PennyMac Mortgage Investment Trust (PMT) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	PMT
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	1,464,423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		73,767,435

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash	$ 89,303	$ 76,386
Short-term investments	31,518	139,900
Mortgage-backed securities at fair value (includes $306,638 and $307,363 pledged to secure assets sold under agreements to repurchase and $8,961 and $0 pledged to secure Federal Home Loan Bank advances)	315,599	307,363
Mortgage loans acquired for sale at fair value (includes $903,806 and $609,608 pledged to secure assets sold under agreements to repurchase, $63,162 and $20,862 pledged to secure mortgage loan participation and sale agreement, and $68,937 and $0 pledged to secure Federal Home Loan Bank advances)	1,050,296	637,722
Mortgage loans at fair value (includes $2,485,046 and $2,709,161 pledged to secure assets sold under agreements to repurchase and asset-backed secured financing of a variable interest entity at fair value and $140,025 and $0 pledged to secure Federal Home Loan Bank advances)	2,637,730	2,726,952
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure note payable to PennyMac Financial Services, Inc.	418,573	191,166
Derivative assets	16,806	11,107
Real estate acquired in settlement of loans (includes $280,045 and $150,649 pledged to secure assets sold under agreements to repurchase)	353,563	303,228
Real estate held for investment	4,448	0
Mortgage servicing rights (includes $57,751 and $57,358 carried at fair value and $423,095 and $0 pledged to secure borrowings under notes payable)	423,095	357,780
Servicing advances	79,528	79,878
Due from PennyMac Financial Services, Inc.	9,050	6,621
Other	162,722	59,155
Total assets	5,592,231	4,897,258
LIABILITIES
Assets sold under agreements to repurchase	2,864,032	2,729,027
Mortgage loan participation and sale agreement	61,078	20,222
Federal Home Loan Bank advances	183,000	0
Notes payable	192,332	0
Asset-backed secured financing of a variable interest entity at fair value	234,287	165,920
Exchangeable senior notes	244,805	244,079
Derivative liabilities	2,786	2,430
Accounts payable and accrued liabilities	67,086	67,806
Due to PennyMac Financial Services, Inc.	17,220	23,943
Income taxes payable	42,702	51,417
Liability for losses under representations and warranties	18,473	14,242
Total liabilities	4,077,801	3,319,086
SHAREHOLDERS' EQUITY
Common shares of beneficial interest-authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 73,792,435 and 74,510,159 common shares	738	745
Additional paid-in capital	1,468,739	1,479,699
Retained earnings	44,953	97,728
Total shareholders' equity	1,514,430	1,578,172
Total liabilities and shareholders' equity	5,592,231	4,897,258
PennyMac Financial Services, Inc. [Member]
LIABILITIES
Notes payable	150,000	0
Consolidated VIE [Member]
ASSETS
Mortgage loans at fair value (includes $2,485,046 and $2,709,161 pledged to secure assets sold under agreements to repurchase and asset-backed secured financing of a variable interest entity at fair value and $140,025 and $0 pledged to secure Federal Home Loan Bank advances)	477,271	527,369
Derivative assets	626	0
Other assets
Interest receivable	1,502	1,651
Restricted cash	87,891	0
Total assets of Consolidated Variable Interest Entity	567,290	529,020
LIABILITIES
Asset-backed secured financing of a variable interest entity at fair value	234,287	165,920
Accounts payable and accrued expenses-interest payable	679	477
Total liabilities of Consolidated Variable Interest Entity	$ 234,966	$ 166,397

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Mortgage-backed securities at fair value, pledged to secure assets sold under agreements to repurchase	$ 306,638	$ 307,363
Mortgage-backed securities at fair value, pledged to secure Federal Home Loan Bank advances	8,961	0
Mortgage loans acquired for sale at fair value, pledged to secure assets sold under agreements to repurchase	903,806	609,608
Mortgage loans acquired for sale at fair value, pledged to secure Federal Home Loan Bank advances	68,937	0
Mortgage loans at fair value, pledged to secure assets sold under agreements to repurchase and asset-backed secured financing of a variable interest entity at fair value	2,485,046	2,709,161
Mortgage loans at fair value, pledged to secure Federal Home Loan Bank advances	140,025	0
Real estate acquired in settlement of loans, pledged to secure assets sold under agreements to repurchase	280,045	150,649
Mortgage servicing rights at fair value	57,751	57,358
Mortgage servicing rights, pledged to secure borrowings under notes payable	$ 423,095	$ 0
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	73,792,435	74,510,159
Common shares, outstanding	73,792,435	74,510,159
Mortgage Loan Participation and Sale Agreement [Member]
Mortgage loans acquired for sale at fair value, pledged to secure mortgage loan participation and sale agreement	$ 63,162	$ 20,862

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net investment income
Interest income	$ 61,438	$ 41,236	$ 147,456	$ 129,100
Interest expense
Interest expense	37,760	22,020	93,245	63,660
Net interest income	23,678	19,216	54,211	65,440
Net gain on mortgage loans acquired for sale	13,884	9,509	35,219	29,702
Loan origination fees	9,135	6,447	21,701	13,288
Net gain on investments	24,958	70,390	51,019	186,109
Net loan servicing fees	20,791	10,533	41,810	26,712
Results of real estate acquired in settlement of loans	(4,221)	(11,926)	(11,859)	(23,900)
Other	2,549	2,361	6,095	6,330
Net investment income	90,774	106,530	198,196	303,681
Expenses
Loan fulfillment fees	17,553	15,497	45,752	36,832
Loan servicing fees	11,736	12,325	34,542	41,096
Management fees	5,742	9,623	18,524	26,609
Compensation	1,550	1,843	5,748	6,668
Professional services	1,759	1,927	5,249	6,348
Other	7,327	7,384	22,006	18,604
Total expenses	45,667	48,599	131,821	136,157
Income before provision for (benefit from) income taxes	45,107	57,931	66,375	167,524
Provision for (benefit from) income taxes	6,295	2,982	(8,016)	(509)
Net income	$ 38,812	$ 54,949	$ 74,391	$ 168,033
Earnings per share
Basic	$ 0.51	$ 0.74	$ 0.98	$ 2.28
Diluted	$ 0.49	$ 0.69	$ 0.95	$ 2.13
Weighted-average shares outstanding
Basic	74,681	74,140	74,675	73,254
Diluted	83,411	82,832	83,486	81,978
Dividends declared per share	$ 0.47	$ 0.61	$ 1.69	$ 1.79
Nonaffiliates [Member]
Net investment income
Interest income	$ 53,412	$ 37,659	$ 129,860	$ 119,522
Interest expense
Interest expense	36,471	22,020	91,423	63,660
Net gain on investments	32,802	77,786	56,521	203,943
PennyMac Financial Services, Inc. [Member]
Net investment income
Interest income	8,026	3,577	17,596	9,578
Interest expense
Interest expense	1,289	0	1,822	0
Net gain on investments	$ (7,844)	$ (7,396)	$ (5,502)	$ (17,834)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]
Balance, Amount at Dec. 31, 2013	$ 1,467,114	$ 705	$ 1,384,468	$ 81,941
Balance, Shares at Dec. 31, 2013		70,458,000
Net income	168,033			168,033
Share-based compensation, Amount	4,356	$ 2	4,354
Share-based compensation, Shares		235,000
Common share dividends	(132,863)			(132,863)
Issuance of common shares, Amount	$ 82,453	$ 34	82,419
Issuance of common shares, Shares	3,447,022	3,447,000
Share underwriting and offering costs	$ (1,052)		(1,052)
Balance, Amount at Sep. 30, 2014	1,588,041	$ 741	1,470,189	117,111
Balance, Shares at Sep. 30, 2014		74,140,000
Balance, Amount at Dec. 31, 2014	1,578,172	$ 745	1,479,699	97,728
Balance, Shares at Dec. 31, 2014		74,510,000
Net income	74,391			74,391
Share-based compensation, Amount	4,980	$ 3	4,977
Share-based compensation, Shares		302,000
Common share dividends	(127,166)			(127,166)
Issuance of common shares, Amount	8		8
Issuance of common shares, Shares		0
Repurchase of common shares, Amount	$ (15,955)	$ (10)	(15,945)
Repurchase of common shares, Shares	(1,000,000)	(1,020,000)
Balance, Amount at Sep. 30, 2015	$ 1,514,430	$ 738	$ 1,468,739	$ 44,953
Balance, Shares at Sep. 30, 2015		73,792,000

Consolidated Statements of Cha6

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Common share dividends declared per share	$ 1.69	$ 1.79
Retained earnings [Member]
Common share dividends declared per share	$ 1.69	$ 1.79

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 74,391	$ 168,033
Adjustments to reconcile net income to net cash used by operating activities:
Accrual of unearned discounts and amortization of premiums on mortgage-backed securities, mortgage loans at fair value, and asset-backed secured financing	(884)	(905)
Capitalization of interest on mortgage loans at fair value	(34,979)	(40,805)
Accrual of interest on excess servicing spread	(17,596)	(9,578)
Amortization of credit facility commitment fees and debt issuance costs	8,491	7,298
Net gain on mortgage loans acquired for sale	(35,219)	(29,702)
Reversal of costs related to forward purchase agreements	0	(168)
Net gain on investments	(51,019)	(186,109)
Change in fair value, amortization and impairment of mortgage servicing rights	32,876	30,285
Results of real estate acquired in settlement of loans	11,859	23,900
Share-based compensation expense	4,980	4,356
Purchases of mortgage loans acquired for sale at fair value from nonaffiliates	(35,922,418)	(20,759,885)
Purchases of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(13,708)	(4,955)
Repurchase of mortgage loans subject to representation and warranties	(14,873)	(14,266)
Sales and repayments of mortgage loans acquired for sale at fair value to nonaffiliates	10,593,309	8,548,903
Sales of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	24,877,077	11,947,251
Increase in servicing advances	(16,930)	(14,347)
(Increase) decrease in due from PennyMac Financial Services, Inc.	(2,090)	2,163
Increase in other assets	(14,891)	(70,252)
Increase in accounts payable and accrued liabilities	10,624	6,038
(Decrease) increase in payable to PennyMac Financial Services, Inc.	(6,487)	3,076
(Decrease) increase in income taxes payable	(8,715)	6,273
Net cash used in operating activities	(526,202)	383,396
Cash flows from investing activities
Net decrease in short-term investments	108,382	54,946
Purchases of mortgage-backed securities at fair value	(62,224)	(73,922)
Repayments of mortgage-backed securities at fair value	52,520	9,830
Purchases of mortgage loans at fair value	(241,981)	(283,017)
Sales and repayments of mortgage loans at fair value	215,630	532,375
Repayments of mortgage loans under forward purchase agreements at fair value	0	6,413
Purchases of excess servicing spread from PennyMac Financial Services, Inc.	(271,452)	(82,646)
Repayments of excess servicing spread by PennyMac Financial Services, Inc.	55,800	25,280
Purchase of Federal Home Loan Bank capital stock	(7,330)	0
Settlements of derivative financial instruments	(8,766)	(7,879)
Sale of mortgage loans at fair value to PennyMac Financial Services, Inc.	1,466	0
Purchase of real estate acquired in settlement of loans	0	(3,049)
Sales of real estate acquired in settlement of loans	174,784	124,794
Sales of real estate acquired in settlement of loans under forward purchase agreements	0	5,365
Sale of mortgage servicing rights	392	137
Deposits of cash collateral to variable interest entities	(87,891)	0
Decrease (increase) in margin deposits and restricted cash	1,438	(350)
Net cash (used) provided by investing activities	(69,232)	308,277
Cash flows from financing activities
Sales of assets under agreement to repurchase	38,669,898	26,109,117
Repurchases of assets sold under agreements to repurchase	(38,534,306)	(25,732,035)
Sales of mortgage loan participation certificates	3,613,090	0
Repayments of mortgage loan participation certificates	(3,572,232)	0
Issuances of credit risk transfer financing	1,204,187	0
Repayments of credit risk transfer financing	(1,204,187)	0
Federal Home Loan Bank advances	461,484	0
Repayments of Federal Home Loan Bank advances	(278,484)	0
Advances under note payable	346,179	0
Repayments under note payable	(153,765)	0
Repayments of borrowings under forward purchase agreements	0	(227,866)
Issuances of asset-backed secured financing at fair value	85,206	0
Repayments of asset-backed secured financing at fair value	(15,590)	(6,161)
Payments of debt issuance cost and commitment fees	(8,436)	0
Issuances of common shares	8	82,453
Repurchases of common shares	(15,955)	0
Payments of common share underwriting and offering costs	0	(1,052)
Payments of contingent underwriting fees payable	(705)	(1,295)
Payments of dividends	(138,041)	(128,966)
Net cash provided financing activities	608,351	94,195
Net increase in cash	12,917	19,076
Cash at beginning of period	76,386	27,411
Cash at end of period	89,303	46,487
PennyMac Financial Services, Inc. [Member]
Cash flows from financing activities
Advances under note payable to PennyMac Financial Services, Inc.	168,546	0
Repayments under note payable to PennyMac Financial Services, Inc.	$ (18,546)	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1—Organization and Basis of Presentation PennyMac Mortgage Investment Trust (“PMT” or the “Company”) was organized in Maryland on May 18, 2009, and commenced operations on August 4, 2009, when it completed its initial offerings of common shares of beneficial interest (“common shares”). The Company is a specialty finance company, which, through its subsidiaries (all of which are wholly-owned), invests primarily in residential mortgage loans and mortgage-related assets. The Company operates in two segments, correspondent production and investment activities: • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS” or the “Servicer”), both indirect subsidiaries of PennyMac Financial Services, Inc. (“PFSI”). Most of the mortgage 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 the 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 accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Manager to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. Reclassification of previously presented balances In April of 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Other Assets sold under agreements to repurchase, Mortgage loan participation and sale agreement Exchangeable senior notes Following is a summary of the balance sheet reclassifications: December 31, 2014 As reported As previously reported Reclassification (in thousands) ASSETS Other $ 59,155 $ 66,193 $ (7,038 ) Total assets $ 4,897,258 $ 4,904,296 $ (7,038 ) LIABILITIES Assets sold under agreements to repurchase $ 2,729,027 $ 2,730,130 $ (1,103 ) Mortgage loan participation and sale agreement $ 20,222 $ 20,236 $ (14 ) Exchangeable senior notes $ 244,079 $ 250,000 $ (5,921 ) Total liabilities $ 3,319,086 $ 3,326,124 $ (7,038 ) Total liabilities and shareholders’ equity $ 4,897,258 $ 4,904,296 $ (7,038 )

Concentration of Risks

Concentration of Risks	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentration of Risks	Note 2—Concentration of Risks As discussed in Note 1— Organization and Basis of Presentation 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 PLS’ 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 mortgage 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 mortgage 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.: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Investment portfolio purchases: Mortgage loans $ — $ — $ 241,981 $ 284,403 REO — — — 3,117 $ — $ — $ 241,981 $ 287,520 Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.: Mortgage loans $ — $ — $ — $ 26,737 REO — — — 68 $ — $ — $ — $ 26,805 Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.: September 30, December 31, (in thousands) Mortgage loans $ 879,990 $ 943,163 REO 97,619 108,302 $ 977,609 $ 1,051,465 Total holdings of mortgage loans and REO $ 2,991,293 $ 3,030,180 During the year ended December 31, 2013, the Company entered into forward purchase agreements with Citigroup Global Markets Realty Corp. (“CGM”), a subsidiary of Citigroup Inc., to purchase certain nonperforming mortgage loans and REO (collectively, the “CGM Assets”). The CGM Assets were acquired by CGM from unaffiliated money center banks and were held in a trust subsidiary by CGM pending settlement by the Company. The commitment under the forward purchase agreement was settled in full during the quarter ended June 30, 2014. The Company recognized the CGM assets and related obligations as of the dates of the forward purchase agreements and recognized all subsequent income and changes in fair value relating to such assets. As a result of recognizing the CGM assets and related obligations, the Company’s consolidated statements of income and cash flows included the following amounts related to the forward purchase agreements: Quarter ended Nine months ended (in thousands) Statements of income: Interest income $ — $ 3,584 Interest expense $ — $ 2,364 Net gain on investments $ — $ 803 Net loan servicing fees $ — $ 517 Results of REO $ — $ (473 ) Statements of cash flows: Repayments of mortgage loans $ — $ 6,413 Sales of REO $ — $ 5,365 Repayments of borrowings under forward purchase agreements $ — $ (227,866 ) The Company had no other variable interests in the trust entity or other exposure to the creditors of the trust entity that could expose the Company to loss.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 3—Transactions with Related Parties Correspondent Production Activities Following is a summary of correspondent production activity between the Company and PLS: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Fulfillment fees earned by PLS $ 17,553 $ 15,497 $ 45,752 $ 36,832 Unpaid principal balance of loans fulfilled by PLS $ 4,073,201 $ 3,677,613 $ 10,542,411 $ 8,588,955 Sourcing fees received from PLS $ 3,236 $ 1,384 $ 7,084 $ 3,401 Unpaid principal balance of loans sold to PLS $ 10,783,882 $ 4,609,947 $ 23,602,020 $ 11,332,898 Purchases of mortgage loans acquired for sale at fair value from PLS $ 2,880 $ 2,970 $ 13,708 $ 4,955 Tax service fee to paid to PLS $ 1,291 $ 703 $ 3,293 $ 1,753 At period end: Mortgage loans included in mortgage loans acquired for sale pending sale to PLS $ 373,812 $ 59,719 Mortgage Loan Servicing Activities Following is a summary of mortgage loan servicing fees earned by PLS: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Mortgage loans acquired for sale at fair value: Base $ 130 $ 28 $ 198 $ 74 Activity-based 153 35 243 112 283 63 441 186 Mortgage loans at fair value: Distressed mortgage loans Base 3,896 4,662 12,053 14,549 Activity-based 2,961 4,076 8,948 16,208 6,857 8,738 21,001 30,757 Mortgage loans held in VIE Base 34 17 92 71 Activity-based — — — — 34 17 92 71 MSRs: Base 4,473 3,459 12,783 9,930 Activity-based 89 48 225 152 4,562 3,507 13,008 10,082 $ 11,736 $ 12,325 $ 34,542 $ 41,096 Average investment in: Mortgage loans acquired for sale at fair value $ 1,783,011 $ 732,287 $ 1,189,754 $ 530,861 Distressed mortgage loans $ 2,201,533 $ 2,122,397 $ 2,268,538 $ 2,171,724 Mortgage loans held in a VIE $ 481,925 $ 537,367 $ 504,351 $ 534,784 Average mortgage loan servicing portfolio $ 38,172,371 $ 30,701,324 $ 36,446,663 $ 28,597,033 Investing and Financing Activities Following is a summary of investing and financing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) ESS: Purchases $ 84,165 $ 9,253 $ 271,452 $ 82,646 Recapture income recognized $ 2,428 $ 2,143 $ 5,173 $ 6,558 Repayments $ 24,717 $ 8,786 $ 55,800 $ 25,280 Interest income $ 8,026 $ 3,577 $ 17,596 $ 9,578 Net gain (loss) $ (10,272 ) $ (9,539 ) $ (10,675 ) $ (24,392 ) MSR recapture income recognized $ 670 $ — $ 670 $ 9 Note payable: Advances $ 97,474 $ — $ 168,546 $ — Repayments $ — $ — $ 18,546 $ — Interest expense $ 1,289 $ — $ 1,822 $ — PLS is a party to a lending facility with a nonaffiliate lender pursuant to which it finances certain of its MSRs and servicing advance receivables. On April 30, 2015, PLS amended and restated the lending facility to increase the maximum loan amount to $407 million, $150 million of which is for the purpose of facilitating its financing of the related ESS by PennyMac Holdings, LLC (“PMH”), a wholly owned subsidiary of the Company. In connection with the amendment to lending facility, PMH and PLS entered into an underlying loan and security agreement, dated as of April 30, 2015, pursuant to which PMH may borrow up to $150 million from PLS for the purpose of financing its purchase of ESS. The principal amount of the borrowings under the underlying loan and security agreement is based upon a percentage of the market value of the ESS pledged by PMH, subject to the $150 million sublimit described above. Pursuant to the underlying loan and security agreement, PMH granted to PLS a security interest in all of its right, title and interest in, to and under the ESS pledged to secure loans. The portion of the loan amount outstanding under the lending facility between PLS and the nonaffiliate lender and relating to advances for ESS outstanding with PMH under the underlying loan and security agreement was guaranteed in full by the Company. PMH and PLS have agreed that PMH is required to repay PLS the principal amount of such borrowings plus accrued interest to the date of such repayment, and PLS is required to repay its lender the corresponding amount under the lending facility. Interest accrues under the underlying loan and security agreement at a rate based on the nonaffiliate lender’s cost of funds. PMH was also required to pay PLS a fee for the structuring of the underlying loan and security agreement in an amount equal to the portion of the corresponding fee paid by PLS to the nonaffiliate lender under the lending facility and allocable to the $150 million relating to the ESS financing. In addition, in connection with its initial public offering of common shares on August 4, 2009 (“IPO”), the Company conditionally agreed to reimburse PCM up to $2.9 million for underwriting fees paid to the IPO underwriters by PCM on the Company’s behalf. During the quarter and nine months ended September 30, 2015, the Company reimbursed PCM $7,000 and $237,000, respectively, compared to $256,000 and $292,000 for the same periods in 2014. Also in connection with its IPO, the Company agreed to pay the IPO underwriters up to $5.9 million in contingent underwriting fees. During the quarter and nine months ended September 30, 2015, the Company paid $14,000 and $473,000 to the underwriters, respectively, compared to $615,000 and $1.0 million for the same periods in 2014. At September 30, 2015 and December 31, 2014, $459,000 and $1.7 million, respectively, of contingent underwriting fees were included in accounts payable and accrued liabilities. Other Transactions Following is a summary of the base management and performance incentive fees payable to PCM recorded by the Company: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Base $ 5,742 $ 6,033 $ 17,181 $ 17,392 Performance incentive — 3,590 1,343 9,217 Total management fee incurred during the period $ 5,742 $ 9,623 $ 18,524 $ 26,609 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: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates (1) $ 2,694 $ 2,912 $ 8,125 $ 8,181 Expenses incurred on the Company’s behalf (85 ) 122 377 671 $ 2,609 $ 3,034 $ 8,502 $ 8,852 Payments and settlements during the period (2) $ 17,709 $ 31,621 $ 64,575 $ 72,975 (1) For the quarter and nine months ended September 30, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $900,000 and $1.6 million, respectively, of overhead expenses that otherwise would have been allocable to the Company. (2) 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, on the one hand, and PCM and PLS, on the other hand. Amounts due to PCM and PLS are summarized below: September 30, December 31, (in thousands) Management fees $ 5,742 $ 8,426 Allocated expenses 5,237 6,582 Fulfillment fees 3,031 506 Servicing fees 2,310 3,457 Conditional reimbursement 900 1,136 Unsettled purchases of ESS — 3,836 $ 17,220 $ 23,943 Amounts due from PCM and its affiliates totaled $9.1 million and $6.6 million at September 30, 2015 and December 31, 2014, respectively. At September 30, 2015 and December 31, 2015, the balance represents payments receivable relating to cash flows from the Company’s investment in ESS and amounts receivable relating to unsettled ESS and MSR recaptures. PFSI, through a controlled subsidiary, held 75,000 of the Company’s common shares at both September 30, 2015 and December 31, 2014.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 4—Earnings Per Share The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on the Company’s exchangeable senior notes (the “Exchangeable Notes”), by the weighted-average common shares outstanding, assuming all potentially dilutive securities were issued. In periods in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive. The following table summarizes the basic and diluted earnings per share calculations: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands except per share amounts) Basic earnings per share: Net income 38,812 $ 54,949 $ 74,391 $ 168,033 Effect of participating securities—share-based compensation awards (361 ) (305 ) (1,352 ) (1,360 ) Net income attributable to common shareholders $ 38,451 $ 54,644 $ 73,039 $ 166,673 Diluted earnings per share: Net income attributable to common shareholders $ 38,451 $ 54,949 $ 73,039 $ 168,033 Interest on Exchangeable Notes, net of income taxes 2,123 2,081 6,364 6,237 Net income attributable to diluted shareholders $ 40,574 $ 57,030 $ 79,403 $ 174,270 Weighted-average basic shares outstanding 74,681 74,140 74,675 73,254 Potentially dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes 8,414 8,401 8,414 8,401 Shares issuable under share-based compensation plan 316 291 397 323 Diluted weighted-average number of shares outstanding 83,411 82,832 83,486 81,978 Basic earnings per share $ 0.51 $ 0.74 $ 0.98 $ 2.28 Diluted earnings per share $ 0.49 $ 0.69 $ 0.95 $ 2.13 Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included or excluded that may differ in certain circumstances.

Loan Sales and Variable Interes

Loan Sales and Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loan Sales and Variable Interest Entities	Note 5—Loan Sales and Variable Interest Entities The Company is a variable interest holder in various special purpose entities that relate to its loan transfer and financing activities. These entities are classified as variable interest entities (“VIEs”) for accounting purposes. 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 (“UPB”) information at period end: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Cash flows: Proceeds from sales $ 4,885,668 $ 3,745,193 $ 10,593,309 $ 8,534,637 Servicing fees received (1) $ 25,054 $ 17,797 $ 69,876 $ 52,704 Period end information: Unpaid principal balance of: Mortgage loans outstanding $ 39,786,376 $ 32,134,609 Delinquent mortgage loans: 30-89 days delinquent $ 154,346 $ 87,374 90 or more days delinquent Not in foreclosure or bankruptcy 25,243 20,708 In foreclosure or bankruptcy 30,406 11,583 55,649 32,291 $ 209,995 $ 119,665 (1) Net of guarantee fees. Consolidated VIEs Credit Risk Transfer (“CRT”) Transactions The Company, through its wholly-owned subsidiary, PennyMac Corp. (“PMC”), entered into CRT arrangements with Fannie Mae, pursuant to which PMC, through subsidiary trust entities, may sell pools of mortgage loans into Fannie Mae-guaranteed securitizations while retaining a portion of the credit risk underlying such mortgage loans (the “CRT Agreements”). Transfers of mortgage loans subject to CRT Agreements receive sale accounting treatment upon fulfillment of the criteria for sale recognition contained in the Transfers and Servicing The Company retains a portion of the credit risk underlying such mortgage loans by issuing a credit guarantee to Fannie Mae in exchange for a portion of the guarantee fee normally charged by Fannie Mae for mortgage loan securitizations that it guarantees. The mortgage loans subject to the CRT Agreements are transferred by PMC to subsidiary trust entities which sell the mortgage loans into Fannie Mae mortgage loan securitizations and issue the credit guarantees to Fannie Mae. The Manager has concluded that the Company’s subsidiary trust entities are VIEs. The Manager concluded that the Company is the primary beneficiary of the VIEs as it is the holder of the primary beneficial interests which absorb the variability of the trusts’ results of operations. Consolidation of the VIEs results in the inclusion on the Company’s consolidated balance sheet of the credit guarantees, including the cash pledged to fulfill the guarantee obligation, on the Company’s consolidated balance sheet in the form of a net derivative and the restricted cash deposited to secure the guarantee obligation. The restricted cash represents the Company’s maximum contractual exposure to claims under its credit guarantee and is the sole source of settlement of losses under the CRT Agreements. Gains and losses on net derivatives related to CRT Agreements are included in net gain on investments in the consolidated statements of income. Following is a summary of the CRT Agreements: Quarter ended September 30, Nine months ended September 30, 2015 2015 (in thousands) During the period: UPB of mortgage loans transferred and sold under CRT Agreements $ 1,660,280 $ 2,400,433 Restricted cash deposited to fund guarantees $ 59,841 $ 87,891 Gains recognized on net derivatives related to CRT Agreements Realized $ — $ — Resulting from valuation changes 626 626 $ 626 $ 626 Payments made to settle losses $ — $ — At period end: UPB of mortgage loans subject to guarantee obligation $ 2,400,433 Delinquency Current—89 days delinquent $ 2,400,433 90 or more days delinquent — $ 2,400,433 Carrying value of CRT Agreements: Restricted cash included in Other assets $ 87,891 Net derivative assets included in Derivative assets 626 $ 88,517 Jumbo Mortgage Loan Financing On September 30, 2013, the Company completed a securitization transaction in which a VIE issued $537.0 million in UPB of 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. During the quarter ended September 30, 2015, the Company sold an additional $85.2 million in certificates issued under PMT Loan Trust 2013-J1, thereby reducing the certificates retained by the Company to $238.8 million as of September 30, 2015. 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 a 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 Instrument

Netting of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Netting of Financial Instruments	Note 6—Netting of Financial Instruments The Company uses derivative financial instruments to manage exposure to interest rate risk created by its MBS, interest rate lock commitments (“IRLCs”), mortgage loans acquired for sale at fair value, mortgage loans at fair value held in VIE, 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 and the net derivatives related to CRT Agreements. As of September 30, 2015 and December 31, 2014, 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 and the net derivatives related to CRT Agreements are subject to master netting arrangements. September 30, 2015 December 31, 2014 Gross Gross Net Gross Gross Net (in thousands) Derivatives subject to master netting arrangements: MBS put options $ — $ — $ — $ 374 $ — $ 374 MBS call options — — — — — — Forward purchase contracts 22,985 — 22,985 3,775 — 3,775 Forward sale contracts 15 — 15 52 — 52 Put options on interest rate futures 693 — 693 193 — 193 Call options on interest rate futures 3,270 — 3,270 3,319 — 3,319 Treasury futures contracts — — — — — — Netting — (19,892 ) (19,892 ) — (2,284 ) (2,284 ) 26,963 (19,892 ) 7,071 7,713 (2,284 ) 5,429 Derivatives not subject to master netting arrangements: Interest rate lock commitments 9,109 — 9,109 5,678 — 5,678 Net derivatives related to CRT Agreements 626 — 626 — — — $ 36,698 $ (19,892 ) $ 16,806 $ 13,391 $ (2,284 ) $ 11,107 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. September 30, 2015 December 31, 2014 Net amount Gross amounts Net amount Gross amounts Financial Cash Net Financial Cash Net (in thousands) Interest rate lock commitments $ 9,109 $ — $ — $ 9,109 $ 5,678 $ — $ — $ 5,678 RJ O’Brien & Associates, LLC 3,112 — — 3,112 3,034 — — 3,034 Nomura Securities International, Inc 733 — — 733 — — — — Fannie Mae Capital Markets 730 — — 730 — — — — Jefferies Group, LLC 598 — — 598 133 — — 133 Deutsche Bank 572 — — 572 124 — — 124 Morgan Stanley Bank, N.A. 531 — — 531 104 — — 104 Bank of New York Mellon 403 — — 403 — — — — JP Morgan Chase & Co. 313 — — 313 — — — — Credit Suisse First Boston Mortgage Capital LLC 188 — — 188 253 — — 253 Goldman Sachs 186 — — 186 — — — — Royal Bank of Canada 173 — — 173 — — — — Daiwa Capital Markets 100 — — 100 29 — — 29 Bank of America, N.A. — — — — 738 — — 738 Other 58 — — 58 1,014 — — 1,014 Total $ 16,806 $ — $ — $ 16,806 $ 11,107 $ — $ — $ 11,107 Offsetting of Derivative Liabilities and Financial Liabilities Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. Assets sold under agreements to repurchase do not qualify for setoff accounting. September 30, 2015 December 31, 2014 Gross in the consolidated Gross Net Gross in the consolidated Gross Net (in thousands) Derivatives subject to master netting arrangements: Forward purchase contracts $ 6 $ — $ 6 $ 34 $ — $ 34 Forward sales contracts 21,794 — 21,794 6,649 — 6,649 Treasury futures sales contracts — — — 478 — 478 Netting — (19,316 ) (19,316 ) — (4,748 ) (4,748 ) 21,800 (19,316 ) 2,484 7,161 (4,748 ) 2,413 Derivatives not subject to master netting arrangements: Interest rate lock commitments 302 — 302 17 — 17 22,102 (19,316 ) 2,786 7,178 (4,748 ) 2,430 Assets sold under agreements to repurchase 2,865,722 — 2,865,722 2,730,130 — 2,730,130 Unamortized commitment fees and issuance cost (1,690 ) — (1,690 ) (1,103 ) — (1,103 ) 2,864,032 — 2,864,032 2,729,027 — 2,729,027 $ 2,886,134 $ (19,316 ) $ 2,866,818 $ 2,736,205 $ (4,748 ) $ 2,731,457 Derivative Liabilities, Financial Liabilities and Collateral Pledged 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. September 30, 2015 December 31, 2014 Gross amounts Gross amounts Net amount Financial Cash Net Net amount Financial Cash Net (in thousands) Interest rate lock commitments $ 302 $ — $ — $ 302 $ 17 $ — $ — $ 17 Morgan Stanley Bank, N.A. 163,104 (163,104 ) — — 121,975 (121,975 ) — — Credit Suisse First Boston Mortgage Capital LLC 861,527 (861,527 ) — — 966,155 (966,155 ) — — Citibank 843,743 (843,743 ) — — 797,851 (797,663 ) — 188 JPMorgan Chase & Co. 446,348 (446,348 ) — — — — — — Bank of America, N.A. 403,193 (402,917 ) — 276 508,908 (508,908 ) — — Daiwa Capital Markets 148,083 (148,083 ) — — 126,909 (126,909 ) — — RBS Securities — — — — 208,520 (208,520 ) — — Other 2,208 — — 2,208 2,225 — — 2,225 Unamortized commitment fees and issuance cost (1,690 ) 1,690 — — (1,103 ) 1,103 — — Total $ 2,866,818 $ (2,864,032 ) $ — $ 2,786 $ 2,731,457 $ (2,729,027 ) $ — $ 2,430

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	Note 7—Fair Value The Company’s consolidated financial statements include assets and liabilities that are measured based on their fair values. Measurement at fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether 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 the Company’s 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 the Company’s CRT financing and 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 these financings. 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. For assets sold under agreements to repurchase, borrowings under forward purchase agreements and the Exchangeable Notes, the Manager has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt, thereby matching the debt issuance cost to the periods benefiting from the availability of the debt. Financial Statement Items Measured at Fair Value on a Recurring Basis Following is a summary of financial statement items that are measured at fair value on a recurring basis: September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 31,518 $ — $ — $ 31,518 Mortgage-backed securities at fair value — 315,599 — 315,599 Mortgage loans acquired for sale at fair value — 1,050,296 — 1,050,296 Mortgage loans at fair value — 477,271 2,160,459 2,637,730 Excess servicing spread purchased from PFSI — — 418,573 418,573 Derivative assets: Interest rate lock commitments — — 9,109 9,109 Forward purchase contracts — 22,985 — 22,985 Forward sales contracts — 15 — 15 Net derivatives related to CRT Agreements — — 626 626 Put options on interest rate futures 693 — — 693 Call options on interest rate futures 3,270 — — 3,270 Total derivative assets before netting before netting 3,963 23,000 9,735 36,698 Netting (1) — — — (19,892 ) Total derivative assets after netting 3,963 23,000 9,735 16,806 Mortgage servicing rights at fair value — — 57,751 57,751 $ 35,481 $ 1,866,166 $ 2,646,518 $ 4,528,273 Liabilities: Asset-backed secured financing of a variable interest entity at fair value — 234,287 — 234,287 Derivative liabilities: Interest rate lock commitments — — 302 302 Forward purchase contracts — 6 — 6 Forward sales contracts — 21,794 — 21,794 Total derivative liabilities before netting — 21,800 302 22,102 Netting (1) — — — (19,316 ) Total derivative liabilities after netting — 21,800 302 2,786 $ — $ 256,087 $ 302 $ 237,073 (1) Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement. December 31, 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 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 a variable interest entity at fair value $ — $ 165,920 $ — $ 165,920 Derivative liabilities: Interest rate lock commitments — — 17 17 MBS call options 478 — — 478 Forward purchase contracts — 34 — 34 Forward sales contracts — 6,649 — 6,649 Total derivative liabilities 478 6,683 17 7,178 Netting (1) — — — (4,748 ) Total derivative liabilities 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. The following is a summary of changes in items measured using Level 3 inputs on a recurring basis: Quarter ended September 30, 2015 Mortgage Excess Interest rate Net derivatives Mortgage Total (in thousands) Assets: Balance, June 30, 2015 $ 2,246,944 $ 359,102 $ (267 ) $ — $ 57,343 $ 2,663,122 Purchases — 84,165 — — — 84,165 Repayments and sales (57,022 ) (24,717 ) — — — (81,739 ) Capitalization of interest 14,849 8,026 — — — 22,875 ESS received pursuant to a recapture agreement with PFSI — 2,268 — — — 2,268 Interest rate lock commitments issued, net — — 11,834 — — 11,834 Servicing received as proceeds from sales of mortgage loans 5,674 5,674 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 9,255 — — — — 9,255 Other factors 22,638 (10,271 ) 16,458 626 (5,266 ) 24,185 31,893 (10,271 ) 16,458 626 (5,266 ) 33,440 Transfers of mortgage loans to REO (76,205 ) — — — — (76,205 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (19,218 ) — — (19,218 ) Balance, September 30, 2015 $ 2,160,459 $ 418,573 $ 8,807 $ 626 $ 57,751 $ 2,646,216 Changes in fair value recognized during the period relating to assets still held at September 30, 2015 $ 32,971 $ (10,271 ) $ 8,807 $ 626 $ (5,266 ) $ 26,867 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Quarter ended September 30, 2014 Mortgage Excess Net interest Mortgage Total (in thousands) Assets: Balance, June 30, 2014 $ 2,156,501 $ 190,244 $ 11,087 $ 46,802 $ 2,404,634 Purchases — 9,253 — — 9,253 Repayments and sales (126,413 ) (8,786 ) — (137 ) (135,336 ) Capitalization of interest 10,451 3,577 — — 14,028 ESS received pursuant to a recapture agreement with PFSI — 2,619 — — 2,619 Interest rate lock commitments issued, net — — 14,046 — 14,046 Servicing received as proceeds from sales of mortgage loans — — — 12,812 12,812 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 13,850 — — — 13,850 Other factors 67,446 (9,539 ) 843 (1,606 ) 57,144 81,296 (9,539 ) 843 (1,606 ) 70,994 Transfers of mortgage loans to REO (90,733 ) — — — (90,733 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (20,585 ) — (20,585 ) Balance, September 30, 2014 $ 2,031,102 $ 187,368 $ 5,391 $ 57,871 $ 2,281,732 Changes in fair value recognized during the period relating to assets still held at September 30, 2014 $ 70,713 $ (9,539 ) $ 5,391 $ (1,606 ) $ 64,959 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Nine months ended September 30, 2015 Mortgage Excess Interest rate lock Net derivatives Mortgage Total (in thousands) Assets: Balance, December 31, 2014 $ 2,199,583 $ 191,166 $ 5,661 $ — $ 57,358 $ 2,453,768 Purchases 241,981 271,452 — — — 513,433 Repayments and sales (171,093 ) (55,800 ) — — — (226,893 ) Capitalization of interest 34,979 17,596 — — — 52,575 ESS received pursuant to a recapture agreement with PFSI — 4,833 — — — 4,833 Interest rate lock commitments issued, net — — 42,917 — — 42,917 Servicing received as proceeds from sales of mortgage loans — — — — 9,169 9,169 Charges in fair value included in income arising from: Changes in instrument-specific credit risk 29,563 — — — — 29,563 Other factors 49,584 (10,674 ) (6,941 ) 626 (8,776 ) 23,819 79,147 (10,674 ) (6,941 ) 626 (8,776 ) 53,382 Transfers of mortgage loans to REO (224,138 ) — — — — (224,138 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (32,830 ) — — (32,830 ) Balance, September 30, 2015 $ 2,160,459 $ 418,573 $ 8,807 $ 626 $ 57,751 $ 2,646,216 Changes in fair value recognized during the period relating to assets still held at September 30, 2015 $ 80,885 $ (10,674 ) $ 8,807 $ 626 $ (8,776 ) $ 70,868 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Nine months ended September 30, 2014 Mortgage Mortgage loans under Excess Net interest rate lock Mortgage Total (in thousands) Assets: Balance, December 31, 2013 $ 2,076,665 $ 218,128 $ 138,723 $ 1,249 $ 26,452 $ 2,461,217 Purchases 283,017 1,386 82,646 — — 367,049 Repayments and sales (513,843 ) (6,413 ) (25,280 ) — (137 ) (545,673 ) Capitalization of interest 39,005 1,800 9,578 — — 50,383 ESS received pursuant to a recapture agreement with PFSI — — 6,093 — — 6,093 Interest rate lock commitments issued, net — — — 45,800 — 45,800 Servicing received as proceeds from sales of mortgage loans — — — — 39,954 39,954 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 54,612 2,269 — — 56,881 Other factors 139,393 (1,466 ) (24,392 ) 12,837 (8,398 ) 117,974 194,005 803 (24,392 ) 12,837 (8,398 ) 174,855 Transfers of mortgage loans under forward purchase agreements to mortgage loans 205,902 (205,902 ) — — — — Transfers of mortgage loans to REO (253,649 ) — — — — (253,649 ) Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements — (9,802 ) — — — (9,802 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — (54,495 ) — (54,495 ) Balance, September 30, 2014 $ 2,031,102 $ — $ 187,368 $ 5,391 $ 57,871 $ 2,281,732 Changes in fair value recognized during the period relating to assets still held at September 30, 2014 $ 126,773 $ — $ (24,392 ) $ 5,391 $ (8,398 ) $ 99,374 (1) For purpose of this table, the interest rate lock asset and liability positions are shown net. Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans held in a consolidated VIE): September 30, 2015 Fair value Principal Difference (in thousands) Mortgage loans acquired for sale at fair value: Current through 89 days delinquent $ 1,050,006 $ 1,003,249 $ 46,757 90 or more days delinquent (1) Not in foreclosure 85 116 (31 ) In foreclosure 205 254 (49 ) 290 370 (80 ) $ 1,050,296 $ 1,003,619 $ 46,677 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent $ 477,271 $ 471,496 $ 5,775 90 or more days delinquent (1) Not in foreclosure — — — In foreclosure — — — — — — 477,271 471,496 5,775 Other mortgage loans at fair value: Current through 89 days delinquent 801,018 1,049,502 (248,484 ) 90 or more days delinquent (1) Not in foreclosure 533,070 739,183 (206,113 ) In foreclosure 826,371 1,149,326 (322,955 ) 1,359,441 1,888,509 (529,068 ) 2,160,459 2,938,011 (777,552 ) $ 2,637,730 $ 3,409,507 $ (771,777 ) (1) Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed. December 31, 2014 Fair value Principal Difference (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: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent $ 527,369 $ 517,500 $ 9,869 90 or more days delinquent (1) Not in foreclosure — — — In foreclosure — — — — — — 527,369 517,500 9,869 Other mortgage loans at fair value: Current through 89 days delinquent 664,266 935,385 (271,119 ) 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 ) (1) Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed. Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Quarter ended September 30, 2015 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 91 3,564 — 3,655 Mortgage loans acquired for sale at fair value 39,504 — — — 39,504 Mortgage loans at fair value — 1,024 39,273 — 40,297 Excess servicing spread at fair value — — (7,844 ) — (7,844 ) Mortgage servicing rights at fair value — — — (5,266 ) (5,266 ) $ 39,504 $ 1,115 $ 34,993 $ (5,266 ) $ 70,346 Liabilities: Asset-backed secured financing at fair value — (351 ) (3,940 ) — (4,291 ) $ — $ (351 ) $ (3,940 ) $ — $ (4,291 ) Quarter ended September 30, 2014 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 108 (821 ) — (713 ) Mortgage loans acquired for sale at fair value 19,977 — — — 19,977 Mortgage loans at fair value — 385 78,717 — 79,102 Excess servicing spread at fair value — — (7,396 ) — (7,396 ) Mortgage servicing rights at fair value — — — (1,606 ) (1,606 ) $ 19,977 $ 493 $ 70,500 $ (1,606 ) $ 89,364 Liabilities: Asset-backed secured financing at fair value $ — $ (124 ) $ 696 $ — $ 572 $ — $ (124 ) $ 696 $ — $ 572 Nine months ended September 30, 2015 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — Mortgage-backed securities at fair value — 155 (1,622 ) — (1,467 ) Mortgage loans acquired for sale at fair value 57,568 — — — 57,568 Mortgage loans at fair value — 1,203 76,249 — 77,452 Excess servicing spread at fair value — — (5,502 ) — (5,502 ) Mortgage servicing rights at fair value — — — (8,776 ) (8,776 ) $ 57,568 $ 1,358 $ 69,125 $ (8,776 ) $ 119,275 Liabilities: Asset-backed secured financing at fair value — (474 ) (719 ) — (1,193 ) $ — $ (474 ) $ (719 ) $ — $ (1,193 ) Nine months ended September 30, 2014 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 296 6,096 — 6,392 Mortgage loans acquired for sale at fair value 69,812 — — — 69,812 Mortgage loans at fair value — 938 218,912 — 219,850 Mortgage loans under forward purchase agreements at fair value — — 803 — 803 Excess servicing spread at fair value — — (17,834 ) — (17,834 ) Mortgage servicing rights at fair value — — — (8,398 ) (8,398 ) $ 69,812 $ 1,234 $ 207,977 $ (8,398 ) $ 270,625 Liabilities: Asset-backed secured financing at fair value $ — $ (328 ) $ (7,258 ) $ — $ (7,586 ) $ — $ (328 ) $ (7,258 ) $ — $ (7,586 ) Financial Statement Items Measured at Fair Value on a Nonrecurring Basis Following is a summary of financial statement items that were re-measured at fair value on a nonrecurring basis during the periods presented: September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Real estate asset acquired in settlement of loans $ — $ — $ 145,815 $ 145,815 Mortgage servicing rights at lower of amortized cost or fair value — — 125,952 125,952 $ — $ — $ 271,767 $ 271,767 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 The following table summarizes the fair value changes recognized during the period on assets held at period end that were measured at fair value on a nonrecurring basis: Quarter ended Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Real estate asset acquired in settlement of loans $ (8,182 ) $ (14,242 ) $ (18,308 ) $ (24,027 ) Mortgage servicing rights at lower of amortized cost or fair value (7,845 ) 602 (7,142 ) (2,249 ) $ (16,027 ) $ (13,640 ) $ (25,450 ) $ (26,276 ) Real Estate Acquired in Settlement of Loans The Company evaluates its REO for impairment with reference to the respective properties’ fair values less cost to sell on a nonrecurring basis. The initial carrying value of the REO is measured at 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 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 asset’s 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, 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. Cash is measured using “Level 1” inputs. The Company’s assets sold under agreements to repurchase and mortgage loan participation and sale agreement are classified as “Level 3” financial statement instruments as of September 30, 2015 due to the lack of current market activity and the Company’s reliance on unobservable inputs to estimate these instruments’ fair values. The Manager has concluded that the fair values of Cash Assets sold under agreements to repurchase Mortgage loan participation and sale agreement The Exchangeable Notes are carried at amortized cost. The fair value of the Exchangeable Notes at September 30, 2015 and December 31, 2014 was $225.0 million and $239.0 million, respectively. The fair value of the Exchangeable Notes is estimated using a broker indication of value. The Company has classified the Exchangeable Notes as “Level 3” financial statement items as of September 30, 2015 due to the lack of current market activity. Valuation Techniques and Inputs Most of the Company’s assets and asset-backed financing of a VIE are carried at fair value with changes in fair value recognized in current period income. A substantial portion of these items are “Level 3” financial statement items which require the use of unobservable inputs that are significant to the estimation of the items’ fair values. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances. Due to the difficulty in estimating the fair values of “Level 3” financial statement items, the Manager has assigned the responsibility for estimating fair value of these items to specialized staff and subjects the valuation process to significant executive management oversight. The Manager’s Financial Analysis and Valuation group (the “FAV group”) is responsible for estimating the fair values of “Level 3” financial statement items other than IRLCs and maintaining its valuation policies and procedures. With respect to the Level 3 valuations, the FAV group reports to the Manager’s senior management valuation committee, which oversees and approves the valuations. The FAV group monitors the models used for valuation of the Company’s “Level 3” financial statement items, including the models’ performance versus actual results, and reports those results to the Manager’s senior management valuation committee. The Manager’s senior management valuation committee includes PFSI’s chief executive, financial, operating, risk and asset/liability management officers. The FAV group is responsible for reporting to the Manager’s senior management valuation committee on a monthly basis on the changes in the valuation of the financial statement items, including major factors affecting the valuation and any changes in model methods and inputs. To assess the reasonableness of its valuations, the FAV group presents an analysis of the effect on the valuation of changes to the significant inputs to the models. With respect to IRLCs, the Manager has assigned responsibility for developing fair values to its capital markets risk management staff. The fair values developed by the capital markets risk management staff are submitted to the Manager’s senior management secondary marketing working group. The Manager’s secondary marketing working group includes PFSI’s chief executive, operating, institutional mortgage banking, capital markets, asset/liability, portfolio risk, and capital markets operations officers. The following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” financial statement items: Mortgage-Backed Securities The Company’s MBS include Agency and senior non-agency MBS. The Company categorized its current holdings of MBS as “Level 2” financial statement items. Fair value of Agency and senior non-Agency MBS is established 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. The Company obtains indications of fair value from nonaffiliated brokers based on comparable securities and validates the brokers’ indications of fair value using pricing models and inputs the Manager believes are similar to the models and inputs used by other market participants. • 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 mortgage 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 the Manager’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 and history 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 are discount rate, home price projections, voluntary prepayment speeds and default speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds. Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value: Range (Weighted average) Key inputs September 30, 2015 December 31, 2014 Discount rate Range 2.5% – 15.0% 2.3% – 15.0% Weighted average 6.9% 7.7% Twelve-month projected housing price index change Range 2.0% – 4.3% 4.0% – 5.3% Weighted average 3.9% 4.8% Prepayment speed (1) Range 0.1% – 4.6% 0.0% – 6.5% Weighted average 3.6% 3.1% Total prepayment speed (2) Range 3.6% – 27.3% 0.0% – 27.9% Weighted average 20.5% 21.6% (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 mortgage loans underlying the ESS, thereby reducing the fair value of ESS. Reductions in the fair value of ESS affect income primarily through change in fair value. Interest income for ESS is accrued using the interest method, based upon the expected interest yield from the ESS through the expected life of the underlying mortgages. Changes to expected interest yield result in a change in Interest income Net gain (loss) on investments Following are the key inputs used in determining the fair value of ESS: Range (Weighted average) Key inputs September 30, 2015 December 31, 2014 Unpaid principal balance of underlying mortgage loans (in thousands) $54,189,421 $28,227,340 Average servicing fee rate (in basis points) 32 31 Average ESS rate (in basis points) 17 16 Pricing spread (1) Range 4.8% – 6.5% 1.7% – 12.0% Weighted average 5.7% 5.3% Life (in years) Range 1.5 – 8.9 0.4 – 7.3 Weighted average 6.7 5.8 Annual total prepayment speed (2) Range 5.5% – 50.3% 7.6% – 74.6% Weighted average 10.4% 11.2% (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 categorizes IRLCs as a “Level 3” financial statement item. 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 mortgage 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 significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the MSR component of the Company’s estimate of the fair value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, may result in a significant change in fair value. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC value, but increase the pull-through rate for mortgage loans whose payments cash flows have decreased in fair value. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: Range (Weighted average) Key inputs September 30, 2015 December 31, 2014 Pull-through rate Range 44.8% – 99.9% 65.0% – 98.0% Weighted average 88.6% 94.9% MSR value expressed as: Servicing fee multiple Range 1.9 – 6.0 0.7 – 5.2 Weighted average 4.5 4.3 Percentage of unpaid principal balance Range 0.5% – 3.7% 0.2% – 1.3% Weighted average 1.2% 1.1% 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 uses as hedging derivatives based on observed interest rate volatilities in the MBS market. These derivative financial instruments are categorized by the Company as “Level 2” financial statement items. 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 fair value from a broker’s price opinion or a full appraisal, or the price given in a current contract of sale. REO fair values are reviewed by the Manager’s staff appraisers when the Company obtains multiple indications of fair value and there is a significant difference between the fair values received. PCM’s staff appraisers will attempt to resolve the difference between the indications of fair value. In circumstances where the appraisers are not able to generate adequate data to support a fair value conclusion, the staff appraisers will order an additional appraisal to determine the fair value. Mortgage Servicing Rights MSRs are categorized as “Level 3” financial statement items. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include prepayment and default rates of the underlying mortgage loans, the applicable pricing spread or discount rate, and annual per-loan cost to servi

Mortgage Loans Acquired for Sal

Mortgage Loans Acquired for Sale at Fair Value	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans Acquired for Sale at Fair Value	Note 8—Mortgage Loans Acquired for Sale at Fair Value Mortgage loans acquired for sale at fair value is comprised of recently originated mortgage loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value: September 30, 2015 December 31, 2014 Loan type Fair Unpaid Fair Unpaid (in thousands) Conventional: Agency-eligible $ 601,394 $ 575,458 $ 287,300 $ 274,650 Jumbo 69,157 67,544 137,440 134,079 Held for sale to PennyMac Loan Services, LLC—Government insured or guaranteed 373,812 354,529 209,325 198,265 Commercial real estate loan 1,851 1,798 — — Mortgage loans repurchased pursuant to representations and warranties 4,082 4,291 3,657 3,634 $ 1,050,296 $ 1,003,620 $ 637,722 $ 610,628 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 903,806 $ 609,608 Mortgage loan participation and sale agreements $ 63,162 $ 20,862 Federal Home Loan Bank (“FHLB”) advances $ 68,937 $ — 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 UPB plus interest earned during the period it holds each such mortgage loan.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 9—Derivative Financial Instruments The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by changes in interest rates. To manage the price risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s MBS, MSRs, ESS, mortgage loans held by VIE, asset backed financing, 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 fair value of its MSRs when interest rates decrease. The Company includes MSRs in its hedging activities. The Company uses Eurodollar futures, which settle daily, with the intention of moderating the risk of changing market interest rates that will result in unfavorable changes in the value of the Company’s fixed-rate assets and economic performance of its LIBOR-indexed variable interest rate repurchase agreement liabilities. The Company has entered into CRT Agreements whereby it retains a portion of the credit risk relating to mortgage loans it sells into Fannie Mae-guaranteed securitizations. These investments are accounted for as derivative financial instruments. The Company’s remaining derivative financial instrument transactions, except for IRLCs, are in support of its risk management activities. IRLCs 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 Derivative liabilities September 30, 2015 December 31, 2014 Fair value Fair value Instrument Notional Derivative Derivative Notional Derivative Derivative (in thousands) Derivatives not designated as hedging instruments: Free-standing derivatives: Interest rate lock commitments 1,163,415 $ 9,109 $ 302 695,488 $ 5,678 $ 17 Forward sales contracts 3,410,839 15 21,794 1,601,282 52 6,649 Forward purchase contracts 3,282,364 22,985 6 1,100,700 3,775 34 MBS put options 450,000 — — 340,000 374 — MBS call options — — — — — — Eurodollar future sales contracts 1,756,000 — — 7,426,000 — — Eurodollar future purchase contracts — — — 800,000 — — Treasury future contracts — — — 85,000 — 478 Call options on interest rate futures 1,555,000 3,270 — 1,030,000 3,319 — Put options on interest rate futures 1,625,000 693 — 275,000 193 — Net derivative related to CRT transactions 2,400,433 626 — — — — Total derivative instruments before netting 36,698 22,102 13,391 7,178 Netting (19,892 ) (19,316 ) (2,284 ) (4,748 ) $ 16,806 $ 2,786 $ 11,107 $ 2,430 The following tables summarize the notional amount activity for derivative arising from CRT Agreements and 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. Quarter ended September 30, 2015 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward sales contracts 3,252,286 15,003,760 (14,845,207 ) 3,410,839 Forward purchase contracts 2,263,622 10,938,733 (9,919,991 ) 3,282,364 MBS put options 367,500 700,000 (617,500 ) 450,000 MBS call options 40,000 — (40,000 ) — Eurodollar future sale contracts 5,984,000 — (4,228,000 ) 1,756,000 Treasury future contracts 40,000 — (40,000 ) — Call option on interest rate futures 1,135,000 1,805,000 (1,385,000 ) 1,555,000 Put options on interest rate futures 1,273,000 1,650,000 (1,298,000 ) 1,625,000 Net derivative related to CRT transactions — 2,400,433 — 2,400,433 Quarter ended September 30, 2014 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward purchase contracts 3,058,604 8,216,022 (9,364,487 ) 1,910,139 Forward sales contracts 4,185,633 11,670,826 (13,080,210 ) 2,776,249 MBS put option 392,500 640,000 (467,500 ) 565,000 MBS call option 95,000 75,000 (120,000 ) 50,000 Eurodollar future sale contracts 5,562,000 990,000 (290,000 ) 6,262,000 Eurodollar future purchase contracts — 290,000 (290,000 ) — Treasury future sale contracts 85,000 154,500 (154,500 ) 85,000 Treasury future purchase contracts — 138,300 (138,300 ) — Put options on interest rate futures 125,000 490,500 (395,500 ) 220,000 Call options on interest rate futures 230,000 580,000 (455,000 ) 355,000 Nine months ended September 30, 2015 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward sales contracts 1,601,283 38,880,821 (37,071,265 ) 3,410,839 Forward purchase contracts 1,100,700 27,871,913 (25,690,249 ) 3,282,364 MBS put options 340,000 1,692,500 (1,582,500 ) 450,000 MBS call options — 140,000 (140,000 ) — Eurodollar future sale contracts 7,426,000 285,000 (5,955,000 ) 1,756,000 Eurodollar future purchase contracts 800,000 — (800,000 ) — Treasury future contracts 85,000 161,500 (246,500 ) — Call options on interest rate futures 1,030,000 4,080,000 (3,555,000 ) 1,555,000 Put options on interest rate futures 275,000 4,318,000 (2,968,000 ) 1,625,000 Net derivative related to CRT transactions — 2,400,433 — 2,400,433 Nine months ended September 30, 2014 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward purchase contracts 2,781,066 26,650,920 (27,521,847 ) 1,910,139 Forward sales contracts 3,588,027 35,657,347 (36,469,125 ) 2,776,249 MBS put option 55,000 1,482,500 (972,500 ) 565,000 MBS call option 110,000 230,000 (290,000 ) 50,000 Eurodollar future sale contracts 8,779,000 1,452,000 (3,969,000 ) 6,262,000 Eurodollar future purchase contracts — 3,287,000 (3,287,000 ) — Treasury future sale contracts 105,000 375,300 (395,300 ) 85,000 Treasury future purchase contracts — 331,900 (331,900 ) — Put options on interest rate futures 52,500 1,052,500 (885,000 ) 220,000 Call options on interest rate futures — 960,000 (605,000 ) 355,000 Following are the net gains (losses) recognized by the Company on derivative financial instruments and the income statement line items where such gains and losses are included: Hedged Item Income Statement Line Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans $ (33,652 ) $ (4,503 ) $ (23,198 ) $ (44,003 ) Mortgage servicing rights Net loan servicing fees $ 19,061 $ (654 ) $ 13,868 $ 3,532 Fixed-rate assets and LIBOR—indexed repurchase agreements Net gain on investments $ (6,772 ) $ (807 ) $ (18,065 ) $ (14,609 )

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Mortgage Loans at Fair Value	Note 10—Mortgage Loans at Fair Value Following is a summary of the distribution of the Company’s mortgage loans at fair value: September 30, 2015 December 31, 2014 Loan type Fair Unpaid Fair Unpaid (in thousands) Distressed mortgage loans: Nonperforming mortgage loans $ 1,359,441 $ 1,888,509 $ 1,535,317 $ 2,246,585 Performing mortgage loans: Fixed interest rate 380,322 494,804 322,704 449,496 Adjustable-rate/hybrid 157,265 186,534 127,405 162,329 Interest rate step-up 263,270 367,958 213,999 323,350 Balloon 161 206 158 210 801,018 1,049,502 664,266 935,385 Fixed interest rate jumbo mortgage loans held in a VIE 477,271 471,496 527,369 517,500 $ 2,637,730 $ 3,409,507 $ 2,726,952 $ 3,699,470 Mortgage loans at fair value pledged to secure : Assets sold under agreements to repurchase $ 2,390,784 $ 2,543,242 FHLB advances $ 140,025 $ — Asset-backed secured financing $ 477,271 $ 527,369 Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value, excluding mortgage loans held in a VIE securing asset-backed financing: Concentration September 30, 2015 December 31, 2014 (percentages are at fair value) Portion of mortgage loans originated between 2005 and 2007 73% 75% Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100% 46% 55% Percentage of mortgage loans secured by California real estate 22% 22% Additional states contributing 5% or more of mortgage loans New York New York

Real Estate Acquired in Settlem

Real Estate Acquired in Settlement of Loans	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Real Estate Acquired in Settlement of Loans	Note 11—Real Estate Acquired in Settlement of Loans Following is a summary of financial information relating to REO: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Balance at beginning of period $ 324,278 $ 240,471 $ 303,228 $ 138,942 Purchases — — — 3,049 Transfers from mortgage loans at fair value and servicing advances 82,405 94,530 240,483 268,677 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (2,212 ) — (3,505 ) — Transfers from REO under forward purchase agreements — — — 12,737 Results of REO: Valuation adjustments, net (8,734 ) (15,639 ) (26,740 ) (32,912 ) Gain on sale, net 4,513 3,713 14,881 9,485 (4,221 ) (11,926 ) (11,859 ) (23,427 ) Proceeds from sales (46,687 ) (47,890 ) (174,784 ) (124,793 ) Balance at end of period $ 353,563 $ 275,185 $ 353,563 $ 275,185 At period end: REO pledged to secure assets sold under agreements to repurchase $ 280,045 $ 56,702 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties $ — $ 19,858

Real Estate Acquired in Settl19

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	Note 12—Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements The Company held no real estate acquired in settlement of loans under forward purchase agreements during the quarter and nine months ended September 30, 2015. Following is a summary of the activity in REO under forward purchase agreements during the quarter and nine months ended September 30, 2014: Quarter ended Nine months ended (in thousands) Balance at beginning of period $ — $ 9,138 Purchases — 68 Transfers from mortgage loans under forward purchase agreements at fair value and advances — 9,369 Transfers to REO — (12,737 ) Results of REO under forward purchase agreements: — Valuation adjustments, net — (779 ) Gain on sale, net — 306 — (473 ) Proceeds from sales — (5,365 ) Balance at end of period $ — $ —

Mortgage Servicing Rights

Mortgage Servicing Rights	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Mortgage Servicing Rights	Note 13—Mortgage Servicing Rights Carried at Fair Value: Following is a summary of MSRs carried at fair value: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Balance at beginning of period $ 57,343 $ 46,802 $ 57,358 $ 26,452 MSRs resulting from mortgage loan sales 5,674 12,812 9,169 39,954 Changes in fair value: Due to changes in valuation inputs or assumptions used in valuation model (1) (3,418 ) (106 ) (3,525 ) (4,974 ) Other changes in fair value (2) (1,848 ) (1,500 ) (5,251 ) (3,424 ) (5,266 ) (1,606 ) (8,776 ) (8,398 ) Sales — (137 ) — (137 ) Balance at end of period $ 57,751 $ 57,871 $ 57,751 $ 57,871 MSRs pledged to secure note payable at end of period $ 57,751 $ — (1) Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, primarily due to changes in interest rates. (2) Represents changes due to realization of expected cash flows. Carried at Lower of Amortized Cost or Fair Value: Following is a summary of MSRs carried at lower of amortized cost or fair value: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Amortized Cost: Balance at beginning of period $ 344,405 $ 274,110 $ 308,137 $ 266,697 MSRs resulting from loan sales 47,140 26,802 103,281 49,276 Amortization (11,333 ) (8,109 ) (30,913 ) (23,170 ) Application of valuation allowance to write down MSRs with other-than temporary impairment — — — — Sales (12 ) — (305 ) — Balance at end of period 380,200 292,803 380,200 292,803 Valuation Allowance: Balance at beginning of period (7,011 ) (5,428 ) (7,714 ) (2,577 ) (Additions) reversals (7,845 ) 602 (7,142 ) (2,249 ) Application of valuation allowance to write down MSRs with other-than temporary impairment — — — — Balance at end of period (14,856 ) (4,826 ) (14,856 ) (4,826 ) MSRs, net $ 365,344 $ 287,977 $ 365,344 $ 287,977 Fair value at beginning of period $ 362,908 $ 289,226 $ 322,230 $ 289,737 Fair value at end of period $ 386,539 $ 312,196 Carrying value of MSRs pledged to secure note payable $ 365,344 $ — The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This estimate was developed with the inputs used in the September 30, 2015 valuation of MSRs. The inputs 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. Quarter ended September 30, 2015 Estimated MSR (in thousands) 2015 $ 49,227 2016 42,898 2017 37,642 2018 33,216 2019 29,421 Thereafter 187,796 Total $ 380,200 Servicing fees relating to MSRs are recorded in Net loan servicing fees Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Contractually-specified servicing fees $ 25,500 $ 19,345 $ 74,016 $ 54,396

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Assets Sold Under Agreements to Repurchase	Note 14—Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended Nine months ended 2015 2014 2015 2014 (dollars in thousands) During the period: Weighted-average interest rate (1) 2.30 % 2.13 % 2.27 % 2.18 % Average balance $ 3,252,341 $ 2,501,816 $ 3,125,328 $ 2,186,135 Total interest expense $ 21,350 $ 15,814 $ 60,470 $ 43,496 Maximum daily amount outstanding $ 4,160,814 $ 2,815,572 $ 4,612,001 $ 2,700,586 At period end: Amount outstanding $ 2,865,722 $ 2,416,686 Unamortized debt issuance costs (1,690 ) (639 ) $ 2,864,032 $ 2,416,047 Weighted-average interest rate 2.22 % 2.17 % Available borrowing capacity: Committed $ 510,109 $ 578,969 Uncommitted 868,978 894,343 $ 1,379,087 $ 1,473,312 Margin deposits placed with counterparties $ 7,230 $ 8,210 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 306,638 $ 262,378 Mortgage loans acquired for sale at fair value 903,806 609,608 Mortgage loans at fair value 2,390,784 2,273,768 Real estate acquired in settlement of loans 280,045 76,561 $ 3,881,273 $ 3,222,315 (1) Excludes the effect of amortization of commitment fees and issuance costs of $2.2 million and $6.7 million for the quarter and nine months ended September 30, 2015 and $2.2 million and $7.4 million for the quarter and nine months ended September 30, 2014, respectively. Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining Maturity at September 30, 2015 Contractual (in thousands) Within 30 days $ 1,521,695 Over 30 to 90 days 413,728 Over 90 days to 180 days 252,357 Over 180 days to 1 year 290,986 Over 1 year to 2 year 386,956 $ 2,865,722 Weighted average maturity (in months) 4.5 The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair value (as determined by the applicable lender) of the assets securing those agreements decreases. Margin deposits are included in Other The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by counterparty below as of September 30, 2015: Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase Counterparty Amount at risk Mortgage loans acquired for sale Weighted-average repurchase agreement maturity Facility maturity (in thousands) Citibank, N.A. $ 366,115 October 22, 2015 October 22, 2015 Credit Suisse First Boston Mortgage Capital LLC $ 317,292 October 30, 2015 October 30, 2015 JPMorgan Chase & Co. $ 160,224 — January 26, 2017 Bank of America, N.A. $ 31,157 December 19, 2015 January 29, 2016 Morgan Stanley $ 10,905 November 17, 2015 December 17, 2015 Securities sold under agreements to repurchase Counterparty Amount at risk Maturity (in thousands) Citibank, N.A. $ 517 December 30, 2015 JPMorgan Chase & Co. $ 16,547 October 23, 2015 Daiwa Capital Markets America Inc. $ 8,275 November 6, 2015 Bank of America, N.A. $ 15,181 November 18, 2015 The following is a summary of the tangible net worth and minimum required amounts for the Company and certain of its subsidiaries at September 30, 2015 to comply with the debt covenants contained in the borrowing agreements: Tangible net worth at Entity Balance Minimum (in thousands) PennyMac Mortgage Investment Trust $ 1,514,430 $ 860,000 Operating Partnership $ 1,554,310 $ 700,000 PennyMac Holdings, LLC $ 896,693 $ 250,000 PennyMac Corp. $ 417,780 $ 150,000

Mortgage Loan Participation and

Mortgage Loan Participation and Sale Agreement	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Mortgage Loan Participation and Sale Agreement	Note 15—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 agreements are summarized below: Quarter ended Nine months ended September 30, 2015 (dollars in thousands) During the period: Weighted-average interest rate (1) 1.44 % 1.43 % Average balance $ 48,832 $ 50,933 Total interest expense $ 226 $ 699 Maximum daily amount outstanding $ 120,374 $ 148,032 At period end: Amount outstanding $ 61,093 Unamortized debt issuance costs (16 ) $ 61,078 Weighted-average interest rate 1.44 % Mortgage loans pledged to secure mortgage loan participation and sale agreement $ 63,162 (1) Excludes the effect of amortization of commitment fees of $47,000 and $146,000 for the quarter and nine months ended September 30, 2015.

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Federal Home Loan Bank Advances	Note 16—Federal Home Loan Bank Advances In June 2015, the Company entered into a collateral, pledge, and security agreement with the Federal Home Loan Bank of Des Moines with no specified termination date. The Company may request advances up to a maximum of $400.0 million. The Company is required to comply with certain financial covenants and must also maintain capital stock equal to at least 4% of the outstanding balance of FHLB advances. The FHLB advances are summarized below: Quarter ended Nine months ended (dollars in thousands) During the period: Weighted-average interest rate 0.27 % 0.27 % Average balance $ 170,902 $ 58,100 Total interest expense $ 117 $ 119 Maximum daily amount outstanding $ 188,834 $ 188,834 At period end: Balance $ 183,000 Weighted-average interest rate 0.27 % Fair value of assets securing FHLB advances: Mortgage-backed securities $ 8,961 Mortgage loans acquired for sale at fair value 68,937 Mortgage loans at fair value 140,025 $ 217,923

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Notes Payable	Note 17—Notes Payable On September 14, 2015, the Company, through its wholly-owned subsidiary PMC, entered into a Loan and Security Agreement with Barclays Bank PLC, pursuant to which PMC may finance certain of its MSRs relating to mortgage loans pooled into Fannie Mae MBS in an aggregate loan amount not to exceed $150 million. The note matures on September 13, 2016. The Company used the proceeds of this financing to repay its borrowings collateralized by MSRs relating to mortgage loans pooled into Fannie Mae MBS under a Loan and Security Agreement with Citibank, N.A, which is now used to finance Freddie Mac MSRs only. The note in favor of Citibank, N.A. matures on March 29, 2016. Following is a summary of financial information relating to the notes payable: Quarter ended Nine months ended (dollars in thousands) During the period: Weighted-average interest rate (1) 4.25 % 4.24 % Average balance $ 195,030 $ 85,907 Total interest expense $ 2,375 $ 3,369 Maximum daily amount outstanding $ 198,191 $ 198,191 At period end: Amount outstanding $ 192,332 Weighted-average interest rate 4.39 % Mortgage servicing rights pledged to secure notes payable $ 423,095 (1) Excludes the effect of amortization of commitment fees and issuance costs of $562,000 and $915,000 for the quarter and nine months ended September 30, 2015.

Asset-Backed Secured Financing

Asset-Backed Secured Financing of a Variable Interest Entity at Fair Value	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Asset-Backed Secured Financing of a Variable Interest Entity at Fair Value	Note 18—Asset-Backed Secured Financing of a Variable Interest Entity at Fair Value Following is a summary of financial information relating to the asset-backed secured financing of a VIE: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (dollars in thousands) During the period: Weighted-average fair value $ 170,262 $ 168,923 $ 165,024 $ 168,186 Interest expense $ 1,787 $ 1,584 $ 4,671 $ 4,762 Weighted-average effective interest rate 3.30 % 3.67 % 3.35 % 3.73 % At period end: Fair value $ 234,287 $ 166,841 Interest rate 3.50 % 3.50 % The asset-backed secured financing of a variable interest entity is a non-recourse liability and secured solely by the assets of a consolidated VIE and not by any other assets of the Company. The assets of the VIE are the only source of funds for repayment of the certificates.

Exchangeable Senior Notes

Exchangeable Senior Notes	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Exchangeable Senior Notes	Note 19—Exchangeable Senior Notes PMC issued in a private offering $250 million aggregate principal amount of the Exchangeable Notes due May 1, 2020. The Exchangeable Notes bear interest at a rate of 5.375% per year, payable semiannually. The Exchangeable Notes are exchangeable into common shares of the Company at a rate of 33.6567 common shares per $1,000 principal amount of the Exchangeable Notes as of September 30, 2015, which exchange rate increased from the initial exchange rate of 33.5149. The increase in the calculated exchange rate was the result of cumulative cash dividends exceeding the quarterly dividend threshold amount of $0.57 per share as provided in the related indenture. Following is financial information relating to the Exchangeable Notes: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (dollars in thousands) During the period: Weighted-average unpaid principal balance $ 250,000 $ 250,000 $ 250,000 $ 250,000 Interest expense (1) $ 3,605 $ 3,592 $ 10,803 $ 10,763 At period end: Amount outstanding $ 250,000 $ 250,000 Unamortized issuance costs (5,195 ) (6,156 ) $ 244,805 $ 243,844 (1) Total interest expense includes amortization of debt issuance costs of $245,000 and $726,000 during the quarter and nine months ended September 30, 2015, respectively, and $232,000 and $685,000 during the quarter and nine months ended September 2014, respectively.

Borrowings under Forward Purcha

Borrowings under Forward Purchase Agreements	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Borrowings under Forward Purchase Agreements	Note 20—Borrowings under Forward Purchase Agreements There were no borrowings under forward purchase agreements during the quarter and nine months ended September 30, 2015. Following is a summary of financial information relating to borrowings under forward purchase agreements: Quarter ended Nine months ended (dollars in thousands) During the period: Weighted-average effective interest rate — 2.84 % Weighted-average balance $ — $ 109,708 Interest expense $ — $ 2,364 Maximum daily amount outstanding $ — $ 226,847 At period end: Balance $ — Interest rate — Fair value of underlying loans and REO $ —

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Liability for Losses Under Representations and Warranties	Note 21—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 16,714 $ 11,876 $ 14,242 $ 10,110 Provision for losses 1,833 1,359 4,177 3,125 Losses incurred (74 ) — (176 ) — Recoveries — — 230 — Balance, end of period $ 18,473 $ 13,235 $ 18,473 $ 13,235 Unpaid principal balance of mortgage loans subject to representations and warranties at period end $ 39,730,788 $ 32,129,635

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 22—Commitments and Contingencies Litigation From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of September 30, 2015, the Company was not involved in any such proceedings, claims or legal actions that in management’s view would reasonably be likely to have a material adverse effect on the Company. Mortgage Loan Commitments The following table summarizes the Company’s outstanding contractual loan commitments: September 30, 2015 (in thousands) Commitments to purchase mortgage loans: Mortgage loans acquired for sale at fair value $ 1,163,415

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Shareholders' Equity	Note 23—Shareholders’ Equity Common Share Repurchases On August 19, 2015, the Company announced that its Board of Directors authorized a common share repurchase program under which the Company may repurchase up to $150 million of its outstanding common shares. During the quarter and nine months ended September 30, 2015, 1.0 million common shares were repurchased by the Company at a cost of $16.0 million. The repurchased common shares were canceled upon settlement of the repurchase transactions. Common Share Issuances The Company has entered into an ATM Equity Offering Sales Agreement SM At September 30, 2015, the Company had approximately $106.9 million of common shares available for issuance under its ATM Equity Offering Sales Agreement SM

Net Interest Income

Net Interest Income	9 Months Ended
	Sep. 30, 2015
Banking and Thrift, Interest [Abstract]
Net Interest Income	Note 24—Net Interest Income Net interest income is summarized below: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 115 $ 138 $ 417 $ 462 Mortgage-backed securities 2,614 1,935 7,752 5,657 Mortgage loans acquired for sale at fair value 20,704 7,712 38,120 16,911 Mortgage loans at fair value 24,364 22,401 68,089 76,502 Mortgage loans at fair value held by VIE 5,598 5,457 15,440 16,368 Mortgage loans under forward purchase agreements — — — 3,584 Other 17 16 42 38 53,412 37,659 129,860 119,522 From PennyMac Financial Services, Inc: Excess servicing spread purchased from PFSI, at fair value 8,026 3,577 17,596 9,578 61,438 41,236 147,456 129,100 Interest expense: From nonaffiliates: Assets sold under agreements to repurchase 21,350 15,814 60,470 43,496 Federal Home Loan Bank advances 117 — 119 — Mortgage loans participation and sale agreement 226 — 699 — Credit risk transfer financing 5,799 — 6,912 — Notes payable 2,375 — 3,369 — Asset-backed secured financing of a variable interest entity at fair value 1,787 1,584 4,671 4,762 Exchangeable senior notes 3,605 3,592 10,803 10,763 Borrowings under forward purchase agreements — — — 2,363 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 849 581 3,313 1,281 Interest on mortgage loan impound deposits 363 449 1,067 995 36,471 22,020 91,423 63,660 From PennyMac Financial Services, Inc: Note payable to PennyMac Financial Services, Inc. 1,289 — 1,822 — 37,760 22,020 93,245 63,660 Net interest income $ 23,678 $ 19,216 $ 54,211 $ 65,440

Net Gain on Mortgage Loans Acqu

Net Gain on Mortgage Loans Acquired for Sale	9 Months Ended
	Sep. 30, 2015
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: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Cash (loss) gain: Loans $ 4,579 $ (15,473 ) (54,183 ) $ (21,540 ) Hedging activities (33,268 ) (12,706 ) (27,082 ) (35,004 ) (28,689 ) (28,179 ) (81,265 ) (56,544 ) Non cash gain: Receipt of MSRs in loan sale transactions 52,814 39,614 112,450 89,230 Provision for losses relating to representations and warranties provided in loan sales (1,833 ) (1,359 ) (4,177 ) (3,125 ) Change in fair value of financial instruments issued and held at period end: IRLCs 9,073 (5,697 ) 3,146 4,140 Mortgage loans (17,097 ) (3,073 ) 1,181 5,000 Hedging derivatives (384 ) 8,203 3,884 (8,999 ) (8,408 ) (567 ) 8,211 141 $ 13,884 $ 9,509 $ 35,219 $ 29,702

Net Gain on Investments

Net Gain on Investments	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Net Gain on Investments	Note 26—Net Gain on Investments Net gain on investments is summarized below: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Net gain (loss) on investments: From non-affiliates: Mortgage-backed securities $ 3,564 $ (821 ) $ (1,622 ) $ 6,096 Mortgage loans 31,909 81,296 79,163 194,808 Mortgage loans held in a VIE 7,421 (2,578 ) (2,856 ) 24,906 Net derivatives related to CRT Agreements 626 — 626 — Asset-backed secured financing (3,941 ) 696 (719 ) (7,258 ) Hedging derivatives (6,777 ) (807 ) (18,071 ) (14,609 ) 32,802 77,786 56,521 203,943 From PennyMac Financial Services, Inc: Excess servicing spread purchased from PFSI (7,844 ) (7,396 ) (5,502 ) (17,834 ) $ 24,958 $ 70,390 $ 51,019 $ 186,109

Net Loan Servicing Fees

Net Loan Servicing Fees	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Net Loan Servicing Fees	Note 27—Net Loan Servicing Fees Net loan servicing fees are summarized below: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Servicing fees (1) $ 25,500 $ 20,300 $ 74,016 $ 56,988 MSR recapture fee receivable from PFSI 670 — 670 9 Effect of MSRs: Carried at lower of amortized cost or fair value: Amortization (11,333 ) (8,109 ) (30,913 ) (23,170 ) (Provision for) reversal of impairment (7,845 ) 602 (7,142 ) (2,249 ) Gain on sale 4 — 87 — Carried at fair value—change in fair value (5,266 ) (1,606 ) (8,776 ) (8,398 ) Gains (losses) on hedging derivatives 19,061 (654 ) 13,868 3,532 (5,379 ) (9,767 ) (32,876 ) (30,285 ) Net loan servicing fees $ 20,791 $ 10,533 $ 41,810 $ 26,712 Average servicing portfolio $ 38,172,371 $ 30,701,324 $ 36,446,663 $ 28,597,033 (1) Includes contractually specified servicing and ancillary fees.

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plans	Note 28—Share-Based Compensation Plans On September 30, 2015 and 2014, the Company had one share-based compensation plan. The Company recognized compensation expense of $1.3 million and $5.0 million for the quarter and nine months ended September 30, 2015, compared to $1.6 million and $5.7 million for the same periods in 2014. The Company granted 294,684 and 300,131 restricted share units with a grant date fair value of $6.3 million and $6.0 million during the nine months ended September 30, 2015 and 2014, respectively. No restricted share units were granted during the quarters ended September 30, 2015 and 2014. The Company had vestings of zero and 301,763 restricted share units during the quarter and nine months ended September 30, 2015, compared to 500 and 230,716 units for the same periods in 2014.

Other Expenses

Other Expenses	9 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Other Expenses	Note 29—Other Expenses Other expenses are summarized below: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Common overhead allocation from PFSI (1) $ 2,550 $ 2,802 $ 7,487 $ 8,018 Servicing and collection costs 1,853 2,064 6,480 5,809 Loan origination 1,367 1,202 3,496 1,637 Insurance 309 247 984 738 Technology 307 246 910 720 Other 941 823 2,649 1,682 $ 7,327 $ 7,384 $ 22,006 $ 18,604 (1) For the quarter and nine months ended September 30, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $900,000 and $1.6 million, respectively, of overhead expenses that otherwise would have been allocable to the Company.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 30—Income Taxes The Company’s effective tax rate is 14.0% and (12.1)% for the quarter and nine months ended September 30, 2015, as compared to 5.1% and (0.3)% for the same periods in 2014. The increase in the Company’s tax expense for the quarter ended September 30, 2015 as compared to the same period in 2014 is due primarily to increased income before income taxes earned at the Company’s taxable REIT subsidiary. The increase in the Company’s tax benefit for the nine months ended September 30, 2015 as compared to the same period in 2014 is due primarily to an increased loss before income taxes incurred at the Company’s taxable REIT subsidiary. The primary difference between the Company’s effective tax rate and the statutory tax rate is due to non-taxable REIT income resulting from the dividends paid deduction. In general, cash dividends declared by the Company will be considered ordinary income to shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital.

Segments and Related Informatio

Segments and Related Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segments and Related Information	Note 31—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 fair value of the distressed mortgage loans that it acquires through proprietary loan modification programs, special servicing or other initiatives focused on keeping borrowers in their homes. Where this is not possible, such as in the case of many nonperforming mortgage loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner, including through the use of resolution alternatives to foreclosure. Financial highlights by operating segment are summarized below: Quarter ended September 30, 2015 Correspondent Investment Intersegment elimination Total (in thousands) Net investment income: Interest income $ 13,748 $ 47,690 $ — $ 61,438 Interest expense (6,370 ) (31,390 ) — (37,760 ) 7,378 16,300 — 23,678 Net gain on mortgage loans acquired for sale 13,884 — — 13,884 Net gain on investments — 24,958 — 24,958 Net loan servicing fees — 20,791 20,791 Other income (loss) 9,154 (1,691 ) — 7,463 30,416 60,358 — 90,774 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 18,367 16,664 — 35,031 Other 1,876 8,760 — 10,636 20,243 25,424 — 45,667 Pre-tax income $ 10,173 $ 34,934 $ — $ 45,107 Total assets at period end $ 1,073,070 $ 4,519,161 $ — $ 5,592,231 Quarter ended September 30, 2014 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 7,727 $ 33,509 $ — $ 41,236 Interest expense (3,660 ) (18,360 ) — (22,020 ) 4,067 15,149 — 19,216 Net gain on mortgage loans acquired for sale 9,509 — — 9,509 Net gain on investments — 70,390 — 70,390 Net loan servicing fees — 10,533 10,533 Other income (loss) 6,524 (9,642 ) — (3,118 ) 20,100 86,430 — 106,530 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 15,900 21,545 — 37,445 Other 1,410 9,744 — 11,154 17,310 31,289 — 48,599 Pre-tax income $ 2,790 $ 55,141 $ — $ 57,931 Total assets at period end $ 708,442 $ 3,896,371 $ — $ 4,604,813 Nine months ended September 30, 2015 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 29,858 $ 117,598 $ — $ 147,456 Interest expense (14,953 ) (78,292 ) — (93,245 ) 14,905 39,306 — 54,211 Net gain on mortgage loans acquired for sale 35,219 — — 35,219 Net gain on investments — 51,019 — 51,019 Net loan servicing fees — 41,810 41,810 Other income (loss) 21,857 (5,920 ) — 15,937 71,981 126,215 — 198,196 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 47,313 51,505 — 98,818 Other 4,803 28,200 — 33,003 52,116 79,705 — 131,821 Pre-tax income $ 19,865 $ 46,510 $ — $ 66,375 Total assets at period end $ 1,073,070 $ 4,519,161 $ — $ 5,592,231 Nine months ended September 30, 2014 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 16,948 $ 114,540 $ (2,388 ) $ 129,100 Interest expense (12,196 ) (53,852 ) 2,388 (63,660 ) 4,752 60,688 — 65,440 Net gain on mortgage loans acquired for sale 29,702 — — 29,702 Net gain on investments — 186,109 — 186,109 Net loan servicing fees — 26,712 26,712 Other income (loss) 13,365 (17,647 ) — (4,282 ) 47,819 255,862 — 303,681 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 37,701 66,836 — 104,537 Other 2,248 29,372 — 31,620 39,949 96,208 — 136,157 Pre-tax income $ 7,870 $ 159,654 $ — $ 167,524 Total assets at period end $ 708,442 $ 3,896,371 $ — $ 4,604,813

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 32—Supplemental Cash Flow Information Nine months ended September 30, 2015 2014 (in thousands) Cash paid for interest $ 85,876 $ 68,443 Income tax paid (refund) $ 700 $ (6,782 ) Non-cash investing activities: Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 240,483 $ 268,677 Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value $ — $ 205,902 Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements $ — $ 9,369 Receipt of MSRs as proceeds from sales of loans $ 112,450 $ 89,230 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 4,440 $ — Receipt of ESS pursuant to recapture agreement with PFSI $ 4,833 $ 6,093 Transfer of REO under forward purchase agreements to REO $ — $ 12,737 Non-cash financing activities: Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase $ 58,923 $ 3,491 Dividends payable $ 35,019 $ 45,467

Regulatory Net Worth

Regulatory Net Worth	9 Months Ended
	Sep. 30, 2015
Mortgage Banking [Abstract]
Regulatory Net Worth	Note 33—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 are a minimum net worth of $75.9 million and $39.4 million, respectively. Management believes that PMC complies with Fannie Mae’s and Freddie Mac’s net worth requirements as of September 30, 2015.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 34—Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 should be applied on a retrospective basis and is effective for the Company for financial statements issued for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted ASU 2015-03 during the quarter ended June 30, 2015. As a result of the adoption of ASU 2015-03, the Company, on its September 30, 2015 consolidated balance sheet, reclassified $7.0 million in debt issuance costs from Other Mortgage loans sold under agreements to repurchase Mortgage loan participation and sale agreement Notes payable Exchangeable senior notes

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 35—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: • On October 16, 2015, the Company sold an additional $25.3 million in certificates issued under PMT Loan Trust 2013-J1, thereby reducing the certificates retained by the Company to $213.5 million. • On October 22, 2015, the Company, through PMC and PMH, entered into amendments to (i) its master repurchase agreement, dated December 9, 2010, by and among Citibank, N.A. (“Citi”), PMC, PMH and PLS (the “NPL Repurchase Agreement”), and (ii) its master repurchase agreement, dated May 24, 2012, by and among Citi, PMC and PLS (the “Loan Repo Facility” and, together with the NPL Repurchase Agreement, the “Repurchase Agreements”). Under the terms of the amendments, the maturity date of each Repurchase Agreement was extended to October 20, 2016, and the maximum aggregate purchase price provided for in each Repurchase Agreement was increased to $1.075 billion, $925 million of which is committed and the available amount of which is reduced under each Repurchase Agreement by the aggregate outstanding purchase price under the other Repurchase Agreement (and as defined therein). The Repurchase Agreements together require the Company to maintain various financial and other covenants, which include maintaining (i) a minimum adjusted tangible net worth at all times greater than or equal to $830 million; (ii) a minimum in unrestricted cash and cash equivalents among the Company and its subsidiaries at all times equal to or greater than $40 million; (iii) a ratio of total liabilities to adjusted tangible net worth at all times less than 5:1; and (iv) profitability of at least $1.00 for at least one (1) of the previous two (2) consecutive fiscal quarters, as of the end of each fiscal quarter. The Repurchase Agreements together also require PMH and PMC to maintain various financial and other covenants, which include maintaining (i) a minimum adjusted tangible net worth at all times greater than or equal to $220 million for PMH and $140 million for PMC; (ii) a minimum in unrestricted cash and cash equivalents between PMH and PMC at all times greater than or equal to $25 million in the aggregate; and (iii) a ratio of total liabilities to adjusted tangible net worth at all times less than 10:1 for each of PMH and PMC. The Repurchase Agreements together also require PLS to maintain various financial and other covenants, which include maintaining (i) a minimum adjusted tangible net worth at all times greater than or equal to $170 million; (ii) a minimum in unrestricted cash and cash equivalents at all times greater than or equal to $20 million; (iii) a ratio of total liabilities to adjusted tangible net worth at all times less than 10:1; and (iv) profitability of at least $1.00 for each fiscal quarter.

Organization and Basis of Pre43

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segment Reporting	The Company operates in two segments, correspondent production and investment activities: • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS” or the “Servicer”), both indirect subsidiaries of PennyMac Financial Services, Inc. (“PFSI”). Most of the mortgage 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 the 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 accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated.
Reclassification of Previously Presented Balances	Reclassification of previously presented balances In April of 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Other Assets sold under agreements to repurchase, Mortgage loan participation and sale agreement Exchangeable senior notes
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 PLS’ 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 mortgage 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 mortgage loans; and • regulatory, judicial and legislative support of the foreclosure process, and the resulting effect on the Company’s ability to acquire and liquidate the real estate securing its portfolio of distressed mortgage loans in a timely manner or at all. Due to these uncertainties, there can be no assurance that risk management activities identified and executed on PMT’s behalf will prevent significant losses arising from the Company’s investments in real estate-related assets.
Earnings Per Share	The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on the Company’s exchangeable senior notes (the “Exchangeable 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 the Company’s 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 the Company’s CRT financing and 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 these financings. 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 should be applied on a retrospective basis and is effective for the Company for financial statements issued for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted ASU 2015-03 during the quarter ended June 30, 2015. As a result of the adoption of ASU 2015-03, the Company, on its September 30, 2015 consolidated balance sheet, reclassified $7.0 million in debt issuance costs from Other Mortgage loans sold under agreements to repurchase Mortgage loan participation and sale agreement Notes payable Exchangeable senior notes

Organization and Basis of Pre44

Organization and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Reclassifications of Previously Presented Balances	Following is a summary of the balance sheet reclassifications: December 31, 2014 As reported As previously reported Reclassification (in thousands) ASSETS Other $ 59,155 $ 66,193 $ (7,038 ) Total assets $ 4,897,258 $ 4,904,296 $ (7,038 ) LIABILITIES Assets sold under agreements to repurchase $ 2,729,027 $ 2,730,130 $ (1,103 ) Mortgage loan participation and sale agreement $ 20,222 $ 20,236 $ (14 ) Exchangeable senior notes $ 244,079 $ 250,000 $ (5,921 ) Total liabilities $ 3,319,086 $ 3,326,124 $ (7,038 ) Total liabilities and shareholders’ equity $ 4,897,258 $ 4,904,296 $ (7,038 )

Concentration of Risks (Tables)

Concentration of Risks (Tables)	9 Months Ended
	Sep. 30, 2015
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.: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Investment portfolio purchases: Mortgage loans $ — $ — $ 241,981 $ 284,403 REO — — — 3,117 $ — $ — $ 241,981 $ 287,520 Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.: Mortgage loans $ — $ — $ — $ 26,737 REO — — — 68 $ — $ — $ — $ 26,805 Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.: September 30, December 31, (in thousands) Mortgage loans $ 879,990 $ 943,163 REO 97,619 108,302 $ 977,609 $ 1,051,465 Total holdings of mortgage loans and REO $ 2,991,293 $ 3,030,180
Consolidated Statements of Income and Cash Flows	As a result of recognizing the CGM assets and related obligations, the Company’s consolidated statements of income and cash flows included the following amounts related to the forward purchase agreements: Quarter ended Nine months ended (in thousands) Statements of income: Interest income $ — $ 3,584 Interest expense $ — $ 2,364 Net gain on investments $ — $ 803 Net loan servicing fees $ — $ 517 Results of REO $ — $ (473 ) Statements of cash flows: Repayments of mortgage loans $ — $ 6,413 Sales of REO $ — $ 5,365 Repayments of borrowings under forward purchase agreements $ — $ (227,866 )

Transactions with Related Par46

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Summary of Corresponding Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Fulfillment fees earned by PLS $ 17,553 $ 15,497 $ 45,752 $ 36,832 Unpaid principal balance of loans fulfilled by PLS $ 4,073,201 $ 3,677,613 $ 10,542,411 $ 8,588,955 Sourcing fees received from PLS $ 3,236 $ 1,384 $ 7,084 $ 3,401 Unpaid principal balance of loans sold to PLS $ 10,783,882 $ 4,609,947 $ 23,602,020 $ 11,332,898 Purchases of mortgage loans acquired for sale at fair value from PLS $ 2,880 $ 2,970 $ 13,708 $ 4,955 Tax service fee to paid to PLS $ 1,291 $ 703 $ 3,293 $ 1,753 At period end: Mortgage loans included in mortgage loans acquired for sale pending sale to PLS $ 373,812 $ 59,719
Summary of Mortgage Loan Servicing Fees Earned	Following is a summary of mortgage loan servicing fees earned by PLS: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Mortgage loans acquired for sale at fair value: Base $ 130 $ 28 $ 198 $ 74 Activity-based 153 35 243 112 283 63 441 186 Mortgage loans at fair value: Distressed mortgage loans Base 3,896 4,662 12,053 14,549 Activity-based 2,961 4,076 8,948 16,208 6,857 8,738 21,001 30,757 Mortgage loans held in VIE Base 34 17 92 71 Activity-based — — — — 34 17 92 71 MSRs: Base 4,473 3,459 12,783 9,930 Activity-based 89 48 225 152 4,562 3,507 13,008 10,082 $ 11,736 $ 12,325 $ 34,542 $ 41,096 Average investment in: Mortgage loans acquired for sale at fair value $ 1,783,011 $ 732,287 $ 1,189,754 $ 530,861 Distressed mortgage loans $ 2,201,533 $ 2,122,397 $ 2,268,538 $ 2,171,724 Mortgage loans held in a VIE $ 481,925 $ 537,367 $ 504,351 $ 534,784 Average mortgage loan servicing portfolio $ 38,172,371 $ 30,701,324 $ 36,446,663 $ 28,597,033
Summary of Investing and Financing Activities	Following is a summary of investing and financing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) ESS: Purchases $ 84,165 $ 9,253 $ 271,452 $ 82,646 Recapture income recognized $ 2,428 $ 2,143 $ 5,173 $ 6,558 Repayments $ 24,717 $ 8,786 $ 55,800 $ 25,280 Interest income $ 8,026 $ 3,577 $ 17,596 $ 9,578 Net gain (loss) $ (10,272 ) $ (9,539 ) $ (10,675 ) $ (24,392 ) MSR recapture income recognized $ 670 $ — $ 670 $ 9 Note payable: Advances $ 97,474 $ — $ 168,546 $ — Repayments $ — $ — $ 18,546 $ — Interest expense $ 1,289 $ — $ 1,822 $ —
Summary of Base Management and Performance Incentive Fees Payable	Following is a summary of the base management and performance incentive fees payable to PCM recorded by the Company: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Base $ 5,742 $ 6,033 $ 17,181 $ 17,392 Performance incentive — 3,590 1,343 9,217 Total management fee incurred during the period $ 5,742 $ 9,623 $ 18,524 $ 26,609
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: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates (1) $ 2,694 $ 2,912 $ 8,125 $ 8,181 Expenses incurred on the Company’s behalf (85 ) 122 377 671 $ 2,609 $ 3,034 $ 8,502 $ 8,852 Payments and settlements during the period (2) $ 17,709 $ 31,621 $ 64,575 $ 72,975 (1) For the quarter and nine months ended September 30, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $900,000 and $1.6 million, respectively, of overhead expenses that otherwise would have been allocable to the Company. (2) 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, on the one hand, and PCM and PLS, on the other hand.
Summary of Amounts Due to Affiliates	Amounts due to PCM and PLS are summarized below: September 30, December 31, (in thousands) Management fees $ 5,742 $ 8,426 Allocated expenses 5,237 6,582 Fulfillment fees 3,031 506 Servicing fees 2,310 3,457 Conditional reimbursement 900 1,136 Unsettled purchases of ESS — 3,836 $ 17,220 $ 23,943

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands except per share amounts) Basic earnings per share: Net income 38,812 $ 54,949 $ 74,391 $ 168,033 Effect of participating securities—share-based compensation awards (361 ) (305 ) (1,352 ) (1,360 ) Net income attributable to common shareholders $ 38,451 $ 54,644 $ 73,039 $ 166,673 Diluted earnings per share: Net income attributable to common shareholders $ 38,451 $ 54,949 $ 73,039 $ 168,033 Interest on Exchangeable Notes, net of income taxes 2,123 2,081 6,364 6,237 Net income attributable to diluted shareholders $ 40,574 $ 57,030 $ 79,403 $ 174,270 Weighted-average basic shares outstanding 74,681 74,140 74,675 73,254 Potentially dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes 8,414 8,401 8,414 8,401 Shares issuable under share-based compensation plan 316 291 397 323 Diluted weighted-average number of shares outstanding 83,411 82,832 83,486 81,978 Basic earnings per share $ 0.51 $ 0.74 $ 0.98 $ 2.28 Diluted earnings per share $ 0.49 $ 0.69 $ 0.95 $ 2.13

Loan Sales and Variable Inter48

Loan Sales and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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 (“UPB”) information at period end: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Cash flows: Proceeds from sales $ 4,885,668 $ 3,745,193 $ 10,593,309 $ 8,534,637 Servicing fees received (1) $ 25,054 $ 17,797 $ 69,876 $ 52,704 Period end information: Unpaid principal balance of: Mortgage loans outstanding $ 39,786,376 $ 32,134,609 Delinquent mortgage loans: 30-89 days delinquent $ 154,346 $ 87,374 90 or more days delinquent Not in foreclosure or bankruptcy 25,243 20,708 In foreclosure or bankruptcy 30,406 11,583 55,649 32,291 $ 209,995 $ 119,665 (1) Net of guarantee fees.
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT Agreements: Quarter ended September 30, Nine months ended September 30, 2015 2015 (in thousands) During the period: UPB of mortgage loans transferred and sold under CRT Agreements $ 1,660,280 $ 2,400,433 Restricted cash deposited to fund guarantees $ 59,841 $ 87,891 Gains recognized on net derivatives related to CRT Agreements Realized $ — $ — Resulting from valuation changes 626 626 $ 626 $ 626 Payments made to settle losses $ — $ — At period end: UPB of mortgage loans subject to guarantee obligation $ 2,400,433 Delinquency Current—89 days delinquent $ 2,400,433 90 or more days delinquent — $ 2,400,433 Carrying value of CRT Agreements: Restricted cash included in Other assets $ 87,891 Net derivative assets included in Derivative assets 626 $ 88,517

Netting of Financial Instrume49

Netting of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Offsetting of Derivative Assets	Following is a summary of net derivative assets. As discussed above, all derivatives with the exception of IRLCs and the net derivatives related to CRT Agreements are subject to master netting arrangements. September 30, 2015 December 31, 2014 Gross Gross Net Gross Gross Net (in thousands) Derivatives subject to master netting arrangements: MBS put options $ — $ — $ — $ 374 $ — $ 374 MBS call options — — — — — — Forward purchase contracts 22,985 — 22,985 3,775 — 3,775 Forward sale contracts 15 — 15 52 — 52 Put options on interest rate futures 693 — 693 193 — 193 Call options on interest rate futures 3,270 — 3,270 3,319 — 3,319 Treasury futures contracts — — — — — — Netting — (19,892 ) (19,892 ) — (2,284 ) (2,284 ) 26,963 (19,892 ) 7,071 7,713 (2,284 ) 5,429 Derivatives not subject to master netting arrangements: Interest rate lock commitments 9,109 — 9,109 5,678 — 5,678 Net derivatives related to CRT Agreements 626 — 626 — — — $ 36,698 $ (19,892 ) $ 16,806 $ 13,391 $ (2,284 ) $ 11,107
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. September 30, 2015 December 31, 2014 Net amount Gross amounts Net amount Gross amounts Financial Cash Net Financial Cash Net (in thousands) Interest rate lock commitments $ 9,109 $ — $ — $ 9,109 $ 5,678 $ — $ — $ 5,678 RJ O’Brien & Associates, LLC 3,112 — — 3,112 3,034 — — 3,034 Nomura Securities International, Inc 733 — — 733 — — — — Fannie Mae Capital Markets 730 — — 730 — — — — Jefferies Group, LLC 598 — — 598 133 — — 133 Deutsche Bank 572 — — 572 124 — — 124 Morgan Stanley Bank, N.A. 531 — — 531 104 — — 104 Bank of New York Mellon 403 — — 403 — — — — JP Morgan Chase & Co. 313 — — 313 — — — — Credit Suisse First Boston Mortgage Capital LLC 188 — — 188 253 — — 253 Goldman Sachs 186 — — 186 — — — — Royal Bank of Canada 173 — — 173 — — — — Daiwa Capital Markets 100 — — 100 29 — — 29 Bank of America, N.A. — — — — 738 — — 738 Other 58 — — 58 1,014 — — 1,014 Total $ 16,806 $ — $ — $ 16,806 $ 11,107 $ — $ — $ 11,107
Schedule of Offsetting of Derivative Liabilities and Financial Liabilities	Offsetting of Derivative Liabilities and Financial Liabilities Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. Assets sold under agreements to repurchase do not qualify for setoff accounting. September 30, 2015 December 31, 2014 Gross in the consolidated Gross Net Gross in the consolidated Gross Net (in thousands) Derivatives subject to master netting arrangements: Forward purchase contracts $ 6 $ — $ 6 $ 34 $ — $ 34 Forward sales contracts 21,794 — 21,794 6,649 — 6,649 Treasury futures sales contracts — — — 478 — 478 Netting — (19,316 ) (19,316 ) — (4,748 ) (4,748 ) 21,800 (19,316 ) 2,484 7,161 (4,748 ) 2,413 Derivatives not subject to master netting arrangements: Interest rate lock commitments 302 — 302 17 — 17 22,102 (19,316 ) 2,786 7,178 (4,748 ) 2,430 Assets sold under agreements to repurchase 2,865,722 — 2,865,722 2,730,130 — 2,730,130 Unamortized commitment fees and issuance cost (1,690 ) — (1,690 ) (1,103 ) — (1,103 ) 2,864,032 — 2,864,032 2,729,027 — 2,729,027 $ 2,886,134 $ (19,316 ) $ 2,866,818 $ 2,736,205 $ (4,748 ) $ 2,731,457
Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty	Derivative Liabilities, Financial Liabilities and Collateral Pledged 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. September 30, 2015 December 31, 2014 Gross amounts Gross amounts Net amount Financial Cash Net Net amount Financial Cash Net (in thousands) Interest rate lock commitments $ 302 $ — $ — $ 302 $ 17 $ — $ — $ 17 Morgan Stanley Bank, N.A. 163,104 (163,104 ) — — 121,975 (121,975 ) — — Credit Suisse First Boston Mortgage Capital LLC 861,527 (861,527 ) — — 966,155 (966,155 ) — — Citibank 843,743 (843,743 ) — — 797,851 (797,663 ) — 188 JPMorgan Chase & Co. 446,348 (446,348 ) — — — — — — Bank of America, N.A. 403,193 (402,917 ) — 276 508,908 (508,908 ) — — Daiwa Capital Markets 148,083 (148,083 ) — — 126,909 (126,909 ) — — RBS Securities — — — — 208,520 (208,520 ) — — Other 2,208 — — 2,208 2,225 — — 2,225 Unamortized commitment fees and issuance cost (1,690 ) 1,690 — — (1,103 ) 1,103 — — Total $ 2,866,818 $ (2,864,032 ) $ — $ 2,786 $ 2,731,457 $ (2,729,027 ) $ — $ 2,430

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	Following is a summary of financial statement items that are measured at fair value on a recurring basis: September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 31,518 $ — $ — $ 31,518 Mortgage-backed securities at fair value — 315,599 — 315,599 Mortgage loans acquired for sale at fair value — 1,050,296 — 1,050,296 Mortgage loans at fair value — 477,271 2,160,459 2,637,730 Excess servicing spread purchased from PFSI — — 418,573 418,573 Derivative assets: Interest rate lock commitments — — 9,109 9,109 Forward purchase contracts — 22,985 — 22,985 Forward sales contracts — 15 — 15 Net derivatives related to CRT Agreements — — 626 626 Put options on interest rate futures 693 — — 693 Call options on interest rate futures 3,270 — — 3,270 Total derivative assets before netting before netting 3,963 23,000 9,735 36,698 Netting (1) — — — (19,892 ) Total derivative assets after netting 3,963 23,000 9,735 16,806 Mortgage servicing rights at fair value — — 57,751 57,751 $ 35,481 $ 1,866,166 $ 2,646,518 $ 4,528,273 Liabilities: Asset-backed secured financing of a variable interest entity at fair value — 234,287 — 234,287 Derivative liabilities: Interest rate lock commitments — — 302 302 Forward purchase contracts — 6 — 6 Forward sales contracts — 21,794 — 21,794 Total derivative liabilities before netting — 21,800 302 22,102 Netting (1) — — — (19,316 ) Total derivative liabilities after netting — 21,800 302 2,786 $ — $ 256,087 $ 302 $ 237,073 (1) Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement. December 31, 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 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 a variable interest entity at fair value $ — $ 165,920 $ — $ 165,920 Derivative liabilities: Interest rate lock commitments — — 17 17 MBS call options 478 — — 478 Forward purchase contracts — 34 — 34 Forward sales contracts — 6,649 — 6,649 Total derivative liabilities 478 6,683 17 7,178 Netting (1) — — — (4,748 ) Total derivative liabilities 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.
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	The following is a summary of changes in items measured using Level 3 inputs on a recurring basis: Quarter ended September 30, 2015 Mortgage Excess Interest rate Net derivatives Mortgage Total (in thousands) Assets: Balance, June 30, 2015 $ 2,246,944 $ 359,102 $ (267 ) $ — $ 57,343 $ 2,663,122 Purchases — 84,165 — — — 84,165 Repayments and sales (57,022 ) (24,717 ) — — — (81,739 ) Capitalization of interest 14,849 8,026 — — — 22,875 ESS received pursuant to a recapture agreement with PFSI — 2,268 — — — 2,268 Interest rate lock commitments issued, net — — 11,834 — — 11,834 Servicing received as proceeds from sales of mortgage loans 5,674 5,674 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 9,255 — — — — 9,255 Other factors 22,638 (10,271 ) 16,458 626 (5,266 ) 24,185 31,893 (10,271 ) 16,458 626 (5,266 ) 33,440 Transfers of mortgage loans to REO (76,205 ) — — — — (76,205 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (19,218 ) — — (19,218 ) Balance, September 30, 2015 $ 2,160,459 $ 418,573 $ 8,807 $ 626 $ 57,751 $ 2,646,216 Changes in fair value recognized during the period relating to assets still held at September 30, 2015 $ 32,971 $ (10,271 ) $ 8,807 $ 626 $ (5,266 ) $ 26,867 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Quarter ended September 30, 2014 Mortgage Excess Net interest Mortgage Total (in thousands) Assets: Balance, June 30, 2014 $ 2,156,501 $ 190,244 $ 11,087 $ 46,802 $ 2,404,634 Purchases — 9,253 — — 9,253 Repayments and sales (126,413 ) (8,786 ) — (137 ) (135,336 ) Capitalization of interest 10,451 3,577 — — 14,028 ESS received pursuant to a recapture agreement with PFSI — 2,619 — — 2,619 Interest rate lock commitments issued, net — — 14,046 — 14,046 Servicing received as proceeds from sales of mortgage loans — — — 12,812 12,812 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 13,850 — — — 13,850 Other factors 67,446 (9,539 ) 843 (1,606 ) 57,144 81,296 (9,539 ) 843 (1,606 ) 70,994 Transfers of mortgage loans to REO (90,733 ) — — — (90,733 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (20,585 ) — (20,585 ) Balance, September 30, 2014 $ 2,031,102 $ 187,368 $ 5,391 $ 57,871 $ 2,281,732 Changes in fair value recognized during the period relating to assets still held at September 30, 2014 $ 70,713 $ (9,539 ) $ 5,391 $ (1,606 ) $ 64,959 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Nine months ended September 30, 2015 Mortgage Excess Interest rate lock Net derivatives Mortgage Total (in thousands) Assets: Balance, December 31, 2014 $ 2,199,583 $ 191,166 $ 5,661 $ — $ 57,358 $ 2,453,768 Purchases 241,981 271,452 — — — 513,433 Repayments and sales (171,093 ) (55,800 ) — — — (226,893 ) Capitalization of interest 34,979 17,596 — — — 52,575 ESS received pursuant to a recapture agreement with PFSI — 4,833 — — — 4,833 Interest rate lock commitments issued, net — — 42,917 — — 42,917 Servicing received as proceeds from sales of mortgage loans — — — — 9,169 9,169 Charges in fair value included in income arising from: Changes in instrument-specific credit risk 29,563 — — — — 29,563 Other factors 49,584 (10,674 ) (6,941 ) 626 (8,776 ) 23,819 79,147 (10,674 ) (6,941 ) 626 (8,776 ) 53,382 Transfers of mortgage loans to REO (224,138 ) — — — — (224,138 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (32,830 ) — — (32,830 ) Balance, September 30, 2015 $ 2,160,459 $ 418,573 $ 8,807 $ 626 $ 57,751 $ 2,646,216 Changes in fair value recognized during the period relating to assets still held at September 30, 2015 $ 80,885 $ (10,674 ) $ 8,807 $ 626 $ (8,776 ) $ 70,868 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Nine months ended September 30, 2014 Mortgage Mortgage loans under Excess Net interest rate lock Mortgage Total (in thousands) Assets: Balance, December 31, 2013 $ 2,076,665 $ 218,128 $ 138,723 $ 1,249 $ 26,452 $ 2,461,217 Purchases 283,017 1,386 82,646 — — 367,049 Repayments and sales (513,843 ) (6,413 ) (25,280 ) — (137 ) (545,673 ) Capitalization of interest 39,005 1,800 9,578 — — 50,383 ESS received pursuant to a recapture agreement with PFSI — — 6,093 — — 6,093 Interest rate lock commitments issued, net — — — 45,800 — 45,800 Servicing received as proceeds from sales of mortgage loans — — — — 39,954 39,954 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 54,612 2,269 — — 56,881 Other factors 139,393 (1,466 ) (24,392 ) 12,837 (8,398 ) 117,974 194,005 803 (24,392 ) 12,837 (8,398 ) 174,855 Transfers of mortgage loans under forward purchase agreements to mortgage loans 205,902 (205,902 ) — — — — Transfers of mortgage loans to REO (253,649 ) — — — — (253,649 ) Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements — (9,802 ) — — — (9,802 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — (54,495 ) — (54,495 ) Balance, September 30, 2014 $ 2,031,102 $ — $ 187,368 $ 5,391 $ 57,871 $ 2,281,732 Changes in fair value recognized during the period relating to assets still held at September 30, 2014 $ 126,773 $ — $ (24,392 ) $ 5,391 $ (8,398 ) $ 99,374 (1) For purpose of this table, the interest rate lock asset and liability positions are shown net.
Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option	Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans held in a consolidated VIE): September 30, 2015 Fair value Principal Difference (in thousands) Mortgage loans acquired for sale at fair value: Current through 89 days delinquent $ 1,050,006 $ 1,003,249 $ 46,757 90 or more days delinquent (1) Not in foreclosure 85 116 (31 ) In foreclosure 205 254 (49 ) 290 370 (80 ) $ 1,050,296 $ 1,003,619 $ 46,677 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE Current through 89 days delinquent $ 477,271 $ 471,496 $ 5,775 90 or more days delinquent (1) Not in foreclosure — — — In foreclosure — — — — — — 477,271 471,496 5,775 Other mortgage loans at fair value: Current through 89 days delinquent 801,018 1,049,502 (248,484 ) 90 or more days delinquent (1) Not in foreclosure 533,070 739,183 (206,113 ) In foreclosure 826,371 1,149,326 (322,955 ) 1,359,441 1,888,509 (529,068 ) 2,160,459 2,938,011 (777,552 ) $ 2,637,730 $ 3,409,507 $ (771,777 ) (1) Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed. December 31, 2014 Fair value Principal Difference (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 Mortgage loans held in a consolidated VIE Current through 89 days delinquent $ 527,369 $ 517,500 $ 9,869 90 or more days delinquent (1) Not in foreclosure — — — In foreclosure — — — — — — 527,369 517,500 9,869 Other mortgage loans at fair value: Current through 89 days delinquent 664,266 935,385 (271,119 ) 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 ) (1) Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed.
Summary of Changes in Fair Value Included in Current Period Income	Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Quarter ended September 30, 2015 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 91 3,564 — 3,655 Mortgage loans acquired for sale at fair value 39,504 — — — 39,504 Mortgage loans at fair value — 1,024 39,273 — 40,297 Excess servicing spread at fair value — — (7,844 ) — (7,844 ) Mortgage servicing rights at fair value — — — (5,266 ) (5,266 ) $ 39,504 $ 1,115 $ 34,993 $ (5,266 ) $ 70,346 Liabilities: Asset-backed secured financing at fair value — (351 ) (3,940 ) — (4,291 ) $ — $ (351 ) $ (3,940 ) $ — $ (4,291 ) Quarter ended September 30, 2014 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 108 (821 ) — (713 ) Mortgage loans acquired for sale at fair value 19,977 — — — 19,977 Mortgage loans at fair value — 385 78,717 — 79,102 Excess servicing spread at fair value — — (7,396 ) — (7,396 ) Mortgage servicing rights at fair value — — — (1,606 ) (1,606 ) $ 19,977 $ 493 $ 70,500 $ (1,606 ) $ 89,364 Liabilities: Asset-backed secured financing at fair value $ — $ (124 ) $ 696 $ — $ 572 $ — $ (124 ) $ 696 $ — $ 572 Nine months ended September 30, 2015 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — Mortgage-backed securities at fair value — 155 (1,622 ) — (1,467 ) Mortgage loans acquired for sale at fair value 57,568 — — — 57,568 Mortgage loans at fair value — 1,203 76,249 — 77,452 Excess servicing spread at fair value — — (5,502 ) — (5,502 ) Mortgage servicing rights at fair value — — — (8,776 ) (8,776 ) $ 57,568 $ 1,358 $ 69,125 $ (8,776 ) $ 119,275 Liabilities: Asset-backed secured financing at fair value — (474 ) (719 ) — (1,193 ) $ — $ (474 ) $ (719 ) $ — $ (1,193 ) Nine months ended September 30, 2014 Net gain on Net Net gain on Net loan Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 296 6,096 — 6,392 Mortgage loans acquired for sale at fair value 69,812 — — — 69,812 Mortgage loans at fair value — 938 218,912 — 219,850 Mortgage loans under forward purchase agreements at fair value — — 803 — 803 Excess servicing spread at fair value — — (17,834 ) — (17,834 ) Mortgage servicing rights at fair value — — — (8,398 ) (8,398 ) $ 69,812 $ 1,234 $ 207,977 $ (8,398 ) $ 270,625 Liabilities: Asset-backed secured financing at fair value $ — $ (328 ) $ (7,258 ) $ — $ (7,586 ) $ — $ (328 ) $ (7,258 ) $ — $ (7,586 )
Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis	Following is a summary of financial statement items that were re-measured at fair value on a nonrecurring basis during the periods presented: September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Real estate asset acquired in settlement of loans $ — $ — $ 145,815 $ 145,815 Mortgage servicing rights at lower of amortized cost or fair value — — 125,952 125,952 $ — $ — $ 271,767 $ 271,767 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
Summary of Fair Value Changes Recognized on Assets Held Measured at Fair Value on Nonrecurring Basis	The following table summarizes the fair value changes recognized during the period on assets held at period end that were measured at fair value on a nonrecurring basis: Quarter ended Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Real estate asset acquired in settlement of loans $ (8,182 ) $ (14,242 ) $ (18,308 ) $ (24,027 ) Mortgage servicing rights at lower of amortized cost or fair value (7,845 ) 602 (7,142 ) (2,249 ) $ (16,027 ) $ (13,640 ) $ (25,450 ) $ (26,276 )
Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value	Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value: Range (Weighted average) Key inputs September 30, 2015 December 31, 2014 Discount rate Range 2.5% – 15.0% 2.3% – 15.0% Weighted average 6.9% 7.7% Twelve-month projected housing price index change Range 2.0% – 4.3% 4.0% – 5.3% Weighted average 3.9% 4.8% Prepayment speed (1) Range 0.1% – 4.6% 0.0% – 6.5% Weighted average 3.6% 3.1% Total prepayment speed (2) Range 3.6% – 27.3% 0.0% – 27.9% Weighted average 20.5% 21.6% (1) Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (2) Total prepayment speed is measured using Life Total CPR.
Summary of Key Inputs Used in Determining Fair Value of ESS	Following are the key inputs used in determining the fair value of ESS: Range (Weighted average) Key inputs September 30, 2015 December 31, 2014 Unpaid principal balance of underlying mortgage loans (in thousands) $54,189,421 $28,227,340 Average servicing fee rate (in basis points) 32 31 Average ESS rate (in basis points) 17 16 Pricing spread (1) Range 4.8% – 6.5% 1.7% – 12.0% Weighted average 5.7% 5.3% Life (in years) Range 1.5 – 8.9 0.4 – 7.3 Weighted average 6.7 5.8 Annual total prepayment speed (2) Range 5.5% – 50.3% 7.6% – 74.6% Weighted average 10.4% 11.2% (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: Range (Weighted average) Key inputs September 30, 2015 December 31, 2014 Pull-through rate Range 44.8% – 99.9% 65.0% – 98.0% Weighted average 88.6% 94.9% MSR value expressed as: Servicing fee multiple Range 1.9 – 6.0 0.7 – 5.2 Weighted average 4.5 4.3 Percentage of unpaid principal balance Range 0.5% – 3.7% 0.2% – 1.3% Weighted average 1.2% 1.1%
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition	Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: Quarter ended September 30, 2015 2014 Key inputs Amortized Fair Amortized Fair (MSR recognized and unpaid principal balance of underlying loan amounts in MSR recognized $ 47,140 $ 5,674 $ 26,802 $ 12,812 Unpaid principal balance of underlying mortgage loans $ 3,512,016 $ 578,894 $ 2,423,013 $ 1,234,028 Weighted-average annual servicing fee rate (in basis points) 25 25 25 25 Pricing spread (1) Range 6.5% – 13.0% 7.2% – 14.3% 6.5% – 17.5% 8.8% – 13.5% Weighted average 7.8% 8.4% 8.5% 9.1% Life (in years) Range 2.0 – 7.4 2.3 – 7.2 1.4 – 7.3 2.8 – 7.3 Weighted average 6.8 6.6 6.6 7.1 Annual total prepayment speed (2) Range 7.6% – 37.6% 8.4% – 22.4% 7.6% – 48.8% 8.0% – 30.4% Weighted average 9.2% 11.9% 9.2% 9.7% Annual per-loan cost of servicing Range $62 – $68 $62 – $68 $68 – $140 $68 – $140 Weighted average $65 $65 $70 $70 Nine months ended September 30, 2015 2014 Key inputs Amortized Fair Amortized Fair (MSR recognized and unpaid principal balance of underlying loan MSR recognized $ 103,281 $ 9,169 $ 49,276 $ 39,954 Unpaid principal balance of underlying mortgage loans $ 9,140,782 $ 978,951 $ 4,518,100 $ 3,784,142 Weighted-average annual servicing fee rate (in basis points) 25 25 25 25 Pricing spread (1) Range 6.5% – 17.5% 7.2% – 16.3% 6.3% – 17.5% 8.5% – 13.5% Weighted average 8.1% 9.2% 8.5% 9.1% Life (in years) Range 1.3 – 7.7 2.3 – 7.3 1.1 – 7.3 2.8 – 7.3 Weighted average 6.7 6.5 6.3 7.1 Annual total prepayment speed (2) Range 7.6% – 51.0% 8.3% – 34.2% 7.6% – 56.4% 8.0% – 30.4% Weighted average 8.9% 12.1% 9.7% 9.5% Annual per-loan cost of servicing Range $62 – $134 $62 – $68 $68 – $140 $68 – $140 Weighted average $63 $64 $69 $69 (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 Inputs	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 inputs: September 30, 2015 December 31, 2014 Amortized Fair Amortized Fair (Carrying value, unpaid principal balance and effect Carrying value $ 365,344 $ 57,751 $ 300,422 $ 57,358 Key inputs: Unpaid principal balance of underlying mortgage loans $ 33,834,143 $ 6,061,654 $ 28,006,797 $ 6,278,676 Weighted-average annual servicing fee rate (in basis points) 26 25 26 25 Weighted-average note interest rate 3.84 % 4.77 % 3.80 % 4.78 % Pricing spread (1) (2) Range 7.2% – 10.7% 7.2% – 10.7% 6.3% – 17.5% 8.1% – 16.3% Weighted average 7.2% 7.2% 7.9% 10.3% Effect on fair value of a: 5% adverse change $ (5,826 ) $ (813 ) $ (5,801 ) $ (937 ) 10% adverse change $ (11,484 ) $ (1,602 ) $ (11,410 ) $ (1,845 ) 20% adverse change $ (22,318 ) $ (3,117 ) $ (22,086 ) $ (3,577 ) Weighted average life (in years) Range 1.3 – 7.4 1.9 – 5.6 1.8 – 7.2 1.8 – 7.2 Weighted average 6.9 5.6 6.4 6.7 Prepayment speed (1) (3) Range 8.6% – 54.2% 14.3% – 38.5% 7.8% – 47.9% 8.0% – 39.6% Weighted average 10.2% 14.6% 8.8% 11.4% Effect on fair value of a: 5% adverse change $ (8,064 ) $ (1,751 ) $ (6,166 ) $ (1,430 ) 10% adverse change $ (15,826 ) $ (3,416 ) $ (12,138 ) $ (2,803 ) 20% adverse change $ (30,511 ) $ (6,508 ) $ (23,532 ) $ (5,394 ) Annual per-loan cost of servicing Range $68 – $68 $68 – $68 $62 – $134 $62 – $134 Weighted average $68 $68 $62 $62 Effect on fair value of a: 5% adverse change $ (2,512 ) $ (412 ) $ (1,807 ) $ (334 ) 10% adverse change $ (5,024 ) $ (824 ) $ (3,614 ) $ (668 ) 20% adverse change $ (10,047 ) $ (1,648 ) $ (7,228 ) $ (1,337 ) (1) The effect on fair 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. (3) Prepayment speed is measured using Life Total CPR.

Mortgage Loans Acquired for S51

Mortgage Loans Acquired for Sale at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value	Mortgage loans acquired for sale at fair value is comprised of recently originated mortgage loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value: September 30, 2015 December 31, 2014 Loan type Fair Unpaid Fair Unpaid (in thousands) Conventional: Agency-eligible $ 601,394 $ 575,458 $ 287,300 $ 274,650 Jumbo 69,157 67,544 137,440 134,079 Held for sale to PennyMac Loan Services, LLC—Government insured or guaranteed 373,812 354,529 209,325 198,265 Commercial real estate loan 1,851 1,798 — — Mortgage loans repurchased pursuant to representations and warranties 4,082 4,291 3,657 3,634 $ 1,050,296 $ 1,003,620 $ 637,722 $ 610,628 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 903,806 $ 609,608 Mortgage loan participation and sale agreements $ 63,162 $ 20,862 Federal Home Loan Bank (“FHLB”) advances $ 68,937 $ —

Derivative Financial Instrume52

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
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 Derivative liabilities September 30, 2015 December 31, 2014 Fair value Fair value Instrument Notional Derivative Derivative Notional Derivative Derivative (in thousands) Derivatives not designated as hedging instruments: Free-standing derivatives: Interest rate lock commitments 1,163,415 $ 9,109 $ 302 695,488 $ 5,678 $ 17 Forward sales contracts 3,410,839 15 21,794 1,601,282 52 6,649 Forward purchase contracts 3,282,364 22,985 6 1,100,700 3,775 34 MBS put options 450,000 — — 340,000 374 — MBS call options — — — — — — Eurodollar future sales contracts 1,756,000 — — 7,426,000 — — Eurodollar future purchase contracts — — — 800,000 — — Treasury future contracts — — — 85,000 — 478 Call options on interest rate futures 1,555,000 3,270 — 1,030,000 3,319 — Put options on interest rate futures 1,625,000 693 — 275,000 193 — Net derivative related to CRT transactions 2,400,433 626 — — — — Total derivative instruments before netting 36,698 22,102 13,391 7,178 Netting (19,892 ) (19,316 ) (2,284 ) (4,748 ) $ 16,806 $ 2,786 $ 11,107 $ 2,430
Net Gains (Losses) Recognized on Derivative Financial Instruments	Following are the net gains (losses) recognized by the Company on derivative financial instruments and the income statement line items where such gains and losses are included: Hedged Item Income Statement Line Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans $ (33,652 ) $ (4,503 ) $ (23,198 ) $ (44,003 ) Mortgage servicing rights Net loan servicing fees $ 19,061 $ (654 ) $ 13,868 $ 3,532 Fixed-rate assets and LIBOR—indexed repurchase agreements Net gain on investments $ (6,772 ) $ (807 ) $ (18,065 ) $ (14,609 )
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 for Derivative Arising from CRT Agreements and Derivative Contracts	The following tables summarize the notional amount activity for derivative arising from CRT Agreements and 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. Quarter ended September 30, 2015 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward sales contracts 3,252,286 15,003,760 (14,845,207 ) 3,410,839 Forward purchase contracts 2,263,622 10,938,733 (9,919,991 ) 3,282,364 MBS put options 367,500 700,000 (617,500 ) 450,000 MBS call options 40,000 — (40,000 ) — Eurodollar future sale contracts 5,984,000 — (4,228,000 ) 1,756,000 Treasury future contracts 40,000 — (40,000 ) — Call option on interest rate futures 1,135,000 1,805,000 (1,385,000 ) 1,555,000 Put options on interest rate futures 1,273,000 1,650,000 (1,298,000 ) 1,625,000 Net derivative related to CRT transactions — 2,400,433 — 2,400,433 Quarter ended September 30, 2014 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward purchase contracts 3,058,604 8,216,022 (9,364,487 ) 1,910,139 Forward sales contracts 4,185,633 11,670,826 (13,080,210 ) 2,776,249 MBS put option 392,500 640,000 (467,500 ) 565,000 MBS call option 95,000 75,000 (120,000 ) 50,000 Eurodollar future sale contracts 5,562,000 990,000 (290,000 ) 6,262,000 Eurodollar future purchase contracts — 290,000 (290,000 ) — Treasury future sale contracts 85,000 154,500 (154,500 ) 85,000 Treasury future purchase contracts — 138,300 (138,300 ) — Put options on interest rate futures 125,000 490,500 (395,500 ) 220,000 Call options on interest rate futures 230,000 580,000 (455,000 ) 355,000 Nine months ended September 30, 2015 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward sales contracts 1,601,283 38,880,821 (37,071,265 ) 3,410,839 Forward purchase contracts 1,100,700 27,871,913 (25,690,249 ) 3,282,364 MBS put options 340,000 1,692,500 (1,582,500 ) 450,000 MBS call options — 140,000 (140,000 ) — Eurodollar future sale contracts 7,426,000 285,000 (5,955,000 ) 1,756,000 Eurodollar future purchase contracts 800,000 — (800,000 ) — Treasury future contracts 85,000 161,500 (246,500 ) — Call options on interest rate futures 1,030,000 4,080,000 (3,555,000 ) 1,555,000 Put options on interest rate futures 275,000 4,318,000 (2,968,000 ) 1,625,000 Net derivative related to CRT transactions — 2,400,433 — 2,400,433 Nine months ended September 30, 2014 Instrument Balance, Additions Dispositions/ Balance, (in thousands) Forward purchase contracts 2,781,066 26,650,920 (27,521,847 ) 1,910,139 Forward sales contracts 3,588,027 35,657,347 (36,469,125 ) 2,776,249 MBS put option 55,000 1,482,500 (972,500 ) 565,000 MBS call option 110,000 230,000 (290,000 ) 50,000 Eurodollar future sale contracts 8,779,000 1,452,000 (3,969,000 ) 6,262,000 Eurodollar future purchase contracts — 3,287,000 (3,287,000 ) — Treasury future sale contracts 105,000 375,300 (395,300 ) 85,000 Treasury future purchase contracts — 331,900 (331,900 ) — Put options on interest rate futures 52,500 1,052,500 (885,000 ) 220,000 Call options on interest rate futures — 960,000 (605,000 ) 355,000

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Distribution of Company's Mortgage Loans at Fair Value	Following is a summary of the distribution of the Company’s mortgage loans at fair value: September 30, 2015 December 31, 2014 Loan type Fair Unpaid Fair Unpaid (in thousands) Distressed mortgage loans: Nonperforming mortgage loans $ 1,359,441 $ 1,888,509 $ 1,535,317 $ 2,246,585 Performing mortgage loans: Fixed interest rate 380,322 494,804 322,704 449,496 Adjustable-rate/hybrid 157,265 186,534 127,405 162,329 Interest rate step-up 263,270 367,958 213,999 323,350 Balloon 161 206 158 210 801,018 1,049,502 664,266 935,385 Fixed interest rate jumbo mortgage loans held in a VIE 477,271 471,496 527,369 517,500 $ 2,637,730 $ 3,409,507 $ 2,726,952 $ 3,699,470 Mortgage loans at fair value pledged to secure : Assets sold under agreements to repurchase $ 2,390,784 $ 2,543,242 FHLB advances $ 140,025 $ — Asset-backed secured financing $ 477,271 $ 527,369
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value, Excluding VIE Securing Asset-Backed Financing	Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value, excluding mortgage loans held in a VIE securing asset-backed financing: Concentration September 30, 2015 December 31, 2014 (percentages are at fair value) Portion of mortgage loans originated between 2005 and 2007 73% 75% Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100% 46% 55% Percentage of mortgage loans secured by California real estate 22% 22% Additional states contributing 5% or more of mortgage loans New York New York

Real Estate Acquired in Settl54

Real Estate Acquired in Settlement of Loans (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Summary of Financial Information Relating to REO	Following is a summary of financial information relating to REO: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Balance at beginning of period $ 324,278 $ 240,471 $ 303,228 $ 138,942 Purchases — — — 3,049 Transfers from mortgage loans at fair value and servicing advances 82,405 94,530 240,483 268,677 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (2,212 ) — (3,505 ) — Transfers from REO under forward purchase agreements — — — 12,737 Results of REO: Valuation adjustments, net (8,734 ) (15,639 ) (26,740 ) (32,912 ) Gain on sale, net 4,513 3,713 14,881 9,485 (4,221 ) (11,926 ) (11,859 ) (23,427 ) Proceeds from sales (46,687 ) (47,890 ) (174,784 ) (124,793 ) Balance at end of period $ 353,563 $ 275,185 $ 353,563 $ 275,185 At period end: REO pledged to secure assets sold under agreements to repurchase $ 280,045 $ 56,702 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties $ — $ 19,858

Real Estate Acquired in Settl55

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2015
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 during the quarter and nine months ended September 30, 2014: Quarter ended Nine months ended (in thousands) Balance at beginning of period $ — $ 9,138 Purchases — 68 Transfers from mortgage loans under forward purchase agreements at fair value and advances — 9,369 Transfers to REO — (12,737 ) Results of REO under forward purchase agreements: — Valuation adjustments, net — (779 ) Gain on sale, net — 306 — (473 ) Proceeds from sales — (5,365 ) Balance at end of period $ — $ —

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs carried at fair value: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Balance at beginning of period $ 57,343 $ 46,802 $ 57,358 $ 26,452 MSRs resulting from mortgage loan sales 5,674 12,812 9,169 39,954 Changes in fair value: Due to changes in valuation inputs or assumptions used in valuation model (1) (3,418 ) (106 ) (3,525 ) (4,974 ) Other changes in fair value (2) (1,848 ) (1,500 ) (5,251 ) (3,424 ) (5,266 ) (1,606 ) (8,776 ) (8,398 ) Sales — (137 ) — (137 ) Balance at end of period $ 57,751 $ 57,871 $ 57,751 $ 57,871 MSRs pledged to secure note payable at end of period $ 57,751 $ — (1) Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, primarily due to changes in interest rates. (2) Represents changes due to realization of expected cash flows.
Summary of MSRs Carried at Lower of Amortized Cost or Fair Value	Following is a summary of MSRs carried at lower of amortized cost or fair value: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Amortized Cost: Balance at beginning of period $ 344,405 $ 274,110 $ 308,137 $ 266,697 MSRs resulting from loan sales 47,140 26,802 103,281 49,276 Amortization (11,333 ) (8,109 ) (30,913 ) (23,170 ) Application of valuation allowance to write down MSRs with other-than temporary impairment — — — — Sales (12 ) — (305 ) — Balance at end of period 380,200 292,803 380,200 292,803 Valuation Allowance: Balance at beginning of period (7,011 ) (5,428 ) (7,714 ) (2,577 ) (Additions) reversals (7,845 ) 602 (7,142 ) (2,249 ) Application of valuation allowance to write down MSRs with other-than temporary impairment — — — — Balance at end of period (14,856 ) (4,826 ) (14,856 ) (4,826 ) MSRs, net $ 365,344 $ 287,977 $ 365,344 $ 287,977 Fair value at beginning of period $ 362,908 $ 289,226 $ 322,230 $ 289,737 Fair value at end of period $ 386,539 $ 312,196 Carrying value of MSRs pledged to secure note payable $ 365,344 $ —
Summary of Company's Estimate of Future Amortization of Existing MSRs Carried at Amortized Cost	The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This estimate was developed with the inputs used in the September 30, 2015 valuation of MSRs. The inputs 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. Quarter ended September 30, 2015 Estimated MSR (in thousands) 2015 $ 49,227 2016 42,898 2017 37,642 2018 33,216 2019 29,421 Thereafter 187,796 Total $ 380,200
Mortgage service rights [Member]
Summary of Net Loan Servicing Fees Relating to MSRs	Servicing fees relating to MSRs are recorded in Net loan servicing fees Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Contractually-specified servicing fees $ 25,500 $ 19,345 $ 74,016 $ 54,396

Assets Sold Under Agreements 57

Assets Sold Under Agreements to Repurchase (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended Nine months ended 2015 2014 2015 2014 (dollars in thousands) During the period: Weighted-average interest rate (1) 2.30 % 2.13 % 2.27 % 2.18 % Average balance $ 3,252,341 $ 2,501,816 $ 3,125,328 $ 2,186,135 Total interest expense $ 21,350 $ 15,814 $ 60,470 $ 43,496 Maximum daily amount outstanding $ 4,160,814 $ 2,815,572 $ 4,612,001 $ 2,700,586 At period end: Amount outstanding $ 2,865,722 $ 2,416,686 Unamortized debt issuance costs (1,690 ) (639 ) $ 2,864,032 $ 2,416,047 Weighted-average interest rate 2.22 % 2.17 % Available borrowing capacity: Committed $ 510,109 $ 578,969 Uncommitted 868,978 894,343 $ 1,379,087 $ 1,473,312 Margin deposits placed with counterparties $ 7,230 $ 8,210 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 306,638 $ 262,378 Mortgage loans acquired for sale at fair value 903,806 609,608 Mortgage loans at fair value 2,390,784 2,273,768 Real estate acquired in settlement of loans 280,045 76,561 $ 3,881,273 $ 3,222,315 (1) Excludes the effect of amortization of commitment fees and issuance costs of $2.2 million and $6.7 million for the quarter and nine months ended September 30, 2015 and $2.2 million and $7.4 million for the quarter and nine months ended September 30, 2014, respectively.
Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date	Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining Maturity at September 30, 2015 Contractual (in thousands) Within 30 days $ 1,521,695 Over 30 to 90 days 413,728 Over 90 days to 180 days 252,357 Over 180 days to 1 year 290,986 Over 1 year to 2 year 386,956 $ 2,865,722 Weighted average maturity (in months) 4.5
Covenant Compliance	The following is a summary of the tangible net worth and minimum required amounts for the Company and certain of its subsidiaries at September 30, 2015 to comply with the debt covenants contained in the borrowing agreements: Tangible net worth at Entity Balance Minimum (in thousands) PennyMac Mortgage Investment Trust $ 1,514,430 $ 860,000 Operating Partnership $ 1,554,310 $ 700,000 PennyMac Holdings, LLC $ 896,693 $ 250,000 PennyMac Corp. $ 417,780 $ 150,000
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by counterparty below as of September 30, 2015: Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase Counterparty Amount at risk Mortgage loans acquired for sale Weighted-average repurchase agreement maturity Facility maturity (in thousands) Citibank, N.A. $ 366,115 October 22, 2015 October 22, 2015 Credit Suisse First Boston Mortgage Capital LLC $ 317,292 October 30, 2015 October 30, 2015 JPMorgan Chase & Co. $ 160,224 — January 26, 2017 Bank of America, N.A. $ 31,157 December 19, 2015 January 29, 2016 Morgan Stanley $ 10,905 November 17, 2015 December 17, 2015
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. $ 517 December 30, 2015 JPMorgan Chase & Co. $ 16,547 October 23, 2015 Daiwa Capital Markets America Inc. $ 8,275 November 6, 2015 Bank of America, N.A. $ 15,181 November 18, 2015

Mortgage Loan Participation a58

Mortgage Loan Participation and Sale Agreement (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Mortgage Loan Participation and Sale Agreements	The mortgage loan participation and sale agreements are summarized below: Quarter ended Nine months ended September 30, 2015 (dollars in thousands) During the period: Weighted-average interest rate (1) 1.44 % 1.43 % Average balance $ 48,832 $ 50,933 Total interest expense $ 226 $ 699 Maximum daily amount outstanding $ 120,374 $ 148,032 At period end: Amount outstanding $ 61,093 Unamortized debt issuance costs (16 ) $ 61,078 Weighted-average interest rate 1.44 % Mortgage loans pledged to secure mortgage loan participation and sale agreement $ 63,162 (1) Excludes the effect of amortization of commitment fees of $47,000 and $146,000 for the quarter and nine months ended September 30, 2015.

Federal Home Loan Bank Advanc59

Federal Home Loan Bank Advances (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Summary of FHLB Advances	The FHLB advances are summarized below: Quarter ended Nine months ended (dollars in thousands) During the period: Weighted-average interest rate 0.27 % 0.27 % Average balance $ 170,902 $ 58,100 Total interest expense $ 117 $ 119 Maximum daily amount outstanding $ 188,834 $ 188,834 At period end: Balance $ 183,000 Weighted-average interest rate 0.27 % Fair value of assets securing FHLB advances: Mortgage-backed securities $ 8,961 Mortgage loans acquired for sale at fair value 68,937 Mortgage loans at fair value 140,025 $ 217,923

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Note Payable	Following is a summary of financial information relating to the notes payable: Quarter ended Nine months ended (dollars in thousands) During the period: Weighted-average interest rate (1) 4.25 % 4.24 % Average balance $ 195,030 $ 85,907 Total interest expense $ 2,375 $ 3,369 Maximum daily amount outstanding $ 198,191 $ 198,191 At period end: Amount outstanding $ 192,332 Weighted-average interest rate 4.39 % Mortgage servicing rights pledged to secure notes payable $ 423,095 (1) Excludes the effect of amortization of commitment fees and issuance costs of $562,000 and $915,000 for the quarter and nine months ended September 30, 2015.

Asset-Backed Secured Financin61

Asset-Backed Secured Financing of a Variable Interest Entity at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Asset-Backed Secured Financing of a VIE	Following is a summary of financial information relating to the asset-backed secured financing of a VIE: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (dollars in thousands) During the period: Weighted-average fair value $ 170,262 $ 168,923 $ 165,024 $ 168,186 Interest expense $ 1,787 $ 1,584 $ 4,671 $ 4,762 Weighted-average effective interest rate 3.30 % 3.67 % 3.35 % 3.73 % At period end: Fair value $ 234,287 $ 166,841 Interest rate 3.50 % 3.50 %

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (dollars in thousands) During the period: Weighted-average unpaid principal balance $ 250,000 $ 250,000 $ 250,000 $ 250,000 Interest expense (1) $ 3,605 $ 3,592 $ 10,803 $ 10,763 At period end: Amount outstanding $ 250,000 $ 250,000 Unamortized issuance costs (5,195 ) (6,156 ) $ 244,805 $ 243,844 (1) Total interest expense includes amortization of debt issuance costs of $245,000 and $726,000 during the quarter and nine months ended September 30, 2015, respectively, and $232,000 and $685,000 during the quarter and nine months ended September 2014, respectively.

Borrowings under Forward Purc63

Borrowings under Forward Purchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements	There were no borrowings under forward purchase agreements during the quarter and nine months ended September 30, 2015. Following is a summary of financial information relating to borrowings under forward purchase agreements: Quarter ended Nine months ended (dollars in thousands) During the period: Weighted-average effective interest rate — 2.84 % Weighted-average balance $ — $ 109,708 Interest expense $ — $ 2,364 Maximum daily amount outstanding $ — $ 226,847 At period end: Balance $ — Interest rate — Fair value of underlying loans and REO $ —

Liability for Losses Under Re64

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Company's Liability for Losses under Representations and Warranties	Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 16,714 $ 11,876 $ 14,242 $ 10,110 Provision for losses 1,833 1,359 4,177 3,125 Losses incurred (74 ) — (176 ) — Recoveries — — 230 — Balance, end of period $ 18,473 $ 13,235 $ 18,473 $ 13,235 Unpaid principal balance of mortgage loans subject to representations and warranties at period end $ 39,730,788 $ 32,129,635

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Loan Commitments	The following table summarizes the Company’s outstanding contractual loan commitments: September 30, 2015 (in thousands) Commitments to purchase mortgage loans: Mortgage loans acquired for sale at fair value $ 1,163,415

Net Interest Income (Tables)

Net Interest Income (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift, Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized below: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 115 $ 138 $ 417 $ 462 Mortgage-backed securities 2,614 1,935 7,752 5,657 Mortgage loans acquired for sale at fair value 20,704 7,712 38,120 16,911 Mortgage loans at fair value 24,364 22,401 68,089 76,502 Mortgage loans at fair value held by VIE 5,598 5,457 15,440 16,368 Mortgage loans under forward purchase agreements — — — 3,584 Other 17 16 42 38 53,412 37,659 129,860 119,522 From PennyMac Financial Services, Inc: Excess servicing spread purchased from PFSI, at fair value 8,026 3,577 17,596 9,578 61,438 41,236 147,456 129,100 Interest expense: From nonaffiliates: Assets sold under agreements to repurchase 21,350 15,814 60,470 43,496 Federal Home Loan Bank advances 117 — 119 — Mortgage loans participation and sale agreement 226 — 699 — Credit risk transfer financing 5,799 — 6,912 — Notes payable 2,375 — 3,369 — Asset-backed secured financing of a variable interest entity at fair value 1,787 1,584 4,671 4,762 Exchangeable senior notes 3,605 3,592 10,803 10,763 Borrowings under forward purchase agreements — — — 2,363 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 849 581 3,313 1,281 Interest on mortgage loan impound deposits 363 449 1,067 995 36,471 22,020 91,423 63,660 From PennyMac Financial Services, Inc: Note payable to PennyMac Financial Services, Inc. 1,289 — 1,822 — 37,760 22,020 93,245 63,660 Net interest income $ 23,678 $ 19,216 $ 54,211 $ 65,440

Net Gain on Mortgage Loans Ac67

Net Gain on Mortgage Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Net Gain on Mortgage Loans Acquired for Sale	Net gain on mortgage loans acquired for sale is summarized below: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Cash (loss) gain: Loans $ 4,579 $ (15,473 ) (54,183 ) $ (21,540 ) Hedging activities (33,268 ) (12,706 ) (27,082 ) (35,004 ) (28,689 ) (28,179 ) (81,265 ) (56,544 ) Non cash gain: Receipt of MSRs in loan sale transactions 52,814 39,614 112,450 89,230 Provision for losses relating to representations and warranties provided in loan sales (1,833 ) (1,359 ) (4,177 ) (3,125 ) Change in fair value of financial instruments issued and held at period end: IRLCs 9,073 (5,697 ) 3,146 4,140 Mortgage loans (17,097 ) (3,073 ) 1,181 5,000 Hedging derivatives (384 ) 8,203 3,884 (8,999 ) (8,408 ) (567 ) 8,211 141 $ 13,884 $ 9,509 $ 35,219 $ 29,702

Net Gain on Investments (Tables

Net Gain on Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Summary of Net Gain on Investments	Net gain on investments is summarized below: Quarter ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Net gain (loss) on investments: From non-affiliates: Mortgage-backed securities $ 3,564 $ (821 ) $ (1,622 ) $ 6,096 Mortgage loans 31,909 81,296 79,163 194,808 Mortgage loans held in a VIE 7,421 (2,578 ) (2,856 ) 24,906 Net derivatives related to CRT Agreements 626 — 626 — Asset-backed secured financing (3,941 ) 696 (719 ) (7,258 ) Hedging derivatives (6,777 ) (807 ) (18,071 ) (14,609 ) 32,802 77,786 56,521 203,943 From PennyMac Financial Services, Inc: Excess servicing spread purchased from PFSI (7,844 ) (7,396 ) (5,502 ) (17,834 ) $ 24,958 $ 70,390 $ 51,019 $ 186,109

Net Loan Servicing Fees (Tables

Net Loan Servicing Fees (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Summary of Net Loan Servicing Fees	Net loan servicing fees are summarized below: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Servicing fees (1) $ 25,500 $ 20,300 $ 74,016 $ 56,988 MSR recapture fee receivable from PFSI 670 — 670 9 Effect of MSRs: Carried at lower of amortized cost or fair value: Amortization (11,333 ) (8,109 ) (30,913 ) (23,170 ) (Provision for) reversal of impairment (7,845 ) 602 (7,142 ) (2,249 ) Gain on sale 4 — 87 — Carried at fair value—change in fair value (5,266 ) (1,606 ) (8,776 ) (8,398 ) Gains (losses) on hedging derivatives 19,061 (654 ) 13,868 3,532 (5,379 ) (9,767 ) (32,876 ) (30,285 ) Net loan servicing fees $ 20,791 $ 10,533 $ 41,810 $ 26,712 Average servicing portfolio $ 38,172,371 $ 30,701,324 $ 36,446,663 $ 28,597,033 (1) Includes contractually specified servicing and ancillary fees.

Other Expenses (Tables)

Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below: Quarter ended Nine months ended 2015 2014 2015 2014 (in thousands) Common overhead allocation from PFSI (1) $ 2,550 $ 2,802 $ 7,487 $ 8,018 Servicing and collection costs 1,853 2,064 6,480 5,809 Loan origination 1,367 1,202 3,496 1,637 Insurance 309 247 984 738 Technology 307 246 910 720 Other 941 823 2,649 1,682 $ 7,327 $ 7,384 $ 22,006 $ 18,604 (1) For the quarter and nine months ended September 30, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $900,000 and $1.6 million, respectively, of overhead expenses that otherwise would have been allocable to the Company.

Segments and Related Informat71

Segments and Related Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Quarter ended September 30, 2015 Correspondent Investment Intersegment elimination Total (in thousands) Net investment income: Interest income $ 13,748 $ 47,690 $ — $ 61,438 Interest expense (6,370 ) (31,390 ) — (37,760 ) 7,378 16,300 — 23,678 Net gain on mortgage loans acquired for sale 13,884 — — 13,884 Net gain on investments — 24,958 — 24,958 Net loan servicing fees — 20,791 20,791 Other income (loss) 9,154 (1,691 ) — 7,463 30,416 60,358 — 90,774 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 18,367 16,664 — 35,031 Other 1,876 8,760 — 10,636 20,243 25,424 — 45,667 Pre-tax income $ 10,173 $ 34,934 $ — $ 45,107 Total assets at period end $ 1,073,070 $ 4,519,161 $ — $ 5,592,231 Quarter ended September 30, 2014 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 7,727 $ 33,509 $ — $ 41,236 Interest expense (3,660 ) (18,360 ) — (22,020 ) 4,067 15,149 — 19,216 Net gain on mortgage loans acquired for sale 9,509 — — 9,509 Net gain on investments — 70,390 — 70,390 Net loan servicing fees — 10,533 10,533 Other income (loss) 6,524 (9,642 ) — (3,118 ) 20,100 86,430 — 106,530 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 15,900 21,545 — 37,445 Other 1,410 9,744 — 11,154 17,310 31,289 — 48,599 Pre-tax income $ 2,790 $ 55,141 $ — $ 57,931 Total assets at period end $ 708,442 $ 3,896,371 $ — $ 4,604,813 Nine months ended September 30, 2015 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 29,858 $ 117,598 $ — $ 147,456 Interest expense (14,953 ) (78,292 ) — (93,245 ) 14,905 39,306 — 54,211 Net gain on mortgage loans acquired for sale 35,219 — — 35,219 Net gain on investments — 51,019 — 51,019 Net loan servicing fees — 41,810 41,810 Other income (loss) 21,857 (5,920 ) — 15,937 71,981 126,215 — 198,196 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 47,313 51,505 — 98,818 Other 4,803 28,200 — 33,003 52,116 79,705 — 131,821 Pre-tax income $ 19,865 $ 46,510 $ — $ 66,375 Total assets at period end $ 1,073,070 $ 4,519,161 $ — $ 5,592,231 Nine months ended September 30, 2014 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 16,948 $ 114,540 $ (2,388 ) $ 129,100 Interest expense (12,196 ) (53,852 ) 2,388 (63,660 ) 4,752 60,688 — 65,440 Net gain on mortgage loans acquired for sale 29,702 — — 29,702 Net gain on investments — 186,109 — 186,109 Net loan servicing fees — 26,712 26,712 Other income (loss) 13,365 (17,647 ) — (4,282 ) 47,819 255,862 — 303,681 Expenses: Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc. 37,701 66,836 — 104,537 Other 2,248 29,372 — 31,620 39,949 96,208 — 136,157 Pre-tax income $ 7,870 $ 159,654 $ — $ 167,524 Total assets at period end $ 708,442 $ 3,896,371 $ — $ 4,604,813

Supplemental Cash Flow Inform72

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Nine months ended September 30, 2015 2014 (in thousands) Cash paid for interest $ 85,876 $ 68,443 Income tax paid (refund) $ 700 $ (6,782 ) Non-cash investing activities: Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 240,483 $ 268,677 Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value $ — $ 205,902 Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements $ — $ 9,369 Receipt of MSRs as proceeds from sales of loans $ 112,450 $ 89,230 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 4,440 $ — Receipt of ESS pursuant to recapture agreement with PFSI $ 4,833 $ 6,093 Transfer of REO under forward purchase agreements to REO $ — $ 12,737 Non-cash financing activities: Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase $ 58,923 $ 3,491 Dividends payable $ 35,019 $ 45,467

Organization and Basis of Pre73

Organization and Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Accounting Policies [Abstract]
Number of business segments	2
Percentage of taxable income for distributions	90.00%

Organization and Basis of Pre74

Organization and Basis of Presentation - Summary of Reclassifications of Previously Presented Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
ASSETS
Other	$ 162,722	$ 59,155
Total assets	5,592,231	4,897,258	$ 4,604,813
LIABILITIES
Assets sold under agreements to repurchase	2,864,032	2,729,027	2,416,047
Mortgage loan participation and sale agreement	61,078	20,222
Exchangeable senior notes	244,805	244,079	$ 243,844
Total liabilities	4,077,801	3,319,086
Total liabilities and shareholders' equity	$ 5,592,231	4,897,258
Accounting Standards Update ASU 2015-03 [Member]
ASSETS
Other		59,155
Total assets		4,897,258
LIABILITIES
Assets sold under agreements to repurchase		2,729,027
Mortgage loan participation and sale agreement		20,222
Exchangeable senior notes		244,079
Total liabilities		3,319,086
Total liabilities and shareholders' equity		4,897,258
As previously reported [Member] | Accounting Standards Update ASU 2015-03 [Member]
ASSETS
Other		66,193
Total assets		4,904,296
LIABILITIES
Assets sold under agreements to repurchase		2,730,130
Mortgage loan participation and sale agreement		20,236
Exchangeable senior notes		250,000
Total liabilities		3,326,124
Total liabilities and shareholders' equity		4,904,296
Reclassification [Member] | Accounting Standards Update ASU 2015-03 [Member]
ASSETS
Other		(7,038)
Total assets		(7,038)
LIABILITIES
Assets sold under agreements to repurchase		(1,103)
Mortgage loan participation and sale agreement		(14)
Exchangeable senior notes		(5,921)
Total liabilities		(7,038)
Total liabilities and shareholders' equity		$ (7,038)

Concentration of Risks - Fair V

Concentration of Risks - Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) Portion Representing Assets Purchased (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Investment portfolio purchases:
Investment portfolio purchases, Mortgage loans	$ 0	$ 0	$ 241,981	$ 284,403
Investment portfolio purchases, REO	0	0	0	3,117
Investment portfolio purchases, total	0	0	241,981	287,520
Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.:
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. Mortgage loans	0	0	0	26,737
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	0	0	0	68
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	0	$ 0	0	$ 26,805
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			879,990		$ 943,163
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO			97,619		108,302
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total			977,609		1,051,465
Total holdings of mortgage loans and REO	$ 2,991,293		$ 2,991,293		$ 3,030,180

Concentration of Risks - Consol

Concentration of Risks - Consolidated Statements of Income and Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statements of income:
Interest income	$ 61,438	$ 41,236	$ 147,456	$ 129,100
Interest expense	37,760	22,020	93,245	63,660
Net gain on investments	24,958	70,390	51,019	186,109
Net loan servicing fees	20,791	10,533	41,810	26,712
Results of REO	$ (4,221)	(11,926)	(11,859)	(23,900)
Statements of cash flows:
Repayments of mortgage loans			0	6,413
Sales of REO			0	5,365
Repayments of borrowings under forward purchase agreements			$ 0	(227,866)
Citigroup Global Markets Realty Corp [Member]
Statements of income:
Interest income		0		3,584
Interest expense		0		2,364
Net gain on investments		0		803
Net loan servicing fees		0		517
Results of REO		0		(473)
Statements of cash flows:
Repayments of mortgage loans		0		6,413
Sales of REO		0		5,365
Repayments of borrowings under forward purchase agreements		$ 0		$ (227,866)

Transactions with Related Par77

Transactions with Related Parties - Summary of Corresponding Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Fulfillment fees earned by PLS	$ 17,553	$ 15,497	$ 45,752	$ 36,832
Purchases of mortgage loans acquired for sale at fair value from PLS			13,708	4,955
At period end:
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS	1,050,296		1,050,296		$ 637,722
Penny Mac Loan Services LLC [Member]
Related Party Transaction [Line Items]
Fulfillment fees earned by PLS	17,553	15,497	45,752	36,832
Unpaid principal balance of loans fulfilled by PLS	4,073,201	3,677,613	10,542,411	8,588,955
Sourcing fees received from PLS	3,236	1,384	7,084	3,401
Unpaid principal balance of loans sold to PLS	10,783,882	4,609,947	23,602,020	11,332,898
Purchases of mortgage loans acquired for sale at fair value from PLS	2,880	2,970	13,708	4,955
Tax service fee to paid to PLS	1,291	703	3,293	1,753
At period end:
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS	$ 373,812	$ 59,719	$ 373,812	$ 59,719

Transactions with Related Par78

Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Earned (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Loan servicing fees	$ 11,736	$ 12,325	$ 34,542	$ 41,096
Average mortgage loan servicing portfolio	38,172,371	30,701,324	36,446,663	28,597,033
Penny Mac Loan Services LLC [Member]
Related Party Transaction [Line Items]
Loan servicing fees	11,736	12,325	34,542	41,096
Average mortgage loan servicing portfolio	38,172,371	30,701,324	36,446,663	28,597,033
Penny Mac Loan Services LLC [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	283	63	441	186
Average mortgage loan servicing portfolio	1,783,011	732,287	1,189,754	530,861
Penny Mac Loan Services LLC [Member] | Mortgage loans acquired for sale at fair value [Member] | Base [Member]
Related Party Transaction [Line Items]
Loan servicing fees	130	28	198	74
Penny Mac Loan Services LLC [Member] | Mortgage loans acquired for sale at fair value [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Loan servicing fees	153	35	243	112
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Loan servicing fees	6,857	8,738	21,001	30,757
Average mortgage loan servicing portfolio	2,201,533	2,122,397	2,268,538	2,171,724
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member] | Base [Member]
Related Party Transaction [Line Items]
Loan servicing fees	3,896	4,662	12,053	14,549
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Loan servicing fees	2,961	4,076	8,948	16,208
Penny Mac Loan Services LLC [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Loan servicing fees	34	17	92	71
Average mortgage loan servicing portfolio	481,925	537,367	504,351	534,784
Penny Mac Loan Services LLC [Member] | Mortgage loans held in VIE [Member] | Base [Member]
Related Party Transaction [Line Items]
Loan servicing fees	34	17	92	71
Penny Mac Loan Services LLC [Member] | Mortgage loans held in VIE [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Loan servicing fees	0	0	0	0
Penny Mac Loan Services LLC [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	4,562	3,507	13,008	10,082
Penny Mac Loan Services LLC [Member] | Mortgage servicing rights [Member] | Base [Member]
Related Party Transaction [Line Items]
Loan servicing fees	4,473	3,459	12,783	9,930
Penny Mac Loan Services LLC [Member] | Mortgage servicing rights [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 89	$ 48	$ 225	$ 152

Transactions with Related Par79

Transactions with Related Parties - Summary of Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
ESS:
Purchases			$ 271,452	$ 82,646
Repayments			55,800	25,280
MSR recapture income recognized	$ 670	$ 0	670	9
PennyMac Financial Services, Inc. [Member]
ESS:
Purchases	84,165	9,253	271,452	82,646
Recapture income recognized	2,428	2,143	5,173	6,558
Repayments	24,717	8,786	55,800	25,280
Interest income	8,026	3,577	17,596	9,578
Net gain (loss)	(10,272)	(9,539)	(10,675)	(24,392)
MSR recapture income recognized	670	0	670	9
Note payable:
Advances	97,474	0	168,546	0
Repayments	0	0	18,546	0
Interest expense	$ 1,289	$ 0	$ 1,822	$ 0

Transactions with Related Par80

Transactions with Related Parties - Note Payable - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Apr. 30, 2015
Loan Agreement [Member]
Mortgage Loans on Real Estate [Line Items]
Maximum borrowing capacity of loan amount		$ 150,000,000
Additional fee payable, description	PMH and PLS have agreed that PMH is required to repay PLS the principal amount of such borrowings plus accrued interest to the date of such repayment, and PLS is required to repay its lender the corresponding amount under the lending facility. Interest accrues under the underlying loan and security agreement at a rate based on the nonaffiliate lender’s cost of funds. PMH was also required to pay PLS a fee for the structuring of the underlying loan and security agreement in an amount equal to the portion of the corresponding fee paid by PLS to the nonaffiliate lender under the lending facility and allocable to the $150 million relating to the ESS financing.
PennyMac Holdings, LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Maximum borrowing capacity of loan amount		150,000,000
Penny Mac Loan Services LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Maximum borrowing capacity of loan amount		$ 407,000,000

Transactions with Related Par81

Transactions with Related Parties - Other Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Aug. 04, 2009
Related Party Transaction [Line Items]
Amounts due from PCM	$ 9,050,000		$ 9,050,000		$ 6,621,000
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Payments of contingent underwriting fee to manager	7,000	$ 256,000	237,000	$ 292,000
Amounts due from PCM	9,100,000		9,100,000		6,600,000
PNMAC Capital Management LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Conditional reimbursement						$ 2,900,000
IPO underwriters [Member]
Related Party Transaction [Line Items]
Payments of contingent underwriting fees to underwriters	14,000	$ 615,000	473,000	$ 1,000,000
Contingent underwriting fees	$ 459,000		$ 459,000		$ 1,700,000
IPO underwriters [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Reimbursement amount						$ 5,900,000
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Number of common shares held by affiliate	75,000		75,000		75,000

Transactions with Related Par82

Transactions with Related Parties - Summary of Base Management and Performance Incentive Fees Payable (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 5,742	$ 9,623	$ 18,524	$ 26,609
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	5,742	9,623	18,524	26,609
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	5,742	6,033	17,181	17,392
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 3,590	$ 1,343	$ 9,217

Transactions with Related Par83

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 2,694	$ 2,912	$ 8,125	$ 8,181
Reimbursement of expenses incurred on the Company's behalf	(85)	122	377	671
Total expenses incurred in transaction with affiliates	2,609	3,034	8,502	8,852
Payments and settlements during the period	$ 17,709	$ 31,621	$ 64,575	$ 72,975

Transactions with Related Par84

Transactions with Related Parties - Summary of Expenses (Parenthetical) (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Waiver of overhead expenses	$ 900,000	$ 1,600,000

Transactions with Related Par85

Transactions with Related Parties - Summary of Amounts Due to Affiliates (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total expense due to affiliate	$ 17,220	$ 23,943
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Management fees	5,742	8,426
Allocated expenses	5,237	6,582
Fulfillment fees	3,031	506
Servicing fees	2,310	3,457
Conditional reimbursement	900	1,136
Unsettled purchases of ESS	0	3,836
Total expense due to affiliate	$ 17,220	$ 23,943

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic earnings per share:
Net income	$ 38,812	$ 54,949	$ 74,391	$ 168,033
Effect of participating securities-share-based compensation awards	(361)	(305)	(1,352)	(1,360)
Net income attributable to common shareholders	38,451	54,644	73,039	166,673
Diluted earnings per share:
Net income attributable to common shareholders	38,451	54,949	73,039	168,033
Interest on Exchangeable Notes, net of income taxes	2,123	2,081	6,364	6,237
Net income attributable to diluted shareholders	$ 40,574	$ 57,030	$ 79,403	$ 174,270
Weighted-average basic shares outstanding	74,681	74,140	74,675	73,254
Potentially dilutive securities:
Shares issuable pursuant to exchange of the Exchangeable Notes	8,414	8,401	8,414	8,401
Shares issuable under share-based compensation plan	316	291	397	323
Diluted weighted-average number of shares outstanding	83,411	82,832	83,486	81,978
Basic earnings per share	$ 0.51	$ 0.74	$ 0.98	$ 2.28
Diluted earnings per share	$ 0.49	$ 0.69	$ 0.95	$ 2.13

Loan Sales and Variable Inter87

Loan Sales and Variable Interest Entities - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows:
Proceeds from sales	$ 4,885,668	$ 3,745,193	$ 10,593,309	$ 8,534,637
Servicing fees received	25,054	17,797	69,876	52,704
Period end information:
Unpaid principal balance of mortgage loans outstanding	39,786,376	32,134,609	39,786,376	32,134,609
Delinquent mortgage loans:
30-89 days delinquent	154,346	87,374	154,346	87,374
90 or more days delinquent
Not in foreclosure or bankruptcy	25,243	20,708	25,243	20,708
In foreclosure or bankruptcy	30,406	11,583	30,406	11,583
Unpaid principal balance of loans outstanding at period-end	55,649	32,291	55,649	32,291
Unpaid principal balance of delinquent mortgage loans	$ 209,995	$ 119,665	$ 209,995	$ 119,665

Loan Sales and Variable Inter88

Loan Sales and Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] - Credit Risk Transfer Agreement [Member] $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
During the period:
UPB of mortgage loans transferred and sold under CRT Agreements	$ 1,660,280	$ 2,400,433
Restricted cash deposited to fund guarantees	59,841	87,891
Gains recognized on net derivatives related to CRT Agreements
Realized	0	0
Resulting from valuation changes	626	626
Gains (losses) recognized on net derivative related to credit risk transactions	626	626
Payments made to settle losses	0	0
At period end:
UPB of mortgage loans subject to guarantee obligation	2,400,433	2,400,433
Delinquency
Current-89 days delinquent	2,400,433	2,400,433
90-or more days delinquent	0	0
UPB of mortgage loans subject to guarantee obligation	2,400,433	2,400,433
Carrying value of CRT Agreements:
Carrying value of CRT Agreements	88,517	88,517
Other Assets [Member]
Carrying value of CRT Agreements:
Restricted cash included in Other assets	87,891	87,891
Derivative Assets [Member]
Carrying value of CRT Agreements:
Net derivative assets included in Derivative assets	$ 626	$ 626

Loan Sales and Variable Inter89

Loan Sales and Variable Interest Entities - Additional Information (Detail) - Jumbo Mortgage Loan Financing [Member] - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2013
Variable Interest Entity [Line Items]
Certificates issued	$ 85,200,000	$ 537,000,000
Weighted yield			3.90%
Certificates retained	$ 238,800,000	$ 238,800,000	$ 366,800,000

Netting of Financial Instrume90

Netting of Financial Instruments - Summary of Offsetting of Derivative Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross amounts of recognized assets	$ 36,698	$ 13,391
Gross amounts offset in the consolidated balance sheet	(19,892)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	16,806	11,107
Net derivatives related to CRT Agreements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	626	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	626	0
MBS put options [Member]
Derivative [Line Items]
Gross amounts of recognized assets	0	374
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	0	374
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	22,985	3,775
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	22,985	3,775
Forward sales contracts [Member]
Derivative [Line Items]
Gross amounts of recognized assets	15	52
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	15	52
Interest rate lock commitments [Member]
Derivative [Line Items]
Gross amounts of recognized assets	9,109	5,678
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	9,109	5,678
Put options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets	693	193
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	693	193
Call options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets	3,270	3,319
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	3,270	3,319
Treasury future contracts [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
Netting [Member]
Derivative [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	(19,892)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	(19,892)	(2,284)
Derivatives subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	26,963	7,713
Gross amounts offset in the consolidated balance sheet	(19,892)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	7,071	5,429
Derivatives not subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	36,698	13,391
Gross amounts offset in the consolidated balance sheet	(19,892)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	$ 16,806	$ 11,107

Netting of Financial Instrume91

Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets, Fair value, Total	$ 16,806	$ 11,107
Financial instruments	0	0
Cash collateral received	0	0
Net amount	16,806	11,107
Interest rate lock commitments [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	9,109	5,678
Financial instruments	0	0
Cash collateral received	0	0
Net amount	9,109	5,678
RJ O'Brien & Associates, LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	3,112	3,034
Financial instruments	0	0
Cash collateral received	0	0
Net amount	3,112	3,034
Nomura Securities International, Inc [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	733	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	733	0
Fannie Mae Capital Markets [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	730	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	730	0
Jefferies Group, LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	598	133
Financial instruments	0	0
Cash collateral received	0	0
Net amount	598	133
Deutsche Bank [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	572	124
Financial instruments	0	0
Cash collateral received	0	0
Net amount	572	124
Morgan Stanley Bank, N.A. [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	531	104
Financial instruments	0	0
Cash collateral received	0	0
Net amount	531	104
Bank of New York Mellon [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	403	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	403	0
JPMorgan Chase & Co. [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	313	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	313	0
Credit Suisse First Boston Mortgage Capital LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	188	253
Financial instruments	0	0
Cash collateral received	0	0
Net amount	188	253
Goldman Sachs [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	186	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	186	0
Royal Bank of Canada [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	173	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	173	0
Daiwa Capital Markets [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	100	29
Financial instruments	0	0
Cash collateral received	0	0
Net amount	100	29
Bank of America, N.A. [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	0	738
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	738
Other [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	58	1,014
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 58	$ 1,014

Netting of Financial Instrume92

Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	$ 2,886,134	$ 2,736,205
Gross amounts offset in the consolidated balance sheet	(19,316)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	2,866,818	2,731,457
Forward purchase contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	6	34
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	6	34
Forward sales contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	21,794	6,649
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	21,794	6,649
Interest rate lock commitments [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	302	17
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	302	17
Treasury future contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	0	478
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	0	478
Netting [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	0	0
Gross amounts offset in the consolidated balance sheet	(19,316)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	(19,316)	(4,748)
Derivatives subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	21,800	7,161
Gross amounts offset in the consolidated balance sheet	(19,316)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	2,484	2,413
Derivatives not subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	22,102	7,178
Gross amounts offset in the consolidated balance sheet	(19,316)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	2,786	2,430
Security sold under agreements to repurchase amount outstanding [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	2,865,722	2,730,130
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	2,865,722	2,730,130
Security sold under agreements to repurchase [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	2,864,032	2,729,027
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	2,864,032	2,729,027
Unamortized commitment fees and issuance costs [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities in the consolidated balance sheet	(1,690)	(1,103)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ (1,690)	$ (1,103)

Netting of Financial Instrume93

Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 2,866,818	$ 2,731,457
Gross amounts, Financial instruments	(2,864,032)	(2,729,027)
Gross amounts, Cash collateral pledged	0	0
Net amount	2,786	2,430
Interest rate lock commitments [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	302	17
Gross amounts, Financial instruments	0	0
Gross amounts, Cash collateral pledged	0	0
Net amount	302	17
Morgan Stanley Bank, N.A. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	163,104	121,975
Gross amounts, Financial instruments	(163,104)	(121,975)
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
Credit Suisse First Boston Mortgage Capital LLC [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	861,527	966,155
Gross amounts, Financial instruments	(861,527)	(966,155)
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
Citibank, N.A. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	843,743	797,851
Gross amounts, Financial instruments	(843,743)	(797,663)
Gross amounts, Cash collateral pledged	0	0
Net amount	0	188
JPMorgan Chase & Co. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	446,348	0
Gross amounts, Financial instruments	(446,348)	0
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
Bank of America, N.A. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	403,193	508,908
Gross amounts, Financial instruments	(402,917)	(508,908)
Gross amounts, Cash collateral pledged	0	0
Net amount	276	0
Daiwa Capital Markets [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	148,083	126,909
Gross amounts, Financial instruments	(148,083)	(126,909)
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
RBS Securities [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	0	208,520
Gross amounts, Financial instruments	0	(208,520)
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
Other [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	2,208	2,225
Gross amounts, Financial instruments	0	0
Gross amounts, Cash collateral pledged	0	0
Net amount	2,208	2,225
Unamortized commitment fees and issuance costs [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	(1,690)	(1,103)
Gross amounts, Financial instruments	1,690	1,103
Gross amounts, Cash collateral pledged	0	0
Net amount	$ 0	$ 0

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 exchangeable notes	$ 225	$ 239
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 Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets:
Short-term investments	$ 31,518		$ 139,900
Mortgage-backed securities at fair value	315,599		307,363
Mortgage loans acquired for sale at fair value	1,050,296		637,722
Derivative assets:
Total derivative assets before netting	36,698		13,391
Derivative assets, Netting	(19,892)		(2,284)
Derivative assets	16,806		11,107
Mortgage servicing rights at fair value	57,751	$ 57,343	57,358	$ 57,871	$ 46,802	$ 26,452
Liabilities:
Asset-backed secured financing of a variable interest entity at fair value	234,287		165,920
Derivative liabilities:
Total derivative liabilities before netting	22,102		7,178
Derivative liabilities, Netting	(19,316)		(4,748)
Derivative liabilities	2,786		2,430
Net derivatives related to CRT Agreements [Member]
Derivative assets:
Total derivative assets before netting	626		0
Derivative assets, Netting	0		0
Derivative assets	626		0
Derivative liabilities:
Total derivative liabilities before netting	0		0
Interest rate lock commitments [Member]
Derivative assets:
Total derivative assets before netting	9,109		5,678
Derivative assets, Netting	0		0
Derivative assets	9,109		5,678
MBS put options [Member]
Derivative assets:
Total derivative assets before netting	0		374
Derivative assets, Netting	0		0
Derivative assets	0		374
Forward purchase contracts [Member]
Derivative assets:
Total derivative assets before netting	22,985		3,775
Derivative assets, Netting	0		0
Derivative assets	22,985		3,775
Forward sales contracts [Member]
Derivative assets:
Total derivative assets before netting	15		52
Derivative assets, Netting	0		0
Derivative assets	15		52
MBS call options [Member]
Derivative assets:
Total derivative assets before netting	0		0
Derivative assets, Netting	0		0
Derivative assets	0		0
Recurring [Member]
Assets:
Short-term investments	31,518		139,900
Mortgage-backed securities at fair value	315,599		307,363
Mortgage loans acquired for sale at fair value	1,050,296		637,722
Mortgage loans at fair value	2,637,730		2,726,952
Excess servicing spread purchased from PFSI	418,573		191,166
Derivative assets:
Total derivative assets before netting	36,698		13,391
Derivative assets, Netting	(19,892)		(2,284)
Derivative assets	16,806		11,107
Mortgage servicing rights at fair value	57,751		57,358
Total Assets	4,528,273		4,071,568
Liabilities:
Asset-backed secured financing of a variable interest entity at fair value	234,287		165,920
Derivative liabilities:
Total derivative liabilities before netting	22,102		7,178
Derivative liabilities, Netting	(19,316)		(4,748)
Derivative liabilities	2,786		2,430
Total liabilities	237,073		168,350
Recurring [Member] | Net derivatives related to CRT Agreements [Member]
Derivative assets:
Derivative assets	626
Recurring [Member] | Interest rate lock commitments [Member]
Derivative assets:
Derivative assets	9,109		5,678
Derivative liabilities:
Derivative liabilities	302		17
Recurring [Member] | MBS put options [Member]
Derivative assets:
Derivative assets			374
Recurring [Member] | Forward purchase contracts [Member]
Derivative assets:
Derivative assets	22,985		3,775
Derivative liabilities:
Derivative liabilities	6		34
Recurring [Member] | Forward sales contracts [Member]
Derivative assets:
Derivative assets	15		52
Derivative liabilities:
Derivative liabilities	21,794		6,649
Recurring [Member] | MBS call options [Member]
Derivative liabilities:
Derivative liabilities			478
Recurring [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	693		193
Recurring [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	3,270		3,319
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments	31,518		139,900
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
Excess servicing spread purchased from PFSI	0		0
Derivative assets:
Total derivative assets before netting	3,963		3,512
Derivative assets, Netting	0		0
Derivative assets	3,963		3,512
Mortgage servicing rights at fair value	0		0
Total Assets	35,481		143,412
Liabilities:
Asset-backed secured financing of a variable interest entity at fair value	0		0
Derivative liabilities:
Total derivative liabilities before netting	0		478
Derivative liabilities, Netting	0		0
Derivative liabilities	0		478
Total liabilities	0		478
Recurring [Member] | Level 1 [Member] | Net derivatives related to CRT Agreements [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Level 1 [Member] | Interest rate lock commitments [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 1 [Member] | MBS put options [Member]
Derivative assets:
Derivative assets			0
Recurring [Member] | Level 1 [Member] | Forward purchase contracts [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 1 [Member] | Forward sales contracts [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 1 [Member] | MBS call options [Member]
Derivative liabilities:
Derivative liabilities			478
Recurring [Member] | Level 1 [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	693		193
Recurring [Member] | Level 1 [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	3,270		3,319
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments	0		0
Mortgage-backed securities at fair value	315,599		307,363
Mortgage loans acquired for sale at fair value	1,050,296		637,722
Mortgage loans at fair value	477,271		527,369
Excess servicing spread purchased from PFSI	0		0
Derivative assets:
Total derivative assets before netting	23,000		4,201
Derivative assets, Netting	0		0
Derivative assets	23,000		4,201
Mortgage servicing rights at fair value	0		0
Total Assets	1,866,166		1,476,655
Liabilities:
Asset-backed secured financing of a variable interest entity at fair value	234,287		165,920
Derivative liabilities:
Total derivative liabilities before netting	21,800		6,683
Derivative liabilities, Netting	0		0
Derivative liabilities	21,800		6,683
Total liabilities	256,087		172,603
Recurring [Member] | Level 2 [Member] | Net derivatives related to CRT Agreements [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Level 2 [Member] | Interest rate lock commitments [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 2 [Member] | MBS put options [Member]
Derivative assets:
Derivative assets			374
Recurring [Member] | Level 2 [Member] | Forward purchase contracts [Member]
Derivative assets:
Derivative assets	22,985		3,775
Derivative liabilities:
Derivative liabilities	6		34
Recurring [Member] | Level 2 [Member] | Forward sales contracts [Member]
Derivative assets:
Derivative assets	15		52
Derivative liabilities:
Derivative liabilities	21,794		6,649
Recurring [Member] | Level 2 [Member] | MBS call options [Member]
Derivative liabilities:
Derivative liabilities			0
Recurring [Member] | Level 2 [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Level 2 [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Level 3 [Member]
Assets:
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	2,160,459		2,199,583
Excess servicing spread purchased from PFSI	418,573		191,166
Derivative assets:
Total derivative assets before netting	9,735		5,678
Derivative assets, Netting	0		0
Derivative assets	9,735		5,678
Mortgage servicing rights at fair value	57,751		57,358
Total Assets	2,646,518		2,453,785
Liabilities:
Asset-backed secured financing of a variable interest entity at fair value	0		0
Derivative liabilities:
Total derivative liabilities before netting	302		17
Derivative liabilities, Netting	0		0
Derivative liabilities	302		17
Total liabilities	302		17
Recurring [Member] | Level 3 [Member] | Net derivatives related to CRT Agreements [Member]
Derivative assets:
Derivative assets	626
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member]
Derivative assets:
Derivative assets	9,109		5,678
Derivative liabilities:
Derivative liabilities	302		17
Recurring [Member] | Level 3 [Member] | MBS put options [Member]
Derivative assets:
Derivative assets			0
Recurring [Member] | Level 3 [Member] | Forward purchase contracts [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 3 [Member] | Forward sales contracts [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 3 [Member] | MBS call options [Member]
Derivative liabilities:
Derivative liabilities			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		$ 0

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Assets:
Servicing received as proceeds from sales of mortgage loans	$ 5,674	$ 12,812	$ 9,169	$ 39,954
Recurring [Member]
Assets:
Beginning balance	2,663,122	2,404,634	2,453,768	2,461,217
Purchases	84,165	9,253	513,433	367,049
Repayments and sales	(81,739)	(135,336)	(226,893)	(545,673)
Capitalization of interest	22,875	14,028	52,575	50,383
ESS received pursuant to a recapture agreement with PFSI	2,268	2,619	4,833	6,093
Interest rate lock commitments issued, net	11,834	14,046	42,917	45,800
Servicing received as proceeds from sales of mortgage loans	5,674	12,812	9,169	39,954
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	9,255	13,850	29,563	56,881
Other factors	24,185	57,144	23,819	117,974
Total	33,440	70,994	53,382	174,855
Transfers of mortgage loans under forward purchase agreements to mortgage loans				0
Transfers of mortgage loans to REO	(76,205)	(90,733)	(224,138)	(253,649)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements				(9,802)
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(19,218)	(20,585)	(32,830)	(54,495)
Ending balance	2,646,216	2,281,732	2,646,216	2,281,732
Changes in fair value recognized during the period relating to assets	26,867	64,959	70,868	99,374
Net derivatives related to CRT Agreements [Member] | Recurring [Member]
Assets:
Beginning balance	0		0
Purchases	0		0
Repayments and sales	0		0
Capitalization of interest	0		0
ESS received pursuant to a recapture agreement with PFSI	0		0
Interest rate lock commitments issued, net	0		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		0
Other factors	626		626
Total	626		626
Transfers of mortgage loans to REO	0		0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0		0
Ending balance	626		626
Changes in fair value recognized during the period relating to assets	626		626
Interest rate lock commitments [Member] | Recurring [Member]
Assets:
Beginning balance	(267)	11,087	5,661	1,249
Purchases	0	0	0	0
Repayments and sales	0	0	0	0
Capitalization of interest	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Interest rate lock commitments issued, net	11,834	14,046	42,917	45,800
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	0	0	0
Other factors	16,458	843	(6,941)	12,837
Total	16,458	843	(6,941)	12,837
Transfers of mortgage loans under forward purchase agreements to mortgage loans				0
Transfers of mortgage loans to REO	0	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements				0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(19,218)	(20,585)	(32,830)	(54,495)
Ending balance	8,807	5,391	8,807	5,391
Changes in fair value recognized during the period relating to assets	8,807	5,391	8,807	5,391
Mortgage loans at fair value [Member] | Recurring [Member]
Assets:
Beginning balance	2,246,944	2,156,501	2,199,583	2,076,665
Purchases	0	0	241,981	283,017
Repayments and sales	(57,022)	(126,413)	(171,093)	(513,843)
Capitalization of interest	14,849	10,451	34,979	39,005
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Interest rate lock commitments issued, net	0	0	0	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	9,255	13,850	29,563	54,612
Other factors	22,638	67,446	49,584	139,393
Total	31,893	81,296	79,147	194,005
Transfers of mortgage loans under forward purchase agreements to mortgage loans				205,902
Transfers of mortgage loans to REO	(76,205)	(90,733)	(224,138)	(253,649)
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	0	0	0
Ending balance	2,160,459	2,031,102	2,160,459	2,031,102
Changes in fair value recognized during the period relating to assets	32,971	70,713	80,885	126,773
Excess servicing spread [Member] | Recurring [Member]
Assets:
Beginning balance	359,102	190,244	191,166	138,723
Purchases	84,165	9,253	271,452	82,646
Repayments and sales	(24,717)	(8,786)	(55,800)	(25,280)
Capitalization of interest	8,026	3,577	17,596	9,578
ESS received pursuant to a recapture agreement with PFSI	2,268	2,619	4,833	6,093
Interest rate lock commitments issued, net	0	0	0	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	0	0	0
Other factors	(10,271)	(9,539)	(10,674)	(24,392)
Total	(10,271)	(9,539)	(10,674)	(24,392)
Transfers of mortgage loans under forward purchase agreements to mortgage loans				0
Transfers of mortgage loans to REO	0	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements				0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0	0
Ending balance	418,573	187,368	418,573	187,368
Changes in fair value recognized during the period relating to assets	(10,271)	(9,539)	(10,674)	(24,392)
Mortgage servicing rights [Member] | Recurring [Member]
Assets:
Beginning balance	57,343	46,802	57,358	26,452
Purchases	0	0	0	0
Repayments and sales	0	(137)	0	(137)
Capitalization of interest	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Interest rate lock commitments issued, net	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	5,674	12,812	9,169	39,954
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0
Other factors	(5,266)	(1,606)	(8,776)	(8,398)
Total	(5,266)	(1,606)	(8,776)	(8,398)
Transfers of mortgage loans under forward purchase agreements to mortgage loans				0
Transfers of mortgage loans to REO	0	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements				0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0	0
Ending balance	57,751	57,871	57,751	57,871
Changes in fair value recognized during the period relating to assets	$ (5,266)	(1,606)	$ (8,776)	(8,398)
Mortgage loans under forward purchase agreements [Member] | Recurring [Member]
Assets:
Beginning balance				218,128
Purchases				1,386
Repayments and sales				(6,413)
Capitalization of interest				1,800
ESS received pursuant to a recapture agreement with PFSI				0
Interest rate lock commitments issued, net				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				2,269
Other factors				(1,466)
Total				803
Transfers of mortgage loans under forward purchase agreements to mortgage loans				(205,902)
Transfers of mortgage loans to REO				0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements				(9,802)
Transfers of interest rate lock commitments to mortgage loans acquired for sale				0
Ending balance		$ 0		0
Changes in fair value recognized during the period relating to assets				$ 0

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
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	$ 2,637,730	$ 3,364,674
Mortgage loans at fair value	2,637,730	2,726,952
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	3,409,507	4,310,097
Unpaid principal balance	3,409,507	3,699,470
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	(771,777)	(945,423)
Nonperforming mortgage 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	1,359,441	1,535,317
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance	1,888,509	2,246,585
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option loans held as assets ninety days or less past due	1,050,006	637,518
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	85	204
In foreclosure	205	0
Fair value option loans held as assets, Total	290	204
Mortgage loans at fair value	1,050,296	637,722
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,003,249	610,372
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	116	255
In foreclosure	254	0
Unpaid principal balance of loans outstanding at period-end	1,003,619	610,627
Fair value option loans held as assets ninety days or less past due aggregate difference	46,757	27,146
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(31)	(51)
In foreclosure	(49)	0
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	46,677	27,095
Mortgage loans acquired for sale at fair value [Member] | Nonperforming loans [Member]
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	370	255
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	(80)	(51)
Mortgage loans at fair value held in consolidated VIE [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option loans held as assets ninety days or less past due	477,271	527,369
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	0	0
In foreclosure	0	0
Mortgage loans at fair value	477,271	527,369
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	471,496	517,500
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	0	0
In foreclosure	0	0
Unpaid principal balance	471,496	517,500
Fair value option loans held as assets ninety days or less past due aggregate difference	5,775	9,869
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	0	0
In foreclosure	0	0
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	5,775	9,869
Mortgage loans at fair value held in consolidated VIE [Member] | Nonperforming mortgage 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	0	0
Mortgage loans at fair value held in consolidated VIE [Member] | Nonperforming loans [Member]
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance	0	0
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	0	0
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	801,018	664,266
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	533,070	608,144
In foreclosure	826,371	927,173
Mortgage loans at fair value	2,160,459	2,726,952
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,049,502	935,385
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	739,183	875,214
In foreclosure	1,149,326	1,371,371
Unpaid principal balance	2,938,011	3,699,470
Fair value option loans held as assets ninety days or less past due aggregate difference	(248,484)	(271,119)
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(206,113)	(267,070)
In foreclosure	(322,955)	(444,198)
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	(777,552)	(972,518)
Mortgage loans and mortgage loans under forward purchase agreements at fair value [Member] | Nonperforming mortgage 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	1,359,441	1,535,317
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	1,888,509	2,246,585
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	$ (529,068)	$ (711,268)

Fair Value - Summary of Chang98

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	$ 13,884	$ 9,509	$ 35,219	$ 29,702
Net gain on investments	24,958	70,390	51,019	186,109
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	0
Net interest income	(351)	(124)	(474)	(328)
Net gain on investments	(3,940)	696	(719)	(7,258)
Net loan servicing fees	0	0	0	0
Total	(4,291)	572	(1,193)	(7,586)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	(351)	(124)	(474)	(328)
Net gain on investments	(3,940)	696	(719)	(7,258)
Net loan servicing fees	0	0	0	0
Total	(4,291)	572	(1,193)	(7,586)
Short-term investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	0	0		0
Net loan servicing fees	0	0	0	0
Total	0	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	0
Net interest income	91	108	155	296
Net gain on investments	3,564	(821)	(1,622)	6,096
Net loan servicing fees	0	0	0	0
Total	3,655	(713)	(1,467)	6,392
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	39,504	19,977	57,568	69,812
Net interest income	0	0	0	0
Net gain on investments	0	0	0	0
Net loan servicing fees	0	0	0	0
Total	39,504	19,977	57,568	69,812
Mortgage loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	1,024	385	1,203	938
Net gain on investments	39,273	78,717	76,249	218,912
Net loan servicing fees	0	0	0	0
Total	40,297	79,102	77,452	219,850
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
Net interest income				0
Net gain on investments				803
Net loan servicing fees				0
Total				803
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	(7,844)	(7,396)	(5,502)	(17,834)
Net loan servicing fees	0	0	0	0
Total	(7,844)	(7,396)	(5,502)	(17,834)
Mortgage servicing rights at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0	0
Net interest income	0	0	0	0
Net gain on investments	0	0	0	0
Net loan servicing fees	(5,266)	(1,606)	(8,776)	(8,398)
Total	(5,266)	(1,606)	(8,776)	(8,398)
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	39,504	19,977	57,568	69,812
Net interest income	1,115	493	1,358	1,234
Net gain on investments	34,993	70,500	69,125	207,977
Net loan servicing fees	(5,266)	(1,606)	(8,776)	(8,398)
Total	$ 70,346	$ 89,364	$ 119,275	$ 270,625

Fair Value - Summary of Finan99

Fair Value - Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	$ 145,815	$ 157,203
Mortgage servicing rights at lower of amortized cost or fair value	125,952	91,990
Total Assets	271,767	249,193
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
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
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	145,815	157,203
Mortgage servicing rights at lower of amortized cost or fair value	125,952	91,990
Total Assets	$ 271,767	$ 249,193

Fair Value - Summary of Fair Va

Fair Value - Summary of Fair Value Changes Recognized on Assets Held Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights at lower of amortized cost or fair value	$ (7,845)	$ 602	$ (7,142)	$ (2,249)
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	(8,182)	(14,242)	(18,308)	(24,027)
Mortgage servicing rights at lower of amortized cost or fair value	(7,845)	602	(7,142)	(2,249)
Total assets, gains (losses) recognized	$ (16,027)	$ (13,640)	$ (25,450)	$ (26,276)

Fair Value - Quantitative Summa

Fair Value - Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value (Detail) - Mortgage loans at fair value [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	2.50%	2.30%
Twelve-month projected housing price index change	2.00%	4.00%
Prepayment speed	0.10%	0.00%
Total prepayment speed	3.60%	0.00%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	15.00%	15.00%
Twelve-month projected housing price index change	4.30%	5.30%
Prepayment speed	4.60%	6.50%
Total prepayment speed	27.30%	27.90%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	6.90%	7.70%
Twelve-month projected housing price index change	3.90%	4.80%
Prepayment speed	3.60%	3.10%
Total prepayment speed	20.50%	21.60%

Fair Value - Summary of Key Inp

Fair Value - Summary of Key Inputs Used in Determining Fair Value of ESS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid principal balance of underlying mortgage loans (in thousands)	$ 578,894	$ 1,234,028	$ 978,951	$ 3,784,142
Average servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.25%	0.25%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.20%	8.80%	7.20%	8.50%
Annual total prepayment speed	14.30%		14.30%		8.00%
Minimum [Member] | Excess servicing spread [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread			4.80%		1.70%
Life (in years)			1 year 6 months		4 months 24 days
Annual total prepayment speed	5.50%		5.50%		7.60%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	14.30%	13.50%	16.30%	13.50%
Annual total prepayment speed	38.50%		38.50%		39.60%
Maximum [Member] | Excess servicing spread [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread			6.50%		12.00%
Life (in years)			8 years 10 months 24 days		7 years 3 months 18 days
Annual total prepayment speed	50.30%		50.30%		74.60%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	8.40%	9.10%	9.20%	9.10%
Annual total prepayment speed	14.60%		14.60%		11.40%
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)			$ 54,189,421		$ 28,227,340
Average servicing fee rate (in basis points)			0.32%		0.31%
Average ESS rate (in basis points)			0.17%		0.16%
Pricing spread			5.70%		5.30%
Life (in years)			6 years 8 months 12 days		5 years 9 months 18 days
Annual total prepayment speed	10.40%		10.40%		11.20%

Fair Value - Quantitative Su103

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Sep. 30, 2015	Dec. 31, 2014
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	44.80%	65.00%
Servicing fee multiple	1.90%	0.70%
Percentage of unpaid principal balance	0.50%	0.20%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	99.90%	98.00%
Servicing fee multiple	6.00%	5.20%
Percentage of unpaid principal balance	3.70%	1.30%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	88.60%	94.90%
Servicing fee multiple	4.50%	4.30%
Percentage of unpaid principal balance	1.20%	1.10%

Fair Value - Key Assumptions Us

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, MSR recognized	$ 47,140,000	$ 26,802,000	$ 103,281,000	$ 49,276,000
Amortized cost, Unpaid principal balance of underlying mortgage loans	$ 3,512,016,000	$ 2,423,013,000	$ 9,140,782,000	$ 4,518,100,000
Amortized cost, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.25%
Fair value, MSR recognized	$ 5,674,000	$ 12,812,000	$ 9,169,000	$ 39,954,000
Fair value, Unpaid principal balance of underlying mortgage loans	$ 578,894,000	$ 1,234,028,000	$ 978,951,000	$ 3,784,142,000
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.25%	0.25%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	6.50%	6.50%	6.50%	6.30%
Amortized cost, Life (in years)	2 years	1 year 4 months 24 days	1 year 3 months 18 days	1 year 1 month 6 days
Amortized cost, Annual prepayment speed during period	7.60%	7.60%	7.60%	7.60%
Amortized cost, Annual per loan cost of servicing during period	$ 62,000	$ 68,000	$ 62,000	$ 68,000
Fair value inputs, Pricing spread during period	7.20%	8.80%	7.20%	8.50%
Fair value inputs, Weighted average life during period	2 years 3 months 18 days	2 years 9 months 18 days	2 years 3 months 18 days	2 years 9 months 18 days
Fair value inputs, Annual prepayment speed during period	8.40%	8.00%	8.30%	8.00%
Fair value inputs, Annual per loan cost of servicing during period	$ 62,000	$ 68,000	$ 62,000	$ 68,000
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	13.00%	17.50%	17.50%	17.50%
Amortized cost, Life (in years)	7 years 4 months 24 days	7 years 3 months 18 days	7 years 8 months 12 days	7 years 3 months 18 days
Amortized cost, Annual prepayment speed during period	37.60%	48.80%	51.00%	56.40%
Amortized cost, Annual per loan cost of servicing during period	$ 68,000	$ 140,000	$ 134,000	$ 140,000
Fair value inputs, Pricing spread during period	14.30%	13.50%	16.30%	13.50%
Fair value inputs, Weighted average life during period	7 years 2 months 12 days	7 years 3 months 18 days	7 years 3 months 18 days	7 years 3 months 18 days
Fair value inputs, Annual prepayment speed during period	22.40%	30.40%	34.20%	30.40%
Fair value inputs, Annual per loan cost of servicing during period	$ 68,000	$ 140,000	$ 68,000	$ 140,000
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	7.80%	8.50%	8.10%	8.50%
Amortized cost, Life (in years)	6 years 9 months 18 days	6 years 7 months 6 days	6 years 8 months 12 days	6 years 3 months 18 days
Amortized cost, Annual prepayment speed during period	9.20%	9.20%	8.90%	9.70%
Amortized cost, Annual per loan cost of servicing during period	$ 65,000	$ 70,000	$ 63,000	$ 69,000
Fair value inputs, Pricing spread during period	8.40%	9.10%	9.20%	9.10%
Fair value inputs, Weighted average life during period	6 years 7 months 6 days	7 years 1 month 6 days	6 years 6 months	7 years 1 month 6 days
Fair value inputs, Annual prepayment speed during period	11.90%	9.70%	12.10%	9.50%
Fair value inputs, Annual per loan cost of servicing during period	$ 65,000	$ 70,000	$ 64,000	$ 69,000

Fair Value - Quantitative Su105

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 Inputs (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, Amortized cost	$ 365,344,000	$ 287,977,000	$ 365,344,000	$ 287,977,000	$ 300,422,000
Unpaid principal balance of underlying mortgage loans, Amortized cost			$ 33,834,143,000		$ 28,006,797,000
Weighted-average annual servicing fee rate (in basis points), Amortized cost			0.26%		0.26%
Weighted-average note interest rate, Amortized cost			3.84%		3.80%
Balance at end of period	57,751,000	$ 57,871,000	$ 57,751,000	$ 57,871,000	$ 57,358,000
Unpaid principal balance of underlying mortgage loans, Fair Value	$ 6,061,654,000		$ 6,061,654,000		$ 6,278,676,000
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.25%	0.25%	0.25%	0.25%	0.25%
Weighted-average note interest rate, Fair value			4.77%		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]
Effect on value of percentage adverse change, Amortized cost	$ (5,826,000)		$ (5,826,000)		$ (5,801,000)
Effect on value of percentage adverse change, Fair value input	(813,000)		(813,000)		(937,000)
Pricing spread [Member] | Effect on value of 10% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(11,484,000)		(11,484,000)		(11,410,000)
Effect on value of percentage adverse change, Fair value input	(1,602,000)		(1,602,000)		(1,845,000)
Pricing spread [Member] | Effect on value of 20% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(22,318,000)		(22,318,000)		(22,086,000)
Effect on value of percentage adverse change, Fair value input	(3,117,000)		(3,117,000)		(3,577,000)
Prepayment speed [Member] | Effect on value of 5% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(8,064,000)		(8,064,000)		(6,166,000)
Effect on value of percentage adverse change, Fair value input	(1,751,000)		(1,751,000)		(1,430,000)
Prepayment speed [Member] | Effect on value of 10% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(15,826,000)		(15,826,000)		(12,138,000)
Effect on value of percentage adverse change, Fair value input	(3,416,000)		(3,416,000)		(2,803,000)
Prepayment speed [Member] | Effect on value of 20% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(30,511,000)		(30,511,000)		(23,532,000)
Effect on value of percentage adverse change, Fair value input	(6,508,000)		(6,508,000)		(5,394,000)
Cost of servicing [Member] | Effect on value of 5% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(2,512,000)		(2,512,000)		(1,807,000)
Effect on value of percentage adverse change, Fair value input	(412,000)		(412,000)		(334,000)
Cost of servicing [Member] | Effect on value of 10% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(5,024,000)		(5,024,000)		(3,614,000)
Effect on value of percentage adverse change, Fair value input	(824,000)		(824,000)		(668,000)
Cost of servicing [Member] | Effect on value of 20% adverse change [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Amortized cost	(10,047,000)		(10,047,000)		(7,228,000)
Effect on value of percentage adverse change, Fair value input	$ (1,648,000)		$ (1,648,000)		$ (1,337,000)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread	7.20%		7.20%		6.30%
Amortized cost, Weighted average life (in years)			1 year 3 months 18 days		1 year 9 months 18 days
Amortized cost, Prepayment speed	8.60%		8.60%		7.80%
Amortized cost, Annual per-loan cost of servicing	$ 68,000		$ 68,000		$ 62,000
Estimated fair value inputs, Pricing spread	7.20%		7.20%		8.10%
Estimated fair value inputs, Prepayment speed	14.30%		14.30%		8.00%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 68,000		$ 68,000		$ 62,000
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 10 months 24 days		1 year 9 months 18 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread	10.70%		10.70%		17.50%
Amortized cost, Weighted average life (in years)			7 years 4 months 24 days		7 years 2 months 12 days
Amortized cost, Prepayment speed	54.20%		54.20%		47.90%
Amortized cost, Annual per-loan cost of servicing	$ 68,000		$ 68,000		$ 134,000
Estimated fair value inputs, Pricing spread	10.70%		10.70%		16.30%
Estimated fair value inputs, Prepayment speed	38.50%		38.50%		39.60%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 68,000		$ 68,000		$ 134,000
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)			5 years 7 months 6 days		7 years 2 months 12 days
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread	7.20%		7.20%		7.90%
Amortized cost, Weighted average life (in years)			6 years 10 months 24 days		6 years 4 months 24 days
Amortized cost, Prepayment speed	10.20%		10.20%		8.80%
Amortized cost, Annual per-loan cost of servicing	$ 68,000		$ 68,000		$ 62,000
Estimated fair value inputs, Pricing spread	7.20%		7.20%		10.30%
Estimated fair value inputs, Prepayment speed	14.60%		14.60%		11.40%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 68,000		$ 68,000		$ 62,000
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)			5 years 7 months 6 days		6 years 8 months 12 days

Mortgage Loans Acquired for 106

Mortgage Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	$ 1,050,296	$ 637,722
Mortgage loan acquired at unpaid principal balance	1,003,620	610,628
Mortgage loans pledged to secure assets sold under agreements to repurchase	903,806	609,608
Agency-eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	601,394	287,300
Mortgage loan acquired at unpaid principal balance	575,458	274,650
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	69,157	137,440
Mortgage loan acquired at unpaid principal balance	67,544	134,079
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	373,812	209,325
Mortgage loan acquired at unpaid principal balance	354,529	198,265
Commercial real estate loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	1,851	0
Mortgage loan acquired at unpaid principal balance	1,798	0
Mortgage loans repurchased pursuant to representations and warranties [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	4,082	3,657
Mortgage loan acquired at unpaid principal balance	4,291	3,634
Mortgage loans acquired for sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans pledged to secure assets sold under agreements to repurchase	903,806	609,608
Mortgage loans pledged to secure mortgage loan participation and sale agreements	63,162	20,862
Mortgage loans pledged to secure Federal Home Loan Bank ("FHLB") advances	$ 68,937	$ 0

Mortgage Loans Acquired for 107

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Sourcing fee on the unpaid principal balance	0.03%

Derivative Financial Instrum108

Derivative Financial Instruments - Derivative Assets and Liabilities and Related Margin Deposits Recorded within Derivative Assets and Derivative Liabilities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Total derivative assets instruments before netting	$ 36,698,000	$ 13,391,000
Derivative assets, Netting	(19,892,000)	(2,284,000)
Derivative assets, Fair value, Total	16,806,000	11,107,000
Total derivative liabilities instruments fair value before netting	22,102,000	7,178,000
Derivative liabilities, Netting	(19,316,000)	(4,748,000)
Derivative liabilities, Fair value, Total	2,786,000	2,430,000
Interest rate lock commitments [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,163,415,000	695,488,000
Total derivative assets instruments before netting	9,109,000	5,678,000
Total derivative liabilities instruments fair value before netting	302,000	17,000
Forward sales contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	3,410,839,000	1,601,282,000
Total derivative assets instruments before netting	15,000	52,000
Total derivative liabilities instruments fair value before netting	21,794,000	6,649,000
Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	3,282,364,000	1,100,700,000
Total derivative assets instruments before netting	22,985,000	3,775,000
Total derivative liabilities instruments fair value before netting	6,000	34,000
MBS put options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	450,000,000	340,000,000
Total derivative assets instruments before netting	0	374,000
Total derivative liabilities instruments fair value before netting	0	0
MBS call options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	0	0
Total derivative assets instruments before netting	0	0
Total derivative liabilities instruments fair value before netting	0	0
Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,756,000,000	7,426,000,000
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	0	800,000,000
Total derivative assets instruments before netting	0	0
Total derivative liabilities instruments fair value before netting	0	0
Treasury future contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	0	85,000,000
Total derivative assets instruments before netting	0	0
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	0	0
Total derivative liabilities instruments fair value before netting	0	478,000
Call options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,555,000,000	1,030,000,000
Total derivative assets instruments before netting	3,270,000	3,319,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	3,270,000	3,319,000
Total derivative liabilities instruments fair value before netting	0	0
Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,625,000,000	275,000,000
Total derivative assets instruments before netting	693,000	193,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	693,000	193,000
Total derivative liabilities instruments fair value before netting	0	0
Net derivatives related to CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Notional amount	2,400,433,000	0
Total derivative assets instruments before netting	626,000	0
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	626,000	0
Total derivative liabilities instruments fair value before netting	$ 0	$ 0

Derivative Financial Instrum109

Derivative Financial Instruments - Summary of Activity in Notional Amount for Derivative Arising from CRT Agreements and Derivative Contracts (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Forward sales contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			$ 1,601,282,000
Balance, end of period	$ 3,410,839,000		3,410,839,000
Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			1,100,700,000
Balance, end of period	3,282,364,000		3,282,364,000
MBS put options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			340,000,000
Balance, end of period	450,000,000		450,000,000
MBS call options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			0
Balance, end of period	0		0
Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			7,426,000,000
Balance, end of period	1,756,000,000		1,756,000,000
Eurodollar future purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			800,000,000
Balance, end of period	0		0
Treasury future contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			85,000,000
Balance, end of period	0		0
Call options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			1,030,000,000
Balance, end of period	1,555,000,000		1,555,000,000
Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			275,000,000
Balance, end of period	1,625,000,000		1,625,000,000
Net derivatives related to CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period			0
Balance, end of period	2,400,433,000		2,400,433,000
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	3,252,286,000	$ 4,185,633,000	1,601,283,000	$ 3,588,027,000
Additions	15,003,760,000	11,670,826,000	38,880,821,000	35,657,347,000
Dispositions/expirations	(14,845,207,000)	(13,080,210,000)	(37,071,265,000)	(36,469,125,000)
Balance, end of period	3,410,839,000	2,776,249,000	3,410,839,000	2,776,249,000
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	2,263,622,000	3,058,604,000	1,100,700,000	2,781,066,000
Additions	10,938,733,000	8,216,022,000	27,871,913,000	26,650,920,000
Dispositions/expirations	(9,919,991,000)	(9,364,487,000)	(25,690,249,000)	(27,521,847,000)
Balance, end of period	3,282,364,000	1,910,139,000	3,282,364,000	1,910,139,000
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	367,500,000	392,500,000	340,000,000	55,000,000
Additions	700,000,000	640,000,000	1,692,500,000	1,482,500,000
Dispositions/expirations	(617,500,000)	(467,500,000)	(1,582,500,000)	(972,500,000)
Balance, end of period	450,000,000	565,000,000	450,000,000	565,000,000
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	40,000,000	95,000,000	0	110,000,000
Additions	0	75,000,000	140,000,000	230,000,000
Dispositions/expirations	(40,000,000)	(120,000,000)	(140,000,000)	(290,000,000)
Balance, end of period	0	50,000,000	0	50,000,000
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	5,984,000,000	5,562,000,000	7,426,000,000	8,779,000,000
Additions	0	990,000,000	285,000,000	1,452,000,000
Dispositions/expirations	(4,228,000,000)	(290,000,000)	(5,955,000,000)	(3,969,000,000)
Balance, end of period	1,756,000,000	6,262,000,000	1,756,000,000	6,262,000,000
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	800,000,000	0
Additions		290,000,000	0	3,287,000,000
Dispositions/expirations		(290,000,000)	(800,000,000)	(3,287,000,000)
Balance, end of period	0	0	0	0
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | Treasury future contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	40,000,000	85,000,000	85,000,000	105,000,000
Additions	0	154,500,000	161,500,000	375,300,000
Dispositions/expirations	(40,000,000)	(154,500,000)	(246,500,000)	(395,300,000)
Balance, end of period	0	85,000,000	0	85,000,000
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	1,135,000,000	230,000,000	1,030,000,000	0
Additions	1,805,000,000	580,000,000	4,080,000,000	960,000,000
Dispositions/expirations	(1,385,000,000)	(455,000,000)	(3,555,000,000)	(605,000,000)
Balance, end of period	1,555,000,000	355,000,000	1,555,000,000	355,000,000
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	1,273,000,000	125,000,000	275,000,000	52,500,000
Additions	1,650,000,000	490,500,000	4,318,000,000	1,052,500,000
Dispositions/expirations	(1,298,000,000)	(395,500,000)	(2,968,000,000)	(885,000,000)
Balance, end of period	1,625,000,000	220,000,000	1,625,000,000	220,000,000
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		138,300,000		331,900,000
Dispositions/expirations		(138,300,000)		(331,900,000)
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] | Net derivatives related to CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0		0
Additions	2,400,433,000		2,400,433,000
Dispositions/expirations	0		0
Balance, end of period	$ 2,400,433,000		$ 2,400,433,000

Derivative Financial Instrum110

Derivative Financial Instruments - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fixed-rate assets and LIBOR- indexed repurchase agreements [Member] | Net gain on investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	$ (6,772)	$ (807)	$ (18,065)	$ (14,609)
Mortgage loans acquired for sale at fair value [Member] | Mortgage loans acquired for sale [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	(33,652)	(4,503)	(23,198)	(44,003)
Mortgage service rights [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	19,061	(654)	13,868	3,532
Mortgage service rights [Member] | Net loan servicing fees [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	$ 19,061	$ (654)	$ 13,868	$ 3,532

Mortgage Loans at Fair Value -

Mortgage Loans at Fair Value - Summary of Distribution of Company's Mortgage Loans at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Financing Receivable, Recorded Investment [Line Items]
Fair value	$ 2,637,730	$ 2,726,952
Unpaid principal balance	3,409,507	3,699,470
Assets sold under agreements to repurchase	3,881,273		$ 3,222,315
FHLB advances	68,937	0
Asset-backed secured financing	477,271	527,369
Fixed interest rate jumbo mortgage loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	477,271	527,369
Unpaid principal balance	471,496	517,500
Mortgage loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,050,296	637,722
Assets sold under agreements to repurchase	2,390,784	2,543,242
FHLB advances	140,025	0
Nonperforming mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,359,441	1,535,317
Unpaid principal balance	1,888,509	2,246,585
Performing mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	801,018	664,266
Unpaid principal balance	1,049,502	935,385
Performing mortgage loans [Member] | Fixed interest rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	380,322	322,704
Unpaid principal balance	494,804	449,496
Performing mortgage loans [Member] | Adjustable-rate/hybrid [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	157,265	127,405
Unpaid principal balance	186,534	162,329
Performing mortgage loans [Member] | Interest rate step-up [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	263,270	213,999
Unpaid principal balance	367,958	323,350
Performing mortgage loans [Member] | Balloon [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	161	158
Unpaid principal balance	$ 206	$ 210

Mortgage Loans at Fair Value112

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value, Excluding VIE Securing Asset-Backed Financing (Detail)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Risks and Uncertainties [Abstract]
Portion of mortgage loans originated between 2005 and 2007	73.00%	75.00%
Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100%	46.00%	55.00%
Percentage of mortgage loans secured by California real estate	22.00%	22.00%
Additional states contributing 5% or more of mortgage loans	New York New Jersey Florida

Mortgage Loans at Fair Value113

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value, Excluding VIE Securing Asset-Backed Financing (Parenthetical) (Detail)	Sep. 30, 2015	Dec. 31, 2014
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%

Real Estate Acquired in Sett114

Real Estate Acquired in Settlement of Loans - Summary of Financial Information Relating to REO (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate [Abstract]
Balance at beginning of period	$ 324,278	$ 240,471	$ 303,228	$ 138,942
Purchases	0	0	0	3,049
Transfers from mortgage loans at fair value and servicing advances	82,405	94,530	240,483	268,677
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	(2,212)	0	(3,505)	0
Transfers from REO under forward purchase agreements	0	0	0	12,737
Results of REO:
Valuation adjustments, net	(8,734)	(15,639)	(26,740)	(32,912)
Gain on sale, net	4,513	3,713	14,881	9,485
Total gain (loss), net	(4,221)	(11,926)	(11,859)	(23,427)
Proceeds from sales	(46,687)	(47,890)	(174,784)	(124,793)
Balance at end of period	353,563	275,185	353,563	275,185
At period end:
REO pledged to secure assets sold under agreements to repurchase	280,045	56,702	280,045	56,702
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$ 0	$ 19,858	$ 0	$ 19,858

Real Estate Acquired in Sett115

Real Estate Acquired in Settlement of Loans under Forward Purchase Agreements - Summary of Activity in REO under Forward Purchase Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate [Abstract]
Balance at beginning of period	$ 0		$ 9,138
Purchases	0		68
Transfers from mortgage loans under forward purchase agreements at fair value and advances	0	$ 0	9,369
Transfers to REO	0		(12,737)
Valuation adjustments, net	0		(779)
Gain on sale, net	0		306
Results of REO under forward purchase agreements	0		(473)
Proceeds from sales	0		(5,365)
Balance at end of period	$ 0		$ 0

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Servicing Asset At Fair Value Changes In Fair Value [Abstract]
Balance at beginning of period	$ 57,343	$ 46,802	$ 57,358	$ 26,452
MSRs resulting from mortgage loan sales	5,674	12,812	9,169	39,954
Due to changes in valuation inputs or assumptions used in valuation model	(3,418)	(106)	(3,525)	(4,974)
Other changes in fair value	(1,848)	(1,500)	(5,251)	(3,424)
Change in fair value, Total	(5,266)	(1,606)	(8,776)	(8,398)
Sales	0	(137)	0	(137)
Balance at end of period	57,751	57,871	57,751	57,871
MSRs pledged to secure note payable at end of period	$ 57,751	$ 0	$ 57,751	$ 0

Mortgage Servicing Rights - 117

Mortgage Servicing Rights - Summary of MSRs Carried at Lower of Amortized Cost or Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of period	$ 344,405	$ 274,110	$ 308,137	$ 266,697
MSRs resulting from loan sales	47,140	26,802	103,281	49,276
Amortization	(11,333)	(8,109)	(30,913)	(23,170)
Application of valuation allowance to write down MSRs with other-than temporary impairment	0	0	0	0
Sales	(12)	0	(305)	0
Balance at end of period	380,200	292,803	380,200	292,803
Balance at beginning of period	(7,011)	(5,428)	(7,714)	(2,577)
(Additions) reversals	(7,845)	602	(7,142)	(2,249)
Application of valuation allowance to write down MSRs with other-than temporary impairment	0	0	0	0
Balance at end of period	(14,856)	(4,826)	(14,856)	(4,826)
MSRs, net	365,344	287,977	365,344	287,977	$ 300,422
Fair value at beginning of period	362,908	289,226	322,230	289,737
Fair value at end of period	386,539	312,196	386,539	312,196
Mortgage servicing rights [Member]
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Carrying value pledged to secure note payable	$ 365,344	$ 0	$ 365,344	$ 0

Mortgage Servicing Rights - 118

Mortgage Servicing Rights - Summary of Company's Estimate of Future Amortization of Existing MSRs Carried at Amortized Cost (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Servicing Asset Future Amortization Expense Abstract [Abstract]
2,015	$ 49,227
2,016	42,898
2,017	37,642
2,018	33,216
2,019	29,421
Thereafter	187,796
Total	$ 380,200

Mortgage Servicing Rights - 119

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$ 25,500	$ 19,345	$ 74,016	$ 54,396

Assets Sold Under Agreements120

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Weighted-average interest rate	2.30%	2.13%	2.27%	2.18%
Average balance	$ 3,252,341,000	$ 2,501,816,000	$ 3,125,328,000	$ 2,186,135,000
Total interest expense	21,350,000	15,814,000	60,470,000	43,496,000
Maximum daily amount outstanding	4,160,814,000	2,815,572,000	4,612,001,000	2,700,586,000
Amount outstanding	2,865,722,000	2,416,686,000	2,865,722,000	2,416,686,000
Unamortized debt issuance costs	(5,195,000)	(6,156,000)	(5,195,000)	(6,156,000)
Assets sold under agreements to repurchase, At period end	$ 2,864,032,000	$ 2,416,047,000	2,864,032,000	2,416,047,000	$ 2,729,027,000
Weighted-average interest rate	2.22%	2.17%
Available borrowing capacity, Committed	$ 510,109,000	$ 578,969,000
Available borrowing capacity, Uncommitted	868,978,000	894,343,000
Available borrowing capacity	1,379,087,000	1,473,312,000
Margin deposits placed with counterparties	7,230,000	8,210,000	7,230,000	8,210,000
Fair value of assets securing agreements to repurchase	3,881,273,000	3,222,315,000	3,881,273,000	3,222,315,000
Assets Sold under Agreement to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(1,690,000)	(639,000)	(1,690,000)	(639,000)
Mortgage-backed securities at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	306,638,000	262,378,000	306,638,000	262,378,000
Mortgage loans acquired for sale at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	903,806,000	609,608,000	903,806,000	609,608,000
Mortgage loans at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	2,390,784,000	2,273,768,000	2,390,784,000	2,273,768,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	$ 280,045,000	$ 76,561,000	$ 280,045,000	$ 76,561,000

Assets Sold Under Agreements121

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of commitment fees and issuance costs	$ 562,000		$ 915,000
Assets Sold under Agreement to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of commitment fees and issuance costs	$ 2,200	$ 2,200	$ 6,700	$ 7,400

Assets Sold Under Agreements122

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 2,865,722	$ 2,416,686
Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 2,865,722
Weighted average maturity	4 years 6 months
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	$ 1,521,695
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	413,728
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	252,357
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	290,986
Securities sold under agreements to repurchase at fair value [Member] | Maturity One Year To Two Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 386,956

Assets Sold Under Agreements123

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
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	$ 517
Facility maturity	Dec. 30, 2015
JPMorgan Chase & Co. [Member] | Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 16,547
Facility maturity	Oct. 23, 2015
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	$ 8,275
Facility maturity	Nov. 6, 2015
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	$ 15,181
Facility maturity	Nov. 18, 2015
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	$ 366,115
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Oct. 22, 2015
Facility maturity	Oct. 22, 2015
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	$ 317,292
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Oct. 30, 2015
Facility maturity	Oct. 30, 2015
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 160,224
Facility maturity	Jan. 26, 2017
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	$ 31,157
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 19, 2015
Facility maturity	Jan. 29, 2016
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	$ 10,905
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Nov. 17, 2015
Facility maturity	Dec. 17, 2015

Assets Sold Under Agreements124

Assets Sold Under Agreements to Repurchase - Covenant Compliance (Detail)	Sep. 30, 2015USD ($)
PennyMac Mortgage Investment Trust [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	$ 1,514,430,000
Minimum net worth amount	860,000,000
Operating Partnership [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	1,554,310,000
Minimum net worth amount	700,000,000
PennyMac Holdings, LLC [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	896,693,000
Minimum net worth amount	250,000,000
PennyMac Corp. [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	417,780,000
Minimum net worth amount	$ 150,000,000

Mortgage Loan Participation 125

Mortgage Loan Participation and Sale Agreement - Summary of Mortgage Loan Participation and Sale Agreements (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
At period end:
Unamortized debt issuance costs	$ (5,195,000)	$ (5,195,000)		$ (6,156,000)
Mortgage loan participation and sale agreements, At period end	$ 61,078,000	$ 61,078,000	$ 20,222,000
Mortgage Loan Participation and Sale Agreement [Member]
During the period:
Weighted-average interest rate	1.44%	1.43%
Average balance	$ 48,832,000	$ 50,933,000
Total interest expense	226,000	699,000
Maximum daily amount outstanding	120,374,000	148,032,000
At period end:
Amount outstanding	61,093,000	61,093,000
Unamortized debt issuance costs	(16,000)	(16,000)
Mortgage loan participation and sale agreements, At period end	$ 61,078,000	61,078,000
Weighted-average interest rate	1.44%
Mortgage loans pledged to secure mortgage loan participation and sale agreement	$ 63,162,000	$ 63,162,000	$ 20,862,000

Mortgage Loan Participation 126

Mortgage Loan Participation and Sale Agreement - Summary of Mortgage Loan Participation and Sale Agreements (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Participating Mortgage Loans [Line Items]
Amortization of commitment fee	$ 562,000	$ 915,000
Mortgage Loan Participation and Sale Agreement [Member]
Participating Mortgage Loans [Line Items]
Amortization of commitment fee	$ 47,000	$ 146,000

Federal Home Loan Bank Advan127

Federal Home Loan Bank Advances - Additional Information (Detail)	Jun. 30, 2015USD ($)
Federal Home Loan Banks [Abstract]
Federal home loan bank advances	$ 400,000,000
Percentage of capital stock	4.00%

Federal Home Loan Bank Advan128

Federal Home Loan Bank Advances - Summary of FHLB Advances (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Federal Home Loan Banks [Abstract]
Weighted-average interest rate	0.27%	0.27%
Average balance	$ 170,902,000	$ 58,100,000
Total interest expense	117,000	119,000
Maximum daily amount outstanding	188,834,000	188,834,000
Balance	$ 183,000,000	$ 183,000,000
Weighted-average interest rate	0.27%	0.27%
Mortgage-backed securities	$ 8,961,000	$ 8,961,000	$ 0
Mortgage loans acquired for sale at fair value	68,937,000	68,937,000	0
Mortgage loans at fair value	140,025,000	140,025,000	$ 0
Fair value of assets securing FHLB advances, total	$ 217,923,000	$ 217,923,000

Note Payable - Additional Infor

Note Payable - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 14, 2015
Loan and Security Agreement with Citibank, N.A. [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument	Mar. 29, 2016
Loan and Security Agreement with Barclays Bank PLC, [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument	Sep. 13, 2016
Maximum [Member] | Loan and Security Agreement with Barclays Bank PLC, [Member]
Debt Instrument [Line Items]
Aggregate loan amount		$ 150,000,000

Note Payable - Summary of Finan

Note Payable - Summary of Financial Information Relating to Note Payable (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
During the period:
Weighted-average interest rate	4.25%	4.24%
Average balance	$ 195,030,000	$ 85,907,000
Total interest expense	2,375,000	3,369,000
Maximum daily amount outstanding	198,191,000	198,191,000
At period end:
Amount outstanding	$ 192,332,000	192,332,000	$ 0
Weighted-average interest rate	4.39%
Mortgage servicing rights pledged to secure notes payable	$ 423,095,000	$ 423,095,000

Note Payable - Summary of Fi131

Note Payable - Summary of Financial Information Relating to Note Payable (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Debt Disclosure [Abstract]
Amortization of commitment fees and issuance costs	$ 562,000	$ 915,000

Asset-Backed Secured Financi132

Asset-Backed Secured Financing of a Variable Interest Entity at Fair Value - Summary of Financial Information Relating to Asset-Backed Secured Financing of Variable Interest Entity (Detail) - Asset-backed secured financing of the variable interest entity at fair value [Member] - Variable Interest Entity [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
During the period:
Weighted-average fair value	$ 170,262	$ 168,923	$ 165,024	$ 168,186
Interest expense	$ 1,787	$ 1,584	$ 4,671	$ 4,762
Weighted-average effective interest rate	3.30%	3.67%	3.35%	3.73%
At period end:
Fair value	$ 234,287	$ 166,841	$ 234,287	$ 166,841
Interest rate	3.50%	3.50%

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Detail) - Exchangeable Senior Notes due May 1, 2020 [Member]	9 Months Ended
	Sep. 30, 2015USD ($)$ / shares
Debt Instrument [Line Items]
Issuance of debt through private offering	$ 250,000,000
Percentage of interest on debt	5.375%
Number of shares exchanged per exchangeable notes	33.6567
Principal amount of the exchangeable notes	$ 1,000
Increased in cash dividend | $ / shares	$ 0.57
Maturity date of debt instrument	May 1, 2020
Initial exchangeable rate [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes	33.5149

Exchangeable Senior Notes - Sum

Exchangeable Senior Notes - Summary of Financial Information Relating to Exchangeable Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
During the period:
Weighted-average unpaid principal balance	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Interest expense	3,605	3,592	10,803	10,763
At period end:
Amount outstanding	250,000	250,000	250,000	250,000
Unamortized issuance costs	(5,195)	(6,156)	(5,195)	(6,156)
Exchangeable senior notes	$ 244,805	$ 243,844	$ 244,805	$ 243,844	$ 244,079

Exchangeable Senior Notes - 135

Exchangeable Senior Notes - Summary of Financial Information Relating to Exchangeable Notes (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 562,000,000		$ 915,000,000
Interest Expense [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 245,000	$ 232,000	$ 726,000	$ 685,000

Borrowings under Forward Pur136

Borrowings under Forward Purchase Agreements - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Forward purchase agreements [Member]
Debt Instrument [Line Items]
Borrowings	$ 0	$ 0

Borrowings under Forward Pur137

Borrowings under Forward Purchase Agreements - Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements (Detail) - Forward purchase agreements [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015
During the period:
Weighted-average effective interest rate	0.00%	2.84%
Weighted-average balance	$ 0	$ 109,708,000
Interest expense	0	2,364,000
Maximum daily amount outstanding	0	226,847,000
At period end:
Balance	$ 0	$ 0	$ 0
Interest rate	0.00%
Fair value of underlying loans and REO	$ 0

Liability for Losses under R138

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Mortgage Banking [Abstract]
Balance, beginning of period	$ 16,714	$ 11,876	$ 14,242	$ 10,110
Provision for losses	1,833	1,359	4,177	3,125
Losses incurred	(74)	0	(176)	0
Recoveries	0	0	230	0
Balance, end of period	18,473	13,235	18,473	13,235
Unpaid principal balance of mortgage loans subject to representations and warranties at period end	$ 39,730,788	$ 32,129,635	$ 39,730,788	$ 32,129,635

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Loan Commitments (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Commitments to purchase mortgage loans:
Mortgage loans acquired for sale at fair value	$ 1,163,415

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Aug. 19, 2015
Schedule of Capitalization, Equity [Line Items]
Number of common stock shares Repurchased during period	1,000,000	1,000,000
Value of common stock shares Repurchased during period	$ 16,000,000	$ 15,955,000
Number of common shares sold under Sales Agreement			3,447,022
Proceeds from public offering of common shares			$ 81,600,000
Sales commissions net		$ 0	1,052,000
ATM Equity Offering Sales AgreementSM [Member]
Schedule of Capitalization, Equity [Line Items]
Number of common shares sold under Sales Agreement	0	0
Sales commissions net			$ 899,000
Amount of common stock available for future issuance under Sales Agreement	$ 106,900,000	$ 106,900,000
Weighted Average [Member]
Schedule of Capitalization, Equity [Line Items]
Price of common shares sold under sales agreement			$ 23.92
Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Common stock shares Repurchase authorized amount				$ 150,000,000

Net Interest Income - Summary o

Net Interest Income - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Interest income, total	$ 61,438	$ 41,236	$ 147,456	$ 129,100
Interest expense:
Assets sold under agreements to repurchase	21,350	15,814	60,470	43,496
Notes payable	2,375		3,369
Exchangeable senior notes	3,605	3,592	10,803	10,763
Interest expense, total	37,760	22,020	93,245	63,660
Net interest income	23,678	19,216	54,211	65,440
Nonaffiliates [Member]
Interest income:
Short-term investments	115	138	417	462
Mortgage-backed securities	2,614	1,935	7,752	5,657
Mortgage loans acquired for sale at fair value	20,704	7,712	38,120	16,911
Mortgage loans at fair value	24,364	22,401	68,089	76,502
Mortgage loans under forward purchase agreements	0	0	0	3,584
Other	17	16	42	38
Interest income, total	53,412	37,659	129,860	119,522
Interest expense:
Assets sold under agreements to repurchase	21,350	15,814	60,470	43,496
Federal Home Loan Bank advances	117	0	119	0
Mortgage loans participation and sale agreement	226	0	699	0
Credit risk transfer financing	5,799	0	6,912	0
Notes payable	2,375	0	3,369	0
Asset-backed secured financing of a variable interest entity at fair value	1,787	1,584	4,671	4,762
Exchangeable senior notes	3,605	3,592	10,803	10,763
Borrowings under forward purchase agreements	0	0	0	2,363
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	849	581	3,313	1,281
Interest on mortgage loan impound deposits	363	449	1,067	995
Interest expense, total	36,471	22,020	91,423	63,660
Nonaffiliates [Member] | Consolidated VIE [Member]
Interest income:
Mortgage loans at fair value	5,598	5,457	15,440	16,368
PennyMac Financial Services, Inc. [Member]
Interest income:
Interest income, total	8,026	3,577	17,596	9,578
Excess servicing spread purchased from PFSI, at fair value	8,026	3,577	17,596	9,578
Interest expense:
Notes payable	1,289	0	1,822	0
Interest expense, total	$ 1,289	$ 0	$ 1,822	$ 0

Net Gain on Mortgage Loans A142

Net Gain on Mortgage Loans Acquired for Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash (loss) gain:
Loans	$ 4,579	$ (15,473)	$ (54,183)	$ (21,540)
Hedging activities	(33,268)	(12,706)	(27,082)	(35,004)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(28,689)	(28,179)	(81,265)	(56,544)
Non cash gain:
Receipt of MSRs in loan sale transactions	52,814	39,614	112,450	89,230
Provision for losses relating to representations and warranties provided in loan sales	(1,833)	(1,359)	(4,177)	(3,125)
Change in fair value of financial instruments issued and held at period end:
IRLCs	9,073	(5,697)	3,146	4,140
Mortgage loans	(17,097)	(3,073)	1,181	5,000
Hedging derivatives	(384)	8,203	3,884	(8,999)
Total non cash portion of gain on mortgage loans acquired for sale	(8,408)	(567)	8,211	141
Net gain on mortgage loans acquired for sale	$ 13,884	$ 9,509	$ 35,219	$ 29,702

Net Gain on Investments - Summa

Net Gain on Investments - Summary of Net Gain on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net gain (loss) on investments:
Net gain (loss) on investments	$ 24,958	$ 70,390	$ 51,019	$ 186,109
Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage-backed securities	3,564	(821)	(1,622)	6,096
Mortgage loans	31,909	81,296	79,163	194,808
Mortgage loans held in a VIE	7,421	(2,578)	(2,856)	24,906
Net derivatives related to CRT Agreements	626	0	626	0
Asset-backed secured financing	(3,941)	696	(719)	(7,258)
Hedging derivatives	(6,777)	(807)	(18,071)	(14,609)
Net gain (loss) on investments	32,802	77,786	56,521	203,943
PennyMac Financial Services, Inc. [Member]
Net gain (loss) on investments:
Net gain (loss) on investments	(7,844)	(7,396)	(5,502)	(17,834)
Excess servicing spread purchased from PFSI	$ (7,844)	$ (7,396)	$ (5,502)	$ (17,834)

Net Loan Servicing Fees - Summa

Net Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Components of Net Servicing Fee Income [Line Items]
Servicing fees	$ 25,500	$ 20,300	$ 74,016	$ 56,988
MSR recapture fee receivable from PFSI	670	0	670	9
Effect of MSRs:
Carried at lower of amortized cost or fair value Amortization	(11,333)	(8,109)	(30,913)	(23,170)
(Provision for) reversal of impairment	(7,845)	602	(7,142)	(2,249)
Gain on sale	4	0	87	0
Carried at fair value-change in fair value	(5,266)	(1,606)	(8,776)	(8,398)
Total Effect of MSRs	(5,379)	(9,767)	(32,876)	(30,285)
Net loan servicing fees	20,791	10,533	41,810	26,712
Average servicing portfolio	38,172,371	30,701,324	36,446,663	28,597,033
Mortgage service rights [Member]
Effect of MSRs:
Gains (losses) on hedging derivatives	$ 19,061	$ (654)	$ 13,868	$ 3,532

Share-Based Compensation Plans

Share-Based Compensation Plans - Additional Information (Detail) - Restricted share units [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based share compensation plan, and compensation expense	$ 1.3	$ 1.6	$ 5	$ 5.7
Restricted share units granted	0	0	294,684	300,131
Restricted share units, grant date fair value			$ 6.3	$ 6
Units vested	0	500	301,763	230,716

Other Expenses - Summary of Oth

Other Expenses - Summary of Other Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Other Non operating Income Expense [Line Items]
Total other expenses	$ 7,327	$ 7,384	$ 22,006	$ 18,604
Loan origination [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,367	1,202	3,496	1,637
Common overhead allocation from PFSI [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	2,550	2,802	7,487	8,018
Servicing and collection costs [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,853	2,064	6,480	5,809
Insurance [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	309	247	984	738
Technology [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	307	246	910	720
Other [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	$ 941	$ 823	$ 2,649	$ 1,682

Other Expenses - Summary of 147

Other Expenses - Summary of Other Expenses (Parenthetical) (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
PNMAC Capital Management LLC [Member]
Other Non operating Income Expense [Line Items]
Waiver of overhead expenses	$ 900,000	$ 1,600,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	14.00%	5.10%	(12.10%)	(0.30%)

Segments and Related Informa149

Segments and Related Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Segment Reporting [Abstract]
Number of business segments	2

Segments and Related Informa150

Segments and Related Information - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Net investment income:
Interest income	$ 61,438	$ 41,236	$ 147,456	$ 129,100
Interest expense	(37,760)	(22,020)	(93,245)	(63,660)
Net interest income	23,678	19,216	54,211	65,440
Net gain on mortgage loans acquired for sale	13,884	9,509	35,219	29,702
Net gain on investments	24,958	70,390	51,019	186,109
Net loan servicing fees	20,791	10,533	41,810	26,712
Other income (loss)	7,463	(3,118)	15,937	(4,282)
Net investment income	90,774	106,530	198,196	303,681
Expenses:
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	35,031	37,445	98,818	104,537
Other	10,636	11,154	33,003	31,620
Total expenses	45,667	48,599	131,821	136,157
Pre-tax income	45,107	57,931	66,375	167,524
Total assets at period end	5,592,231	4,604,813	5,592,231	4,604,813	$ 4,897,258
Operating segments [Member] | Correspondent production [Member]
Net investment income:
Interest income	13,748	7,727	29,858	16,948
Interest expense	(6,370)	(3,660)	(14,953)	(12,196)
Net interest income	7,378	4,067	14,905	4,752
Net gain on mortgage loans acquired for sale	13,884	9,509	35,219	29,702
Net gain on investments	0	0	0	0
Net loan servicing fees	0	0	0	0
Other income (loss)	9,154	6,524	21,857	13,365
Net investment income	30,416	20,100	71,981	47,819
Expenses:
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	18,367	15,900	47,313	37,701
Other	1,876	1,410	4,803	2,248
Total expenses	20,243	17,310	52,116	39,949
Pre-tax income	10,173	2,790	19,865	7,870
Total assets at period end	1,073,070	708,442	1,073,070	708,442
Operating segments [Member] | Investment activities [Member]
Net investment income:
Interest income	47,690	33,509	117,598	114,540
Interest expense	(31,390)	(18,360)	(78,292)	(53,852)
Net interest income	16,300	15,149	39,306	60,688
Net gain on mortgage loans acquired for sale	0	0	0	0
Net gain on investments	24,958	70,390	51,019	186,109
Net loan servicing fees	20,791	10,533	41,810	26,712
Other income (loss)	(1,691)	(9,642)	(5,920)	(17,647)
Net investment income	60,358	86,430	126,215	255,862
Expenses:
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	16,664	21,545	51,505	66,836
Other	8,760	9,744	28,200	29,372
Total expenses	25,424	31,289	79,705	96,208
Pre-tax income	34,934	55,141	46,510	159,654
Total assets at period end	4,519,161	3,896,371	4,519,161	3,896,371
Intersegment elimination & other [Member]
Net investment income:
Interest income	0	0	0	(2,388)
Interest expense	0	0	0	2,388
Net interest income	0	0	0	0
Net gain on mortgage loans acquired for sale	0	0	0	0
Net gain on investments	0	0	0	0
Net loan servicing fees	0	0	0	0
Other income (loss)	0	0	0	0
Net investment income	0	0	0	0
Expenses:
Loan fulfillment, servicing and management fees payable to PennyMac Financial Services, Inc.	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Pre-tax income	0	0	0	0
Total assets at period end	$ 0	$ 0	$ 0	$ 0

Supplemental Cash Flow Infor151

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest			$ 85,876	$ 68,443
Income tax paid (refund)			700	(6,782)
Non-cash investing activities:
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	$ 82,405	$ 94,530	240,483	268,677
Purchase of mortgage loans financed through forward purchase agreements			0	2,828
Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value			0	205,902
Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements		0	0	9,369
Receipt of MSRs as proceeds from sales of loans	52,814	39,614	112,450	89,230
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment			4,440	0
Receipt of ESS pursuant to recapture agreement with PFSI			4,833	6,093
Transfer of REO under forward purchase agreements to REO	0	0	0	12,737
Non-cash financing activities:
Purchase of mortgage loans financed through forward purchase agreements			0	2,828
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase			58,923	3,491
Dividends payable	$ 35,019	$ 45,467	$ 35,019	$ 45,467

Regulatory Net Worth - Addition

Regulatory Net Worth - Additional Information (Detail)	Sep. 30, 2015USD ($)
Fannie Mae Capital Markets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 75,900,000
Freddie Mac Capital Markets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 39,400,000

Recently Issued Accounting P153

Recently Issued Accounting Pronouncements - Additional Information (Detail) - ASU 2015-03 [Member] - Reclassification [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 7,000,000
Mortgage loans sold under agreements to repurchase [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	1,700,000
Mortgage Loan Participation and Sale Agreement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	16,000
Notes payable [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	82,000
Exchangeable senior notes [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 5,200,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Oct. 22, 2015USD ($)	Sep. 30, 2015USD ($)	Oct. 16, 2015USD ($)
PennyMac Holdings, LLC [Member]
Subsequent Event [Line Items]
Minimum adjusted tangible net worth required		$ 250,000,000
PennyMac Corp. [Member]
Subsequent Event [Line Items]
Minimum adjusted tangible net worth required		$ 150,000,000
Amended Loan Repo Facility and NPL Repurchase Agreement [Member]
Subsequent Event [Line Items]
Repurchase agreement, covenants description		The Repurchase Agreements together require the Company to maintain various financial and other covenants, which include maintaining (i) a minimum adjusted tangible net worth at all times greater than or equal to $830 million; (ii) a minimum in unrestricted cash and cash equivalents among the Company and its subsidiaries at all times equal to or greater than $40 million; (iii) a ratio of total liabilities to adjusted tangible net worth at all times less than 5:1; and (iv) profitability of at least $1.00 for at least one (1) of the previous two (2) consecutive fiscal quarters, as of the end of each fiscal quarter.
Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | PennyMac Corp. and PennyMac Holdings, LLC [Member]
Subsequent Event [Line Items]
Repurchase agreement, covenants description		The Repurchase Agreements together also require PMH and PMC to maintain various financial and other covenants, which include maintaining (i) a minimum adjusted tangible net worth at all times greater than or equal to $220 million for PMH and $140 million for PMC; (ii) a minimum in unrestricted cash and cash equivalents between PMH and PMC at all times greater than or equal to $25 million in the aggregate; and (iii) a ratio of total liabilities to adjusted tangible net worth at all times less than 10:1 for each of PMH and PMC.
Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | Penny Mac Loan Services LLC [Member]
Subsequent Event [Line Items]
Repurchase agreement, covenants description		The Repurchase Agreements together also require PLS to maintain various financial and other covenants, which include maintaining (i) a minimum adjusted tangible net worth at all times greater than or equal to $170 million; (ii) a minimum in unrestricted cash and cash equivalents at all times greater than or equal to $20 million; (iii) a ratio of total liabilities to adjusted tangible net worth at all times less than 10:1; and (iv) profitability of at least $1.00 for each fiscal quarter.
Subsequent Event [Member] | Amended Loan Repo Facility and NPL Repurchase Agreement [Member]
Subsequent Event [Line Items]
Minimum adjusted tangible net worth required	$ 830,000,000
Unrestricted cash and cash equivalents required	$ 40,000,000
Total liabilities to adjusted tangible net worth ratio	5
Minimum profitability for each fiscal quarter	$ 1
Subsequent Event [Member] | Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | PennyMac Corp. and PennyMac Holdings, LLC [Member]
Subsequent Event [Line Items]
Date of amendments to repurchase agreement	Oct. 22, 2015
Repurchase agreements maturity date	Oct. 20, 2016
Repurchase agreement, amount committed	$ 925,000,000
Subsequent Event [Member] | Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | PennyMac Corp. and PennyMac Holdings, LLC [Member] | Maximum [Member]
Subsequent Event [Line Items]
Repurchase agreement, aggregate purchase price	1,075,000,000
Subsequent Event [Member] | Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | PennyMac Holdings, LLC [Member]
Subsequent Event [Line Items]
Minimum adjusted tangible net worth required	220,000,000
Unrestricted cash and cash equivalents required	$ 25,000,000
Total liabilities to adjusted tangible net worth ratio	10
Subsequent Event [Member] | Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | PennyMac Corp. [Member]
Subsequent Event [Line Items]
Minimum adjusted tangible net worth required	$ 140,000,000
Unrestricted cash and cash equivalents required	$ 25,000,000
Total liabilities to adjusted tangible net worth ratio	10
Subsequent Event [Member] | Amended Loan Repo Facility and NPL Repurchase Agreement [Member] | Penny Mac Loan Services LLC [Member]
Subsequent Event [Line Items]
Minimum adjusted tangible net worth required	$ 170,000,000
Unrestricted cash and cash equivalents required	$ 20,000,000
Total liabilities to adjusted tangible net worth ratio	10
Minimum profitability for each fiscal quarter	$ 1
Subsequent Event [Member] | Jumbo Mortgage Loan Financing [Member]
Subsequent Event [Line Items]
Certificates issued			$ 25,300,000
Certificates retained			$ 213,500,000