PennyMac Mortgage Investment Trust (PMT) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		72,246,828
Entity Public Float			$ 1,283,938,438

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash	$ 58,108	$ 76,386
Short-term investments	41,865	139,900
Mortgage-backed securities at fair value pledged to creditors	322,473	307,363
Mortgage loans acquired for sale at fair value (includes $1,268,455 and $630,407 pledged to creditors, respectively)	1,283,795	637,722
Mortgage loans at fair value (includes $2,201,513 and $2,709,161 pledged to creditors, respectively)	2,555,788	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.	412,425	191,166
Derivative assets	10,085	11,107
Real estate acquired in settlement of loans (includes $283,343 and $150,649 pledged to creditors, respectively)	341,846	303,228
Real estate held for investment	8,796	0
Mortgage servicing rights (includes $66,584 and $57,358 carried at fair value and $459,741 and $0 pledged to creditors, respectively)	459,741	357,780
Servicing advances	88,010	79,878
Due from PennyMac Financial Services, Inc.	8,806	6,621
Other	235,186	59,155
Total assets	5,826,924	4,897,258
LIABILITIES
Assets sold under agreements to repurchase	3,128,780	2,729,027
Federal Home Loan Bank advances	183,000	0
Mortgage loan participation and sale agreement	0	20,222
Notes payable	236,015	0
Asset-backed financing of a variable interest entity at fair value	247,690	165,920
Exchangeable senior notes	245,054	244,079
Derivative liabilities	3,157	2,430
Accounts payable and accrued liabilities	64,474	67,806
Due to PennyMac Financial Services, Inc.	18,965	23,943
Income taxes payable	33,505	51,417
Liability for losses under representations and warranties	20,171	14,242
Total liabilities	4,330,811	3,319,086
SHAREHOLDERS' EQUITY
Common shares of beneficial interest-authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 73,767,435 and 74,510,159 common shares	738	745
Additional paid-in capital	1,469,722	1,479,699
Retained earnings	25,653	97,728
Total shareholders' equity	1,496,113	1,578,172
Total liabilities and shareholders' equity	5,826,924	4,897,258
Variable Interest Entities [Member]
ASSETS
Mortgage loans at fair value (includes $2,201,513 and $2,709,161 pledged to creditors, respectively)	455,394	527,369
Derivative assets	593	0
Other assets
Interest receivable	1,447	1,651
Restricted cash	147,000	0
Total assets of Consolidated Variable Interest Entity	604,434	529,020
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	247,690	165,920
Accounts payable and accrued liabilities - interest payable	724	477
SHAREHOLDERS' EQUITY
Total liabilities of Consolidated Variable Interest Entity	248,414	166,397
PennyMac Financial Services, Inc. [Member]
LIABILITIES
Notes payable	150,000	0
Due to PennyMac Financial Services, Inc.	$ 18,965	$ 23,943

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Mortgage loans acquired for sale at fair value, pledged to creditors	$ 1,268,455	$ 630,407
Mortgage loans at fair value, pledged to creditors	2,201,513	2,709,161
Real estate acquired in settlement of loans, pledged to creditors	283,343	150,649
Mortgage servicing rights at fair value	66,584	57,358
Mortgage servicing rights, pledged to creditors	$ 459,741	$ 0
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	73,767,435	74,510,159
Common shares, outstanding	73,767,435	74,510,159

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net investment income
Interest income	$ 201,345	$ 172,348	$ 122,862
Interest expense
Interest expense	124,708	85,589	65,222
Net interest income	76,637	86,759	57,640
Net gain on mortgage loans acquired for sale	51,016	35,647	98,669
Mortgage loan origination fees	28,702	18,184	17,765
Net gain on investments	53,985	201,809	207,758
Net mortgage loan servicing fees	49,319	37,893	32,791
Results of real estate acquired in settlement of loans	(19,177)	(32,451)	(13,491)
Other	8,283	8,900	4,386
Net investment income	248,765	356,741	405,518
Expenses
Mortgage loan fulfillment fees	58,607	48,719	79,712
Mortgage loan servicing fees	46,423	52,522	39,413
Management fees	24,194	35,035	32,410
Mortgage loan collection and liquidation expenses	10,408	6,892	1,861
Compensation	7,366	8,328	7,914
Professional services	7,306	8,380	8,373
Other	21,157	17,401	21,200
Total expenses	175,461	177,277	190,883
Income before (benefit from) provision for income taxes	73,304	179,464	214,635
(Benefit from) provision for income taxes	(16,796)	(15,080)	14,445
Net income	$ 90,100	$ 194,544	$ 200,190
Earnings per share
Basic	$ 1.19	$ 2.62	$ 3.13
Diluted	$ 1.16	$ 2.47	$ 2.96
Weighted-average shares outstanding
Basic	74,446	73,495	63,426
Diluted	83,336	82,211	69,448
Nonaffiliates [Member]
Net investment income
Interest income	$ 175,980	$ 159,056	$ 121,771
Interest expense
Interest expense	121,365	85,589	65,222
Net gain on investments	50,746	222,643	205,335
PennyMac Financial Services, Inc. [Member]
Net investment income
Interest income	25,365	13,292	1,091
Interest expense
Interest expense	3,343	0	0
Net gain on investments	$ 3,239	$ (20,834)	$ 2,423

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]
Balance, Amount at Dec. 31, 2012	$ 1,201,336	$ 589	$ 1,129,858	$ 70,889
Balance, Shares at Dec. 31, 2012		58,904,000
Net income	200,190	$ 0	0	200,190
Share-based compensation, Amount	5,452	$ 3	5,449	0
Share-based compensation, Shares		254,000
Common share dividends	(189,138)	$ 0	0	(189,138)
Issuance of common shares, Amount	261,595	$ 113	261,482	0
Issuance of common shares, Shares		11,300,000
Underwriting and offering costs	(12,321)	$ 0	(12,321)	0
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	37,873
Balance, Amount at Mar. 31, 2014	1,543,282
Balance, Amount at Dec. 31, 2013	1,467,114	$ 705	1,384,468	81,941
Balance, Shares at Dec. 31, 2013		70,458,000
Net income	194,544	$ 0	0	194,544
Share-based compensation, Amount	5,752	$ 2	5,750	0
Share-based compensation, Shares		235,000
Common share dividends	(178,757)	$ 0	0	(178,757)
Issuance of common shares, Amount	$ 90,589	$ 38	90,551	0
Issuance of common shares, Shares	3,817,611	3,817,000
Underwriting and offering costs	$ (1,070)	$ 0	(1,070)	0
Balance, Amount at Dec. 31, 2014	1,578,172	$ 745	1,479,699	97,728
Balance, Shares at Dec. 31, 2014		74,510,000
Balance, Amount at Mar. 31, 2014	1,543,282
Net income	75,211
Balance, Amount at Jun. 30, 2014	1,577,160
Net income	54,949
Balance, Amount at Sep. 30, 2014	1,588,041
Net income	26,511
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	7,508
Balance, Amount at Mar. 31, 2015	1,542,159
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	90,100	$ 0	0	90,100
Share-based compensation, Amount	6,346	$ 3	6,343	0
Share-based compensation, Shares		302,000
Common share dividends	(162,175)	$ 0	0	(162,175)
Issuance of common shares, Amount	8	$ 0	8	0
Issuance of common shares, Shares		0
Repurchase of common shares, Amount	$ (16,338)	$ (10)	(16,328)	0
Repurchase of common shares, Shares	(1,000,000)	(1,045,000)
Balance, Amount at Dec. 31, 2015	$ 1,496,113	$ 738	1,469,722	25,653
Balance, Shares at Dec. 31, 2015		73,767,000
Balance, Amount at Mar. 31, 2015	1,542,159
Net income	28,071
Balance, Amount at Jun. 30, 2015	1,525,297
Net income	38,812
Balance, Amount at Sep. 30, 2015	1,514,430
Net income	15,709
Balance, Amount at Dec. 31, 2015	$ 1,496,113	$ 738	$ 1,469,722	$ 25,653
Balance, Shares at Dec. 31, 2015		73,767,000

Consolidated Statements of Cha6

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common share dividends declared per share	$ 2.16	$ 2.40	$ 2.87
Retained earnings [Member]
Common share dividends declared per share	$ 2.16	$ 2.40	$ 2.87

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income	$ 90,100	$ 194,544	$ 200,190
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 financing of a VIE	(719)	(1,588)	(186)
Capitalization of interest on mortgage loans at fair value	(57,754)	(66,850)	(43,481)
Capitalization of interest on excess servicing spread	(25,365)	(13,292)	(1,348)
Amortization of credit facility commitment fees and debt issuance costs	11,587	9,763	9,081
Net gain on mortgage loans acquired for sale	(51,016)	(35,647)	(98,669)
(Reversal) accrual of costs related to forward purchase agreements	0	(168)	7,083
Net gain on investments	(53,985)	(201,809)	(210,168)
Change in fair value, amortization and impairment of mortgage servicing rights	53,615	42,124	22,642
Results of real estate acquired in settlement of loans	19,177	32,451	13,491
Share-based compensation expense	6,346	5,752	5,452
Purchases of mortgage loans acquired for sale at fair value from nonaffiliates	(46,423,734)	(28,381,456)	(32,013,163)
Purchases of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(28,445)	(8,082)	(12,339)
Repurchase of mortgage loans subject to representation and warranties	(17,782)	1,747	0
Sales and repayments of mortgage loans acquired for sale at fair value to nonaffiliates	14,206,816	11,703,015	15,818,582
Sales of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	31,490,920	16,431,338	16,113,806
Increase in servicing advances	(30,255)	(40,084)	(35,134)
Increase in due from PennyMac Financial Services, Inc.	(1,863)	(127)	(1,180)
Increase in other assets	(36,161)	(24,910)	(33,956)
Increase (decrease) in accounts payable and accrued liabilities	7,984	(6,361)	(14,518)
(Decrease) increase in payable to PennyMac Financial Services, Inc.	(4,742)	2,122	7,364
(Decrease) increase in income taxes payable	(17,912)	(8,518)	23,619
Net cash provided by operating activities	(863,188)	(366,036)	(242,832)
Cash flows from investing activities
Net decrease (increase) in short-term investments	98,035	(47,502)	(53,381)
Purchases of mortgage-backed securities at fair value	(84,828)	(185,972)	(199,558)
Sales and repayments of mortgage-backed securities at fair value	64,459	86,783	2,566
Purchase of Agency debt security	0	0	(12,000)
Sale of Agency debt security	0	0	13,725
Purchases of mortgage loans at fair value	(241,981)	(554,604)	(1,063,162)
Sales and repayments of mortgage loans at fair value	279,683	598,339	262,566
Repayments of mortgage loans under forward purchase agreements at fair value	0	6,413	15,319
Purchase of excess servicing spread from PennyMac Financial Services, Inc.	(271,554)	(95,892)	(139,028)
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	78,578	39,257	4,076
Purchase of Federal Home Loan Bank capital stock	(7,691)	0	0
Redemption of Federal Home Loan Bank capital stock	361	0	0
Net settlements of derivative financial instruments	(6,809)	(10,436)	0
Deposits of cash collateral securing credit risk transfer agreements	(147,446)	0	0
Distributions from credit risk transfer agreements	1,831	0	0
Sale of mortgage loans at fair value to PennyMac Financial Services, Inc.	1,466	0	0
Purchase of real estate acquired in settlement of loans	0	(3,049)	(82)
Sales of real estate acquired in settlement of loans	240,833	184,467	120,925
Sales of real estate acquired in settlement of loans under forward purchase agreements	0	5,365	651
Purchase of mortgage servicing rights	(2,335)	0	(1,419)
Sale of mortgage servicing rights	752	474	0
Decrease in margin deposits and restricted cash	8,148	4,329	19,806
Net cash provided by (used in) investing activities	11,502	27,972	(1,028,996)
Cash flows from financing activities
Sales of assets under agreements to repurchase	50,133,359	31,873,913	33,455,407
Repurchases of assets sold under agreements to repurchase	(49,733,160)	(31,183,387)	(32,671,903)
Sales of mortgage loan participation certificates	5,009,065	4,246,892	0
Repayments of mortgage loan participation certificates	(5,029,301)	(4,226,656)	0
Issuances of credit risk transfer financing	1,204,187	0	0
Repayments of credit risk transfer financing	(1,204,187)	0	0
Federal Home Loan Bank advances	760,484	0	0
Repayments of Federal Home Loan Bank advances	(577,484)	0	0
Advances under note payable	394,242	0	0
Repayments under note payable	(158,343)	0	0
Repayments of borrowings under forward purchase agreements	0	(227,866)	(27,070)
Issuance of asset-backed financing at fair value	110,482	0	170,008
Repayments of asset-backed financing at fair value	(24,951)	(8,571)	(2,406)
Issuance of exchangeable senior notes	0	0	250,000
Payments of debt issuance cost and commitment fees	(10,928)	0	(7,425)
Issuances of common shares	8	90,589	261,595
Repurchases of common shares	(16,338)	0	0
Payments of common share underwriting and offering costs	0	(1,070)	(12,321)
Payments of contingent underwriting fees payable	(705)	(2,372)	(2,834)
Payments of dividends	(173,022)	(174,433)	(147,568)
Net cash provided by financing activities	833,408	387,039	1,265,483
Net (decrease) increase in cash	(18,278)	48,975	(6,345)
Cash at beginning of year	76,386	27,411	33,756
Cash at end of year	58,108	76,386	27,411
PennyMac Financial Services, Inc. [Member]
Cash flows from investing activities
Purchase of excess servicing spread from PennyMac Financial Services, Inc.	(271,554)	(99,728)	(139,028)
Cash flows from financing activities
Advances under note payable to PennyMac Financial Services, Inc.	168,546	0	0
Repayments under note payable to PennyMac Financial Services, Inc.	$ (18,546)	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1—Organization 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 MBS, distressed mortgage loans, excess servicing spread (“ESS”), real estate acquired in settlement of loans (“REO”), real estate held for investment, mortgage servicing rights (“MSRs”), small balance commercial real estate mortgage loans, and credit risk transfer agreements (“CRT Agreements”). 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.

Concentration of Risks

Concentration of Risks	12 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
Concentration of Risks	Note 2—Concentration of Risks As discussed in Note 1— Organization Because of the Company’s investments, 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, 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 certain 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 inputs that properly anticipate, future outcomes; • the level of government support for resolution of certain mortgage loans 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.: Year ended December 31, 2015 2014 2013 (in thousands) Investment portfolio purchases: Mortgage loans $ 241,981 $ 557,432 $ 1,309,767 REO — 3,117 120 $ 241,981 $ 560,549 $ 1,309,887 Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.: Mortgage loans $ — $ 26,737 $ 443,154 REO — 68 38 $ — $ 26,805 $ 443,192 Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.: December 31, December 31, (in thousands) Mortgage loans $ 855,691 $ 943,163 REO 88,088 108,302 $ 943,779 $ 1,051,465 Total carrying value of mortgage loans and REO $ 2,897,634 $ 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 year ended December 31, 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: Year ended December 31, 2014 2013 (in thousands) Statements of income: Interest income $ 3,584 $ 3,659 Interest expense $ 2,363 $ 3,707 Net gain on investments $ 803 $ 11,720 Net mortgage loan servicing fees $ 516 $ 852 Results of REO $ (473 ) $ (20 ) Statements of cash flows: Repayments of mortgage loans $ 6,413 $ 15,319 Sales of REO $ 5,365 $ 651 Repayments of borrowings under forward purchase agreements $ 227,866 $ 27,070 The Company has no other variable interests in the trust subsidiary of CGM or other exposure to the creditors of the trust subsidiary that could expose the Company to loss.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3—Significant Accounting Policies PMT’s significant accounting policies are summarized below. Basis of Presentation The Company’s 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 Use of Estimates 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. Consolidation The consolidated financial statements include the accounts of PMT and all wholly-owned subsidiaries. PMT has no significant equity method or cost-basis investments. Intercompany accounts and transactions have been eliminated upon consolidation. The Company also consolidates assets and liabilities included in certain securitization transactions and forward purchase agreements as discussed below. Securitization Transactions The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of beneficial interests in those assets. In a securitization transaction, the Company typically receives a combination of cash and interests in the SPE in exchange for the assets transferred by the Company. SPEs are generally considered VIEs. A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors at risk lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns. Expected residual returns represent the expected positive variability in the fair value of a VIE’s net assets. PMT consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and holds a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. The Company evaluates the securitization trust into which mortgage loans are sold to determine whether the entity is a VIE and whether the Company is the primary beneficiary and therefore is required to consolidate the securitization trust. Jumbo Mortgage Loan Financing On September 30, 2013, the Company completed a securitization transaction in which PMT Loan Trust 2013-J1, a VIE, issued $537.0 million in unpaid principal balance (“UPB”) of certificates backed by fixed-rate prime jumbo mortgage loans at a 3.9% weighted yield. The VIE was consolidated by the Company as PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance. Further, the retained subordinated and residual interest trust certificates expose the Company to losses and returns that could potentially be significant to the VIE. The asset-backed securities issued by the consolidated VIE are backed by the expected cash flows from the underlying fixed-rate prime jumbo mortgage loans. Cash inflows from these fixed-rate prime jumbo mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior certificates. After these senior certificates are settled, substantially all cash inflows will be directed to the subordinated certificates until fully repaid and, thereafter, to the residual interest that the Company owns in the trust. The Company retains beneficial interests in the securitization transaction, including senior and subordinated certificates and residual interests issued by the VIE. The Company retains credit risk in the securitization because the Company’s beneficial interests include the most subordinated interests in the securitized assets, which are the first to absorb credit losses on those assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual interests. The Company has no obligation to repurchase or replace securitized assets that subsequently become delinquent or are otherwise in default other than pursuant to breaches of representations and warranties. For financial reporting purposes, the mortgage loans owned by the consolidated VIE are included in Mortgage loans at fair value Asset-backed financing of a variable interest entity at fair value Credit Risk Transfer The Company, through its wholly-owned subsidiary, PennyMac Corp. (“PMC”), entered into CRT Agreements with Fannie Mae, pursuant to which PMC, through subsidiary trust entities, sells pools of mortgage loans into Fannie Mae-guaranteed securitizations while retaining a portion of the credit risk underlying such mortgage loans in exchange for a portion of the contractual guarantee fee normally charged by Fannie Mae. 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. 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 Manager has concluded that the Company’s subsidiary trust entities are VIEs and 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 pledged cash. The pledged 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 Forward Purchase Agreements The Company entered into transactions whereby it agreed to purchase identified pools of mortgage loans and real estate at a later date while assuming all of the responsibilities for servicing the mortgage loans and the risks and rewards relating to holding such mortgage loans as of a cutoff date that is before the mortgage loans were purchased. All of the changes in the fair value and cash flows of the assets subject to forward purchase agreements were attributable solely to the Company, and such cash flows could only be used to settle the related liability. Such transactions are referred to as forward purchase agreements. Under forward purchase agreements, the assets are held by the seller within a separate trust entity. The Manager concluded that the Company was the primary beneficiary of those assets and therefore consolidated those assets and related liabilities in the separate trust entity. The Company’s interests in the assets subject to forward purchase agreements were deemed to be contractually segregated from all other interests in the trust entity. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consisted of the assets subject to forward purchase agreements and the related obligation to purchase the assets. The Company directed all of the activities that impacted the economic results of the assets subject to forward purchase agreements. The assets subject to forward purchase agreements are included in the notes to the consolidated financial statements as Real estate acquired in settlement of loans under forward purchase agreements Borrowings under forward purchase agreements Fair Value PMT groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and other inputs. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” financial statement items, the Manager is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these financial statement items and their fair values. Likewise, due to the general illiquidity of some of these financial statement items, subsequent transactions may be at values significantly different from those reported. The Manager reclassifies its financial statement items between levels of the fair value hierarchy when the inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the inputs required to establish fair value at a higher level of the hierarchy become available. Short-Term Investments Short-term investments are carried at fair value with changes in fair value recognized in current period income. Short-term investments represent deposit accounts. The Company categorizes its short-term investments as “Level 1” fair value financial statement items. Mortgage-Backed Securities and Agency Debt Securities The Company invests in Agency and non-Agency MBS. Purchases and sales of MBS and Agency debt are recorded as of the trade date. The Company’s investments in MBS and Agency debt securities are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method and are included in Interest income. Net gain (loss) on investments. Interest Income Recognition Interest income on MBS and Agency debt securities is recognized over the life of the security using the interest method. The Manager estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. The Manager updates its cash flow estimates monthly. Estimating cash flows requires a number of inputs that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), coupon interest rate, interest rate fluctuations, interest payment shortfalls due to delinquencies on the underlying mortgage loans, the likelihood of modification and the timing of the magnitude of credit losses on the mortgage loans underlying the securities. The Manager applies its judgment in developing its estimates. However, these uncertainties are difficult to predict; therefore, the outcome of future events will affect the timing and amount of interest income. Mortgage Loans Mortgage loans are carried at their fair values. Changes in the fair value of mortgage loans are recognized in current period income. Changes in fair value, other than changes in fair value attributable to accrual of unearned discounts and amortization of purchase premiums, are included in Net gain on investments Net gain on mortgage loans acquired for sale Interest income Sale Recognition The Company purchases from and sells mortgage loans into the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and liability under the representations and warranties it makes to purchasers and insurers of the mortgage loans. The Company recognizes transfers of mortgage loans as sales based on whether the transfer is made to a VIE: • For mortgage loans that are not transferred to a VIE, the Company recognizes the transfer as a sale when it surrenders control over the mortgage loans. Control over transferred mortgage loans is deemed to be surrendered when (i) the mortgage loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred mortgage loans, and (iii) the Company does not maintain effective control over the transferred mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific mortgage loans. • For mortgage loans that are transferred to a VIE, the Company recognizes the transfer as a sale when the Manager determines that the Company is not the primary beneficiary of the VIE, as the Company does not both have the power to direct the activities that will have the most significant economic impact on the VIE and does not hold a variable interest that could potentially be significant to the VIE. Interest Income Recognition The Company has the ability but not the intent to hold mortgage loans acquired for sale, mortgage loans at fair value excluding mortgage loans held in a VIE, and mortgage loans under forward purchase agreements, for the foreseeable future. Therefore, interest income on mortgage loans acquired for sale, mortgage loans at fair value excluding mortgage loans held in a VIE, and mortgage loans under forward purchase agreements is recognized over the life of the loans using their contractual interest rates. The Company has both the ability and intent to hold mortgage loans held in a VIE for the foreseeable future. Therefore, interest income on mortgage loans held in a variable interest entity is recognized over the estimated remaining life of the mortgage loans using the interest method. Unearned discounts and purchase premiums are accrued and amortized to interest income using the effective interest rate inherent in the estimated cash flows from the mortgage loans. Income recognition is suspended and the accrued unpaid interest receivable is reversed against interest income when mortgage loans become 90 days delinquent, or when, in the Manager’s opinion, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current. Excess Servicing Spread The Company has acquired the right to receive the ESS related to MSRs owned by PFSI. ESS is carried at its fair value. Changes in fair value are recognized in current period income in Net gain on investments Interest Income Recognition Interest income for ESS is accrued using the interest method, based upon the expected yield from the ESS through the expected life of the underlying mortgages. Changes to the expected interest yield result in a change in fair value which is recorded in Interest income Derivative Financial Instruments In its mortgage loan origination activities, the Company makes contractual commitments to mortgage loan applicants to originate mortgages at specified interest rates (“interest rate lock commitments” or “IRLCs”). These commitments are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans acquired for sale by entering into forward sale agreements to sell the resulting mortgage loans and by the purchase and sale of interest rate options and futures. Such agreements are also accounted for as derivative financial instruments. These instruments may also be used to manage the risk created by changes in interest rates on certain of the MBS and MSRs the Company holds. The Company classifies its IRLCs as “Level 3” fair value financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and from holding MBS, mortgage loans pending sale and MSRs as “Level 1” or “Level 2” fair value financial statement items. The Company enters into CRT Agreements whereby it retains a portion of the credit risk relating to mortgage loans it sells into Fannie Mae guaranteed securitizations in exchange for a portion of the contractual guarantee fee related to such securitizations. These investments are classified as “Level 3” fair value financial statement items. All other derivative financial instruments are used for risk management activities. The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the balance sheet at fair value with changes in fair value being reported in current period income. The fair value of the Company’s derivative financial instruments is included in Derivative assets Derivative liabilities Net gain on mortgage loans acquired for sale Net gain on investments Net mortgage loan servicing fees When the Company has master netting agreements with its derivatives counterparties, the Company nets its counterparty positions along with any cash collateral received from or delivered to the counterparty. Real Estate Acquired in Settlement of Loans REO is measured at the lower of the acquisition cost of the property (as measured by cost in the case of purchased REO; or the fair value of the mortgage loan immediately before REO acquisition in the case of acquisition in settlement of a loan) or its fair value reduced by estimated costs to sell. The Company categorizes REO as a “Level 3” fair value financial statement item. Changes in fair value to levels that are less than or equal to acquisition cost and gains or losses on sale of REO are recognized in the consolidated statements of income under the caption Results of real estate acquired in settlement of loans Mortgage Servicing Rights MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company is obligated to provide mortgage loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting mortgage loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition and disposition of REO. The Company has engaged PFSI to provide these services on its behalf. The Company recognizes MSRs initially at their fair values, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs. The precise fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings. Therefore, the Company categorizes its MSRs as “Level 3” fair value financial statement items. The fair value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee of generally 0.250% annually on the remaining outstanding principal balances of conventional mortgage loans. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges and collateral reconveyance charges and the Company is generally entitled to retain any interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments. The Company accounts for MSRs at either the asset’s fair value with changes in fair value recorded in current period earnings or using the amortization method with the MSRs carried at the lower of amortized cost or fair value based on the class of MSR. The Company has identified two classes of MSRs: originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; and MSRs backed by mortgage loans with initial interest rates of more than 4.5%. 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. MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income. MSRs Accounted for Using the MSR Amortization Method The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the projected total remaining net MSR cash flows. The estimated total net MSR cash flows are estimated at the beginning of each month using prepayment inputs applicable at that time. The Company assesses MSRs accounted for using the amortization method for impairment monthly. Impairment occurs when the current fair value of the MSR falls below the asset’s amortized cost. If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the fair value of impaired MSRs subsequently increases, the Company recognizes the increase in fair value in current-period earnings and adjusts the carrying value of the MSRs through a reduction in the valuation allowance to adjust the carrying value only to the extent of the valuation allowance. The Company stratifies its MSRs by risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including mortgage loan type (fixed-rate or adjustable-rate) and note interest rate. Fixed-rate mortgage loans are stratified into note interest rate pools of 50 basis points for note interest rates between 3.0% and 4.5% and a single pool for note interest rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note interest rate pools is below the carrying value (carrying value is amortized cost reduced by a valuation allowance) of the MSRs for that pool, impairment is recognized to the extent of the difference between the fair value and the existing carrying value for that pool. The Manager periodically reviews the various impairment strata to determine whether the fair value of the impaired MSRs in a given stratum is likely to recover in the foreseeable future. When the Manager deems recovery of the fair value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance. Amortization and impairment of MSRs are included in current period income as a component of Net mortgage loan servicing fees MSRs Accounted for at Fair Value Changes in fair value of MSRs accounted for at fair value are recognized in current period income as a component of Net mortgage loan servicing fees Servicing Advances Servicing advances represent advances made on behalf of borrowers and the mortgage loans’ investors to fund delinquent balances for property tax and insurance premiums and out of pocket collection costs (e.g., preservation and restoration of mortgaged property or real estate acquired in settlement of loans, legal fees, appraisals and insurance premiums). Servicing advances are made in accordance with the Company’s servicing agreements and, when made, are deemed recoverable. The Company periodically reviews servicing advances for collectability. Servicing advances are written off when they are deemed uncollectible. Borrowings Borrowings, other than Asset - backed financing of a VIE at fair value Interest Asset-backed financing of a VIE at Fair Value The certificates issued to nonaffiliates by the Company relating to the asset-backed financing are recorded as borrowings. Certificates issued to nonaffiliates have the right to receive principal and interest payments of the mortgage loans held by the consolidated VIE. Asset-backed financings of the VIE are carried at fair value. Changes in fair value are recognized in current period income as a component of Net gain on investments Liability for Losses Under Representation and Warranties The Company’s agreements with the Agencies and other investors include representations and warranties related to the mortgage loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor origination and underwriting guidelines, including but not limited to the validity of the lien securing the mortgage loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender. The Company records a provision for losses relating to representations and warranties as part of its mortgage loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and mortgage loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent mortgage loan seller. The Company establishes a liability at the time mortgage loans are sold and periodically updates its liability estimate. The level of the liability for representations and warranties is reviewed and approved by the Manager’s management credit committee. The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying mortgage loans. The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Manager believes that the current unpaid principal balance of mortgage loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. The Manager believes the range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with the Company’s share offerings are reflected as a reduction of additional paid-in capital. Contingent offering costs that are deemed by the Manager as probable of being paid are recorded as a reduction of additional paid-in capital. Loan Servicing Fees Mortgage loan servicing fees and other remuneration are received by the Company for servicing mortgage loans. Mortgage loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Mortgage loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio. Mortgage loan servicing fees are deemed to be earned when they are collected. Share-Based Compensation The Company amortizes the fair value of previously granted share-based awards to compensation expense over the vesting period using the graded vesting method. Expense relating to share-based awards is included in Compensation The initial cost of restricted share units awarded is established at the Company’s closing share price on the date of the award. The Company adjusts the cost of its share-based compensation awards depending on whether the awards are made to its trustees and officers or to non-employees such as officers and employees of affiliates: • Compensation cost is generally fixed at the fair value of the award date for awards to officers and trustees of the Company. • Compensation cost for share-based compensation awarded to employees of the Manager is adjusted to reflect changes in the fair value of awards in each subsequent reporting period until the award has vested, the service being provided is subsequently completed, or, under certain circumstances, is likely to be completed, whichever occurs first. The Manager’s estimates of compensation costs reflect the expected portion of share-based compensation awards that are expected to vest. Income Taxes The Company has elected to be taxed as a REIT and the Manager believes the Company complies with the provisions of the Internal Revenue Code applicable to REITs. Accordingly, the Manager believes the Company will not be subject to federal income tax on that portion of its REIT taxable income that is distributed to shareholders as long as certain asset, income and share ownership tests are met. If PMT fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to income taxes and may be precluded from qualifying as a REIT for the four tax years following the year of loss of the Company’s REIT qualification. The Company’s taxable REIT subsidiaries are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which the Manager expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. A valuation allowance is establis

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 4—Transactions with Related Parties Operating Activities Correspondent Production Before February 1, 2013, the Company paid PFSI a fulfillment fee of 50 basis points of the unpaid principal balance of mortgage loans sold to nonaffiliates where the Company is approved or licensed to sell to such nonaffiliate. Effective February 1, 2013, the mortgage banking and warehouse services agreement provides for a fulfillment fee paid to PFSI based on the type of mortgage loan that the Company acquires. The fulfillment fee is equal to a percentage of the unpaid principal balance of mortgage loans purchased by the Company, with the addition of potential fee rate discounts applicable to the Company’s monthly purchase volume in excess of designated thresholds. PFSI has also agreed to provide such services exclusively for the Company’s benefit, and PFSI and its affiliates are prohibited from providing such services for any other party. PFSI is entitled to a fulfillment fee based on the type of mortgage loan that the Company acquires and equal to a percentage of the unpaid principal balance of such mortgage loan. Presently, the applicable percentages are (i) 0.50% for conventional mortgage loans, (ii) 0.88% for loans sold in accordance with the Ginnie Mae Mortgage-Backed Securities Guide, and (iii) 0.50% for all other mortgage loans not contemplated above; provided, however, that PFSI may, in its sole discretion, reduce the amount of the applicable fulfillment fee and credit the amount of such reduction to the reimbursement otherwise due as described below. This reduction may only be credited to the reimbursement applicable to the month in which the related mortgage was funded. The Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae MBS and act as a servicer. Accordingly, under the mortgage banking and warehouse services agreement, PFSI currently purchases loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide “as is” and without recourse of any kind from the Company at cost less any administrative fees paid by the Correspondent to PMT plus accrued interest and a sourcing fee of three basis points. In the event that the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion, PFSI has agreed to discount the amount of such fulfillment fees by reimbursing PMT an amount equal to the product of (i) 0.025%, (ii) the amount of unpaid principal balance in excess of $2.5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PFSI collected fulfillment fees in such month. In the event the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $5 billion, PFSI has agreed to further discount the amount of fulfillment fees by reimbursing the Company an amount equal to the product of (i) 0.05%, (ii) the amount of unpaid principal balance in excess of $5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PFSI collected fulfillment fees in such month. In consideration for the mortgage banking services provided by PFSI with respect to the Company’s acquisition of mortgage loans under PFSI’s early purchase program, PFSI is entitled to fees accruing (i) at a rate equal to $1,500 per annum per early purchase facility, and (ii) in the amount of $35 for each mortgage loan that the Company acquires. In consideration for the warehouse services provided by PFSI with respect to mortgage loans that the Company finances for its warehouse lending clients, with respect to each facility, PFSI is entitled to fees accruing (i) at a rate equal to $40,000 per annum for each of the first twenty (20) warehouse lending facilities active in any month and $10,000 per annum for each additional warehouse lending facility active in any month, and (ii) in the amount of $50 with respect to each mortgage loan that the Company finances thereunder. Where the Company has entered into both an early purchase agreement and a warehouse lending agreement with the same client, PFSI shall only be entitled, with respect to any mortgage loan that becomes subject to both such agreements, to the $50 per mortgage loan fee provided under the warehouse lending agreement. The term of the mortgage banking and warehouse services agreement expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the agreement. Following is a summary of correspondent production activity between the Company and PLS: Year ended December 31, 2015 2014 2013 (in thousands) Fulfillment fees earned by PLS $ 58,607 $ 48,719 $ 79,712 Unpaid principal balance of loans fulfilled by PLS $ 14,014,603 $ 11,476,448 $ 15,225,153 Sourcing fees received from PLS $ 8,966 $ 4,676 $ 4,611 Unpaid principal balance of loans sold to PLS $ 29,867,580 $ 15,579,322 $ 15,366,378 Purchases of mortgage loans acquired for sale at fair value from PLS $ 28,445 $ 8,082 $ 12,339 Tax service fee to paid to PLS $ 4,390 $ 2,080 $ — Mortgage banking and warehouse services fees paid to PLS $ — $ — $ 313 At year end: Mortgage loans included in Mortgage loans acquired for sale $ 669,288 $ 209,325 $ 112,360 Mortgage Loan Servicing The Company, through its Operating Partnership, has a loan servicing agreement with PLS. Before February 1, 2013, the servicing fee rates were based on the risk characteristics of the mortgage loans serviced and total servicing compensation was established at levels that the Manager believed were competitive with those charged by other servicers or specialty servicers, as applicable. • Servicing fee rates for nonperforming loans ranged between 50 and 100 basis points per year on the unpaid principal balance of the mortgage loans serviced on the Company’s behalf. PLS was also entitled to certain customary market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial accounts. In the event PLS either effected a refinancing of a loan on the Company’s behalf and not through a third-party lender and the resulting loan was readily saleable, or originated a loan to facilitate the disposition of real estate that the Company had acquired in settlement of a loan, PLS was entitled to receive market-based fees and compensation from the Company. • For mortgage loans serviced by the Company as a result of acquisitions and sales with servicing rights retained in connection with the Company’s correspondent production business, PLS was entitled to base subservicing fees and other customary market-based fees and charges as described above. Effective February 1, 2013, the servicing agreement was amended to provide for servicing fees earned by PLS that changed from being based on a percentage of the mortgage loan’s unpaid principal balance to fixed per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced mortgage loan or the REO. PLS also remains entitled to market-based fees and charges including boarding and deboarding, liquidation and disposition fees, assumption, modification and origination fees and late charges relating to mortgage loans it services for the Company. • The base servicing fees for distressed mortgage loans are calculated based on a monthly per-loan dollar amount, with the actual dollar amount for each mortgage loan based on the delinquency, bankruptcy and/or foreclosure status of such mortgage loan or the related underlying real estate. Presently, the base servicing fees for distressed mortgage loans range from $30 per month for current mortgage loans up to $125 per month for mortgage loans that are severely delinquent and in foreclosure. • The base servicing fees for non-distressed mortgage loans subserviced by PLS on the Company’s behalf are also calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the mortgage loan is a fixed-rate or adjustable-rate loan. The base servicing fees for loans subserviced on the Company’s behalf are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable rate mortgage loans. To the extent that these loans become delinquent, PLS is entitled to an additional servicing fee per mortgage loan ranging from $10 to $75 per month based on the delinquency, bankruptcy and foreclosure status of the mortgage loan or the related underlying real estate. PLS is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees. • PLS is required to provide a range of services and activities significantly greater in scope than the services provided in connection with a customary servicing arrangement because the Company does not have any employees or infrastructure. For these services, PLS received a supplemental fee of $25 per month for each distressed whole loan and, through August 31, 2015, a fee of $3.25 per month for each subserviced mortgage loan; provided, however, that from and after January 1, 2014, the aggregate supplemental servicing fees for all mortgage loans that were owned by a third-party investor and with respect to which the Company had acquired the related servicing rights (and that are not distressed whole loans) did not exceed $700,000 in any fiscal quarter. Effective September 1, 2015, the servicing agreement was amended to discontinue such supplemental servicing fee in recognition of the increased size of the Company’s mortgage loan servicing portfolio. PLS is entitled to reimbursement for all customary, good faith reasonable and necessary out-of-pocket expenses incurred in performance of its servicing obligations. • PLS, on behalf of the Company, currently participates in the Home Affordable Modification Program (“HAMP”) of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (“HUD”) (and other similar mortgage loan modification programs). HAMP establishes standard loan modification guidelines for “at risk” homeowners and provides incentive payments to certain participants, including loan servicers, for achieving modifications and successfully remaining in the program. The loan servicing agreement entitles PLS to retain any incentive payments made to it and to which it is entitled under HAMP; provided, however, that with respect to any such incentive payments paid to PLS under HAMP in connection with a mortgage loan modification for which the Company previously paid PLS a modification fee, PLS shall reimburse the Company an amount equal to the incentive payments. The term of the servicing agreement, as amended, expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the servicing agreement. Pursuant to the terms of an MSR recapture agreement, effective February 1, 2013, if PFSI refinances through its consumer direct lending business mortgage loans for which the Company previously held the MSRs, PFSI is generally required to transfer and convey to one of the Company’s wholly-owned subsidiaries without cost to the Company, the MSRs with respect to new mortgage loans originated in those refinancings (or, under certain circumstances, other mortgage loans) that have an aggregate unpaid principal balance that is not less than 30% of the aggregate unpaid principal balance of all the loans so originated. Where the fair value of the aggregate MSRs to be transferred for the applicable month is less than $200,000, PFSI may, at its option, pay cash to PMT in an amount equal to such fair value instead of transferring such MSRs. MSR recapture amounts are shown in Note 29— Net loan servicing fees Following is a summary of mortgage loan servicing fees earned by PLS and MSR recapture income earned from PLS: Year ended December 31, 2015 2014 2013 (in thousands) Mortgage Loan servicing fees Mortgage loans acquired for sale at fair value: Base $ 260 $ 103 $ 262 Activity-based 371 149 300 631 252 562 Mortgage loans at fair value: Distressed mortgage loans Base 16,123 18,953 16,458 Activity-based 12,437 19,608 11,814 28,560 38,561 28,272 Mortgage loans held in VIE Base 125 110 — Activity-based — — — 125 110 — MSRs: Base 16,786 13,405 10,274 Activity-based 321 194 305 17,107 13,599 10,579 $ 46,423 $ 52,522 $ 39,413 MSR recapture income recognized $ 787 $ 9 $ 709 Average investment in: Mortgage loans acquired for sale at fair value $ 1,143,232 $ 573,256 $ 899,971 Distressed mortgage loans $ 2,231,259 $ 2,121,806 $ 1,660,866 Mortgage loans held in a VIE $ 494,655 $ 533,480 $ 135,667 Average mortgage loan servicing portfolio $ 38,450,379 $ 30,720,168 $ 19,634,411 Management Fees Before February 1, 2013, under a management agreement, PMT paid PCM a base management fee which was calculated at 1.5% per year of shareholders’ equity. The management agreement also provided for a performance incentive fee. The performance incentive fee was calculated at 20% per year of the amount by which “core earnings,” on a rolling four-quarter basis and before the incentive fee, exceeded an 8% “hurdle rate” as defined in the management agreement. The Company did not incur a performance incentive fee before February 1, 2013. Effective February 1, 2013, the management agreement was amended to provide that: • The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of average shareholders’ equity up to $2 billion, (ii) 1.375% per year of average shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of average shareholders’ equity in excess of $5 billion. • The performance incentive fee is calculated at a defined annualized percentage of the amount by which “net income,” on a rolling four-quarter basis and before deducting the incentive fee, exceeds certain levels of return on “equity.” The performance incentive fee is calculated quarterly and is equal to: (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark. For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss computed in accordance with GAAP and certain other non-cash charges determined after discussions between PCM and PMT’s independent trustees and after approval by a majority of PMT’s independent trustees. “Equity” is the weighted average of the issue price per common share of all of PMT’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the rolling four-quarter period. The “high watermark” is the quarterly adjustment that reflects the amount by which the net income (stated as a percentage of return on equity) in that quarter exceeds or falls short of the lesser of 8% and the Fannie Mae MBS yield (the target yield) for such quarter. The “high watermark” starts at zero and is adjusted quarterly. If the net income is lower than the target yield, the high watermark is increased by the difference. If the net income is higher than the target yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for PCM to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s net income over (or under) the target yield, until the net income in excess of the target yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned. The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at the Company’s option. Following is a summary of the base management and performance incentive fees payable to PCM recorded by the Company: Year ended December 31, 2015 2014 2013 (in thousands) Base $ 22,851 $ 23,330 $ 19,644 Performance incentive 1,343 11,705 12,766 $ 24,194 $ 35,035 $ 32,410 In the event of termination of the management agreement between the Company and PFSI, PFSI may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PFSI, in each case during the 24-month period before termination. The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates (1) $ 10,742 $ 10,850 $ 10,989 Expenses incurred on the Company’s behalf 582 792 4,638 $ 11,324 $ 11,642 $ 15,627 Payments and settlements during the year (2) $ 99,967 $ 99,987 $ 121,230 (1) For the year ended December 31, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $1.6 million of overhead expenses that otherwise would have been allocable to the Company. On December 15, 2015, the Company amended its management agreement to provide that the total costs and expenses incurred by PFSI in any quarter and reimbursable by the Company is capped at an amount equal to the product of (A) 70 basis points (0.0070), multiplied by (B) shareholders’ equity (as defined in the management agreement) as of the last day of such quarter, divided by four (4). (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: December 31, 2015 December 31, 2014 (in thousands) ESS remittances $ 7,241 $ — Management fees 5,670 8,426 Servicing fees 3,682 3,457 Fulfillment fees 1,082 506 Conditional Reimbursement 900 1,136 Allocated expenses 390 6,582 Unsettled purchases of ESS — 3,836 $ 18,965 $ 23,943 Amounts due from PCM and its affiliates totaled $8.8 million and $6.6 million at December 31, 2015 and December 31, 2014, respectively, which represent payments receivable relating to cash flows from the Company’s investment in ESS and amounts receivable relating to unsettled ESS and MSR recapture. PFSI held 75,000 of the Company’s common shares at both December 31, 2015 and December 31, 2014. Investment Activities Excess Servicing Spread Pursuant to three master spread acquisition and MSR servicing agreements, effective February 1, 2013, December 19, 2014 and April 30, 2015, PMT may acquire from PFSI the rights to receive certain ESS arising from MSRs acquired by PFSI, in which case PFSI generally would be required to service or subservice the related mortgage loans. The terms of each transaction under each master spread acquisition and MSR servicing agreement will be subject to the terms of such agreement as modified and supplemented by the terms of a confirmation executed in connection with such transaction. Following is a summary of investment activities between the Company and PFSI: Year ended December 31, 2015 2014 2013 (in thousands) ESS: Purchases $ 271,554 $ 99,728 $ 139,028 Repayments $ 78,578 $ 39,257 $ 4,076 Interest income $ 25,365 $ 13,292 $ 1,091 ESS received pursuant to a recapture agreement $ 6,728 $ 7,343 $ — Net gain (loss): Valuation changes $ (3,810 ) $ (28,662 ) $ 2,423 Recapture income recognized 7,049 7,828 — $ 3,239 $ (20,834 ) $ 2,423 Financing Activities PLS is a party to a repurchase agreement between it and Credit Suisse First Boston Mortgage Capital LLC (“CSFB”) (the “MSR Repo”), pursuant to which PLS finances Ginnie Mae MSRs and servicing advance receivables and pledges to CSFB all of its rights and interests in any Ginnie Mae MSRs it owns or acquires, and a separate acknowledgement agreement with respect thereto, by and among Ginnie Mae, CSFB and PLS. Note Payable to PLS In connection with the MSR Repo described above, the Company entered into an underlying loan and security agreement with PLS, dated as of April 30, 2015, pursuant to which the Company may borrow up to $150 million from PLS for the purpose of financing its investment in ESS (the “Underlying LSA”). In order to secure its borrowings, the Company pledged its ESS to PLS under the Underlying LSA, and PLS, in turn, re-pledged such ESS to CSFB under the MSR Repo. The principal amount of the borrowings under the Underlying LSA is based upon a percentage of the market value of the ESS pledged to PLS, subject to the $150 million sublimit described above. Pursuant to the Underlying LSA, the Company granted to PLS a security interest in all of its right, title and interest in, to and under the ESS pledged to secure the borrowings. The Company agreed with PLS in connection with the Underlying LSA that the Company is required to repay PLS the principal amount of borrowings plus accrued interest to the date of such repayment, and PLS, in turn, is required to repay CSFB the corresponding amount under the MSR Repo. Interest accrued on the Company’s note relating to the Underlying LSA at a rate based on CSFB’s cost of funds under the MSR Repo. The Company was also required to pay PLS a fee for the structuring of the Underlying LSA in an amount equal to the portion of the corresponding fee paid by PLS to CSFB and allocable to $150 million relating to the ESS financing. Conditional Reimbursement In connection with the initial public offering of PMT’s common shares (“IPO”) on August 4, 2009, the Company entered into an agreement with PCM pursuant to which the Company agreed to reimburse PCM for the $2.9 million payment that it made to the IPO underwriters if the Company satisfied certain performance measures over a specified period of time (the “Conditional Reimbursement”). Effective February 1, 2013, the Company amended the terms of the reimbursement agreement to provide for the reimbursement of PCM of the Conditional Reimbursement if the Company is required to pay PCM performance incentive fees under the management agreement at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement of the Conditional Reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million and the maximum amount that may be reimbursed under the agreement is $2.9 million. Also in connection with its IPO, the Company has also agreed to pay the IPO underwriters an amount to which it agreed at the time of the offering if the Company satisfies certain performance measures over a specified period. As PCM earns performance incentive fees under the management agreement, such underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. In the event the termination fee is payable to PCM under the management agreement and PCM and the underwriters have not received the full amount of the reimbursements and payments under the reimbursement agreement, such amount will be paid in full. The term of the reimbursement agreement expires on February 1, 2019. Following is a summary of financing activities between the Company and PFSI: Year ended December 31, 2015 2014 (in thousands) Note payable: Advances $ 168,546 $ — Repayments $ 18,546 $ — Interest expense $ 3,343 $ — Conditional reimbursements paid to PCM $ 237 $ 860

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 5—Earnings Per Share The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the year. 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 years in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive. The following table summarizes the basic and diluted earnings per share calculations: Year ended December 31, 2015 2014 2013 (in thousands except per share amounts) Basic earnings per share: Net income $ 90,100 $ 194,544 $ 200,190 Effect of participating securities—share-based compensation awards (1,689 ) (1,830 ) (1,751 ) Net income attributable to common shareholders $ 88,411 $ 192,714 $ 198,439 Diluted earnings per share: Net income attributable to common shareholders $ 88,411 $ 194,544 $ 200,190 Interest on Exchangeable Notes, net of income taxes 8,468 8,456 5,556 Net income attributable to diluted shareholders $ 96,879 $ 203,000 $ 205,746 Weighted-average basic shares outstanding 74,446 73,495 63,426 Potentially dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 8,418 5,647 Shares issuable under share-based compensation plan 423 298 375 Diluted weighted-average number of shares outstanding 83,336 82,211 69,448 Basic earnings per share $ 1.19 $ 2.62 $ 3.13 Diluted earnings per share $ 1.16 $ 2.47 $ 2.96 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	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loan Sales and Variable Interest Entities	Note 6—Loan Sales and Variable Interest Entities The Company is a variable interest holder in various special purpose entities that relate to its loan transfer and financing activities. These entities are classified as VIEs. The Company has segregated its involvement with VIEs between those VIEs which the Company does not consolidate and those VIEs which the Company consolidates. Unconsolidated VIEs with Continuing Involvement The following table summarizes cash flows between the Company and transferees in transfers that are accounted for as sales where PMT maintains continuing involvement with the mortgage loans, as well as unpaid principal balance information at year end: Year ended December 31, 2015 2014 2013 (in thousands) Cash flows: Proceeds from sales $ 14,206,816 $ 11,703,015 $ 15,818,582 Servicing fees received (1) $ 97,633 $ 70,294 $ 51,712 Year end information: Unpaid principal balance of: Mortgage loans outstanding $ 42,300,338 $ 34,161,360 $ 25,792,933 Delinquent mortgage loans: 30-89 days delinquent $ 175,599 $ 110,176 $ 68,156 90 or more days delinquent Not in foreclosure or bankruptcy 38,669 25,418 7,941 In foreclosure or bankruptcy 31,386 13,172 5,434 70,055 38,590 13,375 $ 245,654 $ 148,766 $ 81,531 (1) Net of guarantee fees. Consolidated VIEs Jumbo Mortgage Loan Financing On September 30, 2013, the Company completed a securitization transaction in which PMT Loan Trust 2013-J1, a VIE, issued $537.0 million in UPB of certificates backed by fixed-rate prime jumbo mortgage loans, at a 3.9% weighted yield. The Company retained $366.8 million of those certificates. During the year ended December 31, 2015, the Company sold an additional $85.2 million in UPB of certificates issued under PMT Loan Trust 2013-J1, thereby reducing the certificates retained by the Company to $238.8 million in UPB as of December 31, 2015. The VIE was consolidated by the Company as PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance. Further, the retained subordinated and residual interest trust certificates expose the Company to significant losses and returns that could potentially be significant to the VIE. CRT Agreements The Company enters into CRT Agreements whereby it retains a portion of the credit risk relating to mortgage loans it sells into Fannie Mae guaranteed securitizations in exchange for a portion of the contractual guarantee fee related to such securitizations. Following is a summary of the CRT Agreements: Year ended (in thousands) During the year: Unpaid principal balance of mortgage loans transferred and sold under CRT Agreements $ 4,602,507 Deposits of restricted cash to secure guarantees $ 147,446 Gains (losses) recognized on derivative related to CRT Agreements Realized $ 1,831 Resulting from valuation changes (1,238 ) $ 593 Payments made to settle losses $ — At year end: Unpaid principal balance of mortgage loans subject to guarantee obligation $ 4,546,265 Delinquency Current - 89 days delinquent $ 4,546,265 90 - or more days delinquent — Carrying value of CRT Agreements: Restricted cash included in Other $ 147,000 Net derivative assets included in Derivative $ 593

Netting of Financial Instrument

Netting of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Netting of Financial Instruments	Note 7—Netting of Financial Instruments The Company uses derivative financial instruments to manage exposure to interest rate risk created by its MBS, 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 consolidated balance sheets at fair value. The Company has elected to net derivative asset and liability positions, and cash collateral obtained (or posted) from (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 December 31, 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. December 31, 2015 December 31, 2014 Gross Gross Net Gross Gross Net (in thousands) Derivatives subject to master netting arrangements: MBS put options $ 93 $ — $ 93 $ 374 $ — $ 374 MBS call options — — — — — — Forward purchase contracts 2,444 — 2,444 3,775 — 3,775 Forward sale contracts 2,604 — 2,604 52 — 52 Put options on interest rate futures 1,512 — 1,512 193 — 193 Call options on interest rate futures 1,156 — 1,156 3,319 — 3,319 Netting — (3,300 ) (3,300 ) — (2,284 ) (2,284 ) 7,809 (3,300 ) 4,509 7,713 (2,284 ) 5,429 Derivatives not subject to master netting arrangements: Net derivatives related to CRT Agreements 593 — 593 — — — Interest rate lock commitments 4,983 — 4,983 5,678 — 5,678 $ 13,385 $ (3,300 ) $ 10,085 $ 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. December 31, 2015 December 31, 2014 Gross amounts Gross amounts Net amount of assets presented balance sheet Financial Cash Net Net amount balance sheet Financial Cash Net (in thousands) Interest rate lock commitments $ 4,983 $ — $ — $ 4,983 $ 5,678 $ — $ — $ 5,678 RJ O’Brien & Associates, LLC 1,672 — — 1,672 3,034 — — 3,034 Barclays Capital 796 — — 796 — — — — Jefferies Group, LLC 541 — — 541 133 — — 133 Morgan Stanley Bank, N.A. 464 — — 464 104 — — 104 Ally Financial 209 — — 209 — — — — Royal Bank of Canada 400 — — 400 — — — — Nomura Securities International, Inc 119 — — 119 138 — — 138 Daiwa Capital Markets 63 — — 63 29 — — 29 Deutsche Bank 6 — — 6 124 — — 124 Bank of America, N.A. — — — — 738 — — 738 Credit Suisse First Boston Mortgage Capital LLC — — — — 253 — — 253 Other 832 — — 832 876 — — 876 Total $ 10,085 $ — $ — $ 10,085 $ 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. December 31, 2015 December 31, 2014 Gross Gross amounts Net Gross Gross Net (in thousands) Derivatives subject to master netting arrangements: Forward purchase contracts $ 3,774 $ — $ 3,774 $ 34 $ — $ 34 Forward sales contracts 2,680 — 2,680 6,649 — 6,649 Put options on interest rate futures 39 — 39 — — — Call options on interest rate futures 305 — 305 — — — Treasury futures sales contracts — — — 478 — 478 Netting — (3,978 ) (3,978 ) — (4,748 ) (4,748 ) 6,798 (3,978 ) 2,820 7,161 (4,748 ) 2,413 Derivatives not subject to master netting arrangements: Interest rate lock commitments 337 — 337 17 — 17 7,135 (3,978 ) 3,157 7,178 (4,748 ) 2,430 Assets sold under agreements to repurchase 3,130,328 — 3,130,328 2,730,130 — 2,730,130 Unamortized commitment fees and issuance cost (1,548 ) — (1,548 ) (1,103 ) — (1,103 ) 3,128,780 — 3,128,780 2,729,027 — 2,729,027 $ 3,135,915 $ (3,978 ) $ 3,131,937 $ 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. December 31, 2015 December 31, 2014 Gross amounts Gross amounts Net amount Financial Cash Net Net amount Financial Cash Net (in thousands) Interest rate lock commitments $ 337 $ — $ — $ 337 $ 17 $ — $ — $ 17 Credit Suisse First Boston Mortgage Capital LLC 893,947 (893,854 ) — 93 966,155 (966,155 ) — — Citibank 817,089 (816,699 ) — 390 797,851 (797,663 ) — 188 Bank of America, N.A. 538,755 (538,515 ) — 240 508,908 (508,908 ) — — JPMorgan Chase & Co. 467,427 (467,145 ) — 282 — — — — Morgan Stanley Bank, N.A. 214,086 (214,086 ) — — 121,975 (121,975 ) — — Daiwa Capital Markets 165,480 (165,480 ) — — 126,909 (126,909 ) — — Barclays Capital 24,346 (24,346 ) — — — — — — BNP Paribas Corporate & Institutional Bank 10,203 (10,203 ) — — — — — — Fannie Mae Capital Markets 924 — — 924 102 — — 102 Goldman Sachs 819 — — 819 — — — — RBS Securities — — — — 208,520 (208,520 ) — — Other 72 — — 72 2,123 — — 2,123 Unamortized commitment fees and issuance cost (1,548 ) 1,548 — — (1,103 ) 1,103 — — Total $ 3,131,937 $ (3,128,780 ) $ — $ 3,157 $ 2,731,457 $ (2,729,027 ) $ — $ 2,430

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value	Note 8—Fair Value The Company’s consolidated financial statements include assets and liabilities that are measured based on their fair values. Measurement at fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Manager has elected to carry the item at its fair value as discussed in the following paragraphs. Fair Value Accounting Elections The Manager identified all of 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 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 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: December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 41,865 $ — $ — $ 41,865 Mortgage-backed securities at fair value — 322,473 — 322,473 Mortgage loans acquired for sale at fair value — 1,283,795 — 1,283,795 Mortgage loans at fair value — 455,394 2,100,394 2,555,788 Excess servicing spread purchased from PFSI — — 412,425 412,425 Derivative assets: Interest rate lock commitments — — 4,983 4,983 MBS put options — 93 — 93 Forward purchase contracts — 2,444 — 2,444 Forward sales contracts — 2,604 — 2,604 Put options on interest rate futures 1,512 — — 1,512 Call options on interest rate futures 1,156 — — 1,156 CRT Agreements — — 593 593 Total derivative assets before netting before netting 2,668 5,141 5,576 13,385 Netting — — — (3,300 ) Total derivative assets after netting 2,668 5,141 5,576 10,085 Mortgage servicing rights at fair value — — 66,584 66,584 $ 44,533 $ 2,066,803 $ 2,584,979 $ 4,693,015 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 247,690 $ — $ 247,690 Derivative liabilities: Interest rate lock commitments — — 337 337 Put options on interest rate futures 39 — — 39 Call options on interest rate futures 305 — — 305 Forward purchase contracts — 3,774 — 3,774 Forward sales contracts — 2,680 — 2,680 Total derivative liabilities before netting 344 6,454 337 7,135 Netting — — — (3,978 ) Total derivative liabilities after netting 344 6,454 337 3,157 $ 44,877 $ 2,073,257 $ 2,585,316 $ 4,696,172 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 — — — (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 financing of the VIE 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 — — — (4,748 ) Total derivative liabilities after netting 478 6,683 17 2,430 $ 478 $ 172,603 $ 17 $ 168,350 The following is a summary of changes in items measured using Level 3 inputs on a recurring basis: Year ended December 31, 2015 Mortgage at fair value Excess Interest rate lock commitments (1) Net derivative related to CRT Mortgage Total (in thousands) Assets: Balance, December 31, 2014 $ 2,199,583 $ 191,166 $ 5,661 $ — $ 57,358 $ 2,453,768 Purchases and issuances 241,981 271,554 — — 2,335 515,870 Repayments and sales (218,585 ) (78,578 ) — — — (297,163 ) Capitalization of interest 57,754 25,365 — — — 83,119 ESS received pursuant to a recapture agreement with PFSI — 6,728 — — — 6,728 Interest rate lock commitments issued, net — — 50,536 — — 50,536 Servicing received as proceeds from sales of mortgage loans — — — — 13,963 13,963 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 42,267 — — — — 42,267 Other factors 38,866 (3,810 ) (12,811 ) 593 (7,072 ) 15,766 81,133 (3,810 ) (12,811 ) 593 (7,072 ) 58,033 Transfers of mortgage loans to REO (285,331 ) — — — — (285,331 ) Transfers of mortgage loans at fair value from “Level 2” to “Level 3” (2) 23,859 — — — — 23,859 Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (38,740 ) — — (38,740 ) Balance, December 31, 2015 $ 2,100,394 $ 412,425 $ 4,646 $ 593 $ 66,584 $ 2,584,642 Changes in fair value recognized during the period relating to assets still held at December 31, 2015 $ 77,867 $ (3,810 ) $ 4,646 $ 593 $ (7,072 ) $ 72,224 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. (2) During the year ended December 31, 2015, the Manager identified certain “Level 2” mortgage loans that were not salable into the prime mortgage market and therefore transferred them to “Level 3”. Year ended December 31, 2014 Mortgage at fair value Mortgage under forward Excess 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 554,604 1,386 99,728 — — 655,718 Repayments and sales (572,586 ) (6,413 ) (39,257 ) — (139 ) (618,395 ) Accrual of interest — — 13,292 — — 13,292 ESS received pursuant to a recapture agreement with PFSI — — 7,342 — — 7,342 Interest rate lock commitments issued, net — — — 56,367 — 56,367 Capitalization of interest 65,050 1,800 — — — 66,850 Sales — — — — — — Servicing received as proceeds from sales of mortgage loans — — — — 47,693 47,693 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 34,785 1,815 — — — 36,600 Other factors 179,896 (1,012 ) (28,662 ) 17,326 (16,648 ) 150,900 214,681 803 (28,662 ) 17,326 (16,648 ) 187,500 Transfers of mortgage loans under forward purchase agreements to mortgage loans 205,902 (205,902 ) — — — — Transfers of mortgage loans to REO (344,733 ) — — — — (344,733 ) Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements — (9,802 ) — — — (9,802 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — (69,281 ) — (69,281 ) Balance, December 31, 2014 $ 2,199,583 $ — $ 191,166 $ 5,661 $ 57,358 $ 2,453,768 Changes in fair value recognized during the period relating to assets still held at December 31, 2014 $ 134,724 $ — $ (28,662 ) $ 5,661 $ (16,648 ) $ 95,075 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Year ended December 31, 2013 Mortgage at fair value Agency Mortgage loans Excess Net interest rate lock Mortgage Total (in thousands) Assets: Balance, December 31, 2012 $ 1,189,971 $ — $ — $ — $ 19,479 $ 1,346 $ 1,210,796 Purchases 1,063,162 12,000 246,525 139,028 — 1,419 1,462,134 Repayments and sales (255,210 ) (13,725 ) (15,319 ) (4,076 ) — — (288,330 ) Capitalization of interest 43,481 — — 1,348 — — 44,829 ESS received pursuant to a recapture agreement with PFSI — — — — — — Interest rate lock commitments issued, net — — — — 83,515 — 83,515 Servicing received as proceeds from sales of mortgage loans — — — — — 23,071 23,071 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 44,018 — 2,305 — — — 46,323 Other factors 153,639 1,725 9,415 2,423 (26,674 ) 616 141,144 197,657 1,725 11,720 2,423 (26,674 ) 616 187,467 Transfers of mortgage loans under forward purchase agreements to mortgage loans 15,347 — (15,347 ) — — — — Transfers of mortgage loans to REO (177,743 ) — — — — — (177,743 ) Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements — — (9,451 ) — — — (9,451 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — — (75,071 ) — (75,071 ) Balance, December 31, 2013 $ 2,076,665 $ — $ 218,128 $ 138,723 $ 1,249 $ 26,452 $ 2,461,217 Changes in fair value recognized during the period relating to assets still held at December 31, 2013 $ 132,339 $ 1,725 $ 7,244 $ 2,423 $ 1,249 $ 616 $ 145,596 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans held in a consolidated VIE): December 31, 2015 December 31, 2014 Fair value Principal Difference Fair value Principal Difference (in thousands) (in thousands) Mortgage loans acquired for sale at fair value: Current through 89 days delinquent $ 1,283,275 $ 1,235,433 $ 47,842 $ 637,518 $ 610,372 $ 27,146 90 or more days delinquent Not in foreclosure 304 333 (29 ) 204 255 (51 ) In foreclosure 216 253 (37 ) — — — 520 586 (66 ) 204 255 (51 ) $ 1,283,795 $ 1,236,019 $ 47,776 $ 637,722 $ 610,627 $ 27,095 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE Current through 89 days delinquent $ 455,394 $ 454,935 $ 459 $ 527,369 $ 517,500 $ 9,869 90 or more days delinquent Not in foreclosure — — — — — — In foreclosure — — — — — — — — — — — — 455,394 454,935 459 527,369 517,500 9,869 Other mortgage loans at fair value: Current through 89 days delinquent 877,438 1,134,560 (257,122 ) 664,266 935,385 (271,119 ) 90 or more days delinquent Not in foreclosure 459,060 640,343 (181,283 ) 608,144 875,214 (267,070 ) In foreclosure 763,896 1,062,205 (298,309 ) 927,173 1,371,371 (444,198 ) 1,222,956 1,702,548 (479,592 ) 1,535,317 2,246,585 (711,268 ) 2,100,394 2,837,108 (736,714 ) 2,199,583 3,181,970 (982,387 ) $ 2,555,788 $ 3,292,043 $ (736,255 ) $ 2,726,952 $ 3,699,470 $ (972,518 ) Following are the changes in fair value included in current year income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Year ended December 31, 2015 Net gain on mortgage loans Net interest Net gain on investments Net loan servicing fees Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (35 ) (5,224 ) — (5,259 ) Mortgage loans acquired for sale at fair value 71,880 — — — 71,880 Mortgage loans at fair value — 1,253 70,470 — 71,723 Excess servicing spread at fair value — — 3,239 — 3,239 Mortgage servicing rights at fair value — — — (7,072 ) (7,072 ) $ 71,880 $ 1,218 $ 68,485 $ (7,072 ) $ 134,511 Liabilities: Asset-backed financing of VIEs at fair value $ — $ (499 ) $ 4,260 $ — $ 3,761 $ — $ (499 ) $ 4,260 $ — $ 3,761 Year ended December 31, 2014 Net gain on mortgage loans Net interest income Net gain on investments Net loan servicing fees Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 357 10,416 — 10,773 Mortgage loans acquired for sale at fair value 100,213 — — — 100,213 Mortgage loans at fair value — 1,848 242,449 — 244,297 Mortgage loans under forward purchase agreements at fair value — — 803 — 803 Excess servicing spread at fair value — — (20,834 ) — (20,834 ) Mortgage servicing rights at fair value — — — (16,648 ) (16,648 ) $ 100,213 $ 2,205 $ 232,834 $ (16,648 ) $ 318,604 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (617 ) $ (8,459 ) $ — $ (9,076 ) $ — $ (617 ) $ (8,459 ) $ — $ (9,076 ) Year ended December 31, 2013 Net gain on mortgage loans Net interest income Net gain on investments Net loan servicing fees Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 46 (3,946 ) — (3,900 ) Mortgage loans acquired for sale at fair value (30,696 ) — — — (30,696 ) Mortgage loans at fair value — 232 191,356 — 191,588 Agency debt security — — 1,725 — 1,725 Mortgage loans under forward purchase agreements at fair value — — 11,720 — 11,720 Excess servicing spread at fair value — — 2,423 — 2,423 Mortgage servicing rights at fair value — — — 616 616 $ (30,696 ) $ 278 $ 203,278 $ 616 $ 173,476 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (92 ) $ 2,279 $ — $ 2,187 $ — $ (92 ) $ 2,279 $ — $ 2,187 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 years presented: December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 173,662 $ 173,662 Mortgage servicing rights at lower of amortized cost or fair value — — 145,187 145,187 $ — $ — $ 318,849 $ 318,849 December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Real estate 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 Following is a summary of the related gains (losses) recognized as a result of remeasurement from financial statement items that were re-measured at fair value on a nonrecurring basis during the years presented: Year ended December 31, 2015 2014 2013 (in thousands) Real estate asset acquired in settlement of loans $ (24,546 ) $ (24,896 ) $ (11,856 ) Real estate asset acquired in settlement of loans under forward purchase agreements — — (86 ) Mortgage servicing rights at lower of amortized cost or fair value (3,229 ) (5,138 ) 4,970 $ (27,775 ) $ (30,034 ) $ (6,972 ) 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 REO 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 3.0% and 4.5% and a single pool for mortgage loans with interest rates below 3.0%. 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 The Manager has concluded that the fair values of Cash Assets sold under agreements to repurchase Federal Home Loan Bank Advances Mortgage loan participation and sale agreement Notes payable The Exchangeable Notes are carried at amortized cost. The fair value of the Exchangeable Notes at December 31, 2015 and December 31, 2014 was $230.0 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 December 31, 2015 due to the lack of current market activity. Valuation Techniques and Inputs Most of the Company’s assets and the Asset-backed financing of a VIE Due to the difficulty in estimating the fair values of “Level 3” financial statement items, the Manager has assigned 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 its Level 3 valuations, the FAV group reports to PCM’s valuation committee, which oversees and approves the valuations. The FAV group monitors the models used for valuation of the Company’s non-IRLC “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 PCM’s 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. The fair value of our IRLCs is developed by the Manager’s Capital Markets Risk Management Staff and is reviewed by the Manager’s Capital Markets Operations group. 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 categorizes its current holdings of MBS as “Level 2” financial statement items. Fair value of these 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 established 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, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds and loss severities or contracted selling price. 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 mortgage loan valuation. 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 mortgage 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 mortgage 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: Key inputs December 31, 2015 December 31, 2014 Discount rate Range 2.5% – 15.0% 2.3% – 15.0% Weighted average 7.1% 7.7% Twelve-month projected housing price index change Range 1.5% – 5.1% 4.0% – 5.3% Weighted average 3.6% 4.8% Prepayment speed (1) Range 0.1% – 9.6% 0.0% – 6.5% Weighted average 3.7% 3.1% Total prepayment speed (2) Range 0.5% – 27.2% 0.0% – 27.9% Weighted average 19.6% 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. Following are the key inputs used in determining the fair value of ESS: Key inputs December 31, 2015 December 31, 2014 Unpaid principal balance of underlying mortgage loans (in thousands) $51,966,405 $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 1.4 – 9.0 0.4 – 7.3 Weighted average 6.9 5.8 Annual total prepayment speed (2) Range 5.2% – 52.4% 7.6% – 74.6% Weighted average 9.6% 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 under the commitment 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 loan principal and interest payment cash flows that have decreased in fair value. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: Key inputs December 31, 2015 December 31, 2014 Pull-through rate Range 60.2% – 100.0% 65.0% – 98.0% Weighted average 92.4% 94.9% MSR value expressed as: Servicing fee multiple Range 2.1 – 6.2 0.7 – 5.2 Weighted average 4.9 4.3 Percentage of unpaid principal balance Range 0.5% – 3.8% 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 the applicable pricing spread, prepayment and default rates of the underlying mortgage loans, and annual per-loan cost to service mortgage loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not necessarily directly related. MSRs are generally subject to loss in fair value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the underlying mortgage loans, thereby reducing MSR fair value. Reductions in the fair value of MSRs affect income primarily through change in fair value and change in impairment. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of the underlying mortgage loans. Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: Year ended December 31, 2015 2014 2013 Key inputs Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value (MSR recognized and unpaid principal balance of underlying mortgage loan amounts in thousands) MSR recognized $140,511 $13,963 $73,640 $47,693 $159,961 $23,071 Unpaid principal balance of underlying mortgage loans $12,195,574 $1,430,795 $6,800,637 $4,573,369 $13,343,793 $2,148,185 Weighted-average annual servicing fee rate (in basis points) 25 25 25 25 26 26 Pricing spread (1) Range 6.5% – 17.5% 7.2% – 16.3% 6.3% – 17.5% 8.5% – 14.3% 5.4% – 17.5% 7.4% – 14.4% Weighted average 7.9% 8.5% 8.6% 9.1% 6.7% 8.2% Life (in years) Range 1.3 – 12.0 2.2 – 9.4 1.1 – 7.3 1.6 – 7.3 1.3 – 7.3 2.7 – 7.3 Weighted average 6.9 6.4 6.4 7.1 6.4 6.9 Annual total prepayment speed (2) Range 3.5% – 51.0% 6.8% – 34.2% 7.6% – 56.4% 8.0% – 42.7% 7.6% – 51.8% 7.9% – 27.0% Weighted average 9.0% 12.3% 9.6% 9.7% 9.1% 10.0% Annual per-loan cost of servicing Range $62 – $134 $62 – $68 $59 – $140 $59 – $140 $68 – $140 $68 – $68 Weighted average $64 $65 $69 $68 $68 $68 (1) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans. (2) Annual total prepayment speed is measured using Life Total CPR. Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on fair value from adverse changes in those inputs: December 31, 2015 December 31, 2014 Amortized cost (1) Fair value Amortized cost (1) Fair value (Carrying value, unpaid principal balance and effect on fair value amounts in Carrying value $393,157 $66,584 $300,422 $57,358 Key inputs: Unpaid principal balance of underlying mortgage loans $35,841,654 $6,458,684 $28,006,797 $6,278,676 Weighted-average annual servicing fee rate (in basis points) 26 25 26 25 Weighted-average note interest rate 3.9% 4.7% 3.8% 4.8% Pricing spread (2) Range 7.2% – 10.7% 7.2% – 10.2% 6.3% – 17.5% 8.1% – 16.3% Weighted average 7.3% 7.2% 7.9% 10.3% Effect on fair value of a: 5% adverse change $(6,411) $(944) $(5,801) $(937) 10% adverse change $(12,635) $(1,862) $(11,410) $(1,845) 20% adverse change $(24,553) $(3,621) $(22,086) $(3,577) Weighted average life (in years) Range 1.3 – 7.7 2.5 – 6.1 1.8 – 7.2 1.8 – 7.2 Weighted average 7.2 6.1 6.4 6.7 Prepayment speed (3) Range 8.1% – 51.5% 9.2% – 32.5% 7.8% – 47.9% 8.0% – 39.6% Weighted average 9.6% 13.2% 8.8% 11.4% Effect on fair value of a: 5% adverse change $(8,159) $(1,793) $(6,166) $(1,430) 10% adverse change $(16,024) $(3,502) $(12,138) $(2,803) 20% adverse change $(30,938) $(

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 9—Short-Term Investments The Company’s short-term investments are comprised of deposit accounts with U.S. commercial banks.

Mortgage Loans Acquired for Sal

Mortgage Loans Acquired for Sale at Fair Value	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans Acquired for Sale at Fair Value	Note 10—Mortgage Loans Acquired for Sale at Fair Value Mortgage loans acquired for sale at fair value is comprised of recently originated mortgage loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value: December 31, 2015 December 31, 2014 Fair Unpaid Fair Unpaid Loan type (in thousands) Conventional: Agency-eligible $ 540,947 $ 525,192 $ 287,300 $ 274,650 Jumbo 54,613 54,096 137,440 134,079 Held for sale to PennyMac Loan Services, LLC — Government insured or guaranteed 669,288 637,666 209,325 198,265 Commercial real estate loans 14,590 14,461 — — Mortgage loans repurchased pursuant to representations and warranties 4,357 4,604 3,657 3,634 $ 1,283,795 $ 1,236,019 $ 637,722 $ 610,628 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,204,462 $ 609,608 Federal Home Loan Bank (“FHLB”) advances $ 63,993 $ — Mortgage loan participation and sale agreements $ — $ 20,862 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 for the period it holds each such mortgage loan.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 11—Derivative Financial Instruments The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by changes in interest rates. To manage the price risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s MBS, inventory of mortgage loans acquired for sale, mortgage loans held by VIE, ESS, IRLCs and MSRs. 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 and 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 fair value of the purchase commitment or mortgage loan acquired for sale decreases. The Company is exposed to risk relative to the fair value of its mortgage loans at fair value. The Company is exposed to loss in fair value of its mortgage loans at fair value when interest rates increase. The Company includes mortgage loans at fair value in its hedging activities. The Company is also exposed to risk relative to the fair value of its MSRs and ESS. The Company is exposed to loss in fair value of its MSRs and ESS when interest rates decrease. The Company includes MSRs and ESS 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 enters into CRT Agreements whereby it retains a portion of the credit risk relating to mortgage loans it sells into Fannie Mae guaranteed securitizations in exchange for a portion of the contractual guarantee fee related to such securitizations. 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 December 31, 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 970,067 $ 4,983 $ 337 695,488 $ 5,678 $ 17 Used for hedging purposes: Forward sales contracts 2,450,642 2,604 2,680 1,601,282 52 6,649 Forward purchase contracts 2,469,550 2,444 3,774 1,100,700 3,775 34 MBS put options 375,000 93 — 340,000 374 — Eurodollar future sales contracts 1,755,000 — — 7,426,000 — — Eurodollar future purchase contracts — — — 800,000 — — Treasury future contracts — — — 85,000 — 478 Call options on interest rate futures 50,000 1,156 305 1,030,000 3,319 — Put options on interest rate futures 1,600,000 1,512 39 275,000 193 — CRT Agreements 4,546,265 593 — — — — Total derivative instruments before netting 13,385 7,135 13,391 7,178 Netting (3,300 ) (3,978 ) (2,284 ) (4,748 ) $ 10,085 $ 3,157 $ 11,107 $ 2,430 Margin deposits with derivatives counterparties $ 679 $ 2,465 The following tables summarize the notional amount activity for derivatives 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. Year ended December 31, 2015 Instrument Balance, Additions Dispositions/ Balance, of year (in thousands) Forward sales contracts 1,601,283 51,449,971 (50,600,612 ) 2,450,642 Forward purchase contracts 1,100,700 37,757,703 (36,388,853 ) 2,469,550 MBS put options 340,000 2,177,500 (2,142,500 ) 375,000 MBS call options — 140,000 (140,000 ) — Eurodollar future sale contracts 7,426,000 385,000 (6,056,000 ) 1,755,000 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 4,510,000 (5,490,000 ) 50,000 Put options on interest rate futures 275,000 5,743,000 (4,418,000 ) 1,600,000 CRT Agreements — 4,602,507 (56,242 ) 4,546,265 Year ended December 31, 2014 Instrument Balance, Additions Dispositions/ Balance, of year (in thousands) Forward sales contracts 3,588,027 45,904,253 (47,890,997 ) 1,601,283 Forward purchase contracts 2,781,066 33,418,838 (35,099,204 ) 1,100,700 MBS put option 55,000 2,087,500 (1,802,500 ) 340,000 MBS call option 110,000 230,000 (340,000 ) — Eurodollar future sale contracts 8,779,000 3,032,000 (4,385,000 ) 7,426,000 Eurodollar future purchase contracts — 4,087,000 (3,287,000 ) 800,000 Treasury future sale contracts 105,000 482,600 (502,600 ) 85,000 Treasury future purchase contracts — 439,200 (439,200 ) — Put options on interest rate futures 52,500 1,687,500 (1,465,000 ) 275,000 Call options on interest rate futures — 3,530,000 (2,500,000 ) 1,030,000 Year ended December 31, 2013 Instrument Balance, Additions Dispositions/ Balance, of year (in thousands) Forward sales contracts 4,266,983 72,719,643 (73,398,599 ) 3,588,027 Forward purchase contracts 2,206,539 56,191,824 (55,617,297 ) 2,781,066 MBS put option 495,000 3,335,000 (3,775,000 ) 55,000 MBS call option — 2,310,000 (2,200,000 ) 110,000 Eurodollar future sale contracts — 19,852,000 (11,073,000 ) 8,779,000 Eurodollar future purchase contracts — 660,000 (660,000 ) — Treasury future sale contracts — 180,000 (75,000 ) 105,000 Treasury future purchase contracts — 75,000 (75,000 ) — Put options on interest rate futures — 260,000 (207,500 ) 52,500 Call options on interest rate futures — 42,500 (42,500 ) — 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: Income statement line Year ended December 31, 2015 2014 2013 (in thousands) Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 37,725 $ 73,693 $ 56,841 Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ (16,781 ) $ (68,679 ) $ 151,641 Mortgage servicing rights Net loan servicing fees $ 481 $ 11,527 $ (1,987 ) Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain on investments $ (19,353 ) $ (22,565 ) $ (9,358 ) CRT Agreements Net gain on investments $ 593 $ — $ —

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Mortgage Loans at Fair Value	Note 12—Mortgage Loans at Fair Value Mortgage loans at fair value are comprised of mortgage loans that are not acquired for sale and, to the extent they are not held in a VIE securing an asset-backed financing, may be sold at a later date pursuant to a management determination that such a sale represents the most advantageous liquidation strategy for the identified mortgage loan. Following is a summary of the distribution of the Company’s mortgage loans at fair value: December 31, 2015 December 31, 2014 Loan type Fair Unpaid Fair Unpaid (in thousands) Distressed mortgage loans Nonperforming mortgage loans $ 1,222,956 $ 1,702,548 $ 1,535,317 $ 2,246,585 Performing mortgage loans: Fixed interest rate 417,658 535,610 322,704 449,496 Adjustable-rate/hybrid 160,051 185,997 127,405 162,329 Interest rate step-up 299,569 412,749 213,999 323,350 Balloon 160 204 158 210 877,438 1,134,560 664,266 935,385 Fixed interest rate jumbo mortgage loans held in a VIE 455,394 454,935 527,369 517,500 $ 2,555,788 $ 3,292,043 $ 2,726,952 $ 3,699,470 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 2,067,341 $ 2,543,242 FHLB advances $ 134,172 $ — Asset-backed financing of the VIE at fair value $ 455,394 $ 527,369 Following is a summary of certain concentrations of credit risk in the portfolio of distressed mortgage loans at fair value: Concentration December 31, 2015 December 31, 2014 (percentages are of fair value) Portion of mortgage loans originated between 2005 and 2007 72% 75% Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100% 48% 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	12 Months Ended
	Dec. 31, 2015
Banking and Thrift [Abstract]
Real Estate Acquired in Settlement of Loans	Note 13—Real Estate Acquired in Settlement of Loans Following is a summary of financial information relating to REO: Year ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of year $ 303,228 $ 138,942 $ 88,078 Purchases — 3,049 82 Transfers from mortgage loans at fair value and advances 307,455 364,945 185,061 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (8,827 ) — — Transfers from REO under forward purchase agreements — 12,737 117 Results of REO: Valuation adjustments, net (40,432 ) (45,476 ) (24,002 ) Gain on sale, net 21,255 13,498 10,531 (19,177 ) (31,978 ) (13,471 ) Proceeds from sales (240,833 ) (184,467 ) (120,925 ) Balance at end of year $ 341,846 $ 303,228 $ 138,942 At end of year: REO pledged to secure assets sold under agreements to repurchase $ 245,647 $ 138,284 $ 17,453 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties $ 37,696 $ 12,365 $ 71,951

Real Estate Acquired in Settl21

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements	Note 14—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 year ended December 31, 2015. Following is a summary of the activity in REO under forward purchase agreements during the years ended December 31, 2014 and 2013: Year ended December 31, 2014 2013 (in thousands) Balance at beginning of year $ 9,138 $ — Purchases 68 4 Transfers from mortgage loans under forward purchase agreements at fair value and advances 9,369 9,922 Transfers to REO (12,737 ) (117 ) Results of REO under forward purchase agreements: Valuation adjustments, net (779 ) (112 ) Gain on sale, net 306 92 (473 ) (20 ) Proceeds from sales (5,365 ) (651 ) Balance at end of year $ — $ 9,138

Mortgage Servicing Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Mortgage Servicing Rights	Note 15—Mortgage Servicing Rights Carried at Fair Value: Following is a summary of MSRs carried at fair value: Year ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of year $ 57,358 $ 26,452 $ 1,346 Purchases 2,335 — 1,419 MSRs resulting from mortgage loan sales 13,963 47,693 23,071 Changes in fair value: Due to changes in valuation inputs or assumptions used in valuation model (1) 312 (11,455 ) 1,338 Other changes in fair value (2) (7,384 ) (5,193 ) (722 ) (7,072 ) (16,648 ) 616 Sales — (139 ) — Balance at end of year $ 66,584 $ 57,358 $ 26,452 MSRs pledged to secure note payable at end of year $ 66,584 $ — $ — (1) Principally reflects changes in pricing spread (discount rates) and prepayment speed inputs, primarily due to changes in interest rates. (2) Represents changes due to realization of expected cash flows. Carried at Lower of Amortized Cost or Fair Value: Following is a summary of MSRs carried at amortized cost: Year ended December 31, 2015 2014 2013 (in thousands) Amortized Cost: Balance at beginning of year $ 308,137 $ 266,697 $ 132,977 MSRs resulting from loan sales 140,511 73,640 159,961 Amortization (43,982 ) (31,911 ) (26,241 ) Sales (565 ) (289 ) — Balance at end of year 404,101 308,137 266,697 Valuation Allowance: Balance at beginning of year (7,715 ) (2,577 ) (7,547 ) (Additions) reversals (3,229 ) (5,138 ) 4,970 Balance at end of year (10,944 ) (7,715 ) (2,577 ) MSRs, net $ 393,157 $ 300,422 $ 264,120 Fair value at beginning of year $ 322,230 $ 289,737 $ 126,995 Fair value at end of year $ 424,154 $ 322,230 $ 289,737 MSRs pledged to secure note payable $ 393,157 $ — $ — 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 December 31, 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. Year ended December 31, Estimated MSR (in thousands) 2016 $ 50,798 2017 45,300 2018 39,985 2019 35,292 2020 31,177 Thereafter 201,549 Total $ 404,101 Servicing fees relating to MSRs are recorded in Net loan servicing fees Year ended December 31, 2015 2014 2013 (in thousands) Contractually-specified servicing fees $ 97,633 $ 76,300 $ 50,716

Assets Sold under Agreements to

Assets Sold under Agreements to Repurchase	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Assets Sold under Agreements to Repurchase	Note 16—Assets Sold under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Year ended December 31, 2015 2014 2013 (dollars in thousands) During the year: Weighted-average interest rate (1) 2.33 % 2.12 % 2.43 % Average balance $ 3,046,963 $ 2,311,273 $ 1,552,912 Total interest expense $ 79,869 $ 58,304 $ 47,790 Maximum daily amount outstanding $ 4,710,412 $ 3,203,989 $ 3,124,616 At year end: Amount outstanding $ 3,130,328 $ 2,730,130 $ 2,039,605 Unamortized commitment fees and debt issuance costs (1,548 ) (1,103 ) (602 ) Balance $ 3,128,780 $ 2,729,027 $ 2,039,003 Weighted-average interest rate 2.33 % 2.32 % 2.29 % Available borrowing capacity: Committed $ 231,913 $ 652,360 $ 1,467,138 Uncommitted 661,756 695,000 150,000 $ 893,669 $ 1,347,360 $ 1,617,138 Margin deposits placed with counterparties $ 7,268 $ 5,579 $ 3,201 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 313,753 $ 307,363 $ 197,401 Mortgage loans acquired for sale at fair value 1,204,462 609,608 454,210 Mortgage loans at fair value 2,067,341 2,543,242 2,315,313 Real estate acquired in settlement of loans 283,343 150,649 89,404 $ 3,868,899 $ 3,610,862 $ 3,056,328 (1) Excludes the amortization of commitment fees and issuance costs of $8.9 million, $9.4 million, and $10.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. Following is a summary of maturities of outstanding assets sold under agreements to repurchase by maturity date: Remaining Maturity at December 31, 2015 Contractual (in thousands) Within 30 days $ 1,304,803 Over 30 to 90 days 170,403 Over 90 days to 180 days — Over 180 days to 1 year 1,280,861 Over 1 year to 2 years 374,261 $ 3,130,328 Weighted average maturity (in months) 6.0 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 December 31, 2015: Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase Counterparty Amount at risk Mortgage loans acquired for sale repurchase agreement maturity Facility maturity (in thousands) Citibank, N.A. $ 373,017 January 27, 2016 October 20, 2016 Credit Suisse First Boston Mortgage Capital LLC $ 300,147 January 21, 2016 January 21, 2016 JPMorgan Chase & Co. $ 156,700 — January 26, 2017 Bank of America, N.A. $ 36,921 January 29, 2016 January 29, 2016 Morgan Stanley $ 13,293 February 20, 2016 December 16, 2016 Barclays $ 1,600 March 22, 2016 September 13, 2016 Securities sold under agreements to repurchase Counterparty Amount at risk Maturity (in thousands) Citibank, N.A. $ 456 March 30, 2016 JPMorgan Chase & Co. $ 29,840 January 15, 2016 Bank of America, N.A. $ 19,905 January 17, 2016 Daiwa Capital Markets America Inc. $ 7,640 February 3, 2016 BNP Paribas Corporate & Institutional Bank $ 3,817 January 19, 2016 The following is a summary of the tangible net worth and minimum required amounts for the Company and certain of its subsidiaries at December 31, 2015 to comply with the debt covenants contained in the borrowing agreements: Tangible net worth as of Entity Balance Minimum (in thousands) PennyMac Mortgage Investment Trust $ 1,496,113 $ 860,000 Operating Partnership $ 1,536,295 $ 700,000 PennyMac Holdings, LLC $ 919,638 $ 250,000 PennyMac Corp. $ 396,780 $ 150,000

Mortgage Loan Participation and

Mortgage Loan Participation and Sale Agreement	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Mortgage Loan Participation and Sale Agreement	Note 17—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 nonaffiliate to sell such security is also assigned to the lender at the time a participation certificate is sold. The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount that is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation and sale agreement is summarized below: Year ended December 31, 2015 2014 (dollars in thousands) During the year: Weighted-average interest rate (1) 1.62 % 1.42 % Average balance $ 49,318 $ 44,770 Total interest expense $ 1,001 $ 912 Maximum daily amount outstanding $ 148,032 $ 116,363 At year end: Amount outstanding $ — $ 20,236 Unamortized debt issuance costs — (14 ) Balance $ — $ 20,222 Weighted-average interest rate 0.00 % 1.42 % Mortgage loans pledged to secure mortgage loan participation and sale agreement — $ 20,862 (1) Excludes the effect of amortization of commitment fees of $193,000 and $266,000 for the years ended December 31, 2015 and 2014, respectively.

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	12 Months Ended
	Dec. 31, 2015
Banking and Thrift [Abstract]
Federal Home Loan Bank Advances	Note 18—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: Year ended December 31, 2015 (dollars in thousands) During the year: Weighted-average interest rate 0.30 % Average balance $ 89,512 Total interest expense $ 275 Maximum daily amount outstanding $ 196,100 At year end: Balance $ 183,000 Weighted-average interest rate 0.30 % Fair value of assets securing FHLB advances: Mortgage-backed securities $ 8,720 Mortgage loans acquired for sale at fair value 63,993 Mortgage loans at fair value 134,172 $ 206,885 On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) issued a final rule establishing new requirements for membership in the Federal Home Loan Banks (“FHLBanks”). The final rule excludes captive insurance companies such as the Company’s insurance subsidiary, Copper Insurance, LLC from membership. For captive insurance companies that became members since the rule was proposed in 2014, including Copper Insurance, LLC, membership must be terminated within one year, and no additional advances may be made. Accordingly, the Company has repaid $83.0 million of the advances outstanding and expects to repay the unpaid balance outstanding at February 25, 2016, of $100.0 million on or before its maturity on March 3, 2016.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Notes Payable	Note 19—Notes Payable On March 31, 2015, the Company, through its wholly-owned subsidiary, PMC, entered into a Loan and Security Agreement with Citibank, N.A., pursuant to which PMC may finance certain of its MSRs relating to mortgage loans pooled into Freddie Mac MBS in an aggregate loan amount not to exceed $125 million. The note matures on March 29, 2016. On September 14, 2015, the Company, through its wholly-owned subsidiary, PMC, entered into a Loan and Security Agreement with Barclays Bank PLC (“Barclays”), 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 $200 million. The note matures on September 13, 2016, subject to a wind down period of up to one year following such maturity date. Following is a summary of financial information relating to the notes payable: Year ended (dollars in thousands) During the year: Weighted-average interest rate (1) 4.31 % Average balance $ 119,307 Total interest expense $ 6,826 Maximum daily amount outstanding $ 236,107 At year end: Amount outstanding $ 236,107 Unamortized commitment fees and debt issuance costs (92 ) Balance $ 236,015 Weighted-average interest rate 4.53 % Mortgage servicing rights pledged to secure notes payable $ 459,741 (1) Excludes the effect of amortization of commitment fees of $1.6 million for the year ended December 31, 2015.

Borrowings under Forward Purcha

Borrowings under Forward Purchase Agreements	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015. Following is a summary of financial information relating to borrowings under forward purchase agreements: Year ended December 31, 2014 2013 (dollars in thousands) During the year: Weighted-average effective interest rate 2.84 % 2.94 % Weighted-average balance $ 82,056 $ 124,394 Interest expense $ 2,364 $ 3,707 Maximum daily amount outstanding $ 226,848 $ 244,047 At year end: Balance $ — $ 226,580 Interest rate 0.00 % 3.02 % Fair value of underlying loans and REO $ — $ 226,833

Asset-Backed Financing of the V

Asset-Backed Financing of the VIE at Fair Value	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Asset-Backed Financing of the VIE at Fair Value	Note 21—Asset-Backed Financing of the VIE at Fair Value Following is a summary of financial information relating to the asset-backed financing of the VIE at fair value: Year ended December 31 2015 2014 2013 (dollars in thousands) During the year: Weighted-average fair value $ 186,430 $ 167,752 $ 43,108 Interest expense $ 6,840 $ 6,489 $ 1,612 Weighted-average effective interest rate 3.35 % 3.82 % 3.69 % At year end: Fair value $ 247,690 $ 165,920 $ 165,415 Unpaid principal balance $ 248,284 $ 159,736 $ 167,694 Interest rate 3.50 % 3.50 % 3.50 % The asset-backed financing of the VIE at fair value is a non-recourse liability and secured solely by the assets of the VIE and not by any other assets of the Company. The assets of the VIE are the only source of funds for repayment of the certificates.

Exchangeable Senior Notes

Exchangeable Senior Notes	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Exchangeable Senior Notes	Note 22—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 33.8667 common shares per $1,000 principal amount of the Exchangeable Notes as of December 31, 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: Year ended December 31 2015 2014 2013 (dollars in thousands) During the year: Weighted-average unpaid principal balance $ 250,000 $ 250,000 $ 168,493 Interest expense (1) $ 14,413 $ 14,357 $ 9,580 At year end: Carrying value: Unpaid principal balance $ 250,000 $ 250,000 $ 250,000 Unamortized issuance costs (4,946 ) (5,921 ) (6,800 ) $ 245,054 $ 244,079 $ 243,200 (1) Total interest expense includes amortization of debt issuance costs of $975,000, $920,000 and $584,000 during the years ended December 31, 2015, 2014 and 2013, respectively.

Liability for Losses under Repr

Liability for Losses under Representations and Warranties	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Liability for Losses under Representations and Warranties	Note 23—Liability for Losses under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Year ended December 31, 2015 2014 2013 (in thousands) Balance, beginning of year $ 14,242 $ 10,110 $ 4,441 Provision for losses 5,771 4,255 5,669 Losses incurred (176 ) (123 ) — Recoveries 334 — — Balance, end of year $ 20,171 $ 14,242 $ 10,110 Unpaid principal balance of mortgage loans subject to representations and warranties at year end $ 41,842,601 $ 34,673,414 $ 25,652,972

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 24—Commitments and Contingencies Litigation From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of December 31, 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: December 31, 2015 (in thousands) Commitments to purchase mortgage loans: Mortgage loans acquired for sale at fair value $ 970,067

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	Note 25—Shareholders’ Equity Common Share Repurchases On August 19, 2015, the Company announced that its board of trustees authorized a common share repurchase program under which the Company may repurchase up to $150 million of its outstanding common shares. During the year ended December 31, 2015, 1.0 million common shares were repurchased by the Company at a cost of $16.3 million. The repurchased common shares were canceled upon settlement of the repurchase transactions and returned to the authorized but unissued share pool. Common Share Issuances The Company entered into an ATM Equity Offering Sales Agreement SM At December 31, 2015 the Company had approximately $106.9 million of common shares available for issuance under its ATM Equity Offering Sales Agreement SM On August 13, 2013, the Company issued and sold 11,300,000 common shares in an underwritten public offering and received $249.4 million of proceeds, after underwriting and estimated offering expenses. Proceeds from the issuance of these shares were used to fund the Company’s business and investment activities, including the acquisition of distressed mortgage loans and other investments; the funding of its correspondent production business, including the purchase of jumbo loans; the repayment of indebtedness; and for general corporate purposes. As more fully described in Note 4— Transactions with Related Parties The Reimbursement Agreement also provides for the payment to the IPO underwriters of the amount that the Company agreed to pay to them at the time of the IPO if the Company satisfied certain performance measures over a specified period of time. As PCM earns performance incentive fees under the management agreement, the IPO underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. During the years ended December 31, 2015, 2014 and 2013, $473,000, $1.7 million, and $1.9 million, respectively was paid to the underwriters. The Reimbursement Agreement expires on February 1, 2019.

Net Gain on Mortgage Loans Acqu

Net Gain on Mortgage Loans Acquired for Sale	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Net Gain on Mortgage Loans Acquired for Sale	Note 26—Net Gain on Mortgage Loans Acquired for Sale Net gain on mortgage loans acquired for sale is summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Cash (loss) gain: Mortgage loans $ (76,914 ) $ (20,989 ) $ (197,580 ) Hedging activities (17,742 ) (57,161 ) 136,829 (94,656 ) (78,150 ) (60,751 ) Non cash (loss) gain: Receipt of MSRs in loan sale transactions 154,474 121,333 183,032 Provision for losses relating to representations and warranties provided in loan sales (5,771 ) (4,255 ) (5,669 ) Change in fair value during the year of financial instruments held at year end: IRLCs (1,015 ) 4,412 (18,230 ) Mortgage loans (2,977 ) 3,825 (9,265 ) Hedging derivatives 961 (11,518 ) 9,552 (3,031 ) (3,281 ) (17,943 ) $ 51,016 $ 35,647 $ 98,669

Net Interest Income

Net Interest Income	12 Months Ended
	Dec. 31, 2015
Banking and Thrift, Interest [Abstract]
Net Interest Income	Note 27—Net Interest Income Net interest income is summarized for the years presented below: Year ended December 31, 2015 2014 2013 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 815 $ 604 $ 542 Mortgage-backed securities 10,267 8,226 2,138 Agency debt security — — 222 Mortgage loans acquired for sale at fair value 48,281 23,974 33,726 Mortgage loans at fair value 96,536 100,340 75,759 Mortgage loans under forward purchase agreements — 3,584 3,659 Mortgage loans at fair value held by VIE 19,903 22,280 5,516 Other 178 48 209 175,980 159,056 121,771 From PFSI: Excess servicing spread purchased from PFSI, at fair value 25,365 13,292 1,091 201,345 172,348 122,862 Interest expense: From nonaffiliates: Assets sold under agreements to repurchase 79,869 58,304 47,790 Mortgage loans participation and sale agreement 1,001 912 — FHLB advances 275 — — Notes payable 6,826 — — Asset-backed financings of VIEs at fair value(1) 13,754 6,490 1,612 Exchangeable senior notes 14,413 14,358 9,580 Borrowings under forward purchase agreements — 2,363 3,707 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 4,207 2,004 1,694 Interest on mortgage loan impound deposits 1,020 1,158 839 121,365 85,589 65,222 From PFSI: Note payable to PFSI 3,343 — — 124,708 85,589 65,222 Net interest income $ 76,637 $ 86,759 $ 57,640 (1) Includes interest expense from Asset-backed financing of the VIE at fair value and CRT Agreements financing at fair value.

Net Gain on Investments

Net Gain on Investments	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Net Gain on Investments	Note 28—Net Gain on Investments Net gain on investments is summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Net gain (loss) on investments: From nonaffiliates: Mortgage-backed securities $ (5,224 ) $ 10,416 $ 365 Mortgage loans at fair value 81,133 215,483 209,378 Mortgage loans held in a VIE (10,663 ) 27,768 (6,300 ) CRT Agreements 593 — — Asset-backed financings of VIEs at fair value 4,260 (8,459 ) 2,279 Agency debt security — — 1,725 Hedging derivatives (19,353 ) (22,565 ) (2,112 ) 50,746 222,643 205,335 From PFSI - Excess servicing spread 3,239 (20,834 ) 2,423 $ 53,985 $ 201,809 $ 207,758

Net Loan Servicing Fees

Net Loan Servicing Fees	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Net Loan Servicing Fees	Note 29—Net Loan Servicing Fees Net loan servicing fees is summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Servicing fees (1) $ 102,147 $ 80,008 $ 54,724 MSR recapture fee receivable from PFSI 787 9 709 Effect of MSRs: Carried at lower of amortized cost or fair value Amortization (43,982 ) (31,911 ) (26,241 ) (Provision for) reversal of impairment (3,229 ) (5,138 ) 4,970 Gain on sale 187 46 — Carried at fair value - change in fair value (7,072 ) (16,648 ) 616 Gains (losses) on hedging derivatives 481 11,527 (1,987 ) (53,615 ) (42,124 ) (22,642 ) Net loan servicing fees $ 49,319 $ 37,893 $ 32,791 Average servicing portfolio $ 38,450,379 $ 30,720,168 $ 19,634,411 (1) Includes contractually specified servicing and ancillary fees.

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plans	Note 30—Share-Based Compensation Plans The Company has adopted an equity incentive plan which provides for the issuance of equity based awards, including share options, restricted shares, restricted share units, unrestricted common share awards, LTIP units (a special class of partnership interests in the Operating Partnership) and other awards based on PMT’s shares that may be made by the Company directly to its officers and trustees, and the members, officers, trustees, directors and employees of PCM, PFSI, or their affiliates and to PCM, PFSI and other entities that provide services to PMT and the employees of such other entities. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by the board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards. The Company’s equity incentive plan allows for grants of share-based awards up to an aggregate of 8% of PMT’s issued and outstanding shares on a diluted basis at the time of the award. The shares underlying award grants will again be available for award under the equity incentive plan if: • any shares subject to an award granted under the equity incentive plan are forfeited, canceled, exchanged or surrendered; • an award terminates or expires without a distribution of shares to the participant; or • shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award. Restricted share units have been awarded to trustees and officers of the Company and to employees of PCM and PFSI at no cost to the grantees. Such awards generally vest over a one- to four-year period. The Company’s estimate of fair value includes assumed grantee vesting rates of 100% per year. The table below summarizes restricted share unit activity and compensation expense: Year ended December 31, 2015 2014 2013 Number of units: Outstanding at beginning of year 725,412 661,372 665,617 Granted 310,636 300,131 255,445 Vested (301,763 ) (234,466 ) (253,509 ) Canceled (500 ) (1,625 ) (6,181 ) Outstanding at end of year 733,785 725,412 661,372 Weighted Average Grant Date Fair Value: Outstanding at beginning of year $ 21.00 $ 19.95 $ 15.92 Granted $ 21.06 $ 21.05 $ 23.91 Vested $ 19.65 $ 19.68 $ 13.40 Expired or canceled $ 21.29 $ 18.74 $ 20.06 Outstanding at end of year $ 21.26 $ 21.00 $ 19.95 Compensation expense recorded during the year $ 6,345,000 $ 7,107,000 $ 6,763,000 Fair value of vested units during the year $ 5,928,569 $ 4,615,298 $ 3,727,420 Year end: Units available for future awards (1) 5,226,312 5,293,433 5,029,174 Unamortized compensation cost $ 5,464,829 $ 7,023,418 $ 6,178,000 (1) Based on shares outstanding as of December 31, 2015. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above. As of December 31, 2015, 733,531 restricted share units with a weighted average grant date fair value of $21.26 per share unit are expected to vest over their average remaining vesting period of 20 months. The grant date fair values of share unit awards are based on the market value of the Company’s stock at the date of grant.

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other Expenses	Note 31—Other Expenses Other expenses are summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Common overhead allocation from PFSI (1) $ 10,742 $ 10,477 $ 10,423 Loan origination 4,686 2,638 4,584 Insurance 1,304 989 890 Technology 1,279 984 826 Securitization — (150 ) 1,742 Other expenses 3,146 2,463 2,735 $ 21,157 $ 17,401 $ 21,200 (1) For the year ended December 31, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $1.6 million of overhead expenses that otherwise would have been allocable to the Company. On December 15, 2015, the Company amended its management agreement to provide that the total costs and expenses incurred by PFSI in any quarter and reimbursable by the Company is capped at an amount equal to the quotient of (i) the product of (A) 70 basis points (0.0070), multiplied by (B) shareholders’ equity (as defined in the management agreement) as of the last day of such quarter, divided by (ii) four (4).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 32—Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. Therefore, PMT generally will not be subject to corporate federal or state income tax to the extent that qualifying distributions are made to shareholders and the Company meets REIT requirements including certain asset, income, distribution and share ownership tests. The Company believes that it has met the distribution requirements, as it has declared dividends sufficient to distribute substantially all of its taxable income. Taxable income will generally differ from net income. The primary differences between net income and the REIT taxable income (before deduction for qualifying distributions) are the taxable income of the taxable REIT subsidiary (“TRS”) and the method of determining the income or loss related to valuation of the mortgage loans owned by the qualified REIT subsidiary (“QRS”). In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. The approximate tax characterization of the Company’s distributions is as follows: Year ended December 31, Ordinary Long term Return of 2015 41 % 25 % 34 % 2014 86 % 14 % 0 % 2013 83 % 17 % 0 % The Company had elected to treat two of its subsidiaries as TRSs. In the quarter ended September 30, 2012, the Company revoked the election to treat its wholly owned subsidiary that is the sole general partner of the Operating Partnership as a TRS. As a result, beginning September 1, 2012, one subsidiary, PMC, is treated as a TRS. Income from a TRS is only included as a component of REIT taxable income to the extent that the TRS makes dividend distributions of income to the REIT. No such dividend distributions have been made to date. A TRS is subject to corporate federal and state income tax. Accordingly, a provision for income taxes for PMC and, for the periods for which TRS treatment had been elected, the sole general partner of the Operating Partnership is included in the Consolidated Statements of Income. The Company files U.S. federal and state income tax returns for both the REIT and TRSs. These federal income tax returns for 2012 and forward are subject to examination. The Company’s state income tax returns are generally subject to examination for 2011 and forward. No returns are currently under examination. The following table details the Company’s income tax (benefit) expense which relates primarily to the TRSs for the years presented: Year ended December 31, 2015 2014 2013 (in thousands) Current expense (benefit): Federal $ 671 $ 352 $ (10,014 ) State 204 104 (2,232 ) Total current expense (benefit) 875 456 (12,246 ) Deferred (benefit) expense: Federal (13,124 ) (10,232 ) 20,737 State (4,547 ) (5,304 ) 5,954 Total deferred (benefit) expense (17,671 ) (15,536 ) 26,691 Total (benefit) provision for income taxes $ (16,796 ) $ (15,080 ) $ 14,445 The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the years presented: Year ended December 31, 2015 2014 2013 Amount Rate Amount Rate Amount Rate (dollars in thousands) Federal income tax expense at statutory tax rate $ 25,656 35.0 % $ 62,812 35.0 % $ 75,122 35.0 % Effect of non-taxable REIT income (40,366 ) -55.1 % (74,480 ) (41.5 %) (63,564 ) (29.6 )% State income taxes, net of federal benefit (2,823 ) -3.9 % (3,380 ) (1.9 %) 2,419 1.1 % Other 737 1.1 % (32 ) 0.0 % 468 0.2 % Valuation allowance — 0.0 % — 0.0 % — 0.0 % (Benefit) provision for income taxes $ (16,796 ) -22.9 % $ (15,080 ) (8.4 %) $ 14,445 6.7 % The Company’s components of the provision for deferred income taxes are as follows: Year ended December 31, 2015 2014 2013 (in thousands) Real estate valuation loss $ (1,577 ) $ (5,079 ) $ 2,651 Mortgage servicing rights (31,324 ) 27,996 66,284 Net operating loss carryforward 33,297 (35,963 ) (38,783 ) Liability for losses under representations and warranties (2,467 ) (5,944 ) — Excess interest expense disallowance (15,384 ) — — Other (216 ) 3,454 (3,461 ) Valuation allowance — — — Total (benefit) provision for deferred income taxes $ (17,671 ) $ (15,536 ) $ 26,691 The components of income taxes payable are as follows: December 31, 2015 December 31, 2014 (in thousands) Taxes currently receivable $ 1,669 $ 1,428 Deferred income taxes payable (35,174 ) (52,845 ) Income taxes payable $ (33,505 ) $ (51,417 ) The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: December 31, 2015 December 31, 2014 (in thousands) Deferred income tax assets: REO valuation loss $ 12,274 $ 10,697 Net operating loss carryforward 40,572 73,869 Liability for losses under representations and warranties 8,411 5,944 Excess interest expense disallowance 15,384 Other 426 2,112 Gross deferred tax assets 77,067 92,622 Deferred income tax liabilities: Mortgage servicing rights (112,241 ) (143,565 ) Other — (1,902 ) Gross deferred tax liabilities (112,241 ) (145,467 ) Net deferred income tax liability $ (35,174 ) $ (52,845 ) The net deferred income tax liability is recorded in Income taxes payable The Company has net operating loss carryforwards of $97.2 million and $87.5 million for the years ended December 31, 2015 and December 31, 2014, respectively, that expire between 2033 and 2035. At December 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits and does not anticipate any increase in unrecognized tax benefits. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such accruals in the Company’s income tax accounts. No such accruals existed at December 31, 2015 and December 31, 2014.

Segments and Related Informatio

Segments and Related Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segments and Related Information	Note 33—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, ESS, small balance commercial real estate loans and CRT Agreements. The Company seeks to maximize the value of the distressed mortgage loans that it acquires through proprietary loan modification programs, special servicing or other initiatives focused on keeping borrowers in their homes. Where this is not possible, such as in the case of many nonperforming mortgage loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner, including through the use of resolution alternatives to foreclosure. Financial highlights by operating segment are summarized below: Year ended December 31, 2015 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 39,976 $ 161,369 $ — $ 201,345 Interest expense (19,843 ) (104,865 ) — (124,708 ) 20,133 56,504 — 76,637 Net gain on mortgage loans acquired for sale 51,016 — — 51,016 Net gain on investments — 53,985 — 53,985 Net loan servicing fees — 49,319 49,319 Other income (loss) 28,822 (11,014 ) — 17,808 99,971 148,794 — 248,765 Expenses: Loan fulfillment, servicing and management fees payable to PFSI 60,619 68,605 — 129,224 Other 6,450 39,787 — 46,237 67,069 108,392 — 175,461 Pre-tax income $ 32,902 $ 40,402 $ — $ 73,304 Total assets at year end $ 1,286,138 $ 4,540,786 $ — $ 5,826,924 Year ended December 31, 2014 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 24,022 $ 150,714 $ (2,388 ) $ 172,348 Interest expense (15,899 ) (72,078 ) 2,388 (85,589 ) 8,123 78,636 — 86,759 Net gain on mortgage loans acquired for sale 35,647 — — 35,647 Net gain on investments — 201,809 — 201,809 Net loan servicing fees — 37,893 37,893 Other income (loss) 18,290 (23,657 ) — (5,367 ) 62,060 294,681 — 356,741 Expenses: Loan fulfillment, servicing and management fees payable to PFSI 49,872 86,404 — 136,276 Other 3,357 37,644 — 41,001 53,229 124,048 — 177,277 Pre-tax income $ 8,831 $ 170,633 $ — $ 179,464 Total assets at year end $ 654,476 $ 4,242,782 $ — $ 4,897,258 Year ended December 31, 2013 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 33,727 $ 94,435 $ (5,300 ) $ 122,862 Interest expense (26,808 ) (43,714 ) 5,300 (65,222 ) 6,919 50,721 — 57,640 Net gain on mortgage loans acquired for sale 98,669 — — 98,669 Net gain on investments — 207,758 — 207,758 Net loan servicing fees — 32,791 32,791 Other income (loss) 17,715 (9,055 ) — 8,660 123,303 282,215 — 405,518 Expenses: Loan fulfillment, servicing and management fees payable to PFSI 78,552 69,699 3,284 (1) 151,535 Other 861 38,487 — 39,348 79,413 108,186 3,284 190,883 Pre-tax (loss) income $ 43,890 $ 174,029 $ (3,284 ) $ 214,635 Total assets at year end $ 472,089 $ 3,831,385 $ — $ 4,303,474 (1) Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.

Selected Quarterly Results

Selected Quarterly Results	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Results	Note 34—Selected Quarterly Results (Unaudited) Following is a presentation of selected quarterly financial data: Quarter ended 2015 2014 Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 (dollars in thousands, except per share data) For the quarter ended: Net investment income $ 50,569 $ 90,774 $ 69,765 $ 37,657 $ 53,059 $ 106,530 $ 120,556 $ 76,595 Net income $ 15,709 $ 38,812 $ 28,071 $ 7,508 $ 26,511 $ 54,949 $ 75,211 $ 37,873 Earnings per share: Basic $ 0.21 $ 0.51 $ 0.37 $ 0.09 $ 0.35 $ 0.74 $ 1.01 $ 0.52 Diluted $ 0.21 $ 0.49 $ 0.36 $ 0.09 $ 0.34 $ 0.69 $ 0.93 $ 0.50 Cash dividends declared per share $ 0.47 $ 0.47 $ 0.61 $ 0.61 $ 0.61 $ 0.61 $ 0.59 $ 0.59 At period end: Short-term investments at fair value $ 41,865 $ 31,518 $ 32,417 $ 44,949 $ 139,900 $ 37,452 $ 104,453 $ 91,338 Investment securities at fair value 322,473 315,599 287,626 316,292 307,363 267,885 218,725 198,110 Mortgage loans at fair value(1) 3,839,583 3,688,026 4,944,694 4,226,290 3,364,674 3,250,761 3,606,906 3,156,041 Excess servicing spread 412,425 418,573 359,102 222,309 191,166 187,368 190,244 151,019 Real estate acquired in settlement of loans(2) 341,846 353,563 324,278 317,536 303,228 275,185 240,471 186,877 Real estate held for investment 8,796 4,448 1,544 — — — — — Mortgage servicing rights(3) 459,741 423,095 394,737 359,160 357,780 345,848 315,484 301,427 Other assets 400,195 357,409 332,976 243,991 233,147 233,519 186,187 135,041 Total assets $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 $ 4,897,258 $ 4,598,018 $ 4,862,470 $ 4,219,853 Assets sold under agreements to repurchase and mortgage loan participation and sale agreement $ 3,128,780 $ 2,925,110 $ 3,571,181 $ 3,633,922 $ 2,749,249 $ 2,416,047 $ 2,700,868 $ 1,886,710 Federal Home Loan Bank advances 183,000 183,000 138,400 — — — — — Credit risk transfer financing at fair value — — 649,120 — — — — — Notes payable 236,015 192,332 244,878 — — — — — Borrowings under forward purchase agreements — — — — — — — 216,614 Asset-backed financing of a VIE at fair value 247,690 234,287 151,489 162,222 165,920 166,841 170,201 166,514 Exchangeable senior notes 245,054 244,805 244,559 244,317 244,079 243,844 243,612 243,384 Other liabilities 290,272 298,267 152,450 147,907 159,838 183,245 170,629 163,349 Total liabilities 4,330,811 4,077,801 5,152,077 4,188,368 3,319,086 3,009,977 3,285,310 2,676,571 Shareholders’ equity 1,496,113 1,514,430 1,525,297 1,542,159 1,578,172 1,588,041 1,577,160 1,543,282 Total liabilities and shareholders’ equity $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 $ 4,897,258 $ 4,598,018 $ 4,862,470 $ 4,219,853 (1) Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value. (2) Includes REO and REO under forward purchase agreements. (3) Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 35—Supplemental Cash Flow Information Year ended December 31, 2015 2014 2013 (in thousands) Cash paid for interest $ 117,223 $ 94,116 $ 67,374 Income tax paid (refunded), net $ 1,116 $ (6,562 ) $ (9,200 ) Non-cash investing activities: Receipt of MSRs as proceeds from sales of loans $ 154,474 $ 121,333 $ 183,032 Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity $ — $ — $ 536,776 Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 307,455 $ 364,945 $ 185,061 Transfers of mortgage loans acquired for sale to mortgage loans at fair value $ 23,859 $ — $ — Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 $ 246,605 Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value $ — $ 205,902 $ 15,347 Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements $ — $ 9,369 $ 9,922 Purchase of REO financed through forward purchase agreements $ — $ 68 $ 4 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 8,827 $ — $ — Receipt of ESS pursuant to recapture agreement with PFSI $ 6,728 $ 7,343 $ — Transfer of REO under forward purchase agreements to REO $ — $ 12,737 $ 117 Non-cash financing activities: Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 $ 246,605 Purchase of REO financed through forward purchase agreements $ — $ 68 $ 4 Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase $ 85,134 $ 2,731 $ 44,395 Dividends payable $ 35,069 $ 45,894 $ 41,570

Regulatory Net Worth

Regulatory Net Worth	12 Months Ended
	Dec. 31, 2015
Mortgage Banking [Abstract]
Regulatory Net Worth	Note 36—Regulatory Net Worth PMC is a seller-servicer for Fannie Mae and Freddie Mac. To retain its status as an approved seller-servicer, PMC is required to meet Fannie Mae’s and Freddie Mac’s capital standards, which require PMC to maintain a minimum net worth of $59.2 million and $30.9 million, respectively. The Manager believes PMC complies with Fannie Mae’s and Freddie Mac’s net worth requirement as of December 31, 2015.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 37—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 December 31, 2015 consolidated balance sheet, reclassified $6.6 million in debt issuance costs from Other Assets sold under agreements to repurchase Notes payable Exchangeable senior notes On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 requires that: • All equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) with readily determinable fair values will generally be measured at fair value through earnings. • When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The accumulated gains and losses due to these changes will be reclassified from accumulated other comprehensive income to earnings if the financial liability is settled before maturity. • For financial instruments measured at amortized cost, public business entities will be required to use the exit price when measuring the fair value of financial instruments for disclosure purposes. • Financial assets and financial liabilities shall be presented separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or fair value) and form of financial asset (e.g., loans, securities). • Public business entities will no longer be required to disclose the methods and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost. • Entities will have to assess the realizability of a deferred tax asset related to a debt security classified as available-for sale in combination with the entity’s other deferred tax assets. The classification and measurement guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. All entities can early adopt the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. Early adoption of these provisions can be elected for all financial statements of fiscal years and interim periods that have not yet been issued or that have not yet been made available for issuance. The Company is currently assessing the potential effect that the adoption of ASU 2016-01 will have on its consolidated financial statements.

Parent Company Information

Parent Company Information	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Parent Company Information	Note 38—Parent Company Information The Company’s debt financing agreements require PMT and certain of its subsidiaries to comply with financial covenants that include a minimum tangible net worth for the Company of $860 million; a minimum tangible net worth for the Company’s subsidiaries including the Operating Partnership of $700 million (net worth was $919.6 million, which includes PennyMac Holdings, LLC (“PMH”) and PMC); a minimum tangible net worth for PMH of $250 million (net worth was $836 million); and a minimum tangible net worth for PMC of $150 million (net worth was $369.8 million). The Company’s subsidiaries are limited from transferring funds to the Parent by these minimum tangible net worth requirements. PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED BALANCE SHEETS December 31, 2015 2014 (in thousands) Assets Short-term investment $ 2,606 $ 506 Investments in subsidiaries 1,558,728 1,637,927 Receivables from subsidiaries 168 261 Other assets 806 522 Total assets $ 1,562,308 $ 1,639,216 Liabilities Dividends payable $ 34,720 $ 45,482 Accounts payable and accrued liabilities 2,708 2,988 Capital notes payable to subsidiaries 20,379 — Due to affiliates 1,247 1,548 Payables to subsidiaries 219 338 Income taxes payable — 126 59,273 50,482 Shareholders’ equity 1,503,035 1,588,734 Total liabilities and shareholders’ equity $ 1,562,308 $ 1,639,216 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF INCOME Year ended December 31, 2015 2014 2013 (in thousands) Income Dividends from subsidiaries $ 171,254 $ 174,192 $ 148,520 Intercompany interest 8 15 20 Interest — 4 4 Other 1,250 1,250 833 Total income 172,512 175,461 149,377 Expenses Intercompany interest 441 26 39 Other 14 — — Total expenses 455 26 39 Income before provision for income taxes and equity in undistributed earnings in subsidiaries 172,057 175,435 149,338 Provision for income taxes 875 372 86 Income before equity in undistributed earnings of subsidiaries 171,182 175,063 149,252 Equity in undistributed earnings of subsidiaries (78,704 ) 23,288 49,940 Net income $ 92,478 $ 198,351 $ 199,192 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2015 2014 2013 (in thousands) Cash flows from operating activities: Net income $ 92,478 $ 198,351 $ 199,192 Equity in undistributed earnings of subsidiaries 78,704 (23,288 ) (49,940 ) Decrease (increase) in receivables from subsidiaries 915 107 (16 ) Increase in other assets (284 ) (1 ) (316 ) Decrease in accounts payable and accrued liabilities (257 ) (837 ) (2,582 ) Decrease in due to affiliates (238 ) (652 ) (1,169 ) (Decrease) increase payable to subsidiaries (119 ) (40 ) 314 (Decrease) increase in income taxes payable (126 ) 59 67 Net cash provided by operating activities 171,073 173,699 145,550 Cash flows from investing activities: Increase in investment in subsidiaries — (89,618 ) (249,315 ) (Increase) decrease in short-term investment (2,100 ) 834 2,059 Net cash used by investing activities (2,100 ) (88,784 ) (247,256 ) Cash flows from financing activities: Net increase in intercompany unsecured note payable to PMT subsidiary 20,379 — — Issuance of common shares 8 90,588 261,595 Payment of common share underwriting and offering costs — (1,070 ) (12,321 ) Repurchases of common shares (16,338 ) — — Payment of dividends (173,022 ) (174,433 ) (147,568 ) Net cash provided (used) by financing activities (168,973 ) (84,915 ) 101,706 Net change in cash — — — Cash at beginning of year — — — Cash at end of year $ — $ — $ — Non-cash financing activity — dividends payable $ 35,069 $ 45,894 $ 41,570

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 39—Subsequent Events The Manager has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: • On January 8, 2016, the Company sold an additional $62.2 million in certificates issued under PMT Loan Trust 2013-J1, thereby reducing the certificates retained by the Company to $146.3 million. • On January 12, 2016, the FHFA issued a final rule establishing new requirements for membership in the FHLBanks. The final rule excludes captive insurance companies such as the Company’s insurance subsidiary, Copper Insurance, LLC from membership. For captive insurance companies that became members since the rule was proposed in 2014, including Copper Insurance, LLC, membership must be terminated within one year, and no additional advances may be made. Accordingly, the Company has repaid $83.0 million of the advances outstanding and expects to repay the unpaid balance outstanding at February 25, 2016, of $100.0 million on or before its maturity on March 3, 2016. • During February 2016, the Company repurchased 2.9 million common shares at a cost of $34.1 million under the common share repurchase program described in Note 25 to the consolidated financial statements. The repurchased common shares were canceled upon settlement of the repurchase transactions and returned to the authorized but unissued share pool. In February 2016, the Company’s board of trustees also approved an increase to its share repurchase program pursuant to which the Company is now authorized to repurchase up to $200 million of its common shares.

Organization (Policies)

Organization (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Segment Reporting	The Company operates in two segments, correspondent production and investment activities: • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS” or the “Servicer”), both indirect subsidiaries of PennyMac Financial Services, Inc. (“PFSI”). Most of the 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 MBS, distressed mortgage loans, excess servicing spread (“ESS”), real estate acquired in settlement of loans (“REO”), real estate held for investment, mortgage servicing rights (“MSRs”), small balance commercial real estate mortgage loans, and credit risk transfer agreements (“CRT Agreements”). 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.
Concentration Risk	Because of the Company’s investments, 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, 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 certain 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 inputs that properly anticipate, future outcomes; • the level of government support for resolution of certain mortgage loans 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.
Basis of Presentation	Basis of Presentation The Company’s 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
Use of Estimates	Use of Estimates 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.
Consolidation	Consolidation The consolidated financial statements include the accounts of PMT and all wholly-owned subsidiaries. PMT has no significant equity method or cost-basis investments. Intercompany accounts and transactions have been eliminated upon consolidation. The Company also consolidates assets and liabilities included in certain securitization transactions and forward purchase agreements as discussed below. Securitization Transactions The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of beneficial interests in those assets. In a securitization transaction, the Company typically receives a combination of cash and interests in the SPE in exchange for the assets transferred by the Company. SPEs are generally considered VIEs. A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors at risk lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns. Expected residual returns represent the expected positive variability in the fair value of a VIE’s net assets. PMT consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and holds a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. The Company evaluates the securitization trust into which mortgage loans are sold to determine whether the entity is a VIE and whether the Company is the primary beneficiary and therefore is required to consolidate the securitization trust. Jumbo Mortgage Loan Financing On September 30, 2013, the Company completed a securitization transaction in which PMT Loan Trust 2013-J1, a VIE, issued $537.0 million in unpaid principal balance (“UPB”) of certificates backed by fixed-rate prime jumbo mortgage loans at a 3.9% weighted yield. The VIE was consolidated by the Company as PMT determined it was the primary beneficiary of the VIE as it had the power, through its affiliate, PLS, in its role as servicer of the mortgage loans, to direct the activities of the trust that most significantly impact the trust’s economic performance. Further, the retained subordinated and residual interest trust certificates expose the Company to losses and returns that could potentially be significant to the VIE. The asset-backed securities issued by the consolidated VIE are backed by the expected cash flows from the underlying fixed-rate prime jumbo mortgage loans. Cash inflows from these fixed-rate prime jumbo mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior certificates. After these senior certificates are settled, substantially all cash inflows will be directed to the subordinated certificates until fully repaid and, thereafter, to the residual interest that the Company owns in the trust. The Company retains beneficial interests in the securitization transaction, including senior and subordinated certificates and residual interests issued by the VIE. The Company retains credit risk in the securitization because the Company’s beneficial interests include the most subordinated interests in the securitized assets, which are the first to absorb credit losses on those assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual interests. The Company has no obligation to repurchase or replace securitized assets that subsequently become delinquent or are otherwise in default other than pursuant to breaches of representations and warranties. For financial reporting purposes, the mortgage loans owned by the consolidated VIE are included in Mortgage loans at fair value Asset-backed financing of a variable interest entity at fair value Credit Risk Transfer The Company, through its wholly-owned subsidiary, PennyMac Corp. (“PMC”), entered into CRT Agreements with Fannie Mae, pursuant to which PMC, through subsidiary trust entities, sells pools of mortgage loans into Fannie Mae-guaranteed securitizations while retaining a portion of the credit risk underlying such mortgage loans in exchange for a portion of the contractual guarantee fee normally charged by Fannie Mae. 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. 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 Manager has concluded that the Company’s subsidiary trust entities are VIEs and 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 pledged cash. The pledged 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 Forward Purchase Agreements The Company entered into transactions whereby it agreed to purchase identified pools of mortgage loans and real estate at a later date while assuming all of the responsibilities for servicing the mortgage loans and the risks and rewards relating to holding such mortgage loans as of a cutoff date that is before the mortgage loans were purchased. All of the changes in the fair value and cash flows of the assets subject to forward purchase agreements were attributable solely to the Company, and such cash flows could only be used to settle the related liability. Such transactions are referred to as forward purchase agreements. Under forward purchase agreements, the assets are held by the seller within a separate trust entity. The Manager concluded that the Company was the primary beneficiary of those assets and therefore consolidated those assets and related liabilities in the separate trust entity. The Company’s interests in the assets subject to forward purchase agreements were deemed to be contractually segregated from all other interests in the trust entity. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consisted of the assets subject to forward purchase agreements and the related obligation to purchase the assets. The Company directed all of the activities that impacted the economic results of the assets subject to forward purchase agreements. The assets subject to forward purchase agreements are included in the notes to the consolidated financial statements as Real estate acquired in settlement of loans under forward purchase agreements Borrowings under forward purchase agreements
Fair Value	Fair Value PMT groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and other inputs. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” financial statement items, the Manager is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these financial statement items and their fair values. Likewise, due to the general illiquidity of some of these financial statement items, subsequent transactions may be at values significantly different from those reported. The Manager reclassifies its financial statement items between levels of the fair value hierarchy when the inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the inputs required to establish fair value at a higher level of the hierarchy become available.
Short-Term Investments	Short-Term Investments Short-term investments are carried at fair value with changes in fair value recognized in current period income. Short-term investments represent deposit accounts. The Company categorizes its short-term investments as “Level 1” fair value financial statement items.
Mortgage-Backed Securities and Agency Debt Securities	Mortgage-Backed Securities and Agency Debt Securities The Company invests in Agency and non-Agency MBS. Purchases and sales of MBS and Agency debt are recorded as of the trade date. The Company’s investments in MBS and Agency debt securities are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method and are included in Interest income. Net gain (loss) on investments. The Company categorizes its investments in MBS and Agency debt securities as “Level 2” fair value financial statement items. Interest Income Recognition Interest income on MBS and Agency debt securities is recognized over the life of the security using the interest method. The Manager estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. The Manager updates its cash flow estimates monthly. Estimating cash flows requires a number of inputs that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), coupon interest rate, interest rate fluctuations, interest payment shortfalls due to delinquencies on the underlying mortgage loans, the likelihood of modification and the timing of the magnitude of credit losses on the mortgage loans underlying the securities. The Manager applies its judgment in developing its estimates. However, these uncertainties are difficult to predict; therefore, the outcome of future events will affect the timing and amount of interest income.
Mortgage Loans	Mortgage Loans Mortgage loans are carried at their fair values. Changes in the fair value of mortgage loans are recognized in current period income. Changes in fair value, other than changes in fair value attributable to accrual of unearned discounts and amortization of purchase premiums, are included in Net gain on investments Net gain on mortgage loans acquired for sale Interest income Sale Recognition The Company purchases from and sells mortgage loans into the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and liability under the representations and warranties it makes to purchasers and insurers of the mortgage loans. The Company recognizes transfers of mortgage loans as sales based on whether the transfer is made to a VIE: • For mortgage loans that are not transferred to a VIE, the Company recognizes the transfer as a sale when it surrenders control over the mortgage loans. Control over transferred mortgage loans is deemed to be surrendered when (i) the mortgage loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred mortgage loans, and (iii) the Company does not maintain effective control over the transferred mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific mortgage loans. • For mortgage loans that are transferred to a VIE, the Company recognizes the transfer as a sale when the Manager determines that the Company is not the primary beneficiary of the VIE, as the Company does not both have the power to direct the activities that will have the most significant economic impact on the VIE and does not hold a variable interest that could potentially be significant to the VIE. Interest Income Recognition The Company has the ability but not the intent to hold mortgage loans acquired for sale, mortgage loans at fair value excluding mortgage loans held in a VIE, and mortgage loans under forward purchase agreements, for the foreseeable future. Therefore, interest income on mortgage loans acquired for sale, mortgage loans at fair value excluding mortgage loans held in a VIE, and mortgage loans under forward purchase agreements is recognized over the life of the loans using their contractual interest rates. The Company has both the ability and intent to hold mortgage loans held in a VIE for the foreseeable future. Therefore, interest income on mortgage loans held in a variable interest entity is recognized over the estimated remaining life of the mortgage loans using the interest method. Unearned discounts and purchase premiums are accrued and amortized to interest income using the effective interest rate inherent in the estimated cash flows from the mortgage loans. Income recognition is suspended and the accrued unpaid interest receivable is reversed against interest income when mortgage loans become 90 days delinquent, or when, in the Manager’s opinion, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.
Excess Servicing Spread	Excess Servicing Spread The Company has acquired the right to receive the ESS related to MSRs owned by PFSI. ESS is carried at its fair value. Changes in fair value are recognized in current period income in Net gain on investments Interest Income Recognition Interest income for ESS is accrued using the interest method, based upon the expected yield from the ESS through the expected life of the underlying mortgages. Changes to the expected interest yield result in a change in fair value which is recorded in Interest income
Derivative Financial Instruments	Derivative Financial Instruments In its mortgage loan origination activities, the Company makes contractual commitments to mortgage loan applicants to originate mortgages at specified interest rates (“interest rate lock commitments” or “IRLCs”). These commitments are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans acquired for sale by entering into forward sale agreements to sell the resulting mortgage loans and by the purchase and sale of interest rate options and futures. Such agreements are also accounted for as derivative financial instruments. These instruments may also be used to manage the risk created by changes in interest rates on certain of the MBS and MSRs the Company holds. The Company classifies its IRLCs as “Level 3” fair value financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and from holding MBS, mortgage loans pending sale and MSRs as “Level 1” or “Level 2” fair value financial statement items. The Company enters into CRT Agreements whereby it retains a portion of the credit risk relating to mortgage loans it sells into Fannie Mae guaranteed securitizations in exchange for a portion of the contractual guarantee fee related to such securitizations. These investments are classified as “Level 3” fair value financial statement items. All other derivative financial instruments are used for risk management activities. The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the balance sheet at fair value with changes in fair value being reported in current period income. The fair value of the Company’s derivative financial instruments is included in Derivative assets Derivative liabilities Net gain on mortgage loans acquired for sale Net gain on investments Net mortgage loan servicing fees When the Company has master netting agreements with its derivatives counterparties, the Company nets its counterparty positions along with any cash collateral received from or delivered to the counterparty.
Real Estate Acquired in Settlement of Loans	Real Estate Acquired in Settlement of Loans REO is measured at the lower of the acquisition cost of the property (as measured by cost in the case of purchased REO; or the fair value of the mortgage loan immediately before REO acquisition in the case of acquisition in settlement of a loan) or its fair value reduced by estimated costs to sell. The Company categorizes REO as a “Level 3” fair value financial statement item. Changes in fair value to levels that are less than or equal to acquisition cost and gains or losses on sale of REO are recognized in the consolidated statements of income under the caption Results of real estate acquired in settlement of loans
Mortgage Servicing Rights	Mortgage Servicing Rights MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company is obligated to provide mortgage loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting mortgage loan payments; responding to borrower inquiries; accounting for principal and interest, holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising the acquisition and disposition of REO. The Company has engaged PFSI to provide these services on its behalf. The Company recognizes MSRs initially at their fair values, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs. The precise fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of these assets and the exercise of such judgment can significantly affect the Company’s earnings. Therefore, the Company categorizes its MSRs as “Level 3” fair value financial statement items. The fair value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee of generally 0.250% annually on the remaining outstanding principal balances of conventional mortgage loans. The servicing fees are collected from the monthly payments made by the mortgagors. The Company generally receives other remuneration including rights to various mortgagor-contracted fees such as late charges and collateral reconveyance charges and the Company is generally entitled to retain any interest earned on funds held pending remittance of mortgagor principal, interest, tax and insurance payments. The Company accounts for MSRs at either the asset’s fair value with changes in fair value recorded in current period earnings or using the amortization method with the MSRs carried at the lower of amortized cost or fair value based on the class of MSR. The Company has identified two classes of MSRs: originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; and MSRs backed by mortgage loans with initial interest rates of more than 4.5%. 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. MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income. MSRs Accounted for Using the MSR Amortization Method The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the projected total remaining net MSR cash flows. The estimated total net MSR cash flows are estimated at the beginning of each month using prepayment inputs applicable at that time. The Company assesses MSRs accounted for using the amortization method for impairment monthly. Impairment occurs when the current fair value of the MSR falls below the asset’s amortized cost. If MSRs are impaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the fair value of impaired MSRs subsequently increases, the Company recognizes the increase in fair value in current-period earnings and adjusts the carrying value of the MSRs through a reduction in the valuation allowance to adjust the carrying value only to the extent of the valuation allowance. The Company stratifies its MSRs by risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including mortgage loan type (fixed-rate or adjustable-rate) and note interest rate. Fixed-rate mortgage loans are stratified into note interest rate pools of 50 basis points for note interest rates between 3.0% and 4.5% and a single pool for note interest rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note interest rate pools is below the carrying value (carrying value is amortized cost reduced by a valuation allowance) of the MSRs for that pool, impairment is recognized to the extent of the difference between the fair value and the existing carrying value for that pool. The Manager periodically reviews the various impairment strata to determine whether the fair value of the impaired MSRs in a given stratum is likely to recover in the foreseeable future. When the Manager deems recovery of the fair value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance. Amortization and impairment of MSRs are included in current period income as a component of Net mortgage loan servicing fees MSRs Accounted for at Fair Value Changes in fair value of MSRs accounted for at fair value are recognized in current period income as a component of Net mortgage loan servicing fees
Servicing Advances	Servicing Advances Servicing advances represent advances made on behalf of borrowers and the mortgage loans’ investors to fund delinquent balances for property tax and insurance premiums and out of pocket collection costs (e.g., preservation and restoration of mortgaged property or real estate acquired in settlement of loans, legal fees, appraisals and insurance premiums). Servicing advances are made in accordance with the Company’s servicing agreements and, when made, are deemed recoverable. The Company periodically reviews servicing advances for collectability. Servicing advances are written off when they are deemed uncollectible.
Borrowings	Borrowings Borrowings, other than Asset - backed financing of a VIE at fair value Interest
Asset-Backed Secured Financing at Fair Value	Asset-backed financing of a VIE at Fair Value The certificates issued to nonaffiliates by the Company relating to the asset-backed financing are recorded as borrowings. Certificates issued to nonaffiliates have the right to receive principal and interest payments of the mortgage loans held by the consolidated VIE. Asset-backed financings of the VIE are carried at fair value. Changes in fair value are recognized in current period income as a component of Net gain on investments
Liability for Losses Under Representation and Warranties	Liability for Losses Under Representation and Warranties The Company’s agreements with the Agencies and other investors include representations and warranties related to the mortgage loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor origination and underwriting guidelines, including but not limited to the validity of the lien securing the mortgage loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender. The Company records a provision for losses relating to representations and warranties as part of its mortgage loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and mortgage loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent mortgage loan seller. The Company establishes a liability at the time mortgage loans are sold and periodically updates its liability estimate. The level of the liability for representations and warranties is reviewed and approved by the Manager’s management credit committee. The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying mortgage loans. The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Manager believes that the current unpaid principal balance of mortgage loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. The Manager believes the range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations.
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with the Company’s share offerings are reflected as a reduction of additional paid-in capital. Contingent offering costs that are deemed by the Manager as probable of being paid are recorded as a reduction of additional paid-in capital.
Loan Servicing Fees	Loan Servicing Fees Mortgage loan servicing fees and other remuneration are received by the Company for servicing mortgage loans. Mortgage loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Mortgage loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio. Mortgage loan servicing fees are deemed to be earned when they are collected.
Share-Based Compensation	Share-Based Compensation The Company amortizes the fair value of previously granted share-based awards to compensation expense over the vesting period using the graded vesting method. Expense relating to share-based awards is included in Compensation The initial cost of restricted share units awarded is established at the Company’s closing share price on the date of the award. The Company adjusts the cost of its share-based compensation awards depending on whether the awards are made to its trustees and officers or to non-employees such as officers and employees of affiliates: • Compensation cost is generally fixed at the fair value of the award date for awards to officers and trustees of the Company. • Compensation cost for share-based compensation awarded to employees of the Manager is adjusted to reflect changes in the fair value of awards in each subsequent reporting period until the award has vested, the service being provided is subsequently completed, or, under certain circumstances, is likely to be completed, whichever occurs first. The Manager’s estimates of compensation costs reflect the expected portion of share-based compensation awards that are expected to vest.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT and the Manager believes the Company complies with the provisions of the Internal Revenue Code applicable to REITs. Accordingly, the Manager believes the Company will not be subject to federal income tax on that portion of its REIT taxable income that is distributed to shareholders as long as certain asset, income and share ownership tests are met. If PMT fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to income taxes and may be precluded from qualifying as a REIT for the four tax years following the year of loss of the Company’s REIT qualification. The Company’s taxable REIT subsidiaries are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which the Manager expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. A valuation allowance is established if, in the Manager’s judgement, realization of deferred tax assets is not more likely than not. The Company recognizes a tax benefit relating to tax positions it takes only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that exceeds 50 percent likelihood of being realized upon settlement. The Company will classify any penalties and interest as a component of income tax expense. As of December 31, 2015 and 2014, the Company was not under examination by any federal or state income taxing authority.
Reclassification of Previously Presented Amounts	Reclassification of Previously Presented Amounts 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 Short-term borrowings Long-term borrowings
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 year. 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 years 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 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 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 December 31, 2015 consolidated balance sheet, reclassified $6.6 million in debt issuance costs from Other Assets sold under agreements to repurchase Notes payable Exchangeable senior notes On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 requires that: • All equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) with readily determinable fair values will generally be measured at fair value through earnings. • When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The accumulated gains and losses due to these changes will be reclassified from accumulated other comprehensive income to earnings if the financial liability is settled before maturity. • For financial instruments measured at amortized cost, public business entities will be required to use the exit price when measuring the fair value of financial instruments for disclosure purposes. • Financial assets and financial liabilities shall be presented separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or fair value) and form of financial asset (e.g., loans, securities). • Public business entities will no longer be required to disclose the methods and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost. • Entities will have to assess the realizability of a deferred tax asset related to a debt security classified as available-for sale in combination with the entity’s other deferred tax assets. The classification and measurement guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. All entities can early adopt the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. Early adoption of these provisions can be elected for all financial statements of fiscal years and interim periods that have not yet been issued or that have not yet been made available for issuance. The Company is currently assessing the potential effect that the adoption of ASU 2016-01 will have on its consolidated financial statements.

Concentration of Risks (Tables)

Concentration of Risks (Tables)	12 Months Ended
	Dec. 31, 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.: Year ended December 31, 2015 2014 2013 (in thousands) Investment portfolio purchases: Mortgage loans $ 241,981 $ 557,432 $ 1,309,767 REO — 3,117 120 $ 241,981 $ 560,549 $ 1,309,887 Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.: Mortgage loans $ — $ 26,737 $ 443,154 REO — 68 38 $ — $ 26,805 $ 443,192 Following is a summary of the Company’s holdings of assets purchased through one or more subsidiaries of Citigroup Inc.: December 31, December 31, (in thousands) Mortgage loans $ 855,691 $ 943,163 REO 88,088 108,302 $ 943,779 $ 1,051,465 Total carrying value of mortgage loans and REO $ 2,897,634 $ 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: Year ended December 31, 2014 2013 (in thousands) Statements of income: Interest income $ 3,584 $ 3,659 Interest expense $ 2,363 $ 3,707 Net gain on investments $ 803 $ 11,720 Net mortgage loan servicing fees $ 516 $ 852 Results of REO $ (473 ) $ (20 ) Statements of cash flows: Repayments of mortgage loans $ 6,413 $ 15,319 Sales of REO $ 5,365 $ 651 Repayments of borrowings under forward purchase agreements $ 227,866 $ 27,070

Significant Accounting Polici49

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [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 assets $ 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 )

Transactions with Related Par50

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Year ended December 31, 2015 2014 2013 (in thousands) Fulfillment fees earned by PLS $ 58,607 $ 48,719 $ 79,712 Unpaid principal balance of loans fulfilled by PLS $ 14,014,603 $ 11,476,448 $ 15,225,153 Sourcing fees received from PLS $ 8,966 $ 4,676 $ 4,611 Unpaid principal balance of loans sold to PLS $ 29,867,580 $ 15,579,322 $ 15,366,378 Purchases of mortgage loans acquired for sale at fair value from PLS $ 28,445 $ 8,082 $ 12,339 Tax service fee to paid to PLS $ 4,390 $ 2,080 $ — Mortgage banking and warehouse services fees paid to PLS $ — $ — $ 313 At year end: Mortgage loans included in Mortgage loans acquired for sale $ 669,288 $ 209,325 $ 112,360
Summary of Mortgage Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of mortgage loan servicing fees earned by PLS and MSR recapture income earned from PLS: Year ended December 31, 2015 2014 2013 (in thousands) Mortgage Loan servicing fees Mortgage loans acquired for sale at fair value: Base $ 260 $ 103 $ 262 Activity-based 371 149 300 631 252 562 Mortgage loans at fair value: Distressed mortgage loans Base 16,123 18,953 16,458 Activity-based 12,437 19,608 11,814 28,560 38,561 28,272 Mortgage loans held in VIE Base 125 110 — Activity-based — — — 125 110 — MSRs: Base 16,786 13,405 10,274 Activity-based 321 194 305 17,107 13,599 10,579 $ 46,423 $ 52,522 $ 39,413 MSR recapture income recognized $ 787 $ 9 $ 709 Average investment in: Mortgage loans acquired for sale at fair value $ 1,143,232 $ 573,256 $ 899,971 Distressed mortgage loans $ 2,231,259 $ 2,121,806 $ 1,660,866 Mortgage loans held in a VIE $ 494,655 $ 533,480 $ 135,667 Average mortgage loan servicing portfolio $ 38,450,379 $ 30,720,168 $ 19,634,411
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: Year ended December 31, 2015 2014 2013 (in thousands) Base $ 22,851 $ 23,330 $ 19,644 Performance incentive 1,343 11,705 12,766 $ 24,194 $ 35,035 $ 32,410
Summary of Expenses	The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates (1) $ 10,742 $ 10,850 $ 10,989 Expenses incurred on the Company’s behalf 582 792 4,638 $ 11,324 $ 11,642 $ 15,627 Payments and settlements during the year (2) $ 99,967 $ 99,987 $ 121,230 (1) For the year ended December 31, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $1.6 million of overhead expenses that otherwise would have been allocable to the Company. On December 15, 2015, the Company amended its management agreement to provide that the total costs and expenses incurred by PFSI in any quarter and reimbursable by the Company is capped at an amount equal to the product of (A) 70 basis points (0.0070), multiplied by (B) shareholders’ equity (as defined in the management agreement) as of the last day of such quarter, divided by four (4). (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: December 31, 2015 December 31, 2014 (in thousands) ESS remittances $ 7,241 $ — Management fees 5,670 8,426 Servicing fees 3,682 3,457 Fulfillment fees 1,082 506 Conditional Reimbursement 900 1,136 Allocated expenses 390 6,582 Unsettled purchases of ESS — 3,836 $ 18,965 $ 23,943
Summary of Investment Activity	Following is a summary of investment activities between the Company and PFSI: Year ended December 31, 2015 2014 2013 (in thousands) ESS: Purchases $ 271,554 $ 99,728 $ 139,028 Repayments $ 78,578 $ 39,257 $ 4,076 Interest income $ 25,365 $ 13,292 $ 1,091 ESS received pursuant to a recapture agreement $ 6,728 $ 7,343 $ — Net gain (loss): Valuation changes $ (3,810 ) $ (28,662 ) $ 2,423 Recapture income recognized 7,049 7,828 — $ 3,239 $ (20,834 ) $ 2,423
Summary of Financing Activities	Following is a summary of financing activities between the Company and PFSI: Year ended December 31, 2015 2014 (in thousands) Note payable: Advances $ 168,546 $ — Repayments $ 18,546 $ — Interest expense $ 3,343 $ — Conditional reimbursements paid to PCM $ 237 $ 860

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2015 2014 2013 (in thousands except per share amounts) Basic earnings per share: Net income $ 90,100 $ 194,544 $ 200,190 Effect of participating securities—share-based compensation awards (1,689 ) (1,830 ) (1,751 ) Net income attributable to common shareholders $ 88,411 $ 192,714 $ 198,439 Diluted earnings per share: Net income attributable to common shareholders $ 88,411 $ 194,544 $ 200,190 Interest on Exchangeable Notes, net of income taxes 8,468 8,456 5,556 Net income attributable to diluted shareholders $ 96,879 $ 203,000 $ 205,746 Weighted-average basic shares outstanding 74,446 73,495 63,426 Potentially dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 8,418 5,647 Shares issuable under share-based compensation plan 423 298 375 Diluted weighted-average number of shares outstanding 83,336 82,211 69,448 Basic earnings per share $ 1.19 $ 2.62 $ 3.13 Diluted earnings per share $ 1.16 $ 2.47 $ 2.96

Loan Sales and Variable Inter52

Loan Sales and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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 information at year end: Year ended December 31, 2015 2014 2013 (in thousands) Cash flows: Proceeds from sales $ 14,206,816 $ 11,703,015 $ 15,818,582 Servicing fees received (1) $ 97,633 $ 70,294 $ 51,712 Year end information: Unpaid principal balance of: Mortgage loans outstanding $ 42,300,338 $ 34,161,360 $ 25,792,933 Delinquent mortgage loans: 30-89 days delinquent $ 175,599 $ 110,176 $ 68,156 90 or more days delinquent Not in foreclosure or bankruptcy 38,669 25,418 7,941 In foreclosure or bankruptcy 31,386 13,172 5,434 70,055 38,590 13,375 $ 245,654 $ 148,766 $ 81,531 (1) Net of guarantee fees.
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT Agreements: Year ended (in thousands) During the year: Unpaid principal balance of mortgage loans transferred and sold under CRT Agreements $ 4,602,507 Deposits of restricted cash to secure guarantees $ 147,446 Gains (losses) recognized on derivative related to CRT Agreements Realized $ 1,831 Resulting from valuation changes (1,238 ) $ 593 Payments made to settle losses $ — At year end: Unpaid principal balance of mortgage loans subject to guarantee obligation $ 4,546,265 Delinquency Current - 89 days delinquent $ 4,546,265 90 - or more days delinquent — Carrying value of CRT Agreements: Restricted cash included in Other $ 147,000 Net derivative assets included in Derivative $ 593

Netting of Financial Instrume53

Netting of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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. December 31, 2015 December 31, 2014 Gross Gross Net Gross Gross Net (in thousands) Derivatives subject to master netting arrangements: MBS put options $ 93 $ — $ 93 $ 374 $ — $ 374 MBS call options — — — — — — Forward purchase contracts 2,444 — 2,444 3,775 — 3,775 Forward sale contracts 2,604 — 2,604 52 — 52 Put options on interest rate futures 1,512 — 1,512 193 — 193 Call options on interest rate futures 1,156 — 1,156 3,319 — 3,319 Netting — (3,300 ) (3,300 ) — (2,284 ) (2,284 ) 7,809 (3,300 ) 4,509 7,713 (2,284 ) 5,429 Derivatives not subject to master netting arrangements: Net derivatives related to CRT Agreements 593 — 593 — — — Interest rate lock commitments 4,983 — 4,983 5,678 — 5,678 $ 13,385 $ (3,300 ) $ 10,085 $ 13,391 $ (2,284 ) $ 11,107
Summary of Derivative Assets and Collateral Held by Counterparty	The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for netting. December 31, 2015 December 31, 2014 Gross amounts Gross amounts Net amount of assets presented balance sheet Financial Cash Net Net amount balance sheet Financial Cash Net (in thousands) Interest rate lock commitments $ 4,983 $ — $ — $ 4,983 $ 5,678 $ — $ — $ 5,678 RJ O’Brien & Associates, LLC 1,672 — — 1,672 3,034 — — 3,034 Barclays Capital 796 — — 796 — — — — Jefferies Group, LLC 541 — — 541 133 — — 133 Morgan Stanley Bank, N.A. 464 — — 464 104 — — 104 Ally Financial 209 — — 209 — — — — Royal Bank of Canada 400 — — 400 — — — — Nomura Securities International, Inc 119 — — 119 138 — — 138 Daiwa Capital Markets 63 — — 63 29 — — 29 Deutsche Bank 6 — — 6 124 — — 124 Bank of America, N.A. — — — — 738 — — 738 Credit Suisse First Boston Mortgage Capital LLC — — — — 253 — — 253 Other 832 — — 832 876 — — 876 Total $ 10,085 $ — $ — $ 10,085 $ 11,107 $ — $ — $ 11,107
Schedule of 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. December 31, 2015 December 31, 2014 Gross Gross amounts Net Gross Gross Net (in thousands) Derivatives subject to master netting arrangements: Forward purchase contracts $ 3,774 $ — $ 3,774 $ 34 $ — $ 34 Forward sales contracts 2,680 — 2,680 6,649 — 6,649 Put options on interest rate futures 39 — 39 — — — Call options on interest rate futures 305 — 305 — — — Treasury futures sales contracts — — — 478 — 478 Netting — (3,978 ) (3,978 ) — (4,748 ) (4,748 ) 6,798 (3,978 ) 2,820 7,161 (4,748 ) 2,413 Derivatives not subject to master netting arrangements: Interest rate lock commitments 337 — 337 17 — 17 7,135 (3,978 ) 3,157 7,178 (4,748 ) 2,430 Assets sold under agreements to repurchase 3,130,328 — 3,130,328 2,730,130 — 2,730,130 Unamortized commitment fees and issuance cost (1,548 ) — (1,548 ) (1,103 ) — (1,103 ) 3,128,780 — 3,128,780 2,729,027 — 2,729,027 $ 3,135,915 $ (3,978 ) $ 3,131,937 $ 2,736,205 $ (4,748 ) $ 2,731,457
Summary of 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. December 31, 2015 December 31, 2014 Gross amounts Gross amounts Net amount Financial Cash Net Net amount Financial Cash Net (in thousands) Interest rate lock commitments $ 337 $ — $ — $ 337 $ 17 $ — $ — $ 17 Credit Suisse First Boston Mortgage Capital LLC 893,947 (893,854 ) — 93 966,155 (966,155 ) — — Citibank 817,089 (816,699 ) — 390 797,851 (797,663 ) — 188 Bank of America, N.A. 538,755 (538,515 ) — 240 508,908 (508,908 ) — — JPMorgan Chase & Co. 467,427 (467,145 ) — 282 — — — — Morgan Stanley Bank, N.A. 214,086 (214,086 ) — — 121,975 (121,975 ) — — Daiwa Capital Markets 165,480 (165,480 ) — — 126,909 (126,909 ) — — Barclays Capital 24,346 (24,346 ) — — — — — — BNP Paribas Corporate & Institutional Bank 10,203 (10,203 ) — — — — — — Fannie Mae Capital Markets 924 — — 924 102 — — 102 Goldman Sachs 819 — — 819 — — — — RBS Securities — — — — 208,520 (208,520 ) — — Other 72 — — 72 2,123 — — 2,123 Unamortized commitment fees and issuance cost (1,548 ) 1,548 — — (1,103 ) 1,103 — — Total $ 3,131,937 $ (3,128,780 ) $ — $ 3,157 $ 2,731,457 $ (2,729,027 ) $ — $ 2,430

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 41,865 $ — $ — $ 41,865 Mortgage-backed securities at fair value — 322,473 — 322,473 Mortgage loans acquired for sale at fair value — 1,283,795 — 1,283,795 Mortgage loans at fair value — 455,394 2,100,394 2,555,788 Excess servicing spread purchased from PFSI — — 412,425 412,425 Derivative assets: Interest rate lock commitments — — 4,983 4,983 MBS put options — 93 — 93 Forward purchase contracts — 2,444 — 2,444 Forward sales contracts — 2,604 — 2,604 Put options on interest rate futures 1,512 — — 1,512 Call options on interest rate futures 1,156 — — 1,156 CRT Agreements — — 593 593 Total derivative assets before netting before netting 2,668 5,141 5,576 13,385 Netting — — — (3,300 ) Total derivative assets after netting 2,668 5,141 5,576 10,085 Mortgage servicing rights at fair value — — 66,584 66,584 $ 44,533 $ 2,066,803 $ 2,584,979 $ 4,693,015 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 247,690 $ — $ 247,690 Derivative liabilities: Interest rate lock commitments — — 337 337 Put options on interest rate futures 39 — — 39 Call options on interest rate futures 305 — — 305 Forward purchase contracts — 3,774 — 3,774 Forward sales contracts — 2,680 — 2,680 Total derivative liabilities before netting 344 6,454 337 7,135 Netting — — — (3,978 ) Total derivative liabilities after netting 344 6,454 337 3,157 $ 44,877 $ 2,073,257 $ 2,585,316 $ 4,696,172 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 — — — (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 financing of the VIE 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 — — — (4,748 ) Total derivative liabilities after netting 478 6,683 17 2,430 $ 478 $ 172,603 $ 17 $ 168,350
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: Year ended December 31, 2015 Mortgage at fair value Excess Interest rate lock commitments (1) Net derivative related to CRT Mortgage Total (in thousands) Assets: Balance, December 31, 2014 $ 2,199,583 $ 191,166 $ 5,661 $ — $ 57,358 $ 2,453,768 Purchases and issuances 241,981 271,554 — — 2,335 515,870 Repayments and sales (218,585 ) (78,578 ) — — — (297,163 ) Capitalization of interest 57,754 25,365 — — — 83,119 ESS received pursuant to a recapture agreement with PFSI — 6,728 — — — 6,728 Interest rate lock commitments issued, net — — 50,536 — — 50,536 Servicing received as proceeds from sales of mortgage loans — — — — 13,963 13,963 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 42,267 — — — — 42,267 Other factors 38,866 (3,810 ) (12,811 ) 593 (7,072 ) 15,766 81,133 (3,810 ) (12,811 ) 593 (7,072 ) 58,033 Transfers of mortgage loans to REO (285,331 ) — — — — (285,331 ) Transfers of mortgage loans at fair value from “Level 2” to “Level 3” (2) 23,859 — — — — 23,859 Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (38,740 ) — — (38,740 ) Balance, December 31, 2015 $ 2,100,394 $ 412,425 $ 4,646 $ 593 $ 66,584 $ 2,584,642 Changes in fair value recognized during the period relating to assets still held at December 31, 2015 $ 77,867 $ (3,810 ) $ 4,646 $ 593 $ (7,072 ) $ 72,224 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. (2) During the year ended December 31, 2015, the Manager identified certain “Level 2” mortgage loans that were not salable into the prime mortgage market and therefore transferred them to “Level 3”. Year ended December 31, 2014 Mortgage at fair value Mortgage under forward Excess 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 554,604 1,386 99,728 — — 655,718 Repayments and sales (572,586 ) (6,413 ) (39,257 ) — (139 ) (618,395 ) Accrual of interest — — 13,292 — — 13,292 ESS received pursuant to a recapture agreement with PFSI — — 7,342 — — 7,342 Interest rate lock commitments issued, net — — — 56,367 — 56,367 Capitalization of interest 65,050 1,800 — — — 66,850 Sales — — — — — — Servicing received as proceeds from sales of mortgage loans — — — — 47,693 47,693 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 34,785 1,815 — — — 36,600 Other factors 179,896 (1,012 ) (28,662 ) 17,326 (16,648 ) 150,900 214,681 803 (28,662 ) 17,326 (16,648 ) 187,500 Transfers of mortgage loans under forward purchase agreements to mortgage loans 205,902 (205,902 ) — — — — Transfers of mortgage loans to REO (344,733 ) — — — — (344,733 ) Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements — (9,802 ) — — — (9,802 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — (69,281 ) — (69,281 ) Balance, December 31, 2014 $ 2,199,583 $ — $ 191,166 $ 5,661 $ 57,358 $ 2,453,768 Changes in fair value recognized during the period relating to assets still held at December 31, 2014 $ 134,724 $ — $ (28,662 ) $ 5,661 $ (16,648 ) $ 95,075 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net. Year ended December 31, 2013 Mortgage at fair value Agency Mortgage loans Excess Net interest rate lock Mortgage Total (in thousands) Assets: Balance, December 31, 2012 $ 1,189,971 $ — $ — $ — $ 19,479 $ 1,346 $ 1,210,796 Purchases 1,063,162 12,000 246,525 139,028 — 1,419 1,462,134 Repayments and sales (255,210 ) (13,725 ) (15,319 ) (4,076 ) — — (288,330 ) Capitalization of interest 43,481 — — 1,348 — — 44,829 ESS received pursuant to a recapture agreement with PFSI — — — — — — Interest rate lock commitments issued, net — — — — 83,515 — 83,515 Servicing received as proceeds from sales of mortgage loans — — — — — 23,071 23,071 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 44,018 — 2,305 — — — 46,323 Other factors 153,639 1,725 9,415 2,423 (26,674 ) 616 141,144 197,657 1,725 11,720 2,423 (26,674 ) 616 187,467 Transfers of mortgage loans under forward purchase agreements to mortgage loans 15,347 — (15,347 ) — — — — Transfers of mortgage loans to REO (177,743 ) — — — — — (177,743 ) Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements — — (9,451 ) — — — (9,451 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — — (75,071 ) — (75,071 ) Balance, December 31, 2013 $ 2,076,665 $ — $ 218,128 $ 138,723 $ 1,249 $ 26,452 $ 2,461,217 Changes in fair value recognized during the period relating to assets still held at December 31, 2013 $ 132,339 $ 1,725 $ 7,244 $ 2,423 $ 1,249 $ 616 $ 145,596 (1) For the purpose of this table, the interest rate lock asset and liability positions are shown net.
Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option	Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans held in a consolidated VIE): December 31, 2015 December 31, 2014 Fair value Principal Difference Fair value Principal Difference (in thousands) (in thousands) Mortgage loans acquired for sale at fair value: Current through 89 days delinquent $ 1,283,275 $ 1,235,433 $ 47,842 $ 637,518 $ 610,372 $ 27,146 90 or more days delinquent Not in foreclosure 304 333 (29 ) 204 255 (51 ) In foreclosure 216 253 (37 ) — — — 520 586 (66 ) 204 255 (51 ) $ 1,283,795 $ 1,236,019 $ 47,776 $ 637,722 $ 610,627 $ 27,095 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE Current through 89 days delinquent $ 455,394 $ 454,935 $ 459 $ 527,369 $ 517,500 $ 9,869 90 or more days delinquent Not in foreclosure — — — — — — In foreclosure — — — — — — — — — — — — 455,394 454,935 459 527,369 517,500 9,869 Other mortgage loans at fair value: Current through 89 days delinquent 877,438 1,134,560 (257,122 ) 664,266 935,385 (271,119 ) 90 or more days delinquent Not in foreclosure 459,060 640,343 (181,283 ) 608,144 875,214 (267,070 ) In foreclosure 763,896 1,062,205 (298,309 ) 927,173 1,371,371 (444,198 ) 1,222,956 1,702,548 (479,592 ) 1,535,317 2,246,585 (711,268 ) 2,100,394 2,837,108 (736,714 ) 2,199,583 3,181,970 (982,387 ) $ 2,555,788 $ 3,292,043 $ (736,255 ) $ 2,726,952 $ 3,699,470 $ (972,518 )
Summary of Changes in Fair Value Included in Current Period Income	Following are the changes in fair value included in current year income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Year ended December 31, 2015 Net gain on mortgage loans Net interest Net gain on investments Net loan servicing fees Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (35 ) (5,224 ) — (5,259 ) Mortgage loans acquired for sale at fair value 71,880 — — — 71,880 Mortgage loans at fair value — 1,253 70,470 — 71,723 Excess servicing spread at fair value — — 3,239 — 3,239 Mortgage servicing rights at fair value — — — (7,072 ) (7,072 ) $ 71,880 $ 1,218 $ 68,485 $ (7,072 ) $ 134,511 Liabilities: Asset-backed financing of VIEs at fair value $ — $ (499 ) $ 4,260 $ — $ 3,761 $ — $ (499 ) $ 4,260 $ — $ 3,761 Year ended December 31, 2014 Net gain on mortgage loans Net interest income Net gain on investments Net loan servicing fees Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 357 10,416 — 10,773 Mortgage loans acquired for sale at fair value 100,213 — — — 100,213 Mortgage loans at fair value — 1,848 242,449 — 244,297 Mortgage loans under forward purchase agreements at fair value — — 803 — 803 Excess servicing spread at fair value — — (20,834 ) — (20,834 ) Mortgage servicing rights at fair value — — — (16,648 ) (16,648 ) $ 100,213 $ 2,205 $ 232,834 $ (16,648 ) $ 318,604 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (617 ) $ (8,459 ) $ — $ (9,076 ) $ — $ (617 ) $ (8,459 ) $ — $ (9,076 ) Year ended December 31, 2013 Net gain on mortgage loans Net interest income Net gain on investments Net loan servicing fees Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — 46 (3,946 ) — (3,900 ) Mortgage loans acquired for sale at fair value (30,696 ) — — — (30,696 ) Mortgage loans at fair value — 232 191,356 — 191,588 Agency debt security — — 1,725 — 1,725 Mortgage loans under forward purchase agreements at fair value — — 11,720 — 11,720 Excess servicing spread at fair value — — 2,423 — 2,423 Mortgage servicing rights at fair value — — — 616 616 $ (30,696 ) $ 278 $ 203,278 $ 616 $ 173,476 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (92 ) $ 2,279 $ — $ 2,187 $ — $ (92 ) $ 2,279 $ — $ 2,187
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 years presented: December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 173,662 $ 173,662 Mortgage servicing rights at lower of amortized cost or fair value — — 145,187 145,187 $ — $ — $ 318,849 $ 318,849 December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Real estate 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 Related Gains (Losses) Recognized from Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis	Following is a summary of the related gains (losses) recognized as a result of remeasurement from financial statement items that were re-measured at fair value on a nonrecurring basis during the years presented: Year ended December 31, 2015 2014 2013 (in thousands) Real estate asset acquired in settlement of loans $ (24,546 ) $ (24,896 ) $ (11,856 ) Real estate asset acquired in settlement of loans under forward purchase agreements — — (86 ) Mortgage servicing rights at lower of amortized cost or fair value (3,229 ) (5,138 ) 4,970 $ (27,775 ) $ (30,034 ) $ (6,972 )
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: Key inputs December 31, 2015 December 31, 2014 Discount rate Range 2.5% – 15.0% 2.3% – 15.0% Weighted average 7.1% 7.7% Twelve-month projected housing price index change Range 1.5% – 5.1% 4.0% – 5.3% Weighted average 3.6% 4.8% Prepayment speed (1) Range 0.1% – 9.6% 0.0% – 6.5% Weighted average 3.7% 3.1% Total prepayment speed (2) Range 0.5% – 27.2% 0.0% – 27.9% Weighted average 19.6% 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: Key inputs December 31, 2015 December 31, 2014 Unpaid principal balance of underlying mortgage loans (in thousands) $51,966,405 $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 1.4 – 9.0 0.4 – 7.3 Weighted average 6.9 5.8 Annual total prepayment speed (2) Range 5.2% – 52.4% 7.6% – 74.6% Weighted average 9.6% 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: Key inputs December 31, 2015 December 31, 2014 Pull-through rate Range 60.2% – 100.0% 65.0% – 98.0% Weighted average 92.4% 94.9% MSR value expressed as: Servicing fee multiple Range 2.1 – 6.2 0.7 – 5.2 Weighted average 4.9 4.3 Percentage of unpaid principal balance Range 0.5% – 3.8% 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: Year ended December 31, 2015 2014 2013 Key inputs Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value (MSR recognized and unpaid principal balance of underlying mortgage loan amounts in thousands) MSR recognized $140,511 $13,963 $73,640 $47,693 $159,961 $23,071 Unpaid principal balance of underlying mortgage loans $12,195,574 $1,430,795 $6,800,637 $4,573,369 $13,343,793 $2,148,185 Weighted-average annual servicing fee rate (in basis points) 25 25 25 25 26 26 Pricing spread (1) Range 6.5% – 17.5% 7.2% – 16.3% 6.3% – 17.5% 8.5% – 14.3% 5.4% – 17.5% 7.4% – 14.4% Weighted average 7.9% 8.5% 8.6% 9.1% 6.7% 8.2% Life (in years) Range 1.3 – 12.0 2.2 – 9.4 1.1 – 7.3 1.6 – 7.3 1.3 – 7.3 2.7 – 7.3 Weighted average 6.9 6.4 6.4 7.1 6.4 6.9 Annual total prepayment speed (2) Range 3.5% – 51.0% 6.8% – 34.2% 7.6% – 56.4% 8.0% – 42.7% 7.6% – 51.8% 7.9% – 27.0% Weighted average 9.0% 12.3% 9.6% 9.7% 9.1% 10.0% Annual per-loan cost of servicing Range $62 – $134 $62 – $68 $59 – $140 $59 – $140 $68 – $140 $68 – $68 Weighted average $64 $65 $69 $68 $68 $68 (1) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans. (2) Annual total 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 fair value from adverse changes in those inputs: December 31, 2015 December 31, 2014 Amortized cost (1) Fair value Amortized cost (1) Fair value (Carrying value, unpaid principal balance and effect on fair value amounts in Carrying value $393,157 $66,584 $300,422 $57,358 Key inputs: Unpaid principal balance of underlying mortgage loans $35,841,654 $6,458,684 $28,006,797 $6,278,676 Weighted-average annual servicing fee rate (in basis points) 26 25 26 25 Weighted-average note interest rate 3.9% 4.7% 3.8% 4.8% Pricing spread (2) Range 7.2% – 10.7% 7.2% – 10.2% 6.3% – 17.5% 8.1% – 16.3% Weighted average 7.3% 7.2% 7.9% 10.3% Effect on fair value of a: 5% adverse change $(6,411) $(944) $(5,801) $(937) 10% adverse change $(12,635) $(1,862) $(11,410) $(1,845) 20% adverse change $(24,553) $(3,621) $(22,086) $(3,577) Weighted average life (in years) Range 1.3 – 7.7 2.5 – 6.1 1.8 – 7.2 1.8 – 7.2 Weighted average 7.2 6.1 6.4 6.7 Prepayment speed (3) Range 8.1% – 51.5% 9.2% – 32.5% 7.8% – 47.9% 8.0% – 39.6% Weighted average 9.6% 13.2% 8.8% 11.4% Effect on fair value of a: 5% adverse change $(8,159) $(1,793) $(6,166) $(1,430) 10% adverse change $(16,024) $(3,502) $(12,138) $(2,803) 20% adverse change $(30,938) $(6,692) $(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 $(2,742) $(470) $(1,807) $(334) 10% adverse change $(5,484) $(940) $(3,614) $(668) 20% adverse change $(10,968) $(1,880) $(7,228) $(1,337) (1) The effect on fair value of an adverse change in pricing spread, prepayment speed or per-loan cost of servicing 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 at the measurement date. (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 S55

Mortgage Loans Acquired for Sale at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2015 December 31, 2014 Fair Unpaid Fair Unpaid Loan type (in thousands) Conventional: Agency-eligible $ 540,947 $ 525,192 $ 287,300 $ 274,650 Jumbo 54,613 54,096 137,440 134,079 Held for sale to PennyMac Loan Services, LLC — Government insured or guaranteed 669,288 637,666 209,325 198,265 Commercial real estate loans 14,590 14,461 — — Mortgage loans repurchased pursuant to representations and warranties 4,357 4,604 3,657 3,634 $ 1,283,795 $ 1,236,019 $ 637,722 $ 610,628 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,204,462 $ 609,608 Federal Home Loan Bank (“FHLB”) advances $ 63,993 $ — Mortgage loan participation and sale agreements $ — $ 20,862

Derivative Financial Instrume56

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 970,067 $ 4,983 $ 337 695,488 $ 5,678 $ 17 Used for hedging purposes: Forward sales contracts 2,450,642 2,604 2,680 1,601,282 52 6,649 Forward purchase contracts 2,469,550 2,444 3,774 1,100,700 3,775 34 MBS put options 375,000 93 — 340,000 374 — Eurodollar future sales contracts 1,755,000 — — 7,426,000 — — Eurodollar future purchase contracts — — — 800,000 — — Treasury future contracts — — — 85,000 — 478 Call options on interest rate futures 50,000 1,156 305 1,030,000 3,319 — Put options on interest rate futures 1,600,000 1,512 39 275,000 193 — CRT Agreements 4,546,265 593 — — — — Total derivative instruments before netting 13,385 7,135 13,391 7,178 Netting (3,300 ) (3,978 ) (2,284 ) (4,748 ) $ 10,085 $ 3,157 $ 11,107 $ 2,430 Margin deposits with derivatives counterparties $ 679 $ 2,465
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: Income statement line Year ended December 31, 2015 2014 2013 (in thousands) Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 37,725 $ 73,693 $ 56,841 Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ (16,781 ) $ (68,679 ) $ 151,641 Mortgage servicing rights Net loan servicing fees $ 481 $ 11,527 $ (1,987 ) Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain on investments $ (19,353 ) $ (22,565 ) $ (9,358 ) CRT Agreements Net gain on investments $ 593 $ — $ —
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 Derivatives Arising from CRT Agreements and Derivative Contracts	The following tables summarize the notional amount activity for derivatives 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. Year ended December 31, 2015 Instrument Balance, Additions Dispositions/ Balance, of year (in thousands) Forward sales contracts 1,601,283 51,449,971 (50,600,612 ) 2,450,642 Forward purchase contracts 1,100,700 37,757,703 (36,388,853 ) 2,469,550 MBS put options 340,000 2,177,500 (2,142,500 ) 375,000 MBS call options — 140,000 (140,000 ) — Eurodollar future sale contracts 7,426,000 385,000 (6,056,000 ) 1,755,000 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 4,510,000 (5,490,000 ) 50,000 Put options on interest rate futures 275,000 5,743,000 (4,418,000 ) 1,600,000 CRT Agreements — 4,602,507 (56,242 ) 4,546,265 Year ended December 31, 2014 Instrument Balance, Additions Dispositions/ Balance, of year (in thousands) Forward sales contracts 3,588,027 45,904,253 (47,890,997 ) 1,601,283 Forward purchase contracts 2,781,066 33,418,838 (35,099,204 ) 1,100,700 MBS put option 55,000 2,087,500 (1,802,500 ) 340,000 MBS call option 110,000 230,000 (340,000 ) — Eurodollar future sale contracts 8,779,000 3,032,000 (4,385,000 ) 7,426,000 Eurodollar future purchase contracts — 4,087,000 (3,287,000 ) 800,000 Treasury future sale contracts 105,000 482,600 (502,600 ) 85,000 Treasury future purchase contracts — 439,200 (439,200 ) — Put options on interest rate futures 52,500 1,687,500 (1,465,000 ) 275,000 Call options on interest rate futures — 3,530,000 (2,500,000 ) 1,030,000 Year ended December 31, 2013 Instrument Balance, Additions Dispositions/ Balance, of year (in thousands) Forward sales contracts 4,266,983 72,719,643 (73,398,599 ) 3,588,027 Forward purchase contracts 2,206,539 56,191,824 (55,617,297 ) 2,781,066 MBS put option 495,000 3,335,000 (3,775,000 ) 55,000 MBS call option — 2,310,000 (2,200,000 ) 110,000 Eurodollar future sale contracts — 19,852,000 (11,073,000 ) 8,779,000 Eurodollar future purchase contracts — 660,000 (660,000 ) — Treasury future sale contracts — 180,000 (75,000 ) 105,000 Treasury future purchase contracts — 75,000 (75,000 ) — Put options on interest rate futures — 260,000 (207,500 ) 52,500 Call options on interest rate futures — 42,500 (42,500 ) —

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2015 December 31, 2014 Loan type Fair Unpaid Fair Unpaid (in thousands) Distressed mortgage loans Nonperforming mortgage loans $ 1,222,956 $ 1,702,548 $ 1,535,317 $ 2,246,585 Performing mortgage loans: Fixed interest rate 417,658 535,610 322,704 449,496 Adjustable-rate/hybrid 160,051 185,997 127,405 162,329 Interest rate step-up 299,569 412,749 213,999 323,350 Balloon 160 204 158 210 877,438 1,134,560 664,266 935,385 Fixed interest rate jumbo mortgage loans held in a VIE 455,394 454,935 527,369 517,500 $ 2,555,788 $ 3,292,043 $ 2,726,952 $ 3,699,470 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 2,067,341 $ 2,543,242 FHLB advances $ 134,172 $ — Asset-backed financing of the VIE at fair value $ 455,394 $ 527,369
Summary of Certain Concentrations of Credit Risk in Portfolio of Distressed Mortgage Loans at Fair Value	Following is a summary of certain concentrations of credit risk in the portfolio of distressed mortgage loans at fair value: Concentration December 31, 2015 December 31, 2014 (percentages are of fair value) Portion of mortgage loans originated between 2005 and 2007 72% 75% Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100% 48% 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 Settl58

Real Estate Acquired in Settlement of Loans (Tables)	12 Months Ended
	Dec. 31, 2015
Banking and Thrift [Abstract]
Summary of Financial Information Relating to REO	Following is a summary of financial information relating to REO: Year ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of year $ 303,228 $ 138,942 $ 88,078 Purchases — 3,049 82 Transfers from mortgage loans at fair value and advances 307,455 364,945 185,061 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (8,827 ) — — Transfers from REO under forward purchase agreements — 12,737 117 Results of REO: Valuation adjustments, net (40,432 ) (45,476 ) (24,002 ) Gain on sale, net 21,255 13,498 10,531 (19,177 ) (31,978 ) (13,471 ) Proceeds from sales (240,833 ) (184,467 ) (120,925 ) Balance at end of year $ 341,846 $ 303,228 $ 138,942 At end of year: REO pledged to secure assets sold under agreements to repurchase $ 245,647 $ 138,284 $ 17,453 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties $ 37,696 $ 12,365 $ 71,951

Real Estate Acquired in Settl59

Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Summary of Activity in REO under Forward Purchase Agreements	purchase agreements during the year ended December 31, 2015. Following is a summary of the activity in REO under forward purchase agreements during the years ended December 31, 2014 and 2013: Year ended December 31, 2014 2013 (in thousands) Balance at beginning of year $ 9,138 $ — Purchases 68 4 Transfers from mortgage loans under forward purchase agreements at fair value and advances 9,369 9,922 Transfers to REO (12,737 ) (117 ) Results of REO under forward purchase agreements: Valuation adjustments, net (779 ) (112 ) Gain on sale, net 306 92 (473 ) (20 ) Proceeds from sales (5,365 ) (651 ) Balance at end of year $ — $ 9,138

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs carried at fair value: Year ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of year $ 57,358 $ 26,452 $ 1,346 Purchases 2,335 — 1,419 MSRs resulting from mortgage loan sales 13,963 47,693 23,071 Changes in fair value: Due to changes in valuation inputs or assumptions used in valuation model (1) 312 (11,455 ) 1,338 Other changes in fair value (2) (7,384 ) (5,193 ) (722 ) (7,072 ) (16,648 ) 616 Sales — (139 ) — Balance at end of year $ 66,584 $ 57,358 $ 26,452 MSRs pledged to secure note payable at end of year $ 66,584 $ — $ — (1) Principally reflects changes in pricing spread (discount rates) and prepayment speed inputs, primarily due to changes in interest rates. (2) Represents changes due to realization of expected cash flows.
Summary of MSRs Carried at Amortized Cost	Following is a summary of MSRs carried at amortized cost: Year ended December 31, 2015 2014 2013 (in thousands) Amortized Cost: Balance at beginning of year $ 308,137 $ 266,697 $ 132,977 MSRs resulting from loan sales 140,511 73,640 159,961 Amortization (43,982 ) (31,911 ) (26,241 ) Sales (565 ) (289 ) — Balance at end of year 404,101 308,137 266,697 Valuation Allowance: Balance at beginning of year (7,715 ) (2,577 ) (7,547 ) (Additions) reversals (3,229 ) (5,138 ) 4,970 Balance at end of year (10,944 ) (7,715 ) (2,577 ) MSRs, net $ 393,157 $ 300,422 $ 264,120 Fair value at beginning of year $ 322,230 $ 289,737 $ 126,995 Fair value at end of year $ 424,154 $ 322,230 $ 289,737 MSRs pledged to secure note payable $ 393,157 $ — $ —
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 December 31, 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. Year ended December 31, Estimated MSR (in thousands) 2016 $ 50,798 2017 45,300 2018 39,985 2019 35,292 2020 31,177 Thereafter 201,549 Total $ 404,101
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 Year ended December 31, 2015 2014 2013 (in thousands) Contractually-specified servicing fees $ 97,633 $ 76,300 $ 50,716

Assets Sold under Agreements 61

Assets Sold under Agreements to Repurchase (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2015 2014 2013 (dollars in thousands) During the year: Weighted-average interest rate (1) 2.33 % 2.12 % 2.43 % Average balance $ 3,046,963 $ 2,311,273 $ 1,552,912 Total interest expense $ 79,869 $ 58,304 $ 47,790 Maximum daily amount outstanding $ 4,710,412 $ 3,203,989 $ 3,124,616 At year end: Amount outstanding $ 3,130,328 $ 2,730,130 $ 2,039,605 Unamortized commitment fees and debt issuance costs (1,548 ) (1,103 ) (602 ) Balance $ 3,128,780 $ 2,729,027 $ 2,039,003 Weighted-average interest rate 2.33 % 2.32 % 2.29 % Available borrowing capacity: Committed $ 231,913 $ 652,360 $ 1,467,138 Uncommitted 661,756 695,000 150,000 $ 893,669 $ 1,347,360 $ 1,617,138 Margin deposits placed with counterparties $ 7,268 $ 5,579 $ 3,201 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 313,753 $ 307,363 $ 197,401 Mortgage loans acquired for sale at fair value 1,204,462 609,608 454,210 Mortgage loans at fair value 2,067,341 2,543,242 2,315,313 Real estate acquired in settlement of loans 283,343 150,649 89,404 $ 3,868,899 $ 3,610,862 $ 3,056,328 (1) Excludes the amortization of commitment fees and issuance costs of $8.9 million, $9.4 million, and $10.0 million for the years ended December 31, 2015, 2014 and 2013, 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 maturity date: Remaining Maturity at December 31, 2015 Contractual (in thousands) Within 30 days $ 1,304,803 Over 30 to 90 days 170,403 Over 90 days to 180 days — Over 180 days to 1 year 1,280,861 Over 1 year to 2 years 374,261 $ 3,130,328 Weighted average maturity (in months) 6.0
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 December 31, 2015 to comply with the debt covenants contained in the borrowing agreements: Tangible net worth as of Entity Balance Minimum (in thousands) PennyMac Mortgage Investment Trust $ 1,496,113 $ 860,000 Operating Partnership $ 1,536,295 $ 700,000 PennyMac Holdings, LLC $ 919,638 $ 250,000 PennyMac Corp. $ 396,780 $ 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 December 31, 2015: Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase Counterparty Amount at risk Mortgage loans acquired for sale repurchase agreement maturity Facility maturity (in thousands) Citibank, N.A. $ 373,017 January 27, 2016 October 20, 2016 Credit Suisse First Boston Mortgage Capital LLC $ 300,147 January 21, 2016 January 21, 2016 JPMorgan Chase & Co. $ 156,700 — January 26, 2017 Bank of America, N.A. $ 36,921 January 29, 2016 January 29, 2016 Morgan Stanley $ 13,293 February 20, 2016 December 16, 2016 Barclays $ 1,600 March 22, 2016 September 13, 2016
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. $ 456 March 30, 2016 JPMorgan Chase & Co. $ 29,840 January 15, 2016 Bank of America, N.A. $ 19,905 January 17, 2016 Daiwa Capital Markets America Inc. $ 7,640 February 3, 2016 BNP Paribas Corporate & Institutional Bank $ 3,817 January 19, 2016

Mortgage Loan Participation a62

Mortgage Loan Participation and Sale Agreement (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Summary of Mortgage Loan Participation and Sale Agreement	The mortgage loan participation and sale agreement is summarized below: Year ended December 31, 2015 2014 (dollars in thousands) During the year: Weighted-average interest rate (1) 1.62 % 1.42 % Average balance $ 49,318 $ 44,770 Total interest expense $ 1,001 $ 912 Maximum daily amount outstanding $ 148,032 $ 116,363 At year end: Amount outstanding $ — $ 20,236 Unamortized debt issuance costs — (14 ) Balance $ — $ 20,222 Weighted-average interest rate 0.00 % 1.42 % Mortgage loans pledged to secure mortgage loan participation and sale agreement — $ 20,862 (1) Excludes the effect of amortization of commitment fees of $193,000 and $266,000 for the years ended December 31, 2015 and 2014, respectively.

Federal Home Loan Bank Advanc63

Federal Home Loan Bank Advances (Tables)	12 Months Ended
	Dec. 31, 2015
Banking and Thrift [Abstract]
Summary of FHLB Advances	The FHLB advances are summarized below: Year ended December 31, 2015 (dollars in thousands) During the year: Weighted-average interest rate 0.30 % Average balance $ 89,512 Total interest expense $ 275 Maximum daily amount outstanding $ 196,100 At year end: Balance $ 183,000 Weighted-average interest rate 0.30 % Fair value of assets securing FHLB advances: Mortgage-backed securities $ 8,720 Mortgage loans acquired for sale at fair value 63,993 Mortgage loans at fair value 134,172 $ 206,885

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Note Payable	Following is a summary of financial information relating to the notes payable: Year ended (dollars in thousands) During the year: Weighted-average interest rate (1) 4.31 % Average balance $ 119,307 Total interest expense $ 6,826 Maximum daily amount outstanding $ 236,107 At year end: Amount outstanding $ 236,107 Unamortized commitment fees and debt issuance costs (92 ) Balance $ 236,015 Weighted-average interest rate 4.53 % Mortgage servicing rights pledged to secure notes payable $ 459,741 (1) Excludes the effect of amortization of commitment fees of $1.6 million for the year ended December 31, 2015.

Borrowings under Forward Purc65

Borrowings under Forward Purchase Agreements (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015. Following is a summary of financial information relating to borrowings under forward purchase agreements: Year ended December 31, 2014 2013 (dollars in thousands) During the year: Weighted-average effective interest rate 2.84 % 2.94 % Weighted-average balance $ 82,056 $ 124,394 Interest expense $ 2,364 $ 3,707 Maximum daily amount outstanding $ 226,848 $ 244,047 At year end: Balance $ — $ 226,580 Interest rate 0.00 % 3.02 % Fair value of underlying loans and REO $ — $ 226,833

Asset-Backed Financing of the66

Asset-Backed Financing of the VIE at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Asset-Backed Secured Financing of the VIE	Following is a summary of financial information relating to the asset-backed financing of the VIE at fair value: Year ended December 31 2015 2014 2013 (dollars in thousands) During the year: Weighted-average fair value $ 186,430 $ 167,752 $ 43,108 Interest expense $ 6,840 $ 6,489 $ 1,612 Weighted-average effective interest rate 3.35 % 3.82 % 3.69 % At year end: Fair value $ 247,690 $ 165,920 $ 165,415 Unpaid principal balance $ 248,284 $ 159,736 $ 167,694 Interest rate 3.50 % 3.50 % 3.50 %

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Year ended December 31 2015 2014 2013 (dollars in thousands) During the year: Weighted-average unpaid principal balance $ 250,000 $ 250,000 $ 168,493 Interest expense (1) $ 14,413 $ 14,357 $ 9,580 At year end: Carrying value: Unpaid principal balance $ 250,000 $ 250,000 $ 250,000 Unamortized issuance costs (4,946 ) (5,921 ) (6,800 ) $ 245,054 $ 244,079 $ 243,200 (1) Total interest expense includes amortization of debt issuance costs of $975,000, $920,000 and $584,000 during the years ended December 31, 2015, 2014 and 2013, respectively.

Liability for Losses under Re68

Liability for Losses under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2015 2014 2013 (in thousands) Balance, beginning of year $ 14,242 $ 10,110 $ 4,441 Provision for losses 5,771 4,255 5,669 Losses incurred (176 ) (123 ) — Recoveries 334 — — Balance, end of year $ 20,171 $ 14,242 $ 10,110 Unpaid principal balance of mortgage loans subject to representations and warranties at year end $ 41,842,601 $ 34,673,414 $ 25,652,972

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Loan Commitments	The following table summarizes the Company’s outstanding contractual loan commitments: December 31, 2015 (in thousands) Commitments to purchase mortgage loans: Mortgage loans acquired for sale at fair value $ 970,067

Net Gain on Mortgage Loans Ac70

Net Gain on Mortgage Loans Acquired for Sale (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2015 2014 2013 (in thousands) Cash (loss) gain: Mortgage loans $ (76,914 ) $ (20,989 ) $ (197,580 ) Hedging activities (17,742 ) (57,161 ) 136,829 (94,656 ) (78,150 ) (60,751 ) Non cash (loss) gain: Receipt of MSRs in loan sale transactions 154,474 121,333 183,032 Provision for losses relating to representations and warranties provided in loan sales (5,771 ) (4,255 ) (5,669 ) Change in fair value during the year of financial instruments held at year end: IRLCs (1,015 ) 4,412 (18,230 ) Mortgage loans (2,977 ) 3,825 (9,265 ) Hedging derivatives 961 (11,518 ) 9,552 (3,031 ) (3,281 ) (17,943 ) $ 51,016 $ 35,647 $ 98,669

Net Interest Income (Tables)

Net Interest Income (Tables)	12 Months Ended
	Dec. 31, 2015
Banking and Thrift, Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized for the years presented below: Year ended December 31, 2015 2014 2013 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 815 $ 604 $ 542 Mortgage-backed securities 10,267 8,226 2,138 Agency debt security — — 222 Mortgage loans acquired for sale at fair value 48,281 23,974 33,726 Mortgage loans at fair value 96,536 100,340 75,759 Mortgage loans under forward purchase agreements — 3,584 3,659 Mortgage loans at fair value held by VIE 19,903 22,280 5,516 Other 178 48 209 175,980 159,056 121,771 From PFSI: Excess servicing spread purchased from PFSI, at fair value 25,365 13,292 1,091 201,345 172,348 122,862 Interest expense: From nonaffiliates: Assets sold under agreements to repurchase 79,869 58,304 47,790 Mortgage loans participation and sale agreement 1,001 912 — FHLB advances 275 — — Notes payable 6,826 — — Asset-backed financings of VIEs at fair value(1) 13,754 6,490 1,612 Exchangeable senior notes 14,413 14,358 9,580 Borrowings under forward purchase agreements — 2,363 3,707 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 4,207 2,004 1,694 Interest on mortgage loan impound deposits 1,020 1,158 839 121,365 85,589 65,222 From PFSI: Note payable to PFSI 3,343 — — 124,708 85,589 65,222 Net interest income $ 76,637 $ 86,759 $ 57,640 (1) Includes interest expense from Asset-backed financing of the VIE at fair value and CRT Agreements financing at fair value.

Net Gain on Investments (Tables

Net Gain on Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Summary of Net Gain on Investments	Net gain on investments is summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Net gain (loss) on investments: From nonaffiliates: Mortgage-backed securities $ (5,224 ) $ 10,416 $ 365 Mortgage loans at fair value 81,133 215,483 209,378 Mortgage loans held in a VIE (10,663 ) 27,768 (6,300 ) CRT Agreements 593 — — Asset-backed financings of VIEs at fair value 4,260 (8,459 ) 2,279 Agency debt security — — 1,725 Hedging derivatives (19,353 ) (22,565 ) (2,112 ) 50,746 222,643 205,335 From PFSI - Excess servicing spread 3,239 (20,834 ) 2,423 $ 53,985 $ 201,809 $ 207,758

Net Loan Servicing Fees (Tables

Net Loan Servicing Fees (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Summary of Net Loan Servicing Fees	Net loan servicing fees is summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Servicing fees (1) $ 102,147 $ 80,008 $ 54,724 MSR recapture fee receivable from PFSI 787 9 709 Effect of MSRs: Carried at lower of amortized cost or fair value Amortization (43,982 ) (31,911 ) (26,241 ) (Provision for) reversal of impairment (3,229 ) (5,138 ) 4,970 Gain on sale 187 46 — Carried at fair value - change in fair value (7,072 ) (16,648 ) 616 Gains (losses) on hedging derivatives 481 11,527 (1,987 ) (53,615 ) (42,124 ) (22,642 ) Net loan servicing fees $ 49,319 $ 37,893 $ 32,791 Average servicing portfolio $ 38,450,379 $ 30,720,168 $ 19,634,411 (1) Includes contractually specified servicing and ancillary fees.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Share Unit Activity and Compensation Expense	The table below summarizes restricted share unit activity and compensation expense: Year ended December 31, 2015 2014 2013 Number of units: Outstanding at beginning of year 725,412 661,372 665,617 Granted 310,636 300,131 255,445 Vested (301,763 ) (234,466 ) (253,509 ) Canceled (500 ) (1,625 ) (6,181 ) Outstanding at end of year 733,785 725,412 661,372 Weighted Average Grant Date Fair Value: Outstanding at beginning of year $ 21.00 $ 19.95 $ 15.92 Granted $ 21.06 $ 21.05 $ 23.91 Vested $ 19.65 $ 19.68 $ 13.40 Expired or canceled $ 21.29 $ 18.74 $ 20.06 Outstanding at end of year $ 21.26 $ 21.00 $ 19.95 Compensation expense recorded during the year $ 6,345,000 $ 7,107,000 $ 6,763,000 Fair value of vested units during the year $ 5,928,569 $ 4,615,298 $ 3,727,420 Year end: Units available for future awards (1) 5,226,312 5,293,433 5,029,174 Unamortized compensation cost $ 5,464,829 $ 7,023,418 $ 6,178,000 (1) Based on shares outstanding as of December 31, 2015. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above.

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below: Year ended December 31, 2015 2014 2013 (in thousands) Common overhead allocation from PFSI (1) $ 10,742 $ 10,477 $ 10,423 Loan origination 4,686 2,638 4,584 Insurance 1,304 989 890 Technology 1,279 984 826 Securitization — (150 ) 1,742 Other expenses 3,146 2,463 2,735 $ 21,157 $ 17,401 $ 21,200 (1) For the year ended December 31, 2015, in accordance with the terms of the management agreement, PCM provided the Company discretionary waivers of $1.6 million of overhead expenses that otherwise would have been allocable to the Company. On December 15, 2015, the Company amended its management agreement to provide that the total costs and expenses incurred by PFSI in any quarter and reimbursable by the Company is capped at an amount equal to the quotient of (i) the product of (A) 70 basis points (0.0070), multiplied by (B) shareholders’ equity (as defined in the management agreement) as of the last day of such quarter, divided by (ii) four (4).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Tax Characterization of Distributions	The approximate tax characterization of the Company’s distributions is as follows: Year ended December 31, Ordinary Long term Return of 2015 41 % 25 % 34 % 2014 86 % 14 % 0 % 2013 83 % 17 % 0 %
Summary of Company's Income Tax Expense (Benefit)	The following table details the Company’s income tax (benefit) expense which relates primarily to the TRSs for the years presented: Year ended December 31, 2015 2014 2013 (in thousands) Current expense (benefit): Federal $ 671 $ 352 $ (10,014 ) State 204 104 (2,232 ) Total current expense (benefit) 875 456 (12,246 ) Deferred (benefit) expense: Federal (13,124 ) (10,232 ) 20,737 State (4,547 ) (5,304 ) 5,954 Total deferred (benefit) expense (17,671 ) (15,536 ) 26,691 Total (benefit) provision for income taxes $ (16,796 ) $ (15,080 ) $ 14,445
Reconciliation of Company's Provision for Income Taxes	The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the years presented: Year ended December 31, 2015 2014 2013 Amount Rate Amount Rate Amount Rate (dollars in thousands) Federal income tax expense at statutory tax rate $ 25,656 35.0 % $ 62,812 35.0 % $ 75,122 35.0 % Effect of non-taxable REIT income (40,366 ) -55.1 % (74,480 ) (41.5 %) (63,564 ) (29.6 )% State income taxes, net of federal benefit (2,823 ) -3.9 % (3,380 ) (1.9 %) 2,419 1.1 % Other 737 1.1 % (32 ) 0.0 % 468 0.2 % Valuation allowance — 0.0 % — 0.0 % — 0.0 % (Benefit) provision for income taxes $ (16,796 ) -22.9 % $ (15,080 ) (8.4 %) $ 14,445 6.7 %
Components of Provision for Deferred Income Taxes	The Company’s components of the provision for deferred income taxes are as follows: Year ended December 31, 2015 2014 2013 (in thousands) Real estate valuation loss $ (1,577 ) $ (5,079 ) $ 2,651 Mortgage servicing rights (31,324 ) 27,996 66,284 Net operating loss carryforward 33,297 (35,963 ) (38,783 ) Liability for losses under representations and warranties (2,467 ) (5,944 ) — Excess interest expense disallowance (15,384 ) — — Other (216 ) 3,454 (3,461 ) Valuation allowance — — — Total (benefit) provision for deferred income taxes $ (17,671 ) $ (15,536 ) $ 26,691
Components of Income Taxes Payable	The components of income taxes payable are as follows: December 31, 2015 December 31, 2014 (in thousands) Taxes currently receivable $ 1,669 $ 1,428 Deferred income taxes payable (35,174 ) (52,845 ) Income taxes payable $ (33,505 ) $ (51,417 )
Summary of Deferred Income Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: December 31, 2015 December 31, 2014 (in thousands) Deferred income tax assets: REO valuation loss $ 12,274 $ 10,697 Net operating loss carryforward 40,572 73,869 Liability for losses under representations and warranties 8,411 5,944 Excess interest expense disallowance 15,384 Other 426 2,112 Gross deferred tax assets 77,067 92,622 Deferred income tax liabilities: Mortgage servicing rights (112,241 ) (143,565 ) Other — (1,902 ) Gross deferred tax liabilities (112,241 ) (145,467 ) Net deferred income tax liability $ (35,174 ) $ (52,845 )

Segments and Related Informat77

Segments and Related Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Year ended December 31, 2015 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 39,976 $ 161,369 $ — $ 201,345 Interest expense (19,843 ) (104,865 ) — (124,708 ) 20,133 56,504 — 76,637 Net gain on mortgage loans acquired for sale 51,016 — — 51,016 Net gain on investments — 53,985 — 53,985 Net loan servicing fees — 49,319 49,319 Other income (loss) 28,822 (11,014 ) — 17,808 99,971 148,794 — 248,765 Expenses: Loan fulfillment, servicing and management fees payable to PFSI 60,619 68,605 — 129,224 Other 6,450 39,787 — 46,237 67,069 108,392 — 175,461 Pre-tax income $ 32,902 $ 40,402 $ — $ 73,304 Total assets at year end $ 1,286,138 $ 4,540,786 $ — $ 5,826,924 Year ended December 31, 2014 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 24,022 $ 150,714 $ (2,388 ) $ 172,348 Interest expense (15,899 ) (72,078 ) 2,388 (85,589 ) 8,123 78,636 — 86,759 Net gain on mortgage loans acquired for sale 35,647 — — 35,647 Net gain on investments — 201,809 — 201,809 Net loan servicing fees — 37,893 37,893 Other income (loss) 18,290 (23,657 ) — (5,367 ) 62,060 294,681 — 356,741 Expenses: Loan fulfillment, servicing and management fees payable to PFSI 49,872 86,404 — 136,276 Other 3,357 37,644 — 41,001 53,229 124,048 — 177,277 Pre-tax income $ 8,831 $ 170,633 $ — $ 179,464 Total assets at year end $ 654,476 $ 4,242,782 $ — $ 4,897,258 Year ended December 31, 2013 Correspondent Investment Intersegment Total (in thousands) Net investment income: Interest income $ 33,727 $ 94,435 $ (5,300 ) $ 122,862 Interest expense (26,808 ) (43,714 ) 5,300 (65,222 ) 6,919 50,721 — 57,640 Net gain on mortgage loans acquired for sale 98,669 — — 98,669 Net gain on investments — 207,758 — 207,758 Net loan servicing fees — 32,791 32,791 Other income (loss) 17,715 (9,055 ) — 8,660 123,303 282,215 — 405,518 Expenses: Loan fulfillment, servicing and management fees payable to PFSI 78,552 69,699 3,284 (1) 151,535 Other 861 38,487 — 39,348 79,413 108,186 3,284 190,883 Pre-tax (loss) income $ 43,890 $ 174,029 $ (3,284 ) $ 214,635 Total assets at year end $ 472,089 $ 3,831,385 $ — $ 4,303,474 (1) Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013.

Selected Quarterly Results (Tab

Selected Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Following is a presentation of selected quarterly financial data: Quarter ended 2015 2014 Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 (dollars in thousands, except per share data) For the quarter ended: Net investment income $ 50,569 $ 90,774 $ 69,765 $ 37,657 $ 53,059 $ 106,530 $ 120,556 $ 76,595 Net income $ 15,709 $ 38,812 $ 28,071 $ 7,508 $ 26,511 $ 54,949 $ 75,211 $ 37,873 Earnings per share: Basic $ 0.21 $ 0.51 $ 0.37 $ 0.09 $ 0.35 $ 0.74 $ 1.01 $ 0.52 Diluted $ 0.21 $ 0.49 $ 0.36 $ 0.09 $ 0.34 $ 0.69 $ 0.93 $ 0.50 Cash dividends declared per share $ 0.47 $ 0.47 $ 0.61 $ 0.61 $ 0.61 $ 0.61 $ 0.59 $ 0.59 At period end: Short-term investments at fair value $ 41,865 $ 31,518 $ 32,417 $ 44,949 $ 139,900 $ 37,452 $ 104,453 $ 91,338 Investment securities at fair value 322,473 315,599 287,626 316,292 307,363 267,885 218,725 198,110 Mortgage loans at fair value(1) 3,839,583 3,688,026 4,944,694 4,226,290 3,364,674 3,250,761 3,606,906 3,156,041 Excess servicing spread 412,425 418,573 359,102 222,309 191,166 187,368 190,244 151,019 Real estate acquired in settlement of loans(2) 341,846 353,563 324,278 317,536 303,228 275,185 240,471 186,877 Real estate held for investment 8,796 4,448 1,544 — — — — — Mortgage servicing rights(3) 459,741 423,095 394,737 359,160 357,780 345,848 315,484 301,427 Other assets 400,195 357,409 332,976 243,991 233,147 233,519 186,187 135,041 Total assets $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 $ 4,897,258 $ 4,598,018 $ 4,862,470 $ 4,219,853 Assets sold under agreements to repurchase and mortgage loan participation and sale agreement $ 3,128,780 $ 2,925,110 $ 3,571,181 $ 3,633,922 $ 2,749,249 $ 2,416,047 $ 2,700,868 $ 1,886,710 Federal Home Loan Bank advances 183,000 183,000 138,400 — — — — — Credit risk transfer financing at fair value — — 649,120 — — — — — Notes payable 236,015 192,332 244,878 — — — — — Borrowings under forward purchase agreements — — — — — — — 216,614 Asset-backed financing of a VIE at fair value 247,690 234,287 151,489 162,222 165,920 166,841 170,201 166,514 Exchangeable senior notes 245,054 244,805 244,559 244,317 244,079 243,844 243,612 243,384 Other liabilities 290,272 298,267 152,450 147,907 159,838 183,245 170,629 163,349 Total liabilities 4,330,811 4,077,801 5,152,077 4,188,368 3,319,086 3,009,977 3,285,310 2,676,571 Shareholders’ equity 1,496,113 1,514,430 1,525,297 1,542,159 1,578,172 1,588,041 1,577,160 1,543,282 Total liabilities and shareholders’ equity $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 $ 4,897,258 $ 4,598,018 $ 4,862,470 $ 4,219,853 (1) Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value. (2) Includes REO and REO under forward purchase agreements. (3) Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.

Supplemental Cash Flow Inform79

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Year ended December 31, 2015 2014 2013 (in thousands) Cash paid for interest $ 117,223 $ 94,116 $ 67,374 Income tax paid (refunded), net $ 1,116 $ (6,562 ) $ (9,200 ) Non-cash investing activities: Receipt of MSRs as proceeds from sales of loans $ 154,474 $ 121,333 $ 183,032 Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity $ — $ — $ 536,776 Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 307,455 $ 364,945 $ 185,061 Transfers of mortgage loans acquired for sale to mortgage loans at fair value $ 23,859 $ — $ — Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 $ 246,605 Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value $ — $ 205,902 $ 15,347 Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements $ — $ 9,369 $ 9,922 Purchase of REO financed through forward purchase agreements $ — $ 68 $ 4 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 8,827 $ — $ — Receipt of ESS pursuant to recapture agreement with PFSI $ 6,728 $ 7,343 $ — Transfer of REO under forward purchase agreements to REO $ — $ 12,737 $ 117 Non-cash financing activities: Purchase of mortgage loans financed through forward purchase agreements $ — $ 2,828 $ 246,605 Purchase of REO financed through forward purchase agreements $ — $ 68 $ 4 Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase $ 85,134 $ 2,731 $ 44,395 Dividends payable $ 35,069 $ 45,894 $ 41,570

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Parent Company Information	PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED BALANCE SHEETS December 31, 2015 2014 (in thousands) Assets Short-term investment $ 2,606 $ 506 Investments in subsidiaries 1,558,728 1,637,927 Receivables from subsidiaries 168 261 Other assets 806 522 Total assets $ 1,562,308 $ 1,639,216 Liabilities Dividends payable $ 34,720 $ 45,482 Accounts payable and accrued liabilities 2,708 2,988 Capital notes payable to subsidiaries 20,379 — Due to affiliates 1,247 1,548 Payables to subsidiaries 219 338 Income taxes payable — 126 59,273 50,482 Shareholders’ equity 1,503,035 1,588,734 Total liabilities and shareholders’ equity $ 1,562,308 $ 1,639,216 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF INCOME Year ended December 31, 2015 2014 2013 (in thousands) Income Dividends from subsidiaries $ 171,254 $ 174,192 $ 148,520 Intercompany interest 8 15 20 Interest — 4 4 Other 1,250 1,250 833 Total income 172,512 175,461 149,377 Expenses Intercompany interest 441 26 39 Other 14 — — Total expenses 455 26 39 Income before provision for income taxes and equity in undistributed earnings in subsidiaries 172,057 175,435 149,338 Provision for income taxes 875 372 86 Income before equity in undistributed earnings of subsidiaries 171,182 175,063 149,252 Equity in undistributed earnings of subsidiaries (78,704 ) 23,288 49,940 Net income $ 92,478 $ 198,351 $ 199,192 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2015 2014 2013 (in thousands) Cash flows from operating activities: Net income $ 92,478 $ 198,351 $ 199,192 Equity in undistributed earnings of subsidiaries 78,704 (23,288 ) (49,940 ) Decrease (increase) in receivables from subsidiaries 915 107 (16 ) Increase in other assets (284 ) (1 ) (316 ) Decrease in accounts payable and accrued liabilities (257 ) (837 ) (2,582 ) Decrease in due to affiliates (238 ) (652 ) (1,169 ) (Decrease) increase payable to subsidiaries (119 ) (40 ) 314 (Decrease) increase in income taxes payable (126 ) 59 67 Net cash provided by operating activities 171,073 173,699 145,550 Cash flows from investing activities: Increase in investment in subsidiaries — (89,618 ) (249,315 ) (Increase) decrease in short-term investment (2,100 ) 834 2,059 Net cash used by investing activities (2,100 ) (88,784 ) (247,256 ) Cash flows from financing activities: Net increase in intercompany unsecured note payable to PMT subsidiary 20,379 — — Issuance of common shares 8 90,588 261,595 Payment of common share underwriting and offering costs — (1,070 ) (12,321 ) Repurchases of common shares (16,338 ) — — Payment of dividends (173,022 ) (174,433 ) (147,568 ) Net cash provided (used) by financing activities (168,973 ) (84,915 ) 101,706 Net change in cash — — — Cash at beginning of year — — — Cash at end of year $ — $ — $ — Non-cash financing activity — dividends payable $ 35,069 $ 45,894 $ 41,570

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015Segment
Accounting Policies [Abstract]
Number of business segments	2
Percentage of taxable income for distributions	90.00%

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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment portfolio purchases:
Investment portfolio purchases, Mortgage loans	$ 241,981	$ 557,432	$ 1,309,767
Investment portfolio purchases, REO	0	3,117	120
Investment portfolio purchases, total	241,981	560,549	1,309,887
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	26,737	443,154
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	0	68	38
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	0	26,805	$ 443,192
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	855,691	943,163
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	88,088	108,302
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	943,779	1,051,465
Total carrying value of mortgage loans and REO	$ 2,897,634	$ 3,030,180

Concentration of Risks - Consol

Concentration of Risks - Consolidated Statements of Income and Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statements of income:
Interest income	$ 201,345	$ 172,348	$ 122,862
Interest expense	124,708	85,589	65,222
Net gain on investments	53,985	201,809	207,758
Net mortgage loan servicing fees	49,319	37,893	32,791
Results of REO	(19,177)	(32,451)	(13,491)
Statements of cash flows:
Repayments of mortgage loans	0	6,413	15,319
Sales of REO	0	5,365	651
Repayments of borrowings under forward purchase agreements	$ 0	227,866	27,070
Citigroup Global Markets Realty Corp [Member]
Statements of income:
Interest income		3,584	3,659
Interest expense		2,363	3,707
Net gain on investments		803	11,720
Net mortgage loan servicing fees		516	852
Results of REO		(473)	(20)
Statements of cash flows:
Repayments of mortgage loans		6,413	15,319
Sales of REO		5,365	651
Repayments of borrowings under forward purchase agreements		$ 227,866	$ 27,070

Significant Accounting Polici84

Significant Accounting Policies - Additional Information (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Cost-basis investments		$ 0
Equity method investments		$ 0
Loans delinquent		90 or more days
Servicing fee, percentage		0.25%
Deciding percentage of class of MSRs		More than 4.5%
Interest rate		4.50%
MSRs note rate pool description		Note interest rate pools of 50 basis points for note interest rates between 3.0% and 4.5% and a single pool for note interest rates below 3%. Adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool.
Mortgage loans description		Note interest rate pools of 50 basis points
Basis point for mortgage loan		0.50%
Income tax positions likely to be recognized		50.00%
Mortgage servicing rights [Member]
Mortgage Loans on Real Estate [Line Items]
Deciding percentage of class of MSRs		The Company has identified two classes of MSRs originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; and MSRs backed by mortgage loans with initial interest rates of more than 4.5%.
Jumbo Mortgage Loan Financing [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member]
Mortgage Loans on Real Estate [Line Items]
Certificates issued	$ 537,000,000	$ 85,200,000
Weighted yield	3.90%
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest rate		4.50%
Fixed-rate mortgage loans		3.00%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Fixed-rate mortgage loans		4.50%

Significant Accounting Polici85

Significant Accounting Policies - Summary of Reclassifications of Previously Presented Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Other assets	$ 235,186				$ 59,155
Total assets	5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	4,897,258	$ 4,598,018	$ 4,862,470	$ 4,219,853	$ 4,303,474
LIABILITIES
Assets sold under agreements to repurchase	3,128,780				2,729,027				2,039,003
Mortgage loan participation and sale agreement	0				20,222
Exchangeable senior notes	245,054	244,805	244,559	244,317	244,079	243,844	243,612	243,384	$ 243,200
Total liabilities	4,330,811	4,077,801	5,152,077	4,188,368	3,319,086	3,009,977	3,285,310	2,676,571
Total liabilities and shareholders' equity	$ 5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	4,897,258	$ 4,598,018	$ 4,862,470	$ 4,219,853
Accounting Standards Update ASU 2015-03 [Member]
ASSETS
Other assets					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
Accounting Standards Update ASU 2015-03 [Member] | As previously reported [Member]
ASSETS
Other assets					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
Accounting Standards Update ASU 2015-03 [Member] | Reclassification [Member]
ASSETS
Other assets					(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)

Transactions with Related Par86

Transactions with Related Parties - Correspondent Production - Additional Information (Detail)	Feb. 01, 2013USD ($)	Dec. 31, 2015USD ($)Warehouse_Lending_Facilityshares	Dec. 31, 2014USD ($)shares
Mortgage Loans on Real Estate [Line Items]
Interest income and sourcing fee		0.03%
Servicing agreement expiration date		Feb. 1, 2017
Renewal period of servicing agreement		18 months
Amounts due from PCM		$ 8,806,000	$ 6,621,000
PennyMac Financial Services, Inc. [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee		0.50%
Performance incentive fee description		The performance incentive fee is calculated quarterly and is equal to (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark.
Termination fees, description		The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PFSI, in each case during the 24-month period before termination.
Number of common shares held by affiliate | shares		75,000	75,000
PennyMac Financial Services, Inc. [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate unpaid principal balance of mortgage loans purchased		$ 2,500,000,000
Percentage of fulfillment fees agreed to reimburse		0.025%
PennyMac Financial Services, Inc. [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate unpaid principal balance of mortgage loans purchased		$ 5,000,000,000
Percentage of fulfillment fees agreed to reimburse		0.05%
PennyMac Financial Services, Inc. [Member] | Conventional mortgage loan [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee		0.50%
PennyMac Financial Services, Inc. [Member] | Ginnie Mae Mortgage-Backed Securities [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee		0.88%
PennyMac Financial Services, Inc. [Member] | Other mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee		0.50%
Mortgage banking services [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan fees per annum		$ 1,500,000
Mortgage loan fees per loan		$ 35,000
Servicing agreement expiration date		Feb. 1, 2017
Renewal period of servicing agreement		18 months
Warehouse services [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan fees per annum		$ 40,000,000
Mortgage loan fees per loan		$ 50,000
Number of active warehouse lending facility | Warehouse_Lending_Facility		20
Servicing agreement expiration date		Feb. 1, 2017
Renewal period of servicing agreement		18 months
Warehouse services [Member] | Additional Warehouse Lending Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan fees per annum		$ 10,000,000
PNMAC Capital Management LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate		1.50%
Performance incentive fee		20.00%
Hurdle rate		8.00%
Percentage of change in net income due to quarterly adjustments		8.00%
Amounts due from PCM		$ 8,800,000	$ 6,600,000
PNMAC Capital Management LLC [Member] | 1.5% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate	1.50%
PNMAC Capital Management LLC [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate	1.375%
PNMAC Capital Management LLC [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee annual rate	1.25%
PNMAC Capital Management LLC [Member] | Net income exceeds 10% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees		10.00%
Percentage of return on equity		12.00%
PNMAC Capital Management LLC [Member] | Net income exceeds 15% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees		15.00%
Percentage of return on equity		16.00%
PNMAC Capital Management LLC [Member] | Net income exceeds 20% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees		20.00%
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 2,000,000,000
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit	5,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of performance incentive fee paid in Company's common shares		50.00%
PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.5% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit	2,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans on Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 5,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 10% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of return on equity		8.00%
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 15% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of return on equity		12.00%
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 20% [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of return on equity		16.00%

Transactions with Related Par87

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Fulfillment fees earned by PLS	$ 58,607	$ 48,719	$ 79,712
Purchases of mortgage loans acquired for sale at fair value from PLS	28,445	8,082	12,339
At end of year:
Mortgage loans included in Mortgage loans acquired for sale pending sale to PLS	1,283,795	637,722
Penny Mac Loan Services LLC [Member]
Related Party Transaction [Line Items]
Fulfillment fees earned by PLS	58,607	48,719	79,712
Unpaid principal balance of loans fulfilled by PLS	14,014,603	11,476,448	15,225,153
Sourcing fees received from PLS	8,966	4,676	4,611
Unpaid principal balance of loans sold to PLS	29,867,580	15,579,322	15,366,378
Purchases of mortgage loans acquired for sale at fair value from PLS	28,445	8,082	12,339
Tax service fee to paid to PLS	4,390	2,080	0
Mortgage banking and warehouse services fees paid to PLS	0	0	313
At end of year:
Mortgage loans included in Mortgage loans acquired for sale pending sale to PLS	$ 669,288	$ 209,325	$ 112,360

Transactions with Related Par88

Transactions with Related Parties - Mortgage Loan Servicing - Additional Information (Detail) - USD ($)	12 Months Ended	31 Months Ended
	Dec. 31, 2015	Aug. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Servicing agreement expiration date	Feb. 1, 2017
Renewal period of servicing agreement	18 months
Penny Mac Loan Services LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Servicing fees	$ 700,000
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	30
Penny Mac Loan Services LLC [Member] | Delinquent and foreclosure [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	125
Penny Mac Loan Services LLC [Member] | Subserviced loan [Member]
Mortgage Loans on Real Estate [Line Items]
Supplemental fee received per month		$ 3.25
Penny Mac Loan Services LLC [Member] | Subserviced loan [Member] | Fixed-Rate Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	7.50
Penny Mac Loan Services LLC [Member] | Subserviced loan [Member] | Adjustable rate mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	$ 8.50
Penny Mac Loan Services LLC [Member] | Whole loans [Member]
Mortgage Loans on Real Estate [Line Items]
Supplemental fee received per month		$ 25
Penny Mac Loan Services LLC [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loans at fair value service fee rate paid to affiliate	50.00%
Additional servicing fees per loan per month	$ 10
Penny Mac Loan Services LLC [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loans at fair value service fee rate paid to affiliate	100.00%
Additional servicing fees per loan per month	$ 75
PennyMac Financial Services, Inc. [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of aggregate unpaid principal balance of loans	30.00%
PennyMac Financial Services, Inc. [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Aggregate MSRs transferred	$ 200,000

Transactions with Related Par89

Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 46,423	$ 52,522	$ 39,413
MSR recapture income recognized	787	9	709
Average mortgage loan servicing portfolio	38,450,379	30,720,168	19,634,411
Penny Mac Loan Services LLC [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	46,423	52,522	39,413
MSR recapture income recognized	787	9	709
Average mortgage loan servicing portfolio	38,450,379	30,720,168	19,634,411
Penny Mac Loan Services LLC [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	631	252	562
Average mortgage loan servicing portfolio	1,143,232	573,256	899,971
Penny Mac Loan Services LLC [Member] | Mortgage loans acquired for sale at fair value [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	260	103	262
Penny Mac Loan Services LLC [Member] | Mortgage loans acquired for sale at fair value [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	371	149	300
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	28,560	38,561	28,272
Average mortgage loan servicing portfolio	2,231,259	2,121,806	1,660,866
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	16,123	18,953	16,458
Penny Mac Loan Services LLC [Member] | Distressed mortgage loans [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	12,437	19,608	11,814
Penny Mac Loan Services LLC [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	125	110	0
Average mortgage loan servicing portfolio	494,655	533,480	135,667
Penny Mac Loan Services LLC [Member] | Mortgage loans held in VIE [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	125	110	0
Penny Mac Loan Services LLC [Member] | Mortgage loans held in VIE [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	0	0	0
Penny Mac Loan Services LLC [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	17,107	13,599	10,579
Penny Mac Loan Services LLC [Member] | Mortgage servicing rights [Member] | Base [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	16,786	13,405	10,274
Penny Mac Loan Services LLC [Member] | Mortgage servicing rights [Member] | Activity-based [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 321	$ 194	$ 305

Transactions with Related Par90

Transactions with Related Parties - Summary of Base Management and Performance Incentive Fees Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 24,194	$ 35,035	$ 32,410
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	24,194	35,035	32,410
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	22,851	23,330	19,644
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 1,343	$ 11,705	$ 12,766

Transactions with Related Par91

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 10,742	$ 10,850	$ 10,989
Reimbursement of expenses incurred on the Company's behalf	582	792	4,638
Total expenses incurred in transaction with affiliates	11,324	11,642	15,627
Payments and settlements during the year	$ 99,967	$ 99,987	$ 121,230

Transactions with Related Par92

Transactions with Related Parties - Summary of Expenses (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Waiver of overhead expenses	$ 1.6

Transactions with Related Par93

Transactions with Related Parties - Summary of Amounts Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total expense due to affiliate	$ 18,965	$ 23,943
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
ESS remittances	7,241	6,582
Management fees	5,670	8,426
Servicing fees	3,682	3,457
Fulfillment fees	1,082	506
Conditional Reimbursement	900	1,136
Allocated expenses	390	6,582
Unsettled purchases of ESS	0	3,836
Total expense due to affiliate	$ 18,965	$ 23,943

Transactions with Related Par94

Transactions with Related Parties - Summary of Investment Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ESS:
Purchases	$ 271,554	$ 95,892	$ 139,028
Interest income	201,345	172,348	122,862
Net gain (loss):
Net gain (loss)	53,985	201,809	207,758
PennyMac Financial Services, Inc. [Member]
ESS:
Purchases	271,554	99,728	139,028
Repayments	78,578	39,257	4,076
Interest income	25,365	13,292	1,091
ESS received pursuant to a recapture agreement	6,728	7,343	0
Net gain (loss):
Valuation changes	(3,810)	(28,662)	2,423
Recapture income recognized	7,049	7,828	0
Net gain (loss)	$ 3,239	$ (20,834)	$ 2,423

Transactions with Related Par95

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Apr. 30, 2015	Dec. 31, 2014	Feb. 01, 2013	Aug. 04, 2009
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Rate during reimbursement period	At a rate of $10 in reimbursement for every $100 of performance incentive fees earned.
Reimbursement amount	$ 237,000		$ 860,000
Performance incentive fees payable	10
Amount of performance incentive fees for every targeted performance earned	$ 100
PNMAC Capital Management LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
PMT agreed to reimburse PCM for a payment					$ 2,900,000
Reimbursement amount for a year				$ 1,000,000
Reimbursement amount				2,900,000
IPO underwriters [Member]
Related Party Transaction [Line Items]
Rate during reimbursement period	At a rate of $20 of payments for every $100 of performance incentive fees earned by PCM.
Performance incentive fees payable	$ 20
Amount of performance incentive fees for every targeted performance earned	$ 100
Reimbursement agreement expiry date	Feb. 1, 2019
IPO underwriters [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Reimbursement amount for a year				2,000,000
Reimbursement amount				$ 5,900,000
Loan Agreement [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity of loan amount		$ 150,000,000

Transactions with Related Par96

Transactions with Related Parties - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
PennyMac Financial Services, Inc. [Member]
Note payable:
Advances	$ 168,546	$ 0	$ 0
Repayments	18,546	0	$ 0
Interest expense	3,343	0
PNMAC Capital Management LLC [Member]
Note payable:
Conditional reimbursements paid	$ 237	$ 860

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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic earnings per share:
Net income	$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 26,511	$ 54,949	$ 75,211	$ 37,873	$ 90,100	$ 194,544	$ 200,190
Effect of participating securities-share-based compensation awards									(1,689)	(1,830)	(1,751)
Net income attributable to common shareholders									88,411	192,714	198,439
Diluted earnings per share:
Net income attributable to common shareholders									88,411	194,544	200,190
Interest on Exchangeable Notes, net of income taxes									8,468	8,456	5,556
Net income attributable to diluted shareholders									$ 96,879	$ 203,000	$ 205,746
Weighted-average basic shares outstanding									74,446	73,495	63,426
Potentially dilutive securities:
Shares issuable pursuant to exchange of the Exchangeable Notes									8,467	8,418	5,647
Shares issuable under share-based compensation plan									423	298	375
Diluted weighted-average number of shares outstanding									83,336	82,211	69,448
Basic earnings per share	$ 0.21	$ 0.51	$ 0.37	$ 0.09	$ 0.35	$ 0.74	$ 1.01	$ 0.52	$ 1.19	$ 2.62	$ 3.13
Diluted earnings per share	$ 0.21	$ 0.49	$ 0.36	$ 0.09	$ 0.34	$ 0.69	$ 0.93	$ 0.50	$ 1.16	$ 2.47	$ 2.96

Loan Sales and Variable Inter98

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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows:
Proceeds from sales	$ 14,206,816	$ 11,703,015	$ 15,818,582
Servicing fees received	97,633	70,294	51,712
Year end information
Unpaid principal balance of mortgage loans outstanding	42,300,338	34,161,360	25,792,933
Delinquent mortgage loans:
30-89 days delinquent	175,599	110,176	68,156
90 or more days delinquent
Not in foreclosure or bankruptcy	38,669	25,418	7,941
In foreclosure or bankruptcy	31,386	13,172	5,434
Unpaid principal balance of loans outstanding at period-end	70,055	38,590	13,375
Unpaid principal balance of delinquent mortgage loans	$ 245,654	$ 148,766	$ 81,531

Loan Sales and Variable Inter99

Loan Sales and Variable Interest Entities - Additional Information (Detail) - Jumbo Mortgage Loan Financing [Member] - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] - USD ($)	Sep. 30, 2013	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Certificates issued	$ 537,000,000	$ 85,200,000
Weighted yield	3.90%
Certificates retained	$ 366,800,000	$ 238,800,000

Loan Sales and Variable Inte100

Loan Sales and Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] - Credit Risk Transfer Agreements [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
During the year:
Unpaid principal balance of mortgage loans transferred and sold under CRT Agreements	$ 4,602,507
Deposits of restricted cash to secure guarantees	147,446
Gains (losses) recognized on derivative related to CRT Agreements
Realized	1,831
Resulting from valuation changes	(1,238)
Gains (losses) recognized on net derivative related to credit risk transactions	593
Payments made to settle losses	0
At year end:
Unpaid principal balance of mortgage loans subject to guarantee obligation	4,546,265
Delinquency
Current - 89 days delinquent	4,546,265
90 - or more days delinquent	0
Unpaid principal balance of mortgage loans subject to guarantee obligation	0
Carrying value of CRT Agreements:
Carrying value of CRT Agreements	0
Other Assets [Member]
Carrying value of CRT Agreements:
Restricted cash included in Other assets	147,000
Derivative Assets [Member]
Carrying value of CRT Agreements:
Net derivative assets included in Derivative assets	$ 593

Netting of Financial Instrum101

Netting of Financial Instruments - Summary of Offsetting of Derivative Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross amounts of recognized assets	$ 13,385	$ 13,391
Gross amounts offset in the consolidated balance sheet	(3,300)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	10,085	11,107
Net amounts of assets presented in the consolidated balance sheet	(3,300)	(2,284)
CRT Agreements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	593	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	593	0
Forward purchase contracts [Member]
Derivative [Line Items]
Gross amounts of recognized assets	2,444	3,775
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	2,444	3,775
Forward Sales Contracts [Member]
Derivative [Line Items]
Gross amounts of recognized assets	2,604	52
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	2,604	52
Interest rate lock commitments [Member]
Derivative [Line Items]
Gross amounts of recognized assets	4,983	5,678
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	4,983	5,678
MBS Put Options [Member]
Derivative [Line Items]
Gross amounts of recognized assets	93	374
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	93	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
Put options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets	1,512	193
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	1,512	193
Call options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized assets	1,156	3,319
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	1,156	3,319
Netting [Member]
Derivative [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet		(2,284)
Net amounts of assets presented in the consolidated balance sheet	(3,300)
Derivatives subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	7,809	7,713
Gross amounts offset in the consolidated balance sheet	(3,300)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	4,509	5,429
Derivatives not subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized assets	13,385	13,391
Gross amounts offset in the consolidated balance sheet	(3,300)	(2,284)
Net amounts of assets presented in the consolidated balance sheet	$ 10,085	$ 11,107

Netting of Financial Instrum102

Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets, Fair value, Total	$ 10,085	$ 11,107
Financial instruments	0	0
Cash collateral received	0	0
Net amount	10,085	11,107
Interest rate lock commitments [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	4,983	5,678
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,983	5,678
RJ O'Brien & Associates, LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	1,672	3,034
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,672	3,034
Barclays Capital [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	796	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	796	0
Jefferies Group, LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	541	133
Financial instruments	0	0
Cash collateral received	0	0
Net amount	541	133
Morgan Stanley Bank, N.A. [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	464	104
Financial instruments	0	0
Cash collateral received	0	0
Net amount	464	104
Royal Bank of Canada [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	400	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	400	0
Ally Financial [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	209	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	209	0
Nomura Securities International, Inc [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	119	138
Financial instruments	0	0
Cash collateral received	0	0
Net amount	119	138
Daiwa Capital Markets [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	63	29
Financial instruments	0	0
Cash collateral received	0	0
Net amount	63	29
Deutsche Bank [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	6	124
Financial instruments	0	0
Cash collateral received	0	0
Net amount	6	124
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
Credit Suisse First Boston Mortgage Capital LLC [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	0	253
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	253
Other [Member]
Derivative [Line Items]
Derivative assets, Fair value, Total	832	876
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 832	$ 876

Netting of Financial Instrum103

Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross amounts of recognized liabilities	$ 3,135,915	$ 2,736,205
Gross amounts offset in the consolidated balance sheet	(3,978)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	3,131,937	2,731,457
Forward purchase contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	3,774	34
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,774	34
Forward Sales Contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	2,680	6,649
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	2,680	6,649
Interest rate lock commitments [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	337	17
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	337	17
Put options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	39	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	39	0
Call options on interest rate futures [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	305	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	305	0
Treasury future contracts [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	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	0	0
Gross amounts offset in the consolidated balance sheet	(3,978)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	(3,978)	(4,748)
Derivatives subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	6,798	7,161
Gross amounts offset in the consolidated balance sheet	(3,978)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	2,820	2,413
Derivatives not subject to master netting arrangements [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	7,135	7,178
Gross amounts offset in the consolidated balance sheet	(3,978)	(4,748)
Net amounts of liabilities presented in the consolidated balance sheet	3,157	2,430
Security sold under agreements to repurchase amount outstanding [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	3,130,328	2,730,130
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,130,328	2,730,130
Security sold under agreements to repurchase [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	3,128,780	2,729,027
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,128,780	2,729,027
Unamortized commitment fees and issuance costs [Member]
Derivative [Line Items]
Gross amounts of recognized liabilities	(1,548)	(1,103)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ (1,548)	$ (1,103)

Netting of Financial Instrum104

Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 3,131,937	$ 2,731,457
Gross amounts, Financial instruments	(3,128,780)	(2,729,027)
Gross amounts, Cash collateral pledged	0	0
Net amount	3,157	2,430
Interest rate lock commitments [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	337	17
Gross amounts, Financial instruments	0	0
Gross amounts, Cash collateral pledged	0	0
Net amount	337	17
Morgan Stanley Bank, N.A. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	214,086	121,975
Gross amounts, Financial instruments	(214,086)	(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	893,947	966,155
Gross amounts, Financial instruments	(893,854)	(966,155)
Gross amounts, Cash collateral pledged	0	0
Net amount	93	0
Citibank, N.A. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	817,089	797,851
Gross amounts, Financial instruments	(816,699)	(797,663)
Gross amounts, Cash collateral pledged	0	0
Net amount	390	188
Bank of America, N.A. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	538,755	508,908
Gross amounts, Financial instruments	(538,515)	(508,908)
Gross amounts, Cash collateral pledged	0	0
Net amount	240	0
Barclays Capital [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	24,346	0
Gross amounts, Financial instruments	(24,346)	0
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
BNP Paribas Corporate & Institutional Bank [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	10,203	0
Gross amounts, Financial instruments	(10,203)	0
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
Daiwa Capital Markets [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	165,480	126,909
Gross amounts, Financial instruments	(165,480)	(126,909)
Gross amounts, Cash collateral pledged	0	0
Net amount	0	0
Goldman Sachs [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	819	0
Gross amounts, Financial instruments	0	0
Gross amounts, Cash collateral pledged	0	0
Net amount	819	0
Fannie Mae Capital Markets [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	924	102
Gross amounts, Financial instruments	0	0
Gross amounts, Cash collateral pledged	0	0
Net amount	924	102
JPMorgan Chase & Co. [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	467,427	0
Gross amounts, Financial instruments	(467,145)	0
Gross amounts, Cash collateral pledged	0	0
Net amount	282	0
Other [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	72	2,123
Gross amounts, Financial instruments	0	0
Gross amounts, Cash collateral pledged	0	0
Net amount	72	2,123
Unamortized commitment fees and issuance costs [Member]
Derivative [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	(1,548)	(1,103)
Gross amounts, Financial instruments	1,548	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	12 Months Ended
	Dec. 31, 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	$ 230	$ 239
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest rate	4.50%
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	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets:
Short-term investments	$ 41,865	$ 31,518	$ 32,417	$ 44,949	$ 139,900	$ 37,452	$ 104,453	$ 91,338
Mortgage-backed securities at fair value	322,473	315,599	287,626	316,292	307,363	267,885	218,725	198,110
Mortgage loans acquired for sale at fair value	1,283,795				637,722
Derivative assets:
Total derivative assets before netting	13,385				13,391
Derivative assets, Netting	(3,300)				(2,284)
Derivative assets	10,085				11,107
Mortgage servicing rights at fair value	66,584				57,358				$ 26,452	$ 1,346
Liabilities:
Asset-backed financing of the VIE at fair value	247,690	$ 234,287	$ 151,489	$ 162,222	165,920	$ 166,841	$ 170,201	$ 166,514
Derivative liabilities:
Total derivative liabilities before netting	7,135				7,178
Derivative liabilities, Netting	(3,978)				(4,748)
Derivative liabilities	3,157				2,430
CRT Agreements [Member]
Derivative assets:
Total derivative assets before netting	593				0
Derivative assets, Netting	0				0
Derivative assets	593				0
Derivative liabilities:
Total derivative liabilities before netting	0				0
Interest rate lock commitments [Member]
Derivative assets:
Total derivative assets before netting	4,983				5,678
Derivative assets, Netting	0				0
Derivative assets	4,983				5,678
Derivative liabilities:
Total derivative liabilities before netting	337				17
Forward purchase contracts [Member]
Derivative assets:
Total derivative assets before netting	2,444				3,775
Derivative assets, Netting	0				0
Derivative assets	2,444				3,775
Derivative liabilities:
Total derivative liabilities before netting	3,774				34
Forward Sales Contracts [Member]
Derivative assets:
Total derivative assets before netting	2,604				52
Derivative assets, Netting	0				0
Derivative assets	2,604				52
Derivative liabilities:
Total derivative liabilities before netting	2,680				6,649
MBS Put Options [Member]
Derivative assets:
Total derivative assets before netting	93				374
Derivative assets, Netting	0				0
Derivative assets	93				374
Derivative liabilities:
Total derivative liabilities before netting	0				0
MBS Call Options [Member]
Derivative assets:
Total derivative assets before netting	0				0
Derivative assets, Netting	0				0
Derivative assets	0				0
Put options on interest rate futures [Member]
Derivative assets:
Total derivative assets before netting	1,512				193
Derivative assets, Netting	0				0
Derivative assets	1,512				193
Derivative liabilities:
Total derivative liabilities before netting	39				0
Call options on interest rate futures [Member]
Derivative assets:
Total derivative assets before netting	1,156				3,319
Derivative assets, Netting	0				0
Derivative assets	1,156				3,319
Derivative liabilities:
Total derivative liabilities before netting	305				0
Recurring [Member]
Assets:
Short-term investments	41,865				139,900
Mortgage-backed securities at fair value	322,473				307,363
Mortgage loans acquired for sale at fair value	1,283,795				637,722
Mortgage loans at fair value	2,555,788				2,726,952
Excess servicing spread purchased from PFSI	412,425				191,166
Derivative assets:
Total derivative assets before netting	13,385				13,391
Derivative assets, Netting	(3,300)				(2,284)
Derivative assets	10,085				11,107
Mortgage servicing rights at fair value	66,584				57,358
Total Assets	4,693,015				4,071,568
Liabilities:
Asset-backed financing of the VIE at fair value	247,690				165,920
Derivative liabilities:
Total derivative liabilities before netting	7,135				7,178
Derivative liabilities, Netting	(3,978)				(4,748)
Derivative liabilities	3,157				2,430
Total liabilities	4,696,172				168,350
Recurring [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	593
Recurring [Member] | Interest rate lock commitments [Member]
Derivative assets:
Derivative assets	4,983				5,678
Derivative liabilities:
Derivative liabilities	337				17
Recurring [Member] | Forward purchase contracts [Member]
Derivative assets:
Derivative assets	2,444				3,775
Derivative liabilities:
Derivative liabilities	3,774				34
Recurring [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	2,604				52
Derivative liabilities:
Derivative liabilities	2,680				6,649
Recurring [Member] | MBS Put Options [Member]
Derivative assets:
Derivative assets	93				374
Recurring [Member] | MBS Call Options [Member]
Derivative liabilities:
Derivative liabilities					478
Recurring [Member] | Put options on interest rate futures [Member]
Derivative assets:
Derivative assets	1,512				193
Derivative liabilities:
Derivative liabilities	39
Recurring [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	1,156				3,319
Derivative liabilities:
Derivative liabilities	305
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments	41,865				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	2,668				3,512
Derivative assets, Netting	0				0
Derivative assets	2,668				3,512
Mortgage servicing rights at fair value	0				0
Total Assets	44,533				143,412
Liabilities:
Asset-backed financing of the VIE at fair value	0				0
Derivative liabilities:
Total derivative liabilities before netting	344				478
Derivative liabilities, Netting	0				0
Derivative liabilities	344				478
Total liabilities	44,877				478
Recurring [Member] | Level 1 [Member] | 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] | 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 Put Options [Member]
Derivative assets:
Derivative assets	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	1,512				193
Derivative liabilities:
Derivative liabilities	39
Recurring [Member] | Level 1 [Member] | Call options on interest rate futures [Member]
Derivative assets:
Derivative assets	1,156				3,319
Derivative liabilities:
Derivative liabilities	305
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments	0				0
Mortgage-backed securities at fair value	322,473				307,363
Mortgage loans acquired for sale at fair value	1,283,795				637,722
Mortgage loans at fair value	455,394				527,369
Excess servicing spread purchased from PFSI	0				0
Derivative assets:
Total derivative assets before netting	5,141				4,201
Derivative assets, Netting	0				0
Derivative assets	5,141				4,201
Mortgage servicing rights at fair value	0				0
Total Assets	2,066,803				1,476,655
Liabilities:
Asset-backed financing of the VIE at fair value	247,690				165,920
Derivative liabilities:
Total derivative liabilities before netting	6,454				6,683
Derivative liabilities, Netting	0				0
Derivative liabilities	6,454				6,683
Total liabilities	2,073,257				172,603
Recurring [Member] | Level 2 [Member] | 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] | Forward purchase contracts [Member]
Derivative assets:
Derivative assets	2,444				3,775
Derivative liabilities:
Derivative liabilities	3,774				34
Recurring [Member] | Level 2 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	2,604				52
Derivative liabilities:
Derivative liabilities	2,680				6,649
Recurring [Member] | Level 2 [Member] | MBS Put Options [Member]
Derivative assets:
Derivative assets	93				374
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
Derivative liabilities:
Derivative liabilities	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	2,100,394				2,199,583
Excess servicing spread purchased from PFSI	412,425				191,166
Derivative assets:
Total derivative assets before netting	5,576				5,678
Derivative assets, Netting	0				0
Derivative assets	5,576				5,678
Mortgage servicing rights at fair value	66,584				57,358
Total Assets	2,584,979				2,453,785
Liabilities:
Asset-backed financing of the VIE at fair value	0				0
Derivative liabilities:
Total derivative liabilities before netting	337				17
Derivative liabilities, Netting	0				0
Derivative liabilities	337				17
Total liabilities	2,585,316				17
Recurring [Member] | Level 3 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	593
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member]
Derivative assets:
Derivative assets	4,983				5,678
Derivative liabilities:
Derivative liabilities	337				17
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 Put Options [Member]
Derivative assets:
Derivative assets	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
Derivative liabilities:
Derivative liabilities	$ 0

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Servicing received as proceeds from sales of mortgage loans	$ 13,963	$ 47,693	$ 23,071
Changes in fair value included in income arising from:
Transfers of mortgage loans under forward purchase agreements to mortgage loans	0	(205,902)	(15,347)
Recurring [Member]
Assets:
Beginning balance	2,453,768	2,461,217	1,210,796
Purchases and issuances	515,870	655,718	1,462,134
Repayments and sales	(297,163)	(618,395)	(288,330)
Accrual of interest		13,292
ESS received pursuant to a recapture agreement with PFSI	6,728	7,342	0
Interest rate lock commitments issued, net	50,536	56,367	83,515
Capitalization of interest	83,119	66,850	44,829
Sales		0
Servicing received as proceeds from sales of mortgage loans	13,963	47,693	23,071
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	42,267	36,600	46,323
Other factors	15,766	150,900	141,144
Total	58,033	187,500	187,467
Transfers of mortgage loans under forward purchase agreements to mortgage loans		0	0
Transfers of mortgage loans to REO	(285,331)	(344,733)	(177,743)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements		(9,802)	(9,451)
Transfers of mortgage loans at fair value from level 2 to level 3	23,859
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(38,740)	(69,281)	(75,071)
Ending balance	2,584,642	2,453,768	2,461,217
Changes in fair value recognized during the period relating to assets	72,224	95,075	145,596
CRT Agreements [Member] | Recurring [Member]
Assets:
Beginning balance	0
Purchases and issuances	0
Repayments and sales	0
ESS received pursuant to a recapture agreement with PFSI	0
Interest rate lock commitments issued, net	0
Capitalization of interest	0
Servicing received as proceeds from sales of mortgage loans	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0
Other factors	593
Total	593
Transfers of mortgage loans to REO	0
Transfers of mortgage loans at fair value from level 2 to level 3	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0
Ending balance	593	0
Changes in fair value recognized during the period relating to assets	593
Interest rate lock commitments [Member] | Recurring [Member]
Assets:
Beginning balance	5,661	1,249	19,479
Purchases and issuances	0	0	0
Repayments and sales	0	0	0
Accrual of interest		0
ESS received pursuant to a recapture agreement with PFSI	0	0	0
Interest rate lock commitments issued, net	50,536	56,367	83,515
Capitalization of interest	0	0	0
Sales		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
Other factors	(12,811)	17,326	(26,674)
Total	(12,811)	17,326	(26,674)
Transfers of mortgage loans under forward purchase agreements to mortgage loans		0	0
Transfers of mortgage loans to REO	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements		0	0
Transfers of mortgage loans at fair value from level 2 to level 3	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(38,740)	(69,281)	(75,071)
Ending balance	4,646	5,661	1,249
Changes in fair value recognized during the period relating to assets	4,646	5,661	1,249
Mortgage loans at fair value [Member] | Recurring [Member]
Assets:
Beginning balance	2,199,583	2,076,665	1,189,971
Purchases and issuances	241,981	554,604	1,063,162
Repayments and sales	(218,585)	(572,586)	(255,210)
Accrual of interest		0
ESS received pursuant to a recapture agreement with PFSI	0	0	0
Interest rate lock commitments issued, net	0	0	0
Capitalization of interest	57,754	65,050	43,481
Sales		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	42,267	34,785	44,018
Other factors	38,866	179,896	153,639
Total	81,133	214,681	197,657
Transfers of mortgage loans under forward purchase agreements to mortgage loans		205,902	15,347
Transfers of mortgage loans to REO	(285,331)	(344,733)	(177,743)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements		0
Transfers of mortgage loans at fair value from level 2 to level 3	23,859
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	2,100,394	2,199,583	2,076,665
Changes in fair value recognized during the period relating to assets	77,867	134,724	132,339
Excess servicing spread [Member] | Recurring [Member]
Assets:
Beginning balance	191,166	138,723	0
Purchases and issuances	271,554	99,728	139,028
Repayments and sales	78,578	(39,257)	(4,076)
Accrual of interest		13,292
ESS received pursuant to a recapture agreement with PFSI	6,728	7,342	0
Interest rate lock commitments issued, net	0	0	0
Capitalization of interest	25,365	0	1,348
Sales		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
Other factors	(3,810)	(28,662)	2,423
Total	(3,810)	(28,662)	2,423
Transfers of mortgage loans under forward purchase agreements to mortgage loans		0	0
Transfers of mortgage loans to REO	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements		0	0
Transfers of mortgage loans at fair value from level 2 to level 3	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	412,425	191,166	138,723
Changes in fair value recognized during the period relating to assets	(3,810)	(28,662)	2,423
Mortgage servicing rights [Member] | Recurring [Member]
Assets:
Beginning balance	57,358	26,452	1,346
Purchases and issuances	2,335	0	1,419
Repayments and sales	0	(139)	0
Accrual of interest		0
ESS received pursuant to a recapture agreement with PFSI	0	0	0
Interest rate lock commitments issued, net	0	0	0
Capitalization of interest	0	0	0
Sales		0
Servicing received as proceeds from sales of mortgage loans	13,963	47,693	23,071
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0
Other factors	(7,072)	(16,648)	616
Total	(7,072)	(16,648)	616
Transfers of mortgage loans under forward purchase agreements to mortgage loans		0	0
Transfers of mortgage loans to REO	0	0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements		0	0
Transfers of mortgage loans at fair value from level 2 to level 3	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	66,584	57,358	26,452
Changes in fair value recognized during the period relating to assets	(7,072)	(16,648)	616
Mortgage loans under forward purchase agreements [Member] | Recurring [Member]
Assets:
Beginning balance	$ 0	218,128	0
Purchases and issuances		1,386	246,525
Repayments and sales		(6,413)	(15,319)
Accrual of interest		0
ESS received pursuant to a recapture agreement with PFSI		0	0
Interest rate lock commitments issued, net		0	0
Capitalization of interest		1,800	0
Sales		0
Servicing received as proceeds from sales of mortgage loans		0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk		1,815	2,305
Other factors		(1,012)	9,415
Total		803	11,720
Transfers of mortgage loans under forward purchase agreements to mortgage loans		(205,902)	(15,347)
Transfers of mortgage loans to REO		0	0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements		(9,802)	(9,451)
Transfers of interest rate lock commitments to mortgage loans acquired for sale		0	0
Ending balance		0	218,128
Changes in fair value recognized during the period relating to assets		0	7,244
Agency debt securities [Member] | Recurring [Member]
Assets:
Beginning balance		$ 0	0
Purchases and issuances			12,000
Repayments and sales			(13,725)
Interest rate lock commitments issued, net			0
Capitalization of interest			0
Servicing received as proceeds from sales of mortgage loans			0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			0
Other factors			1,725
Total			1,725
Transfers of mortgage loans under forward purchase agreements to mortgage loans			0
Transfers of mortgage loans to REO			0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale			0
Ending balance			0
Changes in fair value recognized during the period relating to assets			$ 1,725

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	Dec. 31, 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	$ 2,555,788	$ 2,726,952
Mortgage loans at fair value	2,555,788	2,726,952
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	3,292,043	3,699,470
Unpaid principal balance	3,292,043	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	(736,255)	(972,518)
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	1,222,956	1,535,317
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance	1,702,548	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	1,283,275	637,518
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	304	204
In foreclosure	216	0
Fair value option loans held as assets, Total	520	204
Mortgage loans at fair value	1,283,795	637,722
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,235,433	610,372
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	333	255
In foreclosure	253	0
Unpaid principal balance of loans outstanding at period-end	1,236,019	610,627
Fair value option loans held as assets ninety days or less past due aggregate difference	47,842	27,146
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(29)	(51)
In foreclosure	(37)	0
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	47,776	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	586	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	(66)	(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	455,394	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	455,394	527,369
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	454,935	517,500
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	0	0
In foreclosure	0	0
Unpaid principal balance	454,935	517,500
Fair value option loans held as assets ninety days or less past due aggregate difference	459	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	459	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	877,438	664,266
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	459,060	608,144
In foreclosure	763,896	927,173
Mortgage loans at fair value	2,100,394	2,199,583
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,134,560	935,385
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	640,343	875,214
In foreclosure	1,062,205	1,371,371
Unpaid principal balance	2,837,108	3,181,970
Fair value option loans held as assets ninety days or less past due aggregate difference	(257,122)	(271,119)
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(181,283)	(267,070)
In foreclosure	(298,309)	(444,198)
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	(736,714)	(982,387)
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	1,222,956	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	1,702,548	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	$ (479,592)	$ (711,268)

Fair Value - Summary of Chan109

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	$ 51,016	$ 35,647	$ 98,669
Net gain on investments	53,985	201,809	207,758
Asset-backed financing of the VIE at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	(499)	(617)	(92)
Net gain on investments	4,260	(8,459)	2,279
Net loan servicing fees	0	0	0
Total	3,761	(9,076)	2,187
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	(499)	(617)	(92)
Net gain on investments	4,260	(8,459)	2,279
Net loan servicing fees	0	0	0
Total	3,761	(9,076)	2,187
Short-term investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	0	0	0
Net gain on investments	0	0	0
Net loan servicing fees	0	0	0
Total	0	0	0
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	(35)	357	46
Net gain on investments	(5,224)	10,416	(3,946)
Net loan servicing fees	0	0	0
Total	(5,259)	10,773	(3,900)
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	71,880	100,213	(30,696)
Net interest income	0	0	0
Net gain on investments	0	0	0
Net loan servicing fees	0	0	0
Total	71,880	100,213	(30,696)
Mortgage loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	1,253	1,848	232
Net gain on investments	70,470	242,449	191,356
Net loan servicing fees	0	0	0
Total	71,723	244,297	191,588
Mortgage loans under forward purchase agreements at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale		0	0
Net interest income		0	0
Net gain on investments		803	11,720
Net loan servicing fees		0	0
Total		803	11,720
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	0	0	0
Net gain on investments	3,239	(20,834)	2,423
Net loan servicing fees	0	0	0
Total	3,239	(20,834)	2,423
Mortgage servicing rights at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	0	0	0
Net gain on investments	0	0	0
Net loan servicing fees	(7,072)	(16,648)	616
Total	(7,072)	(16,648)	616
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	71,880	100,213	(30,696)
Net interest income	1,218	2,205	278
Net gain on investments	68,485	232,834	203,278
Net loan servicing fees	(7,072)	(16,648)	616
Total	$ 134,511	$ 318,604	173,476
Agency debt securities [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			1,725
Net loan servicing fees			0
Total			$ 1,725

Fair Value - Summary of Fina110

Fair Value - Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Dec. 31, 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	$ 173,662	$ 157,203
Mortgage servicing rights at lower of amortized cost or fair value	145,187	91,990
Total Assets	318,849	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	173,662	157,203
Mortgage servicing rights at lower of amortized cost or fair value	145,187	91,990
Total Assets	$ 318,849	$ 249,193

Fair Value - Summary of Related

Fair Value - Summary of Related Gains (Losses) Recognized from Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights at lower of amortized cost or fair value	$ 3,229	$ 5,138	$ (4,970)
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	(24,546)	(24,896)	(11,856)
Real estate asset acquired in settlement of loans under forward purchase agreements	0	0	(86)
Mortgage servicing rights at lower of amortized cost or fair value	(3,229)	(5,138)	4,970
Total assets, gains (losses) recognized	$ (27,775)	$ (30,034)	$ (6,972)

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]	12 Months Ended
	Dec. 31, 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	1.50%	4.00%
Prepayment speed	0.10%	0.00%
Total prepayment speed	0.50%	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	5.10%	5.30%
Prepayment speed	9.60%	6.50%
Total prepayment speed	27.20%	27.90%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	7.10%	7.70%
Twelve-month projected housing price index change	3.60%	4.80%
Prepayment speed	3.70%	3.10%
Total prepayment speed	19.60%	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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid principal balance of underlying mortgage loans (in thousands)	$ 1,430,795	$ 4,573,369	$ 2,148,185
Average servicing fee rate (in basis points)	0.25%	0.25%	0.26%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.20%	8.50%	7.40%
Annual total prepayment speed	9.20%	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 4 months 24 days	4 months 24 days
Annual total prepayment speed	5.20%	7.60%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	16.30%	14.30%	14.40%
Annual total prepayment speed	32.50%	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)	9 years	7 years 3 months 18 days
Annual total prepayment speed	52.40%	74.60%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	8.50%	9.10%	8.20%
Annual total prepayment speed	13.20%	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)	$ 51,966,405	$ 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 10 months 24 days	5 years 9 months 18 days
Annual total prepayment speed	9.60%	11.20%

Fair Value - Quantitative Su114

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Dec. 31, 2015	Dec. 31, 2014
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	60.20%	65.00%
Servicing fee multiple	2.10%	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	100.00%	98.00%
Servicing fee multiple	6.20%	5.20%
Percentage of unpaid principal balance	3.80%	1.30%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	92.40%	94.90%
Servicing fee multiple	4.90%	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 ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, MSR recognized	$ 140,511,000	$ 73,640,000	$ 159,961,000
Amortized cost, Unpaid principal balance of underlying mortgage loans	$ 12,195,574,000	$ 6,800,637,000	$ 13,343,793,000
Amortized cost, Weighted-average annual servicing fee rate (in basis points)	25.00%	25.00%	26.00%
Fair value, MSR recognized	$ 13,963,000	$ 47,693,000	$ 23,071,000
Fair value, Unpaid principal balance of underlying mortgage loans	$ 1,430,795,000	$ 4,573,369,000	$ 2,148,185,000
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.26%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	6.50%	6.30%	5.40%
Amortized cost, Life (in years)	1 year 3 months 18 days	1 year 1 month 6 days	1 year 3 months 18 days
Amortized cost, Annual prepayment speed during period	3.50%	7.60%	7.60%
Amortized cost, Annual per loan cost of servicing during period	$ 62,000	$ 59,000	$ 68,000
Fair value inputs, Pricing spread during period	7.20%	8.50%	7.40%
Fair value inputs, Weighted average life during period	2 years 2 months 12 days	1 year 7 months 6 days	2 years 8 months 12 days
Fair value inputs, Annual prepayment speed during period	6.80%	8.00%	7.90%
Fair value inputs, Annual per loan cost of servicing during period	$ 62,000	$ 59,000	$ 68,000
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	17.50%	17.50%	17.50%
Amortized cost, Life (in years)	12 years	7 years 3 months 18 days	7 years 3 months 18 days
Amortized cost, Annual prepayment speed during period	51.00%	56.40%	51.80%
Amortized cost, Annual per loan cost of servicing during period	$ 134,000	$ 140,000	$ 140,000
Fair value inputs, Pricing spread during period	16.30%	14.30%	14.40%
Fair value inputs, Weighted average life during period	9 years 4 months 24 days	7 years 3 months 18 days	7 years 3 months 18 days
Fair value inputs, Annual prepayment speed during period	34.20%	42.70%	27.00%
Fair value inputs, Annual per loan cost of servicing during period	$ 68,000	$ 140,000	$ 68,000
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread during period	7.90%	8.60%	6.70%
Amortized cost, Life (in years)	6 years 10 months 24 days	6 years 4 months 24 days	6 years 4 months 24 days
Amortized cost, Annual prepayment speed during period	9.00%	9.60%	9.10%
Amortized cost, Annual per loan cost of servicing during period	$ 64,000	$ 69,000	$ 68,000
Fair value inputs, Pricing spread during period	8.50%	9.10%	8.20%
Fair value inputs, Weighted average life during period	6 years 4 months 24 days	7 years 1 month 6 days	6 years 10 months 24 days
Fair value inputs, Annual prepayment speed during period	12.30%	9.70%	10.00%
Fair value inputs, Annual per loan cost of servicing during period	$ 65,000	$ 68,000	$ 68,000

Fair Value - Quantitative Su116

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 ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, Amortized cost	$ 393,157,000	$ 300,422,000	$ 264,120,000
Unpaid principal balance of underlying mortgage loans, Amortized cost	$ 35,841,654,000	$ 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	3.90%	3.80%
Balance at end of year	$ 66,584,000	$ 57,358,000	$ 26,452,000
Unpaid principal balance of underlying mortgage loans, Fair Value	$ 6,458,684,000	$ 6,278,676,000
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.25%	0.25%	0.26%
Weighted-average note interest rate, Fair value	4.70%	4.80%
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	$ (6,411,000)	$ (5,801,000)
Effect on value of percentage adverse change, Fair value input	(944,000)	(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	(12,635,000)	(11,410,000)
Effect on value of percentage adverse change, Fair value input	(1,862,000)	(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	(24,553,000)	(22,086,000)
Effect on value of percentage adverse change, Fair value input	(3,621,000)	(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	(8,159,000)	(6,166,000)
Effect on value of percentage adverse change, Fair value input	(1,793,000)	(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	(16,024,000)	(12,138,000)
Effect on value of percentage adverse change, Fair value input	(3,502,000)	(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	(30,938,000)	(23,532,000)
Effect on value of percentage adverse change, Fair value input	(6,692,000)	(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	(2,742,000)	(1,807,000)
Effect on value of percentage adverse change, Fair value input	(470,000)	(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	(5,484,000)	(3,614,000)
Effect on value of percentage adverse change, Fair value input	(940,000)	(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	(10,968,000)	(7,228,000)
Effect on value of percentage adverse change, Fair value input	$ (1,880,000)	$ (1,337,000)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost, Pricing spread	7.20%	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	8.10%	7.80%
Amortized cost, Annual per-loan cost of servicing	$ 68,000	$ 62,000
Estimated fair value inputs, Pricing spread	7.20%	8.10%
Estimated fair value inputs, Prepayment speed	9.20%	8.00%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 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)	2 years 6 months	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%	17.50%
Amortized cost, Weighted average life (in years)	7 years 8 months 12 days	7 years 2 months 12 days
Amortized cost, Prepayment speed	51.50%	47.90%
Amortized cost, Annual per-loan cost of servicing	$ 68,000	$ 134,000
Estimated fair value inputs, Pricing spread	10.20%	16.30%
Estimated fair value inputs, Prepayment speed	32.50%	39.60%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 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)	6 years 1 month 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	7.30%	7.90%
Amortized cost, Weighted average life (in years)	7 years 2 months 12 days	6 years 4 months 24 days
Amortized cost, Prepayment speed	9.60%	8.80%
Amortized cost, Annual per-loan cost of servicing	$ 68,000	$ 62,000
Estimated fair value inputs, Pricing spread	7.20%	10.30%
Estimated fair value inputs, Prepayment speed	13.20%	11.40%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 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)	6 years 1 month 6 days	6 years 8 months 12 days

Mortgage Loans Acquired for 117

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	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	$ 1,283,795	$ 637,722
Mortgage loan acquired at unpaid principal balance	1,236,019	610,628
Mortgage loans pledged to secure: Assets sold under agreements to repurchase	1,268,455	630,407
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	540,947	287,300
Mortgage loan acquired at unpaid principal balance	525,192	274,650
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	54,613	137,440
Mortgage loan acquired at unpaid principal balance	54,096	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	669,288	209,325
Mortgage loan acquired at unpaid principal balance	637,666	198,265
Commercial Real Estate Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	14,590	0
Mortgage loan acquired at unpaid principal balance	14,461	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	4,357	3,657
Mortgage loan acquired at unpaid principal balance	4,604	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	1,204,462	609,608
Mortgage loans pledged to secure Federal Home Loan Bank ("FHLB") advances	63,993	0
Mortgage loans pledged to secure mortgage loan participation and sale agreements	$ 0	$ 20,862

Mortgage Loans Acquired for 118

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Sourcing fee on the unpaid principal balance	0.03%

Derivative Financial Instrum119

Derivative Financial Instruments - Derivative Assets and Liabilities and Related Margin Deposits Recorded within Derivative Assets and Derivative Liabilities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Total derivative assets instruments before netting	$ 13,385,000	$ 13,391,000
Derivative assets, Netting	(3,300,000)	(2,284,000)
Derivative assets, Fair value, Total	10,085,000	11,107,000
Margin deposits with derivatives counterparties	679,000	2,465,000
Total derivative liabilities instruments fair value before netting	7,135,000	7,178,000
Derivative liabilities, Netting	(3,978,000)	(4,748,000)
Derivative liabilities, Fair value, Total	3,157,000	2,430,000
Interest rate lock commitments [Member]
Derivatives, Fair Value [Line Items]
Notional amount	970,067,000	695,488,000
Total derivative assets instruments before netting	4,983,000	5,678,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	4,983,000	5,678,000
Total derivative liabilities instruments fair value before netting	337,000	17,000
Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	2,450,642,000	1,601,282,000
Total derivative assets instruments before netting	2,604,000	52,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	2,604,000	52,000
Total derivative liabilities instruments fair value before netting	2,680,000	6,649,000
Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	2,469,550,000	1,100,700,000
Total derivative assets instruments before netting	2,444,000	3,775,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	2,444,000	3,775,000
Total derivative liabilities instruments fair value before netting	3,774,000	34,000
MBS Put Options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	375,000,000	340,000,000
Total derivative assets instruments before netting	93,000	374,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	93,000	374,000
Total derivative liabilities instruments fair value before netting	0	0
Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,755,000,000	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
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	50,000,000	1,030,000,000
Total derivative assets instruments before netting	1,156,000	3,319,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	1,156,000	3,319,000
Total derivative liabilities instruments fair value before netting	305,000	0
Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,600,000,000	275,000,000
Total derivative assets instruments before netting	1,512,000	193,000
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	1,512,000	193,000
Total derivative liabilities instruments fair value before netting	39,000	0
CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Notional amount	4,546,265,000	0
Total derivative assets instruments before netting	593,000	0
Derivative assets, Netting	0	0
Derivative assets, Fair value, Total	593,000	0
Total derivative liabilities instruments fair value before netting	$ 0	$ 0

Derivative Financial Instrum120

Derivative Financial Instruments - Summary of Activity in Notional Amount for Derivatives Arising from CRT Agreements and Derivative Contracts (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	$ 1,601,282,000
Balance, end of period	2,450,642,000	$ 1,601,282,000
Forward purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,100,700,000
Balance, end of period	2,469,550,000	1,100,700,000
MBS Put Options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	340,000,000
Balance, end of period	375,000,000	340,000,000
Eurodollar future sale contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	7,426,000,000
Balance, end of period	1,755,000,000	7,426,000,000
Eurodollar future purchase contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	800,000,000
Balance, end of period	0	800,000,000
Treasury future contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	85,000,000
Balance, end of period	0	85,000,000
Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	275,000,000
Balance, end of period	1,600,000,000	275,000,000
Call options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,030,000,000
Balance, end of period	50,000,000	1,030,000,000
CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0
Balance, end of period	4,546,265,000	0
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	1,601,283,000	3,588,027,000	$ 4,266,983,000
Additions	51,449,971,000	45,904,253,000	72,719,643,000
Dispositions/expirations	(50,600,612,000)	(47,890,997,000)	(73,398,599,000)
Balance, end of period	2,450,642,000	1,601,283,000	3,588,027,000
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	1,100,700,000	2,781,066,000	2,206,539,000
Additions	37,757,703,000	33,418,838,000	56,191,824,000
Dispositions/expirations	(36,388,853,000)	(35,099,204,000)	(55,617,297,000)
Balance, end of period	2,469,550,000	1,100,700,000	2,781,066,000
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	340,000,000	55,000,000	495,000,000
Additions	2,177,500,000	2,087,500,000	3,335,000,000
Dispositions/expirations	(2,142,500,000)	(1,802,500,000)	(3,775,000,000)
Balance, end of period	375,000,000	340,000,000	55,000,000
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	0	110,000,000	0
Additions	140,000,000	230,000,000	2,310,000,000
Dispositions/expirations	(140,000,000)	(340,000,000)	(2,200,000,000)
Balance, end of period	0	0	110,000,000
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	7,426,000,000	8,779,000,000	0
Additions	385,000,000	3,032,000,000	19,852,000,000
Dispositions/expirations	(6,056,000,000)	(4,385,000,000)	(11,073,000,000)
Balance, end of period	1,755,000,000	7,426,000,000	8,779,000,000
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	800,000,000	0	0
Additions	0	4,087,000,000	660,000,000
Dispositions/expirations	(800,000,000)	(3,287,000,000)	(660,000,000)
Balance, end of period	0	800,000,000	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	85,000,000	105,000,000	0
Additions	161,500,000	482,600,000	180,000,000
Dispositions/expirations	(246,500,000)	(502,600,000)	(75,000,000)
Balance, end of period	0	85,000,000	105,000,000
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	0
Additions		439,200,000	75,000,000
Dispositions/expirations		(439,200,000)	(75,000,000)
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] | Put options on interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	275,000,000	52,500,000	0
Additions	5,743,000,000	1,687,500,000	260,000,000
Dispositions/expirations	(4,418,000,000)	(1,465,000,000)	(207,500,000)
Balance, end of period	1,600,000,000	275,000,000	52,500,000
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	1,030,000,000	0	0
Additions	4,510,000,000	3,530,000,000	42,500,000
Dispositions/expirations	(5,490,000,000)	(2,500,000,000)	(42,500,000)
Balance, end of period	50,000,000	1,030,000,000	$ 0
Mortgage loans acquired for sale, MSRs, mortgage loans at fair value held in a VIE and MBS securities [Member] | CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0
Additions	4,602,507,000
Dispositions/expirations	(56,242,000)
Balance, end of period	$ 4,546,265,000	$ 0

Derivative Financial Instrum121

Derivative Financial Instruments - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain Loss on Mortgage Loans Acquired for Sale [Member] | Interest rate lock commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	$ 37,725	$ 73,693	$ 56,841
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	(19,353)	(22,565)	(9,358)
Credit Risk Transfer Agreements [Member] | Net gain on investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	593	0	0
Mortgage loans acquired for sale at fair value [Member] | Gain Loss on Mortgage Loans Acquired for Sale [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	(16,781)	(68,679)	151,641
Mortgage service rights [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	481	11,527	(1,987)
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	$ 481	$ 11,527	$ (1,987)

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	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Recorded Investment [Line Items]
Fair value	$ 2,555,788	$ 2,726,952
Unpaid principal balance	3,292,043	3,699,470
Assets sold under agreements to repurchase	3,868,899	3,610,862	$ 3,056,328
FHLB advances	63,993
Asset-backed financing of the VIE at fair value	455,394	527,369
Fixed interest rate jumbo mortgage loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	455,394	527,369
Unpaid principal balance	454,935	517,500
Mortgage loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,283,795	637,722
Assets sold under agreements to repurchase	2,067,341	2,543,242
FHLB advances	134,172	0
Nonperforming mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,222,956	1,535,317
Unpaid principal balance	1,702,548	2,246,585
Performing mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	877,438	664,266
Unpaid principal balance	1,134,560	935,385
Performing mortgage loans [Member] | Fixed interest rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	417,658	322,704
Unpaid principal balance	535,610	449,496
Performing mortgage loans [Member] | Adjustable-rate/hybrid [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	160,051	127,405
Unpaid principal balance	185,997	162,329
Performing mortgage loans [Member] | Interest rate step-up [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	299,569	213,999
Unpaid principal balance	412,749	323,350
Performing mortgage loans [Member] | Balloon [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	160	158
Unpaid principal balance	$ 204	$ 210

Mortgage Loans at Fair Value123

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Distressed Mortgage Loans at Fair Value (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Risks and Uncertainties [Abstract]
Portion of mortgage loans originated between 2005 and 2007	72.00%	75.00%
Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100%	48.00%	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 Value124

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Distressed Mortgage Loans at Fair Value (Parenthetical) (Detail)	Dec. 31, 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 Sett125

Real Estate Acquired in Settlement of Loans - Summary of Financial Information Relating to REO (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Balance at beginning of year	$ 303,228	$ 138,942	$ 88,078
Purchases	0	3,049	82
Transfers from mortgage loans at fair value and advances	307,455	364,945	185,061
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	(8,827)	0	0
Transfers from REO under forward purchase agreements	0	12,737	117
Results of REO:
Valuation adjustments, net	(40,432)	(45,476)	(24,002)
Gain on sale, net	21,255	13,498	10,531
Total gain (loss), net	(19,177)	(31,978)	(13,471)
Proceeds from sales	(240,833)	(184,467)	(120,925)
Balance at end of year	341,846	303,228	138,942
At end of year:
REO pledged to secure assets sold under agreements to repurchase	245,647	138,284	17,453
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	$ 37,696	$ 12,365	$ 71,951

Real Estate Acquired in Sett126

Real Estate Acquired in Settlement of Loans under Forward Purchase Agreements - Summary of Activity in REO under Forward Purchase Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Balance at beginning of year	$ 0	$ 9,138	$ 0
Purchases		68	4
Transfers from mortgage loans under forward purchase agreements at fair value and advances	$ 0	9,369	9,922
Transfers to REO		(12,737)	(117)
Valuation adjustments, net		(779)	(112)
Gain on sale, net		306	92
Results of REO under forward purchase agreements		(473)	(20)
Proceeds from sales		(5,365)	(651)
Balance at end of year		$ 0	$ 9,138

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing Asset At Fair Value Changes In Fair Value [Abstract]
Balance at beginning of year	$ 57,358	$ 26,452	$ 1,346
Purchases	2,335	0	1,419
MSRs resulting from mortgage loan sales	13,963	47,693	23,071
Due to changes in valuation inputs or assumptions used in valuation model	312	(11,455)	1,338
Other changes in fair value	(7,384)	(5,193)	(722)
Change in fair value, Total	(7,072)	(16,648)	616
Sales	0	(139)	0
Balance at end of year	66,584	57,358	26,452
MSRs pledged to secure note payable at end of year	$ 66,584	$ 0	$ 0

Mortgage Servicing Rights - 128

Mortgage Servicing Rights - Summary of MSRs Carried at Amortized Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of year	$ 308,137	$ 266,697	$ 132,977
MSRs resulting from loan sales	140,511	73,640	159,961
Amortization	(43,982)	(31,911)	(26,241)
Sales	(565)	(289)	0
Balance at end of year	404,101	308,137	266,697
Balance at beginning of year	(7,715)	(2,577)	(7,547)
(Additions) reversals	(3,229)	(5,138)	4,970
Balance at end of year	(10,944)	(7,715)	(2,577)
MSRs, net	393,157	300,422	264,120
Fair value at beginning of year	322,230	289,737	126,995
Fair value at end of year	424,154	322,230	289,737
Mortgage servicing rights [Member]
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Carrying value pledged to secure note payable	$ 393,157	$ 0	$ 0

Mortgage Servicing Rights - 129

Mortgage Servicing Rights - Summary of Company's Estimate of Future Amortization of Existing MSRs Carried at Amortized Cost (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Servicing Asset Future Amortization Expense Abstract [Abstract]
2,016	$ 50,798
2,017	45,300
2,018	39,985
2,019	35,292
2,020	31,177
Thereafter	201,549
Total	$ 404,101

Mortgage Servicing Rights - 130

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$ 97,633	$ 76,300	$ 50,716

Assets Sold under Agreements131

Assets Sold under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Weighted-average interest rate	2.33%	2.12%	2.43%
Average balance	$ 3,046,963,000	$ 2,311,273,000	$ 1,552,912,000
Total interest expense	79,869,000	58,304,000	47,790,000
Maximum daily amount outstanding	4,710,412,000	3,203,989,000	3,124,616,000
Amount outstanding	3,130,328,000	2,730,130,000	2,039,605,000
Assets sold under agreements to repurchase, At year end	$ 3,128,780,000	$ 2,729,027,000	$ 2,039,003,000
Weighted-average interest rate	2.33%	2.32%	2.29%
Available borrowing capacity, Committed	$ 231,913,000	$ 652,360,000	$ 1,467,138,000
Available borrowing capacity, Uncommitted	661,756,000	695,000,000	150,000,000
Available borrowing capacity	893,669,000	1,347,360,000	1,617,138,000
Margin deposits placed with counterparties	7,268,000	5,579,000	3,201,000
Fair value of assets securing agreements to repurchase	3,868,899,000	3,610,862,000	3,056,328,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized commitment fees and debt issuance costs	(1,548,000)	(1,103,000)	(602,000)
Mortgage-backed securities at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	313,753,000	307,363,000	197,401,000
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	1,204,462,000	609,608,000	454,210,000
Mortgage loans at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	2,067,341,000	2,543,242,000	2,315,313,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	$ 283,343,000	$ 150,649,000	$ 89,404,000

Assets Sold under Agreements132

Assets Sold under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of commitment fees and debt issuance costs	$ 8.9	$ 9.4	$ 10

Assets Sold under Agreements133

Assets Sold under Agreements to Repurchase - Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Maturity Date (Detail) - Securities sold under agreements to repurchase at fair value [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,130,328
Weighted average maturity	6 months
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 1,304,803
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	170,403
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	0
Over 180 days to 1 year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,280,861
Maturity One Year To Two Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 374,261

Assets Sold under Agreements134

Assets Sold under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 456
Facility maturity	Mar. 30, 2016
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	$ 29,840
Facility maturity	Jan. 15, 2016
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	$ 7,640
Facility maturity	Feb. 3, 2016
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	$ 19,905
Facility maturity	Jan. 17, 2016
BNP Paribas Corporate & Institutional Bank [Member] | Securities sold under agreements to repurchase at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,817
Facility maturity	Jan. 19, 2016
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	$ 373,017
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jan. 27, 2016
Facility maturity	Oct. 20, 2016
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	$ 300,147
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jan. 21, 2016
Facility maturity	Jan. 21, 2016
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	$ 156,700
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	$ 36,921
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jan. 29, 2016
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	$ 13,293
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Feb. 20, 2016
Facility maturity	Dec. 16, 2016
Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member] | Barclays [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 1,600
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Mar. 22, 2016
Facility maturity	Sep. 13, 2016

Assets Sold under Agreements135

Assets Sold under Agreements to Repurchase - Covenant Compliance (Detail)	Dec. 31, 2015USD ($)
PennyMac Mortgage Investment Trust [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	$ 1,496,113,000
Minimum net worth amount	860,000,000
Operating Partnership [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	1,536,295,000
Minimum net worth amount	700,000,000
PennyMac Holdings, LLC [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	919,638,000
Minimum net worth amount	250,000,000
PennyMac Corp. [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth	396,780,000
Minimum net worth amount	$ 150,000,000

Mortgage Loan Participation 136

Mortgage Loan Participation and Sale Agreement - Summary of Mortgage Loan Participation and Sale Agreement (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
At end of year:
Unamortized debt issuance costs	$ (4,946,000)	$ (5,921,000)	$ (6,800,000)
Mortgage loan participation and sale agreements, At year end	$ 0	$ 20,222,000
Mortgage Loan Participation and Sale Agreement [Member]
During the year:
Weighted-average interest rate	1.62%	1.42%
Average balance	$ 49,318,000	$ 44,770,000
Total interest expense	1,001,000	912,000
Maximum daily amount outstanding	148,032,000	116,363,000
At end of year:
Amount outstanding	0	20,236,000
Unamortized debt issuance costs	0	(14,000)
Mortgage loan participation and sale agreements, At year end	$ 0	$ 20,222,000
Weighted-average interest rate	0.00%	1.42%
Mortgage loans pledged to secure mortgage loan participation and sale agreement	$ 0	$ 20,862,000

Mortgage Loan Participation 137

Mortgage Loan Participation and Sale Agreement - Summary of Mortgage Loan Participation and Sale Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loan Participation and Sale Agreement [Member]
Mortgage Loan Participation And Sale Agreement [Line Items]
Amortization of commitment fees and debt issuance costs	$ 193,000	$ 266,000

Federal Home Loan Bank Advan138

Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Short-term Debt [Line Items]
Federal home loan bank advances				$ 400,000,000
Percentage of capital stock				4.00%
Repayment on FHLB advances	$ 577,484,000	$ 0	$ 0
Unpaid FHLB advances outstanding	$ 100,000,000
Federal home loan bank advances expiry	Mar. 3, 2016
Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Membership termination description	For captive insurance companies that became members since the rule was proposed in 2014, including Copper Insurance, LLC, membership must be terminated within one year, and no additional advances may be made
Membership termination window	1 year
Additional advances in membership	$ 0

Federal Home Loan Bank Advan139

Federal Home Loan Bank Advances - Summary of FHLB Advances (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Federal Home Loan Banks [Abstract]
Weighted-average interest rate	0.30%
Average balance	$ 89,512,000
Total interest expense	275,000
Maximum daily amount outstanding	196,100,000
Balance	$ 183,000,000
Weighted-average interest rate	0.30%
Mortgage-backed securities	$ 8,720,000
Mortgage loans acquired for sale at fair value	63,993,000
Mortgage loans at fair value	134,172,000
Fair value of assets securing FHLB advances, total	$ 206,885,000

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Sep. 14, 2015	Mar. 31, 2015
Loan and Security Agreement with Citibank, N.A. [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument	Mar. 29, 2016
Loan and Security Agreement with Barclays Bank PLC, [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument	Sep. 13, 2016
Maximum [Member] | Loan and Security Agreement with Citibank, N.A. [Member]
Short-term Debt [Line Items]
Aggregate loan amount			$ 125,000,000
Maximum [Member] | Loan and Security Agreement with Barclays Bank PLC, [Member]
Short-term Debt [Line Items]
Aggregate loan amount		$ 200,000,000

Notes Payable - Summary of Fina

Notes Payable - Summary of Financial Information Relating to Note Payable (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
During the year:
Weighted-average interest rate	4.31%
Average balance	$ 119,307,000
Total interest expense	6,826,000
Maximum daily amount outstanding	236,107,000
At end of year:
Amount outstanding	236,107,000
Unamortized commitment fees and debt issuance costs	(92,000)
Balance	$ 236,015,000	$ 192,332,000	$ 244,878,000	$ 0	$ 0	$ 0	$ 0	$ 0
Weighted-average interest rate	4.53%
Mortgage servicing rights pledged to secure notes payable	$ 459,741,000

Notes Payable - Summary of F142

Notes Payable - Summary of Financial Information Relating to Note Payable (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Notes payable [Member]
Debt Instrument [Line Items]
Amortization of commitment fees and debt issuance costs	$ 1.6

Borrowings under Forward Pur143

Borrowings under Forward Purchase Agreements - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Forward purchase agreements [Member]
Short-term Debt [Line Items]
Borrowings	$ 0	$ 0	$ 226,580,000

Borrowings under Forward Pur144

Borrowings under Forward Purchase Agreements - Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements (Detail) - Forward purchase agreements [Member] - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
During the year:
Weighted-average effective interest rate	2.84%	2.94%
Weighted-average balance	$ 82,056,000	$ 124,394,000
Interest expense	2,364,000	3,707,000
Maximum daily amount outstanding	226,848,000	244,047,000
At end of year:
Balance	$ 0	$ 226,580,000	$ 0
Interest rate	0.00%	3.02%
Fair value of underlying loans and REO	$ 0	$ 226,833,000

Asset-Backed Financing of th145

Asset-Backed Financing of the VIE at Fair Value - Summary of Financial Information Relating to Asset-Backed Financing of Variable Interest Entity at Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
At end of year:
Fair value	$ 247,690	$ 165,920		$ 234,287	$ 151,489	$ 162,222	$ 166,841	$ 170,201	$ 166,514
Asset-backed financing of the VIE at fair value [Member] | Variable Interest Entities [Member]
During the year:
Weighted-average fair value	186,430	167,752	$ 43,108
Interest expense	$ 6,840	$ 6,489	$ 1,612
Weighted-average effective interest rate	3.35%	3.82%	3.69%
At end of year:
Fair value	$ 247,690	$ 165,920	$ 165,415
Unpaid principal balance	$ 248,284	$ 159,736	$ 167,694
Interest rate	3.50%	3.50%	3.50%

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Detail) - Exchangeable Senior Notes due May 1, 2020 [Member]	12 Months Ended
	Dec. 31, 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	33.8667
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 Senior Notes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
During the year:
Weighted-average unpaid principal balance	$ 250,000	$ 250,000	$ 168,493
At end of year:
Unpaid principal balance	250,000	250,000	250,000
Unamortized issuance costs	(4,946)	(5,921)	(6,800)
Exchangeable senior notes	245,054	244,079	243,200	$ 244,805	$ 244,559	$ 244,317	$ 243,844	$ 243,612	$ 243,384
Convertible Debt [Member]
During the year:
Interest expense	$ 14,413	$ 14,357	$ 9,580

Exchangeable Senior Notes - 148

Exchangeable Senior Notes - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest Expense [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Amortization of commitment fees and debt issuance costs	$ 975,000	$ 920,000	$ 584,000

Liability for Losses under R149

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage Banking [Abstract]
Balance, beginning of year	$ 14,242	$ 10,110	$ 4,441
Provision for losses	5,771	4,255	5,669
Losses incurred	(176)	(123)	0
Recoveries	334	0	0
Balance, end of year	20,171	14,242	10,110
Unpaid principal balance of mortgage loans subject to representations and warranties at year end	$ 41,842,601	$ 34,673,414	$ 25,652,972

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Loan Commitments (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Commitments to purchase mortgage loans:
Mortgage loans acquired for sale at fair value	$ 970,067

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Aug. 13, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 19, 2015
Schedule of Capitalization, Equity [Line Items]
Number of common stock shares Repurchased during period		1,000,000
Value of common stock shares Repurchased during period		$ 16,338,000
Number of common shares sold under Sales Agreement	11,300,000		3,817,611
Proceeds from public offering of common shares	$ 249,400,000	8,000	$ 90,589,000	$ 261,595,000
Sales commissions net		0	1,070,000	12,321,000
Reimbursement paid for every $100 of performance incentive fees earned		10
Performance incentive fees earned		$ 100
Reimbursement agreement effective date		Feb. 1, 2013
Payments of contingent underwriting fees to underwriters		$ 473,000	1,700,000	1,900,000
Initial Public Offering [Member]
Schedule of Capitalization, Equity [Line Items]
Reimbursement paid for every $100 of performance incentive fees earned		20
Performance incentive fees earned		100
Amount paid by underwriters		$ 5,900,000
Reimbursement agreement expiry date		Feb. 1, 2019
Management [Member]
Schedule of Capitalization, Equity [Line Items]
Payments of contingent underwriting fee to manager		$ 237,000	651,000	$ 944,000
ATM Equity Offering Sales AgreementSM [Member]
Schedule of Capitalization, Equity [Line Items]
Number of common shares sold under Sales Agreement		0
Sales commissions net			$ 970,000
Amount of common stock available for future issuance under Sales Agreement		$ 106,900,000
Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Common stock shares Repurchase authorized amount					$ 150,000,000
Reimbursement payable in a 12-month period		1,000,000
Underwriting cost paid		2,900,000
Maximum [Member] | Initial Public Offering [Member]
Schedule of Capitalization, Equity [Line Items]
Reimbursement payable in a 12-month period		$ 2,000,000
Weighted Average [Member]
Schedule of Capitalization, Equity [Line Items]
Price of common shares sold under sales agreement			$ 23.73

Net Gain on Mortgage Loans A152

Net Gain on Mortgage Loans Acquired for Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash (loss) gain:
Mortgage loans	$ (76,914)	$ (20,989)	$ (197,580)
Hedging activities	(17,742)	(57,161)	136,829
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(94,656)	(78,150)	(60,751)
Non cash (loss) gain:
Receipt of MSRs in loan sale transactions	154,474	121,333	183,032
Provision for losses relating to representations and warranties provided in loan sales	(5,771)	(4,255)	(5,669)
Change in fair value during the year of financial instruments held at year end:
IRLCs	(1,015)	4,412	(18,230)
Mortgage loans	(2,977)	3,825	(9,265)
Hedging derivatives	961	(11,518)	9,552
Total non cash portion of gain on mortgage loans acquired for sale	(3,031)	(3,281)	(17,943)
Net gain on mortgage loans acquired for sale	$ 51,016	$ 35,647	$ 98,669

Net Interest Income - Summary o

Net Interest Income - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Excess servicing spread purchased from PFSI, at fair value	$ 201,345	$ 172,348	$ 122,862
Interest expense:
Notes payable	6,826
Interest expense, total	124,708	85,589	65,222
Net interest income	76,637	86,759	57,640
Nonaffiliates [Member]
Interest income:
Short-term investments	815	604	542
Other	178	48	209
Mortgage-backed securities	10,267	8,226	2,138
Agency debt security	0	0	222
Mortgage loans acquired for sale at fair value	48,281	23,974	33,726
Mortgage loans at fair value	96,536	100,340	75,759
Mortgage loans under forward purchase agreements	0	3,584	3,659
Excess servicing spread purchased from PFSI, at fair value	175,980	159,056	121,771
Interest expense:
Assets sold under agreements to repurchase	79,869	58,304	47,790
Mortgage loans participation and sale agreement	1,001	912	0
FHLB advances	275	0	0
Notes payable	6,826	0	0
Asset-backed financings of VIEs at fair value	13,754	6,490	1,612
Exchangeable senior notes	14,413	14,358	9,580
Borrowings under forward purchase agreements	0	2,363	3,707
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	4,207	2,004	1,694
Interest on mortgage loan impound deposits	1,020	1,158	839
Interest expense, total	121,365	85,589	65,222
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Mortgage loans at fair value	19,903	22,280	5,516
PennyMac Financial Services, Inc. [Member]
Interest income:
Excess servicing spread purchased from PFSI, at fair value	25,365	13,292	1,091
Interest expense:
Notes payable	3,343	0	0
Interest expense, total	$ 3,343	$ 0	$ 0

Net Gain on Investments - Summa

Net Gain on Investments - Summary of Net Gain on Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net gain (loss) on investments:
Net gain (loss) on investments	$ 53,985	$ 201,809	$ 207,758
Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage-backed securities	(5,224)	10,416	365
Mortgage loans at fair value	81,133	215,483	209,378
Mortgage loans held in a VIE	(10,663)	27,768	(6,300)
CRT Agreements	593	0	0
Asset-backed financings of VIEs at fair value	4,260	(8,459)	2,279
Agency debt security	0	0	1,725
Hedging derivatives	(19,353)	(22,565)	(2,112)
Net gain (loss) on investments	50,746	222,643	205,335
PennyMac Financial Services, Inc. [Member]
Net gain (loss) on investments:
Net gain (loss) on investments	$ 3,239	$ (20,834)	$ 2,423

Net Loan Servicing Fees - Summa

Net Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Net Servicing Fee Income [Line Items]
Servicing fees	$ 102,147	$ 80,008	$ 54,724
MSR recapture fee receivable from PFSI	787	9	709
Effect of MSRs:
Carried at lower of amortized cost or fair value Amortization	(43,982)	(31,911)	(26,241)
(Provision for) reversal of impairment	(3,229)	(5,138)	4,970
Gain on sale	187	46	0
Carried at fair value - change in fair value	(7,072)	(16,648)	616
Total Effect of MSRs	(53,615)	(42,124)	(22,642)
Net loan servicing fees	49,319	37,893	32,791
Average servicing portfolio	38,450,379	30,720,168	19,634,411
Mortgage service rights [Member]
Effect of MSRs:
Gains (losses) on hedging derivatives	$ 481	$ 11,527	$ (1,987)

Share-Based Compensation Pla156

Share-Based Compensation Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of assumed grantee vesting rates	100.00%
Number of share units outstanding expected to vest | shares	733,531
Weighted average grant date fair value of shares expected to vest | $ / shares	$ 21.26
Weighted average remaining vesting period of shares expected to vest	20 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Company's issued and outstanding shares	8.00%
Vesting period	4 years

Share-Based Compensation Pla157

Share-Based Compensation Plans - Summary of Restricted Share Unit Activity and Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of units:
Outstanding at beginning of year	725,412	661,372	665,617
Granted	310,636	300,131	255,445
Vested	(301,763)	(234,466)	(253,509)
Canceled	(500)	(1,625)	(6,181)
Outstanding at end of year	733,785	725,412	661,372
Weighted Average Grant Date Fair Value:
Outstanding at beginning of year	$ 21	$ 19.95	$ 15.92
Granted	21.06	21.05	23.91
Vested	19.65	19.68	13.40
Expired or canceled	21.29	18.74	20.06
Outstanding at end of year	$ 21.26	$ 21	$ 19.95
Compensation expense recorded during the year	$ 6,345,000	$ 7,107,000	$ 6,763,000
Fair value of vested units during the year	$ 5,928,569	$ 4,615,298	$ 3,727,420
Year end:
Units available for future awards	5,226,312	5,293,433	5,029,174
Unamortized compensation cost	$ 5,464,829	$ 7,023,418	$ 6,178,000

Other Expenses - Summary of Oth

Other Expenses - Summary of Other Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Non operating Income Expense [Line Items]
Total other expenses	$ 21,157	$ 17,401	$ 21,200
Loan origination [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	4,686	2,638	4,584
Common overhead allocation from PFSI [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	10,742	10,477	10,423
Insurance [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,304	989	890
Technology [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,279	984	826
Securitization [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	0	(150)	1,742
Other [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	$ 3,146	$ 2,463	$ 2,735

Other Expenses - Summary of 159

Other Expenses - Summary of Other Expenses (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Other Non operating Income Expense [Line Items]
Management agreement amendment description	The Company amended its management agreement to provide that the total costs and expenses incurred by PFSI in any quarter and reimbursable by the Company is capped at an amount equal to the quotient of (i) the product of (A) 70 basis points (0.0070), multiplied by (B) shareholders' equity (as defined in the management agreement) as of the last day of such quarter, divided by (ii) four (4).
PNMAC Capital Management LLC [Member]
Other Non operating Income Expense [Line Items]
Waiver of overhead expenses	$ 1.6

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Characterization of Distributions (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Ordinary income	41.00%	86.00%	83.00%
Long term capital gain	25.00%	14.00%	17.00%
Return of capital	34.00%	0.00%	0.00%

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current expense (benefit):
Federal	$ 671	$ 352	$ (10,014)
State	204	104	(2,232)
Total current expense (benefit)	875	456	(12,246)
Deferred (benefit) expense:
Federal	(13,124)	(10,232)	20,737
State	(4,547)	(5,304)	5,954
Total deferred (benefit) expense	(17,671)	(15,536)	26,691
Total (benefit) provision for income taxes	$ (16,796)	$ (15,080)	$ 14,445

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Company's Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory tax rate, Amount	$ 25,656	$ 62,812	$ 75,122
Effect of non-taxable REIT income, Amount	(40,366)	(74,480)	(63,564)
State income taxes, net of federal benefit, Amount	(2,823)	(3,380)	2,419
Other, Amount	737	(32)	468
Valuation allowance, Amount	0	0	0
Total (benefit) provision for income taxes	$ (16,796)	$ (15,080)	$ 14,445
Federal income tax expense at statutory tax rate, Rate	35.00%	35.00%	35.00%
Effect of non-taxable REIT income, Rate	(55.10%)	(41.50%)	(29.60%)
State income taxes, net of federal benefit, Rate	(3.90%)	(1.90%)	1.10%
Other, Rate	1.10%	0.00%	0.20%
Valuation allowance, Rate	0.00%	0.00%	0.00%
(Benefit) provision for income taxes, Rate	(22.90%)	(8.40%)	6.70%

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Deferred Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Real estate valuation loss	$ (1,577)	$ (5,079)	$ 2,651
Mortgage servicing rights	(31,324)	27,996	66,284
Net operating loss carryforward	33,297	(35,963)	(38,783)
Liability for losses under representations and warranties	(2,467)	(5,944)	0
Excess interest expense disallowance	(15,384)	0	0
Other	(216)	3,454	(3,461)
Valuation allowance	0	0	0
Total (benefit) provision for deferred income taxes	$ (17,671)	$ (15,536)	$ 26,691

Income Taxes - Components of In

Income Taxes - Components of Income Taxes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Taxes currently receivable	$ 1,669	$ 1,428
Deferred income taxes payable	(35,174)	(52,845)
Income taxes payable	$ (33,505)	$ (51,417)

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred income tax assets:
REO valuation loss	$ 12,274	$ 10,697
Net operating loss carryforward	40,572	73,869
Liability for losses under representations and warranties	8,411	5,944
Excess interest expense disallowance	15,384
Other	426	2,112
Gross deferred tax assets	77,067	92,622
Deferred income tax liabilities:
Mortgage servicing rights	(112,241)	(143,565)
Other	0	(1,902)
Gross deferred tax liabilities	(112,241)	(145,467)
Net deferred income tax liability	$ (35,174)	$ (52,845)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 97,200,000	$ 87,500,000
Net operating loss carryforwards, expiration year	2,035	2,033
Unrecognized tax benefits	$ 0	$ 0

Segments and Related Informa167

Segments and Related Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015Segment
Segment Reporting [Abstract]
Number of business segments	2

Segments and Related Informa168

Segments and Related Information - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net investment income:
Interest income									$ 201,345	$ 172,348	$ 122,862
Interest expense									(124,708)	(85,589)	(65,222)
Net interest income									76,637	86,759	57,640
Net gain on mortgage loans acquired for sale									51,016	35,647	98,669
Net gain on investments									53,985	201,809	207,758
Net loan servicing fees									49,319	37,893	32,791
Other income (loss)									17,808	(5,367)	8,660
Net investment income	$ 50,569	$ 90,774	$ 69,765	$ 37,657	$ 53,059	$ 106,530	$ 120,556	$ 76,595	248,765	356,741	405,518
Expenses:
Loan fulfillment, servicing and management fees payable to PFSI									129,224	136,276	151,535
Other									46,237	41,001	39,348
Total expenses									175,461	177,277	190,883
Pre-tax (loss) income									73,304	179,464	214,635
Total assets at year end	5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	4,897,258	$ 4,598,018	$ 4,862,470	$ 4,219,853	5,826,924	4,897,258	4,303,474
Operating segments [Member] | Correspondent production [Member]
Net investment income:
Interest income									39,976	24,022	33,727
Interest expense									(19,843)	(15,899)	(26,808)
Net interest income									20,133	8,123	6,919
Net gain on mortgage loans acquired for sale									51,016	35,647	98,669
Net gain on investments									0	0	0
Net loan servicing fees									0	0	0
Other income (loss)									28,822	18,290	17,715
Net investment income									99,971	62,060	123,303
Expenses:
Loan fulfillment, servicing and management fees payable to PFSI									60,619	49,872	78,552
Other									6,450	3,357	861
Total expenses									67,069	53,229	79,413
Pre-tax (loss) income									32,902	8,831	43,890
Total assets at year end	1,286,138				654,476				1,286,138	654,476	472,089
Operating segments [Member] | Investment activities [Member]
Net investment income:
Interest income									161,369	150,714	94,435
Interest expense									(104,865)	(72,078)	(43,714)
Net interest income									56,504	78,636	50,721
Net gain on mortgage loans acquired for sale									0	0	0
Net gain on investments									53,985	201,809	207,758
Net loan servicing fees									49,319	37,893	32,791
Other income (loss)									(11,014)	(23,657)	(9,055)
Net investment income									148,794	294,681	282,215
Expenses:
Loan fulfillment, servicing and management fees payable to PFSI									68,605	86,404	69,699
Other									39,787	37,644	38,487
Total expenses									108,392	124,048	108,186
Pre-tax (loss) income									40,402	170,633	174,029
Total assets at year end	4,540,786				4,242,782				4,540,786	4,242,782	3,831,385
Intersegment elimination & other [Member]
Net investment income:
Interest income									0	(2,388)	(5,300)
Interest expense									0	2,388	5,300
Net interest income									0	0	0
Net gain on mortgage loans acquired for sale									0	0	0
Net gain on investments									0	0	0
Net loan servicing fees									0	0	0
Other income (loss)									0	0	0
Net investment income									0	0	0
Expenses:
Loan fulfillment, servicing and management fees payable to PFSI									0	0	3,284
Other									0	0	0
Total expenses									0	0	3,284
Pre-tax (loss) income									0	0	(3,284)
Total assets at year end	$ 0				$ 0				$ 0	$ 0	$ 0

Selected Quarterly Results - Se

Selected Quarterly Results - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Net investment income	$ 50,569	$ 90,774	$ 69,765	$ 37,657	$ 53,059	$ 106,530	$ 120,556	$ 76,595	$ 248,765	$ 356,741	$ 405,518
Net income	$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 26,511	$ 54,949	$ 75,211	$ 37,873	$ 90,100	$ 194,544	$ 200,190
Earnings per share:
Basic	$ 0.21	$ 0.51	$ 0.37	$ 0.09	$ 0.35	$ 0.74	$ 1.01	$ 0.52	$ 1.19	$ 2.62	$ 3.13
Diluted	0.21	0.49	0.36	0.09	0.34	0.69	0.93	0.50	1.16	2.47	2.96
Cash dividends declared per share	$ 0.47	$ 0.47	$ 0.61	$ 0.61	$ 0.61	$ 0.61	$ 0.59	$ 0.59	$ 2.16	$ 2.40	$ 2.87
Short-term investments at fair value	$ 41,865	$ 31,518	$ 32,417	$ 44,949	$ 139,900	$ 37,452	$ 104,453	$ 91,338	$ 41,865	$ 139,900
Investment securities at fair value	322,473	315,599	287,626	316,292	307,363	267,885	218,725	198,110	322,473	307,363
Mortgage loans at fair value	3,839,583	3,688,026	4,944,694	4,226,290	3,364,674	3,250,761	3,606,906	3,156,041	3,839,583	3,364,674
Excess servicing spread	412,425	418,573	359,102	222,309	191,166	187,368	190,244	151,019	412,425	191,166
Real estate acquired in settlement of loans	341,846	353,563	324,278	317,536	303,228	275,185	240,471	186,877	341,846	303,228
Real estate held for investment	8,796	4,448	1,544	0	0	0	0	0	8,796	0
Mortgage servicing rights	459,741	423,095	394,737	359,160	357,780	345,848	315,484	301,427	459,741	357,780
Other assets	400,195	357,409	332,976	243,991	233,147	233,519	186,187	135,041	400,195	233,147
Total assets	5,826,924	5,592,231	6,677,374	5,730,527	4,897,258	4,598,018	4,862,470	4,219,853	5,826,924	4,897,258	$ 4,303,474
Assets sold under agreements to repurchase and mortgage loan participation and sale agreement	3,128,780	2,925,110	3,571,181	3,633,922	2,749,249	2,416,047	2,700,868	1,886,710	3,128,780	2,749,249
Federal Home Loan Bank advances	183,000	183,000	138,400	0	0	0	0	0	183,000	0
Credit risk transfer financing at fair value	0	0	649,120	0	0	0	0	0	0	0
Notes payable	236,015	192,332	244,878	0	0	0	0	0	236,015	0
Borrowings under forward purchase agreements	0	0	0	0	0	0	0	216,614	0	0
Asset-backed financing of a VIE at fair value	247,690	234,287	151,489	162,222	165,920	166,841	170,201	166,514	247,690	165,920
Exchangeable senior notes	245,054	244,805	244,559	244,317	244,079	243,844	243,612	243,384	245,054	244,079	243,200
Other liabilities	290,272	298,267	152,450	147,907	159,838	183,245	170,629	163,349	290,272	159,838
Total liabilities	4,330,811	4,077,801	5,152,077	4,188,368	3,319,086	3,009,977	3,285,310	2,676,571	4,330,811	3,319,086
Shareholders' equity	1,496,113	1,514,430	1,525,297	1,542,159	1,578,172	1,588,041	1,577,160	1,543,282	1,496,113	1,578,172	$ 1,467,114	$ 1,201,336
Total liabilities and shareholders' equity	$ 5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	$ 4,897,258	$ 4,598,018	$ 4,862,470	$ 4,219,853	$ 5,826,924	$ 4,897,258

Supplemental Cash Flow Infor170

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 117,223	$ 94,116	$ 67,374
Income tax paid (refunded), net	1,116	(6,562)	(9,200)
Non-cash investing activities:
Receipt of MSRs as proceeds from sales of loans	154,474	121,333	183,032
Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity	0	0	536,776
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	307,455	364,945	185,061
Transfers of mortgage loans acquired for sale to mortgage loans at fair value	23,859	0	0
Purchase of mortgage loans financed through forward purchase agreements	0	2,828	246,605
Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	0	205,902	15,347
Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	0	9,369	9,922
Purchase of REO financed through forward purchase agreements	0	68	4
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	8,827	0	0
Receipt of ESS pursuant to recapture agreement with PFSI	6,728	7,343	0
Transfer of REO under forward purchase agreements to REO	0	12,737	117
Non-cash financing activities:
Purchase of mortgage loans financed through forward purchase agreements	0	2,828	246,605
Purchase of REO financed through forward purchase agreements	0	68	4
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	85,134	2,731	44,395
Dividends payable	$ 35,069	$ 45,894	$ 41,570

Regulatory Net Worth - Addition

Regulatory Net Worth - Additional Information (Detail)	Dec. 31, 2015USD ($)
Fannie Mae Capital Markets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 59,200,000
Freddie Mac Capital Markets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 30,900,000

Recently Issued Accounting P172

Recently Issued Accounting Pronouncements - Additional Information (Detail) - ASU 2015-03 [Member]	12 Months Ended
	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 6,600,000
Assets Sold Under Agreements to Repurchase [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	1,500,000
Notes payable [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	92,000
Exchangeable senior notes [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 4,900,000

Parent Company Information - Ad

Parent Company Information - Additional Information (Detail)	Dec. 31, 2015USD ($)
PennyMac Mortgage Investment Trust [Member]
Minimum net worth amount	$ 860,000,000
Operating Partnership [Member]
Minimum net worth amount	700,000,000
Net Worth	919,600,000
PennyMac Holdings, LLC [Member]
Minimum net worth amount	250,000,000
Net Worth	836,000,000
PennyMac Corp. [Member]
Minimum net worth amount	150,000,000
Net Worth	$ 369,800,000

Parent Company Information - Co

Parent Company Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Short-term investment	$ 41,865	$ 31,518	$ 32,417	$ 44,949	$ 139,900	$ 37,452	$ 104,453	$ 91,338
Other assets	235,186				59,155
Total assets	5,826,924	5,592,231	6,677,374	5,730,527	4,897,258	4,598,018	4,862,470	4,219,853	$ 4,303,474
Liabilities
Accounts payable and accrued liabilities	64,474				67,806
Income taxes payable	33,505				51,417
Total liabilities	4,330,811	4,077,801	5,152,077	4,188,368	3,319,086	3,009,977	3,285,310	2,676,571
Shareholders' equity	1,496,113	1,514,430	1,525,297	1,542,159	1,578,172	1,588,041	1,577,160	1,543,282	$ 1,467,114	$ 1,201,336
Total liabilities and shareholders' equity	5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	4,897,258	$ 4,598,018	$ 4,862,470	$ 4,219,853
PennyMac Mortgage Investment Trust [Member]
ASSETS
Short-term investment	2,606				506
Investments in subsidiaries	1,558,728				1,637,927
Receivables from subsidiaries	168				261
Other assets	806				522
Total assets	1,562,308				1,639,216
Liabilities
Dividends payable	34,720				45,482
Accounts payable and accrued liabilities	2,708				2,988
Capital notes payable to subsidiaries	20,379				0
Due to affiliates	1,247				1,548
Payables to subsidiaries	219				338
Income taxes payable	0				126
Total liabilities	59,273				50,482
Shareholders' equity	1,503,035				1,588,734
Total liabilities and shareholders' equity	$ 1,562,308				$ 1,639,216

Parent Company Information -175

Parent Company Information - Condensed Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net investment income:
Interest									$ 201,345	$ 172,348	$ 122,862
Other									8,283	8,900	4,386
Net investment income	$ 50,569	$ 90,774	$ 69,765	$ 37,657	$ 53,059	$ 106,530	$ 120,556	$ 76,595	248,765	356,741	405,518
Expenses
Intercompany interest									124,708	85,589	65,222
Other									21,157	17,401	21,200
Total expenses									175,461	177,277	190,883
Income before provision for income taxes and equity in undistributed earnings in subsidiaries									73,304	179,464	214,635
Provision for income taxes									(16,796)	(15,080)	14,445
Net income	$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 26,511	$ 54,949	$ 75,211	$ 37,873	90,100	194,544	200,190
PennyMac Mortgage Investment Trust [Member]
Net investment income:
Dividends from subsidiaries									171,254	174,192	148,520
Intercompany interest									8	15	20
Interest									0	4	4
Other									1,250	1,250	833
Net investment income									172,512	175,461	149,377
Expenses
Intercompany interest									441	26	39
Other									14	0	0
Total expenses									455	26	39
Income before provision for income taxes and equity in undistributed earnings in subsidiaries									172,057	175,435	149,338
Provision for income taxes									875	372	86
Income before equity in undistributed earnings of subsidiaries									171,182	175,063	149,252
Equity in undistributed earnings of subsidiaries									(78,704)	23,288	49,940
Net income									$ 92,478	$ 198,351	$ 199,192

Parent Company Information -176

Parent Company Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	Aug. 13, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income		$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 26,511	$ 54,949	$ 75,211	$ 37,873	$ 90,100	$ 194,544	$ 200,190
Increase in other assets										(36,161)	(24,910)	(33,956)
Decrease in accounts payable and accrued liabilities										7,984	(6,361)	(14,518)
Decrease in due to affiliates										(1,863)	(127)	(1,180)
(Decrease) increase in income taxes payable										(17,912)	(8,518)	23,619
Net cash provided by operating activities										(863,188)	(366,036)	(242,832)
Cash flows from investing activities:
(Increase) decrease in short-term investment										98,035	(47,502)	(53,381)
Net cash provided by (used in) investing activities										11,502	27,972	(1,028,996)
Cash flows from financing activities:
Issuance of common shares	$ 249,400									8	90,589	261,595
Payment of common share underwriting and offering costs										0	(1,070)	(12,321)
Repurchases of common shares										(16,338)	0	0
Payment of dividends										(173,022)	(174,433)	(147,568)
Net cash provided by financing activities										833,408	387,039	1,265,483
Net change in cash										(18,278)	48,975	(6,345)
Cash at beginning of year					76,386				27,411	76,386	27,411	33,756
Cash at end of year		58,108				76,386				58,108	76,386	27,411
Non-cash financing activity - dividends payable		35,069				45,894				35,069	45,894	41,570
PennyMac Mortgage Investment Trust [Member]
Cash flows from operating activities:
Net income										92,478	198,351	199,192
Equity in undistributed earnings of subsidiaries										78,704	(23,288)	(49,940)
Decrease (increase) in receivables from subsidiaries										915	107	(16)
Increase in other assets										(284)	(1)	(316)
Decrease in accounts payable and accrued liabilities										(257)	(837)	(2,582)
Decrease in due to affiliates										(238)	(652)	(1,169)
(Decrease) increase payable to subsidiaries										(119)	(40)	314
(Decrease) increase in income taxes payable										(126)	59	67
Net cash provided by operating activities										171,073	173,699	145,550
Cash flows from investing activities:
Increase in investment in subsidiaries										0	(89,618)	(249,315)
(Increase) decrease in short-term investment										(2,100)	834	2,059
Net cash provided by (used in) investing activities										(2,100)	(88,784)	(247,256)
Cash flows from financing activities:
Net increase in intercompany unsecured note payable to PMT subsidiary										20,379	0	0
Issuance of common shares										8	90,588	261,595
Payment of common share underwriting and offering costs										0	(1,070)	(12,321)
Repurchases of common shares										(16,338)	0	0
Payment of dividends										(173,022)	(174,433)	(147,568)
Net cash provided by financing activities										(168,973)	(84,915)	101,706
Net change in cash										0	0	0
Cash at beginning of year					$ 0				$ 0	0	0	0
Cash at end of year		0				0				0	0	0
Non-cash financing activity - dividends payable		$ 35,069				$ 45,894				$ 35,069	$ 45,894	$ 41,570

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) shares in Thousands	Feb. 23, 2016	Jan. 08, 2016	Feb. 29, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
FHLB advances repaid				$ 83,000,000
Stock repurchased, shares				1,000
Stock repurchased, value				$ 16,338,000
Common Stock [Member]
Subsequent Event [Line Items]
Stock repurchased, shares				1,045
Stock repurchased, value				$ 10,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Certificates issued		$ 62,200,000
Certificates retained		$ 146,300,000
FHLB advances repaid	$ 100,000,000
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Stock repurchased, shares			2,900
Stock repurchased, value			$ 34,100,000
Shares authorized amount			$ 200,000,000