PennyMac Mortgage Investment Trust (PMT) 10-K 28 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
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		66,701,272
Entity Public Float			$ 1,077,928,941

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash	$ 34,476	$ 58,108
Short-term investments	122,088	41,865
Mortgage-backed securities at fair (includes $863,802 and $322,473 pledged to creditors, respectively)	865,061	322,473
Mortgage loans acquired for sale at fair value (includes $1,653,748 and $1,268,455 pledged to creditors, respectively)	1,673,112	1,283,795
Mortgage loans at fair value	1,721,741	2,555,788
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure note payable to PennyMac Financial Services, Inc.	288,669	412,425
Derivative assets	33,709	10,085
Real estate acquired in settlement of loans (includes $215,713 and $283,343 pledged to creditors, respectively)	274,069	341,846
Real estate held for investment	29,324	8,796
Mortgage servicing rights pledged to creditors (includes $64,136 and $66,584 carried at fair value, respectively)	656,567	459,741
Servicing advances	76,950	88,010
Deposits securing credit risk transfer agreements	450,059	147,000
Other	124,586	88,186
Total assets	6,357,502	5,826,924
LIABILITIES
Assets sold under agreements to repurchase	3,784,001	3,128,780
Mortgage loan participation and sale agreements	25,917	0
Notes payable	275,106	236,015
Exchangeable senior notes	246,089	245,054
Asset-backed financing of a variable interest entity at fair value	353,898	247,690
Interest-only security payable at fair value	4,114	0
Federal Home Loan Bank advances	0	183,000
Derivative liabilities	9,573	3,157
Accounts payable and accrued liabilities	107,758	64,474
Income taxes payable	18,166	33,505
Liability for losses under representations and warranties	15,350	20,171
Total liabilities	5,006,388	4,330,811
SHAREHOLDERS’ EQUITY
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 66,697,286 and 73,767,435 common shares	667	738
Additional paid-in capital	1,377,171	1,469,722
(Accumulated deficit) retained earnings	(26,724)	25,653
Total shareholders’ equity	1,351,114	1,496,113
Total liabilities and shareholders’ equity	6,357,502	5,826,924
Variable Interest Entities [Member]
ASSETS
Mortgage loans at fair value	367,169	455,394
Derivative assets	15,610	593
Deposits securing credit risk transfer agreements	450,059	147,000
Other—interest receivable	1,058	1,447
Total assets of Consolidated Variable Interest Entity	833,896	604,434
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	353,898	247,690
Interest-only security payable at fair value	4,114	0
Accounts payable and accrued liabilities—interest payable	1,058	724
SHAREHOLDERS’ EQUITY
Total liabilities of Consolidated Variable Interest Entity	359,070	248,414
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	7,091	8,806
LIABILITIES
Notes payable	150,000	150,000
Due to PennyMac Financial Services, Inc.	$ 16,416	$ 18,965

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage-backed securities at fair value, pledged to creditors	$ 863,802	$ 322,473
Mortgage loans acquired for sale at fair value, pledged to creditors	1,653,748	1,268,455
Mortgage loans at fair value, pledged to creditors	1,712,190	2,201,513
Derivative assets, pledged to creditors	9,078
Real estate pledged to creditors	215,713	283,343
Mortgage servicing rights at fair value	64,136	$ 66,584
Deposits securing credit risk transfer agreements, pledged to creditors	$ 414,610
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	66,697,286	73,767,435
Common shares, outstanding	66,697,286	73,767,435
Real Estate Acquired in Satisfaction of Debt [Member]
Real estate pledged to creditors	$ 215,713	$ 283,343

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net investment income
Net gain on mortgage loans acquired for sale	$ 106,442	$ 51,016	$ 35,647
Mortgage loan origination fees	41,993	28,702	18,184
Interest income	222,122	201,345	172,348
Interest expense:
Interest expense	149,768	124,708	85,589
Net interest income	72,354	76,637	86,759
Net mortgage loan servicing fees	54,789	49,319	37,893
Net gain on investments	7,175	53,985	201,809
Results of real estate acquired in settlement of loans	(19,118)	(19,177)	(32,451)
Other	8,453	8,283	8,900
Net investment income	272,088	248,765	356,741
Expenses
Mortgage loan fulfillment fees	86,465	58,607	48,719
Mortgage loan servicing fees	50,615	46,423	52,522
Management fees	20,657	24,194	35,035
Mortgage loan collection and liquidation	13,436	10,408	6,892
Mortgage loan origination	7,108	4,686	2,638
Compensation	7,000	7,366	8,328
Professional services	6,819	7,306	8,380
Other	18,225	16,471	14,763
Total expenses	210,325	175,461	177,277
Income before benefit from income taxes	61,763	73,304	179,464
Benefit from income taxes	(14,047)	(16,796)	(15,080)
Net income	$ 75,810	$ 90,100	$ 194,544
Earnings per share
Basic	$ 1.09	$ 1.19	$ 2.62
Diluted	$ 1.08	$ 1.16	$ 2.47
Weighted-average common shares outstanding
Basic	68,642	74,446	73,495
Diluted	77,109	83,336	82,211
Nonaffiliates [Member]
Net investment income
Net gain on mortgage loans acquired for sale	$ 97,218	$ 43,441	$ 31,395
Interest income	199,521	175,980	159,056
Interest expense:
Interest expense	141,938	121,365	85,589
Net mortgage loan servicing fees	53,216	48,532	37,884
Net gain on investments	24,569	50,746	222,643
PennyMac Financial Services, Inc. [Member]
Net investment income
Net gain on mortgage loans acquired for sale	9,224	7,575	4,252
Interest income	22,601	25,365	13,292
Interest expense:
Interest expense	7,830	3,343	0
Net mortgage loan servicing fees	1,573	787	9
Net gain on investments	$ (17,394)	$ 3,239	$ (20,834)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance, Amount at Dec. 31, 2013	$ 1,467,114	$ 705	$ 1,384,468	$ 81,941
Balance, Shares at Dec. 31, 2013		70,458		0
Net income	194,544	$ 0	0	$ 194,544
Share-based compensation, Amount	5,752	$ 2	5,750	$ 0
Share-based compensation, Shares		235		0
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		0
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		0
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		0
Net income	90,100	$ 0	0	$ 90,100
Share-based compensation, Amount	6,346	$ 3	6,343	$ 0
Share-based compensation, Shares		302		0
Common share dividends	(162,175)	$ 0	0	$ (162,175)
Issuance of common shares, Amount	8	$ 0	8	$ 0
Issuance of common shares, Shares		0		0
Repurchase of common shares, Amount	$ (16,338)	$ (10)	(16,328)	$ 0
Repurchase of common shares, Shares	(1,045)	(1,045)		0
Balance, Amount at Dec. 31, 2015	$ 1,496,113	$ 738	1,469,722	$ 25,653
Balance, Shares at Dec. 31, 2015		73,767		0
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		0
Net income	14,496
Balance, Amount at Mar. 31, 2016	1,414,503
Balance, Amount at Dec. 31, 2015	1,496,113	$ 738	1,469,722	$ 25,653
Balance, Shares at Dec. 31, 2015		73,767		0
Net income	75,810	$ 0	0	$ 75,810
Share-based compensation, Amount	5,748	$ 3	5,745	$ 0
Share-based compensation, Shares		298		0
Common share dividends	(128,187)	$ 0	0	$ (128,187)
Repurchase of common shares, Amount	$ (98,370)	$ (74)	(98,296)	$ 0
Repurchase of common shares, Shares	(7,368)	(7,368)		0
Balance, Amount at Dec. 31, 2016	$ 1,351,114	$ 667	1,377,171	$ (26,724)
Balance, Shares at Dec. 31, 2016		66,697		0
Balance, Amount at Mar. 31, 2016	1,414,503
Net income	(5,267)
Balance, Amount at Jun. 30, 2016	1,360,827
Net income	35,408
Balance, Amount at Sep. 30, 2016	1,354,918
Net income	31,174
Balance, Amount at Dec. 31, 2016	$ 1,351,114	$ 667	$ 1,377,171	$ (26,724)
Balance, Shares at Dec. 31, 2016		66,697		0

Consolidated Statements of Cha6

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Retained Earnings (Accumulated Deficit) [Member]
Common share dividends declared per share	$ 1.88	$ 2.16	$ 2.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income	$ 75,810	$ 90,100	$ 194,544
Adjustments to reconcile net income to net cash used by operating activities:
Net gain on mortgage loans acquired for sale	(106,442)	(51,016)	(35,647)
Accrual of unearned discounts and amortization of premiums on mortgage- backed securities, mortgage loans at fair value, and asset-backed financing of a variable interest entity	1,766	(719)	(1,588)
Capitalization of interest on mortgage loans at fair value	(84,820)	(57,754)	(66,850)
Capitalization of interest on excess servicing spread	(22,601)	(25,365)	(13,292)
Amortization of debt issuance costs	13,152	11,587	9,763
Change in fair value, amortization and impairment of mortgage servicing rights	78,628	53,615	42,124
Reversal of costs related to forward purchase agreements	0	0	(168)
Net gain on investments	(7,175)	(53,985)	(201,809)
Results of real estate acquired in settlement of loans	19,118	19,177	32,451
Share-based compensation expense	5,748	6,346	5,752
Purchase of mortgage loans acquired for sale at fair value from nonaffiliates	(66,112,316)	(46,423,734)	(28,381,456)
Purchase of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(21,541)	(28,445)	(8,082)
Repurchase of mortgage loans subject to representation and warranties	(11,380)	(17,782)	1,747
Sale and repayment of mortgage loans acquired for sale at fair value to nonaffiliates	23,525,952	14,206,816	11,703,015
Sale of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	42,051,505	31,490,920	16,431,338
Decrease (increase) in servicing advances	4,672	(30,255)	(40,084)
Decrease (increase) in due from PennyMac Financial Services, Inc.	1,640	(1,863)	(127)
Increase in other assets	(62,028)	(36,161)	(24,910)
Increase (decrease) in accounts payable and accrued liabilities	46,657	7,984	(6,361)
(Decrease) Increase in due to PennyMac Financial Services, Inc.	(2,549)	(4,742)	2,122
Decrease in income taxes payable	(15,339)	(17,912)	(8,518)
Net cash used in operating activities	(621,543)	(863,188)	(366,036)
Cash flows from investing activities
Net (increase) decrease in short-term investments	(80,223)	98,035	(47,502)
Purchase of mortgage-backed securities at fair value	(765,467)	(84,828)	(185,972)
Sale and repayment of mortgage-backed securities at fair value	206,508	64,459	86,783
Purchase of mortgage loans at fair value	0	(241,981)	(554,604)
Sale and repayment of mortgage loans at fair value	712,975	279,683	598,339
Sale of mortgage loans at fair value to PennyMac Financial Services, Inc.	891	1,466	0
Repayment of mortgage loans under forward purchase agreements at fair value	0	0	6,413
Purchase of excess servicing spread from PennyMac Financial Services, Inc.	0	(271,554)	(95,892)
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	69,992	78,578	39,257
Settlement of excess servicing spread by PennyMac Financial Services, Inc.	59,045	0	0
Net settlement of derivative financial instruments	(7,216)	(6,809)	(10,436)
Purchase of real estate acquired in settlement of loans	0	0	(3,049)
Sale of real estate acquired in settlement of loans	234,684	240,833	184,467
Sale of real estate acquired in settlement of loans under forward purchase agreements	0	0	5,365
Purchase of mortgage servicing rights	(2,739)	(2,335)	0
Sale of mortgage servicing rights	106	752	474
Deposit of cash securing credit risk transfer agreements	(306,507)	(147,446)	0
Distribution from credit risk transfer agreements	24,746	1,831	0
Decrease in margin deposits and restricted cash	40,062	8,148	4,329
Purchase of Federal Home Loan Bank capital stock	(225)	(7,691)	0
Redemption of Federal Home Loan Bank capital stock	7,320	361	0
Net cash provided by investing activities	193,952	11,502	27,972
Cash flows from financing activities
Sale of assets under agreements to repurchase	70,684,674	50,133,359	31,873,913
Repurchase of assets sold under agreements to repurchase	(70,030,317)	(49,733,160)	(31,183,387)
Sale of mortgage loan participation certificates	6,579,706	5,009,065	4,246,892
Repayment of mortgage loan participation certificates	(6,553,789)	(5,029,301)	(4,226,656)
Advance under notes payable	129,812	394,242	0
Repayment under notes payable	(90,812)	(158,343)	0
Issuance of asset-backed financing of a variable interest entity at fair value	182,400	110,482	0
Repayment of asset-backed financing of a variable interest entity at fair value	(73,624)	(24,951)	(8,571)
Federal Home Loan Bank advances	28,000	760,484	0
Repayment of Federal Home Loan Bank advances	(211,000)	(577,484)	0
Advance under financings payable to PennyMac Financial Services, Inc.	0	168,546	0
Repayment under financings payable to PennyMac Financial Services, Inc.	0	(18,546)	0
Issuance of credit risk transfer financing	0	1,204,187	0
Repayment of credit risk transfer financing	0	(1,204,187)	0
Repayment of borrowings under forward purchase agreements	0	0	(227,866)
Payment of debt issuance costs	(11,161)	(10,928)	0
Issuance of common shares	0	8	90,589
Repurchase of common shares	(98,370)	(16,338)	0
Payment of common share underwriting and offering costs	0	0	(1,070)
Payment of contingent underwriting fees payable	0	(705)	(2,372)
Payment of dividends	(131,560)	(173,022)	(174,433)
Net cash provided by financing activities	403,959	833,408	387,039
Net increase in cash	(23,632)	(18,278)	48,975
Net (decrease) increase in cash	(23,632)	(18,278)	48,975
Cash at beginning of year	58,108	76,386	27,411
Cash at end of year	$ 34,476	$ 58,108	$ 76,386

Organization

Organization	12 Months Ended
	Dec. 31, 2016
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-related assets. The Company operates in two segments, correspondent production and investment activities: • The investment activities segment represents the Company’s investments in mortgage-related assets, which include distressed mortgage loans, excess servicing spread (“ESS”), credit risk transfer agreements (“CRT Agreements”), real estate acquired in settlement of loans (“REO”), real estate held for investment, mortgage servicing rights (“MSRs”), mortgage-backed securities (“MBS”); and small balance commercial real estate loans. • 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 PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled 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 Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The 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, 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.

Concentration of Risks

Concentration of Risks	12 Months Ended
	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Concentration of Risks	Note 2—Concentration of Risks As discussed in Note 1— Organization Due to the nature of the Company’s investments, PMT is exposed, to a greater extent than traditional mortgage investors, to the risks associated with loan resolution, including 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 that fluctuations in the residential real estate market may affect 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., as presented in the following summary: December 31, 2016 December 31, 2015 (in thousands) Mortgage loans at fair value $ 519,698 $ 855,691 REO 49,048 88,088 $ 568,746 $ 943,779 Total carrying value of distressed mortgage loans at fair value and REO $ 1,628,641 $ 2,442,240

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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 a securitization transaction, and CRT 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 Variable Interest Entities (“VIEs”). A VIE is an entity having either a total equity investment at risk 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 transferred 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 is consolidated by the Company as the Manager determined that PMT is the primary beneficiary of the VIE. The Manager concluded that PMT is the primary beneficiary of the VIE as it has 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 the senior certificates are settled, substantially all cash inflows will be directed to the subordinated certificates until fully repaid and, thereafter, to the residual interest in the trust that the Company owns. The Company retains beneficial interests in the securitization transaction, including 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 Manager 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 (“Recourse Obligations”) as part of the retention of an interest-only (“IO”) ownership interest in such mortgage loans. 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. 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 topic of the ASC. 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 fair value of the Recourse Obligations, retained IO ownership interest and the cash pledged to fulfill the Recourse Obligations in the form of a derivative financial instrument and the pledged cash. The pledged cash represents the Company’s maximum contractual exposure to claims under its Recourse Obligations and is the sole source of settlement of losses under the CRT Agreements. Gains and losses on net derivatives related to CRT Agreements are included in Net gain on investments in the consolidated statements of income. 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, 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” fair value assets and liabilities, 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 assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Manager reclassifies its assets and liabilities 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 assets. Mortgage-Backed Securities The Company invests in Agency and non-Agency MBS. Purchases and sales of MBS are recorded as of the trade date. The Company’s investments in MBS are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method and are included in Interest income. Net gain (loss) on investments. Interest Income Recognition Interest income on MBS is recognized over the life of the security using the interest method. The Manager estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. The Manager updates its cash flow estimates monthly. Estimating cash flows requires a number of inputs that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), 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 mortgage loans in the form of servicing arrangements and the 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 other than 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 other than 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 correspondent production activities, the Company makes contractual commitments to correspondent sellers to purchase mortgage loans 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 assets and liabilities and the derivative assets and liabilities 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 assets and 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 and retains an IO ownership interest in such mortgage loans. These investments are classified as “Level 3” fair value assets. 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 purchase price 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 mortgage loan) or its fair value reduced by estimated costs to sell. The Company categorizes REO as a “Level 3” fair value asset. 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 assets. 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 0.25% 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 originated 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. Originated MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income. MSRs Accounted for Using the MSR Amortization Method The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the 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 income and the carrying value (carrying value is amortized cost reduced by a valuation allowance) 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 amortized cost 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 costs (e.g., preservation and restoration of mortgaged property REO, 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 expense 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 Representations and Warranties The Company provides for its estimate of the losses that it expects to incur in the future as a result of its breach of the representations and warranties that it provides to the purchasers and insurers of the mortgage loans it has sold. 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 income. 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. Mortgage 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: • For awards to officers and trustees of the Company, compensation cost relating to restricted share units is generally fixed at the fair value of the award date. Compensation relating to performance share units is adjusted for changes in expected performance attainment in each subsequent reporting period until the units have vested or expired. • Compensation cost for share-based compensation awarded to employees of the Manager is adjusted to reflect changes in the fair value of awards, including changes in the Company’s share price for both restricted share units and performance share units and, in the case of performance share units, for changes in expected performance attainment in each subsequent reporting period until the award has vested or expired, 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 subsidiary is 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 judgment, 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, 2016 and 2015, the Company was not under examination by any federal or state income taxing authority .

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 4—Transactions with Related Parties Operating Activities Correspondent Production Activities The Company’s mortgage banking services agreement provides for a fulfillment fee paid to PLS based on the type of mortgage loan that the Company acquires. The fulfillment fee is equal to a percentage of the unpaid principal balance of mortgage loans purchased by the Company. PLS has also agreed to provide such services exclusively for the Company’s benefit, and PLS and its affiliates are prohibited from providing such services for any other party. Prior to September 12, 2016, the applicable fulfillment fee percentages were (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 PLS was permitted, in its sole discretion, to reduce the amount of the applicable fulfillment fee and credit the amount of such reduction to any reimbursement that would have otherwise been due based on volumes tied to the aggregate unpaid principal balance of the mortgage loans purchased by the Company in the related month. This reduction was only credited to the reimbursement applicable to the month in which the related mortgage was funded. Effective as of September 12, 2016, the applicable fulfillment fee percentages are (i) 0.35% for mortgage loans sold or delivered to Fannie Mae or Freddie Mac, and (ii) 0.85% for all other mortgage loans; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae mortgage loans. 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 services agreement, PLS currently purchases loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide “as is” and without recourse of any kind from the Company at cost less any administrative fees paid by the Correspondent to PMT plus accrued interest and a sourcing fee ranging from two to three and one-half basis points, generally based on the average number of calendar days loans are held by the Company prior to purchase by PLS. The discretionary reductions and volume reimbursements described above are no longer in effect. In consideration for the mortgage banking services provided by PLS with respect to the Company’s acquisition of mortgage loans under PLS’s early purchase program, PLS is entitled to fees accruing (i) at a rate equal to $1,500 per annum per early purchase facility, and (ii) in the amount of $35 for each mortgage loan that the Company acquires. The mortgage banking services agreement expires on September 12, 2020, 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, 2016 2015 2014 (in thousands) Mortgage loans fulfillment fees earned by PLS $ 86,465 $ 58,607 $ 48,719 Unpaid principal balance (“UPB”) of mortgage loans fulfilled by PLS $ 23,188,386 $ 14,014,603 $ 11,476,448 Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale $ 11,976 $ 8,966 $ 4,676 UPB of mortgage loans sold to PLS $ 39,908,163 $ 29,867,580 $ 15,579,322 Purchases of mortgage loans acquired for sale at fair value from PLS $ 21,541 $ 28,445 $ 8,082 Tax service fee paid to PLS included in Other $ 6,690 $ 4,390 $ 2,080 Early purchase program fees paid to PLS included in Mortgage loan servicing fees $ 30 $ — $ — December 31, 2016 December 31, 2015 (in thousands) Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS $ 804,616 $ 669,288 Mortgage Loan Servicing Activities The Company, through its Operating Partnership, has a mortgage loan servicing agreement with PLS. The servicing agreement provides for servicing fees earned by PLS that are 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 is also 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 servicing agreement was amended and restated as of September 12, 2016; however, the fee structure was not amended in any material respect. • 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 $100 per month for mortgage loans where the borrower has declared bankruptcy. PLS is also entitled to certain activity-based fees for distressed mortgage loans that are charged based on the achievement of certain events. These fees range from 0.50% for a streamline modification to 1.50% for a liquidation and $500 for a deed-in-lieu of foreclosure. PLS is not entitled to earn more than one liquidation fee, reperformance fee or modification fee in any 18-month period. • The base servicing fee rate for REO is $75 per month. To the extent that the Company rents its REO under an REO rental program, the Company pays PLS an REO rental fee of $30 per month per REO, an REO property lease renewal fee of $100 per lease renewal, and a property management fee in an amount equal to PLS’ cost if property management services and/or any related software costs are outsourced to a third-party property management firm or 9% of gross rental income if PLS provides property management services directly. PLS is also entitled to retain any tenant paid application fees and late rent fees and seek reimbursement for certain third party vendor fees. • 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 non-distressed mortgage loans become delinquent, PLS is entitled to an additional servicing fee per mortgage loan ranging from $10 to $55 per month and based on the delinquency, bankruptcy and foreclosure status of the mortgage loan or $75 per month if the underlying mortgaged property becomes REO. 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. 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 September 12, 2020, 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, if PLS refinances through its consumer direct lending business mortgage loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to one of the Company’s wholly-owned subsidiaries without cost to the Company, the MSRs with respect to new mortgage loans originated in those refinancings (or, under certain circumstances, other mortgage loans) that have an aggregate unpaid principal balance that is not less than 30% of the aggregate unpaid principal balance of all the loans so originated. Where the fair value of the aggregate MSRs to be transferred for the applicable month is less than $200,000, PLS may, at its option, pay cash to the Company in an amount equal to such fair value instead of transferring such MSRs. Following is a summary of mortgage loan servicing fees earned by PLS and MSR recapture income earned from PLS: Year ended December 31, 2016 2015 2014 (in thousands) Mortgage loans acquired for sale at fair value: Base $ 330 $ 260 $ 103 Activity-based 733 371 149 1,063 631 252 Mortgage loans at fair value: Distressed mortgage loans Base 11,078 16,123 18,953 Activity-based 18,521 12,437 19,608 29,599 28,560 38,561 Mortgage loans held in VIE: Base 83 125 110 Activity-based — — — 83 125 110 MSRs: Base 19,378 16,786 13,405 Activity-based 492 321 194 19,870 17,107 13,599 $ 50,615 $ 46,423 $ 52,522 MSR recapture income recognized included in Net mortgage loan servicing fees $ 1,573 $ 787 $ 9 Average investment in: Mortgage loans acquired for sale at fair value $ 1,443,587 $ 1,143,232 $ 573,256 Mortgage loans at fair value: Distressed mortgage loans $ 1,731,638 $ 2,231,259 $ 2,121,806 Mortgage loans held in a VIE $ 422,122 $ 494,655 $ 533,480 Average MSR portfolio $ 49,626,758 $ 38,450,379 $ 30,720,168 Management Fees Under a management agreement, the Company pays PCM management fees as follows: • A base management fee that 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. • A performance incentive fee that 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. The management agreement was amended and restated as of September 12, 2016; however, the fee structure was not amended in any material respect. Following is a summary of the base management and performance incentive fees payable to PCM recorded by the Company: Year ended December 31, 2016 2015 2014 (in thousands) Base management $ 20,657 $ 22,851 $ 23,330 Performance incentive — 1,343 11,705 $ 20,657 $ 24,194 $ 35,035 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. Expense Reimbursement and Amounts Payable to and Receivable from PFSI Under the management agreement, PCM is entitled to reimbursement of its organizational and operating expenses, including third-party expenses, incurred on the Company’s behalf, it being understood that PCM and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax and investor relations services for the direct benefit of the Company. With respect to the allocation of PCM’s and its affiliates personnel, from and after September 12, 2016, PCM shall be reimbursed $120,000 per fiscal quarter, such amount to be reviewed annually and to not preclude reimbursement for any other services performed by PCM or its affiliates. The Company is required to pay PCM and its affiliates a pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of PCM and its affiliates required for the Company’s and its subsidiaries’ operations. These expenses will be allocated based on the ratio of the Company’s and its subsidiaries’ proportion of gross assets compared to all remaining gross assets managed by PCM as calculated at each fiscal quarter end: The Company reimbursed PCM and its affiliates for expenses as follows: Year ended December 31, 2016 2015 2014 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 7,898 $ 10,742 $ 10,850 Expenses incurred on the Company’s (PFSI's) behalf, net (163 ) 582 792 $ 7,735 $ 11,324 $ 11,642 Payments and settlements during the year (1) $ 143,542 $ 99,967 $ 99,987 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for operating, investment and financing activities itemized in this Note. The MSR recapture agreement was amended and restated as of September 12, 2016; however, the fee structure was not amended in any material respect. The MSR recapture agreement expires, unless terminated earlier in accordance with the agreement, on September 12, 2020, subject to automatic renewal for additional 18-month periods. Amounts receivable from and payable to PFSI are summarized below: December 31, 2016 December 31, 2015 (in thousands) Receivable from PFSI: MSR recapture receivable $ 707 $ 781 Other 6,384 8,025 $ 7,091 $ 8,806 Payable to PFSI: Servicing fees $ 5,465 $ 3,682 Management fees 5,081 5,670 Correspondent production fees 2,371 2,729 Fulfillment fees 1,300 1,082 Allocated expenses and expenses paid by PFSI on PMT’s behalf 1,046 4,490 Conditional Reimbursement 900 900 Interest on Note payable to PFSI 253 412 $ 16,416 $ 18,965 Investing Activities On February 29, 2016, the Company and PLS terminated that certain master spread acquisition and MSR servicing agreement that the parties entered into effective February 1, 2013 (the “2/1/13 Spread Acquisition Agreement”) and all amendments thereto. In connection with the termination of the 2/1/13 Spread Acquisition Agreement, PLS reacquired from the Company all of its right, title and interest in and to all of the Fannie Mae ESS previously sold by PLS to the Company under the 2/1/13 Spread Acquisition Agreement and then subject to such 2/1/13 Spread Acquisition Agreement. On February 29, 2016, PLS also reacquired from the Company all of its right, title and interest in and to all of the Freddie Mac ESS previously sold to the Company by PLS. The amount of ESS sold by the Company to PLS under these reacquisitions was $59.0 million. Following is a summary of investing activities between the Company and PFSI: Year ended December 31, 2016 2015 2014 (in thousands) Sale of mortgage loans at fair value for sale to PFSI $ 891 $ 1,466 $ — ESS: Purchases $ — $ 271,554 $ 99,728 Received pursuant to a recapture agreement $ 6,603 $ 6,728 $ 7,343 Repayments and sales $ 129,037 $ 78,578 $ 39,257 Interest income $ 22,601 $ 25,365 $ 13,292 Net (loss) gain included in Net gain on investments: Valuation changes $ (23,923 ) $ (3,810 ) $ (28,662 ) Recapture income 6,529 7,049 7,828 $ (17,394 ) $ 3,239 $ (20,834 ) Financing Activities PFSI held 75,000 of the Company’s common shares at both December 31, 2016 and December 31, 2015. Repurchase Agreement with PLS On December 19, 2016, the Company, through a wholly-owned subsidiary, PennyMac Holdings, LLC (“PMH”), entered into a master repurchase agreement with PLS (the “PMH Repurchase Agreement”), pursuant to which PMH may borrow from PLS for the purpose of financing PMH’s participation certificates representing beneficial ownership in ESS. PLS then re-pledges such participation certificates to PNMAC GMSR ISSUER TRUST (the “Issuer Trust”) under a master repurchase agreement by and among PLS, the Issuer Trust and Private National Mortgage Acceptance Company, LLC, as guarantor (the “PC Repurchase Agreement”). The Issuer Trust was formed for the purpose of allowing PLS to finance MSRs and ESS relating to such MSRs (the “GNMA MSR Facility”). In connection with the GNMA MSR Facility, PLS pledges and/or sells to the Issuer Trust participation certificates representing beneficial interests in MSRs and ESS pursuant to the terms of the PC Repurchase Agreement. In return, the Issuer Trust (a) has issued to PLS, pursuant to the terms of an indenture, the Series 2016-MSRVF1 Variable Funding Note, dated December 19, 2016, known as the “PNMAC GMSR ISSUER TRUST MSR Collateralized Notes, Series 2016-MSRVF1” (the “VFN”), and (b) may, from time to time pursuant to the terms of any supplemental indenture, issue to institutional investors additional term notes (“Term Notes”), in each case secured on a pari passu basis by the participation certificates relating to the MSRs and ESS. The maximum principal balance of the VFN is $1,000,000,000. The principal amount paid by PLS for the participation certificates under the PMH Repurchase Agreement is based upon a percentage of the market value of the underlying ESS. Upon PMH’s repurchase of the participation certificates, PMH is required to repay PLS the principal amount relating thereto plus accrued interest (at a rate reflective of the current market and consistent with the weighted average note rate of the VFN and any outstanding Term Notes) to the date of such repurchase. PLS is then required to repay the Issuer Trust the corresponding amount under the PC Repurchase Agreement. Note Payable to PLS Before entering into the PMH Repurchase Agreement, PLS was a party to a repurchase agreement between it and Credit Suisse First Boston Mortgage Capital LLC (“CSFB”) (the “MSR Repo”), pursuant to which PLS financed Ginnie Mae MSRs and servicing advance receivables and pledged all of its rights and interests in any Ginnie Mae MSRs it owned to CSFB, and a separate acknowledgement agreement with respect thereto, by and among Ginnie Mae, CSFB and PLS. In connection with the MSR Repo, the Company was party to an underlying loan and security agreement with PLS, pursuant to which the Company was able to borrow up to $150 million from PLS for the purpose of financing its investment in ESS (the “Underlying LSA”). The principal amount of the borrowings under the Underlying LSA was 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, and PLS, in turn, re-pledged such ESS to CSFB 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 underlying LSA was terminated in connection with the execution of the PMH Agreement. In connection with its initial public offering of common shares on August 4, 2009 (“IPO”), the Company conditionally agreed to reimburse PCM up to $2.9 million for underwriting fees paid to the IPO underwriters by PCM on the Company’s behalf (the “Conditional Reimbursement”). Also in connection with its IPO, the Company agreed to pay the IPO underwriters up to $5.9 million in contingent underwriting fees. Following is a summary of financing activities between the Company and PFSI: Year ended December 31, 2016 2015 2014 (in thousands) Financings payable—Interest expense $ 7,830 $ 3,343 $ — Conditional Reimbursements paid to PCM $ — $ 237 $ 860

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
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 period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on the Company’s exchangeable senior notes (the “Exchangeable Notes”), by the weighted-average common shares outstanding, assuming all dilutive securities were issued. In periods in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive. The following table summarizes the basic and diluted earnings per share calculations: Year ended December 31, 2016 2015 2014 (in thousands except per share amounts) Basic earnings per share: Net income $ 75,810 $ 90,100 $ 194,544 Effect of participating securities—share-based compensation awards (1,333 ) (1,689 ) (1,830 ) Net income attributable to common shareholders $ 74,477 $ 88,411 $ 192,714 Diluted earnings per share: Net income attributable to common shareholders $ 74,477 $ 88,411 $ 194,544 Interest on Exchangeable Notes, net of income taxes 8,719 8,468 8,456 Net income attributable to common diluted shareholders $ 83,196 $ 96,879 $ 203,000 Weighted-average basic shares outstanding 68,642 74,446 73,495 Dilutive securities: Shares issuable under share-based compensation plan — 423 298 Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 8,467 8,418 Diluted weighted-average number of shares outstanding 77,109 83,336 82,211 Basic earnings per share $ 1.09 $ 1.19 $ 2.62 Diluted earnings per share $ 1.08 $ 1.16 $ 2.47 Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific potentially dilutive shares to be included or excluded that may differ in certain circumstances. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation for the periods as inclusion of such shares would have been antidilutive: Year ended December 31, 2016 2015 2014 (in thousands) Shares issuable under share-based compensation awards 701 369 371

Loan Sales and Variable Interes

Loan Sales and Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
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 mortgage loan transfer and financing activities. These entities are classified as VIEs for accounting purposes. The Company has segregated its involvement with VIEs between those VIEs which the Company does not consolidate and those VIEs which the Company consolidates. Unconsolidated VIEs with Continuing Involvement The following table summarizes cash flows between the Company and transferees in transfers of mortgage loans that are accounted for as sales where the Company maintains continuing involvement with the mortgage loans, as well as UPB information at period end: Year ended December 31, 2016 2015 2014 (in thousands) Cash flows: Proceeds from sales $ 23,525,952 $ 14,206,816 $ 11,703,015 Mortgage loan servicing fees received (1) $ 125,961 $ 97,633 $ 70,294 (1) Net of guarantee fees. December 31, 2016 2015 (in thousands) UPB of mortgage loans outstanding $ 56,303,664 $ 42,300,338 Delinquent mortgage loans: 30-89 days delinquent $ 262,467 $ 175,599 90 or more days delinquent: Not in foreclosure or bankruptcy $ 53,200 $ 38,669 In foreclosure or bankruptcy $ 61,537 $ 31,386 Consolidated VIEs Credit Risk Transfer Agreements Following is a summary of the CRT Agreements: Year ended December 31, 2016 2015 (in thousands) During the year: UPB of mortgage loans sold under CRT Agreements $ 11,190,933 $ 4,602,507 Deposits of cash securing CRT Agreements $ 306,507 $ 147,446 Interest earned on Deposits securing CRT Agreements $ 930 $ — Gains recognized on CRT Agreements included in Net gain (loss) on investments Realized $ 21,298 $ 1,831 Resulting from valuation changes 15,316 (1,238 ) 36,614 593 Change in fair value of interest-only security payable at fair value (4,114 ) — $ 32,500 $ 593 Payments made to settle losses $ 90 $ — December 31, 2016 December 31, 2015 (in thousands) UPB of mortgage loans subject to credit guarantee obligations $ 14,379,850 $ 4,546,265 Delinquency status (in UPB): Current—89 days delinquent $ 14,372,247 $ 4,546,265 90 or more days delinquent $ 5,711 $ — Foreclosure $ 1,892 $ — Carrying value of CRT Agreements: Derivative assets $ 15,610 $ 593 Deposits securing credit risk transfer agreements $ 450,059 $ 147,000 Interest-only security payable at fair value $ 4,114 $ — Commitments to fund Deposits securing credit risk transfer agreements $ 92,109 $ — 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 initially retained $366.8 million in fair value of such certificates. During the years ended December 31, 2015 and December 31, 2016, the Company sold $111.0 million and $208.8 million in UPB of those certificates, respectively, which reduced the fair value of the certificates retained by the Company to $8.9 million as of December 31, 2016.

Netting of Financial Instrument

Netting of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Offsetting [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, interest rate lock commitments (“IRLCs”), mortgage loans acquired for sale at fair value, mortgage loans at fair value held in a 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 from (or posted 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 derivatives related to CRT Agreements. As of December 31, 2016 and December 31, 2015, 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. December 31, 2016 December 31, 2015 Gross amounts of recognized assets Gross amounts offset in the consolidated balance sheet Net amounts of assets presented in the consolidated balance sheet Gross amounts of recognized assets Gross amounts offset in the consolidated balance sheet Net amounts of assets presented in the consolidated balance sheet (in thousands) Derivative assets Not subject to master netting arrangements: Interest rate lock commitments $ 7,069 $ — $ 7,069 $ 4,983 $ — $ 4,983 CRT Agreements 15,610 — 15,610 593 — 593 22,679 — 22,679 5,576 — 5,576 Subject to master netting arrangements: MBS put options 1,697 — 1,697 93 — 93 MBS call options 142 — 142 — — — Forward purchase contracts 30,879 — 30,879 2,444 — 2,444 Forward sale contracts 13,164 — 13,164 2,604 — 2,604 Put options on interest rate futures 2,469 — 2,469 1,512 — 1,512 Call options on interest rate futures 63 — 63 1,156 — 1,156 Netting — (37,384 ) (37,384 ) — (3,300 ) (3,300 ) 48,414 (37,384 ) 11,030 7,809 (3,300 ) 4,509 $ 71,093 $ (37,384 ) $ 33,709 $ 13,385 $ (3,300 ) $ 10,085 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 setoff accounting. December 31, 2016 December 31, 2015 Net amount Gross amounts Net amount Gross amounts of assets not offset in the of assets not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments received amount sheet instruments received amount (in thousands) CRT Agreements $ 15,610 $ — $ — $ 15,610 $ — $ — $ — $ — Interest rate lock commitments 7,069 — — 7,069 4,983 — — 4,983 Bank of America, N.A. 1,881 — — 1,881 — — — — RJ O’Brien & Associates, LLC 1,531 — — 1,531 1,672 — — 1,672 Royal Bank of Canada 1,194 — — 1,194 400 — — 400 Goldman Sachs 1,164 — — 1,164 — — — — Jefferies Group LLC 967 — — 967 541 — — 541 Barclays Capital 855 — — 855 796 — — 796 Wells Fargo Bank, N.A. 638 — — 638 99 — — 99 Morgan Stanley Bank, N.A. — — — — 464 — — 464 Other 2,800 — — 2,800 1,130 — — 1,130 $ 33,709 $ — $ — $ 33,709 $ 10,085 $ — $ — $ 10,085 Offsetting of Derivative Liabilities and Financial Liabilities Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. Assets sold under agreements to repurchase do not qualify for setoff accounting. December 31, 2016 December 31, 2015 Gross amounts of recognized liabilities Gross amounts offset in the consolidated balance sheet Net amounts of liabilities presented in the consolidated balance sheet Gross amounts of recognized liabilities Gross amounts offset in the consolidated balance sheet Net amounts of liabilities presented in the consolidated balance sheet (in thousands) Derivative liabilities Not subject to master netting arrangements: Interest rate lock commitments $ 3,292 $ — $ 3,292 $ 337 $ — $ 337 3,292 — 3,292 337 — 337 Subject to master netting arrangements: Forward purchase contracts 7,619 — 7,619 3,774 — 3,774 Forward sales contracts 17,974 — 17,974 2,680 — 2,680 Put options on interest rate futures — — — 39 — 39 Call options on interest rate futures — — — 305 — 305 Netting (19,312 ) (19,312 ) — (3,978 ) (3,978 ) 25,593 (19,312 ) 6,281 6,798 (3,978 ) 2,820 28,885 (19,312 ) 9,573 7,135 (3,978 ) 3,157 Assets sold under agreements to repurchase: UPB 3,784,685 — 3,784,685 3,130,328 — 3,130,328 Unamortized debt issuance costs (684 ) — (684 ) (1,548 ) — (1,548 ) 3,784,001 — 3,784,001 3,128,780 — 3,128,780 $ 3,812,886 $ (19,312 ) $ 3,793,574 $ 3,135,915 $ (3,978 ) $ 3,131,937 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 setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. December 31, 2016 December 31, 2015 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments pledged amount sheet instruments pledged amount (in thousands) Interest rate lock commitments $ 3,292 $ — $ — $ 3,292 $ 337 $ — $ — $ 337 Credit Suisse First Boston Mortgage Capital LLC 1,181,441 (1,181,235 ) — 206 893,947 (893,854 ) — 93 Bank of America, N.A. 847,683 (847,683 ) — — 538,755 (538,515 ) — 240 Citibank 575,092 (573,589 ) — 1,503 817,089 (816,699 ) — 390 JPMorgan Chase & Co. 544,009 (542,542 ) — 1,467 467,427 (467,145 ) — 282 Daiwa Capital Markets 177,316 (177,077 ) — 239 165,480 (165,480 ) — — Morgan Stanley Bank, N.A. 143,951 (142,055 ) — 1,896 214,086 (214,086 ) — — Wells Fargo 116,648 (116,648 ) — — — — — — Barclays Capital 92,796 (92,796 ) — — 24,346 (24,346 ) — — Royal Bank of Canada 63,926 (63,926 ) — — — — — — BNP Paribas 47,785 (47,134 ) — 651 10,203 (10,203 ) — — Other 319 — — 319 1,815 — — 1,815 Unamortized debt issuance costs (684 ) 684 — — (1,548 ) 1,548 — — $ 3,793,574 $ (3,784,001 ) $ — $ 9,573 $ 3,131,937 $ (3,128,780 ) $ — $ 3,157

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2016
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 non-commercial real estate secured mortgage 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 assets 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 a 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. For other borrowings, 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, 2016 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 122,088 $ — $ — $ 122,088 Mortgage-backed securities at fair value — 865,061 — 865,061 Mortgage loans acquired for sale at fair value — 1,673,112 — 1,673,112 Mortgage loans at fair value — 367,169 1,354,572 1,721,741 Excess servicing spread purchased from PFSI — — 288,669 288,669 Derivative assets: Interest rate lock commitments — — 7,069 7,069 CRT Agreements — — 15,610 15,610 MBS put options — 1,697 — 1,697 MBS call options 142 — 142 Forward purchase contracts — 30,879 — 30,879 Forward sales contracts — 13,164 — 13,164 Put options on interest rate futures 2,469 — — 2,469 Call options on interest rate futures 63 — — 63 Total derivative assets before netting 2,532 45,882 22,679 71,093 Netting — — — (37,384 ) Total derivative assets after netting 2,532 45,882 22,679 33,709 Mortgage servicing rights at fair value — — 64,136 64,136 $ 124,620 $ 2,951,224 $ 1,730,056 $ 4,768,516 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 353,898 $ — $ 353,898 Interest-only security payable at fair value — — 4,114 4,114 Derivative liabilities: Interest rate lock commitments — — 3,292 3,292 Forward purchase contracts — 7,619 — 7,619 Forward sales contracts — 17,974 — 17,974 Put options on interest rate futures — — — — Total derivative liabilities before netting — 25,593 3,292 28,885 Netting — — — (19,312 ) Total derivative liabilities after netting — 25,593 3,292 9,573 $ — $ 379,491 $ 7,406 $ 367,585 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 CRT Agreements — — 593 593 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 Total derivative assets 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 the VIE at fair value $ — $ 247,690 $ — $ 247,690 Derivative liabilities: Interest rate lock commitments — — 337 337 Forward purchase contracts — 3,774 — 3,774 Forward sales contracts — 2,680 — 2,680 Put options on interest rate futures 39 — — 39 Call options on interest rate futures 305 — — 305 Total derivative liabilities 344 6,454 337 7,135 Netting — — — (3,978 ) Total derivative liabilities after netting 344 6,454 337 3,157 $ 44,877 $ 2,320,947 $ 2,585,316 $ 4,943,862 The following is a summary of changes in items measured using Level 3 inputs on a recurring basis: Year ended December 31, 2016 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements (1) rights Total (in thousands) Assets Balance, December 31, 2015 $ 2,100,394 $ 412,425 $ 4,646 $ 593 $ 66,584 $ 2,584,642 Purchases and issuances — — 71,892 — 2,739 74,631 Repayments and sales (626,095 ) (129,037 ) — — — (755,132 ) Capitalization of interest 84,820 22,601 — — — 107,421 ESS received pursuant to a recapture agreement with PFSI — 6,603 — — — 6,603 Servicing received as proceeds from sales of mortgage loans — — — — 7,337 7,337 Proceeds from CRT Agreements — — — (21,298 ) — (21,298 ) Changes in fair value included in income arising from: Changes in instrument-specific credit risk 26,910 — — — — 26,910 Other factors (30,414 ) (23,923 ) 15,944 36,315 (12,524 ) (14,602 ) (3,504 ) (23,923 ) 15,944 36,315 (12,524 ) 12,308 Transfers of mortgage loans to REO and real estate held for investment (201,043 ) — — — — (201,043 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (88,705 ) — — (88,705 ) Balance, December 31, 2016 $ 1,354,572 $ 288,669 $ 3,777 $ 15,610 $ 64,136 $ 1,726,764 Changes in fair value recognized during the period relating to assets still held at December 31, 2016 $ (15,877 ) $ (16,713 ) $ 3,777 $ 15,610 $ (12,524 ) $ (25,727 ) (1) For the purpose of this table, the IRLC and CRT Agreement “Level 3” fair value asset and liability positions are shown net. Year ended December 31, 2016 Interest-only security payable (in thousands) Liability: Balance, December 31, 2015 $ — Purchases and issuances — Repayments and sales — Capitalization of interest — Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 4,114 4,114 Balance, December 31, 2016 $ 4,114 Changes in fair value recognized during the period relating to assets still held at December 31, 2016 $ 4,114 Year ended December 31, 2015 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements rights Total (in thousands) 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, September 30, 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 IRLC “Level 3” fair value asset and liability positions are shown net. (2) During the year ended December 31, 2015, the Manager identified certain “Level 2” fair value mortgage loans that were not salable into the prime mortgage market and therefore transferred them to “Level 3”. Year ended December 31, 2014 Mortgage loans under Mortgage forward Excess Interest Mortgage loans purchase servicing rate lock servicing at fair value agreements spread commitments (1) rights Total (in thousands) Balance, December 31, 2013 $ 2,076,665 $ 218,128 $ 138,723 $ 1,249 $ 26,452 $ 2,461,217 Purchases and issuances 554,604 1,386 99,728 — — 655,718 Repayments and sales (572,586 ) (6,413 ) (39,257 ) — (139 ) (618,395 ) Capitalization of interest 65,050 1,800 13,292 — — 80,142 ESS received pursuant to a recapture agreement with PFSI — — 7,342 — — 7,342 Interest rate lock commitments issued, net — — — 56,367 — 56,367 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 IRLC “Level 3” fair value asset and liability positions are shown net. The information used in the preceding roll forwards represents activity for financial statement items measured at fair value on a recurring basis and identified as using “Level 3” significant fair value inputs at either the beginning or the end of the periods presented. The Company had transfers among the fair value levels arising from transfers of IRLCs to mortgage loans held for sale at fair value upon purchase of the respective mortgage loans. 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 held in a consolidated VIE, and distressed mortgage loans at fair value): December 31, 2016 December 31, 2015 Fair value Principal amount due upon maturity Difference Fair value Principal amount due upon maturity Difference (in thousands) Mortgage loans acquired for sale at fair value: Current through 89 days delinquent $ 1,672,181 $ 1,633,569 $ 38,612 $ 1,283,275 $ 1,235,433 $ 47,842 90 or more days delinquent Not in foreclosure 145 189 (44 ) 304 333 (29 ) In foreclosure 786 717 69 216 253 (37 ) 931 906 25 520 586 (66 ) $ 1,673,112 $ 1,634,475 $ 38,637 $ 1,283,795 $ 1,236,019 $ 47,776 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent $ 367,169 $ 368,524 $ (1,355 ) $ 455,394 $ 454,935 $ 459 90 or more days delinquent Not in foreclosure — — — — — — In foreclosure — — — — — — — — — — — — 367,169 368,524 (1,355 ) 455,394 454,935 459 Distressed mortgage loans at fair value: Current through 89 days delinquent 611,584 818,665 (207,081 ) 877,438 1,134,560 (257,122 ) 90 or more days delinquent Not in foreclosure 305,431 425,460 (120,029 ) 459,060 640,343 (181,283 ) In foreclosure 437,557 595,534 (157,977 ) 763,896 1,062,205 (298,309 ) 742,988 1,020,994 (278,006 ) 1,222,956 1,702,548 (479,592 ) 1,354,572 1,839,659 (485,087 ) 2,100,394 2,837,108 (736,714 ) $ 1,721,741 $ 2,208,183 $ (486,442 ) $ 2,555,788 $ 3,292,043 $ (736,255 ) Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Year ended December 31, 2016 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income fees investments Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (2,391 ) — (13,168 ) (15,559 ) Mortgage loans acquired for sale at fair value 55,350 — — — 55,350 Mortgage loans at fair value — 1,294 — (5,252 ) (3,958 ) ESS at fair value — — — (23,923 ) (23,923 ) MSRs at fair value — — (12,524 ) — (12,524 ) $ 55,350 $ (1,097 ) $ (12,524 ) $ (42,343 ) $ (614 ) Liabilities: Asset-backed financing of a VIE at fair value $ — $ (669 ) $ — $ 3,238 $ 2,569 $ — $ (669 ) $ — $ 3,238 $ 2,569 Year ended December 31, 2015 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income fees investments 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 ESS at fair value — — — 3,239 3,239 MSRs at fair value — — (7,072 ) — (7,072 ) $ 71,880 $ 1,218 $ (7,072 ) $ 68,485 $ 134,511 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (499 ) $ — $ 4,260 $ 3,761 $ — $ (499 ) $ — $ 4,260 $ 3,761 Year ended December 31, 2014 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income fees investments 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 ESS at fair value — — — (20,834 ) (20,834 ) MSRs at fair value — — (16,648 ) — (16,648 ) $ 100,213 $ 2,205 $ (16,648 ) $ 232,834 $ 318,604 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (617 ) $ — $ (8,459 ) $ (9,076 ) $ — $ (617 ) $ — $ (8,459 ) $ (9,076 ) Financial Statement Items Measured at Fair Value on a Nonrecurring Basis Following is a summary of financial statement items that were re-measured at fair value on a nonrecurring basis during the periods presented: December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 125,683 $ 125,683 MSRs at lower of amortized cost or fair value — — 173,765 173,765 $ — $ — $ 299,448 $ 299,448 December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 173,662 $ 173,662 MSRs at lower of amortized cost or fair value — — 145,187 145,187 $ — $ — $ 318,849 $ 318,849 The following table summarizes the fair value changes recognized during the period on assets held at period end that were measured at fair value on a nonrecurring basis: Year ended December 31, 2016 2015 2014 (in thousands) Real estate asset acquired in settlement of loans $ (17,561 ) $ (24,546 ) $ (24,896 ) MSRs at lower of amortized cost or fair value (2,728 ) (3,229 ) (5,138 ) $ (20,289 ) $ (27,775 ) $ (30,034 ) 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 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. Fair Value of Financial Instruments Carried at Amortized Cost The Company’s Cash Assets sold under agreements to repurchase Mortgage loan participation and sale agreements Notes payable, Exchangeable senior notes Federal Home Loan Bank advances The Manager has concluded that the fair values of Cash Assets sold under agreements to repurchase Mortgage loan participation and sale agreements Notes payable Federal Home Loan Bank advances Cash Exchangeable senior notes Exchangeable senior notes Valuation Techniques and Inputs Most of the Company’s assets, and the Asset-backed financing of a VIE Interest-only security payable Derivative liabilities Due to the difficulty in estimating the fair values of “Level 3” fair value assets and liabilities, 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” fair value assets and liabilities other than IRLCs and maintaining its valuation policies and procedures. With respect to the Company’s non-IRLC “Level 3” fair value assets and liabilities, 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” fair value assets and liabilities, including the models’ performance versus actual results, and reports those results to PCM’s valuation committee. During 2016, PCM’s valuation committee included PFSI’s chief executive, financial, risk, business development 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 non-IRLC “Level 3” fair value assets and liabilities, 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 the Company’s 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” fair value assets and liabilities: Mortgage-Backed Securities The Company categorizes its current holdings of MBS as “Level 2” fair value assets. Fair value of MBS is established based on quoted market prices. Changes in the fair value of MBS are included in Net gain (loss) on investments 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” fair value assets. 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 quoted 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. • Mortgage loans that are not saleable into active markets, comprised of distressed mortgage loans, are categorized as “Level 3” fair value assets 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, loss severities and contracted selling price where applicable. 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 inputs 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 performance history at year-end from the later of the beginning of the year 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. Changes in the fair value of mortgage loans at fair value are included in Net gain (loss) on investments Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value: Key inputs December 31, 2016 December 31, 2015 Discount rate Range 2.6% – 15.0% 2.5% – 15.0% Weighted average 7.1% 7.1% Twelve-month projected housing price index change Range 2.5% – 4.8% 1.5% – 5.1% Weighted average 3.7% 3.6% Prepayment speed (1) Range 0.1% – 10.9% 0.1% – 9.6% Weighted average 4.0% 3.7% Total prepayment speed (2) Range 2.9% – 24.6% 0.5% – 27.2% Weighted average 17.7% 19.6% (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 PFSI The Company categorizes ESS as a “Level 3” fair value asset. 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 market interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the expected life of the mortgage loans underlying the ESS, thereby reducing the cash flows expected to accrue to ESS. Reductions in the fair value of ESS affect income primarily through change in fair value. Changes in the fair value of ESS are included in Net gain (loss) on investments Following are the key inputs used in determining the fair value of ESS: Key inputs December 31, 2016 December 31, 2015 UPB of underlying mortgage loans (in thousands) $32,376,359 $51,966,405 Average servicing fee rate (in basis points) 34 32 Average ESS rate (in basis points) 19 17 Pricing spread (1) Range 3.8% - 4.8% 4.8% - 6.5% Weighted average 4.4% 5.7% Life (in years) Range 1.4 - 8.6 1.4 - 9.0 Weighted average 6.8 6.9 Annual total prepayment speed (2) Range 7.0% - 41.3% 5.2% - 52.4% Weighted average 10.5% 9.6% (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 Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets and liabilities. 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 loan and the probability that the mortgage loans will be purchased under the commitment (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. Changes in fair value of IRLCs are included in Net gain on mortgage loans acquired for sale Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: Key inputs December 31, 2016 December 31, 2015 Pull-through rate Range 60.7% - 100.0% 60.2% - 100.0% Weighted average 88.5% 92.4% MSR value expressed as: Servicing fee multiple Range 2.6 - 6.0 2.1 - 6.2 Weighted average 5.0 4.9 Percentage of UPB Range 0.7% - 1.5% 0.5% - 3.8% Weighted average 1.3% 1.2% Hedging Derivatives The Company estimates the fair value of commitments to sell mortgage loans based on quoted MBS prices. These derivative financial instruments are categorized by the Company as “Level 1” fair value assets and liabilities for those based on exchange traded market prices or as “Level 2” fair value assets and liabilities for those based on observable interest rate volatilities in the MBS market. Changes in the fair value of hedging derivatives are included in Net gain on mortgage loans acquired for sale Net mortgage loan servicing fees, Net gain on investments 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” fair value asset. Fair value of REO is established by using a current estimate of fair value from a broker’s price opinion, 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 fair value. Changes in the fair value of REO are included in Results of real estate acquired in settlement of loans Mortgage Servicing Rights MSRs are categorized as “Level 3” fair value assets. 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. Changes in the fair value of MSRs are included in Net mortgage loan servicing fees 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 expected life of the underlying mortgage loans, thereby reducing the cash flows expected to accrue to the MSRs. 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, 2016 2015 2014 Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value (MSR recognized and UPB of underlying mortgage loan amounts in thousands) MSR recognized $ 267,755 $ 7,337 $ 140,511 $ 13,963 $ 73,640 $ 47,693 Key inputs UPB of underlying mortgage loans $ 22,068,577 $ 752,850 $ 12,195,574 $ 1,430,795 $ 6,800,637 $ 4,573,369 Weighted-average annual servicing fee rate (in basis points) 25 26 25 25 25 25 Pricing spread (1) Range 7.2% – 12.6% 7.2% – 7.6% 6.5% –17.5% 7.2% – 16.3% 6.3% – 17.5% 8.5% – 14.3% Weighted average 7.5% 7.3% 7.9% 8.5% 8.6% 9.1% Life (in years) Range 1.4 – 12.3 2.0 – 9.4 1.3 – 12.0 2.2 – 9.4 1.1 – 7.3 1.6 – 7.3 Weighted average 8.0 5.9 6.9 6.4 6.4 7.1 Annual total prepayment speed (2) Range 3.3% – 49.2% 7.2% – 38.0% 3.5% – 51.0% 6.8% – 34.2% 7.6% – 56.4% 8.0% – 42.7% Weighted average 8.3% 14.5% 9.0% 12.3% 9.6% 9.7% Annual per-loan cost of servicing Range $68 – $79 $68 – $82 $62 – $134 $62 – $68 $59 – $140 $59 – $140 Weighted average $77 $73 $64 $65 $69 $68 (1) The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans. (2) Prepayment speed is measured using Life Total CPR. Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: December 31, 2016 December 31, 2015 Amortized cost Fair value Amortized cost Fair value (Carrying value, UPB of underlying mortgage loans and effect on fair value amounts in thousands) Carrying value $ 592,431 $ 64,136 $ 393,157 $ 66,584 Key inputs: UPB of underlying mortgage loans $ 50,539,707 $ 5,763,957 $ 35,841,654 $ 6,458,684 Weighted-average annual servicing fee rate (in basis points) 25 25 26 25 Weighted-average note interest rate 3.8% 4.7% 3.9% 4.7% Pricing spread (1) Range 7.6% – 13.0% 7.6% – 12.6% 7.2% – 10.7% 7.2% – 10.2% Weighted average 7.6% 7.6% 7.3% 7.2% Effect on fair value of (2): 5% adver

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2016
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, 2016
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: Mortgage loan type December 31, 2016 December 31, 2015 (in thousands) Conventional: Agency-eligible $ 847,810 $ 540,947 Jumbo 6,042 54,613 Held for sale to PLS — Government insured or guaranteed 804,616 669,288 Commercial real estate 8,961 14,590 Repurchased pursuant to representations and warranties 5,683 4,357 $ 1,673,112 $ 1,283,795 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,627,010 $ 1,204,462 Mortgage loan participation and sale agreements 26,738 — Federal Home Loan Bank (“FHLB”) advances — 63,993 $ 1,653,748 $ 1,268,455 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 ranging from two to three and one-half basis points, generally based on the average number of calendar days that mortgage loans are held prior to purchase by PLS

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 11—Derivative Financial Instruments The Company’s activities involving derivative financial instruments are summarized below: • The Company generates IRLCs in the normal course of business when it commits to purchase mortgage loans acquired for sale. • The Company enters into CRT Agreements whereby it retains a portion of the credit risk relating to certain mortgage loans it sells into Fannie Mae guaranteed securitizations and an IO ownership interest in such mortgage loans. The fair values of the Recourse Obligations and the Company’s retention of the IO ownership interest are accounted for as a derivative financial instrument. • The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by the effects of changes in interest rates on the fair value of certain of its assets and liabilities. 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 the IRLCs it issues to correspondent sellers and to the mortgage loans it purchases as a result of issuing the IRLCs. The Company bears price risk from the time an IRLC is issued to a correspondent seller to the time the purchased mortgage loan is sold. The Company is exposed to loss if market mortgage interest rates increase, because market interest rate increases generally cause the fair value of the purchase commitment or mortgage loan acquired for sale to decrease. The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative liabilities Other December 31, 2016 December 31, 2015 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount assets liabilities amount assets liabilities (in thousands) Derivatives not designated as hedging instruments: Not subject to master netting arrangements: Interest rate lock commitments 1,420,468 $ 7,069 $ 3,292 970,067 $ 4,983 $ 337 CRT Agreements 14,379,850 15,610 — 4,546,265 593 — Subject to master netting arrangements: Forward sale contracts 6,148,242 13,164 17,974 2,450,642 2,604 2,680 Forward purchase contracts 4,840,707 30,879 7,619 2,469,550 2,444 3,774 MBS put options 925,000 1,697 — 375,000 93 — MBS call options 750,000 142 — — — — Swap futures 150,000 — — — — — Eurodollar future sales contracts 1,351,000 — — 1,755,000 — — Call options on interest rate futures 200,000 63 — 50,000 1,156 305 Put options on interest rate futures 550,000 2,469 — 1,600,000 1,512 39 Total derivative instruments before netting 71,093 28,885 13,385 7,135 Netting (37,384 ) (19,312 ) (3,300 ) (3,978 ) $ 33,709 $ 9,573 $ 10,085 $ 3,157 Margin deposits (received from) placed with derivatives counterparties included in Other $ (18,071 ) $ 679 The following tables summarize the notional amount activity for derivative contracts used to hedge the Company’s MBS, mortgage loans acquired for sale, mortgage loans at fair value held in a VIE, IRLCs and MSRs and for derivatives arising from CRT Agreements. Year ended December 31, 2016 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 4,546,265 11,190,933 (1,357,348 ) 14,379,850 Forward sales contracts 2,450,642 99,737,855 (96,040,255 ) 6,148,242 Forward purchase contracts 2,469,550 73,269,440 (70,898,283 ) 4,840,707 MBS put options 375,000 12,400,000 (11,850,000 ) 925,000 MBS call options — 750,000 — 750,000 Swap futures — 175,000 (25,000 ) 150,000 Eurodollar future sale contracts 1,755,000 282,000 (686,000 ) 1,351,000 Treasury future buy contracts — 558,700 (558,700 ) — Treasury future sale contracts — 558,700 (558,700 ) — Call options on interest rate futures 50,000 4,425,000 (4,275,000 ) 200,000 Put options on interest rate futures 1,600,000 7,445,000 (8,495,000 ) 550,000 Year ended December 31, 2015 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements — 4,602,507 (56,242 ) 4,546,265 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 option 340,000 2,177,500 (2,142,500 ) 375,000 MBS call option — 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 sale 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 Year ended December 31, 2014 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (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 ) — Call options on interest rate futures — 3,530,000 (2,500,000 ) 1,030,000 Put options on interest rate futures 52,500 1,687,500 (1,465,000 ) 275,000 Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of income line items where such gains and losses are included: Year ended December 31, Derivative activity Income statement line 2016 2015 2014 (in thousands) CRT agreements Net gain on investments $ 32,500 $ 593 $ — Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 87,836 $ 37,725 $ 73,693 Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ 50,274 $ (16,781 ) $ (68,679 ) Mortgage servicing rights Net loan servicing fees $ 2,271 $ 481 $ 11,527 Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain on investments $ 7,251 $ (19,353 ) $ (22,565 )

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Loan type Fair value Unpaid principal balance Fair value Unpaid principal balance (in thousands) Distressed mortgage loans Nonperforming mortgage loans $ 742,988 $ 1,020,994 $ 1,222,956 $ 1,702,548 Performing mortgage loans: Fixed interest rate 296,901 408,943 417,658 535,610 Interest rate step-up 232,700 317,409 299,569 412,749 Adjustable-rate/hybrid 81,983 92,313 160,051 185,997 Balloon — — 160 204 611,584 818,665 877,438 1,134,560 1,354,572 1,839,659 2,100,394 2,837,108 Fixed interest rate jumbo mortgage loans held in a VIE 367,169 368,524 455,394 454,935 $ 1,721,741 $ 2,208,183 $ 2,555,788 $ 3,292,043 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 1,345,021 $ 2,067,341 Asset-backed financing of a VIE at fair value and FHLB advances $ 367,169 $ 455,394 FHLB advances $ — $ 134,172 Following is a summary of certain concentrations of credit risk in the portfolio of distressed mortgage loans at fair value: Concentration December 31, 2016 December 31, 2015 (percentages are of fair value) Portion of mortgage loans originated between 2005 and 2007 72% 72% Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100% 41% 48% States contributing 5% or more of mortgage loans New York California New Jersey Florida Massachusetts New York California New Jersey Florida

Real Estate Acquired in Settlem

Real Estate Acquired in Settlement of Loans	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (in thousands) Balance at beginning of year $ 341,846 $ 303,228 $ 138,942 Purchases — — 3,049 Transfers from mortgage loans at fair value and advances 207,431 307,455 364,945 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (21,406 ) (8,827 ) — Transfers from REO under forward purchase agreements — — 12,737 Results of REO: Valuation adjustments, net (36,193 ) (40,432 ) (45,476 ) Gain on sale, net 17,075 21,255 13,498 (19,118 ) (19,177 ) (31,978 ) Proceeds from sales (234,684 ) (240,833 ) (184,467 ) Balance at end of year $ 274,069 $ 341,846 $ 303,228 At the end of year: REO pledged to secure assets sold under agreements to repurchase $ 167,430 $ 245,647 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties 48,283 37,696 $ 215,713 $ 283,343

Mortgage Servicing Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Mortgage Servicing Rights	Note 14—Mortgage Servicing Rights Carried at Fair Value: Following is a summary of MSRs carried at fair value: Year ended December 31, 2016 2015 2014 (in thousands) Balance at beginning of year $ 66,584 $ 57,358 $ 26,452 Purchases 2,739 2,335 — MSRs resulting from mortgage loan sales 7,337 13,963 47,693 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (3,210 ) 312 (11,455 ) Other changes in fair value (2) (9,314 ) (7,384 ) (5,193 ) (12,524 ) (7,072 ) (16,648 ) Sales — — (139 ) Balance at year end $ 64,136 $ 66,584 $ 57,358 MSRs carried at fair value pledged to secure notes payable at year end $ 64,136 $ 66,584 (1) Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, primarily due to changes in market interest rates. (2) Represents changes due to realization of expected cash flows. Carried at Lower of Amortized Cost or Fair Value: Following is a summary of MSRs carried at lower of amortized cost or fair value: Year ended December 31, 2016 2015 2014 (in thousands) Amortized cost: Balance at beginning of year $ 404,101 $ 308,137 $ 266,697 MSRs resulting from mortgage loan sales 267,755 140,511 73,640 Amortization (65,647 ) (43,982 ) (31,911 ) Sales (106 ) (565 ) (289 ) Balance at end of year 606,103 404,101 308,137 Valuation allowance: Balance at beginning of year (10,944 ) (7,715 ) (2,577 ) Additions (2,728 ) (3,229 ) (5,138 ) Balance at end of year (13,672 ) (10,944 ) (7,715 ) MSRs, net $ 592,431 $ 393,157 $ 300,422 Fair value at beginning of year $ 424,154 $ 322,230 $ 289,737 Fair value at year end $ 626,334 $ 424,154 $ 322,230 MSRs carried at lower of cost or fair value pledged to secure notes payable at year end $ 592,431 $ 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, 2016 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. Estimated MSR Year ended December 31, amortization (in thousands) 2017 $ 67,814 2018 63,283 2019 58,297 2020 53,184 2021 48,204 Thereafter 315,321 Total $ 606,103 Servicing fees relating to MSRs are recorded in Net mortgage loan servicing fees Year ended December 31, 2016 2015 2014 (in thousands) Contractually-specified servicing fees $ 125,961 $ 97,633 $ 76,300 Ancillary and other fees: Late charges 570 328 — Other 5,302 4,186 3,708 $ 131,833 $ 102,147 $ 80,008

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase	12 Months Ended
	Dec. 31, 2016
Brokers And Dealers [Abstract]
Assets Sold Under Agreements to Repurchase	Note 15—Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Year ended December 31, 2016 2015 2014 (dollars in thousands) Weighted-average interest rate (1) 2.44 % 2.33 % 2.12 % Average balance $ 3,382,528 $ 3,046,963 $ 2,311,273 Total interest expense $ 92,838 $ 79,869 $ 58,304 Maximum daily amount outstanding $ 5,573,021 $ 4,710,412 $ 3,203,989 December 31, 2016 2015 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,784,685 $ 3,130,328 Unamortized debt issuance costs (684 ) (1,548 ) $ 3,784,001 $ 3,128,780 Weighted-average interest rate 2.70 % 2.33 % Available borrowing capacity: Committed $ 518,932 $ 231,913 Uncommitted 1,092,253 661,756 $ 1,611,185 $ 893,669 Margin deposits placed with counterparties included in Other $ 29,634 $ 7,268 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 863,802 $ 313,753 Mortgage loans acquired for sale at fair value $ 1,627,010 $ 1,204,462 Mortgage loans at fair value $ 1,345,021 $ 2,067,341 Real estate acquired in settlement of loans $ 215,713 $ 283,343 CRT Agreements: Deposits securing CRT agreements $ 414,610 $ — Derivative assets $ 9,078 $ — (1) Excludes the effect of amortization of debt issuance costs of $8.8 million for the year ended December 31, 2016, and $8.9 million for the year ended December 31, 2015. Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining Maturity at December 31, 2016 Unpaid principal balance (in thousands) Within 30 days $ 1,185,874 Over 30 to 90 days 1,874,899 Over 90 days to 180 days — Over 180 days to 1 year 506,120 Over 1 year to 2 years 217,792 $ 3,784,685 Weighted average maturity (in months) 3.7 The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair value (as determined by the applicable lender) of the assets securing those agreements decreases. 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, 2016: Mortgage loans acquired for sale, Mortgage loans and REO sold under agreements to repurchase Weighted-average Counterparty Amount repurchase agreement maturity Facility maturity (in thousands) Citibank, N.A. $ 249,493 January 21, 2017 March 3, 2017 JPMorgan Chase & Co. $ 116,225 October 13, 2017 October 13, 2017 JPMorgan Chase & Co. $ 1,854 January 26, 2017 January 26, 2017 Credit Suisse First Boston Mortgage Capital LLC $ 149,984 March 21, 2017 March 30, 2017 Bank of America, N.A. $ 23,156 March 22, 2017 March 29, 2017 Barclays Bank PLC $ 4,590 March 21, 2017 December 1, 2017 Morgan Stanley $ 6,622 February 17, 2017 August 25, 2017 Securities sold under agreements to repurchase Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 4,539 January 20, 2017 Bank of America, N.A. $ 15,526 January 17, 2017 Daiwa Capital Markets America Inc. $ 8,218 January 14, 2017 Wells Fargo, N.A. $ 7,116 January 9, 2017 Royal Bank of Canada $ 2,590 January 19, 2017 CRT Agreements Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 72,670 January 13, 2017 Bank of America, N.A. $ 33,731 January 16, 2017 BNP Paribas Corporate & Institutional Banking $ 19,498 January 13, 2017

Mortgage Loan Participation and

Mortgage Loan Participation and Sale Agreements	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Mortgage Loan Participation and Sale Agreements	Note 16—Mortgage Loan Participation and Sale Agreements Two of the borrowing facilities secured by mortgage loans acquired for sale are in the form of mortgage loan participation and sale agreements. 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 a 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. The holdback is not required to be paid to the Company until the settlement of the security and its delivery to the lender. Mortgage loan participation and sale agreements are summarized below: Year ended December 31, 2016 2015 2014 (dollars in thousands) Weighted-average interest rate (1) 1.74 % 1.62 % 1.42 % Average balance $ 70,391 $ 49,318 $ 44,770 Total interest expense $ 1,376 $ 1,001 $ 912 Maximum daily amount outstanding $ 99,469 $ 148,032 $ 116,363 (1) Excludes the effect of amortization of debt issuance costs of $130,000 for the year ended December 31, 2016, and $193,000 for the year ended December 31, 2015. December 31, 2016 2015 (dollars in thousands) Carrying value: Amount outstanding $ 25,917 $ — Unamortized debt issuance costs — — $ 25,917 $ — Weighted-average interest rate 2.02 % — Mortgage loans acquired for sale pledged to secure mortgage loan participation and sale agreements $ 26,738 $ —

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Notes Payable	Note 17—Notes Payable On January 22, 2016, the Company, through PMC, entered into an Amended and Restated 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 $220 million. The note matures on December 1, 2017, subject to a wind down period of up to one year following such maturity date. On September 15, 2016, the Company, through PMC, entered into an Amended and Restated 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 31, 2017. Following is a summary of financial information relating to the notes payable: Year ended December 31, 2016 2015 (dollars Weighted-average interest rate (1) 4.73 % 4.31 % Average balance $ 202,293 $ 119,307 Total interest expense $ 12,892 $ 6,826 Maximum daily amount outstanding $ 275,106 $ 236,107 (1) Excludes the effect of amortization of debt issuance costs of $3.2 million for the year ended December 31, 2016, and $1.6 million for the year ended December 31, 2015. Year ended December 31, 2016 2015 (dollars in thousands) Carrying value: Amount outstanding $ 275,106 $ 236,107 Unamortized debt issuance costs — (92 ) $ 275,106 $ 236,015 Weighted-average interest rate 4.73 % 4.53 % MSRs pledged to secure notes payable $ 656,567 $ 459,741

Exchangeable Senior Notes

Exchangeable Senior Notes	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Exchangeable Senior Notes	Note 18—Exchangeable Senior Notes PMC issued in a private offering $250 million aggregate principal amount of 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, 2016, which is an increase over the initial exchange rate of 33.5149. The increase in the calculated exchange rate was the result of quarterly cash dividends exceeding the quarterly dividend threshold amount of $0.57 per share in prior reporting periods, as provided in the related indenture. Following is financial information relating to the Exchangeable Notes: Year ended December 31, 2016 2015 2014 (in thousands) Weighted-average UPB $ 250,000 $ 250,000 $ 250,000 Interest expense (1) $ 14,473 $ 14,413 $ 14,358 (1) Total interest expense includes amortization of debt issuance costs of $1.0 million, $975,000, and $920,000 for the years ended December 31, 2016, 2015 and 2014, respectively. December 31, 2016 2015 (in thousands) Carrying value: UPB $ 250,000 $ 250,000 Unamortized debt issuance costs (3,911 ) (4,946 ) $ 246,089 $ 245,054

Asset-Backed Financing of a Var

Asset-Backed Financing of a Variable Interest Entity at Fair Value	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Asset-Backed Financing of a Variable Interest Entity at Fair Value	Note 19—Asset-Backed Financing of a Variable Interest Entity at Fair Value Following is a summary of financial information relating to the asset-backed financing of a VIE: Year ended December 31, 2016 2015 2014 (dollars in thousands) Weighted-average fair value $ 338,582 $ 186,430 $ 167,752 Interest expense $ 12,091 $ 6,840 $ 6,490 Weighted-average effective interest rate 3.32 % 3.35 % 3.82 % December 31, 2016 2015 (dollars in thousands) Carrying value $ 353,898 $ 247,690 UPB $ 355,494 $ 248,284 Weighted-average interest rate 3.50 % 3.50 % The asset-backed financing of a VIE is a non-recourse liability and secured solely by the assets of a consolidated VIE and not by any other assets of the Company. The assets of the VIE are the only source of funds for repayment of the asset-backed financing.

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	12 Months Ended
	Dec. 31, 2016
Banking And Thrift [Abstract]
Federal Home Loan Bank Advances	Note 20—Federal Home Loan Bank Advances 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. 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 all of the advances outstanding as of December 31, 2016. The FHLB advances are summarized below: Year ended December 31, 2016 2015 (dollars Weighted-average interest rate 0.49 % 0.30 % Average balance $ 24,375 $ 89,512 Total interest expense $ 122 $ 275 Maximum daily amount outstanding $ 201,130 $ 196,100 December 31, 2016 2015 (dollars in thousands) Carrying value $ — $ 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

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Liability for Losses Under Representations and Warranties	Note 21—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Year ended December 31, 2016 2015 2014 (in thousands) Balance, beginning of period $ 20,171 $ 14,242 $ 10,110 Provision for losses Pursuant to mortgage loan sales 3,254 5,771 4,255 Reduction in liability due to change in estimate (7,564 ) — — Losses incurred (511 ) (176 ) (123 ) Recoveries — 334 — Balance, end of period $ 15,350 $ 20,171 $ 14,242 UPB of mortgage loans subject to representations and warranties at period end $ 56,114,162 $ 41,842,601 $ 34,673,414

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 22—Commitments and Contingencies Litigation From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of December 31, 2016, 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. Commitments The following table summarizes the Company’s outstanding contractual commitments: December 31, 2016 (in thousands) Commitments to purchase mortgage loans acquired for sale $ 1,420,468 Commitments to fund Deposits securing credit risk transfer agreements (1) $ 92,109 (1) Certain deposits of cash collateral on CRT Agreements are made upon the first to occur of fulfillment of the aggregation obligation or the lapse of the aggregation period.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Shareholders' Equity	Note 23—Shareholders’ Equity Common Share Repurchases During August 2015, the Company’s 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 February 2016, the Company’s board of trustees 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. The following table summarizes the Company’s share repurchase activity: Year ended December 31, Cumulative 2016 2015 Total (1) (in thousands) Common shares repurchased 7,368 1,045 8,413 Cost of common shares repurchased $ 98,370 $ 16,338 $ 114,708 (1) Amounts represent the share repurchase program total through December 31, 2016. The repurchased common shares were canceled upon settlement of the repurchase transactions and returned to the authorized but unissued common share pool. Common Share Issuances The Company has entered into an ATM Equity Offering Sales Agreement SM 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. No payments were made during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, $473,000 and $1.7 million, respectively was paid to the underwriters. The Reimbursement Agreement expires on February 1, 2019.

Net Interest Income

Net Interest Income	12 Months Ended
	Dec. 31, 2016
Banking And Thrift Interest [Abstract]
Net Interest Income	Note 24—Net Interest Income Net interest income is summarized below: Year ended December 31, 2016 2015 2014 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 923 $ 815 $ 604 Mortgage-backed securities 14,663 10,267 8,226 Mortgage loans acquired for sale at fair value 54,750 48,281 23,974 Mortgage loans at fair value: Distressed 107,044 96,536 100,340 Under forward purchase agreements — — 3,584 Held in a VIE 17,042 19,903 22,280 Placement fees relating to custodial funds 4,058 — — Deposits securing CRT Agreements 930 — — Other 111 178 48 199,521 175,980 159,056 From PFSI—ESS purchased from PFSI at fair value 22,601 25,365 13,292 222,122 201,345 172,348 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 92,838 79,869 58,304 Mortgage loan participation and sale agreements 1,376 1,001 912 Notes payable 12,892 6,826 — Exchangeable Notes 14,473 14,413 14,358 Asset-backed financings of VIEs at fair value (1) 12,091 13,754 6,490 FHLB advances 122 275 — Borrowings under forward purchase agreements — — 2,363 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 6,812 4,207 2,004 Placement fees on mortgage loan impound deposits 1,334 1,020 1,158 141,938 121,365 85,589 To PFSI—financings payable 7,830 3,343 — 149,768 124,708 85,589 Net interest income $ 72,354 $ 76,637 $ 86,759 (1) The results for the year ended December 31, 2016 include interest expense from Asset-backed financing of a VIE at fair value and CRT Agreements financing at fair value.

Net Gain on Mortgage Loans Acqu

Net Gain on Mortgage Loans Acquired for Sale	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Net Gain on Mortgage Loans Acquired for Sale	Note 25—Net Gain on Mortgage Loans Acquired for Sale Net gain on mortgage loans acquired for sale is summarized below: Year ended December 31, 2016 2015 2014 (in thousands) From non-affiliates: Cash loss: Mortgage loans $ (229,743 ) $ (84,489 ) $ (25,241 ) Hedging activities 30,927 (17,742 ) (57,161 ) (198,816 ) (102,231 ) (82,402 ) Non cash gain: Receipt of MSRs in mortgage loan sale transactions 275,092 154,474 121,333 Provision for losses relating to representations and warranties provided in mortgage loan sales Pursuant to mortgage loans sales (3,254 ) (5,771 ) (4,255 ) Reduction in liability due to change in estimate 7,564 — — Change in fair value of financial instruments held at period end: IRLCs (869 ) (1,015 ) 4,412 Mortgage loans (1,846 ) (2,977 ) 3,825 Hedging derivatives 19,347 961 (11,518 ) 16,632 (3,031 ) (3,281 ) Total from non-affiliates 97,218 43,441 31,395 From PFSI—cash gain 9,224 7,575 4,252 $ 106,442 $ 51,016 $ 35,647

Net Gain on Investments

Net Gain on Investments	12 Months Ended
	Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]
Net Gain on Investments	Note 26—Net Gain on Investments Net gain (loss) on investments is summarized below: Year ended December 31, 2016 2015 2014 (in thousands) Net gain (loss) on investments: From non-affiliates: Mortgage-backed securities $ (13,168 ) $ (5,224 ) $ 10,416 Mortgage loans at fair value: Distressed mortgage loans (3,504 ) 81,133 215,483 Mortgage loans held in a VIE (1,748 ) (10,663 ) 27,768 CRT Agreements 32,500 593 — Asset-backed financing of a VIE at fair value 3,238 4,260 (8,459 ) Hedging derivatives 7,251 (19,353 ) (22,565 ) 24,569 50,746 222,643 From PFSI—ESS (17,394 ) 3,239 (20,834 ) $ 7,175 $ 53,985 $ 201,809

Net Mortgage Loan Servicing Fee

Net Mortgage Loan Servicing Fees	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Net Mortgage Loan Servicing Fees	Note 27—Net Mortgage Loan Servicing Fees Net mortgage loan servicing fees are summarized below: Year ended December 31, 2016 2015 2014 (in thousands) From non-affiliates: Servicing fees (1) $ 131,833 $ 102,147 $ 80,008 Effect of MSRs: Carried at lower of amortized cost or fair value: Amortization (65,647 ) (43,982 ) (31,911 ) Provision for impairment (2,728 ) (3,229 ) (5,138 ) Gain on sale 11 187 46 Carried at fair value—change in fair value (12,524 ) (7,072 ) (16,648 ) Gains on hedging derivatives 2,271 481 11,527 (78,617 ) (53,615 ) (42,124 ) 53,216 48,532 37,884 From PFSI-MSR recapture income 1,573 787 9 Net mortgage loan servicing fees $ 54,789 $ 49,319 $ 37,893 Average servicing portfolio $ 49,626,758 $ 38,450,379 $ 30,720,168 (1) Includes contractually specified servicing and ancillary fees.

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation Plans	Note 28—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 common 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 PFSI at no cost to the grantees. Such awards generally vest over a one- to three-year period. The following table summarizes the Company’s share-based compensation activity: Year ended December 31, 2016 2015 2014 (in thousands except per share amounts) Number of units: Outstanding at beginning of year 734 725 661 Granted 330 312 300 Vested (299 ) (302 ) (234 ) Canceled or forfeited — (1 ) (2 ) Outstanding at end of year 765 734 725 Weighted Average Grant Date Fair Value: Outstanding at beginning of year $ 21.26 $ 21.00 $ 19.95 Granted $ 10.46 $ 21.06 $ 21.05 Vested $ 18.46 $ 19.65 $ 19.68 Expired or canceled $ — $ 21.29 $ 18.74 Outstanding at end of year $ 16.19 $ 21.26 $ 21.00 Compensation expense recorded during the year $ 5,748 $ 6,346 $ 7,107 Fair value of vested units during the year $ 5,510 $ 5,929 $ 4,615 Year end: Units available for future awards(1) 4,632 Unamortized compensation cost $ 4,118 (1) Based on shares outstanding as of December 31, 2016. 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, 2016, 653,210 restricted share units with a weighted average grant date fair value of $17.34 per share unit are expected to vest over their average remaining vesting period of 12 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. As of December 31, 2016, 112,079 performance units with a weighted average grant date fair value of $9.50 per share unit are expected to vest over their average remaining vesting period of 12 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, 2016
Other Income And Expenses [Abstract]
Other Expenses	Note 29—Other Expenses Other expenses are summarized below: Year ended December 31, 2016 2015 2014 (in thousands) Common overhead allocation from PFSI $ 7,898 $ 10,742 $ 10,477 Real estate held for investment 3,213 604 — Technology 1,448 1,279 984 Insurance 1,326 1,304 989 Other 4,340 2,542 2,313 $ 18,225 $ 16,471 $ 14,763

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 30—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 income Long term capital gain Return of capital 2016 60 % 40 % 0 % 2015 41 % 25 % 34 % 2014 86 % 14 % 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, only 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 2013 and forward are subject to examination. The Company’s state income tax returns are generally subject to examination for 2012 and forward. No returns are currently under examination. The following table details the Company’s income tax benefit which relates primarily to the TRSs for the years presented: Year ended December 31, 2016 2015 2014 (in thousands) Current expense: Federal $ 361 $ 671 $ 352 State 81 204 104 Total current expense 442 875 456 Deferred benefit: Federal (8,790 ) (13,124 ) (10,232 ) State (5,699 ) (4,547 ) (5,304 ) Total deferred benefit (14,489 ) (17,671 ) (15,536 ) Total benefit from income taxes $ (14,047 ) $ (16,796 ) $ (15,080 ) 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, 2016 2015 2014 Amount Rate Amount Rate Amount Rate (in thousands) Federal income tax expense at statutory tax rate $ 21,617 35.0 % $ 25,656 35.0 % $ 62,812 35.0 % Effect of non-taxable REIT income (32,501 ) (52.6 )% (40,366 ) (55.1 )% (74,480 ) (41.5 )% State income taxes, net of federal benefit (3,652 ) (5.9 )% (2,823 ) (3.9 )% (3,380 ) (1.9 )% Other 489 0.8 % 737 1.1 % (32 ) 0 % Valuation allowance — 0 % — 0 % — 0 % Benefit from income taxes $ (14,047 ) (22.7 )% $ (16,796 ) (22.9 )% $ (15,080 ) (8.4 )% The Company’s components of the provision for deferred income taxes are as follows: Year ended December 31, 2016 2015 2014 (in thousands) Real estate valuation loss $ 2,732 $ (1,577 ) $ (5,079 ) Mortgage servicing rights 10,597 (31,324 ) 27,996 Net operating loss carryforward (19,863 ) 33,297 (35,963 ) Liability for losses under representations and warranties 2,222 (2,467 ) (5,944 ) Excess interest expense disallowance (8,721 ) (15,384 ) — Other (1,456 ) (216 ) 3,454 Valuation allowance — — — Total (benefit) provision for deferred income taxes $ (14,489 ) $ (17,671 ) $ (15,536 ) The components of income taxes payable are as follows: December 31, 2016 December 31, 2015 (in thousands) Taxes currently receivable 2,519 1,669 Deferred income taxes payable $ (20,685 ) $ (35,174 ) Income taxes payable $ (18,166 ) $ (33,505 ) The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: December 31, 2016 December 31, 2015 (in thousands) Deferred income tax assets: REO valuation loss $ 9,542 $ 12,274 Net operating loss carryforward 60,435 40,572 Liability for losses under representations and warranties 6,189 8,411 Excess interest expense disallowance 24,105 15,384 Other 1,882 426 Gross deferred tax assets 102,153 77,067 Deferred income tax liabilities: Mortgage servicing rights (122,838 ) (112,241 ) Other — — Gross deferred tax liabilities (122,838 ) (112,241 ) Net deferred income tax liability $ (20,685 ) $ (35,174 ) The net deferred income tax liability is recorded in Income taxes payable The Company has net operating loss carryforwards of $152 million and $96.7 million for the years ended December 31, 2016 and December 31, 2015, respectively, that expire between 2033 and 2036. At December 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015.

Segments

Segments	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segments	Note 31—Segments 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: Correspondent Investment Year ended December 31, 2016 production activities Total (in thousands) Net gain on mortgage loans acquired for sale $ 106,442 $ — $ 106,442 Net investment income: Interest income 53,998 168,124 222,122 Interest expense (33,701 ) (116,067 ) (149,768 ) 20,297 52,057 72,354 Net mortgage loan servicing fees — 54,789 54,789 Net gain on investments — 7,175 7,175 Other income (loss) 41,998 (10,670 ) 31,328 168,737 103,351 272,088 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 88,978 68,759 157,737 Other 9,292 43,296 52,588 98,270 112,055 210,325 Pre-tax income (loss) $ 70,467 $ (8,704 ) $ 61,763 Total assets at period end $ 1,715,145 $ 4,642,357 $ 6,357,502 Correspondent Investment Year ended December 31, 2015 production activities Total (in thousands) Net gain on mortgage loans acquired for sale $ 51,016 $ — $ 51,016 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 mortgage loan servicing fees — 49,319 49,319 Net gain on investments — 53,985 53,985 Other income (loss) 28,822 (11,014 ) 17,808 99,971 148,794 248,765 Expenses: Mortgage 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 period end $ 1,286,138 $ 4,540,786 $ 5,826,924 Correspondent Investment Intersegment Year ended December 31, 2014 production activities elimination & other Total (in thousands) Net gain on mortgage loans acquired for sale $ 35,647 $ — — $ 35,647 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 mortgage loan servicing fees — 37,893 — 37,893 Net gain on investments — 201,809 — 201,809 Other income 18,290 (23,657 ) — (5,367 ) 62,060 294,681 — 356,741 Expenses: Mortgage 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 period end $ 654,476 $ 4,242,782 $ — $ 4,897,258

Selected Quarterly Results

Selected Quarterly Results	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Results	Note 32—Selected Quarterly Results (Unaudited) Following is a presentation of selected quarterly financial data: Quarter ended 2016 2015 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 $ 68,928 $ 103,326 $ 47,618 $ 52,216 $ 50,569 $ 90,774 $ 69,765 $ 37,657 Net income $ 31,174 $ 35,408 $ (5,267 ) $ 14,496 $ 15,709 $ 38,812 $ 28,071 $ 7,508 Earnings per share: Basic $ 0.46 $ 0.52 $ (0.08 ) $ 0.20 $ 0.21 $ 0.51 $ 0.37 $ 0.09 Diluted $ 0.44 $ 0.49 $ (0.08 ) $ 0.20 $ 0.21 $ 0.49 $ 0.36 $ 0.09 Cash dividends declared per share $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.61 $ 0.61 At period end: Short-term investments at fair value $ 122,088 $ 33,353 $ 16,877 $ 47,500 $ 41,865 $ 31,518 $ 32,417 $ 44,949 Mortgage-backed securities at fair value 865,061 708,862 531,612 364,439 322,473 315,599 287,626 316,292 Mortgage loans at fair value (1) 3,394,853 4,000,570 3,497,026 3,836,411 3,839,583 3,688,026 4,944,694 4,226,290 Excess servicing spread 288,669 280,367 294,551 321,976 412,425 418,573 359,102 222,309 Real estate acquired in settlement of loans (2) 303,393 314,056 320,120 339,970 350,642 358,011 325,822 317,536 Mortgage servicing rights (3) 656,567 524,529 471,458 455,097 459,741 423,095 394,737 359,160 Other assets 726,871 757,164 635,918 455,047 400,195 357,409 332,976 243,991 Total assets $ 6,357,502 $ 6,618,901 $ 5,767,562 $ 5,820,440 $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 Assets sold under agreements to repurchase and mortgage loan participation and sale agreement $ 3,809,918 $ 4,129,543 $ 3,372,026 $ 3,307,414 $ 3,128,780 $ 2,925,110 $ 3,571,181 $ 3,633,922 Federal Home Loan Bank advances — — — — 183,000 183,000 138,400 — Credit risk transfer financing at fair value — — — — — — 649,120 — Notes payable 425,106 346,132 313,976 356,191 386,015 342,332 297,404 — Borrowings under forward purchase agreements — — — — — — — — Asset-backed financing of a VIE at fair value 353,898 384,407 325,939 344,693 247,690 234,287 151,489 162,222 Exchangeable senior notes 246,089 245,824 245,564 245,307 245,054 244,805 244,559 244,317 Other liabilities 171,377 158,077 149,230 152,332 140,272 148,267 99,924 147,907 Total liabilities 5,006,388 5,263,983 4,406,735 4,405,937 4,330,811 4,077,801 5,152,077 4,188,368 Shareholders’ equity 1,351,114 1,354,918 1,360,827 1,414,503 1,496,113 1,514,430 1,525,297 1,542,159 Total liabilities and shareholders’ equity $ 6,357,502 $ 6,618,901 $ 5,767,562 $ 5,820,440 $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 (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, REO under forward purchase agreements and real estate held for investment. (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, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 33—Supplemental Cash Flow Information Year ended December 31, 2016 2015 2014 (in thousands) Cash paid for interest $ 157,686 $ 117,223 $ 94,116 Income taxes paid, net $ 1,294 $ 1,116 $ (6,562 ) Non-cash investing activities: Receipt of MSRs as proceeds from sales of mortgage loans $ 275,092 $ 154,474 $ 121,333 Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 207,431 $ 307,455 $ 364,945 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 21,406 $ 8,827 $ — Receipt of ESS pursuant to recapture agreement with PFSI $ 6,603 $ 6,728 $ 7,343 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 Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value $ — $ — $ 205,902 Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements $ — $ — $ 9,369 Purchase of REO financed through forward purchase agreements $ — $ — $ 68 Transfer of REO under forward purchase agreements to REO $ — $ — $ 12,737 Non-cash financing activities: Dividends payable $ 31,655 $ 35,069 $ 45,894 Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase $ — $ 85,134 $ 2,731 Purchase of mortgage loans financed through forward purchase agreements $ — $ — $ 2,828 Purchase of REO financed through forward purchase agreements $ — $ — $ 68

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	12 Months Ended
	Dec. 31, 2016
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 34—Regulatory Capital and Liquidity Requirements PMC is a seller-servicer for Fannie Mae and Freddie Mac. The Company is required to comply with the following minimum capital and liquidity eligibility requirements to remain in good standing with each Agency: • A minimum net worth of a base of $2.5 million plus 25 basis points of UPB for total 1-4 unit residential mortgage loans serviced; • A tangible net worth/total assets ratio greater than or equal to 6%; and • Liquidity equal to or exceeding 3.5 basis points multiplied by the aggregate UPB of all mortgages secured by 1-4 unit residential properties serviced for Freddie Mac and Fannie Mae (“Agency Mortgage Servicing”) plus 200 basis points multiplied by the sum of nonperforming (90 or more days delinquent) Agency Mortgage Servicing that exceeds 6% of Agency Mortgage Servicing. Such Agencies’ capital and liquidity requirements, the calculations of which are defined by each entity, are summarized below: December 31, 2016 Net Worth (1) Tangible Net Worth / Total Assets Ratio (1) Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (in thousands) December 31, 2016 $ 392,056 $ 143,259 12 % 6 % $ 26,670 $ 19,706 December 31, 2015 $ 409,930 $ 107,405 13 % 6 % $ 46,030 $ 16,481 (1) Calculated in accordance with the respective Agency’s capital and liquidity requirements. Noncompliance with the respective Agency’s capital and liquidity requirements can result in the respective Agency taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the respective Agency.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 35—Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Subtopic 606) Revenue Recognition Upon adoption, ASU 2014-09 provides for transition through either a full retrospective approach requiring the restatement of all presented prior periods or a modified retrospective approach, which allows the new recognition standard to be applied to only those contracts that are not completed at the date of transition. If the modified retrospective approach is adopted, a cumulative-effect adjustment to retained earnings is performed with additional disclosures required including the amount by which each line item is affected by the transition as compared to the guidance in effect before adoption and an explanation of the reasons for significant changes in these amounts. The FASB has issued several amendments to the new revenue standard ASU 2014-09, including: • In May 2014, ASU 2015-14, Revenue From Contracts With Customers (“ASU 2015-14”) • In March 2015, ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross versus Net) • In May 2016, ASU 2016-12, Narrow-Scope Improvements and Practical Expedients The Company is currently evaluating the pending adoption of ASU 2014-09 and its impact on its consolidated financial statements and has not yet identified which transition method will be applied upon adoption. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In January 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. Early adoption of 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 is permitted and 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 does not believe that the adoption of ASU 2016-01 will have a significant effect on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting • Modifies the accounting for income taxes relating to share-based payments. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) will be recognized as income tax expense or benefit in the consolidated statement of income. The tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. An entity will recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Under current GAAP, excess tax benefits are recognized in additional paid-in capital; tax deficiencies are recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statement of income in the period they reduce income taxes payable. • Changes the classification of excess tax benefits on the consolidated statement of cash flows. In the consolidated statement of cash flows, excess tax benefits will be classified along with other income tax cash flows as an operating activity. Under current GAAP, excess tax benefits are separated from other income tax cash flows and classified as a financing activity. • Changes the requirement to estimate the number of awards that are expected to vest. Under ASC 2016-09, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest as presently required or account for forfeitures when they occur. Under current GAAP, accruals of compensation cost are based on the number of awards that are expected to vest. • Changes the tax withholding requirements for share-based payment awards to qualify for equity accounting. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. Under current GAAP, for an award to qualify for equity classification is that an entity cannot partially settle the award in cash in excess of the employer’s minimum statutory withholding requirements. • Establishes GAAP for the classification of employee taxes paid when an employer withholds shares for tax withholding purposes. Cash paid by an employer when directly withholding shares for tax- withholding purposes should be classified as a financing activity. This guidance establishes GAAP related to the classification of withholding taxes in the statement of cash flows as there is no such guidance under current GAAP. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any organization in any interim or annual period. The Company does not believe that the adoption of ASU 2016-09 will have a significant effect on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-15 extends the responsibility for performing the going-concern assessment to management and contains guidance on (1) how to perform a going-concern assessment and (2) when going-concern disclosures are required under GAAP. Under ASU 2014-15, an entity would be required to evaluate its status as a going concern as part of its periodic financial statement preparation process and would be required to disclose information about its potential inability to continue as a going concern when “substantial doubt” about its ability to continue as a going concern for the period of one year from the earlier of the date its financial statements are issued or are ready to be issued. If management concludes that there is “substantial doubt about the entity’s ability to continue as a going concern,” it must disclose the principal conditions or events causing substantial doubt to be raised, management’s evaluation of the conditions and management’s plans. If substantial doubt is not alleviated as a result of management’s plans, the entity is required to include a statement that there is “substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 also requires an entity to disclose how the substantial doubt was resolved in the period that substantial doubt no longer exists. ASU 2014-15 is effective for the annual period ending December 31, 2016. The requirements of ASU 2014-15 are not expected to have an effect on the financial statements of the Company upon adoption.

Parent Company Information

Parent Company Information	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Parent Company Information	Note 36—Parent Company Information The Company’s debt financing agreements require PMT and certain of its subsidiaries to comply with financial covenants that include a minimum tangible net worth for the Company of $860 million; a minimum tangible net worth for the Company’s subsidiaries including the Operating Partnership of $700 million (net worth was $1.4 billion, which includes PMH and PMC); a minimum tangible net worth for PMH of $250 million (net worth was $835 million); and a minimum tangible net worth for PMC of $150 million (net worth was $1.1 billion). 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, 2016 2015 (in thousands) Assets Short-term investment $ 1,035 $ 2,606 Investments in subsidiaries 1,408,979 1,558,728 Due from affiliates 100 168 Due from PennyMac Financial Services, Inc. 54 — Other assets 610 806 Total assets 1,410,778 1,562,308 Liabilities Dividends payable 31,385 34,720 Accounts payable and accrued liabilities 2,765 2,708 Capital notes due to subsidiaries 18,409 20,379 Due to PennyMac Financial Services, Inc. 1,185 1,247 Due to affiliates 42 219 Income taxes payable — — Total liabilities 53,786 59,273 Shareholders' equity 1,356,992 1,503,035 Total liabilities and shareholders' equity 1,410,778 1,562,308 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF INCOME Year ended December 31, 2016 2015 2014 (in thousands) Income Dividends from subsidiaries $ 230,091 $ 171,254 $ 174,192 Intercompany interest 6 8 15 Interest — — 4 Other 1,250 1,250 1,250 Total income 231,347 172,512 175,461 Expenses Intercompany interest 1,382 441 26 Other (114 ) 14 — Total expenses 1,268 455 26 Income before provision for income taxes and equity in undistributed earnings in subsidiaries 230,079 172,057 175,435 Provision for income taxes 442 875 372 Income before equity in undistributed earnings of subsidiaries 229,637 171,182 175,063 Equity in undistributed earnings of subsidiaries (155,093 ) (78,704 ) 23,288 Net income $ 74,544 $ 92,478 $ 198,351 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2016 2015 2014 (in thousands, except share data) Cash flows from operating activities: Net income $ 74,544 $ 92,478 $ 198,351 Equity in undistributed earnings of subsidiaries 155,093 78,704 (23,288 ) Decrease in due from affiliates 693 915 107 Decrease (increase) in other assets 196 (284 ) (1 ) Increase (decrease) in accounts payable and accrued liabilities 93 (257 ) (837 ) Increase in due from affiliates (116 ) (238 ) (652 ) Decrease due to affiliates (174 ) (119 ) (40 ) Increase in income taxes payable — (126 ) 59 Net cash provided by operating activities 230,329 171,073 173,699 Cash flows from investing activities: Increase in investment in subsidiaries — — (89,618 ) Net decrease in short-term investments 1,571 (2,100 ) 834 Net cash used by investing activities 1,571 (2,100 ) (88,784 ) Cash flows from financing activities: Issuance of common shares — 8 90,588 Net increase in intercompany unsecured note payable to PMT subsidiary (1,970 ) 20,379 — Repurchases of common shares (98,370 ) (16,338 ) — Payment of common share underwriting and offering costs — — (1,070 ) Payment of dividends (131,560 ) (173,022 ) (174,433 ) Net cash provided (used) by financing activities (231,900 ) (168,973 ) (84,915 ) Net change in cash — — — Cash at beginning of year — — — Cash at end of year $ — $ — $ — Non-cash financing activity — dividends payable $ 31,655 $ 35,069 $ 45,894

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 37—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: • On January 26, 2017, the Company entered into an agreement to sell $89 million in UPB of performing loans from the distressed portfolio. The sale is scheduled to settle in March 2017. Although definitive documentation has been executed, this transaction is subject to continuing due diligence and customary closing conditions. There can be no assurance regarding the size of the transaction or that the transaction will be completed at all.

Significant Accounting Polici45

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Segment Reporting	The Company operates in two segments, correspondent production and investment activities: • The investment activities segment represents the Company’s investments in mortgage-related assets, which include distressed mortgage loans, excess servicing spread (“ESS”), credit risk transfer agreements (“CRT Agreements”), real estate acquired in settlement of loans (“REO”), real estate held for investment, mortgage servicing rights (“MSRs”), mortgage-backed securities (“MBS”); and small balance commercial real estate loans. • 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 PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled 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.”
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 a securitization transaction, and CRT 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 Variable Interest Entities (“VIEs”). A VIE is an entity having either a total equity investment at risk 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 transferred 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 is consolidated by the Company as the Manager determined that PMT is the primary beneficiary of the VIE. The Manager concluded that PMT is the primary beneficiary of the VIE as it has 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 the senior certificates are settled, substantially all cash inflows will be directed to the subordinated certificates until fully repaid and, thereafter, to the residual interest in the trust that the Company owns. The Company retains beneficial interests in the securitization transaction, including 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 Manager 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 (“Recourse Obligations”) as part of the retention of an interest-only (“IO”) ownership interest in such mortgage loans. 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. 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 topic of the ASC. 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 fair value of the Recourse Obligations, retained IO ownership interest and the cash pledged to fulfill the Recourse Obligations in the form of a derivative financial instrument and the pledged cash. The pledged cash represents the Company’s maximum contractual exposure to claims under its Recourse Obligations and is the sole source of settlement of losses under the CRT Agreements. Gains and losses on net derivatives related to CRT Agreements are included in Net gain on investments in the consolidated statements of income.
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, 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” fair value assets and liabilities, 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 assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Manager reclassifies its assets and liabilities 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 assets.
Mortgage-Backed Securities	Mortgage-Backed Securities The Company invests in Agency and non-Agency MBS. Purchases and sales of MBS are recorded as of the trade date. The Company’s investments in MBS are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from amortization of purchase premiums and accrual of unearned discounts are recognized using the interest method and are included in Interest income. Net gain (loss) on investments. Interest Income Recognition Interest income on MBS is recognized over the life of the security using the interest method. The Manager estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on the estimated cash flows and the security’s purchase price. The Manager updates its cash flow estimates monthly. Estimating cash flows requires a number of inputs that are subject to uncertainties, including the rate and timing of principal payments (including prepayments, repurchases, defaults and liquidations), 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 mortgage loans in the form of servicing arrangements and the 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 other than 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 other than 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 correspondent production activities, the Company makes contractual commitments to correspondent sellers to purchase mortgage loans 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 assets and liabilities and the derivative assets and liabilities 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 assets and 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 and retains an IO ownership interest in such mortgage loans. These investments are classified as “Level 3” fair value assets. 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 purchase price 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 mortgage loan) or its fair value reduced by estimated costs to sell. The Company categorizes REO as a “Level 3” fair value asset. 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 assets. 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 0.25% 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 originated 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. Originated MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income. MSRs Accounted for Using the MSR Amortization Method The Company amortizes MSRs that are accounted for using the MSR amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the 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 income and the carrying value (carrying value is amortized cost reduced by a valuation allowance) 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 amortized cost 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 costs (e.g., preservation and restoration of mortgaged property REO, 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 expense
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 Representations and Warranties The Company provides for its estimate of the losses that it expects to incur in the future as a result of its breach of the representations and warranties that it provides to the purchasers and insurers of the mortgage loans it has sold. 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 income.
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.
Mortgage Loan Servicing Fees	Mortgage 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: • For awards to officers and trustees of the Company, compensation cost relating to restricted share units is generally fixed at the fair value of the award date. Compensation relating to performance share units is adjusted for changes in expected performance attainment in each subsequent reporting period until the units have vested or expired. • Compensation cost for share-based compensation awarded to employees of the Manager is adjusted to reflect changes in the fair value of awards, including changes in the Company’s share price for both restricted share units and performance share units and, in the case of performance share units, for changes in expected performance attainment in each subsequent reporting period until the award has vested or expired, 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 subsidiary is 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 judgment, 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, 2016 and 2015, the Company was not under examination by any federal or state income taxing authority .
Earnings Per Share	The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities, based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income, reduced by income attributable to the participating securities, by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to diluted shareholders, which adds back to net income the interest expense, net of applicable income taxes, on the Company’s exchangeable senior notes (the “Exchangeable Notes”), by the weighted-average common shares outstanding, assuming all dilutive securities were issued. In periods in which the Company records a loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive.
Fair Value Measurement	The Company’s consolidated financial statements include assets and liabilities that are measured based on their fair values. Measurement at fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Manager has elected to carry the item at its fair value as discussed in the following paragraphs. Fair Value Accounting Elections The Manager identified all of the Company’s non-cash financial assets and MSRs relating to non-commercial real estate secured mortgage 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 assets 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 a 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. For other borrowings, 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.
Recently Issued Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Subtopic 606) Revenue Recognition Upon adoption, ASU 2014-09 provides for transition through either a full retrospective approach requiring the restatement of all presented prior periods or a modified retrospective approach, which allows the new recognition standard to be applied to only those contracts that are not completed at the date of transition. If the modified retrospective approach is adopted, a cumulative-effect adjustment to retained earnings is performed with additional disclosures required including the amount by which each line item is affected by the transition as compared to the guidance in effect before adoption and an explanation of the reasons for significant changes in these amounts. The FASB has issued several amendments to the new revenue standard ASU 2014-09, including: • In May 2014, ASU 2015-14, Revenue From Contracts With Customers (“ASU 2015-14”) • In March 2015, ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross versus Net) • In May 2016, ASU 2016-12, Narrow-Scope Improvements and Practical Expedients The Company is currently evaluating the pending adoption of ASU 2014-09 and its impact on its consolidated financial statements and has not yet identified which transition method will be applied upon adoption. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In January 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. Early adoption of 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 is permitted and 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 does not believe that the adoption of ASU 2016-01 will have a significant effect on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting • Modifies the accounting for income taxes relating to share-based payments. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) will be recognized as income tax expense or benefit in the consolidated statement of income. The tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. An entity will recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Under current GAAP, excess tax benefits are recognized in additional paid-in capital; tax deficiencies are recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statement of income in the period they reduce income taxes payable. • Changes the classification of excess tax benefits on the consolidated statement of cash flows. In the consolidated statement of cash flows, excess tax benefits will be classified along with other income tax cash flows as an operating activity. Under current GAAP, excess tax benefits are separated from other income tax cash flows and classified as a financing activity. • Changes the requirement to estimate the number of awards that are expected to vest. Under ASC 2016-09, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest as presently required or account for forfeitures when they occur. Under current GAAP, accruals of compensation cost are based on the number of awards that are expected to vest. • Changes the tax withholding requirements for share-based payment awards to qualify for equity accounting. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. Under current GAAP, for an award to qualify for equity classification is that an entity cannot partially settle the award in cash in excess of the employer’s minimum statutory withholding requirements. • Establishes GAAP for the classification of employee taxes paid when an employer withholds shares for tax withholding purposes. Cash paid by an employer when directly withholding shares for tax- withholding purposes should be classified as a financing activity. This guidance establishes GAAP related to the classification of withholding taxes in the statement of cash flows as there is no such guidance under current GAAP. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any organization in any interim or annual period. The Company does not believe that the adoption of ASU 2016-09 will have a significant effect on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-15 extends the responsibility for performing the going-concern assessment to management and contains guidance on (1) how to perform a going-concern assessment and (2) when going-concern disclosures are required under GAAP. Under ASU 2014-15, an entity would be required to evaluate its status as a going concern as part of its periodic financial statement preparation process and would be required to disclose information about its potential inability to continue as a going concern when “substantial doubt” about its ability to continue as a going concern for the period of one year from the earlier of the date its financial statements are issued or are ready to be issued. If management concludes that there is “substantial doubt about the entity’s ability to continue as a going concern,” it must disclose the principal conditions or events causing substantial doubt to be raised, management’s evaluation of the conditions and management’s plans. If substantial doubt is not alleviated as a result of management’s plans, the entity is required to include a statement that there is “substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 also requires an entity to disclose how the substantial doubt was resolved in the period that substantial doubt no longer exists. ASU 2014-15 is effective for the annual period ending December 31, 2016. The requirements of ASU 2014-15 are not expected to have an effect on the financial statements of the Company upon adoption.

Concentration of Risks (Tables)

Concentration of Risks (Tables)	12 Months Ended
	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Summary of Holdings of 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., as presented in the following summary: December 31, 2016 December 31, 2015 (in thousands) Mortgage loans at fair value $ 519,698 $ 855,691 REO 49,048 88,088 $ 568,746 $ 943,779 Total carrying value of distressed mortgage loans at fair value and REO $ 1,628,641 $ 2,442,240

Transactions with Related Par47

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (in thousands) Mortgage loans fulfillment fees earned by PLS $ 86,465 $ 58,607 $ 48,719 Unpaid principal balance (“UPB”) of mortgage loans fulfilled by PLS $ 23,188,386 $ 14,014,603 $ 11,476,448 Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale $ 11,976 $ 8,966 $ 4,676 UPB of mortgage loans sold to PLS $ 39,908,163 $ 29,867,580 $ 15,579,322 Purchases of mortgage loans acquired for sale at fair value from PLS $ 21,541 $ 28,445 $ 8,082 Tax service fee paid to PLS included in Other $ 6,690 $ 4,390 $ 2,080 Early purchase program fees paid to PLS included in Mortgage loan servicing fees $ 30 $ — $ — December 31, 2016 December 31, 2015 (in thousands) Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS $ 804,616 $ 669,288
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, 2016 2015 2014 (in thousands) Mortgage loans acquired for sale at fair value: Base $ 330 $ 260 $ 103 Activity-based 733 371 149 1,063 631 252 Mortgage loans at fair value: Distressed mortgage loans Base 11,078 16,123 18,953 Activity-based 18,521 12,437 19,608 29,599 28,560 38,561 Mortgage loans held in VIE: Base 83 125 110 Activity-based — — — 83 125 110 MSRs: Base 19,378 16,786 13,405 Activity-based 492 321 194 19,870 17,107 13,599 $ 50,615 $ 46,423 $ 52,522 MSR recapture income recognized included in Net mortgage loan servicing fees $ 1,573 $ 787 $ 9 Average investment in: Mortgage loans acquired for sale at fair value $ 1,443,587 $ 1,143,232 $ 573,256 Mortgage loans at fair value: Distressed mortgage loans $ 1,731,638 $ 2,231,259 $ 2,121,806 Mortgage loans held in a VIE $ 422,122 $ 494,655 $ 533,480 Average MSR portfolio $ 49,626,758 $ 38,450,379 $ 30,720,168
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, 2016 2015 2014 (in thousands) Base management $ 20,657 $ 22,851 $ 23,330 Performance incentive — 1,343 11,705 $ 20,657 $ 24,194 $ 35,035
Summary of Expenses	The Company reimbursed PCM and its affiliates for expenses as follows: Year ended December 31, 2016 2015 2014 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 7,898 $ 10,742 $ 10,850 Expenses incurred on the Company’s (PFSI's) behalf, net (163 ) 582 792 $ 7,735 $ 11,324 $ 11,642 Payments and settlements during the year (1) $ 143,542 $ 99,967 $ 99,987 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for operating, investment and financing activities itemized in this Note.
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: December 31, 2016 December 31, 2015 (in thousands) Receivable from PFSI: MSR recapture receivable $ 707 $ 781 Other 6,384 8,025 $ 7,091 $ 8,806 Payable to PFSI: Servicing fees $ 5,465 $ 3,682 Management fees 5,081 5,670 Correspondent production fees 2,371 2,729 Fulfillment fees 1,300 1,082 Allocated expenses and expenses paid by PFSI on PMT’s behalf 1,046 4,490 Conditional Reimbursement 900 900 Interest on Note payable to PFSI 253 412 $ 16,416 $ 18,965
Summary of Investing Activity	Following is a summary of investing activities between the Company and PFSI: Year ended December 31, 2016 2015 2014 (in thousands) Sale of mortgage loans at fair value for sale to PFSI $ 891 $ 1,466 $ — ESS: Purchases $ — $ 271,554 $ 99,728 Received pursuant to a recapture agreement $ 6,603 $ 6,728 $ 7,343 Repayments and sales $ 129,037 $ 78,578 $ 39,257 Interest income $ 22,601 $ 25,365 $ 13,292 Net (loss) gain included in Net gain on investments: Valuation changes $ (23,923 ) $ (3,810 ) $ (28,662 ) Recapture income 6,529 7,049 7,828 $ (17,394 ) $ 3,239 $ (20,834 )
Summary of Financing Activities	Following is a summary of financing activities between the Company and PFSI: Year ended December 31, 2016 2015 2014 (in thousands) Financings payable—Interest expense $ 7,830 $ 3,343 $ — Conditional Reimbursements paid to PCM $ — $ 237 $ 860

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (in thousands except per share amounts) Basic earnings per share: Net income $ 75,810 $ 90,100 $ 194,544 Effect of participating securities—share-based compensation awards (1,333 ) (1,689 ) (1,830 ) Net income attributable to common shareholders $ 74,477 $ 88,411 $ 192,714 Diluted earnings per share: Net income attributable to common shareholders $ 74,477 $ 88,411 $ 194,544 Interest on Exchangeable Notes, net of income taxes 8,719 8,468 8,456 Net income attributable to common diluted shareholders $ 83,196 $ 96,879 $ 203,000 Weighted-average basic shares outstanding 68,642 74,446 73,495 Dilutive securities: Shares issuable under share-based compensation plan — 423 298 Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 8,467 8,418 Diluted weighted-average number of shares outstanding 77,109 83,336 82,211 Basic earnings per share $ 1.09 $ 1.19 $ 2.62 Diluted earnings per share $ 1.08 $ 1.16 $ 2.47
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	Year ended December 31, 2016 2015 2014 (in thousands) Shares issuable under share-based compensation awards 701 369 371

Loan Sales and Variable Inter49

Loan Sales and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2016
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 of mortgage loans that are accounted for as sales where the Company maintains continuing involvement with the mortgage loans, as well as UPB information at period end: Year ended December 31, 2016 2015 2014 (in thousands) Cash flows: Proceeds from sales $ 23,525,952 $ 14,206,816 $ 11,703,015 Mortgage loan servicing fees received (1) $ 125,961 $ 97,633 $ 70,294 (1) Net of guarantee fees. December 31, 2016 2015 (in thousands) UPB of mortgage loans outstanding $ 56,303,664 $ 42,300,338 Delinquent mortgage loans: 30-89 days delinquent $ 262,467 $ 175,599 90 or more days delinquent: Not in foreclosure or bankruptcy $ 53,200 $ 38,669 In foreclosure or bankruptcy $ 61,537 $ 31,386
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT Agreements: Year ended December 31, 2016 2015 (in thousands) During the year: UPB of mortgage loans sold under CRT Agreements $ 11,190,933 $ 4,602,507 Deposits of cash securing CRT Agreements $ 306,507 $ 147,446 Interest earned on Deposits securing CRT Agreements $ 930 $ — Gains recognized on CRT Agreements included in Net gain (loss) on investments Realized $ 21,298 $ 1,831 Resulting from valuation changes 15,316 (1,238 ) 36,614 593 Change in fair value of interest-only security payable at fair value (4,114 ) — $ 32,500 $ 593 Payments made to settle losses $ 90 $ — December 31, 2016 December 31, 2015 (in thousands) UPB of mortgage loans subject to credit guarantee obligations $ 14,379,850 $ 4,546,265 Delinquency status (in UPB): Current—89 days delinquent $ 14,372,247 $ 4,546,265 90 or more days delinquent $ 5,711 $ — Foreclosure $ 1,892 $ — Carrying value of CRT Agreements: Derivative assets $ 15,610 $ 593 Deposits securing credit risk transfer agreements $ 450,059 $ 147,000 Interest-only security payable at fair value $ 4,114 $ — Commitments to fund Deposits securing credit risk transfer agreements $ 92,109 $ —

Netting of Financial Instrume50

Netting of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Offsetting [Abstract]
Summary of Offsetting of Derivative Assets	Following is a summary of net derivative assets. December 31, 2016 December 31, 2015 Gross amounts of recognized assets Gross amounts offset in the consolidated balance sheet Net amounts of assets presented in the consolidated balance sheet Gross amounts of recognized assets Gross amounts offset in the consolidated balance sheet Net amounts of assets presented in the consolidated balance sheet (in thousands) Derivative assets Not subject to master netting arrangements: Interest rate lock commitments $ 7,069 $ — $ 7,069 $ 4,983 $ — $ 4,983 CRT Agreements 15,610 — 15,610 593 — 593 22,679 — 22,679 5,576 — 5,576 Subject to master netting arrangements: MBS put options 1,697 — 1,697 93 — 93 MBS call options 142 — 142 — — — Forward purchase contracts 30,879 — 30,879 2,444 — 2,444 Forward sale contracts 13,164 — 13,164 2,604 — 2,604 Put options on interest rate futures 2,469 — 2,469 1,512 — 1,512 Call options on interest rate futures 63 — 63 1,156 — 1,156 Netting — (37,384 ) (37,384 ) — (3,300 ) (3,300 ) 48,414 (37,384 ) 11,030 7,809 (3,300 ) 4,509 $ 71,093 $ (37,384 ) $ 33,709 $ 13,385 $ (3,300 ) $ 10,085
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 setoff accounting. December 31, 2016 December 31, 2015 Net amount Gross amounts Net amount Gross amounts of assets not offset in the of assets not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments received amount sheet instruments received amount (in thousands) CRT Agreements $ 15,610 $ — $ — $ 15,610 $ — $ — $ — $ — Interest rate lock commitments 7,069 — — 7,069 4,983 — — 4,983 Bank of America, N.A. 1,881 — — 1,881 — — — — RJ O’Brien & Associates, LLC 1,531 — — 1,531 1,672 — — 1,672 Royal Bank of Canada 1,194 — — 1,194 400 — — 400 Goldman Sachs 1,164 — — 1,164 — — — — Jefferies Group LLC 967 — — 967 541 — — 541 Barclays Capital 855 — — 855 796 — — 796 Wells Fargo Bank, N.A. 638 — — 638 99 — — 99 Morgan Stanley Bank, N.A. — — — — 464 — — 464 Other 2,800 — — 2,800 1,130 — — 1,130 $ 33,709 $ — $ — $ 33,709 $ 10,085 $ — $ — $ 10,085
Schedule of Offsetting of Derivative Liabilities and Financial Liabilities	Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. Assets sold under agreements to repurchase do not qualify for setoff accounting. December 31, 2016 December 31, 2015 Gross amounts of recognized liabilities Gross amounts offset in the consolidated balance sheet Net amounts of liabilities presented in the consolidated balance sheet Gross amounts of recognized liabilities Gross amounts offset in the consolidated balance sheet Net amounts of liabilities presented in the consolidated balance sheet (in thousands) Derivative liabilities Not subject to master netting arrangements: Interest rate lock commitments $ 3,292 $ — $ 3,292 $ 337 $ — $ 337 3,292 — 3,292 337 — 337 Subject to master netting arrangements: Forward purchase contracts 7,619 — 7,619 3,774 — 3,774 Forward sales contracts 17,974 — 17,974 2,680 — 2,680 Put options on interest rate futures — — — 39 — 39 Call options on interest rate futures — — — 305 — 305 Netting (19,312 ) (19,312 ) — (3,978 ) (3,978 ) 25,593 (19,312 ) 6,281 6,798 (3,978 ) 2,820 28,885 (19,312 ) 9,573 7,135 (3,978 ) 3,157 Assets sold under agreements to repurchase: UPB 3,784,685 — 3,784,685 3,130,328 — 3,130,328 Unamortized debt issuance costs (684 ) — (684 ) (1,548 ) — (1,548 ) 3,784,001 — 3,784,001 3,128,780 — 3,128,780 $ 3,812,886 $ (19,312 ) $ 3,793,574 $ 3,135,915 $ (3,978 ) $ 3,131,937
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 setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. December 31, 2016 December 31, 2015 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments pledged amount sheet instruments pledged amount (in thousands) Interest rate lock commitments $ 3,292 $ — $ — $ 3,292 $ 337 $ — $ — $ 337 Credit Suisse First Boston Mortgage Capital LLC 1,181,441 (1,181,235 ) — 206 893,947 (893,854 ) — 93 Bank of America, N.A. 847,683 (847,683 ) — — 538,755 (538,515 ) — 240 Citibank 575,092 (573,589 ) — 1,503 817,089 (816,699 ) — 390 JPMorgan Chase & Co. 544,009 (542,542 ) — 1,467 467,427 (467,145 ) — 282 Daiwa Capital Markets 177,316 (177,077 ) — 239 165,480 (165,480 ) — — Morgan Stanley Bank, N.A. 143,951 (142,055 ) — 1,896 214,086 (214,086 ) — — Wells Fargo 116,648 (116,648 ) — — — — — — Barclays Capital 92,796 (92,796 ) — — 24,346 (24,346 ) — — Royal Bank of Canada 63,926 (63,926 ) — — — — — — BNP Paribas 47,785 (47,134 ) — 651 10,203 (10,203 ) — — Other 319 — — 319 1,815 — — 1,815 Unamortized debt issuance costs (684 ) 684 — — (1,548 ) 1,548 — — $ 3,793,574 $ (3,784,001 ) $ — $ 9,573 $ 3,131,937 $ (3,128,780 ) $ — $ 3,157

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 122,088 $ — $ — $ 122,088 Mortgage-backed securities at fair value — 865,061 — 865,061 Mortgage loans acquired for sale at fair value — 1,673,112 — 1,673,112 Mortgage loans at fair value — 367,169 1,354,572 1,721,741 Excess servicing spread purchased from PFSI — — 288,669 288,669 Derivative assets: Interest rate lock commitments — — 7,069 7,069 CRT Agreements — — 15,610 15,610 MBS put options — 1,697 — 1,697 MBS call options 142 — 142 Forward purchase contracts — 30,879 — 30,879 Forward sales contracts — 13,164 — 13,164 Put options on interest rate futures 2,469 — — 2,469 Call options on interest rate futures 63 — — 63 Total derivative assets before netting 2,532 45,882 22,679 71,093 Netting — — — (37,384 ) Total derivative assets after netting 2,532 45,882 22,679 33,709 Mortgage servicing rights at fair value — — 64,136 64,136 $ 124,620 $ 2,951,224 $ 1,730,056 $ 4,768,516 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 353,898 $ — $ 353,898 Interest-only security payable at fair value — — 4,114 4,114 Derivative liabilities: Interest rate lock commitments — — 3,292 3,292 Forward purchase contracts — 7,619 — 7,619 Forward sales contracts — 17,974 — 17,974 Put options on interest rate futures — — — — Total derivative liabilities before netting — 25,593 3,292 28,885 Netting — — — (19,312 ) Total derivative liabilities after netting — 25,593 3,292 9,573 $ — $ 379,491 $ 7,406 $ 367,585 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 CRT Agreements — — 593 593 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 Total derivative assets 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 the VIE at fair value $ — $ 247,690 $ — $ 247,690 Derivative liabilities: Interest rate lock commitments — — 337 337 Forward purchase contracts — 3,774 — 3,774 Forward sales contracts — 2,680 — 2,680 Put options on interest rate futures 39 — — 39 Call options on interest rate futures 305 — — 305 Total derivative liabilities 344 6,454 337 7,135 Netting — — — (3,978 ) Total derivative liabilities after netting 344 6,454 337 3,157 $ 44,877 $ 2,320,947 $ 2,585,316 $ 4,943,862
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, 2016 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements (1) rights Total (in thousands) Assets Balance, December 31, 2015 $ 2,100,394 $ 412,425 $ 4,646 $ 593 $ 66,584 $ 2,584,642 Purchases and issuances — — 71,892 — 2,739 74,631 Repayments and sales (626,095 ) (129,037 ) — — — (755,132 ) Capitalization of interest 84,820 22,601 — — — 107,421 ESS received pursuant to a recapture agreement with PFSI — 6,603 — — — 6,603 Servicing received as proceeds from sales of mortgage loans — — — — 7,337 7,337 Proceeds from CRT Agreements — — — (21,298 ) — (21,298 ) Changes in fair value included in income arising from: Changes in instrument-specific credit risk 26,910 — — — — 26,910 Other factors (30,414 ) (23,923 ) 15,944 36,315 (12,524 ) (14,602 ) (3,504 ) (23,923 ) 15,944 36,315 (12,524 ) 12,308 Transfers of mortgage loans to REO and real estate held for investment (201,043 ) — — — — (201,043 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (88,705 ) — — (88,705 ) Balance, December 31, 2016 $ 1,354,572 $ 288,669 $ 3,777 $ 15,610 $ 64,136 $ 1,726,764 Changes in fair value recognized during the period relating to assets still held at December 31, 2016 $ (15,877 ) $ (16,713 ) $ 3,777 $ 15,610 $ (12,524 ) $ (25,727 ) (1) For the purpose of this table, the IRLC and CRT Agreement “Level 3” fair value asset and liability positions are shown net. Year ended December 31, 2016 Interest-only security payable (in thousands) Liability: Balance, December 31, 2015 $ — Purchases and issuances — Repayments and sales — Capitalization of interest — Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 4,114 4,114 Balance, December 31, 2016 $ 4,114 Changes in fair value recognized during the period relating to assets still held at December 31, 2016 $ 4,114 Year ended December 31, 2015 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements rights Total (in thousands) 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, September 30, 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 IRLC “Level 3” fair value asset and liability positions are shown net. (2) During the year ended December 31, 2015, the Manager identified certain “Level 2” fair value mortgage loans that were not salable into the prime mortgage market and therefore transferred them to “Level 3”. Year ended December 31, 2014 Mortgage loans under Mortgage forward Excess Interest Mortgage loans purchase servicing rate lock servicing at fair value agreements spread commitments (1) rights Total (in thousands) Balance, December 31, 2013 $ 2,076,665 $ 218,128 $ 138,723 $ 1,249 $ 26,452 $ 2,461,217 Purchases and issuances 554,604 1,386 99,728 — — 655,718 Repayments and sales (572,586 ) (6,413 ) (39,257 ) — (139 ) (618,395 ) Capitalization of interest 65,050 1,800 13,292 — — 80,142 ESS received pursuant to a recapture agreement with PFSI — — 7,342 — — 7,342 Interest rate lock commitments issued, net — — — 56,367 — 56,367 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 IRLC “Level 3” fair value 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 held in a consolidated VIE, and distressed mortgage loans at fair value): December 31, 2016 December 31, 2015 Fair value Principal amount due upon maturity Difference Fair value Principal amount due upon maturity Difference (in thousands) Mortgage loans acquired for sale at fair value: Current through 89 days delinquent $ 1,672,181 $ 1,633,569 $ 38,612 $ 1,283,275 $ 1,235,433 $ 47,842 90 or more days delinquent Not in foreclosure 145 189 (44 ) 304 333 (29 ) In foreclosure 786 717 69 216 253 (37 ) 931 906 25 520 586 (66 ) $ 1,673,112 $ 1,634,475 $ 38,637 $ 1,283,795 $ 1,236,019 $ 47,776 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent $ 367,169 $ 368,524 $ (1,355 ) $ 455,394 $ 454,935 $ 459 90 or more days delinquent Not in foreclosure — — — — — — In foreclosure — — — — — — — — — — — — 367,169 368,524 (1,355 ) 455,394 454,935 459 Distressed mortgage loans at fair value: Current through 89 days delinquent 611,584 818,665 (207,081 ) 877,438 1,134,560 (257,122 ) 90 or more days delinquent Not in foreclosure 305,431 425,460 (120,029 ) 459,060 640,343 (181,283 ) In foreclosure 437,557 595,534 (157,977 ) 763,896 1,062,205 (298,309 ) 742,988 1,020,994 (278,006 ) 1,222,956 1,702,548 (479,592 ) 1,354,572 1,839,659 (485,087 ) 2,100,394 2,837,108 (736,714 ) $ 1,721,741 $ 2,208,183 $ (486,442 ) $ 2,555,788 $ 3,292,043 $ (736,255 )
Summary of Changes in Fair Value Included in Current Period Income	Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Year ended December 31, 2016 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income fees investments Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (2,391 ) — (13,168 ) (15,559 ) Mortgage loans acquired for sale at fair value 55,350 — — — 55,350 Mortgage loans at fair value — 1,294 — (5,252 ) (3,958 ) ESS at fair value — — — (23,923 ) (23,923 ) MSRs at fair value — — (12,524 ) — (12,524 ) $ 55,350 $ (1,097 ) $ (12,524 ) $ (42,343 ) $ (614 ) Liabilities: Asset-backed financing of a VIE at fair value $ — $ (669 ) $ — $ 3,238 $ 2,569 $ — $ (669 ) $ — $ 3,238 $ 2,569 Year ended December 31, 2015 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income fees investments 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 ESS at fair value — — — 3,239 3,239 MSRs at fair value — — (7,072 ) — (7,072 ) $ 71,880 $ 1,218 $ (7,072 ) $ 68,485 $ 134,511 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (499 ) $ — $ 4,260 $ 3,761 $ — $ (499 ) $ — $ 4,260 $ 3,761 Year ended December 31, 2014 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income fees investments 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 ESS at fair value — — — (20,834 ) (20,834 ) MSRs at fair value — — (16,648 ) — (16,648 ) $ 100,213 $ 2,205 $ (16,648 ) $ 232,834 $ 318,604 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (617 ) $ — $ (8,459 ) $ (9,076 ) $ — $ (617 ) $ — $ (8,459 ) $ (9,076 )
Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis	Following is a summary of financial statement items that were re-measured at fair value on a nonrecurring basis during the periods presented: December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 125,683 $ 125,683 MSRs at lower of amortized cost or fair value — — 173,765 173,765 $ — $ — $ 299,448 $ 299,448 December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 173,662 $ 173,662 MSRs at lower of amortized cost or fair value — — 145,187 145,187 $ — $ — $ 318,849 $ 318,849
Summary of Changes in Fair Value Recognized in Assets that Measured at Fair Value on a Nonrecurring Basis	The following table summarizes the fair value changes recognized during the period on assets held at period end that were measured at fair value on a nonrecurring basis: Year ended December 31, 2016 2015 2014 (in thousands) Real estate asset acquired in settlement of loans $ (17,561 ) $ (24,546 ) $ (24,896 ) MSRs at lower of amortized cost or fair value (2,728 ) (3,229 ) (5,138 ) $ (20,289 ) $ (27,775 ) $ (30,034 )
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, 2016 December 31, 2015 Discount rate Range 2.6% – 15.0% 2.5% – 15.0% Weighted average 7.1% 7.1% Twelve-month projected housing price index change Range 2.5% – 4.8% 1.5% – 5.1% Weighted average 3.7% 3.6% Prepayment speed (1) Range 0.1% – 10.9% 0.1% – 9.6% Weighted average 4.0% 3.7% Total prepayment speed (2) Range 2.9% – 24.6% 0.5% – 27.2% Weighted average 17.7% 19.6% (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, 2016 December 31, 2015 UPB of underlying mortgage loans (in thousands) $32,376,359 $51,966,405 Average servicing fee rate (in basis points) 34 32 Average ESS rate (in basis points) 19 17 Pricing spread (1) Range 3.8% - 4.8% 4.8% - 6.5% Weighted average 4.4% 5.7% Life (in years) Range 1.4 - 8.6 1.4 - 9.0 Weighted average 6.8 6.9 Annual total prepayment speed (2) Range 7.0% - 41.3% 5.2% - 52.4% Weighted average 10.5% 9.6% (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, 2016 December 31, 2015 Pull-through rate Range 60.7% - 100.0% 60.2% - 100.0% Weighted average 88.5% 92.4% MSR value expressed as: Servicing fee multiple Range 2.6 - 6.0 2.1 - 6.2 Weighted average 5.0 4.9 Percentage of UPB Range 0.7% - 1.5% 0.5% - 3.8% Weighted average 1.3% 1.2%
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, 2016 2015 2014 Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value (MSR recognized and UPB of underlying mortgage loan amounts in thousands) MSR recognized $ 267,755 $ 7,337 $ 140,511 $ 13,963 $ 73,640 $ 47,693 Key inputs UPB of underlying mortgage loans $ 22,068,577 $ 752,850 $ 12,195,574 $ 1,430,795 $ 6,800,637 $ 4,573,369 Weighted-average annual servicing fee rate (in basis points) 25 26 25 25 25 25 Pricing spread (1) Range 7.2% – 12.6% 7.2% – 7.6% 6.5% –17.5% 7.2% – 16.3% 6.3% – 17.5% 8.5% – 14.3% Weighted average 7.5% 7.3% 7.9% 8.5% 8.6% 9.1% Life (in years) Range 1.4 – 12.3 2.0 – 9.4 1.3 – 12.0 2.2 – 9.4 1.1 – 7.3 1.6 – 7.3 Weighted average 8.0 5.9 6.9 6.4 6.4 7.1 Annual total prepayment speed (2) Range 3.3% – 49.2% 7.2% – 38.0% 3.5% – 51.0% 6.8% – 34.2% 7.6% – 56.4% 8.0% – 42.7% Weighted average 8.3% 14.5% 9.0% 12.3% 9.6% 9.7% Annual per-loan cost of servicing Range $68 – $79 $68 – $82 $62 – $134 $62 – $68 $59 – $140 $59 – $140 Weighted average $77 $73 $64 $65 $69 $68 (1) The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans. (2) Prepayment speed is measured using Life Total CPR.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: December 31, 2016 December 31, 2015 Amortized cost Fair value Amortized cost Fair value (Carrying value, UPB of underlying mortgage loans and effect on fair value amounts in thousands) Carrying value $ 592,431 $ 64,136 $ 393,157 $ 66,584 Key inputs: UPB of underlying mortgage loans $ 50,539,707 $ 5,763,957 $ 35,841,654 $ 6,458,684 Weighted-average annual servicing fee rate (in basis points) 25 25 26 25 Weighted-average note interest rate 3.8% 4.7% 3.9% 4.7% Pricing spread (1) Range 7.6% – 13.0% 7.6% – 12.6% 7.2% – 10.7% 7.2% – 10.2% Weighted average 7.6% 7.6% 7.3% 7.2% Effect on fair value of (2): 5% adverse change $(10,018) $(979) $(6,411) $(944) 10% adverse change $(19,738) $(1,929) $(12,635) $(1,862) 20% adverse change $(38,330) $(3,748) $(24,553) $(3,621) Weighted average life (in years) Range 3.1 - 8.5 3.2 - 7.0 1.3 - 7.7 2.5 - 6.1 Weighted average 8.0 7.0 7.2 6.1 Prepayment speed (3) Range 6.7% – 25.7% 6.8% – 24.2% 8.1% – 51.5% 9.2% – 32.5% Weighted average 7.7% 10.7% 9.6% 13.2% Effect on fair value of (2): 5% adverse change $(9,436) $(1,379) $(8,159) $(1,793) 10% adverse change $(18,578) $(2,704) $(16,024) $(3,502) 20% adverse change $(36,037) $(5,202) $(30,938) $(6,692) Annual per-loan cost of servicing Range $78 – $79 $77 – $79 $68 – $68 $68 – $68 Weighted average $79 $79 $68 $68 Effect on fair value of (2): 5% adverse change $(4,650) $(555) $(2,742) $(470) 10% adverse change $(9,300) $(1,110) $(5,484) $(940) 20% adverse change $(18,600) $(2,220) $(10,968) $(1,880) (1) The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs. (2) For MSRs carried at fair value, an adverse change in one of the above-mentioned key inputs is expected to result in a reduction in fair value which will be recognized in income. For MSRs carried at lower of amortized cost or fair value, an adverse change in one of the above-mentioned key inputs may result in recognition of MSR impairment. The extent of the recognized MSR impairment will depend on the relationship of fair value to the carrying value of such MSRs. (3) Prepayment speed is measured using Life Total CPR.

Mortgage Loans Acquired for S52

Mortgage Loans Acquired for Sale at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
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: Mortgage loan type December 31, 2016 December 31, 2015 (in thousands) Conventional: Agency-eligible $ 847,810 $ 540,947 Jumbo 6,042 54,613 Held for sale to PLS — Government insured or guaranteed 804,616 669,288 Commercial real estate 8,961 14,590 Repurchased pursuant to representations and warranties 5,683 4,357 $ 1,673,112 $ 1,283,795 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,627,010 $ 1,204,462 Mortgage loan participation and sale agreements 26,738 — Federal Home Loan Bank (“FHLB”) advances — 63,993 $ 1,653,748 $ 1,268,455

Derivative Financial Instrume53

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Assets and Liabilities Recorded within Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets	The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative liabilities Other December 31, 2016 December 31, 2015 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount assets liabilities amount assets liabilities (in thousands) Derivatives not designated as hedging instruments: Not subject to master netting arrangements: Interest rate lock commitments 1,420,468 $ 7,069 $ 3,292 970,067 $ 4,983 $ 337 CRT Agreements 14,379,850 15,610 — 4,546,265 593 — Subject to master netting arrangements: Forward sale contracts 6,148,242 13,164 17,974 2,450,642 2,604 2,680 Forward purchase contracts 4,840,707 30,879 7,619 2,469,550 2,444 3,774 MBS put options 925,000 1,697 — 375,000 93 — MBS call options 750,000 142 — — — — Swap futures 150,000 — — — — — Eurodollar future sales contracts 1,351,000 — — 1,755,000 — — Call options on interest rate futures 200,000 63 — 50,000 1,156 305 Put options on interest rate futures 550,000 2,469 — 1,600,000 1,512 39 Total derivative instruments before netting 71,093 28,885 13,385 7,135 Netting (37,384 ) (19,312 ) (3,300 ) (3,978 ) $ 33,709 $ 9,573 $ 10,085 $ 3,157 Margin deposits (received from) placed with derivatives counterparties included in Other $ (18,071 ) $ 679
Net Gains (Losses) Recognized on Derivative Financial Instruments	Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of income line items where such gains and losses are included: Year ended December 31, Derivative activity Income statement line 2016 2015 2014 (in thousands) CRT agreements Net gain on investments $ 32,500 $ 593 $ — Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 87,836 $ 37,725 $ 73,693 Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ 50,274 $ (16,781 ) $ (68,679 ) Mortgage servicing rights Net loan servicing fees $ 2,271 $ 481 $ 11,527 Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain on investments $ 7,251 $ (19,353 ) $ (22,565 )
Derivative Arising From CRT Agreements And Derivative Contracts [Member]
Summary of Activity in Notional Amount for Derivative Contracts and Derivatives Arising from CRT Agreements	The following tables summarize the notional amount activity for derivative contracts used to hedge the Company’s MBS, mortgage loans acquired for sale, mortgage loans at fair value held in a VIE, IRLCs and MSRs and for derivatives arising from CRT Agreements. Year ended December 31, 2016 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 4,546,265 11,190,933 (1,357,348 ) 14,379,850 Forward sales contracts 2,450,642 99,737,855 (96,040,255 ) 6,148,242 Forward purchase contracts 2,469,550 73,269,440 (70,898,283 ) 4,840,707 MBS put options 375,000 12,400,000 (11,850,000 ) 925,000 MBS call options — 750,000 — 750,000 Swap futures — 175,000 (25,000 ) 150,000 Eurodollar future sale contracts 1,755,000 282,000 (686,000 ) 1,351,000 Treasury future buy contracts — 558,700 (558,700 ) — Treasury future sale contracts — 558,700 (558,700 ) — Call options on interest rate futures 50,000 4,425,000 (4,275,000 ) 200,000 Put options on interest rate futures 1,600,000 7,445,000 (8,495,000 ) 550,000 Year ended December 31, 2015 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements — 4,602,507 (56,242 ) 4,546,265 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 option 340,000 2,177,500 (2,142,500 ) 375,000 MBS call option — 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 sale 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 Year ended December 31, 2014 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (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 ) — Call options on interest rate futures — 3,530,000 (2,500,000 ) 1,030,000 Put options on interest rate futures 52,500 1,687,500 (1,465,000 ) 275,000

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Loan type Fair value Unpaid principal balance Fair value Unpaid principal balance (in thousands) Distressed mortgage loans Nonperforming mortgage loans $ 742,988 $ 1,020,994 $ 1,222,956 $ 1,702,548 Performing mortgage loans: Fixed interest rate 296,901 408,943 417,658 535,610 Interest rate step-up 232,700 317,409 299,569 412,749 Adjustable-rate/hybrid 81,983 92,313 160,051 185,997 Balloon — — 160 204 611,584 818,665 877,438 1,134,560 1,354,572 1,839,659 2,100,394 2,837,108 Fixed interest rate jumbo mortgage loans held in a VIE 367,169 368,524 455,394 454,935 $ 1,721,741 $ 2,208,183 $ 2,555,788 $ 3,292,043 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 1,345,021 $ 2,067,341 Asset-backed financing of a VIE at fair value and FHLB advances $ 367,169 $ 455,394 FHLB advances $ — $ 134,172
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, 2016 December 31, 2015 (percentages are of fair value) Portion of mortgage loans originated between 2005 and 2007 72% 72% Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100% 41% 48% States contributing 5% or more of mortgage loans New York California New Jersey Florida Massachusetts New York California New Jersey Florida

Real Estate Acquired in Settl55

Real Estate Acquired in Settlement of Loans (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (in thousands) Balance at beginning of year $ 341,846 $ 303,228 $ 138,942 Purchases — — 3,049 Transfers from mortgage loans at fair value and advances 207,431 307,455 364,945 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (21,406 ) (8,827 ) — Transfers from REO under forward purchase agreements — — 12,737 Results of REO: Valuation adjustments, net (36,193 ) (40,432 ) (45,476 ) Gain on sale, net 17,075 21,255 13,498 (19,118 ) (19,177 ) (31,978 ) Proceeds from sales (234,684 ) (240,833 ) (184,467 ) Balance at end of year $ 274,069 $ 341,846 $ 303,228 At the end of year: REO pledged to secure assets sold under agreements to repurchase $ 167,430 $ 245,647 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties 48,283 37,696 $ 215,713 $ 283,343

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs carried at fair value: Year ended December 31, 2016 2015 2014 (in thousands) Balance at beginning of year $ 66,584 $ 57,358 $ 26,452 Purchases 2,739 2,335 — MSRs resulting from mortgage loan sales 7,337 13,963 47,693 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (3,210 ) 312 (11,455 ) Other changes in fair value (2) (9,314 ) (7,384 ) (5,193 ) (12,524 ) (7,072 ) (16,648 ) Sales — — (139 ) Balance at year end $ 64,136 $ 66,584 $ 57,358 MSRs carried at fair value pledged to secure notes payable at year end $ 64,136 $ 66,584 (1) Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, primarily due to changes in market interest rates. (2) Represents changes due to realization of expected cash flows.
Summary of MSRs Carried at Lower of Amortized Cost or Fair Value	Following is a summary of MSRs carried at lower of amortized cost or fair value: Year ended December 31, 2016 2015 2014 (in thousands) Amortized cost: Balance at beginning of year $ 404,101 $ 308,137 $ 266,697 MSRs resulting from mortgage loan sales 267,755 140,511 73,640 Amortization (65,647 ) (43,982 ) (31,911 ) Sales (106 ) (565 ) (289 ) Balance at end of year 606,103 404,101 308,137 Valuation allowance: Balance at beginning of year (10,944 ) (7,715 ) (2,577 ) Additions (2,728 ) (3,229 ) (5,138 ) Balance at end of year (13,672 ) (10,944 ) (7,715 ) MSRs, net $ 592,431 $ 393,157 $ 300,422 Fair value at beginning of year $ 424,154 $ 322,230 $ 289,737 Fair value at year end $ 626,334 $ 424,154 $ 322,230 MSRs carried at lower of cost or fair value pledged to secure notes payable at year end $ 592,431 $ 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, 2016 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. Estimated MSR Year ended December 31, amortization (in thousands) 2017 $ 67,814 2018 63,283 2019 58,297 2020 53,184 2021 48,204 Thereafter 315,321 Total $ 606,103
Mortgage service rights [Member]
Summary of Net Mortgage Loan Servicing Fees Relating to MSRs	Servicing fees relating to MSRs are recorded in Net mortgage loan servicing fees Year ended December 31, 2016 2015 2014 (in thousands) Contractually-specified servicing fees $ 125,961 $ 97,633 $ 76,300 Ancillary and other fees: Late charges 570 328 — Other 5,302 4,186 3,708 $ 131,833 $ 102,147 $ 80,008

Assets Sold Under Agreements 57

Assets Sold Under Agreements to Repurchase (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (dollars in thousands) Weighted-average interest rate (1) 2.44 % 2.33 % 2.12 % Average balance $ 3,382,528 $ 3,046,963 $ 2,311,273 Total interest expense $ 92,838 $ 79,869 $ 58,304 Maximum daily amount outstanding $ 5,573,021 $ 4,710,412 $ 3,203,989 December 31, 2016 2015 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,784,685 $ 3,130,328 Unamortized debt issuance costs (684 ) (1,548 ) $ 3,784,001 $ 3,128,780 Weighted-average interest rate 2.70 % 2.33 % Available borrowing capacity: Committed $ 518,932 $ 231,913 Uncommitted 1,092,253 661,756 $ 1,611,185 $ 893,669 Margin deposits placed with counterparties included in Other $ 29,634 $ 7,268 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 863,802 $ 313,753 Mortgage loans acquired for sale at fair value $ 1,627,010 $ 1,204,462 Mortgage loans at fair value $ 1,345,021 $ 2,067,341 Real estate acquired in settlement of loans $ 215,713 $ 283,343 CRT Agreements: Deposits securing CRT agreements $ 414,610 $ — Derivative assets $ 9,078 $ — (1) Excludes the effect of amortization of debt issuance costs of $8.8 million for the year ended December 31, 2016, and $8.9 million for the year ended December 31, 2015.
Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date	Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining Maturity at December 31, 2016 Unpaid principal balance (in thousands) Within 30 days $ 1,185,874 Over 30 to 90 days 1,874,899 Over 90 days to 180 days — Over 180 days to 1 year 506,120 Over 1 year to 2 years 217,792 $ 3,784,685 Weighted average maturity (in months) 3.7
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Securities sold under agreements to repurchase Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 4,539 January 20, 2017 Bank of America, N.A. $ 15,526 January 17, 2017 Daiwa Capital Markets America Inc. $ 8,218 January 14, 2017 Wells Fargo, N.A. $ 7,116 January 9, 2017 Royal Bank of Canada $ 2,590 January 19, 2017
CRT Agreements [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	CRT Agreements Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 72,670 January 13, 2017 Bank of America, N.A. $ 33,731 January 16, 2017 BNP Paribas Corporate & Institutional Banking $ 19,498 January 13, 2017
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	Mortgage loans acquired for sale, Mortgage loans and REO sold under agreements to repurchase Weighted-average Counterparty Amount repurchase agreement maturity Facility maturity (in thousands) Citibank, N.A. $ 249,493 January 21, 2017 March 3, 2017 JPMorgan Chase & Co. $ 116,225 October 13, 2017 October 13, 2017 JPMorgan Chase & Co. $ 1,854 January 26, 2017 January 26, 2017 Credit Suisse First Boston Mortgage Capital LLC $ 149,984 March 21, 2017 March 30, 2017 Bank of America, N.A. $ 23,156 March 22, 2017 March 29, 2017 Barclays Bank PLC $ 4,590 March 21, 2017 December 1, 2017 Morgan Stanley $ 6,622 February 17, 2017 August 25, 2017

Mortgage Loan Participation a58

Mortgage Loan Participation and Sale Agreements (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Summary of Mortgage Loan Participation and Sale Agreements	Mortgage loan participation and sale agreements are summarized below: Year ended December 31, 2016 2015 2014 (dollars in thousands) Weighted-average interest rate (1) 1.74 % 1.62 % 1.42 % Average balance $ 70,391 $ 49,318 $ 44,770 Total interest expense $ 1,376 $ 1,001 $ 912 Maximum daily amount outstanding $ 99,469 $ 148,032 $ 116,363 (1) Excludes the effect of amortization of debt issuance costs of $130,000 for the year ended December 31, 2016, and $193,000 for the year ended December 31, 2015. December 31, 2016 2015 (dollars in thousands) Carrying value: Amount outstanding $ 25,917 $ — Unamortized debt issuance costs — — $ 25,917 $ — Weighted-average interest rate 2.02 % — Mortgage loans acquired for sale pledged to secure mortgage loan participation and sale agreements $ 26,738 $ —

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 2015 (dollars Weighted-average interest rate (1) 4.73 % 4.31 % Average balance $ 202,293 $ 119,307 Total interest expense $ 12,892 $ 6,826 Maximum daily amount outstanding $ 275,106 $ 236,107 (1) Excludes the effect of amortization of debt issuance costs of $3.2 million for the year ended December 31, 2016, and $1.6 million for the year ended December 31, 2015. Year ended December 31, 2016 2015 (dollars in thousands) Carrying value: Amount outstanding $ 275,106 $ 236,107 Unamortized debt issuance costs — (92 ) $ 275,106 $ 236,015 Weighted-average interest rate 4.73 % 4.53 % MSRs pledged to secure notes payable $ 656,567 $ 459,741

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Year ended December 31, 2016 2015 2014 (in thousands) Weighted-average UPB $ 250,000 $ 250,000 $ 250,000 Interest expense (1) $ 14,473 $ 14,413 $ 14,358 (1) Total interest expense includes amortization of debt issuance costs of $1.0 million, $975,000, and $920,000 for the years ended December 31, 2016, 2015 and 2014, respectively. December 31, 2016 2015 (in thousands) Carrying value: UPB $ 250,000 $ 250,000 Unamortized debt issuance costs (3,911 ) (4,946 ) $ 246,089 $ 245,054

Asset-Backed Financing of a V61

Asset-Backed Financing of a Variable Interest Entity at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Summary of Financial Information Relating to Asset-Backed Financing of a VIE	Following is a summary of financial information relating to the asset-backed financing of a VIE: Year ended December 31, 2016 2015 2014 (dollars in thousands) Weighted-average fair value $ 338,582 $ 186,430 $ 167,752 Interest expense $ 12,091 $ 6,840 $ 6,490 Weighted-average effective interest rate 3.32 % 3.35 % 3.82 % December 31, 2016 2015 (dollars in thousands) Carrying value $ 353,898 $ 247,690 UPB $ 355,494 $ 248,284 Weighted-average interest rate 3.50 % 3.50 %

Federal Home Loan Bank Advanc62

Federal Home Loan Bank Advances (Tables)	12 Months Ended
	Dec. 31, 2016
Banking And Thrift [Abstract]
Summary of FHLB Advances	The FHLB advances are summarized below: Year ended December 31, 2016 2015 (dollars Weighted-average interest rate 0.49 % 0.30 % Average balance $ 24,375 $ 89,512 Total interest expense $ 122 $ 275 Maximum daily amount outstanding $ 201,130 $ 196,100 December 31, 2016 2015 (dollars in thousands) Carrying value $ — $ 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

Liability for Losses Under Re63

Liability for Losses Under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (in thousands) Balance, beginning of period $ 20,171 $ 14,242 $ 10,110 Provision for losses Pursuant to mortgage loan sales 3,254 5,771 4,255 Reduction in liability due to change in estimate (7,564 ) — — Losses incurred (511 ) (176 ) (123 ) Recoveries — 334 — Balance, end of period $ 15,350 $ 20,171 $ 14,242 UPB of mortgage loans subject to representations and warranties at period end $ 56,114,162 $ 41,842,601 $ 34,673,414

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: December 31, 2016 (in thousands) Commitments to purchase mortgage loans acquired for sale $ 1,420,468 Commitments to fund Deposits securing credit risk transfer agreements (1) $ 92,109 (1) Certain deposits of cash collateral on CRT Agreements are made upon the first to occur of fulfillment of the aggregation obligation or the lapse of the aggregation period.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Summary of Share Repurchase Activity	The following table summarizes the Company’s share repurchase activity: Year ended December 31, Cumulative 2016 2015 Total (1) (in thousands) Common shares repurchased 7,368 1,045 8,413 Cost of common shares repurchased $ 98,370 $ 16,338 $ 114,708 (1) Amounts represent the share repurchase program total through December 31, 2016.

Net Interest Income (Tables)

Net Interest Income (Tables)	12 Months Ended
	Dec. 31, 2016
Banking And Thrift Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized below: Year ended December 31, 2016 2015 2014 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 923 $ 815 $ 604 Mortgage-backed securities 14,663 10,267 8,226 Mortgage loans acquired for sale at fair value 54,750 48,281 23,974 Mortgage loans at fair value: Distressed 107,044 96,536 100,340 Under forward purchase agreements — — 3,584 Held in a VIE 17,042 19,903 22,280 Placement fees relating to custodial funds 4,058 — — Deposits securing CRT Agreements 930 — — Other 111 178 48 199,521 175,980 159,056 From PFSI—ESS purchased from PFSI at fair value 22,601 25,365 13,292 222,122 201,345 172,348 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 92,838 79,869 58,304 Mortgage loan participation and sale agreements 1,376 1,001 912 Notes payable 12,892 6,826 — Exchangeable Notes 14,473 14,413 14,358 Asset-backed financings of VIEs at fair value (1) 12,091 13,754 6,490 FHLB advances 122 275 — Borrowings under forward purchase agreements — — 2,363 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 6,812 4,207 2,004 Placement fees on mortgage loan impound deposits 1,334 1,020 1,158 141,938 121,365 85,589 To PFSI—financings payable 7,830 3,343 — 149,768 124,708 85,589 Net interest income $ 72,354 $ 76,637 $ 86,759 (1) The results for the year ended December 31, 2016 include interest expense from Asset-backed financing of a VIE at fair value and CRT Agreements financing at fair value.

Net Gain on Mortgage Loans Ac67

Net Gain on Mortgage Loans Acquired for Sale (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (in thousands) From non-affiliates: Cash loss: Mortgage loans $ (229,743 ) $ (84,489 ) $ (25,241 ) Hedging activities 30,927 (17,742 ) (57,161 ) (198,816 ) (102,231 ) (82,402 ) Non cash gain: Receipt of MSRs in mortgage loan sale transactions 275,092 154,474 121,333 Provision for losses relating to representations and warranties provided in mortgage loan sales Pursuant to mortgage loans sales (3,254 ) (5,771 ) (4,255 ) Reduction in liability due to change in estimate 7,564 — — Change in fair value of financial instruments held at period end: IRLCs (869 ) (1,015 ) 4,412 Mortgage loans (1,846 ) (2,977 ) 3,825 Hedging derivatives 19,347 961 (11,518 ) 16,632 (3,031 ) (3,281 ) Total from non-affiliates 97,218 43,441 31,395 From PFSI—cash gain 9,224 7,575 4,252 $ 106,442 $ 51,016 $ 35,647

Net Gain on Investments (Tables

Net Gain on Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]
Summary of Net Gain (Loss) on Investments	Net gain (loss) on investments is summarized below: Year ended December 31, 2016 2015 2014 (in thousands) Net gain (loss) on investments: From non-affiliates: Mortgage-backed securities $ (13,168 ) $ (5,224 ) $ 10,416 Mortgage loans at fair value: Distressed mortgage loans (3,504 ) 81,133 215,483 Mortgage loans held in a VIE (1,748 ) (10,663 ) 27,768 CRT Agreements 32,500 593 — Asset-backed financing of a VIE at fair value 3,238 4,260 (8,459 ) Hedging derivatives 7,251 (19,353 ) (22,565 ) 24,569 50,746 222,643 From PFSI—ESS (17,394 ) 3,239 (20,834 ) $ 7,175 $ 53,985 $ 201,809

Net Mortgage Loan Servicing F69

Net Mortgage Loan Servicing Fees (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Summary of Net Mortgage Loan Servicing Fees	Net mortgage loan servicing fees are summarized below: Year ended December 31, 2016 2015 2014 (in thousands) From non-affiliates: Servicing fees (1) $ 131,833 $ 102,147 $ 80,008 Effect of MSRs: Carried at lower of amortized cost or fair value: Amortization (65,647 ) (43,982 ) (31,911 ) Provision for impairment (2,728 ) (3,229 ) (5,138 ) Gain on sale 11 187 46 Carried at fair value—change in fair value (12,524 ) (7,072 ) (16,648 ) Gains on hedging derivatives 2,271 481 11,527 (78,617 ) (53,615 ) (42,124 ) 53,216 48,532 37,884 From PFSI-MSR recapture income 1,573 787 9 Net mortgage loan servicing fees $ 54,789 $ 49,319 $ 37,893 Average servicing portfolio $ 49,626,758 $ 38,450,379 $ 30,720,168 (1) Includes contractually specified servicing and ancillary fees.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Share-Based Compensation Activity	The following table summarizes the Company’s share-based compensation activity: Year ended December 31, 2016 2015 2014 (in thousands except per share amounts) Number of units: Outstanding at beginning of year 734 725 661 Granted 330 312 300 Vested (299 ) (302 ) (234 ) Canceled or forfeited — (1 ) (2 ) Outstanding at end of year 765 734 725 Weighted Average Grant Date Fair Value: Outstanding at beginning of year $ 21.26 $ 21.00 $ 19.95 Granted $ 10.46 $ 21.06 $ 21.05 Vested $ 18.46 $ 19.65 $ 19.68 Expired or canceled $ — $ 21.29 $ 18.74 Outstanding at end of year $ 16.19 $ 21.26 $ 21.00 Compensation expense recorded during the year $ 5,748 $ 6,346 $ 7,107 Fair value of vested units during the year $ 5,510 $ 5,929 $ 4,615 Year end: Units available for future awards(1) 4,632 Unamortized compensation cost $ 4,118 (1) Based on shares outstanding as of December 31, 2016. 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, 2016
Other Income And Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below: Year ended December 31, 2016 2015 2014 (in thousands) Common overhead allocation from PFSI $ 7,898 $ 10,742 $ 10,477 Real estate held for investment 3,213 604 — Technology 1,448 1,279 984 Insurance 1,326 1,304 989 Other 4,340 2,542 2,313 $ 18,225 $ 16,471 $ 14,763

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
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 income Long term capital gain Return of capital 2016 60 % 40 % 0 % 2015 41 % 25 % 34 % 2014 86 % 14 % 0 %
Summary of Company's Income Tax Benefit	The following table details the Company’s income tax benefit which relates primarily to the TRSs for the years presented: Year ended December 31, 2016 2015 2014 (in thousands) Current expense: Federal $ 361 $ 671 $ 352 State 81 204 104 Total current expense 442 875 456 Deferred benefit: Federal (8,790 ) (13,124 ) (10,232 ) State (5,699 ) (4,547 ) (5,304 ) Total deferred benefit (14,489 ) (17,671 ) (15,536 ) Total benefit from income taxes $ (14,047 ) $ (16,796 ) $ (15,080 )
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, 2016 2015 2014 Amount Rate Amount Rate Amount Rate (in thousands) Federal income tax expense at statutory tax rate $ 21,617 35.0 % $ 25,656 35.0 % $ 62,812 35.0 % Effect of non-taxable REIT income (32,501 ) (52.6 )% (40,366 ) (55.1 )% (74,480 ) (41.5 )% State income taxes, net of federal benefit (3,652 ) (5.9 )% (2,823 ) (3.9 )% (3,380 ) (1.9 )% Other 489 0.8 % 737 1.1 % (32 ) 0 % Valuation allowance — 0 % — 0 % — 0 % Benefit from income taxes $ (14,047 ) (22.7 )% $ (16,796 ) (22.9 )% $ (15,080 ) (8.4 )%
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, 2016 2015 2014 (in thousands) Real estate valuation loss $ 2,732 $ (1,577 ) $ (5,079 ) Mortgage servicing rights 10,597 (31,324 ) 27,996 Net operating loss carryforward (19,863 ) 33,297 (35,963 ) Liability for losses under representations and warranties 2,222 (2,467 ) (5,944 ) Excess interest expense disallowance (8,721 ) (15,384 ) — Other (1,456 ) (216 ) 3,454 Valuation allowance — — — Total (benefit) provision for deferred income taxes $ (14,489 ) $ (17,671 ) $ (15,536 )
Components of Income Taxes Payable	The components of income taxes payable are as follows: December 31, 2016 December 31, 2015 (in thousands) Taxes currently receivable 2,519 1,669 Deferred income taxes payable $ (20,685 ) $ (35,174 ) Income taxes payable $ (18,166 ) $ (33,505 )
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, 2016 December 31, 2015 (in thousands) Deferred income tax assets: REO valuation loss $ 9,542 $ 12,274 Net operating loss carryforward 60,435 40,572 Liability for losses under representations and warranties 6,189 8,411 Excess interest expense disallowance 24,105 15,384 Other 1,882 426 Gross deferred tax assets 102,153 77,067 Deferred income tax liabilities: Mortgage servicing rights (122,838 ) (112,241 ) Other — — Gross deferred tax liabilities (122,838 ) (112,241 ) Net deferred income tax liability $ (20,685 ) $ (35,174 )

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Correspondent Investment Year ended December 31, 2016 production activities Total (in thousands) Net gain on mortgage loans acquired for sale $ 106,442 $ — $ 106,442 Net investment income: Interest income 53,998 168,124 222,122 Interest expense (33,701 ) (116,067 ) (149,768 ) 20,297 52,057 72,354 Net mortgage loan servicing fees — 54,789 54,789 Net gain on investments — 7,175 7,175 Other income (loss) 41,998 (10,670 ) 31,328 168,737 103,351 272,088 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 88,978 68,759 157,737 Other 9,292 43,296 52,588 98,270 112,055 210,325 Pre-tax income (loss) $ 70,467 $ (8,704 ) $ 61,763 Total assets at period end $ 1,715,145 $ 4,642,357 $ 6,357,502 Correspondent Investment Year ended December 31, 2015 production activities Total (in thousands) Net gain on mortgage loans acquired for sale $ 51,016 $ — $ 51,016 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 mortgage loan servicing fees — 49,319 49,319 Net gain on investments — 53,985 53,985 Other income (loss) 28,822 (11,014 ) 17,808 99,971 148,794 248,765 Expenses: Mortgage 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 period end $ 1,286,138 $ 4,540,786 $ 5,826,924 Correspondent Investment Intersegment Year ended December 31, 2014 production activities elimination & other Total (in thousands) Net gain on mortgage loans acquired for sale $ 35,647 $ — — $ 35,647 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 mortgage loan servicing fees — 37,893 — 37,893 Net gain on investments — 201,809 — 201,809 Other income 18,290 (23,657 ) — (5,367 ) 62,060 294,681 — 356,741 Expenses: Mortgage 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 period end $ 654,476 $ 4,242,782 $ — $ 4,897,258

Selected Quarterly Results (Tab

Selected Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Following is a presentation of selected quarterly financial data: Quarter ended 2016 2015 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 $ 68,928 $ 103,326 $ 47,618 $ 52,216 $ 50,569 $ 90,774 $ 69,765 $ 37,657 Net income $ 31,174 $ 35,408 $ (5,267 ) $ 14,496 $ 15,709 $ 38,812 $ 28,071 $ 7,508 Earnings per share: Basic $ 0.46 $ 0.52 $ (0.08 ) $ 0.20 $ 0.21 $ 0.51 $ 0.37 $ 0.09 Diluted $ 0.44 $ 0.49 $ (0.08 ) $ 0.20 $ 0.21 $ 0.49 $ 0.36 $ 0.09 Cash dividends declared per share $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.47 $ 0.61 $ 0.61 At period end: Short-term investments at fair value $ 122,088 $ 33,353 $ 16,877 $ 47,500 $ 41,865 $ 31,518 $ 32,417 $ 44,949 Mortgage-backed securities at fair value 865,061 708,862 531,612 364,439 322,473 315,599 287,626 316,292 Mortgage loans at fair value (1) 3,394,853 4,000,570 3,497,026 3,836,411 3,839,583 3,688,026 4,944,694 4,226,290 Excess servicing spread 288,669 280,367 294,551 321,976 412,425 418,573 359,102 222,309 Real estate acquired in settlement of loans (2) 303,393 314,056 320,120 339,970 350,642 358,011 325,822 317,536 Mortgage servicing rights (3) 656,567 524,529 471,458 455,097 459,741 423,095 394,737 359,160 Other assets 726,871 757,164 635,918 455,047 400,195 357,409 332,976 243,991 Total assets $ 6,357,502 $ 6,618,901 $ 5,767,562 $ 5,820,440 $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 Assets sold under agreements to repurchase and mortgage loan participation and sale agreement $ 3,809,918 $ 4,129,543 $ 3,372,026 $ 3,307,414 $ 3,128,780 $ 2,925,110 $ 3,571,181 $ 3,633,922 Federal Home Loan Bank advances — — — — 183,000 183,000 138,400 — Credit risk transfer financing at fair value — — — — — — 649,120 — Notes payable 425,106 346,132 313,976 356,191 386,015 342,332 297,404 — Borrowings under forward purchase agreements — — — — — — — — Asset-backed financing of a VIE at fair value 353,898 384,407 325,939 344,693 247,690 234,287 151,489 162,222 Exchangeable senior notes 246,089 245,824 245,564 245,307 245,054 244,805 244,559 244,317 Other liabilities 171,377 158,077 149,230 152,332 140,272 148,267 99,924 147,907 Total liabilities 5,006,388 5,263,983 4,406,735 4,405,937 4,330,811 4,077,801 5,152,077 4,188,368 Shareholders’ equity 1,351,114 1,354,918 1,360,827 1,414,503 1,496,113 1,514,430 1,525,297 1,542,159 Total liabilities and shareholders’ equity $ 6,357,502 $ 6,618,901 $ 5,767,562 $ 5,820,440 $ 5,826,924 $ 5,592,231 $ 6,677,374 $ 5,730,527 (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, REO under forward purchase agreements and real estate held for investment. (3) Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.

Supplemental Cash Flow Inform75

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Year ended December 31, 2016 2015 2014 (in thousands) Cash paid for interest $ 157,686 $ 117,223 $ 94,116 Income taxes paid, net $ 1,294 $ 1,116 $ (6,562 ) Non-cash investing activities: Receipt of MSRs as proceeds from sales of mortgage loans $ 275,092 $ 154,474 $ 121,333 Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 207,431 $ 307,455 $ 364,945 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 21,406 $ 8,827 $ — Receipt of ESS pursuant to recapture agreement with PFSI $ 6,603 $ 6,728 $ 7,343 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 Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value $ — $ — $ 205,902 Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements $ — $ — $ 9,369 Purchase of REO financed through forward purchase agreements $ — $ — $ 68 Transfer of REO under forward purchase agreements to REO $ — $ — $ 12,737 Non-cash financing activities: Dividends payable $ 31,655 $ 35,069 $ 45,894 Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase $ — $ 85,134 $ 2,731 Purchase of mortgage loans financed through forward purchase agreements $ — $ — $ 2,828 Purchase of REO financed through forward purchase agreements $ — $ — $ 68

Regulatory Capital and Liquid76

Regulatory Capital and Liquidity Requirements (Tables)	12 Months Ended
	Dec. 31, 2016
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Requirements by Agencies	December 31, 2016 Net Worth (1) Tangible Net Worth / Total Assets Ratio (1) Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (in thousands) December 31, 2016 $ 392,056 $ 143,259 12 % 6 % $ 26,670 $ 19,706 December 31, 2015 $ 409,930 $ 107,405 13 % 6 % $ 46,030 $ 16,481 (1) Calculated in accordance with the respective Agency’s capital and liquidity requirements.

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of Parent Company Information	PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED BALANCE SHEETS December 31, 2016 2015 (in thousands) Assets Short-term investment $ 1,035 $ 2,606 Investments in subsidiaries 1,408,979 1,558,728 Due from affiliates 100 168 Due from PennyMac Financial Services, Inc. 54 — Other assets 610 806 Total assets 1,410,778 1,562,308 Liabilities Dividends payable 31,385 34,720 Accounts payable and accrued liabilities 2,765 2,708 Capital notes due to subsidiaries 18,409 20,379 Due to PennyMac Financial Services, Inc. 1,185 1,247 Due to affiliates 42 219 Income taxes payable — — Total liabilities 53,786 59,273 Shareholders' equity 1,356,992 1,503,035 Total liabilities and shareholders' equity 1,410,778 1,562,308 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF INCOME Year ended December 31, 2016 2015 2014 (in thousands) Income Dividends from subsidiaries $ 230,091 $ 171,254 $ 174,192 Intercompany interest 6 8 15 Interest — — 4 Other 1,250 1,250 1,250 Total income 231,347 172,512 175,461 Expenses Intercompany interest 1,382 441 26 Other (114 ) 14 — Total expenses 1,268 455 26 Income before provision for income taxes and equity in undistributed earnings in subsidiaries 230,079 172,057 175,435 Provision for income taxes 442 875 372 Income before equity in undistributed earnings of subsidiaries 229,637 171,182 175,063 Equity in undistributed earnings of subsidiaries (155,093 ) (78,704 ) 23,288 Net income $ 74,544 $ 92,478 $ 198,351 PENNYMAC MORTGAGE INVESTMENT TRUST CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2016 2015 2014 (in thousands, except share data) Cash flows from operating activities: Net income $ 74,544 $ 92,478 $ 198,351 Equity in undistributed earnings of subsidiaries 155,093 78,704 (23,288 ) Decrease in due from affiliates 693 915 107 Decrease (increase) in other assets 196 (284 ) (1 ) Increase (decrease) in accounts payable and accrued liabilities 93 (257 ) (837 ) Increase in due from affiliates (116 ) (238 ) (652 ) Decrease due to affiliates (174 ) (119 ) (40 ) Increase in income taxes payable — (126 ) 59 Net cash provided by operating activities 230,329 171,073 173,699 Cash flows from investing activities: Increase in investment in subsidiaries — — (89,618 ) Net decrease in short-term investments 1,571 (2,100 ) 834 Net cash used by investing activities 1,571 (2,100 ) (88,784 ) Cash flows from financing activities: Issuance of common shares — 8 90,588 Net increase in intercompany unsecured note payable to PMT subsidiary (1,970 ) 20,379 — Repurchases of common shares (98,370 ) (16,338 ) — Payment of common share underwriting and offering costs — — (1,070 ) Payment of dividends (131,560 ) (173,022 ) (174,433 ) Net cash provided (used) by financing activities (231,900 ) (168,973 ) (84,915 ) Net change in cash — — — Cash at beginning of year — — — Cash at end of year $ — $ — $ — Non-cash financing activity — dividends payable $ 31,655 $ 35,069 $ 45,894

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016Segment
Accounting Policies [Abstract]
Number of business segments	2
Percentage of taxable income for distributions	90.00%

Concentration of Risks - Summar

Concentration of Risks - Summary of Holdings of Assets Purchased (Detail) - Assets Purchased from Citigroup [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investment portfolio purchases through one or more subsidiaries of Citigroup Inc. as of:
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. Mortgage loans at fair value	$ 519,698	$ 855,691
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO	49,048	88,088
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total	568,746	943,779
Total carrying value of distressed mortgage loans at fair value and REO	$ 1,628,641	$ 2,442,240

Significant Accounting Polici80

Significant Accounting Policies - Additional Information (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2016	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%
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Fixed-rate mortgage loans		3.00%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Fixed-rate mortgage loans		4.50%
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 originated 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	$ 208,800,000	$ 111,000,000
Weighted yield	3.90%

Transactions with Related Par81

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail) - USD ($)	Sep. 12, 2016	Sep. 11, 2016	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Servicing agreement expiration date			Sep. 12, 2020
Renewal period of servicing agreement			18 months
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest income and sourcing fee			2.00%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest income and sourcing fee			3.50%
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%
PennyMac Loan Services, LLC [Member] | Other mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.85%
PennyMac Loan Services, LLC [Member] | Fannie Mae or Freddie Mac mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point for fulfillment fee	0.35%
Mortgage banking services [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan fees per annum			$ 1,500
Mortgage loan fees per loan			$ 35
Servicing agreement expiration date			Sep. 12, 2020
Renewal period of servicing agreement			18 months
Warehouse services [Member]
Mortgage Loans on Real Estate [Line Items]
Servicing agreement expiration date			Sep. 12, 2020
Renewal period of servicing agreement			18 months

Transactions with Related Par82

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Mortgage loans fulfillment fees earned by PLS	$ 86,465	$ 58,607	$ 48,719
Purchases of mortgage loans acquired for sale at fair value from PLS	21,541	28,445	8,082
Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS	1,673,112	1,283,795
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Mortgage loans fulfillment fees earned by PLS	86,465	58,607	48,719
Unpaid principal balance (“UPB”) of mortgage loans fulfilled by PLS	23,188,386	14,014,603	11,476,448
Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale	11,976	8,966	4,676
UPB of mortgage loans sold to PLS	39,908,163	29,867,580	15,579,322
Purchases of mortgage loans acquired for sale at fair value from PLS	21,541	28,445	8,082
Tax service fee paid to PLS included in Other expense	6,690	4,390	2,080
Early purchase program fees paid to PLS included in Mortgage loan servicing fees	30	0	$ 0
Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS	$ 804,616	$ 669,288

Transactions with Related Par83

Transactions with Related Parties - Mortgage Loan Servicing Activities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Servicing agreement expiration date	Sep. 12, 2020
Renewal period of servicing agreement	18 months
PennyMac Loan Services, LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees for REO per month	$ 75
REO rental fee	30
Lease renewal fee for REO	$ 100
Rental income percentage gross	9.00%
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Activity based fees	$ 500
Services agreement fees collection period	18 months
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	$ 30
Activity based fees	0.50%
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees per month	$ 100
Activity based fees	1.50%
PennyMac 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
PennyMac 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
PennyMac Loan Services, LLC [Member] | Non-Distressed Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Base servicing fees for REO per month	75
PennyMac Loan Services, LLC [Member] | Non-Distressed Mortgage Loans [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Additional servicing fees per loan per month	10
PennyMac Loan Services, LLC [Member] | Non-Distressed Mortgage Loans [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Additional servicing fees per loan per month	55
PennyMac Loan Services, LLC [Member] | Whole loans [Member]
Mortgage Loans on Real Estate [Line Items]
Supplemental fee received per month	$ 25
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 Par84

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 50,615	$ 46,423	$ 52,522
Average MSR portfolio	49,626,758	38,450,379	30,720,168
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	50,615	46,423	52,522
MSR recapture income recognized included in Net mortgage loan servicing fees	1,573	787	9
Average MSR portfolio	49,626,758	38,450,379	30,720,168
PennyMac Loan Services, LLC [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	1,063	631	252
Average MSR portfolio	1,443,587	1,143,232	573,256
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	29,599	28,560	38,561
Average MSR portfolio	1,731,638	2,231,259	2,121,806
PennyMac Loan Services, LLC [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	83	125	110
Average MSR portfolio	422,122	494,655	533,480
PennyMac Loan Services, LLC [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	19,870	17,107	13,599
PennyMac Loan Services, LLC [Member] | Base [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	330	260	103
PennyMac Loan Services, LLC [Member] | Base [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	11,078	16,123	18,953
PennyMac Loan Services, LLC [Member] | Base [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	83	125	110
PennyMac Loan Services, LLC [Member] | Base [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	19,378	16,786	13,405
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	733	371	149
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	18,521	12,437	19,608
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	0	0	0
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 492	$ 321	$ 194

Transactions with Related Par85

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Aug. 04, 2009
PNMAC Capital Management LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of change in net income due to quarterly adjustments	8.00%
PMT agreed to reimburse PCM for a payment	$ 120,000
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] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of performance incentive fee paid in Company's common shares	50.00%
PMT agreed to reimburse PCM for a payment		$ 2,900,000
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%
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
PennyMac Financial Services, Inc. [Member]
Mortgage Loans on Real Estate [Line Items]
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.

Transactions with Related Par86

Transactions with Related Parties - Summary of Base Management and Performance Incentive Fees Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 20,657	$ 24,194	$ 35,035
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	20,657	24,194	35,035
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	20,657	22,851	23,330
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 1,343	$ 11,705

Transactions with Related Par87

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 7,898	$ 10,742	$ 10,850
Expenses incurred on the Company’s (PFSI's) behalf, net	(163)	582	792
Total expenses incurred in transaction with affiliates	7,735	11,324	11,642
Payments and settlements during the year	$ 143,542	$ 99,967	$ 99,987

Transactions with Related Par88

Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - PennyMac Financial Services, Inc. [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Receivable from PFSI:
MSR recapture receivable	$ 707	$ 781
Other	6,384	8,025
Due from Affiliates	7,091	8,806
Payable to PFSI:
Servicing fees	5,465	3,682
Management fees	5,081	5,670
Correspondent production fees	2,371	2,729
Fulfillment fees	1,300	1,082
Allocated expenses and expenses paid by PFSI on PMT’s behalf	1,046	4,490
Conditional Reimbursement	900	900
Interest on Note payable to PFSI	253	412
Total expense due to affiliate	$ 16,416	$ 18,965

Transactions with Related Par89

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	Aug. 04, 2009	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Sale of excess servicing spread		$ 59,045,000	$ 0	$ 0
Payment of contingent underwriting fees		0	$ 705,000	$ 2,372,000
Loan Agreement [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity of loan amount		$ 150,000,000
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Number of common shares held by affiliate		75,000	75,000
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
PMT agreed to reimburse PCM for a payment		$ 120,000
PNMAC Capital Management LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
PMT agreed to reimburse PCM for a payment	$ 2,900,000
Payment of contingent underwriting fees	$ 5,900,000

Transactions with Related Par90

Transactions with Related Parties - Summary of Investing Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Sale of mortgage loans at fair value for sale to PFSI	$ 891	$ 1,466	$ 0
ESS:
Purchases	0	271,554	95,892
Interest income	222,122	201,345	172,348
Net (loss) gain included in Net gain on investments:
Net (loss) gain on investments	7,175	53,985	201,809
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Sale of mortgage loans at fair value for sale to PFSI	891	1,466	0
ESS:
Purchases	0	271,554	99,728
Received pursuant to a recapture agreement	6,603	6,728	7,343
Interest income	22,601	25,365	13,292
Repayments and sales	129,037	78,578	39,257
Net (loss) gain included in Net gain on investments:
Valuation changes	(23,923)	(3,810)	(28,662)
Recapture income	6,529	7,049	7,828
Net (loss) gain on investments	$ (17,394)	$ 3,239	$ (20,834)

Transactions with Related Par91

Transactions with Related Parties - Repurchase Agreement with PLS - Additional Information (Detail)	Dec. 19, 2016USD ($)
VFN [Member]
Related Party Transaction [Line Items]
Maximum principal balance	$ 1,000,000,000

Transactions with Related Par92

Transactions with Related Parties - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Financings payable—Interest expense	$ 149,768	$ 124,708	$ 85,589
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Financings payable—Interest expense	7,830	3,343	0
PennyMac Financial Services, Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Financings payable—Interest expense	7,830	3,343	0
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Conditional Reimbursements paid to PCM	$ 0	$ 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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic earnings per share:
Net income	$ 31,174	$ 35,408	$ (5,267)	$ 14,496	$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 75,810	$ 90,100	$ 194,544
Effect of participating securities—share-based compensation awards									(1,333)	(1,689)	(1,830)
Net income attributable to common shareholders									74,477	88,411	192,714
Diluted earnings per share:
Net income attributable to common shareholders									74,477	88,411	194,544
Interest on Exchangeable Notes, net of income taxes									8,719	8,468	8,456
Net income attributable to common diluted shareholders									$ 83,196	$ 96,879	$ 203,000
Weighted-average basic shares outstanding									68,642	74,446	73,495
Dilutive securities:
Shares issuable under share-based compensation plan									0	423	298
Shares issuable pursuant to exchange of the Exchangeable Notes									8,467	8,467	8,418
Diluted weighted-average number of shares outstanding									77,109	83,336	82,211
Basic earnings per share	$ 0.46	$ 0.52	$ (0.08)	$ 0.20	$ 0.21	$ 0.51	$ 0.37	$ 0.09	$ 1.09	$ 1.19	$ 2.62
Diluted earnings per share	$ 0.44	$ 0.49	$ (0.08)	$ 0.20	$ 0.21	$ 0.49	$ 0.36	$ 0.09	$ 1.08	$ 1.16	$ 2.47

Earnings Per Share - Summary 94

Earnings Per Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	701	369	371

Loan Sales and Variable Inter95

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows:
Proceeds from sales	$ 23,525,952	$ 14,206,816	$ 11,703,015
Mortgage loan servicing fees received	125,961	97,633	$ 70,294
UPB of mortgage loans outstanding	56,303,664	42,300,338
Delinquent mortgage loans:
30-89 days delinquent	262,467	175,599
90 or more days delinquent:
Not in foreclosure or bankruptcy	53,200	38,669
In foreclosure or bankruptcy	$ 61,537	$ 31,386

Loan Sales and Variable Inter96

Loan Sales and Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
During the year:
Deposits of cash securing CRT Agreements	$ 306,507	$ 147,446	$ 0
Carrying value of CRT Agreements:
Deposits securing credit risk transfer agreements	450,059	147,000
Interest-only security payable at fair value	4,114	0
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Credit Risk Transfer Agreements [Member]
During the year:
UPB of mortgage loans sold under CRT Agreements	11,190,933	4,602,507
Deposits of cash securing CRT Agreements	306,507	147,446
Interest earned on Deposits securing CRT Agreements	930	0
Gains recognized on CRT Agreements included in Net gain (loss) on investments
Realized	21,298	1,831
Resulting from valuation changes	15,316	(1,238)
Gains (losses) recognized on gross derivative related to credit risk transactions	36,614	593
Change in fair value of interest-only security payable at fair value	(4,114)	0
Gains (losses) recognized on net derivative related to credit risk transactions	32,500	593
Payments made to settle losses	90	0
UPB of mortgage loans subject to credit guarantee obligations	14,379,850	4,546,265
Delinquency status (in UPB):
Current—89 days delinquent	14,372,247	4,546,265
90 or more days delinquent	5,711	0
Foreclosure	1,892	0
Carrying value of CRT Agreements:
Deposits securing credit risk transfer agreements	450,059	147,000
Interest-only security payable at fair value	4,114	0
Commitments to fund Deposits securing credit risk transfer agreements	92,109	0
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Credit Risk Transfer Agreements [Member] | Derivative Assets [Member]
Carrying value of CRT Agreements:
Derivative assets	$ 15,610	$ 593

Loan Sales and Variable Inter97

Loan Sales and Variable Interest Entities - Additional Information (Detail) - Jumbo Mortgage Loan Financing [Member] - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Millions	Sep. 30, 2013	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Certificates issued	$ 537	$ 208.8	$ 111
Weighted yield	3.90%
Fair value of certificates retained	$ 366.8	$ 8.9

Netting of Financial Instrume98

Netting of Financial Instruments - Summary of Offsetting of Derivative Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Assets [Line Items]
Gross amounts of recognized assets	$ 71,093	$ 13,385
Gross amounts offset in the consolidated balance sheet	(37,384)	(3,300)
Net amounts of assets presented in the consolidated balance sheet	33,709	10,085
Net amounts of assets presented in the consolidated balance sheet	(37,384)	(3,300)
CRT Agreements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	15,610	593
Net amounts of assets presented in the consolidated balance sheet	15,610	0
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	7,069	4,983
Net amounts of assets presented in the consolidated balance sheet	7,069	4,983
Forward Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	30,879	2,444
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	30,879	2,444
Forward Sales Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	13,164	2,604
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	13,164	2,604
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	22,679	5,576
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	22,679	5,576
Derivatives Not Subject To Master Netting Adjustment [Member] | CRT Agreements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	15,610	593
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	15,610	593
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	7,069	4,983
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	7,069	4,983
MBS Put Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	1,697	93
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	1,697	93
MBS Call Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	142	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	142	0
Put Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	2,469	1,512
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	2,469	1,512
Call Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	63	1,156
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	63	1,156
Netting [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	(37,384)	(3,300)
Net amounts of assets presented in the consolidated balance sheet	(37,384)	(3,300)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	48,414	7,809
Gross amounts offset in the consolidated balance sheet	(37,384)	(3,300)
Net amounts of assets presented in the consolidated balance sheet	$ 11,030	$ 4,509

Netting of Financial Instrume99

Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	$ 33,709	$ 10,085
Financial instruments	0	0
Cash collateral received	0	0
Net amount	33,709	10,085
CRT Agreements [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	15,610	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	15,610	0
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	7,069	4,983
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,069	4,983
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	1,881	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,881	0
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	1,531	1,672
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,531	1,672
Royal Bank of Canada [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	1,194	400
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,194	400
Goldman Sachs [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	1,164	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,164	0
Jefferies Group, LLC [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	967	541
Financial instruments	0	0
Cash collateral received	0	0
Net amount	967	541
Barclays Capital [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	855	796
Financial instruments	0	0
Cash collateral received	0	0
Net amount	855	796
Wells Fargo Bank, N.A. [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	638	99
Financial instruments	0	0
Cash collateral received	0	0
Net amount	638	99
Morgan Stanley Bank, N.A. [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	0	464
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	464
Other [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the consolidated balance sheet	2,800	1,130
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 2,800	$ 1,130

Netting of Financial Instrum100

Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 3,812,886	$ 3,135,915
Gross amounts offset in the consolidated balance sheet	(19,312)	(3,978)
Net amounts of liabilities presented in the consolidated balance sheet	3,793,574	3,131,937
Unpaid Principal Balance [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,784,685	3,130,328
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,784,685	3,130,328
Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,292	337
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,292	337
Forward Purchase Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	7,619	3,774
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	7,619	3,774
Forward Sales Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	17,974	2,680
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	17,974	2,680
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,292	337
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,292	337
Put Options on Interest Rate Futures [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	39
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	0	39
Call Options on Interest Rate Futures [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	305
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	0	305
Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	(19,312)	(3,978)
Net amounts of liabilities presented in the consolidated balance sheet	(19,312)	(3,978)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	25,593	6,798
Gross amounts offset in the consolidated balance sheet	(19,312)	(3,978)
Net amounts of liabilities presented in the consolidated balance sheet	6,281	2,820
Derivative Liabilities Before Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	28,885	7,135
Gross amounts offset in the consolidated balance sheet	(19,312)	(3,978)
Net amounts of liabilities presented in the consolidated balance sheet	9,573	3,157
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	(684)	(1,548)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	(684)	(1,548)
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,784,001	3,128,780
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ 3,784,001	$ 3,128,780

Netting of Financial Instrum101

Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 3,793,574	$ 3,131,937
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(3,784,001)	(3,128,780)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	9,573	3,157
Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	3,292	337
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	3,292	337
Credit Suisse First Boston Mortgage Capital LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,181,441	893,947
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,181,235)	(893,854)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	206	93
Bank of America, N.A. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	847,683	538,755
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(847,683)	(538,515)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	240
Citibank [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	575,092	817,089
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(573,589)	(816,699)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,503	390
JPMorgan Chase & Co. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	544,009	467,427
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(542,542)	(467,145)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,467	282
Daiwa Capital Markets [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	177,316	165,480
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(177,077)	(165,480)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	239	0
Morgan Stanley Bank, N.A. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	143,951	214,086
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(142,055)	(214,086)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,896	0
Wells Fargo [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	116,648	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(116,648)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Barclays Capital [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	92,796	24,346
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(92,796)	(24,346)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Royal Bank of Canada [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	63,926	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(63,926)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
BNP Paribas [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	47,785	10,203
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(47,134)	(10,203)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	651	0
Other [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	319	1,815
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	319	1,815
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	(684)	(1,548)
Gross amounts not offset in the consolidated balance sheet, Financial instruments	684	1,548
Gross amounts not offset in the consolidated balance sheet, 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, 2016	Dec. 31, 2015
Mortgage Servicing Rights [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 senior notes	$ 240.7	$ 230
Minimum [Member]
Mortgage Servicing Rights [Line Items]
Fixed-rate mortgage loans	3.00%
Maximum [Member]
Mortgage Servicing Rights [Line Items]
Fixed-rate mortgage loans	4.50%
Non-Commercial Real Estate Secured Mortgage Loans [Member]
Mortgage Servicing Rights [Line Items]
Initial interest rates	More than 4.5%
Non-Commercial Real Estate Secured Mortgage Loans [Member] | Minimum [Member]
Mortgage Servicing Rights [Line Items]
Interest rate	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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Short-term investments	$ 122,088	$ 33,353	$ 16,877	$ 47,500	$ 41,865	$ 31,518	$ 32,417	$ 44,949
Mortgage-backed securities at fair value	865,061	708,862	531,612	364,439	322,473	315,599	287,626	316,292
Mortgage loans acquired for sale at fair value	1,673,112				1,283,795
Excess servicing spread purchased from PFSI	288,669	280,367	294,551	321,976	412,425	418,573	359,102	222,309
Derivative assets:
Derivative assets	71,093				13,385
Derivative assets, Netting	(37,384)				(3,300)
Net amounts of assets presented in the consolidated balance sheet	33,709				10,085
Mortgage servicing rights at fair value	64,136				66,584				$ 57,358	$ 26,452
Liabilities:
Asset-backed financing of a VIE at fair value	353,898	$ 384,407	$ 325,939	$ 344,693	247,690	$ 234,287	$ 151,489	$ 162,222
Interest-only security payable at fair value	4,114				0
Derivative liabilities:
Derivative liabilities	28,885				7,135
Derivative liabilities, Netting	(19,312)				(3,978)
Total derivative liabilities after netting	9,573				3,157
CRT Agreements [Member]
Derivative assets:
Derivative assets	15,610				593
Net amounts of assets presented in the consolidated balance sheet	15,610				0
Derivative liabilities:
Derivative liabilities	0				0
Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	7,069				4,983
Net amounts of assets presented in the consolidated balance sheet	7,069				4,983
Derivative liabilities:
Derivative liabilities	3,292				337
Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	13,164				2,604
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	13,164				2,604
Derivative liabilities:
Derivative liabilities	17,974				2,680
Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets	30,879				2,444
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	30,879				2,444
Derivative liabilities:
Derivative liabilities	7,619				3,774
MBS Put Options [Member]
Derivative assets:
Derivative assets	1,697				93
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	1,697				93
Derivative liabilities:
Derivative liabilities	0				0
MBS Call Options [Member]
Derivative assets:
Derivative assets	142				0
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	142				0
Call Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	63				1,156
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	63				1,156
Derivative liabilities:
Derivative liabilities	0				305
Put Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	2,469				1,512
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	2,469				1,512
Derivative liabilities:
Derivative liabilities	0				39
Recurring [Member]
Assets:
Short-term investments	122,088				41,865
Mortgage-backed securities at fair value	865,061				322,473
Mortgage loans acquired for sale at fair value	1,673,112				1,283,795
Mortgage loans at fair value	1,721,741				2,555,788
Excess servicing spread purchased from PFSI	288,669				412,425
Derivative assets:
Derivative assets	71,093				13,385
Derivative assets, Netting	(37,384)				(3,300)
Net amounts of assets presented in the consolidated balance sheet	33,709				10,085
Mortgage servicing rights at fair value	64,136				66,584
Total Assets	4,768,516				4,693,015
Liabilities:
Asset-backed financing of a VIE at fair value	353,898				247,690
Interest-only security payable at fair value	4,114
Derivative liabilities:
Derivative liabilities	28,885				7,135
Derivative liabilities, Netting	(19,312)				(3,978)
Total derivative liabilities after netting	9,573				3,157
Total liabilities	367,585				4,943,862
Recurring [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	15,610				593
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments	122,088				41,865
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:
Derivative assets	2,532				2,668
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	2,532				2,668
Mortgage servicing rights at fair value	0				0
Total Assets	124,620				44,533
Liabilities:
Asset-backed financing of a VIE at fair value	0				0
Interest-only security payable at fair value	0
Derivative liabilities:
Derivative liabilities	0				344
Derivative liabilities, Netting	0				0
Total derivative liabilities after netting	0				344
Total liabilities	0				44,877
Recurring [Member] | Level 1 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments	0				0
Mortgage-backed securities at fair value	865,061				322,473
Mortgage loans acquired for sale at fair value	1,673,112				1,283,795
Mortgage loans at fair value	367,169				455,394
Excess servicing spread purchased from PFSI	0				0
Derivative assets:
Derivative assets	45,882				5,141
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	45,882				5,141
Mortgage servicing rights at fair value	0				0
Total Assets	2,951,224				2,066,803
Liabilities:
Asset-backed financing of a VIE at fair value	353,898				247,690
Interest-only security payable at fair value	0
Derivative liabilities:
Derivative liabilities	25,593				6,454
Derivative liabilities, Netting	0				0
Total derivative liabilities after netting	25,593				6,454
Total liabilities	379,491				2,320,947
Recurring [Member] | Level 2 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | Level 3 [Member]
Assets:
Short-term investments	0				0
Mortgage-backed securities at fair value	0				0
Mortgage loans acquired for sale at fair value	0				0
Mortgage loans at fair value	1,354,572				2,100,394
Excess servicing spread purchased from PFSI	288,669				412,425
Derivative assets:
Derivative assets	22,679				5,576
Derivative assets, Netting	0				0
Net amounts of assets presented in the consolidated balance sheet	22,679				5,576
Mortgage servicing rights at fair value	64,136				66,584
Total Assets	1,730,056				2,584,979
Liabilities:
Asset-backed financing of a VIE at fair value	0				0
Interest-only security payable at fair value	4,114
Derivative liabilities:
Derivative liabilities	3,292				337
Derivative liabilities, Netting	0				0
Total derivative liabilities after netting	3,292				337
Total liabilities	7,406				2,585,316
Recurring [Member] | Level 3 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	15,610				593
Recurring [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	7,069				4,983
Derivative liabilities:
Derivative liabilities	3,292				337
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	7,069				4,983
Derivative liabilities:
Derivative liabilities	3,292				337
Recurring [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	13,164				2,604
Derivative liabilities:
Derivative liabilities	17,974				2,680
Recurring [Member] | Forward Sales Contracts [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | Forward Sales Contracts [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	13,164				2,604
Derivative liabilities:
Derivative liabilities	17,974				2,680
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets	30,879				2,444
Derivative liabilities:
Derivative liabilities	7,619				3,774
Recurring [Member] | Forward Purchase Contracts [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | Forward Purchase Contracts [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	30,879				2,444
Derivative liabilities:
Derivative liabilities	7,619				3,774
Recurring [Member] | Forward Purchase Contracts [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | MBS Put Options [Member]
Derivative assets:
Derivative assets	1,697				93
Recurring [Member] | MBS Put Options [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | MBS Put Options [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	1,697				93
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0				0
Recurring [Member] | MBS Call Options [Member]
Derivative assets:
Derivative assets	142
Recurring [Member] | MBS Call Options [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | MBS Call Options [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	142
Recurring [Member] | MBS Call Options [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Call Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	63				1,156
Derivative liabilities:
Derivative liabilities					305
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	63				1,156
Derivative liabilities:
Derivative liabilities					305
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities					0
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities					0
Recurring [Member] | Put Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	2,469				1,512
Derivative liabilities:
Derivative liabilities	0				39
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	2,469				1,512
Derivative liabilities:
Derivative liabilities	0				39
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	0				0
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0				0
Derivative liabilities:
Derivative liabilities	$ 0				$ 0

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets:
Servicing received as proceeds from sales of mortgage loans	$ 7,337	$ 13,963	$ 47,693
Changes in fair value included in income arising from:
Transfers of mortgage loans under forward purchase agreements to mortgage loans	0	0	205,902
Recurring [Member]
Assets:
Beginning balance	2,584,642	2,453,768	2,461,217
Purchases and issuances	74,631	515,870	655,718
Repayments and sales	(755,132)	(297,163)	(618,395)
Capitalization of interest	107,421	83,119	80,142
ESS received pursuant to a recapture agreement with PFSI	6,603	6,728	7,342
Interest rate lock commitments issued, net		50,536	56,367
Sales			0
Servicing received as proceeds from sales of mortgage loans	7,337	13,963	47,693
Proceeds from CRT Agreements	(21,298)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	26,910	42,267	36,600
Other factors	(14,602)	15,766	150,900
Total	12,308	58,033	187,500
Transfers of mortgage loans to REO and real estate held for investment	(201,043)
Transfers of mortgage loans to REO		(285,331)	(344,733)
Transfers of mortgage loans at fair value from level 2 to level 3		23,859
Transfers of mortgage loans under forward purchase agreements to mortgage loans			0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			(9,802)
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(88,705)	(38,740)	(69,281)
Ending balance	1,726,764	2,584,642	2,453,768
Changes in fair value recognized during the period relating to assets	(25,727)	72,224	95,075
Recurring [Member] | CRT Agreements [Member]
Assets:
Beginning balance	593	0
Purchases and issuances	0	0
Repayments and sales	0	0
Capitalization of interest	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0
Interest rate lock commitments issued, net		0
Servicing received as proceeds from sales of mortgage loans	0	0
Proceeds from CRT Agreements	(21,298)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0
Other factors	36,315	593
Total	36,315	593
Transfers of mortgage loans to REO and real estate held for investment	0
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	0
Ending balance	15,610	593	0
Changes in fair value recognized during the period relating to assets	15,610	593
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	4,646	5,661	1,249
Purchases and issuances	71,892	0	0
Repayments and sales	0	0	0
Capitalization of interest	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0
Interest rate lock commitments issued, net		50,536	56,367
Sales			0
Servicing received as proceeds from sales of mortgage loans	0	0	0
Proceeds from CRT Agreements	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0
Other factors	15,944	(12,811)	17,326
Total	15,944	(12,811)	17,326
Transfers of mortgage loans to REO and real estate held for investment	0
Transfers of mortgage loans to REO		0	0
Transfers of mortgage loans at fair value from level 2 to level 3		0
Transfers of mortgage loans under forward purchase agreements to mortgage loans			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	(88,705)	(38,740)	(69,281)
Ending balance	3,777	4,646	5,661
Changes in fair value recognized during the period relating to assets	3,777	4,646	5,661
Recurring [Member] | Interest-only security payable [Member]
Liabilities:
Beginning balance	0
Purchases and issuances	0
Repayments and sales	0
Capitalization of interest	0
Changes in fair value included in income arising from:
Changes in instrument- specific credit risk	0
Other factors	4,114
Total	4,114
Ending balance	4,114	0
Changes in fair value recognized during the period relating to assets	4,114
Recurring [Member] | Mortgage loans at fair value [Member]
Assets:
Beginning balance	2,100,394	2,199,583	2,076,665
Purchases and issuances	0	241,981	554,604
Repayments and sales	(626,095)	(218,585)	(572,586)
Capitalization of interest	84,820	57,754	65,050
ESS received pursuant to a recapture agreement with PFSI	0	0	0
Interest rate lock commitments issued, net		0	0
Sales			0
Servicing received as proceeds from sales of mortgage loans	0	0	0
Proceeds from CRT Agreements	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	26,910	42,267	34,785
Other factors	(30,414)	38,866	179,896
Total	(3,504)	81,133	214,681
Transfers of mortgage loans to REO and real estate held for investment	(201,043)
Transfers of mortgage loans to REO		(285,331)	(344,733)
Transfers of mortgage loans at fair value from level 2 to level 3		23,859
Transfers of mortgage loans under forward purchase agreements to mortgage loans			205,902
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	1,354,572	2,100,394	2,199,583
Changes in fair value recognized during the period relating to assets	(15,877)	77,867	134,724
Recurring [Member] | Excess servicing spread [Member]
Assets:
Beginning balance	412,425	191,166	138,723
Purchases and issuances	0	271,554	99,728
Repayments and sales	(129,037)	(78,578)	(39,257)
Capitalization of interest	22,601	25,365	13,292
ESS received pursuant to a recapture agreement with PFSI	6,603	6,728	7,342
Interest rate lock commitments issued, net		0	0
Sales			0
Servicing received as proceeds from sales of mortgage loans	0	0	0
Proceeds from CRT Agreements	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0
Other factors	(23,923)	(3,810)	(28,662)
Total	(23,923)	(3,810)	(28,662)
Transfers of mortgage loans to REO and real estate held for investment	0
Transfers of mortgage loans to REO		0	0
Transfers of mortgage loans at fair value from level 2 to level 3		0
Transfers of mortgage loans under forward purchase agreements to mortgage loans			0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	288,669	412,425	191,166
Changes in fair value recognized during the period relating to assets	(16,713)	(3,810)	(28,662)
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	66,584	57,358	26,452
Purchases and issuances	2,739	2,335	0
Repayments and sales	0	0	(139)
Capitalization of interest	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0
Interest rate lock commitments issued, net		0	0
Sales			0
Servicing received as proceeds from sales of mortgage loans	7,337	13,963	47,693
Proceeds from CRT Agreements	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0
Other factors	(12,524)	(7,072)	(16,648)
Total	(12,524)	(7,072)	(16,648)
Transfers of mortgage loans to REO and real estate held for investment	0
Transfers of mortgage loans to REO		0	0
Transfers of mortgage loans at fair value from level 2 to level 3		0
Transfers of mortgage loans under forward purchase agreements to mortgage loans			0
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0
Ending balance	64,136	66,584	57,358
Changes in fair value recognized during the period relating to assets	$ (12,524)	(7,072)	(16,648)
Recurring [Member] | Mortgage loans under forward purchase agreements [Member]
Assets:
Beginning balance		$ 0	218,128
Purchases and issuances			1,386
Repayments and sales			(6,413)
Capitalization of interest			1,800
ESS received pursuant to a recapture agreement with PFSI			0
Interest rate lock commitments issued, net			0
Sales			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			1,815
Other factors			(1,012)
Total			803
Transfers of mortgage loans to REO			0
Transfers of mortgage loans under forward purchase agreements to mortgage loans			(205,902)
Transfers of mortgage loans under forward purchase agreements to REO under forward purchase agreements			(9,802)
Transfers of interest rate lock commitments to mortgage loans acquired for sale			0
Ending balance			0
Changes in fair value recognized during the period relating to assets			$ 0

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
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	$ 1,721,741	$ 2,555,788
Mortgage loans at fair value	1,721,741	2,555,788
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	2,208,183	3,292,043
Unpaid principal balance	2,208,183	3,292,043
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	(486,442)	(736,255)
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	1,672,181	1,283,275
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	145	304
In foreclosure	786	216
Fair value option loans held as assets, Total	931	520
Mortgage loans at fair value	1,673,112	1,283,795
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,633,569	1,235,433
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	189	333
In foreclosure	717	253
Unpaid principal balance of loans outstanding at period-end	1,634,475	1,236,019
Fair value option loans held as assets ninety days or less past due aggregate difference	38,612	47,842
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(44)	(29)
In foreclosure	69	(37)
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	38,637	47,776
Mortgage loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	906	586
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	25	(66)
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	367,169	455,394
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	367,169	455,394
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	368,524	454,935
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	0	0
In foreclosure	0	0
Unpaid principal balance	368,524	454,935
Fair value option loans held as assets ninety days or less past due aggregate difference	(1,355)	459
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	(1,355)	459
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 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	611,584	877,438
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	305,431	459,060
In foreclosure	437,557	763,896
Mortgage loans at fair value	1,354,572	2,100,394
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	818,665	1,134,560
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	425,460	640,343
In foreclosure	595,534	1,062,205
Unpaid principal balance	1,839,659	2,837,108
Fair value option loans held as assets ninety days or less past due aggregate difference	(207,081)	(257,122)
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(120,029)	(181,283)
In foreclosure	(157,977)	(298,309)
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	(485,087)	(736,714)
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	742,988	1,222,956
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance	1,020,994	1,702,548
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	$ (278,006)	$ (479,592)

Fair Value - Summary of Chan106

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	$ 106,442	$ 51,016	$ 35,647
Net gain on investments	7,175	53,985	201,809
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	(669)	(499)	(617)
Net mortgage loan servicing fees	0	0	0
Net gain on investments	3,238	4,260	(8,459)
Total	2,569	3,761	(9,076)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0	0
Net interest income	(669)	(499)	(617)
Net mortgage loan servicing fees	0	0	0
Net gain on investments	3,238	4,260	(8,459)
Total	2,569	3,761	(9,076)
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 mortgage loan servicing fees	0	0	0
Net gain on investments	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	(2,391)	(35)	357
Net mortgage loan servicing fees	0	0	0
Net gain on investments	(13,168)	(5,224)	10,416
Total	(15,559)	(5,259)	10,773
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	55,350	71,880	100,213
Net interest income	0	0	0
Net mortgage loan servicing fees	0	0	0
Net gain on investments	0	0	0
Total	55,350	71,880	100,213
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	1,294	1,253	1,848
Net mortgage loan servicing fees	0	0	0
Net gain on investments	(5,252)	70,470	242,449
Total	(3,958)	71,723	244,297
Mortgage loans under forward purchase agreements at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on investments			803
Total			803
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 mortgage loan servicing fees	0	0	0
Net gain on investments	(23,923)	3,239	(20,834)
Total	(23,923)	3,239	(20,834)
MSRs 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 mortgage loan servicing fees	(12,524)	(7,072)	(16,648)
Net gain on investments	0	0	0
Total	(12,524)	(7,072)	(16,648)
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	55,350	71,880	100,213
Net interest income	(1,097)	1,218	2,205
Net mortgage loan servicing fees	(12,524)	(7,072)	(16,648)
Net gain on investments	(42,343)	68,485	232,834
Total	$ (614)	$ 134,511	$ 318,604

Fair Value - Summary of Fina107

Fair Value - Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 125,683	$ 173,662
MSRs at lower of amortized cost or fair value	173,765	145,187
Total Assets	299,448	318,849
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	0	0
MSRs 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 acquired in settlement of loans	0	0
MSRs 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 acquired in settlement of loans	125,683	173,662
MSRs at lower of amortized cost or fair value	173,765	145,187
Total Assets	$ 299,448	$ 318,849

Fair Value - Summary of Chan108

Fair Value - Summary of Changes in Fair Value Recognized in Assets that Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MSRs at lower of amortized cost or fair value	$ 2,728	$ 3,229	$ 5,138
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	(17,561)	(24,546)	(24,896)
MSRs at lower of amortized cost or fair value	(2,728)	(3,229)	(5,138)
Total assets, gains (losses) recognized	$ (20,289)	$ (27,775)	$ (30,034)

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, 2016	Dec. 31, 2015
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	2.60%	2.50%
Twelve-month projected housing price index change	2.50%	1.50%
Prepayment speed	0.10%	0.10%
Total prepayment speed	2.90%	0.50%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	15.00%	15.00%
Twelve-month projected housing price index change	4.80%	5.10%
Prepayment speed	10.90%	9.60%
Total prepayment speed	24.60%	27.20%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	7.10%	7.10%
Twelve-month projected housing price index change	3.70%	3.60%
Prepayment speed	4.00%	3.70%
Total prepayment speed	17.70%	19.60%

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
UPB of underlying mortgage loans (in thousands)	$ 752,850	$ 1,430,795	$ 4,573,369
Average servicing fee rate (in basis points)	0.26%	0.25%	0.25%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.30%	8.50%	9.10%
Annual total prepayment speed	10.70%	13.20%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.20%	7.20%	8.50%
Annual total prepayment speed	6.80%	9.20%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.60%	16.30%	14.30%
Annual total prepayment speed	24.20%	32.50%
Excess servicing spread [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
UPB of underlying mortgage loans (in thousands)	$ 32,376,359	$ 51,966,405
Average servicing fee rate (in basis points)	0.34%	0.32%
Average ESS rate (in basis points)	0.19%	0.17%
Pricing spread	4.40%	5.70%
Life (in years)	6 years 9 months 18 days	6 years 10 months 24 days
Annual total prepayment speed	10.50%	9.60%
Excess servicing spread [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	3.80%	4.80%
Life (in years)	1 year 4 months 24 days	1 year 4 months 24 days
Annual total prepayment speed	7.00%	5.20%
Excess servicing spread [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	4.80%	6.50%
Life (in years)	8 years 7 months 6 days	9 years
Annual total prepayment speed	41.30%	52.40%

Fair Value - Quantitative Su111

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Dec. 31, 2016	Dec. 31, 2015
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	60.70%	60.20%
Servicing fee multiple	2.60%	2.10%
Percentage of UPB	0.70%	0.50%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	100.00%	100.00%
Servicing fee multiple	6.00%	6.20%
Percentage of UPB	1.50%	3.80%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	88.50%	92.40%
Servicing fee multiple	5.00%	4.90%
Percentage of UPB	1.30%	1.20%

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized	$ 7,337,000	$ 13,963,000	$ 47,693,000
Fair value, UPB of underlying mortgage loans	$ 752,850,000	$ 1,430,795,000	$ 4,573,369,000
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.26%	0.25%	0.25%
Amortized cost, MSR recognized	$ 267,755,000	$ 140,511,000	$ 73,640,000
Amortized cost, UPB of underlying mortgage loans	$ 22,068,577,000	$ 12,195,574,000	$ 6,800,637,000
Amortized cost, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.25%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	7.20%	7.20%	8.50%
Fair value inputs, Weighted average life during period	2 years 2 months 12 days	2 years 2 months 12 days	1 year 7 months 6 days
Fair value inputs, Annual prepayment speed during period	7.20%	6.80%	8.00%
Fair value inputs, Annual per loan cost of servicing during period	$ 68	$ 62	$ 59
Amortized cost, Pricing spread during period	7.20%	6.50%	6.30%
Amortized cost, Life (in years)	1 year 4 months 24 days	1 year 3 months 18 days	1 year 1 month 6 days
Amortized cost, Annual prepayment speed during period	3.30%	3.50%	7.60%
Amortized cost, Annual per loan cost of servicing during period	$ 68	$ 62	$ 59
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	7.60%	16.30%	14.30%
Fair value inputs, Weighted average life during period	9 years 4 months 24 days	9 years 4 months 24 days	7 years 3 months 18 days
Fair value inputs, Annual prepayment speed during period	38.00%	34.20%	42.70%
Fair value inputs, Annual per loan cost of servicing during period	$ 82	$ 68	$ 140
Amortized cost, Pricing spread during period	12.60%	17.50%	17.50%
Amortized cost, Life (in years)	12 years 3 months 18 days	12 years	7 years 3 months 18 days
Amortized cost, Annual prepayment speed during period	49.20%	51.00%	56.40%
Amortized cost, Annual per loan cost of servicing during period	$ 79	$ 134	$ 140
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	7.30%	8.50%	9.10%
Fair value inputs, Weighted average life during period	5 years 10 months 24 days	6 years 4 months 24 days	7 years 1 month 6 days
Fair value inputs, Annual prepayment speed during period	14.50%	12.30%	9.70%
Fair value inputs, Annual per loan cost of servicing during period	$ 73	$ 65	$ 68
Amortized cost, Pricing spread during period	7.50%	7.90%	8.60%
Amortized cost, Life (in years)	8 years	6 years 10 months 24 days	6 years 4 months 24 days
Amortized cost, Annual prepayment speed during period	8.30%	9.00%	9.60%
Amortized cost, Annual per loan cost of servicing during period	$ 77	$ 64	$ 69

Fair Value - Quantitative Su113

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, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 64,136,000	$ 66,584,000	$ 57,358,000	$ 26,452,000
UPB of underlying mortgage loans, Fair Value	$ 5,763,957,000	$ 6,458,684,000
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.25%	0.25%
Weighted-average note interest rate, Fair value	4.70%	4.70%
Carrying value, Amortized cost	$ 592,431,000	$ 393,157,000	$ 300,422,000
UPB of underlying mortgage loans, Amortized cost	$ 50,539,707,000	$ 35,841,654,000
Weighted-average annual servicing fee rate (in basis points), Amortized cost	0.25%	0.26%
Weighted-average note interest rate, Amortized cost	3.80%	3.90%
Pricing Spread [Member] | Effect On Value Of Five Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	$ (979,000)	$ (944,000)
Effect on value of percentage adverse change, Amortized cost	(10,018,000)	(6,411,000)
Pricing Spread [Member] | Effect On Value Of Ten Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(1,929,000)	(1,862,000)
Effect on value of percentage adverse change, Amortized cost	(19,738,000)	(12,635,000)
Pricing Spread [Member] | Effect On Value Of Twenty Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(3,748,000)	(3,621,000)
Effect on value of percentage adverse change, Amortized cost	(38,330,000)	(24,553,000)
Prepayment Speed [Member] | Effect On Value Of Five Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(1,379,000)	(1,793,000)
Effect on value of percentage adverse change, Amortized cost	(9,436,000)	(8,159,000)
Prepayment Speed [Member] | Effect On Value Of Ten Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(2,704,000)	(3,502,000)
Effect on value of percentage adverse change, Amortized cost	(18,578,000)	(16,024,000)
Prepayment Speed [Member] | Effect On Value Of Twenty Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(5,202,000)	(6,692,000)
Effect on value of percentage adverse change, Amortized cost	(36,037,000)	(30,938,000)
Cost of Servicing [Member] | Effect On Value Of Five Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(555,000)	(470,000)
Effect on value of percentage adverse change, Amortized cost	(4,650,000)	(2,742,000)
Cost of Servicing [Member] | Effect On Value Of Ten Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(1,110,000)	(940,000)
Effect on value of percentage adverse change, Amortized cost	(9,300,000)	(5,484,000)
Cost of Servicing [Member] | Effect On Value Of Twenty Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(2,220,000)	(1,880,000)
Effect on value of percentage adverse change, Amortized cost	$ (18,600,000)	$ (10,968,000)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	7.60%	7.20%
Estimated fair value inputs, Prepayment speed	6.80%	9.20%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 77	$ 68
Amortized cost, Pricing spread	7.60%	7.20%
Amortized cost, Weighted average life (in years)	3 years 1 month 6 days	1 year 3 months 18 days
Amortized cost, Prepayment speed	6.70%	8.10%
Amortized cost, Annual per-loan cost of servicing	$ 78	$ 68
Minimum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Weighted average life (in years)	3 years 2 months 12 days	2 years 6 months
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	12.60%	10.20%
Estimated fair value inputs, Prepayment speed	24.20%	32.50%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 79	$ 68
Amortized cost, Pricing spread	13.00%	10.70%
Amortized cost, Weighted average life (in years)	8 years 6 months	7 years 8 months 12 days
Amortized cost, Prepayment speed	25.70%	51.50%
Amortized cost, Annual per-loan cost of servicing	$ 79	$ 68
Maximum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Weighted average life (in years)	7 years	6 years 1 month 6 days
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	7.60%	7.20%
Estimated fair value inputs, Prepayment speed	10.70%	13.20%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 79	$ 68
Amortized cost, Pricing spread	7.60%	7.30%
Amortized cost, Weighted average life (in years)	8 years	7 years 2 months 12 days
Amortized cost, Prepayment speed	7.70%	9.60%
Amortized cost, Annual per-loan cost of servicing	$ 79	$ 68
Weighted Average [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Weighted average life (in years)	8 years	6 years 1 month 6 days

Mortgage Loans Acquired for 114

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, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	$ 1,673,112	$ 1,283,795
Mortgage loans pledged to secure: Assets sold under agreements to repurchase	1,653,748	1,268,455
Mortgage loans pledged to secure total	1,653,748	1,268,455
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	1,627,010	1,204,462
Mortgage loans pledged to secure mortgage loan participation and sale agreements	26,738	0
Mortgage loans pledged to secure Federal Home Loan Bank ("FHLB") advances	0	63,993
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	847,810	540,947
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	6,042	54,613
Held for Sale to PLS - Government-Insured or Guaranteed [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	804,616	669,288
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	8,961	14,590
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	$ 5,683	$ 4,357

Mortgage Loans Acquired for 115

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Sourcing fee on average number of calendar days mortgage loans are held prior to purchase by PLS	0.02%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Sourcing fee on average number of calendar days mortgage loans are held prior to purchase by PLS	0.035%

Derivative Financial Instrum116

Derivative Financial Instruments - Derivative Assets and Liabilities Recorded within Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Total derivative assets instruments before netting	$ 71,093,000	$ 13,385,000
Derivative assets, Netting	(37,384,000)	(3,300,000)
Net amounts of assets presented in the consolidated balance sheet	33,709,000	10,085,000
Margin deposits (received from) placed with derivatives counterparties included in Other assets	(18,071,000)	679,000
Total derivative liabilities	28,885,000	7,135,000
Derivative liabilities, Netting	(19,312,000)	(3,978,000)
Total derivative liabilities after netting	9,573,000	3,157,000
Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,420,468,000	970,067,000
Total derivative assets instruments before netting	7,069,000	4,983,000
Net amounts of assets presented in the consolidated balance sheet	7,069,000	4,983,000
Total derivative liabilities	3,292,000	337,000
Forward Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	6,148,242,000	2,450,642,000	$ 1,601,283,000	$ 3,588,027,000
Total derivative assets instruments before netting	13,164,000	2,604,000
Derivative assets, Netting	0	0
Net amounts of assets presented in the consolidated balance sheet	13,164,000	2,604,000
Total derivative liabilities	17,974,000	2,680,000
Forward Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	4,840,707,000	2,469,550,000	1,100,700,000	2,781,066,000
Total derivative assets instruments before netting	30,879,000	2,444,000
Derivative assets, Netting	0	0
Net amounts of assets presented in the consolidated balance sheet	30,879,000	2,444,000
Total derivative liabilities	7,619,000	3,774,000
MBS Put Options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	925,000,000	375,000,000	340,000,000	55,000,000
Total derivative assets instruments before netting	1,697,000	93,000
Derivative assets, Netting	0	0
Net amounts of assets presented in the consolidated balance sheet	1,697,000	93,000
Total derivative liabilities	0	0
MBS Call Options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	750,000,000	0	0	110,000,000
Total derivative assets instruments before netting	142,000	0
Derivative assets, Netting	0	0
Net amounts of assets presented in the consolidated balance sheet	142,000	0
Swap Futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	150,000,000	0
Total derivative assets instruments before netting	0	0
Total derivative liabilities	0	0
Eurodollar Future Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,351,000,000	1,755,000,000	7,426,000,000	8,779,000,000
Total derivative assets instruments before netting	0	0
Total derivative liabilities	0	0
Call Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	200,000,000	50,000,000	1,030,000,000	0
Total derivative assets instruments before netting	63,000	1,156,000
Derivative assets, Netting	0	0
Net amounts of assets presented in the consolidated balance sheet	63,000	1,156,000
Total derivative liabilities	0	305,000
Put Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	550,000,000	1,600,000,000	275,000,000	$ 52,500,000
Total derivative assets instruments before netting	2,469,000	1,512,000
Derivative assets, Netting	0	0
Net amounts of assets presented in the consolidated balance sheet	2,469,000	1,512,000
Total derivative liabilities	0	39,000
CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Notional amount	14,379,850,000	4,546,265,000	$ 0
Total derivative assets instruments before netting	15,610,000	593,000
Net amounts of assets presented in the consolidated balance sheet	15,610,000	0
Total derivative liabilities	$ 0	$ 0

Derivative Financial Instrum117

Derivative Financial Instruments - Summary of Activity in Notional Amount for Derivative Contracts and Derivatives Arising from CRT Agreements (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	$ 4,546,265,000	$ 0
Additions	11,190,933,000	4,602,507,000
Dispositions/expirations	(1,357,348,000)	(56,242,000)
Balance, end of period	14,379,850,000	4,546,265,000	$ 0
Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	2,450,642,000	1,601,283,000	3,588,027,000
Additions	99,737,855,000	51,449,971,000	45,904,253,000
Dispositions/expirations	(96,040,255,000)	(50,600,612,000)	(47,890,997,000)
Balance, end of period	6,148,242,000	2,450,642,000	1,601,283,000
Forward Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	2,469,550,000	1,100,700,000	2,781,066,000
Additions	73,269,440,000	37,757,703,000	33,418,838,000
Dispositions/expirations	(70,898,283,000)	(36,388,853,000)	(35,099,204,000)
Balance, end of period	4,840,707,000	2,469,550,000	1,100,700,000
MBS Put Options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	375,000,000	340,000,000	55,000,000
Additions	12,400,000,000	2,177,500,000	2,087,500,000
Dispositions/expirations	(11,850,000,000)	(2,142,500,000)	(1,802,500,000)
Balance, end of period	925,000,000	375,000,000	340,000,000
MBS Call Options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	0	110,000,000
Additions	750,000,000	140,000,000	230,000,000
Dispositions/expirations	0	(140,000,000)	(340,000,000)
Balance, end of period	750,000,000	0	0
Swap Futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0
Additions	175,000,000
Dispositions/expirations	(25,000,000)
Balance, end of period	150,000,000	0
Eurodollar Future Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,755,000,000	7,426,000,000	8,779,000,000
Additions	282,000,000	385,000,000	3,032,000,000
Dispositions/expirations	(686,000,000)	(6,056,000,000)	(4,385,000,000)
Balance, end of period	1,351,000,000	1,755,000,000	7,426,000,000
Treasury Future Buy Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	0	0
Additions	558,700,000		439,200,000
Dispositions/expirations	(558,700,000)		(439,200,000)
Balance, end of period	0	0	0
Eurodollar Future Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	800,000,000	0
Additions		0	4,087,000,000
Dispositions/expirations		(800,000,000)	(3,287,000,000)
Balance, end of period		0	800,000,000
Treasury Future Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	85,000,000	105,000,000
Additions	558,700,000	161,500,000	482,600,000
Dispositions/expirations	(558,700,000)	(246,500,000)	(502,600,000)
Balance, end of period	0	0	85,000,000
Call Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	50,000,000	1,030,000,000	0
Additions	4,425,000,000	4,510,000,000	3,530,000,000
Dispositions/expirations	(4,275,000,000)	(5,490,000,000)	(2,500,000,000)
Balance, end of period	200,000,000	50,000,000	1,030,000,000
Put Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,600,000,000	275,000,000	52,500,000
Additions	7,445,000,000	5,743,000,000	1,687,500,000
Dispositions/expirations	(8,495,000,000)	(4,418,000,000)	(1,465,000,000)
Balance, end of period	$ 550,000,000	$ 1,600,000,000	$ 275,000,000

Derivative Financial Instrum118

Derivative Financial Instruments - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	$ 87,836	$ 37,725	$ 73,693
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	7,251	(19,353)	(22,565)
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	32,500	593	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	50,274	(16,781)	(68,679)
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	$ 2,271	$ 481	$ 11,527

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, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Fair value	$ 1,721,741	$ 2,555,788
Unpaid principal balance	2,208,183	3,292,043
Asset-backed financing of a VIE at fair value and FHLB advances	367,169	455,394
FHLB advances	0	63,993
Mortgage loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,673,112	1,283,795
Assets sold under agreements to repurchase	1,345,021	2,067,341
FHLB advances	0	134,172
Fixed interest rate jumbo mortgage loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	367,169	455,394
Unpaid principal balance	368,524	454,935
Distressed mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,354,572	2,100,394
Unpaid principal balance	1,839,659	2,837,108
Distressed mortgage loans [Member] | Nonperforming mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	742,988	1,222,956
Unpaid principal balance	1,020,994	1,702,548
Distressed mortgage loans [Member] | Performing mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	611,584	877,438
Unpaid principal balance	818,665	1,134,560
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Fixed interest rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	296,901	417,658
Unpaid principal balance	408,943	535,610
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Interest rate step-up [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	232,700	299,569
Unpaid principal balance	317,409	412,749
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Adjustable-rate/hybrid [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	81,983	160,051
Unpaid principal balance	92,313	185,997
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Balloon [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	0	160
Unpaid principal balance	$ 0	$ 204

Mortgage Loans at Fair Value120

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Distressed Mortgage Loans at Fair Value (Detail)	Dec. 31, 2016	Dec. 31, 2015
Risks And Uncertainties [Abstract]
Portion of mortgage loans originated between 2005 and 2007	72.00%	72.00%
Percentage of fair value of mortgage loans with unpaid-principal balance-to-current-property-value in excess of 100%	41.00%	48.00%

Mortgage Loans at Fair Value121

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, 2016	Dec. 31, 2015
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 Sett122

Real Estate Acquired in Settlement of Loans - Summary of Financial Information Relating to REO (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Balance at beginning of year	$ 341,846	$ 303,228	$ 138,942
Purchases	0	0	3,049
Transfers from mortgage loans at fair value and advances	207,431	307,455	364,945
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	(21,406)	(8,827)	0
Transfers from REO under forward purchase agreements	0	0	12,737
Results of REO:
Valuation adjustments, net	(36,193)	(40,432)	(45,476)
Gain on sale, net	17,075	21,255	13,498
Total gain (loss), net	(19,118)	(19,177)	(31,978)
Proceeds from sales	(234,684)	(240,833)	(184,467)
Balance at end of year	274,069	341,846	$ 303,228
At the end of year:
REO pledged to secure assets sold under agreements to repurchase	167,430	245,647
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	48,283	37,696
Real estate pledged to creditors	$ 215,713	$ 283,343

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Servicing Asset At Fair Value Changes In Fair Value [Abstract]
Balance at beginning of year	$ 66,584	$ 57,358	$ 26,452
Purchases	2,739	2,335	0
MSRs resulting from mortgage loan sales	7,337	13,963	47,693
Due to changes in valuation inputs used in valuation model	(3,210)	312	(11,455)
Other changes in fair value	(9,314)	(7,384)	(5,193)
Change in fair value, Total	(12,524)	(7,072)	(16,648)
Sales	0	0	(139)
Balance at year end	64,136	66,584	$ 57,358
MSRs carried at fair value pledged to secure notes payable at year end	$ 64,136	$ 66,584

Mortgage Servicing Rights - 124

Mortgage Servicing Rights - Summary of MSRs Carried at Lower of Amortized Cost or Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of year	$ 404,101	$ 308,137	$ 266,697
MSRs resulting from mortgage loan sales	267,755	140,511	73,640
Amortization	(65,647)	(43,982)	(31,911)
Sales	(106)	(565)	(289)
Balance at end of year	606,103	404,101	308,137
Balance at beginning of year	(10,944)	(7,715)	(2,577)
Additions	(2,728)	(3,229)	(5,138)
Balance at end of year	(13,672)	(10,944)	(7,715)
MSRs, net	592,431	393,157	300,422
Fair value at beginning of year	424,154	322,230	289,737
Fair value at year end	626,334	424,154	$ 322,230
Mortgage servicing rights [Member]
Servicing Asset at Amortized Cost, Balance [Roll Forward]
MSRs carried at lower of cost or fair value pledged to secure notes payable at year end	$ 592,431	$ 393,157

Mortgage Servicing Rights - 125

Mortgage Servicing Rights - Summary of Company's Estimate of Future Amortization of Existing MSRs Carried at Amortized Cost (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Servicing Asset Future Amortization Expense Abstract [Abstract]
2,017	$ 67,814
2,018	63,283
2,019	58,297
2,020	53,184
2,021	48,204
Thereafter	315,321
Total	$ 606,103

Mortgage Servicing Rights - 126

Mortgage Servicing Rights - Summary of Net Mortgage Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 125,961	$ 97,633	$ 76,300
Late charges	570	328	0
Other	5,302	4,186	3,708
Net mortgage loan servicing fees	$ 131,833	$ 102,147	$ 80,008

Assets Sold Under Agreements127

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Weighted-average interest rate	2.44%	2.33%	2.12%
Average balance	$ 3,382,528,000	$ 3,046,963,000	$ 2,311,273,000
Total interest expense	92,838,000	79,869,000	58,304,000
Maximum daily amount outstanding	5,573,021,000	4,710,412,000	$ 3,203,989,000
Unpaid principal balance	3,784,685,000	3,130,328,000
Assets sold under agreements to repurchase, At year end	$ 3,784,001,000	$ 3,128,780,000
Weighted-average interest rate	2.70%	2.33%
Available borrowing capacity, Committed	$ 518,932,000	$ 231,913,000
Available borrowing capacity, Uncommitted	1,092,253,000	661,756,000
Available borrowing capacity	1,611,185,000	893,669,000
Margin deposits placed with counterparties included in Other assets	29,634,000	7,268,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(684,000)	(1,548,000)
Mortgage-backed securities at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	863,802,000	313,753,000
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	1,627,010,000	1,204,462,000
Mortgage loans at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	1,345,021,000	2,067,341,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	215,713,000	283,343,000
Deposits securing CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	414,610,000	0
Derivative assets related to CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	$ 9,078,000	$ 0

Assets Sold Under Agreements128

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, 2016	Dec. 31, 2015
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 8.8	$ 8.9

Assets Sold Under Agreements129

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,784,685
Weighted average maturity (in months)	3 years 8 months 12 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 1,185,874
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,874,899
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	506,120
Maturity One Year To Two Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 217,792

Assets Sold Under Agreements130

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Citibank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 249,493
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jan. 21, 2017
Facility maturity	Mar. 3, 2017
Credit Suisse First Boston Mortgage Capital LLC [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 149,984
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Mar. 21, 2017
Facility maturity	Mar. 30, 2017
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 4,539
Weighted average maturity	Jan. 20, 2017
JPMorgan Chase & Co. [Member] | CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 72,670
Weighted average maturity	Jan. 13, 2017
JPMorgan Chase & Co. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 116,225
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Oct. 13, 2017
Facility maturity	Oct. 13, 2017
JPMorgan Chase & Co. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 1,854
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jan. 26, 2017
Facility maturity	Jan. 26, 2017
Royal Bank of Canada [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 2,590
Weighted average maturity	Jan. 19, 2017
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 15,526
Weighted average maturity	Jan. 17, 2017
Bank of America, N.A. [Member] | CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 33,731
Weighted average maturity	Jan. 16, 2017
Bank of America, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 23,156
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Mar. 22, 2017
Facility maturity	Mar. 29, 2017
Morgan Stanley Bank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 6,622
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Feb. 17, 2017
Facility maturity	Aug. 25, 2017
Barclays [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 4,590
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Mar. 21, 2017
Facility maturity	Dec. 1, 2017
Daiwa Capital Markets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 8,218
Weighted average maturity	Jan. 14, 2017
Wells Fargo Bank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 7,116
Weighted average maturity	Jan. 9, 2017
BNP Paribas Corporate & Institutional Banking [Member] | CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 19,498
Weighted average maturity	Jan. 13, 2017

Mortgage Loan Participation 131

Mortgage Loan Participation and Sale Agreements - Summary of Mortgage Loan Participation and Sale Agreements (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
At period end:
Mortgage loan participation and sale agreements, At year end	$ 25,917,000	$ 0
Mortgage Loan Participation and Sale Agreement [Member]
Mortgage Loan Participation And Sale Agreement [Line Items]
Weighted-average interest rate	1.74%	1.62%	1.42%
Average balance	$ 70,391,000	$ 49,318,000	$ 44,770,000
Total interest expense	1,376,000	1,001,000	912,000
Maximum daily amount outstanding	99,469,000	148,032,000	$ 116,363,000
At period end:
Amount outstanding	25,917,000	0
Unamortized debt issuance costs	0	0
Mortgage loan participation and sale agreements, At year end	$ 25,917,000	$ 0
Weighted-average interest rate	2.02%	0.00%
Mortgage loans acquired for sale pledged to secure mortgage loan participation and sale agreements	$ 26,738,000	$ 0

Mortgage Loan Participation 132

Mortgage Loan Participation and Sale Agreements - Summary of Mortgage Loan Participation and Sale Agreements (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loan Participation and Sale Agreement [Member]
Mortgage Loan Participation And Sale Agreement [Line Items]
Amortization of debt issuance costs	$ 130,000	$ 193,000

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Sep. 15, 2016	Jan. 22, 2016
Amended and Restated Loan and Security Agreement with Barclays Bank PLC, [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument	Dec. 1, 2017
Amended and Restated Loan and Security Agreement with Citibank, N.A. [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument	Mar. 31, 2017
Maximum [Member] | Amended and Restated Loan and Security Agreement with Barclays Bank PLC, [Member]
Short-term Debt [Line Items]
Aggregate loan amount			$ 220,000,000
Maximum [Member] | Amended and Restated Loan and Security Agreement with Citibank, N.A. [Member]
Short-term Debt [Line Items]
Aggregate loan amount		$ 125,000,000

Notes Payable - Summary of Fina

Notes Payable - Summary of Financial Information Relating to Note Payable (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
During the period:
Weighted-average interest rate	4.73%	4.31%
Average balance	$ 202,293,000	$ 119,307,000
Total interest expense	12,892,000	6,826,000
Carrying value:
Amount outstanding	275,106,000	236,107,000
Balance	$ 275,106,000	$ 236,015,000
Weighted-average interest rate	4.73%	4.53%
MSRs pledged to secure notes payable	$ 656,567,000	$ 459,741,000
Notes payable [Member]
During the period:
Maximum daily amount outstanding	275,106,000	236,107,000
Carrying value:
Unamortized debt issuance costs	$ 0	$ (92,000)

Notes Payable - Summary of F135

Notes Payable - Summary of Financial Information Relating to Note Payable (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Notes payable [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 3.2	$ 1.6

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Detail) - Exchangeable Senior Notes due May 1, 2020 [Member]	12 Months Ended
	Dec. 31, 2016USD ($)$ / 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, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Weighted-average UPB	$ 250,000	$ 250,000	$ 250,000
Carrying value:
UPB	250,000	250,000
Exchangeable senior notes	246,089	245,054		$ 245,824	$ 245,564	$ 245,307	$ 244,805	$ 244,559	$ 244,317
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest expense	14,473	14,413	$ 14,358
Carrying value:
Unamortized debt issuance costs	$ (3,911)	$ (4,946)

Exchangeable Senior Notes - 138

Exchangeable Senior Notes - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest Expense [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Amortization of commitment fees and debt issuance costs	$ 1,000,000	$ 975,000	$ 920,000

Asset-Backed Financing of a 139

Asset-Backed Financing of a Variable Interest Entity at Fair Value - Summary of Financial Information Relating to Asset-Backed Financing of a VIE (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 353,898	$ 247,690		$ 384,407	$ 325,939	$ 344,693	$ 234,287	$ 151,489	$ 162,222
Variable Interest Entities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	353,898	247,690
Asset-Backed Financing of the VIE at Fair Value [Member] | Variable Interest Entities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Weighted-average fair value	338,582	186,430	$ 167,752
Interest expense	$ 12,091	$ 6,840	$ 6,490
Weighted-average effective interest rate	3.32%	3.35%	3.82%
Carrying value	$ 353,898	$ 247,690
UPB	$ 355,494	$ 248,284
Weighted-average interest rate	3.50%	3.50%

Federal Home Loan Bank Advan140

Federal Home Loan Bank Advances - Additional Information (Detail) - Federal Home Loan Bank Advances [Member]	12 Months Ended
	Dec. 31, 2016USD ($)
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 Advan141

Federal Home Loan Bank Advances - Summary of FHLB Advances (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Federal Home Loan Banks [Abstract]
Weighted-average interest rate	0.00%	0.30%	0.49%	0.30%
Average balance			$ 24,375,000	$ 89,512,000
Total interest expense			122,000	275,000
Maximum daily amount outstanding	$ 201,130,000	$ 196,100,000	201,130,000	196,100,000
Carrying value	0	183,000,000	0	183,000,000	$ 0	$ 0	$ 0	$ 183,000,000	$ 138,400,000	$ 0
Mortgage-backed securities	0	8,720,000	0	8,720,000
Mortgage loans acquired for sale at fair value	0	63,993,000	0	63,993,000
Mortgage loans at fair value	$ 0	$ 134,172,000	$ 0	$ 134,172,000

Liability for Losses under R142

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Banking [Abstract]
Balance, beginning of period	$ 20,171	$ 14,242	$ 10,110
Provision for losses
Pursuant to mortgage loan sales	3,254	5,771	4,255
Reduction in liability due to change in estimate	(7,564)	0	0
Losses incurred	(511)	(176)	(123)
Recoveries	0	334
Balance, end of period	15,350	20,171	14,242
UPB of mortgage loans subject to representations and warranties at period end	$ 56,114,162	$ 41,842,601	$ 34,673,414

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase mortgage loans acquired for sale	$ 1,420,468
Commitments to fund Deposits securing credit risk transfer agreements	$ 92,109

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2016	Aug. 31, 2015
Schedule of Capitalization, Equity [Line Items]
Reimbursement agreement effective date	Feb. 1, 2013
Reimbursement paid for every $100 of performance incentive fees earned	$ 10
Performance incentive fees earned	100
Payments of contingent underwriting fees to underwriters	0	$ 473,000	$ 1,700,000
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	$ 0	$ 237,000	$ 651,000
ATM Equity Offering Sales Agreement SM [Member]
Schedule of Capitalization, Equity [Line Items]
Number of common shares sold under Sales Agreement	0
Amount of common stock available for future issuance under Sales Agreement	$ 85,300,000
Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Common stock shares Repurchase authorized amount				$ 200,000,000	$ 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

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Common shares repurchased	7,368	1,045
Cost of common shares repurchased	$ 98,370	$ 16,338
Cumulative shares repurchased	8,413
Cumulative cost of shares repurchased	$ 114,708

Net Interest Income - Summary o

Net Interest Income - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
ESS purchased from PFSI, at fair value	$ 222,122	$ 201,345	$ 172,348
Interest expense:
Total interest expense	92,838	79,869	58,304
Notes payable	12,892	6,826
Interest expense, total	149,768	124,708	85,589
Net interest income	72,354	76,637	86,759
PennyMac Financial Services, Inc. [Member]
Interest income:
ESS purchased from PFSI, at fair value	22,601	25,365	13,292
Interest expense:
Notes payable	7,830	3,343	0
Interest expense, total	7,830	3,343	0
Nonaffiliates [Member]
Interest income:
Short-term investments	923	815	604
Mortgage-backed securities	14,663	10,267	8,226
Mortgage loans acquired for sale at fair value	54,750	48,281	23,974
Distressed	107,044	96,536	100,340
Under forward purchase agreements	0	0	3,584
Placement fees relating to custodial funds	4,058	0	0
Deposits securing CRT Agreements	930	0	0
Other	111	178	48
ESS purchased from PFSI, at fair value	199,521	175,980	159,056
Interest expense:
Total interest expense	92,838	79,869	58,304
Mortgage loan participation and sale agreements	1,376	1,001	912
Notes payable	12,892	6,826	0
Exchangeable Notes	14,473	14,413	14,358
Asset-backed financings of VIEs at fair value	12,091	13,754	6,490
FHLB advances	122	275	0
Borrowings under forward purchase agreements	0	0	2,363
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	6,812	4,207	2,004
Placement fees on mortgage loan impound deposits	1,334	1,020	1,158
Interest expense, total	141,938	121,365	85,589
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Mortgage loans at fair value	$ 17,042	$ 19,903	$ 22,280

Net Gain on Mortgage Loans A147

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Non cash gain:
Receipt of MSRs in mortgage loan sale transactions	$ 275,092	$ 154,474	$ 121,333
Provision for losses relating to representations and warranties provided in mortgage loan sales
Pursuant to mortgage loans sales	(3,254)	(5,771)	(4,255)
Reduction in liability due to change in estimate	(7,564)	0	0
Change in fair value of financial instruments held at period end:
Net gain on mortgage loans acquired for sale	106,442	51,016	35,647
PennyMac Financial Services, Inc. [Member]
Change in fair value of financial instruments held at period end:
Net gain on mortgage loans acquired for sale	9,224	7,575	4,252
Nonaffiliates [Member]
Cash loss:
Mortgage loans	(229,743)	(84,489)	(25,241)
Hedging activities	30,927	(17,742)	(57,161)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(198,816)	(102,231)	(82,402)
Non cash gain:
Receipt of MSRs in mortgage loan sale transactions	275,092	154,474	121,333
Provision for losses relating to representations and warranties provided in mortgage loan sales
Pursuant to mortgage loans sales	(3,254)	(5,771)	(4,255)
Reduction in liability due to change in estimate	7,564	0	0
Change in fair value of financial instruments held at period end:
IRLCs	(869)	(1,015)	4,412
Mortgage loans	(1,846)	(2,977)	3,825
Hedging derivatives	19,347	961	(11,518)
Total non cash portion of gain on mortgage loans acquired for sale	16,632	(3,031)	(3,281)
Net gain on mortgage loans acquired for sale	$ 97,218	$ 43,441	$ 31,395

Net Gain on Investments - Summa

Net Gain on Investments - Summary of Net Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net gain (loss) on investments:
Net gain (loss) on investments	$ 7,175	$ 53,985	$ 201,809
Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage-backed securities	(13,168)	(5,224)	10,416
Mortgage loans at fair value	0	0	0
CRT Agreements	32,500	593	0
Asset-backed financing of a VIE at fair value	3,238	4,260	(8,459)
Hedging derivatives	7,251	(19,353)	(22,565)
Net gain (loss) on investments	24,569	50,746	222,643
PennyMac Financial Services, Inc. [Member]
Net gain (loss) on investments:
Net gain (loss) on investments	(17,394)	3,239	(20,834)
Variable Interest Entities [Member] | Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage loans at fair value	(1,748)	(10,663)	27,768
Distressed mortgage loans [Member] | Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage loans at fair value	$ (3,504)	$ 81,133	$ 215,483

Net Mortgage Loan Servicing 149

Net Mortgage Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of Net Servicing Fee Income [Line Items]
Servicing fees	$ 131,833	$ 102,147	$ 80,008
Effect of MSRs:
Amortization	(65,647)	(43,982)	(31,911)
Provision for impairment	(2,728)	(3,229)	(5,138)
Carried at fair value-change in fair value	(12,524)	(7,072)	(16,648)
Total Effect of MSRs	(78,628)	(53,615)	(42,124)
Net mortgage loan servicing fees	54,789	49,319	37,893
Average servicing portfolio	49,626,758	38,450,379	30,720,168
PennyMac Financial Services, Inc. [Member]
Effect of MSRs:
Net mortgage loan servicing fees	1,573	787	9
From PFSI-MSR recapture income	1,573	787	9
Nonaffiliates [Member]
Components of Net Servicing Fee Income [Line Items]
Servicing fees	131,833	102,147	80,008
Effect of MSRs:
Amortization	(65,647)	(43,982)	(31,911)
Provision for impairment	(2,728)	(3,229)	(5,138)
Gain on sale	11	187	46
Carried at fair value-change in fair value	(12,524)	(7,072)	(16,648)
Total Effect of MSRs	(78,617)	(53,615)	(42,124)
Net mortgage loan servicing fees	53,216	48,532	37,884
Nonaffiliates [Member] | Mortgage service rights [Member]
Effect of MSRs:
Gains on hedging derivatives	$ 2,271	$ 481	$ 11,527

Share-Based Compensation Pla150

Share-Based Compensation Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share units outstanding expected to vest | shares	653,210
Weighted average grant date fair value of shares expected to vest | $ / shares	$ 17.34
Weighted average remaining vesting period of shares expected to vest	12 months
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share units outstanding expected to vest | shares	112,079
Weighted average grant date fair value of shares expected to vest | $ / shares	$ 9.50
Weighted average remaining vesting period of shares expected to vest	12 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Company's issued and outstanding shares	8.00%
Maximum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Share-Based Compensation Pla151

Share-Based Compensation Plans - Summary of Share-Based Compensation Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of units:
Outstanding at beginning of year	734,000	725,000	661,000
Granted	330,000	312,000	300,000
Vested	(299,000)	(302,000)	(234,000)
Canceled or forfeited	0	(1,000)	(2,000)
Outstanding at end of year	765,000	734,000	725,000
Weighted Average Grant Date Fair Value:
Outstanding at beginning of year	$ 21.26	$ 21	$ 19.95
Granted	10.46	21.06	21.05
Vested	18.46	19.65	19.68
Expired or canceled	0	21.29	18.74
Outstanding at end of year	$ 16.19	$ 21.26	$ 21
Compensation expense recorded during the year	$ 5,748	$ 6,346	$ 7,107
Fair value of vested units during the year	$ 5,510	$ 5,929	$ 4,615
At period end:
Units available for future awards	4,632,000
Unamortized compensation cost	$ 4,118

Other Expenses - Summary of Oth

Other Expenses - Summary of Other Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Non operating Income Expense [Line Items]
Total other expenses	$ 18,225	$ 16,471	$ 14,763
Real Estate Held for Investment [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	3,213	604	0
Common Overhead Allocation from PFSI [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	7,898	10,742	10,477
Technology [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,448	1,279	984
Insurance [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,326	1,304	989
Other [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	$ 4,340	$ 2,542	$ 2,313

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Characterization of Distributions (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Ordinary income	60.00%	41.00%	86.00%
Long term capital gain	40.00%	25.00%	14.00%
Return of capital	0.00%	34.00%	0.00%

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Income Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current expense:
Federal	$ 361	$ 671	$ 352
State	81	204	104
Total current expense	442	875	456
Deferred benefit:
Federal	(8,790)	(13,124)	(10,232)
State	(5,699)	(4,547)	(5,304)
Total deferred benefit	(14,489)	(17,671)	(15,536)
Total benefit from income taxes	$ (14,047)	$ (16,796)	$ (15,080)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Company's Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory tax rate, Amount	$ 21,617	$ 25,656	$ 62,812
Effect of non-taxable REIT income, Amount	(32,501)	(40,366)	(74,480)
State income taxes, net of federal benefit, Amount	(3,652)	(2,823)	(3,380)
Other, Amount	489	737	(32)
Valuation allowance, Amount	0	0	0
Total benefit from income taxes	$ (14,047)	$ (16,796)	$ (15,080)
Federal income tax expense at statutory tax rate, Rate	35.00%	35.00%	35.00%
Effect of non-taxable REIT income, Rate	(52.60%)	(55.10%)	(41.50%)
State income taxes, net of federal benefit, Rate	(5.90%)	(3.90%)	(1.90%)
Other, Rate	0.80%	1.10%	0.00%
Valuation allowance, Rate	0.00%	0.00%	0.00%
Benefit from income taxes	(22.70%)	(22.90%)	(8.40%)

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Deferred Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Real estate valuation loss	$ 2,732	$ (1,577)	$ (5,079)
Mortgage servicing rights	10,597	(31,324)	27,996
Net operating loss carryforward	(19,863)	33,297	(35,963)
Liability for losses under representations and warranties	2,222	(2,467)	(5,944)
Excess interest expense disallowance	(8,721)	(15,384)
Other	(1,456)	(216)	3,454
Valuation allowance			0
Total (benefit) provision for deferred income taxes	$ (14,489)	$ (17,671)	$ (15,536)

Income Taxes - Components of In

Income Taxes - Components of Income Taxes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Taxes currently receivable	$ 2,519	$ 1,669
Deferred income taxes payable	(20,685)	(35,174)
Income taxes payable	$ (18,166)	$ (33,505)

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred income tax assets:
REO valuation loss	$ 9,542	$ 12,274
Net operating loss carryforward	60,435	40,572
Liability for losses under representations and warranties	6,189	8,411
Excess interest expense disallowance	24,105	15,384
Other	1,882	426
Gross deferred tax assets	102,153	77,067
Deferred income tax liabilities:
Mortgage servicing rights	(122,838)	(112,241)
Other		0
Gross deferred tax liabilities	(122,838)	(112,241)
Net deferred income tax liability	$ (20,685)	$ (35,174)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 152,000,000	$ 96,700,000
Net operating loss carryforwards, expiration year	2,033	2,036
Unrecognized tax benefits	$ 0	$ 0

Segments - Additional Informati

Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016Segment
Segment Reporting [Abstract]
Number of business segments	2

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net investment income:
Net gain on mortgage loans acquired for sale									$ 106,442	$ 51,016	$ 35,647
Interest income									222,122	201,345	172,348
Interest expense									(149,768)	(124,708)	(85,589)
Net interest income									72,354	76,637	86,759
Net mortgage loan servicing fees									54,789	49,319	37,893
Net gain on investments									7,175	53,985	201,809
Other income (loss)									31,328	17,808	(5,367)
Net investment income	$ 68,928	$ 103,326	$ 47,618	$ 52,216	$ 50,569	$ 90,774	$ 69,765	$ 37,657	272,088	248,765	356,741
Expenses:
Mortgage loan fulfillment, servicing and management fees payable to PFSI									157,737	129,224	136,276
Other									52,588	46,237	41,001
Total expenses									210,325	175,461	177,277
Pre-tax income (loss)									61,763	73,304	179,464
Total assets at period end	6,357,502	$ 6,618,901	$ 5,767,562	$ 5,820,440	5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	6,357,502	5,826,924	4,897,258
Intersegment elimination & other [Member]
Net investment income:
Net gain on mortgage loans acquired for sale											0
Interest income											(2,388)
Interest expense											2,388
Net interest income											0
Net mortgage loan servicing fees											0
Net gain on investments											0
Other income (loss)											0
Net investment income											0
Expenses:
Mortgage loan fulfillment, servicing and management fees payable to PFSI											0
Other											0
Total expenses											0
Pre-tax income (loss)											0
Total assets at period end											0
Correspondent production [Member]
Net investment income:
Net gain on mortgage loans acquired for sale									106,442	51,016
Interest income									53,998	39,976
Interest expense									(33,701)	(19,843)
Net interest income									20,297	20,133
Net mortgage loan servicing fees									0	0
Net gain on investments									0	0
Other income (loss)									41,998	28,822
Net investment income									168,737	99,971
Expenses:
Mortgage loan fulfillment, servicing and management fees payable to PFSI									88,978	60,619
Other									9,292	6,450
Total expenses									98,270	67,069
Pre-tax income (loss)									70,467	32,902
Total assets at period end	1,715,145				1,286,138				1,715,145	1,286,138
Correspondent production [Member] | Operating Segments
Net investment income:
Net gain on mortgage loans acquired for sale											35,647
Interest income											24,022
Interest expense											(15,899)
Net interest income											8,123
Net mortgage loan servicing fees											0
Net gain on investments											0
Other income (loss)											18,290
Net investment income											62,060
Expenses:
Mortgage loan fulfillment, servicing and management fees payable to PFSI											49,872
Other											3,357
Total expenses											53,229
Pre-tax income (loss)											8,831
Total assets at period end											654,476
Investment activities [Member]
Net investment income:
Net gain on mortgage loans acquired for sale									0	0
Interest income									168,124	161,369
Interest expense									(116,067)	(104,865)
Net interest income									52,057	56,504
Net mortgage loan servicing fees									54,789	49,319
Net gain on investments									7,175	53,985
Other income (loss)									(10,670)	(11,014)
Net investment income									103,351	148,794
Expenses:
Mortgage loan fulfillment, servicing and management fees payable to PFSI									68,759	68,605
Other									43,296	39,787
Total expenses									112,055	108,392
Pre-tax income (loss)									(8,704)	40,402
Total assets at period end	$ 4,642,357				$ 4,540,786				$ 4,642,357	$ 4,540,786
Investment activities [Member] | Operating Segments
Net investment income:
Net gain on mortgage loans acquired for sale											0
Interest income											150,714
Interest expense											(72,078)
Net interest income											78,636
Net mortgage loan servicing fees											37,893
Net gain on investments											201,809
Other income (loss)											(23,657)
Net investment income											294,681
Expenses:
Mortgage loan fulfillment, servicing and management fees payable to PFSI											86,404
Other											37,644
Total expenses											124,048
Pre-tax income (loss)											170,633
Total assets at period end											$ 4,242,782

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net investment income	$ 68,928	$ 103,326	$ 47,618	$ 52,216	$ 50,569	$ 90,774	$ 69,765	$ 37,657	$ 272,088	$ 248,765	$ 356,741
Net income	$ 31,174	$ 35,408	$ (5,267)	$ 14,496	$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 75,810	$ 90,100	$ 194,544
Earnings per share:
Basic	$ 0.46	$ 0.52	$ (0.08)	$ 0.20	$ 0.21	$ 0.51	$ 0.37	$ 0.09	$ 1.09	$ 1.19	$ 2.62
Diluted	0.44	0.49	(0.08)	0.20	0.21	0.49	0.36	0.09	$ 1.08	$ 1.16	$ 2.47
Cash dividends declared per share	$ 0.47	$ 0.47	$ 0.47	$ 0.47	$ 0.47	$ 0.47	$ 0.61	$ 0.61
Short-term investments at fair value	$ 122,088	$ 33,353	$ 16,877	$ 47,500	$ 41,865	$ 31,518	$ 32,417	$ 44,949	$ 122,088	$ 41,865
Mortgage-backed securities at fair value	865,061	708,862	531,612	364,439	322,473	315,599	287,626	316,292	865,061	322,473
Mortgage loans at fair value	3,394,853	4,000,570	3,497,026	3,836,411	3,839,583	3,688,026	4,944,694	4,226,290	3,394,853	3,839,583
Excess servicing spread	288,669	280,367	294,551	321,976	412,425	418,573	359,102	222,309	288,669	412,425
Real estate acquired in settlement of loans	303,393	314,056	320,120	339,970	350,642	358,011	325,822	317,536	303,393	350,642
Mortgage servicing rights	656,567	524,529	471,458	455,097	459,741	423,095	394,737	359,160	656,567	459,741
Other assets	726,871	757,164	635,918	455,047	400,195	357,409	332,976	243,991	726,871	400,195
Total assets	6,357,502	6,618,901	5,767,562	5,820,440	5,826,924	5,592,231	6,677,374	5,730,527	6,357,502	5,826,924	$ 4,897,258
Assets sold under agreements to repurchase and mortgage loan participation and sale agreement	3,809,918	4,129,543	3,372,026	3,307,414	3,128,780	2,925,110	3,571,181	3,633,922	3,809,918	3,128,780
Federal Home Loan Bank advances	0	0	0	0	183,000	183,000	138,400	0	0	183,000
Credit risk transfer financing at fair value	0	0	0	0	0	0	649,120	0	0	0
Notes payable	425,106	346,132	313,976	356,191	386,015	342,332	297,404	0	425,106	386,015
Borrowings under forward purchase agreements	0	0	0	0	0	0	0	0	0	0
Asset-backed financing of a VIE at fair value	353,898	384,407	325,939	344,693	247,690	234,287	151,489	162,222	353,898	247,690
Exchangeable senior notes	246,089	245,824	245,564	245,307	245,054	244,805	244,559	244,317	246,089	245,054
Other liabilities	171,377	158,077	149,230	152,332	140,272	148,267	99,924	147,907	171,377	140,272
Total liabilities	5,006,388	5,263,983	4,406,735	4,405,937	4,330,811	4,077,801	5,152,077	4,188,368	5,006,388	4,330,811
Shareholders' equity	1,351,114	1,354,918	1,360,827	1,414,503	1,496,113	1,514,430	1,525,297	1,542,159	1,351,114	1,496,113	$ 1,578,172	$ 1,467,114
Total liabilities and shareholders' equity	$ 6,357,502	$ 6,618,901	$ 5,767,562	$ 5,820,440	$ 5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527	$ 6,357,502	$ 5,826,924

Supplemental Cash Flow Infor163

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 157,686	$ 117,223	$ 94,116
Income taxes paid, net	1,294	1,116	(6,562)
Non-cash investing activities:
Receipt of MSRs as proceeds from sales of mortgage loans	275,092	154,474	121,333
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	207,431	307,455	364,945
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	21,406	8,827	0
Receipt of ESS pursuant to recapture agreement with PFSI	6,603	6,728	7,343
Transfers of mortgage loans acquired for sale to mortgage loans at fair value	0	23,859	0
Purchase of mortgage loans financed through forward purchase agreements	0	0	2,828
Transfer of mortgage loans under forward purchase agreements to mortgage loans at fair value	0	0	205,902
Transfer of mortgage loans under forward purchase agreements and advances to REO under forward purchase agreements	0	0	9,369
Purchase of REO financed through forward purchase agreements	0	0	68
Transfer of REO under forward purchase agreements to REO	0	0	12,737
Non-cash financing activities:
Dividends payable	31,655	35,069	45,894
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase	0	85,134	2,731
Purchase of mortgage loans financed through forward purchase agreements	0	0	2,828
Purchase of REO financed through forward purchase agreements	$ 0	$ 0	$ 68

Regulatory Capital and Liqui164

Regulatory Capital and Liquidity Requirements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 2,500,000
Basis point	0.25%
Number of residential mortgage loans served	1-4
Unpaid Principal Balance [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	0.035%
Nonperforming mortgage loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	2.00%
Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Tangible net worth/ total assets ratio	6.00%

Regulatory Capital and Liqui165

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Capital Requirements By Agencies [Line Items]
Net Worth	$ 392,056	$ 409,930
Required	$ 143,259	$ 107,405
Total Assets Ratio	12.00%	13.00%
Required	6.00%	6.00%
Liquidity	$ 26,670	$ 46,030
Required	$ 19,706	$ 16,481

Parent Company Information - Ad

Parent Company Information - Additional Information (Detail)	Dec. 31, 2016USD ($)
Minimum net worth amount	$ 2,500,000
PennyMac Mortgage Investment Trust [Member]
Minimum net worth amount	860,000,000
Operating Partnership [Member]
Minimum net worth amount	700,000,000
Net Worth	1,400,000,000
PennyMac Holdings, LLC [Member]
Minimum net worth amount	250,000,000
Net Worth	835,000,000
PennyMac Corp. [Member]
Minimum net worth amount	150,000,000
Net Worth	$ 1,100,000,000

Parent Company Information - Co

Parent Company Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Short-term investment	$ 122,088	$ 33,353	$ 16,877	$ 47,500	$ 41,865	$ 31,518	$ 32,417	$ 44,949
Other assets	124,586				88,186
Total assets	6,357,502	6,618,901	5,767,562	5,820,440	5,826,924	5,592,231	6,677,374	5,730,527	$ 4,897,258
Liabilities
Accounts payable and accrued liabilities	107,758				64,474
Income taxes payable	18,166				33,505
Total liabilities	5,006,388	5,263,983	4,406,735	4,405,937	4,330,811	4,077,801	5,152,077	4,188,368
Shareholders' equity	1,351,114	1,354,918	1,360,827	1,414,503	1,496,113	1,514,430	1,525,297	1,542,159	$ 1,578,172	$ 1,467,114
Total liabilities and shareholders’ equity	6,357,502	$ 6,618,901	$ 5,767,562	$ 5,820,440	5,826,924	$ 5,592,231	$ 6,677,374	$ 5,730,527
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from affiliates	7,091				8,806
Liabilities
Due to affiliates	16,416				18,965
PennyMac Mortgage Investment Trust [Member]
ASSETS
Short-term investment	1,035				2,606
Investments in subsidiaries	1,408,979				1,558,728
Due from affiliates	100				168
Other assets	610				806
Total assets	1,410,778				1,562,308
Liabilities
Dividends payable	31,385				34,720
Accounts payable and accrued liabilities	2,765				2,708
Capital notes due to subsidiaries	18,409				20,379
Due to affiliates	42				219
Income taxes payable	0				0
Total liabilities	53,786				59,273
Shareholders' equity	1,356,992				1,503,035
Total liabilities and shareholders’ equity	1,410,778				1,562,308
PennyMac Mortgage Investment Trust [Member] | PennyMac Financial Services, Inc. [Member]
ASSETS
Due from affiliates	54				0
Liabilities
Due to affiliates	$ 1,185				$ 1,247

Parent Company Information -168

Parent Company Information - Condensed Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net investment income:
Interest									$ 222,122	$ 201,345	$ 172,348
Other									8,453	8,283	8,900
Net investment income	$ 68,928	$ 103,326	$ 47,618	$ 52,216	$ 50,569	$ 90,774	$ 69,765	$ 37,657	272,088	248,765	356,741
Expenses
Intercompany interest									149,768	124,708	85,589
Other									18,225	16,471	14,763
Total expenses									210,325	175,461	177,277
Income before provision for income taxes and equity in undistributed earnings in subsidiaries									61,763	73,304	179,464
Provision for income taxes									(14,047)	(16,796)	(15,080)
Net income	$ 31,174	$ 35,408	$ (5,267)	$ 14,496	$ 15,709	$ 38,812	$ 28,071	$ 7,508	75,810	90,100	194,544
PennyMac Mortgage Investment Trust [Member]
Net investment income:
Dividends from subsidiaries									230,091	171,254	174,192
Intercompany interest									6	8	15
Interest									0	0	4
Other									1,250	1,250	1,250
Net investment income									231,347	172,512	175,461
Expenses
Intercompany interest									1,382	441	26
Other									(114)	14	0
Total expenses									1,268	455	26
Income before provision for income taxes and equity in undistributed earnings in subsidiaries									230,079	172,057	175,435
Provision for income taxes									442	875	372
Income before equity in undistributed earnings of subsidiaries									229,637	171,182	175,063
Equity in undistributed earnings of subsidiaries									(155,093)	(78,704)	23,288
Net income									$ 74,544	$ 92,478	$ 198,351

Parent Company Information -169

Parent Company Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 31,174	$ 35,408	$ (5,267)	$ 14,496	$ 15,709	$ 38,812	$ 28,071	$ 7,508	$ 75,810	$ 90,100	$ 194,544
Decrease (increase) in other assets									(62,028)	(36,161)	(24,910)
Increase (decrease) in accounts payable and accrued liabilities									46,657	7,984	(6,361)
Increase in due from affiliates									1,640	(1,863)	(127)
Decrease due to affiliates									(2,549)	(4,742)	2,122
Increase in income taxes payable									(15,339)	(17,912)	(8,518)
Net cash used in operating activities									(621,543)	(863,188)	(366,036)
Cash flows from investing activities:
Net decrease in short-term investments									(80,223)	98,035	(47,502)
Net cash provided by investing activities									193,952	11,502	27,972
Cash flows from financing activities:
Issuance of common shares									0	8	90,589
Repurchase of common shares									(98,370)	(16,338)	0
Payment of common share underwriting and offering costs									0	0	(1,070)
Payment of dividends									(131,560)	(173,022)	(174,433)
Net cash provided by financing activities									403,959	833,408	387,039
Net (decrease) increase in cash									(23,632)	(18,278)	48,975
Cash at beginning of year				58,108				76,386	58,108	76,386	27,411
Cash at end of year	34,476				58,108				34,476	58,108	76,386
Non-cash financing activity — dividends payable	31,655				35,069				31,655	35,069	45,894
PennyMac Mortgage Investment Trust [Member]
Cash flows from operating activities:
Net income									74,544	92,478	198,351
Equity in undistributed earnings of subsidiaries									155,093	78,704	(23,288)
Decrease in due from affiliates									693	915	107
Decrease (increase) in other assets									196	(284)	(1)
Increase (decrease) in accounts payable and accrued liabilities									93	(257)	(837)
Increase in due from affiliates									(116)	(238)	(652)
Decrease due to affiliates									(174)	(119)	(40)
Increase in income taxes payable									0	(126)	59
Net cash used in operating activities									230,329	171,073	173,699
Cash flows from investing activities:
Increase in investment in subsidiaries									0	0	(89,618)
Net decrease in short-term investments									1,571	(2,100)	834
Net cash provided by investing activities									1,571	(2,100)	(88,784)
Cash flows from financing activities:
Issuance of common shares									0	8	90,588
Net increase in intercompany unsecured note payable to PMT subsidiary									(1,970)	20,379	0
Repurchase of common shares									(98,370)	(16,338)	0
Payment of common share underwriting and offering costs									0	0	(1,070)
Payment of dividends									(131,560)	(173,022)	(174,433)
Net cash provided by financing activities									(231,900)	(168,973)	(84,915)
Net (decrease) increase 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	$ 31,655				$ 35,069				$ 31,655	$ 35,069	$ 45,894

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	Jan. 26, 2017USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Unpaid principal balance sold	$ 89