
Total liabilities	2,843,803	1,358,327
Commitments and contingencies	'	'
SHAREHOLDERS' EQUITY	'	'
Common shares of beneficial interest-authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 70,458,082 and 58,904,456 common shares, respectively	705	589
Additional paid-in capital	1,384,468	1,129,858
Retained earnings	81,941	70,889
Total shareholders' equity	1,467,114	1,201,336
Total liabilities and shareholders' equity	$4,310,917	$2,559,663

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'
Mortgage loans acquired for sale at fair value, pledged to secure mortgage loans acquired for sale sold under agreements to repurchase	$454,210	$947,522
Mortgage loans at fair value, pledged to secure mortgage loans sold under agreements to repurchase	1,963,266	956,583
Mortgage loans under forward purchase agreements at fair value, pledged to secure borrowings under forward purchase agreements	218,128	'
Collateralized mortgage loans at fair value held by variable interest entity sold under agreement to repurchase and financed under asset-backed secured financing at fair value	516,473	'
Real estate acquired in settlement of loans, pledged to secure real estate acquired in settlement of loans sold under agreements to repurchase	98,109	23,834
Mortgage servicing rights at fair value	$26,452	$1,346
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$0.01	$0.01
Common shares, issued	70,458,082	58,904,456
Common shares, outstanding	70,458,082	58,904,456

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net investment income	'	'	'
Net gain on mortgage loans acquired for sale	$98,669	$147,675	$7,633
Loan origination fees	17,765	10,545	1,085
Net interest income:	'	'	'
Interest income	122,862	72,441	36,148
Interest expense	65,222	31,642	16,946
Total, Net interest income (expense)	57,640	40,799	19,202
Net gain on investments	207,758	103,649	82,643
Net loan servicing fees	32,791	-754	20
Results of real estate acquired in settlement of loans	-13,491	1,368	1,079
Other	4,386	244	6
Net investment income	405,518	303,526	111,668
Expenses	'	'	'
Loan fulfillment fees	79,712	62,906	1,747
Loan servicing fees	39,413	18,608	13,204
Management fees	32,410	12,436	6,740
Professional services	8,373	6,053	4,434
Compensation	7,914	7,144	5,161
Other	23,061	9,557	7,887
Total expenses	190,883	116,704	39,173
Income before provision for income taxes	214,635	186,822	72,495
Provision for income taxes	14,445	48,573	8,056
Net income	$200,190	$138,249	$64,439
Earnings per share	'	'	'
Basic	$3.13	$3.14	$2.41
Diluted	$2.96	$3.14	$2.41
Weighted-average shares outstanding	'	'	'
Basic	63,426	43,553	26,396
Diluted	69,448	43,876	26,679

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	Common Stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]
In Thousands, except Share data
Balance, Amount at Dec. 31, 2010	$319,913	$168	$317,175	$2,570
Balance, Shares at Dec. 31, 2010	'	16,832	'	'
Net income	64,439	'	'	64,439
Share-based compensation, Amount	3,738	1	3,737	'
Share-based compensation, Shares	'	89	'	'
Cash dividends	-39,548	'	'	-39,548
Proceeds from offerings of common shares, Amount	206,056	115	205,941	'
Proceeds from offerings of common shares, Shares	'	11,484	'	'
Underwriting and offering costs	-8,581	'	-8,581	'
Balance, Amount at Dec. 31, 2011	546,017	284	518,272	27,461
Balance, Shares at Dec. 31, 2011	'	28,405	'	'
Net income	138,249	'	'	138,249
Share-based compensation, Amount	5,068	2	5,066	'
Share-based compensation, Shares	'	163	'	'
Cash dividends	-94,821	'	'	-94,821
Proceeds from offerings of common shares, Amount	608,184	303	607,881	'
Proceeds from offerings of common shares, Shares	'	30,336	'	'
Underwriting and offering costs	-1,361	'	-1,361	'
Balance, Amount at Dec. 31, 2012	1,201,336	589	1,129,858	70,889
Balance, Shares at Dec. 31, 2012	'	58,904	'	'
Net income	200,190	'	'	200,190
Share-based compensation, Amount	5,452	3	5,449	'
Share-based compensation, Shares	'	254	'	'
Cash dividends	-189,138	'	'	-189,138
Proceeds from offerings of common shares, Amount	261,595	113	261,482	'
Proceeds from offerings of common shares, Shares	'	11,300	'	'
Underwriting and offering costs	-12,321	'	-12,321	'
Balance, Amount at Dec. 31, 2013	$1,467,114	$705	$1,384,468	$81,941
Balance, Shares at Dec. 31, 2013	'	70,458	'	'

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Dividends declared per share	$2.87	$2.22	$1.42
Retained earnings [Member]	'	'	'
Dividends declared per share	$2.87	$2.22	$1.42

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities	'	'	'
Net income	$200,190	$138,249	$64,439
Adjustments to reconcile net income to net cash used by operating activities:	'	'	'
Net gain on mortgage loans acquired for sale at fair value	-98,669	-147,675	-7,633
Accrual of unearned discounts on mortgage-backed securities at fair value and capitalization of interest and advances on mortgage loans at fair value	-186	-142	-1,993
Capitalization of interest and advances on mortgage loans at fair value	-43,481	-19,745	-8,550
Accrual of interest on excess spread investment	-1,348	'	'
Accrual of costs related to forward purchase agreements	7,083	3,421	4,406
Amortization of credit facility commitment fees and debt issuance costs	9,081	2,952	1,842
Net gain on investments	-207,758	-103,649	-82,643
Change in fair value, amortization and impairment of mortgage servicing rights	22,642	11,730	48
Results of real estate acquired in settlement of loans	13,491	-1,368	-1,079
Share-based compensation expense	5,452	5,067	3,738
Purchases of mortgage loans acquired for sale at fair value	-32,025,502	-22,443,136	-1,318,763
Sales of mortgage loans acquired for sale at fair value to nonaffiliates	15,818,582	12,834,001	512,447
Sales of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	16,113,806	8,864,265	577,852
(Increase) decrease in due from PennyMac Financial Services, Inc.	-1,180	-4,482	1,768
Increase in other assets	-69,090	-28,631	-33,910
Increase (decrease) in accounts payable and accrued liabilities	-14,518	32,818	-2,662
Increase in payable to PennyMac Financial Services, Inc.	7,364	50	6,571
Increase in income taxes payable	23,619	35,875	441
Net cash provided (used) by operating activities	-242,832	-820,400	-283,681
Cash flows from investing activities	'	'	'
Net increase in short-term investments	-53,381	-8,698	-30,319
Purchase of United States Treasury security	'	'	-50,000
Maturity of United States Treasury security	'	50,000	'
Purchase of Agency debt security	-12,000	'	'
Sale of Agency debt security	13,725	'	'
Purchases of mortgage-backed securities at fair value	-199,558	-112,211	-21,420
Sales and repayments of mortgage-backed securities at fair value	2,566	189,167	67,660
Purchases of mortgage loans at fair value	-1,063,162	-541,696	-453,323
Repayments and sales of mortgage loans at fair value	255,210	169,877	122,744
Repayments of mortgage loans held by variable interest entity	7,356	'	'
Repayments of mortgage loans under forward purchase agreements at fair value	15,319	14,292	33,097
Purchase of excess servicing spread from PennyMac Financial Services, Inc.	-139,028	'	'
Repayment of excess spread investment	4,076	'	'
Purchase of real estate acquired in settlement of loans	-82	-48	-1,511
Sales of real estate acquired in settlement of loans	120,925	126,499	63,203
Sales of real estate acquired in settlement of loans under forward purchase agreements	651	9,912	1,258
Purchases of mortgage servicing rights	-1,419	-23	'
Sales of mortgage servicing rights	'	104	'
Decrease (increase) in margin deposits and restricted cash	19,806	-8,617	-632
Net cash used by investing activities	-1,028,996	-111,442	-269,243
Cash flows from financing activities	'	'	'
Sales of securities under agreements to repurchase	510,761	752,343	1,423,615
Repurchases of securities sold under agreements to repurchase	-319,900	-867,836	-1,409,324
Sales of mortgage loans acquired for sale at fair value under agreements to repurchase	30,462,593	20,654,543	1,297,671
Repurchases of mortgage loans acquired for sale at fair value under agreements to repurchase	-30,932,829	-19,972,313	-1,087,486
Sales of mortgage loans at fair value under agreements to repurchase	1,590,950	431,130	234,073
Repurchases of mortgage loans at fair value sold under agreements to repurchase	-830,254	-352,975	-103,354
Sales of mortgage loans at fair value held by variable interest entity under agreements to repurchase	876,629	'	'
Repurchases of mortgage loans at fair value held by variable interest entity sold under agreements to repurchase	-560,886	'	'
Advances from note payable secured by mortgage loan at fair value	'	'	33,386
Repayments of note payable secured by mortgage loans at fair value	'	-28,617	-4,769
Sales of real estate acquired in settlement of loans financed under agreement to repurchase	14,474	10,753	37,587
Repurchases of real estate acquired in settlement of loans financed under agreement to repurchase	-28,034	-30,855	-10,093
Repayments of borrowings under forward purchase agreements	-27,070	-157,166	-47,167
Proceeds from asset-backed secured financing at fair value	170,008	'	'
Repayments of asset-backed secured financing at fair value	-2,406	'	'
Proceeds from issuance of common shares	261,595	608,184	206,056
Payment of common share underwriting and offering costs	-12,321	-1,361	-8,581
Issuance of exchangeable senior notes	250,000	'	'
Payment of exchangeable senior notes issuance cost	-7,425	'	'
Payment of contingent underwriting fees payable	-2,834	'	'
Payments of dividends	-147,568	-94,821	-39,548
Net cash provided by financing activities	1,265,483	951,009	522,066
Net increase (decrease) in cash	-6,345	19,167	-30,858
Cash at beginning of year	33,756	14,589	45,447
Cash at end of year	$27,411	$33,756	$14,589

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Organization and Basis of Presentation	'
	Note 1—Organization and Basis of Presentation
	PennyMac Mortgage Investment Trust (“PMT” or the “Company”) was organized in Maryland on May 18, 2009, and commenced operations on August 4, 2009, when it completed its initial offerings of common shares of beneficial interest (“shares”). The Company is a specialty finance company, which, through its subsidiaries (all of which are wholly-owned), invests primarily in residential mortgage loans and mortgage-related assets.
	The Company operates in two segments: correspondent lending and investment activities:
		•		The correspondent lending segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS” or the “Servicer”), both subsidiaries of PennyMac Financial Services, Inc. (“PFSI”).
	Most of the loans the Company has acquired in its correspondent lending activities have been eligible for sale to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) or through government agencies such as the Government National Mortgage Association (“Ginnie Mae”). Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.”
		•		The investment activities segment represents the Company’s investments in mortgage-related assets, which include distressed mortgage loans, real estate acquired in settlement of loans (“REO”), MBS, mortgage servicing rights (“MSRs”) and excess servicing spread (“ESS”). The Company seeks to maximize the value of the distressed mortgage loans that it acquires through proprietary loan modification programs, special servicing or other initiatives focused on keeping borrowers in their homes. Where this is not possible, such as in the case of many nonperforming mortgage loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner, including through the use of resolution alternatives to foreclosure.
	The Company is externally managed by PCM, an investment adviser registered with the Securities and Exchange Commission (the “SEC”) that specializes in and focuses on residential mortgage loans. Under the terms of a management agreement, PCM is paid a management fee with a base component and a performance incentive component. Determination of the amount of management fees is discussed in Note 4—Transactions with Related Parties.
	The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with its taxable period ended on December 31, 2009. To maintain its tax status as a REIT, the Company has to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders.
	The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership.
	The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“U.S. GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (the “Codification”). All significant intercompany accounts and transactions have been eliminated.
	Preparation of financial statements in compliance with U.S. GAAP requires management to make estimates and assumptions 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.
	Reclassification of previously presented balances
	Certain prior period amounts have been reclassified to conform to the current presentation. Specifically:
		•		Interest expense is included with Interest income under a new caption, Net interest income, to better reflect the Company’s results due to growth in its portfolio of interest-earning assets. This reclassification results in the presentation of Net interest income in Net investment income and a decrease in Expenses.
		•		Loan servicing fees payable to PennyMac Financial Services, Inc. is presented without the inclusion of other servicing expenses payable to nonaffiliates. Previously, Loan servicing expense included amounts payable to PFSI and to nonaffiliates. Amounts payable to nonaffiliates have been reclassified to Other expenses.
	Following is a summary of the reclassifications for the periods presented:
			As reported				As previously reported				Reclassification
			Year ended December 31,				Year ended December 31,				Year ended December 31,
			2012		2011		2012		2011		2012			2011
			(in thousands)
	Net interest income (new caption):
	Interest income		$	72,441	$	36,148	$	72,441	$	36,148	$	—		$	—
	Interest expense			31,642		16,946		—		—		31,642			16,946
				40,799		19,202		72,441		36,148		31,642			16,946
	Net investment income		$	303,526	$	111,668	$	335,168	$	128,614	$	(31,642	)	$	(16,946	)
	Expenses:
	Interest expense		$	—	$	—	$	31,642	$	16,946	$	(31,642	)	$	(16,946	)
	Loan servicing fees payable to PennyMac Financial Services, Inc.			18,608		13,204		20,180		15,364		(1,572	)		(2,160	)
	Other			9,557		7,887		7,985		5,727		1,572			2,160
	Total expenses			116,704		39,173		148,346		56,119		(31,642	)		(16,946	)
	These reclassifications did not change previously reported income before provision for income taxes, tax (benefit) provision, net income, reported consolidated balance sheet amounts, including shareholders’ equity, or consolidated cash flows.

Concentration_of_Risks

Concentration of Risks	12 Months Ended
	Dec. 31, 2013
Risks And Uncertainties [Abstract]	'
Concentration of Risks	'
	Note 2—Concentration of Risks
	As discussed in Note 1—Organization and Basis of Presentation above, PMT’s operations and investing activities are centered in mortgage-related assets, a substantial portion of which are distressed at acquisition. Many of the mortgage loans in its targeted asset class are purchased at discounts reflecting their distressed state or perceived higher risk of default, as well as a greater likelihood of collateral documentation deficiencies.
	Because of the Company’s investment focus, PMT is exposed, to a greater extent than traditional mortgage investors, to the risks that borrowers may be in economic distress and/or may have become unemployed, bankrupt or otherwise unable or unwilling to make payments when due, and to the effects of fluctuations in the residential real estate market on the performance of its investments. Factors influencing these risks include, but are not limited to:
		•		changes in the overall economy and unemployment rates and residential real estate values in the markets where the properties securing the Company’s mortgage loans are located;
		•		PCM’s ability to identify and the Company’s loan servicers’ ability to execute optimal resolutions of problem mortgage loans;
		•		the accuracy of valuation information obtained during the Company’s due diligence activities;
		•		PCM’s ability to effectively model, and to develop appropriate model assumptions that properly anticipate, future outcomes;
		•		the level of government support for problem loan resolution and the effect of current and future proposed and enacted legislative and regulatory changes on the Company’s ability to effect cures or resolutions to distressed loans; and
		•		regulatory, judicial and legislative support of the foreclosure process, and the resulting effect on the Company’s ability to acquire and liquidate the real estate securing its portfolio of distressed mortgage loans in a timely manner or at all.
	Due to these uncertainties, there can be no assurance that risk management activities identified and executed on PMT’s behalf will prevent significant losses arising from the Company’s investments in real estate-related assets.
	A substantial portion of the distressed loans purchased by the Company has been acquired from or through one or more subsidiaries of Citigroup Inc. The following tables present the fair value of mortgage loans and REO purchased (including purchases under forward purchase agreements) for the Company’s investment portfolio, and the portion thereof representing assets purchased from or through one or more subsidiaries of Citigroup Inc., for the periods presented:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Investment portfolio purchases:
	Loans		$	1,309,767		$	542,766		$	647,609
	REO			120			297			2,475
			$	1,309,887		$	543,063		$	650,084
	Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
	Loans		$	443,154		$	504,710		$	575,460
	REO			38			48			2,160
			$	443,192		$	504,758		$	577,620
	Throughout the three-year period ended December 31, 2013, the Company entered into forward purchase agreements with Citigroup Global Markets Realty Corp. (“CGM”), a subsidiary of Citigroup Inc., to purchase certain nonperforming residential mortgage loans and residential real property acquired in settlement of loans (collectively, the “CGM Assets”). The CGM Assets were acquired by CGM from unaffiliated money center banks. The CGM assets are held in a trust subsidiary by CGM pending payment by the Company.
	The Company recognized these assets and related obligations as of the dates of the agreements and recognizes all subsequent income and changes in value relating to such assets. As a result of recognizing these assets, the Company’s consolidated statements of income and cash flows for the periods presented include the following amounts related to the forward purchase agreements:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Statements of income:
	Net gain on mortgage loans		$	11,720		$	9,293		$	14,357
	Interest income on mortgage loans		$	3,659		$	996		$	1,131
	Results of REO		$	(20	)	$	1,870		$	171
	Interest expense		$	3,707		$	2,396		$	3,116
	Loan servicing fees		$	852		$	1,011		$	744
	Statements of cash flows:
	Repayments of mortgage loans		$	15,319		$	14,292		$	33,097
	Sales of REO		$	651		$	9,912		$	1,258
	Repayments of borrowings under forward purchase agreements		$	(27,070	)	$	(157,166	)	$	(47,167	)
	The Company has no other variable interests in the trust entity or other exposure to the creditors of the trust entity that could expose the Company to loss.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Note 3—Significant Accounting Policies
	PMT’s significant accounting policies are summarized below.
	Consolidation
	The consolidated financial statements include the accounts of PMT and all wholly-owned subsidiaries. PMT has whole ownership of all of its subsidiaries, and therefore has no significant equity method or cost-basis investments. All significant intercompany accounts and transactions have been eliminated upon consolidation. The Company also consolidates assets and liabilities included in certain forward purchase agreements and securitization transactions as discussed below.
	Securitizations
	The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of interests in those assets. In a securitization transaction, the Company typically receives cash and/or interests in an SPE in exchange for the assets transferred by the Company.
	SPEs are generally considered variable interest entities (“VIEs”). A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns.
	The Company consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis.
	The Company evaluates the securitization trust into which mortgage loans are sold to determine whether the entity is a VIE and whether the Company is the primary beneficiary and therefore whether it is required to consolidate the securitization trust. For the VIE consolidated by the Company, PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance and the retained subordinated and residual interest trust certificates expose the Company to potentially significant losses and returns.
	The asset-backed securities issued by the consolidated VIE are backed by the expected cash flows from the underlying mortgage loans. Cash inflows from these mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior notes or certificates. After these senior obligations are settled, substantially all cash inflows will be directed to the subordinated notes until fully repaid and, thereafter, to the residual interest that the Company owns in the trust.
	The Company retains interests in the securitization transaction, including senior and subordinated notes or certificates and residual interests issued by the VIE. The Company retains credit risk in the securitization because the Company’s retained interests include the most subordinated interests in the securitized assets, which are the first to absorb credit losses on the securitized assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual retained interests. The Company has no obligation to repurchase or replace qualified securitized assets that subsequently become delinquent or are otherwise in default other than pursuant to breaches of representations and warranties.
	For financial reporting purposes, the underlying loans and securities owned by the consolidated VIE are shown under Mortgage loans at fair value held by variable interest entity on the Company’s consolidated balance sheets. The securities issued to third parties by the consolidated VIE are classified as secured borrowings and shown as Asset-backed secured financing on the Company’s consolidated balance sheets. The Company includes the interest income earned on the loans owned at the VIE and interest expense attributable to the asset-backed securities issued by the VIE on its consolidated income statements.
	Forward Purchase Agreements
	The Company enters into transactions whereby it agrees to purchase identified pools of mortgage loans at a later date while assuming all of the responsibilities for servicing the loans and the risks and rewards relating to holding such mortgage loans as of a cutoff date that is before the loans are purchased. Such transactions are referred to as forward purchase agreements. Under forward purchase agreements, the assets are held by the seller of the assets within a separate trust entity. Management has concluded that the Company is the primary beneficiary of those held assets and therefore consolidates those assets held in the VIE.
	The CGM Assets are included on the Company’s consolidated balance sheet as Mortgage loans under forward purchase agreements at fair value and Real estate acquired in settlement of loans under forward purchase agreements and the related liabilities are included as Borrowings under forward purchase agreements. The CGM Assets are held by CGM within a separate trust entity deemed a VIE. The Company’s interests in the CGM Assets are deemed to be contractually segregated from all other interests in the trust. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consists of the CGM Assets and its related liability. The Company directs all of the activities that drive the economic results of the CGM Assets. All of the changes in the fair value and cash flows of the CGM Assets are attributable solely to the Company, and such cash flows can only be used to settle the related liability.
	Valuation of Financial Instruments
	PMT 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 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 or determinable 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. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others.
		•	Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.
	The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such loans or investments existed, or had such loans or investments been liquidated, and those differences could be material to the financial statements.
	Management incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. For example, for mortgage loans where the significant inputs have become unobservable due to illiquidity in the markets for distressed mortgage loans or non-Agency, non-conforming mortgage loans, PMT uses a discounted cash flow technique to estimate fair value. This technique incorporates forecasting of expected cash flows discounted at a market discount rate that is intended to reflect the lack of liquidity in the market.
	Short-Term Investments
	Short-term investments are carried at fair value with changes in fair value recognized in current period income. Short-term investments represent money market deposit accounts. The Company’s short-term investments are classified as a “Level 1” fair value financial statement item.
	Mortgage-Backed Securities and Agency Debt
	The Company invests in Agency and non-Agency MBS and Agency debt. Purchases and sales of MBS and Agency debt are recorded as of the trade date. The Company’s investments in MBS and Agency debt are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method as a component of Interest income. Changes in fair value arising from other factors are recognized as a component of Net gain (loss) on investments.
	The Company categorizes its investments in Agency MBS as “Level 2” and non-Agency MBS and Agency debt as “Level 3” fair value financial statement items due to their illiquidity and the present lack of an active observable market for such securities.
	Interest Income Recognition
	Interest income on Agency debt and MBS is recognized over the life of the security using the interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. Management updates its cash flow estimates monthly.
	Estimating cash flows requires a number of assumptions that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), the pass-through or coupon interest rate, interest rate fluctuations, interest payment shortfalls due to delinquencies on the underlying mortgage loans, the likelihood of modification and the timing of the magnitude of credit losses on the mortgage loans underlying the securities. Management applies its judgment in developing its estimates. However, these uncertainties are difficult to predict; therefore, the outcome of future events will affect the Company’s estimates and interest income.
	Mortgage Loans
	Mortgage loans and mortgage loans under forward purchase agreements are carried at their estimated fair values. Changes in the estimated fair value of mortgage loans are recognized in current period income. All changes in fair value, including changes arising from the passage of time, are recognized as a component of Net gain (loss) on investments for mortgage loans classified as mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value and Net gain on mortgage loans acquired for sale for mortgage loans classified as mortgage loans acquired for sale at fair value.
	Mortgage loans held by variable interest entity are carried at their estimated fair values and the Company has the intent and ability to hold such loans for the foreseeable future. Changes in the estimated fair value of mortgage loans held by variable interest entity are recognized in current period income as a component of Net gain (loss) on investments. Changes in fair value relating to accrual of unearned discounts and amortization of purchase premiums are accrued or amortized to interest income using the interest method over the estimated remaining life of the loans including anticipated prepayments.
	Sale Recognition
	The Company purchases and sells mortgage loans into 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 liability under representations and warranties it makes to purchasers and insurers of the loans.
	The Company recognizes transfers of mortgage loans as sales when it surrenders control over the mortgage loans. Control over transferred mortgage loans is deemed to be surrendered when (i) the mortgage loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred mortgage loans, and (iii) the Company does not maintain effective control over the transferred mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific mortgage loans. The Company deems a transfer of mortgage loans to a VIE is a sale if the Company determines that it is not the primary beneficiary of the VIE, as the Company does not have the power to direct the activities that will have the most significant economic impact on the VIE and/or does not hold a variable interest that could potentially be significant to the VIE.
	Interest Income Recognition
	Interest income on mortgage loans acquired for sale and mortgage loans at fair value is recognized over the life of the loans using their contractual interest rates. Interest income on mortgage loans held in a variable interest entity is recognized over the estimated remaining life of the mortgage loans using the interest method. Unearned discounts and purchase premiums are accrued and amortized to interest income using the interest method.
	Income recognition is suspended for loans when they become 90 days delinquent, or when, in management’s opinion, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.
	Derivative Financial Instruments
	In its loan origination activities, the Company makes contractual commitments to loan applicants to originate mortgages at specified interest rates (“interest rate lock commitments” or “IRLCs”). These commitments are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans acquired for sale by entering into forward sale agreements to sell the mortgage loans and by the purchase and sale of interest rate options and futures. Such agreements are also accounted for as derivative instruments. These instruments may also be used to manage the risk created by changes in interest rates on certain of the MSRs the Company holds. The Company classifies its IRLCs as “Level 3” financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and holding mortgage loans pending sale as “Level 2” fair value financial statement items.
	The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the balance sheet at fair value with changes in fair value being reported in current period income. The fair value of the Company’s derivative financial instruments is included in Derivative assets and Derivative liabilities and changes in fair value are included in Net gain on mortgage loans acquired for sale or in Net loan servicing fees, as applicable, in the Company’s consolidated statements of income.
	When the Company has master netting agreements with its derivatives counterparties, the Company nets its counterparty positions along with any cash collateral received from or delivered to the counterparty.
	Mortgage Servicing Rights
	MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company is obligated to provide loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition and disposition of REO. The Company has engaged PLS to provide these services on its behalf.
	The value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee ranging generally from 0.250% to 0.375% annually on the remaining outstanding principal balances of the loans. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments.
	The Company recognizes MSRs initially at their estimated fair values, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the loan in the sale transaction, or from the purchase of MSRs. The precise fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings. Therefore, the Company classifies its MSRs as “Level 3” fair value financial statement items.
	The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% and MSRs backed by mortgage loans with initial interest rates of more than 4.5%. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in market interest rates. MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income.
	MSRs Accounted for Using the MSR Amortization Method
	The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the estimated total remaining net MSR cash flows. The estimated total net MSR cash flows are determined at the beginning of each month using prepayment assumptions applicable at that time.
	The Company periodically assesses MSRs accounted for using the amortization method for impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the value of impaired MSRs subsequently increases, the Company recognizes the increase in value in current-period earnings and adjusts the carrying value of the MSRs through a reduction in the valuation allowance to adjust the carrying value only to the extent of the valuation allowance.
	The Company stratifies its MSRs by risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including loan type (fixed-rate or adjustable-rate) and note rate. Fixed-rate loans are stratified into note rate pools of 50 basis points for note rates between 3.0% and 4.5% and a single pool for note rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note rate pools is below the carrying value of the MSRs for that pool, impairment is recognized to the extent of the difference between the estimated fair value and the existing carrying value for that pool.
	Management periodically reviews the various impairment strata to determine whether the value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.
	Amortization and impairment of MSRs are included in current period income as a component of Net loan servicing fees.
	MSRs Accounted for at Fair Value
	Changes in fair value of MSRs accounted for at fair value are recognized in current period income as a component of Net loan servicing fees.
	Excess Servicing Spread
	The Company has acquired the right to receive the ESS related to MSRs owned by PFSI. ESS is carried at its estimated fair value. Changes in fair value are recognized in current period income in Net gain on investments. ESS is categorized as a “Level 3” financial statement item. Because the ESS is a claim to a portion of the cash flows from MSRs, the valuation of the ESS is similar to that of MSRs. The Company uses the same discounted cash flow approach to measuring the ESS as used to value MSRs except that certain inputs relating to the cost to service the loans underlying the MSR and certain ancillary income are not included as these cash flows do not accrue to the holder of the ESS. The difference between the fair value of ESS and its amortized cost basis is recorded in Net gain on investments.
	Interest Income Recognition
	Interest income for ESS is accrued using the interest method, based upon the expected cash flows accruing to the ESS. Changes in expected cash flows are recognized using a retrospective adjustment, which is recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period.
	Real Estate Acquired in Settlement of Loans
	REO is measured at the lower of the acquisition cost of the property (as measured by cost in the case of purchased REO; or the fair value of the property at the time of acquisition in the case of acquisition in settlement of a loan) or its fair value reduced by estimated costs to sell. REO is categorized as a “Level 3” fair value financial statement item. Changes in fair value to levels that are less than or equal to acquisition cost and gains or losses on sale of REO are recognized in the consolidated statements of income under the caption Results of real estate acquired in settlement of loans.
	Assets Sold Under Agreements to Repurchase
Assets sold under agreements to repurchase are carried at historical cost. Costs of creating the facilities underlying the agreements are recognized as deferred charges in Other assets and amortized to Interest expense over the term of the borrowing facility on the straight-line basis.
Asset-Backed Secured Financing at Fair Value
In conjunction with the on-balance sheet securitization, the certificates issued to nonaffiliates by the VIE are recorded as a financing arrangement. Those certificates issued to nonaffiliates have the right to receive principal and interest payments of the mortgage loans held by the consolidated VIE. Asset-backed secured financings are carried at estimated fair value. Changes in fair value are recognized in current period income as a component of Net gain on investments.
Recourse Liability
The Company’s agreements with the Agencies include representations and warranties related to the loans the Company sells to the Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law.
In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender.
The Company records a provision for losses relating to representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the potential severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and periodically updates its liability estimate. The level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee.
The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying loans, The Company’s representations and warranties are generally not subject to stated limits of exposure. However, management believes that the current unpaid principal balance of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. Management believes the range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations.
Underwriting Commissions and Offering Costs
Underwriting commissions and offering costs incurred in connection with the Company’s share offerings are reflected as a reduction of additional paid-in capital. Contingent offering costs that are deemed by management as probable of being paid are recorded as a reduction of additional paid-in capital.
Loan Servicing Fees
Loan servicing fees and other remuneration are received by the Company for servicing residential mortgage loans. Loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio. Loan servicing fees are deemed to be earned when they are collected.
Share-Based Compensation
The Company amortizes the fair value of previously granted share-based awards to compensation expense over the vesting period using the graded vesting method. Expense relating to awards is included in Compensation in the consolidated statements of income.
The Company estimates the value of restricted share units awarded with reference to the value of its common shares on the date of the award. How the value of Company common shares is used in determining restricted share unit awards’ values depends on whether the restricted share units participate in Company dividends in the form of dividend equivalents.
	•	Restricted share unit awards that participate in dividends in the form of dividend equivalents are valued at the Company’s closing share price on the date of the award.
	•	Restricted share unit awards that do not participate in dividends are valued by reducing the closing price of the Company’s common shares on the date of the award by the value of expected shareholder distributions that the grantees will not receive during the vesting period, discounted at an appropriate risk-free rate of return. The amount of the reduction for anticipated distributions is based on amounts included in management’s earnings forecast.
The Company determines the fair value of its share-based compensation awards depending on whether the awards are made to its trustees and officers or to non-employees such as officers and employees of affiliates:
	•	Compensation cost is generally fixed at the estimated fair value of the award date for awards to officers and trustees of the Company.
	•	Compensation cost for share-based compensation awarded to non-officers or trustees of the Company is adjusted to reflect changes in the estimated fair value of awards in each subsequent reporting period until the award has vested, the service being provided is subsequently completed, or, under certain circumstances, is likely to be completed, whichever occurs first.
Management’s estimates of compensation costs reflect the expected portion of share-based compensation awards that management expects to vest.
Income Taxes
The Company has elected to be taxed as a REIT and management believes the Company complies with the provisions of the Internal Revenue Code applicable to REITs. Accordingly, management believes the Company will not be subject to federal income tax on that portion of its REIT taxable income that is distributed to shareholders as long as certain asset, income and share ownership tests are met. If PMT fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to income taxes and may be precluded from qualifying as a REIT for the four tax years following the year of loss of the Company’s REIT qualification.
The Company’s taxable REIT subsidiaries are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs.
Subject to management’s judgment, a valuation allowance is established if realization of deferred tax assets is not more likely than not. Management recognizes a tax benefit relating to tax positions it takes only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that exceeds 50 percent likelihood of being realized upon settlement. The Company will classify any penalties and interest as a component of income tax expense.
As of December 31, 2013 and 2012, the Company was not under examination by any federal or state income taxing authority.

Transactions_with_Related_Part

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Transactions with Related Parties	'
	Note 4—Transactions with Related Parties
	Management Fees
	Before February 1, 2013, under a management agreement, PMT paid PCM a base management fee which was calculated at 1.5% per year of shareholders’ equity. The management agreement also provided for a performance incentive fee. The performance incentive fee was calculated at 20% per year of the amount by which “core earnings,” on a rolling four-quarter basis and before the incentive fee, exceeded an 8% “hurdle rate” as defined in the management agreement. The Company did not incur a performance incentive fee before February 1, 2013.
	Effective February 1, 2013, the management agreement was amended to provide that:
		•		The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of shareholders’ equity up to $2 billion, (ii) 1.375% per year of shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of shareholders’ equity in excess of $5 billion.
		•		The performance incentive fee is calculated at a defined annualized percentage of the amount by which “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 calculated quarterly and is equal to: (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which 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 computed in accordance with U.S. GAAP and certain other non-cash charges determined after discussions between PCM and PMT’s independent trustees and after 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 four-quarter period.
	The “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 Fannie Mae MBS yield (the target yield) for such quarter. The “high watermark” starts at zero and is adjusted quarterly. 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 PCM 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 payable quarterly in arrears. The performance incentive fee may be paid in cash or in PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at the Company’s option.
	Following is a summary of the base management and performance incentive fees recorded by the Company for the periods presented:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Management fee:
	Base management fee		$	19,644	$	12,436	$	6,740
	Performance incentive fee			12,766		—		—
	Total management fee incurred during the year		$	32,410	$	12,436	$	6,740
	In the event of termination, PCM 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 (or, if the period is less than 24 months, annualized) performance incentive fee earned by PCM, in each case during the 24-month period before termination.
	Mortgage Loan Servicing
	The Company, through its Operating Partnership, has a loan servicing agreement with PLS. Before February 1, 2013, the servicing fee rates were based on the risk characteristics of the mortgage loans serviced and total servicing compensation was established at levels that management believed were competitive with those charged by other servicers or specialty servicers, as applicable.
		•		Servicing fee rates for nonperforming loans ranged between 50 and 100 basis points per year on the unpaid principal balance of the mortgage loans serviced on the Company’s behalf. PLS was also entitled to certain customary market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial accounts. In the event PLS either effected a refinancing of a loan on the Company’s behalf and not through a third party lender and the resulting loan was readily saleable, or originated a loan to facilitate the disposition of real estate that the Company had acquired in settlement of a loan, PLS was entitled to receive from the Company market-based fees and compensation.
		•		For mortgage loans serviced by the Company as a result of acquisitions and sales with servicing rights retained in connection with the Company’s correspondent lending business, PLS was entitled to base subservicing fees and other customary market-based fees and charges as described above.
	Effective February 1, 2013, the servicing agreement was amended to provide for servicing fees payable to PLS that changed from being based on a percentage of the loan’s unpaid principal balance to fixed per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or the REO. PLS also remains entitled to market-based fees and charges including boarding and deboarding, liquidation and disposition fees, assumption, modification and origination fees and late charges relating to loans it services for the Company.
		•		The base servicing fees for distressed whole loans are calculated based on a monthly per-loan dollar amount, with the actual dollar amount for each loan based on the delinquency, bankruptcy and/or foreclosure status of such loan or the related underlying real estate. Presently, the base servicing fees for distressed whole loans range from $30 per month for current loans up to $125 per month for loans that are severely delinquent and in foreclosure.
		•		The base servicing fees for non-distressed loans subserviced by PLS on the Company’s behalf are also calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the mortgage loan is a fixed-rate or adjustable-rate loan. The base servicing fees for loans subserviced on the Company’s behalf are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable rate mortgage loans. To the extent that these loans become delinquent, PLS is entitled to an additional servicing fee per loan falling within a range of $10 to $75 per month based on the delinquency, bankruptcy and foreclosure status of the loan or the related underlying real estate. PLS 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.
		•		PLS is required to provide a range of services and activities significantly greater in scope than the services provided in connection with a customary servicing arrangement because the Company does not have any employees or infrastructure. For these services, PLS receives a supplemental fee of $25 per month for each distressed whole loan and $3.25 per month for each subserviced loan; provided, however, that from and after January 1, 2014, the aggregate supplemental servicing fees for all loans that are owned by a third party investor and with respect to which the Company has acquired the related servicing rights (and that are not distressed whole loans) shall not exceed $700,000 in any fiscal quarter. PLS is entitled to reimbursement for all customary, good faith reasonable and necessary out-of-pocket expenses incurred in performance of its servicing obligations.
		•		PLS, on behalf of the Company, currently participates in the Home Affordable Modification Program (“HAMP”) of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (“HUD”) (and other similar mortgage loan modification programs). HAMP establishes standard loan modification guidelines for “at risk” homeowners and provides incentive payments to certain participants, including loan servicers, for achieving modifications and successfully remaining in the program. The loan servicing agreement entitles PLS to retain any incentive payments made to it and to which it is entitled under HAMP; provided, however, that with respect to any such incentive payments paid to PLS under HAMP in connection with a mortgage loan modification for which the Company previously paid PLS a modification fee, PLS shall reimburse the Company an amount equal to the incentive payments.
	Following is a summary of mortgage loan servicing fees payable to PLS:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Loan servicing fees payable to PLS:
	Base		$	26,993	$	14,332	$	9,740
	Activity-based			12,420		4,276		3,464
			$	39,413	$	18,608	$	13,204
	The term of the servicing agreement, as amended, expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the servicing agreement.
	Correspondent Lending
	Before February 1, 2013, the Company paid PLS a fulfillment fee of 50 basis points of the unpaid principal balance of mortgage loans sold to non-affiliates where the Company is approved or licensed to sell to such non-affiliate. Effective February 1, 2013, the mortgage banking and warehouse services agreement provides for a fulfillment fee paid to PLS based on the type of mortgage loan that the Company acquires. The fulfillment fee is equal to a percentage of the unpaid principal balance of mortgage loans purchased by the Company, with the addition of potential fee rate discounts applicable to the Company’s monthly purchase volume in excess of designated thresholds. PLS has also agreed to provide such services exclusively for the Company’s benefit, and PLS and its affiliates are prohibited from providing such services for any other third party.
	PLS is entitled to a fulfillment fee based on the type of mortgage loan that the Company acquires and equal to a percentage of the unpaid principal balance of such mortgage loan. Presently, the applicable percentages are (i) 0.50% for conventional mortgage loans, (ii) 0.88% for loans sold in accordance with the Ginnie Mae Mortgage-Backed Securities Guide, (iii) 0.80% for the U.S. Department of the Treasury and HUD’s Home Affordable Refinance Program (“HARP”) mortgage loans with a loan-to-value ratio of 105% or less, (iv) 1.20% for HARP mortgage loans with a loan-to-value ratio of greater than 105%, and (v) 0.50% for all other mortgage loans not contemplated above; provided, however, that PLS may, in its sole discretion, reduce the amount of the applicable fulfillment fee and credit the amount of such reduction to the reimbursement otherwise due as described below. This reduction may only be credited to the reimbursement applicable to the month in which the related mortgage was funded.
	At this time, the Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae MBS and act as a servicer. Accordingly, under the mortgage banking and warehouse services agreement, PLS currently purchases loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide “as is” and without recourse of any kind from the Company at cost less any administrative fees paid by the Correspondent to PMT plus accrued interest and a sourcing fee of three basis points.
	In the event that the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion, PLS has agreed to discount the amount of such fulfillment fees by reimbursing PMT an amount equal to the product of (i) 0.025%, (ii) the amount of unpaid principal balance in excess of $2.5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PLS collected fulfillment fees in such month. In the event the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $5 billion, PLS has agreed to further discount the amount of fulfillment fees by reimbursing the Company an amount equal to the product of (i) 0.05%, (ii) the amount of unpaid principal balance in excess of $5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PLS collected fulfillment fees in such month.
	In consideration for the mortgage banking services provided by PLS with respect to the Company’s acquisition of mortgage loans under PLS’s early purchase program, PLS is entitled to fees accruing (i) at a rate equal to $25,000 per year per early purchase facility administered, and (ii) in the amount of $50 for each mortgage loan the Company acquires. In consideration for the warehouse services provided by PLS with respect to mortgage loans that the Company finances for its warehouse lending clients, with respect to each facility, PLS is entitled to fees accruing (i) at a rate equal to $25,000 per year per warehouse line administered, and (ii) in the amount of $50 for each mortgage loan that the Company finances thereunder. Where the Company has entered into both an early purchase agreement and a warehouse lending agreement with the same client, PLS shall only be entitled to one $25,000 per annum fee and, with respect to any mortgage loan that becomes subject to both such agreements, only one $50 per loan fee.
	The term of the mortgage banking and warehouse services agreement expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the agreement.
	Following is a summary of correspondent lending activity between the Company and PLS:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Fulfillment fees expense		$	79,712	$	62,906	$	1,747
	Unpaid principal balance of loans fulfilled		$	15,225,153	$	13,028,375	$	505,317
	Sourcing fees received		$	4,611	$	2,505	$	166
	Proceeds from sales of loans to PLS		$	16,113,806	$	8,864,264	$	577,852
	At year end:
	Mortgage loans included in mortgage loans acquired for sale pending sale to PLS		$	112,360	$	153,326	$	46,266
	Investment Activities
	Pursuant to the terms of a MSR recapture agreement, effective February 1, 2013, if PLS refinances through its retail lending business loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to one of the Company’s wholly-owned subsidiaries without cost to the Company, the MSRs with respect to new mortgage loans originated in those refinancings (or, under certain circumstances, other mortgage loans) that have an aggregate unpaid principal balance that is not less than 30% of the aggregate unpaid principal balance of all the loans so originated. Where the fair market value of the aggregate MSRs to be transferred for the applicable month is less than $200,000, PLS may, at its option, pay cash to PMT in an amount equal to such fair market value in lieu of transferring such MSRs. MSR recapture amounts are shown in Note 31—Net loan servicing fees. The MSR recapture agreement expires, unless terminated earlier in accordance with the agreement, on February 1, 2017, subject to automatic renewal for additional 18-month periods.
	Pursuant to two master spread acquisition and MSR servicing agreements, effective February 1, 2013 and December 30, 2013, PMT may acquire from PLS the rights to receive certain ESS arising from MSRs acquired by PLS, in which case PLS generally would be required to service or subservice the related mortgage loans. The terms of each transaction under each master spread acquisition and MSR servicing agreement will be subject to the terms of such agreement as modified and supplemented by the terms of a confirmation executed in connection with such transaction.
	Other Transactions
	In connection with the initial public offering of PMT’s common shares (“IPO”) on August 4, 2009, the Company entered into an agreement with PCM pursuant to which the Company agreed to reimburse PCM for the $2.9 million payment that it made to the IPO underwriters if the Company satisfied certain performance measures over a specified period of time (the “Conditional Reimbursement”). Effective February 1, 2013, the Company amended the terms of the reimbursement agreement to provide for the reimbursement of PCM of the Conditional Reimbursement if the Company is required to pay PCM performance incentive fees under the management agreement at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement of the Conditional Reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million and the maximum amount that may be reimbursed under the agreement is $2.9 million. During the year ended December 31, 2013, $944,000 was paid to PCM.
	The reimbursement agreement also provides for the payment to the underwriters in such offering of the payment that the Company agreed to make to them at the time of the offering if the Company satisfied certain performance measures over a specified period of time. As PCM earns performance incentive fees under the management agreement, such underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. During the year ended December 31, 2013, $1.9 million was paid to the underwriters.
	In the event the termination fee is payable to PCM under the management agreement and PCM and the underwriters have not received the full amount of the reimbursements and payments under the reimbursement agreement, such amount will be paid in full. The term of the reimbursement agreement expires on February 1, 2019.
The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
Reimbursement of common overhead incurred by PCM and its affiliates		$	10,989	$	4,183	$	4,086
Reimbursement of expenses incurred on PMT’s behalf			4,638		3,146		2,219
		$	15,627	$	7,329	$	6,305
Payments and settlements during the year (1)		$	121,230	$	85,554	$	12,656
-1	Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PCM and its affiliates.
Amounts due to PFSI are summarized below:
		December 31,
		2013		2012
		(in thousands)
Management fees		$	8,924	$	4,499
Servicing fees			5,915		3,670
Allocated expenses			2,009		1,106
Underwriting fees payable			1,788		2,941
		$	18,636	$	12,216
Amounts due from affiliates totaling $6.0 million and $4.8 million at December 31, 2013 and December 31, 2012, respectively, represent amounts receivable pursuant to loan sales to PLS and reimbursable expenses paid on the affiliates’ behalf by the Company.
Private National Mortgage Acceptance Company, LLC, which is PCM’s parent company and a subsidiary of PFSI, held 75,000 common shares of beneficial interest of PMT at both December 31, 2013 and December 31, 2012.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Note 5—Earnings Per Share
	The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined using net income reduced by income attributable to the participating securities and divided by the weighted-average common shares outstanding during the period.
	Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on its Exchangeable Senior Notes (the “Notes”) for the periods presented, by the weighted-average common shares outstanding, assuming all potentially dilutive common shares were issued. In periods in which the Company records a loss, potentially dilutive common shares are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive.
	The following table summarizes the basic and diluted earnings per share calculations:
		Year ended December 31,
		2013			2012			2011
		(in thousands, except per share amounts)
	Basic earnings per share:
	Net income	$	200,190		$	138,249		$	64,439
	Effect of participating securities—share-based compensation awards		(1,751	)		(1,433	)		(699	)
	Net income attributable to common shareholders	$	198,439		$	136,816		$	63,740
	Weighted-average shares outstanding		63,426			43,553			26,396
	Basic earnings per share	$	3.13		$	3.14		$	2.41
	Diluted earnings per share:
	Net income	$	200,190		$	138,249		$	64,439
	Interest on exchangeable senior notes, net of income taxes		5,556			—			—
	Net income available to diluted shareholders	$	205,746		$	138,249		$	64,439
	Weighted-average shares outstanding		63,426			43,553			26,396
	Dilutive potential common shares:
	Shares issuable pursuant to conversion of exchangeable senior notes		5,647			—			—
	Shares issuable under share-based compensation awards		375			323			283
	Diluted weighted-average number of common shares outstanding		69,448			43,876			26,679
	Diluted earnings per share	$	2.96		$	3.14		$	2.41

Loan_Sales

Loan Sales	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Loan Sales	'
	Note 6—Loan Sales
	As described in Note 1—Organization and Basis of Presentation, the Company is a variable interest holder in various SPEs that relate to its loan transfer activities. The Company has segregated its involvement with VIEs between those VIEs for which the Company does not consolidate and those VIEs which are consolidated.
	Unconsolidated VIEs with Continuing Involvement
	The following table summarizes cash flows between the Company and transferees upon sale of loans in transactions where the Company maintains continuing involvement with the mortgage loans as well as unpaid principal balance information at period end:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Cash flows:
	Proceeds from sales		$	15,818,582	$	12,834,002	$	518,567
	Service fees received(1)		$	51,712	$	10,871	$	213
	Year end information:
	Unpaid principal balance of loans outstanding		$	25,792,933	$	12,168,740	$	495,031
	Delinquencies:
	30-89 days		$	68,156	$	45,021	$	—
	90 or more days or in foreclosure or bankruptcy		$	13,375	$	1,386	$	—
	-1	Net of guarantee fees
	Consolidated VIE
	On September 30, 2013, the Company completed a securitization transaction in which a wholly-owned VIE issued $537.0 million in offered certificates backed by fixed rate prime jumbo mortgage loans of PMT Loan Trust 2013-J1, at a 3.9% weighted yield. The Company retained $366.8 million of those certificates. Management concluded that the Company is the primary beneficiary of the VIE which should therefore be consolidated. Consolidation of the VIE results in the securitization transaction being accounted for as secured financing. The securitized mortgage loans remain on the consolidated balance sheets of the Company along with the certificates issued to nonaffiliates by the VIE. The certificates are secured solely by the assets of the VIE and not by any other assets of the Company. The assets of the VIE are the only source of funds for repayment of the certificates. The following table presents a summary of the assets and liabilities of the VIE. Intercompany balances have been eliminated for purposes of this presentation.
	Assets and Liabilities of Consolidated VIE
			December 31,
			2013		2012
			(in thousands)
	Assets
	Mortgage loans at fair value held by variable interest entity		$	523,652	$	—
	Interest receivable, included as other assets			1,584		—
	Total		$	525,236	$	—
	Liabilities
	Asset-backed secured financing at fair value		$	165,415	$	—
	Interest payable, included as accounts payable and accrued liabilities			497		—
	Total		$	165,912	$	—

Netting_of_Financial_Instrumen

Netting of Financial Instruments	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Netting of Financial Instruments	'
	Note 7—Netting of Financial Instruments
	The Company uses derivative financial instruments to manage exposure to interest rate risk created by its IRLCs, mortgage loans acquired for sale at fair value, MBS, and MSRs. All derivative financial instruments are recorded on the balance sheet at fair value. The Company has elected to net derivative asset and liability positions, and cash collateral obtained (or posted) by (or to) its counterparties when subject to a master netting arrangement. In the event of default, all counterparties are subject to legally enforceable master netting agreements. The derivatives that are not subject to a master netting arrangement are IRLCs. As of December 31, 2013 and December 31, 2012, the Company did not enter into reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following tables.
	Offsetting of Derivative Assets
		December 31, 2013								December 31, 2012
		Gross		Gross			Net			Gross		Gross			Net
		amounts		amounts			amounts			amounts		amounts			amounts
		of		offset			of assets			of		offset			of assets
		recognized		in the			presented			recognized		in the			presented
		assets		consolidated			in the			assets		consolidated			in the
				balance			consolidated					balance			consolidated
				sheet			balance					sheet			balance
							sheet								sheet
		(in thousands)
	Derivatives subject to master netting arrangements:
	MBS put options	$	272	$	—		$	272		$	977	$	—		$	977
	Forward purchase contracts		1,229		—			1,229			2,617		—			2,617
	Forward sale contracts		16,385		—			16,385			3,458		—			3,458
	Options on Eurodollar futures		566		—			566
	Netting		—		(12,986	)		(12,986	)		—		(2,825	)		(2,825	)
			18,452		(12,986	)		5,466			7,052		(2,825	)		4,227
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		2,510		—			2,510			19,479		—			19,479
		$	20,962	$	(12,986	)	$	7,976		$	26,531	$	(2,825	)	$	23,706
	Derivative Assets and 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 qualifying for netting.
		December 31, 2013										December 31, 2012
				Gross amounts											Gross amounts
				not offset in the											not offset in the
				consolidated											consolidated
				balance sheet											balance sheet
		Net amount		Financial			Cash			Net		Net amount			Financial			Cash		Net
		of assets presented		instruments			collateral			amount		of assets presented			instruments			collateral		amount
		in the consolidated					received					in the consolidated						received
		balance sheet										balance sheet
		(in thousands)
	Interest rate lock commitments	$	2,510	$	—		$	—		$	2,510	$	19,479			—			—	$	19,479
	Bank of America, N.A.		1,024		—			—			1,024		1,219			—			—		1,219
	Daiwa Capital Markets		608		—			—			608		—			—			—		—
	Barclays		—		—			—			—		15			—			—		15
	Citibank		—		—			—			—		1,009			—			—		1,009
	Fannie Mae Capital Markets		432		—			—			432		—			—			—		—
	Jefferies & Co		—		—			—			—		21			—			—		21
	Credit Suisse First Boston Mortgage Capital LLC		—		—			—			—		820			—			—		820
	Morgan Stanley Bank, N.A.		546		—			—			546		316			—			—		316
	RJ O’Brien		566		—			—			566		—			—			—		—
	Wells Fargo		378								378		99								99
	Cantor Fitzgerald LP		613		—			—			613		581			—			—		581
	Other		1,299		—			—			1,299		147			—			—		147
	Total	$	7,976	$	—		$	—		$	7,976	$	23,706		$	—		$	—	$	23,706
	Offsetting of Derivative Liabilities and Financial Liabilities
	Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. Assets sold under agreements to repurchase do not qualify for set off.
		December 31, 2013								December 31, 2012
		Gross		Gross amounts			Net			Gross		Gross			Net
		amounts		offset			amounts			amounts		amounts offset			amounts
		of		in the			of liabilities			of		in the			of liabilities
		recognized		consolidated			presented			recognized		consolidated			presented
		liabilities		balance			in the			liabilities		balance			in the
				sheet			consolidated					sheet			consolidated
							balance								balance
							sheet								sheet
		(in thousands)
	Derivatives subject to master netting arrangements:
	Forward purchase contracts	$	7,420	$	—		$	7,420		$	1,741	$	—		$	1,741
Forward sale contracts		1,295		—			1,295			4,520		—			4,520
Netting		—		(8,015	)		(8,015	)		—		(5,294	)		(5,294	)
		8,715		(8,015	)		700			6,261		(5,294	)		967
Derivatives not subject to master netting arrangements:
Interest rate lock commitments		1,261		—			1,261			—		—			—
		9,976		(8,015	)		1,961			6,261		(5,294	)		967
Assets sold under agreements to repurchase:
Securities		190,861		—			190,861			—		—			—
Mortgage loans acquired for sale at fair value		424,670		—			424,670			894,906		—			894,906
Mortgage loans at fair value		1,070,105		—			1,070,105			353,805		—			353,805
Mortgage loans at fair value held by variable interest entity		315,744					315,744
Real estate acquired in settlement of loans		38,225		—			38,225			7,391		—			7,391
		2,039,605		—			2,039,605			1,256,102		—			1,256,102
	$	2,049,581	$	(8,015	)	$	2,041,566		$	1,262,363	$	(5,294	)	$	1,257,069
Derivative Liabilities, Financial Liabilities 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 qualifying for offset. All assets sold under agreements to repurchase have sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.
	December 31, 2013										December 31, 2012
			Gross amounts											Gross amounts
			not offset in the											not offset in the
			consolidated											consolidated
			balance sheet											balance sheet
	Net amount		Financial			Cash			Net		Net amount of			Financial			Cash		Net
	of liabilities		instruments			collateral			amount		liabilities			instruments			collateral		amount
	presented					pledged					presented						pledged
	in the										in the
	consolidated										consolidated
	balance										balance
	sheet										sheet
	(in thousands)
Citibank	$	945,015	$	(944,856	)	$	—		$	159	$	474,625		$	(474,625	)	$	—	$	—
Credit Suisse First Boston Mortgage Capital LLC		523,546		(523,546	)		—			—		243,525			(243,525	)		—		—
Bank of America, N.A.		408,452		(408,452	)		—			—		256,711			(256,711	)		—		—
Deutsche Bank		110		—						110
Daiwa Capital Markets		132,525		(132,525	)		—			—		—			—			—		—
Morgan Stanley Bank, N.A.		30,226		(30,226	)		—			—		155,321			(155,321	)		—		—
JP Morgan		228								228
Wells Fargo Bank, N.A.		—		—			—			—		47,140			(47,140	)		—		—
Barclays		47		—			—			47		79,253			(78,780	)		—		473
Interest rate lock commitments		1,261		—			—			1,261		—			—			—		—
Other		156		—			—			156		494			—			—		494
Total	$	2,041,566	$	(2,039,605	)	$	—		$	1,961	$	1,257,069		$	(1,256,102	)	$	—	$	967

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value	'
	Note 8—Fair Value
	The Company’s consolidated financial statements include assets and liabilities that are measured based on their estimated fair values. Measurement at fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether management has elected to carry the item at its estimated fair value as discussed in the following paragraphs.
	Fair Value Accounting Elections
	Management identified all of its non-cash financial assets and MSRs relating to loans with initial interest rates of more than 4.5%, to be accounted for at estimated fair value. Management has elected to account for these financial statement items at fair value so such changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. Management has also identified its asset-backed secured financing to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of mortgage loans held by variable interest entity which are also carried at fair value.
	For MSRs relating to mortgage loans with initial interest rates of less than or equal to 4.5%, management concluded that such assets present different risks to the Company than MSRs relating to mortgage loans with initial interest rates of more than 4.5% and therefore require a different risk management approach. Management’s risk management efforts relating to these assets are aimed at moderating the effects of non-interest rate risks on fair value, such as the effect of changes in home prices on the assets’ values. Management has identified these assets for accounting at the lower of amortized cost or fair value.
	The Company’s risk management efforts in connection with MSRs relating to mortgage loans with initial interest rates of more than 4.5% are generally aimed at moderating the effects of changes in interest rates on the assets’ values. At times during the year ended December 31, 2013, a portion of the IRLCs, the fair value of which typically increases when prepayment speeds increase, was used to mitigate the effect of changes in fair value of the MSRs, which typically decreases as prepayment speeds increase.
	For assets sold under agreements to repurchase, borrowings under forward purchase agreements and the exchangeable senior notes, management has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt, thereby matching the debt issuance cost to the periods benefiting from the usage of the debt.
	Financial Statement Items Measured at Fair Value on a Recurring Basis
	Following is a summary of financial statement items that are measured at estimated fair value on a recurring basis:
			December 31, 2013
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	92,398		$	—		$	—		$	92,398
	Mortgage-backed securities at fair value			—			197,401			—			197,401
	Mortgage loans acquired for sale at fair value			—			458,137			—			458,137
	Mortgage loans at fair value			—			—			2,076,665			2,076,665
	Mortgage loans under forward purchase agreements at fair value			—			—			218,128			218,128
	Mortgage loans at fair value held by variable interest entity			—			523,652			—			523,652
	Excess servicing spread purchased from PennyMac Financial Services, Inc.			—			—			138,723			138,723
	Mortgage servicing rights at fair value			—			—			26,452			26,452
	Derivative assets:
	Interest rate lock commitments			—			—			2,510			2,510
	MBS put options			—			272			—			272
	Forward purchase contracts			—			1,229			—			1,229
	Forward sales contracts			—			16,385			—			16,385
	Options on Eurodollar futures			—			566			—			566
	Total derivative assets			—			18,452			2,510			20,962
	Netting (1)			—			—			—			(12,986	)
	Total derivative assets			—			18,452			2,510			7,976
			$	92,398		$	1,197,642		$	2,462,478		$	3,739,532
	Liabilities:
	Asset-backed secured financing at fair value			—			165,415			—			165,415
	Derivative liabilities:
	Interest rate lock commitments			—			—			1,261			1,261
	Forward purchase contracts			—			7,420			—			7,420
	Forward sales contracts			—			1,295			—			1,295
	Total derivative liabilities			—			8,715			1,261			9,976
	Netting (1)			—			—			—			(8,015	)
	Total derivative liabilities			—			8,715			1,261			1,961
	Total liabilities		$	—		$	174,130		$	1,261		$	167,376
	-1	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
			December 31, 2012
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	39,017		$	—		$	—		$	39,017
	Mortgage loans acquired for sale at fair value			—			975,184			—			975,184
	Mortgage loans at fair value			—			—			1,189,971			1,189,971
	Mortgage servicing rights at fair value			—			—			1,346			1,346
	Derivative assets:
	Interest rate lock commitments			—			—			19,479			19,479
	MBS put options			—			977			—			977
	Forward purchase contracts			—			2,617			—			2,617
	Forward sales contracts			—			3,458			—			3,458
	Total derivative assets before netting			—			7,052			19,479			26,531
	Netting (1)			—			—			—			(2,825	)
	Total derivative assets			—			7,052			19,479			23,706
			$	39,017		$	982,236		$	1,210,796		$	2,229,224
	Liabilities:
	Derivative liabilities:
	Forward purchase contracts			—			1,741			—			1,741
	Forward sales contracts			—			4,520			—			4,520
Total derivative liabilities before netting			—			6,261			—			6,261
Netting (1)			—			—			—			(5,294	)
Total derivative liabilities		$	—		$	6,261		$	—		$	967
-1	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
The following is a summary of changes in items measured using Level 3 inputs on a recurring basis:
		31-Dec-13
		Agency			Mortgage			Mortgage			Mortgage			Excess			Interest			Total
		debt			loans			loans under			servicing			servicing			rate lock
					at fair value			forward			rights			spread			commitments(1)
								purchase
								agreements
		(in thousands)
Assets:
Balance, December 31, 2012		$	—		$	1,189,971		$	—		$	1,346		$	—		$	19,479		$	1,210,796
Purchases			12,000			1,063,162			246,525			1,419			139,028			—			1,462,134
Repayments			—			(255,210	)		(15,319	)		—			(4,076	)		—			(274,605	)
Accrual of interest			—			—			—			—			1,348			—			1,348
Interest rate lock commitments issued, net			—			—			—			—			—			83,515			83,515
Capitalization of interest			—			43,481			—			—			—			—			43,481
Sales			(13,725	)		—			—			—			—			—			(13,725	)
Servicing received as proceeds from sales of mortgage loans			—			—			—			23,071			—			—			23,071
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			—			44,018			2,305			—			—			—			46,323
Other factors			1,725			153,639			9,415			616			2,423			(26,674	)		141,144
			1,725			197,657			11,720			616			2,423			(26,674	)		187,467
Transfers of mortgage loans under forward purchase agreements to mortgage loans			—			15,347			(15,347	)		—			—			—			—
Transfers of mortgage loans to REO			—			(177,743	)		—			—			—			—			(177,743	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(9,451	)		—			—			—			(9,451	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			—			(75,071	)		(75,071	)
Balance, December 31, 2013		$	—		$	2,076,665		$	218,128		$	26,452		$	138,723		$	1,249		$	2,461,217
Changes in fair value recognized during the year relating to assets still held at December 31, 2013		$	1,725		$	132,339		$	7,244		$	616		$	2,423		$	1,249		$	145,596
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		December 31, 2012
		Mortgage-			Mortgage			Mortgage			Mortgage			Interest			Total
		backed			loans			loans			servicing			rate lock
		securities						under			rights			commitments
								forward
								purchase
								agreements
		(in thousands)
Assets:
Balance, December 31, 2011		$	72,813		$	696,266		$	129,310		$	749		$	5,772		$	904,910
Purchases			—			541,696			1,075			20			—			542,791
Repayments			(21,888	)		(169,877	)		(14,292	)		—			—			(206,057	)
Interest rate lock commitments issued, net			—			—			—			—			212,555			212,555
Capitalization of interest			—			19,745			—			—			—			19,745
Sales			(52,133	)		—			—			(79	)		—			(52,212	)
Accrual of unearned discounts			363			—			—			—			—			363
Servicing received as proceeds from sales of mortgage loans			—			—			—			1,508			—			1,508
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			—			24,878			—			(708	)		—			24,170
Other factors			845			68,772			9,293			(144	)		—			78,766
			845			93,650			9,293			(852	)		—			102,936
Transfer of mortgage loans under forward purchase agreements to mortgage loans			—			117,913			(117,913	)		—			—			—
Transfer of mortgage loans to REO			—			(109,440	)		—			—			—			(109,440	)
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(7,473	)		—			—			(7,473	)
Transfer to mortgage loans acquired for sale			—			18			—			—			—			18
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			(198,848	)		(198,848	)
Balance, December 31, 2012		$	—		$	1,189,971		$	—		$	1,346		$	19,479		$	1,210,796
Changes in fair value recognized during the year relating to assets still held at December 31, 2012		$	—		$	51,022		$	—		$	(852	)	$	19,479		$	69,649
		Securities sold under
		agreements to
		repurchase
		(in thousands)
Liabilities:
Balance, December 31, 2011		$	115,493
Changes in fair value included in income
Sales			752,343
Repurchases			(867,836	)
Balance, December 31, 2012		$	—
		December 31, 2011
		Mortgage-			Mortgage			Mortgage			Mortgage			Interest			Total
		backed			loans			loans			servicing			rate lock
		securities						under			rights			commitments
								forward
								purchase
								agreements
		(in thousands)
Assets:
Balance, December 31, 2010		$	119,872		$	364,250		$	—		$	—		$	—		$	484,122
Purchases			21,420			453,323			194,286			—			—			669,029
Repayments			(59,666	)		(111,577	)		(33,097	)		—			—			(204,340	)
Interest rate lock commitments issued, net			—			—			—			—			15,955			15,955
Sales			(7,994	)		(2,570	)		—			—			—			(10,564	)
Accrual of unearned discounts			1,993			—			—			—			—			1,993
Servicing received as proceeds from sales of mortgage loans			—			—			—			774			—			774
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			—			28,400			3,682			—			—			32,082
Other factors			(2,812	)		45,445			10,676			(25	)		—			53,284
			(2,812	)		73,845			14,358			(25	)		—			85,366
Transfer of mortgage loans under forward purchase agreements to mortgage loans			—			23,198			(23,198	)		—			—			—
Transfer of mortgage loans to REO			—			(104,203	)		—			—			—			(104,203	)
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(23,039	)		—			—			(23,039	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			(10,183	)		(10,183	)
Balance, December 31, 2011		$	72,813		$	696,266		$	129,310		$	749		$	5,772		$	904,910
Changes in fair value recognized during the year relating to assets still held at December 31, 2011		$	(2,812	)	$	41,633		$	5,928		$	(25	)	$	5,772		$	50,496
		Securities sold under
		agreements to
		repurchase
		(in thousands)
Liabilities:
Balance, December 31, 2010		$	101,202
Changes in fair value included in income
Sales			1,423,615
Repurchases			(1,409,324	)
Balance, December 31, 2011		$	115,493
Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2011		$	—
Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value):
		December 31, 2013
		Fair value			Principal			Difference
					amount due
					upon maturity
		(in thousands)
Mortgage loans acquired for sale:
Current through 89 days delinquent		$	457,968		$	447,224		$	10,744
90 or more days delinquent (1)
Not in foreclosure			169			162			7
In foreclosure			—			—			—
			458,137			447,386			10,751
Mortgage loans and mortgage loans under forward purchase agreements at fair value:
Current through 89 days delinquent			647,266			962,919			(315,653	)
90 or more days delinquent (1)
Not in foreclosure			738,043			1,190,403			(452,360	)
In foreclosure			909,484			1,493,643			(584,159	)
			2,294,793			3,646,965			(1,352,172	)
Mortgage loans at fair value held by variable interest entity:
Current through 89 days delinquent			523,652			543,257			(19,605	)
90 or more days delinquent (1)
Not in foreclosure			—			—			—
In foreclosure			—			—			—
			523,652			543,257			(19,605	)
		$	3,276,582		$	4,637,608		$	(1,361,026	)
		December 31, 2012
		Fair value			Principal			Difference
					amount due
					upon maturity
		(in thousands)
Mortgage loans acquired for sale:
Current through 89 days delinquent		$	975,184		$	931,787		$	43,397
90 or more days delinquent (1)
Not in foreclosure			—			—			—
In foreclosure			—			—			—
			975,184			931,787			43,397
Mortgage loans and mortgage loans under forward purchase agreements at fair value:
Current through 89 days delinquent			404,016			640,722			(236,706	)
90 or more days delinquent (1)
Not in foreclosure			326,074			633,310			(307,236	)
In foreclosure			459,881			850,001			(390,120	)
			1,189,971			2,124,033			(934,062	)
		$	2,165,155		$	3,055,820		$	(890,665	)
-1	Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed.
Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option:
		Changes in fair value included in current period income
		Year ended December 31, 2013
		Net gain (loss)			Net			Net gain (loss)			Net loan			Total
		on			interest			on			servicing
		investments			income			mortgage			income
								loans
								acquired for
								sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Agency debt securities			1,725			—			—			—			1,725
Mortgage-backed securities at fair value			(3,946	)		46			—			—			(3,900	)
Mortgage loans acquired for sale at fair value			—			—			(30,696	)		—			(30,696	)
Mortgage loans at fair value			197,657			—			—			—			197,657
Mortgage loans under forward purchase agreements at fair value			11,720			—			—			—			11,720
Mortgage loans at fair value held by variable interest entity			(6,301	)		232			—			—			(6,069	)
Excess servicing spread			2,423			—			—			—			2,423
Mortgage servicing rights at fair value			—			—			—			616			616
		$	203,278		$	278		$	(30,696	)	$	616		$	173,476
Liabilities:
Asset-backed secured financing at fair value		$	2,279		$	(92	)	$	—		$	—		$	2,187
		$	2,279		$	(92	)	$	—		$	—		$	2,187
		Changes in fair value included in current period income
		Year ended December 31, 2012
		Net gain (loss)			Net			Net gain (loss)			Net loan			Total
		on			interest			on			servicing
		investments			income			mortgage			income
								loans
								acquired for
								sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			2,925			142			—			—			3,067
Mortgage loans acquired for sale at fair value			—			—			188,055			—			188,055
Mortgage loans at fair value			95,615			—			—			—			95,615
Mortgage loans under forward purchase agreements at fair value			9,687			—			—			—			9,687
Mortgage servicing rights at fair value			—			—			—			(852	)		(852	)
		$	108,227		$	142		$	188,055		$	(852	)	$	295,572
Liabilities:
Securities sold under agreements to repurchase at fair value		$	—		$	—		$	—		$	—		$	—
		$	—		$	—		$	—		$	—		$	—
		Changes in fair value included in current period income
		Year ended December 31, 2011
		Net gain			Net			Net gain on			Net loan			Total
		on			interest			mortgage			servicing
		investments			income (1)			loans			income
								acquired for
								sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			(2,812	)		1,993			—			—			(819	)
Mortgage loans acquired for sale at fair value			—			—			7,633			—			7,633
Mortgage loans at fair value			71,098			—			—			—			71,098
Mortgage loans under forward purchase agreements at fair value			14,357			—			—			—			14,357
Mortgage servicing rights at fair value			—			—			—			(31	)		(31	)
		$	82,643		$	1,993		$	7,633		$	(31	)	$	92,238
Liabilities:
Asset-backed secured financing at fair value		$	—		$	—		$	—		$	—		$	—
		$	—		$	—		$	—		$	—		$	—
Financial Statement Items Measured at Fair Value on a Nonrecurring Basis
Following is a summary of financial statement items that are measured at estimated fair value on a nonrecurring basis:
		December 31, 2013
		Level 1			Level 2			Level 3			Total
		(in thousands)
Assets:
Real estate acquired in settlement of loans		$	—		$	—		$	63,043		$	63,043
Real estate acquired in settlement of loans under forward purchase agreements			—			—			7,760			7,760
Mortgage servicing rights at lower of amortized cost or fair value			—			—			184,067			184,067
		$	—		$	—		$	255,870		$	255,870
		December 31, 2012
		Level 1			Level 2			Level 3			Total
		(in thousands)
Assets:
Real estate acquired in settlement of loans		$	—		$	—		$	56,156		$	56,156
Mortgage servicing rights at lower of amortized cost or fair value			—			—			86,215			86,215
		$	—		$	—		$	142,371		$	142,371
The following table summarizes the total gains (losses) recognized during the year on assets measured at estimated fair values on a nonrecurring basis held at year-end:
		Net gains (losses) recognized during
		the period
		Year ended December 31,
		2013			2012
		(in thousands)
Real estate acquired in settlement of loans		$	(11,856	)	$	(12,168	)
Real estate acquired in settlement of loans under forward purchase agreements			(86	)		—
Mortgage servicing rights at lower of amortized cost or fair value			4,970			(7,547	)
		$	(6,972	)	$	(19,715	)
Real Estate Acquired in Settlement of Loans
The Company measures its investment in REO at the respective properties’ estimated fair values less cost to sell on a nonrecurring basis. The initial carrying value of the REO is measured by cost in the case of purchased REO; or the fair value of the property at the time of acquisition in the case of acquisition in settlement of a loan. REO may be subsequently revalued due to the Company receiving greater access to the property, the property being held for an extended period or management receiving indications that the property’s value may not be supported by developing market conditions. Any subsequent change in fair value to a level that is less than or equal to the value at which the property was initially recorded is recognized in Results of real estate acquired in settlement of loans in the consolidated statements of income.
Mortgage Servicing Rights at Lower of Amortized Cost or Fair Value
The Company evaluates its MSRs at lower of amortized cost or fair value for impairment with reference to the assets’ fair value. For purposes of performing its MSR impairment evaluation, the Company stratifies its MSRs at lower of amortized cost or fair value based on the interest rates borne by the mortgage loans underlying the MSRs. Mortgage loans are grouped into note rate pools of 50 basis point ranges for fixed-rate mortgage loans with note rates between 3% and 4.5% and a single pool for note rates below 3%. MSRs relating to adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note rate pools is below the amortized cost of the MSRs for that pool reduced by the existing valuation allowance, those MSRs are impaired.
When MSRs are impaired, the impairment is recognized in current-period income and the carrying value of the MSRs is adjusted using a valuation allowance. If the value of the MSRs subsequently increases, the increase of value is recognized in current period earnings only to the extent of the valuation allowance for the respective stratum.
Management periodically reviews the various impairment strata to determine whether the value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated fair value is charged to the valuation allowance.
Fair Value of Financial Instruments Carried at Amortized Cost
The Company’s cash balances as well as certain of its borrowings are carried at amortized cost. Management has concluded that the estimated fair values of Cash, Securities sold under agreements to repurchase, Mortgage loans acquired for sale at fair value sold under agreements to repurchase, Mortgage loans at fair value sold under agreements to repurchase, Mortgage loans at fair value held by variable interest entity sold under agreements to repurchase, Real estate acquired in settlement of loans financed under agreements to repurchase, and Borrowings under forward purchase agreements approximate the agreements’ carrying values due to the immediate realizability of cash at its carrying amount and to the borrowing agreements’ short terms and variable interest rates.
As discussed in Note 24, the Company issued the Notes, which are carried at amortized cost. The fair value of the Notes at December 31, 2013 was $238.4 million. The fair value of the Notes is estimated using a broker indication of value. The Company has classified the Notes as “Level 3” financial statement items as of December 31, 2013 due to the lack of current market activity and the reliance on the broker’s quote to estimate the instrument’s fair values.
Cash is measured using Level 1 inputs. The Company’s assets sold under agreements to repurchase and borrowings under forward purchase agreements are carried at amortized cost and do not have active markets or observable inputs and the fair value is measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. The Company has classified these financial instruments as “Level 3” financial statement items as of December 31, 2013 due to the lack of current market activity and the Company’s reliance on unobservable inputs to estimate these instruments’ fair value.
Valuation Techniques and Assumptions
Most of the Company’s assets and a portion of its liabilities are carried at fair value with changes in fair value recognized in current period income. A substantial portion of those items are “Level 3” financial statement items which require the use of significant unobservable inputs in the estimation of the assets’ and liabilities’ values. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances.
PCM has assigned the responsibility for estimating the fair values of “Level 3” financial statement items to its Financial Analysis and Valuation group (the “FAV group”), which is responsible for valuing and monitoring the Company’s investment portfolios and maintenance of its valuation policies and procedures.
The FAV group reports to PCM’s valuation committee, which oversees and approves the valuations. The valuation committee includes the chief executive, financial, operating, credit, and asset/liability management officers of PCM. The FAV group monitors the models used for valuation of the Company’s “Level 3” financial statement items, including the models’ performance versus actual results and reports those results to the valuation committee. The results developed in the FAV group’s monitoring activities are used to calibrate subsequent projections used for valuation.
The FAV group is responsible for reporting to PCM’s valuation committee on a monthly basis on the changes in the valuation of the portfolio, including major factors affecting the valuation and any changes in model methods and assumptions. To assess the reasonableness of its valuations, the FAV group presents an analysis of the effect on the valuation of each of the changes to the significant inputs to the models.
The following describes the valuation techniques and assumptions used in estimating the fair values of Level 2 and Level 3 financial statement items:
Mortgage-Backed Securities and Agency Debt Securities
MBS and Agency debt securities values are presently determined based on whether the securities are issued by one of the Agencies as discussed below:
	•		Agency MBS are categorized as “Level 2” financial statement items. Fair value of Agency MBS are estimated based on quoted market prices for similar securities.
	•		Agency debt security and Non-Agency MBS are categorized as “Level 3” financial statement items. Fair value of Agency debt securities and non-Agency MBS are estimated using broker indications of value. For indications of value received, the FAV group and a separate Capital Markets group review the price indications provided by non-affiliate brokers for completeness, accuracy and consistency across all similar MBS managed by PCM. Bond-level analytics such as yield, weighted average life and projected prepayment and default speeds of the underlying collateral are computed. The reasonableness of the brokers’ indications of value and of changes in value from period to period is evaluated in light of the analytical review performed and considering market conditions. The review of the FAV group is reported to PCM’s valuation committee as part of its review and approval of monthly valuation results. PCM has not adjusted, and does not intend to adjust, its fair value estimates to amounts different than the brokers’ indications of value.
The significant unobservable inputs used in the fair value measurement of the Company’s Agency issued debt and non-Agency MBS are discount rates, prepayment speeds, default speeds and expected future losses (or “collateral remaining loss percentage”). Significant changes in any of those inputs in isolation could result in a significant change in fair value measurement. Changes in these assumptions are not directly correlated, as they may be separately affected by changes in collateral characteristics and performance, servicer behavior, legal and regulatory actions, economic and housing market data and market sentiment.
All MBS securities held at December 31, 2013 have contractual maturities greater than ten years.
Mortgage Loans
Fair value of mortgage loans is estimated based on whether the mortgage loans are saleable into active markets:
	•		Mortgage loans that are saleable into active markets, comprised of the Company’s mortgage loans acquired for sale at fair value, are categorized as “Level 2” financial statement items and their fair values are estimated using their quoted market or contracted price or market price equivalent. For mortgage loans at fair value held by variable interest entity, the values of all of the individual securities issued by the securitization trust are used to derive a price for the mortgage loans, and are also considered “Level 2” financial statement items.
	•		Loans that are not saleable into active markets, comprised of the Company’s mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value, are categorized as “Level 3” financial statement items and their fair values are estimated using a discounted cash flow approach. Inputs to the discounted cash flow model include current interest rates, loan amount, payment status and property type or contracted selling price, and forecasts of future interest rates, home prices, prepayment speeds, default speeds, loss severities and discount rates.
		The valuation process includes the computation by stratum of loan population and a review for reasonableness of various measures such as weighted average life, projected prepayment and default speeds, and projected default and loss percentages. The FAV group computes the effect on the valuation of changes in input variables such as interest rates, home prices, and delinquency status to assess the reasonableness of changes in the loan valuation. The results of the estimates of fair value of “Level 3” mortgage loans are reported to PCM’s valuation committee as part of its review and approval of monthly valuation results.
Changes in fair value attributable to changes in instrument-specific credit risk are measured by the effect on fair value of the change in the respective loan’s delinquency status at period-end from the later of the beginning of the period or acquisition date.
The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value are discount rate, home price projections, voluntary prepayment speeds and default 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 inputs used in the valuation of mortgage loans at fair value:
		Range
		(Weighted average)
Key Inputs		December 31, 2013		December 31, 2012
Mortgage loans at fair value
Discount rate		8.7% – 16.9%		8.8% – 20.7%
		-12.70%		-13.10%
Twelve-month projected housing price index change		2.5% – 4.3%		0.4% – 1.5%
		-3.70%		-1.10%
Prepayment speed (1)		0.0% – 3.9%		0.4% – 4.4%
		-2.00%		-2.20%
Total prepayment speed (2)		0.3% – 33.9%		5.9% – 31.2%
		-24.30%		-20.60%
Mortgage loans under forward purchase agreements
Discount rate		9.5% – 13.5%		—
		-11.90%		—
Twelve-month projected housing price index change		3.3% – 4.2%		—
		-3.80%		—
Prepayment speed (1)		1.1% – 2.9%		—
		-2.20%		—
Total prepayment speed (2)		13.4% – 27.9%		—
		-22.80%		—
-1	Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”).
-2	Total prepayment speed is measured using Life Total CPR.
Excess Servicing Spread Purchased from PennyMac Financial Services, Inc.
The Company categorizes ESS as a “Level 3” financial statement item. The Company uses a discounted cash flow approach to estimate the fair value of ESS. The key inputs used in the estimation of the fair value of excess servicing spread include prepayment speed and discount rate. Significant changes to those inputs in isolation could result in a significant change in the ESS fair value measurement. Changes in these key inputs are not necessarily directly related.
ESS is generally subject to loss in value when interest rates decrease. Decreasing mortgage rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the excess servicing spread, thereby reducing excess servicing spread value. Reductions in the value of ESS affect income primarily through change in fair value.
Interest income for ESS is accrued using the interest method, based upon the expected income from the ESS through the expected life of the underlying mortgages. Changes to expected cash flows result in a change in fair value which is recorded in Interest income. Changes in discount rates result in a change to fair value that is recognized in Net gain (loss) on investments.
Following are the key inputs used in determining the fair value of ESS:
		Range
		(Weighted average)
Key Inputs		December 31, 2013		December 31, 2012
Pricing spread		2.8% – 14.4%		—
		-5.40%		—
Average life		0.9 – 8.0		—
		-6.1		—
Prepayment speed		7.7% – 48.6%		—
		-9.70%		—
Derivative Financial Instruments
The Company estimates the fair value 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 mortgage loan will be purchased as a percentage of the commitments it has made (the “pull-through rate”). The Company categorizes IRLCs as a “Level 3” financial statement item.
The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the MSR component of the Company’s estimate of the value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate and the MSR component of the IRLCs, in isolation, could result in a significant change in fair value measurement. The financial effects of changes in these assumptions are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC value, but increase the pull-through rate for loans that have decreased in fair value.
Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
		Range
		(Weighted average)
Key inputs		December 31, 2013		December 31, 2012
Pull-through rate		64.8% – 98.0%		44.2% – 98.0%
		-86.40%		-80.60%
MSR value expressed as:
Servicing fee multiple		1.4 – 5.1		1.8 – 4.8
		-4.1		-4.5
Percentage of unpaid principal balance		0.4% – 1.3%		0.4% – 1.2%
		-1.00%		-1.10%
The Company estimates the fair value of commitments to sell loans based on quoted MBS prices. The Company estimates the fair value of the interest rate options and futures it purchases and sells based on observed interest rate volatilities in the MBS market.
Real Estate Acquired in Settlement of Loans
REO is measured based on its fair value on a nonrecurring basis and is categorized as a “Level 3” financial statement item. Fair value of REO is estimated by using a current estimate of value from a broker’s price opinion or a full appraisal, or the price given in a current contract of sale.
REO values are reviewed by PCM’s staff appraisers when the Company obtains multiple indications of value and there is a significant difference between the values received. PCM’s staff appraisers will attempt to resolve the difference between the indications of value. In circumstances where the appraisers are not able to generate adequate data to support a value conclusion, the staff appraisers will order an additional appraisal to determine the value.
Mortgage Servicing Rights
MSRs are categorized as “Level 3” financial statement items. 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 prepayment and default rates of the underlying loans, the applicable pricing spread or discount rate, and annual per-loan cost to service loans, all of which are unobservable. The key inputs used in the Company’s discounted cash flow model are based on market factors which management believes are consistent with assumptions and data used by market participants valuing similar MSRs. The results of the estimates of fair value of MSRs are reported to PCM’s valuation committee as part of their review and approval of monthly valuation results.
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 necessarily directly related.
MSRs are generally subject to loss in value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing MSR value. Reductions in the value of MSRs affect income primarily through change in fair value and impairment charges. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of the underlying mortgage loans.
Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition:
		Year ended December 31,
		2013			2012			2011
		Range
		(Weighted average)
Key inputs		Amortized cost		Fair value	Amortized cost		Fair value	Amortized cost		Fair value
		(MSR recognized and unpaid principal balance of underlying loans in thousands)
MSR recognized		$159,961		$23,071	$133,159		$1,508	$5,299		$774
Unpaid principal balance of underlying loans		$13,343,793		$2,148,185	$12,254,751		$161,153	$415,839		$82,174
Average servicing fee rate (in basis points)		26		26	26		26	26		26
Pricing spread (1)		5.4% – 17.5%		7.4% – 14.4%	7.5% – 22.8%		7.5% – 16.5%	7.5% – 18.0%		7.5% –15.3%
		-6.70%		-8.20%	-7.50%		-7.90%	-7.70%		-9.50%
Life (in years)		1.3 – 7.3		2.7 – 7.3	1.9 – 7.0		2.4 – 7.0	3.0 – 8.1		2.0 – 8.2
		-6.4		-6.9	-6.4		-6.1	-6.9		-6
Annual total prepayment speed (2)		7.6% – 51.8%		7.9% – 27.0%	6.7% – 45.0%		7.9% – 51.5%	5.8% – 24.4%		6.8% –27.8%
		-9.10%		-10.00%	-9.10%		-12.70%	-7.70%		-13.70%
Annual per-loan cost of servicing		$68 – $140		$68 – $68	$68 – $140		$68 – $140	$53 – $140		$53 – $140
		($68)		($68)	($68)		($74)	($69)		($85)
-1	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 States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans.
-2	Prepayment speed is measured using Life Total CPR.
Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the estimated fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable):
		December 31, 2013			December 31, 2012
		Range
		(Weighted average)
Key inputs		Amortized cost		Fair value	Amortized cost		Fair value
		(Carrying value, unpaid principal balance and effect on value amounts in
		thousands)
Carrying value		$264,120		$26,452	$125,430		$1,346
Unpaid principal balance of underlying loans		$23,399,612		$2,393,321	$11,986,957		$181,783
Weighted average servicing fee rate (in basis points)		26		26	26		27
Weighted average coupon rate		3.68%		4.78%	3.70%		4.79%
Pricing spread (1)		6.3% – 17.5%		7.3% – 15.3%	7.5% – 16.5%		7.5% – 16.5%
		-6.70%		-8.60%	-7.70%		-7.70%
Effect on value of 5% adverse change		($5,490)		($488)	($2,052)		($21)
Effect on value of 10% adverse change		($10,791)		($959)	($4,041)		($40)
Effect on value of 20% adverse change		($20,861)		($1,855)	($7,845)		($78)
Weighted average life (in years)		1.3 – 7.3		2.8 – 7.3	1.7 – 6.3		1.4 – 6.3
		-6.7		-7.2	-6.3		-6
Prepayment speed (2)		7.7% – 51.9%		8.0% – 20.0%	10.3% – 47.8%		10.3% – 65.9%
		-8.20%		-8.90%	-10.30%		-13.20%
Effect on value of 5% adverse change		($5,467)		($568)	($3,026)		($52)
Effect on value of 10% adverse change		($10,765)		($1,117)	($5,937)		($100)
Effect on value of 20% adverse change		($20,886)		($2,160)	($11,436)		($190)
Annual per-loan cost of servicing		$68 – $140		$68 – $140	$68 – $140		$68 – $140
		($68)		($68)	($68)		($74)
Effect on value of 5% adverse change		($1,695)		($158)	($778)		($12)
Effect on value of 10% adverse change		($3,390)		($316)	($1,556)		($24)
Effect on value of 20% adverse change		($6,780)		($633)	($3,112)		($48)
-1	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 States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans and purchased MSRs not backed by pools of distressed mortgage loans.
-2	Prepayment speed is measured using Life Total CPR.
The preceding sensitivity analyses are limited in that they were performed at a particular point in time; only contemplate the movements in the indicated variables; do not incorporate changes in the variables in relation to other variables; are subject to the accuracy of various models and assumptions used; and do not incorporate other factors that would affect the Company’s overall financial performance in such scenarios, including operational adjustments made by management to account for changing circumstances. For these reasons, the preceding estimates should not be viewed as an earnings forecast.
Securities Sold Under Agreements to Repurchase
Fair value of securities sold under agreements to repurchase is based on the accrued cost of the agreements, which approximates the agreements’ fair values, due to the agreements’ short maturities.

ShortTerm_Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2013
Cash And Cash Equivalents [Abstract]	'
Short-Term Investments	'
	Note 9—Short-Term Investments
	The Company’s short-term investments are comprised of money market accounts and unrestricted balances maintained in excess of minimum required amounts as deposited with U.S. commercial banks.

Mortgage_Loans_Acquired_for_Sa

Mortgage Loans Acquired for Sale at Fair Value	12 Months Ended
	Dec. 31, 2013
Mortgage Loans On Real Estate [Abstract]	'
Mortgage Loans Acquired for Sale at Fair Value	'
	Note 10—Mortgage Loans Acquired for Sale at Fair Value
	Mortgage loans acquired for sale at fair value is comprised of recently originated mortgage loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value:
		December 31, 2013				December 31, 2012
		Fair		Unpaid		Fair		Unpaid
		value		principal		value		principal
				balance				balance
	Loan type	(in thousands)
	Government-insured or guaranteed	$	112,360	$	107,587	$	153,326	$	144,619
	Conventional:
	Agency-eligible		311,162		304,749		820,492		785,830
	Jumbo		34,615		35,050		1,366		1,338
		$	458,137	$	447,386	$	975,184	$	931,787
	Loans pledged to secure loans sold under agreements to repurchase	$	454,210			$	972,079
	The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed mortgage loans. As discussed in Note 4—Transactions with Related Parties, the Company transfers government-insured or guaranteed mortgage loans that it purchases from correspondent lenders to PLS, which is a Ginnie Mae-approved issuer, and earns a sourcing fee of three basis points on the unpaid principal balance plus accrued interest of each such loan.

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
Derivative Financial Instruments	'
	Note 11—Derivative Financial Instruments
	The Company is exposed to price risk relative to its mortgage loans acquired for sale as well as to the IRLCs it issues to correspondent lenders. The Company bears price risk from the time an IRLC is issued to a correspondent lender to the time the purchased mortgage loan is sold. During this period, the Company is exposed to losses if mortgage interest rates increase, because the value of the purchase commitment or mortgage loan acquired for sale decreases.
	The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by changes in interest rates. To manage the price risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs and inventory of mortgage loans acquired for sale.
	The Company is also exposed to risk relative to the fair value of its MSRs. The Company is exposed to loss in value of its MSRs when interest rates decrease. Beginning in the fourth quarter of 2012, and at times during 2013, the Company included MSRs in its hedging activities.
	Beginning in the third quarter of 2013, the Company entered into Eurodollar futures, which settle daily, to economically hedge net fair value changes of a portion of fixed-rate mortgage loans at fair value held by variable interest entity and MBS securities at fair value and the related variable LIBOR rate repurchase agreement liabilities. The Company uses the Eurodollar futures with the intention of moderating the risk of rising market interest rates that will result in unfavorable changes in the value of the Company’s fixed-rate assets and economic performance of its variable LIBOR rate repurchase agreement liabilities.
	The Company does not use derivative financial instruments for purposes other than in support of its risk management activities. The Company records all derivative financial instruments at fair value and records changes in fair value in current period income.
	The Company had the following derivative assets and liabilities and related margin deposits recorded within Derivative assets and Derivative liabilities on the consolidated balance sheets:
		December 31, 2013								December 31, 2012
				Fair value								Fair value
	Instrument	Notional		Derivative			Derivative			Notional		Derivative			Derivative
		amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments:
	Free-standing derivatives:
	Interest rate lock commitments		557,343	$	2,510		$	1,261			1,694,739	$	19,479		$	—
	Hedging IRLCs and mortgage loans acquired for sale
	Forward purchase contracts		2,781,066		1,229			7,420			2,206,539		2,617			1,741
	Forward sales contracts		3,588,027		16,385			1,295			4,266,983		3,458			4,520
	MBS put options		55,000		272			—			495,000		977			—
	MBS call options		110,000		—			—			—		—			—
	Hedging MBS and mortgage loans held in a VIE
	Eurodollar futures		8,779,000		—			—			—		—			—
	Treasury futures		105,000		—			—			—		—			—
	Options on Eurodollar futures		52,500		566			—			—		—			—
	Total derivative instruments before netting				20,962			9,976					26,531			6,261
	Netting				(12,986	)		(8,015	)				(2,825	)		(5,294	)
				$	7,976		$	1,961				$	23,706		$	967
	(Collateral received) margin deposits with derivatives counterparties			$	(4,971	)						$	2,469
	The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s IRLCs and inventory of mortgage loans acquired for sale:
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2013
	Forward purchase contracts		2,206,539		56,191,824			(55,617,297	)		2,781,066
	Forward sales contracts		4,266,983		72,719,643			(73,398,599	)		3,588,027
	MBS put options		495,000		3,335,000			(3,775,000	)		55,000
	MBS call options		—		2,310,000			(2,200,000	)		110,000
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2012
	Forward purchase contracts		398,400		23,800,622			(21,992,483	)		2,206,539
	Forward sales contracts		756,691		38,995,923			(35,485,631	)		4,266,983
	MBS put options		28,000		2,585,000			(2,118,000	)		495,000
	MBS call options		5,000		90,000			(95,000	)		—
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2011
	Forward purchase contracts		—		2,191,713			(1,793,313	)		398,400
	Forward sales contracts		—		1,139,247			(382,556	)		756,691
	MBS put options		—		66,000			(38,000	)		28,000
	MBS call options		—		13,000			(8,000	)		5,000
	The Company recorded net gains (losses) on derivative financial instruments used to hedge the Company’s IRLCs and inventory of mortgage loans totaling $151.6 million and $(51.5) million for the years ended December 31, 2013 and 2012, respectively. Derivative gains and losses are included in Net gains on mortgage loans acquired for sale in the Company’s consolidated statements of income.
	The Company recorded net losses on derivative financial instruments used as economic hedges of MSRs totaling $2.0 million and $(2.1) million for the years ended December 31, 2013 and 2012, respectively. The derivative losses are included in Net loan servicing fees in the Company’s consolidated statements of income.
	The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s net fair value changes of a portion of fixed-rate mortgage loans at fair value held by variable interest entity and MBS securities at fair value and the related variable LIBOR rate repurchase agreement liabilities:
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
Year ended December 31, 2013
Eurodollar future sales contracts		—		19,852,000			(11,073,000	)		8,779,000
Eurodollar future purchase contracts		—		660,000			(660,000	)		—
Treasury future sales contracts		—		180,000			(75,000	)		105,000
Treasury future purchase contracts		—		75,000			(75,000	)		—
Options on Eurodollar futures		—		302,500			(250,000	)		52,500
The Company recorded net losses on derivative financial instruments used to hedge the net change in fair value of fixed-rate assets and its variable LIBOR rate repurchase agreement liabilities. The Company recorded net losses on derivative financial instruments used as economic hedges of $9.4 million for the year ended December 31, 2013. The derivative losses are included in Net gain on mortgage loans acquired for sale and Net gain on mortgage-backed securities in the Company’s consolidated statements of income. The Company had no similar economic hedges in place for the year ended December 31, 2012.

Mortgage_Loans_at_Fair_Value

Mortgage Loans at Fair Value	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Mortgage Loans at Fair Value	'
	Note 12—Mortgage Loans at Fair Value
	Mortgage loans at fair value are comprised of mortgage loans that are not acquired for sale and may be sold at a later date pursuant to a management determination that such a sale represents the most advantageous liquidation strategy for the identified loan.
	Following is a summary of the distribution of the Company’s mortgage loans at fair value:
		December 31, 2013						December 31, 2012
	Loan type	Fair			Unpaid			Fair		Unpaid
		value			principal			value		principal
					balance					balance
		(in thousands)
	Nonperforming loans	$	1,469,686		$	2,415,446		$	785,955	$	1,483,311
	Performing loans:
	Fixed		310,607			475,568			201,212		322,005
	ARM/hybrid		165,327			207,553			134,196		195,381
	Interest rate step-up		130,906			215,702			68,475		123,117
	Balloon		139			213			133		219
			606,979			899,036			404,016		640,722
		$	2,076,665		$	3,314,482		$	1,189,971	$	2,124,033
	Mortgage loans at fair value pledged to secure borrowings at period end:
	Loans sold under agreements to repurchase	$	1,963,266					$	947,522
	Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	$	989					$	1,538
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value:
		December 31,
	Concentration	2013			2012
	Portion of mortgage loans originated between 2005 and 2007		72	%		77	%
	Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100%		61	%		68	%
	Percentage of mortgage loans secured by California real estate		24	%		18	%
	Additional states contributing 5% or more of mortgage loans		New York			New York
			Florida			Florida
			New Jersey			New Jersey
						Illinois

Mortgage_Loans_at_Fair_Value_H

Mortgage Loans at Fair Value Held by Variable Interest Entity	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Mortgage Loans at Fair Value Held by Variable Interest Entity	'
	Note 13—Mortgage Loans at Fair Value Held by Variable Interest Entity
	Following is a summary of the distribution of the Company’s mortgage loans at fair value held by variable interest entity:
		December 31, 2013					December 31, 2012
					Unpaid				Unpaid
		Fair			principal		Fair		principal
	Loan type	value			balance		value		balance
		(in thousands)
	Nonperforming loans	$	—		$	—	$	—	$	—
	Performing loans:
	Jumbo Fixed		523,652			543,257		—		—
			523,652			543,257		—		—
		$	523,652		$	543,257	$	—	$	—
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value held by variable interest entity:
		December 31,
	States comprising more than 5.00% of unpaid principal balance	2013			2012
	California		57	%		—
	Washington		8	%		—
	Texas		6	%		—
	Virginia		6	%		—
	Other		23	%		—

Mortgage_Loans_Under_Forward_P

Mortgage Loans Under Forward Purchase Agreements at Fair Value	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Mortgage Loans Under Forward Purchase Agreements at Fair Value	'
	Note 14—Mortgage Loans Under Forward Purchase Agreements at Fair Value
	Mortgage loans under forward purchase agreements at fair value are comprised of mortgage loans not acquired for resale. Such loans may be sold at a later date pursuant to a management determination that such a sale represents the most advantageous liquidation strategy for the identified loan. Following is a summary of the distribution of the Company’s mortgage loans under forward purchase agreements at fair value:
		December 31,
		2013					2012
					Unpaid				Unpaid
		Fair			principal		Fair		principal
	Loan type	value			balance		value		balance
		(in thousands)
	Nonperforming loans	$	177,841		$	268,600	$	—	$	—
	Performing loans:
	Fixed		19,292			29,496		—		—
	ARM/hybrid		19,510			31,933		—		—
	Interest rate step-up		1,485			2,455		—		—
			40,287			63,884		—		—
		$	218,128		$	332,484	$	—	$	—
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans under forward purchase agreements at fair value:
		December 31,
		2013			2012
	Portion of mortgage loans originated between 2005 and 2007		72	%		—
	Percentage of mortgage loans secured by California real estate		25	%		—
	Additional states contributing 5% or more of mortgage loans		New Jersey
			Washington
			New York
			Maryland
	At December 31, 2013, the entire balance of mortgage loans under forward purchase agreements was subject to borrowings under forward purchase agreements.

Real_Estate_Acquired_in_Settle

Real Estate Acquired in Settlement of Loans	12 Months Ended
	Dec. 31, 2013
Banking And Thrift [Abstract]	'
Real Estate Acquired in Settlement of Loans	'
	Note 15—Real Estate Acquired in Settlement of Loans
	Following is a summary of financial information relating to REO:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Balance at beginning of year	$	88,078		$	80,570		$	29,685
	Purchases		82			48			1,511
	Transfers from mortgage loans at fair value and advances		185,061			112,642			110,891
	Transfers from REO under forward purchase agreements		117			21,819			778
	Results of REO:
	Valuation adjustments, net		(24,002	)		(16,942	)		(10,281	)
	Gain on sale, net		10,531			16,440			11,189
			(13,471	)		(502	)		908
	Sale proceeds		(120,925	)		(126,499	)		(63,203	)
	Balance at year end	$	138,942		$	88,078		$	80,570
	At year end:
	REO pledged to secure agreements to repurchase	$	17,453		$	9,061		$	5,787
	REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$	71,951		$	14,773		$	54,212

Real_Estate_Acquired_in_Settle1

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	'
	Note 16—Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements
	Following is a summary of the activity in REO under forward purchase agreements:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Balance at beginning of year	$	—		$	22,979		$	—
	Purchases		4			249			—
	Purchases financed through forward purchase agreements		—			—			964
	Transfers from mortgage loans under forward purchase agreements at fair value and advances		9,922			6,633			23,880
	Transfers to REO		(117	)		(21,819	)		(778	)
	Results of REO under forward purchase agreements:
	Valuation adjustments, net		(112	)		(449	)		(244	)
	Gain on sale, net		92			2,319			415
			(20	)		1,870			171
	Sale proceeds		(651	)		(9,912	)		(1,258	)
	Balance at year end	$	9,138		$	—		$	22,979
	At December 31, 2013, the entire balance of REO under forward purchase agreements was subject to borrowings under forward purchase agreements.

Mortgage_Servicing_Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Mortgage Servicing Rights	'
	Note 17—Mortgage Servicing Rights
	Carried at Fair Value:
	Following is a summary of MSRs carried at fair value:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Balance at beginning of year		$	1,346		$	749		$	—
	Additions:
	Purchases			1,419			20			—
	MSRs resulting from loan sales			23,071			1,508			774
	Total additions			24,490			1,528			774
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model (1)			1,338			(708	)		—
	Other changes in fair value (2)			(722	)		(144	)		(25	)
				616			(852	)		(25	)
	Sales			—			(79	)		—
	Balance at year end		$	26,452		$	1,346		$	749
	-1	Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates.
	-2	Represents changes due to realization of expected cash flows.
	Carried at Lower of Amortized Cost or Fair Value:
	Following is a summary of MSRs carried at amortized cost:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Mortgage Servicing Rights:
	Balance before valuation allowance at beginning of year		$	132,977		$	5,282		$	—
	MSRs resulting from loan sale			159,961			133,159			5,299
	Purchases			—			15			—
	Sales			—			(19	)		—
	Amortization			(26,241	)		(5,460	)		(17	)
	Application of valuation allowance to write down MSRs with other-than temporary impairment			—			—			—
	Balance before valuation allowance at year-end			266,697			132,977			5,282
	Valuation Allowance for Impairment of Mortgage Servicing Rights:
	Balance at beginning of year			(7,547	)		—			—
	Reversals (additions)			4,970			(7,547	)		—
	Application of valuation allowance to write down MSRs with other-than temporary impairment			—			—			—
	Balance at year-end			(2,577	)		(7,547	)		—
	Mortgage Servicing Rights, net		$	264,120		$	125,430		$	5,282
	Estimated fair value of Mortgage Servicing Rights at year end		$	289,737		$	126,995		$	5,341
	The following table summarizes the Company’s estimate of amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2013 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.
			Estimated MSR
	Year ended December 31,		amortization
			(in thousands)
	2014		$	25,673
	2015			25,027
	2016			23,791
	2017			22,740
	2018			21,334
	Thereafter			148,132
	Total		$	266,697
	Servicing fees relating to MSRs are recorded in Net loan servicing fees on the consolidated statements of income and are summarized below for the periods presented:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Contractual servicing fees		$	50,716		$	9,969		$	62

Securities_Sold_Under_Agreemen

Securities Sold Under Agreements to Repurchase at Fair Value	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Securities Sold Under Agreements to Repurchase at Fair Value	'
	Note 18—Securities Sold Under Agreements to Repurchase at Fair Value
	Following is a summary of financial information relating to securities sold under agreements to repurchase at fair value as of and for the periods presented:
		Year ended December 31,
		2013			2012			2011
		(dollars in thousands)
	Year end:
	Balance	$	190,861		$	—		$	115,493
	Weighted-average interest rate		0.41	%		0	%		0.67	%
	Fair value of securities securing agreements to repurchase	$	197,401		$	—		$	122,813
	During the year:
	Weighted-average interest rate		0.46	%		0.64	%		1.1	%
	Average balance	$	58,653		$	74,560		$	78,021
	Total interest expense	$	273		$	488		$	873
	Maximum daily amount outstanding	$	199,587		$	160,334		$	115,493
	Following is a summary of maturities of outstanding securities sold under agreements to repurchase by maturity date:
	Remaining Maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	58,336
	Over 30 to 90 days		132,525
	Over 90 days to 180 days		—
	Over 180 days to 1 year		—
		$	190,861
	Weighted average maturity (in months)		0.9
	The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the securities securing those agreements decreases. The Company had $201,000 on deposit with its securities repurchase agreement counterparties at December 31, 2013. The Company had no margin deposits as of December 31, 2012. Margin deposits are included in Other assets in the consolidated balance sheets.
	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 securities sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty	Amount at risk			Facility maturity
		(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC	$	2,084		15-Jan-14
	Bank of America, N.A.	$	714		13-Jan-14
	Daiwa Capital Markets America, Inc	$	3,840		February 2, 2014

Mortgage_Loans_Acquired_for_Sa1

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase	'
	Note 19—Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase
	Following is a summary of financial information relating to mortgage loans acquired for sale sold under agreements to repurchase:
			Year ended December 31,
			2013			2012			2011
			(dollars in thousands)
	Year end:
	Balance		$	424,670		$	894,906		$	212,677
	Amount available (1)		$	1,230,000		$	505,094		$	137,323
	Weighted-average interest rate			1.97	%		2.31	%		2.06	%
	Fair value of mortgage loans acquired for sale securing agreements to repurchase		$	454,210		$	972,079		$	231,704
	During the year:
	Weighted-average interest rate (2)			2.09	%		2.32	%		2.63	%
	Average balance		$	832,703		$	412,242		$	43,713
	Total interest expense		$	24,502		$	12,981		$	2,426
	Maximum daily amount outstanding		$	1,489,070		$	1,028,290		$	288,972
	-1	The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements, amounts used for other eligible asset classes subject to the same aggregate maximum contractual limit, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold.
	-2	Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $6.8 million and $3.3 million during the years ended December 31, 2013 and 2012, respectively.
	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013		Balance
			(in thousands)
	Within 30 days		$	49,339
	Over 30 to 90 days			362,577
	Over 90 days to 180 days			12,754
	Over 180 days to 1 year			—
			$	424,670
	Weighted average maturity (in months)			2.44
	The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the mortgage loans securing those agreements decreases. The Company had $3.0 million and $4.1 million on deposit with its loan repurchase agreement counterparties at December 31, 2013 and December 31, 2012, respectively. Margin deposits are included in Other assets in the consolidated balance sheets.
	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 mortgage loans acquired for sale sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
						Weighted-average
						repurchase agreement
	Counterparty		Amount at risk			maturity		Facility maturity
			(in thousands)
	Citibank		$	4,262		January 28, 2014		24-Jul-14
	Credit Suisse First Boston Mortgage Capital LLC		$	12,730		23-Mar-14		31-Oct-14
	Bank of America, N.A.		$	13,697		March 22, 2014		2-Jan-14
	Morgan Stanley Bank, N.A.		$	1,511		February 22, 2014		December 18, 2014

Mortgage_Loans_at_Fair_Value_S

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase	'
	Note 20—Mortgage Loans at Fair Value Sold Under Agreements to Repurchase
	Following is a summary of financial information relating to mortgage loans sold under agreements to repurchase:
			Year ended December 31,
			2013			2012			2011
			(dollars in thousands)
	Year end:
	Balance		$	1,070,105		$	353,805		$	275,649
	Amount available (1)		$	47,229		$	246,195		$	174,351
	Weighted-average interest rate			3.07	%		3.35	%		3.96	%
	Fair value of mortgage loans at fair value and REO securing agreements to repurchase		$	1,980,719		$	956,583		$	613,051
	During the year:
	Weighted-average interest rate (2)			3.21	%		3.8	%		3.76	%
	Average balance		$	570,861		$	300,285		$	233,594
	Total interest expense		$	20,783		$	13,176		$	9,642
	Maximum daily amount outstanding		$	1,080,058		$	439,976		$	285,532
	-1	The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements, amounts used for other eligible asset classes subject to the same aggregate maximum contractual limit, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold.
	-2	Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $2.2 million and $1.6 million during the years ended December 31, 2013 and 2012, respectively.
	Following is a summary of maturities of repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013		Balance
			(in thousands)
	Within 30 days		$	—
	Over 30 to 90 days			—
	Over 90 days to 180 days			—
	Over 180 days to 1 year			1,070,105
			$	1,070,105
	Weighted average maturity (in months)			7.7
	The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the loans securing those agreements decreases. The Company had no margin deposits as of December 31, 2013 and $379,000 on deposit with its loan repurchase agreement counterparties at December 31, 2012. Margin deposits are included in Other assets in the consolidated balance sheets.
	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 mortgage loans at fair value sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty		Amount at risk			Facility maturity
			(in thousands)
	Citibank, N.A.		$	596,154		24-Jul-14
	Credit Suisse First Boston Mortgage Capital LLC		$	311,384		October 31, 2014

Mortgage_Loans_at_Fair_Value_H1

Mortgage Loans at Fair Value Held by Variable Interest Entity Sold Under Agreements to Purchase	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Mortgage Loans at Fair Value Held by Variable Interest Entity Sold Under Agreements to Purchase	'
	Note 21—Mortgage Loans at Fair Value Held by Variable Interest Entity
	The collateral pledged for the repurchase agreement is in the form of jumbo securities that were consolidated as mortgage loans at fair value held by variable interest entity as described in Note 3—Significant Accounting Policies—Consolidation and Note 6—Loan Sales—Consolidated VIE.
	Following is a summary of financial information relating to mortgage loans at fair value held by variable interest entity sold under agreements to repurchase:
		Year ended December 31,
		2013			2012		2011
		(dollars in thousands)
	Year end:
	Balance	$	315,744		$	—	$	—
	Unused amount	$	—		$	—	$	—
	Weighted-average interest rate		1.03	%		—		—
	Fair value of mortgage loans at fair value securing agreements to repurchase	$	351,058		$	—	$	—
	During the year:
	Weighted-average interest rate		1.01	%		—		—
	Average balance	$	78,767		$	—	$	—
	Total interest expense	$	806		$	—	$	—
	Maximum daily amount outstanding	$	317,677		$	—	$	—
	Following is a summary of maturities of repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	241,713
	Over 30 to 90 days		74,031
	Over 90 days to 180 days		—
	Over 180 days to 1 year		—
		$	315,744
	Weighted average maturity (in months)		1.2
	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 mortgage loans at fair value held by variable interest entity sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty	Amount at risk			Repurchase
					agreement maturity
		(in thousands)
	Citibank, N.A.	$	7,645		28-Mar-14
	Credit Suisse First Boston Mortgage Capital LLC	$	9,755		6-Jan-14
	Bank of America, N.A.	$	17,721		January 24, 2014

Real_Estate_Acquired_in_Settle2

Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase	'
	Note 22—Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase
	Following is a summary of financial information relating to REO financed under agreements to repurchase:
			Year ended December 31,
			2013			2012			2011
			(dollars in thousands)
	Year end:
	Balance		$	38,225		$	7,391		$	27,494
	Amount available (1)		$	—		$	92,609		$	72,506
	Weighted-average interest rate			3.73	%		3.96	%		4.26	%
	Fair value of loans and REO held in a consolidated subsidiary whose stock is pledged to secure agreements to repurchase		$	72,940		$	16,311		$	54,212
	During the year:
	Weighted-average interest rate (2)			3.86	%		4.21	%		4.26	%
	Average balance		$	11,928		$	16,666		$	8,341
	Total interest expense		$	966		$	1,214		$	636
	Maximum daily amount outstanding		$	38,225		$	27,494		$	28,260
	-1	The amount the Company is able to borrow under repurchase agreements is subject to a sublimit of the commitment amount available pursuant to the repurchase facility for mortgage loans at fair value and further subject to the amount available pursuant to the aggregate contractual limit less amount borrowed under other eligible asset classes. The facility is tied to the fair value of unencumbered REO eligible for contribution to a subsidiary, the stock of which is pledged to secure those agreements, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral so contributed.
	-2	Weighted-average interest rate during the period excludes the effect of amortization of debt issuance costs of $500,000 during each of the years ended December 31, 2013 and 2012.
	The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the REOs decreases. The Company had no margin deposits as of December 31, 2013 and 2012. 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 REO held in a consolidated subsidiary, whose stock is pledged to secure agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty		Amount at risk			Facility maturity
			(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC		$	34,681			October 31, 2014

Assetbacked_Secured_Financing_

Asset-backed Secured Financing at Fair Value	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Asset-backed Secured Financing at Fair Value	'
	Note 23—Asset-backed secured financing at fair value
	Following is a summary of financial information relating to the asset-backed secured financing:
		Year ended December 31,
		2013			2012			2011
		(dollar amounts in thousands)
	Year end:
	Balance	$	165,415		$	—		$	—
	Weighted-average interest rate		3.5	%		—			—
	During the year:
	Average balance	$	43,108			0	%		0	%
	Maximum daily amount outstanding	$	170,008		$	—		$	—
	Interest expense	$	1,612		$	—		$	—

Exchangeable_Senior_Notes

Exchangeable Senior Notes	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Exchangeable Senior Notes	'
	Note 24—Exchangeable Senior Notes
	On April 30, 2013, PennyMac Corp. (“PMC”), a wholly-owned subsidiary of the Company, issued in a private offering $250 million aggregate principal amount of Notes due 2020. The Notes bear interest at a rate of 5.375% per year, payable semiannually. The exchange rate initially equals 33.5149 common shares per $1,000 principal amount of the Notes (equivalent to an initial exchange price of approximately $29.84 per common share). The exchange rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. The Notes will mature on May 1, 2020, unless repurchased or exchanged in accordance with their terms before such date.
	The Notes are fully and unconditionally guaranteed by the Company and are exchangeable for the Company’s common shares at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
	The net proceeds from the Notes were used to fund the business and investment activities of the Company, including the acquisition of distressed mortgage loans or other investments; the funding of the continued growth of its correspondent lending business, including the purchase of jumbo loans; the repayment of other indebtedness; and general corporate purposes.
	Following is financial information relating to the Notes:
			Year ended December 31,
			2013			2012		2011
			(dollars in thousands)
	Year end:
	Balance		$	250,000		$	—	$	—
	Unamortized issuance costs (1)		$	6,800		$	—	$	—
	Weighted-average Note rate			5.38	%		—		—
	During the year:
	Average balance		$	168,493		$	—	$	—
	Maximum daily amount outstanding		$	250,000		$	—	$	—
	Interest expense (2)		$	9,580		$	—	$	—
	-1	Unamortized issuance costs are included in Other assets in the consolidated balance sheets.
	-2	Total interest expense includes amortization of debt issuance costs of $584,000 during the year ended December 31, 2013.

Borrowings_under_Forward_Purch

Borrowings under Forward Purchase Agreements	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Borrowings under Forward Purchase Agreements	'
	Note 25—Borrowings under Forward Purchase Agreements
	Following is a summary of financial information relating to borrowings under forward purchase agreements:
		Year ended December 31,
		2013			2012			2011
		(dollars in thousands)
	Year end:
	Balance	$	226,580		$	—		$	152,427
	Interest rate		3.02	%		—			3.97	%
	Fair value of underlying loans and REO	$	226,833		$	—		$	151,448
	During the year:
	Weighted-average interest rate		2.94	%		4.01	%		4.11	%
	Average balance	$	124,394		$	58,719		$	74,864
	Interest expense	$	3,707		$	2,396		$	3,116
	Maximum daily amount outstanding	$	244,047		$	152,428		$	173,398

Liability_for_Losses_under_Rep

Liability for Losses under Representations and Warranties	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Liability for Losses under Representations and Warranties	'
	Note 26—Liability for Losses Under Representations and Warranties
	Following is a summary of the Company’s Liability for losses under representations and warranties:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Balance, beginning of year	$	4,441	$	205	$	—
	Provision for losses		5,669		4,236		205
	Incurred losses		—		—		—
	Balance, end of year	$	10,110	$	4,441	$	205
	Following is a summary of the Company’s repurchase activity:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	During the year:
	Unpaid principal balance of mortgage loans repurchased	$	4,209	$	290	$	—
	Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders	$	2,673	$	225	$	—
	At year end:
	Unpaid principal balance of mortgage loans subject to pending claims for repurchase	$	15,085	$	1,727	$	—
	Unpaid principal balance of mortgage loans subject to representations and warranties	$	25,652,972	$	12,168,454	$	—

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Note 27—Commitments and Contingencies
	Litigation
	From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of December 31, 2013, the Company was not involved in any such proceedings, claims or legal actions that in management’s view would reasonably be likely to have a material adverse effect on the Company.
	Mortgage Loan Commitments
	The following table summarizes the Company’s outstanding contractual loan commitments:
		December 31, 2013
		(in thousands)
	Commitments to purchase mortgage loans :
	Correspondent lending	$	557,343

Shareholders_Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Shareholders' Equity	'
	Note 28—Shareholders’ Equity
	On August 13, 2013, the Company issued and sold 11,300,000 common shares in an underwritten public offering and received $249.4 million of proceeds, after underwriting and estimated offering expenses. Proceeds from the issuance of these shares were used to fund the Company’s business and investment activities, including the acquisition of distressed mortgage loans and other investments; the funding of its correspondent lending business, including the purchase of jumbo loans; the repayment of indebtedness; and for general corporate purposes.
	At December 31, 2013, the Company had approximately $197.5 million available for issuance under its ATM Equity Offering Sales AgreementSM. The Company did not sell any common shares under the ATM Equity OfferingSM Sales Agreement during the year ended December 31, 2013.
	As more fully described in Note 4—Transactions with Related Parties, on February 1, 2013, the Company entered into a Reimbursement Agreement, by and among the Company, the Operating Partnership and PCM. The Reimbursement Agreement provides that, to the extent the Company is required to pay PCM performance incentive fees under the management agreement, the Company will reimburse PCM for underwriting costs it paid on the offering date at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million, and the maximum amount that may be reimbursed under the agreement is $2.9 million. During the year ended December 31, 2013, $944,000 was paid to PCM.
	The Reimbursement Agreement also provides for the payment to the IPO underwriters of the amount that the Company agreed to pay to them at the time of the IPO if the Company satisfied certain performance measures over a specified period of time. As PCM earns performance incentive fees under the management agreement, the IPO underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. During the year ended December 31, 2013, $1.9 million was paid to the underwriters. The Reimbursement Agreement expires on February 1, 2019.

Net_Gain_on_Mortgage_Loans_Acq

Net Gain on Mortgage Loans Acquired for Sale	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Net Gain on Mortgage Loans Acquired for Sale	'
	Note 29—Net Gain on Mortgage Loans Acquired for Sale
	Net gain on mortgage loans acquired for sale is summarized below:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Cash gain (loss):
	Sales proceeds	$	(197,580	)	$	13,918		$	(1,571	)
	Hedging activities		136,829			(57,040	)		(4,794	)
			(60,751	)		(43,122	)		(6,365	)
	Non cash gain:
	Receipt of MSRs in loan sale transactions		183,032			134,682			6,073
	Provision for losses relating to representations and warranties provided in loan sales		(5,669	)		(4,236	)		(205	)
	Change in fair value relating to loans and hedging derivatives held at year end:
	IRLCs		(18,230	)		13,707			5,772
	Mortgage loans		(9,265	)		43,691			6,192
	Hedging derivatives		9,552			2,953			(3,834	)
			(17,943	)		60,351			8,130
		$	98,669		$	147,675		$	7,633

Net_Interest_Income

Net Interest Income	12 Months Ended
	Dec. 31, 2013
Banking And Thrift Interest [Abstract]	'
Net Interest Income	'
	Note 30—Net Interest Income
	Net interest income is summarized for the periods presented below:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Interest income:
	Short-term investments	$	542	$	42	$	100
	Mortgage-backed securities		2,138		2,084		3,229
	Agency debt securities		222		—		—
	Mortgage loans acquired for sale at fair value		33,726		19,731		2,085
	Mortgage loans at fair value		75,759		49,462		29,603
	Mortgage loans under forward purchase agreements at fair value		3,659		996		1,131
	Mortgage loans at fair value held by variable interest entity		5,516		—		—
	Excess servicing spread		1,091		—		—
	Other		209		126		—
			122,862		72,441		36,148
	Interest expense:
	Assets sold under agreements to repurchase		47,790		28,025		13,576
	Borrowings under forward purchase agreements		3,707		2,396		3,116
	Asset-backed secured financing at fair value		1,612		—		—
	Exchangeable senior notes		9,580		—		—
	Note payable secured by mortgage loans at fair value		—		113		254
	Other		2,533		1,108		—
			65,222		31,642		16,946
	Net interest income	$	57,640	$	40,799	$	19,202

Net_Gain_on_Investments

Net Gain on Investments	12 Months Ended
	Dec. 31, 2013
Investments Debt And Equity Securities [Abstract]	'
Net Gain on Investments	'
	Note 31—Net Gain on Investments
	Net gain on investments is summarized below:
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Net gain (loss) on investments:
	Mortgage-backed securities	$	(5,657	)	$	612	$	(2,812	)
	Agency debt security		1,725			—		—
	Mortgage loans		209,377			103,037		85,455
	Mortgage loans held by VIE and related secured financing:
	Mortgage loans held by variable interest entity		(2,391	)		—		—
	Asset-backed secured financing		2,279			—		—
			(112	)		—		—
	Excess servicing spread		2,423			—		—
		$	207,758		$	103,649	$	82,643

Net_Loan_Servicing_Fees

Net Loan Servicing Fees	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Net Loan Servicing Fees	'
	Note 32—Net Loan Servicing Fees
	Net loan servicing fees is summarized below:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Servicing fees (1)		$	54,725		$	10,982		$	62
	MSR recapture fee receivable from PFSI			709			—			—
	Effect of MSRs:
	Carried at lower of amortized cost or fair value
	Amortization			(26,241	)		(5,460	)		(17	)
	Reversal of (provision for) impairment			4,970			(7,547	)		—
	Carried at fair value-change in fair value			616			(852	)		(25	)
	Losses on hedging derivatives			(1,988	)		2,123			—
				(22,644	)		(11,736	)		(42	)
	Net loan servicing fees		$	32,791		$	(754	)	$	20
	Average unpaid balance of mortgage loans serviced		$	20,670,861		$	3,667,941		$	34,463
	-1	Includes contractually specified servicing and ancillary fees.

ShareBased_Compensation_Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Share-Based Compensation Plans	'
	Note 33—Share-Based Compensation Plans
	The Company has adopted an equity incentive plan which provides for the issuance of equity based awards, including share options, restricted shares, restricted share units, unrestricted common share awards, LTIP units (a special class of partnership interests in the Operating Partnership) and other awards based on PMT’s shares that may be made by the Company directly to its officers and trustees, and the members, officers, trustees, directors and employees of PCM, PLS, or their affiliates and to PCM, PLS and other entities that provide services to PMT and the employees of such other entities. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by the board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards.
	The Company’s equity incentive plan allows for grants of equity-based awards up to an aggregate of 8% of PMT’s issued and outstanding shares on a diluted basis at the time of the award.
	The shares underlying award grants will again be available for award under the equity incentive plan if:
		•		any shares subject to an award granted under the equity incentive plan are forfeited, cancelled, exchanged or surrendered;
		•		an award terminates or expires without a distribution of shares to the participant; or
		•		shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award.
	Restricted share units have been awarded to trustees and officers of the Company and to employees of PCM and PLS at no cost to the grantees. Such awards generally vest over a one- to four-year period. Each share unit awarded under the equity incentive plan will have a term of no longer than ten years, and will have an exercise price that is no less than 100% of the fair value of the Company’s shares on the date of grant of the award.
	The Company’s estimate of value included assumed grantee forfeiture rates of 15% per year, except for certain of PMT’s officers and its board of trustees, for which no turnover was assumed.
	The table below summarizes restricted share unit activity and compensation expense:
			Year ended December 31,
			2013			2012			2011
	Number of units:
	Outstanding at beginning of year			665,617			491,809			272,984
	Granted			255,445			350,000			340,500
	Vested			(253,509	)		(161,678	)		(88,711	)
	Canceled			(6,181	)		(14,514	)		(32,964	)
	Outstanding at end of year			661,372			665,617			491,809
	Weighted Average Grant Date Fair Value:
	Outstanding at beginning of year		$	15.92		$	12.57		$	6.18
	Granted		$	23.91		$	18.91		$	16.52
	Vested		$	13.4		$	12.15		$	9.82
	Expired or canceled		$	20.06		$	16.82		$	7.88
	Outstanding at end of year		$	19.95		$	15.92		$	12.57
	Compensation expense recorded during the year		$	6,763,000		$	6,032,000		$	4,214,000
	Year end:
	Units available for future awards (1)			5,029,174			4,014,159			1,819,900
	Unamortized compensation cost		$	6,178,000		$	5,798,000		$	3,355,000
	-1	Based on shares outstanding as of December 31, 2013. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above.
	As of December 31, 2013, 598,688 restricted share units with a weighted average grant date fair value of $22.21 per share unit are expected to vest over their average remaining vesting period of 28 months. The grant date fair values of share unit awards are based on the market value of the Company’s stock at the date of grant.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 34—Income Taxes
	The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. Therefore, PMT generally will not be subject to corporate federal or state income tax to the extent that qualifying distributions are made to shareholders and the Company meets REIT requirements including certain asset, income, distribution and share ownership tests. The Company believes that it has met the distribution requirements, as it has declared dividends sufficient to distribute substantially all of its taxable income. Taxable income will generally differ from net income. The primary differences between net income and the REIT taxable income (before deduction for qualifying distributions) are the taxable income of the taxable REIT subsidiary (“TRS”) and the method of determining the income or loss related to valuation of the mortgage loans owned by the qualified REIT subsidiary (“QRS”).
	In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. Approximately 83% of the distributions for 2013 are characterized as ordinary income, and 17% as long term capital gain. Approximately 83% of the distributions for 2012 are characterized as ordinary income, and 17% as return of capital. Approximately 95% of the distributions for 2011 are characterized as ordinary income, and 5% as long term capital gain.
	The Company had elected to treat two of its subsidiaries as TRSs. In the quarter ended September 30, 2012, the Company revoked the election to treat its wholly owned subsidiary that is the sole general partner of the Operating Partnership as a TRS. As a result, beginning September 1, 2012, one subsidiary, PMC, is treated as a TRS. Income from a TRS is only included as a component of REIT taxable income to the extent that the TRS makes dividend distributions of income to the REIT. No such dividend distributions have been made to date. A TRS is subject to corporate federal and state income tax. Accordingly, a provision for income taxes for PMC and, for the periods for which TRS treatment had been elected, the sole general partner of the Operating Partnership is included in the Consolidated Statements of Income.
	The Company files U.S. federal and state income tax returns for both the REIT and TRSs. These federal income tax returns for 2010 and forward are subject to examination. The Company’s primary state income tax returns for 2009 and forward are subject to examination. No returns are currently under examination.
	The following table details the Company’s income tax expense (benefit) which relates primarily to the TRSs for the periods presented:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Current (benefit) expense:
	Federal	$	(10,014	)	$	4,760		$	6,250
	State		(2,232	)		1,686			2,139
	Total current expense		(12,246	)		6,446			8,389
	Deferred expense:
	Federal		20,737			31,266			(247	)
	State		5,954			10,861			(86	)
	Total deferred expense		26,691			42,127			(333	)
	Total provision for income taxes	$	14,445		$	48,573		$	8,056
	The provision for deferred income taxes for the years ended December 31, 2013 and December 31, 2012 primarily relates to MSRs the Company received pursuant to sales of mortgage loans with servicing rights retained and net operating loss carryforward as detailed below.
	The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the periods presented:
		Year ended December 31,
		2013						2012						2011
		Amount			Rate			Amount			Rate			Amount			Rate
		(dollars in thousands)
	Federal income tax expense at statutory tax rate	$	75,122			35	%	$	65,387			35	%	$	25,373			35	%
	Effect of non-taxable REIT income		(63,564	)		(29.6	)%		(24,943	)		(13.4	)%		(18,749	)		(25.8	)%
	State income taxes, net of federal benefit		2,419			1.1	%		8,140			4.4	%		1,335			1.8	%
	Other		468			0.2	%		(11	)		0	%		97			0.1	%
	Valuation allowance		—			0	%		—			0	%		—			0	%
	Provision for income taxes	$	14,445			6.7	%	$	48,573			26	%	$	8,056			11.1	%
	The Company’s components of the provision for deferred income taxes are as follows:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Real estate valuation loss	$	2,651		$	(5,512	)	$	(2,783	)
	Mortgage servicing rights		66,284			49,420			2,536
	Net operating loss carryforward		(38,783	)		—			—
	Other		(3,461	)		(1,781	)		(86	)
	Valuation allowance		—			—			—
	Total provision for deferred income taxes	$	26,691		$	42,127		$	(333	)
	The components of income taxes payable are as follows:
		December 31,
		2013			2012
		(in thousands)
	Taxes currently receivable	$	8,446		$	5,374
	Deferred income taxes payable		(68,381	)		(41,690	)
	Income taxes payable	$	(59,935	)	$	(36,316	)
	The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below:
		December 31,
		2013			2012
		(in thousands)
	Deferred income tax assets:
	REO valuation loss	$	5,748		$	8,399
	Net operating loss carryforward		38,783			—
	Other		5,328			1,867
	Gross deferred tax assets		49,859			10,266
	Deferred income tax liabilities:
	Mortgage servicing rights		(118,240	)		(51,956	)
	Gross deferred tax liabilities		(118,240	)		(51,956	)
	Net deferred income tax liability	$	(68,381	)	$	(41,690	)
	The net deferred income tax liability is recorded in Income taxes payable in the consolidated balance sheets as of December 31, 2013 and December 31, 2012.
	The Company recorded a deferred tax asset of $38.8 million during the year ended December 31, 2013, reflecting the benefit of net operating loss carryforwards that generally expire in 2033.
	At December 31, 2013 and December 31, 2012, the Company had no unrecognized tax benefits and does not anticipate any increase in unrecognized tax benefits. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such accruals in the Company’s income tax accounts. No such accruals existed at December 31, 2013 and December 31, 2012.

Segments_and_Related_Informati

Segments and Related Information	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Segments and Related Information	'
	Note 35—Segments and Related Information
	The Company has two segments: correspondent lending and investment activities.
		•		The correspondent lending segment represents the Company’s operations aimed at serving as an intermediary between mortgage originators, particularly mortgage lenders, and the capital markets by purchasing, pooling and reselling the loans either directly or in the form of MBS, using the operations of the Manager and the Servicer.
		•		The investment activities segment represents the Company’s investments in distressed mortgage loans, REO, MBS, Agency debt security, mortgage loans at fair value held by variable interest entity, excess servicing spread and MSRs. Management seeks to maximize the value of the mortgage loans acquired by the Company through proprietary loan modification programs, special servicing and other initiatives focused on keeping borrowers in their homes. Where this is not possible, such as in the case of many nonperforming mortgage loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner. The Company also invests in mortgage-related securities and other mortgage-related real estate and financial assets.
	Financial highlights by operating segment are summarized below:
			Correspondent			Investment			Intersegment
	Year ended December 31, 2013		lending			activities			elimination & other			Total
			(in thousands)
	Net investment income:
	External
	Net gain on mortgage loans acquired for sale		$	98,669		$	—		$	—		$	98,669
	Net gain on investments			—			207,758			—			207,758
	Interest income			33,727			94,435			(5,300	)		122,862
	Interest expense			(26,808	)		(43,714	)		5,300			(65,222	)
				6,919			50,721			—			57,640
	Net loan servicing fees			—			32,791						32,791
	Other investment (loss) income			17,715			(9,055	)		—			8,660
				123,303			282,215			—			405,518
	Expenses:
	Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.			78,552			69,699			3,284	(1)		151,535
	Other			861			38,487			—			39,348
				79,413			108,186			3,284			190,883
	Pre-tax income		$	43,890		$	174,029		$	(3,284	)	$	214,635
	Total assets at year end		$	472,089		$	3,838,828		$	—		$	4,310,917
	-1	Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.
			Correspondent			Investment			Intersegment
	Year ended December 31, 2012		lending			activities			elimination & other			Total
			(in thousands)
	Net investment income:
	External
	Net gain on mortgage loans acquired for sale		$	147,675		$	—		$	—		$	147,675
	Net gain on investments			—			103,649			—			103,649
	Interest income			19,733			52,796			(88	)		72,441
	Interest expense			(11,289	)		(20,441	)		88			(31,642	)
				8,444			32,355			—			40,799
	Net loan servicing fees			—			(754	)		—			(754	)
	Other investment (loss) income			10,545			1,612			—			12,157
				166,664			136,862			—			303,526
	Expenses:
	Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.			64,912			29,038			—			93,950
	Other			1,253			21,501			—			22,754
				66,165			50,539			—			116,704
	Pre-tax income		$	100,499		$	86,323		$	—		$	186,822
	Total assets at year end		$	1,004,399		$	1,555,264		$	—		$	2,559,663
			Correspondent			Investment			Intersegment
	Year ended December 31, 2011		lending			activities			elimination & other			Total
			(in thousands)
	Net investment income:
	External
	Net gain on mortgage loans acquired for sale		$	7,633		$	—		$	—		$	7,633
	Net gain on investments			—			82,643			—			82,643
	Interest income			2,085			34,063			—			36,148
	Interest expense			(1,167	)		(15,779	)		—			(16,946	)
				918			18,284			—			19,202
	Net loan servicing fees			—			20			—			20
	Other investment (loss) income			1,017			1,153			—			2,170
				9,568			102,100			—			111,668
	Expenses:
	Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.			315			21,376			—			21,691
	Other			234			17,248			—			17,482
				549			38,624			—			39,173
	Pre-tax income		$	9,019		$	63,476		$	—		$	72,495
	Total assets at year end		$	237,351		$	1,148,711		$	—		$	1,386,062

Selected_Quarterly_Results

Selected Quarterly Results	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Selected Quarterly Results	'
	Note 36—Selected Quarterly Results (Unaudited)
	Following is a presentation of selected quarterly financial data:
			Quarter ended
			2013								2012
			Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30		June 30		Mar. 31
			(dollars in thousands, except per share data)
	For the quarter ended:
	Net investment income		$	96,087	$	86,062	$	115,553	$	107,816	$	114,934	$	90,914	$	57,703	$	39,975
	Net income		$	52,696	$	39,701	$	54,497	$	53,296	$	49,238	$	40,384	$	29,569	$	19,058
	Earnings per share:
	Basic		$	0.74	$	0.61	$	0.92	$	0.9	$	0.83	$	0.81	$	0.8	$	0.65
	Diluted		$	0.69	$	0.57	$	0.86	$	0.9	$	0.83	$	0.81	$	0.79	$	0.65
	Cash dividends declared per share		$	1.16	$	0.57	$	0.57	$	0.57	$	0.57	$	0.55	$	0.55	$	0.55
	At period end:
	Short-term investments at fair value		$	92,398	$	80,936	$	73,236	$	45,024	$	39,017	$	38,322	$	32,340	$	63,444
	Investment securities at fair value			197,401		217,492		—		—		—		—		167,446		174,604
	Mortgage loans at fair value(1)			3,276,582		3,350,632		2,862,126		2,490,270		2,165,155		1,937,541		1,447,254		927,867
	Excess servicing spread			138,723		2,857		—		—		—		—		—		—
	Real estate acquired in settlement of loans(2)			148,080		103,202		88,771		84,486		88,078		86,180		89,918		104,870
	Mortgage servicing rights(3)			290,572		269,675		226,901		180,441		126,776		65,154		32,832		18,534
	Other assets			167,161		224,437		192,350		126,939		140,637		201,528		120,955		88,701
	Total assets		$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160	$	2,559,663	$	2,328,725	$	1,890,745	$	1,378,020
	Assets sold under agreements to repurchase(4)		$	2,039,605	$	1,980,058	$	1,565,896	$	1,615,050	$	1,256,102	$	1,041,371	$	1,007,712	$	501,441
	Borrowings under forward purchase agreements			226,580		229,841		244,047		—		—		—		16,693		127,591
	Asset-backed secured financing at fair value			165,415		170,008		—		—		—		—		—		—
	Exchangeable senior notes			250,000		250,000		250,000		—		—		—		—		—
	Other liabilities			162,203		124,559		139,260		89,681		102,225		103,151		60,667		153,032
	Total liabilities			2,843,803		2,754,466		2,199,203		1,704,731		1,358,327		1,144,522		1,085,072		782,064
	Shareholders’ equity			1,467,114		1,494,765		1,244,181		1,222,429		1,201,336		1,184,203		805,673		595,956
	Total liabilities and shareholders’ equity		$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160	$	2,559,663	$	2,328,725	$	1,890,745	$	1,378,020
	-1	Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value.
	-2	Includes REO and REO under forward purchase agreements.
	-3	Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.
	-4	Includes securities, mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and REO.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information	'
	Note 37—Supplemental Cash Flow Information
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Cash paid for interest	$	67,374		$	31,693	$	16,963
	Income tax (refund) payment	$	(9,200	)	$	12,700	$	6,941
	Non-cash investing activities:
	Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity	$	536,776		$	—	$	—
	Transfer of mortgage loans and advances to real estate acquired in settlement of loans	$	185,061		$	112,642	$	110,891
	Transfer of mortgage loans acquired for sale to mortgage loans at fair value	$	—		$	18	$	—
	Purchase of mortgage loans financed through forward purchase agreements	$	246,605		$	1,070	$	194,286
	Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	$	15,347		$	117,913	$	—
	Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements	$	9,448		$	6,633	$	23,880
	Receipt of MSRs as proceeds from sales of loans	$	183,032		$	134,682	$	6,073
	Purchase of REO financed through forward purchase agreements	$	38		$	249	$	964
	Transfer of REO under forward purchase agreements to REO	$	117		$	21,819	$	779
	Non-cash financing activities:
	Purchase of mortgage loans financed through forward purchase agreements	$	246,605		$	1,070	$	194,286
	Purchase of REO financed through forward purchase agreements	$	38		$	249	$	964
	Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	$	44,395		$	—	$	—
	Dividends payable	$	41,570		$	—	$	—

Regulatory_Net_Worth

Regulatory Net Worth	12 Months Ended
	Dec. 31, 2013
Mortgage Banking [Abstract]	'
Regulatory Net Worth	'
	Note 38—Regulatory Net Worth
	PMC is a seller-servicer for Fannie Mae and Freddie Mac. To retain its status as an approved seller-servicer, PMC is required to meet Fannie Mae’s and Freddie Mac’s capital standards, which require PMC to maintain a minimum net worth of $51.7 million and $18.0 million, respectively. Management believes PMC complies with Fannie Mae’s and Freddie Mac’s net worth requirement as of December 31, 2013.

Recently_Issued_Accounting_Pro

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2013
Accounting Changes And Error Corrections [Abstract]	'
Recently Issued Accounting Pronouncements	'
	Note 39—Recently Issued Accounting Pronouncements
	In December 2011, the FASB issued an Accounting Standards Update, (“ASU”), ASU 2011-11 to the Balance Sheet topic of the Codification. The amendments in this ASU affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic of the Codification or (2) subject an enforceable master netting arrangement or similar agreement.
	In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11. The ASU clarifies that the scope applied to derivatives accounted for in accordance with the Derivatives and Hedging topic of the Codification, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic or subject to an enforceable master netting arrangement or similar agreement.
	The amendments in this ASU require the Company to disclose information about offsetting and related arrangement to enable users of financial statements to understand the effect of netting to an entity’s financial position. The ASU amendments and the subsequent clarification of the amendment are effective for periods beginning on or after January 1, 2013, and are shown for all periods presented on the consolidated balance sheet. The adoption of these ASU amendments did not have a material effect on the Company’s financial condition or results of operations.
	In January of 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40), which clarifies when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized.
	ASU 2014-04 specifies that a creditor is considered to have received physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan only upon the occurrence of either of the following:
		a.	The creditor obtains legal title to the residential real estate property upon completion of a foreclosure. A creditor may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law.
		b.	The borrower conveys all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor.
	ASU 2014-04 also requires the disclosure of the carrying value of REO and its recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for the Company for annual and interim periods within those annual periods, beginning after December 15, 2014.
	An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. Under the modified retrospective transition method, an entity would apply the amendments in ASU 2014-04 by means of a cumulative-effect adjustment to residential consumer mortgage loans and foreclosed residential real estate properties existing as of the beginning of the annual period for which the amendments are effective. The adoption of ASU 2014-04 is not expected to be material to the financial statements of the Company.

Parent_Company_Information

Parent Company Information	12 Months Ended
	Dec. 31, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]	'
Parent Company Information	'
	Note 40—Parent Company Information
	The Company’s debt financing agreements require PMT and certain of its subsidiaries to comply with financial covenants that include a minimum tangible net worth for the Company of $860 million; a minimum tangible net worth for the Company’s subsidiaries including the Operating Partnership of $700 million (net worth was $1.5 billion, which includes PMH and PMC); a minimum tangible net worth for PMH of $250 million (net worth was $663.3 million); and a minimum tangible net worth for PMC of $150 million (net worth was $347.0 million). The Company’s subsidiaries are limited from transferring funds to the Parent by these minimum tangible net worth requirements.
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED BALANCE SHEETS
		December 31,
		2013			2012
		(in thousands)
	Assets
	Short-term investments	$	1,340		$	3,399
	Investments in subsidiaries		1,527,213			1,207,472
	Receivables from subsidiaries		16			—
	Other assets		521			205
	Total assets	$	1,529,090		$	1,211,076
	Liabilities and shareholders’ equity
	Dividends payable	$	41,570		$	—
	Accounts payable and accrued liabilities		3,825			6,407
	Due to affiliates		1,788			2,957
	Payables to subsidiaries		378			64
	Income taxes payable		67			—
	Shareholders’ equity		1,481,462			1,201,648
	Total liabilities and shareholders’ equity	$	1,529,090		$	1,211,076
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF INCOME
		Year ended December 31,
			2013			2012			2011
		(in thousands)
	Income
	Dividends from subsidiaries	$	148,520		$	107,135		$	13,937
	Intercompany interest		20			2,256			4,205
	Interest		4			61			52
	Other		833			—			—
	Total income		149,377			109,452			18,194
	Expenses
	Intercompany interest		39			167			258
	Other		—			1,321			426
	Total expenses		39			1,488			684
	Income before provision for income taxes and equity in undistributed earnings in subsidiaries		149,338			107,964			17,510
	Provision for income taxes		86			—			90
	Income before equity in undistributed earnings of subsidiaries		149,252			107,964			17,420
	Equity in undistributed earnings of subsidiaries		49,940			28,845			48,772
	Net income	$	199,192		$	136,809		$	66,192
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF CASH FLOWS
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Cash flows from operating activities
	Net income	$	199,192		$	136,809		$	66,192
	Equity in undistributed earnings of subsidiaries		(49,940	)		(28,845	)		(48,772	)
	(Increase) decrease in receivables from subsidiaries		(16	)		38,976			(38,976	)
	(Increase) decrease in other assets		(316	)		943			(1,148	)
	(Decrease) increase in accounts payable and accrued liabilities		(2,582	)		524			(7,069	)
	(Decrease) increase in due to affiliates		(1,169	)		16			—
	Increase (decrease) in payables to subsidiaries		314			(2,472	)		(10,425	)
	Increase in income taxes payable		67			—			—
	Net cash provided (used) by operating activities		145,550			145,951			(40,198	)
	Cash flows from investing activities
	Increase in investment in subsidiaries		(249,315	)		(666,101	)		(106,251	)
	Net decrease (increase) in short-term investments		2,059			8,148			(11,478	)
	Net cash used by investing activities		(247,256	)		(657,953	)		(117,729	)
	Cash flows from financing activities
	Proceeds from issuance of common shares		261,595			608,184			206,056
	Payment of common share underwriting and offering costs		(12,321	)		(1,360	)		(8,581	)
Payment of dividends		(147,568	)		(94,822	)		(39,548	)
Net cash provided by financing activities		101,706			512,002			157,927
Net change in cash		—			—			—
Cash at beginning of year		—			—			—
Cash at end of year	$	—		$	—		$	—

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 41—Subsequent Events
	Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period:
		•	On January 3, 2014, the Company settled its commitment to sell a pool of re-performing mortgage loans with an aggregate UPB of $233.3 million.
		•	On February 12, 2014, the Company, the Operating Partnership and PCM entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with JMP Securities LLC (the “Agent”) to sell from time to time, through an “at the market” equity offering program under which the Agent will act as sales agent and/or principal, the Company’s common shares of beneficial interest, par value $0.01 per share, having an aggregate offering price of up to $200,000,000, including common shares offered pursuant to the Company’s prospectus supplement dated August 7, 2012.
		•	On February 18, 2014, the Company, through three of its wholly-owned subsidiaries, PMC, PennyMac Holdings, LLC (“PMH”) and PennyMac Operating Partnership, L.P. (“POP” and, together with PMC and PMH, the “Repo Sellers”), entered into a master repurchase agreement with The Royal Bank of Scotland PLC (“RBS”), pursuant to which the Repo Sellers may sell, and later repurchase, certain residential mortgage loans and mortgage-related assets (the “RBS Facility Assets”) in an aggregate principal amount of up to $500 million, $250 million of which is committed for a period of 364 days (the “RBS Credit Facility”).
	Under the terms of the RBS Credit Facility, (i) PMC may sell to RBS newly originated mortgage loans that it purchases from correspondent lenders and holds pending sale and/or securitization, participation certificates backed by such loans that have been pooled for securitization, and the securities backed by such loans upon securitization, (ii) PMC and PMH may each sell to RBS eligible distressed mortgage loans and, in the case of PMC, the equity interest (the “SPE Interest”) in a special purpose entity that owns distressed loans and real property acquired upon settlement of mortgage loans (the “SPE Property”), and (iii) POP may sell to RBS any of the following: newly originated mortgage loans that have been purchased by PMC from correspondent lenders and then pledged by PMC to POP pending sale and/or securitization; eligible distressed mortgage loans that have been purchased by PMC and then pledged by PMC to POP pending sale, securitization or liquidation; and the SPE Interest pledged by PMC to POP pending the sale or liquidation of the underlying SPE Property.
	The obligations of the Repo Sellers are fully guaranteed by the Company, and the RBS Facility Assets are serviced by PLS pursuant to the terms of the RBS Credit Facility.
		•	On February 21, 2014, the Company settled its January 3, 2014 commitment to purchase a pool of 853 nonperforming loans with an aggregate UPB of $319 million from a large money center bank.
		•	On February 21, 2014, the Company, through the Repo Sellers, entered into amendments to (i) its amended and restated master repurchase agreement, dated as of June 1, 2013, by and among Credit Suisse First Boston Mortgage Capital LLC (“CSFB”), PMC, the Company and POP (the “PMC Repurchase Agreement”), and (ii) its master repurchase agreement, dated as of March 29, 2012, by and among CSFB, PMH, the Company and POP (the “PMH/POP Repurchase Agreement” and, together with the PMC Repurchase Agreement, the “CS Repurchase Agreements”).
	Pursuant to the terms of the CS Repurchase Agreements, PMC, PMH or POP, as applicable, may sell, and later repurchase, residential mortgage loans. The PMC Repurchase Agreement is used to fund newly originated mortgage loans that PMC purchases from correspondent lenders and holds pending sale and/or securitization. The PMH/POP Repurchase Agreement is used to fund newly originated mortgage loans that have been purchased by PMC from correspondent lenders and pledged by PMC to PMH or POP pending sale and/or securitization by PMC.
	Under the terms of the amendments, the maximum aggregate credit limit set forth in each CS Repurchase Agreement was decreased from $600 million to $400 million, the available amount of which is reduced by any outstanding repurchase amounts under the other CS Repurchase Agreement.
		•	All agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Consolidation	'
	Consolidation
	The consolidated financial statements include the accounts of PMT and all wholly-owned subsidiaries. PMT has whole ownership of all of its subsidiaries, and therefore has no significant equity method or cost-basis investments. All significant intercompany accounts and transactions have been eliminated upon consolidation. The Company also consolidates assets and liabilities included in certain forward purchase agreements and securitization transactions as discussed below.
	Securitizations
	The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of interests in those assets. In a securitization transaction, the Company typically receives cash and/or interests in an SPE in exchange for the assets transferred by the Company.
	SPEs are generally considered variable interest entities (“VIEs”). A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns.
	The Company consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis.
	The Company evaluates the securitization trust into which mortgage loans are sold to determine whether the entity is a VIE and whether the Company is the primary beneficiary and therefore whether it is required to consolidate the securitization trust. For the VIE consolidated by the Company, PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance and the retained subordinated and residual interest trust certificates expose the Company to potentially significant losses and returns.
	The asset-backed securities issued by the consolidated VIE are backed by the expected cash flows from the underlying mortgage loans. Cash inflows from these mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior notes or certificates. After these senior obligations are settled, substantially all cash inflows will be directed to the subordinated notes until fully repaid and, thereafter, to the residual interest that the Company owns in the trust.
	The Company retains interests in the securitization transaction, including senior and subordinated notes or certificates and residual interests issued by the VIE. The Company retains credit risk in the securitization because the Company’s retained interests include the most subordinated interests in the securitized assets, which are the first to absorb credit losses on the securitized assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual retained interests. The Company has no obligation to repurchase or replace qualified securitized assets that subsequently become delinquent or are otherwise in default other than pursuant to breaches of representations and warranties.
	For financial reporting purposes, the underlying loans and securities owned by the consolidated VIE are shown under Mortgage loans at fair value held by variable interest entity on the Company’s consolidated balance sheets. The securities issued to third parties by the consolidated VIE are classified as secured borrowings and shown as Asset-backed secured financing on the Company’s consolidated balance sheets. The Company includes the interest income earned on the loans owned at the VIE and interest expense attributable to the asset-backed securities issued by the VIE on its consolidated income statements.
	Forward Purchase Agreements
	The Company enters into transactions whereby it agrees to purchase identified pools of mortgage loans at a later date while assuming all of the responsibilities for servicing the loans and the risks and rewards relating to holding such mortgage loans as of a cutoff date that is before the loans are purchased. Such transactions are referred to as forward purchase agreements. Under forward purchase agreements, the assets are held by the seller of the assets within a separate trust entity. Management has concluded that the Company is the primary beneficiary of those held assets and therefore consolidates those assets held in the VIE.
	The CGM Assets are included on the Company’s consolidated balance sheet as Mortgage loans under forward purchase agreements at fair value and Real estate acquired in settlement of loans under forward purchase agreements and the related liabilities are included as Borrowings under forward purchase agreements. The CGM Assets are held by CGM within a separate trust entity deemed a VIE. The Company’s interests in the CGM Assets are deemed to be contractually segregated from all other interests in the trust. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consists of the CGM Assets and its related liability. The Company directs all of the activities that drive the economic results of the CGM Assets. All of the changes in the fair value and cash flows of the CGM Assets are attributable solely to the Company, and such cash flows can only be used to settle the related liability.
Valuation of Financial Instruments	'
	Valuation of Financial Instruments
	PMT 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 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 or determinable 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. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others.
		•	Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.
	The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such loans or investments existed, or had such loans or investments been liquidated, and those differences could be material to the financial statements.
	Management incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. For example, for mortgage loans where the significant inputs have become unobservable due to illiquidity in the markets for distressed mortgage loans or non-Agency, non-conforming mortgage loans, PMT uses a discounted cash flow technique to estimate fair value. This technique incorporates forecasting of expected cash flows discounted at a market discount rate that is intended to reflect the lack of liquidity in the market.
Short-Term Investments	'
	Short-Term Investments
	Short-term investments are carried at fair value with changes in fair value recognized in current period income. Short-term investments represent money market deposit accounts. The Company’s short-term investments are classified as a “Level 1” fair value financial statement item.
Mortgage-Backed Securities and Agency Debt	'
	Mortgage-Backed Securities and Agency Debt
	The Company invests in Agency and non-Agency MBS and Agency debt. Purchases and sales of MBS and Agency debt are recorded as of the trade date. The Company’s investments in MBS and Agency debt are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method as a component of Interest income. Changes in fair value arising from other factors are recognized as a component of Net gain (loss) on investments.
	The Company categorizes its investments in Agency MBS as “Level 2” and non-Agency MBS and Agency debt as “Level 3” fair value financial statement items due to their illiquidity and the present lack of an active observable market for such securities.
	Interest Income Recognition
	Interest income on Agency debt and MBS is recognized over the life of the security using the interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. Management updates its cash flow estimates monthly.
	Estimating cash flows requires a number of assumptions that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), the pass-through or coupon interest rate, interest rate fluctuations, interest payment shortfalls due to delinquencies on the underlying mortgage loans, the likelihood of modification and the timing of the magnitude of credit losses on the mortgage loans underlying the securities. Management applies its judgment in developing its estimates. However, these uncertainties are difficult to predict; therefore, the outcome of future events will affect the Company’s estimates and interest income.
Mortgage Loans	'
	Mortgage Loans
	Mortgage loans and mortgage loans under forward purchase agreements are carried at their estimated fair values. Changes in the estimated fair value of mortgage loans are recognized in current period income. All changes in fair value, including changes arising from the passage of time, are recognized as a component of Net gain (loss) on investments for mortgage loans classified as mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value and Net gain on mortgage loans acquired for sale for mortgage loans classified as mortgage loans acquired for sale at fair value.
	Mortgage loans held by variable interest entity are carried at their estimated fair values and the Company has the intent and ability to hold such loans for the foreseeable future. Changes in the estimated fair value of mortgage loans held by variable interest entity are recognized in current period income as a component of Net gain (loss) on investments. Changes in fair value relating to accrual of unearned discounts and amortization of purchase premiums are accrued or amortized to interest income using the interest method over the estimated remaining life of the loans including anticipated prepayments.
	Sale Recognition
	The Company purchases and sells mortgage loans into 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 liability under representations and warranties it makes to purchasers and insurers of the loans.
	The Company recognizes transfers of mortgage loans as sales when it surrenders control over the mortgage loans. Control over transferred mortgage loans is deemed to be surrendered when (i) the mortgage loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred mortgage loans, and (iii) the Company does not maintain effective control over the transferred mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific mortgage loans. The Company deems a transfer of mortgage loans to a VIE is a sale if the Company determines that it is not the primary beneficiary of the VIE, as the Company does not have the power to direct the activities that will have the most significant economic impact on the VIE and/or does not hold a variable interest that could potentially be significant to the VIE.
	Interest Income Recognition
	Interest income on mortgage loans acquired for sale and mortgage loans at fair value is recognized over the life of the loans using their contractual interest rates. Interest income on mortgage loans held in a variable interest entity is recognized over the estimated remaining life of the mortgage loans using the interest method. Unearned discounts and purchase premiums are accrued and amortized to interest income using the interest method.
	Income recognition is suspended for loans when they become 90 days delinquent, or when, in management’s opinion, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.
Derivative Financial Instruments	'
	Derivative Financial Instruments
	In its loan origination activities, the Company makes contractual commitments to loan applicants to originate mortgages at specified interest rates (“interest rate lock commitments” or “IRLCs”). These commitments are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans acquired for sale by entering into forward sale agreements to sell the mortgage loans and by the purchase and sale of interest rate options and futures. Such agreements are also accounted for as derivative instruments. These instruments may also be used to manage the risk created by changes in interest rates on certain of the MSRs the Company holds. The Company classifies its IRLCs as “Level 3” financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and holding mortgage loans pending sale as “Level 2” fair value financial statement items.
	The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the balance sheet at fair value with changes in fair value being reported in current period income. The fair value of the Company’s derivative financial instruments is included in Derivative assets and Derivative liabilities and changes in fair value are included in Net gain on mortgage loans acquired for sale or in Net loan servicing fees, as applicable, in the Company’s consolidated statements of income.
	When the Company has master netting agreements with its derivatives counterparties, the Company nets its counterparty positions along with any cash collateral received from or delivered to the counterparty.
Mortgage Servicing Rights	'
	Mortgage Servicing Rights
	MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company is obligated to provide loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition and disposition of REO. The Company has engaged PLS to provide these services on its behalf.
	The value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee ranging generally from 0.250% to 0.375% annually on the remaining outstanding principal balances of the loans. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments.
	The Company recognizes MSRs initially at their estimated fair values, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the loan in the sale transaction, or from the purchase of MSRs. The precise fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings. Therefore, the Company classifies its MSRs as “Level 3” fair value financial statement items.
	The Company’s subsequent accounting for MSRs is based on the class of MSRs. The Company has identified two classes of MSRs: MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% and MSRs backed by mortgage loans with initial interest rates of more than 4.5%. The Company distinguishes between these classes of MSRs due to their differing sensitivities to change in value as the result of changes in market interest rates. MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income.
	MSRs Accounted for Using the MSR Amortization Method
	The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the estimated total remaining net MSR cash flows. The estimated total net MSR cash flows are determined at the beginning of each month using prepayment assumptions applicable at that time.
	The Company periodically assesses MSRs accounted for using the amortization method for impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the value of impaired MSRs subsequently increases, the Company recognizes the increase in value in current-period earnings and adjusts the carrying value of the MSRs through a reduction in the valuation allowance to adjust the carrying value only to the extent of the valuation allowance.
	The Company stratifies its MSRs by risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including loan type (fixed-rate or adjustable-rate) and note rate. Fixed-rate loans are stratified into note rate pools of 50 basis points for note rates between 3.0% and 4.5% and a single pool for note rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note rate pools is below the carrying value of the MSRs for that pool, impairment is recognized to the extent of the difference between the estimated fair value and the existing carrying value for that pool.
	Management periodically reviews the various impairment strata to determine whether the value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.
	Amortization and impairment of MSRs are included in current period income as a component of Net loan servicing fees.
	MSRs Accounted for at Fair Value
	Changes in fair value of MSRs accounted for at fair value are recognized in current period income as a component of Net loan servicing fees.
Excess servicing spread	'
	Excess Servicing Spread
	The Company has acquired the right to receive the ESS related to MSRs owned by PFSI. ESS is carried at its estimated fair value. Changes in fair value are recognized in current period income in Net gain on investments. ESS is categorized as a “Level 3” financial statement item. Because the ESS is a claim to a portion of the cash flows from MSRs, the valuation of the ESS is similar to that of MSRs. The Company uses the same discounted cash flow approach to measuring the ESS as used to value MSRs except that certain inputs relating to the cost to service the loans underlying the MSR and certain ancillary income are not included as these cash flows do not accrue to the holder of the ESS. The difference between the fair value of ESS and its amortized cost basis is recorded in Net gain on investments.
	Interest Income Recognition
	Interest income for ESS is accrued using the interest method, based upon the expected cash flows accruing to the ESS. Changes in expected cash flows are recognized using a retrospective adjustment, which is recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period.
Real Estate Acquired in Settlement of Loans	'
	Real Estate Acquired in Settlement of Loans
	REO is measured at the lower of the acquisition cost of the property (as measured by cost in the case of purchased REO; or the fair value of the property at the time of acquisition in the case of acquisition in settlement of a loan) or its fair value reduced by estimated costs to sell. REO is categorized as a “Level 3” fair value financial statement item. Changes in fair value to levels that are less-than or equal to acquisition cost and gains or losses on sale of REO are recognized in the consolidated statements of income under the caption Results of real estate acquired in settlement of loans.
Assets Sold Under Agreements to Repurchase	'
	Assets Sold Under Agreements to Repurchase
	Assets sold under agreements to repurchase are carried at historical cost. Costs of creating the facilities underlying the agreements are recognized as deferred charges in Other assets and amortized to Interest expense over the term of the borrowing facility on the straight-line basis.
Asset-backed secured financing at fair value	'
	Asset-Backed Secured Financing at Fair Value
	In conjunction with the on-balance sheet securitization, the certificates issued to nonaffiliates by the VIE are recorded as a financing arrangement. Those certificates issued to nonaffiliates have the right to receive principal and interest payments of the mortgage loans held by the consolidated VIE. Asset-backed secured financings are carried at estimated fair value. Changes in fair value are recognized in current period income as a component of Net gain on investments.
Recourse Liability	'
	Recourse Liability
	The Company’s agreements with the Agencies include representations and warranties related to the loans the Company sells to the Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law.
	In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender.
	The Company records a provision for losses relating to representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the potential severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and periodically updates its liability estimate. The level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee.
	The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying loans, The Company’s representations and warranties are generally not subject to stated limits of exposure. However, management believes that the current unpaid principal balance of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. Management believes the range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations.
Underwriting Commissions and Offering Costs	'
	Underwriting Commissions and Offering Costs
	Underwriting commissions and offering costs incurred in connection with the Company’s share offerings are reflected as a reduction of additional paid-in capital. Contingent offering costs that are deemed by management as probable of being paid are recorded as a reduction of additional paid-in capital.
Loan Servicing Fees	'
	Loan Servicing Fees
	Loan servicing fees and other remuneration are received by the Company for servicing residential mortgage loans. Loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio.
Share-Based Compensation	'
	Share-Based Compensation
	The Company amortizes the fair value of previously granted share-based awards to compensation expense over the vesting period using the graded vesting method. Expense relating to awards is included in Compensation in the consolidated statements of income.
	The Company estimates the value of restricted share units awarded with reference to the value of its common shares on the date of the award. How the value of Company common shares is used in determining restricted share unit awards’ values depends on whether the restricted share units participate in Company dividends in the form of dividend equivalents.
		•	Restricted share unit awards that participate in dividends in the form of dividend equivalents are valued at the Company’s closing share price on the date of the award.
		•	Restricted share unit awards that do not participate in dividends are valued by reducing the closing price of the Company’s common shares on the date of the award by the value of expected shareholder distributions that the grantees will not receive during the vesting period, discounted at an appropriate risk-free rate of return. The amount of the reduction for anticipated distributions is based on amounts included in management’s earnings forecast.
	The Company determines the fair value of its share-based compensation awards depending on whether the awards are made to its trustees and officers or to non-employees such as officers and employees of affiliates:
		•	Compensation cost is generally fixed at the estimated fair value of the award date for awards to officers and trustees of the Company.
		•	Compensation cost for share-based compensation awarded to non-officers or trustees of the Company is adjusted to reflect changes in the estimated fair value of awards in each subsequent reporting period until the award has vested, the service being provided is subsequently completed, or, under certain circumstances, is likely to be completed, whichever occurs first.
	Management’s estimates of compensation costs reflect the expected portion of share-based compensation awards that management expects to vest.
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT and management believes the Company complies with the provisions of the Internal Revenue Code applicable to REITs. Accordingly, management believes the Company will not be subject to federal income tax on that portion of its REIT taxable income that is distributed to shareholders as long as certain asset, income and share ownership tests are met. If PMT fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to income taxes and may be precluded from qualifying as a REIT for the four tax years following the year of loss of the Company’s REIT qualification.
	The Company’s taxable REIT subsidiaries are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs.
	Subject to management’s judgment, a valuation allowance is established if realization of deferred tax assets is not more likely than not. Management recognizes a tax benefit relating to tax positions it takes only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that exceeds 50 percent likelihood of being realized upon settlement. The Company will classify any penalties and interest as a component of income tax expense.
	As of December 31, 2013 and 2012, the Company was not under examination by any federal or state income taxing authority.

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Reclassifications of Previously Presented Balances	'
	Following is a summary of the reclassifications for the periods presented:
		As reported				As previously reported				Reclassification
		Year ended December 31,				Year ended December 31,				Year ended December 31,
		2012		2011		2012		2011		2012			2011
		(in thousands)
	Net interest income (new caption):
	Interest income	$	72,441	$	36,148	$	72,441	$	36,148	$	—		$	—
	Interest expense		31,642		16,946		—		—		31,642			16,946
			40,799		19,202		72,441		36,148		31,642			16,946
	Net investment income	$	303,526	$	111,668	$	335,168	$	128,614	$	(31,642	)	$	(16,946	)
	Expenses:
	Interest expense	$	—	$	—	$	31,642	$	16,946	$	(31,642	)	$	(16,946	)
	Loan servicing fees payable to PennyMac Financial Services, Inc		18,608		13,204		20,180		15,364		(1,572	)		(2,160	)
	Other		9,557		7,887		7,985		5,727		1,572			2,160
	Total expenses		116,704		39,173		148,346		56,119		(31,642	)		(16,946	)

Concentration_of_Risks_Tables

Concentration of Risks (Tables)	12 Months Ended
	Dec. 31, 2013
Risks And Uncertainties [Abstract]	'
Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) for Investment Portfolio and Portion Representing Assets Purchased	'
	The following tables present the fair value of mortgage loans and REO purchased (including purchases under forward purchase agreements) for the Company’s investment portfolio, and the portion thereof representing assets purchased from or through one or more subsidiaries of Citigroup Inc., for the periods presented:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Investment portfolio purchases:
	Loans	$	1,309,767		$	542,766		$	647,609
	REO		120			297			2,475
		$	1,309,887		$	543,063		$	650,084
	Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
	Loans	$	443,154		$	504,710		$	575,460
	REO		38			48			2,160
		$	443,192		$	504,758		$	577,620
Consolidated Statements of Income and Cash Flows	'
	As a result of recognizing these assets, the Company’s consolidated statements of income and cash flows for the periods presented include the following amounts related to the forward purchase agreements:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Statements of income:
	Net gain on mortgage loans	$	11,720		$	9,293		$	14,357
	Interest income on mortgage loans	$	3,659		$	996		$	1,131
	Results of REO	$	(20	)	$	1,870		$	171
	Interest expense	$	3,707		$	2,396		$	3,116
	Loan servicing fees	$	852		$	1,011		$	744
	Statements of cash flows:
	Repayments of mortgage loans	$	15,319		$	14,292		$	33,097
	Sales of REO	$	651		$	9,912		$	1,258
	Repayments of borrowings under forward purchase agreements	$	(27,070	)	$	(157,166	)	$	(47,167	)

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Summary of Management Fee Expense and Related Liability	'
	Following is a summary of the base management and performance incentive fees recorded by the Company for the periods presented:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Management fee:
	Base management fee		$	19,644	$	12,436	$	6,740
	Performance incentive fee			12,766		—		—
	Total management fee incurred during the year		$	32,410	$	12,436	$	6,740
Summary of Mortgage Loan Servicing Fees Payable	'
	Following is a summary of mortgage loan servicing fees payable to PLS:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Loan servicing fees payable to PLS:
	Base		$	26,993	$	14,332	$	9,740
	Activity-based			12,420		4,276		3,464
			$	39,413	$	18,608	$	13,204
Summary of Corresponding Lending Activity	'
	Following is a summary of correspondent lending activity between the Company and PLS:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Fulfillment fees expense		$	79,712	$	62,906	$	1,747
	Unpaid principal balance of loans fulfilled		$	15,225,153	$	13,028,375	$	505,317
	Sourcing fees received		$	4,611	$	2,505	$	166
	Proceeds from sales of loans to PLS		$	16,113,806	$	8,864,264	$	577,852
	At year end:
	Mortgage loans included in mortgage loans acquired for sale pending sale to PLS		$	112,360	$	153,326	$	46,266
Summary of Expenses	'
	The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Reimbursement of common overhead incurred by PCM and its affiliates		$	10,989	$	4,183	$	4,086
	Reimbursement of expenses incurred on PMT’s behalf			4,638		3,146		2,219
			$	15,627	$	7,329	$	6,305
	Payments and settlements during the year (1)		$	121,230	$	85,554	$	12,656
	-1	Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PCM and its affiliates.
Summary of Amounts Due to Affiliates	'
	Amounts due to PFSI are summarized below:
			December 31,
			2013		2012
			(in thousands)
	Management fees		$	8,924	$	4,499
	Servicing fees			5,915		3,670
	Allocated expenses			2,009		1,106
	Underwriting fees payable			1,788		2,941
			$	18,636	$	12,216

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Summary of Basic and Diluted Earnings Per Share	'
	The following table summarizes the basic and diluted earnings per share calculations:
		Year ended December 31,
		2013			2012			2011
		(in thousands, except per share amounts)
	Basic earnings per share:
	Net income	$	200,190		$	138,249		$	64,439
	Effect of participating securities—share-based compensation awards		(1,751	)		(1,433	)		(699	)
	Net income attributable to common shareholders	$	198,439		$	136,816		$	63,740
	Weighted-average shares outstanding		63,426			43,553			26,396
	Basic earnings per share	$	3.13		$	3.14		$	2.41
	Diluted earnings per share:
	Net income	$	200,190		$	138,249		$	64,439
	Interest on exchangeable senior notes, net of income taxes		5,556			—			—
	Net income available to diluted shareholders	$	205,746		$	138,249		$	64,439
	Weighted-average shares outstanding		63,426			43,553			26,396
	Dilutive potential common shares:
	Shares issuable pursuant to conversion of exchangeable senior notes		5,647			—			—
	Shares issuable under share-based compensation awards		375			323			283
	Diluted weighted-average number of common shares outstanding		69,448			43,876			26,679
	Diluted earnings per share	$	2.96		$	3.14		$	2.41

Loan_Sales_Tables

Loan Sales (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Cash Flows between Company and Transferees upon Sale of Loans in Transactions	'
	The following table summarizes cash flows between the Company and transferees upon sale of loans in transactions where the Company maintains continuing involvement with the mortgage loans as well as unpaid principal balance information at period end:
			Year ended December 31,
			2013		2012		2011
			(in thousands)
	Cash flows:
	Proceeds from sales		$	15,818,582	$	12,834,002	$	518,567
	Service fees received(1)		$	51,712	$	10,871	$	213
	Year end information:
	Unpaid principal balance of loans outstanding		$	25,792,933	$	12,168,740	$	495,031
	Delinquencies:
	30-89 days		$	68,156	$	45,021	$	—
	90 or more days or in foreclosure or bankruptcy		$	13,375	$	1,386	$	—
	-1	Net of guarantee fees
Assets and Liabilities of Consolidated VIE	'
	Assets and Liabilities of Consolidated VIE
			December 31,
			2013		2012
			(in thousands)
	Assets
	Mortgage loans at fair value held by variable interest entity		$	523,652	$	—
	Interest receivable, included as other assets			1,584		—
	Total		$	525,236	$	—
	Liabilities
	Asset-backed secured financing at fair value		$	165,415	$	—
	Interest payable, included as accounts payable and accrued liabilities			497		—
	Total		$	165,912	$	—

Netting_of_Financial_Instrumen1

Netting of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Offsetting of Derivative Assets	'
	As of December 31, 2013 and December 31, 2012, the Company did not enter into reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following tables.
	Offsetting of Derivative Assets
		December 31, 2013								December 31, 2012
		Gross		Gross			Net			Gross		Gross			Net
		amounts		amounts			amounts			amounts		amounts			amounts
		of		offset			of assets			of		offset			of assets
		recognized		in the			presented			recognized		in the			presented
		assets		consolidated			in the			assets		consolidated			in the
				balance			consolidated					balance			consolidated
				sheet			balance					sheet			balance
							sheet								sheet
		(in thousands)
	Derivatives subject to master netting arrangements:
	MBS put options	$	272	$	—		$	272		$	977	$	—		$	977
	Forward purchase contracts		1,229		—			1,229			2,617		—			2,617
	Forward sale contracts		16,385		—			16,385			3,458		—			3,458
	Options on Eurodollar futures		566		—			566
	Netting		—		(12,986	)		(12,986	)		—		(2,825	)		(2,825	)
			18,452		(12,986	)		5,466			7,052		(2,825	)		4,227
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		2,510		—			2,510			19,479		—			19,479
		$	20,962	$	(12,986	)	$	7,976		$	26,531	$	(2,825	)	$	23,706
Summary of Derivative Assets and Collateral Held by Counterparty	'
	Derivative Assets and 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 qualifying for netting.
		December 31, 2013										December 31, 2012
				Gross amounts											Gross amounts
				not offset in the											not offset in the
				consolidated											consolidated
				balance sheet											balance sheet
		Net amount		Financial			Cash			Net		Net amount			Financial			Cash		Net
		of assets presented		instruments			collateral			amount		of assets presented			instruments			collateral		amount
		in the consolidated					received					in the consolidated						received
		balance sheet										balance sheet
		(in thousands)
	Interest rate lock commitments	$	2,510	$	—		$	—		$	2,510	$	19,479			—			—	$	19,479
	Bank of America, N.A.		1,024		—			—			1,024		1,219			—			—		1,219
	Daiwa Capital Markets		608		—			—			608		—			—			—		—
	Barclays		—		—			—			—		15			—			—		15
	Citibank		—		—			—			—		1,009			—			—		1,009
	Fannie Mae Capital Markets		432		—			—			432		—			—			—		—
	Jefferies & Co		—		—			—			—		21			—			—		21
	Credit Suisse First Boston Mortgage Capital LLC		—		—			—			—		820			—			—		820
	Morgan Stanley Bank, N.A.		546		—			—			546		316			—			—		316
	RJ O’Brien		566		—			—			566		—			—			—		—
	Wells Fargo		378								378		99								99
	Cantor Fitzgerald LP		613		—			—			613		581			—			—		581
	Other		1,299		—			—			1,299		147			—			—		147
	Total	$	7,976	$	—		$	—		$	7,976	$	23,706		$	—		$	—	$	23,706
Schedule of Offsetting of Derivative Liabilities and Financial Liabilities	'
	Offsetting of Derivative Liabilities and Financial Liabilities
	Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. Assets sold under agreements to repurchase do not qualify for set off.
		December 31, 2013								December 31, 2012
		Gross		Gross amounts			Net			Gross		Gross			Net
		amounts		offset			amounts			amounts		amounts offset			amounts
		of		in the			of liabilities			of		in the			of liabilities
		recognized		consolidated			presented			recognized		consolidated			presented
		liabilities		balance			in the			liabilities		balance			in the
				sheet			consolidated					sheet			consolidated
							balance								balance
							sheet								sheet
		(in thousands)
	Derivatives subject to master netting arrangements:
	Forward purchase contracts	$	7,420	$	—		$	7,420		$	1,741	$	—		$	1,741
	Forward sale contracts		1,295		—			1,295			4,520		—			4,520
	Netting		—		(8,015	)		(8,015	)		—		(5,294	)		(5,294	)
			8,715		(8,015	)		700			6,261		(5,294	)		967
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		1,261		—			1,261			—		—			—
			9,976		(8,015	)		1,961			6,261		(5,294	)		967
	Assets sold under agreements to repurchase:
	Securities		190,861		—			190,861			—		—			—
	Mortgage loans acquired for sale at fair value		424,670		—			424,670			894,906		—			894,906
	Mortgage loans at fair value		1,070,105		—			1,070,105			353,805		—			353,805
	Mortgage loans at fair value held by variable interest entity		315,744					315,744
	Real estate acquired in settlement of loans		38,225		—			38,225			7,391		—			7,391
			2,039,605		—			2,039,605			1,256,102		—			1,256,102
		$	2,049,581	$	(8,015	)	$	2,041,566		$	1,262,363	$	(5,294	)	$	1,257,069
Summary of Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty	'
	Derivative Liabilities, Financial Liabilities 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 qualifying for offset. All assets sold under agreements to repurchase have sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.
		December 31, 2013										December 31, 2012
				Gross amounts											Gross amounts
				not offset in the											not offset in the
				consolidated											consolidated
				balance sheet											balance sheet
		Net amount		Financial			Cash			Net		Net amount of			Financial			Cash		Net
		of liabilities		instruments			collateral			amount		liabilities			instruments			collateral		amount
		presented					pledged					presented						pledged
		in the										in the
		consolidated										consolidated
		balance										balance
		sheet										sheet
		(in thousands)
	Citibank	$	945,015	$	(944,856	)	$	—		$	159	$	474,625		$	(474,625	)	$	—	$	—
	Credit Suisse First Boston Mortgage Capital LLC		523,546		(523,546	)		—			—		243,525			(243,525	)		—		—
	Bank of America, N.A.		408,452		(408,452	)		—			—		256,711			(256,711	)		—		—
	Deutsche Bank		110		—						110
	Daiwa Capital Markets		132,525		(132,525	)		—			—		—			—			—		—
	Morgan Stanley Bank, N.A.		30,226		(30,226	)		—			—		155,321			(155,321	)		—		—
	JP Morgan		228								228
	Wells Fargo Bank, N.A.		—		—			—			—		47,140			(47,140	)		—		—
	Barclays		47		—			—			47		79,253			(78,780	)		—		473
	Interest rate lock commitments		1,261		—			—			1,261		—			—			—		—
	Other		156		—			—			156		494			—			—		494
	Total	$	2,041,566	$	(2,039,605	)	$	—		$	1,961	$	1,257,069		$	(1,256,102	)	$	—	$	967

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Summary of Financial Statement Items Measured at Estimated Fair Value on Recurring Basis	'
	Following is a summary of financial statement items that are measured at estimated fair value on a recurring basis:
			December 31, 2013
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	92,398		$	—		$	—		$	92,398
	Mortgage-backed securities at fair value			—			197,401			—			197,401
	Mortgage loans acquired for sale at fair value			—			458,137			—			458,137
	Mortgage loans at fair value			—			—			2,076,665			2,076,665
	Mortgage loans under forward purchase agreements at fair value			—			—			218,128			218,128
	Mortgage loans at fair value held by variable interest entity			—			523,652			—			523,652
	Excess servicing spread purchased from PennyMac Financial Services, Inc.			—			—			138,723			138,723
	Mortgage servicing rights at fair value			—			—			26,452			26,452
	Derivative assets:
	Interest rate lock commitments			—			—			2,510			2,510
	MBS put options			—			272			—			272
	Forward purchase contracts			—			1,229			—			1,229
	Forward sales contracts			—			16,385			—			16,385
	Options on Eurodollar futures			—			566			—			566
	Total derivative assets			—			18,452			2,510			20,962
	Netting (1)			—			—			—			(12,986	)
	Total derivative assets			—			18,452			2,510			7,976
			$	92,398		$	1,197,642		$	2,462,478		$	3,739,532
	Liabilities:
	Asset-backed secured financing at fair value			—			165,415			—			165,415
	Derivative liabilities:
	Interest rate lock commitments			—			—			1,261			1,261
	Forward purchase contracts			—			7,420			—			7,420
	Forward sales contracts			—			1,295			—			1,295
	Total derivative liabilities			—			8,715			1,261			9,976
	Netting (1)			—			—			—			(8,015	)
	Total derivative liabilities			—			8,715			1,261			1,961
	Total liabilities		$	—		$	174,130		$	1,261		$	167,376
	-1	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
			December 31, 2012
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	39,017		$	—		$	—		$	39,017
	Mortgage loans acquired for sale at fair value			—			975,184			—			975,184
	Mortgage loans at fair value			—			—			1,189,971			1,189,971
	Mortgage servicing rights at fair value			—			—			1,346			1,346
	Derivative assets:
	Interest rate lock commitments			—			—			19,479			19,479
	MBS put options			—			977			—			977
	Forward purchase contracts			—			2,617			—			2,617
	Forward sales contracts			—			3,458			—			3,458
	Total derivative assets before netting			—			7,052			19,479			26,531
	Netting (1)			—			—			—			(2,825	)
	Total derivative assets			—			7,052			19,479			23,706
			$	39,017		$	982,236		$	1,210,796		$	2,229,224
	Liabilities:
	Derivative liabilities:
	Forward purchase contracts			—			1,741			—			1,741
	Forward sales contracts			—			4,520			—			4,520
	Total derivative liabilities before netting			—			6,261			—			6,261
	Netting (1)			—			—			—			(5,294	)
	Total derivative liabilities		$	—		$	6,261		$	—		$	967
	-1	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
	The following is a summary of changes in items measured using Level 3 inputs on a recurring basis:
			31-Dec-13
			Agency			Mortgage			Mortgage			Mortgage			Excess			Interest			Total
			debt			loans			loans under			servicing			servicing			rate lock
			at fair value			forward			rights			spread			commitments(1)
						purchase
						agreements
		(in thousands)
Assets:
Balance, December 31, 2012		$	—		$	1,189,971		$	—		$	1,346		$	—		$	19,479		$	1,210,796
Purchases			12,000			1,063,162			246,525			1,419			139,028			—			1,462,134
Repayments			—			(255,210	)		(15,319	)		—			(4,076	)		—			(274,605	)
Accrual of interest			—			—			—			—			1,348			—			1,348
Interest rate lock commitments issued, net			—			—			—			—			—			83,515			83,515
Capitalization of interest			—			43,481			—			—			—			—			43,481
Sales			(13,725	)		—			—			—			—			—			(13,725	)
Servicing received as proceeds from sales of mortgage loans			—			—			—			23,071			—			—			23,071
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			—			44,018			2,305			—			—			—			46,323
Other factors			1,725			153,639			9,415			616			2,423			(26,674	)		141,144
			1,725			197,657			11,720			616			2,423			(26,674	)		187,467
Transfers of mortgage loans under forward purchase agreements to mortgage loans			—			15,347			(15,347	)		—			—			—			—
Transfers of mortgage loans to REO			—			(177,743	)		—			—			—			—			(177,743	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(9,451	)		—			—			—			(9,451	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			—			(75,071	)		(75,071	)
Balance, December 31, 2013		$	—		$	2,076,665		$	218,128		$	26,452		$	138,723		$	1,249		$	2,461,217
Changes in fair value recognized during the year relating to assets still held at December 31, 2013		$	1,725		$	132,339		$	7,244		$	616		$	2,423		$	1,249		$	145,596
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	'
	The following is a summary of changes in items measured using Level 3 inputs on a recurring basis:
			31-Dec-13
			Agency			Mortgage			Mortgage			Mortgage			Excess			Interest			Total
			debt			loans			loans under			servicing			servicing			rate lock
						at fair value			forward			rights			spread			commitments(1)
									purchase
									agreements
			(in thousands)
	Assets:
	Balance, December 31, 2012		$	—		$	1,189,971		$	—		$	1,346		$	—		$	19,479		$	1,210,796
	Purchases			12,000			1,063,162			246,525			1,419			139,028			—			1,462,134
	Repayments			—			(255,210	)		(15,319	)		—			(4,076	)		—			(274,605	)
	Accrual of interest			—			—			—			—			1,348			—			1,348
	Interest rate lock commitments issued, net			—			—			—			—			—			83,515			83,515
	Capitalization of interest			—			43,481			—			—			—			—			43,481
	Sales			(13,725	)		—			—			—			—			—			(13,725	)
	Servicing received as proceeds from sales of mortgage loans			—			—			—			23,071			—			—			23,071
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk			—			44,018			2,305			—			—			—			46,323
	Other factors			1,725			153,639			9,415			616			2,423			(26,674	)		141,144
				1,725			197,657			11,720			616			2,423			(26,674	)		187,467
	Transfers of mortgage loans under forward purchase agreements to mortgage loans			—			15,347			(15,347	)		—			—			—			—
	Transfers of mortgage loans to REO			—			(177,743	)		—			—			—			—			(177,743	)
	Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(9,451	)		—			—			—			(9,451	)
	Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			—			(75,071	)		(75,071	)
	Balance, December 31, 2013		$	—		$	2,076,665		$	218,128		$	26,452		$	138,723		$	1,249		$	2,461,217
	Changes in fair value recognized during the year relating to assets still held at December 31, 2013		$	1,725		$	132,339		$	7,244		$	616		$	2,423		$	1,249		$	145,596
	-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
			December 31, 2012
			Mortgage-			Mortgage			Mortgage			Mortgage			Interest			Total
			backed			loans			loans			servicing			rate lock
			securities						under			rights			commitments
									forward
									purchase
									agreements
			(in thousands)
	Assets:
	Balance, December 31, 2011		$	72,813		$	696,266		$	129,310		$	749		$	5,772		$	904,910
	Purchases			—			541,696			1,075			20			—			542,791
	Repayments			(21,888	)		(169,877	)		(14,292	)		—			—			(206,057	)
	Interest rate lock commitments issued, net			—			—			—			—			212,555			212,555
	Capitalization of interest			—			19,745			—			—			—			19,745
	Sales			(52,133	)		—			—			(79	)		—			(52,212	)
	Accrual of unearned discounts			363			—			—			—			—			363
	Servicing received as proceeds from sales of mortgage loans			—			—			—			1,508			—			1,508
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk			—			24,878			—			(708	)		—			24,170
	Other factors			845			68,772			9,293			(144	)		—			78,766
				845			93,650			9,293			(852	)		—			102,936
	Transfer of mortgage loans under forward purchase agreements to mortgage loans			—			117,913			(117,913	)		—			—			—
	Transfer of mortgage loans to REO			—			(109,440	)		—			—			—			(109,440	)
	Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(7,473	)		—			—			(7,473	)
	Transfer to mortgage loans acquired for sale			—			18			—			—			—			18
	Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			(198,848	)		(198,848	)
	Balance, December 31, 2012		$	—		$	1,189,971		$	—		$	1,346		$	19,479		$	1,210,796
	Changes in fair value recognized during the year relating to assets still held at December 31, 2012		$	—		$	51,022		$	—		$	(852	)	$	19,479		$	69,649
			Securities sold under
			agreements to
			repurchase
			(in thousands)
	Liabilities:
	Balance, December 31, 2011		$	115,493
	Changes in fair value included in income
Sales			752,343
Repurchases			(867,836	)
Balance, December 31, 2012		$	—
		December 31, 2011
		Mortgage-			Mortgage			Mortgage			Mortgage			Interest			Total
		backed			loans			loans			servicing			rate lock
		securities						under			rights			commitments
								forward
								purchase
								agreements
		(in thousands)
Assets:
Balance, December 31, 2010		$	119,872		$	364,250		$	—		$	—		$	—		$	484,122
Purchases			21,420			453,323			194,286			—			—			669,029
Repayments			(59,666	)		(111,577	)		(33,097	)		—			—			(204,340	)
Interest rate lock commitments issued, net			—			—			—			—			15,955			15,955
Sales			(7,994	)		(2,570	)		—			—			—			(10,564	)
Accrual of unearned discounts			1,993			—			—			—			—			1,993
Servicing received as proceeds from sales of mortgage loans			—			—			—			774			—			774
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			—			28,400			3,682			—			—			32,082
Other factors			(2,812	)		45,445			10,676			(25	)		—			53,284
			(2,812	)		73,845			14,358			(25	)		—			85,366
Transfer of mortgage loans under forward purchase agreements to mortgage loans			—			23,198			(23,198	)		—			—			—
Transfer of mortgage loans to REO			—			(104,203	)		—			—			—			(104,203	)
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(23,039	)		—			—			(23,039	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			(10,183	)		(10,183	)
Balance, December 31, 2011		$	72,813		$	696,266		$	129,310		$	749		$	5,772		$	904,910
Changes in fair value recognized during the year relating to assets still held at December 31, 2011		$	(2,812	)	$	41,633		$	5,928		$	(25	)	$	5,772		$	50,496
		Securities sold under
		agreements to
		repurchase
		(in thousands)
Liabilities:
Balance, December 31, 2010		$	101,202
Changes in fair value included in income
Sales			1,423,615
Repurchases			(1,409,324	)
Balance, December 31, 2011		$	115,493
Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2011		$	—
Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option	'
	Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value):
			December 31, 2013
			Fair value			Principal			Difference
						amount due
						upon maturity
			(in thousands)
	Mortgage loans acquired for sale:
	Current through 89 days delinquent		$	457,968		$	447,224		$	10,744
	90 or more days delinquent (1)
	Not in foreclosure			169			162			7
	In foreclosure			—			—			—
				458,137			447,386			10,751
	Mortgage loans and mortgage loans under forward purchase agreements at fair value:
	Current through 89 days delinquent			647,266			962,919			(315,653	)
	90 or more days delinquent (1)
	Not in foreclosure			738,043			1,190,403			(452,360	)
	In foreclosure			909,484			1,493,643			(584,159	)
				2,294,793			3,646,965			(1,352,172	)
	Mortgage loans at fair value held by variable interest entity:
	Current through 89 days delinquent			523,652			543,257			(19,605	)
	90 or more days delinquent (1)
	Not in foreclosure			—			—			—
	In foreclosure			—			—			—
				523,652			543,257			(19,605	)
			$	3,276,582		$	4,637,608		$	(1,361,026	)
			December 31, 2012
			Fair value			Principal			Difference
						amount due
						upon maturity
			(in thousands)
	Mortgage loans acquired for sale:
	Current through 89 days delinquent		$	975,184		$	931,787		$	43,397
	90 or more days delinquent (1)
	Not in foreclosure			—			—			—
	In foreclosure			—			—			—
				975,184			931,787			43,397
	Mortgage loans and mortgage loans under forward purchase agreements at fair value:
	Current through 89 days delinquent			404,016			640,722			(236,706	)
	90 or more days delinquent (1)
	Not in foreclosure			326,074			633,310			(307,236	)
	In foreclosure			459,881			850,001			(390,120	)
				1,189,971			2,124,033			(934,062	)
			$	2,165,155		$	3,055,820		$	(890,665	)
	-1	Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed.
Summary of Changes in Fair Value Included in Current Period Income	'
	Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option:
			Changes in fair value included in current period income
			Year ended December 31, 2013
			Net gain (loss)			Net			Net gain (loss)			Net loan			Total
			on			interest			on			servicing
			investments			income			mortgage			income
									loans
									acquired for
									sale
			(in thousands)
	Assets:
	Short-term investments		$	—		$	—		$	—		$	—		$	—
	Agency debt securities			1,725			—			—			—			1,725
	Mortgage-backed securities at fair value			(3,946	)		46			—			—			(3,900	)
	Mortgage loans acquired for sale at fair value			—			—			(30,696	)		—			(30,696	)
	Mortgage loans at fair value			197,657			—			—			—			197,657
	Mortgage loans under forward purchase agreements at fair value			11,720			—			—			—			11,720
	Mortgage loans at fair value held by variable interest entity			(6,301	)		232			—			—			(6,069	)
	Excess servicing spread			2,423			—			—			—			2,423
	Mortgage servicing rights at fair value			—			—			—			616			616
			$	203,278		$	278		$	(30,696	)	$	616		$	173,476
	Liabilities:
	Asset-backed secured financing at fair value		$	2,279		$	(92	)	$	—		$	—		$	2,187
			$	2,279		$	(92	)	$	—		$	—		$	2,187
			Changes in fair value included in current period income
			Year ended December 31, 2012
			Net gain (loss)			Net			Net gain (loss)			Net loan			Total
			on			interest			on			servicing
			investments			income			mortgage			income
									loans
									acquired for
									sale
			(in thousands)
	Assets:
	Short-term investments		$	—		$	—		$	—		$	—		$	—
	Mortgage-backed securities at fair value			2,925			142			—			—			3,067
	Mortgage loans acquired for sale at fair value			—			—			188,055			—			188,055
	Mortgage loans at fair value			95,615			—			—			—			95,615
	Mortgage loans under forward purchase agreements at fair value			9,687			—			—			—			9,687
	Mortgage servicing rights at fair value			—			—			—			(852	)		(852	)
			$	108,227		$	142		$	188,055		$	(852	)	$	295,572
	Liabilities:
	Securities sold under agreements to repurchase at fair value		$	—		$	—		$	—		$	—		$	—
			$	—		$	—		$	—		$	—		$	—
			Changes in fair value included in current period income
			Year ended December 31, 2011
			Net gain			Net			Net gain on			Net loan			Total
			on			interest			mortgage			servicing
			investments			income (1)			loans			income
									acquired for
									sale
			(in thousands)
	Assets:
	Short-term investments		$	—		$	—		$	—		$	—		$	—
	Mortgage-backed securities at fair value			(2,812	)		1,993			—			—			(819	)
	Mortgage loans acquired for sale at fair value			—			—			7,633			—			7,633
	Mortgage loans at fair value			71,098			—			—			—			71,098
	Mortgage loans under forward purchase agreements at fair value			14,357			—			—			—			14,357
	Mortgage servicing rights at fair value			—			—			—			(31	)		(31	)
			$	82,643		$	1,993		$	7,633		$	(31	)	$	92,238
	Liabilities:
	Asset-backed secured financing at fair value		$	—		$	—		$	—		$	—		$	—
			$	—		$	—		$	—		$	—		$	—
Summary of Financial Statement Items Measured at Estimated Fair Value on Nonrecurring Basis	'
	Following is a summary of financial statement items that are measured at estimated fair value on a nonrecurring basis:
			December 31, 2013
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Real estate acquired in settlement of loans		$	—		$	—		$	63,043		$	63,043
	Real estate acquired in settlement of loans under forward purchase agreements			—			—			7,760			7,760
	Mortgage servicing rights at lower of amortized cost or fair value			—			—			184,067			184,067
			$	—		$	—		$	255,870		$	255,870
			December 31, 2012
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Real estate acquired in settlement of loans		$	—		$	—		$	56,156		$	56,156
	Mortgage servicing rights at lower of amortized cost or fair value			—			—			86,215			86,215
			$	—		$	—		$	142,371		$	142,371
Summary of Total Gains (Losses) Recognized on Assets Measured at Estimated Fair Values on Nonrecurring Basis	'
	The following table summarizes the total gains (losses) recognized during the year on assets measured at estimated fair values on a nonrecurring basis held at year-end:
			Net gains (losses) recognized during
			the period
			Year ended December 31,
			2013			2012
			(in thousands)
	Real estate acquired in settlement of loans		$	(11,856	)	$	(12,168	)
	Real estate acquired in settlement of loans under forward purchase agreements			(86	)		—
	Mortgage servicing rights at lower of amortized cost or fair value			4,970			(7,547	)
			$	(6,972	)	$	(19,715	)
Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value	'
	Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value:
			Range
			(Weighted average)
	Key Inputs		December 31, 2013		December 31, 2012
	Mortgage loans at fair value
	Discount rate		8.7% – 16.9%		8.8% – 20.7%
			-12.70%		-13.10%
	Twelve-month projected housing price index change		2.5% – 4.3%		0.4% – 1.5%
			-3.70%		-1.10%
	Prepayment speed (1)		0.0% – 3.9%		0.4% – 4.4%
			-2.00%		-2.20%
	Total prepayment speed (2)		0.3% – 33.9%		5.9% – 31.2%
			-24.30%		-20.60%
	Mortgage loans under forward purchase agreements
	Discount rate		9.5% – 13.5%		—
			-11.90%		—
	Twelve-month projected housing price index change		3.3% – 4.2%		—
			-3.80%		—
	Prepayment speed (1)		1.1% – 2.9%		—
			-2.20%		—
	Total prepayment speed (2)		13.4% – 27.9%		—
			-22.80%		—
	-1	Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”).
	-2	Total prepayment speed is measured using Life Total CPR.
Summary of Key Inputs Used in Determining Fair Value of ESS	'
	Following are the key inputs used in determining the fair value of ESS:
			Range
			(Weighted average)
	Key Inputs		December 31, 2013		December 31, 2012
	Pricing spread		2.8% – 14.4%		—
			-5.40%		—
	Average life		0.9 – 8.0		—
			-6.1		—
	Prepayment speed		7.7% – 48.6%		—
			-9.70%		—
Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments	'
	Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
			Range
			(Weighted average)
	Key inputs		December 31, 2013		December 31, 2012
	Pull-through rate		64.8% – 98.0%		44.2% – 98.0%
			-86.40%		-80.60%
	MSR value expressed as:
	Servicing fee multiple		1.4 – 5.1		1.8 – 4.8
			-4.1		-4.5
	Percentage of unpaid principal balance		0.4% – 1.3%		0.4% – 1.2%
			-1.00%		-1.10%
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition	'
	Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition:
			Year ended December 31,
			2013			2012			2011
			Range
			(Weighted average)
	Key inputs		Amortized cost		Fair value	Amortized cost		Fair value	Amortized cost		Fair value
			(MSR recognized and unpaid principal balance of underlying loans in thousands)
	MSR recognized		$159,961		$23,071	$133,159		$1,508	$5,299		$774
	Unpaid principal balance of underlying loans		$13,343,793		$2,148,185	$12,254,751		$161,153	$415,839		$82,174
	Average servicing fee rate (in basis points)		26		26	26		26	26		26
	Pricing spread (1)		5.4% – 17.5%		7.4% – 14.4%	7.5% – 22.8%		7.5% – 16.5%	7.5% – 18.0%		7.5% –15.3%
			-6.70%		-8.20%	-7.50%		-7.90%	-7.70%		-9.50%
	Life (in years)		1.3 – 7.3		2.7 – 7.3	1.9 – 7.0		2.4 – 7.0	3.0 – 8.1		2.0 – 8.2
			-6.4		-6.9	-6.4		-6.1	-6.9		-6
	Annual total prepayment speed (2)		7.6% – 51.8%		7.9% – 27.0%	6.7% – 45.0%		7.9% – 51.5%	5.8% – 24.4%		6.8% –27.8%
			-9.10%		-10.00%	-9.10%		-12.70%	-7.70%		-13.70%
	Annual per-loan cost of servicing		$68 – $140		$68 – $68	$68 – $140		$68 – $140	$53 – $140		$53 – $140
			($68)		($68)	($68)		($74)	($69)		($85)
	-1	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 States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans.
	-2	Prepayment speed is measured using Life Total CPR.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Assumptions	'
	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the estimated fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable):
			December 31, 2013			December 31, 2012
			Range
			(Weighted average)
	Key inputs		Amortized cost		Fair value	Amortized cost		Fair value
			(Carrying value, unpaid principal balance and effect on value amounts in
			thousands)
	Carrying value		$264,120		$26,452	$125,430		$1,346
	Unpaid principal balance of underlying loans		$23,399,612		$2,393,321	$11,986,957		$181,783
	Weighted average servicing fee rate (in basis points)		26		26	26		27
	Weighted average coupon rate		3.68%		4.78%	3.70%		4.79%
	Pricing spread (1)		6.3% – 17.5%		7.3% – 15.3%	7.5% – 16.5%		7.5% – 16.5%
			-6.70%		-8.60%	-7.70%		-7.70%
	Effect on value of 5% adverse change		($5,490)		($488)	($2,052)		($21)
	Effect on value of 10% adverse change		($10,791)		($959)	($4,041)		($40)
	Effect on value of 20% adverse change		($20,861)		($1,855)	($7,845)		($78)
	Weighted average life (in years)		1.3 – 7.3		2.8 – 7.3	1.7 – 6.3		1.4 – 6.3
			-6.7		-7.2	-6.3		-6
	Prepayment speed (2)		7.7% – 51.9%		8.0% – 20.0%	10.3% – 47.8%		10.3% – 65.9%
			-8.20%		-8.90%	-10.30%		-13.20%
	Effect on value of 5% adverse change		($5,467)		($568)	($3,026)		($52)
	Effect on value of 10% adverse change		($10,765)		($1,117)	($5,937)		($100)
	Effect on value of 20% adverse change		($20,886)		($2,160)	($11,436)		($190)
	Annual per-loan cost of servicing		$68 – $140		$68 – $140	$68 – $140		$68 – $140
			($68)		($68)	($68)		($74)
	Effect on value of 5% adverse change		($1,695)		($158)	($778)		($12)
	Effect on value of 10% adverse change		($3,390)		($316)	($1,556)		($24)
	Effect on value of 20% adverse change		($6,780)		($633)	($3,112)		($48)
	-1	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 States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans and purchased MSRs not backed by pools of distressed mortgage loans.
	-2	Prepayment speed is measured using Life Total CPR.

Mortgage_Loans_Acquired_for_Sa2

Mortgage Loans Acquired for Sale at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Mortgage Loans On Real Estate [Abstract]	'
Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value	'
	Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value:
		December 31, 2013				December 31, 2012
		Fair		Unpaid		Fair		Unpaid
		value		principal		value		principal
				balance				balance
	Loan type	(in thousands)
	Government-insured or guaranteed	$	112,360	$	107,587	$	153,326	$	144,619
	Conventional:
	Agency-eligible		311,162		304,749		820,492		785,830
	Jumbo		34,615		35,050		1,366		1,338
		$	458,137	$	447,386	$	975,184	$	931,787
	Loans pledged to secure loans sold under agreements to repurchase	$	454,210			$	972,079

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Derivative Assets and Liabilities and Related Margin Deposits Recorded within Derivative Assets and Derivative Liabilities	'
	The Company had the following derivative assets and liabilities and related margin deposits recorded within Derivative assets and Derivative liabilities on the consolidated balance sheets:
		December 31, 2013								December 31, 2012
				Fair value								Fair value
	Instrument	Notional		Derivative			Derivative			Notional		Derivative			Derivative
		amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments:
	Free-standing derivatives:
	Interest rate lock commitments		557,343	$	2,510		$	1,261			1,694,739	$	19,479		$	—
	Hedging IRLCs and mortgage loans acquired for sale
	Forward purchase contracts		2,781,066		1,229			7,420			2,206,539		2,617			1,741
	Forward sales contracts		3,588,027		16,385			1,295			4,266,983		3,458			4,520
	MBS put options		55,000		272			—			495,000		977			—
	MBS call options		110,000		—			—			—		—			—
	Hedging MBS and mortgage loans held in a VIE
	Eurodollar futures		8,779,000		—			—			—		—			—
	Treasury futures		105,000		—			—			—		—			—
	Options on Eurodollar futures		52,500		566			—			—		—			—
	Total derivative instruments before netting				20,962			9,976					26,531			6,261
	Netting				(12,986	)		(8,015	)				(2,825	)		(5,294	)
				$	7,976		$	1,961				$	23,706		$	967
	(Collateral received) margin deposits with derivatives counterparties			$	(4,971	)						$	2,469
Summary of Activity in Notional Amount of Derivative Contracts	'
	The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s IRLCs and inventory of mortgage loans acquired for sale:
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2013
	Forward purchase contracts		2,206,539		56,191,824			(55,617,297	)		2,781,066
	Forward sales contracts		4,266,983		72,719,643			(73,398,599	)		3,588,027
	MBS put options		495,000		3,335,000			(3,775,000	)		55,000
	MBS call options		—		2,310,000			(2,200,000	)		110,000
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2012
	Forward purchase contracts		398,400		23,800,622			(21,992,483	)		2,206,539
	Forward sales contracts		756,691		38,995,923			(35,485,631	)		4,266,983
	MBS put options		28,000		2,585,000			(2,118,000	)		495,000
	MBS call options		5,000		90,000			(95,000	)		—
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2011
	Forward purchase contracts		—		2,191,713			(1,793,313	)		398,400
	Forward sales contracts		—		1,139,247			(382,556	)		756,691
	MBS put options		—		66,000			(38,000	)		28,000
	MBS call options		—		13,000			(8,000	)		5,000
Mortgage loans at fair value held by VIE [Member]	'
Summary of Activity in Notional Amount of Derivative Contracts	'
	The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s net fair value changes of a portion of fixed-rate mortgage loans at fair value held by variable interest entity and MBS securities at fair value and the related variable LIBOR rate repurchase agreement liabilities:
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2013
	Eurodollar future sales contracts		—		19,852,000			(11,073,000	)		8,779,000
	Eurodollar future purchase contracts		—		660,000			(660,000	)		—
	Treasury future sales contracts		—		180,000			(75,000	)		105,000
	Treasury future purchase contracts		—		75,000			(75,000	)		—
	Options on Eurodollar futures		—		302,500			(250,000	)		52,500

Mortgage_Loans_at_Fair_Value_T

Mortgage Loans at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Distribution of Company's Mortgage Loans at Fair Value	'
	Following is a summary of the distribution of the Company’s mortgage loans at fair value:
		December 31, 2013						December 31, 2012
	Loan type	Fair			Unpaid			Fair		Unpaid
		value			principal			value		principal
					balance					balance
		(in thousands)
	Nonperforming loans	$	1,469,686		$	2,415,446		$	785,955	$	1,483,311
	Performing loans:
	Fixed		310,607			475,568			201,212		322,005
	ARM/hybrid		165,327			207,553			134,196		195,381
	Interest rate step-up		130,906			215,702			68,475		123,117
	Balloon		139			213			133		219
			606,979			899,036			404,016		640,722
		$	2,076,665		$	3,314,482		$	1,189,971	$	2,124,033
	Mortgage loans at fair value pledged to secure borrowings at period end:
	Loans sold under agreements to repurchase	$	1,963,266					$	947,522
	Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	$	989					$	1,538
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value	'
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value:
		December 31,
	Concentration	2013			2012
	Portion of mortgage loans originated between 2005 and 2007		72	%		77	%
	Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100%		61	%		68	%
	Percentage of mortgage loans secured by California real estate		24	%		18	%
	Additional states contributing 5% or more of mortgage loans		New York			New York
			Florida			Florida
			New Jersey			New Jersey
						Illinois

Mortgage_Loans_at_Fair_Value_H2

Mortgage Loans at Fair Value Held by Variable Interest Entity (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Summary of Distribution of Company's Mortgage Loans at Fair Value Held by Variable Interest Entity	'
	Following is a summary of the distribution of the Company’s mortgage loans at fair value held by variable interest entity:
		December 31, 2013					December 31, 2012
					Unpaid				Unpaid
		Fair			principal		Fair		principal
	Loan type	value			balance		value		balance
		(in thousands)
	Nonperforming loans	$	—		$	—	$	—	$	—
	Performing loans:
	Jumbo Fixed		523,652			543,257		—		—
			523,652			543,257		—		—
		$	523,652		$	543,257	$	—	$	—
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value Held by Variable Interest Entity	'
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value held by variable interest entity:
		December 31,
	States comprising more than 5.00% of unpaid principal balance	2013			2012
	California		57	%		—
	Washington		8	%		—
	Texas		6	%		—
	Virginia		6	%		—
	Other		23	%		—

Mortgage_Loans_Under_Forward_P1

Mortgage Loans Under Forward Purchase Agreements at Fair Value (Tables) (Forward Purchasers [Member])	12 Months Ended
	Dec. 31, 2013
Forward Purchasers [Member]	'
Summary of Distribution of Company's Mortgage Loans under Forward Purchase Agreements at Fair Value	'
	Following is a summary of the distribution of the Company’s mortgage loans under forward purchase agreements at fair value:
		December 31,
		2013					2012
					Unpaid				Unpaid
		Fair			principal		Fair		principal
	Loan type	value			balance		value		balance
		(in thousands)
	Nonperforming loans	$	177,841		$	268,600	$	—	$	—
	Performing loans:
	Fixed		19,292			29,496		—		—
	ARM/hybrid		19,510			31,933		—		—
	Interest rate step-up		1,485			2,455		—		—
			40,287			63,884		—		—
		$	218,128		$	332,484	$	—	$	—
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value	'
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans under forward purchase agreements at fair value:
		December 31,
		2013			2012
	Portion of mortgage loans originated between 2005 and 2007		72	%		—
	Percentage of mortgage loans secured by California real estate		25	%		—
	Additional states contributing 5% or more of mortgage loans		New Jersey
			Washington
			New York
			Maryland

Real_Estate_Acquired_in_Settle3

Real Estate Acquired in Settlement of Loans (Tables)	12 Months Ended
	Dec. 31, 2013
Banking And Thrift [Abstract]	'
Summary of Financial Information Relating to REO	'
	Following is a summary of financial information relating to REO:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Balance at beginning of year	$	88,078		$	80,570		$	29,685
	Purchases		82			48			1,511
	Transfers from mortgage loans at fair value and advances		185,061			112,642			110,891
	Transfers from REO under forward purchase agreements		117			21,819			778
	Results of REO:
	Valuation adjustments, net		(24,002	)		(16,942	)		(10,281	)
	Gain on sale, net		10,531			16,440			11,189
			(13,471	)		(502	)		908
	Sale proceeds		(120,925	)		(126,499	)		(63,203	)
	Balance at year end	$	138,942		$	88,078		$	80,570
	At year end:
	REO pledged to secure agreements to repurchase	$	17,453		$	9,061		$	5,787
	REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$	71,951		$	14,773		$	54,212

Real_Estate_Acquired_in_Settle4

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Activity in REO Under Forward Purchase Agreements	'
	Following is a summary of the activity in REO under forward purchase agreements:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Balance at beginning of year	$	—		$	22,979		$	—
	Purchases		4			249			—
	Purchases financed through forward purchase agreements		—			—			964
	Transfers from mortgage loans under forward purchase agreements at fair value and advances		9,922			6,633			23,880
	Transfers to REO		(117	)		(21,819	)		(778	)
	Results of REO under forward purchase agreements:
	Valuation adjustments, net		(112	)		(449	)		(244	)
	Gain on sale, net		92			2,319			415
			(20	)		1,870			171
	Sale proceeds		(651	)		(9,912	)		(1,258	)
	Balance at year end	$	9,138		$	—		$	22,979

Mortgage_Servicing_Rights_Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of MSRs Carried at Fair Value	'
	Following is a summary of MSRs carried at fair value:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Balance at beginning of year		$	1,346		$	749		$	—
	Additions:
	Purchases			1,419			20			—
	MSRs resulting from loan sales			23,071			1,508			774
	Total additions			24,490			1,528			774
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model (1)			1,338			(708	)		—
	Other changes in fair value (2)			(722	)		(144	)		(25	)
				616			(852	)		(25	)
	Sales			—			(79	)		—
	Balance at year end		$	26,452		$	1,346		$	749
	-1	Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates.
	-2	Represents changes due to realization of expected cash flows.
Summary of MSRs Carried at Lower of Amortized Cost or Fair Value	'
	Following is a summary of MSRs carried at amortized cost:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Mortgage Servicing Rights:
	Balance before valuation allowance at beginning of year		$	132,977		$	5,282		$	—
	MSRs resulting from loan sale			159,961			133,159			5,299
	Purchases			—			15			—
	Sales			—			(19	)		—
	Amortization			(26,241	)		(5,460	)		(17	)
	Application of valuation allowance to write down MSRs with other-than temporary impairment			—			—			—
	Balance before valuation allowance at year-end			266,697			132,977			5,282
	Valuation Allowance for Impairment of Mortgage Servicing Rights:
	Balance at beginning of year			(7,547	)		—			—
	Reversals (additions)			4,970			(7,547	)		—
	Application of valuation allowance to write down MSRs with other-than temporary impairment			—			—			—
	Balance at year-end			(2,577	)		(7,547	)		—
	Mortgage Servicing Rights, net		$	264,120		$	125,430		$	5,282
	Estimated fair value of Mortgage Servicing Rights at year end		$	289,737		$	126,995		$	5,341
Summary of Company's Estimate of Amortization of Existing MSRs Carried at Amortized Cost	'
	The following table summarizes the Company’s estimate of amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2013 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.
			Estimated MSR
	Year ended December 31,		amortization
			(in thousands)
	2014		$	25,673
	2015			25,027
	2016			23,791
	2017			22,740
	2018			21,334
	Thereafter			148,132
	Total		$	266,697

Net_Loan_Servicing_Fees_Tables

Net Loan Servicing Fees (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Net Loan Servicing Fees	'
	Net loan servicing fees is summarized below:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Servicing fees (1)		$	54,725		$	10,982		$	62
	MSR recapture fee receivable from PFSI			709			—			—
	Effect of MSRs:
	Carried at lower of amortized cost or fair value
	Amortization			(26,241	)		(5,460	)		(17	)
	Reversal of (provision for) impairment			4,970			(7,547	)		—
	Carried at fair value-change in fair value			616			(852	)		(25	)
	Losses on hedging derivatives			(1,988	)		2,123			—
				(22,644	)		(11,736	)		(42	)
	Net loan servicing fees		$	32,791		$	(754	)	$	20
	Average unpaid balance of mortgage loans serviced		$	20,670,861		$	3,667,941		$	34,463
	-1	Includes contractually specified servicing and ancillary fees.
Mortgage Service Rights [Member]	'
Summary of Net Loan Servicing Fees	'
	Servicing fees relating to MSRs are recorded in Net loan servicing fees on the consolidated statements of income and are summarized below for the periods presented:
			Year ended December 31,
			2013			2012			2011
			(in thousands)
	Contractual servicing fees		$	50,716		$	9,969		$	62

Securities_Sold_Under_Agreemen1

Securities Sold Under Agreements to Repurchase at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Financial Information Relating to Securities Sold Under Agreements to Repurchase at Fair Value	'
	Following is a summary of financial information relating to securities sold under agreements to repurchase at fair value as of and for the periods presented:
		Year ended December 31,
		2013			2012			2011
		(dollars in thousands)
	Year end:
	Balance	$	190,861		$	—		$	115,493
	Weighted-average interest rate		0.41	%		0	%		0.67	%
	Fair value of securities securing agreements to repurchase	$	197,401		$	—		$	122,813
	During the year:
	Weighted-average interest rate		0.46	%		0.64	%		1.1	%
	Average balance	$	58,653		$	74,560		$	78,021
	Total interest expense	$	273		$	488		$	873
	Maximum daily amount outstanding	$	199,587		$	160,334		$	115,493
Summary of Maturities of Outstanding Advances under Repurchase Agreements by Maturity Date	'
	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	49,339
	Over 30 to 90 days		362,577
	Over 90 days to 180 days		12,754
	Over 180 days to 1 year		—
		$	424,670
	Weighted average maturity (in months)		2.44
Summary of Securities Sold Under Agreements to Repurchase by Counterparty	'
	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 securities sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty	Amount at risk			Facility maturity
		(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC	$	2,084		15-Jan-14
	Bank of America, N.A.	$	714		13-Jan-14
	Daiwa Capital Markets America, Inc	$	3,840		February 2, 2014
Securities Sold Under Agreements to Repurchase at Fair Value [Member]	'
Summary of Maturities of Outstanding Advances under Repurchase Agreements by Maturity Date	'
	Following is a summary of maturities of outstanding securities sold under agreements to repurchase by maturity date:
	Remaining Maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	58,336
	Over 30 to 90 days		132,525
	Over 90 days to 180 days		—
	Over 180 days to 1 year		—
		$	190,861
	Weighted average maturity (in months)		0.9

Mortgage_Loans_Acquired_for_Sa3

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Financial Information Relating to Mortgage Loans	'
	Following is a summary of financial information relating to mortgage loans acquired for sale sold under agreements to repurchase:
			Year ended December 31,
			2013			2012			2011
			(dollars in thousands)
	Year end:
	Balance		$	424,670		$	894,906		$	212,677
	Amount available (1)		$	1,230,000		$	505,094		$	137,323
	Weighted-average interest rate			1.97	%		2.31	%		2.06	%
	Fair value of mortgage loans acquired for sale securing agreements to repurchase		$	454,210		$	972,079		$	231,704
	During the year:
	Weighted-average interest rate (2)			2.09	%		2.32	%		2.63	%
	Average balance		$	832,703		$	412,242		$	43,713
	Total interest expense		$	24,502		$	12,981		$	2,426
	Maximum daily amount outstanding		$	1,489,070		$	1,028,290		$	288,972
	-1	The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements, amounts used for other eligible asset classes subject to the same aggregate maximum contractual limit, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold.
	-2	Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $6.8 million and $3.3 million during the years ended December 31, 2013 and 2012, respectively.
Amount at Risk Relating to Loans Acquired for Sale Sold under Agreements to Repurchase by Counterparty	'
	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 mortgage loans acquired for sale sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
						Weighted-average
						repurchase agreement
	Counterparty		Amount at risk			maturity		Facility maturity
			(in thousands)
	Citibank		$	4,262		January 28, 2014		24-Jul-14
	Credit Suisse First Boston Mortgage Capital LLC		$	12,730		23-Mar-14		31-Oct-14
	Bank of America, N.A.		$	13,697		March 22, 2014		2-Jan-14
	Morgan Stanley Bank, N.A.		$	1,511		February 22, 2014		December 18, 2014

Mortgage_Loans_at_Fair_Value_S1

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Financial Information Relating to Mortgage Loans at Fair Value	'
	Following is a summary of financial information relating to mortgage loans sold under agreements to repurchase:
			Year ended December 31,
			2013			2012			2011
			(dollars in thousands)
	Year end:
	Balance		$	1,070,105		$	353,805		$	275,649
	Amount available (1)		$	47,229		$	246,195		$	174,351
	Weighted-average interest rate			3.07	%		3.35	%		3.96	%
	Fair value of mortgage loans at fair value and REO securing agreements to repurchase		$	1,980,719		$	956,583		$	613,051
	During the year:
	Weighted-average interest rate (2)			3.21	%		3.8	%		3.76	%
	Average balance		$	570,861		$	300,285		$	233,594
	Total interest expense		$	20,783		$	13,176		$	9,642
	Maximum daily amount outstanding		$	1,080,058		$	439,976		$	285,532
	-1	The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements, amounts used for other eligible asset classes subject to the same aggregate maximum contractual limit, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold.
	-2	Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $2.2 million and $1.6 million during the years ended December 31, 2013 and 2012, respectively.
Summary of Maturities of Repurchase Agreements	'
	Following is a summary of maturities of repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013		Balance
			(in thousands)
	Within 30 days		$	—
	Over 30 to 90 days			—
	Over 90 days to 180 days			—
	Over 180 days to 1 year			1,070,105
			$	1,070,105
	Weighted average maturity (in months)			7.7
Summary of Amount of Risk Relating to Company's Mortgage Loans at Fair Value	'
	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 mortgage loans at fair value sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty		Amount at risk			Facility maturity
			(in thousands)
	Citibank, N.A.		$	596,154		24-Jul-14
	Credit Suisse First Boston Mortgage Capital LLC		$	311,384		October 31, 2014

Mortgage_Loans_at_Fair_Value_H3

Mortgage Loans at Fair Value Held by Variable Interest Entity Sold Under Agreements to Purchase (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Summary of Financial Information Relating to Mortgage Loans at Fair Value Held by Variable Interest Entity	'
	Following is a summary of financial information relating to mortgage loans at fair value held by variable interest entity sold under agreements to repurchase:
		Year ended December 31,
		2013			2012		2011
		(dollars in thousands)
	Year end:
	Balance	$	315,744		$	—	$	—
	Unused amount	$	—		$	—	$	—
	Weighted-average interest rate		1.03	%		—		—
	Fair value of mortgage loans at fair value securing agreements to repurchase	$	351,058		$	—	$	—
	During the year:
	Weighted-average interest rate		1.01	%		—		—
	Average balance	$	78,767		$	—	$	—
	Total interest expense	$	806		$	—	$	—
	Maximum daily amount outstanding	$	317,677		$	—	$	—
Summary of Maturities of Repurchase Agreements	'
	Following is a summary of maturities of repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	241,713
	Over 30 to 90 days		74,031
	Over 90 days to 180 days		—
	Over 180 days to 1 year		—
		$	315,744
	Weighted average maturity (in months)		1.2
Summary of Amount of Risk Relating to Mortgage Loans at Fair Value Held by Variable Interest Entity	'
	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 mortgage loans at fair value held by variable interest entity sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty	Amount at risk			Repurchase
					agreement maturity
		(in thousands)
	Citibank, N.A.	$	7,645		28-Mar-14
	Credit Suisse First Boston Mortgage Capital LLC	$	9,755		6-Jan-14
	Bank of America, N.A.	$	17,721		January 24, 2014

Real_Estate_Acquired_in_Settle5

Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Financial Information Relating to REO Financed under Agreements to Repurchase	'
	Following is a summary of financial information relating to REO financed under agreements to repurchase:
			Year ended December 31,
			2013			2012			2011
			(dollars in thousands)
	Year end:
	Balance		$	38,225		$	7,391		$	27,494
	Amount available (1)		$	—		$	92,609		$	72,506
	Weighted-average interest rate			3.73	%		3.96	%		4.26	%
	Fair value of loans and REO held in a consolidated subsidiary whose stock is pledged to secure agreements to repurchase		$	72,940		$	16,311		$	54,212
	During the year:
	Weighted-average interest rate (2)			3.86	%		4.21	%		4.26	%
	Average balance		$	11,928		$	16,666		$	8,341
	Total interest expense		$	966		$	1,214		$	636
	Maximum daily amount outstanding		$	38,225		$	27,494		$	28,260
	-1	The amount the Company is able to borrow under repurchase agreements is subject to a sublimit of the commitment amount available pursuant to the repurchase facility for mortgage loans at fair value and further subject to the amount available pursuant to the aggregate contractual limit less amount borrowed under other eligible asset classes. The facility is tied to the fair value of unencumbered REO eligible for contribution to a subsidiary, the stock of which is pledged to secure those agreements, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral so contributed.
	-2	Weighted-average interest rate during the period excludes the effect of amortization of debt issuance costs of $500,000 during each of the years ended December 31, 2013 and 2012.
Summary of Amount of Risk Relating to Company's REO Held in Consolidated Subsidiary	'
	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 REO held in a consolidated subsidiary, whose stock is pledged to secure agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty		Amount at risk			Facility maturity
			(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC		$	34,681			October 31, 2014

Assetbacked_Secured_Financing_1

Asset-backed Secured Financing at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Financial Information Relating to Asset-Backed Secured Financing	'
	Following is a summary of financial information relating to the asset-backed secured financing:
		Year ended December 31,
		2013			2012			2011
		(dollar amounts in thousands)
	Year end:
	Balance	$	165,415		$	—		$	—
	Weighted-average interest rate		3.5	%		—			—
	During the year:
	Average balance	$	43,108			0	%		0	%
	Maximum daily amount outstanding	$	170,008		$	—		$	—
	Interest expense	$	1,612		$	—		$	—

Exchangeable_Senior_Notes_Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Financial Information Related to Notes	'
	Following is financial information relating to the Notes:
			Year ended December 31,
			2013			2012		2011
			(dollars in thousands)
	Year end:
	Balance		$	250,000		$	—	$	—
	Unamortized issuance costs (1)		$	6,800		$	—	$	—
	Weighted-average Note rate			5.38	%		—		—
	During the year:
	Average balance		$	168,493		$	—	$	—
	Maximum daily amount outstanding		$	250,000		$	—	$	—
	Interest expense (2)		$	9,580		$	—	$	—
	-1	Unamortized issuance costs are included in Other assets in the consolidated balance sheets.
	-2	Total interest expense includes amortization of debt issuance costs of $584,000 during the year ended December 31, 2013.

Borrowings_under_Forward_Purch1

Borrowings under Forward Purchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements	'
	Following is a summary of financial information relating to borrowings under forward purchase agreements:
		Year ended December 31,
		2013			2012			2011
		(dollars in thousands)
	Year end:
	Balance	$	226,580		$	—		$	152,427
	Interest rate		3.02	%		—			3.97	%
	Fair value of underlying loans and REO	$	226,833		$	—		$	151,448
	During the year:
	Weighted-average interest rate		2.94	%		4.01	%		4.11	%
	Average balance	$	124,394		$	58,719		$	74,864
	Interest expense	$	3,707		$	2,396		$	3,116
	Maximum daily amount outstanding	$	244,047		$	152,428		$	173,398

Liability_for_Losses_under_Rep1

Liability for Losses under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Companys Liability for Losses under Representations and Warranties	'
	Following is a summary of the Company’s Liability for losses under representations and warranties:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Balance, beginning of year	$	4,441	$	205	$	—
	Provision for losses		5,669		4,236		205
	Incurred losses		—		—		—
	Balance, end of year	$	10,110	$	4,441	$	205
Summary of Companys Repurchase Activity	'
	Following is a summary of the Company’s repurchase activity:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	During the year:
	Unpaid principal balance of mortgage loans repurchased	$	4,209	$	290	$	—
	Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders	$	2,673	$	225	$	—
	At year end:
	Unpaid principal balance of mortgage loans subject to pending claims for repurchase	$	15,085	$	1,727	$	—
	Unpaid principal balance of mortgage loans subject to representations and warranties	$	25,652,972	$	12,168,454	$	—

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Company's Outstanding Contractual Loan Commitments	'
	The following table summarizes the Company’s outstanding contractual loan commitments:
		December 31, 2013
		(in thousands)
	Commitments to purchase mortgage loans :
	Correspondent lending	$	557,343

Net_Gain_on_Mortgage_Loans_Acq1

Net Gain on Mortgage Loans Acquired for Sale (Tables)	12 Months Ended
	Dec. 31, 2013
Text Block [Abstract]	'
Summary of Net Gain on Mortgage Loans Acquired for Sale	'
	Net gain on mortgage loans acquired for sale is summarized below:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Cash gain (loss):
	Sales proceeds	$	(197,580	)	$	13,918		$	(1,571	)
	Hedging activities		136,829			(57,040	)		(4,794	)
			(60,751	)		(43,122	)		(6,365	)
	Non cash gain:
	Receipt of MSRs in loan sale transactions		183,032			134,682			6,073
	Provision for losses relating to representations and warranties provided in loan sales		(5,669	)		(4,236	)		(205	)
	Change in fair value relating to loans and hedging derivatives held at year end:
	IRLCs		(18,230	)		13,707			5,772
	Mortgage loans		(9,265	)		43,691			6,192
	Hedging derivatives		9,552			2,953			(3,834	)
			(17,943	)		60,351			8,130
		$	98,669		$	147,675		$	7,633

Net_Interest_Income_Tables

Net Interest Income (Tables)	12 Months Ended
	Dec. 31, 2013
Banking And Thrift Interest [Abstract]	'
Summary of Net Interest Income	'
	Net interest income is summarized for the periods presented below:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Interest income:
	Short-term investments	$	542	$	42	$	100
	Mortgage-backed securities		2,138		2,084		3,229
	Agency debt securities		222		—		—
	Mortgage loans acquired for sale at fair value		33,726		19,731		2,085
	Mortgage loans at fair value		75,759		49,462		29,603
	Mortgage loans under forward purchase agreements at fair value		3,659		996		1,131
	Mortgage loans at fair value held by variable interest entity		5,516		—		—
	Excess servicing spread		1,091		—		—
	Other		209		126		—
			122,862		72,441		36,148
	Interest expense:
	Assets sold under agreements to repurchase		47,790		28,025		13,576
	Borrowings under forward purchase agreements		3,707		2,396		3,116
	Asset-backed secured financing at fair value		1,612		—		—
	Exchangeable senior notes		9,580		—		—
	Note payable secured by mortgage loans at fair value		—		113		254
	Other		2,533		1,108		—
			65,222		31,642		16,946
	Net interest income	$	57,640	$	40,799	$	19,202

Net_Gain_on_Investments_Tables

Net Gain on Investments (Tables)	12 Months Ended
	Dec. 31, 2013
Investments Debt And Equity Securities [Abstract]	'
Summary of Net Gain on Investments	'
	Net gain on investments is summarized below:
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Net gain (loss) on investments:
	Mortgage-backed securities	$	(5,657	)	$	612	$	(2,812	)
	Agency debt security		1,725			—		—
	Mortgage loans		209,377			103,037		85,455
	Mortgage loans held by VIE and related secured financing:
	Mortgage loans held by variable interest entity		(2,391	)		—		—
	Asset-backed secured financing		2,279			—		—
			(112	)		—		—
	Excess servicing spread		2,423			—		—
		$	207,758		$	103,649	$	82,643

ShareBased_Compensation_Plans_

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Summary of Restricted Share Unit Activity and Compensation Expense	'
	The table below summarizes restricted share unit activity and compensation expense:
			Year ended December 31,
			2013			2012			2011
	Number of units:
	Outstanding at beginning of year			665,617			491,809			272,984
	Granted			255,445			350,000			340,500
	Vested			(253,509	)		(161,678	)		(88,711	)
	Canceled			(6,181	)		(14,514	)		(32,964	)
	Outstanding at end of year			661,372			665,617			491,809
	Weighted Average Grant Date Fair Value:
	Outstanding at beginning of year		$	15.92		$	12.57		$	6.18
	Granted		$	23.91		$	18.91		$	16.52
	Vested		$	13.4		$	12.15		$	9.82
	Expired or canceled		$	20.06		$	16.82		$	7.88
	Outstanding at end of year		$	19.95		$	15.92		$	12.57
	Compensation expense recorded during the year		$	6,763,000		$	6,032,000		$	4,214,000
	Year end:
	Units available for future awards (1)			5,029,174			4,014,159			1,819,900
	Unamortized compensation cost		$	6,178,000		$	5,798,000		$	3,355,000
	-1	Based on shares outstanding as of December 31, 2013. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Summary of Company's Income Tax Expense (Benefit)	'
	The following table details the Company’s income tax expense (benefit) which relates primarily to the TRSs for the periods presented:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Current (benefit) expense:
	Federal	$	(10,014	)	$	4,760		$	6,250
	State		(2,232	)		1,686			2,139
	Total current expense		(12,246	)		6,446			8,389
	Deferred expense:
	Federal		20,737			31,266			(247	)
	State		5,954			10,861			(86	)
	Total deferred expense		26,691			42,127			(333	)
	Total provision for income taxes	$	14,445		$	48,573		$	8,056
Reconciliation of Company's Provision for Income Taxes	'
	The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the periods presented:
		Year ended December 31,
		2013						2012						2011
		Amount			Rate			Amount			Rate			Amount			Rate
		(dollars in thousands)
	Federal income tax expense at statutory tax rate	$	75,122			35	%	$	65,387			35	%	$	25,373			35	%
	Effect of non-taxable REIT income		(63,564	)		(29.6	)%		(24,943	)		(13.4	)%		(18,749	)		(25.8	)%
	State income taxes, net of federal benefit		2,419			1.1	%		8,140			4.4	%		1,335			1.8	%
	Other		468			0.2	%		(11	)		0	%		97			0.1	%
	Valuation allowance		—			0	%		—			0	%		—			0	%
	Provision for income taxes	$	14,445			6.7	%	$	48,573			26	%	$	8,056			11.1	%
Components of Provision for Deferred Income Taxes	'
	The Company’s components of the provision for deferred income taxes are as follows:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Real estate valuation loss	$	2,651		$	(5,512	)	$	(2,783	)
	Mortgage servicing rights		66,284			49,420			2,536
	Net operating loss carryforward		(38,783	)		—			—
	Other		(3,461	)		(1,781	)		(86	)
	Valuation allowance		—			—			—
	Total provision for deferred income taxes	$	26,691		$	42,127		$	(333	)
Components of Income Taxes Payable	'
	The components of income taxes payable are as follows:
		December 31,
		2013			2012
		(in thousands)
	Taxes currently receivable	$	8,446		$	5,374
	Deferred income taxes payable		(68,381	)		(41,690	)
	Income taxes payable	$	(59,935	)	$	(36,316	)
Summary of Deferred Income Tax Assets and Liabilities	'
	The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below:
		December 31,
		2013			2012
		(in thousands)
	Deferred income tax assets:
	REO valuation loss	$	5,748		$	8,399
	Net operating loss carryforward		38,783			—
	Other		5,328			1,867
	Gross deferred tax assets		49,859			10,266
	Deferred income tax liabilities:
	Mortgage servicing rights		(118,240	)		(51,956	)
	Gross deferred tax liabilities		(118,240	)		(51,956	)
	Net deferred income tax liability	$	(68,381	)	$	(41,690	)

Segments_and_Related_Informati1

Segments and Related Information (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Financial Highlights by Operating Segment	'
	Financial highlights by operating segment are summarized below:
			Correspondent			Investment			Intersegment
	Year ended December 31, 2013		lending			activities			elimination & other			Total
			(in thousands)
	Net investment income:
	External
	Net gain on mortgage loans acquired for sale		$	98,669		$	—		$	—		$	98,669
	Net gain on investments			—			207,758			—			207,758
	Interest income			33,727			94,435			(5,300	)		122,862
	Interest expense			(26,808	)		(43,714	)		5,300			(65,222	)
				6,919			50,721			—			57,640
	Net loan servicing fees			—			32,791						32,791
	Other investment (loss) income			17,715			(9,055	)		—			8,660
				123,303			282,215			—			405,518
	Expenses:
	Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.			78,552			69,699			3,284	(1)		151,535
	Other			861			38,487			—			39,348
				79,413			108,186			3,284			190,883
	Pre-tax income		$	43,890		$	174,029		$	(3,284	)	$	214,635
	Total assets at year end		$	472,089		$	3,838,828		$	—		$	4,310,917
	-1	Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.
			Correspondent			Investment			Intersegment
	Year ended December 31, 2012		lending			activities			elimination & other			Total
			(in thousands)
	Net investment income:
	External
	Net gain on mortgage loans acquired for sale		$	147,675		$	—		$	—		$	147,675
	Net gain on investments			—			103,649			—			103,649
	Interest income			19,733			52,796			(88	)		72,441
	Interest expense			(11,289	)		(20,441	)		88			(31,642	)
				8,444			32,355			—			40,799
	Net loan servicing fees			—			(754	)		—			(754	)
	Other investment (loss) income			10,545			1,612			—			12,157
				166,664			136,862			—			303,526
	Expenses:
	Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.			64,912			29,038			—			93,950
	Other			1,253			21,501			—			22,754
				66,165			50,539			—			116,704
	Pre-tax income		$	100,499		$	86,323		$	—		$	186,822
	Total assets at year end		$	1,004,399		$	1,555,264		$	—		$	2,559,663
			Correspondent			Investment			Intersegment
	Year ended December 31, 2011		lending			activities			elimination & other			Total
			(in thousands)
	Net investment income:
	External
	Net gain on mortgage loans acquired for sale		$	7,633		$	—		$	—		$	7,633
	Net gain on investments			—			82,643			—			82,643
	Interest income			2,085			34,063			—			36,148
	Interest expense			(1,167	)		(15,779	)		—			(16,946	)
				918			18,284			—			19,202
	Net loan servicing fees			—			20			—			20
	Other investment (loss) income			1,017			1,153			—			2,170
				9,568			102,100			—			111,668
	Expenses:
	Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.			315			21,376			—			21,691
	Other			234			17,248			—			17,482
				549			38,624			—			39,173
	Pre-tax income		$	9,019		$	63,476		$	—		$	72,495
	Total assets at year end		$	237,351		$	1,148,711		$	—		$	1,386,062

Selected_Quarterly_Results_Tab

Selected Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Selected Quarterly Financial Data	'
	Following is a presentation of selected quarterly financial data:
			Quarter ended
			2013								2012
			Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30		June 30		Mar. 31
			(dollars in thousands, except per share data)
	For the quarter ended:
	Net investment income		$	96,087	$	86,062	$	115,553	$	107,816	$	114,934	$	90,914	$	57,703	$	39,975
	Net income		$	52,696	$	39,701	$	54,497	$	53,296	$	49,238	$	40,384	$	29,569	$	19,058
	Earnings per share:
	Basic		$	0.74	$	0.61	$	0.92	$	0.9	$	0.83	$	0.81	$	0.8	$	0.65
	Diluted		$	0.69	$	0.57	$	0.86	$	0.9	$	0.83	$	0.81	$	0.79	$	0.65
	Cash dividends declared per share		$	1.16	$	0.57	$	0.57	$	0.57	$	0.57	$	0.55	$	0.55	$	0.55
	At period end:
	Short-term investments at fair value		$	92,398	$	80,936	$	73,236	$	45,024	$	39,017	$	38,322	$	32,340	$	63,444
	Investment securities at fair value			197,401		217,492		—		—		—		—		167,446		174,604
	Mortgage loans at fair value(1)			3,276,582		3,350,632		2,862,126		2,490,270		2,165,155		1,937,541		1,447,254		927,867
	Excess servicing spread			138,723		2,857		—		—		—		—		—		—
	Real estate acquired in settlement of loans(2)			148,080		103,202		88,771		84,486		88,078		86,180		89,918		104,870
	Mortgage servicing rights(3)			290,572		269,675		226,901		180,441		126,776		65,154		32,832		18,534
	Other assets			167,161		224,437		192,350		126,939		140,637		201,528		120,955		88,701
	Total assets		$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160	$	2,559,663	$	2,328,725	$	1,890,745	$	1,378,020
	Assets sold under agreements to repurchase(4)		$	2,039,605	$	1,980,058	$	1,565,896	$	1,615,050	$	1,256,102	$	1,041,371	$	1,007,712	$	501,441
	Borrowings under forward purchase agreements			226,580		229,841		244,047		—		—		—		16,693		127,591
	Asset-backed secured financing at fair value			165,415		170,008		—		—		—		—		—		—
	Exchangeable senior notes			250,000		250,000		250,000		—		—		—		—		—
	Other liabilities			162,203		124,559		139,260		89,681		102,225		103,151		60,667		153,032
	Total liabilities			2,843,803		2,754,466		2,199,203		1,704,731		1,358,327		1,144,522		1,085,072		782,064
	Shareholders’ equity			1,467,114		1,494,765		1,244,181		1,222,429		1,201,336		1,184,203		805,673		595,956
	Total liabilities and shareholders’ equity		$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160	$	2,559,663	$	2,328,725	$	1,890,745	$	1,378,020
	-1	Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value.
	-2	Includes REO and REO under forward purchase agreements.
	-3	Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.
	-4	Includes securities, mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and REO.

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
Summary of Supplemental Cash Flow Information	'
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Cash paid for interest	$	67,374		$	31,693	$	16,963
	Income tax (refund) payment	$	(9,200	)	$	12,700	$	6,941
	Non-cash investing activities:
	Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity	$	536,776		$	—	$	—
	Transfer of mortgage loans and advances to real estate acquired in settlement of loans	$	185,061		$	112,642	$	110,891
	Transfer of mortgage loans acquired for sale to mortgage loans at fair value	$	—		$	18	$	—
	Purchase of mortgage loans financed through forward purchase agreements	$	246,605		$	1,070	$	194,286
	Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	$	15,347		$	117,913	$	—
	Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements	$	9,448		$	6,633	$	23,880
	Receipt of MSRs as proceeds from sales of loans	$	183,032		$	134,682	$	6,073
	Purchase of REO financed through forward purchase agreements	$	38		$	249	$	964
	Transfer of REO under forward purchase agreements to REO	$	117		$	21,819	$	779
	Non-cash financing activities:
	Purchase of mortgage loans financed through forward purchase agreements	$	246,605		$	1,070	$	194,286
	Purchase of REO financed through forward purchase agreements	$	38		$	249	$	964
	Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	$	44,395		$	—	$	—
	Dividends payable	$	41,570		$	—	$	—

Parent_Company_Information_Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]	'
Schedule of Parent Company Information	'
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED BALANCE SHEETS
		December 31,
		2013			2012
		(in thousands)
	Assets
	Short-term investments	$	1,340		$	3,399
	Investments in subsidiaries		1,527,213			1,207,472
	Receivables from subsidiaries		16			—
	Other assets		521			205
	Total assets	$	1,529,090		$	1,211,076
	Liabilities and shareholders’ equity
	Dividends payable	$	41,570		$	—
	Accounts payable and accrued liabilities		3,825			6,407
	Due to affiliates		1,788			2,957
	Payables to subsidiaries		378			64
	Income taxes payable		67			—
	Shareholders’ equity		1,481,462			1,201,648
	Total liabilities and shareholders’ equity	$	1,529,090		$	1,211,076
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF INCOME
		Year ended December 31,
			2013			2012			2011
		(in thousands)
	Income
	Dividends from subsidiaries	$	148,520		$	107,135		$	13,937
	Intercompany interest		20			2,256			4,205
	Interest		4			61			52
	Other		833			—			—
	Total income		149,377			109,452			18,194
	Expenses
	Intercompany interest		39			167			258
	Other		—			1,321			426
	Total expenses		39			1,488			684
	Income before provision for income taxes and equity in undistributed earnings in subsidiaries		149,338			107,964			17,510
	Provision for income taxes		86			—			90
	Income before equity in undistributed earnings of subsidiaries		149,252			107,964			17,420
	Equity in undistributed earnings of subsidiaries		49,940			28,845			48,772
	Net income	$	199,192		$	136,809		$	66,192
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF CASH FLOWS
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Cash flows from operating activities
	Net income	$	199,192		$	136,809		$	66,192
	Equity in undistributed earnings of subsidiaries		(49,940	)		(28,845	)		(48,772	)
	(Increase) decrease in receivables from subsidiaries		(16	)		38,976			(38,976	)
	(Increase) decrease in other assets		(316	)		943			(1,148	)
	(Decrease) increase in accounts payable and accrued liabilities		(2,582	)		524			(7,069	)
	(Decrease) increase in due to affiliates		(1,169	)		16			—
	Increase (decrease) in payables to subsidiaries		314			(2,472	)		(10,425	)
	Increase in income taxes payable		67			—			—
	Net cash provided (used) by operating activities		145,550			145,951			(40,198	)
	Cash flows from investing activities
	Increase in investment in subsidiaries		(249,315	)		(666,101	)		(106,251	)
	Net decrease (increase) in short-term investments		2,059			8,148			(11,478	)
	Net cash used by investing activities		(247,256	)		(657,953	)		(117,729	)
	Cash flows from financing activities
	Proceeds from issuance of common shares		261,595			608,184			206,056
	Payment of common share underwriting and offering costs		(12,321	)		(1,360	)		(8,581	)
	Payment of dividends		(147,568	)		(94,822	)		(39,548	)
	Net cash provided by financing activities		101,706			512,002			157,927
Net change in cash		—			—			—
Cash at beginning of year		—			—			—
Cash at end of year	$	—		$	—		$	—

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013
	Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Number of business segment	2
Percentage of taxable income for distributions	90.00%

Organization_and_Basis_of_Pres3

Organization and Basis of Presentation - Summary of Reclassifications of Previously Presented Balances (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net interest income (new caption):	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	$122,862	$72,441	$36,148
Interest expense	'	'	'	'	'	'	'	'	65,222	31,642	16,946
Net interest income	'	'	'	'	'	'	'	'	57,640	40,799	19,202
Net investment income	96,087	86,062	115,553	107,816	114,934	90,914	57,703	39,975	405,518	303,526	111,668
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	-65,222	-31,642	-16,946
Loan servicing fees payable to PennyMac Financial Services, Inc	'	'	'	'	'	'	'	'	39,413	18,608	13,204
Other	'	'	'	'	'	'	'	'	23,061	9,557	7,887
Total expenses	'	'	'	'	'	'	'	'	190,883	116,704	39,173
As reported [Member]	'	'	'	'	'	'	'	'	'	'	'
Net interest income (new caption):	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	'	72,441	36,148
Interest expense	'	'	'	'	'	'	'	'	'	31,642	16,946
Net interest income	'	'	'	'	'	'	'	'	'	40,799	19,202
Net investment income	'	'	'	'	'	'	'	'	'	303,526	111,668
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	'	-31,642	-16,946
Loan servicing fees payable to PennyMac Financial Services, Inc	'	'	'	'	'	'	'	'	'	18,608	13,204
Other	'	'	'	'	'	'	'	'	'	9,557	7,887
Total expenses	'	'	'	'	'	'	'	'	'	116,704	39,173
As previously reported [Member]	'	'	'	'	'	'	'	'	'	'	'
Net interest income (new caption):	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	'	72,441	36,148
Interest expense	'	'	'	'	'	'	'	'	'	-31,642	-16,946
Net interest income	'	'	'	'	'	'	'	'	'	72,441	36,148
Net investment income	'	'	'	'	'	'	'	'	'	335,168	128,614
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	'	31,642	16,946
Loan servicing fees payable to PennyMac Financial Services, Inc	'	'	'	'	'	'	'	'	'	20,180	15,364
Other	'	'	'	'	'	'	'	'	'	7,985	5,727
Total expenses	'	'	'	'	'	'	'	'	'	148,346	56,119
Reclassification [Member]	'	'	'	'	'	'	'	'	'	'	'
Net interest income (new caption):	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	'	31,642	16,946
Net interest income	'	'	'	'	'	'	'	'	'	31,642	16,946
Net investment income	'	'	'	'	'	'	'	'	'	-31,642	-16,946
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	'	-31,642	-16,946
Loan servicing fees payable to PennyMac Financial Services, Inc	'	'	'	'	'	'	'	'	'	-1,572	-2,160
Other	'	'	'	'	'	'	'	'	'	1,572	2,160
Total expenses	'	'	'	'	'	'	'	'	'	($31,642)	($16,946)

Concentration_of_Risks_Fair_Va

Concentration of Risks - Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) for Investment Portfolio and Portion Representing Assets Purchased (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment portfolio purchases:	'	'	'
Investment portfolio purchases, Loans	$1,309,767	$542,766	$647,609
Investment portfolio purchases, REO	120	297	2,475
Investment portfolio purchases, total	1,309,887	543,063	650,084
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc.:	'	'	'
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. Loans	443,154	504,710	575,460
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	38	48	2,160
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	$443,192	$504,758	$577,620

Concentration_of_Risks_Consoli

Concentration of Risks - Consolidated Statements of Income and Cash Flows (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statements of income:	'	'	'
Net gain on mortgage loans	$11,720	$9,293	$14,357
Interest income on mortgage loans	3,659	996	1,131
Results of REO	-20	1,870	171
Interest expense	3,707	2,396	3,116
Loan servicing fees	852	1,011	744
Statements of cash flows:	'	'	'
Repayments of mortgage loans	15,319	14,292	33,097
Sales of REO	651	9,912	1,258
Repayments of borrowings under forward purchase agreements	($27,070)	($157,166)	($47,167)

Significant_Accounting_Policie2

Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'
Cost-basis investments	$0
Equity method investments	$0
Loans delinquent	'90 or more days
Deciding percentage of class of MSRs	'More than 4.5%
Interest rate	4.50%
MSRs note rate pool description	'Note rate pools of 50 basis points for note rates between 3.0% and 4.5% and a single pool for note rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool.
Mortgage loans description	'Note rate pools of 50 basis points
Basis points for mortgage loan	0.50%
Fixed-rate mortgage loans, Maximum	4.50%
Income tax positions likely to be recognized	50.00%
Mortgage servicing rights [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Deciding percentage of class of MSRs	'The Company has identified two classes of MSRs: MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% and MSRs backed by mortgage loans with initial interest rates of more than 4.5%.
Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Servicing fee, percentage	0.25%
Fixed-rate mortgage loans	3.00%
Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Servicing fee, percentage	0.38%

Transactions_with_Related_Part2

Transactions with Related Parties - Management Fees - Additional Information (Detail) (USD $)

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

In Billions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2013

Feb. 01, 2013

Feb. 01, 2013

Feb. 01, 2013

Feb. 01, 2013

Feb. 01, 2013

Feb. 01, 2013

Feb. 01, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Maximum [Member]

1.5% per annum of stockholders equity [Member]

1.5% per annum of stockholders equity [Member]

1.375% per annum of stockholders equity [Member]

1.375% per annum of stockholders equity [Member]

1.375% per annum of stockholders equity [Member]

1.25% per annum of stockholders equity [Member]

1.25% per annum of stockholders equity [Member]

Net income exceeds 10% [Member]

Net income exceeds 10% [Member]

Net income exceeds 15% [Member]

Net income exceeds 15% [Member]

Net income exceeds 20% [Member]

Net income exceeds 20% [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Mortgage Loans on Real Estate [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Performance incentive fee

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base management fee annual rate

1.50%

'

1.50%

'

1.38%

'

'

1.25%

'

'

'

'

'

'

'

Hurdle rate

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base management fee shareholders' equity limit

'

'

'

$2

'

$5

$2

'

$5

'

'

'

'

'

'

Performance incentive fee description

'The performance incentive fee is calculated quarterly and is equal to: (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of net income for calculation of performance incentive fees

'

'

'

'

'

'

'

'

'

10.00%

'

15.00%

'

20.00%

'

Percentage of return on equity

'

'

'

'

'

'

'

'

'

12.00%

8.00%

16.00%

12.00%

'

16.00%

Percentage of change in net income due to quarterly adjustments

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of performance incentive fee paid in Company's common shares

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Transactions_with_Related_Part3

Transactions with Related Parties - Summary of Management Fee Expense and Related Liability (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Management fee	'	'	'
Base management fee	$19,644	$12,436	$6,740
Performance incentive fee	12,766	'	'
Total management fee incurred during the year	$32,410	$12,436	$6,740

Transactions_with_Related_Part4

Transactions with Related Parties - Mortgage Loan Servicing - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'
Servicing fees	$700,000
Servicing agreement expiration date	1-Feb-17
Renewal period of servicing agreement	'18-month periods
Whole loans [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Base servicing fees per month	30
Supplemental fee received per month	25
Delinquent and foreclosure [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Base servicing fees per month	125
Subserviced loan [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Supplemental fee received per month	3.25
Subserviced loan [Member] | Fixed-Rate Mortgage Loans [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Base servicing fees per month	7.5
Subserviced loan [Member] | Adjustable rate mortgage loans [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Base servicing fees per month	8.5
Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Mortgage loans at fair value service fee rate paid to affiliate	0.50%
Additional servicing fees per loan per month	10
Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Mortgage loans at fair value service fee rate paid to affiliate	1.00%
Additional servicing fees per loan per month	$75

Transactions_with_Related_Part5

Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Payable (Detail) (PLS [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction Due From To Related Party [Line Items]	'	'	'
Loan servicing fees payable to PLS	$39,413	$18,608	$13,204
Base [Member]	'	'	'
Related Party Transaction Due From To Related Party [Line Items]	'	'	'
Loan servicing fees payable to PLS	26,993	14,332	9,740
Activity-based [Member]	'	'	'
Related Party Transaction Due From To Related Party [Line Items]	'	'	'
Loan servicing fees payable to PLS	$12,420	$4,276	$3,464

Transactions_with_Related_Part6

Transactions with Related Parties - Correspondent Lending - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'
Basis point for fulfillment fee	0.50%
Interest income and sourcing fee	0.03%
Services agreement expiry date	1-Feb-17
Renewal period of servicing agreement	'18-month periods
Mortgage banking and warehouse services agreement [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Services agreement expiry date	1-Feb-17
Renewal period of servicing agreement	'18-months
Mortgage servicing rights [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Services agreement expiry date	1-Feb-17
Renewal period of servicing agreement	'18-month
Mortgage banking services [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Mortgage loan fees per year	25,000
Warehouse services [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Mortgage loan fees per loan	50
Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Aggregate unpaid principal balance of mortgage loans purchased	2,500,000,000
Percentage of fulfillment fees agreed to reimburse	0.03%
Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Aggregate unpaid principal balance of mortgage loans purchased	5,000,000,000
Percentage of fulfillment fees agreed to reimburse	0.05%
Conventional mortgage loan [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Basis point for fulfillment fee	0.50%
Ginnie Mae Mortgage-Backed Securities [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Basis point for fulfillment fee	0.88%
Home Affordable Refinance Program [Member] | Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Basis point for fulfillment fee	0.80%
Loan-to-value ratio	105.00%
Home Affordable Refinance Program [Member] | Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Basis point for fulfillment fee	1.20%
Loan-to-value ratio	105.00%
Other mortgage loans [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Basis point for fulfillment fee	0.50%

Transactions_with_Related_Part7

Transactions with Related Parties - Summary of Corresponding Lending Activity (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]	'	'	'
Fulfillment fees expense	$79,712	$62,906	$1,747
Unpaid principal balance of loans fulfilled	15,225,153	13,028,375	505,317
Sourcing fees received	4,611	2,505	166
Proceeds from sales of loans to PLS	16,113,806	8,864,265	577,852
At year end:	'	'	'
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS at year end	$112,360	$153,326	$46,266

Transactions_with_Related_Part8

Transactions with Related Parties - Investment Activities and Other Transactions - Additional Information (Detail) (USD $)	12 Months Ended			12 Months Ended	0 Months Ended	12 Months Ended		0 Months Ended	12 Months Ended
	Dec. 31, 2013	Feb. 01, 2013	Dec. 31, 2012	Dec. 31, 2013	Feb. 01, 2013	Dec. 31, 2013	Feb. 01, 2013	Feb. 01, 2013	Dec. 31, 2013	Dec. 31, 2013	Feb. 01, 2013
				Maximum [Member]	IPO underwriters [Member]	IPO underwriters [Member]	IPO underwriters [Member]	Management [Member]	Management [Member]	Management [Member]	Management [Member]
							Maximum [Member]			Maximum [Member]	Maximum [Member]
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Percentage of aggregate unpaid principal balance of loans	30.00%	'	'	'	'	'	'	'	'	'	'
Aggregate MSRs transferred	'	'	'	$200,000	'	'	'	'	'	'	'
PMT agreed to reimburse PCM for a payment	'	2,900,000	'	'	'	'	'	'	'	'	'
Rate during reimbursement period	'	'	'	'	'At a rate of $20 of payments for every $100 of performance incentive fees earned by PCM.	'	'	'At a rate of $10 in reimbursement for every $100 of performance incentive fees earned	'	'	'
Reimbursement amount for a year	'	'	'	'	'	'	2,000,000	'	'	'	1,000,000
Reimbursement amount	'	'	'	'	'	'	5,900,000	'	'	944,000	2,900,000
Performance incentive fees payable	10	'	'	'	'	'	'	'	'	'	'
Amount of performance incentive fees for every targeted performance earned	100	'	'	'	'	100	'	'	'	'	'
Payments of contingent underwriting fee to manager	'	'	'	'	'	'	'	'	944,000	'	'
Performance incentive fees paid	'	'	'	'	'	20	'	'	'	'	'
Payments of contingent underwriting fees to underwriters	'	'	'	'	'	1,900,000	'	'	'	'	'
Reimbursement agreement expiration date	'	'	'	'	'	1-Feb-19	'	'	'	'	'
Amounts due from affiliates	$6,000,000	'	$4,800,000	'	'	'	'	'	'	'	'
Number of common shares held by affiliate	75,000	'	75,000	'	'	'	'	'	'	'	'

Transactions_with_Related_Part9

Transactions with Related Parties - Summary of Expenses (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Abstract]	'	'	'
Reimbursement of common overhead incurred by PCM and its affiliates	$10,989	$4,183	$4,086
Reimbursement of expenses incurred on PMT's behalf	4,638	3,146	2,219
Total expenses incurred in transaction with affiliates	15,627	7,329	6,305
Payments and settlements during the year	$121,230	$85,554	$12,656

Recovered_Sheet1

Transactions with Related Parties - Summary of Amounts Due to Affiliates (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Payables And Accruals [Abstract]	'	'
Management fees	$8,924	$4,499
Servicing fees	5,915	3,670
Allocated expenses	2,009	1,106
Underwriting fees payable	1,788	2,941
Total expense due to affiliate	$18,636	$12,216

Earnings_Per_Share_Summary_of_

Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Basic earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Net income	$52,696	$39,701	$54,497	$53,296	$49,238	$40,384	$29,569	$19,058	$200,190	$138,249	$64,439
Effect of participating securities-share-based compensation awards	'	'	'	'	'	'	'	'	-1,751	-1,433	-699
Net income attributable to common shareholders	'	'	'	'	'	'	'	'	198,439	136,816	63,740
Weighted-average shares outstanding	'	'	'	'	'	'	'	'	63,426	43,553	26,396
Basic earnings per share	$0.74	$0.61	$0.92	$0.90	$0.83	$0.81	$0.80	$0.65	$3.13	$3.14	$2.41
Diluted earnings per share:	'	'	'	'	'	'	'	'	'	'	'
Net income	52,696	39,701	54,497	53,296	49,238	40,384	29,569	19,058	200,190	138,249	64,439
Interest on exchangeable senior notes, net of income taxes	'	'	'	'	'	'	'	'	5,556	'	'
Net income available to diluted shareholders	'	'	'	'	'	'	'	'	$205,746	$138,249	$64,439
Weighted-average shares outstanding	'	'	'	'	'	'	'	'	63,426	43,553	26,396
Dilutive potential common shares:	'	'	'	'	'	'	'	'	'	'	'
Shares issuable pursuant to conversion of exchangeable senior notes	'	'	'	'	'	'	'	'	5,647	'	'
Shares issuable under share-based compensation awards	'	'	'	'	'	'	'	'	375	323	283
Diluted weighted-average number of common shares outstanding	'	'	'	'	'	'	'	'	69,448	43,876	26,679
Diluted earnings per share	$0.69	$0.57	$0.86	$0.90	$0.83	$0.81	$0.79	$0.65	$2.96	$3.14	$2.41

Loan_Sales_and_Variable_Intere

Loan Sales and Variable Interest Entities - Summary of Cash Flows between Company and Transferees upon Sale of Loans in Transactions (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows:	'	'	'
Proceeds from sales	$15,818,582	$12,834,002	$518,567
Service fees received	51,712	10,871	213
Year end information:	'	'	'
Unpaid principal balance of loans outstanding	25,792,933	12,168,740	495,031
Delinquencies:	'	'	'
30-89 days	68,156	45,021	'
90 or more days or in foreclosure or bankruptcy	$13,375	$1,386	'

Loan_Sales_and_Variable_Intere1

Loan Sales and Variable Interest Entities - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Statement Of Financial Position [Abstract]	'
Certificates issued	$537
Weighted yield	3.90%
Certificates retained	$366.80

Loan_Sales_and_Variable_Intere2

Loan Sales and Variable Interest Entities - Assets and Liabilities of Consolidated VIE (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Mortgage loans at fair value held by variable interest entity	$523,652	'
Consolidated VIE [Member]	'	'
Assets	'	'
Mortgage loans at fair value held by variable interest entity	523,652	'
Interest receivable, included as other assets	1,584	'
Total	525,236	'
Liabilities	'	'
Asset-backed secured financing at fair value	165,415	'
Interest payable, included as accounts payable and accrued liabilities	497	'
Total	$165,912	'

Netting_of_Financial_Instrumen2

Netting of Financial Instruments - Summary of Offsetting of Derivative Assets (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Gross amounts of recognized assets	$20,962	$26,531
Gross amounts offset in the consolidated balance sheet	-12,986	-2,825
Net amounts of assets presented in the consolidated balance sheet	7,976	23,706
MBS put options [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	272	977
Net amounts of assets presented in the consolidated balance sheet	272	977
Forward purchase contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	1,229	2,617
Net amounts of assets presented in the consolidated balance sheet	1,229	2,617
Forward sale contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	16,385	3,458
Net amounts of assets presented in the consolidated balance sheet	16,385	3,458
Options on Eurodollar futures [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	566	'
Net amounts of assets presented in the consolidated balance sheet	566	'
Netting [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts offset in the consolidated balance sheet	-12,986	-2,825
Net amounts of assets presented in the consolidated balance sheet	-12,986	-2,825
Derivatives subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	18,452	7,052
Gross amounts offset in the consolidated balance sheet	-12,986	-2,825
Net amounts of assets presented in the consolidated balance sheet	5,466	4,227
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	2,510	19,479
Net amounts of assets presented in the consolidated balance sheet	2,510	19,479
Derivatives not subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	20,962	26,531
Gross amounts offset in the consolidated balance sheet	-12,986	-2,825
Net amounts of assets presented in the consolidated balance sheet	$7,976	$23,706

Netting_of_Financial_Instrumen3

Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	$7,976	$23,706
Financial instruments	'	'
Cash collateral received	'	'
Net amount	7,976	23,706
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	2,510	19,479
Financial instruments	'	'
Cash collateral received	'	'
Net amount	2,510	19,479
Bank of America, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	1,024	1,219
Financial instruments	'	'
Cash collateral received	'	'
Net amount	1,024	1,219
Daiwa Capital Markets [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	608	'
Financial instruments	'	'
Cash collateral received	'	'
Net amount	608	'
Barclays [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	'	15
Financial instruments	'	'
Cash collateral received	'	'
Net amount	'	15
Citibank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	'	1,009
Financial instruments	'	'
Cash collateral received	'	'
Net amount	'	1,009
Fannie Mae Capital Markets [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	432	'
Financial instruments	'	'
Cash collateral received	'	'
Net amount	432	'
Jefferies & Co [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	'	21
Financial instruments	'	'
Cash collateral received	'	'
Net amount	'	21
Credit Suisse First Boston Mortgage Capital LLC [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	'	820
Financial instruments	'	'
Cash collateral received	'	'
Net amount	'	820
Morgan Stanley Bank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	546	316
Financial instruments	'	'
Cash collateral received	'	'
Net amount	546	316
RJ O'Brien [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	566	'
Financial instruments	'	'
Cash collateral received	'	'
Net amount	566	'
Wells Fargo [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	378	99
Financial instruments	'	'
Cash collateral received	'	'
Net amount	378	99
Cantor Fitzgerald LP [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	613	581
Financial instruments	'	'
Cash collateral received	'	'
Net amount	613	581
Other [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	1,299	147
Financial instruments	'	'
Cash collateral received	'	'
Net amount	$1,299	$147

Netting_of_Financial_Instrumen4

Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	$2,049,581	$1,262,363
Gross amounts offset in the consolidated balance sheet	-8,015	-5,294
Net amounts of liabilities presented in the consolidated balance sheet	2,041,566	1,257,069
Forward purchase contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	7,420	1,741
Net amounts of liabilities presented in the consolidated balance sheet	7,420	1,741
Forward sale contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	1,295	4,520
Net amounts of liabilities presented in the consolidated balance sheet	1,295	4,520
Netting [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts offset in the consolidated balance sheet	-8,015	-5,294
Net amounts of liabilities presented in the consolidated balance sheet	-8,015	-5,294
Derivatives subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	8,715	6,261
Gross amounts offset in the consolidated balance sheet	-8,015	-5,294
Net amounts of liabilities presented in the consolidated balance sheet	700	967
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	1,261	'
Net amounts of liabilities presented in the consolidated balance sheet	1,261	'
Derivatives not subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	9,976	6,261
Gross amounts offset in the consolidated balance sheet	-8,015	-5,294
Net amounts of liabilities presented in the consolidated balance sheet	1,961	967
Securities [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	190,861	'
Net amounts of liabilities presented in the consolidated balance sheet	190,861	'
Mortgage loans acquired for sale at fair value [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	424,670	894,906
Net amounts of liabilities presented in the consolidated balance sheet	424,670	894,906
Mortgage loans at fair value [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	1,070,105	353,805
Net amounts of liabilities presented in the consolidated balance sheet	1,070,105	353,805
Mortgage loans at fair value held by VIE [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	315,744	'
Net amounts of liabilities presented in the consolidated balance sheet	315,744	'
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	38,225	7,391
Net amounts of liabilities presented in the consolidated balance sheet	38,225	7,391
Securities Sold Under Agreements to Repurchase [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	2,039,605	1,256,102
Net amounts of liabilities presented in the consolidated balance sheet	$2,039,605	$1,256,102

Netting_of_Financial_Instrumen5

Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	$2,041,566	$1,257,069
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-2,039,605	-1,256,102
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	1,961	967
Citibank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	945,015	474,625
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-944,856	-474,625
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	159	'
Credit Suisse First Boston Mortgage Capital LLC [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	523,546	243,525
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-523,546	-243,525
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Bank of America, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	408,452	256,711
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-408,452	-256,711
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Deutsche Bank [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	110	'
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	110	'
Daiwa Capital Markets [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	132,525	'
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-132,525	'
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Morgan Stanley Bank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	30,226	155,321
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-30,226	-155,321
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
JP Morgan [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	228	'
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	228	'
Wells Fargo Bank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	'	47,140
Gross amounts not offset in the consolidated balance sheet, Financial instruments	'	-47,140
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Barclays Bank PLC [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	47	79,253
Gross amounts not offset in the consolidated balance sheet, Financial instruments	'	-78,780
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	47	473
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	1,261	'
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	1,261	'
Other [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	156	494
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	'	'
Net amount	$156	$494

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'
Initial interest rates	'More than 4.5%
Interest rate	4.50%
Mortgage loans description	'Note rate pools of 50 basis points
Basis point for mortgage loan	0.50%
Fair value of Notes	$238.40
Minimum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Fixed-rate mortgage loans	3.00%
Mortgage backed securities, maturity term	'10 years
Maximum [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Fixed-rate mortgage loans	4.50%

Fair_Value_Summary_of_Financia

Fair Value - Summary of Financial Statement Items Measured at Estimated Fair Value on Recurring Basis (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Assets:	'	'	'	'	'	'
Short-term investments	$92,398	'	$39,017	'	'	'
Mortgage-backed securities at fair value	197,401	217,492	'	167,446	174,604	'
Mortgage loans acquired for sale at fair value	458,137	'	975,184	'	'	'
Mortgage loans under forward purchase agreements at fair value	218,128	'	'	'	'	'
Mortgage loans at fair value held by variable interest entity	523,652	'	'	'	'	'
Mortgage servicing rights at fair value	26,452	'	1,346	'	'	749
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	20,962	'	26,531	'	'	'
Gross derivative asset	7,976	'	23,706	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing at fair value	165,415	170,008	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities before netting	9,976	'	6,261	'	'	'
Derivative liabilities, Netting	-8,015	'	-5,294	'	'	'
Gross derivative liability	1,961	'	967	'	'	'
Recurring [Member]	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Short-term investments	92,398	'	39,017	'	'	'
Mortgage-backed securities at fair value	197,401	'	'	'	'	'
Mortgage loans acquired for sale at fair value	458,137	'	975,184	'	'	'
Mortgage loans at fair value	2,076,665	'	1,189,971	'	'	'
Mortgage loans under forward purchase agreements at fair value	218,128	'	'	'	'	'
Mortgage loans at fair value held by variable interest entity	523,652	'	'	'	'	'
Excess servicing spread purchased from PennyMac Financial Services, Inc	138,723	'	'	'	'	'
Mortgage servicing rights at fair value	26,452	'	1,346	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	20,962	'	26,531	'	'	'
Derivative asset, Netting	-12,986	'	-2,825	'	'	'
Gross derivative asset	7,976	'	23,706	'	'	'
Total Assets	3,739,532	'	2,229,224	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing at fair value	165,415	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities before netting	9,976	'	6,261	'	'	'
Derivative liabilities, Netting	-8,015	'	-5,294	'	'	'
Gross derivative liability	1,961	'	967	'	'	'
Total liabilities	167,376	'	'	'	'	'
Recurring [Member] | Interest rate lock commitments [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	2,510	'	19,479	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	1,261	'	'	'	'	'
Recurring [Member] | MBS put options [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	272	'	977	'	'	'
Recurring [Member] | Forward purchase contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	1,229	'	2,617	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	7,420	'	1,741	'	'	'
Recurring [Member] | Forward sales contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	16,385	'	3,458	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	1,295	'	4,520	'	'	'
Recurring [Member] | Options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	566	'	'	'	'	'
Recurring [Member] | Level 1 [Member]	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Short-term investments	92,398	'	39,017	'	'	'
Derivative assets:	'	'	'	'	'	'
Total Assets	92,398	'	39,017	'	'	'
Recurring [Member] | Level 2 [Member]	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Mortgage-backed securities at fair value	197,401	'	'	'	'	'
Mortgage loans acquired for sale at fair value	458,137	'	975,184	'	'	'
Mortgage loans at fair value held by variable interest entity	523,652	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	18,452	'	7,052	'	'	'
Gross derivative asset	18,452	'	7,052	'	'	'
Total Assets	1,197,642	'	982,236	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing at fair value	165,415	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities before netting	8,715	'	6,261	'	'	'
Gross derivative liability	8,715	'	6,261	'	'	'
Total liabilities	174,130	'	'	'	'	'
Recurring [Member] | Level 2 [Member] | MBS put options [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	272	'	977	'	'	'
Recurring [Member] | Level 2 [Member] | Forward purchase contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	1,229	'	2,617	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	7,420	'	1,741	'	'	'
Recurring [Member] | Level 2 [Member] | Forward sales contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	16,385	'	3,458	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	1,295	'	4,520	'	'	'
Recurring [Member] | Level 2 [Member] | Options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	566	'	'	'	'	'
Recurring [Member] | Level 3 [Member]	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Mortgage loans at fair value	2,076,665	'	1,189,971	'	'	'
Mortgage loans under forward purchase agreements at fair value	218,128	'	'	'	'	'
Excess servicing spread purchased from PennyMac Financial Services, Inc	138,723	'	'	'	'	'
Mortgage servicing rights at fair value	26,452	'	1,346	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	2,510	'	19,479	'	'	'
Gross derivative asset	2,510	'	19,479	'	'	'
Total Assets	2,462,478	'	1,210,796	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities before netting	1,261	'	'	'	'	'
Gross derivative liability	1,261	'	'	'	'	'
Total liabilities	1,261	'	'	'	'	'
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	2,510	'	19,479	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	$1,261	'	'	'	'	'

Fair_Value_Summary_of_Changes_

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets:	'	'	'
Beginning balance	$1,210,796	$904,910	$484,122
Purchases	1,462,134	542,791	669,029
Repayments	-274,605	-206,057	-204,340
Accrual of interest	1,348	'	'
Interest rate lock commitments issued, net	83,515	212,555	15,955
Capitalization of interest	43,481	19,745	'
Sales	13,725	-52,212	-10,564
Accrual of unearned discounts	'	363	1,993
Servicing received as proceeds from sales of mortgage loans	23,071	1,508	774
Changes in fair value included in income arising from:	'	'	'
Changes in instrument-specific credit risk	46,323	24,170	32,082
Other factors	141,144	78,766	53,284
Total	187,467	102,936	85,366
Transfer of mortgage loans to REO	-177,743	-109,440	-104,203
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements	-9,451	-7,473	-23,039
Transfer to mortgage loans acquired for sale	'	18	'
Transfers of interest rate lock commitments to mortgage loans acquired for sale	-75,071	-198,848	-10,183
Ending balance	2,461,217	1,210,796	904,910
Changes in fair value recognized during the year relating to assets still held	145,596	69,649	50,496
Securities Sold Under Agreements to Repurchase [Member]	'	'	'
Liabilities:	'	'	'
Beginning balance	'	115,493	101,202
Changes in fair value included in income	'	'	'
Sales	'	752,343	1,423,615
Repurchases	'	-867,836	-1,409,324
Ending balance	'	'	115,493
Changes in fair value recognized during the year relating to liabilities	'	'	'
Agency debt [Member]	'	'	'
Assets:	'	'	'
Purchases	12,000	'	'
Sales	-13,725	'	'
Changes in fair value included in income arising from:	'	'	'
Other factors	1,725	'	'
Total	1,725	'	'
Changes in fair value recognized during the year relating to assets still held	1,725	'	'
Mortgage loans at fair value [Member]	'	'	'
Assets:	'	'	'
Beginning balance	1,189,971	696,266	364,250
Purchases	1,063,893	541,696	453,323
Repayments	-255,210	-169,877	-111,577
Capitalization of interest	43,481	19,745	'
Sales	'	'	-2,570
Changes in fair value included in income arising from:	'	'	'
Changes in instrument-specific credit risk	44,018	24,878	28,400
Other factors	153,639	68,772	45,445
Total	197,657	93,650	73,845
Transfer of mortgage loans under forward purchase agreements to mortgage loans	15,347	117,913	23,198
Transfer of mortgage loans to REO	-177,743	-109,440	-104,203
Transfer to mortgage loans acquired for sale	'	18	'
Ending balance	2,076,665	1,189,971	696,266
Changes in fair value recognized during the year relating to assets still held	132,339	51,022	41,633
Accumulated changes in fair value relating to assets still held	'	106,468	'
Mortgage loans under forward purchase agreements [Member]	'	'	'
Assets:	'	'	'
Beginning balance	'	129,310	'
Purchases	246,525	1,075	194,286
Repayments	-15,319	-14,292	-33,097
Changes in fair value included in income arising from:	'	'	'
Changes in instrument-specific credit risk	2,305	'	3,682
Other factors	9,415	9,293	10,676
Total	11,720	9,293	14,358
Transfer of mortgage loans under forward purchase agreements to mortgage loans	-15,347	-117,913	-23,198
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements	-9,451	-7,473	-23,039
Ending balance	218,128	'	129,310
Changes in fair value recognized during the year relating to assets still held	7,244	'	5,928
Mortgage servicing rights [Member]	'	'	'
Assets:	'	'	'
Beginning balance	1,346	749	'
Purchases	1,419	20	'
Sales	'	-79	'
Servicing received as proceeds from sales of mortgage loans	23,071	1,508	774
Changes in fair value included in income arising from:	'	'	'
Changes in instrument-specific credit risk	'	-708	'
Other factors	616	-144	-25
Total	616	-852	-25
Ending balance	26,452	1,346	749
Changes in fair value recognized during the year relating to assets still held	616	-852	-25
Excess servicing spread [Member]	'	'	'
Assets:	'	'	'
Purchases	139,028	'	'
Repayments	-4,076	'	'
Accrual of interest	1,348	'	'
Changes in fair value included in income arising from:	'	'	'
Other factors	2,423	'	'
Total	2,423	'	'
Ending balance	138,723	'	'
Changes in fair value recognized during the year relating to assets still held	2,423	'	'
Interest rate lock commitments [Member]	'	'	'
Assets:	'	'	'
Beginning balance	19,479	5,772	'
Interest rate lock commitments issued, net	83,515	212,555	15,955
Changes in fair value included in income arising from:	'	'	'
Other factors	-26,674	'	'
Total	-26,674	'	'
Transfers of interest rate lock commitments to mortgage loans acquired for sale	-75,071	-198,848	-10,183
Ending balance	1,249	19,479	5,772
Changes in fair value recognized during the year relating to assets still held	1,249	19,479	5,772
Accumulated changes in fair value relating to assets still held	'	19,479	'
Mortgage-backed securities [Member]	'	'	'
Assets:	'	'	'
Beginning balance	'	72,813	119,872
Purchases	'	'	21,420
Repayments	'	-21,888	-59,666
Sales	'	-52,133	-7,994
Accrual of unearned discounts	'	363	1,993
Changes in fair value included in income arising from:	'	'	'
Other factors	'	845	-2,812
Total	'	845	-2,812
Ending balance	'	'	72,813
Changes in fair value recognized during the year relating to assets still held	'	'	($2,812)

Fair_Value_Fair_Values_and_Rel

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'
Fair value option loans held as assets, Total	$3,276,582	$2,165,155
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	4,637,608	3,055,820
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	-1,361,026	-890,665
Mortgage loans acquired for sale [Member]	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'
Fair value option loans held as assets ninety days or less past due	457,968	975,184
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	'	'
Not in foreclosure	169	'
In foreclosure	'	'
Fair value option loans held as assets, Total	458,137	975,184
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	447,224	931,787
Mortgage loans on real estate principal amount of delinquent loans	'	'
Not in foreclosure	162	'
In foreclosure	'	'
Unpaid principal balance of loans outstanding at period-end	447,386	931,787
Fair value option loans held as assets ninety days or less past due aggregate difference	10,744	43,397
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Not in foreclosure	7	'
In foreclosure	'	'
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	10,751	43,397
Mortgage loans and mortgage loans under forward purchase agreements at fair value [Member]	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'
Fair value option loans held as assets ninety days or less past due	647,266	404,016
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	'	'
Not in foreclosure	738,043	326,074
In foreclosure	909,484	459,881
Fair value option loans held as assets, Total	2,294,793	1,189,971
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	962,919	640,722
Mortgage loans on real estate principal amount of delinquent loans	'	'
Not in foreclosure	1,190,403	633,310
In foreclosure	1,493,643	850,001
Unpaid principal balance of loans outstanding at period-end	3,646,965	2,124,033
Fair value option loans held as assets ninety days or less past due aggregate difference	-315,653	-236,706
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Not in foreclosure	-452,360	-307,236
In foreclosure	-584,159	-390,120
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	-1,352,172	-934,062
Mortgage loans at fair value held by VIE [Member]	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'
Fair value option loans held as assets ninety days or less past due	523,652	'
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due	'	'
Not in foreclosure	'	'
In foreclosure	'	'
Fair value option loans held as assets, Total	523,652	'
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	543,257	'
Mortgage loans on real estate principal amount of delinquent loans	'	'
Not in foreclosure	'	'
In foreclosure	'	'
Unpaid principal balance of loans outstanding at period-end	543,257	'
Fair value option loans held as assets ninety days or less past due aggregate difference	-19,605	'
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Not in foreclosure	'	'
In foreclosure	'	'
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	($19,605)	'

Fair_Value_Summary_of_Changes_1

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	$207,758	$103,649	$82,643
Net gain (loss) on mortgage loans acquired for sale	98,669	147,675	7,633
Short-term investments [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	'	'	'
Net interest income	'	'	'
Net gain (loss) on mortgage loans acquired for sale	'	'	'
Net loan servicing income	'	'	'
Total	'	'	'
Agency debt securities [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	1,725	'	'
Total	1,725	'	'
Mortgage-backed securities at fair value [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	-3,946	2,925	-2,812
Net interest income	46	142	1,993
Total	-3,900	3,067	-819
Mortgage loans acquired for sale at fair value [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on mortgage loans acquired for sale	-30,696	188,055	7,633
Total	-30,696	188,055	7,633
Mortgage loans at fair value [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	197,657	95,615	71,098
Total	197,657	95,615	71,098
Mortgage loans under forward purchase agreements at fair value [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	11,720	9,687	14,357
Total	11,720	9,687	14,357
Mortgage loans at fair value held by VIE [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	-6,301	'	'
Net interest income	232	'	'
Total	-6,069	'	'
Excess servicing spread [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	2,423	'	'
Total	2,423	'	'
Mortgage servicing rights at fair value [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net loan servicing income	616	852	31
Total	616	-852	-31
Assets, Total [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	203,278	108,227	82,643
Net interest income	278	142	1,993
Net gain (loss) on mortgage loans acquired for sale	-30,696	188,055	7,633
Net loan servicing income	616	852	31
Total	173,476	295,572	92,238
Asset-backed secured financing at fair value [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	2,279	'	'
Net interest income	-92	'	'
Net gain (loss) on mortgage loans acquired for sale	'	'	'
Net loan servicing income	'	'	'
Total	2,187	'	'
Liabilities, Total [Member]	'	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'	'
Net gain (loss) on investments	2,279	'	'
Net interest income	-92	'	'
Net gain (loss) on mortgage loans acquired for sale	'	'	'
Net loan servicing income	'	'	'
Total	$2,187	'	'

Fair_Value_Summary_of_Financia1

Fair Value - Summary of Financial Statement Items Measured at Estimated Fair Value on Nonrecurring Basis (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Real estate acquired in settlement of loans	$63,043	$56,156
Real estate acquired in settlement of loans under forward purchase agreements	7,760	'
Mortgage servicing rights at lower of amortized cost or fair value	184,067	86,215
Total Assets	255,870	142,371
Level 1 [Member]	'	'
Assets:	'	'
Real estate acquired in settlement of loans	'	'
Total Assets	'	'
Level 2 [Member]	'	'
Assets:	'	'
Real estate acquired in settlement of loans	'	'
Total Assets	'	'
Level 3 [Member]	'	'
Assets:	'	'
Real estate acquired in settlement of loans	63,043	56,156
Real estate acquired in settlement of loans under forward purchase agreements	7,760	'
Mortgage servicing rights at lower of amortized cost or fair value	184,067	86,215
Total Assets	$255,870	$142,371

Fair_Value_Summary_of_Total_Ga

Fair Value - Summary of Total Gains (Losses) Recognized on Assets Measured at Estimated Fair Values on Nonrecurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument Fair Value Carrying Value [Abstract]	'	'	'
Real estate acquired in settlement of loans	($11,856)	($12,168)	'
Real estate acquired in settlement of loans under forward purchase agreements	-86	'	'
Mortgage servicing rights at lower of amortized cost or fair value	4,970	-7,547	'
Total assets, gains (losses) recognized	($6,972)	($19,715)	'

Fair_Value_Quantitative_Summar

Fair Value - Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Minimum [Member] | Mortgage loans at fair value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	8.70%	8.80%
Twelve-month projected housing price index change	2.50%	0.40%
Prepayment speed	0.00%	0.40%
Total prepayment speed	0.30%	5.90%
Minimum [Member] | Mortgage loans under forward purchase agreements [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	9.50%	'
Twelve-month projected housing price index change	3.30%	'
Prepayment speed	1.10%	'
Total prepayment speed	13.40%	'
Maximum [Member] | Mortgage loans at fair value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	16.90%	20.70%
Twelve-month projected housing price index change	4.30%	1.50%
Prepayment speed	3.90%	4.40%
Total prepayment speed	33.90%	31.20%
Maximum [Member] | Mortgage loans under forward purchase agreements [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	13.50%	'
Twelve-month projected housing price index change	4.20%	'
Prepayment speed	2.90%	'
Total prepayment speed	27.90%	'
Weighted average [Member] | Mortgage loans at fair value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	12.70%	13.10%
Twelve-month projected housing price index change	3.70%	1.10%
Prepayment speed	2.00%	2.20%
Total prepayment speed	24.30%	20.60%
Weighted average [Member] | Mortgage loans under forward purchase agreements [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	11.90%	'
Twelve-month projected housing price index change	3.80%	'
Prepayment speed	2.20%	'
Total prepayment speed	22.80%	'

Fair_Value_Summary_of_Key_Inpu

Fair Value - Summary of Key Inputs Used in Determining Fair Value of ESS (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Minimum [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Pricing spread	7.40%	7.50%	7.50%
Average life	'2 years 8 months 12 days	'2 years 4 months 24 days	'2 years
Prepayment speed	7.90%	7.90%	6.80%
Minimum [Member] | Excess servicing spread [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Pricing spread	2.80%	'	'
Average life	'10 months 24 days	'	'
Prepayment speed	7.70%	'	'
Maximum [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Pricing spread	14.40%	16.50%	15.30%
Average life	'7 years 3 months 18 days	'7 years	'8 years 2 months 12 days
Prepayment speed	27.00%	51.50%	27.80%
Maximum [Member] | Excess servicing spread [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Pricing spread	14.40%	'	'
Average life	'8 years	'	'
Prepayment speed	48.60%	'	'
Weighted average [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Pricing spread	8.20%	7.90%	9.50%
Average life	'6 years 10 months 24 days	'6 years 1 month 6 days	'6 years
Prepayment speed	10.00%	12.70%	13.70%
Weighted average [Member] | Excess servicing spread [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Pricing spread	5.40%	'	'
Average life	'6 years 1 month 6 days	'	'
Prepayment speed	9.70%	'	'

Fair_Value_Quantitative_Summar1

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Dec. 31, 2013	Dec. 31, 2012
Minimum [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Pull-through rate	64.80%	44.20%
Servicing fee multiple	1.40%	1.80%
Percentage of unpaid principal balance	0.40%	0.40%
Maximum [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Pull-through rate	98.00%	98.00%
Servicing fee multiple	5.10%	4.80%
Percentage of unpaid principal balance	1.30%	1.20%
Weighted average [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Pull-through rate	86.40%	80.60%
Servicing fee multiple	4.10%	4.50%
Percentage of unpaid principal balance	1.00%	1.10%

Fair_Value_Key_Assumptions_Use

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
MSRs resulting from loan sale	$159,961	$133,159	$5,299
Average servicing fee rate (in basis points)	0.26%	0.26%	0.26%
MSRs resulting from loan sales	23,071	1,508	774
Unpaid principal balance of underlying loans, Fair value	2,148,185	161,153	82,174
Average servicing fee rate (in basis points)	0.26%	0.26%	0.26%
Minimum [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized cost, Pricing spread during period	5.40%	7.50%	7.50%
Amortized cost, Life (in years)	'1 year 3 months 18 days	'1 year 10 months 24 days	'3 years
Amortized cost, Annual prepayment speed during period	7.60%	6.70%	5.80%
Amortized cost, Annual per loan cost of servicing during period	68	68	53
Fair value inputs pricing spread during period	7.40%	7.50%	7.50%
Fair value inputs weighted average life during period	'2 years 8 months 12 days	'2 years 4 months 24 days	'2 years
Fair value inputs annual prepayment speed during period	7.90%	7.90%	6.80%
Fair value inputs annual per loan cost of servicing during period	68	68	53
Maximum [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized cost, Pricing spread during period	17.50%	22.80%	18.00%
Amortized cost, Life (in years)	'7 years 3 months 18 days	'7 years	'8 years 1 month 6 days
Amortized cost, Annual prepayment speed during period	51.80%	45.00%	24.40%
Amortized cost, Annual per loan cost of servicing during period	140	140	140
Fair value inputs pricing spread during period	14.40%	16.50%	15.30%
Fair value inputs weighted average life during period	'7 years 3 months 18 days	'7 years	'8 years 2 months 12 days
Fair value inputs annual prepayment speed during period	27.00%	51.50%	27.80%
Fair value inputs annual per loan cost of servicing during period	68	140	140
Weighted average [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized cost, Pricing spread during period	6.70%	7.50%	7.70%
Amortized cost, Life (in years)	'6 years 4 months 24 days	'6 years 4 months 24 days	'6 years 10 months 24 days
Amortized cost, Annual prepayment speed during period	9.10%	9.10%	7.70%
Amortized cost, Annual per loan cost of servicing during period	68	68	69
Fair value inputs pricing spread during period	8.20%	7.90%	9.50%
Fair value inputs weighted average life during period	'6 years 10 months 24 days	'6 years 1 month 6 days	'6 years
Fair value inputs annual prepayment speed during period	10.00%	12.70%	13.70%
Fair value inputs annual per loan cost of servicing during period	$68	$74	$85

Fair_Value_Quantitative_Summar2

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Assumptions (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Carrying value, Amortized cost	$264,120,000	$125,430,000	$5,282,000
Unpaid principal balance of underlying loans, Amortized cost	13,343,793,000	12,254,751,000	'
Average servicing fee rate, Amortized cost	0.26%	0.26%	0.26%
Weighted average coupon rate, Amortized cost	3.68%	3.70%	'
Balance at year end	26,452,000	1,346,000	749,000
Unpaid principal balance of underlying loans, Fair value	2,393,321,000	181,783,000	'
Average servicing fee rate, Fair value input	0.26%	0.26%	0.26%
Weighted average coupon rate, Fair value	4.78%	4.79%	'
Minimum [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized cost, Pricing spread	6.30%	7.50%	'
Amortized cost, Weighted average life (in years)	'1 year 3 months 18 days	'1 year 8 months 18 days	'
Amortized cost, Prepayment speed	7.70%	10.30%	'
Amortized cost, Annual per-loan cost of servicing	68	68	'
Fair value inputs, Pricing spread	7.30%	7.50%	'
Fair value inputs, Weighted average life (in years)	'2 years 9 months 18 days	'1 year 4 months 24 days	'
Fair value inputs, Prepayment speed	8.00%	10.30%	'
Fair value inputs, Annual per-loan cost of servicing	68	68	'
Maximum [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized cost, Pricing spread	17.50%	16.50%	'
Amortized cost, Weighted average life (in years)	'7 years 3 months 18 days	'6 years 3 months 18 days	'
Amortized cost, Prepayment speed	51.90%	47.80%	'
Amortized cost, Annual per-loan cost of servicing	140	140	'
Fair value inputs, Pricing spread	15.30%	16.50%	'
Fair value inputs, Weighted average life (in years)	'7 years 3 months 18 days	'6 years 3 months 18 days	'
Fair value inputs, Prepayment speed	20.00%	65.90%	'
Fair value inputs, Annual per-loan cost of servicing	140	140	'
Weighted average [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized cost, Pricing spread	6.70%	7.70%	'
Amortized cost, Weighted average life (in years)	'6 years 8 months 12 days	'6 years 3 months 18 days	'
Amortized cost, Prepayment speed	8.20%	10.30%	'
Amortized cost, Annual per-loan cost of servicing	68	68	'
Fair value inputs, Pricing spread	8.60%	7.70%	'
Fair value inputs, Weighted average life (in years)	'7 years 2 months 12 days	'6 years	'
Fair value inputs, Prepayment speed	8.90%	13.20%	'
Fair value inputs, Annual per-loan cost of servicing	68	74	'
Pricing spread [Member] | Effect on value of 5% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-5,490,000	-2,052,000	'
Effect on value of percentage adverse change, Fair value input	-488,000	-21,000	'
Pricing spread [Member] | Effect on value of 10% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-10,791,000	-4,041,000	'
Effect on value of percentage adverse change, Fair value input	-959,000	-40,000	'
Pricing spread [Member] | Effect on value of 20% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-20,861,000	-7,845,000	'
Effect on value of percentage adverse change, Fair value input	-1,855,000	-78,000	'
Prepayment speed [Member] | Effect on value of 5% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-5,467,000	-3,026,000	'
Effect on value of percentage adverse change, Fair value input	-568,000	-52,000	'
Prepayment speed [Member] | Effect on value of 10% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-10,765,000	-5,937,000	'
Effect on value of percentage adverse change, Fair value input	-1,117,000	-100,000	'
Prepayment speed [Member] | Effect on value of 20% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-20,886,000	-11,436,000	'
Effect on value of percentage adverse change, Fair value input	-2,160,000	-190,000	'
Cost of servicing [Member] | Effect on value of 5% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-1,695,000	-778,000	'
Effect on value of percentage adverse change, Fair value input	-158,000	-12,000	'
Cost of servicing [Member] | Effect on value of 10% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-3,390,000	-1,556,000	'
Effect on value of percentage adverse change, Fair value input	-316,000	-24,000	'
Cost of servicing [Member] | Effect on value of 20% adverse change [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Amortized Cost, Annual per-loan cost of servicing	-6,780,000	-3,112,000	'
Effect on value of percentage adverse change, Fair value input	($633,000)	($48,000)	'

Mortgage_Loans_Acquired_for_Sa4

Mortgage Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	$458,137	$975,184
Mortgage loan acquired at unpaid principal balance	447,386	931,787
Government insured or guaranteed [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	112,360	153,326
Mortgage loan acquired at unpaid principal balance	107,587	144,619
Agency-eligible [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	311,162	820,492
Mortgage loan acquired at unpaid principal balance	304,749	785,830
Jumbo [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	34,615	1,366
Mortgage loan acquired at unpaid principal balance	35,050	1,338
Mortgage loans acquired for sale [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans pledged to secure loans sold under agreements to repurchase	$454,210	$972,079

Mortgage_Loans_Acquired_for_Sa5

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Sourcing fee on the unpaid principal balance	0.03%

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Derivative Assets and Liabilities and Related Margin Deposits Recorded within Derivative Assets and Derivative Liabilities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Total derivative assets instruments before netting	$20,962	$26,531
Derivative assets, Netting	-12,986	-2,825
Derivative assets, Fair value, Total	7,976	23,706
Total derivative liabilities instruments fair value before netting	9,976	6,261
Derivative liabilities, Netting	-8,015	-5,294
Derivative liabilities, Fair value, Total	1,961	967
(Collateral received) margin deposits with derivatives counterparties	-4,971	2,469
Interest rate lock commitments [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	557,343	1,694,739
Total derivative assets instruments before netting	2,510	19,479
Derivative assets, Fair value, Total	2,510	19,479
Total derivative liabilities instruments fair value before netting	1,261	'
Forward purchase contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	2,781,066	2,206,539
Total derivative assets instruments before netting	1,229	2,617
Derivative assets, Fair value, Total	1,229	2,617
Total derivative liabilities instruments fair value before netting	7,420	1,741
Forward sale contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	3,588,027	4,266,983
Total derivative assets instruments before netting	16,385	3,458
Derivative assets, Fair value, Total	16,385	3,458
Total derivative liabilities instruments fair value before netting	1,295	4,520
Eurodollar futures [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	8,779,000	'
Total derivative assets instruments before netting	'	'
Total derivative liabilities instruments fair value before netting	'	'
Treasury futures [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	105,000	'
Total derivative assets instruments before netting	'	'
Total derivative liabilities instruments fair value before netting	'	'
Options on Eurodollar futures [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	52,500	'
Total derivative assets instruments before netting	566	'
Derivative assets, Fair value, Total	566	'
Total derivative liabilities instruments fair value before netting	'	'
MBS put options [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	55,000	495,000
Total derivative assets instruments before netting	272	977
Derivative assets, Fair value, Total	272	977
Total derivative liabilities instruments fair value before netting	'	'
MBS call options [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	110,000	'
Total derivative assets instruments before netting	'	'
Total derivative liabilities instruments fair value before netting	'	'

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Summary of Activity in Notional Amount of Derivative Contracts (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Eurodollar future purchase contracts [Member] | Mortgage loans at fair value held by VIE [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	'	'	'
Additions	19,852,000	'	'
Disposition/expirations	-11,073,000	'	'
Balance, end of period	8,779,000	'	'
Eurodollar future sales contracts [Member] | Mortgage loans at fair value held by VIE [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	'	'	'
Additions	660,000	'	'
Disposition/expirations	-660,000	'	'
Treasury future purchase contracts [Member] | Mortgage loans at fair value held by VIE [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	'	'	'
Additions	180,000	'	'
Disposition/expirations	-75,000	'	'
Balance, end of period	105,000	'	'
Treasury future sales contracts [Member] | Mortgage loans at fair value held by VIE [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	'	'	'
Additions	75,000	'	'
Disposition/expirations	-75,000	'	'
Options on Eurodollar futures [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, end of period	52,500	'	'
Options on Eurodollar futures [Member] | Mortgage loans at fair value held by VIE [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	'	'	'
Additions	302,500	'	'
Disposition/expirations	-250,000	'	'
Balance, end of period	52,500	'	'
Forward purchase contracts [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	2,206,539	398,400	'
Additions	56,191,824	23,800,622	2,191,713
Disposition/expirations	-55,617,297	-21,992,483	-1,793,313
Balance, end of period	2,781,066	2,206,539	398,400
Forward sales contracts [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	4,266,983	756,691	'
Additions	72,719,643	38,995,923	1,139,247
Disposition/expirations	-73,398,599	-35,485,631	-382,556
Balance, end of period	3,588,027	4,266,983	756,691
Hedging derivatives [Member] | MBS put options [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	495,000	28,000	'
Additions	3,335,000	2,585,000	66,000
Disposition/expirations	-3,775,000	-2,118,000	-38,000
Balance, end of period	55,000	495,000	28,000
Hedging derivatives [Member] | MBS call options [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Balance, beginning of period	2,206,539	5,000	'
Additions	2,310,000	90,000	13,000
Disposition/expirations	-2,200,000	-95,000	-8,000
Balance, end of period	$110,000	$2,206,539	$5,000

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Net gains (losses) on derivative financial instruments used to hedge IRLCs and inventory of mortgage loans	$151.60	($51.50)
Mortgage Service Rights [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Net losses on derivative financial instruments used as economic hedges	2	-2.1
LIBOR [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Net losses on derivative financial instruments used as economic hedges	$9.40	'

Mortgage_Loans_at_Fair_Value_S2

Mortgage Loans at Fair Value - Summary of Distribution of Company's Mortgage Loans at Fair Value (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	$2,076,665	$3,350,632	$2,862,126	$2,490,270	$1,189,971	$1,937,541	$1,447,254	$927,867
Unpaid principal balance	3,314,482	'	'	'	2,124,033	'	'	'
Loans sold under agreements to repurchase	1,963,266	'	'	'	947,522	'	'	'
Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	989	'	'	'	1,538	'	'	'
Nonperforming loans [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	1,469,686	'	'	'	785,955	'	'	'
Unpaid principal balance	2,415,446	'	'	'	1,483,311	'	'	'
Performing loans [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	606,979	'	'	'	404,016	'	'	'
Unpaid principal balance	899,036	'	'	'	640,722	'	'	'
Performing loans [Member] | Fixed [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	310,607	'	'	'	201,212	'	'	'
Unpaid principal balance	475,568	'	'	'	322,005	'	'	'
Performing loans [Member] | ARM/hybrid [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	165,327	'	'	'	134,196	'	'	'
Unpaid principal balance	207,553	'	'	'	195,381	'	'	'
Performing loans [Member] | Interest rate step-up [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	130,906	'	'	'	68,475	'	'	'
Unpaid principal balance	215,702	'	'	'	123,117	'	'	'
Performing loans [Member] | Balloon [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	139	'	'	'	133	'	'	'
Unpaid principal balance	$213	'	'	'	$219	'	'	'

Mortgage_Loans_at_Fair_Value_S3

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Detail)	Dec. 31, 2013	Dec. 31, 2012
Concentration Risk [Line Items]	'	'
Portion of mortgage loans originated between 2005 and 2007	72.00%	77.00%
Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100%	61.00%	68.00%
Additional states contributing 5% or more of mortgage loans	'New York Florida New Jersey	'New York Florida New Jersey Illinois
California real estate [Member]	'	'
Concentration Risk [Line Items]	'	'
Percentage of mortgage loans secured by California real estate	24.00%	18.00%

Mortgage_Loans_at_Fair_Value_S4

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Parenthetical) (Detail)	Dec. 31, 2013	Dec. 31, 2012
Risks And Uncertainties [Abstract]	'	'
Percentage of fair value of mortgage loans	100.00%	100.00%
Percentage of contribution by states in mortgage loans	5.00%	5.00%

Mortgage_Loans_at_Fair_Value_H4

Mortgage Loans at Fair Value Held by Variable Interest Entity - Summary of Distribution of Company's Mortgage Loans at Fair Value Held by Variable Interest Entity (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	$2,076,665	$3,350,632	$2,862,126	$2,490,270	$1,189,971	$1,937,541	$1,447,254	$927,867
Unpaid principal balance	3,314,482	'	'	'	2,124,033	'	'	'
Nonperforming loans [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	1,469,686	'	'	'	785,955	'	'	'
Unpaid principal balance	2,415,446	'	'	'	1,483,311	'	'	'
Performing loans [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	606,979	'	'	'	404,016	'	'	'
Unpaid principal balance	899,036	'	'	'	640,722	'	'	'
Variable Interest Entity [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	523,652	'	'	'	'	'	'	'
Unpaid principal balance	543,257	'	'	'	'	'	'	'
Variable Interest Entity [Member] | Nonperforming loans [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	'	'	'	'	'	'	'	'
Unpaid principal balance	'	'	'	'	'	'	'	'
Variable Interest Entity [Member] | Performing loans [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	523,652	'	'	'	'	'	'	'
Unpaid principal balance	543,257	'	'	'	'	'	'	'
Variable Interest Entity [Member] | Performing loans [Member] | Jumbo Fixed [Member]	'	'	'	'	'	'	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'	'	'	'	'	'	'
Fair value	523,652	'	'	'	'	'	'	'
Unpaid principal balance	$543,257	'	'	'	'	'	'	'

Mortgage_Loans_at_Fair_Value_H5

Mortgage Loans at Fair Value Held by Variable Interest Entity - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value Held by Variable Interest Entity (Detail) (Variable Interest Entity [Member])	Dec. 31, 2013
California [Member]	'
Concentration Risk [Line Items]	'
Additional states contributing 5% or more of mortgage loans	57.00%
Washington [Member]	'
Concentration Risk [Line Items]	'
Additional states contributing 5% or more of mortgage loans	8.00%
Texas [Member]	'
Concentration Risk [Line Items]	'
Additional states contributing 5% or more of mortgage loans	6.00%
Virginia [Member]	'
Concentration Risk [Line Items]	'
Additional states contributing 5% or more of mortgage loans	6.00%
Other [Member]	'
Concentration Risk [Line Items]	'
Additional states contributing 5% or more of mortgage loans	23.00%

Mortgage_Loans_at_Fair_Value_H6

Mortgage Loans at Fair Value Held by Variable Interest Entity - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value Held by Variable Interest Entity (Parenthetical) (Detail)	Dec. 31, 2013	Dec. 31, 2012
Concentration Risk [Line Items]	'	'
Percentage of contribution by other states in mortgage loans	5.00%	5.00%
Variable Interest Entity [Member]	'	'
Concentration Risk [Line Items]	'	'
Percentage of contribution by other states in mortgage loans	5.00%	5.00%

Mortgage_Loans_Under_Forward_P2

Mortgage Loans Under Forward Purchase Agreements at Fair Value - Summary of Distribution of Company's Mortgage Loans under Forward Purchase Agreements at Fair Value (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	$218,128	'
Unpaid principal balance	332,484	'
Nonperforming loans [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	177,841	'
Unpaid principal balance	268,600	'
Performing loans [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	40,287	'
Unpaid principal balance	63,884	'
Performing loans [Member] | Fixed [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	19,292	'
Unpaid principal balance	29,496	'
Performing loans [Member] | ARM/hybrid [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	19,510	'
Unpaid principal balance	31,933	'
Performing loans [Member] | Interest rate step-up [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	1,485	'
Unpaid principal balance	$2,455	'

Mortgage_Loans_Under_Forward_P3

Mortgage Loans Under Forward Purchase Agreements at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Detail)	Dec. 31, 2013	Dec. 31, 2012
Risks And Uncertainties [Abstract]	'	'
Portion of mortgage loans originated between 2005 and 2007	72.00%	'
Percentage of mortgage loans secured by California real estate	25.00%	'
Additional states contributing 5% or more of mortgage loans	'New Jersey Washington New York Maryland	'

Mortgage_Loans_Under_Forward_P4

Mortgage Loans Under Forward Purchase Agreements at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Parenthetical) (Detail)	Dec. 31, 2013	Dec. 31, 2012
Risks And Uncertainties [Abstract]	'	'
Percentage of contribution by other states in mortgage loans	5.00%	5.00%

Real_Estate_Acquired_in_Settle6

Real Estate Acquired in Settlement of Loans - Summary of Activity in REO (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
Banking And Thrift [Abstract]	'	'	'	'	'	'	'	'	'
Balance at beginning of year	$88,078	$80,570	$29,685	$103,202	$88,771	$84,486	$86,180	$89,918	$104,870
Purchases	82	48	1,511	'	'	'	'	'	'
Transfers from mortgage loans at fair value and advances	185,061	112,642	110,891	'	'	'	'	'	'
Transfers from REO under forward purchase agreements	117	21,819	778	'	'	'	'	'	'
Results of REO:	'	'	'	'	'	'	'	'	'
Valuation adjustments, net	-24,002	-16,942	-10,281	'	'	'	'	'	'
Gain on sale, net	10,531	16,440	11,189	'	'	'	'	'	'
Total gain	-13,471	-502	908	'	'	'	'	'	'
Sale proceeds	-120,925	-126,499	-63,203	'	'	'	'	'	'
Balance at year end	138,942	88,078	80,570	103,202	88,771	84,486	86,180	89,918	104,870
At year end:	'	'	'	'	'	'	'	'	'
REO pledged to secure agreements to repurchase	17,453	9,061	5,787	'	'	'	'	'	'
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$71,951	$14,773	$54,212	'	'	'	'	'	'

Real_Estate_Acquired_in_Settle7

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements - Summary of Activity in REO Under Forward Purchase Agreements (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]	'	'	'
Balance at beginning of year	'	$22,979	'
Purchases	4	249	964
Purchases financed through forward purchase agreements	'	'	964
Transfers from mortgage loans under forward purchase agreements at fair value and advances	9,922	6,633	23,880
Transfers to REO	-117	-21,819	-778
Valuation adjustments, net	-112	-449	-244
Gain on sale, net	92	2,319	415
Results of REO under forward purchase agreements	-20	1,870	171
Sale proceeds	-651	-9,912	-1,258
Balance at year end	$9,138	'	$22,979

Mortgage_Servicing_Rights_Summ

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Servicing Asset At Fair Value Changes In Fair Value [Abstract]	'	'	'
Balance at beginning of year	$1,346	$749	'
Purchases	1,419	20	'
MSRs resulting from loan sales	23,071	1,508	774
Total additions	24,490	1,528	774
Due to changes in valuation inputs or assumptions used in valuation model(1)	1,338	-708	'
Other changes in fair value(2)	-722	-144	-25
Change in fair value, Total	616	-852	-25
Sales	'	-79	'
Balance at year end	$26,452	$1,346	$749

Mortgage_Servicing_Rights_Summ1

Mortgage Servicing Rights - Summary of MSRs Carried at Lower of Amortized Cost or Fair Value (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Servicing Asset At Amortized Value Additional Disclosures [Abstract]	'	'	'
Balance before valuation allowance at beginning of year	$132,977	$5,282	'
MSRs resulting from loan sale	159,961	133,159	5,299
Purchases	'	15	'
Sales	'	-19	'
Amortization	-26,241	-5,460	-17
Application of valuation allowance to write down MSRs with other-than temporary impairment	'	'	'
Balance before valuation allowance at year-end	266,697	132,977	5,282
Balance at beginning of year	-7,547	'	'
Reversals (additions)	4,970	-7,547	'
Application of valuation allowance to write down MSRs with other-than temporary impairment	'	'	'
Balance at year-end	-2,577	-7,547	'
Mortgage Servicing Rights, net	264,120	125,430	5,282
Estimated fair value of Mortgage Servicing Rights at year end	$289,737	$126,995	$5,341

Mortgage_Servicing_Rights_Summ2

Mortgage Servicing Rights - Summary of Company's Estimate of Amortization of Existing MSRs Carried at Amortized Cost (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'	'
2014	$25,673	'	'
2015	25,027	'	'
2016	23,791	'	'
2017	22,740	'	'
2018	21,334	'	'
Thereafter	148,132	'	'
Total	$266,697	$132,977	$5,282

Mortgage_Servicing_Rights_Summ3

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transfers And Servicing [Abstract]	'	'	'
Contractual servicing fees	$50,716	$9,969	$62

Securities_Sold_Under_Agreemen2

Securities Sold Under Agreements to Repurchase at Fair Value - Summary of Financial Information Relating to Securities Sold Under Agreements to Repurchase at Fair Value (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value Disclosures [Abstract]	'	'	'
Year end, Balance	$190,861	'	$115,493
Weighted-average interest rate at end of year	0.41%	0.00%	0.67%
Fair value of securities securing agreements to repurchase	197,401	'	122,813
Weighted-average interest rate during the year	0.46%	0.64%	1.10%
Average balance	58,653	74,560	78,021
Total interest expense	273	488	873
Maximum daily amount outstanding	$199,587	$160,334	$115,493

Securities_Sold_Under_Agreemen3

Securities Sold Under Agreements to Repurchase at Fair Value - Summary of Maturities of Outstanding Securities Sold Under Agreements to Repurchase by Maturity Date (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2011
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'	'
Maturity of repurchase agreements	$190,861	$115,493
Weighted average maturity	'2 years 5 months 9 days	'
Securities Sold Under Agreements to Repurchase at Fair Value [Member]	'	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'	'
Maturity of repurchase agreements	190,861	'
Weighted average maturity	'27 days	'
Securities Sold Under Agreements to Repurchase at Fair Value [Member] | Within 30 days [Member]	'	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'	'
Maturity of repurchase agreements	58,336	'
Securities Sold Under Agreements to Repurchase at Fair Value [Member] | Over 30 to 90 days [Member]	'	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'	'
Maturity of repurchase agreements	132,525	'
Securities Sold Under Agreements to Repurchase at Fair Value [Member] | Over 90 days to 180 days [Member]	'	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'	'
Maturity of repurchase agreements	'	'
Securities Sold Under Agreements to Repurchase at Fair Value [Member] | Over 180 days to 1 year [Member]	'	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'	'
Maturity of repurchase agreements	'	'

Securities_Sold_Under_Agreemen4

Securities Sold Under Agreements to Repurchase at Fair Value - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Fees And Commissions Income [Abstract]	'	'
Deposit with securities repurchase agreement counterparties	$201,000	$0

Securities_Sold_Under_Agreemen5

Securities Sold Under Agreements to Repurchase at Fair Value - Summary of Securities Sold Under Agreements to Repurchase by Counterparty (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'
Amount at risk	$12,730
Facility maturity	31-Oct-14
Securities Sold Under Agreements to Repurchase [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'
Amount at risk	2,084
Facility maturity	15-Jan-14
Securities Sold Under Agreements to Repurchase [Member] | Bank of America, N.A. [Member]	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'
Amount at risk	714
Facility maturity	13-Jan-14
Securities Sold Under Agreements to Repurchase [Member] | Daiwa Capital Markets [Member]	'
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items]	'
Amount at risk	$3,840
Facility maturity	2-Feb-14

Mortgage_Loans_Acquired_for_Sa6

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Year end:	'	'	'
Balance	$424,670	$894,906	$212,677
Amount available	1,230,000	505,094	137,323
Weighted-average interest rate	1.97%	2.31%	2.06%
Fair value of mortgage loans acquired for sale securing agreements to repurchase	454,210	972,079	231,704
During the year:	'	'	'
Weighted-average interest rate	2.09%	2.32%	2.63%
Average balance	832,703	412,242	43,713
Total interest expense	24,502	12,981	2,426
Maximum daily amount outstanding	$1,489,070	$1,028,290	$288,972

Mortgage_Loans_Acquired_for_Sa7

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans (Parenthetical) (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fees And Commissions Income [Abstract]	'	'
Debt issuance costs	$6.80	$3.30

Mortgage_Loans_Acquired_for_Sa8

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances under Repurchase Agreements by Maturity Date (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturities of repurchase agreements	$424,670	$894,906	$212,677
Weighted average maturity	'2 years 5 months 9 days	'	'
Within 30 days [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturities of repurchase agreements	49,339	'	'
Over 30 to 90 days [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturities of repurchase agreements	362,577	'	'
Over 90 days to 180 days [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturities of repurchase agreements	12,754	'	'
Over 180 days to 1 year [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturities of repurchase agreements	'	'	'

Mortgage_Loans_Acquired_for_Sa9

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Receivables [Abstract]	'	'
Deposit with loan repurchase agreement counterparties	$3	$4.10

Recovered_Sheet2

Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Amount at Risk Relating to Loans Acquired for Sale Sold under Agreements to Repurchase by Counterparty (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Citibank, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$4,262
Weighted-average repurchase agreement maturity	28-Jan-14
Facility maturity	24-Jul-14
Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	12,730
Weighted-average repurchase agreement maturity	23-Mar-14
Facility maturity	31-Oct-14
Bank of America, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	13,697
Weighted-average repurchase agreement maturity	22-Mar-14
Facility maturity	2-Jan-14
Morgan Stanley Bank, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$1,511
Weighted-average repurchase agreement maturity	22-Feb-14
Facility maturity	18-Dec-14

Mortgage_Loans_at_Fair_Value_S5

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans at Fair Value (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Year end:	'	'	'
Balance	$1,070,105	$353,805	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member]	'	'	'
Year end:	'	'	'
Balance	1,070,105	353,805	275,649
Amount available	47,229	246,195	174,351
Weighted-average interest rate	3.07%	3.35%	3.96%
Fair value of mortgage loans at fair value and REO securing agreements to repurchase	1,980,719	956,583	613,051
During the year:	'	'	'
Weighted-average interest rate	3.21%	3.80%	3.76%
Average balance	570,861	300,285	233,594
Total interest expense	20,783	13,176	9,642
Maximum daily amount outstanding	$1,080,058	$439,976	$285,532

Mortgage_Loans_at_Fair_Value_S6

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans at Fair Value (Parenthetical) (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Repurchase Agreement Counterparty [Line Items]	'	'
Debt issuance costs	$6.80	$3.30
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Debt issuance costs	$2.20	$1.60

Mortgage_Loans_at_Fair_Value_S7

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Maturities of Repurchase Agreements (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Mortgage loans at fair value	$1,070,105	$353,805	'
Weighted average maturity	'2 years 5 months 9 days	'	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member]	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Mortgage loans at fair value	1,070,105	353,805	275,649
Weighted average maturity	'7 years 8 months 12 days	'	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Within 30 days [Member]	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Mortgage loans at fair value	'	'	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Over 30 to 90 days [Member]	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Mortgage loans at fair value	'	'	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Over 90 days to 180 days [Member]	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Mortgage loans at fair value	'	'	'
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Over 180 days to 1 year [Member]	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Mortgage loans at fair value	$1,070,105	'	'

Mortgage_Loans_at_Fair_Value_S8

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Additional Information (Detail) (Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Deposit with loan repurchase agreement counterparties	$0	$379,000

Mortgage_Loans_at_Fair_Value_S9

Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Amount of Risk Relating to Company's Mortgage Loans at Fair Value (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Citibank, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$4,262
Facility maturity	24-Jul-14
Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	12,730
Facility maturity	31-Oct-14
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Citibank, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	596,154
Facility maturity	24-Jul-14
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$311,384
Facility maturity	31-Oct-14

Mortgage_Loans_at_Fair_Value_H7

Mortgage Loans at Fair Value Held by Variable Interest Entity Sold Under Agreements to Purchase - Summary of Financial Information Relating to Mortgage Loans at Fair Value Held by Variable Interest Entity (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Year end:	'	'	'
Balance	$315,744	'	'
Mortgage loans at fair value held by VIE [Member]	'	'	'
Year end:	'	'	'
Balance	315,744	'	'
Unused amount	'	'	'
Weighted-average interest rate	1.03%	'	'
Fair value of mortgage loans at fair value securing agreements to repurchase	351,058	'	'
During the year:	'	'	'
Weighted-average interest rate	1.01%	'	'
Average balance of loans	78,767	'	'
Total interest expense	806	'	'
Maximum daily amount outstanding	$317,677	'	'

Mortgage_Loans_at_Fair_Value_H8

Mortgage Loans at Fair Value Held by Variable Interest Entity Sold Under Agreements to Purchase - Summary of Maturities of Repurchase Agreements (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturity of purchase agreement	$315,744	'	'
Weighted average maturity	'2 years 5 months 9 days	'	'
Mortgage loans at fair value held by VIE [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturity of purchase agreement	315,744	'	'
Weighted average maturity	'1 month 6 days	'	'
Mortgage loans at fair value held by VIE [Member] | Within 30 days [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturity of purchase agreement	241,713	'	'
Mortgage loans at fair value held by VIE [Member] | Over 30 to 90 days [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturity of purchase agreement	74,031	'	'
Mortgage loans at fair value held by VIE [Member] | Over 90 days to 180 days [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturity of purchase agreement	'	'	'
Mortgage loans at fair value held by VIE [Member] | Over 180 days to 1 year [Member]	'	'	'
Repurchase Agreement Counterparty [Line Items]	'	'	'
Maturity of purchase agreement	'	'	'

Mortgage_Loans_at_Fair_Value_H9

Mortgage Loans at Fair Value Held by Variable Interest Entity Sold Under Agreements to Purchase - Summary of Amount of Risk Relating to Mortgage Loans at Fair Value Held by Variable Interest Entity (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Citibank, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$4,262
Repurchase agreement maturity	24-Jul-14
Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	12,730
Repurchase agreement maturity	31-Oct-14
Bank of America, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	13,697
Repurchase agreement maturity	2-Jan-14
Mortgage loans at fair value held by VIE [Member] | Citibank, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	7,645
Repurchase agreement maturity	28-Mar-14
Mortgage loans at fair value held by VIE [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	9,755
Repurchase agreement maturity	6-Jan-14
Mortgage loans at fair value held by VIE [Member] | Bank of America, N.A. [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$17,721
Repurchase agreement maturity	24-Jan-14

Real_Estate_Acquired_in_Settle8

Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Financial Information Relating to REO Financed Under Agreements to Repurchase (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Year end:	'	'	'
Balance	$38,225	$7,391	'
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member]	'	'	'
Year end:	'	'	'
Balance	38,225	7,391	27,494
Amount available	'	92,609	72,506
Weighted-average interest rate	3.73%	3.96%	4.26%
Fair value of loans and REO held in a consolidated subsidiary whose stock is pledged to secure agreements to repurchase	72,940	16,311	54,212
During the year:	'	'	'
Weighted-average interest rate	3.86%	4.21%	4.26%
Average balance	11,928	16,666	8,341
Total interest expense	966	1,214	636
Maximum daily amount outstanding	$38,225	$27,494	$28,260

Real_Estate_Acquired_in_Settle9

Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Financial Information Relating to REO Financed Under Agreements to Repurchase (Parenthetical) (Detail) (Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member], USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Debt issuance costs	$500,000	$500,000

Recovered_Sheet3

Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Repurchase Agreement Counterparty [Line Items]	'	'
Deposit with loan repurchase agreement counterparties	$3,000,000	$4,100,000
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member]	'	'
Repurchase Agreement Counterparty [Line Items]	'	'
Deposit with loan repurchase agreement counterparties	$0	$0

Recovered_Sheet4

Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Amount of Risk Relating to Company's REO Held in Consolidated Subsidiary (Detail) (Credit Suisse First Boston Mortgage Capital LLC [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$12,730
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member]	'
Repurchase Agreement Counterparty [Line Items]	'
Amount at risk	$34,681
Weighted-average repurchase agreement maturity	31-Oct-14

Recovered_Sheet5

Asset-Backed Secured Financing at Fair Value - Summary of Financial Information Relating to Asset-Backed Secured Financing (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
During the year:	'	'	'
Average balance	$20,670,861	$3,667,941	$34,463
Interest expense	1,612	'	'
Asset-backed secured financing at fair value [Member]	'	'	'
Year end:	'	'	'
Balance	165,415	'	'
Weighted-average Note rate	3.50%	'	'
During the year:	'	'	'
Average balance	43,108	0	0
Maximum daily amount outstanding	170,008	'	'
Interest expense	$1,612	'	'

Exchangeable_Senior_Notes_Addi

Exchangeable Senior Notes - Additional Information (Detail) (Exchangeable Senior Notes due 2020 [Member], USD $)	0 Months Ended
	Apr. 30, 2013
Exchangeable Senior Notes due 2020 [Member]	'
Proforma Debt Instrument [Line Items]	'
Issuance of debt through private offering	$250,000,000
Percentage of interest on debt	5.38%
Number of shares exchanged per notes	33.5149
Principal amount of the notes	$1,000
Exchange price per common share	$29.84
Maturity date of debt instrument	1-May-20

Exchangeable_Senior_Notes_Summ

Exchangeable Senior Notes - Summary of Financial Information Related to Notes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Jun. 30, 2013
Year end:	'	'	'	'	'
Balance	$250,000	'	'	$250,000	$250,000
Unamortized issuance costs	6,800	'	'	'	'
Weighted-average interest rate	5.38%	'	'	'	'
During the year:	'	'	'	'	'
Average balance	168,493	'	'	'	'
Maximum daily amount outstanding	250,000	'	'	'	'
Interest expense	$9,580	'	'	'	'

Exchangeable_Senior_Notes_Summ1

Exchangeable Senior Notes - Summary of Financial Information Related to Notes (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Amortization of debt issuance costs	$584,000

Borrowings_under_Forward_Purch2

Borrowings under Forward Purchase Agreements - Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Year end:	'	'	'
Balance	$1,070,105	$353,805	'
During the year:	'	'	'
Interest expense	3,707	2,396	3,116
Borrowings under forward purchase agreement [Member]	'	'	'
Year end:	'	'	'
Balance	226,580	'	152,427
Interest rate	3.02%	'	3.97%
Fair value of underlying loans and REO	226,833	'	151,448
During the year:	'	'	'
Weighted-average interest rate	2.94%	4.01%	4.11%
Average balance	124,394	58,719	74,864
Interest expense	3,707	2,396	3,116
Maximum daily amount outstanding	$244,047	$152,428	$173,398

Liability_for_Losses_under_Rep2

Liability for Losses under Representations and Warranties - Summary of Companys Liability for Losses under Representations and Warranties (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Mortgage Banking [Abstract]	'	'	'
Balance, beginning of year	$4,441	$205	'
Provision for losses	5,669	4,236	205
Incurred losses	'	'	'
Balance, end of year	$10,110	$4,441	$205

Liability_for_Losses_under_Rep3

Liability for Losses under Representations and Warranties - Summary of Companys Repurchase Activity (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Mortgage Banking [Abstract]	'	'	'
Unpaid principal balance of mortgage loans repurchased	$4,209	$290	'
Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders	2,673	225	'
Unpaid principal balance of mortgage loans subject to pending claims for repurchase	15,085	1,727	'
Unpaid principal balance of mortgage loans subject to representations and warranties	$25,652,972	$12,168,454	'

Commitments_and_Contingencies_1

Commitments and Contingencies - Company's Outstanding Contractual Loan Commitments (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Commitments to purchase mortgage loans :	'
Correspondent lending	$557,343

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended
	Aug. 13, 2013	Dec. 31, 2013	Dec. 31, 2012
Schedule of Capitalization, Equity [Line Items]	'	'	'
Proceeds from issuance of common shares	11,300,000	'	'
Proceeds from public offering of common shares	$249,400,000	'	'
Amount of common stock available for future issuance under Sales Agreement	'	197,500,000	'
Reimbursement paid for every $100 of performance incentive fees earned	'	10	'
Performance incentive fees earned	'	100	'
Amount paid by underwriters	'	1,788,000	2,941,000
Initial Public Offering [Member]	'	'	'
Schedule of Capitalization, Equity [Line Items]	'	'	'
Reimbursement paid for every $100 of performance incentive fees earned	'	20	'
Performance incentive fees earned	'	100	'
Amount paid by underwriters	'	5,900,000	'
Reimbursement agreement expiry date	'	1-Feb-19	'
Maximum [Member]	'	'	'
Schedule of Capitalization, Equity [Line Items]	'	'	'
Reimbursement payable in a 12-month period	'	1,000,000	'
Underwriting cost paid	'	2,900,000	'
Maximum [Member] | Initial Public Offering [Member]	'	'	'
Schedule of Capitalization, Equity [Line Items]	'	'	'
Reimbursement payable in a 12-month period	'	2,000,000	'
Management [Member]	'	'	'
Schedule of Capitalization, Equity [Line Items]	'	'	'
Payments of contingent underwriting fee to manager	'	944,000	'
IPO underwriters [Member]	'	'	'
Schedule of Capitalization, Equity [Line Items]	'	'	'
Reimbursement agreement expiry date	'	1-Feb-19	'
Payments of contingent underwriting fees to underwriters	'	$1,900,000	'

Net_Gain_on_Mortgage_Loans_Acq2

Net Gain on Mortgage Loans Acquired for Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash gain (loss):	'	'	'
Sales proceeds	($197,580)	$13,918	($1,571)
Hedging activities	136,829	-57,040	-4,794
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	-60,751	-43,122	-6,365
Non cash gain:	'	'	'
Receipt of MSRs in loan sale transactions	183,032	134,682	6,073
Provision for losses relating to representations and warranties provided in loan sales	-5,669	-4,236	-205
Change in fair value relating to loans and hedging derivatives held at year end:	'	'	'
IRLCs	-18,230	13,707	5,772
Mortgage loans	-9,265	43,691	6,192
Hedging derivatives	9,552	2,953	-3,834
Total non cash portion of gain on mortgage loans acquired for sale	-17,943	60,351	8,130
Net gain on mortgage loans acquired for sale	$98,669	$147,675	$7,633

Net_Interest_Income_Summary_of

Net Interest Income - Summary of Net Interest Income (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest income:	'	'	'
Short-term investments	$542	$42	$100
Mortgage-backed securities	2,138	2,084	3,229
Agency debt securities	222	'	'
Mortgage loans acquired for sale at fair value	33,726	19,731	2,085
Mortgage loans at fair value	75,759	49,462	29,603
Mortgage loans under forward purchase agreements at fair value	3,659	996	1,131
Mortgage loans at fair value held by variable interest entity	5,516	'	'
Excess servicing spread	1,091	'	'
Other	209	126	'
Interest income, total	122,862	72,441	36,148
Interest expense:	'	'	'
Assets sold under agreements to repurchase	47,790	28,025	13,576
Borrowings under forward purchase agreements	3,707	2,396	3,116
Asset-backed secured financing at fair value	1,612	'	'
Exchangeable senior notes	9,580	'	'
Note payable secured by mortgage loans at fair value	'	113	254
Other	2,533	1,108	'
Interest expense, total	65,222	31,642	16,946
Net interest income	$57,640	$40,799	$19,202

Net_Gain_on_Investments_Summar

Net Gain on Investments - Summary of Net Gain on Investments (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net gain (loss) on investments:	'	'	'
Mortgage-backed securities	($5,657)	$612	($2,812)
Agency debt security	1,725	'	'
Mortgage loans	209,377	103,037	85,455
Mortgage loans held by VIE and related secured financing:	'	'	'
Mortgage loans held by variable interest entity	-2,391	'	'
Asset-backed secured financing	2,279	'	'
Mortgage loans held by VIE secured financing, net	-112	'	'
Excess servicing spread	2,423	'	'
Net gain (loss) on investments	$207,758	$103,649	$82,643

Net_Loan_Servicing_Fees_Summar

Net Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transfers And Servicing [Abstract]	'	'	'
Servicing fees	$54,725	$10,982	$62
MSR recapture fee receivable from PFSI	709	'	'
Effect of MSRs:	'	'	'
Carried at lower of amortized cost or fair value Amortization	-26,241	-5,460	-17
Reversal of (provision for) impairment	4,970	-7,547	'
Carried at fair value-change in fair value	616	-852	-25
Losses on hedging derivatives	-1,988	2,123	'
Total Effect of MSRs	-22,644	-11,736	-42
Net loan servicing fees	32,791	-754	20
Average unpaid balance of mortgage loans serviced	$20,670,861	$3,667,941	$34,463

ShareBased_Compensation_Plans_1

Share-Based Compensation Plans - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Percentage of Company's issued and outstanding shares	8.00%
Estimated fair value of assumed grantee forfeiture rates	15.00%
Number of share units outstanding expected to vest	598,688
Weighted average grant date fair value of shares expected to vest	$22.21
Weighted average remaining vesting period of shares expected to vest	'28 months
Minimum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Vesting period	'1 year
Percentage of minimum exercise price of fair value of company's shares on the date of grant award	100.00%
Maximum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Vesting period	'4 years
Share unit award under the equity incentive plan	'10 years

ShareBased_Compensation_Plans_2

Share-Based Compensation Plans - Summary of Restricted Share Unit Activity and Compensation Expense (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Number of units:	'	'	'
Outstanding at beginning of period	665,617	491,809	272,984
Granted	255,445	350,000	340,500
Vested	-253,509	-161,678	-88,711
Canceled	-6,181	-14,514	-32,964
Outstanding at end of period	661,372	665,617	491,809
Weighted Average Grant Date Fair Value:	'	'	'
Outstanding at beginning of period	$15.92	$12.57	$6.18
Granted	$23.91	$18.91	$16.52
Vested	$13.40	$12.15	$9.82
Expired or canceled	$20.06	$16.82	$7.88
Outstanding at end of period	$19.95	$15.92	$12.57
Compensation expense recorded during the period	$6,763,000	$6,032,000	$4,214,000
Period end:	'	'	'
Units available for future awards	5,029,174	4,014,159	1,819,900
Unamortized compensation cost	$6,178,000	$5,798,000	$3,355,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]	'	'	'
Percentage of distributions characterized as ordinary income	83.00%	83.00%	95.00%
Percentage of distributions characterized as return on capital	'	17.00%	'
Percentage of distributions characterized as long term capital gain	17.00%	'	5.00%
Deferred tax asset, net operating loss carryforwards	$38,783,000	'	'
Net operating loss carryforwards, expiration year	'2033	'	'
Unrecognized tax benefits	$0	$0	'

Income_Taxes_Summary_of_Compan

Income Taxes - Summary of Company's Income Tax Expense (Benefit) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current (benefit) expense:	'	'	'
Federal	($10,014)	$4,760	$6,250
State	-2,232	1,686	2,139
Total current expense	-12,246	6,446	8,389
Deferred expense:	'	'	'
Federal	20,737	31,266	-247
State	5,954	10,861	-86
Total deferred expense	26,691	42,127	-333
Provision for income taxes	$14,445	$48,573	$8,056

Income_Taxes_Reconciliation_of

Income Taxes - Reconciliation of Company's Provision for Income Taxes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]	'	'	'
Federal income tax expense at statutory tax rate, Amount	$75,122	$65,387	$25,373
Effect of non-taxable REIT income, Amount	-63,564	-24,943	-18,749
State income taxes, net of federal benefit, Amount	2,419	8,140	1,335
Other, Amount	468	-11	97
Valuation allowance, Amount	'	'	'
Provision for income taxes	$14,445	$48,573	$8,056
Federal income tax expense at statutory tax rate, Rate	35.00%	35.00%	35.00%
Effect of non-taxable REIT income, Rate	-29.60%	-13.40%	-25.80%
State income taxes, net of federal benefit, Rate	1.10%	4.40%	1.80%
Other, Rate	0.20%	0.00%	0.10%
Valuation allowance, Rate	0.00%	0.00%	0.00%
Provision for income taxes, Rate	6.70%	26.00%	11.10%

Income_Taxes_Components_of_Pro

Income Taxes - Components of Provision for Deferred Income Taxes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]	'	'	'
Real estate valuation loss	$2,651	($5,512)	($2,783)
Mortgage servicing rights	66,284	49,420	2,536
Net operating loss carryforward	-38,783	'	'
Other	-3,461	-1,781	-86
Valuation allowance	'	'	'
Total provision for deferred income taxes	$26,691	$42,127	($333)

Income_Taxes_Components_of_Inc

Income Taxes - Components of Income Taxes Payable (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Income Tax Disclosure [Abstract]	'	'
Taxes currently receivable	$8,446	$5,374
Deferred income taxes payable	-68,381	-41,690
Income taxes payable	($59,935)	($36,316)

Income_Taxes_Summary_of_Deferr

Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deferred income tax assets:	'	'
REO valuation loss	$5,748	$8,399
Net operating loss carryforward	38,783	'
Other	5,328	1,867
Gross deferred tax assets	49,859	10,266
Deferred income tax liabilities:	'	'
Mortgage servicing rights	-118,240	-51,956
Gross deferred tax liabilities	-118,240	-51,956
Net deferred income tax liability	($68,381)	($41,690)

Segments_and_Related_Informati2

Segments and Related Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013
	Segment
Segment Reporting [Abstract]	'
Number of segment	2

Segments_and_Related_Informati3

Segments and Related Information - Financial Highlights by Operating Segment (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net investment income:	'	'	'	'	'	'	'	'	'	'	'
Net gain on mortgage loans acquired for sale	'	'	'	'	'	'	'	'	$98,669	$147,675	$7,633
Net gain on investments	'	'	'	'	'	'	'	'	207,758	103,649	82,643
Interest income	'	'	'	'	'	'	'	'	122,862	72,441	36,148
Interest expense	'	'	'	'	'	'	'	'	-65,222	-31,642	-16,946
Net interest income	'	'	'	'	'	'	'	'	57,640	40,799	19,202
Net loan servicing fees	'	'	'	'	'	'	'	'	32,791	-754	20
Other investment (loss) income	'	'	'	'	'	'	'	'	8,660	12,157	2,170
Net investment income	96,087	86,062	115,553	107,816	114,934	90,914	57,703	39,975	405,518	303,526	111,668
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.	'	'	'	'	'	'	'	'	151,535	93,950	21,691
Other	'	'	'	'	'	'	'	'	39,348	22,754	17,482
Total expenses	'	'	'	'	'	'	'	'	190,883	116,704	39,173
Pre-tax income	'	'	'	'	'	'	'	'	214,635	186,822	72,495
Total assets at year end	4,310,917	4,249,231	3,443,384	2,927,160	2,559,663	2,328,725	1,890,745	1,378,020	4,310,917	2,559,663	1,386,062
Intersegment elimination & other [Member]	'	'	'	'	'	'	'	'	'	'	'
Net investment income:	'	'	'	'	'	'	'	'	'	'	'
Net gain on mortgage loans acquired for sale	'	'	'	'	'	'	'	'	'	'	'
Net gain on investments	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	-5,300	-88	'
Interest expense	'	'	'	'	'	'	'	'	5,300	88	'
Net interest income	'	'	'	'	'	'	'	'	'	'	'
Net loan servicing fees	'	'	'	'	'	'	'	'	'	'	'
Other investment (loss) income	'	'	'	'	'	'	'	'	'	'	'
Net investment income	'	'	'	'	'	'	'	'	'	'	'
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.	'	'	'	'	'	'	'	'	3,284	'	'
Other	'	'	'	'	'	'	'	'	'	'	'
Total expenses	'	'	'	'	'	'	'	'	3,284	'	'
Pre-tax income	'	'	'	'	'	'	'	'	-3,284	'	'
Total assets at year end	'	'	'	'	'	'	'	'	'	'	'
Correspondent lending [Member] | Operating segments [Member]	'	'	'	'	'	'	'	'	'	'	'
Net investment income:	'	'	'	'	'	'	'	'	'	'	'
Net gain on mortgage loans acquired for sale	'	'	'	'	'	'	'	'	98,669	147,675	7,633
Net gain on investments	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	33,727	19,733	2,085
Interest expense	'	'	'	'	'	'	'	'	-26,808	-11,289	-1,167
Net interest income	'	'	'	'	'	'	'	'	6,919	8,444	918
Net loan servicing fees	'	'	'	'	'	'	'	'	'	'	'
Other investment (loss) income	'	'	'	'	'	'	'	'	17,715	10,545	1,017
Net investment income	'	'	'	'	'	'	'	'	123,303	166,664	9,568
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.	'	'	'	'	'	'	'	'	78,552	64,912	315
Other	'	'	'	'	'	'	'	'	861	1,253	234
Total expenses	'	'	'	'	'	'	'	'	79,413	66,165	549
Pre-tax income	'	'	'	'	'	'	'	'	43,890	100,499	9,019
Total assets at year end	472,089	'	'	'	1,004,399	'	'	'	472,089	1,004,399	237,351
Investment activities [Member] | Operating segments [Member]	'	'	'	'	'	'	'	'	'	'	'
Net investment income:	'	'	'	'	'	'	'	'	'	'	'
Net gain on mortgage loans acquired for sale	'	'	'	'	'	'	'	'	'	'	'
Net gain on investments	'	'	'	'	'	'	'	'	207,758	103,649	82,643
Interest income	'	'	'	'	'	'	'	'	94,435	52,796	34,063
Interest expense	'	'	'	'	'	'	'	'	-43,714	-20,441	-15,779
Net interest income	'	'	'	'	'	'	'	'	50,721	32,355	18,284
Net loan servicing fees	'	'	'	'	'	'	'	'	32,791	-754	20
Other investment (loss) income	'	'	'	'	'	'	'	'	-9,055	1,612	1,153
Net investment income	'	'	'	'	'	'	'	'	282,215	136,862	102,100
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc.	'	'	'	'	'	'	'	'	69,699	29,038	21,376
Other	'	'	'	'	'	'	'	'	38,487	21,501	17,248
Total expenses	'	'	'	'	'	'	'	'	108,186	50,539	38,624
Pre-tax income	'	'	'	'	'	'	'	'	174,029	86,323	63,476
Total assets at year end	$3,838,828	'	'	'	$1,555,264	'	'	'	$3,838,828	$1,555,264	$1,148,711

Selected_Quarterly_Results_Sel

Selected Quarterly Results - Selected Quarterly Financial Data (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Financial Information Disclosure [Abstract]	'	'	'	'	'	'	'	'	'	'	'	'
Net investment income	$96,087	$86,062	$115,553	$107,816	$114,934	$90,914	$57,703	$39,975	$405,518	$303,526	$111,668	'
Net income	52,696	39,701	54,497	53,296	49,238	40,384	29,569	19,058	200,190	138,249	64,439	'
Earnings per share:	'	'	'	'	'	'	'	'	'	'	'	'
Basic	$0.74	$0.61	$0.92	$0.90	$0.83	$0.81	$0.80	$0.65	$3.13	$3.14	$2.41	'
Diluted	$0.69	$0.57	$0.86	$0.90	$0.83	$0.81	$0.79	$0.65	$2.96	$3.14	$2.41	'
Cash dividends declared per share	$1.16	$0.57	$0.57	$0.57	$0.57	$0.55	$0.55	$0.55	$2.87	$2.22	$1.42	'
Short-term investments at fair value	92,398	80,936	73,236	45,024	39,017	38,322	32,340	63,444	92,398	39,017	'	'
Investment securities at fair value	197,401	217,492	'	'	'	'	167,446	174,604	197,401	'	'	'
Mortgage loans at fair value(1)	2,076,665	3,350,632	2,862,126	2,490,270	1,189,971	1,937,541	1,447,254	927,867	2,076,665	1,189,971	'	'
Excess servicing spread	138,723	2,857	'	'	'	'	'	'	138,723	'	'	'
Real estate acquired in settlement of loans(2)	138,942	103,202	88,771	84,486	88,078	86,180	89,918	104,870	138,942	88,078	80,570	29,685
Mortgage servicing rights(3)	290,572	269,675	226,901	180,441	126,776	65,154	32,832	18,534	290,572	126,776	'	'
Other assets	66,192	224,437	192,350	126,939	46,155	201,528	120,955	88,701	66,192	46,155	'	'
Total assets	4,310,917	4,249,231	3,443,384	2,927,160	2,559,663	2,328,725	1,890,745	1,378,020	4,310,917	2,559,663	1,386,062	'
Assets sold under agreements to repurchase(4)	2,039,605	1,980,058	1,565,896	1,615,050	1,256,102	1,041,371	1,007,712	501,441	2,039,605	1,256,102	'	'
Borrowings under forward purchase agreements	226,580	229,841	244,047	'	'	'	16,693	127,591	226,580	'	'	'
Asset-backed secured financing at fair value	165,415	170,008	'	'	'	'	'	'	165,415	'	'	'
Exchangeable senior notes	250,000	250,000	250,000	'	'	'	'	'	250,000	'	'	'
Other liabilities	162,203	124,559	139,260	89,681	102,225	103,151	60,667	153,032	162,203	102,225	'	'
Total liabilities	2,843,803	2,754,466	2,199,203	1,704,731	1,358,327	1,144,522	1,085,072	782,064	2,843,803	1,358,327	'	'
Shareholders' equity	1,467,114	1,494,765	1,244,181	1,222,429	1,201,336	1,184,203	805,673	595,956	1,467,114	1,201,336	546,017	319,913
Total liabilities and shareholders' equity	$4,310,917	$4,249,231	$3,443,384	$2,927,160	$2,559,663	$2,328,725	$1,890,745	$1,378,020	$4,310,917	$2,559,663	'	'

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract]	'	'	'
Cash paid for interest	$67,374	$31,693	$16,963
Income tax (refund) payment	-9,200	12,700	6,941
Non-cash investing activities:	'	'	'
Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity	523,652	'	'
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	185,061	112,642	110,891
Transfer of mortgage loans acquired for sale to mortgage loans at fair value	'	18	'
Purchase of mortgage loans financed through forward purchase agreements	246,605	1,070	194,286
Transfer of mortgage loans under forward purchase agreements to mortgage loans, at fair value	15,347	117,913	'
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements	9,922	6,633	23,880
Receipt of MSRs as proceeds from sales of loans	183,032	134,682	6,073
Purchase of REO financed through forward purchase agreements	4	249	964
Transfer of REO under forward purchase agreements to REO	117	21,819	778
Non-cash financing activities:	'	'	'
Purchase of mortgage loans financed through forward purchase agreements	246,605	1,070	194,286
Purchase of REO financed through forward purchase agreements	4	249	964
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	44,395	'	'
Dividends payable	$41,570	'	'

Regulatory_Net_Worth_Additiona

Regulatory Net Worth - Additional Information (Detail) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified
Fannie Mae Capital Markets [Member]	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'
Minimum net worth amount	$51.70
Freddie Mac Capital Markets [Member]	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'
Minimum net worth amount	$18

Parent_Company_Information_Add

Parent Company Information - Additional Information (Detail) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified
PMT [Member]	'
Net worth, Required	$860
Operating Partnership [Member]	'
Net worth, Required	700
Net Worth	1,500
PMH [Member]	'
Net worth, Required	250
Net Worth	663.3
PMC [Member]	'
Net worth, Required	150
Net Worth	$347

Parent_Company_Information_Con

Parent Company Information - Condensed Balance Sheets (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
ASSETS	'	'	'	'	'	'	'	'	'	'
Short-term investments	$92,398	'	'	'	$39,017	'	'	'	'	'
Other assets	66,192	224,437	192,350	126,939	46,155	201,528	120,955	88,701	'	'
Total assets	4,310,917	4,249,231	3,443,384	2,927,160	2,559,663	2,328,725	1,890,745	1,378,020	1,386,062	'
Liabilities and shareholders' equity	'	'	'	'	'	'	'	'	'	'
Dividends payable	41,570	'	'	'	'	'	'	'	'	'
Accounts payable and accrued liabilities	71,561	'	'	'	48,285	'	'	'	'	'
Income taxes payable	59,935	'	'	'	36,316	'	'	'	'	'
Shareholders' equity	1,467,114	1,494,765	1,244,181	1,222,429	1,201,336	1,184,203	805,673	595,956	546,017	319,913
Total liabilities and shareholders' equity	4,310,917	4,249,231	3,443,384	2,927,160	2,559,663	2,328,725	1,890,745	1,378,020	'	'
PennyMac Mortgage Investment Trust [Member]	'	'	'	'	'	'	'	'	'	'
ASSETS	'	'	'	'	'	'	'	'	'	'
Short-term investments	1,340	'	'	'	3,399	'	'	'	'	'
Investments in subsidiaries	1,527,213	'	'	'	1,207,472	'	'	'	'	'
Receivables from subsidiaries	16	'	'	'	'	'	'	'	'	'
Other assets	521	'	'	'	205	'	'	'	'	'
Total assets	1,529,090	'	'	'	1,211,076	'	'	'	'	'
Liabilities and shareholders' equity	'	'	'	'	'	'	'	'	'	'
Dividends payable	41,570	'	'	'	'	'	'	'	'	'
Accounts payable and accrued liabilities	3,825	'	'	'	6,407	'	'	'	'	'
Due to affiliates	1,788	'	'	'	2,957	'	'	'	'	'
Payables to subsidiaries	378	'	'	'	64	'	'	'	'	'
Income taxes payable	67	'	'	'	'	'	'	'	'	'
Shareholders' equity	1,481,462	'	'	'	1,201,648	'	'	'	'	'
Total liabilities and shareholders' equity	$1,529,090	'	'	'	$1,211,076	'	'	'	'	'

Parent_Company_Information_Con1

Parent Company Information - Condensed Statements of Income (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income	'	'	'	'	'	'	'	'	'	'	'
Interest	'	'	'	'	'	'	'	'	$122,862	$72,441	$36,148
Other	'	'	'	'	'	'	'	'	4,386	244	6
Net investment income	96,087	86,062	115,553	107,816	114,934	90,914	57,703	39,975	405,518	303,526	111,668
Expenses	'	'	'	'	'	'	'	'	'	'	'
Intercompany interest	'	'	'	'	'	'	'	'	65,222	31,642	16,946
Other	'	'	'	'	'	'	'	'	23,061	9,557	7,887
Total expenses	'	'	'	'	'	'	'	'	190,883	116,704	39,173
Income before provision for income taxes and equity in undistributed earnings in subsidiaries	'	'	'	'	'	'	'	'	214,635	186,822	72,495
Provision for income taxes	'	'	'	'	'	'	'	'	14,445	48,573	8,056
Net income	52,696	39,701	54,497	53,296	49,238	40,384	29,569	19,058	200,190	138,249	64,439
PennyMac Mortgage Investment Trust [Member]	'	'	'	'	'	'	'	'	'	'	'
Income	'	'	'	'	'	'	'	'	'	'	'
Dividends from subsidiaries	'	'	'	'	'	'	'	'	148,520	107,135	13,937
Intercompany interest	'	'	'	'	'	'	'	'	20	2,256	4,205
Interest	'	'	'	'	'	'	'	'	4	61	52
Other	'	'	'	'	'	'	'	'	833	'	'
Net investment income	'	'	'	'	'	'	'	'	149,377	109,452	18,194
Expenses	'	'	'	'	'	'	'	'	'	'	'
Intercompany interest	'	'	'	'	'	'	'	'	39	167	258
Other	'	'	'	'	'	'	'	'	'	1,321	426
Total expenses	'	'	'	'	'	'	'	'	39	1,488	684
Income before provision for income taxes and equity in undistributed earnings in subsidiaries	'	'	'	'	'	'	'	'	149,338	107,964	17,510
Provision for income taxes	'	'	'	'	'	'	'	'	86	'	90
Income before equity in undistributed earnings of subsidiaries	'	'	'	'	'	'	'	'	149,252	107,964	17,420
Equity in undistributed earnings of subsidiaries	'	'	'	'	'	'	'	'	49,940	28,845	48,772
Net income	'	'	'	'	'	'	'	'	$199,192	$136,809	$66,192

Parent_Company_Information_Con2

Parent Company Information - Condensed Statements of Cash Flows (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income	$200,190	$138,249	$64,439
(Increase) decrease in other assets	-69,090	-28,631	-33,910
(Decrease) increase in accounts payable and accrued liabilities	-14,518	32,818	-2,662
(Decrease) increase in due to affiliates	7,364	50	6,571
Increase in income taxes payable	23,619	35,875	441
Net cash provided (used) by operating activities	-242,832	-820,400	-283,681
Cash flows from investing activities:	'	'	'
Net decrease (increase) in short-term investments	-53,381	-8,698	-30,319
Net cash used by investing activities	-1,028,996	-111,442	-269,243
Cash flows from financing activities:	'	'	'
Proceeds from issuance of common shares	261,595	608,184	206,056
Payment of common share underwriting and offering costs	-12,321	-1,361	-8,581
Payment of dividends	-147,568	-94,821	-39,548
Net cash provided by financing activities	1,265,483	951,009	522,066
Net change in cash	-6,345	19,167	-30,858
Cash at beginning of year	33,756	14,589	45,447
Cash at end of year	27,411	33,756	14,589
PennyMac Mortgage Investment Trust [Member]	'	'	'
Cash flows from operating activities:	'	'	'
Net income	199,192	136,809	66,192
Equity in undistributed earnings of subsidiaries	-49,940	-28,845	-48,772
(Increase) decrease in receivables from subsidiaries	-16	38,976	-38,976
(Increase) decrease in other assets	-316	943	-1,148
(Decrease) increase in accounts payable and accrued liabilities	-2,582	524	-7,069
(Decrease) increase in due to affiliates	-1,169	16	'
Increase (decrease) in payables to subsidiaries	314	-2,472	-10,425
Increase in income taxes payable	67	'	'
Net cash provided (used) by operating activities	145,550	145,951	-40,198
Cash flows from investing activities:	'	'	'
Increase in investment in subsidiaries	-249,315	-666,101	-106,251
Net decrease (increase) in short-term investments	2,059	8,148	-11,478
Net cash used by investing activities	-247,256	-657,953	-117,729
Cash flows from financing activities:	'	'	'
Proceeds from issuance of common shares	261,595	608,184	206,056
Payment of common share underwriting and offering costs	-12,321	-1,360	-8,581
Payment of dividends	-147,568	-94,822	-39,548
Net cash provided by financing activities	101,706	512,002	157,927
Net change in cash	'	'	'
Cash at beginning of year	'	'	'
Cash at end of year	'	'	'

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013	Feb. 21, 2014	Feb. 12, 2014	Jan. 03, 2014	Feb. 21, 2014	Feb. 21, 2014	Feb. 18, 2014
				Maximum [Member]	Minimum [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
						SecurityLoan			Maximum [Member]	Minimum [Member]	RBS Credit Facility [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Aggregate unpaid principal balance of mortgage loans sold	$3,314,482,000	$2,124,033,000	'	'	'	'	'	$233,300,000	'	'	'
Aggregate principal amount of mortgage loans to be sold under agreement to repurchase	1,070,105,000	353,805,000	'	'	'	'	'	'	'	'	500,000,000
Aggregate principal amount of mortgage loans acquired for sale under agreement to repurchase	424,670,000	894,906,000	212,677,000	'	'	'	'	'	'	'	250,000,000
Commitment period under credit facility	'	'	'	'	'	'	'	'	'	'	'364 days
Number of nonperforming mortgage loans	'	'	'	'	'	853	'	'	'	'	'
Aggregate unpaid principal balance of mortgage loans purchased	'	'	'	5,000,000,000	2,500,000,000	319,000,000	'	'	'	'	'
Maximum aggregate credit limit	'	'	'	'	'	'	'	'	600,000,000	400,000,000	'
Common shares offering price, par value	'	'	'	'	'	'	$0.01	'	'	'	'
Maximum aggregate offering price	'	'	'	'	'	'	$200,000,000	'	'	'	'