PennyMac Mortgage Investment Trust (PMT) 10-K 2 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 23, 2015	Jun. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	PMT
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	1464423
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		74,510,159
Entity Public Float			$1,604,798,645

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS
Cash	$76,386	$27,411
Short-term investments	139,900	92,398
Mortgage-backed securities at fair value pledged to secure assets sold under agreements to repurchase	307,363	197,401
Mortgage loans acquired for sale at fair value (includes $609,608 and $454,210 pledged to secure assets sold under agreements to repurchase)	637,722	458,137
Mortgage loans at fair value (includes $2,709,161 and $2,480,728 pledged to secure assets sold under agreements to repurchase)	2,726,952	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	191,166	138,723
Derivative assets	11,107	7,976
Real estate acquired in settlement of loans (includes $150,649 and $89,404 pledged to secure assets sold under agreements to repurchase)	303,228	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 $57,358 and $26,452 carried at fair value)	357,780	290,572
Servicing advances	79,878	59,573
Due from PennyMac Financial Services, Inc.	6,621	6,009
Other assets	66,193	66,192
Total assets	4,904,296	4,310,917
LIABILITIES
Assets sold under agreements to repurchase	2,730,130	2,039,605
Mortgage loan participation and sale agreement	20,236	0
Borrowings under forward purchase agreements	0	226,580
Asset-backed secured financing of the variable interest entity at fair value	165,920	165,415
Exchangeable senior notes	250,000	250,000
Derivative liabilities	2,430	1,961
Accounts payable and accrued liabilities	67,806	71,561
Due to PennyMac Financial Services, Inc.	23,943	18,636
Income taxes payable	51,417	59,935
Liability for losses under representations and warranties	14,242	10,110
Total liabilities	3,326,124	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, 74,510,159 and 70,458,082 common shares, respectively	745	705
Additional paid-in capital	1,479,699	1,384,468
Retained earnings	97,728	81,941
Total shareholders' equity	1,578,172	1,467,114
Total liabilities and shareholders' equity	4,904,296	4,310,917
Consolidated VIE [Member]
ASSETS
Mortgage loans at fair value (includes $2,709,161 and $2,480,728 pledged to secure assets sold under agreements to repurchase)	527,369	523,652
Other assets - interest receivable	1,651	1,584
Total assets of Consolidated Variable Interest Entity	529,020	525,236
LIABILITIES
Asset-backed secured financing of the variable interest entity at fair value	165,920	165,415
Accounts payable and accrued expenses - interest payable	477	497
Total liabilities of Consolidated Variable Interest Entity	$166,397	$165,912

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 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	$609,608	$454,210
Mortgage loans at fair value, pledged to secure assets sold under agreements to repurchase	2,709,161	2,480,728
Real estate acquired in settlement of loans, pledged to secure assets sold under agreements to repurchase	150,649	89,404
Mortgage servicing rights at fair value	$57,358	$26,452
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$0.01	$0.01
Common shares, issued	74,510,159	70,458,082
Common shares, outstanding	74,510,159	70,458,082

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net investment income
Net gain on mortgage loans acquired for sale	$35,647	$98,669	$147,675
Loan origination fees	18,184	17,765	10,545
Net interest income:
Interest income	172,348	122,862	72,441
Interest expense	85,589	65,222	31,642
Total, Net interest income (expense)	86,759	57,640	40,799
Net gain on investments	201,809	207,758	103,649
Net loan servicing fees	37,893	32,791	-754
Results of real estate acquired in settlement of loans	-32,451	-13,491	1,368
Other	8,900	4,386	244
Net investment income	356,741	405,518	303,526
Expenses
Loan fulfillment fees	48,719	79,712	62,906
Loan servicing fees	52,522	39,413	18,608
Management fees	35,035	32,410	12,436
Professional services	8,380	8,373	6,053
Compensation	8,328	7,914	7,144
Other	24,293	23,061	9,557
Total expenses	177,277	190,883	116,704
Income before provision for income taxes	179,464	214,635	186,822
(Benefit from) provision for income taxes	-15,080	14,445	48,573
Net income	194,544	200,190	138,249
Earnings per share
Basic	$2.62	$3.13	$3.14
Diluted	$2.47	$2.96	$3.14
Weighted-average shares outstanding
Basic	73,495	63,426	43,553
Diluted	82,211	69,448	43,876
Nonaffiliates [Member]
Net interest income:
Interest income	159,056	121,771	72,441
Net gain on investments	222,643	205,335	103,649
PennyMac Financial Services, Inc. [Member]
Net interest income:
Interest income	13,292	1,091	0
Net gain on investments	($20,834)	$2,423	$0

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	Common Stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]
In Thousands, except Share data
Balance, Amount at Dec. 31, 2011	$546,017	$284	$518,272	$27,461
Balance, Shares at Dec. 31, 2011		28,405,000
Net income	138,249			138,249
Share-based compensation, Amount	5,068	2	5,066
Share-based compensation, Shares		163,000
Dividends	-94,821			-94,821
Proceeds from issuance of common shares, Amount	608,184	303	607,881
Proceeds from issuance of common shares, Shares		30,336,000
Underwriting and offering costs	-1,361		-1,361
Balance, Amount at Dec. 31, 2012	1,201,336	589	1,129,858	70,889
Balance, Shares at Dec. 31, 2012		58,904,000
Net income	200,190			200,190
Share-based compensation, Amount	5,452	3	5,449
Share-based compensation, Shares		254,000
Dividends	-189,138			-189,138
Proceeds from issuance of common shares, Amount	261,595	113	261,482
Proceeds from issuance of common shares, Shares	0	11,300,000
Underwriting and offering costs	-12,321		-12,321
Balance, Amount at Dec. 31, 2013	1,467,114	705	1,384,468	81,941
Balance, Shares at Dec. 31, 2013		70,458,000
Net income	194,544			194,544
Share-based compensation, Amount	5,752	2	5,750
Share-based compensation, Shares		235,000
Dividends	-178,757			-178,757
Proceeds from issuance of common shares, Amount	90,589	38	90,551
Proceeds from issuance of common shares, Shares	3,817,611	3,817,000
Underwriting and offering costs	-1,070		-1,070
Balance, Amount at Dec. 31, 2014	$1,578,172	$745	$1,479,699	$97,728
Balance, Shares at Dec. 31, 2014		74,510,000

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends declared per share	$2.40	$2.87	$2.22
Retained earnings [Member]
Dividends declared per share	$2.40	$2.87	$2.22

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	$194,544	$200,190	$138,249
Adjustments to reconcile net income to net cash used by operating activities:
Net gain on mortgage loans acquired for sale at fair value	-35,647	-98,669	-147,675
Accrual of unearned discounts and amortization of premiums on mortgage-backed securities, mortgage loans at fair value, and asset-backed secured financing	-1,588	-186	-142
Capitalization of interest on mortgage loans at fair value	-66,850	-43,481	-19,745
Accrual of interest on excess servicing spread	-13,292	-1,348	0
Amortization of credit facility commitment fees and debt issuance costs	9,763	9,081	2,952
(Reversal) accrual of costs related to forward purchase agreements	-168	7,083	3,421
Net gain on investments	-201,809	-210,168	-103,649
Change in fair value, amortization and impairment of mortgage servicing rights	42,124	22,642	11,730
Results of real estate acquired in settlement of loans	32,451	13,491	-1,368
Share-based compensation expense	5,752	5,452	5,067
Purchases of mortgage loans acquired for sale at fair value	-28,381,456	-32,013,163	-22,439,514
Purchases of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	-8,082	-12,339	-3,622
Repurchase of mortgage loans subject to representation and warranties	1,747	0	0
Sales and repurchases of mortgage loans acquired for sale at fair value to nonaffiliates	11,703,015	15,818,582	12,834,001
Sales of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	16,431,338	16,113,806	8,864,265
Increase in servicing advances	-40,084	-35,134	-15,683
Increase in due from PennyMac Financial Services, Inc.	-127	-1,180	-4,482
Increase in other assets	-24,910	-33,956	-12,948
Decrease in accounts payable and accrued liabilities	-6,361	-14,518	32,818
Increase in payable to PennyMac Financial Services, Inc.	2,122	7,364	50
(Decrease) increase in income taxes payable	-8,518	23,619	35,875
Net cash provided by operating activities	-366,036	-242,832	-820,400
Cash flows from investing activities
Net increase in short-term investments	-47,502	-53,381	-8,698
Maturity of United States Treasury security	0	0	50,000
Purchases of mortgage-backed securities at fair value	-185,972	-199,558	-112,211
Sale of mortgage-backed securities at fair value	68,284	2,566	189,167
Repayments of mortgage-backed securities at fair value	18,499	0	0
Purchase of Agency debt security	0	-12,000	0
Sale of Agency debt security	0	13,725	0
Purchases of mortgage loans at fair value	-554,604	-1,063,162	-541,696
Sales and repayments of mortgage loans at fair value	598,339	262,566	169,877
Repayments of mortgage loans under forward purchase agreements at fair value	6,413	15,319	14,292
Purchase of excess servicing spread from PennyMac Financial Services, Inc.	-95,892	-139,028	0
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	39,257	4,076	0
Settlements of derivative financial instruments	-10,436	0	0
Purchase of real estate acquired in settlement of loans	-3,049	-82	-48
Sales of real estate acquired in settlement of loans	184,467	120,925	126,499
Sales of real estate acquired in settlement of loans under forward purchase agreements	5,365	651	9,912
Purchase of mortgage servicing rights	0	-1,419	-23
Sale of mortgage servicing rights	474	0	104
Decrease (increase) in margin deposits and restricted cash	4,329	19,806	-8,617
Net cash provided (used) by investing activities	27,972	-1,028,996	-111,442
Cash flows from financing activities
Sales of assets under agreement to repurchase	31,873,913	33,455,407	21,848,769
Repurchases of assets sold under agreements to repurchase	-31,183,387	-32,671,903	-21,252,596
Sale of mortgage loan participation certificates	4,246,892	0	0
Repayment of mortgage loan participation certificates	-4,226,656	0	0
Repayments of borrowings under forward purchase agreements	-227,866	-27,070	-157,166
Issuance of asset-backed secured financing at fair value	0	170,008	0
Payment of asset-backed secured financing at fair value	-8,571	-2,406	0
Issuance of exchangeable senior notes	0	250,000	0
Payment of exchangeable senior notes issuance costs	0	-7,425	0
Issuance of common shares	90,589	261,595	608,184
Payment of common share underwriting and offering costs	-1,070	-12,321	-1,361
Payment of contingent underwriting fees payable	-2,372	-2,834	0
Payment of dividends	-174,433	-147,568	-94,821
Net cash (used) provided by financing activities	387,039	1,265,483	951,009
Net increase (decrease) in cash	48,975	-6,345	19,167
Cash at beginning of period	27,411	33,756	14,589
Cash at end of period	$76,386	$27,411	$33,756

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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 (the “Manager or PCM”) 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 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 (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (the “Codification”). Preparation of financial statements in compliance with 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	12 Months Ended
	Dec. 31, 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 in prior years 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.:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Investment portfolio purchases:
	Mortgage loans		$	557,432		$	1,309,767		$	542,766
	REO			3,117			120			297
			$	560,549		$	1,309,887		$	543,063
	Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
	Mortgage loans		$	26,737		$	443,154		$	504,710
	REO			68			38			48
			$	26,805		$	443,192		$	504,758
	Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.:
			December 31,			December 31,
			2014			2013
			(in thousands)
	Mortgage loans at fair value		$	943,163		$	1,138,131
	Mortgage loans under forward purchase agreements at fair value			—			218,128
	REO			108,302			84,726
	REO under forward purchase agreements			—			8,705
			$	1,051,465		$	1,449,690
	Total holdings of mortgage loans and REO		$	3,030,180		$	2,966,525
	Throughout the three-year period ended December 31, 2014, the Company entered into forward purchase agreements with Citigroup Global Markets Realty Corp. (“CGM”), a subsidiary of Citigroup Inc., to purchase certain nonperforming residential mortgage loans and residential real property acquired in settlement of loans (collectively, the “CGM Assets”). The CGM Assets were acquired by CGM from unaffiliated money center banks. The CGM assets were held in a trust subsidiary by CGM pending payment by the Company.
	The Company recognized these assets and related obligations as of the dates of the forward purchase agreements and recognized all subsequent income and changes in value relating to such assets. As a result of recognizing these assets, the Company’s consolidated statements of income and cash flows for the periods presented include the following amounts related to the forward purchase agreements:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Statements of income:
	Interest income		$	3,584		$	3,659		$	996
	Interest expense		$	2,363		$	3,707		$	2,396
	Net gain on investments		$	803		$	11,720		$	9,293
	Net loan servicing fees		$	516		$	852		$	1,011
	Results of REO		$	(473	)	$	(20	)	$	1,870
	Statements of cash flows:
	Repayments of mortgage loans		$	6,413		$	15,319		$	14,292
	Sales of REO		$	5,365		$	651		$	9,912
	Repayments of borrowings under forward purchase agreements		$	(227,866	)	$	(27,070	)	$	(157,166	)
	The Company has no other variable interests in the trust entity or other exposure to the creditors of the trust entity that could expose the Company to loss.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3—Significant Accounting Policies
	PMT’s significant accounting policies are summarized below.
	Consolidation
	The consolidated financial statements include the accounts of PMT and all wholly-owned subsidiaries. PMT has no significant equity method or cost-basis investments. Intercompany accounts and transactions have been eliminated upon consolidation. The Company also consolidates assets and liabilities included in certain securitization transactions and forward purchase agreements as discussed below.
	Securitizations
	The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of interests in those assets. In a securitization transaction, the Company typically receives cash and/or interests in an SPE in exchange for the assets transferred by the Company.
	SPEs are generally considered variable interest entities (“VIEs”). A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors at risk lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns.
	The Company consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and holds a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis.
	The Company evaluates the securitization trust into which mortgage loans are sold to determine whether the entity is a VIE and whether the Company is the primary beneficiary and therefore whether it is required to consolidate the securitization trust. For the VIE consolidated by the Company, PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance and the retained subordinated and residual interest trust certificates expose the Company to potentially significant losses and returns.
	The asset-backed securities issued by the consolidated VIE are backed by the expected cash flows from the underlying mortgage loans. Cash inflows from these mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior notes or certificates. After these senior obligations are settled, substantially all cash inflows will be directed to the subordinated notes until fully repaid and, thereafter, to the residual interest that the Company owns in the trust.
	The Company retains interests in the securitization transaction, including senior and subordinated notes or certificates and residual interests issued by the VIE. The Company retains credit risk in the securitization because the Company’s retained interests include the most subordinated interests in the securitized assets, which are the first to absorb credit losses on those assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual retained interests. The Company has no obligation to repurchase or replace securitized assets that subsequently become delinquent or are otherwise in default other than pursuant to breaches of representations and warranties.
	For financial reporting purposes, the mortgage loans and securities owned by the consolidated VIE are shown under a separate statement following the Company’s consolidated balance sheets. The securities issued to third parties by the consolidated VIE are classified as secured borrowings and shown as Asset-backed secured financing on the Company’s consolidated balance sheets. The Company includes the interest income earned on the loans owned at the VIE and interest expense attributable to the asset-backed securities issued by the VIE on its consolidated income statements.
	Forward Purchase Agreements
	The Company enters into transactions whereby it agrees to purchase identified pools of mortgage loans and real estate at a later date while assuming all of the responsibilities for servicing the loans and the risks and rewards relating to holding such mortgage loans as of a cutoff date that is before the loans are purchased. All of the changes in the fair value and cash flows of the assets subject to forward purchase agreements are attributable solely to the Company, and such cash flows can only be used to settle the related liability. Such transactions are referred to as forward purchase agreements. Under forward purchase agreements, the assets are held by the seller within a separate trust entity. The Manager has concluded that the Company is the primary beneficiary of those assets and therefore consolidates those assets and related liabilities in the separate trust entity.
	The Company’s interests in the assets subject to forward purchase agreements are deemed to be contractually segregated from all other interests in the separate trust entity. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consists of the assets subject to forward purchase agreements and its related liability. The Company directs all of the activities that drive the economic results of the assets subject to forward purchase agreements.
	The assets subject to forward purchase agreements are included on the Company’s consolidated balance sheet as Mortgage loans under forward purchase agreements at fair value and Real estate acquired in settlement of loans under forward purchase agreements and the related liabilities are included as Borrowings under forward purchase agreements.
	Valuation of Financial Instruments
	PMT groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are:
		•	Level 1—Quoted prices in active markets for identical assets or liabilities.
		•	Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others.
		•	Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.
	The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while the Manager believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the fair values that would have been used had a readily available market for such loans or investments existed, or had such loans or investments been liquidated, and those differences could be material to the financial statements.
	The Manager incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. For example, for mortgage loans where the significant inputs have become unobservable due to illiquidity in the markets for distressed mortgage loans or non-Agency, non-conforming mortgage loans, PMT uses a discounted cash flow technique to estimate fair value. This technique incorporates forecasting of expected cash flows discounted at a market discount rate that is intended to reflect the lack of liquidity in the market.
	Short-Term Investments
	Short-term investments are carried at fair value with changes in fair value recognized in current period income. Short-term investments represent money market deposit accounts. The Company’s short-term investments are classified as a “Level 1” fair value financial statement item.
	Mortgage-Backed Securities
	The Company invests in Agency and non-Agency MBS. Purchases and sales of MBS and Agency debt are recorded as of the trade date. The Company’s investments in MBS are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method as a component of Interest income. Changes in fair value arising from other factors are recognized as a component of Net gain (loss) on investments.
	The Company categorizes its investments in Agency MBS and senior non-Agency MBS as “Level 2” fair value financial statement items.
	Interest Income Recognition
	Interest income on MBS is recognized over the life of the security using the interest method. The Manager estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. The Manager updates its cash flow estimates monthly.
	Estimating cash flows requires a number of inputs that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), the pass-through or coupon interest rate, interest rate fluctuations, interest payment shortfalls due to delinquencies on the underlying mortgage loans, the likelihood of modification and the timing of the magnitude of credit losses on the mortgage loans underlying the securities. The Manager applies its judgment in developing its estimates. However, these uncertainties are difficult to predict; therefore, the outcome of future events will affect the Company’s estimates and interest income.
	Mortgage Loans
	Mortgage loans and mortgage loans under forward purchase agreements are carried at their fair values. Changes in the fair value of mortgage loans are recognized in current period income. All changes in fair value, including changes arising from the passage of time, are recognized as a component of Net gain (loss) on investments for mortgage loans classified as mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value and Net gain on mortgage loans acquired for sale for mortgage loans classified as mortgage loans acquired for sale at fair value.
	Mortgage loans held by variable interest entity are carried at their fair values. Changes in the fair value of mortgage loans held by variable interest entity are recognized in current period income as a component of Net gain (loss) on investments. Changes in fair value relating to accrual of unearned discounts and amortization of purchase premiums are accrued or amortized to interest income using the interest method over the estimated remaining life of the loans including anticipated prepayments.
	Sale Recognition
	The Company purchases from and sells mortgage loans into the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and liability under representations and warranties it makes to purchasers and insurers of the loans.
	The Company recognizes transfers of mortgage loans as sales based on whether the transfer is made to a VIE:
		•	For mortgage loans that are not transferred to a VIE, the Company recognizes the transfer as a sale when it surrenders control over the mortgage loans. Control over transferred mortgage loans is deemed to be surrendered when (i) the mortgage loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred mortgage loans, and (iii) the Company does not maintain effective control over the transferred mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific mortgage loans.
		•	For mortgage loans that are transferred to a VIE, the Company recognizes the transfer as a sale when the Manager determines that the Company is not the primary beneficiary of the VIE, as the Company does not have the power to direct the activities that will have the most significant economic impact on the VIE and/or does not hold a variable interest that could potentially be significant to the VIE.
	Interest Income Recognition
	The Company has the ability but not the intent to hold mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans under forward purchase agreements, excluding mortgage loans held in a VIE, for the foreseeable future. Therefore, interest income on mortgage loans acquired for sale and mortgage loans at fair value is recognized over the life of the loans using their contractual interest rates.
	The Company has both the ability and intent to hold mortgage loans held in a VIE for the foreseeable future. Therefore, interest income on mortgage loans held in a variable interest entity is recognized over the estimated remaining life of the mortgage loans using the interest method. Unearned discounts and purchase premiums are accrued and amortized to interest income using the effective interest rate inherent in the estimated cash flows inherent in the mortgage loans.
	Income recognition is suspended and the accrued unpaid interest receivable is reversed against interest income when loans become 90 days delinquent, or when, in the Manager’s opinion, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.
	Derivative Financial Instruments
	In its loan origination activities, the Company makes contractual commitments to loan applicants to originate mortgages at specified interest rates (“interest rate lock commitments” or “IRLCs”). These commitments are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans acquired for sale by entering into forward sale agreements to sell the mortgage loans and by the purchase and sale of interest rate options and futures. Such agreements are also accounted for as derivative financial instruments. These instruments may also be used to manage the risk created by changes in interest rates on certain of the MBS and MSRs the Company holds. The Company classifies its IRLCs as “Level 3” fair value financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and holding MBS, mortgage loans pending sale and MSRs as “Level 1” or “Level 2” fair value financial statement items.
	The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the balance sheet at fair value with changes in fair value being reported in current period income. The fair value of the Company’s derivative financial instruments is included in Derivative assets and Derivative liabilities and changes in fair value are included in Net gain on mortgage loans acquired for sale, in Net gain on investments or in Net loan servicing fees, as applicable, in the Company’s consolidated statements of income.
	When the Company has master netting agreements with its derivatives counterparties, the Company nets its counterparty positions along with any cash collateral received from or delivered to the counterparty.
	Mortgage Servicing Rights
	MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company is obligated to provide loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition and disposition of REO. The Company has engaged PFSI to provide these services on its behalf.
	The fair value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee ranging generally from 0.250% to 0.375% annually on the remaining outstanding principal balances of the loans. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments.
	The Company recognizes MSRs initially at their fair values, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the loan in the sale transaction, or from the purchase of MSRs. The precise fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings. Therefore, the Company classifies its MSRs as “Level 3” fair value financial statement items.
	The Company accounts for MSRs at either the asset’s fair value with changes in fair value recorded in current period earnings or using the amortization method with the MSRs carried at the lower of amortized cost or fair value based on the class of MSR. The Company has identified two classes of MSRs: originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; and MSRs backed by mortgage loans with initial interest rates of more than 4.5%. The Company’s subsequent accounting for MSRs is based on the class of MSRs. Originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. Originated MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income.
	MSRs Accounted for Using the MSR Amortization Method
	The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the estimated total remaining net MSR cash flows. The estimated total net MSR cash flows are determined at the beginning of each month using prepayment inputs applicable at that time.
	The Company periodically assesses MSRs accounted for using the amortization method for impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the fair value of impaired MSRs subsequently increases, the Company recognizes the increase in fair value in current-period earnings and adjusts the carrying value of the MSRs through a reduction in the valuation allowance to adjust the carrying value only to the extent of the valuation allowance.
	The Company stratifies its MSRs by risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including loan type (fixed-rate or adjustable-rate) and note interest rate. Fixed-rate mortgage loans are stratified into note interest rate pools of 50 basis points for note interest rates between 3.0% and 4.5% and a single pool for note interest rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note interest rate pools is below the carrying value of the MSRs for that pool, impairment is recognized to the extent of the difference between the fair value and the existing carrying value for that pool.
	The Manager 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 the Manager deems recovery of the fair value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.
	Amortization and impairment of MSRs are included in current period income as a component of Net loan servicing fees.
	MSRs Accounted for at Fair Value
	Changes in fair value of MSRs accounted for at fair value are recognized in current period income as a component of Net loan servicing fees.
	Excess Servicing Spread
	The Company has acquired the right to receive the ESS related to MSRs owned by PFSI. ESS is carried at its fair value. Changes in fair value are recognized in current period income in Net gain on investments. Because the ESS is a claim to a portion of the cash flows from MSRs, the fair value measurement of the ESS is similar to that of MSRs. 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.
	Interest Income Recognition
	Interest income for ESS is accrued using the interest method, based upon the expected yield from the ESS through the expected life of the underlying mortgages. Changes to expected interest yield result in a change in fair value which is recorded in Interest income.
Real Estate Acquired in Settlement of Loans
REO is measured at the lower of the acquisition cost of the property (as measured by cost in the case of purchased REO; or the fair value of the mortgage loan immediately before acquisition in the case of acquisition in settlement of a loan) or its fair value reduced by estimated costs to sell. REO is categorized as a “Level 3” fair value financial statement item. Changes in fair value to levels that are less than or equal to acquisition cost and gains or losses on sale of REO are recognized in the consolidated statements of income under the caption Results of real estate acquired in settlement of loans.
Assets Sold Under Agreements to Repurchase
Assets sold under agreements to repurchase are carried at historical cost. Costs of creating the facilities underlying the agreements are recognized as deferred charges in Other assets and amortized to Interest expense over the term of the borrowing facility on the straight-line basis.
Asset-Backed Secured Financing at Fair Value
In conjunction with the on-balance sheet securitization, the certificates issued to nonaffiliates by the VIE are recorded as a financing arrangement. Those certificates issued to nonaffiliates have the right to receive principal and interest payments of the mortgage loans held by the consolidated VIE. Asset-backed secured financings are carried at fair value. Changes in fair value are recognized in current period income as a component of Net gain on investments. The Company categorizes asset-backed secured financing at fair value as a “Level 2” fair value financial statement items.
Liability for Losses Under Representation and Warranties
The Company’s agreements with the Agencies include representations and warranties related to the mortgage loans the Company sells to the Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the mortgage loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law.
In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender.
The Company records a provision for losses relating to representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and periodically updates its liability estimate. The level of the liability for representations and warranties is reviewed and approved by the Manager’s management credit committee.
The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying loans, The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Manager believes that the current unpaid principal balance of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. The Manager believes the range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations.
Underwriting Commissions and Offering Costs
Underwriting commissions and offering costs incurred in connection with the Company’s share offerings are reflected as a reduction of additional paid-in capital. Contingent offering costs that are deemed by the Manager as probable of being paid are recorded as a reduction of additional paid-in capital.
Loan Servicing Fees
Loan servicing fees and other remuneration are received by the Company for servicing mortgage loans. Loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio. Loan servicing fees are deemed to be earned when they are collected.
Share-Based Compensation
The Company amortizes the fair value of previously granted share-based awards to compensation expense over the vesting period using the graded vesting method. Expense relating to share-based awards is included in Compensation in the consolidated statements of income.
The Company estimates the value of restricted share units awarded with reference to the fair value of its common shares on the date of the award. How the fair value of Company common shares is used in determining restricted share unit awards’ fair values depends on whether the restricted share units participate in Company dividends in the form of dividend equivalents.
	•	Fair value of restricted share unit awards that participate in dividends in the form of dividend equivalents is determined at the Company’s closing share price on the date of the award.
	•	Fair value of restricted share unit awards that do not participate in dividends is estimated by reducing the closing price of the Company’s common shares on the date of the award by the amount of expected shareholder distributions that the grantees will not receive during the vesting period, discounted at an appropriate risk-free rate of return. The amount of the reduction for anticipated distributions is based on amounts included in the Manager’s earnings forecast.
The Company determines the fair value of its share-based compensation awards depending on whether the awards are made to its trustees and officers or to non-employees such as officers and employees of affiliates:
	•	Compensation cost is generally fixed at the fair value of the award date for awards to officers and trustees of the Company.
	•	Compensation cost for share-based compensation awarded to non-officers or trustees of the Company is adjusted to reflect changes in the fair value of awards in each subsequent reporting period until the award has vested, the service being provided is subsequently completed, or, under certain circumstances, is likely to be completed, whichever occurs first.
The Manager’s estimates of compensation costs reflect the expected portion of share-based compensation awards that the Manager expects to vest.
Income Taxes
The Company has elected to be taxed as a REIT and the Manager believes the Company complies with the provisions of the Internal Revenue Code applicable to REITs. Accordingly, the Manager believes the Company will not be subject to federal income tax on that portion of its REIT taxable income that is distributed to shareholders as long as certain asset, income and share ownership tests are met. If PMT fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to income taxes and may be precluded from qualifying as a REIT for the four tax years following the year of loss of the Company’s REIT qualification.
The Company’s taxable REIT subsidiaries are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which the Manager expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs.
Subject to the Manager’s judgment, a valuation allowance is established if realization of deferred tax assets is not more likely than not. The Company recognizes a tax benefit relating to tax positions it takes only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that exceeds 50 percent likelihood of being realized upon settlement. The Company will classify any penalties and interest as a component of income tax expense.
As of December 31, 2014 and 2013, the Company was not under examination by any federal or state income taxing authority.

Transactions_with_Related_Part

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 4—Transactions with Related Parties
	Management Fees
	Before February 1, 2013, under a management agreement, PMT paid PCM a base management fee which was calculated at 1.5% per year of shareholders’ equity. The management agreement also provided for a performance incentive fee. The performance incentive fee was calculated at 20% per year of the amount by which “core earnings,” on a rolling four-quarter basis and before the incentive fee, exceeded an 8% “hurdle rate” as defined in the management agreement. The Company did not incur a performance incentive fee before February 1, 2013.
	Effective February 1, 2013, the management agreement was amended to provide that:
		•		The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of shareholders’ equity up to $2 billion, (ii) 1.375% per year of shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of shareholders’ equity in excess of $5 billion.
		•		The performance incentive fee is calculated at a defined annualized percentage of the amount by which “net income,” on a rolling four-quarter basis and before deducting the incentive fee, exceeds certain levels of return on “equity.”
	The performance incentive fee is calculated quarterly and is equal to: (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark.
	For the purpose of determining the amount of the performance incentive fee:
	“Net income” is defined as net income or loss computed in accordance with GAAP and certain other non-cash charges determined after discussions between PCM and PMT’s independent trustees and after approval by a majority of PMT’s independent trustees.
	“Equity” is the weighted average of the issue price per common share of all of PMT’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the four-quarter period.
	The “high watermark” is the quarterly adjustment that reflects the amount by which the net income (stated as a percentage of return on equity) in that quarter exceeds or falls short of the lesser of 8% and the Fannie Mae MBS yield (the target yield) for such quarter. The “high watermark” starts at zero and is adjusted quarterly. If the net income is lower than the target yield, the high watermark is increased by the difference. If the net income is higher than the target yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for PCM to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s net income over (or under) the target yield, until the net income in excess of the target yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned.
	The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or in PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at the Company’s option.
	Following is a summary of the base management and performance incentive fees recorded by the Company:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Management fee:
	Base		$	23,330		$	19,644	$	12,436
	Performance incentive			11,705			12,766		—
	Total management fee incurred during the year		$	35,035		$	32,410	$	12,436
	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.
	Mortgage Loan Servicing
	The Company, through its Operating Partnership, has a loan servicing agreement with PLS. Before February 1, 2013, the servicing fee rates were based on the risk characteristics of the mortgage loans serviced and total servicing compensation was established at levels that the Manager believed were competitive with those charged by other servicers or specialty servicers, as applicable.
		•		Servicing fee rates for nonperforming loans ranged between 50 and 100 basis points per year on the unpaid principal balance of the mortgage loans serviced on the Company’s behalf. PLS was also entitled to certain customary market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial accounts. In the event PLS either effected a refinancing of a loan on the Company’s behalf and not through a third party lender and the resulting loan was readily saleable, or originated a loan to facilitate the disposition of real estate that the Company had acquired in settlement of a loan, PLS was entitled to receive market-based fees and compensation from the Company.
		•		For mortgage loans serviced by the Company as a result of acquisitions and sales with servicing rights retained in connection with the Company’s correspondent production business, PLS was entitled to base subservicing fees and other customary market-based fees and charges as described above.
	Effective February 1, 2013, the servicing agreement was amended to provide for servicing fees earned by PLS that changed from being based on a percentage of the mortgage loan’s unpaid principal balance to fixed per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or the REO. PLS also remains entitled to market-based fees and charges including boarding and deboarding, liquidation and disposition fees, assumption, modification and origination fees and late charges relating to loans it services for the Company.
		•		The base servicing fees for distressed whole loans are calculated based on a monthly per-loan dollar amount, with the actual dollar amount for each loan based on the delinquency, bankruptcy and/or foreclosure status of such loan or the related underlying real estate. Presently, the base servicing fees for distressed whole loans range from $30 per month for current loans up to $125 per month for loans that are severely delinquent and in foreclosure.
		•		The base servicing fees for non-distressed loans subserviced by PLS on the Company’s behalf are also calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the mortgage loan is a fixed-rate or adjustable-rate loan. The base servicing fees for loans subserviced on the Company’s behalf are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable rate mortgage loans. To the extent that these loans become delinquent, PLS is entitled to an additional servicing fee per mortgage loan falling within a range of $10 to $75 per month based on the delinquency, bankruptcy and foreclosure status of the mortgage loan or the related underlying real estate. PLS is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees.
		•		PLS is required to provide a range of services and activities significantly greater in scope than the services provided in connection with a customary servicing arrangement because the Company does not have any employees or infrastructure. For these services, PLS receives a supplemental fee of $25 per month for each distressed whole loan and $3.25 per month for each subserviced mortgage loan; provided, however, that from and after January 1, 2014, the aggregate supplemental servicing fees for all mortgage loans that are owned by a third party investor and with respect to which the Company has acquired the related servicing rights (and that are not distressed whole loans) shall not exceed $700,000 in any fiscal quarter. PLS is entitled to reimbursement for all customary, good faith reasonable and necessary out-of-pocket expenses incurred in performance of its servicing obligations.
		•		PLS, on behalf of the Company, currently participates in the Home Affordable Modification Program (“HAMP”) of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (“HUD”) (and other similar mortgage loan modification programs). HAMP establishes standard loan modification guidelines for “at risk” homeowners and provides incentive payments to certain participants, including loan servicers, for achieving modifications and successfully remaining in the program. The loan servicing agreement entitles PLS to retain any incentive payments made to it and to which it is entitled under HAMP; provided, however, that with respect to any such incentive payments paid to PLS under HAMP in connection with a mortgage loan modification for which the Company previously paid PLS a modification fee, PLS shall reimburse the Company an amount equal to the incentive payments.
	Following is a summary of mortgage loan servicing fees earned by PLS:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Mortgage loans acquired for sale at fair value:
	Base		$	103		$	262	$	204
	Activity-based			149			300		—
				252			562		204
	Mortgage loans at fair value:
	Base			18,953			16,458		14,128
	Activity-based			19,608			11,814		4,276
				38,561			28,272		18,404
	MSRs:
	Base			13,515			10,274		—
	Activity-based			194			305		—
				13,709			10,579		—
			$	52,522		$	39,413	$	18,608
	The term of the servicing agreement, as amended, expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the servicing agreement.
	Correspondent Production
	PLS is entitled to a fulfillment fee based on the type of mortgage loan that the Company acquires and equal to a percentage of the unpaid principal balance of such mortgage loan.
	Before February 1, 2013, the Company paid PLS a fulfillment fee of 50 basis points of the unpaid principal balance of mortgage loans sold to non-affiliates where the Company is approved or licensed to sell to such non-affiliate. Effective February 1, 2013, the mortgage banking and warehouse services agreement provides for a fulfillment fee paid to PLS based on the type of mortgage loan that the Company acquires. The fulfillment fee is equal to a percentage of the unpaid principal balance of mortgage loans purchased by the Company, with the addition of potential fee rate discounts applicable to the Company’s monthly purchase volume in excess of designated thresholds. PLS has also agreed to provide such services exclusively for the Company’s benefit, and PLS and its affiliates are prohibited from providing such services for any other party.
	Presently, the applicable percentages are (i) 0.50% for conventional mortgage loans, (ii) 0.88% for loans sold in accordance with the Ginnie Mae Mortgage-Backed Securities Guide, (iii) 0.80% for the U.S. Department of the Treasury and HUD’s Home Affordable Refinance Program (“HARP”) mortgage loans with a loan-to-value ratio of 105% or less, (iv) 1.20% for HARP mortgage loans with a loan-to-value ratio of greater than 105%, and (v) 0.50% for all other mortgage loans not contemplated above; provided, however, that PLS may, in its sole discretion, reduce the amount of the applicable fulfillment fee and credit the amount of such reduction to the reimbursement otherwise due as described below. This reduction may only be credited to the reimbursement applicable to the month in which the related mortgage was funded.
	The Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae MBS and act as a servicer. Accordingly, under the mortgage banking and warehouse services agreement, PLS currently purchases loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide “as is” and without recourse of any kind from the Company at cost less any administrative fees paid by the Correspondent to PMT plus accrued interest and a sourcing fee of three basis points.
	In the event that the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion, PLS has agreed to discount the amount of such fulfillment fees by reimbursing PMT an amount equal to the product of (i) 0.025%, (ii) the amount of unpaid principal balance in excess of $2.5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PLS collected fulfillment fees in such month. In the event the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $5 billion, PLS has agreed to further discount the amount of fulfillment fees by reimbursing the Company an amount equal to the product of (i) 0.05%, (ii) the amount of unpaid principal balance in excess of $5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PLS collected fulfillment fees in such month.
	In consideration for the mortgage banking services provided by PLS with respect to the Company’s acquisition of mortgage loans under PLS early purchase program, PLS is entitled to fees accruing (i) at a rate equal to $25,000 per year per early purchase facility administered, and (ii) in the amount of $50 for each mortgage loan the Company acquires. In consideration for the warehouse services provided by PLS with respect to mortgage loans that the Company finances for its warehouse lending clients, with respect to each facility, PLS is entitled to fees accruing (i) at a rate equal to $25,000 per year per warehouse line administered, and (ii) in the amount of $50 for each mortgage loan that the Company finances thereunder. Where the Company has entered into both an early purchase agreement and a warehouse lending agreement with the same client, PLS shall only be entitled to one $25,000 per annum fee and, with respect to any mortgage loan that becomes subject to both such agreements, only one $50 per loan fee.
	The term of the mortgage banking and warehouse services agreement expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the agreement.
	Following is a summary of correspondent production activity between the Company and PLS:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Fulfillment fee expense earned by PLS		$	48,719		$	79,712	$	62,906
	Unpaid principal balance of loans fulfilled by PLS		$	11,476,448		$	15,225,153	$	13,028,375
	Sourcing fees earned from PLS		$	4,676		$	4,611	$	2,505
	Fair value of loans sold to PLS		$	16,431,338		$	16,113,806	$	8,864,264
At period end:
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS		$	209,325		$	112,360	$	153,326
Investment Activities
Pursuant to the terms of a MSR recapture agreement, effective February 1, 2013, if PLS refinances through its retail lending business loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to one of the Company’s wholly-owned subsidiaries without cost to the Company, the MSRs with respect to new mortgage loans originated in those refinancings (or, under certain circumstances, other mortgage loans) that have an aggregate unpaid principal balance that is not less than 30% of the aggregate unpaid principal balance of all the loans so originated. Where the fair value of the aggregate MSRs to be transferred for the applicable month is less than $200,000, PLS may, at its option, pay cash to PMT in an amount equal to such fair value in lieu of transferring such MSRs. MSR recapture amounts are shown in Note 27—Net loan servicing fees. The MSR recapture agreement expires, unless terminated earlier in accordance with the agreement, on February 1, 2017, subject to automatic renewal for additional 18-month periods.
Pursuant to three master spread acquisition and MSR servicing agreements, effective February 1, 2013, December 30, 2013, and December 19, 2014, PMT may acquire from PLS the rights to receive certain ESS arising from MSRs acquired by PLS, in which case PLS generally would be required to service or subservice the related mortgage loans. The terms of each transaction under each master spread acquisition and MSR servicing agreement will be subject to the terms of such agreement as modified and supplemented by the terms of a confirmation executed in connection with such transaction.
Following is a summary of investment activity between the Company and PCM:
		Year ended December 31,
		2014			2013		2012
		(in thousands)
Purchases of excess servicing spread		$	99,728		$	139,028	$	—
Interest income from excess servicing spread		$	13,292		$	1,091	$	—
Net (loss) gain on excess servicing spread purchased at fair value		$	(28,663	)	$	2,423	$	—
Excess servicing spread recapture recognized		$	7,828		$	—	$	—
MSR recapture recognized		$	9		$	709	$	—
Other Transactions
In connection with the initial public offering of PMT’s common shares (“IPO”) on August 4, 2009, the Company entered into an agreement with PCM pursuant to which the Company agreed to reimburse PCM for the $2.9 million payment that it made to the IPO underwriters if the Company satisfied certain performance measures over a specified period of time (the “Conditional Reimbursement”). Effective February 1, 2013, the Company amended the terms of the reimbursement agreement to provide for the reimbursement of PCM of the Conditional Reimbursement if the Company is required to pay PCM performance incentive fees under the management agreement at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement of the Conditional Reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million and the maximum amount that may be reimbursed under the agreement is $2.9 million. During the years ended December 31, 2014 and 2013, the Company paid $651,000 and $944,000 to PCM, respectively. No payments were made to PCM during the year ended December 31, 2012.
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 years ended December 31, 2014 and 2013, $1.7 million and $1.9 million was paid to the underwriters, respectively. No payments were made to the underwriters during the year ended December 31, 2012.
In the event the termination fee is payable to PCM under the management agreement and PCM and the underwriters have not received the full amount of the reimbursements and payments under the reimbursement agreement, such amount will be paid in full. The term of the reimbursement agreement expires on February 1, 2019.
The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below:
		Year ended December 31,
		2014			2013		2012
Reimbursement of:
Common overhead incurred by PCM and its affiliates		$	10,850		$	10,989	$	4,183
Expenses incurred on the Company’s behalf			792			4,638		3,146
		$	11,642		$	15,627	$	7,329
Payments and settlements during the period (1)		$	99,987		$	121,230	$	85,554
-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 PCM and its affiliates are summarized below:
		December 31,			December 31,
		2014			2013
		(in thousands)
Management fees		$	8,426		$	8,924
Allocated expenses			7,088			2,009
Unsettled ESS investment			3,836			—
Servicing fees			3,457			5,915
Contingent underwriting fees			1,136			1,788
		$	23,943		$	18,636
Amounts due from PCM and its affiliates totaled $6.6 million and $6.0 million at December 31, 2014 and 2013, respectively. At December 31, 2014, the balance represents payments receivable relating to cash flows from the Company’s investment in ESS and amounts receivable relating to unsettled ESS recaptures.
PNMAC held 75,000 of the Company’s common shares at both December 31, 2014 and December 31, 2013.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings Per Share	Note 5—Earnings Per Share
	Basic earnings per share is determined using the two-class method, under which 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.
	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:
		Year ended December 31,
		2014			2013			2013
		(in thousands except per share amounts)
	Basic earnings per share:
	Net income	$	194,544		$	200,190		$	138,249
	Effect of participating securities—share-based compensation awards		(1,830	)		(1,751	)		(1,433	)
	Net income attributable to common shareholders	$	192,714		$	198,439		$	136,816
	Weighted-average shares outstanding		73,495			63,426			43,553
	Basic earnings per share	$	2.62		$	3.13		$	3.14
	Diluted earnings per share:
	Net income	$	194,544		$	200,190		$	138,249
	Interest on Notes, net of income taxes		8,456			5,556			—
	Net income attributable to diluted shareholders	$	203,000		$	205,746		$	138,249
	Weighted-average shares outstanding		73,495			63,426			43,553
	Potentially dilutive securities:
	Shares issuable pursuant to exchange of the Notes		8,418			5,647			—
	Shares issuable under share-based compensation plan		298			375			323
	Diluted weighted-average number of shares outstanding		82,211			69,448			43,876
	Diluted earnings per share	$	2.47		$	2.96		$	3.14

Loan_Sales_and_Variable_Intere

Loan Sales and Variable Interest Entities	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Loan Sales and Variable Interest Entities	Note 6—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 a VIE 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 year end:
			Year ended December 31,
			2014		2013		2012
			(in thousands)
	Cash flows:
	Proceeds from sales		$	11,703,015	$	15,818,582	$	12,834,002
	Servicing fees received (1)		$	70,294	$	51,712	$	10,871
	Period end information:
	Unpaid principal balance of mortgage loans outstanding		$	34,161,360	$	25,792,933	$	12,168,740
	Unpaid principal balance of delinquent mortgage loans:
	30-89 days delinquent		$	110,176	$	68,156	$	45,021
	90 or more days delinquent
	Not in foreclosure			25,418		7,941		913
	In foreclosure or bankruptcy			13,172		5,434		473
				38,590		13,375		1,386
			$	148,766	$	81,531	$	46,407
	-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. The Manager 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	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Netting of Financial Instruments	Note 7—Netting of Financial Instruments
	The Company uses derivative financial instruments to manage exposure to interest rate risk created by its MBS, 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. As of December 31, 2014 and 2013, the Company did not enter into reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following tables.
	Offsetting of Derivative Assets
	Following is a summary of net derivative assets. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements.
		December 31, 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	$	374	$	—		$	374		$	272	$	—		$	272
	MBS call options		—		—			—			—		—			—
	Forward purchase contracts		3,775		—			3,775			1,229		—			1,229
	Forward sale contracts		52		—			52			16,385		—			16,385
	Put options on interest rate futures		193		—			193			566		—			566
	Call options on interest rate futures		3,319		—			3,319			—		—			—
	Netting		—		(2,284	)		(2,284	)		—		(12,986	)		(12,986	)
			7,713		(2,284	)		5,429			18,452		(12,986	)		5,466
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		5,678		—			5,678			2,510		—			2,510
		$	13,391	$	(2,284	)	$	11,107		$	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 qualifying for netting.
		December 31, 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			Financial			Cash		Net
		assets presented		instruments			collateral			amount		of assets presented			instruments			collateral		amount
		in the consolidated					received					in the consolidated						received
		balance sheet										balance sheet
		(in thousands)
	Interest rate lock commitments	$	5,678	$	—		$	—		$	5,678	$	2,510		$	—		$	—	$	2,510
	RJ O’Brien		3,034		—			—			3,034		566			—			—		566
	Bank of America, N.A.		738		—			—			738		1,024			—			—		1,024
	Daiwa Capital Markets		29		—			—			29		608			—			—		608
	Fannie Mae Capital Markets		—		—			—			—		432			—			—		432
	Morgan Stanley Bank, N.A.		104		—			—			104		546			—			—		546
	Wells Fargo		—		—			—			—		378			—			—		378
	Deutsche Bank		124		—			—			124		—			—			—		—
	Jefferies		133								133		—			—			—		—
	Cantor Fitzgerald LP		6		—			—			6		613			—			—		613
	Credit Suisse First Boston Mortgage Capital LLC		253		—			—			253		196			—			—		196
	Nomura		138		—			—			138		273								273
	Other		870		—			—			870		830			—			—		830
	Total	$	11,107	$	—		$	—		$	11,107	$	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.
		December 31, 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	$	34	$	—		$	34		$	7,420	$	—		$	7,420
Forward sales contracts		6,649		—			6,649			1,295		—			1,295
Treasury futures sales contracts		478		—			478			—		—			—
Netting		—		(4,748	)		(4,748	)		—		(8,015	)		(8,015	)
		7,161		(4,748	)		2,413			8,715		(8,015	)		700
Derivatives not subject to master netting arrangements:
Interest rate lock commitments		17		—			17			1,261		—			1,261
		7,178		(4,748	)		2,430			9,976		(8,015	)		1,961
Assets sold under agreements to repurchase		2,750,366		—			2,750,366			2,039,605		—			2,039,605
	$	2,757,544	$	(4,748	)	$	2,752,796		$	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 qualifying for netting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.
	December 31, 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 liabilities		instruments			collateral			amount		of liabilities			instruments			collateral		amount
	presented					pledged					presented						pledged
	in the										in the
	consolidated										consolidated
	balance										balance
	sheet										sheet
	(in thousands)
Interest rate lock commitments	$	17				$	—		$	17	$	1,261		$	—		$	—	$	1,261
Morgan Stanley Bank, N.A.		121,975		(121,975	)		—			—		30,226			(30,226	)		—		—
Bank of Oklahoma		369					—			369		—			—			—		—
Daiwa Capital Markets		126,909		(126,909	)		—			—		132,525			(132,525	)		—		—
Citibank		797,851		(797,663	)		—			188		945,015			(944,856	)		—		159
Credit Suisse First Boston Mortgage Capital LLC		966,155		(966,155	)		—			—		523,546			(523,546	)		—		—
Bank of America, N.A.		529,144		(529,144	)		—			—		408,452			(408,452	)		—		—
Deutsche Bank		—					—			—		110			—			—		110
RBS Securities		208,520		(208,520	)		—			—		—			—			—		—
Other		1,856		—			—			1,856		431			—			—		431
Total	$	2,752,796	$	(2,750,366	)	$	—		$	2,430	$	2,041,566		$	(2,039,605	)	$	—	$	1,961

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value	Note 8—Fair Value
	The Company’s consolidated financial statements include assets and liabilities that are measured based on their 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 the Manager has elected to carry the item at its fair value as discussed in the following paragraphs.
	Fair Value Accounting Elections
	The Manager 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. The Manager 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. The Manager 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 mortgage loans at fair value collateralizing this financing.
	The Company’s subsequent accounting for MSRs is based on the class of MSRs. Originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. Originated MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income.
	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:
			December 31, 2014
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	139,900		$	—		$	—		$	139,900
	Mortgage-backed securities at fair value			—			307,363			—			307,363
	Mortgage loans acquired for sale at fair value			—			637,722			—			637,722
	Mortgage loans at fair value			—			527,369			2,199,583			2,726,952
	Excess servicing spread purchased from PFSI			—			—			191,166			191,166
	Derivative assets:
	Interest rate lock commitments			—			—			5,678			5,678
	MBS put options			—			374			—			374
	Forward purchase contracts			—			3,775			—			3,775
	Forward sales contracts			—			52			—			52
	Put options on interest rate futures			193			—			—			193
	Call options on interest rate futures			3,319			—			—			3,319
	Total derivative assets before netting			3,512			4,201			5,678			13,391
	Netting (1)			—			—			—			(2,284	)
	Total derivative assets after netting			3,512			4,201			5,678			11,107
	Mortgage servicing rights at fair value			—			—			57,358			57,358
			$	143,412		$	1,476,655		$	2,453,785		$	4,071,568
	Liabilities:
	Asset-backed secured financing of the variable interest entity at fair value		$	—		$	165,920		$	—		$	165,920
	Derivative liabilities:
	Interest rate lock commitments			—			—			17			17
	Treasury futures sales contracts			478			—			—			478
	Forward purchase contracts			—			34			—			34
	Forward sales contracts			—			6,649			—			6,649
	Total derivative liabilities before netting			478			6,683			17			7,178
	Netting (1)			—						—			(4,748	)
	Total derivative liabilities after netting			478			6,683			17			2,430
	Total liabilities		$	478		$	172,603		$	17		$	168,350
	-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.
			31-Dec-13
			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
	Put options on interest rate futures			—			566			—			566
	Total derivative assets			—			18,452			2,510			20,962
	Netting (1)			—						—			(12,986	)
	Total derivative assets after netting			—			18,452			2,510			7,976
	Mortgage servicing rights at fair value			—			—			26,452			26,452
			$	92,398		$	1,197,642		$	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	)
Total derivative liabilities			—			8,715			1,261			1,961
Total liabilities		$	—		$	174,130		$	1,261		$	167,376
-1	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
The following is a summary of changes in items measured using Level 3 inputs on a recurring basis:
		December 31, 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			554,604			1,386			99,728			—			—			655,718
Repayments and sales			(572,586	)		(6,413	)		(39,257	)		—			(139	)		(618,395	)
Accrual of interest			—			—			13,292			—			—			13,292
ESS received pursuant to a recapture agreement with PFSI			—			—			7,342			—			—			7,342
Interest rate lock commitments issued, net			—			—			—			56,367			—			56,268
Capitalization of interest			65,050			1,800			—			—			—			66,850
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			47,693			47,693
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			34,785			1,815			—									36,600
Other factors			179,896			(1,012	)		(28,662	)		17,326			(16,648	)		151,221
			214,681			803			(28,662	)		17,326			(16,648	)		187,500
Transfers of mortgage loans under forward purchase agreements to mortgage loans			205,902			(205,902	)		—			—			—			—
Transfers of mortgage loans to REO			(344,733	)		—			—			—			—			(344,733	)
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			—			—			—			(69,281	)		—			(69,503	)
Balance, December 31, 2014		$	2,199,583		$	—		$	191,166		$	5,661		$	57,358		$	2,453,768
Changes in fair value recognized during the period relating to assets still held at December 31, 2014		$	134,724		$	—		$	(28,662	)	$	5,661		$	(16,648	)	$	95,075
-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		December 31, 2013
		Mortgage			Agency			Mortgage			Excess			Net interest			Mortgage			Total
		loans			Debt			loans			servicing			rate lock			servicing
		at fair value						under			spread			commitments (1)			rights
								forward
								purchase
								agreements
		(in thousands)
Assets:
Balance, December 31, 2012		$	1,189,971		$	—		$	—		$	—		$	19,479		$	1,346		$	1,210,796
Purchases			1,063,162			12,000			246,525			139,028			—			1,419			1,462,134
Repayments and sales			(255,210	)		(13,725	)		(15,319	)		(4,076	)		—			—			(288,330	)
Accrual of interest			—			—			—			1,348			—			—			1,348
Interest rate lock commitments issued, net			—			—			—			—			83,515			—			83,515
Capitalization of interest			43,481			—			—			—			—			—			43,481
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			—			23,071			23,071
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			44,018			—			2,305			—									46,323
Other factors			153,639			1,725			9,415			2,423			(26,674	)		616			141,144
			197,657			1,725			11,720			2,423			(26,674	)		616			187,467
Transfers of mortgage loans under forward purchase agreements to mortgage loans			15,347			—			(15,347	)		—									—
Transfers of mortgage loans to REO			(177,743	)		—			—			—									(177,743	)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(9,451	)		—									(9,451	)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			(75,071	)		—			(75,071	)
Balance, December 31, 2013		$	2,076,665		$	—		$	218,128		$	138,723		$	1,249		$	26,452		$	2,461,217
Changes in fair value recognized during the period relating to assets still held at December 31, 2013		$	132,339		$	1,725		$	7,244		$	2,423		$	1,249		$	616		$	145,596
		December 31, 2012
		Mortgage			Mortgage			Mortgage-			Interest			Mortgage			Total
		Loans			loans			backed			rate lock			servicing
		at fair value			under			securities			commitments			rights
					forward
					purchase
					agreements
		(in thousands)
Assets:
Balance, December 31, 2011		$	696,266		$	129,310		$	72,813		$	5,772		$	749		$	904,910
Purchases			541,696			1,075			—			—			20			542,791
Repayments			(169,877	)		(14,292	)		(21,888	)		—			—			(206,057	)
Interest rate lock commitments issued, net			—			—			—			212,555			—			212,555
Capitalization of interest			19,745			—			—			—			—			19,745
Sales			—			—			(52,133	)		—			(79	)		(52,212	)
Accrual of unearned discounts			—			—			363			—			—			363
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			1,508			1,508
Changes in fair value included in income arising from:																		—
Changes in instrument-specific credit risk			24,878			—			—			—			(708	)		24,170
Other factors			68,772			9,293			845			—			(144	)		78,766
			93,650			9,293			845			—			(852	)		102,936
Transfer of mortgage loans under forward purchase agreements to mortgage loans			117,913			(117,913	)		—			—			—			—
Transfer of mortgage loans to REO			(109,440	)		—			—			—			—			(109,440	)
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			(7,473	)		—			—			—			(7,473	)
Transfer to mortgage loans acquired for sale			18			—			—			—			—			18
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			(198,848	)		—			(198,848	)
Balance, December 31, 2012		$	1,189,971		$	—		$	—		$	19,479		$	1,346		$	1,210,796
Changes in fair value recognized during the year relating to assets still held at December 31, 2012		$	51,022		$	—		$	—		$	19,479		$	(852	)	$	69,649
		Securities sold under
		agreements to
		repurchase
		(in thousands)
Liabilities:
Balance, December 31, 2011		$	115,493
Changes in fair value included in income
Sales			752,343
Repurchases			(867,836	)
Balance, December 31, 2012		$	—
Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2012		$	—
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, mortgage loans held in a VIE and mortgage loans under forward purchase agreements at fair value):
		December 31, 2014
		Fair value			Principal			Difference
					amount due
					upon maturity
		(in thousands)
Mortgage loans acquired for sale:
Current through 89 days delinquent		$	637,518		$	610,372		$	27,146
90 or more days delinquent (1)
Not in foreclosure			204			255			(51	)
In foreclosure			—			—			—
			204			255			(51	)
			637,722			610,627			27,095
Mortgage loans at fair value:
Current through 89 days delinquent			1,191,635			1,452,885			(261,250	)
90 or more days delinquent (1)
Not in foreclosure			608,144			875,214			(267,070	)
In foreclosure			927,173			1,371,371			(444,198	)
			1,535,317			2,246,585			(711,268	)
			2,726,952			3,699,470			(972,518	)
		$	3,364,674		$	4,310,097		$	(945,423	)
		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			1,506,176			(335,258	)
90 or more days delinquent (1)
Not in foreclosure			738,043			1,190,403			(452,360	)
In foreclosure			909,484			1,493,643			(584,159	)
			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:
		Year ended December 31, 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			—			357			10,416			—			10,773
Mortgage loans acquired for sale at fair value			100,213			—			—			—			100,213
Mortgage loans at fair value			—			1,848			242,449			—			244,297
Mortgage loans under forward purchase															—
agreements at fair value			—			—			803			—			803
Excess servicing spread at fair value			—			—			(20,834	)		—			(20,834	)
Mortgage servicing rights at fair value			—			—			—			(16,648	)		(16,648	)
		$	100,213		$	2,205		$	232,834		$	(16,648	)	$	318,604
Liabilities:
Asset-backed secured financing at fair value		$	—		$	(617	)	$	(8,459	)	$	—		$	(9,076	)
		$	—		$	(617	)	$	(8,459	)	$	—		$	(9,076	)
		Year ended December 31, 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			—			46			(3,946	)		—			(3,900	)
Mortgage loans acquired for sale at fair value			(30,696	)		—			—			—			(30,696	)
Mortgage loans at fair value			—			232			191,356			—			191,588
Agency debt securities			—			—			1,725			—			1,725
Mortgage loans under forward purchase agreements at fair value			—			—			11,720			—			11,720
Excess servicing spread at fair value			—			—			2,423			—			2,423
Mortgage servicing rights at fair value			—			—			—			616			616
		$	(30,696	)	$	278		$	203,278		$	616		$	173,476
Liabilities:
Asset-backed secured financing at fair value		$	—		$	(92	)	$	2,279		$	—		$	2,187
		$	—		$	(92	)	$	2,279		$	—		$	2,187
		Year ended December 31, 2012
		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			—			142			2,925			—			3,067
Mortgage loans acquired for sale at fair value			188,055			—			—			—			188,055
Mortgage loans at fair value			—			—			95,615			—			95,615
Agency debt securities			—			—			—			—			—
Mortgage loans under forward purchase agreements at fair value			—			—			9,687			—			9,687
Excess servicing spread at fair value			—			—			—			—			—
Mortgage servicing rights at fair value			—			—			—			(852	)		(852	)
		$	188,055		$	142		$	108,227		$	(852	)	$	295,572
Liabilities:
Asset-backed secured financing at fair value		$	—		$	—		$	—		$	—		$	—
		$	—		$	—		$	—		$	—		$	—
Financial Statement Items Measured at Fair Value on a Nonrecurring Basis
Following is a summary of financial statement items that are measured at fair value on a nonrecurring basis:
		December 31, 2014
		Level 1			Level 2			Level 3			Total
		(in thousands)
Real estate asset acquired in settlement of loans		$	—		$	—		$	157,203		$	157,203
Mortgage servicing rights at lower of amortized cost or fair value			—			—			91,990			91,990
		$	—		$	—		$	249,193		$	249,193
		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 total gains (losses) recognized during the year on assets measured at fair values on a nonrecurring basis held at year-end:
		Year ended December 31,
		2014			2013
		(in thousands)
Real estate asset acquired in settlement of loans		$	(24,896	)	$	(11,856	)
Real estate asset acquired in settlement of loans under forward purchase agreements		$	—		$	(86	)
Mortgage servicing rights at lower of amortized cost or fair value			(5,138	)		4,970
		$	(30,034	)	$	(6,972	)
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 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.
The Manager 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 the Manager 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. The Manager 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 December 31, 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 December 31, 2014 and 2013 was $239.0 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 December 31, 2014 due to the lack of current market activity and use of a broker’s indication of value to estimate the instrument’s fair values.
Valuation Techniques and Assumptions
Most of the Company’s assets and a portion of its liabilities are carried at fair value with changes in fair value recognized in current period income. A substantial portion of those items are “Level 3” financial statement items which require the use of significant unobservable inputs in the estimation of the assets’ and liabilities’ values. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances.
The FAV group reports to PCM’s valuation committee, which oversees and approves the valuations. The valuation committee includes the chief executive, financial, operating, credit, and asset/liability management officers of 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 PCM’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 PCM’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 include Agency and senior non-agency MBS. Agency MBS 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 the Company’s MBS or 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 loans’ 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 PCM’s valuation committee as part of its review and approval of monthly valuation results.
Changes in fair value attributable to changes in instrument-specific credit risk are measured by the effect on fair value of the change in the respective loan’s delinquency status at period-end from the later of the beginning of the period or acquisition date.
The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value are discount rate, home price projections, voluntary prepayment speeds and default speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds.
Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value:
Key inputs		December 31, 2014		December 31, 2013
Mortgage loans at fair value
Discount rate
Range		2.3% – 15.0%		8.7% – 16.9%
Weighted average		7.70%		12.70%
Twelve-month projected housing price index change
Range		4.0% – 5.3%		2.5% – 4.3%
Weighted average		4.80%		3.70%
Prepayment speed (1)
Range		0.0% – 6.5%		0.0% – 3.9%
Weighted average		3.10%		2.00%
Total prepayment speed (2)
Range		0.0% – 27.9%		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 yield from the ESS through the expected life of the underlying mortgages. Changes to expected interest yield result in a change in fair value which is recorded in Interest income. Changes in 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		December 31, 2014		December 31, 2013
Unpaid principal balance of underlying mortgage loans (in thousands)		$28,227,340		$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% – 12.0%		2.8% – 14.4%
Weighted average		5.30%		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% – 74.6%		7.7% – 48.6%
Weighted average		11.20%		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 a “Level 3” financial statement item.
The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the MSR component of the Company’s estimate of the value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate and the MSR component of the IRLCs, in isolation, 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		December 31, 2014		December 31, 2013
Pull-through rate
Range		65.0% – 98.0%		64.8% – 98.0%
Weighted average		94.90%		86.40%
MSR value expressed as:
Servicing fee multiple
Range		0.7 – 5.2		1.4 – 5.1
Weighted average		4.3		4.1
Percentage of unpaid principal balance
Range		0.2% – 1.3%		0.4% – 1.3%
Weighted average		1.10%		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 the Manager 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 PCM’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:
		Year ended December 31,
		2014			2013			2012
Key inputs		Amortized cost		Fair value	Amortized cost		Fair value	Amortized cost		Fair value
		(MSR recognized and unpaid principal balance of underlying loan amounts in thousands)
MSR recognized		$73,640		$47,693	$159,961		$23,071	$133,159		$1,508
Unpaid principal balance of underlying mortgage loans		$6,800,637		$4,573,369	$13,343,793		$2,148,185	$12,254,751		$161,153
Weighted-average annual servicing fee rate (in basis points)		25		25	26		26	26		26
Pricing spread (1)
Range		6.3% – 17.5%		8.5% – 14.3%	5.4% – 17.5%		7.4% – 14.4%	7.5% – 22.8%		7.5% – 16.5%
Weighted average		8.60%		9.10%	6.70%		8.20%	7.50%		7.90%
Life (in years)
Range		1.1 – 7.3		1.6 – 7.3	1.3 – 7.3		2.7 – 7.3	1.9 – 7.0		2.4 – 7.0
Weighted average		6.4		7.1	6.4		6.9	6.4		6.1
Annual total prepayment speed (2)
Range		7.6% – 56.4%		8.0% – 42.7%	7.6% – 51.8%		7.9% – 27.0%	6.7% – 45.0%		7.9% – 51.5%
Weighted average		9.60%		9.70%	9.10%		10.00%	9.10%		12.70%
Annual per-loan cost of servicing
Range		$59 – $140		$59 – $140	$68 – $140		$68 – $68	$68 – $140		$68 – $140
Weighted average		$69		$68	$68		$68	$68		$74
-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):
		December 31, 2014			December 31, 2013
		Amortized cost		Fair value	Amortized cost		Fair value
		(Carrying value, unpaid principal balance and effect on fair value amounts in
		thousands)
Carrying value		$300,422		$57,358	$264,120		$26,452
Key inputs:
Unpaid principal balance of underlying mortgage loans		$28,006,797		$6,278,676	$23,399,612		$2,393,321
Weighted-average annual servicing fee rate (in basis points)		26		25	26		26
Weighted-average note interest rate		3.80%		4.78%	3.68%		4.78%
Pricing spread (1)(2)
Range		6.3% – 17.5%		8.1% – 16.3%	6.3% – 17.5%		7.3% – 15.3%
Weighted average		7.90%		10.30%	6.70%		8.60%
Effect on fair value of a:
5% adverse change		($5,801)		($937)	($5,490)		($488)
10% adverse change		($11,410)		($1,845)	($10,791)		($959)
20% adverse change		($22,086)		($3,577)	($20,861)		($1,855)
Weighted average life (in years)
Range		1.8 – 7.2		1.8 – 7.2	1.3 – 7.3		2.8 – 7.3
Weighted average		6.4		6.7	6.7		7.2
Prepayment speed (1)(3)
Range		7.8% – 47.9%		8.0% – 39.6%	7.7% – 51.9%		8.0% – 20.0%
Weighted average		8.80%		11.40%	8.20%		8.90%
Effect on fair value of a:
5% adverse change		($6,166)		($1,430)	($5,467)		($568)
10% adverse change		($12,138)		($2,803)	($10,765)		($1,117)
20% adverse change		($23,532)		($5,394)	($20,886)		($2,160)
Annual per-loan cost of servicing (1)
Range		$62 – $134		$62 – $134	$68 – $140		$68 – $140
Weighted average		$62		$62	$68		$68
Effect on fair value of a:
5% adverse change		($1,807)		($334)	($1,695)		($158)
10% adverse change		($3,614)		($668)	($3,390)		($316)
20% adverse change		($7,228)		($1,337)	($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 inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such scenarios, including operational adjustments made by the Manager to account for changing circumstances. For these reasons, the preceding estimates should not be viewed as earnings forecasts.
Securities Sold Under Agreements to Repurchase
Fair value of securities sold under agreements to repurchase is based on the accrued cost of the agreements, which approximates the agreements’ fair values, due to the agreements’ short maturities.

ShortTerm_Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 9—Short-Term Investments
	The Company’s short-term investments are comprised of money market accounts and unrestricted balances maintained in excess of minimum required amounts as deposited with U.S. commercial banks.

Mortgage_Loans_Acquired_for_Sa

Mortgage Loans Acquired for Sale at Fair Value	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans Acquired for Sale at Fair Value	Note 10—Mortgage Loans Acquired for Sale at Fair Value
	Mortgage loans acquired for sale at fair value is comprised of recently originated mortgage loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value:
		December 31, 2014				December 31, 2013
		Fair		Unpaid		Fair		Unpaid
		value		principal		value		principal
				balance				balance
	Loan type	(in thousands)
	Conventional:
	Agency-eligible	$	290,007	$	277,355	$	311,162	$	304,749
	Jumbo		138,390		135,008		34,615		35,050
	Held for sale to PennyMac Loan Services, LLC — Government-insured or guaranteed		209,325		198,265		112,360		107,587
		$	637,722	$	610,628	$	458,137	$	447,386
	Loans pledged to secure assets sold under agreements to repurchase	$	609,608			$	454,210
	Loans pledged to secure mortgage loan participation and sale agreements	$	20,799
	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	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 11—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. The Company is exposed to loss 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 by 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 indexed variable interest LIBOR 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:
		December 31, 2014								December 31, 2013
				Fair value								Fair value
	Instrument	Notional		Derivative			Derivative			Notional		Derivative			Derivative
		amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments:
	Free-standing derivatives:
	Interest rate lock commitments		695,488	$	5,678		$	17			557,343	$	2,510		$	1,261
	Forward sales contracts		1,601,283		52			6,649			3,588,027		16,385			1,295
	Forward purchase contracts		1,100,700		3,775			34			2,781,066		1,229			7,420
	MBS put options		340,000		374			—			55,000		272			—
	MBS call options		—		—			—			110,000		—			—
	Eurodollar future sales contracts		7,426,000		—			—			8,779,000		—			—
	Eurodollar future purchase contracts		800,000		—			—			—		—			—
	Treasury futures sales contracts		85,000		—			478			105,000		—			—
	Call options on interest rate futures		1,030,000		3,319			—			—		—			—
	Put options on interest rate futures		275,000		193			—			52,500		566			—
	Total derivative instruments before netting				13,391			7,178					20,962			9,976
	Netting				(2,284	)		(4,748	)				(12,986	)		(8,015	)
				$	11,107		$	2,430				$	7,976		$	1,961
	Margin deposits with (collateral received from) derivatives counterparties			$	2,465							$	(4,971	)
	The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s IRLCs, inventory of mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities.
		Year ended December 31, 2014
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2014
	Forward sales contracts		3,588,027		45,904,253			(47,890,997	)		1,601,283
	Forward purchase contracts		2,781,066		33,418,838			(35,099,204	)		1,100,700
	MBS put options		55,000		2,087,500			(1,802,500	)		340,000
	MBS call options		110,000		230,000			(340,000	)		—
	Eurodollar future sale contracts		8,779,000		3,032,000			(4,385,000	)		7,426,000
	Eurodollar future purchase contracts		—		4,087,000			(3,287,000	)		800,000
	Treasury future sale contracts		105,000		482,600			(502,600	)		85,000
	Treasury future purchase contracts		—		439,200			(439,200	)		—
	Call option on interest rate futures		—		3,530,000			(2,500,000	)		1,030,000
	Put options on interest rate futures		52,500		1,687,500			(1,465,000	)		275,000
		Year ended December 31, 2013
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2013
	Forward sales contracts		4,266,983		72,719,643			(73,398,599	)		3,588,027
	Forward purchase contracts		2,206,539		56,191,824			(55,617,297	)		2,781,066
	MBS put option		495,000		3,335,000			(3,775,000	)		55,000
	MBS call option		—		2,310,000			(2,200,000	)		110,000
	Eurodollar future sale contracts		—		19,852,000			(11,073,000	)		8,779,000
	Eurodollar future purchase contracts		—		660,000			(660,000	)		—
	Treasury future sale contracts		—		180,000			(75,000	)		105,000
	Treasury future purchase contracts		—		75,000			(75,000	)		—
	Call option on interest rate futures				42,500			(42,500	)		—
	Put options on interest rate futures		—		260,000			(207,500	)		52,500
		Year ended December 31, 2012
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
of period							of period
	(in thousands)
Year ended December 31, 2012
Forward purchase contracts		398,400		23,800,622			(21,992,483	)		2,206,539
Forward sales contracts		756,691		38,995,923			(35,485,631	)		4,266,983
MBS put option		28,000		2,585,000			(2,118,000	)		495,000
MBS call option		5,000		90,000			(95,000	)		—
The Company recorded net gains (losses) on derivative financial instruments used to hedge the Company’s IRLCs and inventory of mortgage loans totaling $(68.7) million, $151.6 million and $(51.5) million for the years ended December 31, 2014, 2013 and 2012, respectively. Derivative gains and losses are included in Net gains on mortgage loans acquired for sale in the Company’s consolidated statements of income.
The Company recorded net gains (losses) on derivative financial instruments used as economic hedges of MSRs totaling $11.5 million, $(2.0) million and $2.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The derivative losses are included in Net loan servicing fees in the Company’s consolidated statements of income.
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 $22.6 million and $9.4 million for the years ended December 31, 2014 and 2013, respectively. 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	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Mortgage Loans at Fair Value	Note 12—Mortgage Loans at Fair Value
	Following is a summary of the distribution of the Company’s mortgage loans at fair value:
		December 31, 2014					December 31, 2013
	Loan type	Fair			Unpaid		Fair		Unpaid
		value			principal		value		principal
					balance				balance
		(in thousands)
	Nonperforming loans	$	1,535,317		$	2,246,585	$	1,469,686	$	2,415,446
	Performing loans:
	Fixed interest rate		322,704			449,496		310,607		475,568
	Adjustable-rate mortgage (“ARM”)/hybrid		127,405			162,329		165,327		207,553
	Interest rate step-up		213,999			323,350		130,906		215,702
	Balloon		158			210		139		213
			664,266			935,385		606,979		899,036
	Fixed interest rate jumbo loans held in a VIE		527,369			517,500		523,652		543,257
		$	2,726,952		$	3,699,470	$	2,600,317	$	3,857,739
	Mortgage loans at fair value pledged to secure borrowings at period end:
	Assets sold under agreements to repurchase	$	2,543,242				$	2,314,324
	Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	$	—				$	989
	Mortgage loans held in a VIE securing an asset-backed financing	$	527,369				$	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	December 31, 2014		December 31, 2013
	Portion of mortgage loans originated between 2005 and 2007	75%		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	22%		24%
	Additional states contributing 5% or more of mortgage loans	New York		New York
		New Jersey		Florida
		Florida		New Jersey

Mortgage_Loans_Under_Forward_P

Mortgage Loans Under Forward Purchase Agreements at Fair Value	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Mortgage Loans Under Forward Purchase Agreements at Fair Value	Note 13—Mortgage Loans Under Forward Purchase Agreements at Fair Value
	Following is a summary of the distribution of the Company’s mortgage loans under forward purchase agreements at fair value:
		December 31, 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:
		December 31,		December 31,
		2014		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	12 Months Ended
	Dec. 31, 2014
Banking and Thrift [Abstract]
Real Estate Acquired in Settlement of Loans	Note 14—Real Estate Acquired in Settlement of Loans
	Following is a summary of financial information relating to REO:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Balance at beginning of period	$	138,942		$	88,078		$	80,570
	Purchases		3,049			82			48
	Transfers from mortgage loans at fair value and advances		364,945			185,061			112,642
	Transfers from REO under forward purchase agreements		12,737			117			21,819
	Results of REO:
	Valuation adjustments, net		(45,476	)		(24,002	)		(16,942	)
	Gain on sale, net		13,498			10,531			16,440
			(31,978	)		(13,471	)		(502	)
	Proceeds from sales		(184,467	)		(120,925	)		(126,499	)
	Balance at end of period	$	303,228		$	138,942		$	88,078
	At period end:
	REO pledged to secure assets sold under agreements to repurchase	$	138,284		$	17,453		$	9,061
	REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$	12,365		$	71,951		$	14,773

Real_Estate_Acquired_in_Settle1

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	Note 15—Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements
	Following is a summary of the activity in REO under forward purchase agreements:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Balance at beginning of period	$	9,138		$	—		$	22,979
	Purchases		68			4			249
	Transfers from mortgage loans under forward purchase agreements at fair value and advances		9,369			9,922			6,633
	Transfers to REO		(12,737	)		(117	)		(21,819	)
	Results of REO under forward purchase agreements:
	Valuation adjustments, net		(779	)		(112	)		(449	)
	Gain on sale, net		306			92			2,319
			(473	)		(20	)		1,870
	Proceeds from sales		(5,365	)		(651	)		(9,912	)
	Balance at end of period	$	—		$	9,138		$	—

Mortgage_Servicing_Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Mortgage Servicing Rights	Note 16—Mortgage Servicing Rights
	Carried at Fair Value:
	Following is a summary of MSRs carried at fair value:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Balance at beginning of period		$	26,452		$	1,346		$	749
	Additions:
	Purchases			—			1,419			20
	MSRs resulting from loan sales			47,693			23,071			1,508
	Total additions			47,693			24,490			1,528
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model (1)			(11,455	)		1,338			(708	)
	Other changes in fair value (2)			(5,193	)		(722	)		(144	)
				(16,648	)		616			(852	)
	Sales			(139	)		—			(79	)
	Balance at end of period		$	57,358		$	26,452		$	1,346
	-1	Principally reflects changes in pricing spread (discount rates) 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 amortized cost:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Amortized Cost:
	Balance at beginning of period		$	266,697		$	132,977		$	5,282
	MSRs resulting from loan sales			73,640			159,961			133,159
	Purchases			—			—			15
	Amortization			(31,911	)		(26,241	)		(5,460	)
	Sales			(289	)		—			(19	)
	Balance at end of period			308,137			266,697			132,977
	Valuation Allowance:
	Balance at beginning of period			(2,577	)		(7,547	)		—
	Reversals (additions)			(5,138	)		4,970			(7,547	)
	Balance at end of period			(7,715	)		(2,577	)		(7,547	)
	MSRs, net		$	300,422		$	264,120		$	125,430
	Estimated fair value at end of period		$	322,230		$	289,737		$	126,995
	The following table summarizes the Company’s estimate of amortization of its existing MSRs carried at amortized cost. This projection was developed using assumptions made by the Manager in its December 31, 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 the Manager.
	Year ending December 31,		Estimated MSR
			amortization
			(in thousands)
	2015		$	32,122
	2016			31,986
	2017			29,893
	2018			27,244
	2019			24,680
	Thereafter			162,212
	Total		$	308,137
	Servicing fees relating to MSRs are recorded in Net loan servicing fees on the consolidated statements of income and are summarized below:
			Year ending December 31,
			2014			2013			2012
			(in thousands)
	Contractually-specified servicing fees		$	76,300		$	50,716		$	9,969

Assets_Sold_Under_Agreements_t

Assets Sold Under Agreements to Repurchase	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Assets Sold Under Agreements to Repurchase	Note 17— Assets Sold Under Agreements to Repurchase
	Following is a summary of financial information relating to assets sold under agreements to repurchase:
			Year ending December 31,
			2014			2013			2012
			(dollars in thousands)
	During the year:
	Weighted-average interest rate (1)			2.12	%		2.43	%		2.77	%
	Average balance		$	2,311,273		$	1,552,912		$	805,461
	Total interest expense		$	58,304		$	47,790		$	28,025
	Maximum daily amount outstanding		$	3,203,989		$	3,124,616		$	1,684,712
	At year end:
	Balance		$	2,730,130		$	2,039,605		$	1,256,102
	Weighted-average stated interest rate			2.32	%		2.29	%		3.02	%
	Available borrowing capacity:
	Committed		$	652,360		$	1,467,138		$	643,898
	Uncommitted			695,000			150,000			350,000
			$	1,347,360		$	1,617,138		$	993,898
	Margin deposits placed with counterparties		$	5,579		$	3,201		$	4,468
	Fair value of assets securing agreements to repurchase:
	Mortgage-backed securities		$	307,363		$	197,401		$	—
	Mortgage loans acquired for sale at fair value			609,608			454,210			972,079
	Mortgage loans at fair value			2,543,242			2,315,313			949,060
	Real estate acquired in settlement of loans			150,649			89,404			23,834
			$	3,610,862		$	3,056,328		$	1,944,973
	-1	Excludes the amortization of commitment fees and issuance costs of $9.4 million, $10.0 million, and $5.5 million for the years ended December 31, 2014, 2013, and 2012, respectively.
	Following is a summary of maturities of outstanding assets sold under agreements to repurchase by maturity date:
	Remaining Maturity at December 31, 2014		Balance
			(in thousands)
	Within 30 days		$	493,560
	Over 30 to 90 days			508,083
	Over 90 days to 180 days			—
	Over 180 days to 1 year			1,613,709
	Over 1 year to 2 years			114,778
			$	2,730,130
	Weighted average maturity (in months)			6.9
	The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the 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 December 31, 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)
	Citibank, N.A.		$	417,059		—		7-Sep-15
	Credit Suisse First Boston Mortgage Capital LLC		$	294,288		May 9, 2015		October 30, 2015
	The Royal Bank of Scotland Group		$	101,255		—		17-Feb-15
	Bank of America, N.A.		$	39,447		March 17, 2015		30-Jan-15
	Morgan Stanley		$	9,799		February 22, 2015		December 17, 2015
	Securities sold under agreements to repurchase
	Counterparty		Amount at risk			Maturity
			(in thousands)
	Citibank, N.A.		$	332		2-Jan-15
	Credit Suisse First Boston Mortgage Capital LLC		$	7,078		23-Jan-15
	Bank of America, N.A.		$	2,512		February 17, 2015
	Daiwa Capital Markets America Inc.		$	6,442		February 1, 2015

Mortgage_Loan_Participation_an

Mortgage Loan Participation and Sale Agreement	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Mortgage Loan Participation and Sale Agreement	Note 18 - Mortgage Loan Participation and Sale Agreement
	One of the borrowing facilities secured by mortgage loans acquired for sale is in the form of a mortgage loan participation and sale agreement. Participation certificates, each of which represents an undivided beneficial ownership interest in a pool of mortgage loans that have been pooled with Fannie Mae or Freddie Mac, are sold to the lender pending the securitization of such mortgage loans and the sale of the resulting security. A commitment between the Company and a non-affiliate to sell such security is also assigned to the lender at the time a participation certificate is sold.
	The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount that is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender.
	The mortgage loan participation and sale agreement is summarized below:
			Year ending
			December 31, 2014
	During the year:
	Weighted-average interest rate (1)			1.42	%
	Average balance		$	44,770
	Total interest expense		$	912
	Maximum daily amount outstanding		$	116,363
	At year end:
	Balance		$	20,236
	Weighted-average interest rate			1.42	%
	Mortgage loans pledged to secure mortgage loan participation and sale agreement		$	20,862
	-1	Excludes the amortization of commitment fees of $266,000 for the year ended December 31, 2014.

AssetBacked_Secured_Financing_

Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value	Note 19—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:
		Year ended December 31,
		2014			2013			2012
		(dollars in thousands)
	During the year:
	Weighted-average fair value	$	167,752		$	43,108		$	—
	Interest expense	$	6,489		$	1,612		$	—
	Weighted-average effective interest rate		3.82	%		3.69	%		—
	At year end:
	Fair value	$	165,920		$	165,415		$	—
	Interest rate		3.5	%		3.5	%		0	%
	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	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Exchangeable Senior Notes	Note 20—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 33.6699 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 per share as provided in the related indenture.
	Following is financial information relating to the Notes:
			Year ended December 31,
			2014		2013		2012
			(dollars in thousands)
	During the year:
	Weighted-average balance		$	250,000	$	168,493	$	—
	Interest expense (2)		$	14,357	$	9,580	$	—
	At year end:
	Balance		$	250,000	$	250,000	$	—
	Unamortized issuance costs (1)		$	5,921	$	6,800	$	—
	-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 $920,000 and $584,000 during the year ended December 31, 2014 and December 31, 2013, respectively.

Borrowings_under_Forward_Purch

Borrowings under Forward Purchase Agreements	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Borrowings under Forward Purchase Agreements	Note 21—Borrowings under Forward Purchase Agreements
	Following is a summary of financial information relating to borrowings under forward purchase agreements:
		Year ended December 31,
		2014			2013			2012
		(dollars in thousands)
	During the year:
	Weighted-average effective interest rate		2.84	%		2.94	%		4.01	%
	Weighted-average balance	$	82,056		$	124,394		$	58,719
	Interest expense	$	2,364		$	3,707		$	2,396
	Maximum daily amount outstanding	$	226,848		$	244,047		$	152,428
	At year end:
	Balance	$	—		$	226,580		$	—
	Interest rate		0	%		3.02	%		0	%
	Fair value of underlying loans and REO	$	—		$	226,833		$	—

Liability_for_Losses_Under_Rep

Liability for Losses Under Representations and Warranties	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Liability for Losses Under Representations and Warranties	Note 22—Liability for Losses Under Representations and Warranties
	Following is a summary of the Company’s liability for losses under representations and warranties:
		Year ended December 31,
		2014			2013		2012
		(in thousands)
	Balance, beginning of year	$	10,110		$	4,441	$	205
	Provision for losses		4,255			5,669		4,236
	Losses charged		(123	)		—		—
	Balance, end of year	$	14,242		$	10,110	$	4,441
	Unpaid principal balance of mortgage loans subject to representations and warranties at period end	$	34,673,414		$	25,652,972	$	12,168,454

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 23—Commitments and Contingencies
	Litigation
	From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of December 31, 2014, the Company was not involved in any such proceedings, claims or legal actions that in the Manager’s view would reasonably be likely to have a material adverse effect on the Company.
	Mortgage Loan Commitments
	The following table summarizes the Company’s outstanding contractual loan commitments:
		December 31, 2014
		(in thousands)
	Commitments to purchase mortgage loans:
	Mortgage loans acquired for sale at fair value	$	695,488
	Mortgage loans at fair value	$	310,160

Shareholders_Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Shareholders' Equity	Note 24—Shareholders’ Equity
	At December 31, 2014, the Company had approximately $106.9 million of common shares available for issuance under its ATM Equity Offering Sales AgreementSM. The Company sold a total of 3,817,611 of its common shares at a weighted average price of $23.73 per share, providing net proceeds to the Company of approximately $89.6 million, net of sales commissions of $970,000.
	At December 31, 2013, the Company had approximately $197.5 million available for issuance under its ATM Equity Offering Sales AgreementSM. The Company did not sell any common shares under its ATM Equity OfferingSM Sales Agreement during year ended December 31, 2013.
	On August 13, 2013, the Company issued and sold 11,300,000 common shares in an underwritten public offering and received $249.4 million of proceeds, after underwriting and estimated offering expenses. Proceeds from the issuance of these shares were used to fund the Company’s business and investment activities, including the acquisition of distressed mortgage loans and other investments; the funding of its correspondent production business, including the purchase of jumbo loans; the repayment of indebtedness; and for general corporate purposes.
	As more fully described in Note 4—Transactions with Related Parties, on February 1, 2013, the Company entered into a Reimbursement Agreement, by and among the Company, the Operating Partnership and PCM. The Reimbursement Agreement provides that, to the extent the Company is required to pay PCM performance incentive fees under the management agreement, the Company will reimburse PCM for underwriting costs it paid on the offering date at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million, and the maximum amount that may be reimbursed under the agreement is $2.9 million. During the years ended December 31, 2014 and 2013, $651,000 and $944,000 was paid to PCM, respectively.
	The Reimbursement Agreement also provides for the payment to the IPO underwriters of the amount that the Company agreed to pay to them at the time of the IPO if the Company satisfied certain performance measures over a specified period of time. As PCM earns performance incentive fees under the management agreement, the IPO underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. During the year ended December 31, 2014 and 2013, $1.7 million and $1.9 million, respectively was paid to the underwriters. The Reimbursement Agreement expires on February 1, 2019.

Net_Gain_on_Mortgage_Loans_Acq

Net Gain on Mortgage Loans Acquired for Sale	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Net Gain on Mortgage Loans Acquired for Sale	Note 25—Net Gain on Mortgage Loans Acquired for Sale
	Net gain on mortgage loans acquired for sale is summarized below:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Cash (loss) gain :
	Sales proceeds, net	$	(20,989	)	$	(197,580	)	$	13,918
	Hedging activities		(57,161	)		136,829			(57,040	)
			(78,150	)		(60,751	)		(43,122	)
	Non cash gain:
	Receipt of MSRs in loan sale transactions		121,333			183,032			134,682
	Provision for losses relating to representations and warranties provided in loan sales		(4,255	)		(5,669	)		(4,236	)
	Change in fair value of IRLCs, mortgage loans and hedging derivatives held at period end:
	IRLCs		4,412			(18,230	)		13,707
	Mortgage loans		3,825			(9,265	)		43,691
	Hedging derivatives		(11,518	)		9,552			2,953
			(3,281	)		(17,943	)		60,351
		$	35,647		$	98,669		$	147,675

Net_Interest_Income

Net Interest Income	12 Months Ended
	Dec. 31, 2014
Banking and Thrift, Interest [Abstract]
Net Interest Income	Note 26—Net Interest Income
	Net interest income is summarized for the periods presented below:
		Year ended December 31,
		2014		2013		2012
		(in thousands)
	Interest income:
	Short-term investments	$	604	$	542	$	42
	Mortgage-backed securities		8,226		2,138		2,084
	Agency debt securities		—		222		—
	Mortgage loans acquired for sale at fair value		23,974		33,726		19,731
	Mortgage loans at fair value		122,620		81,275		49,462
	Mortgage loans under forward purchase agreements		3,584		3,659		996
	Excess servicing spread purchased from PFSI, at fair value		13,292		1,091		—
	Other		48		209		126
			172,348		122,862		72,441
	Interest expense:
	Assets sold under agreements to repurchase		58,304		47,790		28,025
	Mortgage loans participation and sale agreement		912		—		—
	Borrowings under forward purchase agreements		2,363		3,707		2,396
	Asset-backed secured financing		6,490		1,612		—
	Exchangeable senior notes		14,358		9,580		—
	Note payable secured by mortgage loans at fair value		—		—		113
	Other		3,162		2,533		1,108
			85,589		65,222		31,642
	Net interest income	$	86,759	$	57,640	$	40,799

Net_Gain_on_Investments

Net Gain on Investments	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Net Gain on Investments	Note 27—Net Gain on Investments
	Net gain on investments is summarized below:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Net gain (loss) on investments:
	Mortgage-backed securities	$	10,416		$	(1,347	)	$	612
	Hedging derivatives		(6,802	)		(4,310	)		—
			3,614			(5,657	)		612
	Agency debt security		—			1,725			—
	Excess servicing spread purchased from PFSI at fair value		(20,834	)		2,423			—
	Mortgage loans		227,488			206,988			103,037
	Asset-backed secured financing		(8,459	)		2,279			—
		$	201,809		$	207,758		$	103,649

Net_Loan_Servicing_Fees

Net Loan Servicing Fees	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Net Loan Servicing Fees	Note 28—Net Loan Servicing Fees
	Net loan servicing fees is summarized below:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Servicing fees (1)		$	80,008		$	54,725		$	10,982
	MSR recapture fee receivable from PFSI			9			709			—
	Effect of MSRs:
	Carried at lower of amortized cost or fair value
	Amortization			(31,911	)		(26,241	)		(5,460	)
	(Provision for) reversal of impairment			(5,138	)		4,970			(7,547	)
	Gain on sale			46			—			—
	Carried at fair value - change in fair value			(16,648	)		616			(852	)
	Gains (losses) on hedging derivatives			11,527			(1,988	)		2,123
				(42,124	)		(22,643	)		(11,736	)
	Net loan servicing fees		$	37,893		$	32,791		$	(754	)
	Average servicing portfolio		$	29,709,898		$	20,670,861		$	3,667,941
	-1	Includes contractually specified servicing and ancillary fees.

ShareBased_Compensation_Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plans	Note 29—Share-Based Compensation Plans
	The Company has adopted an equity incentive plan which provides for the issuance of equity based awards, including share options, restricted shares, restricted share units, unrestricted common share awards, LTIP units (a special class of partnership interests in the Operating Partnership) and other awards based on PMT’s shares that may be awarded by the Company directly to its officers and trustees, and the members, officers, trustees, directors and employees of PennyMac that provide services to PMT. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by the board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards.
	The Company’s equity incentive plan allows for grants of equity-based awards up to an aggregate of 8% of PMT’s issued and outstanding shares on a diluted basis at the time of the award.
	The shares underlying award grants will again be available for award under the equity incentive plan if:
		•		any shares subject to an award granted under the equity incentive plan are forfeited, cancelled, exchanged or surrendered;
		•		an award terminates or expires without a distribution of shares to the participant; or
		•		shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award.
	Restricted share units have been awarded to trustees and officers of the Company and to employees of PennyMac. Such awards generally vest over a one- to four-year period. Each share unit awarded under the equity incentive plan will have a term of no longer than ten years, and will have an exercise price that is no less than 100% of the fair value of the Company’s shares on the date of grant of the award.
	The Company’s estimate of value included assumed grantee forfeiture rates of 15% per year, except for certain of PMT’s officers and its board of trustees, for which no turnover was assumed.
	The table below summarizes restricted share unit activity and compensation expense:
			Year ended December 31,
			2014			2013			2012
	Number of units:
	Outstanding at beginning of year			661,372			665,617			491,809
	Granted			300,131			255,445			350,000
	Vested			(234,466	)		(253,509	)		(161,678	)
	Canceled			(1,625	)		(6,181	)		(14,514	)
	Outstanding at end of year			725,412			661,372			665,617
	Weighted Average Grant Date Fair Value:
	Outstanding at beginning of year		$	19.95		$	15.92		$	12.57
	Granted		$	21.05		$	23.91		$	18.91
	Vested		$	19.68		$	13.4		$	12.15
	Canceled		$	18.74		$	20.06		$	16.82
	Outstanding at end of year		$	21		$	19.95		$	15.92
	Compensation expense recorded during the year		$	7,107,000		$	6,763,000		$	6,032,000
	Year end:
	Units available for future awards (1)			5,293,433			5,029,174			4,014,159
	Unamortized compensation cost		$	7,023,418		$	6,178,000		$	5,798,000
	-1	Based on shares outstanding as of December 31, 2014. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above.
	As of December 31, 2014, 731,595 restricted share units with a weighted average grant date fair value of $24.29 per share unit are expected to vest over their average remaining vesting period of 28 months. The grant date fair values of share unit awards are based on the market value of the Company’s stock at the date of grant.

Other_Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2014
Other Income and Expenses [Abstract]
Other Expenses	Note 30—Other Expenses
	Other expenses are summarized below:
		Year ended December 31,
		2014			2013		2012
		(in thousands)
	Common overhead allocation from PFSI	$	10,477		$	10,423	$	4,183
	Servicing and collection costs		6,892			1,861		1,577
	Loan origination		2,638			4,584		752
	Insurance		989			890		762
	Technology		984			826		701
	Securitization		(150	)		1,742		—
	Other expenses		2,463			2,735		1,582
		$	24,293		$	23,061	$	9,557

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Note 31—Income Taxes
	The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. Therefore, PMT generally will not be subject to corporate federal or state income tax to the extent that qualifying distributions are made to shareholders and the Company meets REIT requirements including certain asset, income, distribution and share ownership tests. The Company believes that it has met the distribution requirements, as it has declared dividends sufficient to distribute substantially all of its taxable income. Taxable income will generally differ from net income. The primary differences between net income and the REIT taxable income (before deduction for qualifying distributions) are the taxable income of the taxable REIT subsidiary (“TRS”) and the method of determining the income or loss related to valuation of the mortgage loans owned by the qualified REIT subsidiary.
	In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. The approximate tax characterization of the Company’s distributions is as follows:
	Year ended December 31,	Ordinary			Long term			Return of
		income			capital gain			capital
	2014		86	%		14	%		0	%
	2013		83	%		17	%		0	%
	2012		83	%		0	%		17	%
	The Company had elected to treat two of its subsidiaries as TRSs. In the quarter ended September 30, 2012, the Company revoked the election to treat its wholly owned subsidiary that is the sole general partner of the Operating Partnership as a TRS. As a result, beginning September 1, 2012, one subsidiary, PMC, is treated as a TRS. Income from a TRS is only included as a component of REIT taxable income to the extent that the TRS makes dividend distributions of income to the REIT. No such dividend distributions have been made to date. A TRS is subject to corporate federal and state income tax. Accordingly, a provision for income taxes for PMC and, for the periods for which TRS treatment had been elected, the sole general partner of the Operating Partnership is included in the Consolidated Statements of Income.
	The Company files U.S. federal and state income tax returns for both the REIT and TRSs. These federal income tax returns for 2011 and forward are subject to examination. The Company’s state income tax returns are generally subject to examination for 2010 and forward. No returns are currently under examination.
	The following table details the Company’s income tax expense (benefit) which relates primarily to the TRSs for the periods presented:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Current expense (benefit):
	Federal	$	352		$	(10,014	)	$	4,760
	State		104			(2,232	)		1,686
	Total current expense (benefit)		456			(12,246	)		6,446
	Deferred (benefit) expense:
	Federal		(10,232	)		20,737			31,266
	State		(5,304	)		5,954			10,861
	Total deferred (benefit) expense		(15,536	)		26,691			42,127
	Total (benefit) provision for income taxes	$	(15,080	)	$	14,445		$	48,573
	The provision for deferred income taxes for the years ended December 31, 2014 and December 31, 2013 primarily relates to MSRs the Company received pursuant to sales of mortgage loans with servicing rights retained and net operating loss carryforwards as detailed below.
	The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the periods presented:
		Year ended December 31,
		2014						2013						2012
		Amount			Rate			Amount			Rate			Amount			Rate
		(dollars in thousands)
	Federal income tax expense at statutory tax rate	$	62,812			35	%	$	75,122			35	%	$	65,387			35	%
	Effect of non-taxable REIT income		(74,480	)		(41.5	%)		(63,564	)		(29.6	)%		(24,943	)		(13.4	)%
	State income taxes, net of federal benefit		(3,380	)		(1.9	%)		2,419			1.1	%		8,140			4.4	%
	Other		(32	)		0	%		468			0.2	%		(11	)		0	%
	Valuation allowance		—			0	%		—			0	%		—			0	%
	(Benefit) provision for income taxes	$	(15,080	)		(8.4	%)	$	14,445			6.7	%	$	48,573			26	%
	The Company’s components of the provision for deferred income taxes are as follows:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Real estate valuation loss	$	(5,079	)	$	2,651		$	(5,512	)
	Mortgage servicing rights		27,996			66,284			49,420
	Net operating loss carryforward		(35,963	)		(38,783	)		—
	Liability for losses under representations and warranties		(5,944	)		—			—
	Other		3,454			(3,461	)		(1,781	)
	Valuation allowance		—			—			—
	Total (benefit) provision for deferred income taxes	$	(15,536	)	$	26,691		$	42,127
	The components of income taxes payable are as follows:
		December 31, 2014			December 31, 2013
		(in thousands)
	Taxes currently receivable	$	1,428		$	8,446
	Deferred income taxes payable		(52,845	)		(68,381	)
	Income taxes payable	$	(51,417	)	$	(59,935	)
	The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below:
		December 31, 2014			December 31, 2013
		(in thousands)
	Deferred income tax assets:
	REO valuation loss	$	10,697		$	5,748
	Net operating loss carryforward		73,869			38,783
	Liability for losses under representations and warranties		5,944			—
	Other		2,112			5,328
	Gross deferred tax assets		92,622			49,859
	Deferred income tax liabilities:
	Mortgage servicing rights		(143,565	)		(118,240	)
	Other		(1,902	)		—
Gross deferred tax liabilities		(145,467	)		(118,240	)
Net deferred income tax liability	$	(52,845	)	$	(68,381	)
The net deferred income tax liability is recorded in Income taxes payable in the consolidated balance sheets as of December 31, 2014 and December 31, 2013.
The Company has net operating loss carryforwards of $85.2 million and $94.4 million that expire in 2034 and 2033 for the years ended December 31, 2014 and December 31, 2013, respectively.
At December 31, 2014 and December 31, 2013, the Company had no unrecognized tax benefits and does not anticipate any increase in unrecognized tax benefits. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such accruals in the Company’s income tax accounts. No such accruals existed at December 31, 2014 and December 31, 2013.

Segments_and_Related_Informati

Segments and Related Information	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segments and Related Information	Note 32—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:
	Year ended December 31, 2014		Correspondent			Investment			Intersegment			Total
			production			activities			elimination & other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	35,647		$	—		$	—		$	35,647
	Net gain on investments			—			201,809			—			201,809
	Interest income			24,022			150,714			(2,388	)		172,348
	Interest expense			(15,899	)		(72,078	)		2,388			(85,589	)
				8,123			78,636			—			86,759
	Net loan servicing fees			—			37,893			—			37,893
	Other income (loss)			18,290			(23,657	)		—			(5,367	)
				62,060			294,681			—			356,741
	Expenses:
	Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.			49,872			86,404			—			136,276
	Other			3,357			37,644			—			41,001
				53,229			124,048			—			177,277
	Pre-tax income		$	8,831		$	170,633		$	—		$	179,464
	Total assets at period end		$	654,476		$	4,249,820		$	—		$	4,904,296
	Year ended December 31, 2013		Correspondent			Investment			Intersegment			Total
			production			activities			elimination & other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	98,669		$	—		$	—		$	98,669
	Net gain on investments			—			207,758			—			207,758
	Interest income			33,727			94,435			(5,300	)		122,862
	Interest expense			(26,808	)		(43,714	)		5,300			(65,222	)
				6,919			50,721			—			57,640
	Net loan servicing fees			—			32,791			—			32,791
	Other investment income (loss)			17,715			(9,055	)		—			8,660
				123,303			282,215			—			405,518
	Expenses:
	Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.			78,552			69,699			3,284	(1)		151,535
	Other			861			38,487			—			39,348
				79,413			108,186			3,284			190,883
	Pre-tax income		$	43,890		$	174,029		$	(3,284	)	$	214,635
	Total assets at period end		$	472,089		$	3,838,828		$	—		$	4,310,917
	-1	Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.
	Year ended December 31, 2012		Correspondent			Investment			Intersegment			Total
			production			activities			elimination & other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	147,675		$	—		$	—		$	147,675
	Net gain on investments			—			103,649			—			103,649
	Interest income			19,733			52,796			(88	)		72,441
	Interest expense			(11,289	)		(20,441	)		88			(31,642	)
				8,444			32,355			—			40,799
	Net loan servicing fees			—			(754	)		—			(754	)
	Other investment income (loss)			10,545			1,612			—			12,157
				166,664			136,862			—			303,526
	Expenses:
	Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.			64,912			29,038			—			93,950
	Other			1,253			21,501			—			22,754
				66,165			50,539			—			116,704
	Pre-tax income		$	100,499		$	86,323		$	—		$	186,822
	Total assets at period end		$	1,004,399		$	1,555,264		$	—		$	2,559,663

Selected_Quarterly_Results

Selected Quarterly Results	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Results	Note 33—Selected Quarterly Results (Unaudited)
	Following is a presentation of selected quarterly financial data:
			Quarter ended
			2014								2013
			Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30		June 30		Mar. 31
			(dollars in thousands, except per share data)
	For the quarter ended:
	Net investment income		$	53,059	$	106,530	$	120,556	$	76,595	$	96,087	$	86,062	$	115,553	$	107,816
	Net income		$	26,511	$	54,949	$	75,211	$	37,873	$	52,696	$	39,701	$	54,497	$	53,296
	Earnings per share:
	Basic		$	0.35	$	0.74	$	1.01	$	0.52	$	0.74	$	0.61	$	0.92	$	0.9
	Diluted		$	0.34	$	0.69	$	0.93	$	0.5	$	0.69	$	0.57	$	0.86	$	0.9
	Cash dividends declared per share		$	0.61	$	0.61	$	0.59	$	0.59	$	1.16	$	0.57	$	0.57	$	0.57
	At period end:
	Short-term investments at fair value		$	139,900	$	37,452	$	104,453	$	91,338	$	92,398	$	80,936	$	73,236	$	45,024
	Investment securities at fair value			307,363		267,885		218,725		198,110		197,401		217,492		—		—
	Mortgage loans at fair value(1)			3,364,674		3,250,761		3,606,906		3,156,041		3,276,582		3,350,632		2,862,126		2,490,270
	Excess servicing spread			191,166		187,368		190,244		151,019		138,723		2,857		—		—
	Real estate acquired in settlement of loans(2)			303,228		275,185		240,471		186,877		148,080		103,202		88,771		84,486
	Mortgage servicing rights(3)			357,780		345,848		315,484		301,427		290,572		269,675		226,901		180,441
	Other assets			240,185		240,314		193,462		142,725		167,161		224,437		192,350		126,939
	Total assets		$	4,904,296	$	4,604,813	$	4,869,745	$	4,227,537	$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160
	Assets sold under agreements to repurchase and mortgage loan participation and sale agreement		$	2,750,366	$	2,416,686	$	2,701,755	$	1,887,778	$	2,039,605	$	1,980,058	$	1,565,896	$	1,615,050
	Borrowings under forward purchase agreements			—		—		—		216,614		226,580		229,841		244,047		—
	Asset-backed secured financing at fair value			165,920		166,841		170,201		166,514		165,415		170,008		—		—
	Exchangeable senior notes			250,000		250,000		250,000		250,000		250,000		250,000		250,000		—
	Other liabilities			159,838		183,245		170,629		163,349		162,203		124,559		139,260		89,681
	Total liabilities			3,326,124		3,016,772		3,292,585		2,684,255		2,843,803		2,754,466		2,199,203		1,704,731
	Shareholders’ equity			1,578,172		1,588,041		1,577,160		1,543,282		1,467,114		1,494,765		1,244,181		1,222,429
	Total liabilities and shareholders’ equity		$	4,904,296	$	4,604,813	$	4,869,745	$	4,227,537	$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160
	-1	Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value.
	-2	Includes REO and REO under forward purchase agreements.
	-3	Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 34—Supplemental Cash Flow Information
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Cash paid for interest	$	94,116		$	67,374		$	31,693
	Income tax (refund) paid	$	(6,562	)	$	(9,200	)	$	12,700
	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	$	364,945		$	185,061		$	112,642
	Transfer of mortgage loans acquired for sale to mortgage loans at fair value	$	—		$	—		$	18
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	246,605		$	1,070
	Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	$	205,902		$	15,347		$	117,913
	Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	$	9,369		$	9,448		$	6,633
	Receipt of MSRs as proceeds from sales of loans	$	121,333		$	183,032		$	134,682
	Purchase of REO financed through forward purchase agreements	$	—		$	38		$	249
	Receipt of ESS pursuant to recapture agreement with PFSI	$	7,343		$	—		$	—
	Transfer of REO under forward purchase agreements to REO	$	12,737		$	117		$	21,819
	Non-cash financing activities:
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	246,605		$	1,070
	Purchase of REO financed through forward purchase agreements	$	—		$	38		$	249
	Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	$	2,731		$	44,395		$	—
	Dividends payable	$	45,894		$	41,570		$	—

Regulatory_Net_Worth

Regulatory Net Worth	12 Months Ended
	Dec. 31, 2014
Mortgage Banking [Abstract]
Regulatory Net Worth	Note 35—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 $59.2 million and $30.9 million, respectively. The Manager believes PMC complies with Fannie Mae’s and Freddie Mac’s net worth requirement as of December 31, 2014.

Recently_Issued_Accounting_Pro

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 36—Recently Issued Accounting Pronouncements
	In January of 2014, the FASB issued Accounting Standards 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 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, 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.

Parent_Company_Information

Parent Company Information	12 Months Ended
	Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Parent Company Information	Note 37—Parent Company Information
	The Company’s debt financing agreements require PMT and certain of its subsidiaries to comply with financial covenants that include a minimum tangible net worth for the Company of $860 million; a minimum tangible net worth for the Company’s subsidiaries including the Operating Partnership of $700 million (net worth was $1.6 billion, which includes PMH and PMC); a minimum tangible net worth for PMH of $250 million (net worth was $836 million); and a minimum tangible net worth for PMC of $150 million (net worth was $332 million). The Company’s subsidiaries are limited from transferring funds to the Parent by these minimum tangible net worth requirements.
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED BALANCE SHEETS
		December 31,
		2014			2013
		(in thousands)
	Assets
	Short-term investment	$	506		$	1,340
	Investments in subsidiaries		1,637,927			1,527,213
	Receivables from subsidiaries		261			16
	Other assets		522			521
	Total assets	$	1,639,216		$	1,529,090
	Liabilities
	Dividends payable	$	45,482		$	41,570
	Accounts payable and accrued liabilities		2,988			3,825
	Due to affiliates		1,548			1,788
	Payables to subsidiaries		338			378
	Income taxes payable		126			67
	Total liabilities		50,482			47,628
	Shareholders’ equity		1,588,734			1,481,462
	Total liabilities and shareholders’ equity	$	1,639,216		$	1,529,090
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF INCOME
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Income
	Dividends from subsidiaries	$	174,192		$	148,520		$	107,135
	Interest
	Intercompany		15			20			2,256
	Other		4			4			61
	Debt guarantee fees receivable from PennyMac Corp., LLC		1,250			833			—
	Total income		175,461			149,377			109,452
	Expenses
	Intercompany interest		26			39			167
	Other		—			—			1,321
	Total expenses		26			39			1,488
	Income before provision for income taxes and equity in undistributed earnings in subsidiaries		175,435			149,338			107,964
	Provision for income taxes		372			86			—
	Income before equity in undistributed earnings of subsidiaries		175,063			149,252			107,964
	Equity in undistributed earnings of subsidiaries		23,288			49,940			28,845
	Net income	$	198,351		$	199,192		$	136,809
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF CASH FLOWS
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Cash flows from operating activities:
	Net income	$	198,351		$	199,192		$	136,809
	Adjustments to reconcile net income to net cash provided by operating activities:
	Equity in undistributed earnings of subsidiaries		(23,288	)		(49,940	)		(28,845	)
	Decrease (increase) in receivables from subsidiaries		107			(16	)		38,976
	(Increase) decrease in other assets		(1	)		(316	)		943
	(Decrease) increase in accounts payable and accrued liabilities		(837	)		(2,582	)		524
	(Decrease) increase in due to affiliates		(652	)		(1,169	)		16
	(Decrease) increase payable to subsidiaries		(40	)		314			(2,472	)
	Increase in income taxes payable		59			67			—
	Net cash provided by operating activities		173,699			145,550			145,951
	Cash flows from investing activities:
	Increase in investment in subsidiaries		(89,618	)		(249,315	)		(666,101	)
	Net decrease in short-term investments		834			2,059			8,148
	Net cash used by investing activities		(88,784	)		(247,256	)		(657,953	)
	Cash flows from financing activities:
Proceeds from issuance of common shares		90,588			261,595			608,184
Payment of common share underwriting and offering costs		(1,070	)		(12,321	)		(1,360	)
Payment of dividends		(174,433	)		(147,568	)		(94,822	)
Net cash (used) provided by financing activities		(84,915	)		101,706			512,002
Net change in cash		—			—			—
Cash at beginning of period		—			—			—
Cash at end of period	$	—		$	—		$	—
Non-cash financing activity — dividends payable	$	45,894		$	41,570		$	—

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Note 38—Subsequent Events
	The Manager has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period:
		•	On January 28, 2015, PLS entered into a letter of intent with a third party to purchase a $4.0 billion unpaid principal balance portfolio of Agency MSRs. The Company intends to purchase from PLS approximately $29 million of ESS from this MSR portfolio.
		•	On January 29, 2015, the Company settled its December 5, 2014 commitment to purchase a pool of 1,076 nonperforming loans with an aggregate UPB of $310.2 million from a large money center bank.
		•	On February 3, 2015, PLS entered into a letter of intent with a third party to purchase a $15.9 billion unpaid principal balance portfolio of Agency MSRs. The Company intends to purchase from PLS approximately $140 million of ESS from this MSR portfolio.
	The MSR acquisitions by PLS and the Company’s purchases of ESS are subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions, including required regulatory approvals. There can be no assurance that the committed amounts will ultimately be acquired or that the transactions will be completed at all.
		•	On February 18, 2015, the Company, through three of its wholly-owned subsidiaries, PMC, PennyMac Holdings, LLC (“PMH”) and the Operating Partnership (collectively, the “Repo Sellers”), entered into a master repurchase agreement with JPMorgan Chase bank, National Association (“JPM”), pursuant to which the Repo Sellers may sell, and later repurchase, certain residential mortgage loans and mortgage-related assets (the “Facility Assets”) in an aggregate principal amount of up to $500 million (the “JPM Credit Facility”).
	Under the terms of the JPM Credit Facility, (i) PMC and PMH may each sell to JPM eligible distressed mortgage loans and, in the case of PMC, the equity interest (the “SPE Interests”) in two special purpose entities that own distressed loans and real property acquired upon settlement of mortgage loans (the “SPE Properties”), and (ii) the Operating Partnership may sell to JPM eligible distressed mortgage loans that have been purchased by PMC and then pledged by PMC to the Operating Partnership pending sale, securitization or liquidation and the SPE Interests pledged by PMC to the Operating Partnership pending the sale or liquidation of the underlying SPE Properties.
	The obligations of the Repo Sellers are fully guaranteed by the Company, and the JPM Facility Assets are serviced by PLS pursuant to the terms of the JPM Credit Facility.

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 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 (the “Manager or PCM”) 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 (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (the “Codification”). Preparation of financial statements in compliance with 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 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.
Consolidation	Consolidation
	The consolidated financial statements include the accounts of PMT and all wholly-owned subsidiaries. PMT has no significant equity method or cost-basis investments. Intercompany accounts and transactions have been eliminated upon consolidation. The Company also consolidates assets and liabilities included in certain securitization transactions and forward purchase agreements as discussed below.
	Securitizations
	The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of interests in those assets. In a securitization transaction, the Company typically receives cash and/or interests in an SPE in exchange for the assets transferred by the Company.
	SPEs are generally considered variable interest entities (“VIEs”). A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors at risk lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns.
	The Company consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and holds a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis.
	The Company evaluates the securitization trust into which mortgage loans are sold to determine whether the entity is a VIE and whether the Company is the primary beneficiary and therefore whether it is required to consolidate the securitization trust. For the VIE consolidated by the Company, PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance and the retained subordinated and residual interest trust certificates expose the Company to potentially significant losses and returns.
	The asset-backed securities issued by the consolidated VIE are backed by the expected cash flows from the underlying mortgage loans. Cash inflows from these mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior notes or certificates. After these senior obligations are settled, substantially all cash inflows will be directed to the subordinated notes until fully repaid and, thereafter, to the residual interest that the Company owns in the trust.
	The Company retains interests in the securitization transaction, including senior and subordinated notes or certificates and residual interests issued by the VIE. The Company retains credit risk in the securitization because the Company’s retained interests include the most subordinated interests in the securitized assets, which are the first to absorb credit losses on those assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual retained interests. The Company has no obligation to repurchase or replace securitized assets that subsequently become delinquent or are otherwise in default other than pursuant to breaches of representations and warranties.
	For financial reporting purposes, the mortgage loans and securities owned by the consolidated VIE are shown under a separate statement following the Company’s consolidated balance sheets. The securities issued to third parties by the consolidated VIE are classified as secured borrowings and shown as Asset-backed secured financing on the Company’s consolidated balance sheets. The Company includes the interest income earned on the loans owned at the VIE and interest expense attributable to the asset-backed securities issued by the VIE on its consolidated income statements.
	Forward Purchase Agreements
	The Company enters into transactions whereby it agrees to purchase identified pools of mortgage loans and real estate at a later date while assuming all of the responsibilities for servicing the loans and the risks and rewards relating to holding such mortgage loans as of a cutoff date that is before the loans are purchased. All of the changes in the fair value and cash flows of the assets subject to forward purchase agreements are attributable solely to the Company, and such cash flows can only be used to settle the related liability. Such transactions are referred to as forward purchase agreements. Under forward purchase agreements, the assets are held by the seller within a separate trust entity. The Manager has concluded that the Company is the primary beneficiary of those assets and therefore consolidates those assets and related liabilities in the separate trust entity.
	The Company’s interests in the assets subject to forward purchase agreements are deemed to be contractually segregated from all other interests in the separate trust entity. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consists of the assets subject to forward purchase agreements and its related liability. The Company directs all of the activities that drive the economic results of the assets subject to forward purchase agreements.
	The assets subject to forward purchase agreements are included on the Company’s consolidated balance sheet as Mortgage loans under forward purchase agreements at fair value and Real estate acquired in settlement of loans under forward purchase agreements and the related liabilities are included as Borrowings under forward purchase agreements.
Valuation of Financial Instruments	Valuation of Financial Instruments
	PMT groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are:
		•		Level 1—Quoted prices in active markets for identical assets or liabilities.
		•		Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others.
		•		Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.
	The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while the Manager believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the fair values that would have been used had a readily available market for such loans or investments existed, or had such loans or investments been liquidated, and those differences could be material to the financial statements.
	The Manager incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. For example, for mortgage loans where the significant inputs have become unobservable due to illiquidity in the markets for distressed mortgage loans or non-Agency, non-conforming mortgage loans, PMT uses a discounted cash flow technique to estimate fair value. This technique incorporates forecasting of expected cash flows discounted at a market discount rate that is intended to reflect the lack of liquidity in the market.
Short-Term Investments	Short-Term Investments
	Short-term investments are carried at fair value with changes in fair value recognized in current period income. Short-term investments represent money market deposit accounts. The Company’s short-term investments are classified as a “Level 1” fair value financial statement item.
Mortgage-Backed Securities	Mortgage-Backed Securities
	The Company invests in Agency and non-Agency MBS. Purchases and sales of MBS and Agency debt are recorded as of the trade date. The Company’s investments in MBS are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method as a component of Interest income. Changes in fair value arising from other factors are recognized as a component of Net gain (loss) on investments.
	The Company categorizes its investments in Agency MBS and senior non-Agency MBS as “Level 2” fair value financial statement items.
	Interest Income Recognition
	Interest income on MBS is recognized over the life of the security using the interest method. The Manager estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. The Manager updates its cash flow estimates monthly.
	Estimating cash flows requires a number of inputs that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), the pass-through or coupon interest rate, interest rate fluctuations, interest payment shortfalls due to delinquencies on the underlying mortgage loans, the likelihood of modification and the timing of the magnitude of credit losses on the mortgage loans underlying the securities. The Manager applies its judgment in developing its estimates. However, these uncertainties are difficult to predict; therefore, the outcome of future events will affect the Company’s estimates and interest income.
Mortgage Loans	Mortgage Loans
	Mortgage loans and mortgage loans under forward purchase agreements are carried at their fair values. Changes in the fair value of mortgage loans are recognized in current period income. All changes in fair value, including changes arising from the passage of time, are recognized as a component of Net gain (loss) on investments for mortgage loans classified as mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value and Net gain on mortgage loans acquired for sale for mortgage loans classified as mortgage loans acquired for sale at fair value.
	Mortgage loans held by variable interest entity are carried at their fair values. Changes in the fair value of mortgage loans held by variable interest entity are recognized in current period income as a component of Net gain (loss) on investments. Changes in fair value relating to accrual of unearned discounts and amortization of purchase premiums are accrued or amortized to interest income using the interest method over the estimated remaining life of the loans including anticipated prepayments.
	Sale Recognition
	The Company purchases from and sells mortgage loans into the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and liability under representations and warranties it makes to purchasers and insurers of the loans.
	The Company recognizes transfers of mortgage loans as sales based on whether the transfer is made to a VIE:
		•		For mortgage loans that are not transferred to a VIE, the Company recognizes the transfer as a sale when it surrenders control over the mortgage loans. Control over transferred mortgage loans is deemed to be surrendered when (i) the mortgage loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred mortgage loans, and (iii) the Company does not maintain effective control over the transferred mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific mortgage loans.
		•		For mortgage loans that are transferred to a VIE, the Company recognizes the transfer as a sale when the Manager determines that the Company is not the primary beneficiary of the VIE, as the Company does not have the power to direct the activities that will have the most significant economic impact on the VIE and/or does not hold a variable interest that could potentially be significant to the VIE.
	Interest Income Recognition
	The Company has the ability but not the intent to hold mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans under forward purchase agreements, excluding mortgage loans held in a VIE, for the foreseeable future. Therefore, interest income on mortgage loans acquired for sale and mortgage loans at fair value is recognized over the life of the loans using their contractual interest rates.
	The Company has both the ability and intent to hold mortgage loans held in a VIE for the foreseeable future. Therefore, interest income on mortgage loans held in a variable interest entity is recognized over the estimated remaining life of the mortgage loans using the interest method. Unearned discounts and purchase premiums are accrued and amortized to interest income using the effective interest rate inherent in the estimated cash flows inherent in the mortgage loans.
	Income recognition is suspended and the accrued unpaid interest receivable is reversed against interest income when loans become 90 days delinquent, or when, in the Manager’s opinion, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.
Derivative Financial Instruments	Derivative Financial Instruments
	In its loan origination activities, the Company makes contractual commitments to loan applicants to originate mortgages at specified interest rates (“interest rate lock commitments” or “IRLCs”). These commitments are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans acquired for sale by entering into forward sale agreements to sell the mortgage loans and by the purchase and sale of interest rate options and futures. Such agreements are also accounted for as derivative financial instruments. These instruments may also be used to manage the risk created by changes in interest rates on certain of the MBS and MSRs the Company holds. The Company classifies its IRLCs as “Level 3” fair value financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and holding MBS, mortgage loans pending sale and MSRs as “Level 1” or “Level 2” fair value financial statement items.
	The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the balance sheet at fair value with changes in fair value being reported in current period income. The fair value of the Company’s derivative financial instruments is included in Derivative assets and Derivative liabilities and changes in fair value are included in Net gain on mortgage loans acquired for sale, in Net gain on investments or in Net loan servicing fees, as applicable, in the Company’s consolidated statements of income.
	When the Company has master netting agreements with its derivatives counterparties, the Company nets its counterparty positions along with any cash collateral received from or delivered to the counterparty.
Mortgage Servicing Rights	Mortgage Servicing Rights
	MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company is obligated to provide loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition and disposition of REO. The Company has engaged PFSI to provide these services on its behalf.
	The fair value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee ranging generally from 0.250% to 0.375% annually on the remaining outstanding principal balances of the loans. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges and collateral reconveyance charges and the Company is generally entitled to retain the interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments.
	The Company recognizes MSRs initially at their fair values, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the loan in the sale transaction, or from the purchase of MSRs. The precise fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings. Therefore, the Company classifies its MSRs as “Level 3” fair value financial statement items.
	The Company accounts for MSRs at either the asset’s fair value with changes in fair value recorded in current period earnings or using the amortization method with the MSRs carried at the lower of amortized cost or fair value based on the class of MSR. The Company has identified two classes of MSRs: originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; and MSRs backed by mortgage loans with initial interest rates of more than 4.5%. The Company’s subsequent accounting for MSRs is based on the class of MSRs. Originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. Originated MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income.
	MSRs Accounted for Using the MSR Amortization Method
	The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the estimated total remaining net MSR cash flows. The estimated total net MSR cash flows are determined at the beginning of each month using prepayment inputs applicable at that time.
	The Company periodically assesses MSRs accounted for using the amortization method for impairment. Impairment occurs when the current fair value of the MSR falls below the asset’s carrying value (carrying value is the amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the fair value of impaired MSRs subsequently increases, the Company recognizes the increase in fair value in current-period earnings and adjusts the carrying value of the MSRs through a reduction in the valuation allowance to adjust the carrying value only to the extent of the valuation allowance.
	The Company stratifies its MSRs by risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including loan type (fixed-rate or adjustable-rate) and note interest rate. Fixed-rate mortgage loans are stratified into note interest rate pools of 50 basis points for note interest rates between 3.0% and 4.5% and a single pool for note interest rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note interest rate pools is below the carrying value of the MSRs for that pool, impairment is recognized to the extent of the difference between the fair value and the existing carrying value for that pool.
	The Manager 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 the Manager deems recovery of the fair value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.
	Amortization and impairment of MSRs are included in current period income as a component of Net loan servicing fees.
	MSRs Accounted for at Fair Value
	Changes in fair value of MSRs accounted for at fair value are recognized in current period income as a component of Net loan servicing fees.
Excess Servicing Spread	Excess Servicing Spread
	The Company has acquired the right to receive the ESS related to MSRs owned by PFSI. ESS is carried at its fair value. Changes in fair value are recognized in current period income in Net gain on investments. Because the ESS is a claim to a portion of the cash flows from MSRs, the fair value measurement of the ESS is similar to that of MSRs. 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.
	Interest Income Recognition
	Interest income for ESS is accrued using the interest method, based upon the expected yield from the ESS through the expected life of the underlying mortgages. Changes to expected interest yield result in a change in fair value which is recorded in Interest income.
Real Estate Acquired in Settlement of Loans	Real Estate Acquired in Settlement of Loans
	REO is measured at the lower of the acquisition cost of the property (as measured by cost in the case of purchased REO; or the fair value of the mortgage loan immediately before acquisition in the case of acquisition in settlement of a loan) or its fair value reduced by estimated costs to sell. REO is categorized as a “Level 3” fair value financial statement item. Changes in fair value to levels that are less than or equal to acquisition cost and gains or losses on sale of REO are recognized in the consolidated statements of income under the caption Results of real estate acquired in settlement of loans.
Assets Sold Under Agreements to Repurchase	Assets Sold Under Agreements to Repurchase
	Assets sold under agreements to repurchase are carried at historical cost. Costs of creating the facilities underlying the agreements are recognized as deferred charges in Other assets and amortized to Interest expense over the term of the borrowing facility on the straight-line basis.
Asset-Backed Secured Financing at Fair Value	Asset-Backed Secured Financing at Fair Value
	In conjunction with the on-balance sheet securitization, the certificates issued to nonaffiliates by the VIE are recorded as a financing arrangement. Those certificates issued to nonaffiliates have the right to receive principal and interest payments of the mortgage loans held by the consolidated VIE. Asset-backed secured financings are carried at fair value. Changes in fair value are recognized in current period income as a component of Net gain on investments. The Company categorizes asset-backed secured financing at fair value as a “Level 2” fair value financial statement items.
Liability for Losses Under Representation and Warranties	Liability for Losses Under Representation and Warranties
	The Company’s agreements with the Agencies include representations and warranties related to the mortgage loans the Company sells to the Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the mortgage loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law.
	In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender.
	The Company records a provision for losses relating to representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and periodically updates its liability estimate. The level of the liability for representations and warranties is reviewed and approved by the Manager’s management credit committee.
	The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying loans, The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Manager believes that the current unpaid principal balance of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. The Manager believes the range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations.
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs
	Underwriting commissions and offering costs incurred in connection with the Company’s share offerings are reflected as a reduction of additional paid-in capital. Contingent offering costs that are deemed by the Manager as probable of being paid are recorded as a reduction of additional paid-in capital.
Loan Servicing Fees	Loan Servicing Fees
	Loan servicing fees and other remuneration are received by the Company for servicing mortgage loans. Loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio.
Share-Based Compensation	Share-Based Compensation
	The Company amortizes the fair value of previously granted share-based awards to compensation expense over the vesting period using the graded vesting method. Expense relating to share-based awards is included in Compensation in the consolidated statements of income.
	The Company estimates the value of restricted share units awarded with reference to the fair value of its common shares on the date of the award. How the fair value of Company common shares is used in determining restricted share unit awards’ fair values depends on whether the restricted share units participate in Company dividends in the form of dividend equivalents.
		•		Fair value of restricted share unit awards that participate in dividends in the form of dividend equivalents is determined at the Company’s closing share price on the date of the award.
		•		Fair value of restricted share unit awards that do not participate in dividends is estimated by reducing the closing price of the Company’s common shares on the date of the award by the amount of expected shareholder distributions that the grantees will not receive during the vesting period, discounted at an appropriate risk-free rate of return. The amount of the reduction for anticipated distributions is based on amounts included in the Manager’s earnings forecast.
	The Company determines the fair value of its share-based compensation awards depending on whether the awards are made to its trustees and officers or to non-employees such as officers and employees of affiliates:
		•		Compensation cost is generally fixed at the fair value of the award date for awards to officers and trustees of the Company.
		•		Compensation cost for share-based compensation awarded to non-officers or trustees of the Company is adjusted to reflect changes in the fair value of awards in each subsequent reporting period until the award has vested, the service being provided is subsequently completed, or, under certain circumstances, is likely to be completed, whichever occurs first.
	The Manager’s estimates of compensation costs reflect the expected portion of share-based compensation awards that the Manager expects to vest.
Income Taxes	Income Taxes
	The Company has elected to be taxed as a REIT and the Manager believes the Company complies with the provisions of the Internal Revenue Code applicable to REITs. Accordingly, the Manager believes the Company will not be subject to federal income tax on that portion of its REIT taxable income that is distributed to shareholders as long as certain asset, income and share ownership tests are met. If PMT fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to income taxes and may be precluded from qualifying as a REIT for the four tax years following the year of loss of the Company’s REIT qualification.
	The Company’s taxable REIT subsidiaries are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which the Manager expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs.
	Subject to the Manager’s judgment, a valuation allowance is established if realization of deferred tax assets is not more likely than not. The Company recognizes a tax benefit relating to tax positions it takes only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that exceeds 50 percent likelihood of being realized upon settlement. The Company will classify any penalties and interest as a component of income tax expense.
	As of December 31, 2014 and 2013, the Company was not under examination by any federal or state income taxing authority.
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.
	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.
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 the Manager has elected to carry the item at its fair value as discussed in the following paragraphs.
	Fair Value Accounting Elections
	The Manager 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. The Manager 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. The Manager 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 mortgage loans at fair value collateralizing this financing.
	The Company’s subsequent accounting for MSRs is based on the class of MSRs. Originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. Originated MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements
	In January of 2014, the FASB issued Accounting Standards 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 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, 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)	12 Months Ended
	Dec. 31, 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 in prior years 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.:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Investment portfolio purchases:
	Mortgage loans	$	557,432		$	1,309,767		$	542,766
	REO		3,117			120			297
		$	560,549		$	1,309,887		$	543,063
	Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
	Mortgage loans	$	26,737		$	443,154		$	504,710
	REO		68			38			48
		$	26,805		$	443,192		$	504,758
	Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.:
		December 31,			December 31,
		2014			2013
		(in thousands)
	Mortgage loans at fair value	$	943,163		$	1,138,131
	Mortgage loans under forward purchase agreements at fair value		—			218,128
	REO		108,302			84,726
	REO under forward purchase agreements		—			8,705
		$	1,051,465		$	1,449,690
	Total holdings of mortgage loans and REO	$	3,030,180		$	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 for the periods presented include the following amounts related to the forward purchase agreements:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Statements of income:
	Interest income	$	3,584		$	3,659		$	996
	Interest expense	$	2,363		$	3,707		$	2,396
	Net gain on investments	$	803		$	11,720		$	9,293
	Net loan servicing fees	$	516		$	852		$	1,011
	Results of REO	$	(473	)	$	(20	)	$	1,870
	Statements of cash flows:
	Repayments of mortgage loans	$	6,413		$	15,319		$	14,292
	Sales of REO	$	5,365		$	651		$	9,912
	Repayments of borrowings under forward purchase agreements	$	(227,866	)	$	(27,070	)	$	(157,166	)

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Summary of Management Fee Expense and Related Liability	Following is a summary of the base management and performance incentive fees recorded by the Company:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Management fee:
	Base		$	23,330		$	19,644	$	12,436
	Performance incentive			11,705			12,766		—
	Total management fee incurred during the year		$	35,035		$	32,410	$	12,436
Summary of Mortgage Loan Servicing Fees Earned	Following is a summary of mortgage loan servicing fees earned by PLS:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Mortgage loans acquired for sale at fair value:
	Base		$	103		$	262	$	204
	Activity-based			149			300		—
				252			562		204
	Mortgage loans at fair value:
	Base			18,953			16,458		14,128
	Activity-based			19,608			11,814		4,276
				38,561			28,272		18,404
	MSRs:
	Base			13,515			10,274		—
	Activity-based			194			305		—
				13,709			10,579		—
			$	52,522		$	39,413	$	18,608
Summary of Corresponding Production Activity	Following is a summary of correspondent production activity between the Company and PLS:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Fulfillment fee expense earned by PLS		$	48,719		$	79,712	$	62,906
	Unpaid principal balance of loans fulfilled by PLS		$	11,476,448		$	15,225,153	$	13,028,375
	Sourcing fees earned from PLS		$	4,676		$	4,611	$	2,505
	Fair value of loans sold to PLS		$	16,431,338		$	16,113,806	$	8,864,264
	At period end:
	Mortgage loans included in mortgage loans acquired for sale pending sale to PLS		$	209,325		$	112,360	$	153,326
Summary of Investment Activity	Following is a summary of investment activity between the Company and PCM:
			Year ended December 31,
			2014			2013		2012
			(in thousands)
	Purchases of excess servicing spread		$	99,728		$	139,028	$	—
	Interest income from excess servicing spread		$	13,292		$	1,091	$	—
	Net (loss) gain on excess servicing spread purchased at fair value		$	(28,663	)	$	2,423	$	—
	Excess servicing spread recapture recognized		$	7,828		$	—	$	—
	MSR recapture recognized		$	9		$	709	$	—
Summary of Expenses	The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below:
			Year ended December 31,
			2014			2013		2012
	Reimbursement of:
	Common overhead incurred by PCM and its affiliates		$	10,850		$	10,989	$	4,183
	Expenses incurred on the Company’s behalf			792			4,638		3,146
			$	11,642		$	15,627	$	7,329
	Payments and settlements during the period (1)		$	99,987		$	121,230	$	85,554
	-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 PCM and its affiliates are summarized below:
			December 31,			December 31,
			2014			2013
			(in thousands)
	Management fees		$	8,426		$	8,924
	Allocated expenses			7,088			2,009
	Unsettled ESS investment			3,836			—
	Servicing fees			3,457			5,915
	Contingent underwriting fees			1,136			1,788
			$	23,943		$	18,636

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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:
		Year ended December 31,
		2014			2013			2013
		(in thousands except per share amounts)
	Basic earnings per share:
	Net income	$	194,544		$	200,190		$	138,249
	Effect of participating securities—share-based compensation awards		(1,830	)		(1,751	)		(1,433	)
	Net income attributable to common shareholders	$	192,714		$	198,439		$	136,816
	Weighted-average shares outstanding		73,495			63,426			43,553
	Basic earnings per share	$	2.62		$	3.13		$	3.14
	Diluted earnings per share:
	Net income	$	194,544		$	200,190		$	138,249
	Interest on Notes, net of income taxes		8,456			5,556			—
	Net income attributable to diluted shareholders	$	203,000		$	205,746		$	138,249
	Weighted-average shares outstanding		73,495			63,426			43,553
	Potentially dilutive securities:
	Shares issuable pursuant to exchange of the Notes		8,418			5,647			—
	Shares issuable under share-based compensation plan		298			375			323
	Diluted weighted-average number of shares outstanding		82,211			69,448			43,876
	Diluted earnings per share	$	2.47		$	2.96		$	3.14

Loan_Sales_and_Variable_Intere1

Loan Sales and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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 year end:
			Year ended December 31,
			2014		2013		2012
			(in thousands)
	Cash flows:
	Proceeds from sales		$	11,703,015	$	15,818,582	$	12,834,002
	Servicing fees received (1)		$	70,294	$	51,712	$	10,871
	Period end information:
	Unpaid principal balance of mortgage loans outstanding		$	34,161,360	$	25,792,933	$	12,168,740
	Unpaid principal balance of delinquent mortgage loans:
	30-89 days delinquent		$	110,176	$	68,156	$	45,021
	90 or more days delinquent
	Not in foreclosure			25,418		7,941		913
	In foreclosure or bankruptcy			13,172		5,434		473
				38,590		13,375		1,386
			$	148,766	$	81,531	$	46,407
	-1	Net of guarantee fees

Netting_of_Financial_Instrumen1

Netting of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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.
		December 31, 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	$	374	$	—		$	374		$	272	$	—		$	272
	MBS call options		—		—			—			—		—			—
	Forward purchase contracts		3,775		—			3,775			1,229		—			1,229
	Forward sale contracts		52		—			52			16,385		—			16,385
	Put options on interest rate futures		193		—			193			566		—			566
	Call options on interest rate futures		3,319		—			3,319			—		—			—
	Netting		—		(2,284	)		(2,284	)		—		(12,986	)		(12,986	)
			7,713		(2,284	)		5,429			18,452		(12,986	)		5,466
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		5,678		—			5,678			2,510		—			2,510
		$	13,391	$	(2,284	)	$	11,107		$	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 qualifying for netting.
		December 31, 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			Financial			Cash		Net
		assets presented		instruments			collateral			amount		of assets presented			instruments			collateral		amount
		in the consolidated					received					in the consolidated						received
		balance sheet										balance sheet
		(in thousands)
	Interest rate lock commitments	$	5,678	$	—		$	—		$	5,678	$	2,510		$	—		$	—	$	2,510
	RJ O’Brien		3,034		—			—			3,034		566			—			—		566
	Bank of America, N.A.		738		—			—			738		1,024			—			—		1,024
	Daiwa Capital Markets		29		—			—			29		608			—			—		608
	Fannie Mae Capital Markets		—		—			—			—		432			—			—		432
	Morgan Stanley Bank, N.A.		104		—			—			104		546			—			—		546
	Wells Fargo		—		—			—			—		378			—			—		378
	Deutsche Bank		124		—			—			124		—			—			—		—
	Jefferies		133								133		—			—			—		—
	Cantor Fitzgerald LP		6		—			—			6		613			—			—		613
	Credit Suisse First Boston Mortgage Capital LLC		253		—			—			253		196			—			—		196
	Nomura		138		—			—			138		273								273
	Other		870		—			—			870		830			—			—		830
	Total	$	11,107	$	—		$	—		$	11,107	$	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.
		December 31, 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	$	34	$	—		$	34		$	7,420	$	—		$	7,420
	Forward sales contracts		6,649		—			6,649			1,295		—			1,295
	Treasury futures sales contracts		478		—			478			—		—			—
	Netting		—		(4,748	)		(4,748	)		—		(8,015	)		(8,015	)
			7,161		(4,748	)		2,413			8,715		(8,015	)		700
	Derivatives not subject to master netting arrangements:
	Interest rate lock commitments		17		—			17			1,261		—			1,261
			7,178		(4,748	)		2,430			9,976		(8,015	)		1,961
	Assets sold under agreements to repurchase		2,750,366		—			2,750,366			2,039,605		—			2,039,605
		$	2,757,544	$	(4,748	)	$	2,752,796		$	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 qualifying for netting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.
		December 31, 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 liabilities		instruments			collateral			amount		of liabilities			instruments			collateral		amount
		presented					pledged					presented						pledged
		in the										in the
		consolidated										consolidated
		balance										balance
		sheet										sheet
		(in thousands)
	Interest rate lock commitments	$	17				$	—		$	17	$	1,261		$	—		$	—	$	1,261
	Morgan Stanley Bank, N.A.		121,975		(121,975	)		—			—		30,226			(30,226	)		—		—
	Bank of Oklahoma		369					—			369		—			—			—		—
	Daiwa Capital Markets		126,909		(126,909	)		—			—		132,525			(132,525	)		—		—
	Citibank		797,851		(797,663	)		—			188		945,015			(944,856	)		—		159
	Credit Suisse First Boston Mortgage Capital LLC		966,155		(966,155	)		—			—		523,546			(523,546	)		—		—
	Bank of America, N.A.		529,144		(529,144	)		—			—		408,452			(408,452	)		—		—
	Deutsche Bank		—					—			—		110			—			—		110
	RBS Securities		208,520		(208,520	)		—			—		—			—			—		—
	Other		1,856		—			—			1,856		431			—			—		431
	Total	$	2,752,796	$	(2,750,366	)	$	—		$	2,430	$	2,041,566		$	(2,039,605	)	$	—	$	1,961

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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:
			December 31, 2014
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Assets:
	Short-term investments		$	139,900		$	—		$	—		$	139,900
	Mortgage-backed securities at fair value			—			307,363			—			307,363
	Mortgage loans acquired for sale at fair value			—			637,722			—			637,722
	Mortgage loans at fair value			—			527,369			2,199,583			2,726,952
	Excess servicing spread purchased from PFSI			—			—			191,166			191,166
	Derivative assets:
	Interest rate lock commitments			—			—			5,678			5,678
	MBS put options			—			374			—			374
	Forward purchase contracts			—			3,775			—			3,775
	Forward sales contracts			—			52			—			52
	Put options on interest rate futures			193			—			—			193
	Call options on interest rate futures			3,319			—			—			3,319
	Total derivative assets before netting			3,512			4,201			5,678			13,391
	Netting (1)			—			—			—			(2,284	)
	Total derivative assets after netting			3,512			4,201			5,678			11,107
	Mortgage servicing rights at fair value			—			—			57,358			57,358
			$	143,412		$	1,476,655		$	2,453,785		$	4,071,568
	Liabilities:
	Asset-backed secured financing of the variable interest entity at fair value		$	—		$	165,920		$	—		$	165,920
	Derivative liabilities:
	Interest rate lock commitments			—			—			17			17
	Treasury futures sales contracts			478			—			—			478
	Forward purchase contracts			—			34			—			34
	Forward sales contracts			—			6,649			—			6,649
	Total derivative liabilities before netting			478			6,683			17			7,178
	Netting (1)			—						—			(4,748	)
	Total derivative liabilities after netting			478			6,683			17			2,430
	Total liabilities		$	478		$	172,603		$	17		$	168,350
	-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.
			31-Dec-13
			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
	Put options on interest rate futures			—			566			—			566
	Total derivative assets			—			18,452			2,510			20,962
	Netting (1)			—						—			(12,986	)
	Total derivative assets after netting			—			18,452			2,510			7,976
	Mortgage servicing rights at fair value			—			—			26,452			26,452
			$	92,398		$	1,197,642		$	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	)
	Total derivative liabilities			—			8,715			1,261			1,961
Total liabilities		$	—		$	174,130		$	1,261		$	167,376
-1	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
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:
			December 31, 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			554,604			1,386			99,728			—			—			655,718
	Repayments and sales			(572,586	)		(6,413	)		(39,257	)		—			(139	)		(618,395	)
	Accrual of interest			—			—			13,292			—			—			13,292
	ESS received pursuant to a recapture agreement with PFSI			—			—			7,342			—			—			7,342
	Interest rate lock commitments issued, net			—			—			—			56,367			—			56,268
	Capitalization of interest			65,050			1,800			—			—			—			66,850
	Servicing received as proceeds from sales of mortgage loans			—			—			—			—			47,693			47,693
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk			34,785			1,815			—									36,600
	Other factors			179,896			(1,012	)		(28,662	)		17,326			(16,648	)		151,221
				214,681			803			(28,662	)		17,326			(16,648	)		187,500
	Transfers of mortgage loans under forward purchase agreements to mortgage loans			205,902			(205,902	)		—			—			—			—
	Transfers of mortgage loans to REO			(344,733	)		—			—			—			—			(344,733	)
	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			—			—			—			(69,281	)		—			(69,503	)
	Balance, December 31, 2014		$	2,199,583		$	—		$	191,166		$	5,661		$	57,358		$	2,453,768
	Changes in fair value recognized during the period relating to assets still held at December 31, 2014		$	134,724		$	—		$	(28,662	)	$	5,661		$	(16,648	)	$	95,075
	-1	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
			December 31, 2013
			Mortgage			Agency			Mortgage			Excess			Net interest			Mortgage			Total
			loans			Debt			loans			servicing			rate lock			servicing
			at fair value						under			spread			commitments (1)			rights
									forward
									purchase
									agreements
			(in thousands)
	Assets:
	Balance, December 31, 2012		$	1,189,971		$	—		$	—		$	—		$	19,479		$	1,346		$	1,210,796
	Purchases			1,063,162			12,000			246,525			139,028			—			1,419			1,462,134
	Repayments and sales			(255,210	)		(13,725	)		(15,319	)		(4,076	)		—			—			(288,330	)
	Accrual of interest			—			—			—			1,348			—			—			1,348
	Interest rate lock commitments issued, net			—			—			—			—			83,515			—			83,515
	Capitalization of interest			43,481			—			—			—			—			—			43,481
	Servicing received as proceeds from sales of mortgage loans			—			—			—			—			—			23,071			23,071
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk			44,018			—			2,305			—									46,323
	Other factors			153,639			1,725			9,415			2,423			(26,674	)		616			141,144
				197,657			1,725			11,720			2,423			(26,674	)		616			187,467
	Transfers of mortgage loans under forward purchase agreements to mortgage loans			15,347			—			(15,347	)		—									—
	Transfers of mortgage loans to REO			(177,743	)		—			—			—									(177,743	)
	Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			—			(9,451	)		—									(9,451	)
	Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			—			(75,071	)		—			(75,071	)
	Balance, December 31, 2013		$	2,076,665		$	—		$	218,128		$	138,723		$	1,249		$	26,452		$	2,461,217
	Changes in fair value recognized during the period relating to assets still held at December 31, 2013		$	132,339		$	1,725		$	7,244		$	2,423		$	1,249		$	616		$	145,596
			December 31, 2012
			Mortgage			Mortgage			Mortgage-			Interest			Mortgage			Total
			Loans			loans			backed			rate lock			servicing
			at fair value			under			securities			commitments			rights
						forward
						purchase
						agreements
			(in thousands)
	Assets:
	Balance, December 31, 2011		$	696,266		$	129,310		$	72,813		$	5,772		$	749		$	904,910
Purchases			541,696			1,075			—			—			20			542,791
Repayments			(169,877	)		(14,292	)		(21,888	)		—			—			(206,057	)
Interest rate lock commitments issued, net			—			—			—			212,555			—			212,555
Capitalization of interest			19,745			—			—			—			—			19,745
Sales			—			—			(52,133	)		—			(79	)		(52,212	)
Accrual of unearned discounts			—			—			363			—			—			363
Servicing received as proceeds from sales of mortgage loans			—			—			—			—			1,508			1,508
Changes in fair value included in income arising from:																		—
Changes in instrument-specific credit risk			24,878			—			—			—			(708	)		24,170
Other factors			68,772			9,293			845			—			(144	)		78,766
			93,650			9,293			845			—			(852	)		102,936
Transfer of mortgage loans under forward purchase agreements to mortgage loans			117,913			(117,913	)		—			—			—			—
Transfer of mortgage loans to REO			(109,440	)		—			—			—			—			(109,440	)
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements			—			(7,473	)		—			—			—			(7,473	)
Transfer to mortgage loans acquired for sale			18			—			—			—			—			18
Transfers of interest rate lock commitments to mortgage loans acquired for sale			—			—			—			(198,848	)		—			(198,848	)
Balance, December 31, 2012		$	1,189,971		$	—		$	—		$	19,479		$	1,346		$	1,210,796
Changes in fair value recognized during the year relating to assets still held at December 31, 2012		$	51,022		$	—		$	—		$	19,479		$	(852	)	$	69,649
		Securities sold under
		agreements to
		repurchase
		(in thousands)
Liabilities:
Balance, December 31, 2011		$	115,493
Changes in fair value included in income
Sales			752,343
Repurchases			(867,836	)
Balance, December 31, 2012		$	—
Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2012		$	—
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, mortgage loans held in a VIE and mortgage loans under forward purchase agreements at fair value):
			December 31, 2014
			Fair value			Principal			Difference
						amount due
						upon maturity
			(in thousands)
	Mortgage loans acquired for sale:
	Current through 89 days delinquent		$	637,518		$	610,372		$	27,146
	90 or more days delinquent (1)
	Not in foreclosure			204			255			(51	)
	In foreclosure			—			—			—
				204			255			(51	)
				637,722			610,627			27,095
	Mortgage loans at fair value:
	Current through 89 days delinquent			1,191,635			1,452,885			(261,250	)
	90 or more days delinquent (1)
	Not in foreclosure			608,144			875,214			(267,070	)
	In foreclosure			927,173			1,371,371			(444,198	)
				1,535,317			2,246,585			(711,268	)
				2,726,952			3,699,470			(972,518	)
			$	3,364,674		$	4,310,097		$	(945,423	)
			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			1,506,176			(335,258	)
	90 or more days delinquent (1)
	Not in foreclosure			738,043			1,190,403			(452,360	)
	In foreclosure			909,484			1,493,643			(584,159	)
				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:
			Year ended December 31, 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			—			357			10,416			—			10,773
	Mortgage loans acquired for sale at fair value			100,213			—			—			—			100,213
	Mortgage loans at fair value			—			1,848			242,449			—			244,297
	Mortgage loans under forward purchase															—
	agreements at fair value			—			—			803			—			803
	Excess servicing spread at fair value			—			—			(20,834	)		—			(20,834	)
	Mortgage servicing rights at fair value			—			—			—			(16,648	)		(16,648	)
			$	100,213		$	2,205		$	232,834		$	(16,648	)	$	318,604
	Liabilities:
	Asset-backed secured financing at fair value		$	—		$	(617	)	$	(8,459	)	$	—		$	(9,076	)
			$	—		$	(617	)	$	(8,459	)	$	—		$	(9,076	)
			Year ended December 31, 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			—			46			(3,946	)		—			(3,900	)
	Mortgage loans acquired for sale at fair value			(30,696	)		—			—			—			(30,696	)
	Mortgage loans at fair value			—			232			191,356			—			191,588
	Agency debt securities			—			—			1,725			—			1,725
	Mortgage loans under forward purchase agreements at fair value			—			—			11,720			—			11,720
	Excess servicing spread at fair value			—			—			2,423			—			2,423
	Mortgage servicing rights at fair value			—			—			—			616			616
			$	(30,696	)	$	278		$	203,278		$	616		$	173,476
	Liabilities:
	Asset-backed secured financing at fair value		$	—		$	(92	)	$	2,279		$	—		$	2,187
			$	—		$	(92	)	$	2,279		$	—		$	2,187
			Year ended December 31, 2012
			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			—			142			2,925			—			3,067
	Mortgage loans acquired for sale at fair value			188,055			—			—			—			188,055
	Mortgage loans at fair value			—			—			95,615			—			95,615
	Agency debt securities			—			—			—			—			—
	Mortgage loans under forward purchase agreements at fair value			—			—			9,687			—			9,687
	Excess servicing spread at fair value			—			—			—			—			—
	Mortgage servicing rights at fair value			—			—			—			(852	)		(852	)
			$	188,055		$	142		$	108,227		$	(852	)	$	295,572
	Liabilities:
	Asset-backed secured financing at fair value		$	—		$	—		$	—		$	—		$	—
			$	—		$	—		$	—		$	—		$	—
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:
			December 31, 2014
			Level 1			Level 2			Level 3			Total
			(in thousands)
	Real estate asset acquired in settlement of loans		$	—		$	—		$	157,203		$	157,203
	Mortgage servicing rights at lower of amortized cost or fair value			—			—			91,990			91,990
			$	—		$	—		$	249,193		$	249,193
			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 Fair Values on Nonrecurring Basis	The following table summarizes the total gains (losses) recognized during the year on assets measured at fair values on a nonrecurring basis held at year-end:
			Year ended December 31,
			2014			2013
			(in thousands)
	Real estate asset acquired in settlement of loans		$	(24,896	)	$	(11,856	)
	Real estate asset acquired in settlement of loans under forward purchase agreements		$	—		$	(86	)
	Mortgage servicing rights at lower of amortized cost or fair value			(5,138	)		4,970
			$	(30,034	)	$	(6,972	)
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		December 31, 2014		December 31, 2013
	Mortgage loans at fair value
	Discount rate
	Range		2.3% – 15.0%		8.7% – 16.9%
	Weighted average		7.70%		12.70%
	Twelve-month projected housing price index change
	Range		4.0% – 5.3%		2.5% – 4.3%
	Weighted average		4.80%		3.70%
	Prepayment speed (1)
	Range		0.0% – 6.5%		0.0% – 3.9%
	Weighted average		3.10%		2.00%
	Total prepayment speed (2)
	Range		0.0% – 27.9%		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		December 31, 2014		December 31, 2013
	Unpaid principal balance of underlying mortgage loans (in thousands)		$28,227,340		$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% – 12.0%		2.8% – 14.4%
	Weighted average		5.30%		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% – 74.6%		7.7% – 48.6%
	Weighted average		11.20%		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		December 31, 2014		December 31, 2013
	Pull-through rate
	Range		65.0% – 98.0%		64.8% – 98.0%
	Weighted average		94.90%		86.40%
	MSR value expressed as:
	Servicing fee multiple
	Range		0.7 – 5.2		1.4 – 5.1
	Weighted average		4.3		4.1
	Percentage of unpaid principal balance
	Range		0.2% – 1.3%		0.4% – 1.3%
	Weighted average		1.10%		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:
			Year ended December 31,
			2014			2013			2012
	Key inputs		Amortized cost		Fair value	Amortized cost		Fair value	Amortized cost		Fair value
			(MSR recognized and unpaid principal balance of underlying loan amounts in thousands)
	MSR recognized		$73,640		$47,693	$159,961		$23,071	$133,159		$1,508
	Unpaid principal balance of underlying mortgage loans		$6,800,637		$4,573,369	$13,343,793		$2,148,185	$12,254,751		$161,153
	Weighted-average annual servicing fee rate (in basis points)		25		25	26		26	26		26
	Pricing spread (1)
	Range		6.3% – 17.5%		8.5% – 14.3%	5.4% – 17.5%		7.4% – 14.4%	7.5% – 22.8%		7.5% – 16.5%
	Weighted average		8.60%		9.10%	6.70%		8.20%	7.50%		7.90%
	Life (in years)
	Range		1.1 – 7.3		1.6 – 7.3	1.3 – 7.3		2.7 – 7.3	1.9 – 7.0		2.4 – 7.0
	Weighted average		6.4		7.1	6.4		6.9	6.4		6.1
	Annual total prepayment speed (2)
	Range		7.6% – 56.4%		8.0% – 42.7%	7.6% – 51.8%		7.9% – 27.0%	6.7% – 45.0%		7.9% – 51.5%
	Weighted average		9.60%		9.70%	9.10%		10.00%	9.10%		12.70%
	Annual per-loan cost of servicing
	Range		$59 – $140		$59 – $140	$68 – $140		$68 – $68	$68 – $140		$68 – $140
	Weighted average		$69		$68	$68		$68	$68		$74
	-1	Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans.
	-2	Prepayment speed is measured using Life Total CPR.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Assumptions	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable):
			December 31, 2014			December 31, 2013
			Amortized cost		Fair value	Amortized cost		Fair value
			(Carrying value, unpaid principal balance and effect on fair value amounts in
			thousands)
	Carrying value		$300,422		$57,358	$264,120		$26,452
	Key inputs:
	Unpaid principal balance of underlying mortgage loans		$28,006,797		$6,278,676	$23,399,612		$2,393,321
	Weighted-average annual servicing fee rate (in basis points)		26		25	26		26
	Weighted-average note interest rate		3.80%		4.78%	3.68%		4.78%
	Pricing spread (1)(2)
	Range		6.3% – 17.5%		8.1% – 16.3%	6.3% – 17.5%		7.3% – 15.3%
	Weighted average		7.90%		10.30%	6.70%		8.60%
	Effect on fair value of a:
	5% adverse change		($5,801)		($937)	($5,490)		($488)
	10% adverse change		($11,410)		($1,845)	($10,791)		($959)
	20% adverse change		($22,086)		($3,577)	($20,861)		($1,855)
	Weighted average life (in years)
	Range		1.8 – 7.2		1.8 – 7.2	1.3 – 7.3		2.8 – 7.3
	Weighted average		6.4		6.7	6.7		7.2
	Prepayment speed (1)(3)
	Range		7.8% – 47.9%		8.0% – 39.6%	7.7% – 51.9%		8.0% – 20.0%
	Weighted average		8.80%		11.40%	8.20%		8.90%
	Effect on fair value of a:
	5% adverse change		($6,166)		($1,430)	($5,467)		($568)
	10% adverse change		($12,138)		($2,803)	($10,765)		($1,117)
	20% adverse change		($23,532)		($5,394)	($20,886)		($2,160)
	Annual per-loan cost of servicing (1)
	Range		$62 – $134		$62 – $134	$68 – $140		$68 – $140
	Weighted average		$62		$62	$68		$68
	Effect on fair value of a:
	5% adverse change		($1,807)		($334)	($1,695)		($158)
	10% adverse change		($3,614)		($668)	($3,390)		($316)
	20% adverse change		($7,228)		($1,337)	($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)	12 Months Ended
	Dec. 31, 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:
		December 31, 2014				December 31, 2013
		Fair		Unpaid		Fair		Unpaid
		value		principal		value		principal
				balance				balance
	Loan type	(in thousands)
	Conventional:
	Agency-eligible	$	290,007	$	277,355	$	311,162	$	304,749
	Jumbo		138,390		135,008		34,615		35,050
	Held for sale to PennyMac Loan Services, LLC — Government-insured or guaranteed		209,325		198,265		112,360		107,587
		$	637,722	$	610,628	$	458,137	$	447,386
	Loans pledged to secure assets sold under agreements to repurchase	$	609,608			$	454,210
	Loans pledged to secure mortgage loan participation and sale agreements	$	20,799

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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:
		December 31, 2014								December 31, 2013
				Fair value								Fair value
	Instrument	Notional		Derivative			Derivative			Notional		Derivative			Derivative
		amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments:
	Free-standing derivatives:
	Interest rate lock commitments		695,488	$	5,678		$	17			557,343	$	2,510		$	1,261
	Forward sales contracts		1,601,283		52			6,649			3,588,027		16,385			1,295
	Forward purchase contracts		1,100,700		3,775			34			2,781,066		1,229			7,420
	MBS put options		340,000		374			—			55,000		272			—
	MBS call options		—		—			—			110,000		—			—
	Eurodollar future sales contracts		7,426,000		—			—			8,779,000		—			—
	Eurodollar future purchase contracts		800,000		—			—			—		—			—
	Treasury futures sales contracts		85,000		—			478			105,000		—			—
	Call options on interest rate futures		1,030,000		3,319			—			—		—			—
	Put options on interest rate futures		275,000		193			—			52,500		566			—
	Total derivative instruments before netting				13,391			7,178					20,962			9,976
	Netting				(2,284	)		(4,748	)				(12,986	)		(8,015	)
				$	11,107		$	2,430				$	7,976		$	1,961
	Margin deposits with (collateral received from) derivatives counterparties			$	2,465							$	(4,971	)
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [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, inventory of mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities.
		Year ended December 31, 2014
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2014
	Forward sales contracts		3,588,027		45,904,253			(47,890,997	)		1,601,283
	Forward purchase contracts		2,781,066		33,418,838			(35,099,204	)		1,100,700
	MBS put options		55,000		2,087,500			(1,802,500	)		340,000
	MBS call options		110,000		230,000			(340,000	)		—
	Eurodollar future sale contracts		8,779,000		3,032,000			(4,385,000	)		7,426,000
	Eurodollar future purchase contracts		—		4,087,000			(3,287,000	)		800,000
	Treasury future sale contracts		105,000		482,600			(502,600	)		85,000
	Treasury future purchase contracts		—		439,200			(439,200	)		—
	Call option on interest rate futures		—		3,530,000			(2,500,000	)		1,030,000
	Put options on interest rate futures		52,500		1,687,500			(1,465,000	)		275,000
		Year ended December 31, 2013
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2013
	Forward sales contracts		4,266,983		72,719,643			(73,398,599	)		3,588,027
	Forward purchase contracts		2,206,539		56,191,824			(55,617,297	)		2,781,066
	MBS put option		495,000		3,335,000			(3,775,000	)		55,000
	MBS call option		—		2,310,000			(2,200,000	)		110,000
	Eurodollar future sale contracts		—		19,852,000			(11,073,000	)		8,779,000
	Eurodollar future purchase contracts		—		660,000			(660,000	)		—
	Treasury future sale contracts		—		180,000			(75,000	)		105,000
	Treasury future purchase contracts		—		75,000			(75,000	)		—
	Call option on interest rate futures				42,500			(42,500	)		—
	Put options on interest rate futures		—		260,000			(207,500	)		52,500
		Year ended December 31, 2012
	Period/Instrument	Balance,		Additions			Dispositions/			Balance,
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2012
	Forward purchase contracts		398,400		23,800,622			(21,992,483	)		2,206,539
	Forward sales contracts		756,691		38,995,923			(35,485,631	)		4,266,983
	MBS put option		28,000		2,585,000			(2,118,000	)		495,000
	MBS call option		5,000		90,000			(95,000	)		—

Mortgage_Loans_at_Fair_Value_T

Mortgage Loans at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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:
		December 31, 2014					December 31, 2013
	Loan type	Fair			Unpaid		Fair		Unpaid
		value			principal		value		principal
					balance				balance
		(in thousands)
	Nonperforming loans	$	1,535,317		$	2,246,585	$	1,469,686	$	2,415,446
	Performing loans:
	Fixed interest rate		322,704			449,496		310,607		475,568
	Adjustable-rate mortgage (“ARM”)/hybrid		127,405			162,329		165,327		207,553
	Interest rate step-up		213,999			323,350		130,906		215,702
	Balloon		158			210		139		213
			664,266			935,385		606,979		899,036
	Fixed interest rate jumbo loans held in a VIE		527,369			517,500		523,652		543,257
		$	2,726,952		$	3,699,470	$	2,600,317	$	3,857,739
	Mortgage loans at fair value pledged to secure borrowings at period end:
	Assets sold under agreements to repurchase	$	2,543,242				$	2,314,324
	Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	$	—				$	989
	Mortgage loans held in a VIE securing an asset-backed financing	$	527,369				$	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	December 31, 2014		December 31, 2013
	Portion of mortgage loans originated between 2005 and 2007	75%		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	22%		24%
	Additional states contributing 5% or more of mortgage loans	New York		New York
		New Jersey		Florida
		Florida		New Jersey

Mortgage_Loans_Under_Forward_P1

Mortgage Loans Under Forward Purchase Agreements at Fair Value (Tables) (Forward Purchasers [Member])	12 Months Ended
	Dec. 31, 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:
		December 31, 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:
		December 31,		December 31,
		2014		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)	12 Months Ended
	Dec. 31, 2014
Banking and Thrift [Abstract]
Summary of Financial Information Relating to REO	Following is a summary of financial information relating to REO:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Balance at beginning of period	$	138,942		$	88,078		$	80,570
	Purchases		3,049			82			48
	Transfers from mortgage loans at fair value and advances		364,945			185,061			112,642
	Transfers from REO under forward purchase agreements		12,737			117			21,819
	Results of REO:
	Valuation adjustments, net		(45,476	)		(24,002	)		(16,942	)
	Gain on sale, net		13,498			10,531			16,440
			(31,978	)		(13,471	)		(502	)
	Proceeds from sales		(184,467	)		(120,925	)		(126,499	)
	Balance at end of period	$	303,228		$	138,942		$	88,078
	At period end:
	REO pledged to secure assets sold under agreements to repurchase	$	138,284		$	17,453		$	9,061
	REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$	12,365		$	71,951		$	14,773

Real_Estate_Acquired_in_Settle3

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements (Tables)	12 Months Ended
	Dec. 31, 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:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Balance at beginning of period	$	9,138		$	—		$	22,979
	Purchases		68			4			249
	Transfers from mortgage loans under forward purchase agreements at fair value and advances		9,369			9,922			6,633
	Transfers to REO		(12,737	)		(117	)		(21,819	)
	Results of REO under forward purchase agreements:
	Valuation adjustments, net		(779	)		(112	)		(449	)
	Gain on sale, net		306			92			2,319
			(473	)		(20	)		1,870
	Proceeds from sales		(5,365	)		(651	)		(9,912	)
	Balance at end of period	$	—		$	9,138		$	—

Mortgage_Servicing_Rights_Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs carried at fair value:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Balance at beginning of period		$	26,452		$	1,346		$	749
	Additions:
	Purchases			—			1,419			20
	MSRs resulting from loan sales			47,693			23,071			1,508
	Total additions			47,693			24,490			1,528
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model (1)			(11,455	)		1,338			(708	)
	Other changes in fair value (2)			(5,193	)		(722	)		(144	)
				(16,648	)		616			(852	)
	Sales			(139	)		—			(79	)
	Balance at end of period		$	57,358		$	26,452		$	1,346
	-1	Principally reflects changes in pricing spread (discount rates) 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 Amortized Cost	Following is a summary of MSRs carried at amortized cost:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Amortized Cost:
	Balance at beginning of period		$	266,697		$	132,977		$	5,282
	MSRs resulting from loan sales			73,640			159,961			133,159
	Purchases			—			—			15
	Amortization			(31,911	)		(26,241	)		(5,460	)
	Sales			(289	)		—			(19	)
	Balance at end of period			308,137			266,697			132,977
	Valuation Allowance:
	Balance at beginning of period			(2,577	)		(7,547	)		—
	Reversals (additions)			(5,138	)		4,970			(7,547	)
	Balance at end of period			(7,715	)		(2,577	)		(7,547	)
	MSRs, net		$	300,422		$	264,120		$	125,430
	Estimated fair value at end of period		$	322,230		$	289,737		$	126,995
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 assumptions made by the Manager in its December 31, 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 the Manager.
	Year ending December 31,		Estimated MSR
			amortization
			(in thousands)
	2015		$	32,122
	2016			31,986
	2017			29,893
	2018			27,244
	2019			24,680
	Thereafter			162,212
	Total		$	308,137

Net_Loan_Servicing_Fees_Tables

Net Loan Servicing Fees (Tables)	12 Months Ended
	Dec. 31, 2014
Summary of Net Loan Servicing Fees	Net loan servicing fees is summarized below:
			Year ended December 31,
			2014			2013			2012
			(in thousands)
	Servicing fees (1)		$	80,008		$	54,725		$	10,982
	MSR recapture fee receivable from PFSI			9			709			—
	Effect of MSRs:
	Carried at lower of amortized cost or fair value
	Amortization			(31,911	)		(26,241	)		(5,460	)
	(Provision for) reversal of impairment			(5,138	)		4,970			(7,547	)
	Gain on sale			46			—			—
	Carried at fair value - change in fair value			(16,648	)		616			(852	)
	Gains (losses) on hedging derivatives			11,527			(1,988	)		2,123
				(42,124	)		(22,643	)		(11,736	)
	Net loan servicing fees		$	37,893		$	32,791		$	(754	)
	Average servicing portfolio		$	29,709,898		$	20,670,861		$	3,667,941
	-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:
			Year ending December 31,
			2014			2013			2012
			(in thousands)
	Contractually-specified servicing fees		$	76,300		$	50,716		$	9,969

Assets_Sold_Under_Agreements_t1

Assets Sold Under Agreements to Repurchase (Tables)	12 Months Ended
	Dec. 31, 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:
			Year ending December 31,
			2014			2013			2012
			(dollars in thousands)
	During the year:
	Weighted-average interest rate (1)			2.12	%		2.43	%		2.77	%
	Average balance		$	2,311,273		$	1,552,912		$	805,461
	Total interest expense		$	58,304		$	47,790		$	28,025
	Maximum daily amount outstanding		$	3,203,989		$	3,124,616		$	1,684,712
	At year end:
	Balance		$	2,730,130		$	2,039,605		$	1,256,102
	Weighted-average stated interest rate			2.32	%		2.29	%		3.02	%
	Available borrowing capacity:
	Committed		$	652,360		$	1,467,138		$	643,898
	Uncommitted			695,000			150,000			350,000
			$	1,347,360		$	1,617,138		$	993,898
	Margin deposits placed with counterparties		$	5,579		$	3,201		$	4,468
	Fair value of assets securing agreements to repurchase:
	Mortgage-backed securities		$	307,363		$	197,401		$	—
	Mortgage loans acquired for sale at fair value			609,608			454,210			972,079
	Mortgage loans at fair value			2,543,242			2,315,313			949,060
	Real estate acquired in settlement of loans			150,649			89,404			23,834
			$	3,610,862		$	3,056,328		$	1,944,973
	-1	Excludes the amortization of commitment fees and issuance costs of $9.4 million, $10.0 million, and $5.5 million for the years ended December 31, 2014, 2013, and 2012, 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 December 31, 2014		Balance
			(in thousands)
	Within 30 days		$	493,560
	Over 30 to 90 days			508,083
	Over 90 days to 180 days			—
	Over 180 days to 1 year			1,613,709
	Over 1 year to 2 years			114,778
			$	2,730,130
	Weighted average maturity (in months)			6.9
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)
	Citibank, N.A.		$	332		2-Jan-15
	Credit Suisse First Boston Mortgage Capital LLC		$	7,078		23-Jan-15
	Bank of America, N.A.		$	2,512		February 17, 2015
	Daiwa Capital Markets America Inc.		$	6,442		February 1, 2015
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 December 31, 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)
	Citibank, N.A.		$	417,059		—		7-Sep-15
	Credit Suisse First Boston Mortgage Capital LLC		$	294,288		May 9, 2015		October 30, 2015
	The Royal Bank of Scotland Group		$	101,255		—		17-Feb-15
	Bank of America, N.A.		$	39,447		March 17, 2015		30-Jan-15
	Morgan Stanley		$	9,799		February 22, 2015		December 17, 2015

Mortgage_Loan_Participation_an1

Mortgage Loan Participation and Sale Agreement (Tables)	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Summary of Mortgage Loan Participation and Sale Agreement	The mortgage loan participation and sale agreement is summarized below:
			Year ending
			December 31, 2014
	During the year:
	Weighted-average interest rate (1)			1.42	%
	Average balance		$	44,770
	Total interest expense		$	912
	Maximum daily amount outstanding		$	116,363
	At year end:
	Balance		$	20,236
	Weighted-average interest rate			1.42	%
	Mortgage loans pledged to secure mortgage loan participation and sale agreement		$	20,862
	-1	Excludes the amortization of commitment fees of $266,000 for the year ended December 31, 2014.

AssetBacked_Secured_Financing_1

Asset-Backed Secured Financing of the Variable Interest Entity at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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:
		Year ended December 31,
		2014			2013			2012
		(dollars in thousands)
	During the year:
	Weighted-average fair value	$	167,752		$	43,108		$	—
	Interest expense	$	6,489		$	1,612		$	—
	Weighted-average effective interest rate		3.82	%		3.69	%		—
	At year end:
	Fair value	$	165,920		$	165,415		$	—
	Interest rate		3.5	%		3.5	%		0	%

Exchangeable_Senior_Notes_Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2014
Text Block [Abstract]
Summary of Financial Information Relating to Notes	Following is financial information relating to the Notes:
			Year ended December 31,
			2014		2013		2012
			(dollars in thousands)
	During the year:
	Weighted-average balance		$	250,000	$	168,493	$	—
	Interest expense (2)		$	14,357	$	9,580	$	—
	At year end:
	Balance		$	250,000	$	250,000	$	—
	Unamortized issuance costs (1)		$	5,921	$	6,800	$	—
	-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 $920,000 and $584,000 during the year ended December 31, 2014 and December 31, 2013, respectively.

Borrowings_under_Forward_Purch1

Borrowings under Forward Purchase Agreements (Tables)	12 Months Ended
	Dec. 31, 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:
		Year ended December 31,
		2014			2013			2012
		(dollars in thousands)
	During the year:
	Weighted-average effective interest rate		2.84	%		2.94	%		4.01	%
	Weighted-average balance	$	82,056		$	124,394		$	58,719
	Interest expense	$	2,364		$	3,707		$	2,396
	Maximum daily amount outstanding	$	226,848		$	244,047		$	152,428
	At year end:
	Balance	$	—		$	226,580		$	—
	Interest rate		0	%		3.02	%		0	%
	Fair value of underlying loans and REO	$	—		$	226,833		$	—

Liability_for_Losses_Under_Rep1

Liability for Losses Under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 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:
		Year ended December 31,
		2014			2013		2012
		(in thousands)
	Balance, beginning of year	$	10,110		$	4,441	$	205
	Provision for losses		4,255			5,669		4,236
	Losses charged		(123	)		—		—
	Balance, end of year	$	14,242		$	10,110	$	4,441
	Unpaid principal balance of mortgage loans subject to representations and warranties at period end	$	34,673,414		$	25,652,972	$	12,168,454

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Loan Commitments	The following table summarizes the Company’s outstanding contractual loan commitments:
		December 31, 2014
		(in thousands)
	Commitments to purchase mortgage loans:
	Mortgage loans acquired for sale at fair value	$	695,488
	Mortgage loans at fair value	$	310,160

Net_Gain_on_Mortgage_Loans_Acq1

Net Gain on Mortgage Loans Acquired for Sale (Tables)	12 Months Ended
	Dec. 31, 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:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Cash (loss) gain :
	Sales proceeds, net	$	(20,989	)	$	(197,580	)	$	13,918
	Hedging activities		(57,161	)		136,829			(57,040	)
			(78,150	)		(60,751	)		(43,122	)
	Non cash gain:
	Receipt of MSRs in loan sale transactions		121,333			183,032			134,682
	Provision for losses relating to representations and warranties provided in loan sales		(4,255	)		(5,669	)		(4,236	)
	Change in fair value of IRLCs, mortgage loans and hedging derivatives held at period end:
	IRLCs		4,412			(18,230	)		13,707
	Mortgage loans		3,825			(9,265	)		43,691
	Hedging derivatives		(11,518	)		9,552			2,953
			(3,281	)		(17,943	)		60,351
		$	35,647		$	98,669		$	147,675

Net_Interest_Income_Tables

Net Interest Income (Tables)	12 Months Ended
	Dec. 31, 2014
Banking and Thrift, Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized for the periods presented below:
		Year ended December 31,
		2014		2013		2012
		(in thousands)
	Interest income:
	Short-term investments	$	604	$	542	$	42
	Mortgage-backed securities		8,226		2,138		2,084
	Agency debt securities		—		222		—
	Mortgage loans acquired for sale at fair value		23,974		33,726		19,731
	Mortgage loans at fair value		122,620		81,275		49,462
	Mortgage loans under forward purchase agreements		3,584		3,659		996
	Excess servicing spread purchased from PFSI, at fair value		13,292		1,091		—
	Other		48		209		126
			172,348		122,862		72,441
	Interest expense:
	Assets sold under agreements to repurchase		58,304		47,790		28,025
	Mortgage loans participation and sale agreement		912		—		—
	Borrowings under forward purchase agreements		2,363		3,707		2,396
	Asset-backed secured financing		6,490		1,612		—
	Exchangeable senior notes		14,358		9,580		—
	Note payable secured by mortgage loans at fair value		—		—		113
	Other		3,162		2,533		1,108
			85,589		65,222		31,642
	Net interest income	$	86,759	$	57,640	$	40,799

Net_Gain_on_Investments_Tables

Net Gain on Investments (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Summary of Net Gain on Investments	Net gain on investments is summarized below:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Net gain (loss) on investments:
	Mortgage-backed securities	$	10,416		$	(1,347	)	$	612
	Hedging derivatives		(6,802	)		(4,310	)		—
			3,614			(5,657	)		612
	Agency debt security		—			1,725			—
	Excess servicing spread purchased from PFSI at fair value		(20,834	)		2,423			—
	Mortgage loans		227,488			206,988			103,037
	Asset-backed secured financing		(8,459	)		2,279			—
		$	201,809		$	207,758		$	103,649

ShareBased_Compensation_Plans_

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Share Unit Activity and Compensation Expense	The table below summarizes restricted share unit activity and compensation expense:
			Year ended December 31,
			2014			2013			2012
	Number of units:
	Outstanding at beginning of year			661,372			665,617			491,809
	Granted			300,131			255,445			350,000
	Vested			(234,466	)		(253,509	)		(161,678	)
	Canceled			(1,625	)		(6,181	)		(14,514	)
	Outstanding at end of year			725,412			661,372			665,617
	Weighted Average Grant Date Fair Value:
	Outstanding at beginning of year		$	19.95		$	15.92		$	12.57
	Granted		$	21.05		$	23.91		$	18.91
	Vested		$	19.68		$	13.4		$	12.15
	Canceled		$	18.74		$	20.06		$	16.82
	Outstanding at end of year		$	21		$	19.95		$	15.92
	Compensation expense recorded during the year		$	7,107,000		$	6,763,000		$	6,032,000
	Year end:
	Units available for future awards (1)			5,293,433			5,029,174			4,014,159
	Unamortized compensation cost		$	7,023,418		$	6,178,000		$	5,798,000
	-1	Based on shares outstanding as of December 31, 2014. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above.

Other_Expenses_Tables

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2014
Other Income and Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below:
		Year ended December 31,
		2014			2013		2012
		(in thousands)
	Common overhead allocation from PFSI	$	10,477		$	10,423	$	4,183
	Servicing and collection costs		6,892			1,861		1,577
	Loan origination		2,638			4,584		752
	Insurance		989			890		762
	Technology		984			826		701
	Securitization		(150	)		1,742		—
	Other expenses		2,463			2,735		1,582
		$	24,293		$	23,061	$	9,557

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Tax Characterization of Distributions	The approximate tax characterization of the Company’s distributions is as follows:
	Year ended December 31,	Ordinary			Long term			Return of
		income			capital gain			capital
	2014		86	%		14	%		0	%
	2013		83	%		17	%		0	%
	2012		83	%		0	%		17	%
Summary of Company's Income Tax Expense (Benefit)	The following table details the Company’s income tax expense (benefit) which relates primarily to the TRSs for the periods presented:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Current expense (benefit):
	Federal	$	352		$	(10,014	)	$	4,760
	State		104			(2,232	)		1,686
	Total current expense (benefit)		456			(12,246	)		6,446
	Deferred (benefit) expense:
	Federal		(10,232	)		20,737			31,266
	State		(5,304	)		5,954			10,861
	Total deferred (benefit) expense		(15,536	)		26,691			42,127
	Total (benefit) provision for income taxes	$	(15,080	)	$	14,445		$	48,573
Reconciliation of Company's Provision for Income Taxes	The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the periods presented:
		Year ended December 31,
		2014						2013						2012
		Amount			Rate			Amount			Rate			Amount			Rate
		(dollars in thousands)
	Federal income tax expense at statutory tax rate	$	62,812			35	%	$	75,122			35	%	$	65,387			35	%
	Effect of non-taxable REIT income		(74,480	)		(41.5	%)		(63,564	)		(29.6	)%		(24,943	)		(13.4	)%
	State income taxes, net of federal benefit		(3,380	)		(1.9	%)		2,419			1.1	%		8,140			4.4	%
	Other		(32	)		0	%		468			0.2	%		(11	)		0	%
	Valuation allowance		—			0	%		—			0	%		—			0	%
	(Benefit) provision for income taxes	$	(15,080	)		(8.4	%)	$	14,445			6.7	%	$	48,573			26	%
Components of Provision for Deferred Income Taxes	The Company’s components of the provision for deferred income taxes are as follows:
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Real estate valuation loss	$	(5,079	)	$	2,651		$	(5,512	)
	Mortgage servicing rights		27,996			66,284			49,420
	Net operating loss carryforward		(35,963	)		(38,783	)		—
	Liability for losses under representations and warranties		(5,944	)		—			—
	Other		3,454			(3,461	)		(1,781	)
	Valuation allowance		—			—			—
	Total (benefit) provision for deferred income taxes	$	(15,536	)	$	26,691		$	42,127
Components of Income Taxes Payable	The components of income taxes payable are as follows:
		December 31, 2014			December 31, 2013
		(in thousands)
	Taxes currently receivable	$	1,428		$	8,446
	Deferred income taxes payable		(52,845	)		(68,381	)
	Income taxes payable	$	(51,417	)	$	(59,935	)
Summary of Deferred Income Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below:
		December 31, 2014			December 31, 2013
		(in thousands)
	Deferred income tax assets:
	REO valuation loss	$	10,697		$	5,748
	Net operating loss carryforward		73,869			38,783
	Liability for losses under representations and warranties		5,944			—
	Other		2,112			5,328
	Gross deferred tax assets		92,622			49,859
	Deferred income tax liabilities:
	Mortgage servicing rights		(143,565	)		(118,240	)
	Other		(1,902	)		—
	Gross deferred tax liabilities		(145,467	)		(118,240	)
	Net deferred income tax liability	$	(52,845	)	$	(68,381	)

Segments_and_Related_Informati1

Segments and Related Information (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below:
	Year ended December 31, 2014		Correspondent			Investment			Intersegment			Total
			production			activities			elimination & other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	35,647		$	—		$	—		$	35,647
	Net gain on investments			—			201,809			—			201,809
	Interest income			24,022			150,714			(2,388	)		172,348
	Interest expense			(15,899	)		(72,078	)		2,388			(85,589	)
				8,123			78,636			—			86,759
	Net loan servicing fees			—			37,893			—			37,893
	Other income (loss)			18,290			(23,657	)		—			(5,367	)
				62,060			294,681			—			356,741
	Expenses:
	Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.			49,872			86,404			—			136,276
	Other			3,357			37,644			—			41,001
				53,229			124,048			—			177,277
	Pre-tax income		$	8,831		$	170,633		$	—		$	179,464
	Total assets at period end		$	654,476		$	4,249,820		$	—		$	4,904,296
	Year ended December 31, 2013		Correspondent			Investment			Intersegment			Total
			production			activities			elimination & other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	98,669		$	—		$	—		$	98,669
	Net gain on investments			—			207,758			—			207,758
	Interest income			33,727			94,435			(5,300	)		122,862
	Interest expense			(26,808	)		(43,714	)		5,300			(65,222	)
				6,919			50,721			—			57,640
	Net loan servicing fees			—			32,791			—			32,791
	Other investment income (loss)			17,715			(9,055	)		—			8,660
				123,303			282,215			—			405,518
	Expenses:
	Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.			78,552			69,699			3,284	(1)		151,535
	Other			861			38,487			—			39,348
				79,413			108,186			3,284			190,883
	Pre-tax income		$	43,890		$	174,029		$	(3,284	)	$	214,635
	Total assets at period end		$	472,089		$	3,838,828		$	—		$	4,310,917
	-1	Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.
	Year ended December 31, 2012		Correspondent			Investment			Intersegment			Total
			production			activities			elimination & other
			(in thousands)
	Net investment income:
	Net gain on mortgage loans acquired for sale		$	147,675		$	—		$	—		$	147,675
	Net gain on investments			—			103,649			—			103,649
	Interest income			19,733			52,796			(88	)		72,441
	Interest expense			(11,289	)		(20,441	)		88			(31,642	)
				8,444			32,355			—			40,799
	Net loan servicing fees			—			(754	)		—			(754	)
	Other investment income (loss)			10,545			1,612			—			12,157
				166,664			136,862			—			303,526
	Expenses:
	Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.			64,912			29,038			—			93,950
	Other			1,253			21,501			—			22,754
				66,165			50,539			—			116,704
	Pre-tax income		$	100,499		$	86,323		$	—		$	186,822
	Total assets at period end		$	1,004,399		$	1,555,264		$	—		$	2,559,663

Selected_Quarterly_Results_Tab

Selected Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Following is a presentation of selected quarterly financial data:
			Quarter ended
			2014								2013
			Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30		June 30		Mar. 31
			(dollars in thousands, except per share data)
	For the quarter ended:
	Net investment income		$	53,059	$	106,530	$	120,556	$	76,595	$	96,087	$	86,062	$	115,553	$	107,816
	Net income		$	26,511	$	54,949	$	75,211	$	37,873	$	52,696	$	39,701	$	54,497	$	53,296
	Earnings per share:
	Basic		$	0.35	$	0.74	$	1.01	$	0.52	$	0.74	$	0.61	$	0.92	$	0.9
	Diluted		$	0.34	$	0.69	$	0.93	$	0.5	$	0.69	$	0.57	$	0.86	$	0.9
	Cash dividends declared per share		$	0.61	$	0.61	$	0.59	$	0.59	$	1.16	$	0.57	$	0.57	$	0.57
	At period end:
	Short-term investments at fair value		$	139,900	$	37,452	$	104,453	$	91,338	$	92,398	$	80,936	$	73,236	$	45,024
	Investment securities at fair value			307,363		267,885		218,725		198,110		197,401		217,492		—		—
	Mortgage loans at fair value(1)			3,364,674		3,250,761		3,606,906		3,156,041		3,276,582		3,350,632		2,862,126		2,490,270
	Excess servicing spread			191,166		187,368		190,244		151,019		138,723		2,857		—		—
	Real estate acquired in settlement of loans(2)			303,228		275,185		240,471		186,877		148,080		103,202		88,771		84,486
	Mortgage servicing rights(3)			357,780		345,848		315,484		301,427		290,572		269,675		226,901		180,441
	Other assets			240,185		240,314		193,462		142,725		167,161		224,437		192,350		126,939
	Total assets		$	4,904,296	$	4,604,813	$	4,869,745	$	4,227,537	$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160
	Assets sold under agreements to repurchase and mortgage loan participation and sale agreement		$	2,750,366	$	2,416,686	$	2,701,755	$	1,887,778	$	2,039,605	$	1,980,058	$	1,565,896	$	1,615,050
	Borrowings under forward purchase agreements			—		—		—		216,614		226,580		229,841		244,047		—
	Asset-backed secured financing at fair value			165,920		166,841		170,201		166,514		165,415		170,008		—		—
	Exchangeable senior notes			250,000		250,000		250,000		250,000		250,000		250,000		250,000		—
	Other liabilities			159,838		183,245		170,629		163,349		162,203		124,559		139,260		89,681
	Total liabilities			3,326,124		3,016,772		3,292,585		2,684,255		2,843,803		2,754,466		2,199,203		1,704,731
	Shareholders’ equity			1,578,172		1,588,041		1,577,160		1,543,282		1,467,114		1,494,765		1,244,181		1,222,429
	Total liabilities and shareholders’ equity		$	4,904,296	$	4,604,813	$	4,869,745	$	4,227,537	$	4,310,917	$	4,249,231	$	3,443,384	$	2,927,160
	-1	Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value.
	-2	Includes REO and REO under forward purchase agreements.
	-3	Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Cash paid for interest	$	94,116		$	67,374		$	31,693
	Income tax (refund) paid	$	(6,562	)	$	(9,200	)	$	12,700
	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	$	364,945		$	185,061		$	112,642
	Transfer of mortgage loans acquired for sale to mortgage loans at fair value	$	—		$	—		$	18
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	246,605		$	1,070
	Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	$	205,902		$	15,347		$	117,913
	Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	$	9,369		$	9,448		$	6,633
	Receipt of MSRs as proceeds from sales of loans	$	121,333		$	183,032		$	134,682
	Purchase of REO financed through forward purchase agreements	$	—		$	38		$	249
	Receipt of ESS pursuant to recapture agreement with PFSI	$	7,343		$	—		$	—
	Transfer of REO under forward purchase agreements to REO	$	12,737		$	117		$	21,819
	Non-cash financing activities:
	Purchase of mortgage loans financed through forward purchase agreements	$	2,828		$	246,605		$	1,070
	Purchase of REO financed through forward purchase agreements	$	—		$	38		$	249
	Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	$	2,731		$	44,395		$	—
	Dividends payable	$	45,894		$	41,570		$	—

Parent_Company_Information_Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Parent Company Information	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED BALANCE SHEETS
		December 31,
		2014			2013
		(in thousands)
	Assets
	Short-term investment	$	506		$	1,340
	Investments in subsidiaries		1,637,927			1,527,213
	Receivables from subsidiaries		261			16
	Other assets		522			521
	Total assets	$	1,639,216		$	1,529,090
	Liabilities
	Dividends payable	$	45,482		$	41,570
	Accounts payable and accrued liabilities		2,988			3,825
	Due to affiliates		1,548			1,788
	Payables to subsidiaries		338			378
	Income taxes payable		126			67
	Total liabilities		50,482			47,628
	Shareholders’ equity		1,588,734			1,481,462
	Total liabilities and shareholders’ equity	$	1,639,216		$	1,529,090
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF INCOME
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Income
	Dividends from subsidiaries	$	174,192		$	148,520		$	107,135
	Interest
	Intercompany		15			20			2,256
	Other		4			4			61
	Debt guarantee fees receivable from PennyMac Corp., LLC		1,250			833			—
	Total income		175,461			149,377			109,452
	Expenses
	Intercompany interest		26			39			167
	Other		—			—			1,321
	Total expenses		26			39			1,488
	Income before provision for income taxes and equity in undistributed earnings in subsidiaries		175,435			149,338			107,964
	Provision for income taxes		372			86			—
	Income before equity in undistributed earnings of subsidiaries		175,063			149,252			107,964
	Equity in undistributed earnings of subsidiaries		23,288			49,940			28,845
	Net income	$	198,351		$	199,192		$	136,809
	PENNYMAC MORTGAGE INVESTMENT TRUST
	CONDENSED STATEMENTS OF CASH FLOWS
		Year ended December 31,
		2014			2013			2012
		(in thousands)
	Cash flows from operating activities:
	Net income	$	198,351		$	199,192		$	136,809
	Adjustments to reconcile net income to net cash provided by operating activities:
	Equity in undistributed earnings of subsidiaries		(23,288	)		(49,940	)		(28,845	)
	Decrease (increase) in receivables from subsidiaries		107			(16	)		38,976
	(Increase) decrease in other assets		(1	)		(316	)		943
	(Decrease) increase in accounts payable and accrued liabilities		(837	)		(2,582	)		524
	(Decrease) increase in due to affiliates		(652	)		(1,169	)		16
	(Decrease) increase payable to subsidiaries		(40	)		314			(2,472	)
	Increase in income taxes payable		59			67			—
	Net cash provided by operating activities		173,699			145,550			145,951
	Cash flows from investing activities:
	Increase in investment in subsidiaries		(89,618	)		(249,315	)		(666,101	)
	Net decrease in short-term investments		834			2,059			8,148
	Net cash used by investing activities		(88,784	)		(247,256	)		(657,953	)
	Cash flows from financing activities:
	Proceeds from issuance of common shares		90,588			261,595			608,184
	Payment of common share underwriting and offering costs		(1,070	)		(12,321	)		(1,360	)
Payment of dividends		(174,433	)		(147,568	)		(94,822	)
Net cash (used) provided by financing activities		(84,915	)		101,706			512,002
Net change in cash		—			—			—
Cash at beginning of period		—			—			—
Cash at end of period	$	—		$	—		$	—
Non-cash financing activity — dividends payable	$	45,894		$	41,570		$	—

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment portfolio purchases:
Investment portfolio purchases, Mortgage loans	$557,432	$1,309,767	$542,766
Investment portfolio purchases, REO	3,117	120	297
Investment portfolio purchases, total	560,549	1,309,887	543,063
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	26,737	443,154	504,710
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	68	38	48
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	26,805	443,192	504,758
Forward Purchase Commitments [Member]
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	943,163	1,138,131
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	108,302	84,726
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	1,051,465	1,449,690
Total holdings of mortgage loans and REO	3,030,180	2,966,525
Forward Purchase Commitments [Member] | Mortgage loans under forward purchase agreements [Member]
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	218,128
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	$0	$8,705

Concentration_of_Risks_Consoli

Concentration of Risks - Consolidated Statements of Income and Cash Flows (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statements of income:
Interest income	$3,584	$3,659	$996
Interest expense	2,363	3,707	2,396
Net gain on investments	803	11,720	9,293
Net loan servicing fees	516	852	1,011
Results of REO	-473	-20	1,870
Statements of cash flows:
Repayments of mortgage loans	6,413	15,319	14,292
Sales of REO	5,365	651	9,912
Repayments of borrowings under forward purchase agreements	($227,866)	($27,070)	($157,166)

Significant_Accounting_Policie1

Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Cost-basis investments	$0
Equity method investments	$0
Loans delinquent	90 or more days
Deciding percentage of class of MSRs	More than 4.5%
Interest rate	4.50%
MSRs note rate pool description	Note interest rate pools of 50 basis points for note interest rates between 3.0% and 4.5% and a single pool for note interest rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool.
Mortgage loans description	Note interest rate pools of 50 basis points
Basis points for mortgage loan	0.50%
Fixed-rate mortgage loans, Maximum	4.50%
Income tax positions likely to be recognized	50.00%
Mortgage servicing rights [Member]
Mortgage Loans on Real Estate [Line Items]
Deciding percentage of class of MSRs	The Company has identified two classes of MSRs originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; and MSRs backed by mortgage loans with initial interest rates of more than 4.5%.
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Servicing fee, percentage	0.25%
Fixed-rate mortgage loans	3.00%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Servicing fee, percentage	0.38%

Transactions_with_Related_Part2

Transactions with Related Parties - Management Fees - Additional Information (Detail) (USD $)	12 Months Ended	0 Months Ended
In Billions, unless otherwise specified	Dec. 31, 2014	Feb. 01, 2013
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate	1.50%
Performance incentive fee	20.00%
Hurdle rate	8.00%
Performance incentive fee description	The performance incentive fee is calculated quarterly and is equal to (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark.
Percentage of change in net income due to quarterly adjustments	8.00%
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.
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of performance incentive fee paid in Company's common shares	50.00%
1.5% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate		1.50%
1.5% per annum of stockholders equity [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit		2
1.375% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate		1.38%
1.375% per annum of stockholders equity [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit		5
1.375% per annum of stockholders equity [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit		2
1.25% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate		1.25%
1.25% per annum of stockholders equity [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit		5
Net income exceeds 10% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	10.00%
Percentage of return on equity	12.00%
Net income exceeds 10% [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of return on equity	8.00%
Net income exceeds 15% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	15.00%
Percentage of return on equity	16.00%
Net income exceeds 15% [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of return on equity	12.00%
Net income exceeds 20% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	20.00%
Net income exceeds 20% [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of return on equity	16.00%

Transactions_with_Related_Part3

Transactions with Related Parties - Summary of Management Fee Expense and Related Liability (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Management fee:
Base	$23,330	$19,644	$12,436
Performance incentive	11,705	12,766	0
Total management fee incurred during the year	$35,035	$32,410	$12,436

Transactions_with_Related_Part4

Transactions with Related Parties - Mortgage Loan Servicing - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Servicing fees	$700,000
Servicing agreement expiration date	1-Feb-17
Renewal period of servicing agreement	18-month periods
Whole loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	30
Supplemental fee received per month	25
Delinquent and foreclosure [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	125
Subserviced loan [Member]
Mortgage Loans on Real Estate [Line Items]
Supplemental fee received per month	3.25
Subserviced loan [Member] | Fixed-Rate Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	7.5
Subserviced loan [Member] | Adjustable rate mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	8.5
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loans at fair value service fee rate paid to affiliate	50.00%
Additional servicing fees per loan per month	10
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loans at fair value service fee rate paid to affiliate	100.00%
Additional servicing fees per loan per month	$75

Transactions_with_Related_Part5

Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Earned (Detail) (Penny Mac Loan Services Llc [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	$52,522	$39,413	$18,608
Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	252	562	204
Mortgage loans acquired for sale at fair value [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	103	262	204
Mortgage loans acquired for sale at fair value [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	149	300	0
Distress mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	38,561	28,272	18,404
Distress mortgage loans [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	18,953	16,458	14,128
Distress mortgage loans [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	19,608	11,814	4,276
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	13,709	10,579	0
Mortgage servicing rights [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	13,515	10,274	0
Mortgage servicing rights [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees earned by PLS	$194	$305	$0

Transactions_with_Related_Part6

Transactions with Related Parties - Correspondent Production - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.50%
Interest income and sourcing fee	0.03%
Services agreement expiry date	1-Feb-17
Renewal period of servicing agreement	18-month periods
Mortgage banking and warehouse services agreement [Member]
Mortgage Loans on Real Estate [Line Items]
Services agreement expiry date	1-Feb-17
Renewal period of servicing agreement	18-month
Mortgage servicing rights [Member]
Mortgage Loans on Real Estate [Line Items]
Services agreement expiry date	1-Feb-17
Renewal period of servicing agreement	18-month
Mortgage banking services [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan fees per year	25,000
Warehouse services [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan fees per loan	50
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate unpaid principal balance of mortgage loans purchased	2,500,000,000
Percentage of fulfillment fees agreed to reimburse	0.03%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate unpaid principal balance of mortgage loans purchased	5,000,000,000
Percentage of fulfillment fees agreed to reimburse	0.05%
Conventional mortgage loan [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.50%
Ginnie Mae Mortgage-Backed Securities [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.88%
Home Affordable Refinance Program [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.80%
Loan-to-value ratio	105.00%
Home Affordable Refinance Program [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	1.20%
Loan-to-value ratio	105.00%
Other mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.50%

Transactions_with_Related_Part7

Transactions with Related Parties - Summary of Corresponding Production Activity (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Fulfillment fee expense earned by PLS	$48,719	$79,712	$62,906
Unpaid principal balance of loans fulfilled by PLS	11,476,448	15,225,153	13,028,375
Sourcing fees earned from PLS	4,676	4,611	2,505
Fair value of loans sold to PLS	16,431,338	16,113,806	8,864,264
At period end:
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS	637,722	458,137
Penny Mac Loan Services Llc [Member]
At period end:
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS	$209,325	$112,360	$153,326

Transactions_with_Related_Part8

Transactions with Related Parties - Investment Activities - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Percentage of aggregate unpaid principal balance of loans	30.00%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate MSRs transferred	200,000

Transactions_with_Related_Part9

Transactions with Related Parties - Summary of Investment Activity (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]
Purchases of excess servicing spread	$99,728	$139,028	$0
Interest income from excess servicing spread	13,292	1,091	0
Net (loss) gain on excess servicing spread purchased at fair value	-28,663	2,423	0
Excess servicing spread recapture recognized	7,828	0	0
MSR recapture recognized	$9	$709	$0

Recovered_Sheet1

Transactions with Related Parties - Other Transactions - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 04, 2009	Feb. 01, 2013
Mortgage Loans on Real Estate [Line Items]
PMT agreed to reimburse PCM for a payment				$2,900,000
Amount of performance incentive fees for every targeted performance earned	100
Amounts due from PCM	6,600,000	6,000,000
Number of common shares held by affiliate	75,000	75,000
Management [Member]
Mortgage Loans on Real Estate [Line Items]
Rate during reimbursement period	At a rate of $10 in reimbursement for every $100 of performance incentive fees earned.
Performance incentive fees payable	10
Payments of contingent underwriting fee to manager	651,000	944,000	0
Management [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Reimbursement amount for a year					1,000,000
Reimbursement amount					2,900,000
IPO underwriters [Member]
Mortgage Loans on Real Estate [Line Items]
Rate during reimbursement period	At a rate of $20 of payments for every $100 of performance incentive fees earned by PCM.
Performance incentive fees payable	20
Amount of performance incentive fees for every targeted performance earned	100
Payments of contingent underwriting fees to underwriters	1,700,000	1,900,000	0
Reimbursement agreement expiration date	1-Feb-19
IPO underwriters [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Reimbursement amount for a year					2,000,000
Reimbursement amount					$5,900,000

Recovered_Sheet2

Transactions with Related Parties - Summary of Expenses (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]
Common overhead incurred by PCM and its affiliates	$10,850	$10,989	$4,183
Reimbursement of expenses incurred on the Company's behalf	792	4,638	3,146
Total expenses incurred in transaction with affiliates	11,642	15,627	7,329
Payments and settlements during the period	$99,987	$121,230	$85,554

Recovered_Sheet3

Transactions with Related Parties - Summary of Amounts Due to Affiliates (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Related Party Transactions [Abstract]
Management fees	$8,426	$8,924
Allocated expenses	7,088	2,009
Unsettled ESS investment	3,836	0
Servicing fees	3,457	5,915
Contingent underwriting fees	1,136	1,788
Total expense due to affiliate	$23,943	$18,636

Earnings_Per_Share_Summary_of_

Earnings Per Share - Summary of Basic and Diluted Earnings per Share (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basic earnings per share:
Net income	$26,511	$54,949	$75,211	$37,873	$52,696	$39,701	$54,497	$53,296	$194,544	$200,190	$138,249
Effect of participating securities-share-based compensation awards									-1,830	-1,751	-1,433
Net income attributable to common shareholders									192,714	198,439	136,816
Weighted-average shares outstanding									73,495	63,426	43,553
Basic earnings per share	$0.35	$0.74	$1.01	$0.52	$0.74	$0.61	$0.92	$0.90	$2.62	$3.13	$3.14
Diluted earnings per share:
Net income	26,511	54,949	75,211	37,873	52,696	39,701	54,497	53,296	194,544	200,190	138,249
Interest on Notes, net of income taxes									8,456	5,556
Net income attributable to diluted shareholders									$203,000	$205,746	$138,249
Weighted-average shares outstanding									73,495	63,426	43,553
Potentially dilutive securities:
Shares issuable pursuant to exchange of the Notes									8,418	5,647
Shares issuable under share-based compensation plan									298	375	323
Diluted weighted-average number of shares outstanding									82,211	69,448	43,876
Diluted earnings per share	$0.34	$0.69	$0.93	$0.50	$0.69	$0.57	$0.86	$0.90	$2.47	$2.96	$3.14

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows:
Proceeds from sales	$11,703,015	$15,818,582	$12,834,002
Servicing fees received	70,294	51,712	10,871
Period end information:
Unpaid principal balance of mortgage loans outstanding	34,161,360	25,792,933	12,168,740
Unpaid principal balance of delinquent mortgage loans:
30-89 days delinquent	110,176	68,156	45,021
90 or more days delinquent
Not in foreclosure	25,418	7,941	913
In foreclosure or bankruptcy	13,172	5,434	473
Unpaid principal balance of loans outstanding at period-end	38,590	13,375	1,386
Unpaid principal balance of delinquent mortgage loans	$148,766	$81,531	$46,407

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 $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Gross amounts of recognized assets	$13,391	$20,962
Gross amounts offset in the consolidated balance sheet	-2,284	-12,986
Net amounts of assets presented in the consolidated balance sheet	11,107	7,976
MBS put options [Member]
Derivative [Line Items]
Gross amounts of recognized assets	374	272
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	374	272
MBS call options [Member]
Derivative [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	0	0
Forward purchase contracts [Member]
Derivative [Line Items]
Gross amounts of recognized assets	3,775	1,229
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	3,775	1,229
Forward sales contracts [Member]
Derivative [Line Items]
Gross amounts of recognized assets	52	16,385
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	52	16,385
Put options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets	193	566
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	193	566
Call options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets	3,319	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	3,319	0
Netting [Member]
Derivative [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	-2,284	-12,986
Net amounts of assets presented in the consolidated balance sheet	-2,284	-12,986
Derivatives subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	7,713	18,452
Gross amounts offset in the consolidated balance sheet	-2,284	-12,986
Net amounts of assets presented in the consolidated balance sheet	5,429	5,466
Interest rate lock commitments [Member]
Derivative [Line Items]
Gross amounts of recognized assets	5,678	2,510
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	5,678	2,510
Derivatives not subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	13,391	20,962
Gross amounts offset in the consolidated balance sheet	-2,284	-12,986
Net amounts of assets presented in the consolidated balance sheet	$11,107	$7,976

Netting_of_Financial_Instrumen3

Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Derivative assets, Fair value, Total	$11,107	$7,976
Financial instruments	0	0
Cash collateral received	0	0
Net amount	11,107	7,976
Interest rate lock commitments [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	5,678	2,510
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,678	2,510
RJ O'Brien [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	3,034	566
Financial instruments	0	0
Cash collateral received	0	0
Net amount	3,034	566
Bank of America, N.A. [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	738	1,024
Financial instruments	0	0
Cash collateral received	0	0
Net amount	738	1,024
Daiwa Capital Markets [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	29	608
Financial instruments	0	0
Cash collateral received	0	0
Net amount	29	608
Fannie Mae Capital Markets [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	0	432
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	432
Morgan Stanley Bank, N.A. [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	104	546
Financial instruments	0	0
Cash collateral received	0	0
Net amount	104	546
Wells Fargo [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	0	378
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	378
Deutsche Bank [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	124	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	124	0
Jefferies [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	133	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	133	0
Cantor Fitzgerald LP [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	6	613
Financial instruments	0	0
Cash collateral received	0	0
Net amount	6	613
Credit Suisse First Boston Mortgage Capital LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	253	196
Financial instruments	0	0
Cash collateral received	0	0
Net amount	253	196
Nomura [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	138	273
Financial instruments	0	0
Cash collateral received	0	0
Net amount	138	273
Other [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	870	830
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$870	$830

Netting_of_Financial_Instrumen4

Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Gross amounts of recognized liabilities	$2,757,544	$2,049,581
Gross amounts offset in the consolidated balance sheet	-4,748	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	2,752,796	2,041,566
Forward purchase contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	34	7,420
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	34	7,420
Forward sales contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	6,649	1,295
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	6,649	1,295
Treasury future sale contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	478	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	478	0
Netting [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	-4,748	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	-4,748	-8,015
Derivatives subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	7,161	8,715
Gross amounts offset in the consolidated balance sheet	-4,748	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	2,413	700
Interest rate lock commitments [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	17	1,261
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	17	1,261
Derivatives not subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	7,178	9,976
Gross amounts offset in the consolidated balance sheet	-4,748	-8,015
Net amounts of liabilities presented in the consolidated balance sheet	2,430	1,961
Security sold under agreements to repurchase [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	2,750,366	2,039,605
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$2,750,366	$2,039,605

Netting_of_Financial_Instrumen5

Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	$2,752,796	$2,041,566
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-2,750,366	-2,039,605
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	2,430	1,961
Interest rate lock commitments [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	17	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	17	1,261
Morgan Stanley Bank, N.A. [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	121,975	30,226
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-121,975	-30,226
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Bank of Oklahoma [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	369	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	369	0
Daiwa Capital Markets [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	126,909	132,525
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-126,909	-132,525
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Citibank, N.A. [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	797,851	945,015
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-797,663	-944,856
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	188	159
Credit Suisse First Boston Mortgage Capital LLC [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	966,155	523,546
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-966,155	-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	529,144	408,452
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-529,144	-408,452
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Deutsche Bank [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	0	110
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	0	110
RBS Securities [Member]
Derivative [Line Items]
Net amounts of liabilities presented in the consolidated balance sheet	208,520	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	-208,520	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	1,856	431
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	$1,856	$431

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 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	Note interest rate pools of 50 basis points
Basis point for mortgage loan	0.50%
Fair value of notes	$239	$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 $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Liabilities:
Asset-backed secured financing of the variable interest entity at fair value	$165,920	$166,841	$170,201	$166,514	$165,415	$170,008	$0	$0
Derivative liabilities:
Total derivative liabilities after netting	7,178				9,976
Derivative liabilities, Netting	-4,748				-8,015
Derivative liabilities	2,430				1,961
Assets:
Short-term investments	139,900				92,398
Mortgage-backed securities at fair value	307,363	267,885	218,725	198,110	197,401	217,492	0	0
Mortgage loans acquired for sale at fair value	637,722				458,137
Mortgage loans under forward purchase agreements at fair value	0				218,128
Derivative assets:
Total derivative assets before netting	13,391				20,962
Derivative assets, Netting	-2,284				-12,986
Derivative assets	11,107				7,976
Mortgage servicing rights at fair value	57,358				26,452				1,346	749
Recurring [Member]
Liabilities:
Asset-backed secured financing of the variable interest entity at fair value	165,920				165,415
Derivative liabilities:
Total derivative liabilities after netting	7,178				9,976
Derivative liabilities, Netting	-4,748				-8,015
Derivative liabilities	2,430				1,961
Total liabilities	168,350				167,376
Assets:
Total Assets	4,071,568				3,739,532
Short-term investments	139,900				92,398
Mortgage-backed securities at fair value	307,363				197,401
Mortgage loans acquired for sale at fair value	637,722				458,137
Mortgage loans at fair value	2,726,952				2,600,317
Mortgage loans under forward purchase agreements at fair value					218,128
Excess servicing spread purchased from PFSI	191,166				138,723
Derivative assets:
Total derivative assets before netting	13,391				20,962
Derivative assets, Netting	-2,284				-12,986
Derivative assets	11,107				7,976
Mortgage servicing rights at fair value	57,358				26,452
Recurring [Member] | Interest rate lock commitments [Member]
Derivative liabilities:
Derivative liabilities	17				1,261
Derivative assets:
Derivative assets	5,678				2,510
Recurring [Member] | MBS put options [Member]
Derivative assets:
Derivative assets	374				272
Recurring [Member] | Forward purchase contracts [Member]
Derivative liabilities:
Derivative liabilities	34				7,420
Derivative assets:
Derivative assets	3,775				1,229
Recurring [Member] | Forward sales contracts [Member]
Derivative liabilities:
Derivative liabilities	6,649				1,295
Derivative assets:
Derivative assets	52				16,385
Recurring [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	193				566
Recurring [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	3,319
Recurring [Member] | Treasury future sale contracts [Member]
Derivative liabilities:
Derivative liabilities	478
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	478				0
Derivative liabilities, Netting	0				0
Derivative liabilities	478				0
Total liabilities	478				0
Assets:
Total Assets	143,412				92,398
Short-term investments	139,900				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	3,512				0
Derivative assets, Netting	0				0
Derivative assets	3,512				0
Mortgage servicing rights at fair value	0				0
Recurring [Member] | Level 1 [Member] | Interest rate lock commitments [Member]
Derivative liabilities:
Derivative liabilities	0				0
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 1 [Member] | MBS put options [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 1 [Member] | Forward purchase contracts [Member]
Derivative liabilities:
Derivative liabilities	0				0
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 1 [Member] | Forward sales contracts [Member]
Derivative liabilities:
Derivative liabilities	0				0
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 1 [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	193				0
Recurring [Member] | Level 1 [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	3,319
Recurring [Member] | Level 1 [Member] | Treasury future sale contracts [Member]
Derivative liabilities:
Derivative liabilities	478
Recurring [Member] | Level 2 [Member]
Liabilities:
Asset-backed secured financing of the variable interest entity at fair value	165,920				165,415
Derivative liabilities:
Total derivative liabilities after netting	6,683				8,715
Derivative liabilities	6,683				8,715
Total liabilities	172,603				174,130
Assets:
Total Assets	1,476,655				1,197,642
Short-term investments	0				0
Mortgage-backed securities at fair value	307,363				197,401
Mortgage loans acquired for sale at fair value	637,722				458,137
Mortgage loans at fair value	527,369				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	4,201				18,452
Derivative assets, Netting	0
Derivative assets	4,201				18,452
Mortgage servicing rights at fair value	0				0
Recurring [Member] | Level 2 [Member] | Interest rate lock commitments [Member]
Derivative liabilities:
Derivative liabilities	0				0
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 2 [Member] | MBS put options [Member]
Derivative assets:
Derivative assets	374				272
Recurring [Member] | Level 2 [Member] | Forward purchase contracts [Member]
Derivative liabilities:
Derivative liabilities	34				7,420
Derivative assets:
Derivative assets	3,775				1,229
Recurring [Member] | Level 2 [Member] | Forward sales contracts [Member]
Derivative liabilities:
Derivative liabilities	6,649				1,295
Derivative assets:
Derivative assets	52				16,385
Recurring [Member] | Level 2 [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	0				566
Recurring [Member] | Level 2 [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Level 2 [Member] | Treasury future sale contracts [Member]
Derivative liabilities:
Derivative liabilities	0
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	17				1,261
Derivative liabilities, Netting	0				0
Derivative liabilities	17				1,261
Total liabilities	17				1,261
Assets:
Total Assets	2,453,785				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	2,199,583				2,076,665
Mortgage loans under forward purchase agreements at fair value					218,128
Excess servicing spread purchased from PFSI	191,166				138,723
Derivative assets:
Total derivative assets before netting	5,678				2,510
Derivative assets, Netting	0				0
Derivative assets	5,678				2,510
Mortgage servicing rights at fair value	57,358				26,452
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member]
Derivative liabilities:
Derivative liabilities	17				1,261
Derivative assets:
Derivative assets	5,678				2,510
Recurring [Member] | Level 3 [Member] | MBS put options [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 3 [Member] | Forward purchase contracts [Member]
Derivative liabilities:
Derivative liabilities	0				0
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 3 [Member] | Forward sales contracts [Member]
Derivative liabilities:
Derivative liabilities	0				0
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 3 [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 3 [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Level 3 [Member] | Treasury future sale contracts [Member]
Derivative liabilities:
Derivative liabilities	$0

Fair_Value_Summary_of_Changes_

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets:
Beginning balance	$2,461,217	$1,210,796	$904,910
Purchases	655,718	1,462,134	542,791
Repayments			-206,057
Repayments and sales	-618,395	-288,330
Accrual of interest	13,292	1,348	0
ESS received pursuant to a recapture agreement with PFSI	7,342
Interest rate lock commitments issued, net	56,268	83,515	212,555
Capitalization of interest	66,850	43,481	19,745
Sales			-52,212
Accrual of unearned discounts			363
Servicing received as proceeds from sales of mortgage loans	47,693	23,071	1,508
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	36,600	46,323	24,170
Other factors	151,221	141,144	78,766
Total	187,500	187,467	102,936
Transfers of mortgage loans under forward purchase agreements to mortgage loans	0	0	0
Transfers of mortgage loans to REO	-344,733	-177,743	-109,440
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	-9,802	-9,451	-7,473
Transfer to mortgage loans acquired for sale			18
Transfers of interest rate lock commitments to mortgage loans acquired for sale	-69,503	-75,071	-198,848
Ending balance	2,453,768	2,461,217	1,210,796
Changes in fair value recognized during the period relating to assets	95,075	145,596	69,649
Security sold under agreements to repurchase [Member]
Liabilities:
Beginning balance			115,493
Changes in fair value included in income			0
Sales			752,343
Repurchases			-867,836
Ending balance			0
Changes in fair value recognized during the year relating to liabilities			0
Mortgage loans at fair value [Member]
Assets:
Beginning balance	2,076,665	1,189,971	696,266
Purchases	554,604	1,063,162	541,696
Repayments			-169,877
Repayments and sales	-572,586	-255,210
Accrual of interest	0	0
ESS received pursuant to a recapture agreement with PFSI	0
Interest rate lock commitments issued, net	0	0	0
Capitalization of interest	65,050	43,481	19,745
Sales			0
Accrual of unearned discounts			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	34,785	44,018	24,878
Other factors	179,896	153,639	68,772
Total	214,681	197,657	93,650
Transfers of mortgage loans under forward purchase agreements to mortgage loans	205,902	15,347	117,913
Transfers of mortgage loans to REO	-344,733	-177,743	-109,440
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	0	0	0
Transfer to mortgage loans acquired for sale			18
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	2,199,583	2,076,665	1,189,971
Changes in fair value recognized during the period relating to assets	134,724	132,339	51,022
Excess servicing spread [Member]
Assets:
Beginning balance	138,723	0
Purchases	99,728	139,028
Repayments and sales	-39,257	-4,076
Accrual of interest	13,292	1,348
ESS received pursuant to a recapture agreement with PFSI	7,342
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	-28,662	2,423
Total	-28,662	2,423
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	0	0
Ending balance	191,166	138,723
Changes in fair value recognized during the period relating to assets	-28,662	2,423
Interest rate lock commitments [Member]
Assets:
Beginning balance	1,249	19,479	5,772
Purchases	0	0	0
Repayments			0
Repayments and sales	0	0
Accrual of interest	0	0
ESS received pursuant to a recapture agreement with PFSI	0
Interest rate lock commitments issued, net	56,367	83,515	212,555
Capitalization of interest	0	0	0
Sales			0
Accrual of unearned discounts			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			0
Other factors	17,326	-26,674	0
Total	17,326	-26,674	0
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
Transfer to mortgage loans acquired for sale			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	-69,281	-75,071	-198,848
Ending balance	5,661	1,249	19,479
Changes in fair value recognized during the period relating to assets	5,661	1,249	19,479
Mortgage servicing rights [Member]
Assets:
Beginning balance	26,452	1,346	749
Purchases	0	1,419	20
Repayments			0
Repayments and sales	-139	0
Accrual of interest	0	0
ESS received pursuant to a recapture agreement with PFSI	0
Interest rate lock commitments issued, net	0	0	0
Capitalization of interest	0	0	0
Sales			-79
Accrual of unearned discounts			0
Servicing received as proceeds from sales of mortgage loans	47,693	23,071	1,508
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			-708
Other factors	-16,648	616	-144
Total	-16,648	616	-852
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
Transfer to mortgage loans acquired for sale			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	57,358	26,452	1,346
Changes in fair value recognized during the period relating to assets	-16,648	616	-852
Agency debt securities [Member]
Assets:
Beginning balance		0
Purchases		12,000
Repayments and sales		-13,725
Accrual of interest		0
Interest rate lock commitments issued, net		0
Capitalization of interest		0
Servicing received as proceeds from sales of mortgage loans		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk		0
Other factors		1,725
Total		1,725
Transfers of mortgage loans under forward purchase agreements to mortgage loans		0
Transfers of mortgage loans to REO		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		0
Ending balance		0
Changes in fair value recognized during the period relating to assets		1,725
Mortgage-backed securities [Member]
Assets:
Beginning balance			72,813
Purchases			0
Repayments			-21,888
Interest rate lock commitments issued, net			0
Capitalization of interest			0
Sales			-52,133
Accrual of unearned discounts			363
Servicing received as proceeds from sales of mortgage loans			0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			0
Other factors			845
Total			845
Transfers of mortgage loans under forward purchase agreements to mortgage loans			0
Transfers of mortgage loans to REO			0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			0
Transfer to mortgage loans acquired for sale			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale			0
Ending balance			0
Changes in fair value recognized during the period relating to assets			0
Mortgage loans under forward purchase agreements [Member]
Assets:
Beginning balance	218,128	0	129,310
Purchases	1,386	246,525	1,075
Repayments			-14,292
Repayments and sales	-6,413	-15,319
Accrual of interest	0	0
ESS received pursuant to a recapture agreement with PFSI	0
Interest rate lock commitments issued, net	0	0	0
Capitalization of interest	1,800	0	0
Sales			0
Accrual of unearned discounts			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	1,815	2,305	0
Other factors	-1,012	9,415	9,293
Total	803	11,720	9,293
Transfers of mortgage loans under forward purchase agreements to mortgage loans	-205,902	-15,347	-117,913
Transfers of mortgage loans to REO	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements	-9,802	-9,451	-7,473
Transfer to mortgage loans acquired for sale			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	0	218,128	0
Changes in fair value recognized during the period relating to assets	$0	$7,244	$0

Fair_Value_Fair_Values_and_Rel

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option (Detail) (USD $)	Dec. 31, 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	$3,364,674	$3,276,582
Mortgage loans at fair value	2,726,952	2,600,317
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	4,310,097	4,637,608
Unpaid principal balance	3,699,470	3,857,739
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	-945,423	-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	1,535,317	1,469,686
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance	2,246,585	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	637,518	457,968
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	204	169
In foreclosure	0	0
Fair value option loans held as assets, Total	204	169
Mortgage loans at fair value	637,722	458,137
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	610,372	447,224
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	255	162
In foreclosure	0	0
Unpaid principal balance of loans outstanding at period-end	610,627	447,386
Fair value option loans held as assets ninety days or less past due aggregate difference	27,146	10,744
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	-51	7
In foreclosure	0	0
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	27,095	10,751
Mortgage loans acquired for sale [Member] | Nonperforming loans [Member]
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	255	162
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	-51	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	1,191,635	1,170,918
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	608,144	738,043
In foreclosure	927,173	909,484
Mortgage loans at fair value	2,726,952	2,818,445
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,452,885	1,506,176
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	875,214	1,190,403
In foreclosure	1,371,371	1,493,643
Unpaid principal balance	3,699,470	4,190,222
Fair value option loans held as assets ninety days or less past due aggregate difference	-261,250	-335,258
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	-267,070	-452,360
In foreclosure	-444,198	-584,159
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	-972,518	-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	2,246,585	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	-711,268	-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	$1,535,317	$1,647,527

Fair_Value_Summary_of_Changes_1

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	$35,647	$98,669	$147,675
Net gain on investments	201,809	207,758	103,649
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	0
Net interest income	-617	-92	0
Net gain on investments	-8,459	2,279	0
Net loan servicing income	0	0	0
Total	-9,076	2,187	0
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	-617	-92	0
Net gain on investments	-8,459	2,279	0
Net loan servicing income	0	0	0
Total	-9,076	2,187	0
Short-term investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	0	0	0
Net gain on investments	0	0	0
Net loan servicing income	0	0	0
Total	0	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	357	46	142
Net gain on investments	10,416	-3,946	2,925
Net loan servicing income	0	0	0
Total	10,773	-3,900	3,067
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	100,213	-30,696	188,055
Net interest income	0	0	0
Net gain on investments	0	0	0
Net loan servicing income	0	0	0
Total	100,213	-30,696	188,055
Mortgage loans 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	1,848	232	0
Net gain on investments	242,449	191,356	95,615
Net loan servicing income	0	0	0
Total	244,297	191,588	95,615
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
Net interest income	0	0	0
Net gain on investments	803	11,720	9,687
Net loan servicing income	0	0	0
Total	803	11,720	9,687
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	0	0	0
Net gain on investments	-20,834	2,423	0
Net loan servicing income	0	0	0
Total	-20,834	2,423	0
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
Net interest income	0	0	0
Net gain on investments	0	0	0
Net loan servicing income	-16,648	616	-852
Total	-16,648	616	-852
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	100,213	-30,696	188,055
Net interest income	2,205	278	142
Net gain on investments	232,834	203,278	108,227
Net loan servicing income	-16,648	616	-852
Total	318,604	173,476	295,572
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		1,725	0
Net loan servicing income		0	0
Total		$1,725	$0

Fair_Value_Summary_of_Financia1

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Nonrecurring Basis (Detail) (USD $)	Dec. 31, 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	$157,203	$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	91,990	184,067
Total Assets	249,193	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	157,203	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	91,990	184,067
Total Assets	$249,193	$254,870

Fair_Value_Summary_of_Total_Ga

Fair Value - Summary of Total Gains (Losses) Recognized on Assets Measured at Fair Values on Nonrecurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Real estate asset acquired in settlement of loans	($24,896)	($11,856)
Real estate asset acquired in settlement of loans under forward purchase agreements	0	-86
Mortgage servicing rights at lower of amortized cost or fair value	-5,138	4,970	-7,547
Total assets, gains (losses) recognized	($30,034)	($6,972)

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)	12 Months Ended
	Dec. 31, 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	2.30%	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	5.30%	4.30%
Prepayment speed	6.50%	3.90%
Total prepayment speed	27.90%	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	7.70%	12.70%
Twelve-month projected housing price index change	4.80%	3.70%
Prepayment speed	3.10%	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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid principal balance of underlying mortgage loans (in thousands)	$4,573,369	$2,148,185	$161,153
Average servicing fee rate (in basis points)	0.25%	0.26%	0.26%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	8.50%	7.40%	7.50%
Annual total prepayment speed	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%	7.70%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	14.30%	14.40%	16.50%
Annual total prepayment speed	39.60%	20.00%
Maximum [Member] | Excess servicing spread [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	12.00%	14.40%
Life (in years)	7 years 3 months 18 days	8 years
Annual total prepayment speed	74.60%	48.60%
Weighted average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	9.10%	8.20%	7.90%
Annual total prepayment speed	11.40%	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)	$28,227,340	$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	5.30%	5.40%
Life (in years)	5 years 9 months 18 days	6 years 1 month 6 days
Annual total prepayment speed	11.20%	9.70%

Fair_Value_Quantitative_Summar1

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Dec. 31, 2014	Dec. 31, 2013
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	65.00%	64.80%
Servicing fee multiple	0.70%	1.40%
Percentage of unpaid principal balance	0.20%	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	1.30%	1.30%
Weighted average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	94.90%	86.40%
Servicing fee multiple	4.30%	4.10%
Percentage of unpaid principal balance	1.10%	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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, MSR recognized	$73,640	$159,961	$133,159
Amortized cost, Unpaid principal balance of underlying mortgage loans	6,800,637	13,343,793	12,254,751
Amortized cost, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.26%	0.26%
Fair value, MSR recognized	47,693	23,071	1,508
Fair value, Unpaid principal balance of underlying mortgage loans	4,573,369	2,148,185	161,153
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.26%	0.26%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	6.30%	5.40%	7.50%
Amortized cost, Life (in years)	1 year 1 month 6 days	1 year 3 months 18 days	1 year 10 months 24 days
Amortized cost, Annual prepayment speed during period	7.60%	7.60%	6.70%
Amortized cost, Annual per loan cost of servicing during period	59	68	68
Fair value inputs, Pricing spread during period	8.50%	7.40%	7.50%
Fair value inputs, Weighted average life during period	1 year 7 months 6 days	2 years 8 months 12 days	2 years 4 months 24 days
Fair value inputs, Annual prepayment speed during period	8.00%	7.90%	7.90%
Fair value inputs, Annual per loan cost of servicing during period	59	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%	17.50%	22.80%
Amortized cost, Life (in years)	7 years 3 months 18 days	7 years 3 months 18 days	7 years
Amortized cost, Annual prepayment speed during period	56.40%	51.80%	45.00%
Amortized cost, Annual per loan cost of servicing during period	140	140	140
Fair value inputs, Pricing spread during period	14.30%	14.40%	16.50%
Fair value inputs, Weighted average life during period	7 years 3 months 18 days	7 years 3 months 18 days	7 years
Fair value inputs, Annual prepayment speed during period	42.70%	27.00%	51.50%
Fair value inputs, Annual per loan cost of servicing during period	140	68	140
Weighted average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	8.60%	6.70%	7.50%
Amortized cost, Life (in years)	6 years 4 months 24 days	6 years 4 months 24 days	6 years 4 months 24 days
Amortized cost, Annual prepayment speed during period	9.60%	9.10%	9.10%
Amortized cost, Annual per loan cost of servicing during period	69	68	68
Fair value inputs, Pricing spread during period	9.10%	8.20%	7.90%
Fair value inputs, Weighted average life during period	7 years 1 month 6 days	6 years 10 months 24 days	6 years 1 month 6 days
Fair value inputs, Annual prepayment speed during period	9.70%	10.00%	12.70%
Fair value inputs, Annual per loan cost of servicing during period	$68	$68	$74

Fair_Value_Quantitative_Summar2

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Assumptions (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, Amortized cost	$300,422	$264,120	$125,430
Unpaid principal balance of underlying mortgage loans, Amortized cost	28,006,797	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	3.80%	3.68%
Balance at end of period	57,358	26,452	1,346	749
Unpaid principal balance of underlying mortgage loans, Fair Value	6,278,676	2,393,321
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.25%	0.26%	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	-5,801	-5,490
Effect on value of percentage adverse change, Fair value input	-937	-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	-11,410	-10,791
Effect on value of percentage adverse change, Fair value input	-1,845	-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	-22,086	-20,861
Effect on value of percentage adverse change, Fair value input	-3,577	-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	-6,166	-5,467
Effect on value of percentage adverse change, Fair value input	-1,430	-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	-12,138	-10,765
Effect on value of percentage adverse change, Fair value input	-2,803	-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	-23,532	-20,886
Effect on value of percentage adverse change, Fair value input	-5,394	-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	-1,807	-1,695
Effect on value of percentage adverse change, Fair value input	-334	-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	-3,614	-3,390
Effect on value of percentage adverse change, Fair value input	-668	-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	-7,228	-6,780
Effect on value of percentage adverse change, Fair value input	-1,337	-633
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread	6.30%	6.30%
Amortized cost, Weighted average life (in years)	1 year 9 months 18 days	1 year 3 months 18 days
Amortized cost, Prepayment speed	7.80%	7.70%
Amortized cost, Annual per- loan cost of servicing	62	68
Estimated fair value inputs, Pricing spread	8.10%	7.30%
Estimated fair value inputs, Prepayment speed	8.00%	8.00%
Estimated fair value inputs, Annual per-loan cost of servicing	62	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)	1 year 9 months 18 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%
Amortized cost, Weighted average life (in years)	7 years 2 months 12 days	7 years 3 months 18 days
Amortized cost, Prepayment speed	47.90%	51.90%
Amortized cost, Annual per- loan cost of servicing	134	140
Estimated fair value inputs, Pricing spread	16.30%	15.30%
Estimated fair value inputs, Prepayment speed	39.60%	20.00%
Estimated fair value inputs, Annual per-loan cost of servicing	134	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	7.90%	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	8.80%	8.20%
Amortized cost, Annual per- loan cost of servicing	62	68
Estimated fair value inputs, Pricing spread	10.30%	8.60%
Estimated fair value inputs, Prepayment speed	11.40%	8.90%
Estimated fair value inputs, Annual per-loan cost of servicing	$62	$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)	6 years 8 months 12 days	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 $)	Dec. 31, 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	$637,722	$458,137
Mortgage loan acquired at unpaid principal balance	610,628	447,386
Agency-eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	290,007	311,162
Mortgage loan acquired at unpaid principal balance	277,355	304,749
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	138,390	34,615
Mortgage loan acquired at unpaid principal balance	135,008	35,050
Held for sale to PennyMac Loan Services, LLC - Government-insured or guaranteed [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	209,325	112,360
Mortgage loan acquired at unpaid principal balance	198,265	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	609,608	454,210
Loans pledged to secure mortgage loan participation and sale agreements	$20,799

Mortgage_Loans_Acquired_for_Sa3

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	12 Months Ended
	Dec. 31, 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 $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]
Total derivative assets instruments before netting	$13,391	$20,962
Derivative assets, Netting	-2,284	-12,986
Derivative assets, Fair value, Total	11,107	7,976
Total derivative liabilities instruments fair value before netting	7,178	9,976
Derivative liabilities, Netting	-4,748	-8,015
Derivative liabilities, Fair value, Total	2,430	1,961
Margin deposits with (collateral received from) derivatives counterparties	2,465	-4,971
MBS put options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	340,000	55,000
Total derivative assets instruments before netting	374	272
Total derivative liabilities instruments fair value before netting	0	0
MBS call options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	0	110,000
Total derivative assets instruments before netting	0	0
Total derivative liabilities instruments fair value before netting	0	0
Interest rate lock commitments [Member]
Derivatives, Fair Value [Line Items]
Notional amount	695,488	557,343
Total derivative assets instruments before netting	5,678	2,510
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	5,678	2,510
Total derivative liabilities instruments fair value before netting	17	1,261
Forward sales contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,601,283	3,588,027
Total derivative assets instruments before netting	52	16,385
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	52	16,385
Total derivative liabilities instruments fair value before netting	6,649	1,295
Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,100,700	2,781,066
Total derivative assets instruments before netting	3,775	1,229
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	3,775	1,229
Total derivative liabilities instruments fair value before netting	34	7,420
Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	7,426,000	8,779,000
Total derivative assets instruments before netting	0	0
Total derivative liabilities instruments fair value before netting	0	0
Eurodollar future purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	800,000	0
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	0	0
Total derivative liabilities instruments fair value before netting	478	0
Call options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,030,000	0
Total derivative assets instruments before netting	3,319	0
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	3,319	0
Total derivative liabilities instruments fair value before netting	0	0
Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	275,000	52,500
Total derivative assets instruments before netting	193	566
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	193	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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Forward sales contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	$1,601,283	$3,588,027
Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	1,100,700	2,781,066
Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	7,426,000	8,779,000
Eurodollar future purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	800,000	0
Treasury future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	85,000	105,000
Call options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	1,030,000	0
Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, end of period	275,000	52,500
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Forward sales contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	3,588,027	4,266,983	756,691
Additions	45,904,253	72,719,643	38,995,923
Disposition/expirations	-47,890,997	-73,398,599	-35,485,631
Balance, end of period	1,601,283	3,588,027	4,266,983
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	2,781,066	2,206,539	398,400
Additions	33,418,838	56,191,824	23,800,622
Disposition/expirations	-35,099,204	-55,617,297	-21,992,483
Balance, end of period	1,100,700	2,781,066	2,206,539
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | MBS put options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	55,000	495,000	28,000
Additions	2,087,500	3,335,000	2,585,000
Disposition/expirations	-1,802,500	-3,775,000	-2,118,000
Balance, end of period	340,000	55,000	495,000
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | MBS call options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	110,000	0	5,000
Additions	230,000	2,310,000	90,000
Disposition/expirations	-340,000	-2,200,000	-95,000
Balance, end of period	0	110,000	0
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	8,779,000	0
Additions	3,032,000	19,852,000
Disposition/expirations	-4,385,000	-11,073,000
Balance, end of period	7,426,000	8,779,000
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Eurodollar future purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	0
Additions	4,087,000	660,000
Disposition/expirations	-3,287,000	-660,000
Balance, end of period	800,000	0
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Treasury future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	105,000	0
Additions	482,600	180,000
Disposition/expirations	-502,600	-75,000
Balance, end of period	85,000	105,000
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Treasury Future purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	0
Additions	439,200	75,000
Disposition/expirations	-439,200	-75,000
Balance, end of period	0	0
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Call options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0
Additions	3,530,000	42,500
Disposition/expirations	-2,500,000	-42,500
Balance, end of period	1,030,000	0
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	52,500	0
Additions	1,687,500	260,000
Disposition/expirations	-1,465,000	-207,500
Balance, end of period	$275,000	$52,500

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	$11,527	($1,988)	$2,123
Mortgage loans acquired for sale at fair value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	-68,700	151,600	-51,500
Mortgage service rights [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	11,500	-2,000	2,100
LIBOR [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	$22,600	$9,400

Mortgage_Loans_at_Fair_Value_S

Mortgage Loans at Fair Value - Summary of Distribution of Company's Mortgage Loans at Fair Value (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]
Fair value	$2,726,952	$2,600,317
Unpaid principal balance	3,699,470	3,857,739
Assets sold under agreements to repurchase	2,543,242	2,314,324
Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans	0	989
Mortgage loans held in a VIE securing an asset-backed financing	527,369	523,652
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	527,369	523,652
Unpaid principal balance	517,500	543,257
Nonperforming loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,535,317	1,469,686
Unpaid principal balance	2,246,585	2,415,446
Performing loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	664,266	606,979
Unpaid principal balance	935,385	899,036
Performing loans [Member] | Fixed interest rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	322,704	310,607
Unpaid principal balance	449,496	475,568
Performing loans [Member] | Adjustable-rate mortgage (ARM)/hybrid [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	127,405	165,327
Unpaid principal balance	162,329	207,553
Performing loans [Member] | Interest rate step-up [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	213,999	130,906
Unpaid principal balance	323,350	215,702
Performing loans [Member] | Balloon [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	158	139
Unpaid principal balance	$210	$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)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Portion of mortgage loans originated between 2005 and 2007	75.00%	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 New Jersey Florida	New York Florida New Jersey
California real estate [Member]
Concentration Risk [Line Items]
Percentage of mortgage loans secured by California real estate	22.00%	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)	Dec. 31, 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 $)	Dec. 31, 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	Dec. 31, 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)	Dec. 31, 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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Balance at beginning of period	$138,942	$88,078	$80,570
Purchases	3,049	82	48
Transfers from mortgage loans at fair value and advances	364,945	185,061	112,642
Transfers from REO under forward purchase agreements	12,737	117	21,819
Results of REO:
Valuation adjustments, net	-45,476	-24,002	-16,942
Gain on sale, net	13,498	10,531	16,440
Total gain	-31,978	-13,471	-502
Proceeds from sales	-184,467	-120,925	-126,499
Balance at end of period	303,228	138,942	88,078
At period end:
REO pledged to secure assets sold under agreements to repurchase	138,284	17,453	9,061
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$12,365	$71,951	$14,773

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Balance at beginning of period	$9,138	$0	$22,979
Purchases	68	4	249
Transfers from mortgage loans under forward purchase agreements at fair value and advances	9,369	9,922	6,633
Transfers to REO	-12,737	-117	-21,819
Valuation adjustments, net	-779	-112	-449
Gain on sale, net	306	92	2,319
Results of REO under forward purchase agreements	-473	-20	1,870
Proceeds from sales	-5,365	-651	-9,912
Balance at end of period	$0	$9,138	$0

Mortgage_Servicing_Rights_Summ

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Servicing Asset At Fair Value Changes In Fair Value [Abstract]
Balance at beginning of period	$26,452	$1,346	$749
Purchases	0	1,419	20
MSRs resulting from loan sales	47,693	23,071	1,508
Total additions	47,693	24,490	1,528
Due to changes in valuation inputs or assumptions used in valuation model(1)	-11,455	1,338	-708
Other changes in fair value(2)	-5,193	-722	-144
Change in fair value, Total	-16,648	616	-852
Sales	-139	0	-79
Balance at end of period	$57,358	$26,452	$1,346

Mortgage_Servicing_Rights_Summ1

Mortgage Servicing Rights - Summary of MSRs Carried at Amortized Cost (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of period	$266,697,000	$132,977,000	$5,282,000
MSRs resulting from loan sales	73,640,000	159,961,000	133,159,000
Purchases	0	0	15,000
Amortization	-31,911,000	-26,241,000	-5,460,000
Sales	-289	0	-19
Balance at end of period	308,137,000	266,697,000	132,977,000
Balance at beginning of period	-2,577,000	-7,547,000	0
Reversals (additions)	-5,138,000	4,970,000	-7,547,000
Balance at end of period	-7,715,000	-2,577,000	-7,547,000
MSRs, net	300,422,000	264,120,000	125,430,000
Estimated fair value at end of period	$322,230,000	$289,737,000	$126,995,000

Mortgage_Servicing_Rights_Summ2

Mortgage Servicing Rights - Summary of Company's Estimate of Amortization of Existing MSRs Carried at Amortized Cost (Detail) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Servicing Asset Future Amortization Expense Abstract [Abstract]
2015	$32,122
2016	31,986
2017	29,893
2018	27,244
2019	24,680
Thereafter	162,212
Total	$308,137

Mortgage_Servicing_Rights_Summ3

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$76,300	$50,716	$9,969

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Repurchase Agreements [Abstract]
Weighted-average interest rate	2.12%	2.43%	2.77%
Average balance	$2,311,273	$1,552,912	$805,461
Total interest expense	58,304	47,790	28,025
Maximum daily amount outstanding	3,203,989	3,124,616	1,684,712
Balance	2,730,130	2,039,605	1,256,102
Weighted-average stated interest rate	2.32%	2.29%	3.02%
Available borrowing capacity, Committed	652,360	1,467,138	643,898
Available borrowing capacity, Uncommitted	695,000	150,000	350,000
Available borrowing capacity	1,347,360	1,617,138	993,898
Margin deposits placed with counterparties	5,579	3,201	4,468
Mortgage-backed securities	307,363	197,401	0
Mortgage loans acquired for sale at fair value	609,608	454,210	972,079
Mortgage loans at fair value	2,543,242	2,315,313	949,060
Real estate acquired in settlement of loans	150,649	89,404	23,834
Fair value of assets securing agreements to repurchase	$3,610,862	$3,056,328	$1,944,973

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 $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Repurchase Agreements [Abstract]
Amortization of commitment fees and insurance costs	$9.40	$10	$5.50

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$2,730,130	$2,039,605	$1,256,102
Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	2,730,130
Weighted average maturity	6 years 10 months 24 days
Securities sold under agreements to repurchase at fair value [Member] | Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	493,560
Securities sold under agreements to repurchase at fair value [Member] | Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	508,083
Securities sold under agreements to repurchase at fair value [Member] | Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	0
Securities sold under agreements to repurchase at fair value [Member] | Over 180 days to 1 year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,613,709
Securities sold under agreements to repurchase at fair value [Member] | Over 1 year to 2 years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$114,778

Assets_Sold_Under_Agreements_t5

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Citibank, N.A. [Member] | Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$332
Facility maturity	2-Jan-15
Credit Suisse First Boston Mortgage Capital LLC [Member] | Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	7,078
Facility maturity	23-Jan-15
Bank of America, N.A. [Member] | Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	2,512
Facility maturity	17-Feb-15
Daiwa Capital Markets [Member] | Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	6,442
Facility maturity	1-Feb-15
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	417,059
Facility maturity	7-Sep-15
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	294,288
Mortgage acquired for sale Weighted-average repurchase agreement maturity	9-May-15
Facility maturity	30-Oct-15
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | The Royal Bank of Scotland Group [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	101,255
Facility maturity	17-Feb-15
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	39,447
Mortgage acquired for sale Weighted-average repurchase agreement maturity	17-Mar-15
Facility maturity	30-Jan-15
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | Morgan Stanley Bank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$9,799
Mortgage acquired for sale Weighted-average repurchase agreement maturity	22-Feb-15
Facility maturity	17-Dec-15

Mortgage_Loan_Participation_an2

Mortgage Loan Participation and Sale Agreement - Summary of Mortgage Loan Participation and Sale Agreement (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
During the year:
Total interest expense	$912	$0	$0
At period end:
Balance	20,236	0
Mortgage Loan Participation and Sale Agreement [Member]
During the year:
Weighted-average interest rate	1.42%
Average balance	44,770
Total interest expense	912
Maximum daily amount outstanding	116,363
At period end:
Balance	20,236
Weighted-average interest rate	1.42%
Mortgage loans pledged to secure mortgage loan participation and sale agreement	$20,799

Mortgage_Loan_Participation_an3

Mortgage Loan Participation and Sale Agreement - Summary of Mortgage Loan Participation and Sale Agreement (Parenthetical) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Debt Instrument Fair Value Carrying Value [Abstract]
Amortization of commitment fee	$266

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
During the year:
Interest expense	$6,490	$1,612	$0
Asset-backed secured financing of the variable interest entity at fair value [Member]
During the year:
Weighted-average fair value	167,752	43,108	0
Interest expense	6,489	1,612	0
Weighted-average effective interest rate	3.82%	3.69%	0.00%
At period end:
Fair value	$165,920	$165,415	$0
Interest rate	3.50%	3.50%	0.00%

Exchangeable_Senior_Notes_Addi

Exchangeable Senior Notes - Additional Information (Detail) (Exchange Senior Notes due May 1, 2020 [Member], USD $)	12 Months Ended
	Dec. 31, 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	33.6699
Principal amount of the notes	$1,000
Increased in cash dividend	$0.57
Maturity date of debt instrument	1-May-20
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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013
During the year:
Weighted-average balance	$250,000	$168,493	$0
Interest expense	14,357	9,580	0
At period end:
Balance	250,000	250,000	0	250,000	250,000	250,000	250,000	250,000	0
Unamortized issuance costs	$5,921	$6,800	$0

Exchangeable_Senior_Notes_Summ1

Exchangeable Senior Notes - Summary of Financial Information Relating to Notes (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Amortization of debt issuance costs	$920,000	$584,000

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Borrowings under forward purchase agreement [Member]
During the year:
Weighted-average effective interest rate	2.84%	2.94%	4.01%
Weighted-average balance	$82,056	$124,394	$58,719
Interest expense	2,364	3,707	2,396
Maximum daily amount outstanding	226,848	244,047	152,428
At period end:
Balance	0	226,580	0
Interest rate	0.00%	3.02%	0.00%
Fair value of underlying loans and REO	$0	$226,833	$0

Recovered_Sheet4

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Banking [Abstract]
Balance, beginning of year	$10,110	$4,441	$205
Provision for losses	4,255	5,669	4,236
Losses charged	-123	0	0
Balance, end of year	14,242	10,110	4,441
Unpaid principal balance of mortgage loans subject to representations and warranties at period end	$34,673,414	$25,652,972	$12,168,454

Commitments_and_Contingencies_1

Commitments and Contingencies - Company's Outstanding Contractual Loan Commitments (Detail) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Commitments to purchase mortgage loans:
Mortgage loans acquired for sale at fair value	$695,488
Mortgage loans at fair value	$310,160

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended
	Aug. 13, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Shareholders' Equity [Line Items]
Number of common shares sold under Sales Agreement	11,300,000	3,817,611	0
Weighted average price of common shares sold under Sales Agreement		$23.73
Proceeds from public offering of common shares	$249,400,000	$89,600,000
Sales commissions net		970,000
Reimbursement paid for every $100 of performance incentive fees earned		10
Performance incentive fees earned		100
Reimbursement agreement effective date		1-Feb-13
Amount paid by underwriters		1,136,000	1,788,000
Initial Public Offering [Member]
Shareholders' Equity [Line Items]
Reimbursement paid for every $100 of performance incentive fees earned		20
Performance incentive fees earned		100
Amount paid by underwriters		5,900,000
Reimbursement agreement expiry date		1-Feb-19
Maximum [Member]
Shareholders' Equity [Line Items]
Reimbursement payable in a 12-month period		1,000,000
Underwriting cost paid		2,900,000
Maximum [Member] | Initial Public Offering [Member]
Shareholders' Equity [Line Items]
Reimbursement payable in a 12-month period		2,000,000
Management [Member]
Shareholders' Equity [Line Items]
Payments of contingent underwriting fee to manager		651,000	944,000	0
IPO underwriters [Member]
Shareholders' Equity [Line Items]
Reimbursement agreement expiry date		1-Feb-19
Payments of contingent underwriting fees to underwriters		1,700,000	1,900,000	0
ATM Equity Offering Sales AgreementSM [Member]
Shareholders' Equity [Line Items]
Amount of common stock available for future issuance under Sales Agreement		$106,900,000	$197,500,000

Net_Gain_on_Mortgage_Loans_Acq2

Net Gain on Mortgage Loans Acquired for Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash (loss) gain:
Sales proceeds, net	($20,989)	($197,580)	$13,918
Hedging activities	-57,161	136,829	-57,040
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	-78,150	-60,751	-43,122
Non cash gain:
Receipt of MSRs in loan sale transactions	121,333	183,032	134,682
Provision for losses relating to representations and warranties provided in loan sales	-4,255	-5,669	-4,236
Change in fair value of IRLCs, mortgage loans and hedging derivatives held at period end:
IRLCs	4,412	-18,230	13,707
Mortgage loans	3,825	-9,265	43,691
Hedging derivatives	-11,518	9,552	2,953
Total non cash portion of gain on mortgage loans acquired for sale	-3,280	-17,943	60,351
Net gain on mortgage loans acquired for sale	$35,647	$98,669	$147,675

Net_Interest_Income_Summary_of

Net Interest Income - Summary of Net Interest Income (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Short-term investments	$604	$542	$42
Mortgage-backed securities	8,226	2,138	2,084
Agency debt securities	0	222	0
Mortgage loans acquired for sale at fair value	23,974	33,726	19,731
Mortgage loans at fair value	122,620	81,275	49,462
Mortgage loans under forward purchase agreements	3,584	3,659	996
Excess servicing spread purchased from PFSI, at fair value	13,292	1,091	0
Other	48	209	126
Interest income, total	172,348	122,862	72,441
Interest expense:
Assets sold under agreements to repurchase	58,304	47,790	28,025
Mortgage loans participation and sale agreement	912	0	0
Borrowings under forward purchase agreements	2,363	3,707	2,396
Asset-backed secured financing	6,490	1,612	0
Exchangeable senior notes	14,358	9,580	0
Note payable secured by mortgage loans at fair value	0	0	113
Other	3,162	2,533	1,108
Interest expense, total	85,589	65,222	31,642
Net interest income	$86,759	$57,640	$40,799

Net_Gain_on_Investments_Summar

Net Gain on Investments - Summary of Net Gain on Investments (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net gain (loss) on investments:
Mortgage-backed securities	$10,416	($1,347)	$612
Hedging derivatives	-6,802	-4,310	0
Gain (loss) on investments	3,614	-5,657	612
Agency debt security	0	1,725	0
Excess servicing spread purchased from PFSI at fair value	-28,663	2,423	0
Mortgage loans	227,488	206,988	103,037
Asset-backed secured financing	-8,459	2,279	0
Net gain (loss) on investments	$201,809	$207,758	$103,649

Net_Loan_Servicing_Fees_Summar

Net Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Transfers and Servicing [Abstract]
Servicing fees	$80,008	$54,725	$10,982
MSR recapture fee receivable from PFSI	9	709	0
Effect of MSRs:
Carried at lower of amortized cost or fair value Amortization	-31,911	-26,241	-5,460
(Provision for) reversal of impairment	-5,138	4,970	-7,547
Gain on sale	46	0	0
Carried at fair value - change in fair value	-16,648	616	-852
Gains (losses) on hedging derivatives	11,527	-1,988	2,123
Total Effect of MSRs	-42,124	-22,643	-11,736
Net loan servicing fees	37,893	32,791	-754
Average servicing portfolio	$29,709,898	$20,670,861	$3,667,941

ShareBased_Compensation_Plans_1

Share-Based Compensation Plans - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Company's issued and outstanding shares	8.00%
Estimated fair value of assumed grantee forfeiture rates	15.00%
Number of share units outstanding expected to vest	731,595
Weighted average grant date fair value of shares expected to vest	$24.29
Weighted average remaining vesting period of shares expected to vest	28 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Percentage of minimum exercise price of fair value of company's shares on the date of grant award	100.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Share unit award under the equity incentive plan	10 years

ShareBased_Compensation_Plans_2

Share-Based Compensation Plans - Summary of Restricted Share Unit Activity and Compensation Expense (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of units:
Outstanding at beginning of year	661,372	665,617	491,809
Granted	300,131	255,445	350,000
Vested	-234,466	-253,509	-161,678
Canceled	-1,625	-6,181	-14,514
Outstanding at end of year	725,412	661,372	665,617
Weighted Average Grant Date Fair Value:
Outstanding at beginning of year	$19.95	$15.92	$12.57
Granted	$21.05	$23.91	$18.91
Vested	$19.68	$13.40	$12.15
Canceled	$18.74	$20.06	$16.82
Outstanding at end of year	$21	$19.95	$15.92
Compensation expense recorded during the year	$7,107,000	$6,763,000	$6,032,000
Year end:
Units available for future awards	5,293,433	5,029,174	4,014,159
Unamortized compensation cost	$7,023,418	$6,178,000	$5,798,000

Other_Expenses_Summary_of_Othe

Other Expenses - Summary of Other Expenses (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Non operating Income Expense [Line Items]
Total other expenses	$24,293	$23,061	$9,557
Common overhead allocation from PFSI [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	10,477	10,423	4,183
Servicing and collection costs [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	6,892	1,861	1,577
Loan origination [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	2,638	4,584	752
Insurance [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	989	890	762
Technology [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	984	826	701
Securitization [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	-150	1,742	0
Other expenses [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	$2,463	$2,735	$1,582

Income_Taxes_Schedule_of_Tax_C

Income Taxes - Schedule of Tax Characterization of Distributions (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Ordinary income	86.00%	83.00%	83.00%
Long term capital gain	14.00%	17.00%	0.00%
Return of capital	0.00%	0.00%	17.00%

Income_Taxes_Summary_of_Compan

Income Taxes - Summary of Company's Income Tax Expense (Benefit) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current expense (benefit):
Federal	$352	($10,014)	$4,760
State	104	-2,232	1,686
Total current expense (benefit)	456	-12,246	6,446
Deferred (benefit) expense:
Federal	-10,232	20,737	31,266
State	-5,304	5,954	10,861
Total deferred (benefit) expense	-15,536	26,691	42,127
(Benefit) provision for income taxes	($15,080)	$14,445	$48,573

Income_Taxes_Reconciliation_of

Income Taxes - Reconciliation of Company's Provision for Income Taxes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory tax rate, Amount	$62,812	$75,122	$65,387
Effect of non-taxable REIT income, Amount	-74,480	-63,564	-24,943
State income taxes, net of federal benefit, Amount	-3,380	2,419	8,140
Other, Amount	-32	468	-11
Valuation allowance, Amount	0	0	0
(Benefit) provision for income taxes	($15,080)	$14,445	$48,573
Federal income tax expense at statutory tax rate, Rate	35.00%	35.00%	35.00%
Effect of non-taxable REIT income, Rate	-41.50%	-29.60%	-13.40%
State income taxes, net of federal benefit, Rate	-1.90%	1.10%	4.40%
Other, Rate	0.00%	0.20%	0.00%
Valuation allowance, Rate	0.00%	0.00%	0.00%
(Benefit) provision for income taxes, Rate	-8.40%	6.70%	26.00%

Income_Taxes_Components_of_Pro

Income Taxes - Components of Provision for Deferred Income Taxes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Real estate valuation loss	($5,079)	$2,651	($5,512)
Mortgage servicing rights	27,996	66,284	49,420
Net operating loss carryforward	-35,963	-38,783	0
Liability for losses under representations and warranties	-5,944	0	0
Other	3,454	-3,461	-1,781
Valuation allowance	0	0	0
Total (benefit) provision for deferred income taxes	($15,536)	$26,691	$42,127

Income_Taxes_Components_of_Inc

Income Taxes - Components of Income Taxes Payable (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Income Tax Disclosure [Abstract]
Taxes currently receivable	$1,428	$8,446
Deferred income taxes payable	-52,845	-68,381
Income taxes payable	($51,417)	($59,935)

Income_Taxes_Summary_of_Deferr

Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred income tax assets:
REO valuation loss	$10,697	$5,748
Net operating loss carryforward	73,869	38,783
Liability for losses under representations and warranties	5,944	0
Other	2,112	5,328
Gross deferred tax assets	92,622	49,859
Deferred income tax liabilities:
Mortgage servicing rights	-143,565	-118,240
Other	-1,902	0
Gross deferred tax liabilities	-145,467	-118,240
Net deferred income tax liability	($52,845)	($68,381)

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$85,200,000	$94,400,000
Net operating loss carryforwards, expiration year	2034	2033
Unrecognized tax benefits	$0	$0

Segments_and_Related_Informati2

Segments and Related Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 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								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net investment income:
Net gain on mortgage loans acquired for sale									$35,647	$98,669	$147,675
Net gain on investments									201,809	207,758	103,649
Interest income									172,348	122,862	72,441
Interest expense									-85,589	-65,222	-31,642
Net interest income									86,759	57,640	40,799
Net loan servicing fees									37,893	32,791	-754
Other investment (loss) income									-5,367	8,660	12,157
Net investment income	53,059	106,530	120,556	76,595	96,087	86,062	115,553	107,816	356,741	405,518	303,526
Expenses:
Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.									136,276	151,535	93,950
Other									41,001	39,348	22,754
Total expenses									177,277	190,883	116,704
Income before provision for income taxes									179,464	214,635	186,822
Total assets at period end	4,904,296	4,604,813	4,869,745	4,227,537	4,310,917	4,249,231	3,443,384	2,927,160	4,904,296	4,310,917	2,559,663
Operating segments [Member] | Correspondent production [Member]
Net investment income:
Net gain on mortgage loans acquired for sale									35,647	98,669	147,675
Net gain on investments									0	0	0
Interest income									24,022	33,727	19,733
Interest expense									-15,899	-26,808	-11,289
Net interest income									8,123	6,919	8,444
Net loan servicing fees									0	0	0
Other investment (loss) income									18,290	17,715	10,545
Net investment income									62,060	123,303	166,664
Expenses:
Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.									49,872	78,552	64,912
Other									3,357	861	1,253
Total expenses									53,229	79,413	66,165
Income before provision for income taxes									8,831	43,890	100,499
Total assets at period end	654,476				472,089				654,476	472,089	1,004,399
Operating segments [Member] | Investment activities [Member]
Net investment income:
Net gain on mortgage loans acquired for sale									0	0	0
Net gain on investments									201,809	207,758	103,649
Interest income									150,714	94,435	52,796
Interest expense									-72,078	-43,714	-20,441
Net interest income									78,636	50,721	32,355
Net loan servicing fees									37,893	32,791	-754
Other investment (loss) income									-23,657	-9,055	1,612
Net investment income									294,681	282,215	136,862
Expenses:
Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.									86,404	69,699	29,038
Other									37,644	38,487	21,501
Total expenses									124,048	108,186	50,539
Income before provision for income taxes									170,633	174,029	86,323
Total assets at period end	4,249,820				3,838,828				4,249,820	3,838,828	1,555,264
Intersegment elimination & other [Member]
Net investment income:
Net gain on mortgage loans acquired for sale									0	0	0
Net gain on investments									0	0	0
Interest income									-2,388	-5,300	-88
Interest expense									2,388	5,300	88
Net interest income									0	0	0
Net loan servicing fees									0	0	0
Other investment (loss) income									0	0	0
Net investment income									0	0	0
Expenses:
Loan fulfillment, servicing and management fees earned by PennyMac Financial Services, Inc.									0	3,284	0
Other									0	0	0
Total expenses									0	3,284	0
Income before provision for income taxes									0	-3,284	0
Total assets at period end	$0				$0				$0	$0	$0

Selected_Quarterly_Results_Sel

Selected Quarterly Results - Selected Quarterly Financial Data (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Net investment income	$53,059	$106,530	$120,556	$76,595	$96,087	$86,062	$115,553	$107,816	$356,741	$405,518	$303,526
Net income	26,511	54,949	75,211	37,873	52,696	39,701	54,497	53,296	194,544	200,190	138,249
Earnings per share:
Basic	$0.35	$0.74	$1.01	$0.52	$0.74	$0.61	$0.92	$0.90	$2.62	$3.13	$3.14
Diluted	$0.34	$0.69	$0.93	$0.50	$0.69	$0.57	$0.86	$0.90	$2.47	$2.96	$3.14
Cash dividends declared per share	$0.61	$0.61	$0.59	$0.59	$1.16	$0.57	$0.57	$0.57	$2.40	$2.87	$2.22
Short-term investments at fair value	139,900	37,452	104,453	91,338	92,398	80,936	73,236	45,024	139,900	92,398
Investment securities at fair value	307,363	267,885	218,725	198,110	197,401	217,492	0	0	307,363	197,401
Mortgage loans at fair value	3,364,674	3,250,761	3,606,906	3,156,041	3,276,582	3,350,632	2,862,126	2,490,270	3,364,674	3,276,582
Excess servicing spread	191,166	187,368	190,244	151,019	138,723	2,857	0	0	191,166	138,723
Real estate acquired in settlement of loans	303,228	275,185	240,471	186,877	148,080	103,202	88,771	84,486	303,228	148,080
Mortgage servicing rights	357,780	345,848	315,484	301,427	290,572	269,675	226,901	180,441	357,780	290,572
Other assets	240,185	240,314	193,462	142,725	167,161	224,437	192,350	126,939	240,185	167,161
Total assets	4,904,296	4,604,813	4,869,745	4,227,537	4,310,917	4,249,231	3,443,384	2,927,160	4,904,296	4,310,917	2,559,663
Assets sold under agreements to repurchase and mortgage loan participation and sale agreement	2,750,366	2,416,686	2,701,755	1,887,778	2,039,605	1,980,058	1,565,896	1,615,050	2,750,366	2,039,605
Borrowings under forward purchase agreements	0	0	0	216,614	226,580	229,841	244,047	0	0	226,580
Asset-backed secured financing at fair value	165,920	166,841	170,201	166,514	165,415	170,008	0	0	165,920	165,415
Exchangeable senior notes	250,000	250,000	250,000	250,000	250,000	250,000	250,000	0	250,000	250,000	0
Other liabilities	159,838	183,245	170,629	163,349	162,203	124,559	139,260	89,681	159,838	162,203
Total liabilities	3,326,124	3,016,772	3,292,585	2,684,255	2,843,803	2,754,466	2,199,203	1,704,731	3,326,124	2,843,803
Shareholders' equity	1,578,172	1,588,041	1,577,160	1,543,282	1,467,114	1,494,765	1,244,181	1,222,429	1,578,172	1,467,114	1,201,336	546,017
Total liabilities and shareholders' equity	$4,904,296	$4,604,813	$4,869,745	$4,227,537	$4,310,917	$4,249,231	$3,443,384	$2,927,160	$4,904,296	$4,310,917

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$94,116	$67,374	$31,693
Income tax (refund) paid	-6,562	-9,200	12,700
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	0
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	364,945	185,061	112,642
Transfer of mortgage loans acquired for sale to mortgage loans at fair value	0	0	18
Purchase of mortgage loans financed through forward purchase agreements	2,828	246,605	1,070
Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	205,902	15,347	117,913
Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	9,369	9,922	6,633
Receipt of MSRs as proceeds from sales of loans	121,333	183,032	134,682
Purchase of REO financed through forward purchase agreements	68	4	249
Receipt of ESS pursuant to recapture agreement with PFSI	7,343	0	0
Transfer of REO under forward purchase agreements to REO	12,737	117	21,819
Non-cash financing activities:
Purchase of mortgage loans financed through forward purchase agreements	2,828	246,605	1,070
Purchase of REO financed through forward purchase agreements	68	4	249
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	2,731	44,395	0
Dividends payable	$45,894	$41,570	$0

Regulatory_Net_Worth_Additiona

Regulatory Net Worth - Additional Information (Detail) (USD $)	Dec. 31, 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	$59.20
Freddie Mac Capital Markets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$30.90

Parent_Company_Information_Add

Parent Company Information - Additional Information (Detail) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
PMT [Member]
Net worth, Required	$860
Operating Partnership [Member]
Net worth, Required	700
Net Worth	1,600
PMH [Member]
Net worth, Required	250
Net Worth	836
PMC [Member]
Net worth, Required	150
Net Worth	$332

Parent_Company_Information_Con

Parent Company Information - Condensed Balance Sheets (Detail) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
ASSETS
Short-term investment	$139,900				$92,398
Other assets	66,193				66,192
Total assets	4,904,296	4,604,813	4,869,745	4,227,537	4,310,917	4,249,231	3,443,384	2,927,160	2,559,663
LIABILITIES
Accounts payable and accrued liabilities	67,806				71,561
Income taxes payable	51,417				59,935
Total liabilities	3,326,124	3,016,772	3,292,585	2,684,255	2,843,803	2,754,466	2,199,203	1,704,731
Shareholders' equity	1,578,172	1,588,041	1,577,160	1,543,282	1,467,114	1,494,765	1,244,181	1,222,429	1,201,336	546,017
Total liabilities and shareholders' equity	4,904,296	4,604,813	4,869,745	4,227,537	4,310,917	4,249,231	3,443,384	2,927,160
PennyMac Mortgage Investment Trust [Member]
ASSETS
Short-term investment	506				1,340
Investments in subsidiaries	1,637,927				1,527,213
Receivables from subsidiaries	261				16
Other assets	522				521
Total assets	1,639,216				1,529,090
LIABILITIES
Dividends payable	45,482				41,570
Accounts payable and accrued liabilities	2,988				3,825
Due to affiliates	1,548				1,788
Payables to subsidiaries	338				378
Income taxes payable	126				67
Total liabilities	50,482				47,628
Shareholders' equity	1,588,734				1,481,462
Total liabilities and shareholders' equity	$1,639,216				$1,529,090

Parent_Company_Information_Con1

Parent Company Information - Condensed Statements of Income (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest
Other									$172,348	$122,862	$72,441
Debt guarantee fees receivable from PennyMac Corp., LLC									8,900	4,386	244
Net investment income	53,059	106,530	120,556	76,595	96,087	86,062	115,553	107,816	356,741	405,518	303,526
Expenses
Intercompany interest									85,589	65,222	31,642
Other									24,293	23,061	9,557
Total expenses									177,277	190,883	116,704
Income before provision for income taxes and equity in undistributed earnings in subsidiaries									179,464	214,635	186,822
Provision for income taxes									-15,080	14,445	48,573
Net income	26,511	54,949	75,211	37,873	52,696	39,701	54,497	53,296	194,544	200,190	138,249
PennyMac Mortgage Investment Trust [Member]
Net investment income
Dividends from subsidiaries									174,192	148,520	107,135
Interest
Intercompany									15	20	2,256
Other									4	4	61
Debt guarantee fees receivable from PennyMac Corp., LLC									1,250	833	0
Net investment income									175,461	149,377	109,452
Expenses
Intercompany interest									26	39	167
Other									0	0	1,321
Total expenses									26	39	1,488
Income before provision for income taxes and equity in undistributed earnings in subsidiaries									175,435	149,338	107,964
Provision for income taxes									372	86	0
Income before equity in undistributed earnings of subsidiaries									175,063	149,252	107,964
Equity in undistributed earnings of subsidiaries									23,288	49,940	28,845
Net income									$198,351	$199,192	$136,809

Parent_Company_Information_Con2

Parent Company Information - Condensed Statements of Cash Flows (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$194,544	$200,190	$138,249
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in other assets	-24,910	-33,956	-12,948
(Decrease) increase in accounts payable and accrued liabilities	-6,361	-14,518	32,818
(Decrease) increase in due to affiliates	2,122	7,364	50
Increase in income taxes payable	-8,518	23,619	35,875
Net cash provided by operating activities	-366,036	-242,832	-820,400
Cash flows from investing activities:
Net (increase) decrease in short-term investments	-47,502	-53,381	-8,698
Net cash provided (used) by investing activities	27,972	-1,028,996	-111,442
Cash flows from financing activities:
Proceeds from issuance of common shares	90,589	261,595	608,184
Payment of common share underwriting and offering costs	-1,070	-12,321	-1,361
Payment of dividends	-174,433	-147,568	-94,821
Net cash (used) provided by financing activities	387,039	1,265,483	951,009
Net change in cash	48,975	-6,345	19,167
Cash at beginning of period	27,411	33,756	14,589
Cash at end of period	76,386	27,411	33,756
Non-cash financing activity - dividends payable	45,894	41,570	0
PennyMac Mortgage Investment Trust [Member]
Cash flows from operating activities:
Net income	198,351	199,192	136,809
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	-23,288	-49,940	-28,845
Decrease (increase) in receivables from subsidiaries	107	-16	38,976
(Increase) decrease in other assets	-1	-316	943
(Decrease) increase in accounts payable and accrued liabilities	-837	-2,582	524
(Decrease) increase in due to affiliates	-652	-1,169	16
(Decrease) increase payable to subsidiaries	-40	314	-2,472
Increase in income taxes payable	59	67	0
Net cash provided by operating activities	173,699	145,550	145,951
Cash flows from investing activities:
Increase in investment in subsidiaries	-89,618	-249,315	-666,101
Net (increase) decrease in short-term investments	834	2,059	8,148
Net cash provided (used) by investing activities	-88,784	-247,256	-657,953
Cash flows from financing activities:
Proceeds from issuance of common shares	90,588	261,595	608,184
Payment of common share underwriting and offering costs	-1,070	-12,321	-1,360
Payment of dividends	-174,433	-147,568	-94,822
Net cash (used) provided by financing activities	-84,915	101,706	512,002
Net change in cash	0	0	0
Cash at beginning of period	0	0	0
Cash at end of period	0	0	0
Non-cash financing activity - dividends payable	$45,894	$41,570	$0

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $)	0 Months Ended
	Jun. 29, 2015	Feb. 03, 2015	Jan. 28, 2015	Jan. 29, 2015	Feb. 18, 2015
				Security_Loan
Subsequent Event [Line Items]
Number of non nonperforming loans				1,076
Aggregate unpaid principal balance of mortgage loans purchased	$310,200,000
Penny Mac Loan Services Llc [Member]
Subsequent Event [Line Items]
Excess servicing spread investment		140,000,000	29,000,000
Unpaid principal balance of MSRs purchase		15,900,000,000	4,000,000,000
JPM Credit Facility [Member]
Subsequent Event [Line Items]
Aggregate principal amount of mortgage loans to be sold under agreement to repurchase					$500,000,000