PennyMac Mortgage Investment Trust (PMT) 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 05, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'PMT	'
Entity Registrant Name	'PennyMac Mortgage Investment Trust	'
Entity Central Index Key	'0001464423	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	74,139,570

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash	$46,487	$27,411
Short-term investments	37,452	92,398
Mortgage-backed securities at fair value pledged to secure assets sold under agreements to repurchase	267,885	197,401
Mortgage loans acquired for sale at fair value (includes $675,659 and $454,210 pledged to secure assets sold under agreements to repurchase)	688,850	458,137
Mortgage loans at fair value (includes $2,273,768 and $2,315,313 pledged to secure assets sold under agreements to repurchase)	2,561,911	2,600,317
Mortgage loans under forward purchase agreements at fair value pledged to secure borrowings under forward purchase agreements	0	218,128
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	187,368	138,723
Derivative assets	10,344	7,976
Real estate acquired in settlement of loans (includes $76,561 and $89,404 pledged to secure assets sold under agreements to repurchase)	275,185	138,942
Real estate acquired in settlement of loans under forward purchase agreements pledged to secure forward purchase agreements	0	9,138
Mortgage servicing rights (includes $57,871 and $26,452 carried at fair value)	345,848	290,572
Servicing advances	59,325	59,573
Due from PennyMac Financial Services, Inc.	4,311	6,009
Other assets	119,847	66,192
Total assets	4,604,813	4,310,917
LIABILITIES	'	'
Assets sold under agreements to repurchase	2,416,686	2,039,605
Borrowings under forward purchase agreements	0	226,580
Asset-backed secured financing at fair value	166,841	165,415
Exchangeable senior notes	250,000	250,000
Derivative liabilities	1,889	1,961
Accounts payable and accrued liabilities	80,493	71,561
Due to PennyMac Financial Services, Inc.	21,420	18,636
Income taxes payable	66,208	59,935
Liability for losses under representations and warranties	13,235	10,110
Total liabilities	3,016,772	2,843,803
Commitments and contingencies	'	'
SHAREHOLDERS' EQUITY	'	'
Common shares of beneficial interest-authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 74,139,570 and 70,458,082 common shares, respectively	741	705
Additional paid-in capital	1,470,189	1,384,468
Retained earnings	117,111	81,941
Total shareholders' equity	1,588,041	1,467,114
Total liabilities and shareholders' equity	4,604,813	4,310,917
Consolidated VIE [Member]	'	'
ASSETS	'	'
Mortgage loans at fair value (includes $2,273,768 and $2,315,313 pledged to secure assets sold under agreements to repurchase)	530,809	523,652
Other assets - interest receivable	1,675	1,584
Total assets of Consolidated Variable Interest Entity	532,484	525,236
LIABILITIES	'	'
Asset-backed secured financing at fair value	166,841	165,415
Accounts payable and accrued expenses - interest payable	484	497
Total liabilities of Consolidated Variable Interest Entity	$167,325	$165,912

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Mortgage loans acquired for sale at fair value, pledged to secure assets sold under agreements to repurchase	$675,659	$454,210
Mortgage loans at fair value, pledged to secure assets sold under agreements to repurchase	2,273,768	2,315,313
Real estate acquired in settlement of loans, pledged to secure assets sold under agreements to repurchase	76,561	89,404
Mortgage servicing rights at fair value	$57,871	$26,452
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$0.01	$0.01
Common shares, issued	74,139,570	70,458,082
Common shares, outstanding	74,139,570	70,458,082

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net investment income	'	'	'	'
Net gain on mortgage loans acquired for sale	$9,509	$11,031	$29,702	$84,748
Loan origination fees	6,447	4,559	13,288	14,784
Net interest income:	'	'	'	'
Interest income	41,236	35,278	129,100	78,950
Interest expense	22,020	19,497	63,660	44,877
Total, Net interest income (expense)	19,216	15,781	65,440	34,073
Net gain on investments	70,390	49,086	186,109	159,900
Net loan servicing fees	10,533	6,659	26,712	20,562
Results of real estate acquired in settlement of loans	-11,926	-2,295	-23,900	-7,477
Other	2,361	1,241	6,330	2,841
Net investment income	106,530	86,062	303,681	309,431
Expenses	'	'	'	'
Loan fulfillment fees	15,497	18,327	36,832	68,625
Loan servicing fees	12,325	10,738	41,096	27,251
Management fees	9,623	8,539	26,609	23,486
Professional services	1,927	2,149	6,348	5,872
Compensation	1,843	2,292	6,668	5,819
Other	7,384	7,955	18,604	18,472
Total expenses	48,599	50,000	136,157	149,525
Income before provision for income taxes	57,931	36,062	167,524	159,906
Provision for (benefit from) income taxes	2,982	-3,639	-509	12,412
Net income	54,949	39,701	168,033	147,494
Earnings per share	'	'	'	'
Basic	$0.74	$0.61	$2.28	$2.40
Diluted	$0.69	$0.57	$2.13	$2.29
Weighted-average shares outstanding	'	'	'	'
Basic	74,140	64,405	73,254	60,809
Diluted	82,832	73,121	81,978	65,898
Dividends declared per share	$0.61	$0.57	$1.79	$1.71
Non Affiliates [Member]	'	'	'	'
Net interest income:	'	'	'	'
Interest income	37,659	35,278	119,522	78,950
Net gain on investments	77,786	49,057	203,943	159,871
PFSI [Member]	'	'	'	'
Net interest income:	'	'	'	'
Interest income	3,577	0	9,578	0
Net gain on investments	($7,396)	$29	($17,834)	$29

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $)	Total	Common Stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]
In Thousands, except Share data
Balance, Amount at Dec. 31, 2012	$1,201,336	$589	$1,129,858	$70,889
Balance, Shares at Dec. 31, 2012	'	58,904,000	'	'
Net income	147,494	0	0	147,494
Share-based compensation, Amount	4,066	3	4,063	0
Share-based compensation, Shares	'	249,000	'	'
Dividends	-107,405	0	0	-107,405
Proceeds from offerings of common shares, Amount	261,595	113	261,482	0
Proceeds from offerings of common shares, Shares	'	11,300,000	'	'
Underwriting and offering costs	-12,321	0	-12,321	0
Balance, Amount at Sep. 30, 2013	1,494,765	705	1,383,082	110,978
Balance, Shares at Sep. 30, 2013	'	70,453,000	'	'
Balance, Amount at Dec. 31, 2013	1,467,114	705	1,384,468	81,941
Balance, Shares at Dec. 31, 2013	'	70,458,000	'	'
Net income	168,033	0	0	168,033
Share-based compensation, Amount	4,356	2	4,354	0
Share-based compensation, Shares	'	235,000	'	'
Dividends	-132,863	0	0	-132,863
Proceeds from offerings of common shares, Amount	82,453	34	82,419	0
Proceeds from offerings of common shares, Shares	3,447,022	3,447,000	'	'
Underwriting and offering costs	-1,052	0	-1,052	0
Balance, Amount at Sep. 30, 2014	$1,588,041	$741	$1,470,189	$117,111
Balance, Shares at Sep. 30, 2014	'	74,140,000	'	'

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Dividends declared per share	$1.79	$1.71
Retained earnings [Member]	'	'
Dividends declared per share	$1.79	$1.71

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities	'	'
Net income	$168,033	$147,494
Adjustments to reconcile net income to net cash used by operating activities:	'	'
Net gain on mortgage loans acquired for sale at fair value	-29,702	-84,748
Accrual of unearned discounts and amortization of premiums on mortgage-backed securities, mortgage loans at fair value, and asset-backed secured financing	-905	0
Capitalization of interest on mortgage loans at fair value	-40,805	-25,017
Accrual of interest on excess servicing spread	-9,578	0
Amortization of credit facility commitment fees and debt issuance costs	7,298	6,280
(Reversal) accrual of costs related to forward purchase agreements	-168	3,420
Net gain on investments	-186,109	-159,900
Change in fair value, amortization and impairment of mortgage servicing rights	30,285	17,200
Results of real estate acquired in settlement of loans	23,900	7,477
Share-based compensation expense	4,356	4,066
Purchases of mortgage loans acquired for sale at fair value	-20,759,885	-25,984,356
Purchases of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	-4,955	-12,339
Sales of mortgage loans acquired for sale at fair value to nonaffiliates	8,534,637	13,229,726
Sales of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	11,947,251	12,429,698
Increase in servicing advances	-14,347	-13,051
Decrease in due from PennyMac Financial Services, Inc.	2,163	4,716
Increase in other assets	-70,252	-12,472
Increase (decrease) in accounts payable and accrued liabilities	6,038	-12,434
Increase in payable to PennyMac Financial Services, Inc.	3,076	8,414
Increase in income taxes payable	6,273	18,524
Net cash used by operating activities	-383,396	-432,165
Cash flows from investing activities	'	'
Net decrease (increase) in short-term investments	54,946	-41,919
Purchases of mortgage-backed securities at fair value	-73,922	-199,558
Repayments of mortgage-backed securities at fair value	9,830	0
Purchase of Agency debt security	0	-12,000
Purchases of mortgage loans at fair value	-283,017	-779,015
Sales and repayments of mortgage loans at fair value	532,375	193,914
Repayments of mortgage loans under forward purchase agreements at fair value	6,413	8,000
Purchase of excess servicing spread from PennyMac Financial Services, Inc.	-82,646	-2,828
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	25,280	0
Settlements of derivative financial instruments	-7,879	0
Purchase of real estate acquired in settlement of loans	-3,049	-82
Sales of real estate acquired in settlement of loans	124,794	98,103
Sales of real estate acquired in settlement of loans under forward purchase agreements	5,365	65
Purchase of mortgage servicing rights	0	-1,881
Sale of mortgage servicing rights	137	0
Increase in margin deposits and restricted cash	-350	-22,314
Net cash provided (used) by investing activities	308,277	-759,515
Cash flows from financing activities	'	'
Sales of assets under agreement to repurchase	26,109,117	25,827,489
Repurchases of assets sold under agreements to repurchase	-25,732,035	-25,103,532
Repayments of borrowings under forward purchase agreements	-227,866	-18,618
Issuance of asset-backed secured financing at fair value	0	170,008
Payment of asset-backed secured financing at fair value	-6,161	0
Issuance of exchangeable senior notes	0	250,000
Payment of exchangeable senior notes issuance costs	0	-7,425
Issuance of common shares	82,453	261,595
Payment of common share underwriting and offering costs	-1,052	-12,321
Payment of contingent underwriting fees payable	-1,295	-1,803
Payment of dividends	-128,966	-107,405
Net cash provided by financing activities	94,195	1,257,988
Net increase in cash	19,076	66,308
Cash at beginning of period	27,411	33,756
Cash at end of period	$46,487	$100,064

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2014
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 (“common 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 production and investment activities:
		•	The correspondent production 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 indirect subsidiaries of PennyMac Financial Services, Inc. (“PFSI”).
	Most of the loans the Company has acquired in its correspondent production 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 its acquired distressed mortgage loans 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, the Company pays PCM a management fee with a base component and a performance incentive component.
	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 “ASC”) and with the SEC’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by U.S. GAAP for complete financial statements. The interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “Annual Report”). 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.

Concentration_of_Risks

Concentration of Risks	9 Months Ended
	Sep. 30, 2014
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 Servicer’s 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 mortgage loans and REO purchased by the Company has been acquired from or through one or more subsidiaries of Citigroup Inc. The following tables present purchases for the Company’s investment portfolio of mortgage loans and REO (including purchases under forward purchase agreements), and the portion thereof representing assets purchased from or through one or more subsidiaries of Citigroup Inc.:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014		2013			2014			2013
			(in thousands)
	Investment portfolio purchases:
	Mortgage loans		$	—	$	580,822		$	284,403		$	1,024,404
	REO			—		3,597			3,117			3,686
			$	—	$	584,419		$	287,520		$	1,028,090
	Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
	Mortgage loans		$	—	$	—		$	26,737		$	443,183
	REO			—		3,597			68			3,686
			$	—	$	3,597		$	26,805		$	446,869
	Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.:
			September 30,		December 31,
			2014		2013
			(in thousands)
	Mortgage loans at fair value		$	974,402	$	1,138,131
	Mortgage loans under forward purchase agreements at fair value			—		218,128
	REO			114,195		84,726
	REO under forward purchase agreements			—		8,705
			$	1,088,597	$	1,449,690
	Total holdings of mortgage loans and REO		$	2,837,096	$	2,966,525
	During the year 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 mortgage loans and REO (collectively, the “CGM Assets”). The CGM Assets were acquired by CGM from unaffiliated money center banks and were held in a trust subsidiary by CGM pending settlement by the Company. The commitment under the forward purchase agreement was settled in full during the quarter ended June 30, 2014.
	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 include the following amounts related to the forward purchase agreements:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014		2013			2014			2013
			(in thousands)
	Statements of income:
	Interest income		$	—	$	1,197		$	3,584		$	1,457
	Interest expense		$	—	$	1,763		$	2,364		$	2,013
	Net gain on investments		$	—	$	8,378		$	803		$	7,688
	Net loan servicing fees		$	—	$	—		$	517		$	—
	Results of REO		$	—	$	(41	)	$	(473	)	$	(41	)
	Statements of cash flows:
	Repayments of mortgage loans		$	—	$	8,000		$	6,413		$	8,000
	Sales of REO		$	—	$	65		$	5,365		$	65
	Repayments of borrowings under forward purchase agreements		$	—	$	(18,618	)	$	(227,866	)	$	(18,618	)
	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.

Transactions_with_Related_Part

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Transactions with Related Parties	'
	Note 3—Transactions with Related Parties
	Following is a summary of correspondent production activity between the Company and PFSI:
			Quarter ended					Nine months
			September 30,					ended September 30,
			2014			2013		2014			2013
			(in thousands)
	Loan fulfillment fees payable to PFSI		$	15,497		$	18,327	$	36,832		$	68,625
	Unpaid principal balance of loans fulfilled by PFSI		$	3,677,613		$	3,681,771	$	8,588,955		$	12,792,482
	Sourcing fees received from PFSI		$	1,384		$	1,204	$	3,401		$	3,563
	Fair value of loans sold to PFSI		$	4,861,392		$	4,147,535	$	11,947,251		$	12,429,698
	At period end:
	Mortgage loans included in mortgage loans acquired for sale pending sale to PFSI		$	59,719		$	273,007
	Following is a summary of mortgage loan servicing fees payable to PFSI:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Mortgage loans acquired for sale at fair value:
	Base		$	28		$	62	$	74		$	231
	Activity-based			35			77		112			260
				63			139		186			491
	Distressed mortgage loans:
	Base			4,679			4,166		14,620			11,737
	Activity-based			4,076			3,414		16,208			7,739
				8,755			7,580		30,828			19,476
	MSRs:
	Base			3,459			2,911		9,930			7,037
	Activity-based			48			108		152			247
				3,507			3,019		10,082			7,284
			$	12,325		$	10,738	$	41,096		$	27,251
	Following is a summary of the base management and performance incentive fees payable to PFSI recorded by the Company:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Management fee:
	Base		$	6,033		$	5,104	$	17,392		$	14,043
	Performance incentive			3,590			3,435		9,217			9,443
			$	9,623		$	8,539	$	26,609		$	23,486
	In the event of termination of the management agreement between the Company and PFSI, PFSI may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PFSI, in each case during the 24-month period before termination.
	Following is a summary of investment activity between the Company and PFSI:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Purchases of excess servicing spread		$	9,253		$	2,828	$	82,646		$	2,828
	Interest income from excess servicing spread		$	3,577		$	—	$	9,578		$	—
	Net (loss) gain on excess servicing spread purchased from PFSI at fair value		($	7,396	)	$	29	($	17,834	)		29
	Excess servicing spread recapture recognized		$	2,143		$	—	$	6,558		$	—
	MSR recapture recognized		$	—		$	86	$	9		$	586
	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 (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 quarter and nine months ended September 30, 2014, the Company paid $256,000 and $292,000 to PCM.
	The Company has also agreed to pay the IPO underwriters an amount to which it agreed at the time of the offering if the Company satisfies certain performance measures over a specified period. 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 quarter and nine months ended September 30, 2014, the Company paid $615,000 and $1.0 million to the underwriters, respectively.
	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 amounts will be paid in full. The term of the reimbursement agreement expires on February 1, 2019.
	The Company reimburses PFSI and its affiliates for other expenses, including common overhead expenses and other expenses incurred on its behalf by PFSI, in accordance with the terms of its management agreement as summarized below:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Reimbursement of:
	Common overhead incurred by PFSI		$	2,912		$	2,552	$	8,181		$	8,359
	Expenses incurred on the Company’s behalf			122			1,934		671			3,767
			$	3,034		$	4,486	$	8,852		$	12,126
Payments and settlements during the period (1)		$	31,621		$	29,315	$	72,975		$	94,606
-1	Payments and settlements include payments for management fees and correspondent production activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PFSI.
Amounts due to PFSI are summarized below:
		September 30,			December 31,
		2014			2013
		(in thousands)
Management fees		$	9,623		$	8,924
Servicing fees			6,942			5,915
Allocated expenses			3,360			2,009
Contingent underwriting fees			1,495			1,788
		$	21,420		$	18,636
Amounts due from PFSI totaled $4.3 million and $6.0 million at September 30, 2014 and December 31, 2013, respectively. At September 30, 2014, the balance represents payments receivable relating to cash flows from the Company’s investment in ESS and amounts receivable relating to unsettled MSR and ESS recaptures.
PFSI held 75,000 of the Company’s common shares at both September 30, 2014 and December 31, 2013.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Note 4—Earnings Per Share
	Basic earnings per share is determined 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. 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 the Company’s exchangeable senior notes (the “Notes”), by the weighted-average common shares outstanding, assuming all potentially dilutive securities were issued. In periods in which the Company records a loss, potentially dilutive securities 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:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands except per share amounts)
	Basic earnings per share:
	Net income	$	54,949		$	39,701		$	168,033		$	147,494
	Effect of participating securities—share-based compensation awards		(305	)		(374	)		(1,360	)		(1,656	)
	Net income attributable to common shareholders	$	54,644		$	39,327		$	166,673		$	145,838
	Weighted-average shares outstanding		74,140			64,405			73,254			60,809
	Basic earnings per share	$	0.74		$	0.61		$	2.28		$	2.4
	Diluted earnings per share:
	Net income	$	54,949		$	39,701		$	168,033		$	147,494
	Interest on Notes, net of income taxes		2,081			2,075			6,237			3,457
	Net income attributable to diluted shareholders	$	57,030		$	41,776		$	174,270		$	150,951
	Weighted-average shares outstanding		74,140			64,405			73,254			60,809
	Potentially dilutive securities:
	Shares issuable pursuant exchange of the Notes		8,401			8,379			8,401			4,726
	Shares issuable under share-based compensation plan		291			337			323			363
	Diluted weighted-average number of shares outstanding		82,832			73,121			81,978			65,898
	Diluted earnings per share	$	0.69		$	0.57		$	2.13		$	2.29

Loan_Sales_and_Variable_Intere

Loan Sales and Variable Interest Entities	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Loan Sales and Variable Interest Entities	'
	Note 5—Loan Sales and Variable Interest Entities
	The Company is a variable interest holder in various special purpose entities that relate to its loan transfer and financing activities. These entities are classified as variable interest entities (“VIEs”) for accounting. The Company has segregated its involvement with VIEs between those VIEs which the Company does not consolidate and those VIEs which the Company consolidates.
	Unconsolidated VIEs with Continuing Involvement
	The following table summarizes cash flows between the Company and transferees in transfers that are accounted for as sales where PMT maintains continuing involvement with the mortgage loans as well as unpaid principal balance information at period end:
			Quarter ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
			(in thousands)
	Cash flows:
	Proceeds from sales		$	3,745,193	$	4,185,246	$	8,534,637		13,229,726
	Servicing fees received (1)		$	17,797	$	14,107	$	52,704	$	35,015
	Period end information:
	Unpaid principal balance of mortgage loans outstanding		$	32,134,609	$	23,717,643
	Unpaid principal balance of delinquent mortgage loans:
	30-89 days delinquent		$	87,374	$	50,746
	90 or more days delinquent
	Not in foreclosure			20,708		4,812
	In foreclosure or bankruptcy			11,583		3,292
				32,291		8,104
			$	119,665	$	58,850
	-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 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 and, as a result, the Company consolidates the VIE. Consolidation of the VIE results in the securitized mortgage loans remaining on the consolidated balance sheets of the Company and the certificates issued by the VIE to nonaffiliates being accounted for as secured financing. 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 repayment of the certificates.

Netting_of_Financial_Instrumen

Netting of Financial Instruments	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Netting of Financial Instruments	'
	Note 6—Netting of Financial Instruments
	The Company uses derivative financial instruments to manage exposure to interest rate risk created by its MBS, interest rate lock commitments (“IRLC”), mortgage loans acquired for sale at fair value, mortgage loans at fair value, ESS 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 legally enforceable master netting arrangement. The derivative financial instruments that are not subject to master netting arrangements are IRLCs.
	Offsetting of Derivative Assets
	Following is a summary of net derivative assets. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements.
		September 30, 2014								December 31, 2013
		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	$	830	$	—		$	830		$	272	$	—		$	272
	MBS call options		239		—			239			—		—			—
	Forward purchase contracts		4,614		—			4,614			1,229		—			1,229
	Forward sale contracts		1,142		—			1,142			16,385		—			16,385
	Treasury future sale contracts		857		—			857			—		—			—
	Put options on Eurodollar futures		422		—			422			566		—			566
	Call options on Eurodollar futures		666		—			666			—		—			—
	Netting		—		(3,938	)		(3,938	)		—		(12,986	)		(12,986	)
			8,770		(3,938	)		4,832			18,452		(12,986	)		5,466
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		5,512		—			5,512			2,510		—			2,510
		$	14,282	$	(3,938	)	$	10,344		$	20,962	$	(12,986	)	$	7,976
	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 to qualify for netting.
		September 30, 2014										December 31, 2013
				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		instruments			collateral			amount		of assets			instruments			collateral		amount
		presented					received					presented						received
		in the										in the
		consolidated										consolidated
		balance sheet										balance sheet
		(in thousands)
	Interest rate lock commitments	$	5,512	$	—		$	—		$	5,512	$	2,510		$	—		$	—	$	2,510
	RJ O’Brien		1,664		—			—			1,664		566			—			—		566
	Bank of America, N.A.		1,170		—			—			1,170		1,024			—			—		1,024
	JP Morgan		617		—			—			617		—								—
	Credit Suisse First Boston Mortgage Capital LLC		370		—			—			370		196			—			—		196
	Nomura		266		—			—			266		273								273
	Other		745		—			—			745		3,407			—			—		3,407
	Total	$	10,344	$	—		$	—		$	10,344	$	7,976		$	—		$	—	$	7,976
	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 netting.
		September 30, 2014								December 31, 2013
		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	$	478	$	—		$	478		$	7,420	$	—		$	7,420
Forward sales contracts		5,272		—			5,272			1,295		—			1,295
Netting		—		(3,982	)		(3,982	)		—		(8,015	)		(8,015	)
		5,750		(3,982	)		1,768			8,715		(8,015	)		700
Derivatives not subject to master netting arrangements:
Interest rate lock commitments		121		—			121			1,261		—			1,261
		5,871		(3,982	)		1,889			9,976		(8,015	)		1,961
Assets sold under agreements to repurchase		2,416,686		—			2,416,686			2,039,605		—			2,039,605
	$	2,422,557	$	(3,982	)	$	2,418,575		$	2,049,581	$	(8,015	)	$	2,041,566
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 to qualify for netting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.
	September 30, 2014										December 31, 2013
			Gross amounts											Gross amounts
			not offset in the											not offset in the
			consolidated											consolidated
			balance sheet											balance sheet
	Net amount of		Financial			Cash			Net		Net amount of			Financial			Cash		Net
	liabilities		instruments			collateral			amount		liabilities			instruments			collateral		amount
	presented					pledged					presented						pledged
	in the										in the
	consolidated										consolidated
	balance										balance
	sheet										sheet
	(in thousands)
Interest rate lock commitments	$	121	$	—		$	—		$	121	$	1,261		$	—		$	—	$	1,261
Morgan Stanley Bank, N.A.		156,702		(156,157	)		—			545		30,226			(30,226	)		—		—
Bank of Oklahoma		244		—			—			244		—			—			—		—
Daiwa Capital Markets		129,887		(129,682	)		—			205		132,525			(132,525	)		—		—
Fannie Mae Capital Markets		196		—						196		—			—					—
Citibank		766,578		(766,476	)		—			102		945,015			(944,856	)		—		159
Credit Suisse First Boston Mortgage Capital LLC		685,521		(685,521	)		—			—		523,546			(523,546	)		—		—
Bank of America, N.A.		459,728		(459,728	)		—			—		408,452			(408,452	)		—		—
RBS Securities Inc.		219,122		(219,122	)		—			—		—			—			—		—
Other		476		—			—			476		541			—			—		541
Total	$	2,418,575	$	(2,416,686	)	$	—		$	1,889	$	2,041,566		$	(2,039,605	)	$	—	$	1,961

Fair_Value

Fair Value	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value	'
	Note 7—Fair Value
	The Company’s consolidated financial statements include assets and liabilities that are measured based on their 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 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 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 of the VIE 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 the mortgage loans at fair value collateralizing this financing.
	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 MSRs relating to mortgage loans with initial interest rates of less than or equal to 4.5% 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’ fair values. Management has identified these assets to be accounted for using the amortization method.
	Management’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’ fair values.
	For assets sold under agreements to repurchase, borrowings under forward purchase agreements and the 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 fair value on a recurring basis:
			September 30, 2014
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	37,452		$	—		$	—		$	37,452
	Mortgage-backed securities at fair value			—			267,885			—			267,885
	Mortgage loans acquired for sale at fair value			—			688,850			—			688,850
	Mortgage loans at fair value			—			530,809			2,031,102			2,561,911
	Excess servicing spread purchased from PFSI			—			—			187,368			187,368
	Derivative assets:
	Interest rate lock commitments			—			—			5,512			5,512
	MBS put options			—			830			—			830
	MBS call options			—			239			—			239
	Forward purchase contracts			—			4,614			—			4,614
	Forward sales contracts			—			1,142			—			1,142
	Treasury futures			—			857			—			857
	Put options on Eurodollar futures			—			422			—			422
	Call options on Eurodollar futures			—			666			—			666
	Total derivative assets before netting before netting			—			8,770			5,512			14,282
	Netting (1)			—			(3,938	)		—			(3,938	)
	Total derivative assets after netting			—			4,832			5,512			10,344
	Mortgage servicing rights at fair value			—			—			57,871			57,871
			$	37,452		$	1,492,376		$	2,281,853		$	3,811,681
	Liabilities:
	Asset-backed secured financing of the variable interest entity at fair value		$	—		$	166,841		$	—		$	166,841
	Derivative liabilities:
	Interest rate lock commitments			—			—			121			121
	Forward purchase contracts			—			478			—			478
	Forward sales contracts			—			5,272			—			5,272
	Total derivative liabilities before netting			—			5,750			121			5,871
	Netting (1)			—			(3,982	)		—			(3,982	)
	Total derivative liabilities after netting			—			1,768			121			1,889
	Total liabilities		$	—		$	168,609		$	121		$	168,730
	-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, 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			—			523,652			2,076,665			2,600,317
	Mortgage loans under forward purchase agreements at fair value			—			—			218,128			218,128
	Excess servicing spread purchased from PFSI			—			—			138,723			138,723
	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	)		—			(12,986	)
	Total derivative assets after netting			—			5,466			2,510			7,976
	Mortgage servicing rights at fair value			—			—			26,452			26,452
		$	92,398		$	1,184,656		$	2,462,478		$	3,739,532
Liabilities:
Asset-backed secured financing of the variable interest entity 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	)		—			(8,015	)
Total derivative liabilities			—			700			1,261			1,961
Total liabilities		$	—		$	166,115		$	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.
The following is a summary of changes in items measured using Level 3 inputs on a recurring basis:
		Quarter ended September 30, 2014
		Mortgage			Excess			Interest			Mortgage			Total
		loans			servicing			rate lock			servicing
		at fair value			spread			commitments(1)			rights
		(in thousands)
Assets:
Balance, June 30, 2014		$	2,156,501		$	190,244		$	11,087		$	46,802		$	2,404,634
Purchases			—			9,253			—			—			9,253
Repayments and sales			(126,413	)		(8,786	)		—			(137	)		(135,336	)
Accrual of interest			—			3,577			—			—			3,577
ESS received pursuant to a recapture agreement with PFSI			—			2,619			—			—			2,619
Interest rate lock commitments issued, net			—			—			14,046			—			14,046
Capitalization of interest			10,451			—			—			—			10,451
Servicing received as proceeds from sales of mortgage loans			—			—			—			12,812			12,812
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			13,850			—									13,850
Other factors			67,446			(9,539	)		843			(1,606	)		57,144
			81,296			(9,539	)		843			(1,606	)		70,994
Transfers of mortgage loans to REO			(90,733	)		—			—			—			(90,733	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value			—			—			(20,585	)		—			(20,585	)
Balance, September 30, 2014		$	2,031,102		$	187,368		$	5,391		$	57,871		$	2,281,732
Changes in fair value recognized during the period relating to assets still held at September 30, 2014		$	70,713		$	(9,539	)	$	5,391		$	(1,606	)	$	64,959
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		Quarter ended September 30, 2013
		Mortgage			Agency			Mortgage loans			Excess			Net interest			Mortgage			Total
		loans			Debt			under forward			servicing			rate lock			servicing
		at fair value						purchase			spread			commitments (1)			rights
								agreements
		(in thousands)
Assets:
Balance, June 30, 2013		$	1,309,765		$	—		$	242,531		$	—		$	(16,967	)	$	1,827		$	1,537,156
Purchases			579,260			12,000			1,710			2,828			—			1,696			597,494
Repayments			(59,404	)		—			(8,000	)		—			—			—			(67,404	)
Interest rate lock commitments issued, net			—			—			—			—			16,299			—			16,299
Capitalization of interest			13,203			—			—			—			—			—			13,203
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			—			7,939			7,939
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			18,732			—			69			—									18,801
Other factors			20,876			578			8,309			29			4,841			(465	)		34,168
			39,608			578			8,378			29			4,841			(465	)		52,969
Transfers of mortgage loans under forward purchase agreements to mortgage loans			13,018			—			(13,018	)		—									—
Transfers of mortgage loans to REO			(46,794	)		—			—			—									(46,794	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(3,515	)		—									(3,515	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			7,273			—			7,273
Balance, September 30, 2013		$	1,848,656		$	12,578		$	228,086		$	2,857		$	11,446		$	10,997		$	2,114,620
Changes in fair value recognized during the period relating to assets still held at September 30, 2013		$	33,062		$	578		$	6,949		$	29		$	11,446		$	(465	)	$	51,599
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		Nine months ended September 30, 2014
		Mortgage			Mortgage			Excess			Interest			Mortgage			Total
		loans			loans under			servicing			rate lock			servicing
		at fair value			forward			spread			commitments (1)			rights
					purchase
					agreements
		(in thousands)
Assets:
Balance, December 31, 2013		$	2,076,665		$	218,128		$	138,723		$	1,249		$	26,452		$	2,461,217
Purchases			283,017			1,386			82,646			—			—			367,049
Repayments and sales			(513,843	)		(6,413	)		(25,280	)		—			(137	)		(545,673	)
Accrual of interest			—			—			9,578			—			—			9,578
ESS received pursuant to a recapture agreement with PFSI			—			—			6,093			—			—			6,093
Interest rate lock commitments issued, net			—			—			—			45,800			—			45,800
Capitalization of interest			39,005			1,800			—			—			—			40,805
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			39,954			39,954
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			54,612			2,269			—									56,881
Other factors			139,393			(1,466	)		(24,392	)		12,837			(8,398	)		117,974
			194,005			803			(24,392	)		12,837			(8,398	)		174,855
Transfers of mortgage loans under forward purchase agreements to mortgage loans			205,902			(205,902	)		—			—			—			—
Transfers of mortgage loans to REO			(253,649	)		—			—			—			—			(253,649	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			(9,802	)		—			—			—			(9,802	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			(54,495	)		—			(54,495	)
Balance, September 30, 2014		$	2,031,102		$	—		$	187,368		$	5,391		$	57,871		$	2,281,732
Changes in fair value recognized during the period relating to assets still held at September 30, 2014		$	126,773		$	—		$	(24,392	)	$	5,391		$	(8,398	)	$	99,374
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		Nine months ended September 30, 2013
		Mortgage			Agency			Mortgage			Excess			Net interest			Mortgage			Total
		loans			Debt			loans under			servicing			rate lock			servicing
		at fair value						forward			spread			commitments (1)			rights
								purchase
								agreements
		(in thousands)
Assets:
Balance, June 30, 2013		$	1,189,971		$	—		$	—		$	—		$	19,479		$	1,346		$	1,210,796
Purchases			779,746			12,000			245,020			2,828			—			1,881			1,041,475
Repayments			(194,645	)		—			(8,000	)		—			—			—			(202,645	)
Interest rate lock commitments issued, net			—			—			—			—			71,195			—			71,195
Capitalization of interest			25,017			—			—			—			—			—			25,017
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			—			8,043			8,043
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			31,176			—			69			—									31,245
Other factors			119,935			578			7,619			29			(25,831	)		(273	)		102,057
			151,111			578			7,688			29			(25,831	)		(273	)		133,302
Transfers of mortgage loans under forward purchase agreements to mortgage loans			13,018			—			(13,018	)		—									—
Transfers of mortgage loans to REO			(115,562	)		—			—			—									(115,562	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(3,604	)		—									(3,604	)
Transfers of interest rate lock commitments to mortgage loans			—			—			—			—			(53,397	)		—			(53,397	)
Balance, September 30, 2013		$	1,848,656		$	12,578		$	228,086		$	2,857		$	11,446		$	10,997		$	2,114,620
Changes in fair value recognized during the period relating to assets still held at September 30, 2013		$	102,843		$	578		$	6,106		$	29		$	11,446		$	(273	)	$	120,729
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
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):
		September 30, 2014
		Fair value			Principal			Difference
					amount due
					upon maturity
		(in thousands)
Mortgage loans acquired for sale:
Current through 89 days delinquent		$	688,850		$	664,540		$	24,310
90 or more days delinquent (1)
Not in foreclosure			—			—			—
In foreclosure			—			—			—
			—			—			—
			688,850			664,540			24,310
Mortgage loans at fair value:
Current through 89 days delinquent			1,122,391			1,371,396			(249,005	)
90 or more days delinquent (1)
Not in foreclosure			558,095			860,281			(302,186	)
In foreclosure			881,425			1,339,090			(457,665	)
			1,439,520			2,199,371			(759,851	)
			2,561,911			3,570,767			(1,008,856	)
		$	3,250,761		$	4,235,307		$	(984,546	)
-1	Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed.
		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			—			—			—
			169			162			7
			458,137			447,386			10,751
Mortgage loans and mortgage loans under forward purchase agreements at fair value:
Current through 89 days delinquent			1,170,918			1,506,175			(335,257	)
90 or more days delinquent (1)
Not in foreclosure			738,043			1,190,403			(452,360	)
In foreclosure			909,484			1,493,644			(584,160	)
			1,647,527			2,684,047			(1,036,520	)
			2,818,445			4,190,222			(1,371,777	)
		$	3,276,582		$	4,637,608		$	(1,361,026	)
-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:
		Quarter ended September 30, 2014
		Net gain on			Net			Net gain			Net loan			Total
		mortgage			interest			on			servicing
		loans			income			investments			fees
		acquired
		for sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			—			108			(821	)		—			(713	)
Mortgage loans acquired for sale at fair value			19,977			—			—			—			19,977
Mortgage loans at fair value			—			385			78,717			—			79,102
Mortgage loans under forward purchase agreements at fair value			—			—			—			—			—
Excess servicing spread at fair value			—			—			(7,396	)		—			(7,396	)
Mortgage servicing rights at fair value			—			—			—			(1,606	)		(1,606	)
		$	19,977		$	493		$	70,500		$	(1,606	)	$	89,364
Liabilities:
Asset-backed secured financing at fair value		$	—		$	(124	)	$	696		$	—		$	572
		$	—		$	(124	)	$	696		$	—		$	572
		Quarter ended September 30, 2013
		Net loss on			Net			Net gain			Net loan			Total
		mortgage			interest			on			servicing
		loans			income			investments			fees
		acquired
		for sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			—			—			5,356			—			5,356
Agency debt securities			—			—			578			—			578
Mortgage loans acquired for sale at fair value			(14,519	)		—			—			—			(14,519	)
Mortgage loans at fair value			—			—			39,608			—			39,608
Mortgage loans under forward purchase agreements at fair value			—			—			8,378			—			8,378
Excess servicing spread at fair value			—			—			29			—			29
Mortgage servicing rights at fair value			—			—			—			(465	)		(465	)
		$	(14,519	)	$	—		$	53,949		$	(465	)	$	38,965
		Nine months ended September 30, 2014
		Net gain on			Net			Net gain			Net loan			Total
		mortgage			interest			on			servicing
		loans			income			investments			fees
		acquired
		for sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			—			296			6,096			—			6,392
Mortgage loans acquired for sale at fair value			69,812			—			—			—			69,812
Mortgage loans at fair value			—			938			218,912			—			219,850
Mortgage loans under forward purchase agreements at fair value			—			—			803			—			803
Excess servicing spread at fair value			—			—			(17,834	)		—			(17,834	)
Mortgage servicing rights at fair value			—			—			—			(8,398	)		(8,398	)
		$	69,812		$	1,234		$	207,977		$	(8,398	)	$	270,625
Liabilities:
Asset-backed secured financing at fair value		$	—		$	(328	)	$	(7,258	)	$	—		$	(7,586	)
		$	—		$	(328	)	$	(7,258	)	$	—		$	(7,586	)
		Nine months ended September 30, 2013
		Net gain on			Net			Net gain			Net loan			Total
		mortgage			interest			on			servicing
		loans			income			investments			fees
		acquired
		for sale
		(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			—			—			5,356			—			5,356
Mortgage loans acquired for sale at fair value			(46,699	)		—			—			—			(46,699	)
Mortgage loans at fair value			—			—			151,111			—			151,111
Agency debt securities			—			—			578			—			578
Mortgage loans under forward purchase agreements at fair value			—			—			7,689			—			7,689
Excess servicing spread at fair value			—			—			29			—			29
Mortgage servicing rights at fair value			—			—			—			—			—
		$	(46,699	)	$	—		$	164,763		$	—		$	118,064
Financial Statement Items Measured at Fair Value on a Nonrecurring Basis
Following is a summary of financial statement items that are measured at fair value on a nonrecurring basis:
		September 30, 2014
		Level 1			Level 2			Level 3			Total
		(in thousands)
Real estate asset acquired in settlement of loans		$	—		$	—		$	138,558		$	138,558
Mortgage servicing rights at lower of amortized cost or fair value			—			—			78,176			78,176
		$	—		$	—		$	216,734		$	216,734
		December 31, 2013
		Level 1			Level 2			Level 3			Total
		(in thousands)
Real estate asset acquired in settlement of loans		$	—		$	—		$	63,043		$	63,043
Real estate asset 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
		$	—		$	—		$	254,870		$	254,870
The following table summarizes the net losses recognized during the period on assets measured at estimated fair values on a nonrecurring basis:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
Real estate asset acquired in settlement of loans		$	(14,242	)	$	(4,554	)	$	(24,027	)	$	(8,191	)
Real estate asset acquired in settlement of loans under forward purchase agreements		$	—		$	(29	)	$	—		$	(29	)
Mortgage servicing rights at lower of amortized cost or fair value			602			(212	)		(2,249	)		3,495
		$	(13,640	)	$	(4,795	)	$	(26,276	)	$	(4,725	)
Real Estate Acquired in Settlement of Loans
The Company measures its investment in REO at the respective properties’ fair values less cost to sell on a nonrecurring basis. The initial carrying value of the REO is measured by cost as indicated by the purchase price in the case of purchased REO or as measured by the fair value of the mortgage loan immediately before 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 property’s cost 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 pools with 50 basis point interest rate ranges for fixed-rate mortgage loans with interest rates between 3% and 4.5% and a single pool for mortgage loans with interest 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 interest rate pools is below the amortized cost of the MSRs reduced by the existing valuation allowance for that pool, 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 fair value of the MSRs subsequently increases, the increase in fair value is recognized in current period income only to the extent of the valuation allowance for the respective impairment stratum.
Management periodically reviews the various impairment strata to determine whether the fair value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of 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.
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 fair values of Cash, Assets sold 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.
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. The Company has classified these financial instruments as “Level 3” financial statement items as of September 30, 2014 due to the lack of current market activity and the Company’s reliance on unobservable inputs to estimate these instruments’ fair values.
The Notes are carried at amortized cost. The fair value of the Notes at September 30, 2014 and December 31, 2013 was $244.0 million and $238.4 million, respectively. 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 September 30, 2014 due to the lack of current market activity and the use of broker’s indication of value to estimate the instrument’s fair values.
Valuation Techniques and Inputs
Most of the Company’s financial 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’ fair 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.
Due to the difficulty in estimating the fair value of “Level 3” financial statement items, PFSI has assigned the estimating of fair value of these assets to PFSI’s specialized staff and subjects the valuation process to significant executive management oversight. PFSI’s 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, estimates the fair value of “Level 3” financial instruments and MSRs.
The FAV group reports to PFSI’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 PFSI. 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 PFSI’s 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 PFSI’s valuation committee on a monthly basis on the changes in the valuation of the Level 3 assets and liabilities it values, 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 valuation 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
The Company’s MBS securities presently include Agency and senior non-agency MBS, Agency and senior non-Agency MBS are categorized as “Level 2” financial statement items. Fair value of Agency and senior non-Agency MBS is estimated based on quoted market prices for similar securities.
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 and mortgage loans at fair value held in a VIE, are categorized as “Level 2” financial statement items. The fair values of mortgage loans acquired for sale at fair value are estimated using their quoted market or contracted price or market price equivalent. For the mortgage loans at fair value held in a VIE, the fair values of all of the individual securities issued by the securitization trust are used to derive a fair value for the mortgage loans.
	•		Loans that are not saleable into active markets, comprised of the Company’s mortgage loans at fair value held outside the VIE 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, property type or contracted selling price, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds and loss severities.
The valuation process includes the computation by stratum of the fair values 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 PFSI’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 and mortgage loans under forward purchase agreements at fair value:
Key inputs		September 30, 2014		December 31, 2013
Mortgage loans at fair value
Discount rate
Range		5.4% – 15.0%		8.7% – 16.9%
Weighted average		8.90%		12.70%
Twelve-month projected housing price index change
Range		4.0% – 5.1%		2.5% – 4.3%
Weighted average		4.80%		3.70%
Prepayment speed (1)
Range		0.0% – 7.4%		0.0% – 3.9%
Weighted average		3.00%		2.00%
Total prepayment speed (2)
Range		0.0% – 27.5%		0.3% – 33.9%
Weighted average		21.60%		24.30%
Mortgage loans under forward purchase agreements
Discount rate
Range		—		9.5% – 13.5%
Weighted average		—		11.90%
Twelve-month projected housing price index change
Range		—		3.3% – 4.2%
Weighted average		—		3.80%
Prepayment speed (1)
Range		—		1.1% – 2.9%
Weighted average		—		2.20%
Total prepayment speed (2)
Range		—		13.4% – 27.9%
Weighted average		—		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 ESS include prepayment speed and discount rate. Significant changes to those inputs in isolation may 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 fair 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 ESS, thereby reducing the fair value of ESS. Reductions in the fair 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 interest yield from the ESS through the expected life of the underlying mortgages. Changes to expected interest yield result in a change in Interest income which is recorded in Interest income. Changes to expected cash flows 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:
Key inputs		September 30, 2014		December 31, 2013
Unpaid principal balance of underlying mortgage loans (in thousands)		$27,702,102		$20,512,659
Average servicing fee rate (in basis points)		31		32
Average ESS rate (in basis points)		16		16
Pricing spread (1)
Range		1.7% - 11.8%		2.8% - 14.4%
Weighted average		5.00%		5.40%
Life (in years)
Range		0.4 - 7.3		0.9 - 8.0
Weighted average		5.8		6.1
Annual total prepayment speed (2)
Range		7.6% - 72.4%		7.7% - 48.6%
Weighted average		10.80%		9.70%
-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 London Interbank Offered Rate (“LIBOR”) curve for purposes of discounting cash flows relating to ESS.
-2	Prepayment speed is measured using Life Total CPR.
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 “Level 3” financial statement items.
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 fair 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, may result in a significant change in fair value. 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:
Key inputs		September 30, 2014		December 31, 2013
Pull-through rate
Range		49.8% - 98.0%		64.8% - 98.0%
Weighted average		83.50%		86.40%
MSR value expressed as:
Servicing fee multiple
Range		1.6 - 5.2		1.4 - 5.1
Weighted average		3.9		4.1
Percentage of unpaid principal balance
Range		0.4% - 2.5%		0.4% - 1.3%
Weighted average		1.00%		1.00%
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 established 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 the Manager’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 Company’s discounted cash flow model are based on market factors which management believes are consistent with inputs and data used by market participants valuing similar 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 mortgage loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not necessarily directly related. The results of the estimates of fair value of MSRs are reported to PFSI’s valuation committee as part of their review and approval of monthly valuation results.
MSRs are generally subject to loss in fair 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 fair value. Reductions in the fair 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:
		Quarter ended September 30,
		2014			2013
Key inputs		Amortized		Fair	Amortized		Fair
		cost		value	cost		value
		(MSR recognized and unpaid principal balance of underlying loan amounts
		in thousands)
MSR recognized		$26,802		$12,812	$41,018		$7,939
Unpaid principal balance of underlying mortgage loans		$2,423,013		$1,234,028	$3,404,274		$707,891
Weighted-average annual servicing fee rate (in basis points)		25		25	25		25
Pricing spread (1)
Range		6.5% – 17.5%		8.8% – 13.5%	5.4% – 13.9%		7.4% - 9.6%
Weighted average		8.50%		9.10%	6.30%		8.00%
Life (in years)
Range		1.4 - 7.3		2.8 - 7.3	2.9 - 6.9		3.8 - 6.9
Weighted average		6.6		7.1	6.3		6.8
Annual total prepayment speed (2)
Range		7.6% – 48.8%		8.0% – 30.4%	8.5% – 15.6%		8.8% - 20.7%
Weighted average		9.20%		9.70%	8.90%		9.80%
Annual per-loan cost of servicing
Range		$68 – $140		$68 – $140	$68 – $68		$68 - $68
Weighted average		$70		$70	$68		$68
		Nine months ended September 30,
		2014			2013
Key inputs		Amortized		Fair	Amortized		Fair
		cost		value	cost		value
		(MSR recognized and unpaid principal balance of underlying loan amounts
		in thousands)
MSR recognized		$49,276		$39,954	$148,186		$8,043
Unpaid principal balance of underlying mortgage loans		$4,518,100		$3,784,142	$12,247,940		$717,877
Weighted-average annual servicing fee rate (in basis points)		25		25	26		25
Pricing spread (1)
Range		6.3% – 17.5%		8.5% - 13.5%	5.4% – 14.4%		7.4% - 14.4%
Weighted average		8.50%		9.10%	6.60%		8.00%
Life (in years)
Range		1.1 - 7.3		2.8 - 7.3	2.6 - 6.9		2.8 - 6.9
Weighted average		6.3		7.1	6.4		6.8
Annual total prepayment speed (2)
Range		7.6% – 56.4%		8.0% - 30.4%	8.5% – 23.6%		8.8% - 27.0%
Weighted average		9.70%		9.50%	9.00%		10.00%
Annual per-loan cost of servicing
Range		$68 – $140		$68 - $140	$68 – $140		$68 - $68
Weighted average		$69		$69	$68		$68
-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 fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable):
		September 30, 2014			December 31, 2013
		Amortized		Fair	Amortized		Fair
		cost		value	cost		value
		(Carrying value, unpaid principal balance and effect
		on fair value amounts in thousands)
Carrying value		$287,977		$57,871	$264,120		$26,452
Key inputs:
Unpaid principal balance of underlying mortgage loans		$26,459,404		$5,803,275	$23,399,612		$2,393,321
Weighted-average annual servicing fee rate (in basis points)		26		25	26		26
Weighted-average note interest rate		3.77%		4.78%	3.68%		4.78%
Pricing spread (1) (2)
Range		6.3% – 17.5%		7.6% – 15.3%	6.3% – 17.5%		7.3% – 15.3%
Weighted average		7.30%		9.10%	6.70%		8.60%
Effect on fair value of a:
5% adverse change		($5,718)		($1,024)	($5,490)		($488)
10% adverse change		($11,245)		($2,013)	($10,791)		($959)
20% adverse change		($21,759)		($3,897)	($20,861)		($1,855)
Weighted average life (in years)
Range		1.3 - 7.2		2.4 - 7.2	1.3 - 7.3		2.8 - 7.3
Weighted average		6.4		7	6.7		7.2
Prepayment speed (1) (3)
Range		7.7% - 52.7%		8.0% - 32.7%	7.7% - 51.9%		8.0% - 20.0%
Weighted average		8.60%		10.10%	8.20%		8.90%
Effect on fair value of a:
5% adverse change		($5,886)		($1,396)	($5,467)		($568)
10% adverse change		($11,589)		($2,742)	($10,765)		($1,117)
20% adverse change		($22,480)		($5,288)	($20,886)		($2,160)
Annual per-loan cost of servicing
Range		$68 – $140		$68 – $140	$68 – $140		$68 – $140
Weighted average		$68		$69	$68		$68
Effect on fair value of a:
5% adverse change		($1,905)		($364)	($1,695)		($158)
10% adverse change		($3,809)		($729)	($3,390)		($316)
20% adverse change		($7,619)		($1,457)	($6,780)		($633)
-1	The effect on value of an adverse change in one of the above-mentioned key inputs may result in recognition of MSR impairment. The extent of impairment recognized will depend on the relationship of fair value to the carrying value of MSRs.
-2	Pricing spread represents a margin that is added 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.
-3	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 inputs; do not incorporate changes in the inputs in relation to other inputs; 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 earnings forecasts.

Mortgage_Loans_Acquired_for_Sa

Mortgage Loans Acquired for Sale at Fair Value	9 Months Ended
	Sep. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
Mortgage Loans Acquired for Sale at Fair Value	'
	Note 8—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:
		September 30, 2014				December 31, 2013
		Fair		Unpaid		Fair		Unpaid
		value		principal		value		principal
				balance				balance
	Loan type	(in thousands)
	Conventional:
	Agency-eligible	$	451,288	$	434,584	$	311,162	$	304,749
	Jumbo		177,843		173,174		34,615		35,050
	Government-insured or guaranteed		59,719		56,782		112,360		107,587
		$	688,850	$	664,540	$	458,137	$	447,386
	Loans pledged to secure assets sold under agreements to repurchase	$	675,659			$	454,210
	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. 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 interest earned during the period it holds each such loan.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Financial Instruments	'
	Note 9—Derivative Financial Instruments
	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 MBS, IRLCs and inventory of mortgage loans acquired for sale. The Company records all derivative financial instruments at fair value and records changes in fair value in current period income.
	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 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. The Company periodically includes 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 in a VIE and MBS securities at fair value and the related variable rate repurchase agreement liabilities indexed to LIBOR. 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 LIBOR-indexed variable interest rate repurchase agreement liabilities.
	The Company does not use derivative financial instruments for purposes other than in support of its risk management activities other than IRLCs, which are generated in the normal course of business when the Company commits to purchase mortgage loans acquired for sale.
	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:
		September 30, 2014								December 31, 2013
				Fair value								Fair value
		Notional		Derivative			Derivative			Notional		Derivative			Derivative
	Instrument	amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments:
	Free-standing derivatives:
	Interest rate lock commitments		838,948	$	5,512		$	121			557,343	$	2,510		$	1,261
	Forward sales contracts		2,776,249		1,142			5,272			3,588,027		16,385			1,295
	Forward purchase contracts		1,910,139		4,614			478			2,781,066		1,229			7,420
	MBS put options		565,000		830			—			55,000		272			—
	MBS call options		50,000		239			—			110,000		—			—
	Eurodollar future sale contracts		6,262,000		—			—			8,779,000		—			—
	Treasury future sale contracts		85,000		857			—			105,000		—			—
	Call options on Eurodollar futures		355,000		666			—			—		—			—
	Put options on Eurodollar futures		220,000		422			—			52,500		566			—
	Total derivative instruments before netting				14,282			5,871					20,962			9,976
	Netting				(3,938	)		(3,982	)				(12,986	)		(8,015	)
				$	10,344		$	1,889				$	7,976		$	1,961
	Margin deposits with (collateral received from) derivatives counterparties			$	44							$	(4,971	)
	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:
		Quarter ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Quarter ended September 30, 2014
	Forward purchase contracts		3,058,604		8,191,022			(9,339,487	)		1,910,139
	Forward sales contracts		4,185,633		11,620,826			(13,030,210	)		2,776,249
	MBS put option		270,000		375,000			(345,000	)		300,000
	MBS call option		25,000		55,000			(50,000	)		30,000
		Quarter ended September 30, 2013
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Quarter ended September 30, 2013
	Forward purchase contracts		5,411,784		18,214,008			(21,291,203	)		2,334,589
	Forward sales contracts		7,728,066		21,440,627			(25,844,850	)		3,323,843
	MBS put options		460,000		180,000			(510,000	)		130,000
	MBS call options		725,000		300,000			(1,025,000	)		—
		Nine months ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Nine months ended September 30, 2014
	Forward purchase contracts		2,781,066		26,555,921			(27,426,848	)		1,910,139
	Forward sales contracts		3,463,027		35,672,348			(36,359,126	)		2,776,249
	MBS put option		55,000		1,070,000			(825,000	)		300,000
	MBS call option		110,000		80,000			(160,000	)		30,000
		Nine months ended September 30, 2013
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
Nine months ended September 30, 2013
Forward purchase contracts		2,206,539		45,301,457			(45,173,407	)		2,334,589
Forward sales contracts		4,266,983		58,817,165			(59,760,305	)		3,323,843
MBS put options		495,000		3,205,000			(3,570,000	)		130,000
MBS call options		—		2,200,000			(2,200,000	)		—
The Company recorded net (losses) gains on derivative financial instruments used to hedge the Company’s IRLCs and inventory of mortgage loans totaling $(4.5) million and $3.1 million for the quarters ended September 30, 2014 and 2013, respectively, and $(44.0) million and $143.2 million for the nine months ended September 30, 2014 and 2013, 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 following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s MSRs:
	Quarter ended September 30, 2014
	Balance,								Balance,
	beginning					Dispositions/			end
Period/Instrument	of period		Additions			expirations			of period
	(in thousands)
Quarter ended September 30, 2014
Forward purchase contracts		—		25,000			(25,000	)		—
Forward sales contracts		—		50,000			(50,000	)		—
MBS put option		25,000		165,000			(25,000	)		165,000
MBS call option		70,000		20,000			(70,000	)		20,000
Treasury future sale contracts		—		43,900			(43,900	)		—
Treasury future purchase contracts		—		27,700			(27,700	)		—
Put option on Eurodollar futures		40,000		325,000			(265,000	)		100,000
Call option on Eurodollar futures		130,000		390,000			(275,000	)		245,000
	Nine months ended September 30, 2014
	Balance,								Balance,
	beginning					Dispositions/			end
Period/Instrument	of period		Additions			expirations			of period
	(in thousands)
Nine months ended September 30, 2014
Forward purchase contracts		—		95,000			(95,000	)		—
Forward sales contracts		—		110,000			(110,000	)		—
MBS put option		—		190,000			(25,000	)		165,000
MBS call option		—		150,000			(130,000	)		20,000
Treasury future sale contracts		—		76,700			(76,700	)		—
Treasury future purchase contracts		—		53,300			(53,300	)		—
Put option on Eurodollar futures		—		690,000			(590,000	)		100,000
Call option on Eurodollar futures		—		670,000			(425,000	)		245,000
The Company recorded net (losses) gains on derivative financial instruments used as economic hedges of MSRs totaling $(653,000) and $0 for the quarters ended September 30, 2014 and 2013, respectively, and $3.5 million and $(2.0) million for the nine months ended September 30, 2014 and 2013, respectively. The derivative net (losses) gains 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 in a VIE and MBS securities at fair value and the related variable LIBOR rate repurchase agreement liabilities:
	Quarter ended September 30, 2014
	Balance,								Balance,
	beginning					Dispositions/			end
Period/Instrument	of period		Additions			expirations			of period
	(in thousands)
Quarter ended September 30, 2014
Eurodollar future sale contracts		5,562,000		990,000			(290,000	)		6,262,000
Eurodollar future purchase contracts		—		290,000			(290,000	)		—
Treasury future sale contracts		85,000		110,600			(110,600	)		85,000
Treasury future purchase contracts		—		110,600			(110,600	)		—
Put options on Eurodollar futures		85,000		165,500			(130,500	)		120,000
Call option on Eurodollar futures		100,000		190,000			(180,000	)		110,000
MBS put option purchase contracts		97,500		100,000			(97,500	)		100,000
	Quarter ended September 30, 2013
Period/Instrument	Balance,		Additions			Dispositions/			Balance,
	beginning					expirations			end
	of period								of period
	(in thousands)
Quarter ended September 30, 2013
Eurodollar futures		—		19,152,000			(9,188,000	)		9,964,000
Treasury futures		—		75,000			—			75,000
Options on Eurodollar futures		—		2,200,000			—			2,200,000
	Nine months ended September 30, 2014
	Balance,								Balance,
	beginning					Dispositions/			end
Period/Instrument	of period		Additions			expirations			of period
	(in thousands)
Nine months ended September 30, 2014
Eurodollar future sale contracts		8,779,000		1,452,000			(3,969,000	)		6,262,000
Eurodollar future purchase contracts		—		3,287,000			(3,287,000	)		—
Treasury future sale contracts		105,000		298,600			(318,600	)		85,000
Treasury future purchase contracts		—		278,600			(278,600	)		—
Put options on Eurodollar futures		52,500		362,500			(295,000	)		120,000
Call option on Eurodollar futures		—		290,000			(180,000	)		110,000
MBS put option purchase contracts		15,000		222,500			(137,500	)		100,000
	Nine months ended September 30, 2013
Period/Instrument	Balance,		Additions			Dispositions/			Balance,
	beginning					expirations			end
	of period								of period
	(in thousands)
Nine months ended September 30, 2013
Eurodollar futures		—		19,152,000			(9,188,000	)		9,964,000
Treasury futures		—		75,000			—			75,000
Options on Eurodollar futures		—		2,200,000			—			2,200,000
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 of $807,000 for the quarter ended September 30, 2014 and $14.6 million for the nine months ended September 30, 2014. 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 of $12.1 million for the quarter and nine months ended September 30, 2013. The derivative losses are included in Net gain on investments in the Company’s consolidated statements of income.

Mortgage_Loans_at_Fair_Value

Mortgage Loans at Fair Value	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Mortgage Loans at Fair Value	'
	Note 10—Mortgage Loans at Fair Value
	Mortgage loans at fair value are comprised of mortgage loans that are not acquired for sale and, to the extent they are not held in a VIE securing an asset-backed financing, 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:
		September 30, 2014						December 31, 2013
	Loan type	Fair			Unpaid			Fair		Unpaid
		value			principal			value		principal
					balance					balance
		(in thousands)
	Nonperforming loans	$	1,439,520		$	2,199,371		$	1,469,686	$	2,415,446
	Performing loans:
	Fixed interest rate		303,569			432,358			310,607		475,568
	Adjustable-rate mortgage (“ARM”)/hybrid		104,594			134,861			165,327		207,553
	Interest rate step-up		183,263			279,244			130,906		215,702
	Balloon		156			209			139		213
			591,582			846,672			606,979		899,036
	Mortgage loans held in a VIE securing asset-backed financing
	Fixed interest rate jumbo		530,809			524,725			523,652		543,257
		$	2,561,911		$	3,570,768		$	2,600,317	$	3,857,739
	Mortgage loans at fair value pledged to secure borrowings at period end:
	Assets sold under agreements to repurchase	$	2,272,089					$	2,314,324
	Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	$	1,679					$	989
	Mortgage loans held in a VIE securing an asset-backed financing	$	530,809					$	523,652
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value, excluding mortgage loans held in a VIE securing asset-backed financing:
	Concentration	September 30, 2014			December 31, 2013
	Portion of mortgage loans originated between 2005 and 2007		72	%		72	%
	Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100%		55	%		61	%
	Percentage of mortgage loans secured by California real estate		21	%		24	%
	Additional states contributing 5% or more of mortgage loans		New York			New York
			Florida			Florida
			New Jersey			New Jersey

Mortgage_Loans_Under_Forward_P

Mortgage Loans Under Forward Purchase Agreements at Fair Value	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Mortgage Loans Under Forward Purchase Agreements at Fair Value	'
	Note 11—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:
		September 30, 2014					December 31, 2013
	Loan type	Fair		Unpaid			Fair		Unpaid
		value		principal			value		principal
				balance					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:
		September 30, 2014		December 31, 2013
	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_Settle

Real Estate Acquired in Settlement of Loans	9 Months Ended
	Sep. 30, 2014
Banking and Thrift [Abstract]	'
Real Estate Acquired in Settlement of Loans	'
	Note 12—Real Estate Acquired in Settlement of Loans
	Following is a summary of financial information relating to REO:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
	Balance at beginning of period	$	240,471		$	88,682		$	138,942		$	88,078
	Purchases		—			82			3,049			82
	Transfers from mortgage loans at fair value and advances		94,530			48,154			268,677			116,957
	Transfers from REO under forward purchase agreements		—			114			12,737			114
	Results of REO:
	Valuation adjustments, net		(15,639	)		(5,012	)		(32,912	)		(16,079	)
	Gain on sale, net		3,713			2,759			9,485			8,644
			(11,926	)		(2,253	)		(23,427	)		(7,435	)
	Proceeds from sales		(47,891	)		(35,086	)		(124,794	)		(98,103	)
	Balance at end of period	$	275,185		$	99,693		$	275,185		$	99,693
	At period end:
	REO pledged to secure assets sold under agreements to repurchase	$	56,702		$	17,074
	REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$	19,858		$	50,796

Real_Estate_Acquired_in_Settle1

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	'
	Note 13—Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements
	Following is a summary of the activity in REO under forward purchase agreements:
		Quarter ended					Nine months ended
		September 30,					September 30,
		2014		2013			2014			2013
		(in thousands)
	Balance at beginning of period	$	—	$	89		$	9,138		$	—
	Purchases		—		—			68			—
	Transfers from mortgage loans under forward purchase agreements at fair value and advances		—		3,640			9,369			3,729
	Transfers to REO		—		(114	)		(12,737	)		(114	)
	Results of REO under forward purchase agreements:
	Valuation adjustments, net		—		(31	)		(779	)		(31	)
	Gain on sale, net		—		(10	)		306			(10	)
			—		(41	)		(473	)		(41	)
	Proceeds from sales		—		(65	)		(5,365	)		(65	)
	Balance at end of period	$	—	$	3,509		$	—		$	3,509

Mortgage_Servicing_Rights

Mortgage Servicing Rights	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Mortgage Servicing Rights	'
	Note 14—Mortgage Servicing Rights
	Carried at Fair Value:
	Following is a summary of MSRs carried at fair value:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Balance at beginning of period		$	46,802		$	1,827		$	26,452		$	1,346
	Additions:
	Purchases			—			1,696			—			1,881
	MSRs resulting from loan sales			12,812			7,939			39,954			8,043
	Total additions			12,812			9,635			39,954			9,924
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model (1)			(106	)		(366	)		(4,974	)		(64	)
	Other changes in fair value (2)			(1,500	)		(99	)		(3,424	)		(209	)
				(1,606	)		(465	)		(8,398	)		(273	)
	Sales			(137	)		—			(137	)		—
	Balance at end of period		$	57,871		$	10,997		$	57,871		$	10,997
	-1	Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, 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 lower of amortized cost or fair value:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Amortized Cost:
	Balance at beginning of period		$	274,110		$	228,912		$	266,697		$	132,977
	MSRs resulting from loan sales			26,802			41,018			49,276			148,186
	Amortization			(8,109	)		(7,200	)		(23,170	)		(18,433	)
	Application of valuation allowance to write down MSRs with other-than temporary impairment			—			—			—			—
	Balance at end of period			292,803			262,730			292,803			262,730
	Valuation Allowance:
	Balance at beginning of period			(5,428	)		(3,839	)		(2,577	)		(7,547	)
	Reversals (additions)			602			(213	)		(2,249	)		3,495
	Application of valuation allowance to write down MSRs with other-than-temporary impairment			—			—			—			—
	Balance at end of period			(4,826	)		(4,052	)		(4,826	)		(4,052	)
	MSRs, net		$	287,977		$	258,678		$	287,977		$	258,678
	Estimated fair value at end of period		$	312,196		$	277,711
	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 September 30, 2014 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.
	12 months ending September 30,		Estimated MSR
			amortization
			(in thousands)
	2015		$	29,606
	2016			29,570
	2017			28,092
	2018			25,972
	2019			23,490
	Thereafter			156,073
	Total		$	292,803
	Servicing fees relating to MSRs are recorded in Net loan servicing fees on the consolidated statements of income and are summarized below:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Contractually-specified servicing fees		$	19,345		$	13,687		$	54,396		$	34,158

Assets_Sold_Under_Agreements_t

Assets Sold Under Agreements to Repurchase	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Assets Sold Under Agreements to Repurchase	'
	Note 15— Assets Sold Under Agreements to Repurchase
	Following is a summary of financial information relating to assets sold under agreements to repurchase:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(dollars in thousands)
	During the period:
	Weighted-average interest rate (1)			2.13	%		2.39	%		2.18	%		2.5	%
	Average balance		$	2,501,816		$	1,755,850		$	2,186,135		$	1,456,278
	Total interest expense		$	15,814		$	13,464		$	43,496		$	34,990
	Maximum daily amount outstanding		$	2,815,572		$	2,736,873		$	2,700,586		$	2,802,193
	Period end:
	Balance		$	2,416,686		$	1,980,058
	Weighted-average interest rate			2.17	%		2.14	%
	Available borrowing capacity:
	Committed		$	578,969		$	1,359,746
	Uncommitted			894,343			473,547
			$	1,473,312		$	1,833,293
	Margin deposits placed with counterparties		$	8,210		$	3,201
	Fair value of assets securing agreements to repurchase:
	Mortgage-backed securities		$	262,378		$	217,491
	Mortgage loans acquired for sale at fair value			675,659			731,717
	Mortgage loans at fair value			2,273,768			2,101,061
	Real estate acquired in settlement of loans			76,561			67,870
			$	3,288,366		$	3,118,139
	-1	Excludes the amortization of commitment fees and issuance costs of $2.2 million and $7.4 million for the quarter and nine months ended September 30, 2014 and $2.7 million and $7.4 million for the quarter and nine months ended September 30, 2013, respectively.
	Following is a summary of maturities of outstanding assets sold under agreements to repurchase by maturity date:
	Remaining Maturity at September 30, 2014		Balance
			(in thousands)
	Within 30 days		$	435,316
	Over 30 to 90 days			859,651
	Over 90 days to 180 days			429,498
	Over 180 days to 1 year			692,221
			$	2,416,686
	Weighted average maturity (in months)			4.5
	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 assets securing those agreements decreases. 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) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by counterparty below as of September 30, 2014:
	Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase
	Counterparty		Amount at risk			Mortgage loans acquired for sale			Facility maturity
						Weighted-average
						repurchase  agreement maturity
			(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC		$	188,099			February 12, 2015		October 31, 2014
	Bank of America, N.A.		$	42,719			December 29, 2014		30-Jan-15
	Morgan Stanley		$	10,063			November 19, 2014		December 18, 2014
	The Royal Bank of Scotland Group		$	94,810			—		17-Feb-15
	Citibank, N.A.		$	523,389			—		7-Sep-15
	Securities sold under agreements to repurchase
	Counterparty		Amount at risk			Maturity
			(in thousands)
	Daiwa Capital Markets America Inc.		$	7,048		November 2, 2014
	Credit Suisse First Boston Mortgage Capital LLC		$	11,936		19-Oct-14
	Bank of America, N.A.		$	4,397		14-Oct-14
	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 Operating Partnership of $700 million (net worth at September 30, 2014 was $1.6 billion, which includes PennyMac Holdings, LLC ( “PMH”) and PennyMac Corp. (“PMC”)), PMH of $250 million (net worth September 30, 2014 was $801 million), and PMC of $150 million (net worth September 30, 2014 was $351 million). These tangible net worth requirements limit the subsidiaries’ abilities to transfer funds to the Company.

AssetBacked_Secured_Financing_

Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value	'
	Note 16—Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value
	Following is a summary of financial information relating to the asset-backed secured financing of the VIE:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(dollars in thousands)
	Period end:
	Fair Value	$	166,841		$	170,008
	Interest rate		3.5	%		3.5	%
	During the period:
	Weighted-average fair value	$	168,923		$	1,853		$	168,186		$	625
	Interest expense	$	1,584		$	—		$	4,762		$	—
	Weighted-average effective interest rate		3.67	%		—			3.73	%		—
	The Asset-backed secured financing of the variable interest entity is a non-recourse liability and 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.

Exchangeable_Senior_Notes

Exchangeable Senior Notes	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Exchangeable Senior Notes	'
	Note 17—Exchangeable Senior Notes
	PMC issued in a private offering $250 million aggregate principal amount of Notes due May 1, 2020. The Notes bear interest at a rate of 5.375% per year, payable semiannually. The Notes are exchangeable into common shares of the Company at a rate of 33.6041 common shares per $1,000 principal amount of the Notes, which exchange rate increased from the initial exchange rate of 33.5149. The increase in the calculated exchange rate was the result of cash dividends exceeding the dividend threshold amount of $0.57 as provided in the related indenture.
	Following is financial information relating to the Notes:
			Quarter ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
			(dollars in thousands)
	Period end:
	Balance		$	250,000	$	250,000
	Unamortized issuance costs (1)		$	6,156	$	7,063
	During the period:
	Weighted-average balance		$	250,000	$	250,000	$	250,000	$	141,026
	Interest expense (2)		$	3,592	$	3,577	$	10,763	$	5,961
	-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 $232,000 and $685,000 during the quarter and nine months ended September 30, 2014, respectively, and $218,000 and $362,000 during the quarter and nine months ended September 30, 2013, respectively.

Borrowings_under_Forward_Purch

Borrowings under Forward Purchase Agreements	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Borrowings under Forward Purchase Agreements	'
	Note 18—Borrowings under Forward Purchase Agreements
	Following is a summary of financial information relating to borrowings under forward purchase agreements:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(dollars in thousands)
	Period end:
	Balance	$	—		$	229,841
	Interest rate		0	%		3.03	%
	Fair value of underlying loans and REO	$	—		$	231,595
	During the period:
	Weighted-average effective interest rate		0	%		2.96	%		2.84	%		2.97	%
	Weighted-average balance	$	—		$	232,722		$	109,708		$	89,459
	Interest expense	$	—		$	1,762		$	2,364		$	2,013
	Maximum daily amount outstanding	$	—		$	242,394		$	226,847		$	244,047

Liability_for_Losses_Under_Rep

Liability for Losses Under Representations and Warranties	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Liability for Losses Under Representations and Warranties	'
	Note 19—Liability for Losses Under Representations and Warranties
	Following is a summary of the Company’s liability for losses under representations and warranties:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	Balance, beginning of period	$	11,876	$	7,668	$	10,110	$	4,441
	Provision for losses		1,359		1,474		3,125		4,701
	Incurred losses		—		—		—		—
	Balance, end of period	$	13,235	$	9,142	$	13,235	$	9,142
	Following is a summary of the Company’s repurchase and indemnification activity:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	During the period:
	Losses charged to liability for representations and warranties	$	—	$	—	$	—	$	—
	Unpaid principal balance of mortgage loans repurchased	$	7,490	$	5,687	$	15,296	$	6,895
	Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders	$	5,841	$	967	$	10,109	$	1,891
	Unpaid principal balance of mortgage loans indemnified by PMT	$	1,571	$	—	$	4,227	$	—
	At end of period:
	Unpaid principal balance of mortgage loans subject to pending claims for repurchase	$	19,969	$	9,415
	Unpaid principal balance of mortgage loans indemnified by PMT	$	4,764	$	—
	Unpaid principal balance of mortgage loans subject to representations and warranties	$	32,654,307	$	23,531,815

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Note 20—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 September 30, 2014, 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:
		September 30, 2014
		(in thousands)
	Commitments to purchase mortgage loans:
	Correspondent production	$	838,948

Shareholders_Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	Note 21—Shareholders’ Equity
	At September 30, 2014, the Company had approximately $115.0 million of common shares available for issuance under its ATM Equity Offering Sales AgreementSM. During the nine months ended September 30, 2014, the Company sold a total of 3,447,022 of its common shares at a weighted average price of $23.92 per share, providing net proceeds to the Company of approximately $81.6 million, net of sales commissions of $899,000.
	At September 30, 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 its ATM Equity OfferingSM Sales Agreement during the nine months ended September 30, 2013.

Net_Gain_on_Mortgage_Loans_Acq

Net Gain on Mortgage Loans Acquired for Sale	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Net Gain on Mortgage Loans Acquired for Sale	'
	Note 22—Net Gain on Mortgage Loans Acquired for Sale
	Net gain on mortgage loans acquired for sale is summarized below:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
	Cash (loss) gain:
	Sales proceeds, net	$	(15,473	)	$	(108,960	)	$	(21,540	)	$	(207,912	)
	Hedging activities		(12,705	)		114,405			(35,004	)		160,109
			(28,178	)		5,445			(56,544	)		(47,803	)
	Non cash gain:
	Receipt of MSRs in loan sale transactions		39,613			48,957			89,230			156,229
	Provision for losses relating to representations and warranties provided in loan sales		(1,359	)		(1,474	)		(3,125	)		(4,701	)
	Change in fair value of IRLCs, mortgage loans and hedging derivatives held at period end:
	IRLCs		(5,697	)		28,413			4,140			(8,033	)
	Mortgage loans		(3,073	)		48,205			5,000			11,211
	Hedging derivatives		8,203			(118,515	)		(8,999	)		(22,155	)
			(567	)		(41,897	)		142			(18,977	)
		$	9,509		$	11,031		$	29,702		$	84,748

Net_Interest_Income

Net Interest Income	9 Months Ended
	Sep. 30, 2014
Banking and Thrift, Interest [Abstract]	'
Net Interest Income	'
	Note 23—Net Interest Income
	Net interest income is summarized below:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	Interest income:
	Short-term investments	$	138	$	252	$	462	$	340
	Mortgage-backed securities		1,935		345		5,657		345
	Agency debt securities		—		162		—		162
	Mortgage loans acquired for sale at fair value		7,712		12,535		16,911		28,150
	Mortgage loans at fair value		27,858		20,751		92,870		48,300
	Mortgage loans under forward purchase agreements at fair value		—		1,197		3,584		1,457
	Excess servicing spread purchased from PFSI, at fair value		3,577		—		9,578		—
	Other		16		36		38		196
			41,236		35,278		129,100		78,950
	Interest expense:
	Assets sold under agreements to repurchase		15,814		13,464		43,496		34,990
	Borrowings under forward purchase agreements		—		1,762		2,363		2,013
	Asset-backed secured financing		1,584		—		4,762		—
	Exchangeable senior notes		3,592		3,577		10,763		5,961
	Other		1,030		694		2,276		1,913
			22,020		19,497		63,660		44,877
	Net interest income	$	19,216	$	15,781	$	65,440	$	34,073

Net_Gain_on_Investments

Net Gain on Investments	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Net Gain on Investments	'
	Note 24—Net Gain on Investments
	Net gain on investments is summarized below:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
	Net gain (loss) on investments:
	Mortgage-backed securities	$	(821	)	$	5,356		$	6,096		$	5,356
	Agency debt security		—			578			—			578
	Excess servicing spread purchased from PFSI at fair value		(7,396	)		29			(17,834	)		29
	Hedging derivatives		(1,135	)		(4,863	)		(5,876	)		(4,863	)
			(9,352	)		1,100			(17,614	)		1,100
	Mortgage loans		79,046			47,986			210,981			158,800
	Asset-backed secured financing		696			—			(7,258	)		—
		$	70,390		$	49,086		$	186,109		$	159,900

Net_Loan_Servicing_Fees

Net Loan Servicing Fees	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Net Loan Servicing Fees	'
	Note 25—Net Loan Servicing Fees
	Net loan servicing fees are summarized below:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Servicing fees (1)		$	20,300		$	14,451		$	56,988		$	37,175
	MSR recapture fee receivable from PFSI			—			86			9			586
	Effect of MSRs:
	Carried at lower of amortized cost or fair value
	Amortization			(8,109	)		(7,201	)		(23,171	)		(18,433	)
	(Provision for) reversal of impairment			602			(212	)		(2,248	)		3,495
	Carried at fair value - change in fair value			(1,606	)		(465	)		(8,398	)		(273	)
	Gains (losses) on hedging derivatives			(654	)		—			3,532			(1,988	)
				(9,767	)		(7,878	)		(30,285	)		(17,199	)
	Net loan servicing fees		$	10,533		$	6,659		$	26,712		$	20,562
	Average servicing portfolio		$	30,701,324		$	21,784,126		$	29,531,733		$	20,070,127
	-1	Includes contractually specified servicing and ancillary fees.

ShareBased_Compensation_Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation Plans	'
	Note 26—Share-Based Compensation Plans
	On September 30, 2014 and 2013, the Company had one share-based compensation plan. The Company recognized compensation expense of $1.6 million and $5.7 million for the quarter and nine months ended September 30, 2014, respectively, and $2.0 million and $5.0 million, for the quarter and nine months ended September 30, 2013, respectively. The Company issued 300,131 and 250,948 restricted share units with a grant date fair value of $6.0 million and $5.2 million for the nine months ended September 30, 2014 and 2013, respectively, and had vestings of 500 and 75,830 units during the quarters ended September 30, 2014 and 2013, respectively, and 230,716 and 248,753 units during the nine months ended September 30, 2014 and 2013, respectively.

Other_Expenses

Other Expenses	9 Months Ended
	Sep. 30, 2014
Other Income and Expenses [Abstract]	'
Other Expenses	'
	Note 27—Other Expenses
	Other expenses are summarized below:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	Common overhead allocation from PFSI	$	2,802	$	2,527	$	8,018	$	7,793
	Servicing and collection costs		2,064		1,393		5,809		1,726
	Loan origination		1,202		1,322		1,637		3,768
	Insurance		247		219		738		648
	Technology		246		234		720		588
	Securitization		—		1,887		—		1,887
	Other expenses		823		373		1,682		2,062
		$	7,384	$	7,955	$	18,604	$	18,472

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 28—Income Taxes
	The Company had tax expense of $3.0 million and tax benefit of $509,000 for the quarter and nine months ended September 30, 2014 and tax benefit of $3.6 million and tax expense of $12.4 million for the quarter and nine months ended September 30, 2013. The Company’s effective tax rate was 5.1% and (0.3)% for the quarter and nine months ended September 30, 2014 compared to (10.1)% and 7.8% for the same periods in 2013. The decrease in the Company’s effective tax rate is due primarily to a decrease in the Company’s taxable REIT subsidiary’s income for the nine months ended September 30, 2014 compared to the same period in 2013. The primary difference between the Company’s effective tax rate and the statutory tax rate is due to non-taxable REIT income resulting from the deduction for dividends paid.
	In general, cash dividends declared by the Company will be considered ordinary income to shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital.

Segments_and_Related_Informati

Segments and Related Information	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segments and Related Information	'
	Note 29—Segments and Related Information
	The Company has two segments: correspondent production and investment activities.
		•		The correspondent production 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 MBS, using the services of PFSI.
	Most of the loans the Company has acquired in its correspondent production activities have been eligible for sale to government-sponsored entities such as Fannie Mae and Freddie Mac or through government agencies such as Ginnie Mae.
		•		The investment activities segment represents the Company’s investments in mortgage-related assets, which include distressed mortgage loans, REO, MBS, MSRs and 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.
	Financial highlights by operating segment are summarized below:
	Quarter ended September 30, 2014		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	9,509		$	—		$	—		$	9,509
	Net gain on investments			—			70,390			—			70,390
	Interest income			7,727			33,509			—			41,236
	Interest expense			(3,660	)		(18,360	)		—			(22,020	)
				4,067			15,149			—			19,216
	Net loan servicing fees			—			10,533						10,533
	Other income (loss)			6,524			(9,642	)		—			(3,118	)
				20,100			86,430			—			106,530
	Expenses:
	Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			15,900			21,545			—			37,445
	Other			1,410			9,744			—			11,154
				17,310			31,289			—			48,599
	Pre-tax income		$	2,790		$	55,141		$	—		$	57,931
	Total assets at period end		$	708,442		$	3,896,371		$	—		$	4,604,813
	Quarter ended September 30, 2013		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	11,031		$	—		$	—		$	11,031
	Net gain on investments			—			49,086			—			49,086
	Interest income			12,536			25,316			(2,574	)		35,278
	Interest expense			(9,171	)		(12,900	)		2,574			(19,497	)
				3,365			12,416			—			15,781
	Net loan servicing fees			—			6,659						6,659
	Other income (loss)			4,490			(985	)		—			3,505
				18,886			67,176			—			86,062
	Expenses:
	Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			18,968			18,636			—			37,604
	Other			211			12,185			—			12,396
				19,179			30,821			—			50,000
	Pre-tax (loss) income		$	(293	)	$	36,355		$	—		$	36,062
	Total assets at period end		$	760,611		$	3,490,632		$	(2,012	)	$	4,249,231
	Nine months ended September 30, 2014		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	29,702		$	—		$	—		$	29,702
	Net gain on investments			—			186,109			—			186,109
	Interest income			16,948			114,540			(2,388	)		129,100
	Interest expense			(12,196	)		(53,852	)		2,388			(63,660	)
				4,752			60,688			—			65,440
	Net loan servicing fees			—			26,712			—			26,712
	Other income (loss)			13,365			(17,647	)		—			(4,282	)
				47,819			255,862			—			303,681
	Expenses:
	Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			37,701			66,836			—			104,537
	Other			2,248			29,372			—			31,620
				39,949			96,208			—			136,157
	Pre-tax income		$	7,870		$	159,654		$	—		$	167,524
	Total assets at period end		$	708,442		$	3,896,371		$	—		$	4,604,813
Nine months ended September 30, 2013		Correspondent			Investment			Intersegment			Total
		production			activities			elimination
								& other
		(in thousands)
Net investment income:
Net gain on mortgage loans acquired for sale		$	84,748		$	—		$	—		$	84,748
Net gain on investments			—			159,900			—			159,900
Interest income			28,151			55,168			(4,369	)		78,950
Interest expense			(22,354	)		(26,892	)		4,369			(44,877	)
			5,797			28,276			—			34,073
Net loan servicing fees			—			20,562			—			20,562
Other income (loss)			14,715			(4,567	)		—			10,148
			105,260			204,171			—			309,431
Expenses:
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			67,138			48,940			3,284	(1)		119,362
Other			485			29,678			—			30,163
			67,623			78,618			3,284			149,525
Pre-tax income		$	37,637		$	125,553		$	(3,284	)	$	159,906
Total assets at period end		$	760,611		$	3,490,632		$	(2,012	)	$	4,249,231
-1	Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information	'
	Note 30—Supplemental Cash Flow Information
		Nine months ended
		September 30,
		2014			2013
		(in thousands)
	Cash paid for interest	$	68,443		$	58,290
	Income tax refund	$	(6,782	)	$	(6,137	)
	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	$	268,677		$	116,957
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	245,389
	Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	$	205,902		$	13,018
	Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	$	9,369		$	3,604
	Receipt of MSRs as proceeds from sales of loans	$	89,230		$	156,229
	Purchase of REO financed through forward purchase agreements	$	—		$	3,604
	Receipt of ESS pursuant to recapture agreement with PFSI	$	6,093		$	—
	Transfer of REO under forward purchase agreements to REO	$	12,737		$	114
	Non-cash financing activities:
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	245,389
	Purchase of REO financed through forward purchase agreements	$	—		$	3,604
	Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	$	3,491		$	25,141
	Dividends payable	$	45,467		$	—

Regulatory_Net_Worth

Regulatory Net Worth	9 Months Ended
	Sep. 30, 2014
Mortgage Banking [Abstract]	'
Regulatory Net Worth	'
	Note 31—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 $57.7 million and $27.7 million, respectively. Management believes that PMC complies with Fannie Mae’s and Freddie Mac’s net worth requirement as of September 30, 2014.

Recently_Issued_Accounting_Pro

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract]	'
Recently Issued Accounting Pronouncements	'
	Note 32—Recently Issued Accounting Pronouncements
	In January of 2014, the FASB issued Accounting Standard Update (“ASU”) No 2014-04, Receivables: Troubled Debt Restructuring by Creditors Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”) to the Troubled Debt Restructuring subtopic of the Receivables topic of the ASC
	ASU 2014-04 clarifies when a creditor should be considered to have received physical possession of residential real estate collateralizing a mortgage loan and the mortgage loan derecognized in the receivable and recognized as real estate property. ASU 2014-04 specifies that an in substance repossession occurs when either the creditor has obtained the legal title to the property after a foreclosure or the borrower has transferred all interest in the property to the creditor through a deed in lieu of foreclosure or similar legal agreement so that at that time the asset should be reclassified from Mortgage loans at fair value to Real estate acquired in settlement of loans.
	ASU 2014-04 also provides that a disclosure of the amount of Real estate acquired in settlement of loans and the recorded investment in Mortgage loans at fair value that are in the process of foreclosure must be included in both interim and annual financial statements.
	ASU 2014-04 is effective for all year-end and interim periods beginning after December 15, 2014. The adoption of ASU 2014-04 is not expected to have a material effect on the Company’s consolidated financial statements.
	In May of 2014, the FASB issued ASU No 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) to the Revenue from Contracts with Customers topic of the ASC. ASU 2014-09 was issued to standardize revenue recognition between public and private companies as well as across industries in an effort to more closely align U.S. GAAP revenue recognition with international standards to provide a more comparable revenue number for the users of the financial statements.
	ASU 2014-09 specifies that for all contracts, revenue should be recognized when or as the entity satisfies a performance obligation. Revenue is recognized either over a period or at one point in time in accordance with how the control of the service or good is transferred.
	ASU 2014-09 is effective for all year-end and interim periods beginning after December 15, 2016 and early application is not permitted. The Company is evaluating the adoption of ASU 2014-09 and the effect that ASU 2014-09 will have on its consolidated financial statements.
	In June of 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”) to the Transfers and Servicing topic of the ASC. The amendments in ASU 2014-11 require two accounting changes. First, the amendments in ASU 2014-11 change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement.
	ASU 2014-11 requires disclosures for certain transactions comprising (1) a transfer of a financial asset accounted for as a sale and (2) an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. ASU 2014-11 also specifies certain disclosure requirements for those transactions outstanding at the reporting date and for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions, the transferor is required to make certain disclosures by type of transaction.
	ASU 2014-11 is effective for the annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of ASU 2014-11 is not expected to have a material effect on the Company’s consolidated financial statements.
	In August of 2014, FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) to the Going Concern subtopic of the Presentation of Financial Statements topic of the ASC. ASU 2014-15 requires that when management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt.
	ASU 2014-15 requires that if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should include a statement in the notes to its financial statements that enables users of the financial statements to understand all of the following:
		a.	Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans)
		b.	Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations
		c.	Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern.
	If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the notes to its financial statements indicating that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). The entity should disclose information that enables users of the financial statements to understand all of the following:
		a.	Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern
		b.	Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations
		c.	Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.
	ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on the Company’s consolidated financial statements.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 33—Subsequent Events
	Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period:
		•	On October 1, 2014, the Company, through its subsidiaries, closed a privately placed transaction in which it issued a note in the amount of approximately $166 million backed by mortgage loans and mortgage-related assets that were owned by PMC and not financed under existing credit agreements (the “Asset-backed Note”). The initial owner of the Asset-backed Note was PMC, which pledged such Asset-backed Note to a money-center bank under an existing securities repurchase agreement.
		•	All agreements to repurchase assets that matured between September 30, 2014 and the date of this Report were extended or renewed.

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Segment Reporting	'
	The Company operates in two segments: correspondent production and investment activities:
		•		The correspondent production 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 indirect subsidiaries of PennyMac Financial Services, Inc. (“PFSI”).
	Most of the loans the Company has acquired in its correspondent production 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 its acquired distressed mortgage loans 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.
Basis of Accounting	'
	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 “ASC”) and with the SEC’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by U.S. GAAP for complete financial statements. The interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “Annual Report”). Intercompany accounts and transactions have been eliminated.
Concentration Risk	'
	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 Servicer’s 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.
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 the Company’s exchangeable senior notes (the “Notes”), by the weighted-average common shares outstanding, assuming all potentially dilutive securities were issued. In periods in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive.
Derivative Financial Instruments	'
	The Company uses derivative financial instruments to manage exposure to interest rate risk created by its MBS, interest rate lock commitments (“IRLC”), mortgage loans acquired for sale at fair value, mortgage loans at fair value, ESS 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 legally enforceable master netting arrangement. The derivative financial instruments that are not subject to master netting arrangements are IRLCs.
Fair Value Measurement	'
	The Company’s consolidated financial statements include assets and liabilities that are measured based on their 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 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 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 of the VIE 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 the mortgage loans at fair value collateralizing this financing.
	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 MSRs relating to mortgage loans with initial interest rates of less than or equal to 4.5% 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’ fair values. Management has identified these assets to be accounted for using the amortization method.
	Management’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’ fair values.
	For assets sold under agreements to repurchase, borrowings under forward purchase agreements and the 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.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In January of 2014, the FASB issued Accounting Standard Update (“ASU”) No 2014-04, Receivables: Troubled Debt Restructuring by Creditors Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”) to the Troubled Debt Restructuring subtopic of the Receivables topic of the ASC
	ASU 2014-04 clarifies when a creditor should be considered to have received physical possession of residential real estate collateralizing a mortgage loan and the mortgage loan derecognized in the receivable and recognized as real estate property. ASU 2014-04 specifies that an in substance repossession occurs when either the creditor has obtained the legal title to the property after a foreclosure or the borrower has transferred all interest in the property to the creditor through a deed in lieu of foreclosure or similar legal agreement so that at that time the asset should be reclassified from Mortgage loans at fair value to Real estate acquired in settlement of loans.
	ASU 2014-04 also provides that a disclosure of the amount of Real estate acquired in settlement of loans and the recorded investment in Mortgage loans at fair value that are in the process of foreclosure must be included in both interim and annual financial statements.
	ASU 2014-04 is effective for all year-end and interim periods beginning after December 15, 2014. The adoption of ASU 2014-04 is not expected to have a material effect on the Company’s consolidated financial statements.
	In May of 2014, the FASB issued ASU No 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) to the Revenue from Contracts with Customers topic of the ASC. ASU 2014-09 was issued to standardize revenue recognition between public and private companies as well as across industries in an effort to more closely align U.S. GAAP revenue recognition with international standards to provide a more comparable revenue number for the users of the financial statements.
	ASU 2014-09 specifies that for all contracts, revenue should be recognized when or as the entity satisfies a performance obligation. Revenue is recognized either over a period or at one point in time in accordance with how the control of the service or good is transferred.
	ASU 2014-09 is effective for all year-end and interim periods beginning after December 15, 2016 and early application is not permitted. The Company is evaluating the adoption of ASU 2014-09 and the effect that ASU 2014-09 will have on its consolidated financial statements.
	In June of 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”) to the Transfers and Servicing topic of the ASC. The amendments in ASU 2014-11 require two accounting changes. First, the amendments in ASU 2014-11 change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement.
	ASU 2014-11 requires disclosures for certain transactions comprising (1) a transfer of a financial asset accounted for as a sale and (2) an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. ASU 2014-11 also specifies certain disclosure requirements for those transactions outstanding at the reporting date and for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions, the transferor is required to make certain disclosures by type of transaction.
	ASU 2014-11 is effective for the annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of ASU 2014-11 is not expected to have a material effect on the Company’s consolidated financial statements.
	In August of 2014, FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) to the Going Concern subtopic of the Presentation of Financial Statements topic of the ASC. ASU 2014-15 requires that when management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt.
	ASU 2014-15 requires that if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should include a statement in the notes to its financial statements that enables users of the financial statements to understand all of the following:
		a.	Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans)
		b.	Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations
		c.	Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern.
	If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the notes to its financial statements indicating that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). The entity should disclose information that enables users of the financial statements to understand all of the following:
		a.	Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern
		b.	Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations
		c.	Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.
	ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on the Company’s consolidated financial statements.

Concentration_of_Risks_Tables

Concentration of Risks (Tables)	9 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'
Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) Portion Representing Assets Purchased	'
	A substantial portion of the distressed mortgage loans and REO purchased by the Company has been acquired from or through one or more subsidiaries of Citigroup Inc. The following tables present purchases for the Company’s investment portfolio of mortgage loans and REO (including purchases under forward purchase agreements), and the portion thereof representing assets purchased from or through one or more subsidiaries of Citigroup Inc.:
		Quarter ended					Nine months ended
		September 30,					September 30,
		2014		2013			2014			2013
		(in thousands)
	Investment portfolio purchases:
	Mortgage loans	$	—	$	580,822		$	284,403		$	1,024,404
	REO		—		3,597			3,117			3,686
		$	—	$	584,419		$	287,520		$	1,028,090
	Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
	Mortgage loans	$	—	$	—		$	26,737		$	443,183
	REO		—		3,597			68			3,686
		$	—	$	3,597		$	26,805		$	446,869
	Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.:
		September 30,		December 31,
		2014		2013
		(in thousands)
	Mortgage loans at fair value	$	974,402	$	1,138,131
	Mortgage loans under forward purchase agreements at fair value		—		218,128
	REO		114,195		84,726
	REO under forward purchase agreements		—		8,705
		$	1,088,597	$	1,449,690
	Total holdings of mortgage loans and REO	$	2,837,096	$	2,966,525
Consolidated Statements of Income and Cash Flows	'
	As a result of recognizing these assets, the Company’s consolidated statements of income and cash flows include the following amounts related to the forward purchase agreements:
		Quarter ended					Nine months ended
		September 30,					September 30,
		2014		2013			2014			2013
		(in thousands)
	Statements of income:
	Interest income	$	—	$	1,197		$	3,584		$	1,457
	Interest expense	$	—	$	1,763		$	2,364		$	2,013
	Net gain on investments	$	—	$	8,378		$	803		$	7,688
	Net loan servicing fees	$	—	$	—		$	517		$	—
	Results of REO	$	—	$	(41	)	$	(473	)	$	(41	)
	Statements of cash flows:
	Repayments of mortgage loans	$	—	$	8,000		$	6,413		$	8,000
	Sales of REO	$	—	$	65		$	5,365		$	65
	Repayments of borrowings under forward purchase agreements	$	—	$	(18,618	)	$	(227,866	)	$	(18,618	)

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Summary of Corresponding Production Activity	'
	Following is a summary of correspondent production activity between the Company and PFSI:
			Quarter ended					Nine months
			September 30,					ended September 30,
			2014			2013		2014			2013
			(in thousands)
	Loan fulfillment fees payable to PFSI		$	15,497		$	18,327	$	36,832		$	68,625
	Unpaid principal balance of loans fulfilled by PFSI		$	3,677,613		$	3,681,771	$	8,588,955		$	12,792,482
	Sourcing fees received from PFSI		$	1,384		$	1,204	$	3,401		$	3,563
	Fair value of loans sold to PFSI		$	4,861,392		$	4,147,535	$	11,947,251		$	12,429,698
	At period end:
	Mortgage loans included in mortgage loans acquired for sale pending sale to PFSI		$	59,719		$	273,007
Summary of Mortgage Loan Servicing Fees Payable	'
	Following is a summary of mortgage loan servicing fees payable to PFSI:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Mortgage loans acquired for sale at fair value:
	Base		$	28		$	62	$	74		$	231
	Activity-based			35			77		112			260
				63			139		186			491
	Distressed mortgage loans:
	Base			4,679			4,166		14,620			11,737
	Activity-based			4,076			3,414		16,208			7,739
				8,755			7,580		30,828			19,476
	MSRs:
	Base			3,459			2,911		9,930			7,037
	Activity-based			48			108		152			247
				3,507			3,019		10,082			7,284
			$	12,325		$	10,738	$	41,096		$	27,251
Summary of Management Fee Expense and Related Liability	'
	Following is a summary of the base management and performance incentive fees payable to PFSI recorded by the Company:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Management fee:
	Base		$	6,033		$	5,104	$	17,392		$	14,043
	Performance incentive			3,590			3,435		9,217			9,443
			$	9,623		$	8,539	$	26,609		$	23,486
Summary of Investment Activity	'
	Following is a summary of investment activity between the Company and PFSI:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Purchases of excess servicing spread		$	9,253		$	2,828	$	82,646		$	2,828
	Interest income from excess servicing spread		$	3,577		$	—	$	9,578		$	—
	Net (loss) gain on excess servicing spread purchased from PFSI at fair value		($	7,396	)	$	29	($	17,834	)		29
	Excess servicing spread recapture recognized		$	2,143		$	—	$	6,558		$	—
	MSR recapture recognized		$	—		$	86	$	9		$	586
Summary of Expenses	'
	The Company reimburses PFSI and its affiliates for other expenses, including common overhead expenses and other expenses incurred on its behalf by PFSI, in accordance with the terms of its management agreement as summarized below:
			Quarter ended					Nine months ended
			September 30,					September 30,
			2014			2013		2014			2013
			(in thousands)
	Reimbursement of:
	Common overhead incurred by PFSI		$	2,912		$	2,552	$	8,181		$	8,359
	Expenses incurred on the Company’s behalf			122			1,934		671			3,767
			$	3,034		$	4,486	$	8,852		$	12,126
	Payments and settlements during the period (1)		$	31,621		$	29,315	$	72,975		$	94,606
	-1	Payments and settlements include payments for management fees and correspondent production activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PFSI.
Summary of Amounts Due to Affiliates	'
	Amounts due to PFSI are summarized below:
			September 30,			December 31,
			2014			2013
			(in thousands)
	Management fees		$	9,623		$	8,924
	Servicing fees			6,942			5,915
	Allocated expenses			3,360			2,009
	Contingent underwriting fees			1,495			1,788
			$	21,420		$	18,636

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Summary of Basic and Diluted Earnings per Share	'
	The following table summarizes the basic and diluted earnings per share calculations:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands except per share amounts)
	Basic earnings per share:
	Net income	$	54,949		$	39,701		$	168,033		$	147,494
	Effect of participating securities—share-based compensation awards		(305	)		(374	)		(1,360	)		(1,656	)
	Net income attributable to common shareholders	$	54,644		$	39,327		$	166,673		$	145,838
	Weighted-average shares outstanding		74,140			64,405			73,254			60,809
	Basic earnings per share	$	0.74		$	0.61		$	2.28		$	2.4
	Diluted earnings per share:
	Net income	$	54,949		$	39,701		$	168,033		$	147,494
	Interest on Notes, net of income taxes		2,081			2,075			6,237			3,457
	Net income attributable to diluted shareholders	$	57,030		$	41,776		$	174,270		$	150,951
	Weighted-average shares outstanding		74,140			64,405			73,254			60,809
	Potentially dilutive securities:
	Shares issuable pursuant exchange of the Notes		8,401			8,379			8,401			4,726
	Shares issuable under share-based compensation plan		291			337			323			363
	Diluted weighted-average number of shares outstanding		82,832			73,121			81,978			65,898
	Diluted earnings per share	$	0.69		$	0.57		$	2.13		$	2.29

Loan_Sales_and_Variable_Intere1

Loan Sales and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales	'
	The following table summarizes cash flows between the Company and transferees in transfers that are accounted for as sales where PMT maintains continuing involvement with the mortgage loans as well as unpaid principal balance information at period end:
			Quarter ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
			(in thousands)
	Cash flows:
	Proceeds from sales		$	3,745,193	$	4,185,246	$	8,534,637		13,229,726
	Servicing fees received (1)		$	17,797	$	14,107	$	52,704	$	35,015
	Period end information:
	Unpaid principal balance of mortgage loans outstanding		$	32,134,609	$	23,717,643
	Unpaid principal balance of delinquent mortgage loans:
	30-89 days delinquent		$	87,374	$	50,746
	90 or more days delinquent
	Not in foreclosure			20,708		4,812
	In foreclosure or bankruptcy			11,583		3,292
				32,291		8,104
			$	119,665	$	58,850
	-1	Net of guarantee fees.

Netting_of_Financial_Instrumen1

Netting of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of Offsetting of Derivative Assets	'
	Offsetting of Derivative Assets
	Following is a summary of net derivative assets. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements.
		September 30, 2014								December 31, 2013
		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	$	830	$	—		$	830		$	272	$	—		$	272
	MBS call options		239		—			239			—		—			—
	Forward purchase contracts		4,614		—			4,614			1,229		—			1,229
	Forward sale contracts		1,142		—			1,142			16,385		—			16,385
	Treasury future sale contracts		857		—			857			—		—			—
	Put options on Eurodollar futures		422		—			422			566		—			566
	Call options on Eurodollar futures		666		—			666			—		—			—
	Netting		—		(3,938	)		(3,938	)		—		(12,986	)		(12,986	)
			8,770		(3,938	)		4,832			18,452		(12,986	)		5,466
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		5,512		—			5,512			2,510		—			2,510
		$	14,282	$	(3,938	)	$	10,344		$	20,962	$	(12,986	)	$	7,976
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 to qualify for netting.
		September 30, 2014										December 31, 2013
				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		instruments			collateral			amount		of assets			instruments			collateral		amount
		presented					received					presented						received
		in the										in the
		consolidated										consolidated
		balance sheet										balance sheet
		(in thousands)
	Interest rate lock commitments	$	5,512	$	—		$	—		$	5,512	$	2,510		$	—		$	—	$	2,510
	RJ O’Brien		1,664		—			—			1,664		566			—			—		566
	Bank of America, N.A.		1,170		—			—			1,170		1,024			—			—		1,024
	JP Morgan		617		—			—			617		—								—
	Credit Suisse First Boston Mortgage Capital LLC		370		—			—			370		196			—			—		196
	Nomura		266		—			—			266		273								273
	Other		745		—			—			745		3,407			—			—		3,407
	Total	$	10,344	$	—		$	—		$	10,344	$	7,976		$	—		$	—	$	7,976
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 netting.
		September 30, 2014								December 31, 2013
		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	$	478	$	—		$	478		$	7,420	$	—		$	7,420
	Forward sales contracts		5,272		—			5,272			1,295		—			1,295
	Netting		—		(3,982	)		(3,982	)		—		(8,015	)		(8,015	)
			5,750		(3,982	)		1,768			8,715		(8,015	)		700
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		121		—			121			1,261		—			1,261
			5,871		(3,982	)		1,889			9,976		(8,015	)		1,961
	Assets sold under agreements to repurchase		2,416,686		—			2,416,686			2,039,605		—			2,039,605
		$	2,422,557	$	(3,982	)	$	2,418,575		$	2,049,581	$	(8,015	)	$	2,041,566
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 to qualify for netting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.
		September 30, 2014										December 31, 2013
				Gross amounts											Gross amounts
				not offset in the											not offset in the
				consolidated											consolidated
				balance sheet											balance sheet
		Net amount of		Financial			Cash			Net		Net amount of			Financial			Cash		Net
		liabilities		instruments			collateral			amount		liabilities			instruments			collateral		amount
		presented					pledged					presented						pledged
		in the										in the
		consolidated										consolidated
		balance										balance
		sheet										sheet
		(in thousands)
	Interest rate lock commitments	$	121	$	—		$	—		$	121	$	1,261		$	—		$	—	$	1,261
	Morgan Stanley Bank, N.A.		156,702		(156,157	)		—			545		30,226			(30,226	)		—		—
	Bank of Oklahoma		244		—			—			244		—			—			—		—
	Daiwa Capital Markets		129,887		(129,682	)		—			205		132,525			(132,525	)		—		—
	Fannie Mae Capital Markets		196		—						196		—			—					—
	Citibank		766,578		(766,476	)		—			102		945,015			(944,856	)		—		159
	Credit Suisse First Boston Mortgage Capital LLC		685,521		(685,521	)		—			—		523,546			(523,546	)		—		—
	Bank of America, N.A.		459,728		(459,728	)		—			—		408,452			(408,452	)		—		—
	RBS Securities Inc.		219,122		(219,122	)		—			—		—			—			—		—
	Other		476		—			—			476		541			—			—		541
	Total	$	2,418,575	$	(2,416,686	)	$	—		$	1,889	$	2,041,566		$	(2,039,605	)	$	—	$	1,961

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	'
	Following is a summary of financial statement items that are measured at fair value on a recurring basis:
			September 30, 2014
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	37,452		$	—		$	—		$	37,452
	Mortgage-backed securities at fair value			—			267,885			—			267,885
	Mortgage loans acquired for sale at fair value			—			688,850			—			688,850
	Mortgage loans at fair value			—			530,809			2,031,102			2,561,911
	Excess servicing spread purchased from PFSI			—			—			187,368			187,368
	Derivative assets:
	Interest rate lock commitments			—			—			5,512			5,512
	MBS put options			—			830			—			830
	MBS call options			—			239			—			239
	Forward purchase contracts			—			4,614			—			4,614
	Forward sales contracts			—			1,142			—			1,142
	Treasury futures			—			857			—			857
	Put options on Eurodollar futures			—			422			—			422
	Call options on Eurodollar futures			—			666			—			666
	Total derivative assets before netting before netting			—			8,770			5,512			14,282
	Netting (1)			—			(3,938	)		—			(3,938	)
	Total derivative assets after netting			—			4,832			5,512			10,344
	Mortgage servicing rights at fair value			—			—			57,871			57,871
			$	37,452		$	1,492,376		$	2,281,853		$	3,811,681
	Liabilities:
	Asset-backed secured financing of the variable interest entity at fair value		$	—		$	166,841		$	—		$	166,841
	Derivative liabilities:
	Interest rate lock commitments			—			—			121			121
	Forward purchase contracts			—			478			—			478
	Forward sales contracts			—			5,272			—			5,272
	Total derivative liabilities before netting			—			5,750			121			5,871
	Netting (1)			—			(3,982	)		—			(3,982	)
	Total derivative liabilities after netting			—			1,768			121			1,889
	Total liabilities		$	—		$	168,609		$	121		$	168,730
	-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, 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			—			523,652			2,076,665			2,600,317
	Mortgage loans under forward purchase agreements at fair value			—			—			218,128			218,128
	Excess servicing spread purchased from PFSI			—			—			138,723			138,723
	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	)		—			(12,986	)
	Total derivative assets after netting			—			5,466			2,510			7,976
	Mortgage servicing rights at fair value			—			—			26,452			26,452
			$	92,398		$	1,184,656		$	2,462,478		$	3,739,532
	Liabilities:
	Asset-backed secured financing of the variable interest entity 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	)		—			(8,015	)
Total derivative liabilities			—			700			1,261			1,961
Total liabilities		$	—		$	166,115		$	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.
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:
			Quarter ended September 30, 2014
			Mortgage			Excess			Interest			Mortgage			Total
			loans			servicing			rate lock			servicing
			at fair value			spread			commitments(1)			rights
			(in thousands)
	Assets:
	Balance, June 30, 2014		$	2,156,501		$	190,244		$	11,087		$	46,802		$	2,404,634
	Purchases			—			9,253			—			—			9,253
	Repayments and sales			(126,413	)		(8,786	)		—			(137	)		(135,336	)
	Accrual of interest			—			3,577			—			—			3,577
	ESS received pursuant to a recapture agreement with PFSI			—			2,619			—			—			2,619
	Interest rate lock commitments issued, net			—			—			14,046			—			14,046
	Capitalization of interest			10,451			—			—			—			10,451
	Servicing received as proceeds from sales of mortgage loans			—			—			—			12,812			12,812
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk			13,850			—									13,850
	Other factors			67,446			(9,539	)		843			(1,606	)		57,144
				81,296			(9,539	)		843			(1,606	)		70,994
	Transfers of mortgage loans to REO			(90,733	)		—			—			—			(90,733	)
	Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value			—			—			(20,585	)		—			(20,585	)
	Balance, September 30, 2014		$	2,031,102		$	187,368		$	5,391		$	57,871		$	2,281,732
	Changes in fair value recognized during the period relating to assets still held at September 30, 2014		$	70,713		$	(9,539	)	$	5,391		$	(1,606	)	$	64,959
	-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
			Quarter ended September 30, 2013
			Mortgage			Agency			Mortgage loans			Excess			Net interest			Mortgage			Total
			loans			Debt			under forward			servicing			rate lock			servicing
			at fair value						purchase			spread			commitments (1)			rights
									agreements
			(in thousands)
	Assets:
	Balance, June 30, 2013		$	1,309,765		$	—		$	242,531		$	—		$	(16,967	)	$	1,827		$	1,537,156
	Purchases			579,260			12,000			1,710			2,828			—			1,696			597,494
	Repayments			(59,404	)		—			(8,000	)		—			—			—			(67,404	)
	Interest rate lock commitments issued, net			—			—			—			—			16,299			—			16,299
	Capitalization of interest			13,203			—			—			—			—			—			13,203
	Servicing received as proceeds from sales of mortgage loans			—			—			—			—			—			7,939			7,939
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk			18,732			—			69			—									18,801
	Other factors			20,876			578			8,309			29			4,841			(465	)		34,168
				39,608			578			8,378			29			4,841			(465	)		52,969
	Transfers of mortgage loans under forward purchase agreements to mortgage loans			13,018			—			(13,018	)		—									—
	Transfers of mortgage loans to REO			(46,794	)		—			—			—									(46,794	)
	Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(3,515	)		—									(3,515	)
	Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			7,273			—			7,273
	Balance, September 30, 2013		$	1,848,656		$	12,578		$	228,086		$	2,857		$	11,446		$	10,997		$	2,114,620
	Changes in fair value recognized during the period relating to assets still held at September 30, 2013		$	33,062		$	578		$	6,949		$	29		$	11,446		$	(465	)	$	51,599
	-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
			Nine months ended September 30, 2014
			Mortgage			Mortgage			Excess			Interest			Mortgage			Total
			loans			loans under			servicing			rate lock			servicing
			at fair value			forward			spread			commitments (1)			rights
						purchase
						agreements
			(in thousands)
	Assets:
	Balance, December 31, 2013		$	2,076,665		$	218,128		$	138,723		$	1,249		$	26,452		$	2,461,217
	Purchases			283,017			1,386			82,646			—			—			367,049
	Repayments and sales			(513,843	)		(6,413	)		(25,280	)		—			(137	)		(545,673	)
	Accrual of interest			—			—			9,578			—			—			9,578
	ESS received pursuant to a recapture agreement with PFSI			—			—			6,093			—			—			6,093
	Interest rate lock commitments issued, net			—			—			—			45,800			—			45,800
	Capitalization of interest			39,005			1,800			—			—			—			40,805
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			39,954			39,954
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			54,612			2,269			—									56,881
Other factors			139,393			(1,466	)		(24,392	)		12,837			(8,398	)		117,974
			194,005			803			(24,392	)		12,837			(8,398	)		174,855
Transfers of mortgage loans under forward purchase agreements to mortgage loans			205,902			(205,902	)		—			—			—			—
Transfers of mortgage loans to REO			(253,649	)		—			—			—			—			(253,649	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			(9,802	)		—			—			—			(9,802	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			(54,495	)		—			(54,495	)
Balance, September 30, 2014		$	2,031,102		$	—		$	187,368		$	5,391		$	57,871		$	2,281,732
Changes in fair value recognized during the period relating to assets still held at September 30, 2014		$	126,773		$	—		$	(24,392	)	$	5,391		$	(8,398	)	$	99,374
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		Nine months ended September 30, 2013
		Mortgage			Agency			Mortgage			Excess			Net interest			Mortgage			Total
		loans			Debt			loans under			servicing			rate lock			servicing
		at fair value						forward			spread			commitments (1)			rights
								purchase
								agreements
		(in thousands)
Assets:
Balance, June 30, 2013		$	1,189,971		$	—		$	—		$	—		$	19,479		$	1,346		$	1,210,796
Purchases			779,746			12,000			245,020			2,828			—			1,881			1,041,475
Repayments			(194,645	)		—			(8,000	)		—			—			—			(202,645	)
Interest rate lock commitments issued, net			—			—			—			—			71,195			—			71,195
Capitalization of interest			25,017			—			—			—			—			—			25,017
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			—			8,043			8,043
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			31,176			—			69			—									31,245
Other factors			119,935			578			7,619			29			(25,831	)		(273	)		102,057
			151,111			578			7,688			29			(25,831	)		(273	)		133,302
Transfers of mortgage loans under forward purchase agreements to mortgage loans			13,018			—			(13,018	)		—									—
Transfers of mortgage loans to REO			(115,562	)		—			—			—									(115,562	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(3,604	)		—									(3,604	)
Transfers of interest rate lock commitments to mortgage loans			—			—			—			—			(53,397	)		—			(53,397	)
Balance, September 30, 2013		$	1,848,656		$	12,578		$	228,086		$	2,857		$	11,446		$	10,997		$	2,114,620
Changes in fair value recognized during the period relating to assets still held at September 30, 2013		$	102,843		$	578		$	6,106		$	29		$	11,446		$	(273	)	$	120,729
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
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):
			September 30, 2014
			Fair value			Principal			Difference
						amount due
						upon maturity
			(in thousands)
	Mortgage loans acquired for sale:
	Current through 89 days delinquent		$	688,850		$	664,540		$	24,310
	90 or more days delinquent (1)
	Not in foreclosure			—			—			—
	In foreclosure			—			—			—
				—			—			—
				688,850			664,540			24,310
	Mortgage loans at fair value:
	Current through 89 days delinquent			1,122,391			1,371,396			(249,005	)
	90 or more days delinquent (1)
	Not in foreclosure			558,095			860,281			(302,186	)
	In foreclosure			881,425			1,339,090			(457,665	)
				1,439,520			2,199,371			(759,851	)
				2,561,911			3,570,767			(1,008,856	)
			$	3,250,761		$	4,235,307		$	(984,546	)
	-1	Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed.
			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			—			—			—
				169			162			7
				458,137			447,386			10,751
	Mortgage loans and mortgage loans under forward purchase agreements at fair value:
	Current through 89 days delinquent			1,170,918			1,506,175			(335,257	)
	90 or more days delinquent (1)
	Not in foreclosure			738,043			1,190,403			(452,360	)
	In foreclosure			909,484			1,493,644			(584,160	)
				1,647,527			2,684,047			(1,036,520	)
				2,818,445			4,190,222			(1,371,777	)
			$	3,276,582		$	4,637,608		$	(1,361,026	)
	-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:
			Quarter ended September 30, 2014
			Net gain on			Net			Net gain			Net loan			Total
			mortgage			interest			on			servicing
			loans			income			investments			fees
			acquired
			for sale
			(in thousands)
	Assets:
	Short-term investments		$	—		$	—		$	—		$	—		$	—
	Mortgage-backed securities at fair value			—			108			(821	)		—			(713	)
	Mortgage loans acquired for sale at fair value			19,977			—			—			—			19,977
	Mortgage loans at fair value			—			385			78,717			—			79,102
	Mortgage loans under forward purchase agreements at fair value			—			—			—			—			—
	Excess servicing spread at fair value			—			—			(7,396	)		—			(7,396	)
	Mortgage servicing rights at fair value			—			—			—			(1,606	)		(1,606	)
			$	19,977		$	493		$	70,500		$	(1,606	)	$	89,364
	Liabilities:
	Asset-backed secured financing at fair value		$	—		$	(124	)	$	696		$	—		$	572
			$	—		$	(124	)	$	696		$	—		$	572
			Quarter ended September 30, 2013
			Net loss on			Net			Net gain			Net loan			Total
			mortgage			interest			on			servicing
			loans			income			investments			fees
			acquired
			for sale
			(in thousands)
	Assets:
	Short-term investments		$	—		$	—		$	—		$	—		$	—
	Mortgage-backed securities at fair value			—			—			5,356			—			5,356
	Agency debt securities			—			—			578			—			578
	Mortgage loans acquired for sale at fair value			(14,519	)		—			—			—			(14,519	)
	Mortgage loans at fair value			—			—			39,608			—			39,608
	Mortgage loans under forward purchase agreements at fair value			—			—			8,378			—			8,378
	Excess servicing spread at fair value			—			—			29			—			29
	Mortgage servicing rights at fair value			—			—			—			(465	)		(465	)
			$	(14,519	)	$	—		$	53,949		$	(465	)	$	38,965
			Nine months ended September 30, 2014
			Net gain on			Net			Net gain			Net loan			Total
			mortgage			interest			on			servicing
			loans			income			investments			fees
			acquired
			for sale
			(in thousands)
	Assets:
	Short-term investments		$	—		$	—		$	—		$	—		$	—
	Mortgage-backed securities at fair value			—			296			6,096			—			6,392
	Mortgage loans acquired for sale at fair value			69,812			—			—			—			69,812
	Mortgage loans at fair value			—			938			218,912			—			219,850
	Mortgage loans under forward purchase agreements at fair value			—			—			803			—			803
	Excess servicing spread at fair value			—			—			(17,834	)		—			(17,834	)
	Mortgage servicing rights at fair value			—			—			—			(8,398	)		(8,398	)
			$	69,812		$	1,234		$	207,977		$	(8,398	)	$	270,625
	Liabilities:
	Asset-backed secured financing at fair value		$	—		$	(328	)	$	(7,258	)	$	—		$	(7,586	)
			$	—		$	(328	)	$	(7,258	)	$	—		$	(7,586	)
			Nine months ended September 30, 2013
			Net gain on			Net			Net gain			Net loan			Total
			mortgage			interest			on			servicing
			loans			income			investments			fees
			acquired
			for sale
			(in thousands)
Assets:
Short-term investments		$	—		$	—		$	—		$	—		$	—
Mortgage-backed securities at fair value			—			—			5,356			—			5,356
Mortgage loans acquired for sale at fair value			(46,699	)		—			—			—			(46,699	)
Mortgage loans at fair value			—			—			151,111			—			151,111
Agency debt securities			—			—			578			—			578
Mortgage loans under forward purchase agreements at fair value			—			—			7,689			—			7,689
Excess servicing spread at fair value			—			—			29			—			29
Mortgage servicing rights at fair value			—			—			—			—			—
		$	(46,699	)	$	—		$	164,763		$	—		$	118,064
Summary of Financial Statement Items Measured at Fair Value on Nonrecurring Basis	'
	Following is a summary of financial statement items that are measured at fair value on a nonrecurring basis:
			September 30, 2014
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Real estate asset acquired in settlement of loans		$	—		$	—		$	138,558		$	138,558
	Mortgage servicing rights at lower of amortized cost or fair value			—			—			78,176			78,176
			$	—		$	—		$	216,734		$	216,734
			December 31, 2013
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Real estate asset acquired in settlement of loans		$	—		$	—		$	63,043		$	63,043
	Real estate asset 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
			$	—		$	—		$	254,870		$	254,870
Summary of Total Gains (Losses) Recognized on Assets Measured at Estimated Fair Values on Nonrecurring Basis	'
	The following table summarizes the net losses recognized during the period on assets measured at estimated fair values on a nonrecurring basis:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Real estate asset acquired in settlement of loans		$	(14,242	)	$	(4,554	)	$	(24,027	)	$	(8,191	)
	Real estate asset acquired in settlement of loans under forward purchase agreements		$	—		$	(29	)	$	—		$	(29	)
	Mortgage servicing rights at lower of amortized cost or fair value			602			(212	)		(2,249	)		3,495
			$	(13,640	)	$	(4,795	)	$	(26,276	)	$	(4,725	)
Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans and Mortgage Loans Under Forward Purchase Agreements at Fair Value	'
	Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value:
	Key inputs		September 30, 2014		December 31, 2013
	Mortgage loans at fair value
	Discount rate
	Range		5.4% – 15.0%		8.7% – 16.9%
	Weighted average		8.90%		12.70%
	Twelve-month projected housing price index change
	Range		4.0% – 5.1%		2.5% – 4.3%
	Weighted average		4.80%		3.70%
	Prepayment speed (1)
	Range		0.0% – 7.4%		0.0% – 3.9%
	Weighted average		3.00%		2.00%
	Total prepayment speed (2)
	Range		0.0% – 27.5%		0.3% – 33.9%
	Weighted average		21.60%		24.30%
	Mortgage loans under forward purchase agreements
	Discount rate
	Range		—		9.5% – 13.5%
	Weighted average		—		11.90%
	Twelve-month projected housing price index change
	Range		—		3.3% – 4.2%
	Weighted average		—		3.80%
	Prepayment speed (1)
	Range		—		1.1% – 2.9%
	Weighted average		—		2.20%
	Total prepayment speed (2)
	Range		—		13.4% – 27.9%
	Weighted average		—		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:
	Key inputs		September 30, 2014		December 31, 2013
	Unpaid principal balance of underlying mortgage loans (in thousands)		$27,702,102		$20,512,659
	Average servicing fee rate (in basis points)		31		32
	Average ESS rate (in basis points)		16		16
	Pricing spread (1)
	Range		1.7% - 11.8%		2.8% - 14.4%
	Weighted average		5.00%		5.40%
	Life (in years)
	Range		0.4 - 7.3		0.9 - 8.0
	Weighted average		5.8		6.1
	Annual total prepayment speed (2)
	Range		7.6% - 72.4%		7.7% - 48.6%
	Weighted average		10.80%		9.70%
	-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 London Interbank Offered Rate (“LIBOR”) curve for purposes of discounting cash flows relating to ESS.
	-2	Prepayment speed is measured using Life Total CPR.
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:
	Key inputs		September 30, 2014		December 31, 2013
	Pull-through rate
	Range		49.8% - 98.0%		64.8% - 98.0%
	Weighted average		83.50%		86.40%
	MSR value expressed as:
	Servicing fee multiple
	Range		1.6 - 5.2		1.4 - 5.1
	Weighted average		3.9		4.1
	Percentage of unpaid principal balance
	Range		0.4% - 2.5%		0.4% - 1.3%
	Weighted average		1.00%		1.00%
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:
			Quarter ended September 30,
			2014			2013
	Key inputs		Amortized		Fair	Amortized		Fair
			cost		value	cost		value
			(MSR recognized and unpaid principal balance of underlying loan amounts
			in thousands)
	MSR recognized		$26,802		$12,812	$41,018		$7,939
	Unpaid principal balance of underlying mortgage loans		$2,423,013		$1,234,028	$3,404,274		$707,891
	Weighted-average annual servicing fee rate (in basis points)		25		25	25		25
	Pricing spread (1)
	Range		6.5% – 17.5%		8.8% – 13.5%	5.4% – 13.9%		7.4% - 9.6%
	Weighted average		8.50%		9.10%	6.30%		8.00%
	Life (in years)
	Range		1.4 - 7.3		2.8 - 7.3	2.9 - 6.9		3.8 - 6.9
	Weighted average		6.6		7.1	6.3		6.8
	Annual total prepayment speed (2)
	Range		7.6% – 48.8%		8.0% – 30.4%	8.5% – 15.6%		8.8% - 20.7%
	Weighted average		9.20%		9.70%	8.90%		9.80%
	Annual per-loan cost of servicing
	Range		$68 – $140		$68 – $140	$68 – $68		$68 - $68
	Weighted average		$70		$70	$68		$68
			Nine months ended September 30,
			2014			2013
	Key inputs		Amortized		Fair	Amortized		Fair
			cost		value	cost		value
			(MSR recognized and unpaid principal balance of underlying loan amounts
			in thousands)
	MSR recognized		$49,276		$39,954	$148,186		$8,043
	Unpaid principal balance of underlying mortgage loans		$4,518,100		$3,784,142	$12,247,940		$717,877
	Weighted-average annual servicing fee rate (in basis points)		25		25	26		25
	Pricing spread (1)
	Range		6.3% – 17.5%		8.5% - 13.5%	5.4% – 14.4%		7.4% - 14.4%
	Weighted average		8.50%		9.10%	6.60%		8.00%
	Life (in years)
	Range		1.1 - 7.3		2.8 - 7.3	2.6 - 6.9		2.8 - 6.9
	Weighted average		6.3		7.1	6.4		6.8
	Annual total prepayment speed (2)
	Range		7.6% – 56.4%		8.0% - 30.4%	8.5% – 23.6%		8.8% - 27.0%
	Weighted average		9.70%		9.50%	9.00%		10.00%
	Annual per-loan cost of servicing
	Range		$68 – $140		$68 - $140	$68 – $140		$68 - $68
	Weighted average		$69		$69	$68		$68
	-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 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 fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable):
			September 30, 2014			December 31, 2013
			Amortized		Fair	Amortized		Fair
			cost		value	cost		value
			(Carrying value, unpaid principal balance and effect
			on fair value amounts in thousands)
	Carrying value		$287,977		$57,871	$264,120		$26,452
	Key inputs:
	Unpaid principal balance of underlying mortgage loans		$26,459,404		$5,803,275	$23,399,612		$2,393,321
	Weighted-average annual servicing fee rate (in basis points)		26		25	26		26
	Weighted-average note interest rate		3.77%		4.78%	3.68%		4.78%
	Pricing spread (1) (2)
	Range		6.3% – 17.5%		7.6% – 15.3%	6.3% – 17.5%		7.3% – 15.3%
	Weighted average		7.30%		9.10%	6.70%		8.60%
	Effect on fair value of a:
	5% adverse change		($5,718)		($1,024)	($5,490)		($488)
	10% adverse change		($11,245)		($2,013)	($10,791)		($959)
	20% adverse change		($21,759)		($3,897)	($20,861)		($1,855)
	Weighted average life (in years)
	Range		1.3 - 7.2		2.4 - 7.2	1.3 - 7.3		2.8 - 7.3
	Weighted average		6.4		7	6.7		7.2
	Prepayment speed (1) (3)
	Range		7.7% - 52.7%		8.0% - 32.7%	7.7% - 51.9%		8.0% - 20.0%
	Weighted average		8.60%		10.10%	8.20%		8.90%
	Effect on fair value of a:
	5% adverse change		($5,886)		($1,396)	($5,467)		($568)
	10% adverse change		($11,589)		($2,742)	($10,765)		($1,117)
	20% adverse change		($22,480)		($5,288)	($20,886)		($2,160)
	Annual per-loan cost of servicing
	Range		$68 – $140		$68 – $140	$68 – $140		$68 – $140
	Weighted average		$68		$69	$68		$68
	Effect on fair value of a:
	5% adverse change		($1,905)		($364)	($1,695)		($158)
	10% adverse change		($3,809)		($729)	($3,390)		($316)
	20% adverse change		($7,619)		($1,457)	($6,780)		($633)
	-1	The effect on value of an adverse change in one of the above-mentioned key inputs may result in recognition of MSR impairment. The extent of impairment recognized will depend on the relationship of fair value to the carrying value of MSRs.
	-2	Pricing spread represents a margin that is added 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.
	-3	Prepayment speed is measured using Life Total CPR.

Mortgage_Loans_Acquired_for_Sa1

Mortgage Loans Acquired for Sale at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
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:
		September 30, 2014				December 31, 2013
		Fair		Unpaid		Fair		Unpaid
		value		principal		value		principal
				balance				balance
	Loan type	(in thousands)
	Conventional:
	Agency-eligible	$	451,288	$	434,584	$	311,162	$	304,749
	Jumbo		177,843		173,174		34,615		35,050
	Government-insured or guaranteed		59,719		56,782		112,360		107,587
		$	688,850	$	664,540	$	458,137	$	447,386
	Loans pledged to secure assets sold under agreements to repurchase	$	675,659			$	454,210

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
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:
		September 30, 2014								December 31, 2013
				Fair value								Fair value
		Notional		Derivative			Derivative			Notional		Derivative			Derivative
	Instrument	amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments:
	Free-standing derivatives:
	Interest rate lock commitments		838,948	$	5,512		$	121			557,343	$	2,510		$	1,261
	Forward sales contracts		2,776,249		1,142			5,272			3,588,027		16,385			1,295
	Forward purchase contracts		1,910,139		4,614			478			2,781,066		1,229			7,420
	MBS put options		565,000		830			—			55,000		272			—
	MBS call options		50,000		239			—			110,000		—			—
	Eurodollar future sale contracts		6,262,000		—			—			8,779,000		—			—
	Treasury future sale contracts		85,000		857			—			105,000		—			—
	Call options on Eurodollar futures		355,000		666			—			—		—			—
	Put options on Eurodollar futures		220,000		422			—			52,500		566			—
	Total derivative instruments before netting				14,282			5,871					20,962			9,976
	Netting				(3,938	)		(3,982	)				(12,986	)		(8,015	)
				$	10,344		$	1,889				$	7,976		$	1,961
	Margin deposits with (collateral received from) derivatives counterparties			$	44							$	(4,971	)
Mortgage loans acquired for sale [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 IRLCs and inventory of mortgage loans acquired for sale:
		Quarter ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Quarter ended September 30, 2014
	Forward purchase contracts		3,058,604		8,191,022			(9,339,487	)		1,910,139
	Forward sales contracts		4,185,633		11,620,826			(13,030,210	)		2,776,249
	MBS put option		270,000		375,000			(345,000	)		300,000
	MBS call option		25,000		55,000			(50,000	)		30,000
		Quarter ended September 30, 2013
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Quarter ended September 30, 2013
	Forward purchase contracts		5,411,784		18,214,008			(21,291,203	)		2,334,589
	Forward sales contracts		7,728,066		21,440,627			(25,844,850	)		3,323,843
	MBS put options		460,000		180,000			(510,000	)		130,000
	MBS call options		725,000		300,000			(1,025,000	)		—
		Nine months ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Nine months ended September 30, 2014
	Forward purchase contracts		2,781,066		26,555,921			(27,426,848	)		1,910,139
	Forward sales contracts		3,463,027		35,672,348			(36,359,126	)		2,776,249
	MBS put option		55,000		1,070,000			(825,000	)		300,000
	MBS call option		110,000		80,000			(160,000	)		30,000
		Nine months ended September 30, 2013
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Nine months ended September 30, 2013
	Forward purchase contracts		2,206,539		45,301,457			(45,173,407	)		2,334,589
	Forward sales contracts		4,266,983		58,817,165			(59,760,305	)		3,323,843
	MBS put options		495,000		3,205,000			(3,570,000	)		130,000
	MBS call options		—		2,200,000			(2,200,000	)		—
Mortgage service rights [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 MSRs:
		Quarter ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Quarter ended September 30, 2014
	Forward purchase contracts		—		25,000			(25,000	)		—
	Forward sales contracts		—		50,000			(50,000	)		—
	MBS put option		25,000		165,000			(25,000	)		165,000
	MBS call option		70,000		20,000			(70,000	)		20,000
	Treasury future sale contracts		—		43,900			(43,900	)		—
	Treasury future purchase contracts		—		27,700			(27,700	)		—
	Put option on Eurodollar futures		40,000		325,000			(265,000	)		100,000
	Call option on Eurodollar futures		130,000		390,000			(275,000	)		245,000
		Nine months ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Nine months ended September 30, 2014
	Forward purchase contracts		—		95,000			(95,000	)		—
	Forward sales contracts		—		110,000			(110,000	)		—
	MBS put option		—		190,000			(25,000	)		165,000
	MBS call option		—		150,000			(130,000	)		20,000
	Treasury future sale contracts		—		76,700			(76,700	)		—
	Treasury future purchase contracts		—		53,300			(53,300	)		—
	Put option on Eurodollar futures		—		690,000			(590,000	)		100,000
	Call option on Eurodollar futures		—		670,000			(425,000	)		245,000
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 in a VIE and MBS securities at fair value and the related variable LIBOR rate repurchase agreement liabilities:
		Quarter ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Quarter ended September 30, 2014
	Eurodollar future sale contracts		5,562,000		990,000			(290,000	)		6,262,000
	Eurodollar future purchase contracts		—		290,000			(290,000	)		—
	Treasury future sale contracts		85,000		110,600			(110,600	)		85,000
	Treasury future purchase contracts		—		110,600			(110,600	)		—
	Put options on Eurodollar futures		85,000		165,500			(130,500	)		120,000
	Call option on Eurodollar futures		100,000		190,000			(180,000	)		110,000
	MBS put option purchase contracts		97,500		100,000			(97,500	)		100,000
		Quarter ended September 30, 2013
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Quarter ended September 30, 2013
	Eurodollar futures		—		19,152,000			(9,188,000	)		9,964,000
	Treasury futures		—		75,000			—			75,000
	Options on Eurodollar futures		—		2,200,000			—			2,200,000
		Nine months ended September 30, 2014
		Balance,								Balance,
		beginning					Dispositions/			end
	Period/Instrument	of period		Additions			expirations			of period
		(in thousands)
	Nine months ended September 30, 2014
	Eurodollar future sale contracts		8,779,000		1,452,000			(3,969,000	)		6,262,000
	Eurodollar future purchase contracts		—		3,287,000			(3,287,000	)		—
	Treasury future sale contracts		105,000		298,600			(318,600	)		85,000
	Treasury future purchase contracts		—		278,600			(278,600	)		—
	Put options on Eurodollar futures		52,500		362,500			(295,000	)		120,000
	Call option on Eurodollar futures		—		290,000			(180,000	)		110,000
	MBS put option purchase contracts		15,000		222,500			(137,500	)		100,000
		Nine months ended September 30, 2013
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Nine months ended September 30, 2013
	Eurodollar futures		—		19,152,000			(9,188,000	)		9,964,000
	Treasury futures		—		75,000			—			75,000
	Options on Eurodollar futures		—		2,200,000			—			2,200,000

Mortgage_Loans_at_Fair_Value_T

Mortgage Loans at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
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:
		September 30, 2014						December 31, 2013
	Loan type	Fair			Unpaid			Fair		Unpaid
		value			principal			value		principal
					balance					balance
		(in thousands)
	Nonperforming loans	$	1,439,520		$	2,199,371		$	1,469,686	$	2,415,446
	Performing loans:
	Fixed interest rate		303,569			432,358			310,607		475,568
	Adjustable-rate mortgage (“ARM”)/hybrid		104,594			134,861			165,327		207,553
	Interest rate step-up		183,263			279,244			130,906		215,702
	Balloon		156			209			139		213
			591,582			846,672			606,979		899,036
	Mortgage loans held in a VIE securing asset-backed financing
	Fixed interest rate jumbo		530,809			524,725			523,652		543,257
		$	2,561,911		$	3,570,768		$	2,600,317	$	3,857,739
	Mortgage loans at fair value pledged to secure borrowings at period end:
	Assets sold under agreements to repurchase	$	2,272,089					$	2,314,324
	Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	$	1,679					$	989
	Mortgage loans held in a VIE securing an asset-backed financing	$	530,809					$	523,652
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value, Excluding VIE Securing Asset-Backed Financing	'
	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value, excluding mortgage loans held in a VIE securing asset-backed financing:
	Concentration	September 30, 2014			December 31, 2013
	Portion of mortgage loans originated between 2005 and 2007		72	%		72	%
	Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100%		55	%		61	%
	Percentage of mortgage loans secured by California real estate		21	%		24	%
	Additional states contributing 5% or more of mortgage loans		New York			New York
			Florida			Florida
			New Jersey			New Jersey

Mortgage_Loans_Under_Forward_P1

Mortgage Loans Under Forward Purchase Agreements at Fair Value (Tables) (Forward Purchasers [Member])	9 Months Ended
	Sep. 30, 2014
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:
		September 30, 2014					December 31, 2013
	Loan type	Fair		Unpaid			Fair		Unpaid
		value		principal			value		principal
				balance					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:
		September 30, 2014		December 31, 2013
	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_Settle2

Real Estate Acquired in Settlement of Loans (Tables)	9 Months Ended
	Sep. 30, 2014
Banking and Thrift [Abstract]	'
Summary of Financial Information Relating to REO	'
	Following is a summary of financial information relating to REO:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
	Balance at beginning of period	$	240,471		$	88,682		$	138,942		$	88,078
	Purchases		—			82			3,049			82
	Transfers from mortgage loans at fair value and advances		94,530			48,154			268,677			116,957
	Transfers from REO under forward purchase agreements		—			114			12,737			114
	Results of REO:
	Valuation adjustments, net		(15,639	)		(5,012	)		(32,912	)		(16,079	)
	Gain on sale, net		3,713			2,759			9,485			8,644
			(11,926	)		(2,253	)		(23,427	)		(7,435	)
	Proceeds from sales		(47,891	)		(35,086	)		(124,794	)		(98,103	)
	Balance at end of period	$	275,185		$	99,693		$	275,185		$	99,693
	At period end:
	REO pledged to secure assets sold under agreements to repurchase	$	56,702		$	17,074
	REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$	19,858		$	50,796

Real_Estate_Acquired_in_Settle3

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2014
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:
		Quarter ended					Nine months ended
		September 30,					September 30,
		2014		2013			2014			2013
		(in thousands)
	Balance at beginning of period	$	—	$	89		$	9,138		$	—
	Purchases		—		—			68			—
	Transfers from mortgage loans under forward purchase agreements at fair value and advances		—		3,640			9,369			3,729
	Transfers to REO		—		(114	)		(12,737	)		(114	)
	Results of REO under forward purchase agreements:
	Valuation adjustments, net		—		(31	)		(779	)		(31	)
	Gain on sale, net		—		(10	)		306			(10	)
			—		(41	)		(473	)		(41	)
	Proceeds from sales		—		(65	)		(5,365	)		(65	)
	Balance at end of period	$	—	$	3,509		$	—		$	3,509

Mortgage_Servicing_Rights_Tabl

Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of MSRs Carried at Fair Value	'
	Following is a summary of MSRs carried at fair value:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Balance at beginning of period		$	46,802		$	1,827		$	26,452		$	1,346
	Additions:
	Purchases			—			1,696			—			1,881
	MSRs resulting from loan sales			12,812			7,939			39,954			8,043
	Total additions			12,812			9,635			39,954			9,924
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model (1)			(106	)		(366	)		(4,974	)		(64	)
	Other changes in fair value (2)			(1,500	)		(99	)		(3,424	)		(209	)
				(1,606	)		(465	)		(8,398	)		(273	)
	Sales			(137	)		—			(137	)		—
	Balance at end of period		$	57,871		$	10,997		$	57,871		$	10,997
	-1	Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, 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 lower of amortized cost or fair value:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Amortized Cost:
	Balance at beginning of period		$	274,110		$	228,912		$	266,697		$	132,977
	MSRs resulting from loan sales			26,802			41,018			49,276			148,186
	Amortization			(8,109	)		(7,200	)		(23,170	)		(18,433	)
	Application of valuation allowance to write down MSRs with other-than temporary impairment			—			—			—			—
	Balance at end of period			292,803			262,730			292,803			262,730
	Valuation Allowance:
	Balance at beginning of period			(5,428	)		(3,839	)		(2,577	)		(7,547	)
	Reversals (additions)			602			(213	)		(2,249	)		3,495
	Application of valuation allowance to write down MSRs with other-than-temporary impairment			—			—			—			—
	Balance at end of period			(4,826	)		(4,052	)		(4,826	)		(4,052	)
	MSRs, net		$	287,977		$	258,678		$	287,977		$	258,678
	Estimated fair value at end of period		$	312,196		$	277,711
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 September 30, 2014 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.
	12 months ending September 30,		Estimated MSR
			amortization
			(in thousands)
	2015		$	29,606
	2016			29,570
	2017			28,092
	2018			25,972
	2019			23,490
	Thereafter			156,073
	Total		$	292,803

Net_Loan_Servicing_Fees_Tables

Net Loan Servicing Fees (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Net Loan Servicing Fees	'
	Net loan servicing fees are summarized below:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Servicing fees (1)		$	20,300		$	14,451		$	56,988		$	37,175
	MSR recapture fee receivable from PFSI			—			86			9			586
	Effect of MSRs:
	Carried at lower of amortized cost or fair value
	Amortization			(8,109	)		(7,201	)		(23,171	)		(18,433	)
	(Provision for) reversal of impairment			602			(212	)		(2,248	)		3,495
	Carried at fair value - change in fair value			(1,606	)		(465	)		(8,398	)		(273	)
	Gains (losses) on hedging derivatives			(654	)		—			3,532			(1,988	)
				(9,767	)		(7,878	)		(30,285	)		(17,199	)
	Net loan servicing fees		$	10,533		$	6,659		$	26,712		$	20,562
	Average servicing portfolio		$	30,701,324		$	21,784,126		$	29,531,733		$	20,070,127
	-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:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(in thousands)
	Contractually-specified servicing fees		$	19,345		$	13,687		$	54,396		$	34,158

Assets_Sold_Under_Agreements_t1

Assets Sold Under Agreements to Repurchase (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	'
	Following is a summary of financial information relating to assets sold under agreements to repurchase:
			Quarter ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
			(dollars in thousands)
	During the period:
	Weighted-average interest rate (1)			2.13	%		2.39	%		2.18	%		2.5	%
	Average balance		$	2,501,816		$	1,755,850		$	2,186,135		$	1,456,278
	Total interest expense		$	15,814		$	13,464		$	43,496		$	34,990
	Maximum daily amount outstanding		$	2,815,572		$	2,736,873		$	2,700,586		$	2,802,193
	Period end:
	Balance		$	2,416,686		$	1,980,058
	Weighted-average interest rate			2.17	%		2.14	%
	Available borrowing capacity:
	Committed		$	578,969		$	1,359,746
	Uncommitted			894,343			473,547
			$	1,473,312		$	1,833,293
	Margin deposits placed with counterparties		$	8,210		$	3,201
	Fair value of assets securing agreements to repurchase:
	Mortgage-backed securities		$	262,378		$	217,491
	Mortgage loans acquired for sale at fair value			675,659			731,717
	Mortgage loans at fair value			2,273,768			2,101,061
	Real estate acquired in settlement of loans			76,561			67,870
			$	3,288,366		$	3,118,139
	-1	Excludes the amortization of commitment fees and issuance costs of $2.2 million and $7.4 million for the quarter and nine months ended September 30, 2014 and $2.7 million and $7.4 million for the quarter and nine months ended September 30, 2013, respectively.
Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Maturity Date	'
	Following is a summary of maturities of outstanding assets sold under agreements to repurchase by maturity date:
	Remaining Maturity at September 30, 2014		Balance
			(in thousands)
	Within 30 days		$	435,316
	Over 30 to 90 days			859,651
	Over 90 days to 180 days			429,498
	Over 180 days to 1 year			692,221
			$	2,416,686
	Weighted average maturity (in months)			4.5
Securities sold under agreements to repurchase at fair value [Member]	'
Summary of Assets Sold under Agreements to Repurchase by Counterparty	'
	Securities sold under agreements to repurchase
	Counterparty		Amount at risk			Maturity
			(in thousands)
	Daiwa Capital Markets America Inc.		$	7,048		November 2, 2014
	Credit Suisse First Boston Mortgage Capital LLC		$	11,936		19-Oct-14
	Bank of America, N.A.		$	4,397		14-Oct-14
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]	'
Summary of Assets 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) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by counterparty below as of September 30, 2014:
	Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase
	Counterparty		Amount at risk			Mortgage loans acquired for sale			Facility maturity
						Weighted-average
						repurchase  agreement maturity
			(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC		$	188,099			February 12, 2015		October 31, 2014
	Bank of America, N.A.		$	42,719			December 29, 2014		30-Jan-15
	Morgan Stanley		$	10,063			November 19, 2014		December 18, 2014
	The Royal Bank of Scotland Group		$	94,810			—		17-Feb-15
	Citibank, N.A.		$	523,389			—		7-Sep-15

AssetBacked_Secured_Financing_1

Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of Financial Information Relating to Asset-Backed Secured Financing of the VIE	'
	Following is a summary of financial information relating to the asset-backed secured financing of the VIE:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(dollars in thousands)
	Period end:
	Fair Value	$	166,841		$	170,008
	Interest rate		3.5	%		3.5	%
	During the period:
	Weighted-average fair value	$	168,923		$	1,853		$	168,186		$	625
	Interest expense	$	1,584		$	—		$	4,762		$	—
	Weighted-average effective interest rate		3.67	%		—			3.73	%		—

Exchangeable_Senior_Notes_Tabl

Exchangeable Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of Financial Information Relating to Notes	'
	Following is financial information relating to the Notes:
			Quarter ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
			(dollars in thousands)
	Period end:
	Balance		$	250,000	$	250,000
	Unamortized issuance costs (1)		$	6,156	$	7,063
	During the period:
	Weighted-average balance		$	250,000	$	250,000	$	250,000	$	141,026
	Interest expense (2)		$	3,592	$	3,577	$	10,763	$	5,961
	-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 $232,000 and $685,000 during the quarter and nine months ended September 30, 2014, respectively, and $218,000 and $362,000 during the quarter and nine months ended September 30, 2013, respectively.

Borrowings_under_Forward_Purch1

Borrowings under Forward Purchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2014
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:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(dollars in thousands)
	Period end:
	Balance	$	—		$	229,841
	Interest rate		0	%		3.03	%
	Fair value of underlying loans and REO	$	—		$	231,595
	During the period:
	Weighted-average effective interest rate		0	%		2.96	%		2.84	%		2.97	%
	Weighted-average balance	$	—		$	232,722		$	109,708		$	89,459
	Interest expense	$	—		$	1,762		$	2,364		$	2,013
	Maximum daily amount outstanding	$	—		$	242,394		$	226,847		$	244,047

Liability_for_Losses_Under_Rep1

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of Company's Liability for Losses under Representations and Warranties	'
	Following is a summary of the Company’s liability for losses under representations and warranties:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	Balance, beginning of period	$	11,876	$	7,668	$	10,110	$	4,441
	Provision for losses		1,359		1,474		3,125		4,701
	Incurred losses		—		—		—		—
	Balance, end of period	$	13,235	$	9,142	$	13,235	$	9,142
Summary of Company's Repurchase and Indemnification Activity	'
	Following is a summary of the Company’s repurchase and indemnification activity:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	During the period:
	Losses charged to liability for representations and warranties	$	—	$	—	$	—	$	—
	Unpaid principal balance of mortgage loans repurchased	$	7,490	$	5,687	$	15,296	$	6,895
	Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders	$	5,841	$	967	$	10,109	$	1,891
	Unpaid principal balance of mortgage loans indemnified by PMT	$	1,571	$	—	$	4,227	$	—
	At end of period:
	Unpaid principal balance of mortgage loans subject to pending claims for repurchase	$	19,969	$	9,415
	Unpaid principal balance of mortgage loans indemnified by PMT	$	4,764	$	—
	Unpaid principal balance of mortgage loans subject to representations and warranties	$	32,654,307	$	23,531,815

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Company's Outstanding Contractual Loan Commitments	'
	The following table summarizes the Company’s outstanding contractual loan commitments:
		September 30, 2014
		(in thousands)
	Commitments to purchase mortgage loans:
	Correspondent production	$	838,948

Net_Gain_on_Mortgage_Loans_Acq1

Net Gain on Mortgage Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Summary of Net Gain on Mortgage Loans Acquired for Sale	'
	Net gain on mortgage loans acquired for sale is summarized below:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
	Cash (loss) gain:
	Sales proceeds, net	$	(15,473	)	$	(108,960	)	$	(21,540	)	$	(207,912	)
	Hedging activities		(12,705	)		114,405			(35,004	)		160,109
			(28,178	)		5,445			(56,544	)		(47,803	)
	Non cash gain:
	Receipt of MSRs in loan sale transactions		39,613			48,957			89,230			156,229
	Provision for losses relating to representations and warranties provided in loan sales		(1,359	)		(1,474	)		(3,125	)		(4,701	)
	Change in fair value of IRLCs, mortgage loans and hedging derivatives held at period end:
	IRLCs		(5,697	)		28,413			4,140			(8,033	)
	Mortgage loans		(3,073	)		48,205			5,000			11,211
	Hedging derivatives		8,203			(118,515	)		(8,999	)		(22,155	)
			(567	)		(41,897	)		142			(18,977	)
		$	9,509		$	11,031		$	29,702		$	84,748

Net_Interest_Income_Tables

Net Interest Income (Tables)	9 Months Ended
	Sep. 30, 2014
Banking and Thrift, Interest [Abstract]	'
Summary of Net Interest Income	'
	Net interest income is summarized below:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	Interest income:
	Short-term investments	$	138	$	252	$	462	$	340
	Mortgage-backed securities		1,935		345		5,657		345
	Agency debt securities		—		162		—		162
	Mortgage loans acquired for sale at fair value		7,712		12,535		16,911		28,150
	Mortgage loans at fair value		27,858		20,751		92,870		48,300
	Mortgage loans under forward purchase agreements at fair value		—		1,197		3,584		1,457
	Excess servicing spread purchased from PFSI, at fair value		3,577		—		9,578		—
	Other		16		36		38		196
			41,236		35,278		129,100		78,950
	Interest expense:
	Assets sold under agreements to repurchase		15,814		13,464		43,496		34,990
	Borrowings under forward purchase agreements		—		1,762		2,363		2,013
	Asset-backed secured financing		1,584		—		4,762		—
	Exchangeable senior notes		3,592		3,577		10,763		5,961
	Other		1,030		694		2,276		1,913
			22,020		19,497		63,660		44,877
	Net interest income	$	19,216	$	15,781	$	65,440	$	34,073

Net_Gain_on_Investments_Tables

Net Gain on Investments (Tables)	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Summary of Net Gain on Investments	'
	Net gain on investments is summarized below:
		Quarter ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(in thousands)
	Net gain (loss) on investments:
	Mortgage-backed securities	$	(821	)	$	5,356		$	6,096		$	5,356
	Agency debt security		—			578			—			578
	Excess servicing spread purchased from PFSI at fair value		(7,396	)		29			(17,834	)		29
	Hedging derivatives		(1,135	)		(4,863	)		(5,876	)		(4,863	)
			(9,352	)		1,100			(17,614	)		1,100
	Mortgage loans		79,046			47,986			210,981			158,800
	Asset-backed secured financing		696			—			(7,258	)		—
		$	70,390		$	49,086		$	186,109		$	159,900

Other_Expenses_Tables

Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2014
Other Income and Expenses [Abstract]	'
Summary of Other Expenses	'
	Other expenses are summarized below:
		Quarter ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(in thousands)
	Common overhead allocation from PFSI	$	2,802	$	2,527	$	8,018	$	7,793
	Servicing and collection costs		2,064		1,393		5,809		1,726
	Loan origination		1,202		1,322		1,637		3,768
	Insurance		247		219		738		648
	Technology		246		234		720		588
	Securitization		—		1,887		—		1,887
	Other expenses		823		373		1,682		2,062
		$	7,384	$	7,955	$	18,604	$	18,472

Segments_and_Related_Informati1

Segments and Related Information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Financial Highlights by Operating Segment	'
	Financial highlights by operating segment are summarized below:
	Quarter ended September 30, 2014		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	9,509		$	—		$	—		$	9,509
	Net gain on investments			—			70,390			—			70,390
	Interest income			7,727			33,509			—			41,236
	Interest expense			(3,660	)		(18,360	)		—			(22,020	)
				4,067			15,149			—			19,216
	Net loan servicing fees			—			10,533						10,533
	Other income (loss)			6,524			(9,642	)		—			(3,118	)
				20,100			86,430			—			106,530
	Expenses:
	Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			15,900			21,545			—			37,445
	Other			1,410			9,744			—			11,154
				17,310			31,289			—			48,599
	Pre-tax income		$	2,790		$	55,141		$	—		$	57,931
	Total assets at period end		$	708,442		$	3,896,371		$	—		$	4,604,813
	Quarter ended September 30, 2013		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	11,031		$	—		$	—		$	11,031
	Net gain on investments			—			49,086			—			49,086
	Interest income			12,536			25,316			(2,574	)		35,278
	Interest expense			(9,171	)		(12,900	)		2,574			(19,497	)
				3,365			12,416			—			15,781
	Net loan servicing fees			—			6,659						6,659
	Other income (loss)			4,490			(985	)		—			3,505
				18,886			67,176			—			86,062
	Expenses:
	Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			18,968			18,636			—			37,604
	Other			211			12,185			—			12,396
				19,179			30,821			—			50,000
	Pre-tax (loss) income		$	(293	)	$	36,355		$	—		$	36,062
	Total assets at period end		$	760,611		$	3,490,632		$	(2,012	)	$	4,249,231
	Nine months ended September 30, 2014		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	29,702		$	—		$	—		$	29,702
	Net gain on investments			—			186,109			—			186,109
	Interest income			16,948			114,540			(2,388	)		129,100
	Interest expense			(12,196	)		(53,852	)		2,388			(63,660	)
				4,752			60,688			—			65,440
	Net loan servicing fees			—			26,712			—			26,712
	Other income (loss)			13,365			(17,647	)		—			(4,282	)
				47,819			255,862			—			303,681
	Expenses:
	Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			37,701			66,836			—			104,537
	Other			2,248			29,372			—			31,620
				39,949			96,208			—			136,157
	Pre-tax income		$	7,870		$	159,654		$	—		$	167,524
	Total assets at period end		$	708,442		$	3,896,371		$	—		$	4,604,813
	Nine months ended September 30, 2013		Correspondent			Investment			Intersegment			Total
			production			activities			elimination
									& other
			(in thousands)
	Net investment income:
Net gain on mortgage loans acquired for sale		$	84,748		$	—		$	—		$	84,748
Net gain on investments			—			159,900			—			159,900
Interest income			28,151			55,168			(4,369	)		78,950
Interest expense			(22,354	)		(26,892	)		4,369			(44,877	)
			5,797			28,276			—			34,073
Net loan servicing fees			—			20,562			—			20,562
Other income (loss)			14,715			(4,567	)		—			10,148
			105,260			204,171			—			309,431
Expenses:
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.			67,138			48,940			3,284	(1)		119,362
Other			485			29,678			—			30,163
			67,623			78,618			3,284			149,525
Pre-tax income		$	37,637		$	125,553		$	(3,284	)	$	159,906
Total assets at period end		$	760,611		$	3,490,632		$	(2,012	)	$	4,249,231
-1	Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Summary of Supplemental Cash Flow Information	'
		Nine months ended
		September 30,
		2014			2013
		(in thousands)
	Cash paid for interest	$	68,443		$	58,290
	Income tax refund	$	(6,782	)	$	(6,137	)
	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	$	268,677		$	116,957
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	245,389
	Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	$	205,902		$	13,018
	Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	$	9,369		$	3,604
	Receipt of MSRs as proceeds from sales of loans	$	89,230		$	156,229
	Purchase of REO financed through forward purchase agreements	$	—		$	3,604
	Receipt of ESS pursuant to recapture agreement with PFSI	$	6,093		$	—
	Transfer of REO under forward purchase agreements to REO	$	12,737		$	114
	Non-cash financing activities:
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	245,389
	Purchase of REO financed through forward purchase agreements	$	—		$	3,604
	Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	$	3,491		$	25,141
	Dividends payable	$	45,467		$	—

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Segment
Accounting Policies [Abstract]	'
Number of business segments	2
Percentage of taxable income for distributions	90.00%

Concentration_of_Risks_Fair_Va

Concentration of Risks - Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) Portion Representing Assets Purchased (Detail) (USD $)	3 Months Ended		9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
					Forward Purchase Commitments [Member]	Forward Purchase Commitments [Member]	Forward Purchase Commitments [Member]	Forward Purchase Commitments [Member]
							Mortgage loans under forward purchase agreements [Member]	Mortgage loans under forward purchase agreements [Member]
Investment portfolio purchases:	'	'	'	'	'	'	'	'
Investment portfolio purchases, Mortgage loans	$0	$580,822	$284,403	$1,024,404	'	'	'	'
Investment portfolio purchases, REO	0	3,597	3,117	3,686	'	'	'	'
Investment portfolio purchases, total	0	584,419	287,520	1,028,090	'	'	'	'
Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:	'	'	'	'	'	'	'	'
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. Mortgage loans	0	0	26,737	443,183	974,402	1,138,131	0	218,128
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	0	3,597	68	3,686	114,195	84,726	0	8,705
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	0	3,597	26,805	446,869	1,088,597	1,449,690	'	'
Total holdings of mortgage loans and REO	'	'	'	'	$2,837,096	$2,966,525	'	'

Concentration_of_Risks_Consoli

Concentration of Risks - Consolidated Statements of Income and Cash Flows (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statements of income:	'	'	'	'
Interest income	$0	$1,197	$3,584	$1,457
Interest expense	0	1,763	2,364	2,013
Net gain on investments	0	8,378	803	7,688
Net loan servicing fees	0	0	517	0
Results of REO	0	-41	-473	-41
Statements of cash flows:	'	'	'	'
Repayments of mortgage loans	0	8,000	6,413	8,000
Sales of REO	0	65	5,365	65
Repayments of borrowings under forward purchase agreements	$0	($18,618)	($227,866)	($18,618)

Transactions_with_Related_Part2

Transactions with Related Parties - Summary of Corresponding Production Activity (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Loan fulfillment fees payable to PFSI	$15,497	$18,327	$36,832	$68,625	'
Unpaid principal balance of loans fulfilled by PFSI	3,677,613	3,681,771	8,588,955	12,792,482	'
Sourcing fees received from PFSI	1,384	1,204	3,401	3,563	'
Fair value of loans sold to PFSI	4,861,392	4,147,535	11,947,251	12,429,698	'
At period end:	'	'	'	'	'
Mortgage loans included in mortgage loans acquired for sale pending sale to PFSI	688,850	'	688,850	'	458,137
PFSI [Member]	'	'	'	'	'
At period end:	'	'	'	'	'
Mortgage loans included in mortgage loans acquired for sale pending sale to PFSI	$59,719	$273,007	$59,719	$273,007	'

Transactions_with_Related_Part3

Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Payable (Detail) (PFSI [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	$12,325	$10,738	$41,096	$27,251
Mortgage loans acquired for sale at fair value [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	63	139	186	491
Mortgage loans acquired for sale at fair value [Member] | Base [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	28	62	74	231
Mortgage loans acquired for sale at fair value [Member] | Activity-based [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	35	77	112	260
Distress mortgage loans [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	8,755	7,580	30,828	19,476
Distress mortgage loans [Member] | Base [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	4,679	4,166	14,620	11,737
Distress mortgage loans [Member] | Activity-based [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	4,076	3,414	16,208	7,739
Mortgage servicing rights [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	3,507	3,019	10,082	7,284
Mortgage servicing rights [Member] | Base [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	3,459	2,911	9,930	7,037
Mortgage servicing rights [Member] | Activity-based [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Mortgage loan servicing fees payable to PFSI	$48	$108	$152	$247

Transactions_with_Related_Part4

Transactions with Related Parties - Summary of Management Fee Expense and Related Liability (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Management fee:	'	'	'	'
Base	$6,033	$5,104	$17,392	$14,043
Performance incentive	3,590	3,435	9,217	9,443
Total management fee incurred during the year	$9,623	$8,539	$26,609	$23,486

Transactions_with_Related_Part5

Transactions with Related Parties - Management Fees - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Termination fees, description	'The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PFSI, in each case during the 24-month period before termination.

Transactions_with_Related_Part6

Transactions with Related Parties - Summary of Investment Activity (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transactions [Abstract]	'	'	'	'
Purchases of excess servicing spread	$9,253	$2,828	$82,646	$2,828
Interest income from excess servicing spread	3,577	0	9,578	0
Net (loss) gain on excess servicing spread purchased from PFSI at fair value	-7,396	29	-17,834	29
Excess servicing spread recapture recognized	2,143	0	6,558	0
MSR recapture recognized	$0	$86	$9	$586

Transactions_with_Related_Part7

Transactions with Related Parties - Other Transactions - Additional Information (Detail) (USD $)	9 Months Ended			3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Aug. 04, 2009	Sep. 30, 2014	Sep. 30, 2014	Feb. 01, 2013	Sep. 30, 2014	Sep. 30, 2014	Feb. 01, 2013
				Management [Member]	Management [Member]	Management [Member]	IPO underwriters [Member]	IPO underwriters [Member]	IPO underwriters [Member]
						Maximum [Member]			Maximum [Member]
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'	'	'	'	'
PMT agreed to reimburse PCM for a payment	'	'	$2,900,000	'	'	'	'	'	'
Rate during reimbursement period	'	'	'	'	'At a rate of $10 in reimbursement for every $100 of performance incentive fees earned.	'	'	'At a rate of $20 of payments for every $100 of performance incentive fees earned by PCM.	'
Reimbursement amount for a year	'	'	'	'	'	1,000,000	'	'	2,000,000
Reimbursement amount	'	'	'	'	'	2,900,000	'	'	5,900,000
Performance incentive fees payable	'	'	'	'	10	'	20	'	'
Amount of performance incentive fees for every targeted performance earned	100	'	'	'	'	'	100	'	'
Payments of contingent underwriting fee to manager	'	'	'	256,000	292,000	'	'	'	'
Payments of contingent underwriting fees to underwriters	'	'	'	'	'	'	615,000	1,000,000	'
Reimbursement agreement expiration date	'	'	'	'	'	'	'	1-Feb-19	'
Amounts due from PESI	$4,300,000	$6,000,000	'	'	'	'	'	'	'
Number of common shares held by affiliate	75,000	75,000	'	'	'	'	'	'	'

Transactions_with_Related_Part8

Transactions with Related Parties - Summary of Expenses (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transactions [Abstract]	'	'	'	'
Reimbursement of common overhead incurred by PFSI	$2,912	$2,552	$8,181	$8,359
Reimbursement of expenses incurred on the Company's behalf	122	1,934	671	3,767
Total expenses incurred in transaction with affiliates	3,034	4,486	8,852	12,126
Payments and settlements during the period	$31,621	$29,315	$72,975	$94,606

Transactions_with_Related_Part9

Transactions with Related Parties - Summary of Amounts Due to Affiliates (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Related Party Transactions [Abstract]	'	'
Management fees	$9,623	$8,924
Servicing fees	6,942	5,915
Allocated expenses	3,360	2,009
Contingent underwriting fees	1,495	1,788
Total expense due to affiliate	$21,420	$18,636

Earnings_Per_Share_Summary_of_

Earnings Per Share - Summary of Basic and Diluted Earnings per Share (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic earnings per share:	'	'	'	'
Net income	$54,949	$39,701	$168,033	$147,494
Effect of participating securities-share-based compensation awards	-305	-374	-1,360	-1,656
Net income attributable to common shareholders	54,644	39,327	166,673	145,838
Weighted-average shares outstanding	74,140	64,405	73,254	60,809
Basic earnings per share	$0.74	$0.61	$2.28	$2.40
Diluted earnings per share:	'	'	'	'
Net income	54,949	39,701	168,033	147,494
Interest on Notes, net of income taxes	2,081	2,075	6,237	3,457
Net income attributable to diluted shareholders	$57,030	$41,776	$174,270	$150,951
Weighted-average shares outstanding	74,140	64,405	73,254	60,809
Potentially dilutive securities:	'	'	'	'
Shares issuable pursuant exchange of the Notes	8,401	8,379	8,401	4,726
Shares issuable under share-based compensation plan	291	337	323	363
Diluted weighted-average number of shares outstanding	82,832	73,121	81,978	65,898
Diluted earnings per share	$0.69	$0.57	$2.13	$2.29

Loan_Sales_and_Variable_Intere2

Loan Sales and Variable Interest Entities - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Cash flows:	'	'	'	'
Proceeds from sales	$3,745,193	$4,185,246	$8,534,637	$13,229,726
Servicing fees received	17,797	14,107	52,704	35,015
Period end information:	'	'	'	'
Unpaid principal balance of mortgage loans outstanding	32,134,609	23,717,643	32,134,609	23,717,643
Unpaid principal balance of delinquent mortgage loans:	'	'	'	'
30-89 days delinquent	87,374	50,746	87,374	50,746
90 or more days delinquent	'	'	'	'
Not in foreclosure	20,708	4,812	20,708	4,812
In foreclosure or bankruptcy	11,583	3,292	11,583	3,292
Unpaid principal balance of loans outstanding at period-end	32,291	8,104	32,291	8,104
Unpaid principal balance of delinquent mortgage loans	$119,665	$58,850	$119,665	$58,850

Loan_Sales_and_Variable_Intere3

Loan Sales and Variable Interest Entities - Additional Information (Detail) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Statement of Financial Position [Abstract]	'	'
Certificates issued	$537	'
Weighted yield	'	3.90%
Certificates retained	'	$366.80

Netting_of_Financial_Instrumen2

Netting of Financial Instruments - Summary of Offsetting of Derivative Assets (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Gross amounts of recognized assets	$14,282	$20,962
Gross amounts offset in the consolidated balance sheet	-3,938	-12,986
Net amounts of assets presented in the consolidated balance sheet	10,344	7,976
MBS put options [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	830	272
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	830	272
MBS call options [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	239	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	239	0
Forward purchase contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	4,614	1,229
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	4,614	1,229
Forward sales contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	1,142	16,385
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	1,142	16,385
Treasury future sale contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	857	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	857	0
Put options on Eurodollar futures [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	422	566
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	422	566
Call options on Eurodollar futures [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	666	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	666	0
Netting [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	-3,938	-12,986
Net amounts of assets presented in the consolidated balance sheet	-3,938	-12,986
Derivatives subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	8,770	18,452
Gross amounts offset in the consolidated balance sheet	-3,938	-12,986
Net amounts of assets presented in the consolidated balance sheet	4,832	5,466
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	5,512	2,510
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	5,512	2,510
Derivatives not subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized assets	14,282	20,962
Gross amounts offset in the consolidated balance sheet	-3,938	-12,986
Net amounts of assets presented in the consolidated balance sheet	$10,344	$7,976

Netting_of_Financial_Instrumen3

Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	$10,344	$7,976
Financial instruments	0	0
Cash collateral received	0	0
Net amount	10,344	7,976
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	5,512	2,510
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,512	2,510
RJ O'Brien [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	1,664	566
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,664	566
Bank of America, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	1,170	1,024
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,170	1,024
JP Morgan [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	617	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	617	0
Credit Suisse First Boston Mortgage Capital LLC [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	370	196
Financial instruments	0	0
Cash collateral received	0	0
Net amount	370	196
Nomura [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	266	273
Financial instruments	0	0
Cash collateral received	0	0
Net amount	266	273
Other [Member]	'	'
Derivative [Line Items]	'	'
Net amount of assets presented in the consolidated balance sheet	745	3,407
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$745	$3,407

Netting_of_Financial_Instrumen4

Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	$2,422,557	$2,049,581
Gross amounts offset in the consolidated balance sheet	-3,982	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	2,418,575	2,041,566
Forward purchase contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	478	7,420
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	478	7,420
Forward sales contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	5,272	1,295
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	5,272	1,295
Netting [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	-3,982	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	-3,982	-8,015
Derivatives subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	5,750	8,715
Gross amounts offset in the consolidated balance sheet	-3,982	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	1,768	700
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	121	1,261
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	121	1,261
Derivatives not subject to master netting arrangements [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	5,871	9,976
Gross amounts offset in the consolidated balance sheet	-3,982	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	1,889	1,961
Assets sold under agreements to repurchase [Member]	'	'
Derivative [Line Items]	'	'
Gross amounts of recognized liabilities	2,416,686	2,039,605
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$2,416,686	$2,039,605

Netting_of_Financial_Instrumen5

Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	$2,418,575	$2,041,566
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-2,416,686	-2,039,605
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,889	1,961
Interest rate lock commitments [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	121	1,261
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	121	1,261
Morgan Stanley Bank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	156,702	30,226
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-156,157	-30,226
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	545	0
Bank of Oklahoma [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	244	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	244	0
Daiwa Capital Markets [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	129,887	132,525
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-129,682	-132,525
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	205	0
Fannie Mae Capital Markets [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	196	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	196	0
Citibank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	766,578	945,015
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-766,476	-944,856
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	102	159
Credit Suisse First Boston Mortgage Capital LLC [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	685,521	523,546
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-685,521	-523,546
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Bank of America, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	459,728	408,452
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-459,728	-408,452
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
RBS Securities [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	219,122	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-219,122	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Other [Member]	'	'
Derivative [Line Items]	'	'
Net amounts of liabilities presented in the consolidated balance sheet	476	541
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	$476	$541

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'
Initial interest rates	'More than 4.5%	'
Interest rate	4.50%	'
Mortgage loans description	'Pools with 50 basis point interest rate	'
Basis point for mortgage loan	0.50%	'
Fair value of notes	$244	$238.40
Minimum [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Fixed-rate mortgage loans	3.00%	'
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 Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing of the variable interest entity at fair value	$166,841	'	$165,415	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities after netting	5,871	'	9,976	'	'	'
Derivative liabilities, Netting	-3,982	'	-8,015	'	'	'
Gross derivative liability	1,889	'	1,961	'	'	'
Assets:	'	'	'	'	'	'
Short-term investments	37,452	'	92,398	'	'	'
Mortgage-backed securities at fair value	267,885	'	197,401	'	'	'
Mortgage loans acquired for sale at fair value	688,850	'	458,137	'	'	'
Mortgage loans under forward purchase agreements at fair value	0	'	218,128	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	14,282	'	20,962	'	'	'
Derivative assets, Netting	-3,938	'	-12,986	'	'	'
Gross derivative asset	10,344	'	7,976	'	'	'
Mortgage servicing rights at fair value	57,871	46,802	26,452	10,997	1,827	1,346
Recurring [Member]	'	'	'	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing of the variable interest entity at fair value	166,841	'	165,415	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities after netting	5,871	'	9,976	'	'	'
Derivative liabilities, Netting	-3,982	'	-8,015	'	'	'
Gross derivative liability	1,889	'	1,961	'	'	'
Total liabilities	168,730	'	167,376	'	'	'
Assets:	'	'	'	'	'	'
Total Assets	3,811,681	'	3,739,532	'	'	'
Short-term investments	37,452	'	92,398	'	'	'
Mortgage-backed securities at fair value	267,885	'	197,401	'	'	'
Mortgage loans acquired for sale at fair value	688,850	'	458,137	'	'	'
Mortgage loans at fair value	2,561,911	'	2,600,317	'	'	'
Mortgage loans under forward purchase agreements at fair value	'	'	218,128	'	'	'
Excess servicing spread purchased from PFSI	187,368	'	138,723	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	14,282	'	20,962	'	'	'
Derivative assets, Netting	-3,938	'	-12,986	'	'	'
Gross derivative asset	10,344	'	7,976	'	'	'
Mortgage servicing rights at fair value	57,871	'	26,452	'	'	'
Recurring [Member] | Interest rate lock commitments [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	121	'	1,261	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	5,512	'	2,510	'	'	'
Recurring [Member] | MBS put options one [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	830	'	'	'	'	'
Recurring [Member] | MBS put options two [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	239	'	'	'	'	'
Recurring [Member] | Forward purchase contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	478	'	7,420	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	4,614	'	1,229	'	'	'
Recurring [Member] | Forward sales contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	5,272	'	1,295	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	1,142	'	16,385	'	'	'
Recurring [Member] | Treasury future sale contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	857	'	'	'	'	'
Recurring [Member] | Put options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	422	'	566	'	'	'
Recurring [Member] | Call options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	666	'	'	'	'	'
Recurring [Member] | MBS put options [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	'	'	272	'	'	'
Recurring [Member] | Level 1 [Member]	'	'	'	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing of the variable interest entity at fair value	0	'	0	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities after netting	0	'	0	'	'	'
Derivative liabilities, Netting	0	'	0	'	'	'
Gross derivative liability	0	'	0	'	'	'
Total liabilities	0	'	0	'	'	'
Assets:	'	'	'	'	'	'
Total Assets	37,452	'	92,398	'	'	'
Short-term investments	37,452	'	92,398	'	'	'
Mortgage-backed securities at fair value	0	'	0	'	'	'
Mortgage loans acquired for sale at fair value	0	'	0	'	'	'
Mortgage loans at fair value	0	'	0	'	'	'
Mortgage loans under forward purchase agreements at fair value	'	'	0	'	'	'
Excess servicing spread purchased from PFSI	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	0	'	0	'	'	'
Derivative assets, Netting	0	'	0	'	'	'
Gross derivative asset	0	'	0	'	'	'
Mortgage servicing rights at fair value	0	'	0	'	'	'
Recurring [Member] | Level 1 [Member] | Interest rate lock commitments [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 1 [Member] | MBS put options one [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 1 [Member] | MBS put options two [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 1 [Member] | Forward purchase contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 1 [Member] | Forward sales contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 1 [Member] | Treasury future sale contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 1 [Member] | Put options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 1 [Member] | Call options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 1 [Member] | MBS put options [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	'	'	0	'	'	'
Recurring [Member] | Level 2 [Member]	'	'	'	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing of the variable interest entity at fair value	166,841	'	165,415	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities after netting	5,750	'	8,715	'	'	'
Derivative liabilities, Netting	-3,982	'	-8,015	'	'	'
Gross derivative liability	1,768	'	700	'	'	'
Total liabilities	168,609	'	166,115	'	'	'
Assets:	'	'	'	'	'	'
Total Assets	1,492,376	'	1,184,656	'	'	'
Short-term investments	0	'	0	'	'	'
Mortgage-backed securities at fair value	267,885	'	197,401	'	'	'
Mortgage loans acquired for sale at fair value	688,850	'	458,137	'	'	'
Mortgage loans at fair value	530,809	'	523,652	'	'	'
Mortgage loans under forward purchase agreements at fair value	'	'	0	'	'	'
Excess servicing spread purchased from PFSI	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	8,770	'	18,452	'	'	'
Derivative assets, Netting	-3,938	'	-12,986	'	'	'
Gross derivative asset	4,832	'	5,466	'	'	'
Mortgage servicing rights at fair value	0	'	0	'	'	'
Recurring [Member] | Level 2 [Member] | Interest rate lock commitments [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 2 [Member] | MBS put options one [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	830	'	'	'	'	'
Recurring [Member] | Level 2 [Member] | MBS put options two [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	239	'	'	'	'	'
Recurring [Member] | Level 2 [Member] | Forward purchase contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	478	'	7,420	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	4,614	'	1,229	'	'	'
Recurring [Member] | Level 2 [Member] | Forward sales contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	5,272	'	1,295	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	1,142	'	16,385	'	'	'
Recurring [Member] | Level 2 [Member] | Treasury future sale contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	857	'	'	'	'	'
Recurring [Member] | Level 2 [Member] | Put options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	422	'	566	'	'	'
Recurring [Member] | Level 2 [Member] | Call options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	666	'	'	'	'	'
Recurring [Member] | Level 2 [Member] | MBS put options [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	'	'	272	'	'	'
Recurring [Member] | Level 3 [Member]	'	'	'	'	'	'
Liabilities:	'	'	'	'	'	'
Asset-backed secured financing of the variable interest entity at fair value	0	'	0	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Total derivative liabilities after netting	121	'	1,261	'	'	'
Derivative liabilities, Netting	0	'	0	'	'	'
Gross derivative liability	121	'	1,261	'	'	'
Total liabilities	121	'	1,261	'	'	'
Assets:	'	'	'	'	'	'
Total Assets	2,281,853	'	2,462,478	'	'	'
Short-term investments	0	'	0	'	'	'
Mortgage-backed securities at fair value	0	'	0	'	'	'
Mortgage loans acquired for sale at fair value	0	'	0	'	'	'
Mortgage loans at fair value	2,031,102	'	2,076,665	'	'	'
Mortgage loans under forward purchase agreements at fair value	'	'	218,128	'	'	'
Excess servicing spread purchased from PFSI	187,368	'	138,723	'	'	'
Derivative assets:	'	'	'	'	'	'
Total derivative assets before netting	5,512	'	2,510	'	'	'
Derivative assets, Netting	0	'	0	'	'	'
Gross derivative asset	5,512	'	2,510	'	'	'
Mortgage servicing rights at fair value	57,871	'	26,452	'	'	'
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	121	'	1,261	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	5,512	'	2,510	'	'	'
Recurring [Member] | Level 3 [Member] | MBS put options one [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 3 [Member] | MBS put options two [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 3 [Member] | Forward purchase contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 3 [Member] | Forward sales contracts [Member]	'	'	'	'	'	'
Derivative liabilities:	'	'	'	'	'	'
Gross derivative liability	0	'	0	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 3 [Member] | Treasury future sale contracts [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 3 [Member] | Put options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	0	'	'	'
Recurring [Member] | Level 3 [Member] | Call options on Eurodollar futures [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	0	'	'	'	'	'
Recurring [Member] | Level 3 [Member] | MBS put options [Member]	'	'	'	'	'	'
Derivative assets:	'	'	'	'	'	'
Gross derivative asset	'	'	$0	'	'	'

Fair_Value_Summary_of_Changes_

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Assets:	'	'	'	'
Beginning balance	$2,404,634	$1,537,156	$2,461,217	$1,210,796
Purchases	9,253	597,494	367,049	1,041,475
Repayments and sales	-135,336	'	-545,673	'
Repayments	'	-67,404	'	-202,645
Accrual of interest	3,577	'	9,578	0
ESS received pursuant to a recapture agreement with PFSI	2,619	'	6,093	'
Interest rate lock commitments issued, net	14,046	16,299	45,800	71,195
Capitalization of interest	10,451	13,203	40,805	25,017
Servicing received as proceeds from sales of mortgage loans	12,812	7,939	39,954	8,043
Changes in fair value included in income arising from:	'	'	'	'
Changes in instrument-specific credit risk	13,850	18,801	56,881	31,245
Other factors	57,144	34,168	117,974	102,057
Total	70,994	52,969	174,855	133,302
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	'	0	0
Transfers of mortgage loans to REO	-90,733	-46,794	-253,649	-115,562
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	-3,515	-9,802	-3,604
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	-20,585	7,273	-54,495	-53,397
Ending balance	2,281,732	2,114,620	2,281,732	2,114,620
Changes in fair value recognized during the period relating to assets	64,959	51,599	99,374	120,729
Mortgage loans at fair value [Member]	'	'	'	'
Assets:	'	'	'	'
Beginning balance	2,156,501	1,309,765	2,076,665	1,189,971
Purchases	0	579,260	283,017	779,746
Repayments and sales	-126,413	'	-513,843	'
Repayments	'	-59,404	'	-194,645
Accrual of interest	0	'	0	'
ESS received pursuant to a recapture agreement with PFSI	0	'	0	'
Interest rate lock commitments issued, net	0	0	0	0
Capitalization of interest	10,451	13,203	39,005	25,017
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:	'	'	'	'
Changes in instrument-specific credit risk	13,850	18,732	54,612	31,176
Other factors	67,446	20,876	139,393	119,935
Total	81,296	39,608	194,005	151,111
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	13,018	205,902	13,018
Transfers of mortgage loans to REO	-90,733	-46,794	-253,649	-115,562
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	0	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	0	0	0	0
Ending balance	2,031,102	1,848,656	2,031,102	1,848,656
Changes in fair value recognized during the period relating to assets	70,713	33,062	126,773	102,843
Excess servicing spread [Member]	'	'	'	'
Assets:	'	'	'	'
Beginning balance	190,244	0	138,723	0
Purchases	9,253	2,828	82,646	2,828
Repayments and sales	-8,786	'	-25,280	'
Repayments	'	0	'	0
Accrual of interest	3,577	'	9,578	'
ESS received pursuant to a recapture agreement with PFSI	2,619	'	6,093	'
Interest rate lock commitments issued, net	0	0	0	0
Capitalization of interest	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:	'	'	'	'
Changes in instrument-specific credit risk	0	0	0	0
Other factors	-9,539	29	-24,392	29
Total	-9,539	29	-24,392	29
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	0	0	0
Transfers of mortgage loans to REO	0	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	0	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	0	0	0	0
Ending balance	187,368	2,857	187,368	2,857
Changes in fair value recognized during the period relating to assets	-9,539	29	-24,392	29
Interest rate lock commitments [Member]	'	'	'	'
Assets:	'	'	'	'
Beginning balance	11,087	-16,967	1,249	19,479
Purchases	0	0	0	0
Repayments and sales	0	'	0	'
Repayments	'	0	'	0
Accrual of interest	0	'	0	'
ESS received pursuant to a recapture agreement with PFSI	0	'	0	'
Interest rate lock commitments issued, net	14,046	16,299	45,800	71,195
Capitalization of interest	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:	'	'	'	'
Changes in instrument-specific credit risk	0	'	'	'
Other factors	843	4,841	12,837	-25,831
Total	843	4,841	12,837	-25,831
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	'	0	'
Transfers of mortgage loans to REO	0	'	0	'
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	'	0	'
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	-20,585	7,273	-54,495	-53,397
Ending balance	5,391	11,446	5,391	11,446
Changes in fair value recognized during the period relating to assets	5,391	11,446	5,391	11,446
Mortgage servicing rights [Member]	'	'	'	'
Assets:	'	'	'	'
Beginning balance	46,802	1,827	26,452	1,346
Purchases	0	1,696	0	1,881
Repayments and sales	-137	'	-137	'
Repayments	'	0	'	0
Accrual of interest	0	'	0	'
ESS received pursuant to a recapture agreement with PFSI	0	'	0	'
Interest rate lock commitments issued, net	0	0	0	0
Capitalization of interest	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	12,812	7,939	39,954	8,043
Changes in fair value included in income arising from:	'	'	'	'
Other factors	-1,606	-465	-8,398	-273
Total	-1,606	-465	-8,398	-273
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	'	0	'
Transfers of mortgage loans to REO	0	'	0	'
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	'	0	'
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	0	0	0	0
Ending balance	57,871	10,997	57,871	10,997
Changes in fair value recognized during the period relating to assets	-1,606	-465	-8,398	-273
Agency debt securities [Member]	'	'	'	'
Assets:	'	'	'	'
Beginning balance	'	0	'	0
Purchases	'	12,000	'	12,000
Repayments	'	0	'	0
Interest rate lock commitments issued, net	'	0	'	0
Capitalization of interest	'	0	'	0
Servicing received as proceeds from sales of mortgage loans	'	0	'	0
Changes in fair value included in income arising from:	'	'	'	'
Changes in instrument-specific credit risk	'	0	'	0
Other factors	'	578	'	578
Total	'	578	'	578
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	0	'	0
Transfers of mortgage loans to REO	'	0	'	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	0	'	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	'	0	'	0
Ending balance	'	12,578	'	12,578
Changes in fair value recognized during the period relating to assets	'	578	'	578
Mortgage loans under forward purchase agreements [Member]	'	'	'	'
Assets:	'	'	'	'
Beginning balance	'	242,531	218,128	0
Purchases	'	1,710	1,386	245,020
Repayments and sales	'	'	-6,413	'
Repayments	'	-8,000	'	-8,000
Accrual of interest	'	'	0	'
ESS received pursuant to a recapture agreement with PFSI	'	'	0	'
Interest rate lock commitments issued, net	'	0	0	0
Capitalization of interest	'	0	1,800	0
Servicing received as proceeds from sales of mortgage loans	'	0	0	0
Changes in fair value included in income arising from:	'	'	'	'
Changes in instrument-specific credit risk	'	69	2,269	69
Other factors	'	8,309	-1,466	7,619
Total	'	8,378	803	7,688
Transfers of mortgage loans under forward purchase agreements to mortgage loans	'	-13,018	-205,902	-13,018
Transfers of mortgage loans to REO	'	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	'	-3,515	-9,802	-3,604
Transfers of interest rate lock commitments to mortgage loans acquired for sale at fair value	'	0	0	0
Ending balance	0	228,086	0	228,086
Changes in fair value recognized during the period relating to assets	'	$6,949	$0	$6,106

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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent	'	'
Fair value option loans held as assets, Total	'	$3,276,582
Mortgage loans at fair value	2,561,911	2,600,317
Mortgage loans on real estate principal amount of delinquent loans	'	'
Unpaid principal balance	3,570,768	3,857,739
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Unpaid principal balance of loans outstanding at period-end	'	4,637,608
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	-984,546	-1,361,026
Nonperforming loans [Member]	'	'
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent	'	'
Mortgage loans at fair value	1,439,520	1,469,686
Mortgage loans on real estate principal amount of delinquent loans	'	'
Unpaid principal balance	2,199,371	2,415,446
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	688,850	457,968
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent	'	'
Not in foreclosure	0	169
In foreclosure	0	0
Fair value option loans held as assets, Total	0	169
Mortgage loans at fair value	688,850	458,137
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	664,540	447,224
Mortgage loans on real estate principal amount of delinquent loans	'	'
Not in foreclosure	0	162
In foreclosure	0	0
Fair value option loans held as assets ninety days or less past due aggregate difference	24,310	10,744
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Not in foreclosure	0	7
In foreclosure	0	0
Unpaid principal balance of loans outstanding at period-end	664,540	447,386
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	24,310	10,751
Mortgage loans acquired for sale [Member] | Nonperforming loans [Member]	'	'
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Unpaid principal balance of loans outstanding at period-end	0	162
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	0	7
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	1,122,391	1,170,918
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent	'	'
Not in foreclosure	558,095	738,043
In foreclosure	881,425	909,484
Mortgage loans at fair value	2,561,911	2,818,445
Fair value option loans held as assets, Total	3,250,761	'
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,371,396	1,506,175
Mortgage loans on real estate principal amount of delinquent loans	'	'
Not in foreclosure	860,281	1,190,403
In foreclosure	1,339,090	1,493,644
Fair value option loans held as assets ninety days or less past due aggregate difference	-249,005	-335,257
Unpaid principal balance	3,570,767	4,190,222
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Not in foreclosure	-302,186	-452,360
In foreclosure	-457,665	-584,160
Unpaid principal balance of loans outstanding at period-end	4,235,307	'
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	-1,008,856	-1,371,777
Mortgage loans and mortgage loans under forward purchase agreements at fair value [Member] | Nonperforming loans [Member]	'	'
Mortgage loans on real estate principal amount of delinquent loans	'	'
Unpaid principal balance	2,199,371	2,684,047
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference	'	'
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	-759,851	-1,036,520
Mortgage loans and mortgage loans under forward purchase agreements at fair value [Member] | Nonperforming loans [Member]	'	'
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent	'	'
Mortgage loans at fair value	$1,439,520	$1,647,527

Fair_Value_Summary_of_Changes_1

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	$9,509	$11,031	$29,702	$84,748
Net interest income	'	0	'	'
Net gain on investments	70,390	49,086	186,109	159,900
Net loan servicing income	'	-465	'	'
Total	'	38,965	'	'
Asset-backed secured financing of the variable interest entity at fair value [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	'	0	'
Net interest income	-124	'	-328	'
Net gain on investments	696	'	-7,258	'
Net loan servicing income	0	'	0	'
Total	572	'	-7,586	'
Liabilities, Total [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	'	0	'
Net interest income	-124	'	-328	'
Net gain on investments	696	'	-7,258	'
Net loan servicing income	0	'	0	'
Total	572	'	-7,586	'
Short-term investments [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	0	-5,356	0	0
Net loan servicing income	0	0	0	0
Total	0	-5,356	0	0
Mortgage-backed securities at fair value [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	'	0	0
Net interest income	108	'	296	0
Net gain on investments	-821	'	6,096	5,356
Net loan servicing income	0	'	0	0
Total	-713	'	6,392	5,356
Mortgage loans acquired for sale at fair value [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	19,977	-14,519	69,812	-46,699
Net interest income	0	0	0	0
Net gain on investments	0	0	0	0
Net loan servicing income	0	0	0	0
Total	19,977	-14,519	69,812	-46,699
Mortgage loans at fair value [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	385	0	938	0
Net gain on investments	78,717	39,608	218,912	151,111
Net loan servicing income	0	0	0	0
Total	79,102	39,608	219,850	151,111
Mortgage loans under forward purchase agreements at fair value [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	0	8,378	803	7,689
Net loan servicing income	0	0	0	0
Total	0	8,378	803	7,689
Excess servicing spread [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	-7,396	29	-17,834	29
Net loan servicing income	0	0	0	0
Total	-7,396	29	-17,834	29
Mortgage servicing rights at fair value [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	0	0	0	0
Net loan servicing income	-1,606	-465	-8,398	0
Total	-1,606	-465	-8,398	0
Assets, Total [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	19,977	'	69,812	-46,699
Net interest income	493	'	1,234	0
Net gain on investments	70,500	'	207,977	164,763
Net loan servicing income	-1,606	'	-8,398	0
Total	89,364	'	270,625	118,064
Agency debt securities [Member]	'	'	'	'
Fair Value, Option, Quantitative Disclosures [Line Items]	'	'	'	'
Net gain on mortgage loans acquired for sale	'	0	'	0
Net interest income	'	0	'	0
Net gain on investments	'	578	'	578
Net loan servicing income	'	0	'	0
Total	'	$578	'	$578

Fair_Value_Summary_of_Financia1

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Nonrecurring Basis (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate asset acquired in settlement of loans	$138,558	$63,043
Real estate asset acquired in settlement of loans under forward purchase agreements	'	7,760
Mortgage servicing rights at lower of amortized cost or fair value	78,176	184,067
Total Assets	216,734	254,870
Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate asset acquired in settlement of loans	0	0
Real estate asset acquired in settlement of loans under forward purchase agreements	'	0
Mortgage servicing rights at lower of amortized cost or fair value	0	0
Total Assets	0	0
Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate asset acquired in settlement of loans	0	0
Real estate asset acquired in settlement of loans under forward purchase agreements	'	0
Mortgage servicing rights at lower of amortized cost or fair value	0	0
Total Assets	0	0
Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Real estate asset acquired in settlement of loans	138,558	63,043
Real estate asset acquired in settlement of loans under forward purchase agreements	'	7,760
Mortgage servicing rights at lower of amortized cost or fair value	78,176	184,067
Total Assets	$216,734	$254,870

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 $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'	'	'	'
Real estate asset acquired in settlement of loans	($14,242)	($4,554)	($24,027)	($8,191)
Real estate asset acquired in settlement of loans under forward purchase agreements	0	-29	0	-29
Mortgage servicing rights at lower of amortized cost or fair value	602	-212	-2,249	3,495
Total assets, gains (losses) recognized	($13,640)	($4,795)	($26,276)	($4,725)

Fair_Value_Quantitative_Summar

Fair Value - Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans and Mortgage Loans Under Forward Purchase Agreements at Fair Value (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Mortgage loans under forward purchase agreements [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	0.00%	'
Twelve-month projected housing price index change	0.00%	'
Prepayment speed	0.00%	'
Total prepayment speed	0.00%	'
Minimum [Member] | Mortgage loans at fair value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount rate	5.40%	8.70%
Twelve-month projected housing price index change	4.00%	2.50%
Prepayment speed	0.00%	0.00%
Total prepayment speed	0.00%	0.30%
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	15.00%	16.90%
Twelve-month projected housing price index change	5.10%	4.30%
Prepayment speed	7.40%	3.90%
Total prepayment speed	27.50%	33.90%
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	8.90%	12.70%
Twelve-month projected housing price index change	4.80%	3.70%
Prepayment speed	3.00%	2.00%
Total prepayment speed	21.60%	24.30%
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	0.00%	11.90%
Twelve-month projected housing price index change	0.00%	3.80%
Prepayment speed	0.00%	2.20%
Total prepayment speed	0.00%	22.80%

Fair_Value_Summary_of_Key_Inpu

Fair Value - Summary of Key Inputs Used in Determining Fair Value of ESS (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Unpaid principal balance of underlying mortgage loans (in thousands)	$1,234,028	$707,891	$3,784,142	$717,877	'
Average servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.25%	0.26%
Minimum [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Pricing spread	8.80%	7.40%	8.50%	7.40%	'
Annual total prepayment speed	8.00%	'	8.00%	'	8.00%
Minimum [Member] | Excess servicing spread [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Pricing spread	'	'	1.70%	'	2.80%
Life (in years)	'	'	'4 months 24 days	'	'10 months 24 days
Annual total prepayment speed	7.60%	'	7.60%	'	7.70%
Maximum [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Pricing spread	13.50%	9.60%	13.50%	14.40%	'
Annual total prepayment speed	32.70%	'	32.70%	'	20.00%
Maximum [Member] | Excess servicing spread [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Pricing spread	'	'	11.80%	'	14.40%
Life (in years)	'	'	'7 years 3 months 18 days	'	'8 years
Annual total prepayment speed	72.40%	'	72.40%	'	48.60%
Weighted average [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Pricing spread	9.10%	8.00%	9.10%	8.00%	'
Annual total prepayment speed	10.10%	'	10.10%	'	8.90%
Weighted average [Member] | Excess servicing spread [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Unpaid principal balance of underlying mortgage loans (in thousands)	'	'	$27,702,102	'	20,512,659
Average servicing fee rate (in basis points)	'	'	0.31%	'	0.32%
Average ESS rate (in basis points)	'	'	0.16%	'	0.16%
Pricing spread	'	'	5.00%	'	5.40%
Life (in years)	'	'	'5 years 9 months 18 days	'	'6 years 1 month 6 days
Annual total prepayment speed	10.80%	'	10.80%	'	9.70%

Fair_Value_Quantitative_Summar1

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Sep. 30, 2014	Dec. 31, 2013
Minimum [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Pull-through rate	49.80%	64.80%
Servicing fee multiple	1.60%	1.40%
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	5.20%	5.10%
Percentage of unpaid principal balance	2.50%	1.30%
Weighted average [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Pull-through rate	83.50%	86.40%
Servicing fee multiple	3.90%	4.10%
Percentage of unpaid principal balance	1.00%	1.00%

Fair_Value_Key_Assumptions_Use

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Amortized cost, MSR recognized	$26,802	$41,018	$49,276	$148,186	'
Amortized cost, Unpaid principal balance of underlying mortgage loans	2,423,013	3,404,274	4,518,100	12,247,940	'
Amortized cost, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.26%	'
Fair value, MSR recognized	12,812	7,939	39,954	8,043	'
Fair value, Unpaid principal balance of underlying mortgage loans	1,234,028	707,891	3,784,142	717,877	'
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.25%	0.26%
Minimum [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Amortized cost, Pricing spread during period	6.50%	5.40%	6.30%	5.40%	'
Amortized cost, Life (in years)	'1 year 4 months 24 days	'2 years 10 months 24 days	'1 year 1 month 6 days	'2 years 7 months 6 days	'
Amortized cost, Annual prepayment speed during period	7.60%	8.50%	7.60%	8.50%	'
Amortized cost, Annual per loan cost of servicing during period	68	68	68	68	'
Fair value inputs, Pricing spread during period	8.80%	7.40%	8.50%	7.40%	'
Fair value inputs, Weighted average life during period	'2 years 9 months 18 days	'3 years 9 months 18 days	'2 years 9 months 18 days	'2 years 9 months 18 days	'
Fair value inputs, Annual prepayment speed during period	8.00%	8.80%	8.00%	8.80%	'
Fair value inputs, Annual per loan cost of servicing during period	68	68	68	68	'
Maximum [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Amortized cost, Pricing spread during period	17.50%	13.90%	17.50%	14.40%	'
Amortized cost, Life (in years)	'7 years 3 months 18 days	'6 years 10 months 24 days	'7 years 3 months 18 days	'6 years 10 months 24 days	'
Amortized cost, Annual prepayment speed during period	48.80%	15.60%	56.40%	23.60%	'
Amortized cost, Annual per loan cost of servicing during period	140	68	140	140	'
Fair value inputs, Pricing spread during period	13.50%	9.60%	13.50%	14.40%	'
Fair value inputs, Weighted average life during period	'7 years 3 months 18 days	'6 years 10 months 24 days	'7 years 3 months 18 days	'6 years 10 months 24 days	'
Fair value inputs, Annual prepayment speed during period	30.40%	20.70%	30.40%	27.00%	'
Fair value inputs, Annual per loan cost of servicing during period	140	68	140	68	'
Weighted average [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Amortized cost, Pricing spread during period	8.50%	6.30%	8.50%	6.60%	'
Amortized cost, Life (in years)	'6 years 7 months 6 days	'6 years 3 months 18 days	'6 years 3 months 18 days	'6 years 4 months 24 days	'
Amortized cost, Annual prepayment speed during period	9.20%	8.90%	9.70%	9.00%	'
Amortized cost, Annual per loan cost of servicing during period	70	68	69	68	'
Fair value inputs, Pricing spread during period	9.10%	8.00%	9.10%	8.00%	'
Fair value inputs, Weighted average life during period	'7 years 1 month 6 days	'6 years 9 months 18 days	'7 years 1 month 6 days	'6 years 9 months 18 days	'
Fair value inputs, Annual prepayment speed during period	9.70%	9.80%	9.50%	10.00%	'
Fair value inputs, Annual per loan cost of servicing during period	$70	$68	$69	$68	'

Fair_Value_Quantitative_Summar2

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Fair Value from Adverse Changes in Those Assumptions (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Carrying value, Amortized cost	$287,977	$258,678	$287,977	$258,678	$264,120	'	'	'
Unpaid principal balance of underlying mortgage loans, Amortized cost	'	'	26,459,404	'	23,399,612	'	'	'
Weighted-average annual servicing fee rate (in basis points), Amortized cost	'	'	0.26%	'	0.26%	'	'	'
Weighted-average note interest rate, Amortized cost	'	'	3.77%	'	3.68%	'	'	'
Balance at end of period	57,871	10,997	57,871	10,997	26,452	46,802	1,827	1,346
Unpaid principal balance of underlying mortgage loans, Fair Value	5,803,275	'	5,803,275	'	2,393,321	'	'	'
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.25%	0.25%	0.25%	0.25%	0.26%	'	'	'
Weighted-average note interest rate, Fair value	'	'	4.78%	'	4.78%	'	'	'
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	-5,718	'	-5,718	'	-5,490	'	'	'
Effect on value of percentage adverse change, Fair value input	-1,024	'	-1,024	'	-488	'	'	'
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	-11,245	'	-11,245	'	-10,791	'	'	'
Effect on value of percentage adverse change, Fair value input	-2,013	'	-2,013	'	-959	'	'	'
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	-21,759	'	-21,759	'	-20,861	'	'	'
Effect on value of percentage adverse change, Fair value input	-3,897	'	-3,897	'	-1,855	'	'	'
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	-5,886	'	-5,886	'	-5,467	'	'	'
Effect on value of percentage adverse change, Fair value input	-1,396	'	-1,396	'	-568	'	'	'
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	-11,589	'	-11,589	'	-10,765	'	'	'
Effect on value of percentage adverse change, Fair value input	-2,742	'	-2,742	'	-1,117	'	'	'
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	-22,480	'	-22,480	'	-20,886	'	'	'
Effect on value of percentage adverse change, Fair value input	-5,288	'	-5,288	'	-2,160	'	'	'
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	-1,905	'	-1,905	'	-1,695	'	'	'
Effect on value of percentage adverse change, Fair value input	-364	'	-364	'	-158	'	'	'
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	-3,809	'	-3,809	'	-3,390	'	'	'
Effect on value of percentage adverse change, Fair value input	-729	'	-729	'	-316	'	'	'
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	-7,619	'	-7,619	'	-6,780	'	'	'
Effect on value of percentage adverse change, Fair value input	-1,457	'	-1,457	'	-633	'	'	'
Minimum [Member]	'	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Amortized cost, Pricing spread	6.30%	'	6.30%	'	6.30%	'	'	'
Amortized cost, Weighted average life (in years)	'	'	'1 year 3 months 18 days	'	'1 year 3 months 18 days	'	'	'
Amortized cost, Prepayment speed	7.70%	'	7.70%	'	7.70%	'	'	'
Amortized cost, Annual per- loan cost of servicing	68	'	68	'	68	'	'	'
Estimated fair value inputs, Pricing spread	7.60%	'	7.60%	'	7.30%	'	'	'
Estimated fair value inputs, Prepayment speed	8.00%	'	8.00%	'	8.00%	'	'	'
Estimated fair value inputs, Annual per-loan cost of servicing	68	'	68	'	68	'	'	'
Minimum [Member] | Mortgage service rights [Member]	'	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Estimated fair value inputs, Weighted average life (in years)	'	'	'2 years 4 months 24 days	'	'2 years 9 months 18 days	'	'	'
Maximum [Member]	'	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Amortized cost, Pricing spread	17.50%	'	17.50%	'	17.50%	'	'	'
Amortized cost, Weighted average life (in years)	'	'	'7 years 2 months 12 days	'	'7 years 3 months 18 days	'	'	'
Amortized cost, Prepayment speed	52.70%	'	52.70%	'	51.90%	'	'	'
Amortized cost, Annual per- loan cost of servicing	140	'	140	'	140	'	'	'
Estimated fair value inputs, Pricing spread	15.30%	'	15.30%	'	15.30%	'	'	'
Estimated fair value inputs, Prepayment speed	32.70%	'	32.70%	'	20.00%	'	'	'
Estimated fair value inputs, Annual per-loan cost of servicing	140	'	140	'	140	'	'	'
Maximum [Member] | Mortgage service rights [Member]	'	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Estimated fair value inputs, Weighted average life (in years)	'	'	'7 years 2 months 12 days	'	'7 years 3 months 18 days	'	'	'
Weighted average [Member]	'	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Amortized cost, Pricing spread	7.30%	'	7.30%	'	6.70%	'	'	'
Amortized cost, Weighted average life (in years)	'	'	'6 years 4 months 24 days	'	'6 years 8 months 12 days	'	'	'
Amortized cost, Prepayment speed	8.60%	'	8.60%	'	8.20%	'	'	'
Amortized cost, Annual per- loan cost of servicing	68	'	68	'	68	'	'	'
Estimated fair value inputs, Pricing spread	9.10%	'	9.10%	'	8.60%	'	'	'
Estimated fair value inputs, Prepayment speed	10.10%	'	10.10%	'	8.90%	'	'	'
Estimated fair value inputs, Annual per-loan cost of servicing	$69	'	$69	'	$68	'	'	'
Weighted average [Member] | Mortgage service rights [Member]	'	'	'	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'
Estimated fair value inputs, Weighted average life (in years)	'	'	'7 years	'	'7 years 2 months 12 days	'	'	'

Mortgage_Loans_Acquired_for_Sa2

Mortgage Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	$688,850	$458,137
Mortgage loan acquired at unpaid principal balance	664,540	447,386
Agency-eligible [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	451,288	311,162
Mortgage loan acquired at unpaid principal balance	434,584	304,749
Jumbo [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	177,843	34,615
Mortgage loan acquired at unpaid principal balance	173,174	35,050
Government-insured or guaranteed [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage loans acquired for sale at fair value	59,719	112,360
Mortgage loan acquired at unpaid principal balance	56,782	107,587
Mortgage loans acquired for sale [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans pledged to secure assets sold under agreements to repurchase	$675,659	$454,210

Mortgage_Loans_Acquired_for_Sa3

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Total derivative assets instruments before netting	$14,282	$20,962
Derivative assets, Netting	-3,938	-12,986
Derivative assets, Fair value, Total	10,344	7,976
Total derivative liabilities instruments fair value before netting	5,871	9,976
Derivative liabilities, Netting	-3,982	-8,015
Derivative liabilities, Fair value, Total	1,889	1,961
Margin deposits with (collateral received from) derivatives counterparties	44	-4,971
MBS put options [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	565,000	55,000
Total derivative assets instruments before netting	830	272
Total derivative liabilities instruments fair value before netting	0	0
MBS call options [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	50,000	110,000
Total derivative assets instruments before netting	239	0
Total derivative liabilities instruments fair value before netting	0	0
Interest rate lock commitments [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	838,948	557,343
Total derivative assets instruments before netting	5,512	2,510
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	5,512	2,510
Total derivative liabilities instruments fair value before netting	121	1,261
Forward sales contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	2,776,249	3,588,027
Total derivative assets instruments before netting	1,142	16,385
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	1,142	16,385
Total derivative liabilities instruments fair value before netting	5,272	1,295
Forward purchase contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	1,910,139	2,781,066
Total derivative assets instruments before netting	4,614	1,229
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	4,614	1,229
Total derivative liabilities instruments fair value before netting	478	7,420
Eurodollar future sale contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	6,262,000	8,779,000
Total derivative assets instruments before netting	0	0
Total derivative liabilities instruments fair value before netting	0	0
Treasury future sale contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	85,000	105,000
Total derivative assets instruments before netting	857	0
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	857	0
Total derivative liabilities instruments fair value before netting	0	0
Call options on Eurodollar futures [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	355,000	0
Total derivative assets instruments before netting	666	0
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	666	0
Total derivative liabilities instruments fair value before netting	0	0
Put options on Eurodollar futures [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional amount	220,000	52,500
Total derivative assets instruments before netting	422	566
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	422	566
Total derivative liabilities instruments fair value before netting	$0	$0

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Summary of Activity in Notional Amount of Derivative Contracts (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified	Forward purchase contracts [Member]	Forward purchase contracts [Member]	Forward sales contracts [Member]	Forward sales contracts [Member]	Treasury future sale contracts [Member]	Treasury future sale contracts [Member]	Put options on Eurodollar futures [Member]	Put options on Eurodollar futures [Member]	Call options on Eurodollar futures [Member]	Call options on Eurodollar futures [Member]	Eurodollar future sale contracts [Member]	Eurodollar future sale contracts [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage loans acquired for sale [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage servicing rights [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]	Mortgage loans at fair value held by VIE [Member]
													Forward purchase contracts [Member]	Forward purchase contracts [Member]	Forward purchase contracts [Member]	Forward purchase contracts [Member]	Forward sales contracts [Member]	Forward sales contracts [Member]	Forward sales contracts [Member]	Forward sales contracts [Member]	MBS put options [Member]	MBS put options [Member]	MBS put options [Member]	MBS put options [Member]	MBS call options [Member]	MBS call options [Member]	MBS call options [Member]	MBS call options [Member]	Forward purchase contracts [Member]	Forward purchase contracts [Member]	Forward sales contracts [Member]	Forward sales contracts [Member]	MBS put options [Member]	MBS put options [Member]	MBS call options [Member]	MBS call options [Member]	Treasury future sale contracts [Member]	Treasury future sale contracts [Member]	Treasury future purchase contracts [Member]	Treasury future purchase contracts [Member]	Put options on Eurodollar futures [Member]	Put options on Eurodollar futures [Member]	Call options on Eurodollar futures [Member]	Call options on Eurodollar futures [Member]	Treasury future sale contracts [Member]	Treasury future sale contracts [Member]	Treasury future purchase contracts [Member]	Treasury future purchase contracts [Member]	Put options on Eurodollar futures [Member]	Put options on Eurodollar futures [Member]	Put options on Eurodollar futures [Member]	Put options on Eurodollar futures [Member]	Call options on Eurodollar futures [Member]	Call options on Eurodollar futures [Member]	Eurodollar future sale contracts [Member]	Eurodollar future sale contracts [Member]	Eurodollar future purchase contracts [Member]	Eurodollar future purchase contracts [Member]	MBS put option [Member]	MBS put option [Member]	Eurodollar futures [Member]	Eurodollar futures [Member]	Treasury futures [Member]	Treasury futures [Member]
Derivatives, Fair Value [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Balance, beginning of period	$1,910,139	$2,781,066	$2,776,249	$3,588,027	$85,000	$105,000	$220,000	$52,500	$355,000	$0	$6,262,000	$8,779,000	$3,058,604	$5,411,784	$2,781,066	$2,206,539	$4,185,633	$7,728,066	$3,463,027	$4,266,983	$270,000	$460,000	$55,000	$495,000	$25,000	$725,000	$110,000	$0	$0	$0	$0	$0	$25,000	$0	$70,000	$0	$0	$0	$0	$0	$40,000	$0	$130,000	$0	$85,000	$105,000	$0	$0	$85,000	$0	$52,500	$0	$100,000	$0	$5,562,000	$8,779,000	$0	$0	$97,500	$15,000	$0	$0	$0	$0
Additions	'	'	'	'	'	'	'	'	'	'	'	'	8,191,022	18,214,008	26,555,921	45,301,457	11,620,826	21,440,627	35,672,348	58,817,165	375,000	180,000	1,070,000	3,205,000	55,000	300,000	80,000	2,200,000	25,000	95,000	50,000	110,000	165,000	190,000	20,000	150,000	43,900	76,700	27,700	53,300	325,000	690,000	390,000	670,000	110,600	298,600	110,600	278,600	165,500	2,200,000	362,500	2,200,000	190,000	290,000	990,000	1,452,000	290,000	3,287,000	100,000	222,500	19,152,000	19,152,000	75,000	75,000
Disposition/expirations	'	'	'	'	'	'	'	'	'	'	'	'	-9,339,487	-21,291,203	-27,426,848	-45,173,407	-13,030,210	-25,844,850	-36,359,126	-59,760,305	-345,000	-510,000	-825,000	-3,570,000	-50,000	-1,025,000	-160,000	-2,200,000	-25,000	-95,000	-50,000	-110,000	-25,000	-25,000	-70,000	-130,000	-43,900	-76,700	-27,700	-53,300	-265,000	-590,000	-275,000	-425,000	-110,600	-318,600	-110,600	-278,600	-130,500	0	-295,000	0	-180,000	-180,000	-290,000	-3,969,000	-290,000	-3,287,000	-97,500	-137,500	-9,188,000	-9,188,000	0	0
Balance, end of period	$1,910,139	$2,781,066	$2,776,249	$3,588,027	$85,000	$105,000	$220,000	$52,500	$355,000	$0	$6,262,000	$8,779,000	$1,910,139	$2,334,589	$1,910,139	$2,334,589	$2,776,249	$3,323,843	$2,776,249	$3,323,843	$300,000	$130,000	$300,000	$130,000	$30,000	$0	$30,000	$0	$0	$0	$0	$0	$165,000	$165,000	$20,000	$20,000	$0	$0	$0	$0	$100,000	$100,000	$245,000	$245,000	$85,000	$85,000	$0	$0	$120,000	$2,200,000	$120,000	$2,200,000	$110,000	$110,000	$6,262,000	$6,262,000	$0	$0	$100,000	$100,000	$9,964,000	$9,964,000	$75,000	$75,000

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Net (losses) gains on derivative financial instruments used as economic hedges	($654)	$0	$3,532	($1,988)
Mortgage loans acquired for sale at fair value [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Net (losses) gains on derivative financial instruments used as economic hedges	-4,500	3,100	-44,000	143,200
Mortgage service rights [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Net (losses) gains on derivative financial instruments used as economic hedges	-653	0	3,500	-2,000
LIBOR [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Net (losses) gains on derivative financial instruments used as economic hedges	$807	$12,100	$14,600	$12,100

Mortgage_Loans_at_Fair_Value_S

Mortgage Loans at Fair Value - Summary of Distribution of Company's Mortgage Loans at Fair Value (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	$2,561,911	$2,600,317
Unpaid principal balance	3,570,768	3,857,739
Assets sold under agreements to repurchase	2,272,089	2,314,324
Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	1,679	989
Mortgage loans held in a VIE securing an asset-backed financing	530,809	523,652
Fixed Interest Rate Jumbo [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	530,809	523,652
Unpaid principal balance	524,725	543,257
Nonperforming loans [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	1,439,520	1,469,686
Unpaid principal balance	2,199,371	2,415,446
Performing loans [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	591,582	606,979
Unpaid principal balance	846,672	899,036
Performing loans [Member] | Fixed interest rate [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	303,569	310,607
Unpaid principal balance	432,358	475,568
Performing loans [Member] | Adjustable-rate mortgage (ARM)/hybrid [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	104,594	165,327
Unpaid principal balance	134,861	207,553
Performing loans [Member] | Interest rate step-up [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	183,263	130,906
Unpaid principal balance	279,244	215,702
Performing loans [Member] | Balloon [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	156	139
Unpaid principal balance	$209	$213

Mortgage_Loans_at_Fair_Value_S1

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value, Excluding VIE Securing Asset-Backed Financing (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Concentration Risk [Line Items]	'	'
Portion of mortgage loans originated between 2005 and 2007	72.00%	72.00%
Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100%	55.00%	61.00%
Additional states contributing 5% or more of mortgage loans	'New York Florida New Jersey	'New York Florida New Jersey
California real estate [Member]	'	'
Concentration Risk [Line Items]	'	'
Percentage of mortgage loans secured by California real estate	21.00%	24.00%

Mortgage_Loans_at_Fair_Value_S2

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value, Excluding VIE Securing Asset-Backed Financing (Parenthetical) (Detail)	Sep. 30, 2014	Dec. 31, 2013
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_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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	$0	$218,128
Unpaid principal balance	0	332,484
Nonperforming loans [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	0	177,841
Unpaid principal balance	0	268,600
Performing loans [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	0	40,287
Unpaid principal balance	0	63,884
Performing loans [Member] | Fixed [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	0	19,292
Unpaid principal balance	0	29,496
Performing loans [Member] | ARM/hybrid [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	0	19,510
Unpaid principal balance	0	31,933
Performing loans [Member] | Interest rate step-up [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Fair value	0	1,485
Unpaid principal balance	$0	$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)	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'	'
Portion of mortgage loans originated between 2005 and 2007	72.00%	0.00%
Percentage of mortgage loans secured by California real estate	25.00%	0.00%
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)	Sep. 30, 2014	Dec. 31, 2013
Risks and Uncertainties [Abstract]	'	'
Percentage of contribution by other states in mortgage loans	5.00%	5.00%

Real_Estate_Acquired_in_Settle4

Real Estate Acquired in Settlement of Loans - Summary of Financial Information Relating to REO (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Real Estate [Abstract]	'	'	'	'
Balance at beginning of period	$240,471	$88,682	$138,942	$88,078
Purchases	0	82	3,049	82
Transfers from mortgage loans at fair value and advances	94,530	48,154	268,677	116,957
Transfers from REO under forward purchase agreements	0	114	12,737	114
Results of REO:	'	'	'	'
Valuation adjustments, net	-15,639	-5,012	-32,912	-16,079
Gain on sale, net	3,713	2,759	9,485	8,644
Total gain	-11,926	-2,253	-23,427	-7,435
Proceeds from sales	-47,891	-35,086	-124,794	-98,103
Balance at end of period	275,185	99,693	275,185	99,693
At period end:	'	'	'	'
REO pledged to secure assets sold under agreements to repurchase	56,702	17,074	56,702	17,074
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$19,858	$50,796	$19,858	$50,796

Real_Estate_Acquired_in_Settle5

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements - Summary of Activity in REO Under Forward Purchase Agreements (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Real Estate [Abstract]	'	'	'	'
Balance at beginning of period	$0	$89	$9,138	$0
Purchases	0	0	68	-3,604
Transfers from mortgage loans under forward purchase agreements at fair value and advances	0	3,640	9,369	3,604
Transfers to REO	0	-114	-12,737	-114
Valuation adjustments, net	0	-31	-779	-31
Gain on sale, net	0	-10	306	-10
Results of REO under forward purchase agreements	0	-41	-473	-41
Proceeds from sales	0	-65	-5,365	-65
Balance at end of period	$0	$3,509	$0	$3,509

Mortgage_Servicing_Rights_Summ

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Servicing Asset At Fair Value Changes In Fair Value [Abstract]	'	'	'	'
Balance at beginning of period	$46,802	$1,827	$26,452	$1,346
Purchases	0	1,696	0	1,881
MSRs resulting from loan sales	12,812	7,939	39,954	8,043
Total additions	12,812	9,635	39,954	9,924
Due to changes in valuation inputs or assumptions used in valuation model	-106	-366	-4,974	-64
Other changes in fair value	-1,500	-99	-3,424	-209
Change in fair value, Total	-1,606	-465	-8,398	-273
Sales	-137	0	-137	0
Balance at end of period	$57,871	$10,997	$57,871	$10,997

Mortgage_Servicing_Rights_Summ1

Mortgage Servicing Rights - Summary of MSRs Carried at Lower of Amortized Cost or Fair Value (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Servicing Asset at Amortized Cost, Balance [Roll Forward]	'	'	'	'	'
Balance at beginning of period	$274,110	$228,912	$266,697	$132,977	'
MSRs resulting from loan sales	26,802	41,018	49,276	148,186	'
Amortization	-8,109	-7,201	-23,170	-18,433	'
Application of valuation allowance to write down MSRs with other-than temporary impairment	0	0	0	0	'
Balance at end of period	292,803	262,730	292,803	262,730	'
Balance at beginning of period	-5,428	-3,839	-2,577	-7,547	'
Reversals (additions)	602	-212	-2,249	3,495	'
Application of valuation allowance to write down MSRs with other-than temporary impairment	0	0	0	0	'
Balance at end of period	-4,826	-4,052	-4,826	-4,052	'
MSRs, net	287,977	258,678	287,977	258,678	264,120
Estimated fair value at end of period	$312,196	$277,711	$312,196	$277,711	'

Mortgage_Servicing_Rights_Summ2

Mortgage Servicing Rights - Summary of Company's Estimate of Amortization of Existing MSRs Carried at Amortized Cost (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Servicing Asset Future Amortization Expense Abstract [Abstract]	'
2015	$29,606
2016	29,570
2017	28,092
2018	25,972
2019	23,490
Thereafter	156,073
Total	$292,803

Mortgage_Servicing_Rights_Summ3

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Transfers and Servicing [Abstract]	'	'	'	'
Contractually-specified servicing fees	$19,345	$13,687	$54,396	$34,158

Assets_Sold_Under_Agreements_t2

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Disclosure of Repurchase Agreements [Abstract]	'	'	'	'	'
Weighted-average interest rate	2.13%	2.39%	2.18%	2.50%	'
Average balance	$2,501,816	$1,755,850	$2,186,135	$1,456,278	'
Total interest expense	15,814	13,464	43,496	34,990	'
Maximum daily amount outstanding	2,815,572	2,736,873	2,700,586	2,802,193	'
Balance	2,416,686	1,980,058	2,416,686	1,980,058	'
Weighted-average interest rate	2.17%	2.14%	'	'	'
Available borrowing capacity, Committed	578,969	1,359,746	'	'	'
Available borrowing capacity, Uncommitted	894,343	473,547	'	'	'
Available borrowing capacity	1,473,312	1,833,293	'	'	'
Margin deposits placed with counterparties	8,210	3,201	8,210	3,201	'
Mortgage-backed securities	262,378	217,491	262,378	217,491	'
Mortgage loans acquired for sale at fair value	675,659	731,717	675,659	731,717	454,210
Mortgage loans at fair value	2,273,768	2,101,061	2,273,768	2,101,061	'
Real estate acquired in settlement of loans	76,561	67,870	76,561	67,870	89,404
Fair value of assets securing agreements to repurchase	$3,288,366	$3,118,139	$3,288,366	$3,118,139	'

Assets_Sold_Under_Agreements_t3

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Repurchase Agreements [Abstract]	'	'	'	'
Amortization of commitment fees and insurance costs	$2.20	$2.70	$7.40	$7.40

Assets_Sold_Under_Agreements_t4

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Maturity Date (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified			Securities sold under agreements to repurchase at fair value [Member]	Securities sold under agreements to repurchase at fair value [Member]	Securities sold under agreements to repurchase at fair value [Member]	Securities sold under agreements to repurchase at fair value [Member]	Securities sold under agreements to repurchase at fair value [Member]
				Within 30 days [Member]	Over 30 to 90 days [Member]	Over 90 days to 180 days [Member]	Over 180 days to 1 year [Member]
Assets Sold under Agreements to Repurchase [Line Items]	'	'	'	'	'	'	'
Maturity of repurchase agreements	$2,416,686	$1,980,058	$2,416,686	$435,316	$859,651	$429,498	$692,221
Weighted average maturity	'	'	'4 years 6 months	'	'	'	'

Assets_Sold_Under_Agreements_t5

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Credit Suisse First Boston Mortgage Capital LLC [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	$188,099
Mortgage acquired for sale Weighted-average repurchase agreement maturity	12-Feb-15
Facility maturity	31-Oct-14
Bank of America, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	42,719
Mortgage acquired for sale Weighted-average repurchase agreement maturity	29-Dec-14
Facility maturity	30-Jan-15
Morgan Stanley Bank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	10,063
Mortgage acquired for sale Weighted-average repurchase agreement maturity	19-Nov-14
Facility maturity	18-Dec-14
The Royal Bank of Scotland Group [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	94,810
Facility maturity	17-Feb-15
Citibank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	523,389
Facility maturity	7-Sep-15
Securities sold under agreements to repurchase at fair value [Member] | Daiwa Capital Markets [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	7,048
Facility maturity	2-Nov-14
Securities sold under agreements to repurchase at fair value [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	11,936
Facility maturity	19-Oct-14
Securities sold under agreements to repurchase at fair value [Member] | Bank of America, N.A. [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Amount at risk	$4,397
Facility maturity	14-Oct-14

Assets_Sold_Under_Agreements_t6

Assets Sold Under Agreements to Repurchase - Additional Information (Detail) (USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
PMT [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Net worth, Required	$860
Operating Partnership [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Net worth, Required	700
Net Worth	1,600
PMH [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Net worth, Required	250
Net Worth	801
PMC [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Net worth, Required	150
Net Worth	$351

AssetBacked_Secured_Financing_2

Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value - Summary of Financial Information Relating to Asset-Backed Secured Financing of Variable Interest Entity (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
During the period:	'	'	'	'
Interest expense	$1,584	$0	$4,762	$0
Asset-backed secured financing of the variable interest entity at fair value [Member]	'	'	'	'
Period end:	'	'	'	'
Fair Value	166,841	170,008	166,841	170,008
Interest rate	3.50%	3.50%	'	'
During the period:	'	'	'	'
Weighted-average fair value	168,923	1,853	168,186	625
Interest expense	$1,584	$0	$4,762	$0
Weighted-average effective interest rate	3.67%	0.00%	3.73%	0.00%

Exchangeable_Senior_Notes_Addi

Exchangeable Senior Notes - Additional Information (Detail) (Exchange Senior Notes due 2020 [Member], USD $)	9 Months Ended
	Sep. 30, 2014
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	33.6041
Principal amount of the notes	$1,000
Maturity date of debt instrument	1-May-20
Increased in cash dividend	$0.57
Initial exchangeable rate [Member]	'
Debt Instrument [Line Items]	'
Number of shares exchanged per notes	33.5149

Exchangeable_Senior_Notes_Summ

Exchangeable Senior Notes - Summary of Financial Information Relating to Notes (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Period end:	'	'	'	'	'
Balance	$250,000	$250,000	$250,000	$250,000	$250,000
Unamortized issuance costs	6,156	7,063	6,156	7,063	'
During the period:	'	'	'	'	'
Weighted-average balance	250,000	250,000	250,000	141,026	'
Interest expense	$3,592	$3,577	$10,763	$5,961	'

Exchangeable_Senior_Notes_Summ1

Exchangeable Senior Notes - Summary of Financial Information Relating to Notes (Parenthetical) (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Debt Disclosure [Abstract]	'	'	'	'
Amortization of debt issuance costs	$232,000	$218,000	$685,000	$362,000

Borrowings_under_Forward_Purch2

Borrowings under Forward Purchase Agreements - Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements (Detail) (Borrowings under forward purchase agreement [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Borrowings under forward purchase agreement [Member]	'	'	'	'
Period end:	'	'	'	'
Balance	$0	$229,841	$0	$229,841
Interest rate	0.00%	3.03%	'	'
Fair value of underlying loans and REO	0	231,595	'	'
During the period:	'	'	'	'
Weighted-average effective interest rate	0.00%	2.96%	2.84%	2.97%
Weighted-average balance	0	232,722	109,708	89,459
Interest expense	0	1,762	2,364	2,013
Maximum daily amount outstanding	$0	$242,394	$226,847	$244,047

Recovered_Sheet1

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Mortgage Banking [Abstract]	'	'	'	'
Balance, beginning of period	$11,876	$7,668	$10,110	$4,441
Provision for losses	1,359	1,474	3,125	4,701
Incurred losses	0	0	0	0
Balance, end of period	$13,235	$9,142	$13,235	$9,142

Recovered_Sheet2

Liability for Losses under Representations and Warranties - Summary of Company's Repurchase and Indemnification Activity (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Mortgage Banking [Abstract]	'	'	'	'
Losses charged to liability for representations and warranties	$0	$0	$0	$0
Unpaid principal balance of mortgage loans repurchased	7,490	5,687	15,296	6,895
Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders	5,841	967	10,109	1,891
Unpaid principal balance of mortgage loans indemnified by PMT	1,571	0	4,227	0
Unpaid principal balance of mortgage loans subject to pending claims for repurchase	19,969	9,415	19,969	9,415
Unpaid principal balance of mortgage loans indemnified by PMT	4,764	0	4,764	0
Unpaid principal balance of mortgage loans subject to representations and warranties	$32,654,307	$23,531,815	$32,654,307	$23,531,815

Commitments_and_Contingencies_1

Commitments and Contingencies - Company's Outstanding Contractual Loan Commitments (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Commitments to purchase mortgage loans:	'
Correspondent production	$838,948

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014
		ATM Equity Offering Sales AgreementSM [Member]	ATM Equity Offering Sales AgreementSM [Member]
Shareholders' Equity [Line Items]	'	'	'
Amount of common stock available for future issuance under Sales Agreement	'	$197,500,000	$115,000,000
Number of common shares sold under Sales Agreement	3,447,022	0	'
Weighted average price of common shares sold under Sales Agreement	$23.92	'	'
Proceeds from public offering of common shares	81,600,000	'	'
Sales commissions net	$899,000	'	'

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 $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Cash (loss) gain:	'	'	'	'
Sales proceeds, net	($15,473)	($108,960)	($21,540)	($207,912)
Hedging activities	-12,705	114,405	-35,004	160,109
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	-28,178	5,445	-56,544	-47,803
Non cash gain:	'	'	'	'
Receipt of MSRs in loan sale transactions	39,613	48,957	89,230	156,229
Provision for losses relating to representations and warranties provided in loan sales	-1,359	-1,474	-3,125	-4,701
Change in fair value of IRLCs, mortgage loans and hedging derivatives held at period end:	'	'	'	'
IRLCs	-5,697	28,413	4,140	-8,033
Mortgage loans	-3,073	48,205	5,000	11,211
Hedging derivatives	8,203	-118,515	-8,999	-22,155
Total non cash portion of gain on mortgage loans acquired for sale	-567	-41,897	142	-18,977
Net gain on mortgage loans acquired for sale	$9,509	$11,031	$29,702	$84,748

Net_Interest_Income_Summary_of

Net Interest Income - Summary of Net Interest Income (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest income:	'	'	'	'
Short-term investments	$138	$252	$462	$340
Mortgage-backed securities	1,935	345	5,657	345
Agency debt securities	0	162	0	162
Mortgage loans acquired for sale at fair value	7,712	12,535	16,911	28,150
Mortgage loans at fair value	27,858	20,751	92,870	48,300
Mortgage loans under forward purchase agreements at fair value	0	1,197	3,584	1,457
Excess servicing spread purchased from PFSI, at fair value	3,577	0	9,578	0
Other	16	36	38	196
Interest income, total	41,236	35,278	129,100	78,950
Interest expense:	'	'	'	'
Assets sold under agreements to repurchase	15,814	13,464	43,496	34,990
Borrowings under forward purchase agreements	0	1,762	2,363	2,013
Asset-backed secured financing	1,584	0	4,762	0
Exchangeable senior notes	3,592	3,577	10,763	5,961
Other	1,030	694	2,276	1,913
Interest expense, total	22,020	19,497	63,660	44,877
Net interest income	$19,216	$15,781	$65,440	$34,073

Net_Gain_on_Investments_Summar

Net Gain on Investments - Summary of Net Gain on Investments (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net gain (loss) on investments:	'	'	'	'
Mortgage-backed securities	($821)	$5,356	$6,096	$5,356
Agency debt security	0	578	0	578
Excess servicing spread purchased from PFSI at fair value	-7,396	29	-17,834	29
Hedging derivatives	-1,135	-4,863	-5,876	-4,863
Gain (loss) on investments	-9,352	1,100	-17,614	1,100
Mortgage loans	79,046	47,986	210,981	158,800
Asset-backed secured financing	696	0	-7,258	0
Net gain (loss) on investments	$70,390	$49,086	$186,109	$159,900

Net_Loan_Servicing_Fees_Summar

Net Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Transfers and Servicing [Abstract]	'	'	'	'
Servicing fees	$20,300	$14,451	$56,988	$37,175
MSR recapture fee receivable from PFSI	0	86	9	586
Effect of MSRs:	'	'	'	'
Carried at lower of amortized cost or fair value Amortization	-8,109	-7,201	-23,170	-18,433
(Provision for) reversal of impairment	602	-212	-2,249	3,495
Carried at fair value - change in fair value	-1,606	-465	-8,398	-273
Gains (losses) on hedging derivatives	-654	0	3,532	-1,988
Total Effect of MSRs	-9,767	-7,878	-30,285	-17,199
Net loan servicing fees	10,533	6,659	26,712	20,562
Average servicing portfolio	$30,701,324	$21,784,126	$29,531,733	$20,070,127

ShareBased_Compensation_Plans_

Share-Based Compensation Plans - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'	'	'
Share-based share compensation plan, and compensation expense	$1.60	$2	$5.70	$5
Restricted share units issued	'	'	300,131	250,948
Restricted share units, grant date fair value	'	'	$6	$5.20
Units vested	500	75,830	230,716	248,753

Other_Expenses_Summary_of_Othe

Other Expenses - Summary of Other Expenses (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	$7,384	$7,955	$18,604	$18,472
Common overhead allocation from PFSI [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	2,802	2,527	8,018	7,793
Servicing and collection costs [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	2,064	1,393	5,809	1,726
Loan origination [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	1,202	1,322	1,637	3,768
Insurance [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	247	219	738	648
Technology [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	246	234	720	588
Securitization [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	0	1,887	0	1,887
Other expenses [Member]	'	'	'	'
Other Non operating Income Expense [Line Items]	'	'	'	'
Total other expenses	$823	$373	$1,682	$2,062

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Income tax benefit expense	$2,982	($3,639)	($509)	$12,412
Effective income tax rate	5.10%	-10.10%	-0.30%	7.80%

Segments_and_Related_Informati2

Segments and Related Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Segment
Segment Reporting [Abstract]	'
Number of segments	2

Segments_and_Related_Informati3

Segments and Related Information - Financial Highlights by Operating Segment (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Net investment income:	'	'	'	'	'
Net gain on mortgage loans acquired for sale	$9,509	$11,031	$29,702	$84,748	'
Net gain on investments	70,390	49,086	186,109	159,900	'
Interest income	41,236	35,278	129,100	78,950	'
Interest expense	-22,020	-19,497	-63,660	-44,877	'
Net interest income	19,216	15,781	65,440	34,073	'
Net loan servicing fees	10,533	6,659	26,712	20,562	'
Other income (loss)	-3,118	3,505	-4,282	10,148	'
Net investment income	106,530	86,062	303,681	309,431	'
Expenses:	'	'	'	'	'
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	37,445	37,604	104,537	119,362	'
Other	11,154	12,396	31,620	30,163	'
Total expenses	48,599	50,000	136,157	149,525	'
Income before provision for income taxes	57,931	36,062	167,524	159,906	'
Total assets at period end	4,604,813	4,249,231	4,604,813	4,249,231	4,310,917
Operating segments [Member] | Correspondent production [Member]	'	'	'	'	'
Net investment income:	'	'	'	'	'
Net gain on mortgage loans acquired for sale	9,509	11,031	29,702	84,748	'
Net gain on investments	'	0	0	0	'
Interest income	7,727	12,536	16,948	28,151	'
Interest expense	-3,660	-9,171	-12,196	-22,354	'
Net interest income	4,067	3,365	4,752	5,797	'
Net loan servicing fees	'	0	0	0	'
Other income (loss)	6,524	4,490	13,365	14,715	'
Net investment income	20,100	18,886	47,819	105,260	'
Expenses:	'	'	'	'	'
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	15,900	18,968	37,701	67,138	'
Other	1,410	211	2,248	485	'
Total expenses	17,310	19,179	39,949	67,623	'
Income before provision for income taxes	2,790	-293	7,870	37,637	'
Total assets at period end	708,442	760,611	708,442	760,611	'
Operating segments [Member] | Investment activities [Member]	'	'	'	'	'
Net investment income:	'	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0	'
Net gain on investments	70,390	49,086	186,109	159,900	'
Interest income	33,509	25,316	114,540	55,168	'
Interest expense	-18,360	-12,900	-53,852	-26,892	'
Net interest income	15,149	12,416	60,688	28,276	'
Net loan servicing fees	10,533	6,659	26,712	20,562	'
Other income (loss)	-9,642	-985	-17,647	-4,567	'
Net investment income	86,430	67,176	255,862	204,171	'
Expenses:	'	'	'	'	'
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	21,545	18,636	66,836	48,940	'
Other	9,744	12,185	29,372	29,678	'
Total expenses	31,289	30,821	96,208	78,618	'
Income before provision for income taxes	55,141	36,355	159,654	125,553	'
Total assets at period end	3,896,371	3,490,632	3,896,371	3,490,632	'
Intersegment elimination & other [Member]	'	'	'	'	'
Net investment income:	'	'	'	'	'
Net gain on mortgage loans acquired for sale	0	0	0	0	'
Net gain on investments	0	0	0	0	'
Interest income	0	-2,574	-2,388	-4,369	'
Interest expense	0	2,574	2,388	4,369	'
Net interest income	0	0	0	0	'
Net loan servicing fees	0	'	0	0	'
Other income (loss)	0	0	0	0	'
Net investment income	0	0	0	0	'
Expenses:	'	'	'	'	'
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	0	0	0	3,284	'
Other	0	0	0	0	'
Total expenses	0	0	0	3,284	'
Income before provision for income taxes	0	0	0	-3,284	'
Total assets at period end	$0	($2,012)	$0	($2,012)	'

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]	'	'	'	'
Cash paid for interest	'	'	$68,443	$58,290
Income tax refund	'	'	-6,782	-6,137
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	'	'	0	536,776
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	94,530	48,154	268,677	116,957
Purchase of mortgage loans financed through forward purchase agreements	'	'	2,828	245,389
Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	'	'	205,902	13,018
Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	0	3,640	9,369	3,604
Receipt of MSRs as proceeds from sales of loans	39,613	48,957	89,230	156,229
Purchase of REO financed through forward purchase agreements	0	0	-68	3,604
Receipt of ESS pursuant to recapture agreement with PFSI	'	'	6,093	0
Transfer of REO under forward purchase agreements to REO	0	114	12,737	114
Non-cash financing activities:	'	'	'	'
Purchase of mortgage loans financed through forward purchase agreements	'	'	2,828	245,389
Purchase of REO financed through forward purchase agreements	0	0	-68	3,604
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	'	'	3,491	25,141
Dividends payable	$45,467	$0	$45,467	$0

Regulatory_Net_Worth_Additiona

Regulatory Net Worth - Additional Information (Detail) (USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
Fannie Mae Capital Markets [Member]	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'
Minimum net worth amount	$57.70
Freddie Mac Capital Markets [Member]	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'
Minimum net worth amount	$27.70

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], Mortgage-backed securities [Member], USD $)	Oct. 01, 2014
In Millions, unless otherwise specified
Subsequent Event [Member] | Mortgage-backed securities [Member]	'
Note Issued, face value	$166