PennyMac Mortgage Investment Trust (PMT) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	PMT
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	1,464,423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		65,568,050

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash	$ 99,515	$ 34,476
Short-term investments	5,646	122,088
Mortgage-backed securities at fair value (includes $1,036,669 and $863,802 pledged to creditors, respectively)	1,036,669	865,061
Mortgage loans acquired for sale at fair value (includes $1,251,916 and $1,653,748 pledged to creditors, respectively)	1,270,340	1,673,112
Mortgage loans at fair value	1,347,943	1,721,741
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure assets sold under agreements to repurchase to PennyMac Financial Services, Inc.	248,763	288,669
Derivative assets	67,288	33,709
Real estate acquired in settlement of loans (includes $135,761 and $215,713 pledged to creditors, respectively)	185,034	274,069
Real estate held for investment (includes $29,664 pledged to creditors at September 30, 2017)	42,546	29,324
Mortgage servicing rights (includes $82,312 and $64,136 at fair value; $778,270 and $656,567 pledged to creditors)	790,335	656,567
Servicing advances	61,826	76,950
Deposits securing credit risk transfer agreements	545,694	450,059
Other	78,719	124,586
Total assets	5,785,043	6,357,502
LIABILITIES
Assets sold under agreements to repurchase	3,203,386	3,784,001
Mortgage loan participation purchase and sale agreements	43,988	25,917
Notes payable	80,106	275,106
Asset-backed financing of a variable interest entity at fair value	318,404	353,898
Exchangeable senior notes	246,906	246,089
Interest-only security payable at fair value	6,386	4,114
Derivative liabilities	4,900	9,573
Accounts payable and accrued liabilities	76,127	107,758
Income taxes payable	20,148	18,166
Liability for losses under representations and warranties	10,047	15,350
Total liabilities	4,174,478	5,006,388
Commitments and contingencies — Note 19	0	0
SHAREHOLDERS’ EQUITY
Preferred shares of beneficial interest, $0.01 par value per share, authorized 100,000,000 shares, issued and outstanding 12,400,000 shares at September 30, 2017, liquidation preference $310,000,000	299,707	0
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 65,875,618 and 66,697,286 common shares, respectively	659	667
Additional paid-in capital	1,362,319	1,377,171
Accumulated deficit	(52,120)	(26,724)
Total shareholders’ equity	1,610,565	1,351,114
Total liabilities and shareholders’ equity	5,785,043	6,357,502
Variable Interest Entities [Member]
ASSETS
Mortgage loans at fair value	331,941	367,169
Derivative assets	56,878	15,610
Deposits securing credit risk transfer agreements	545,694	450,059
Other—interest receivable	931	1,058
Total assets of Consolidated Variable Interest Entity	935,444	833,896
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	318,404	353,898
Interest-only security payable at fair value	6,386	4,114
Accounts payable and accrued liabilities—interest payable	931	1,058
SHAREHOLDERS’ EQUITY
Total liabilities of Consolidated Variable Interest Entity	325,721	359,070
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	4,725	7,091
LIABILITIES
Assets sold under agreements to repurchase	148,072	150,000
Due to PennyMac Financial Services, Inc.	$ 16,008	$ 16,416

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Mortgage-backed securities at fair value, pledged to creditors	$ 1,036,669,000	$ 863,802,000
Mortgage loans acquired for sale at fair value, pledged to creditors	1,251,916,000	1,653,748,000
Mortgage loans at fair value, pledged to creditors	1,341,671,000	1,712,190,000
Derivative assets, pledged to creditors	15,742,000	9,078,000
Real estate pledged to creditors	135,761,000	215,713,000
Mortgage servicing rights at fair value	82,312,000	64,136,000
Mortgage servicing rights pledged to creditors	778,270,000	656,567,000
Deposits securing credit risk transfer agreements, pledged to creditors	$ 408,100,000	$ 414,610,000
Preferred stock, par value	$ 0.01	$ 0
Preferred stock, shares authorized	100,000,000	0
Preferred stock, shares issued	12,400,000	0
Preferred stock, shares outstanding	12,400,000	0
Preferred stock, liquidation preference, value	$ 310,000,000	$ 310,000,000
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	65,875,618	66,697,286
Common shares, outstanding	65,875,618	66,697,286
Real Estate Acquired in Satisfaction of Debt [Member]
Real estate pledged to creditors	$ 135,761,000	$ 215,713,000
Real Estate Held for Investment [Member]
Real estate pledged to creditors	$ 29,664,000	$ 0

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net investment income:
Net gain on mortgage loans acquired for sale	$ 17,967	$ 43,858	$ 54,284	$ 83,133
Mortgage loan origination fees	11,744	12,684	30,501	28,104
Net gain (loss) on investments	13,834	14,279	58,147	(5,106)
Net mortgage loan servicing fees	21,876	15,761	49,325	47,006
Interest income	51,577	58,134	152,063	164,266
Interest expense:
Interest expense	40,277	40,330	115,882	108,927
Net interest income	11,300	17,804	36,181	55,339
Results of real estate acquired in settlement of loans	(3,143)	(3,285)	(10,854)	(11,886)
Other	2,226	2,225	6,653	6,570
Net investment income	75,804	103,326	224,237	203,160
Expenses
Mortgage loan fulfillment fees	23,507	27,255	61,184	59,301
Mortgage loan servicing fees	11,402	11,039	31,987	38,919
Management fees	6,038	5,025	16,684	15,576
Mortgage loan origination	2,230	2,202	5,735	4,880
Professional services	1,331	1,134	5,531	5,438
Compensation	1,067	1,508	4,918	5,021
Mortgage loan collection and liquidation	864	6,205	4,556	12,709
Other	5,199	3,944	15,043	13,417
Total expenses	51,638	58,312	145,638	155,261
Income before provision for income taxes	24,166	45,014	78,599	47,899
Provision for income taxes	4,771	9,606	1,688	3,262
Net income	19,395	35,408	76,911	44,637
Dividends on preferred stock	6,125	0	9,032	0
Net income attributable to common shareholders	$ 13,270	$ 35,408	$ 67,879	$ 44,637
Earnings per common share
Basic	$ 0.20	$ 0.52	$ 1.01	$ 0.63
Diluted	$ 0.20	$ 0.49	$ 0.98	$ 0.63
Weighted-average common shares outstanding
Basic	66,636	67,554	66,702	69,289
Diluted	66,636	76,329	75,169	69,289
Dividends declared per common share	$ 0.47	$ 0.47	$ 1.41	$ 1.41
Nonaffiliates [Member]
Net investment income:
Net gain on mortgage loans acquired for sale	$ 14,692	$ 41,321	$ 44,944	$ 76,903
Net gain (loss) on investments	17,499	17,103	69,067	31,169
Net mortgage loan servicing fees	21,543	15,352	48,466	46,157
Interest income	47,579	53,307	139,052	146,711
Interest expense:
Interest expense	38,161	38,356	109,936	103,129
PennyMac Financial Services, Inc. [Member]
Net investment income:
Net gain on mortgage loans acquired for sale	3,275	2,537	9,340	6,230
Net gain (loss) on investments	(3,665)	(2,824)	(10,920)	(36,275)
Net mortgage loan servicing fees	333	409	859	849
Interest income	3,998	4,827	13,011	17,555
Interest expense:
Interest expense	$ 2,116	$ 1,974	$ 5,946	$ 5,798

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance, Amount at Dec. 31, 2015	$ 1,496,113		$ 738	$ 1,469,722	$ 25,653
Balance, Shares at Dec. 31, 2015			73,767
Net income	44,637		$ 0	0	44,637
Share-based compensation, Amount	4,142		$ 3	4,139	0
Share-based compensation, Shares			298
Dividends
Common share dividends	(96,545)				(96,545)
Repurchase of common shares, Amount	$ (93,429)		$ (70)	(93,359)	0
Repurchase of common shares, Shares	(7,029)		(7,029)
Balance, Amount at Sep. 30, 2016	$ 1,354,918		$ 671	1,380,502	(26,255)
Balance, Shares at Sep. 30, 2016			67,036
Balance, Amount at Dec. 31, 2016	1,351,114		$ 667	1,377,171	(26,724)
Balance, Shares at Dec. 31, 2016			66,697
Net income	76,911		$ 0	0	76,911
Share-based compensation, Amount	3,864		$ 3	3,861	0
Share-based compensation, Shares			284
Dividends
Common share dividends	(94,477)				(94,477)
Preferred shares dividends	(7,830)				(7,830)
Issuance of preferred shares, Amount	310,000	$ 310,000
Issuance of preferred shares, Shares		12,400
Issuance costs relating to preferred shares	(10,293)	$ (10,293)
Repurchase of common shares, Amount	$ (18,724)		$ (11)	(18,713)	0
Repurchase of common shares, Shares	(1,105)		(1,105)
Balance, Amount at Sep. 30, 2017	$ 1,610,565	$ 299,707	$ 659	$ 1,362,319	$ (52,120)
Balance, Shares at Sep. 30, 2017		12,400	65,876

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 76,911	$ 44,637
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net gain on mortgage loans acquired for sale	(54,284)	(83,133)
Net (gain) loss on investments	(58,147)	5,106
Change in fair value, amortization and impairment of mortgage servicing rights	75,403	48,608
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	4,625	1,628
Capitalization of interest on mortgage loans at fair value	(27,737)	(62,783)
Capitalization of interest on excess servicing spread	(13,011)	(17,555)
Amortization of debt issuance costs	10,243	9,798
Results of real estate acquired in settlement of loans	10,854	11,886
Share-based compensation expense	3,864	4,142
Purchase of mortgage loans acquired for sale at fair value from nonaffiliates	(49,769,392)	(45,300,447)
Purchase of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(373,108)	(13,146)
Repurchase of mortgage loans subject to representation and warranties	(8,706)	(9,922)
Sale and repayment of mortgage loans acquired for sale at fair value to nonaffiliates	17,683,444	15,323,444
Sale of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	32,724,487	29,154,270
Decrease in servicing advances	8,275	4,719
Decrease in due from PennyMac Financial Services, Inc.	2,043	2,699
Decrease in other assets	16,936	58,246
(Decrease) increase in accounts payable and accrued liabilities	(31,155)	27,442
Decrease in due to PennyMac Financial Services, Inc.	(454)	(4,218)
Increase in income taxes payable	1,982	2,875
Net cash provided by (used in) operating activities	283,073	(791,704)
Cash flows from investing activities
Net decrease in short-term investments	116,442	8,512
Purchase of mortgage-backed securities at fair value	(251,872)	(551,654)
Sale and repayment of mortgage-backed securities at fair value	85,144	172,470
Sale and repayment of mortgage loans at fair value to nonaffiliates	345,824	516,507
Sale of mortgage loans at fair value to PennyMac Financial Services, Inc.	0	891
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	42,320	54,623
Sale of excess servicing spread to PennyMac Financial Services, Inc.	0	59,045
Net settlement of derivative financial instruments	(423)	(6,077)
Sale of real estate acquired in settlement of loans	140,862	180,416
Purchase of mortgage servicing rights	(79)	(2,602)
Sale of mortgage servicing rights	0	106
Deposit of cash securing credit risk transfer agreements	(102,146)	(282,434)
Distribution from credit risk transfer agreements	41,823	14,358
Increase in margin deposits and restricted cash	(2,350)	(3,017)
Purchase of Federal Home Loan Bank capital stock	0	(225)
Redemption of Federal Home Loan Bank capital stock	0	7,320
Net cash provided by investing activities	415,545	168,239
Cash flows from financing activities
Sale of assets under agreements to repurchase	58,275,935	48,753,454
Repurchase of assets sold under agreements to repurchase	(58,856,728)	(47,841,632)
Issuance of mortgage loan participation certificates	5,473,935	4,955,742
Repayment of mortgage loan participation certificates	(5,455,770)	(4,867,284)
Federal Home Loan Bank advances	0	28,000
Repayment of Federal Home Loan Bank advances	0	(211,000)
Advance under notes payable	135,000	103,554
Repayment of notes payable	(330,000)	(143,518)
Issuance of asset-backed financing of a variable interest entity at fair value	0	182,400
Repayment of asset-backed financing of a variable interest entity at fair value	(42,881)	(53,641)
Repayments of notes payable to PennyMac Financial Services, Inc.	(1,928)	0
Payment of debt issuance costs	(9,342)	(8,464)
Payment of dividends to preferred shareholders	(7,830)	0
Payment of dividends to common shareholders	(94,953)	(99,757)
Issuance of preferred shares	310,000	0
Payment of issuance costs related to preferred shares	(10,293)	0
Repurchase of common shares	(18,724)	(93,429)
Net cash (used in) provided by financing activities	(633,579)	704,425
Net increase in cash	65,039	80,960
Cash at beginning of period	34,476	58,108
Cash at end of period	$ 99,515	$ 139,068

Organization

Organization	9 Months Ended
	Sep. 30, 2017
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 four segments: correspondent production, credit sensitive strategies, interest rate sensitive strategies and corporate: • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), 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 credit sensitive strategies segment represents the Company’s investments in distressed mortgage loans, real estate acquired in settlement of mortgage loans (“REO”), credit risk transfer agreements (“CRT Agreements”), non-Agency subordinated bonds and small balance commercial real estate mortgage loans. • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), excess servicing spread (“ESS”), Agency and senior non-Agency MBS and the related interest rate hedging activities. • The corporate segment includes certain interest income, management fee and corporate expense amounts. 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. 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.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 2—Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Manager to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates.

Concentration of Risks

Concentration of Risks	9 Months Ended
	Sep. 30, 2017
Risks And Uncertainties [Abstract]
Concentration of Risks	Note 3—Concentration of Risks As discussed in Note 1— Organization Due to the nature of a substantial portion of the Company’s investments, PMT is exposed, to a greater extent than traditional mortgage investors, to the risks associated with loan performance and 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 fair 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 has been acquired by the Company in prior years from or through one or more subsidiaries of JPMorgan Chase & Co. and Citigroup Inc., as presented in the following summary: September 30, 2017 December 31, 2016 (in thousands) JPMorgan Chase & Co. Mortgage loans at fair value $ 401,879 $ 505,167 REO 84,620 118,737 486,499 623,904 Citigroup Inc. Mortgage loans at fair value 417,664 519,698 REO 31,579 49,048 449,243 568,746 $ 935,742 $ 1,192,650 Total carrying value of distressed mortgage loans at fair value and REO $ 1,201,036 $ 1,628,641

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 4—Transactions with Related Parties Operating Activities Correspondent Production Activities The Company is provided fulfillment and other services by PLS under a mortgage banking services agreement. 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. Before 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, pursuant to the terms of an amended and restated mortgage banking services agreement the 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 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 the Company 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. The Company purchases newly originated loans from PLS under a mortgage loan purchase agreement and a flow commercial mortgage loan purchase agreement. Historically, the Company has used the mortgage loan purchase agreement for the purpose of purchasing from PLS prime jumbo residential mortgage loans originated through PLS’s consumer direct lending channel. The Company uses the flow commercial mortgage loan purchase agreement for the purpose of purchasing from PLS small balance commercial mortgage loans, including multifamily mortgage loans, originated as part of PLS’s commercial lending activities. Following is a summary of correspondent production activity between the Company and PLS: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Purchases of mortgage loans acquired for sale at fair value from PLS $ 332,886 $ 5,007 $ 373,108 $ 13,146 Mortgage loans fulfillment fees earned by PLS $ 23,507 $ 27,255 $ 61,184 $ 59,301 Unpaid principal balance (“UPB”) of mortgage loans fulfilled by PLS $ 6,530,036 $ 7,263,557 $ 17,079,969 $ 15,696,940 Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale $ 3,275 $ 3,509 $ 9,340 $ 8,282 UPB of mortgage loans sold to PLS $ 10,915,194 $ 11,694,065 $ 31,131,154 $ 27,599,186 Early purchase program fees paid to PLS included in Mortgage loan servicing fees $ 1 $ 5 $ 7 $ 7 Tax service fee paid to PLS included in Other $ 2,108 $ 2,066 $ 5,377 $ 4,537 September 30, 2017 December 31, 2016 (in thousands) Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS $ 202,320 $ 804,616 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 or 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 fees, liquidation and disposition, 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 has limited employees and 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, is entitled to retain any incentive payments made to it and to which it is entitled under the U.S. Department of Treasury’s Home Affordable Modification Plan (“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 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. 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. Following is a summary of mortgage loan servicing fees earned by PLS and MSR recapture income earned from PLS: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Mortgage loans servicing fees: Mortgage loans acquired for sale at fair value: Base $ 88 $ 90 $ 235 $ 225 Activity-based 188 210 507 497 276 300 742 722 Mortgage loans at fair value: Distressed mortgage loans: Base 1,571 2,615 5,284 8,881 Activity-based 2,702 3,014 6,859 14,981 4,273 5,629 12,143 23,862 Mortgage loans held in VIE: Base 54 65 96 157 Activity-based — 1 — 1 54 66 96 158 MSRs: Base 6,648 4,913 18,631 13,841 Activity-based 151 131 375 336 6,799 5,044 19,006 14,177 $ 11,402 $ 11,039 $ 31,987 $ 38,919 MSR recapture income recognized included in Net mortgage loan servicing fees $ 333 $ 409 $ 859 $ 849 Average investment in: Mortgage loans acquired for sale at fair value $ 1,460,054 $ 1,607,564 $ 1,271,158 $ 1,317,230 Mortgage loans at fair value: Distressed mortgage loans $ 1,104,738 $ 1,579,246 $ 1,210,328 $ 1,810,779 Mortgage loans held in a VIE $ 339,464 $ 413,749 $ 350,607 $ 434,967 Average MSR portfolio $ 63,584,416 $ 48,997,875 $ 61,764,228 $ 46,125,926 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 attributable to common shares of beneficial interest and 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 attributable to common shares of beneficial interest computed in accordance with GAAP and certain other non-cash charges determined after discussions between PCM and the Company’s independent trustees and after approval by a majority of the Company’s independent trustees. “Equity” is the weighted average of the issue price per common share of all of the Company’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 the Company’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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Base management $ 6,038 $ 5,025 $ 16,380 $ 15,576 Performance incentive — — 304 — $ 6,038 $ 5,025 $ 16,684 $ 15,576 In the event of termination of the management agreement between the Company and PCM, PCM 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 PCM, in each case during the 24-month period before termination. Expense Reimbursement and Amounts Payable to and Receivable from PCM 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,193 $ 1,417 $ 4,220 $ 6,413 Expenses incurred on the Company’s behalf, net 196 13 849 (102 ) $ 1,389 $ 1,430 $ 5,069 $ 6,311 Payments and settlements during the year (1) $ 22,786 $ 45,988 $ 63,249 $ 102,600 (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. Investing Activities Spread Acquisition and MSR Servicing Agreements Effective February 1, 2013, the Company entered into a master spread acquisition and MSR servicing agreement (the “2/1/13 Spread Acquisition Agreement”), pursuant to which it purchased from PLS the rights to receive certain ESS from MSRs acquired by PLS from banks and other third party financial institutions. PLS was generally required to service or subservice the related mortgage loans for the applicable Agency or investor. To the extent PLS refinanced any of the mortgage loans relating to the ESS sold to the Company, the 2/1/13 Spread Acquisition Agreement contained recapture provisions requiring that PLS transfer to the Company, at no cost, the ESS relating to a certain percentage of the UPB of the newly originated mortgage loans. To the extent the fair value of the aggregate ESS to be transferred for the applicable month was less than $200,000, PFSI was, at its option, permitted to pay cash to the Company in an amount equal to such fair value instead of transferring such ESS. The Company only used the 2/1/13 Spread Acquisition Agreement for the purpose of acquiring ESS relating to Fannie Mae MSRs. Effective December 19, 2014, the Company entered into a second master spread acquisition and MSR servicing agreement (the “12/19/14 Spread Acquisition Agreement”) with PLS. The terms of the 12/19/14 Spread Acquisition Agreement are substantially similar to the terms of the 2/1/13 Spread Acquisition Agreement, except that the Company only purchased ESS relating to Freddie Mac MSRs under the 12/19/14 Spread Acquisition Agreement. On February 29, 2016, the Company and PLS terminated 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. 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 by PLS to the Company under the 12/19/14 Spread Acquisition Agreement. The amount of ESS sold by the Company to PLS under these reacquisitions was $59.0 million. On December 19, 2016, the Company amended and restated a third master spread acquisition and MSR servicing agreement with PLS (the “12/19/16 Spread Acquisition Agreement”). The terms of the 12/19/16 Spread Acquisition Agreement are substantially similar to the terms of the 2/1/13 Spread Acquisition Agreement and the 12/19/14 Spread Acquisition Agreement, except that the Company has only purchased ESS relating to Ginnie Mae MSRs under the 12/19/16 Spread Acquisition Agreement. Pursuant to the 12/19/16 Spread Acquisition Agreement, the Company may purchase from PLS, from time to time, the right to receive participation certificates representing beneficial ownership in ESS arising from Ginnie Mae MSRs acquired by PLS, in which case PLS generally would be required to service or subservice the related mortgage loans for Ginnie Mae. The primary purpose of the amendment and restatement was to facilitate the continued financing of the ESS owned by the Company in connection with the parties’ participation in the GNMA MSR Facility (as defined below). To the extent PLS refinances any of the mortgage loans relating to the ESS the Company has acquired, the 12/19/16 Spread Acquisition Agreement also contains recapture provisions requiring that PLS transfer to the Company, at no cost, the ESS relating to a certain percentage of the unpaid principal balance of the newly originated mortgage loans. However, under the 12/19/16 Spread Acquisition Agreement, in any month where the transferred ESS relating to newly originated Ginnie Mae mortgage loans is not equivalent to at least 90% of the product of the excess servicing fee rate and the unpaid principal balance of the refinanced mortgage loans, PLS is also required to transfer additional ESS or cash in the amount of such shortfall. Similarly, in any month where the transferred ESS relating to modified Ginnie Mae mortgage loans is not equivalent to at least 90% of the product of the excess servicing fee rate and the unpaid principal balance of the modified mortgage loans, the 12/19/16 Spread Acquisition Agreement contains provisions that require PLS to transfer additional ESS or cash in the amount of such shortfall. To the extent the fair market value of the aggregate ESS to be transferred for the applicable month is less than $200,000, PLS may, at its option, wire cash to the Company in an amount equal to such fair market value in lieu of transferring such ESS. Following is a summary of investing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Sale of mortgage loans at fair value to PFSI $ — $ 891 $ — $ 891 ESS: Received pursuant to a recapture agreement $ 1,207 $ 1,438 $ 4,160 $ 5,039 Repayments and sales $ 13,410 $ 16,342 $ 42,320 $ 113,668 Interest income $ 3,998 $ 4,827 $ 13,011 $ 17,555 Net (loss) gain included in Net (loss) gain on investments: Valuation changes $ (4,828 ) $ (4,107 ) $ (14,757 ) $ (40,984 ) Recapture income 1,163 1,283 3,837 4,709 $ (3,665 ) $ (2,824 ) $ (10,920 ) $ (36,275 ) Financing Activities PFSI held 75,000 of the Company’s common shares at both September 30, 2017 and December 31, 2016. 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 acquired from PLS under the 12/19/16 Spread Acquisition Agreement. 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. Conditional Reimbursement of Initial Public Offering (“IPO”) Underwriting Fees In connection with its 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Interest expense $ 2,116 $ 1,974 $ 5,946 $ 5,798 Conditional Reimbursements paid to PCM $ 30 $ — $ 30 $ — September 30, 2017 December 31, 2016 (in thousands) Assets sold to PFSI under agreement to repurchase $ 148,072 $ 150,000 Conditional Reimbursement payable to PFSI included in Accounts payable and accrued liabilities $ 870 $ 900 Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: September 30, 2017 December 31, 2016 (in thousands) Due from PFSI: MSR recapture receivable $ 384 $ 707 Other 4,341 6,384 $ 4,725 $ 7,091 Due to PFSI: Management fees $ 6,038 $ 5,081 Mortgage loan servicing fees 5,329 5,465 Allocated expenses and expenses paid by PFSI on PMT’s behalf 1,541 1,046 Conditional Reimbursement 870 900 Fulfillment fees 662 1,300 Interest on Assets sold to PFSI under agreement to repurchase Note payable to PFSI 138 253 Correspondent production fees 1,430 2,371 $ 16,008 $ 16,416

Loan Sales and Variable Interes

Loan Sales and Variable Interest Entities	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Loan Sales and Variable Interest Entities	Note 5—Loan Sales and Variable Interest Entities The Company is a variable interest holder in various special purpose entities that relate to its mortgage loan transfer and financing activities. These entities are classified as VIEs for accounting purposes. The Company has distinguished 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Cash flows: Proceeds from sales $ 7,035,994 $ 6,857,691 $ 17,683,444 $ 15,323,444 Mortgage loan servicing fees received (1) $ 42,237 $ 31,514 $ 119,223 $ 88,269 (1) Net of guarantee fees The following table summarizes UPB information for mortgage loans that are accounted for as sales for the dates presented: September 30, 2017 December 31, 2016 (in thousands) UPB of mortgage loans outstanding $ 67,415,863 $ 56,303,664 Delinquent mortgage loans: 30-89 days delinquent $ 462,199 $ 262,467 90 or more days delinquent: Not in foreclosure $ 96,587 $ 53,200 In foreclosure $ 20,814 $ 25,180 Bankruptcy $ 49,334 $ 36,357 Custodial funds managed by the Company (1) $ 1,055,517 $ 736,398 (1) Custodial funds include borrower and investor custodial cash accounts relating to mortgage loans serviced under the servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the mortgage loans’ investors, which are included in Interest income Consolidated VIEs Credit Risk Transfer Agreements 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 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 Net gain on investments Following is a summary of the CRT Agreements: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) UPB of mortgage loans sold under CRT Agreements $ 4,126,946 $ 3,357,443 $ 9,722,067 $ 8,442,187 Deposits of cash securing CRT Agreements $ 44,998 $ 89,697 $ 102,146 $ 282,434 Increase in commitments to fund Deposits securing CRT Agreements resulting from sale of mortgage loans under CRT Agreements $ 108,051 $ — $ 264,165 $ — Interest earned on Deposits securing Agreements $ 1,440 $ 285 $ 2,703 $ 661 Gains recognized on CRT Agreements included in Net gain (loss) on investments Realized $ 10,798 $ 6,206 $ 27,595 $ 12,601 Resulting from valuation changes 4,162 12,307 41,268 9,060 14,960 18,513 68,863 21,661 Change in fair value of interest-only security payable at fair value 191 (36 ) (2,272 ) 437 $ 15,151 $ 18,477 $ 66,591 $ 22,098 Payments made to settle losses $ 539 $ 28 $ 950 $ 28 September 30, 2017 December 31, 2016 (in thousands) UPB of mortgage loans subject to credit guarantee obligations $ 22,931,988 $ 14,379,850 Delinquency status (in UPB): Current—89 days delinquent $ 22,899,266 $ 14,372,247 90 or more days delinquent $ 20,540 $ 5,711 Foreclosure $ 2,481 $ 1,892 Bankruptcy $ 9,701 $ — Carrying value of CRT Agreements: Derivative assets $ 56,878 $ 15,610 Deposits securing CRT Agreements $ 545,694 $ 450,059 Interest-only security payable at fair value $ 6,386 $ 4,114 CRT Agreement assets pledged to secure assets sold under agreements to repurchase: Deposits securing credit risk CRT Agreements $ 408,100 $ 414,610 Derivative assets $ 15,742 $ 9,078 Commitments to fund Deposits securing credit risk transfer agreements $ 356,274 $ 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 year ended December 31, 2016, the Company sold $208.8 million in UPB of those certificates, which reduced the fair value of the certificates retained by the Company to $9.5 million as of September 30, 2017. The Company included the proceeds from the sales in Asset backed financing of a variable interest entity at fair value

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value	Note 6—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. The Company 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 the 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 or 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 assets and liabilities, 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 assets and liabilities and to 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. 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 asset-backed financing of a VIE and interest only security payable at fair value 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 or other assets 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: September 30, 2017 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 5,646 $ — $ — $ 5,646 Mortgage-backed securities at fair value — 1,036,669 — 1,036,669 Mortgage loans acquired for sale at fair value — 1,270,340 — 1,270,340 Mortgage loans at fair value — 331,941 1,016,002 1,347,943 Excess servicing spread purchased from PFSI — — 248,763 248,763 Derivative assets: Interest rate lock commitments — — 2,789 2,789 CRT Agreements — — 56,878 56,878 Repurchase agreement derivatives — — 181 181 Forward sales contracts — 8,861 — 8,861 MBS put options — 1,503 — 1,503 MBS call options — 171 — 171 Call options on interest rate futures 438 — — 438 Put options on interest rate futures 1,258 — — 1,258 Total derivative assets before netting 1,696 10,535 59,848 72,079 Netting — — — (4,791 ) Total derivative assets after netting 1,696 10,535 59,848 67,288 Mortgage servicing rights at fair value — — 82,312 82,312 $ 7,342 $ 2,649,485 $ 1,406,925 $ 4,058,961 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 318,404 $ — $ 318,404 Interest-only security payable at fair value — — 6,386 6,386 Derivative liabilities: Interest rate lock commitments — — 1,514 1,514 Forward purchase contracts — 6,616 — 6,616 Forward sales contracts — 165 — 165 Total derivative liabilities before netting — 6,781 1,514 8,295 Netting — — — (3,395 ) Total derivative liabilities after netting — 6,781 1,514 4,900 $ — $ 325,185 $ 7,900 $ 329,690 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 Forward purchase contracts — 30,879 — 30,879 Forward sales contracts — 13,164 — 13,164 MBS put options — 1,697 — 1,697 MBS call options — 142 — 142 Call options on interest rate futures 63 — — 63 Put options on interest rate futures 2,469 — — 2,469 Total derivative assets 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 the 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 Total derivative liabilities — 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 The following is a summary of changes in items measured using Level 3 inputs on a recurring basis: Quarter ended September 30, 2017 Mortgage Excess Interest Repurchase Mortgage loans servicing rate lock CRT agreement servicing at fair value spread commitments (1) Agreements derivatives rights Total (in thousands) Assets: Balance, June 30, 2017 $ 1,184,620 $ 261,796 $ 395 $ 52,716 $ — $ 77,624 $ 1,577,151 Purchases and issuances — — 9,264 — 181 10 9,455 Repayments and sales (156,821 ) (13,410 ) — (10,798 ) — — (181,029 ) Capitalization of interest 7,020 3,998 — — — — 11,018 Capitalization of advances 4,611 — — — — — 4,611 ESS received pursuant to a recapture agreement with PFSI — 1,207 — — — — 1,207 Servicing received as proceeds from sales of mortgage loans — — — — — 8,655 8,655 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 6,035 — — — — — 6,035 Other factors (2,758 ) (4,828 ) 15,430 14,960 — (3,977 ) 18,827 3,277 (4,828 ) 15,430 14,960 — (3,977 ) 24,862 Transfers of mortgage loans to REO and real estate held for investment (26,705 ) — — — — — (26,705 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (23,814 ) — — — (23,814 ) Balance, September 30, 2017 $ 1,016,002 $ 248,763 $ 1,275 $ 56,878 $ 181 $ 82,312 $ 1,405,411 Changes in fair value recognized during the period relating to assets still held at September 30, 2017 $ (7,302 ) $ (4,828 ) $ 1,275 $ 4,162 $ — $ (3,977 ) $ (10,670 ) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Quarter ended September 30, 2017 Interest-only security payable (in thousands) Liabilities: Balance, June 30, 2017 $ 6,577 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors (191 ) (191 ) Balance, September 30, 2017 $ 6,386 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2017 $ (191 ) Quarter ended September 30, 2016 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements rights Total (in thousands) Assets: Balance, June 30, 2016 $ 1,608,906 $ 294,551 $ 16,757 $ (199 ) $ 57,977 $ 1,977,992 Purchases and issuances — — 30,429 — — 30,429 Repayments and sales (29,921 ) (16,342 ) — (6,206 ) — (52,469 ) Capitalization of interest 23,068 4,827 — — — 27,895 ESS received pursuant to a recapture agreement with PFSI — 1,438 — — — 1,438 Servicing received as proceeds from sales of mortgage loans — — — — 1,068 1,068 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 9,699 — — — — 9,699 Other factors (13,099 ) (4,107 ) 23,390 23,067 (3,202 ) 26,049 (3,400 ) (4,107 ) 23,390 23,067 (3,202 ) 35,748 Transfers of mortgage loans to REO (39,276 ) — — — — (39,276 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (55,248 ) — — (55,248 ) Balance, September 30, 2016 $ 1,559,377 $ 280,367 $ 15,328 $ 16,662 $ 55,843 $ 1,927,577 Changes in fair value recognized during the period relating to assets still held at September 30, 2016 $ (820 ) $ (4,107 ) $ 15,328 $ 16,662 $ (3,202 ) $ 23,861 (1) For the purpose of this table, the IRLC and CRT Agreement asset and liability positions are shown net. Quarter ended September 30, 2016 Interest-only security payable (in thousands) Liabilities: Balance, June 30, 2016 $ 1,663 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 36 36 Balance, September 30, 2016 $ 1,699 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2016 $ 36 Nine months ended September 30, 2017 Mortgage Excess Interest Repurchase Mortgage loans servicing rate lock CRT agreement servicing at fair value spread commitments (1) Agreements (1) derivatives rights Total (in thousands) Assets: Balance, December 31, 2016 $ 1,354,572 $ 288,669 $ 3,777 $ 15,610 $ — $ 64,136 $ 1,726,764 Purchases and issuances — — 26,185 — 181 79 26,445 Repayments and sales (302,829 ) (42,320 ) — (27,595 ) — — (372,744 ) Capitalization of interest 27,737 13,011 — — — — 40,748 Capitalization of advances 17,759 — — — — — 17,759 ESS received pursuant to a recapture agreement with PFSI — 4,160 — — — — 4,160 Servicing received as proceeds from sales of mortgage loans — — — — — 28,467 28,467 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 23,498 — — — — — 23,498 Other factors (15,975 ) (14,757 ) 43,946 68,863 — (10,370 ) 71,707 7,523 (14,757 ) 43,946 68,863 — (10,370 ) 95,205 Transfers of mortgage loans to REO and real estate held for investment (88,760 ) — — — — — (88,760 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (72,633 ) — — — (72,633 ) Balance, September 30, 2017 $ 1,016,002 $ 248,763 $ 1,275 $ 56,878 $ 181 $ 82,312 $ 1,405,411 Changes in fair value recognized during the period relating to assets still held at September 30, 2017 $ (6,650 ) $ (14,757 ) $ 1,275 $ 41,268 $ — $ (10,370 ) $ 10,766 (1) For the purpose of this table, the IRLC and CRT Agreement asset and liability positions are shown net. Nine months ended September 30, 2017 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2016 $ 4,114 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 2,272 2,272 Balance, September 30, 2017 $ 6,386 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2017 $ 2,272 Nine months ended September 30, 2016 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements 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 — — 58,475 — 2,602 61,077 Repayments and sales (449,647 ) (113,668 ) — (12,601 ) — (575,916 ) Capitalization of interest 62,783 17,555 — — — 80,338 ESS received pursuant to a recapture agreement with PFSI — 5,039 — — — 5,039 Servicing received as proceeds from sales of mortgage loans — — — — 6,215 6,215 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 29,480 — — — — 29,480 Other factors (31,948 ) (40,984 ) 71,286 28,670 (19,558 ) 7,466 (2,468 ) (40,984 ) 71,286 28,670 (19,558 ) 36,946 Transfers of mortgage loans to REO (151,685 ) — — — — (151,685 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (119,079 ) — — (119,079 ) Balance, September 30, 2016 $ 1,559,377 $ 280,367 $ 15,328 $ 16,662 $ 55,843 $ 1,927,577 Changes in fair value recognized during the period relating to assets still held at September 30, 2016 $ (2,399 ) $ (33,774 ) $ 15,328 $ 16,662 $ (19,558 ) $ (23,741 ) (1) For the purpose of this table, the IRLC and CRT Agreement asset and liability positions are shown net. Nine months ended September 30, 2016 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2015 $ — Issuances 2,136 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors (437 ) (437 ) Balance, September 30, 2016 1,699 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2016 $ (437 ) 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” fair value inputs that are significant to the estimation of the fair values of the assets and liabilities 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): September 30, 2017 December 31, 2016 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: $ 1,269,137 $ 1,220,098 $ 49,039 $ 1,672,181 $ 1,633,569 $ 38,612 90 or more days delinquent: Not in foreclosure 759 954 (195 ) 145 189 (44 ) In foreclosure 444 497 (53 ) 786 717 69 1,203 1,451 (248 ) 931 906 25 $ 1,270,340 $ 1,221,549 $ 48,791 $ 1,673,112 $ 1,634,475 $ 38,637 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent: $ 331,941 $ 325,529 $ 6,412 $ 367,169 $ 368,524 $ (1,355 ) 90 or more days delinquent: Not in foreclosure — — — — — — In foreclosure — — — — — — — — — — — — 331,941 325,529 6,412 367,169 368,524 (1,355 ) Distressed mortgage loans at fair value: Current through 89 days delinquent: 527,874 667,649 (139,775 ) 611,584 818,665 (207,081 ) 90 or more days delinquent: Not in foreclosure 210,783 319,417 (108,634 ) 305,431 425,460 (120,029 ) In foreclosure 277,345 397,909 (120,564 ) 437,557 595,534 (157,977 ) 488,128 717,326 (229,198 ) 742,988 1,020,994 (278,006 ) 1,016,002 1,384,975 (368,973 ) 1,354,572 1,839,659 (485,087 ) $ 1,347,943 $ 1,710,504 $ (362,561 ) $ 1,721,741 $ 2,208,183 $ (486,442 ) Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Quarter ended September 30, 2017 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 — (1,481 ) — 5,001 3,520 Mortgage loans acquired for sale at fair value 32,935 — — — 32,935 Mortgage loans at fair value — 7,617 — 5,415 13,032 ESS at fair value — 3,998 — (4,828 ) (830 ) MSRs at fair value — — (3,977 ) — (3,977 ) $ 32,935 $ 10,134 $ (3,977 ) $ 5,588 $ 44,680 Liabilities: Interest-only security payable $ — $ — $ — $ 191 $ 191 Asset-backed financing of a VIE at fair value — (735 ) — (2,158 ) (2,893 ) $ — $ (735 ) $ — $ (1,967 ) $ (2,702 ) Quarter ended September 30, 2016 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income (1) fees investments Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (1,193 ) — 517 (676 ) Mortgage loans acquired for sale at fair value 58,128 — — — 58,128 Mortgage loans at fair value — 23,261 — (3,936 ) 19,325 ESS at fair value — 4,827 — (4,107 ) 720 MSRs at fair value — — (3,202 ) — (3,202 ) $ 58,128 $ 26,895 $ (3,202 ) $ (7,526 ) $ 74,295 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (2,520 ) $ — $ 2,990 $ 470 $ — $ (2,520 ) $ — $ 2,990 $ 470 (1) The amounts in the above table have been expanded to conform with current period presentation. The table includes the effect of capitalization of interest and accrual of unearned discounts on fair value. Nine months ended September 30, 2017 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 — (4,276 ) — 9,168 4,892 Mortgage loans acquired for sale at fair value 83,839 — — — 83,839 Mortgage loans at fair value — 29,195 — 13,832 43,027 ESS at fair value — 13,011 — (14,757 ) (1,746 ) MSRs at fair value — — (10,370 ) — (10,370 ) $ 83,839 $ 37,930 $ (10,370 ) $ 8,243 $ 119,642 Liabilities: Interest-only security payable $ — $ — $ — $ (2,272 ) $ (2,272 ) Asset-backed financing of a VIE at fair value — (1,807 ) — (5,581 ) (7,388 ) $ — $ (1,807 ) $ — $ (7,853 ) $ (9,660 ) Nine months ended September 30, 2016 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income (1) fees investments Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (1,930 ) — 9,948 8,018 Mortgage loans acquired for sale at fair value 147,135 — — — 147,135 Mortgage loans at fair value — 65,070 — 5,342 70,412 ESS at fair value — 17,555 — (40,984 ) (23,429 ) MSRs at fair value — — (19,558 ) — (19,558 ) $ 147,135 $ 80,695 $ (19,558 ) $ (25,694 ) $ 182,578 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (1,985 ) $ — $ (5,974 ) $ (7,959 ) $ — $ (1,985 ) $ — $ (5,974 ) $ (7,959 ) (1) The amounts in the above table have been expanded to conform with current period presentation. The table includes the effect of capitalization of interest and accrual of unearned discounts on fair value. Financial Statement Items Measured at Fair Value on a Nonrecurring Basis Following is a summary of financial statement items that were re-measured at fair value on a nonrecurring basis during the periods presented: September 30, 2017 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 60,805 $ 60,805 MSRs at lower of amortized cost or fair value — — 277,260 277,260 $ — $ — $ 338,065 $ 338,065 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 The following table summarizes the fair value changes recognized during the period on assets held at period end that were measured at fair value on a nonrecurring basis: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Real estate asset acquired in settlement of loans $ (5,666 ) $ (6,940 ) $ (7,454 ) $ (14,552 ) MSRs at lower of amortized cost or fair value (1,702 ) (3,460 ) (4,287 ) (44,336 ) $ (7,368 ) $ (10,400 ) $ (11,741 ) $ (58,888 ) 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 mortgage 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 fair 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 Certain of the Company’s borrowings are carried at amortized cost. The Company’s Assets sold under agreements to repurchase Mortgage loan participation purchase and sale agreements Notes payable, Exchangeable senior notes Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase The Manager has concluded that the fair values of Assets sold under agreements to repurchase Mortgage loan participation purchase and sale agreements Notes payable Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase Exchangeable senior notes Exchangeable senior notes Valuation Techniques and Inputs Most of the Company’s assets, its 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 assets and liabilities 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. PCM’s valuation committee includes PFSI’s executive chairman, and chief executive, chief financial, chief enterprise operations, chief risk and deputy chief financial 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 these MBS is established based on quoted market prices for the Company’s MBS or similar securities. 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 or contracted selling price when applicable. The valuation process for “Level 3” fair value mortgage loans 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 period-end from the later of the beginning of the period or acquisition date. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans at fair value are discount rate, home price projections, voluntary prepayment speeds and default speeds. Significant changes in any of those inputs in isolation could result in a significant change to the mortgage loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds. 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 September 30, 2017 December 31, 2016 Discount rate Range 2.9% – 15.0% 2.6% – 15.0% Weighted average 6.7% 7.1% Twelve-month projected housing price index change Range 3.4% – 4.9% 2.5% – 4.8% Weighted average 4.6% 3.7% Prepayment speed (1) Range 3.0% – 6.9% 0.1% – 10.9% Weighted average 4.1% 4.0% Total prepayment speed (2) Range 4.7% – 24.0% 2.9% – 24.6% Weighted average 16.7% 17.7% (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 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 September 30, 2017 December 31, 2016 UPB of underlying mortgage loans (in thousands) $ 28,385,316 $ 32,376,359 Average servicing fee rate (in basis points) 34 34 Average ESS rate (in basis points) 19 19 Pricing spread (1) Range 3.8% - 4.4% 3.8% - 4.8% Weighted average 4.2% 4.4% Annual total prepayment speed (2) Range 7.7% - 37.2% 7.0% - 41.3% Weighted average 10.7% 10.5% Life (in years) Range 1.5 - 8.1 1.4 - 8.6 Weighted average 6.6 6.8 (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 loan 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 the mortgage loan principal and interest payment cash flow component that has 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 September 30, 2017 December 31, 2016 P

Mortgage Loans Acquired for Sal

Mortgage Loans Acquired for Sale at Fair Value	9 Months Ended
	Sep. 30, 2017
Mortgage Loans On Real Estate [Abstract]
Mortgage Loans Acquired for Sale at Fair Value	Note 7—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: Loan type September 30, 2017 December 31, 2016 (in thousands) Conventional: Agency-eligible $ 1,052,355 $ 847,810 Jumbo — 6,042 Held for sale to PLS — Government insured or guaranteed 202,320 804,616 Commercial real estate 8,870 8,961 Repurchased pursuant to representations and warranties 6,795 5,683 $ 1,270,340 $ 1,673,112 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,206,859 $ 1,627,010 Mortgage loan participation purchase and sale agreements 45,057 26,738 $ 1,251,916 $ 1,653,748 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

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Mortgage Loans at Fair Value	Note 8—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: September 30, 2017 December 31, 2016 Loan type Fair value Unpaid principal balance Fair value Unpaid principal balance (in thousands) Distressed mortgage loans: Nonperforming mortgage loans $ 488,128 $ 717,326 $ 742,988 $ 1,020,994 Performing mortgage loans: Fixed interest rate 242,873 315,065 296,901 408,943 Interest rate step-up 238,768 304,099 232,700 317,409 Adjustable-rate/hybrid 46,233 48,486 81,983 92,313 527,874 667,649 611,584 818,665 1,016,002 1,384,975 1,354,572 1,839,659 Fixed interest rate jumbo mortgage loans held in a VIE 331,941 325,529 367,169 368,524 $ 1,347,943 $ 1,710,504 $ 1,721,741 $ 2,208,183 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 1,009,730 $ 1,345,021 Asset-backed financing of a VIE at fair value 331,941 367,169 $ 1,341,671 $ 1,712,190 Following is a summary of certain concentrations of credit risk in the portfolio of distressed mortgage loans at fair value: Concentration September 30, 2017 December 31, 2016 (percentages are of fair value) Portion of mortgage loans originated between 2005 and 2007 72% 72% Mortgage loans with unpaid-principal balance-to-current -property-value in excess of 100% 40% 41% States contributing 5% or more of mortgage loans New York California New Jersey Florida Massachusetts New York California New Jersey Florida Massachusetts

Derivative Activities

Derivative Activities	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Activities	Note 9—Derivative Activities The Company holds and issues derivative financial instruments in connection with its operating activities. Derivative financial instruments are created as a result of certain of the Company’s operations and the Company also enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created as a result of the Company’s operations include: • IRLCs that are created when the Company commits to purchase mortgage loans acquired for sale; • CRT Agreements whereby the Company retains a Recourse Obligation relating to certain mortgage loans it sells into Fannie Mae guaranteed securitizations and an interest-only ownership interest in such mortgage loans; and • Derivatives that are embedded in a master repurchase agreement that provides for the Company to receive interest expense offsets if it finances mortgage loans approved as satisfying certain consumer credit relief characteristics under the master repurchase agreement. 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. 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 until 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 IRLC or mortgage loan acquired for sale to decrease. The Company is exposed to losses related to its investment in MSRs if market mortgage interest rates decrease, because market interest rate decreases generally encourages mortgage refinancing activity, which reduces the expected life of the mortgage loans underlying the MSRs, causing the fair value of MSRs to decrease. To manage the price risk resulting from interest rate risk, the Company uses derivative financial instruments 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 in a 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. Derivative Notional Amounts and Fair Value of Derivatives The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative liabilities Other September 30, 2017 December 31, 2016 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 1,259,592 $ 2,789 $ 1,514 1,420,468 $ 7,069 $ 3,292 CRT Agreements 22,931,988 56,878 — 14,379,850 15,610 — Repurchase agreement derivatives — 181 — — — — Subject to master netting agreements ─ for hedging purposes: Forward purchase contracts 1,598,412 — 6,616 4,840,707 30,879 7,619 Forward sale contracts 2,808,847 8,861 165 6,148,242 13,164 17,974 MBS put options 1,125,000 1,503 — 925,000 1,697 — MBS call options 75,000 171 — 750,000 142 — Call options on interest rate futures 250,000 438 — 200,000 63 — Put options on interest rate futures 475,000 1,258 — 550,000 2,469 — Swap futures 275,000 — — 150,000 — — Eurodollar future contracts 1,038,000 — — 1,351,000 — — Total derivative instruments before netting 72,079 8,295 71,093 28,885 Netting (4,791 ) (3,395 ) (37,384 ) (19,312 ) $ 67,288 $ 4,900 $ 33,709 $ 9,573 Margin deposits placed with (received from) derivatives counterparties included in Other assets ( ) $ (1,395 ) $ (18,071 ) Derivative assets pledged to secure assets sold under agreements to repurchase $ 15,742 $ 9,078 The following tables summarize the notional amount activity for CRT Agreements and for derivative contracts used to hedge the Company’s MBS, inventory of mortgage loans acquired for sale, mortgage loans at fair value held in a VIE, IRLCs and MSRs. Quarter ended September 30, 2017 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 19,301,982 4,126,946 (496,940 ) 22,931,988 Forward purchase contracts 1,933,390 20,560,886 (20,895,864 ) 1,598,412 Forward sales contracts 3,644,636 27,214,513 (28,050,302 ) 2,808,847 MBS put options 1,475,000 3,200,000 (3,550,000 ) 1,125,000 MBS call options 200,000 275,000 (400,000 ) 75,000 Call options on interest rate futures 200,000 450,000 (400,000 ) 250,000 Put options on interest rate futures 925,000 2,500,000 (2,950,000 ) 475,000 Swap futures 175,000 100,000 — 275,000 Eurodollar future contracts 1,139,000 202,000 (303,000 ) 1,038,000 Treasury future buy contracts — 55,000 (55,000 ) — Treasury future sale contracts — 55,000 (55,000 ) — Quarter ended September 30, 2016 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 8,976,961 3,357,443 (137,768 ) 12,196,636 Forward purchase contracts 4,190,349 22,535,622 (21,093,789 ) 5,632,182 Forward sales contracts 4,347,526 29,853,649 (27,749,731 ) 6,451,444 MBS call option 1,525,000 3,875,000 (2,375,000 ) 3,025,000 Swap futures 12,500 12,500 (12,500 ) 12,500 Eurodollar future contracts 1,543,000 101,000 (202,000 ) 1,442,000 Treasury future buy contracts — 276,200 (126,200 ) 150,000 Treasury future sale contracts — 126,200 (126,200 ) — Call options on interest rate futures 525,000 1,825,000 (1,525,000 ) 825,000 Put options on interest rate futures 425,000 1,625,000 (850,000 ) 1,200,000 Nine months ended September 30, 2017 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 14,379,850 9,722,067 (1,169,929 ) 22,931,988 Forward purchase contracts 4,840,707 54,953,063 (58,195,358 ) 1,598,412 Forward sales contracts 6,148,242 73,030,446 (76,369,842 ) 2,808,847 MBS put options 925,000 5,125,000 (4,925,000 ) 1,125,000 MBS call options 750,000 475,000 (1,150,000 ) 75,000 Call options on interest rate futures 200,000 575,000 (525,000 ) 250,000 Put options on interest rate futures 550,000 5,875,000 (5,950,000 ) 475,000 Swap futures 150,000 950,000 (825,000 ) 275,000 Eurodollar future sale contracts 1,351,000 303,000 (616,000 ) 1,038,000 Treasury future buy contracts — 110,700 (110,700 ) — Treasury future sale contracts — 110,700 (110,700 ) — Nine months ended September 30, 2016 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 4,546,265 8,442,187 (791,816 ) 12,196,636 Forward purchase contracts 2,469,550 47,965,764 (44,803,132 ) 5,632,182 Forward sales contracts 2,450,642 65,146,064 (61,145,262 ) 6,451,444 MBS call option 375,000 6,600,000 (3,950,000 ) 3,025,000 Swap futures — 37,500 (25,000 ) 12,500 Eurodollar future sale contracts 1,755,000 181,000 (494,000 ) 1,442,000 Treasury future buy contracts — 276,200 (126,200 ) 150,000 Treasury future sale contracts — 126,200 (126,200 ) — Call options on interest rate futures 50,000 3,400,000 (2,625,000 ) 825,000 Put options on interest rate futures 1,600,000 4,225,000 (4,625,000 ) 1,200,000 Netting of Financial Instruments 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, the derivatives related to CRT Agreements and repurchase agreement derivatives. As of September 30, 2017 and December 31, 2016, 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. September 30, 2017 December 31, 2016 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 $ 2,789 $ — $ 2,789 $ 7,069 $ — $ 7,069 CRT Agreements 56,878 — 56,878 15,610 — 15,610 Repurchase agreement derivatives 181 — 181 — — — 59,848 — 59,848 22,679 — 22,679 Subject to master netting arrangements: Forward purchase contracts — — — 30,879 — 30,879 Forward sale contracts 8,861 — 8,861 13,164 — 13,164 MBS put options 1,503 — 1,503 1,697 — 1,697 MBS call options 171 — 171 142 — 142 Call options on interest rate futures 438 — 438 63 — 63 Put options on interest rate futures 1,258 — 1,258 2,469 — 2,469 Netting — (4,791 ) (4,791 ) — (37,384 ) (37,384 ) 12,231 (4,791 ) 7,440 48,414 (37,384 ) 11,030 $ 72,079 $ (4,791 ) $ 67,288 $ 71,093 $ (37,384 ) $ 33,709 Derivative Assets, Financial Instruments 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. September 30, 2017 December 31, 2016 Net amount of assets presented in the Gross amounts not offset in the consolidated balance sheet Net amount of assets presented in the Gross amounts not offset in the consolidated balance sheet consolidated balance sheet Financial instruments Cash collateral received Net amount consolidated balance sheet Financial instruments Cash collateral received Net amount (in thousands) CRT Agreements $ 56,878 $ — $ — $ 56,878 $ 15,610 $ — $ — $ 15,610 Interest rate lock commitments 2,789 — — 2,789 7,069 — — 7,069 Repurchase agreement derivatives 181 — — 181 — — — — Bank of America, N.A. 1,819 — — 1,819 1,881 — — 1,881 RJ O’Brien & Associates, LLC 1,695 — — 1,695 1,531 — — 1,531 JPMorgan Chase & Co. 911 — — 911 — — — — RBS Securities Inc. 655 — — 655 — — — — Citibank 565 — — 565 — — — — Goldman Sachs 511 — — 511 1,164 — — 1,164 Federal Home Loan Mortgage Corporation 464 — — 464 7 — — 7 Barclays Capital 394 — — 394 855 — — 855 Morgan Stanley Bank, N.A. 296 — — 296 — — — — Jefferies Group, Inc 70 — — 70 967 — — 967 Royal Bank of Canada — — — — 1,194 — — 1,194 Bank of Oklahoma — — — — 629 — — 629 Other 60 — — 60 2,802 — — 2,802 $ 67,288 $ — $ — $ 67,288 $ 33,709 $ — $ — $ 33,709 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. September 30, 2017 December 31, 2016 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 $ 1,514 $ — $ 1,514 $ 3,292 $ — $ 3,292 1,514 — 1,514 3,292 — 3,292 Subject to master netting arrangements: Forward purchase contracts 6,616 — 6,616 7,619 — 7,619 Forward sales contracts 165 — 165 17,974 — 17,974 Netting — (3,395 ) (3,395 ) — (19,312 ) (19,312 ) 6,781 (3,395 ) 3,386 25,593 (19,312 ) 6,281 8,295 (3,395 ) 4,900 28,885 (19,312 ) 9,573 Assets sold under agreements to repurchase: UPB 3,204,054 — 3,204,054 3,784,685 — 3,784,685 Unamortized debt issuance costs (668 ) — (668 ) (684 ) — (684 ) 3,203,386 — 3,203,386 3,784,001 — 3,784,001 $ 3,211,681 $ (3,395 ) $ 3,208,286 $ 3,812,886 $ (19,312 ) $ 3,793,574 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. September 30, 2017 December 31, 2016 Net amount of liabilities presented in the Gross amounts not offset in the consolidated balance sheet Net amount of liabilities presented in the Gross amounts not offset in the consolidated balance sheet consolidated balance sheet Financial instruments Cash collateral pledged Net amount consolidated balance sheet Financial instruments Cash collateral pledged Net amount (in thousands) Interest rate lock commitments $ 1,514 $ — $ — $ 1,514 $ 3,292 $ — $ — $ 3,292 Bank of America, N.A. 938,104 (938,104 ) — — 847,683 (847,683 ) — — Credit Suisse First Boston Mortgage Capital LLC 857,882 (857,882 ) — — 1,181,441 (1,181,235 ) — 206 JPMorgan Chase & Co. 445,746 (445,746 ) — — 544,009 (542,542 ) — 1,467 Citibank 280,127 (279,905 ) — 222 575,092 (573,589 ) — 1,503 Morgan Stanley Bank, N.A. 168,184 (168,184 ) — — 143,951 (142,055 ) — 1,896 Daiwa Capital Markets 157,827 (157,827 ) — — 177,316 (177,077 ) — 239 Deutsche Bank 114,852 (114,852 ) — — — — — — Royal Bank of Canada 94,424 (93,494 ) — 930 63,926 (63,926 ) — — Wells Fargo, N.A. 51,780 (51,377 ) — 403 116,648 (116,648 ) — — Barclays Capital 50,353 (50,353 ) — — 92,796 (92,796 ) — — BNP Paribas 46,330 (46,330 ) — — 47,785 (47,134 ) — 651 Federal National Mortgage Association 1,353 — — 1,353 312 — — 312 Other 478 — — 478 7 — — 7 Unamortized debt issuance costs (668 ) 668 — — (684 ) 684 — — $ 3,208,286 $ (3,203,386 ) $ — $ 4,900 $ 3,793,574 $ (3,784,001 ) $ — $ 9,573 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: Quarter ended September 30, Nine months ended September 30, Derivative activity Statement of income line 2017 2016 2017 2016 (in thousands) Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 24,694 $ 53,819 $ 70,131 $ 129,761 Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ (16,943 ) $ (16,791 ) $ (32,308 ) $ (76,672 ) Mortgage servicing rights Net loan servicing fees $ 4,576 $ 5,612 $ (1,731 ) $ 63,006 Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain on investments $ (5,910 ) $ (945 ) $ (14,943 ) $ (245 ) CRT agreements Net gain on investments $ 14,960 $ 18,477 $ 68,863 $ 22,098

Real Estate Acquired in Settlem

Real Estate Acquired in Settlement of Loans	9 Months Ended
	Sep. 30, 2017
Banking And Thrift [Abstract]
Real Estate Acquired in Settlement of Loans	Note 10—Real Estate Acquired in Settlement of Loans Following is a summary of financial information relating to REO: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Balance at beginning of period $ 207,034 $ 299,458 $ 274,069 $ 341,846 Transfers from mortgage loans at fair value and advances 22,951 42,300 76,981 156,352 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (2,555 ) (5,282 ) (14,300 ) (17,548 ) Results of REO: Valuation adjustments, net (6,423 ) (7,888 ) (21,749 ) (25,816 ) Gain on sale, net 3,280 4,603 10,895 13,930 (3,143 ) (3,285 ) (10,854 ) (11,886 ) Proceeds from sales (39,253 ) (44,843 ) (140,862 ) (180,416 ) Balance at end of period $ 185,034 $ 288,348 $ 185,034 $ 288,348 September 30, 2017 December 31, 2016 (in thousands) REO pledged to secure assets sold under agreements to repurchase $ 84,796 $ 167,430 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties 50,965 48,283 $ 135,761 $ 215,713

Mortgage Servicing Rights

Mortgage Servicing Rights	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Mortgage Servicing Rights	Note 11—Mortgage Servicing Rights Carried at Lower of Amortized Cost or Fair Value: Following is a summary of MSRs carried at lower of amortized cost or fair value: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Amortized Cost: Balance at beginning of period $ 673,433 $ 465,301 $ 606,103 $ 404,101 MSRs resulting from mortgage loan sales 74,183 76,567 178,894 167,691 Amortization (21,634 ) (17,902 ) (59,015 ) (47,720 ) Sales — — — (106 ) Balance at end of period 725,982 523,966 725,982 523,966 Valuation Allowance: Balance at beginning of period (16,257 ) (51,820 ) (13,672 ) (10,944 ) Additions to impairment valuation allowance (1,702 ) (3,460 ) (4,287 ) (44,336 ) Balance at end of period (17,959 ) (55,280 ) (17,959 ) (55,280 ) MSRs, net $ 708,023 $ 468,686 $ 708,023 $ 468,686 Fair value at beginning of period $ 682,437 $ 417,094 $ 626,334 $ 424,154 Fair value at end of period $ 728,828 $ 472,790 September 30, 2017 December 31, 2016 (in thousands) MSRs carried at lower of cost or fair value pledged to secure notes payable $ 696,991 $ 592,431 The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This estimate was developed with the inputs used in the September 30, 2017 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 12 months ended September 30, amortization (in thousands) 2018 $ 85,876 2019 78,404 2020 71,153 2021 64,092 2022 57,647 Thereafter 368,810 Total $ 725,982 Carried at Fair Value: Following is a summary of MSRs carried at fair value: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Balance at beginning of period $ 77,624 $ 57,977 $ 64,136 $ 66,584 Purchases 10 — 79 2,602 MSRs resulting from mortgage loan sales 8,655 1,068 28,467 6,215 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (2,628 ) (883 ) (6,956 ) (12,343 ) Other changes in fair value (2) (1,349 ) (2,319 ) (3,414 ) (7,215 ) (3,977 ) (3,202 ) (10,370 ) (19,558 ) Balance at end of period $ 82,312 $ 55,843 $ 82,312 $ 55,843 September 30, 2017 December 31, 2016 (in thousands) MSRs carried at fair value pledged to secure notes payable $ 81,279 $ 64,136 (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. Servicing fees relating to MSRs are recorded in Net mortgage loan servicing fees Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Contractually-specified servicing fees $ 42,237 $ 32,724 $ 119,223 $ 90,494 Ancillary and other fees: Late charges 173 148 536 421 Other 1,870 1,432 4,110 3,839 $ 44,280 $ 34,304 $ 123,869 $ 94,754

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase	9 Months Ended
	Sep. 30, 2017
Brokers And Dealers [Abstract]
Assets Sold Under Agreements to Repurchase	Note 12—Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars in thousands) Weighted-average interest rate (1) 2.72 % 2.26 % 2.57 % 2.19 % Average balance $ 3,474,903 $ 3,538,720 $ 3,388,626 $ 3,202,829 Total interest expense $ 26,157 $ 23,751 $ 72,280 $ 66,217 Maximum daily amount outstanding $ 3,973,869 $ 4,824,044 $ 4,083,326 $ 5,221,997 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $6.1 million for the quarter and nine months ended September 30, 2017, respectively, and $2.2 million and $6.5 million for the quarter and nine months ended September 30, 2016, respectively. September 30, 2017 December 31, 2016 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,204,054 $ 3,784,685 Unamortized debt issuance costs and premiums (668 ) (684 ) $ 3,203,386 $ 3,784,001 Weighted-average interest rate 2.63 % 2.70 % Available borrowing capacity: Committed $ 457,144 $ 518,932 Uncommitted 2,233,034 1,092,253 $ 2,690,178 $ 1,611,185 Margin deposits placed with counterparties included in Other $ 15,037 $ 29,634 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 1,036,669 $ 863,802 Mortgage loans acquired for sale at fair value $ 1,206,859 $ 1,627,010 Mortgage loans at fair value $ 1,009,730 $ 1,345,021 CRT Agreements: Deposits securing CRT agreements $ 408,100 $ 414,610 Derivative assets $ 15,742 $ 9,078 Real estate acquired in settlement of loans $ 135,761 $ 215,713 Real estate held for investment $ 29,664 $ — Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining Maturity at September 30, 2017 Contractual balance (in thousands) Within 30 days $ 1,473,873 Over 30 to 90 days 50,353 Over 90 days to 180 days 470,753 Over 180 days to 1 year 1,209,075 Over one year to two years — $ 3,204,054 Weighted average maturity (in months) 3.9 The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the 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 September 30, 2017: 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. $ 253,993 October 29, 2017 March 2, 2018 Credit Suisse First Boston Mortgage Capital LLC $ 93,099 December 17, 2017 April 27, 2018 JPMorgan Chase & Co. $ 11,729 October 13, 2017 October 13, 2017 JPMorgan Chase & Co. $ 83,685 — March 14, 2018 Bank of America, N.A. $ 21,671 December 20, 2017 May 25, 2018 Morgan Stanley $ 10,051 December 16, 2017 August 24, 2018 Deutsche Bank $ 7,272 December 25, 2017 March 30, 2018 Barclays Bank PLC $ 3,691 December 1, 2017 December 1, 2017 Securities sold under agreements to repurchase Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 4,092 October 16, 2017 Bank of America, N.A. $ 19,037 October 18, 2017 Daiwa Capital Markets America Inc. $ 7,006 October 19, 2017 Royal Bank of Canada $ 4,061 October 16, 2017 Wells Fargo, N.A. $ 2,381 October 12, 2017 CRT Agreements Counterparty Amount at risk Weighted average maturity (in thousands) Credit Suisse First Boston Mortgage Capital LLC $ 55,008 October 11, 2017 Bank of America, N.A. $ 35,283 October 13, 2017 BNP Paribas Corporate & Institutional Banking $ 19,150 October 6, 2017

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreements	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Mortgage Loan Participation Purchase and Sale Agreements	Note 13—Mortgage Loan Participation Purchase and Sale Agreements Certain borrowing facilities secured by mortgage loans acquired for sale are in the form of mortgage loan participation purchase 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. The holdback amount is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender. Mortgage loan participation purchase and sale agreements are summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars in thousands) Weighted-average interest rate (1) 2.48 % 1.76 % 2.28 % 1.71 % Average balance $ 59,701 $ 73,537 $ 65,290 $ 70,955 Total interest expense $ 409 $ 361 $ 1,225 $ 1,023 Maximum daily amount outstanding $ 99,441 $ 99,469 $ 99,441 $ 99,469 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $94,000 for the quarter and nine months ended September 30, 2017, respectively, and $31,000 and $99,000 for the quarter and nine months ended September 30, 2016, respectively. September 30, 2017 December 31, 2016 (dollars in Carrying value: Amount outstanding $ 44,082 $ 25,917 Unamortized debt issuance costs (94 ) — $ 43,988 $ 25,917 Weighted-average interest rate 2.48 % 2.02 % Mortgage loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 45,057 $ 26,738

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	9 Months Ended
	Sep. 30, 2017
Banking And Thrift [Abstract]
Federal Home Loan Bank Advances	Note 14—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 June 30, 2016. The FHLB advances are summarized below: Nine months ended September 30, 2016 (dollars Weighted-average interest rate 0.49 % Average balance $ 32,560 Total interest expense $ 122 Maximum daily amount outstanding $ 201,130

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Notes Payable	Note 15—Notes Payable On March 24, 2017, the Company, through PennyMac Corp (“PMC”) and PMH, entered into a Loan and Security Agreement with Barclays Bank PLC (“Barclays”), pursuant to which PMC and PMH may finance certain mortgage servicing rights (inclusive of any related excess servicing spread arising therefrom and that maybe transferred from PMC to PMH from time to time) relating to mortgage loans pooled into Freddie Mac securities (collectively, the “Freddie MSRs”), in an aggregate loan amount not to exceed $170 million, all of which is committed. The note matures on December 1, 2017, subject to a wind down period of up to one year following such maturity date. On March 24, 2017, the Company, through PMC and PMH, entered into a second Amended and Restated Loan and Security Agreement with Citibank, N.A., pursuant to which PMC and PMH finance certain MSRs (inclusive of any related excess servicing spread and/or junior excess strips arising therefrom and that may be transferred from PMC to PMH from time to time) relating to mortgage loans pooled into Fannie Mae securities (collectively, the “Fannie MSRs”) in an aggregate loan amount not to exceed $400 million, all of which is committed. The note matures on March 2, 2018. Following is a summary of financial information relating to the notes payable: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars Weighted-average interest rate (1) 6.30 % 4.76 % 5.57 % 4.68 % Average balance $ 79,345 $ 170,907 $ 152,395 $ 190,878 Total interest expense $ 2,320 $ 2,883 $ 9,719 $ 9,217 Maximum daily amount outstanding $ 160,106 $ 196,317 $ 275,106 $ 234,476 (1) Excludes the effect of amortization of debt issuance costs of $1.0 million and $3.3 million for the quarter and nine months ended September 30, 2017, respectively, and $0.8 million and $2.4 million for the quarter and nine months ended September 30, 2016, respectively. September 30, 2017 December 31, 2016 (dollars in thousands) Carrying value: Amount outstanding $ 80,106 $ 275,106 Unamortized debt issuance costs — — $ 80,106 $ 275,106 Weighted-average interest rate 5.57 % 4.73 % MSRs pledged to secure notes payable $ 778,270 $ 656,567

Asset-Backed Financing of a Var

Asset-Backed Financing of a Variable Interest Entity at Fair Value	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Asset-Backed Financing of a Variable Interest Entity at Fair Value	Note 16—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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars in thousands) Weighted-average fair value $ 325,763 $ 330,622 $ 337,073 $ 326,962 Interest expense $ 3,515 $ 5,253 $ 10,520 $ 10,212 Weighted-average effective interest rate 3.34 % 3.23 % 3.41 % 3.31 % September 30, 2017 December 31, 2016 (dollars in thousands) Carrying value $ 318,404 $ 353,898 UPB $ 325,529 $ 355,494 Weighted-average interest rate 3.51 % 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 certificates.

Exchangeable Senior Notes

Exchangeable Senior Notes	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Exchangeable Senior Notes	Note 17—Exchangeable Senior Notes PMC issued in a private offering $250 million aggregate principal amount of exchangeable senior notes (“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 September 30, 2017, 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Weighted-average UPB $ 250,000 $ 250,000 $ 250,000 $ 250,000 Interest expense $ 3,636 $ 3,620 $ 10,895 $ 10,848 September 30, 2017 December 31, 2016 (in thousands) Carrying value: UPB $ 250,000 $ 250,000 Unamortized debt issuance costs (3,094 ) (3,911 ) $ 246,906 $ 246,089

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Liability for Losses Under Representations and Warranties	Note 18—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Balance, beginning of period $ 10,697 $ 19,258 $ 15,350 $ 20,171 Provision for losses: Pursuant to mortgage loan sales 1,075 781 2,355 2,002 Reduction in liability due to change in estimate (1,642 ) (5,098 ) (7,523 ) (6,822 ) Losses incurred (83 ) (14 ) (135 ) (424 ) Balance, end of period $ 10,047 $ 14,927 $ 10,047 $ 14,927 UPB of mortgage loans subject to representations and warranties at end of period $ 67,196,537 $ 50,167,783

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 19—Commitments and Contingencies Litigation From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of September 30, 2017, 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: September 30, 2017 (in thousands) Commitments to purchase mortgage loans acquired for sale $ 1,259,592 Commitments to fund Deposits securing CRT agreements $ 356,274 (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	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Shareholders' Equity	Note 20—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: September 30, 2017 Series Description (1) Number of shares Liquidation preference Issuance discount Carrying value (in thousands) A 8.125% fixed-to-floating rate cumulative redeemable preferred, Issuance March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 B 8.00% fixed-to-floating rate cumulative redeemable preferred, Issuance July 2017 7,800 195,000 6,465 188,535 12,400 $ 310,000 $ 10,293 $ 299,707 (1) Par value is $0.01 per share for both series. During July 2017, the Company issued 7,800,000 of its 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series B Preferred Shares”). From, and including, the date of original issuance to, but not including, June 15, 2024, the Company pays cumulative dividends on the Series B Preferred Shares at a fixed rate of 8.00% per annum based on the $25.00 per share liquidation preference, or $2.00 per share. From, and including, June 15, 2024 and thereafter, the Company will pay cumulative dividends on the Series B Preferred Shares at a floating rate equal to three-month LIBOR as calculated on each applicable dividend determination date plus a spread of 5.99% per annum based on the $25.00 per share liquidation preference. The Company paid dividends of $0.39 per Series B Preferred Share for the nine months ended September 30, 2017. The Series B Preferred Shares will not be redeemable before June 15, 2024, except in connection with the Company’s qualification as a REIT for U.S. federal income tax purposes and except as described below upon the occurrence of a change of control. On or after June 15, 2024, or 120 days after the first date on which such change of control occurred, the Company may, at its option, redeem any or all of the Series B Preferred Shares at $25.00 per share plus any accumulated and unpaid dividends thereon to, but not including, the redemption date. During March 2017, the Company issued 4,600,000 of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (“Series A Preferred Shares” and, together with the Series B Preferred Shares, the “Preferred Shares”). From, and including, the date of original issuance to, but not including, March 15, 2024, the Company pays cumulative dividends on the Series A Preferred Shares at a fixed rate of 8.125% per annum based on the $25.00 per share liquidation preference. From, and including, March 15, 2024 and thereafter, the Company will pay cumulative dividends on the Series A Preferred Shares at a floating rate equal to three-month LIBOR as calculated on each applicable dividend determination date plus a spread of 5.831% per annum based on the $25.00 per share liquidation preference. The Company paid dividends of $1.05 per Series A Preferred Share during the nine months ended September 30, 2017. The Series A Preferred Shares will not be redeemable before March 15, 2024, except in connection with the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control of the Company as described in the prospectus supplement filed with the SEC on March 6, 2017. On or after March 15, 2024 or within 120 days of the occurrence of a change in control, the Company may, at its option, redeem any or all of the Series A Preferred Shares at $25.00 per share plus any accumulated and unpaid dividends thereon to, but not including, the redemption date. The Company will pay quarterly cumulative dividends on its Preferred Shares on the 15 th 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Cumulative total (1) (in thousands) Common shares repurchased 966 687 1,105 7,029 9,518 Cost of common shares repurchased $ 16,417 $ 10,595 $ 18,724 $ 93,429 $ 133,431 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2017. The repurchased common shares were canceled upon settlement of the repurchase transactions and returned to the authorized but unissued common share pool. Conditional Reimbursement of IPO Underwriting Costs 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. The Company made payments under the Reimbursement Agreement totaling $61,000 during the quarter and nine months ended September 30, 2017. No payments were made during the quarter and nine months ended September 30, 2016. The Reimbursement Agreement expires on February 1, 2019.

Net Gain on Mortgage Loans Acqu

Net Gain on Mortgage Loans Acquired for Sale	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Net Gain on Mortgage Loans Acquired for Sale	Note 21—Net Gain on Mortgage Loans Acquired for Sale Net gain on mortgage loans acquired for sale is summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) From non-affiliates: Cash loss: Mortgage loans $ (51,485 ) $ (27,639 ) $ (135,666 ) $ (52,812 ) Hedging activities (13,468 ) (17,378 ) (16,931 ) (79,072 ) (64,953 ) (45,017 ) (152,597 ) (131,884 ) Non cash gain: Receipt of MSRs in mortgage loan sale transactions 82,838 77,635 207,361 173,906 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to mortgage loans sales (1,075 ) (781 ) (2,355 ) (2,002 ) Reduction in liability due to change in estimate 1,642 5,098 7,523 6,822 Change in fair value of financial instruments held at end of period: IRLCs 880 (1,429 ) (2,502 ) 10,681 Mortgage loans (1,165 ) 5,228 2,891 16,980 Hedging derivatives (3,475 ) 587 (15,377 ) 2,400 (3,760 ) 4,386 (14,988 ) 30,061 Total from non-affiliates 14,692 41,321 44,944 76,903 From PFSI—cash gain 3,275 2,537 9,340 6,230 $ 17,967 $ 43,858 $ 54,284 $ 83,133

Net Gain (Loss) on Investments

Net Gain (Loss) on Investments	9 Months Ended
	Sep. 30, 2017
Investments Debt And Equity Securities [Abstract]
Net Gain (Loss) on Investments	Note 22—Net Gain (Loss) on Investments Net gain (loss) on investments is summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Net gain (loss) on investments: From non-affiliates: Mortgage-backed securities $ 5,001 $ 517 $ 9,168 $ 9,948 Distressed mortgage loans at fair value 3,277 (3,400 ) 7,523 (2,468 ) Mortgage loans held in a VIE at fair value 2,138 (536 ) 6,309 7,810 CRT Agreements 15,151 18,477 66,591 22,098 Asset-backed financing of a VIE at fair value (2,158 ) 2,990 (5,581 ) (5,974 ) Hedging derivatives (5,910 ) (945 ) (14,943 ) (245 ) 17,499 17,103 69,067 31,169 From PFSI—ESS (3,665 ) (2,824 ) (10,920 ) (36,275 ) $ 13,834 $ 14,279 $ 58,147 $ (5,106 )

Net Mortgage Loan Servicing Fee

Net Mortgage Loan Servicing Fees	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Net Mortgage Loan Servicing Fees	Note 23—Net Mortgage Loan Servicing Fees Net mortgage loan servicing fees are summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) From non-affiliates: Servicing fees (1) $ 44,280 $ 34,304 $ 123,869 $ 94,754 Effect of MSRs: Carried at lower of amortized cost or fair value: Amortization (21,634 ) (17,902 ) (59,015 ) (47,720 ) Additions to impairment valuation allowance (1,702 ) (3,460 ) (4,287 ) (44,336 ) Gain on sale — — — 11 Carried at fair value—change in fair value (3,977 ) (3,202 ) (10,370 ) (19,558 ) Gains (losses) on hedging derivatives 4,576 5,612 (1,731 ) 63,006 (22,737 ) (18,952 ) (75,403 ) (48,597 ) 21,543 15,352 48,466 46,157 From PFSI—MSR recapture income 333 409 859 849 Net mortgage loan servicing fees $ 21,876 $ 15,761 $ 49,325 $ 47,006 Average servicing portfolio $ 63,584,416 $ 48,997,875 $ 61,764,228 $ 46,125,926 (1) Includes contractually specified servicing and ancillary fees, net of Agency guarantee fees.

Net Interest Income

Net Interest Income	9 Months Ended
	Sep. 30, 2017
Banking And Thrift Interest [Abstract]
Net Interest Income	Note 24—Net Interest Income Net interest income is summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 132 $ 165 $ 516 $ 747 Mortgage-backed securities 7,447 3,394 21,954 8,863 Mortgage loans acquired for sale at fair value 16,202 15,008 40,699 37,868 Mortgage loans at fair value: Distressed 14,213 28,952 53,456 81,180 Held in a VIE 3,766 4,040 11,370 14,520 Deposits securing CRT Agreements 1,440 285 2,703 661 Placement fees relating to custodial funds 4,330 1,445 8,212 2,786 Other 49 18 142 86 47,579 53,307 139,052 146,711 From PFSI—ESS 3,998 4,827 13,011 17,555 51,577 58,134 152,063 164,266 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 26,157 23,751 72,280 66,217 Mortgage loan participation purchase and sale agreements 409 361 1,225 1,023 FHLB advances — — — 122 Notes payable 2,320 2,883 9,719 9,217 Asset-backed financings of VIEs at fair value 3,515 5,253 10,520 10,212 Exchangeable Notes 3,636 3,620 10,895 10,848 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 1,638 2,142 4,068 4,703 Interest on mortgage loan impound deposits 486 346 1,229 787 38,161 38,356 109,936 103,129 To PFSI—Assets sold under agreement to repurchase 2,116 1,974 5,946 5,798 40,277 40,330 115,882 108,927 Net interest income $ 11,300 $ 17,804 $ 36,181 $ 55,339

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation Plans	Note 25—Share-Based Compensation Plans As of September 30, 2017 and December 31, 2016, the Company had one share-based compensation plan. The following table summarizes the Company’s share-based compensation activity: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Restricted share units granted 2 — 136 218 Performance share units granted — — 126 112 Total share units granted 2 — 262 330 Grant date fair value of restricted share units granted $ 36 $ — $ 2,317 $ 2,690 Grant date fair value of performance share units granted — — 1,675 1,351 Total fair value of share units granted $ 36 $ — $ 3,992 $ 4,041 Restricted share units vested — — 284 299 Performance share units vested — — — — Total share units vested — — 284 299 Restricted share units forfeited — — 13 299 Performance share units forfeited — — — — Total share units forfeited — — 13 299 Compensation expense relating to share-based grants $ 737 $ 1,129 $ 3,864 $ 4,142

Other Expenses

Other Expenses	9 Months Ended
	Sep. 30, 2017
Other Income And Expenses [Abstract]
Other Expenses	Note 26—Other Expenses Other expenses are summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Common overhead allocation from PFSI $ 1,193 $ 1,417 $ 4,220 $ 6,413 Real estate held for investment 1,898 821 4,339 2,308 Technology 374 279 1,088 1,045 Insurance 300 304 968 938 Other 1,434 1,123 4,428 2,713 $ 5,199 $ 3,944 $ 15,043 $ 13,417

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 27—Income Taxes The Company’s effective tax rate was 19.7% and 2.1% for the quarter and nine months ended September 30, 2017 and 21.3% and 6.8% for the quarter and nine months ended September 30, 2016, respectively. The Company’s taxable REIT subsidiary recognized a tax expense of $4.8 million on income of $12.0 million and tax expense of $0.9 million on income of $4.5 million while the Company’s reported consolidated pretax income was $24.2 million and $78.6 million for the quarter and nine months ended September 30, 2017. For the same periods in 2016, the Company’s taxable REIT subsidiary recognized tax expense of $9.7 million and $3.6 million on income of $24.2 million and $9.0 million, respectively, while the Company’s reported consolidated pretax income was $45.0 million and $47.9 million during such periods. The relative values between the tax benefit or expense at the taxable REIT subsidiary and the Company’s consolidated pretax income drive the fluctuation in the effective tax rate. The primary difference between the Company’s effective tax rate and the statutory tax rate is due to nontaxable REIT income resulting from the dividends paid deduction. In general, cash dividends declared by the Company will be considered ordinary income to shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note 28—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 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands except per share amounts) Net income $ 19,395 $ 35,408 $ 76,911 $ 44,637 Preferred share dividends (6,125 ) — (9,032 ) — Effect of participating securities—share-based compensation awards (231 ) (341 ) (760 ) (1,026 ) Net income available to common shareholders $ 13,039 $ 35,067 $ 67,119 $ 43,611 Net income available to common shareholders $ 13,039 $ 35,067 $ 67,119 $ 43,611 Interest on Exchangeable Notes, net of income taxes — 2,181 6,564 — Diluted net income attributable to common shareholders $ 13,039 $ 37,248 $ 73,683 $ 43,611 Weighted-average basic shares outstanding 66,636 67,554 66,702 69,289 Dilutive securities: Shares issuable under share-based compensation plan — 308 — — Shares issuable pursuant to exchange of the Exchangeable Notes — 8,467 8,467 — Diluted weighted-average number of shares outstanding 66,636 76,329 75,169 69,289 Basic earnings per share $ 0.20 $ 0.52 $ 1.01 $ 0.63 Diluted earnings per share $ 0.20 $ 0.49 $ 0.98 $ 0.63 Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded based on whether the inclusion of such shares in the diluted earnings per share calculation would be antidilutive. 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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Shares issuable under share-based compensation awards 643 — 699 717 Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 — — 8,467

Segments and Related Informatio

Segments and Related Information	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segments and Related Information	Note 29—Segments and Related Information During the nine months ended September 30, 2017, the Company changed the composition of its operating segments. The reporting used by the Company’s chief operating decision maker has changed as the Company’s investment activities have become more diversified. The Manager has focused this broadened investment base on two classes of investments: credit sensitive and interest rate sensitive mortgage related assets. As this focus has developed, the Manager’s reporting on and management of the Company’s investments has also developed along these lines. Accordingly, during the nine months ended September 30, 2017, the Manager re-evaluated this new information in relation to its definition of its operating segments. The Company has redefined its segment reporting to separately distinguish its investment activities between credit sensitive and interest rate sensitive investments and certain corporate activities. Credit sensitive investment strategies include investments in distressed mortgage loans, REO, CRT Agreements, non-Agency subordinated bonds and small balance commercial real estate mortgage loans. Interest rate sensitive strategies include investments in MSRs, ESS, Agency and senior non-Agency MBS and the related interest rate hedging activities. The corporate segment includes certain interest income, management fee and corporate expense amounts. Segment results for the quarter and nine months ended September 30, 2016 have been restated to conform prior year presentation to the new segment composition. Financial highlights by operating segment are summarized below: Quarter ended September 30, 2017 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 17,963 $ 4 $ — $ — $ 17,967 Net gain (loss) on investments — 18,562 (4,728 ) — 13,834 Net mortgage loan servicing fees — 47 21,829 — 21,876 Net interest income: Interest income 16,018 15,951 19,426 182 51,577 Interest expense (11,351 ) (13,096 ) (15,830 ) — (40,277 ) 4,667 2,855 3,596 182 11,300 Other income (loss) 11,762 (935 ) — — 10,827 34,392 20,533 20,697 182 75,804 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 23,508 4,273 7,128 — 34,909 Management fees — — — 6,038 6,038 Other 2,574 3,194 265 4,658 10,691 26,082 7,467 7,393 10,696 51,638 Pre-tax income (loss) $ 8,310 $ 13,066 $ 13,304 $ (10,514 ) $ 24,166 Total assets at end of period $ 1,304,647 $ 1,959,792 $ 2,414,477 $ 106,127 $ 5,785,043 Quarter ended September 30, 2016 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 43,946 $ (88 ) $ — $ — $ 43,858 Net gain (loss) on investments — 16,145 (1,866 ) — 14,279 Net mortgage loan servicing fees — — 15,761 — 15,761 Net interest income: Interest income 14,835 29,771 13,346 182 58,134 Interest expense (9,613 ) (14,944 ) (15,773 ) — (40,330 ) 5,222 14,827 (2,427 ) 182 17,804 Other income 12,724 (1,100 ) — — 11,624 61,892 29,784 11,468 182 103,326 Expenses: Mortgage loan fulfillment and servicing fees payable to PFSI 27,255 5,629 5,410 — 38,294 Management fees — — — 5,025 5,025 Other 2,539 7,542 424 4,488 14,993 29,794 13,171 5,834 9,513 58,312 Pre-tax income (loss) $ 32,098 $ 16,613 $ 5,634 $ (9,331 ) $ 45,014 Total assets at end of period $ 2,088,515 $ 2,446,785 $ 1,910,121 $ 173,480 $ 6,618,901 Nine months ended September 30, 2017 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 54,117 $ 167 $ — $ — $ 54,284 Net gain (loss) on investments — 74,695 (16,548 ) — 58,147 Net mortgage loan servicing fees — 91 49,234 — 49,325 Net interest income: Interest income 40,194 57,011 54,200 658 152,063 Interest expense (28,214 ) (41,178 ) (46,490 ) — (115,882 ) 11,980 15,833 7,710 658 36,181 Other income (loss) 30,576 (4,281 ) — 5 26,300 96,673 86,505 40,396 663 224,237 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 61,191 12,143 19,837 — 93,171 Management fees — — — 16,684 16,684 Other 6,614 11,419 1,094 16,656 35,783 67,805 23,562 20,931 33,340 145,638 Pre-tax income (loss) $ 28,868 $ 62,943 $ 19,465 $ (32,677 ) $ 78,599 Total assets at period end $ 1,304,647 $ 1,959,792 $ 2,414,477 $ 106,127 $ 5,785,043 Nine months ended September 30, 2016 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 83,565 $ (432 ) $ — $ — $ 83,133 Net gain (loss) on investments — 21,389 (26,495 ) — (5,106 ) Net mortgage loan servicing fees — — 47,006 — 47,006 Net interest income: Interest income 37,248 83,550 43,017 451 164,266 Interest expense (23,144 ) (47,039 ) (38,744 ) — (108,927 ) 14,104 36,511 4,273 451 55,339 Other income (loss) 28,186 (5,398 ) — — 22,788 125,855 52,070 24,784 451 203,160 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 59,301 23,863 15,056 — 98,220 Management fees — — — 15,576 15,576 Other 5,620 17,209 1,018 17,618 41,465 64,921 41,072 16,074 33,194 155,261 Pre-tax income $ 60,934 $ 10,998 $ 8,710 $ (32,743 ) $ 47,899 Total assets at period end $ 2,088,515 $ 2,446,785 $ 1,910,121 $ 173,480 $ 6,618,901

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 30—Supplemental Cash Flow Information Nine months ended September 30, 2017 2017 2016 (in thousands) Cash paid for interest $ 115,108 $ 111,008 Income taxes (refunded) paid, net $ (294 ) $ 388 Non-cash investing activities: Receipt of MSRs as proceeds from sales of mortgage loans $ 207,361 $ 173,906 Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 76,981 $ 156,352 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 14,300 $ 17,548 Receipt of ESS pursuant to recapture agreement with PFSI $ 4,160 $ 5,039 Capitalization of servicing advances pursuant to mortgage loan modifications $ 17,759 $ — Non-cash financing activities: Dividends payable $ 31,655 $ 31,804

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
	Sep. 30, 2017
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 31—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: September 30, 2017 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) (in thousands) September 30, 2017 $ 466,530 $ 172,311 12 % 6 % $ 86,919 $ 23,774 December 31, 2016 $ 392,056 $ 143,259 12 % 6 % $ 26,670 $ 19,706 (1) Calculated in accordance with the Agencies’ capital and liquidity requirements. Noncompliance with the Agencies’ capital and liquidity requirements can result in the Agencies taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the Agencies.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Note 32—Recently Issued Accounting Pronouncements Revenue Recognition 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 ASU 2014-09, including: • In August 2015, ASU 2015-14, Revenue From Contracts With Customers • In March 2016, ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross versus Net) • In May 2016, ASU 2016-12, Narrow-Scope Improvements and Practical Expedients • In December 2016, ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers o Clarify that guarantee fees within the scope of the Guarantees Revenue from Contracts with Customers Derivatives and Hedging o Clarify the Other Assets and Deferred Costs—Contracts with Customers o Clarify the interaction of impairment testing with guidance in other ASC topics that impairment testing first should be performed on assets not within the scope of the Other Assets and Deferred Costs Intangibles-Goodwill and Other Property, Plant, and Equipment Inventory Other Assets and Deferred Other Assets and Deferred Costs Intangibles-Goodwill and Other Property, Plant, and Equipment o Clarify that all contracts within the scope of the Financial Services – Insurance o Provide optional exemptions from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue and expands the information that is required to be disclosed when an entity applies one of the optional exemptions. o Clarify that the disclosure of revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods applies to all performance obligations and is not limited to performance obligations with corresponding contract balances. • In February 2017, ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets o A financial asset is within the scope of the Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets o It excludes all businesses and nonprofit activities from the scope of the Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets Consolidation—Overall o An entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. o An entity should allocate consideration to each distinct asset by applying the guidance in the Revenue from Contracts with Customers o An entity must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (1) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with the Consolidations topic and (2) transfers control of the asset in accordance with the Revenue from Contracts with Customers The Manager has evaluated the effect of adoption of ASU 2014-09 and its amendments and their effect on the Company’s consolidated financial statements, and has concluded that ASU 2014-09 will not have a significant effect on such financial statements. Fair Value of Financial Instruments 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 Manager does not believe that the adoption of ASU 2016-01 will have a significant effect on its consolidated financial statements. Share-Based Compensation 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 adoption ASU 2016-09 did not have a significant effect on the Company’s consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 33—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: • On October 27, 2017, the Company, through PMC and PMH, committed to sell to a third party nonperforming and performing loans from the distressed portfolio with an unpaid principal balance of approximately $324 million. The sale is subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions and approvals. There can be no assurance that the committed amount will ultimately be sold or that the transaction will be completed at all.

Organization and Basis of Prese

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Segment Reporting	The Company operates in four segments: correspondent production, credit sensitive strategies, interest rate sensitive strategies and corporate: • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), 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 credit sensitive strategies segment represents the Company’s investments in distressed mortgage loans, real estate acquired in settlement of mortgage loans (“REO”), credit risk transfer agreements (“CRT Agreements”), non-Agency subordinated bonds and small balance commercial real estate mortgage loans. • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), excess servicing spread (“ESS”), Agency and senior non-Agency MBS and the related interest rate hedging activities. • The corporate segment includes certain interest income, management fee and corporate expense amounts.
Basis of Presentation	The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated.
Concentration Risk	Due to the nature of a substantial portion of the Company’s investments, PMT is exposed, to a greater extent than traditional mortgage investors, to the risks associated with loan performance and 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 fair 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.
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. The Company 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 the 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 or 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 assets and liabilities, 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 assets and liabilities and to 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. 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 asset-backed financing of a VIE and interest only security payable at fair value 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 or other assets 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.
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 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.
Recently Issued Accounting Pronouncements	Revenue Recognition 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 ASU 2014-09, including: • In August 2015, ASU 2015-14, Revenue From Contracts With Customers • In March 2016, ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross versus Net) • In May 2016, ASU 2016-12, Narrow-Scope Improvements and Practical Expedients • In December 2016, ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers o Clarify that guarantee fees within the scope of the Guarantees Revenue from Contracts with Customers Derivatives and Hedging o Clarify the Other Assets and Deferred Costs—Contracts with Customers o Clarify the interaction of impairment testing with guidance in other ASC topics that impairment testing first should be performed on assets not within the scope of the Other Assets and Deferred Costs Intangibles-Goodwill and Other Property, Plant, and Equipment Inventory Other Assets and Deferred Other Assets and Deferred Costs Intangibles-Goodwill and Other Property, Plant, and Equipment o Clarify that all contracts within the scope of the Financial Services – Insurance o Provide optional exemptions from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue and expands the information that is required to be disclosed when an entity applies one of the optional exemptions. o Clarify that the disclosure of revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods applies to all performance obligations and is not limited to performance obligations with corresponding contract balances. • In February 2017, ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets o A financial asset is within the scope of the Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets o It excludes all businesses and nonprofit activities from the scope of the Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets Consolidation—Overall o An entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. o An entity should allocate consideration to each distinct asset by applying the guidance in the Revenue from Contracts with Customers o An entity must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (1) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with the Consolidations topic and (2) transfers control of the asset in accordance with the Revenue from Contracts with Customers The Manager has evaluated the effect of adoption of ASU 2014-09 and its amendments and their effect on the Company’s consolidated financial statements, and has concluded that ASU 2014-09 will not have a significant effect on such financial statements. Fair Value of Financial Instruments 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 Manager does not believe that the adoption of ASU 2016-01 will have a significant effect on its consolidated financial statements. Share-Based Compensation 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 adoption ASU 2016-09 did not have a significant effect on the Company’s consolidated financial statements.

Concentration of Risks (Tables)

Concentration of Risks (Tables)	9 Months Ended
	Sep. 30, 2017
Risks And Uncertainties [Abstract]
Summary of Holdings of Assets Purchased	A substantial portion of the distressed mortgage loans and REO has been acquired by the Company in prior years from or through one or more subsidiaries of JPMorgan Chase & Co. and Citigroup Inc., as presented in the following summary: September 30, 2017 December 31, 2016 (in thousands) JPMorgan Chase & Co. Mortgage loans at fair value $ 401,879 $ 505,167 REO 84,620 118,737 486,499 623,904 Citigroup Inc. Mortgage loans at fair value 417,664 519,698 REO 31,579 49,048 449,243 568,746 $ 935,742 $ 1,192,650 Total carrying value of distressed mortgage loans at fair value and REO $ 1,201,036 $ 1,628,641

Transactions with Related Par42

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Purchases of mortgage loans acquired for sale at fair value from PLS $ 332,886 $ 5,007 $ 373,108 $ 13,146 Mortgage loans fulfillment fees earned by PLS $ 23,507 $ 27,255 $ 61,184 $ 59,301 Unpaid principal balance (“UPB”) of mortgage loans fulfilled by PLS $ 6,530,036 $ 7,263,557 $ 17,079,969 $ 15,696,940 Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale $ 3,275 $ 3,509 $ 9,340 $ 8,282 UPB of mortgage loans sold to PLS $ 10,915,194 $ 11,694,065 $ 31,131,154 $ 27,599,186 Early purchase program fees paid to PLS included in Mortgage loan servicing fees $ 1 $ 5 $ 7 $ 7 Tax service fee paid to PLS included in Other $ 2,108 $ 2,066 $ 5,377 $ 4,537 September 30, 2017 December 31, 2016 (in thousands) Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS $ 202,320 $ 804,616
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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Mortgage loans servicing fees: Mortgage loans acquired for sale at fair value: Base $ 88 $ 90 $ 235 $ 225 Activity-based 188 210 507 497 276 300 742 722 Mortgage loans at fair value: Distressed mortgage loans: Base 1,571 2,615 5,284 8,881 Activity-based 2,702 3,014 6,859 14,981 4,273 5,629 12,143 23,862 Mortgage loans held in VIE: Base 54 65 96 157 Activity-based — 1 — 1 54 66 96 158 MSRs: Base 6,648 4,913 18,631 13,841 Activity-based 151 131 375 336 6,799 5,044 19,006 14,177 $ 11,402 $ 11,039 $ 31,987 $ 38,919 MSR recapture income recognized included in Net mortgage loan servicing fees $ 333 $ 409 $ 859 $ 849 Average investment in: Mortgage loans acquired for sale at fair value $ 1,460,054 $ 1,607,564 $ 1,271,158 $ 1,317,230 Mortgage loans at fair value: Distressed mortgage loans $ 1,104,738 $ 1,579,246 $ 1,210,328 $ 1,810,779 Mortgage loans held in a VIE $ 339,464 $ 413,749 $ 350,607 $ 434,967 Average MSR portfolio $ 63,584,416 $ 48,997,875 $ 61,764,228 $ 46,125,926
Summary of Base Management and Performance Incentive Fees Payable	Following is a summary of the base management and performance incentive fees payable to PCM recorded by the Company: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Base management $ 6,038 $ 5,025 $ 16,380 $ 15,576 Performance incentive — — 304 — $ 6,038 $ 5,025 $ 16,684 $ 15,576
Summary of Expenses	The Company reimbursed PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,193 $ 1,417 $ 4,220 $ 6,413 Expenses incurred on the Company’s behalf, net 196 13 849 (102 ) $ 1,389 $ 1,430 $ 5,069 $ 6,311 Payments and settlements during the year (1) $ 22,786 $ 45,988 $ 63,249 $ 102,600 (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 Investing Activity	Following is a summary of investing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Sale of mortgage loans at fair value to PFSI $ — $ 891 $ — $ 891 ESS: Received pursuant to a recapture agreement $ 1,207 $ 1,438 $ 4,160 $ 5,039 Repayments and sales $ 13,410 $ 16,342 $ 42,320 $ 113,668 Interest income $ 3,998 $ 4,827 $ 13,011 $ 17,555 Net (loss) gain included in Net (loss) gain on investments: Valuation changes $ (4,828 ) $ (4,107 ) $ (14,757 ) $ (40,984 ) Recapture income 1,163 1,283 3,837 4,709 $ (3,665 ) $ (2,824 ) $ (10,920 ) $ (36,275 )
Summary of Financing Activities	Following is a summary of financing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Interest expense $ 2,116 $ 1,974 $ 5,946 $ 5,798 Conditional Reimbursements paid to PCM $ 30 $ — $ 30 $ — September 30, 2017 December 31, 2016 (in thousands) Assets sold to PFSI under agreement to repurchase $ 148,072 $ 150,000 Conditional Reimbursement payable to PFSI included in Accounts payable and accrued liabilities $ 870 $ 900
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: September 30, 2017 December 31, 2016 (in thousands) Due from PFSI: MSR recapture receivable $ 384 $ 707 Other 4,341 6,384 $ 4,725 $ 7,091 Due to PFSI: Management fees $ 6,038 $ 5,081 Mortgage loan servicing fees 5,329 5,465 Allocated expenses and expenses paid by PFSI on PMT’s behalf 1,541 1,046 Conditional Reimbursement 870 900 Fulfillment fees 662 1,300 Interest on Assets sold to PFSI under agreement to repurchase Note payable to PFSI 138 253 Correspondent production fees 1,430 2,371 $ 16,008 $ 16,416

Loan Sales and Variable Inter43

Loan Sales and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2017
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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Cash flows: Proceeds from sales $ 7,035,994 $ 6,857,691 $ 17,683,444 $ 15,323,444 Mortgage loan servicing fees received (1) $ 42,237 $ 31,514 $ 119,223 $ 88,269 (1) Net of guarantee fees
Summary of Unpaid Balance Information for Mortgage Loans Accounted for Sales	The following table summarizes UPB information for mortgage loans that are accounted for as sales for the dates presented: September 30, 2017 December 31, 2016 (in thousands) UPB of mortgage loans outstanding $ 67,415,863 $ 56,303,664 Delinquent mortgage loans: 30-89 days delinquent $ 462,199 $ 262,467 90 or more days delinquent: Not in foreclosure $ 96,587 $ 53,200 In foreclosure $ 20,814 $ 25,180 Bankruptcy $ 49,334 $ 36,357 Custodial funds managed by the Company (1) $ 1,055,517 $ 736,398 (1) Custodial funds include borrower and investor custodial cash accounts relating to mortgage loans serviced under the servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the mortgage loans’ investors, which are included in Interest income
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT Agreements: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) UPB of mortgage loans sold under CRT Agreements $ 4,126,946 $ 3,357,443 $ 9,722,067 $ 8,442,187 Deposits of cash securing CRT Agreements $ 44,998 $ 89,697 $ 102,146 $ 282,434 Increase in commitments to fund Deposits securing CRT Agreements resulting from sale of mortgage loans under CRT Agreements $ 108,051 $ — $ 264,165 $ — Interest earned on Deposits securing Agreements $ 1,440 $ 285 $ 2,703 $ 661 Gains recognized on CRT Agreements included in Net gain (loss) on investments Realized $ 10,798 $ 6,206 $ 27,595 $ 12,601 Resulting from valuation changes 4,162 12,307 41,268 9,060 14,960 18,513 68,863 21,661 Change in fair value of interest-only security payable at fair value 191 (36 ) (2,272 ) 437 $ 15,151 $ 18,477 $ 66,591 $ 22,098 Payments made to settle losses $ 539 $ 28 $ 950 $ 28 September 30, 2017 December 31, 2016 (in thousands) UPB of mortgage loans subject to credit guarantee obligations $ 22,931,988 $ 14,379,850 Delinquency status (in UPB): Current—89 days delinquent $ 22,899,266 $ 14,372,247 90 or more days delinquent $ 20,540 $ 5,711 Foreclosure $ 2,481 $ 1,892 Bankruptcy $ 9,701 $ — Carrying value of CRT Agreements: Derivative assets $ 56,878 $ 15,610 Deposits securing CRT Agreements $ 545,694 $ 450,059 Interest-only security payable at fair value $ 6,386 $ 4,114 CRT Agreement assets pledged to secure assets sold under agreements to repurchase: Deposits securing credit risk CRT Agreements $ 408,100 $ 414,610 Derivative assets $ 15,742 $ 9,078 Commitments to fund Deposits securing credit risk transfer agreements $ 356,274 $ 92,109

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	Following is a summary of financial statement items that are measured at fair value on a recurring basis: September 30, 2017 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 5,646 $ — $ — $ 5,646 Mortgage-backed securities at fair value — 1,036,669 — 1,036,669 Mortgage loans acquired for sale at fair value — 1,270,340 — 1,270,340 Mortgage loans at fair value — 331,941 1,016,002 1,347,943 Excess servicing spread purchased from PFSI — — 248,763 248,763 Derivative assets: Interest rate lock commitments — — 2,789 2,789 CRT Agreements — — 56,878 56,878 Repurchase agreement derivatives — — 181 181 Forward sales contracts — 8,861 — 8,861 MBS put options — 1,503 — 1,503 MBS call options — 171 — 171 Call options on interest rate futures 438 — — 438 Put options on interest rate futures 1,258 — — 1,258 Total derivative assets before netting 1,696 10,535 59,848 72,079 Netting — — — (4,791 ) Total derivative assets after netting 1,696 10,535 59,848 67,288 Mortgage servicing rights at fair value — — 82,312 82,312 $ 7,342 $ 2,649,485 $ 1,406,925 $ 4,058,961 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 318,404 $ — $ 318,404 Interest-only security payable at fair value — — 6,386 6,386 Derivative liabilities: Interest rate lock commitments — — 1,514 1,514 Forward purchase contracts — 6,616 — 6,616 Forward sales contracts — 165 — 165 Total derivative liabilities before netting — 6,781 1,514 8,295 Netting — — — (3,395 ) Total derivative liabilities after netting — 6,781 1,514 4,900 $ — $ 325,185 $ 7,900 $ 329,690 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 Forward purchase contracts — 30,879 — 30,879 Forward sales contracts — 13,164 — 13,164 MBS put options — 1,697 — 1,697 MBS call options — 142 — 142 Call options on interest rate futures 63 — — 63 Put options on interest rate futures 2,469 — — 2,469 Total derivative assets 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 the 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 Total derivative liabilities — 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
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	The following is a summary of changes in items measured using Level 3 inputs on a recurring basis: Quarter ended September 30, 2017 Mortgage Excess Interest Repurchase Mortgage loans servicing rate lock CRT agreement servicing at fair value spread commitments (1) Agreements derivatives rights Total (in thousands) Assets: Balance, June 30, 2017 $ 1,184,620 $ 261,796 $ 395 $ 52,716 $ — $ 77,624 $ 1,577,151 Purchases and issuances — — 9,264 — 181 10 9,455 Repayments and sales (156,821 ) (13,410 ) — (10,798 ) — — (181,029 ) Capitalization of interest 7,020 3,998 — — — — 11,018 Capitalization of advances 4,611 — — — — — 4,611 ESS received pursuant to a recapture agreement with PFSI — 1,207 — — — — 1,207 Servicing received as proceeds from sales of mortgage loans — — — — — 8,655 8,655 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 6,035 — — — — — 6,035 Other factors (2,758 ) (4,828 ) 15,430 14,960 — (3,977 ) 18,827 3,277 (4,828 ) 15,430 14,960 — (3,977 ) 24,862 Transfers of mortgage loans to REO and real estate held for investment (26,705 ) — — — — — (26,705 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (23,814 ) — — — (23,814 ) Balance, September 30, 2017 $ 1,016,002 $ 248,763 $ 1,275 $ 56,878 $ 181 $ 82,312 $ 1,405,411 Changes in fair value recognized during the period relating to assets still held at September 30, 2017 $ (7,302 ) $ (4,828 ) $ 1,275 $ 4,162 $ — $ (3,977 ) $ (10,670 ) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Quarter ended September 30, 2017 Interest-only security payable (in thousands) Liabilities: Balance, June 30, 2017 $ 6,577 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors (191 ) (191 ) Balance, September 30, 2017 $ 6,386 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2017 $ (191 ) Quarter ended September 30, 2016 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements rights Total (in thousands) Assets: Balance, June 30, 2016 $ 1,608,906 $ 294,551 $ 16,757 $ (199 ) $ 57,977 $ 1,977,992 Purchases and issuances — — 30,429 — — 30,429 Repayments and sales (29,921 ) (16,342 ) — (6,206 ) — (52,469 ) Capitalization of interest 23,068 4,827 — — — 27,895 ESS received pursuant to a recapture agreement with PFSI — 1,438 — — — 1,438 Servicing received as proceeds from sales of mortgage loans — — — — 1,068 1,068 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 9,699 — — — — 9,699 Other factors (13,099 ) (4,107 ) 23,390 23,067 (3,202 ) 26,049 (3,400 ) (4,107 ) 23,390 23,067 (3,202 ) 35,748 Transfers of mortgage loans to REO (39,276 ) — — — — (39,276 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (55,248 ) — — (55,248 ) Balance, September 30, 2016 $ 1,559,377 $ 280,367 $ 15,328 $ 16,662 $ 55,843 $ 1,927,577 Changes in fair value recognized during the period relating to assets still held at September 30, 2016 $ (820 ) $ (4,107 ) $ 15,328 $ 16,662 $ (3,202 ) $ 23,861 (1) For the purpose of this table, the IRLC and CRT Agreement asset and liability positions are shown net. Quarter ended September 30, 2016 Interest-only security payable (in thousands) Liabilities: Balance, June 30, 2016 $ 1,663 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 36 36 Balance, September 30, 2016 $ 1,699 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2016 $ 36 Nine months ended September 30, 2017 Mortgage Excess Interest Repurchase Mortgage loans servicing rate lock CRT agreement servicing at fair value spread commitments (1) Agreements (1) derivatives rights Total (in thousands) Assets: Balance, December 31, 2016 $ 1,354,572 $ 288,669 $ 3,777 $ 15,610 $ — $ 64,136 $ 1,726,764 Purchases and issuances — — 26,185 — 181 79 26,445 Repayments and sales (302,829 ) (42,320 ) — (27,595 ) — — (372,744 ) Capitalization of interest 27,737 13,011 — — — — 40,748 Capitalization of advances 17,759 — — — — — 17,759 ESS received pursuant to a recapture agreement with PFSI — 4,160 — — — — 4,160 Servicing received as proceeds from sales of mortgage loans — — — — — 28,467 28,467 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 23,498 — — — — — 23,498 Other factors (15,975 ) (14,757 ) 43,946 68,863 — (10,370 ) 71,707 7,523 (14,757 ) 43,946 68,863 — (10,370 ) 95,205 Transfers of mortgage loans to REO and real estate held for investment (88,760 ) — — — — — (88,760 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (72,633 ) — — — (72,633 ) Balance, September 30, 2017 $ 1,016,002 $ 248,763 $ 1,275 $ 56,878 $ 181 $ 82,312 $ 1,405,411 Changes in fair value recognized during the period relating to assets still held at September 30, 2017 $ (6,650 ) $ (14,757 ) $ 1,275 $ 41,268 $ — $ (10,370 ) $ 10,766 (1) For the purpose of this table, the IRLC and CRT Agreement asset and liability positions are shown net. Nine months ended September 30, 2017 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2016 $ 4,114 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 2,272 2,272 Balance, September 30, 2017 $ 6,386 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2017 $ 2,272 Nine months ended September 30, 2016 Mortgage Excess Interest Mortgage loans servicing rate lock CRT servicing at fair value spread commitments (1) Agreements 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 — — 58,475 — 2,602 61,077 Repayments and sales (449,647 ) (113,668 ) — (12,601 ) — (575,916 ) Capitalization of interest 62,783 17,555 — — — 80,338 ESS received pursuant to a recapture agreement with PFSI — 5,039 — — — 5,039 Servicing received as proceeds from sales of mortgage loans — — — — 6,215 6,215 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 29,480 — — — — 29,480 Other factors (31,948 ) (40,984 ) 71,286 28,670 (19,558 ) 7,466 (2,468 ) (40,984 ) 71,286 28,670 (19,558 ) 36,946 Transfers of mortgage loans to REO (151,685 ) — — — — (151,685 ) Transfers of interest rate lock commitments to mortgage loans acquired for sale — — (119,079 ) — — (119,079 ) Balance, September 30, 2016 $ 1,559,377 $ 280,367 $ 15,328 $ 16,662 $ 55,843 $ 1,927,577 Changes in fair value recognized during the period relating to assets still held at September 30, 2016 $ (2,399 ) $ (33,774 ) $ 15,328 $ 16,662 $ (19,558 ) $ (23,741 ) (1) For the purpose of this table, the IRLC and CRT Agreement asset and liability positions are shown net. Nine months ended September 30, 2016 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2015 $ — Issuances 2,136 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors (437 ) (437 ) Balance, September 30, 2016 1,699 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2016 $ (437 )
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): September 30, 2017 December 31, 2016 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: $ 1,269,137 $ 1,220,098 $ 49,039 $ 1,672,181 $ 1,633,569 $ 38,612 90 or more days delinquent: Not in foreclosure 759 954 (195 ) 145 189 (44 ) In foreclosure 444 497 (53 ) 786 717 69 1,203 1,451 (248 ) 931 906 25 $ 1,270,340 $ 1,221,549 $ 48,791 $ 1,673,112 $ 1,634,475 $ 38,637 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent: $ 331,941 $ 325,529 $ 6,412 $ 367,169 $ 368,524 $ (1,355 ) 90 or more days delinquent: Not in foreclosure — — — — — — In foreclosure — — — — — — — — — — — — 331,941 325,529 6,412 367,169 368,524 (1,355 ) Distressed mortgage loans at fair value: Current through 89 days delinquent: 527,874 667,649 (139,775 ) 611,584 818,665 (207,081 ) 90 or more days delinquent: Not in foreclosure 210,783 319,417 (108,634 ) 305,431 425,460 (120,029 ) In foreclosure 277,345 397,909 (120,564 ) 437,557 595,534 (157,977 ) 488,128 717,326 (229,198 ) 742,988 1,020,994 (278,006 ) 1,016,002 1,384,975 (368,973 ) 1,354,572 1,839,659 (485,087 ) $ 1,347,943 $ 1,710,504 $ (362,561 ) $ 1,721,741 $ 2,208,183 $ (486,442 )
Summary of Changes in Fair Value Included in Current Period Income	Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Quarter ended September 30, 2017 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 — (1,481 ) — 5,001 3,520 Mortgage loans acquired for sale at fair value 32,935 — — — 32,935 Mortgage loans at fair value — 7,617 — 5,415 13,032 ESS at fair value — 3,998 — (4,828 ) (830 ) MSRs at fair value — — (3,977 ) — (3,977 ) $ 32,935 $ 10,134 $ (3,977 ) $ 5,588 $ 44,680 Liabilities: Interest-only security payable $ — $ — $ — $ 191 $ 191 Asset-backed financing of a VIE at fair value — (735 ) — (2,158 ) (2,893 ) $ — $ (735 ) $ — $ (1,967 ) $ (2,702 ) Quarter ended September 30, 2016 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income (1) fees investments Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (1,193 ) — 517 (676 ) Mortgage loans acquired for sale at fair value 58,128 — — — 58,128 Mortgage loans at fair value — 23,261 — (3,936 ) 19,325 ESS at fair value — 4,827 — (4,107 ) 720 MSRs at fair value — — (3,202 ) — (3,202 ) $ 58,128 $ 26,895 $ (3,202 ) $ (7,526 ) $ 74,295 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (2,520 ) $ — $ 2,990 $ 470 $ — $ (2,520 ) $ — $ 2,990 $ 470 (1) The amounts in the above table have been expanded to conform with current period presentation. The table includes the effect of capitalization of interest and accrual of unearned discounts on fair value. Nine months ended September 30, 2017 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 — (4,276 ) — 9,168 4,892 Mortgage loans acquired for sale at fair value 83,839 — — — 83,839 Mortgage loans at fair value — 29,195 — 13,832 43,027 ESS at fair value — 13,011 — (14,757 ) (1,746 ) MSRs at fair value — — (10,370 ) — (10,370 ) $ 83,839 $ 37,930 $ (10,370 ) $ 8,243 $ 119,642 Liabilities: Interest-only security payable $ — $ — $ — $ (2,272 ) $ (2,272 ) Asset-backed financing of a VIE at fair value — (1,807 ) — (5,581 ) (7,388 ) $ — $ (1,807 ) $ — $ (7,853 ) $ (9,660 ) Nine months ended September 30, 2016 Net gain on Net mortgage mortgage loans Net loan Net gain acquired interest servicing on for sale income (1) fees investments Total (in thousands) Assets: Short-term investments $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — (1,930 ) — 9,948 8,018 Mortgage loans acquired for sale at fair value 147,135 — — — 147,135 Mortgage loans at fair value — 65,070 — 5,342 70,412 ESS at fair value — 17,555 — (40,984 ) (23,429 ) MSRs at fair value — — (19,558 ) — (19,558 ) $ 147,135 $ 80,695 $ (19,558 ) $ (25,694 ) $ 182,578 Liabilities: Asset-backed financing of a VIE at fair value $ — $ (1,985 ) $ — $ (5,974 ) $ (7,959 ) $ — $ (1,985 ) $ — $ (5,974 ) $ (7,959 )
Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis	Following is a summary of financial statement items that were re-measured at fair value on a nonrecurring basis during the periods presented: September 30, 2017 Level 1 Level 2 Level 3 Total (in thousands) Real estate acquired in settlement of loans $ — $ — $ 60,805 $ 60,805 MSRs at lower of amortized cost or fair value — — 277,260 277,260 $ — $ — $ 338,065 $ 338,065 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
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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Real estate asset acquired in settlement of loans $ (5,666 ) $ (6,940 ) $ (7,454 ) $ (14,552 ) MSRs at lower of amortized cost or fair value (1,702 ) (3,460 ) (4,287 ) (44,336 ) $ (7,368 ) $ (10,400 ) $ (11,741 ) $ (58,888 )
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 September 30, 2017 December 31, 2016 Discount rate Range 2.9% – 15.0% 2.6% – 15.0% Weighted average 6.7% 7.1% Twelve-month projected housing price index change Range 3.4% – 4.9% 2.5% – 4.8% Weighted average 4.6% 3.7% Prepayment speed (1) Range 3.0% – 6.9% 0.1% – 10.9% Weighted average 4.1% 4.0% Total prepayment speed (2) Range 4.7% – 24.0% 2.9% – 24.6% Weighted average 16.7% 17.7% (1) Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (2) Total prepayment speed is measured using Life Total CPR.
Summary of Key Inputs Used in Determining Fair Value of ESS	Following are the key inputs used in determining the fair value of ESS: Key inputs September 30, 2017 December 31, 2016 UPB of underlying mortgage loans (in thousands) $ 28,385,316 $ 32,376,359 Average servicing fee rate (in basis points) 34 34 Average ESS rate (in basis points) 19 19 Pricing spread (1) Range 3.8% - 4.4% 3.8% - 4.8% Weighted average 4.2% 4.4% Annual total prepayment speed (2) Range 7.7% - 37.2% 7.0% - 41.3% Weighted average 10.7% 10.5% Life (in years) Range 1.5 - 8.1 1.4 - 8.6 Weighted average 6.6 6.8 (1) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar London Interbank Offered Rate (“LIBOR”) curve for purposes of discounting cash flows relating to ESS. (2) Prepayment speed is measured using Life Total CPR.
Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments	Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: Key inputs September 30, 2017 December 31, 2016 Pull-through rate Range 57.6% – 100.0% 60.7% - 100.0% Weighted average 88.6% 88.5% MSR value expressed as: Servicing fee multiple Range 2.4 - 6.0 2.6 - 6.0 Weighted average 5.0 5.0 Percentage of UPB Range 0.7% – 1.5% 0.7% - 1.5% Weighted average 1.2% 1.3%
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition	Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: Quarter ended September 30, 2017 2016 Amortized cost Fair value Amortized cost Fair value (MSR recognized and UPB of underlying mortgage loan amounts in thousands) MSR recognized $ 74,183 $ 8,655 $ 76,567 $ 1,068 Key inputs UPB of underlying mortgage loans $ 6,050,337 $ 794,770 $ 6,532,562 $ 120,457 Weighted-average annual servicing fee rate (in basis points) 25 25 25 25 Pricing spread (1) Range 7.6% – 12.6% 7.6% – 7.6% 7.6% – 12.6% 7.6% – 7.6% Weighted average 7.6% 7.6% 7.6% 7.6% Annual total prepayment speed (2) Range 3.5% – 31.1% 8.3% – 29.5% 4.5% – 33.2% 10.3% – 33.3% Weighted average 8.1% 10.5% 8.6% 14.9% Life (in years) Range 2.6 - 11.2 2.8 - 8.5 2.3 – 10.9 2.4 – 7.3 Weighted average 8.4 7.4 7.8 5.7 Annual per-loan cost of servicing Range $79 - $79 $79 - $79 $78 – $78 $78 – $82 Weighted average $79 $79 $78 $80 (1) The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs. (2) Prepayment speed is measured using Life Total CPR. Nine months ended September 30, 2017 2016 Amortized cost Fair value Amortized cost Fair value (MSR recognized and UPB of underlying mortgage loan amounts in thousands) MSR recognized $ 178,894 $ 28,467 $ 167,691 $ 6,215 Key inputs UPB of underlying mortgage loans $ 14,624,151 $ 2,613,258 $ 14,139,102 $ 647,976 Weighted-average annual servicing fee rate (in basis points) 25 25 25 26 Pricing spread (1) Range 7.6% – 12.6% 7.6% – 7.6% 7.2% –12.6% 7.2% – 7.6% Weighted average 7.6% 7.6% 7.4% 7.3% Annual total prepayment speed (2) Range 3.2% – 31.1% 7.9% – 29.5% 3.4% – 49.2% 7.2% – 38.0% Weighted average 8.1% 10.7% 9.2% 15.1% Life (in years) Range 2.6 - 11.9 2.8 - 8.5 1.4 – 12.3 2.0 – 9.4 Weighted average 8.3 7.3 7.6 5.7 Annual per-loan cost of servicing Range $79 - $79 $79 - $79 $68 – $79 $68 – $82 Weighted average $79 $79 $75 $73 (1) The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs. (2) Prepayment speed is measured using Life Total CPR.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: September 30, 2017 December 31, 2016 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 $ 708,023 $ 82,312 $ 592,431 $ 64,136 Key inputs: UPB of underlying mortgage loans $ 60,399,531 $ 7,525,020 $ 50,539,707 $ 5,763,957 Weighted-average annual servicing fee rate (in basis points) 25 25 25 25 Weighted-average note interest rate 3.9% 4.7% 3.8% 4.7% Pricing spread (1) Range 7.6% – 13.1% 7.6% – 12.6% 7.6% – 13.0% 7.6% – 12.6% Weighted average 7.6% 7.6% 7.6% 7.6% Effect on fair value of (2): 5% adverse change $(11,401) $(1,238) $(10,018) $(979) 10% adverse change $(22,466) $(2,440) $(19,738) $(1,929) 20% adverse change $(43,641) $(4,743) $(38,330) $(3,748) Prepayment speed (3) Range 7.3% – 26.8% 7.4% – 20.7% 6.7% – 25.7% 6.8% – 24.2% Weighted average 8.3% 11.1% 7.7% 10.7% Life (in years) Range 2.9 - 8.1 3.0 - 6.9 3.1 - 8.5 3.2 - 7.0 Weighted average 7.7 6.9 8.0 7.0 Effect on fair value of (2): 5% adverse change $(11,706) $(1,801) $(9,436) $(1,379) 10% adverse change $(23,026) $(3,529) $(18,578) $(2,704) 20% adverse change $(44,584) $(6,782) $(36,037) $(5,202) Annual per-loan cost of servicing Range $78 - $79 $77 - $79 $78 – $79 $77 – $79 Weighted average $79 $79 $79 $79 Effect on fair value of (2): 5% adverse change $(5,470) $(693) $(4,650) $(555) 10% adverse change $(10,940) $(1,385) $(9,300) $(1,110) 20% adverse change $(21,879) $(2,770) $(18,600) $(2,220) (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 S45

Mortgage Loans Acquired for Sale at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
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: Loan type September 30, 2017 December 31, 2016 (in thousands) Conventional: Agency-eligible $ 1,052,355 $ 847,810 Jumbo — 6,042 Held for sale to PLS — Government insured or guaranteed 202,320 804,616 Commercial real estate 8,870 8,961 Repurchased pursuant to representations and warranties 6,795 5,683 $ 1,270,340 $ 1,673,112 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,206,859 $ 1,627,010 Mortgage loan participation purchase and sale agreements 45,057 26,738 $ 1,251,916 $ 1,653,748

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Summary of Distribution of Company's Mortgage Loans at Fair Value	Following is a summary of the distribution of the Company’s mortgage loans at fair value: September 30, 2017 December 31, 2016 Loan type Fair value Unpaid principal balance Fair value Unpaid principal balance (in thousands) Distressed mortgage loans: Nonperforming mortgage loans $ 488,128 $ 717,326 $ 742,988 $ 1,020,994 Performing mortgage loans: Fixed interest rate 242,873 315,065 296,901 408,943 Interest rate step-up 238,768 304,099 232,700 317,409 Adjustable-rate/hybrid 46,233 48,486 81,983 92,313 527,874 667,649 611,584 818,665 1,016,002 1,384,975 1,354,572 1,839,659 Fixed interest rate jumbo mortgage loans held in a VIE 331,941 325,529 367,169 368,524 $ 1,347,943 $ 1,710,504 $ 1,721,741 $ 2,208,183 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 1,009,730 $ 1,345,021 Asset-backed financing of a VIE at fair value 331,941 367,169 $ 1,341,671 $ 1,712,190
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 September 30, 2017 December 31, 2016 (percentages are of fair value) Portion of mortgage loans originated between 2005 and 2007 72% 72% Mortgage loans with unpaid-principal balance-to-current -property-value in excess of 100% 40% 41% States contributing 5% or more of mortgage loans New York California New Jersey Florida Massachusetts New York California New Jersey Florida Massachusetts

Derivative Activities (Tables)

Derivative Activities (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 December 31, 2016 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 1,259,592 $ 2,789 $ 1,514 1,420,468 $ 7,069 $ 3,292 CRT Agreements 22,931,988 56,878 — 14,379,850 15,610 — Repurchase agreement derivatives — 181 — — — — Subject to master netting agreements ─ for hedging purposes: Forward purchase contracts 1,598,412 — 6,616 4,840,707 30,879 7,619 Forward sale contracts 2,808,847 8,861 165 6,148,242 13,164 17,974 MBS put options 1,125,000 1,503 — 925,000 1,697 — MBS call options 75,000 171 — 750,000 142 — Call options on interest rate futures 250,000 438 — 200,000 63 — Put options on interest rate futures 475,000 1,258 — 550,000 2,469 — Swap futures 275,000 — — 150,000 — — Eurodollar future contracts 1,038,000 — — 1,351,000 — — Total derivative instruments before netting 72,079 8,295 71,093 28,885 Netting (4,791 ) (3,395 ) (37,384 ) (19,312 ) $ 67,288 $ 4,900 $ 33,709 $ 9,573 Margin deposits placed with (received from) derivatives counterparties included in Other assets ( ) $ (1,395 ) $ (18,071 ) Derivative assets pledged to secure assets sold under agreements to repurchase $ 15,742 $ 9,078
Summary of Net Derivative Assets	Following is a summary of net derivative assets. September 30, 2017 December 31, 2016 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 $ 2,789 $ — $ 2,789 $ 7,069 $ — $ 7,069 CRT Agreements 56,878 — 56,878 15,610 — 15,610 Repurchase agreement derivatives 181 — 181 — — — 59,848 — 59,848 22,679 — 22,679 Subject to master netting arrangements: Forward purchase contracts — — — 30,879 — 30,879 Forward sale contracts 8,861 — 8,861 13,164 — 13,164 MBS put options 1,503 — 1,503 1,697 — 1,697 MBS call options 171 — 171 142 — 142 Call options on interest rate futures 438 — 438 63 — 63 Put options on interest rate futures 1,258 — 1,258 2,469 — 2,469 Netting — (4,791 ) (4,791 ) — (37,384 ) (37,384 ) 12,231 (4,791 ) 7,440 48,414 (37,384 ) 11,030 $ 72,079 $ (4,791 ) $ 67,288 $ 71,093 $ (37,384 ) $ 33,709
Summary of Derivative Assets, Financial Instruments 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. September 30, 2017 December 31, 2016 Net amount of assets presented in the Gross amounts not offset in the consolidated balance sheet Net amount of assets presented in the Gross amounts not offset in the consolidated balance sheet consolidated balance sheet Financial instruments Cash collateral received Net amount consolidated balance sheet Financial instruments Cash collateral received Net amount (in thousands) CRT Agreements $ 56,878 $ — $ — $ 56,878 $ 15,610 $ — $ — $ 15,610 Interest rate lock commitments 2,789 — — 2,789 7,069 — — 7,069 Repurchase agreement derivatives 181 — — 181 — — — — Bank of America, N.A. 1,819 — — 1,819 1,881 — — 1,881 RJ O’Brien & Associates, LLC 1,695 — — 1,695 1,531 — — 1,531 JPMorgan Chase & Co. 911 — — 911 — — — — RBS Securities Inc. 655 — — 655 — — — — Citibank 565 — — 565 — — — — Goldman Sachs 511 — — 511 1,164 — — 1,164 Federal Home Loan Mortgage Corporation 464 — — 464 7 — — 7 Barclays Capital 394 — — 394 855 — — 855 Morgan Stanley Bank, N.A. 296 — — 296 — — — — Jefferies Group, Inc 70 — — 70 967 — — 967 Royal Bank of Canada — — — — 1,194 — — 1,194 Bank of Oklahoma — — — — 629 — — 629 Other 60 — — 60 2,802 — — 2,802 $ 67,288 $ — $ — $ 67,288 $ 33,709 $ — $ — $ 33,709
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. September 30, 2017 December 31, 2016 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 $ 1,514 $ — $ 1,514 $ 3,292 $ — $ 3,292 1,514 — 1,514 3,292 — 3,292 Subject to master netting arrangements: Forward purchase contracts 6,616 — 6,616 7,619 — 7,619 Forward sales contracts 165 — 165 17,974 — 17,974 Netting — (3,395 ) (3,395 ) — (19,312 ) (19,312 ) 6,781 (3,395 ) 3,386 25,593 (19,312 ) 6,281 8,295 (3,395 ) 4,900 28,885 (19,312 ) 9,573 Assets sold under agreements to repurchase: UPB 3,204,054 — 3,204,054 3,784,685 — 3,784,685 Unamortized debt issuance costs (668 ) — (668 ) (684 ) — (684 ) 3,203,386 — 3,203,386 3,784,001 — 3,784,001 $ 3,211,681 $ (3,395 ) $ 3,208,286 $ 3,812,886 $ (19,312 ) $ 3,793,574
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. September 30, 2017 December 31, 2016 Net amount of liabilities presented in the Gross amounts not offset in the consolidated balance sheet Net amount of liabilities presented in the Gross amounts not offset in the consolidated balance sheet consolidated balance sheet Financial instruments Cash collateral pledged Net amount consolidated balance sheet Financial instruments Cash collateral pledged Net amount (in thousands) Interest rate lock commitments $ 1,514 $ — $ — $ 1,514 $ 3,292 $ — $ — $ 3,292 Bank of America, N.A. 938,104 (938,104 ) — — 847,683 (847,683 ) — — Credit Suisse First Boston Mortgage Capital LLC 857,882 (857,882 ) — — 1,181,441 (1,181,235 ) — 206 JPMorgan Chase & Co. 445,746 (445,746 ) — — 544,009 (542,542 ) — 1,467 Citibank 280,127 (279,905 ) — 222 575,092 (573,589 ) — 1,503 Morgan Stanley Bank, N.A. 168,184 (168,184 ) — — 143,951 (142,055 ) — 1,896 Daiwa Capital Markets 157,827 (157,827 ) — — 177,316 (177,077 ) — 239 Deutsche Bank 114,852 (114,852 ) — — — — — — Royal Bank of Canada 94,424 (93,494 ) — 930 63,926 (63,926 ) — — Wells Fargo, N.A. 51,780 (51,377 ) — 403 116,648 (116,648 ) — — Barclays Capital 50,353 (50,353 ) — — 92,796 (92,796 ) — — BNP Paribas 46,330 (46,330 ) — — 47,785 (47,134 ) — 651 Federal National Mortgage Association 1,353 — — 1,353 312 — — 312 Other 478 — — 478 7 — — 7 Unamortized debt issuance costs (668 ) 668 — — (684 ) 684 — — $ 3,208,286 $ (3,203,386 ) $ — $ 4,900 $ 3,793,574 $ (3,784,001 ) $ — $ 9,573
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: Quarter ended September 30, Nine months ended September 30, Derivative activity Statement of income line 2017 2016 2017 2016 (in thousands) Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 24,694 $ 53,819 $ 70,131 $ 129,761 Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ (16,943 ) $ (16,791 ) $ (32,308 ) $ (76,672 ) Mortgage servicing rights Net loan servicing fees $ 4,576 $ 5,612 $ (1,731 ) $ 63,006 Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain on investments $ (5,910 ) $ (945 ) $ (14,943 ) $ (245 ) CRT agreements Net gain on investments $ 14,960 $ 18,477 $ 68,863 $ 22,098
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 CRT Agreements and for derivative contracts used to hedge the Company’s MBS, inventory of mortgage loans acquired for sale, mortgage loans at fair value held in a VIE, IRLCs and MSRs. Quarter ended September 30, 2017 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 19,301,982 4,126,946 (496,940 ) 22,931,988 Forward purchase contracts 1,933,390 20,560,886 (20,895,864 ) 1,598,412 Forward sales contracts 3,644,636 27,214,513 (28,050,302 ) 2,808,847 MBS put options 1,475,000 3,200,000 (3,550,000 ) 1,125,000 MBS call options 200,000 275,000 (400,000 ) 75,000 Call options on interest rate futures 200,000 450,000 (400,000 ) 250,000 Put options on interest rate futures 925,000 2,500,000 (2,950,000 ) 475,000 Swap futures 175,000 100,000 — 275,000 Eurodollar future contracts 1,139,000 202,000 (303,000 ) 1,038,000 Treasury future buy contracts — 55,000 (55,000 ) — Treasury future sale contracts — 55,000 (55,000 ) — Quarter ended September 30, 2016 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 8,976,961 3,357,443 (137,768 ) 12,196,636 Forward purchase contracts 4,190,349 22,535,622 (21,093,789 ) 5,632,182 Forward sales contracts 4,347,526 29,853,649 (27,749,731 ) 6,451,444 MBS call option 1,525,000 3,875,000 (2,375,000 ) 3,025,000 Swap futures 12,500 12,500 (12,500 ) 12,500 Eurodollar future contracts 1,543,000 101,000 (202,000 ) 1,442,000 Treasury future buy contracts — 276,200 (126,200 ) 150,000 Treasury future sale contracts — 126,200 (126,200 ) — Call options on interest rate futures 525,000 1,825,000 (1,525,000 ) 825,000 Put options on interest rate futures 425,000 1,625,000 (850,000 ) 1,200,000 Nine months ended September 30, 2017 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 14,379,850 9,722,067 (1,169,929 ) 22,931,988 Forward purchase contracts 4,840,707 54,953,063 (58,195,358 ) 1,598,412 Forward sales contracts 6,148,242 73,030,446 (76,369,842 ) 2,808,847 MBS put options 925,000 5,125,000 (4,925,000 ) 1,125,000 MBS call options 750,000 475,000 (1,150,000 ) 75,000 Call options on interest rate futures 200,000 575,000 (525,000 ) 250,000 Put options on interest rate futures 550,000 5,875,000 (5,950,000 ) 475,000 Swap futures 150,000 950,000 (825,000 ) 275,000 Eurodollar future sale contracts 1,351,000 303,000 (616,000 ) 1,038,000 Treasury future buy contracts — 110,700 (110,700 ) — Treasury future sale contracts — 110,700 (110,700 ) — Nine months ended September 30, 2016 Balance, Balance, beginning Dispositions/ end Instrument of period Additions expirations of period (in thousands) CRT Agreements 4,546,265 8,442,187 (791,816 ) 12,196,636 Forward purchase contracts 2,469,550 47,965,764 (44,803,132 ) 5,632,182 Forward sales contracts 2,450,642 65,146,064 (61,145,262 ) 6,451,444 MBS call option 375,000 6,600,000 (3,950,000 ) 3,025,000 Swap futures — 37,500 (25,000 ) 12,500 Eurodollar future sale contracts 1,755,000 181,000 (494,000 ) 1,442,000 Treasury future buy contracts — 276,200 (126,200 ) 150,000 Treasury future sale contracts — 126,200 (126,200 ) — Call options on interest rate futures 50,000 3,400,000 (2,625,000 ) 825,000 Put options on interest rate futures 1,600,000 4,225,000 (4,625,000 ) 1,200,000

Real Estate Acquired in Settl48

Real Estate Acquired in Settlement of Loans (Tables)	9 Months Ended
	Sep. 30, 2017
Banking And Thrift [Abstract]
Summary of Financial Information Relating to REO	Following is a summary of financial information relating to REO: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Balance at beginning of period $ 207,034 $ 299,458 $ 274,069 $ 341,846 Transfers from mortgage loans at fair value and advances 22,951 42,300 76,981 156,352 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment (2,555 ) (5,282 ) (14,300 ) (17,548 ) Results of REO: Valuation adjustments, net (6,423 ) (7,888 ) (21,749 ) (25,816 ) Gain on sale, net 3,280 4,603 10,895 13,930 (3,143 ) (3,285 ) (10,854 ) (11,886 ) Proceeds from sales (39,253 ) (44,843 ) (140,862 ) (180,416 ) Balance at end of period $ 185,034 $ 288,348 $ 185,034 $ 288,348 September 30, 2017 December 31, 2016 (in thousands) REO pledged to secure assets sold under agreements to repurchase $ 84,796 $ 167,430 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties 50,965 48,283 $ 135,761 $ 215,713

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2017
Summary of MSRs Carried at Lower of Amortized Cost or Fair Value	Following is a summary of MSRs carried at lower of amortized cost or fair value: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Amortized Cost: Balance at beginning of period $ 673,433 $ 465,301 $ 606,103 $ 404,101 MSRs resulting from mortgage loan sales 74,183 76,567 178,894 167,691 Amortization (21,634 ) (17,902 ) (59,015 ) (47,720 ) Sales — — — (106 ) Balance at end of period 725,982 523,966 725,982 523,966 Valuation Allowance: Balance at beginning of period (16,257 ) (51,820 ) (13,672 ) (10,944 ) Additions to impairment valuation allowance (1,702 ) (3,460 ) (4,287 ) (44,336 ) Balance at end of period (17,959 ) (55,280 ) (17,959 ) (55,280 ) MSRs, net $ 708,023 $ 468,686 $ 708,023 $ 468,686 Fair value at beginning of period $ 682,437 $ 417,094 $ 626,334 $ 424,154 Fair value at end of period $ 728,828 $ 472,790 September 30, 2017 December 31, 2016 (in thousands) MSRs carried at lower of cost or fair value pledged to secure notes payable $ 696,991 $ 592,431
Summary of Company's Estimate of Future Amortization of Existing MSRs Carried at Amortized Cost	The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This estimate was developed with the inputs used in the September 30, 2017 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 12 months ended September 30, amortization (in thousands) 2018 $ 85,876 2019 78,404 2020 71,153 2021 64,092 2022 57,647 Thereafter 368,810 Total $ 725,982
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs carried at fair value: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Balance at beginning of period $ 77,624 $ 57,977 $ 64,136 $ 66,584 Purchases 10 — 79 2,602 MSRs resulting from mortgage loan sales 8,655 1,068 28,467 6,215 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (2,628 ) (883 ) (6,956 ) (12,343 ) Other changes in fair value (2) (1,349 ) (2,319 ) (3,414 ) (7,215 ) (3,977 ) (3,202 ) (10,370 ) (19,558 ) Balance at end of period $ 82,312 $ 55,843 $ 82,312 $ 55,843 September 30, 2017 December 31, 2016 (in thousands) MSRs carried at fair value pledged to secure notes payable $ 81,279 $ 64,136 (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.
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 Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Contractually-specified servicing fees $ 42,237 $ 32,724 $ 119,223 $ 90,494 Ancillary and other fees: Late charges 173 148 536 421 Other 1,870 1,432 4,110 3,839 $ 44,280 $ 34,304 $ 123,869 $ 94,754

Assets Sold Under Agreements 50

Assets Sold Under Agreements to Repurchase (Tables)	9 Months Ended
	Sep. 30, 2017
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars in thousands) Weighted-average interest rate (1) 2.72 % 2.26 % 2.57 % 2.19 % Average balance $ 3,474,903 $ 3,538,720 $ 3,388,626 $ 3,202,829 Total interest expense $ 26,157 $ 23,751 $ 72,280 $ 66,217 Maximum daily amount outstanding $ 3,973,869 $ 4,824,044 $ 4,083,326 $ 5,221,997 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $6.1 million for the quarter and nine months ended September 30, 2017, respectively, and $2.2 million and $6.5 million for the quarter and nine months ended September 30, 2016, respectively. September 30, 2017 December 31, 2016 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,204,054 $ 3,784,685 Unamortized debt issuance costs and premiums (668 ) (684 ) $ 3,203,386 $ 3,784,001 Weighted-average interest rate 2.63 % 2.70 % Available borrowing capacity: Committed $ 457,144 $ 518,932 Uncommitted 2,233,034 1,092,253 $ 2,690,178 $ 1,611,185 Margin deposits placed with counterparties included in Other $ 15,037 $ 29,634 Fair value of assets securing agreements to repurchase: Mortgage-backed securities $ 1,036,669 $ 863,802 Mortgage loans acquired for sale at fair value $ 1,206,859 $ 1,627,010 Mortgage loans at fair value $ 1,009,730 $ 1,345,021 CRT Agreements: Deposits securing CRT agreements $ 408,100 $ 414,610 Derivative assets $ 15,742 $ 9,078 Real estate acquired in settlement of loans $ 135,761 $ 215,713 Real estate held for investment $ 29,664 $ —
Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date	Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining Maturity at September 30, 2017 Contractual balance (in thousands) Within 30 days $ 1,473,873 Over 30 to 90 days 50,353 Over 90 days to 180 days 470,753 Over 180 days to 1 year 1,209,075 Over one year to two years — $ 3,204,054 Weighted average maturity (in months) 3.9
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. $ 4,092 October 16, 2017 Bank of America, N.A. $ 19,037 October 18, 2017 Daiwa Capital Markets America Inc. $ 7,006 October 19, 2017 Royal Bank of Canada $ 4,061 October 16, 2017 Wells Fargo, N.A. $ 2,381 October 12, 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) Credit Suisse First Boston Mortgage Capital LLC $ 55,008 October 11, 2017 Bank of America, N.A. $ 35,283 October 13, 2017 BNP Paribas Corporate & Institutional Banking $ 19,150 October 6, 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. $ 253,993 October 29, 2017 March 2, 2018 Credit Suisse First Boston Mortgage Capital LLC $ 93,099 December 17, 2017 April 27, 2018 JPMorgan Chase & Co. $ 11,729 October 13, 2017 October 13, 2017 JPMorgan Chase & Co. $ 83,685 — March 14, 2018 Bank of America, N.A. $ 21,671 December 20, 2017 May 25, 2018 Morgan Stanley $ 10,051 December 16, 2017 August 24, 2018 Deutsche Bank $ 7,272 December 25, 2017 March 30, 2018 Barclays Bank PLC $ 3,691 December 1, 2017 December 1, 2017

Mortgage Loan Participation P51

Mortgage Loan Participation Purchase and Sale Agreements (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Summary of Mortgage Loan Participation Purchase and Sale Agreements	Mortgage loan participation purchase and sale agreements are summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars in thousands) Weighted-average interest rate (1) 2.48 % 1.76 % 2.28 % 1.71 % Average balance $ 59,701 $ 73,537 $ 65,290 $ 70,955 Total interest expense $ 409 $ 361 $ 1,225 $ 1,023 Maximum daily amount outstanding $ 99,441 $ 99,469 $ 99,441 $ 99,469 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $94,000 for the quarter and nine months ended September 30, 2017, respectively, and $31,000 and $99,000 for the quarter and nine months ended September 30, 2016, respectively. September 30, 2017 December 31, 2016 (dollars in Carrying value: Amount outstanding $ 44,082 $ 25,917 Unamortized debt issuance costs (94 ) — $ 43,988 $ 25,917 Weighted-average interest rate 2.48 % 2.02 % Mortgage loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 45,057 $ 26,738

Federal Home Loan Bank Advanc52

Federal Home Loan Bank Advances (Tables)	9 Months Ended
	Sep. 30, 2017
Banking And Thrift [Abstract]
Summary of FHLB Advances	The FHLB advances are summarized below: Nine months ended September 30, 2016 (dollars Weighted-average interest rate 0.49 % Average balance $ 32,560 Total interest expense $ 122 Maximum daily amount outstanding $ 201,130

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Summary of Financial Information Relating to Note Payable	Following is a summary of financial information relating to the notes payable: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars Weighted-average interest rate (1) 6.30 % 4.76 % 5.57 % 4.68 % Average balance $ 79,345 $ 170,907 $ 152,395 $ 190,878 Total interest expense $ 2,320 $ 2,883 $ 9,719 $ 9,217 Maximum daily amount outstanding $ 160,106 $ 196,317 $ 275,106 $ 234,476 (1) Excludes the effect of amortization of debt issuance costs of $1.0 million and $3.3 million for the quarter and nine months ended September 30, 2017, respectively, and $0.8 million and $2.4 million for the quarter and nine months ended September 30, 2016, respectively. September 30, 2017 December 31, 2016 (dollars in thousands) Carrying value: Amount outstanding $ 80,106 $ 275,106 Unamortized debt issuance costs — — $ 80,106 $ 275,106 Weighted-average interest rate 5.57 % 4.73 % MSRs pledged to secure notes payable $ 778,270 $ 656,567

Asset-Backed Financing of a V54

Asset-Backed Financing of a Variable Interest Entity at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (dollars in thousands) Weighted-average fair value $ 325,763 $ 330,622 $ 337,073 $ 326,962 Interest expense $ 3,515 $ 5,253 $ 10,520 $ 10,212 Weighted-average effective interest rate 3.34 % 3.23 % 3.41 % 3.31 % September 30, 2017 December 31, 2016 (dollars in thousands) Carrying value $ 318,404 $ 353,898 UPB $ 325,529 $ 355,494 Weighted-average interest rate 3.51 % 3.50 %

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Weighted-average UPB $ 250,000 $ 250,000 $ 250,000 $ 250,000 Interest expense $ 3,636 $ 3,620 $ 10,895 $ 10,848 September 30, 2017 December 31, 2016 (in thousands) Carrying value: UPB $ 250,000 $ 250,000 Unamortized debt issuance costs (3,094 ) (3,911 ) $ 246,906 $ 246,089

Liability for Losses Under Re56

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Summary of Company's Liability for Losses under Representations and Warranties	Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Balance, beginning of period $ 10,697 $ 19,258 $ 15,350 $ 20,171 Provision for losses: Pursuant to mortgage loan sales 1,075 781 2,355 2,002 Reduction in liability due to change in estimate (1,642 ) (5,098 ) (7,523 ) (6,822 ) Losses incurred (83 ) (14 ) (135 ) (424 ) Balance, end of period $ 10,047 $ 14,927 $ 10,047 $ 14,927 UPB of mortgage loans subject to representations and warranties at end of period $ 67,196,537 $ 50,167,783

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: September 30, 2017 (in thousands) Commitments to purchase mortgage loans acquired for sale $ 1,259,592 Commitments to fund Deposits securing CRT agreements $ 356,274 (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)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: September 30, 2017 Series Description (1) Number of shares Liquidation preference Issuance discount Carrying value (in thousands) A 8.125% fixed-to-floating rate cumulative redeemable preferred, Issuance March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 B 8.00% fixed-to-floating rate cumulative redeemable preferred, Issuance July 2017 7,800 195,000 6,465 188,535 12,400 $ 310,000 $ 10,293 $ 299,707 (1) Par value is $0.01 per share for both series.
Summary of Share Repurchase Activity	The following table summarizes the Company’s share repurchase activity: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Cumulative total (1) (in thousands) Common shares repurchased 966 687 1,105 7,029 9,518 Cost of common shares repurchased $ 16,417 $ 10,595 $ 18,724 $ 93,429 $ 133,431 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2017.

Net Gain on Mortgage Loans Ac59

Net Gain on Mortgage Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Summary of Net Gain on Mortgage Loans Acquired for Sale	Net gain on mortgage loans acquired for sale is summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) From non-affiliates: Cash loss: Mortgage loans $ (51,485 ) $ (27,639 ) $ (135,666 ) $ (52,812 ) Hedging activities (13,468 ) (17,378 ) (16,931 ) (79,072 ) (64,953 ) (45,017 ) (152,597 ) (131,884 ) Non cash gain: Receipt of MSRs in mortgage loan sale transactions 82,838 77,635 207,361 173,906 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to mortgage loans sales (1,075 ) (781 ) (2,355 ) (2,002 ) Reduction in liability due to change in estimate 1,642 5,098 7,523 6,822 Change in fair value of financial instruments held at end of period: IRLCs 880 (1,429 ) (2,502 ) 10,681 Mortgage loans (1,165 ) 5,228 2,891 16,980 Hedging derivatives (3,475 ) 587 (15,377 ) 2,400 (3,760 ) 4,386 (14,988 ) 30,061 Total from non-affiliates 14,692 41,321 44,944 76,903 From PFSI—cash gain 3,275 2,537 9,340 6,230 $ 17,967 $ 43,858 $ 54,284 $ 83,133

Net Gain (Loss) on Investments

Net Gain (Loss) on Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Investments Debt And Equity Securities [Abstract]
Summary of Net Gain (Loss) on Investments	Net gain (loss) on investments is summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Net gain (loss) on investments: From non-affiliates: Mortgage-backed securities $ 5,001 $ 517 $ 9,168 $ 9,948 Distressed mortgage loans at fair value 3,277 (3,400 ) 7,523 (2,468 ) Mortgage loans held in a VIE at fair value 2,138 (536 ) 6,309 7,810 CRT Agreements 15,151 18,477 66,591 22,098 Asset-backed financing of a VIE at fair value (2,158 ) 2,990 (5,581 ) (5,974 ) Hedging derivatives (5,910 ) (945 ) (14,943 ) (245 ) 17,499 17,103 69,067 31,169 From PFSI—ESS (3,665 ) (2,824 ) (10,920 ) (36,275 ) $ 13,834 $ 14,279 $ 58,147 $ (5,106 )

Net Mortgage Loan Servicing F61

Net Mortgage Loan Servicing Fees (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Summary of Net Mortgage Loan Servicing Fees	Net mortgage loan servicing fees are summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) From non-affiliates: Servicing fees (1) $ 44,280 $ 34,304 $ 123,869 $ 94,754 Effect of MSRs: Carried at lower of amortized cost or fair value: Amortization (21,634 ) (17,902 ) (59,015 ) (47,720 ) Additions to impairment valuation allowance (1,702 ) (3,460 ) (4,287 ) (44,336 ) Gain on sale — — — 11 Carried at fair value—change in fair value (3,977 ) (3,202 ) (10,370 ) (19,558 ) Gains (losses) on hedging derivatives 4,576 5,612 (1,731 ) 63,006 (22,737 ) (18,952 ) (75,403 ) (48,597 ) 21,543 15,352 48,466 46,157 From PFSI—MSR recapture income 333 409 859 849 Net mortgage loan servicing fees $ 21,876 $ 15,761 $ 49,325 $ 47,006 Average servicing portfolio $ 63,584,416 $ 48,997,875 $ 61,764,228 $ 46,125,926 (1) Includes contractually specified servicing and ancillary fees, net of Agency guarantee fees.

Net Interest Income (Tables)

Net Interest Income (Tables)	9 Months Ended
	Sep. 30, 2017
Banking And Thrift Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 132 $ 165 $ 516 $ 747 Mortgage-backed securities 7,447 3,394 21,954 8,863 Mortgage loans acquired for sale at fair value 16,202 15,008 40,699 37,868 Mortgage loans at fair value: Distressed 14,213 28,952 53,456 81,180 Held in a VIE 3,766 4,040 11,370 14,520 Deposits securing CRT Agreements 1,440 285 2,703 661 Placement fees relating to custodial funds 4,330 1,445 8,212 2,786 Other 49 18 142 86 47,579 53,307 139,052 146,711 From PFSI—ESS 3,998 4,827 13,011 17,555 51,577 58,134 152,063 164,266 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 26,157 23,751 72,280 66,217 Mortgage loan participation purchase and sale agreements 409 361 1,225 1,023 FHLB advances — — — 122 Notes payable 2,320 2,883 9,719 9,217 Asset-backed financings of VIEs at fair value 3,515 5,253 10,520 10,212 Exchangeable Notes 3,636 3,620 10,895 10,848 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 1,638 2,142 4,068 4,703 Interest on mortgage loan impound deposits 486 346 1,229 787 38,161 38,356 109,936 103,129 To PFSI—Assets sold under agreement to repurchase 2,116 1,974 5,946 5,798 40,277 40,330 115,882 108,927 Net interest income $ 11,300 $ 17,804 $ 36,181 $ 55,339

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2017
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: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Restricted share units granted 2 — 136 218 Performance share units granted — — 126 112 Total share units granted 2 — 262 330 Grant date fair value of restricted share units granted $ 36 $ — $ 2,317 $ 2,690 Grant date fair value of performance share units granted — — 1,675 1,351 Total fair value of share units granted $ 36 $ — $ 3,992 $ 4,041 Restricted share units vested — — 284 299 Performance share units vested — — — — Total share units vested — — 284 299 Restricted share units forfeited — — 13 299 Performance share units forfeited — — — — Total share units forfeited — — 13 299 Compensation expense relating to share-based grants $ 737 $ 1,129 $ 3,864 $ 4,142

Other Expenses (Tables)

Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2017
Other Income And Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Common overhead allocation from PFSI $ 1,193 $ 1,417 $ 4,220 $ 6,413 Real estate held for investment 1,898 821 4,339 2,308 Technology 374 279 1,088 1,045 Insurance 300 304 968 938 Other 1,434 1,123 4,428 2,713 $ 5,199 $ 3,944 $ 15,043 $ 13,417

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands except per share amounts) Net income $ 19,395 $ 35,408 $ 76,911 $ 44,637 Preferred share dividends (6,125 ) — (9,032 ) — Effect of participating securities—share-based compensation awards (231 ) (341 ) (760 ) (1,026 ) Net income available to common shareholders $ 13,039 $ 35,067 $ 67,119 $ 43,611 Net income available to common shareholders $ 13,039 $ 35,067 $ 67,119 $ 43,611 Interest on Exchangeable Notes, net of income taxes — 2,181 6,564 — Diluted net income attributable to common shareholders $ 13,039 $ 37,248 $ 73,683 $ 43,611 Weighted-average basic shares outstanding 66,636 67,554 66,702 69,289 Dilutive securities: Shares issuable under share-based compensation plan — 308 — — Shares issuable pursuant to exchange of the Exchangeable Notes — 8,467 8,467 — Diluted weighted-average number of shares outstanding 66,636 76,329 75,169 69,289 Basic earnings per share $ 0.20 $ 0.52 $ 1.01 $ 0.63 Diluted earnings per share $ 0.20 $ 0.49 $ 0.98 $ 0.63
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Shares issuable under share-based compensation awards 643 — 699 717 Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 — — 8,467

Segments and Related Informat66

Segments and Related Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Quarter ended September 30, 2017 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 17,963 $ 4 $ — $ — $ 17,967 Net gain (loss) on investments — 18,562 (4,728 ) — 13,834 Net mortgage loan servicing fees — 47 21,829 — 21,876 Net interest income: Interest income 16,018 15,951 19,426 182 51,577 Interest expense (11,351 ) (13,096 ) (15,830 ) — (40,277 ) 4,667 2,855 3,596 182 11,300 Other income (loss) 11,762 (935 ) — — 10,827 34,392 20,533 20,697 182 75,804 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 23,508 4,273 7,128 — 34,909 Management fees — — — 6,038 6,038 Other 2,574 3,194 265 4,658 10,691 26,082 7,467 7,393 10,696 51,638 Pre-tax income (loss) $ 8,310 $ 13,066 $ 13,304 $ (10,514 ) $ 24,166 Total assets at end of period $ 1,304,647 $ 1,959,792 $ 2,414,477 $ 106,127 $ 5,785,043 Quarter ended September 30, 2016 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 43,946 $ (88 ) $ — $ — $ 43,858 Net gain (loss) on investments — 16,145 (1,866 ) — 14,279 Net mortgage loan servicing fees — — 15,761 — 15,761 Net interest income: Interest income 14,835 29,771 13,346 182 58,134 Interest expense (9,613 ) (14,944 ) (15,773 ) — (40,330 ) 5,222 14,827 (2,427 ) 182 17,804 Other income 12,724 (1,100 ) — — 11,624 61,892 29,784 11,468 182 103,326 Expenses: Mortgage loan fulfillment and servicing fees payable to PFSI 27,255 5,629 5,410 — 38,294 Management fees — — — 5,025 5,025 Other 2,539 7,542 424 4,488 14,993 29,794 13,171 5,834 9,513 58,312 Pre-tax income (loss) $ 32,098 $ 16,613 $ 5,634 $ (9,331 ) $ 45,014 Total assets at end of period $ 2,088,515 $ 2,446,785 $ 1,910,121 $ 173,480 $ 6,618,901 Nine months ended September 30, 2017 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 54,117 $ 167 $ — $ — $ 54,284 Net gain (loss) on investments — 74,695 (16,548 ) — 58,147 Net mortgage loan servicing fees — 91 49,234 — 49,325 Net interest income: Interest income 40,194 57,011 54,200 658 152,063 Interest expense (28,214 ) (41,178 ) (46,490 ) — (115,882 ) 11,980 15,833 7,710 658 36,181 Other income (loss) 30,576 (4,281 ) — 5 26,300 96,673 86,505 40,396 663 224,237 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 61,191 12,143 19,837 — 93,171 Management fees — — — 16,684 16,684 Other 6,614 11,419 1,094 16,656 35,783 67,805 23,562 20,931 33,340 145,638 Pre-tax income (loss) $ 28,868 $ 62,943 $ 19,465 $ (32,677 ) $ 78,599 Total assets at period end $ 1,304,647 $ 1,959,792 $ 2,414,477 $ 106,127 $ 5,785,043 Nine months ended September 30, 2016 Correspondent production Credit sensitive strategies Interest rate sensitive strategies Corporate Total (in thousands) Net investment income: Net gain on mortgage loans acquired for sale $ 83,565 $ (432 ) $ — $ — $ 83,133 Net gain (loss) on investments — 21,389 (26,495 ) — (5,106 ) Net mortgage loan servicing fees — — 47,006 — 47,006 Net interest income: Interest income 37,248 83,550 43,017 451 164,266 Interest expense (23,144 ) (47,039 ) (38,744 ) — (108,927 ) 14,104 36,511 4,273 451 55,339 Other income (loss) 28,186 (5,398 ) — — 22,788 125,855 52,070 24,784 451 203,160 Expenses: Mortgage loan fulfillment, servicing and management fees payable to PFSI 59,301 23,863 15,056 — 98,220 Management fees — — — 15,576 15,576 Other 5,620 17,209 1,018 17,618 41,465 64,921 41,072 16,074 33,194 155,261 Pre-tax income $ 60,934 $ 10,998 $ 8,710 $ (32,743 ) $ 47,899 Total assets at period end $ 2,088,515 $ 2,446,785 $ 1,910,121 $ 173,480 $ 6,618,901

Supplemental Cash Flow Inform67

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Nine months ended September 30, 2017 2017 2016 (in thousands) Cash paid for interest $ 115,108 $ 111,008 Income taxes (refunded) paid, net $ (294 ) $ 388 Non-cash investing activities: Receipt of MSRs as proceeds from sales of mortgage loans $ 207,361 $ 173,906 Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 76,981 $ 156,352 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ 14,300 $ 17,548 Receipt of ESS pursuant to recapture agreement with PFSI $ 4,160 $ 5,039 Capitalization of servicing advances pursuant to mortgage loan modifications $ 17,759 $ — Non-cash financing activities: Dividends payable $ 31,655 $ 31,804

Regulatory Capital and Liquid68

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
	Sep. 30, 2017
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Requirements by Agencies	Such Agencies’ capital and liquidity requirements, the calculations of which are defined by each entity, are summarized below: September 30, 2017 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) (in thousands) September 30, 2017 $ 466,530 $ 172,311 12 % 6 % $ 86,919 $ 23,774 December 31, 2016 $ 392,056 $ 143,259 12 % 6 % $ 26,670 $ 19,706 (1) Calculated in accordance with the Agencies’ capital and liquidity requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017Segment
Accounting Policies [Abstract]
Number of business segments	4
Percentage of taxable income for distributions	90.00%

Concentration of Risks - Summar

Concentration of Risks - Summary of Holdings of Assets Purchased (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Investment portfolio purchases through one or more subsidiaries of Citigroup Inc. and JPMorgan Chase & Co. as of:
Investment portfolio purchases above through one or more subsidiaries total	$ 935,742	$ 1,192,650
Total carrying value of distressed mortgage loans at fair value and REO	1,201,036	1,628,641
Assets Purchased From JPMorgan Chase & Co [Member]
Investment portfolio purchases through one or more subsidiaries of Citigroup Inc. and JPMorgan Chase & Co. as of:
Investment portfolio purchases above through one or more subsidiaries Mortgage loans at fair value	401,879	505,167
Investment portfolio purchases above through one or more subsidiaries REO	84,620	118,737
Investment portfolio purchases above through one or more subsidiaries total	486,499	623,904
Assets Purchased from Citigroup [Member]
Investment portfolio purchases through one or more subsidiaries of Citigroup Inc. and JPMorgan Chase & Co. as of:
Investment portfolio purchases above through one or more subsidiaries Mortgage loans at fair value	417,664	519,698
Investment portfolio purchases above through one or more subsidiaries REO	31,579	49,048
Investment portfolio purchases above through one or more subsidiaries total	$ 449,243	$ 568,746

Transactions with Related Par71

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail) - USD ($)	Sep. 12, 2016	Sep. 11, 2016	Sep. 30, 2017
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 Par72

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Purchases of mortgage loans acquired for sale at fair value from PLS			$ 373,108	$ 13,146
Mortgage loans fulfillment fees earned by PLS	$ 23,507	$ 27,255	61,184	59,301
Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS	1,270,340		1,270,340		$ 1,673,112
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Purchases of mortgage loans acquired for sale at fair value from PLS	332,886	5,007	373,108	13,146
Mortgage loans fulfillment fees earned by PLS	23,507	27,255	61,184	59,301
Unpaid principal balance (“UPB”) of mortgage loans fulfilled by PLS	6,530,036	7,263,557	17,079,969	15,696,940
Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale	3,275	3,509	9,340	8,282
UPB of mortgage loans sold to PLS	10,915,194	11,694,065	31,131,154	27,599,186
Early purchase program fees paid to PLS included in Mortgage loan servicing fees	1	5	7	7
Tax service fee paid to PLS included in Other expense	2,108	$ 2,066	5,377	$ 4,537
Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS	$ 202,320		$ 202,320		$ 804,616

Transactions with Related Par73

Transactions with Related Parties - Mortgage Loan Servicing Activities - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
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 Par74

Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 11,402	$ 11,039	$ 31,987	$ 38,919
Average MSR portfolio	63,584,416	48,997,875	61,764,228	46,125,926
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	11,402	11,039	31,987	38,919
MSR recapture income recognized included in Net mortgage loan servicing fees	333	409	859	849
Average MSR portfolio	63,584,416	48,997,875	61,764,228	46,125,926
PennyMac Loan Services, LLC [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	276	300	742	722
Average MSR portfolio	1,460,054	1,607,564	1,271,158	1,317,230
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	4,273	5,629	12,143	23,862
Average MSR portfolio	1,104,738	1,579,246	1,210,328	1,810,779
PennyMac Loan Services, LLC [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	54	66	96	158
Average MSR portfolio	339,464	413,749	350,607	434,967
PennyMac Loan Services, LLC [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	6,799	5,044	19,006	14,177
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	88	90	235	225
PennyMac Loan Services, LLC [Member] | Base [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	1,571	2,615	5,284	8,881
PennyMac Loan Services, LLC [Member] | Base [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	54	65	96	157
PennyMac Loan Services, LLC [Member] | Base [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	6,648	4,913	18,631	13,841
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	188	210	507	497
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	2,702	3,014	6,859	14,981
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	0	1	0	1
PennyMac Loan Services, LLC [Member] | Activity-based [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 151	$ 131	$ 375	$ 336

Transactions with Related Par75

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	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%
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 PCM, in each case during the 24-month period before termination.
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 attributable to common shares of beneficial interest and 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.

Transactions with Related Par76

Transactions with Related Parties - Summary of Base Management and Performance Incentive Fees Payable (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 6,038	$ 5,025	$ 16,684	$ 15,576
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	6,038	5,025	16,684	15,576
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	6,038	5,025	16,380	15,576
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 0	$ 304	$ 0

Transactions with Related Par77

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 1,193	$ 1,417	$ 4,220	$ 6,413
Expenses incurred on the Company’s behalf, net	196	13	849	(102)
Total expenses incurred in transaction with affiliates	1,389	1,430	5,069	6,311
Payments and settlements during the year	$ 22,786	$ 45,988	$ 63,249	$ 102,600

Transactions with Related Par78

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	Dec. 19, 2016	Feb. 01, 2013	Aug. 04, 2009	Feb. 29, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Sale of excess servicing spread				$ 59,000,000	$ 0	$ 59,045,000
Recapture percentage loan fee rate and unpaid principal balance refinance mortgage loans	90.00%
Recapture percentage loan fee rate and unpaid principal balance modified mortgage loans	90.00%
Loan Agreement [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity of loan amount					$ 150,000,000
VFN [Member]
Related Party Transaction [Line Items]
Maximum principal balance	$ 1,000,000,000
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
Maximum [Member]
Related Party Transaction [Line Items]
Aggregate ESS transferred	$ 200,000	$ 200,000
Maximum [Member] | PNMAC Capital Management LLC [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 Par79

Transactions with Related Parties - Summary of Investing Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Sale of mortgage loans at fair value to PennyMac Financial Services, Inc.			$ 0	$ 891
ESS:
Interest income	$ 51,577	$ 58,134	152,063	164,266
Net (loss) gain included in Net (loss) gain on investments:
Net (loss) gain on investments	13,834	14,279	58,147	(5,106)
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Sale of mortgage loans at fair value to PennyMac Financial Services, Inc.	0	891	0	891
ESS:
Received pursuant to a recapture agreement	1,207	1,438	4,160	5,039
Repayments and sales	13,410	16,342	42,320	113,668
Interest income	3,998	4,827	13,011	17,555
Net (loss) gain included in Net (loss) gain on investments:
Valuation changes	(4,828)	(4,107)	(14,757)	(40,984)
Recapture income	1,163	1,283	3,837	4,709
Net (loss) gain on investments	$ (3,665)	$ (2,824)	$ (10,920)	$ (36,275)

Transactions with Related Par80

Transactions with Related Parties - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Interest expense	$ 40,277	$ 40,330	$ 115,882	$ 108,927
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Interest expense	2,116	1,974	5,946	5,798
Assets sold to PFSI under agreement to repurchase	148,072		148,072		$ 150,000
Conditional Reimbursement payable to PFSI included in Accounts payable and accrued liabilities	870		870		900
PennyMac Financial Services, Inc. [Member] | Accounts Payable and Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Conditional Reimbursement payable to PFSI included in Accounts payable and accrued liabilities	870		870		$ 900
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Conditional Reimbursements paid to PCM	$ 30	$ 0	$ 30	$ 0

Transactions with Related Par81

Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - PennyMac Financial Services, Inc. [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Due from PFSI:
MSR recapture receivable	$ 384	$ 707
Other	4,341	6,384
Due from Affiliates	4,725	7,091
Due to PFSI:
Management fees	6,038	5,081
Mortgage loan servicing fees	5,329	5,465
Allocated expenses and expenses paid by PFSI on PMT’s behalf	1,541	1,046
Conditional Reimbursement	870	900
Fulfillment fees	662	1,300
Interest on Assets sold to PFSI under agreement to repurchase and Note payable to PFSI	138	253
Correspondent production fees	1,430	2,371
Total expense due to affiliate	$ 16,008	$ 16,416

Loan Sales and Variable Inter82

Loan Sales and Variable Interest Entities - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Cash flows:
Proceeds from sales	$ 7,035,994	$ 6,857,691	$ 17,683,444	$ 15,323,444
Mortgage loan servicing fees received	$ 42,237	$ 31,514	$ 119,223	$ 88,269

Loan Sales and Variable Inter83

Loan Sales and Variable Interest Entities - Summary of Unpaid Balance Information for Mortgage Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
UPB of mortgage loans outstanding	$ 67,415,863	$ 56,303,664
Delinquent mortgage loans:
30-89 days delinquent	462,199	262,467
90 or more days delinquent:
Not in foreclosure	96,587	53,200
In foreclosure	20,814	25,180
Bankruptcy	49,334	36,357
Custodial funds managed by the Company	$ 1,055,517	$ 736,398

Loan Sales and Variable Inter84

Loan Sales and Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits of cash securing CRT Agreements			$ 102,146	$ 282,434
Carrying value of CRT Agreements:
Deposits securing CRT Agreements	$ 545,694		545,694		$ 450,059
Interest-only security payable at fair value	6,386		6,386		4,114
CRT Agreement assets pledged to secure assets sold under agreements to repurchase:
Deposits securing credit risk CRT Agreements	408,100		408,100		414,610
Derivative assets	15,742		15,742		9,078
Commitments to fund Deposits securing credit risk transfer agreements	356,274		356,274
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Credit Risk Transfer Agreements [Member]
Transfer Of Financial Assets Accounted For As Sales [Line Items]
UPB of mortgage loans sold under CRT Agreements	4,126,946	$ 3,357,443	9,722,067	8,442,187
Deposits of cash securing CRT Agreements	44,998	89,697	102,146	282,434
Increase in commitments to fund Deposits securing CRT Agreements resulting from sale of mortgage loans under CRT Agreements	108,051	0	264,165	0
Interest earned on Deposits securing CRT Agreements	1,440	285	2,703	661
Gains recognized on CRT Agreements included in Net gain (loss) on investments
Realized	10,798	6,206	27,595	12,601
Resulting from valuation changes	4,162	12,307	41,268	9,060
Gains (losses) recognized on gross derivative related to credit risk transactions	14,960	18,513	68,863	21,661
Change in fair value of interest-only security payable at fair value	191	(36)	(2,272)	437
Gains (losses) recognized on net derivative related to credit risk transactions	15,151	18,477	66,591	22,098
Payments made to settle losses	539	$ 28	950	$ 28
UPB of mortgage loans subject to credit guarantee obligations	22,931,988		22,931,988		14,379,850
Delinquency status (in UPB):
Current—89 days delinquent	22,899,266		22,899,266		14,372,247
90 or more days delinquent	20,540		20,540		5,711
Foreclosure	2,481		2,481		1,892
Bankruptcy	9,701		9,701		0
Carrying value of CRT Agreements:
Deposits securing CRT Agreements	545,694		545,694		450,059
Interest-only security payable at fair value	6,386		6,386		4,114
CRT Agreement assets pledged to secure assets sold under agreements to repurchase:
Deposits securing credit risk CRT Agreements	408,100		408,100		414,610
Commitments to fund Deposits securing credit risk transfer agreements	356,274		356,274		92,109
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Credit Risk Transfer Agreements [Member] | Derivative Assets [Member]
Carrying value of CRT Agreements:
Derivative assets	56,878		56,878		15,610
CRT Agreement assets pledged to secure assets sold under agreements to repurchase:
Derivative assets	$ 15,742		$ 15,742		$ 9,078

Loan Sales and Variable Inter85

Loan Sales and Variable Interest Entities - Additional Information (Detail) - Jumbo Mortgage Loan Financing [Member] - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] - USD ($)	Sep. 30, 2013	Sep. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Certificates issued	$ 537,000,000	$ 0	$ 208,800,000
Weighted yield	3.90%
Fair value of certificates retained	$ 366,800,000	$ 9,500,000

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Mortgage Servicing Rights [Line Items]
Mortgage loans description	Note interest rate pools of 50 basis points
Basis point for mortgage loan	0.50%
Fair value of exchangeable senior notes	$ 246.9	$ 240.7
Repurchase Agreement Derivatives [Member] | Level 3 [Member]
Mortgage Servicing Rights [Line Items]
Approval rate included in estimated fair value	80.00%
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	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Assets:
Short-term investments	$ 5,646		$ 122,088
Mortgage-backed securities at fair value	1,036,669		865,061
Mortgage loans acquired for sale at fair value	1,270,340		1,673,112
Excess servicing spread purchased from PFSI	248,763		288,669
Derivative assets:
Derivative assets	72,079		71,093
Derivative assets, Netting	(4,791)		(37,384)
Total derivative assets after netting	67,288		33,709
Mortgage servicing rights at fair value	82,312	$ 77,624	64,136	$ 55,843	$ 57,977	$ 66,584
Liabilities:
Asset-backed financing of a VIE at fair value	318,404		353,898
Interest-only security payable at fair value	6,386		4,114
Derivative liabilities:
Derivative liabilities	8,295		28,885
Derivative liabilities, Netting	(3,395)		(19,312)
Total derivative liabilities after netting	4,900		9,573
CRT Agreements [Member]
Derivative assets:
Derivative assets	56,878		15,610
Total derivative assets after netting	56,878		15,610
Derivative liabilities:
Derivative liabilities	0		0
Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	2,789		7,069
Total derivative assets after netting	2,789		7,069
Derivative liabilities:
Derivative liabilities	1,514		3,292
Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	8,861		13,164
Derivative assets, Netting	0		0
Total derivative assets after netting	8,861		13,164
Derivative liabilities:
Derivative liabilities	165		17,974
Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets	0		30,879
Derivative assets, Netting	0		0
Total derivative assets after netting	0		30,879
Derivative liabilities:
Derivative liabilities	6,616		7,619
MBS Put Options [Member]
Derivative assets:
Derivative assets	1,503		1,697
Derivative assets, Netting	0		0
Total derivative assets after netting	1,503		1,697
Derivative liabilities:
Derivative liabilities	0		0
MBS Call Options [Member]
Derivative assets:
Derivative assets	171		142
Derivative assets, Netting	0		0
Total derivative assets after netting	171		142
Derivative liabilities:
Derivative liabilities	0		0
Call Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	438		63
Derivative assets, Netting	0		0
Total derivative assets after netting	438		63
Derivative liabilities:
Derivative liabilities	0		0
Put Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	1,258		2,469
Derivative assets, Netting	0		0
Total derivative assets after netting	1,258		2,469
Derivative liabilities:
Derivative liabilities	0		0
Repurchase Agreement Derivatives [Member]
Derivative assets:
Derivative assets	181		0
Derivative assets, Netting	0		0
Total derivative assets after netting	181		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member]
Assets:
Short-term investments	5,646		122,088
Mortgage-backed securities at fair value	1,036,669		865,061
Mortgage loans acquired for sale at fair value	1,270,340		1,673,112
Mortgage loans at fair value	1,347,943		1,721,741
Excess servicing spread purchased from PFSI	248,763		288,669
Derivative assets:
Derivative assets	72,079		71,093
Derivative assets, Netting	(4,791)		(37,384)
Total derivative assets after netting	67,288		33,709
Mortgage servicing rights at fair value	82,312		64,136
Total Assets	4,058,961		4,768,516
Liabilities:
Asset-backed financing of a VIE at fair value	318,404		353,898
Interest-only security payable at fair value	6,386		4,114
Derivative liabilities:
Derivative liabilities	8,295		28,885
Derivative liabilities, Netting	(3,395)		(19,312)
Total derivative liabilities after netting	4,900		9,573
Total liabilities	329,690		367,585
Recurring [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	56,878		15,610
Recurring [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	2,789		7,069
Derivative liabilities:
Derivative liabilities	1,514		3,292
Recurring [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	8,861		13,164
Derivative liabilities:
Derivative liabilities	165		17,974
Recurring [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets			30,879
Derivative liabilities:
Derivative liabilities	6,616		7,619
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments	5,646		122,088
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	1,696		2,532
Derivative assets, Netting	0		0
Total derivative assets after netting	1,696		2,532
Mortgage servicing rights at fair value	0		0
Total Assets	7,342		124,620
Liabilities:
Asset-backed financing of a VIE at fair value	0		0
Interest-only security payable at fair value	0		0
Derivative liabilities:
Derivative liabilities	0		0
Derivative liabilities, Netting	0		0
Total derivative liabilities after netting	0		0
Total liabilities	0		0
Recurring [Member] | Level 1 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Level 1 [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 1 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 1 [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets			0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments	0		0
Mortgage-backed securities at fair value	1,036,669		865,061
Mortgage loans acquired for sale at fair value	1,270,340		1,673,112
Mortgage loans at fair value	331,941		367,169
Excess servicing spread purchased from PFSI	0		0
Derivative assets:
Derivative assets	10,535		45,882
Derivative assets, Netting	0		0
Total derivative assets after netting	10,535		45,882
Mortgage servicing rights at fair value	0		0
Total Assets	2,649,485		2,951,224
Liabilities:
Asset-backed financing of a VIE at fair value	318,404		353,898
Interest-only security payable at fair value	0		0
Derivative liabilities:
Derivative liabilities	6,781		25,593
Derivative liabilities, Netting	0		0
Total derivative liabilities after netting	6,781		25,593
Total liabilities	325,185		379,491
Recurring [Member] | Level 2 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Level 2 [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 2 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	8,861		13,164
Derivative liabilities:
Derivative liabilities	165		17,974
Recurring [Member] | Level 2 [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets			30,879
Derivative liabilities:
Derivative liabilities	6,616		7,619
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	1,016,002		1,354,572
Excess servicing spread purchased from PFSI	248,763		288,669
Derivative assets:
Derivative assets	59,848		22,679
Derivative assets, Netting	0		0
Total derivative assets after netting	59,848		22,679
Mortgage servicing rights at fair value	82,312		64,136
Total Assets	1,406,925		1,730,056
Liabilities:
Asset-backed financing of a VIE at fair value	0		0
Interest-only security payable at fair value	6,386		4,114
Derivative liabilities:
Derivative liabilities	1,514		3,292
Derivative liabilities, Netting	0		0
Total derivative liabilities after netting	1,514		3,292
Total liabilities	7,900		7,406
Recurring [Member] | Level 3 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	56,878		15,610
Recurring [Member] | Level 3 [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	2,789		7,069
Derivative liabilities:
Derivative liabilities	1,514		3,292
Recurring [Member] | Level 3 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	0		0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | Level 3 [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets			0
Derivative liabilities:
Derivative liabilities	0		0
Recurring [Member] | MBS Put Options [Member]
Derivative assets:
Derivative assets	1,503		1,697
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	1,503		1,697
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	171		142
Recurring [Member] | MBS Call Options [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | MBS Call Options [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	171		142
Recurring [Member] | MBS Call Options [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Call Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	438		63
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	438		63
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Put Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	1,258		2,469
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	1,258		2,469
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0		0
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0		$ 0
Recurring [Member] | Repurchase Agreement Derivatives [Member]
Derivative assets:
Derivative assets	181
Recurring [Member] | Repurchase Agreement Derivatives [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Repurchase Agreement Derivatives [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Repurchase Agreement Derivatives [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	$ 181

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Assets:
Servicing received as proceeds from sales of mortgage loans	$ 8,655	$ 1,068	$ 28,467	$ 6,215
Recurring [Member]
Assets:
Beginning balance	1,577,151	1,977,992	1,726,764	2,584,642
Purchases and issuances	9,455	30,429	26,445	61,077
Repayments and sales	(181,029)	(52,469)	(372,744)	(575,916)
Capitalization of interest	11,018	27,895	40,748	80,338
Capitalization of advances	4,611		17,759
ESS received pursuant to a recapture agreement with PFSI	1,207	1,438	4,160	5,039
Servicing received as proceeds from sales of mortgage loans	8,655	1,068	28,467	6,215
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	6,035	9,699	23,498	29,480
Other factors	18,827	26,049	71,707	7,466
Total	24,862	35,748	95,205	36,946
Transfers of mortgage loans to REO		(39,276)		(151,685)
Transfers of mortgage loans to REO and real estate held for investment	(26,705)		(88,760)
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(23,814)	(55,248)	(72,633)	(119,079)
Ending balance	1,405,411	1,927,577	1,405,411	1,927,577
Changes in fair value recognized during the period relating to assets	(10,670)	23,861	10,766	(23,741)
Recurring [Member] | CRT Agreements [Member]
Assets:
Beginning balance	52,716	(199)	15,610	593
Purchases and issuances	0	0	0	0
Repayments and sales	(10,798)	(6,206)	(27,595)	(12,601)
Capitalization of interest	0	0	0	0
Capitalization of advances	0		0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	14,960	23,067	68,863	28,670
Total	14,960	23,067	68,863	28,670
Transfers of mortgage loans to REO		0		0
Transfers of mortgage loans to REO and real estate held for investment	0		0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0	0
Ending balance	56,878	16,662	56,878	16,662
Changes in fair value recognized during the period relating to assets	4,162	16,662	41,268	16,662
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	395	16,757	3,777	4,646
Purchases and issuances	9,264	30,429	26,185	58,475
Repayments and sales	0	0	0	0
Capitalization of interest	0	0	0	0
Capitalization of advances	0		0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	15,430	23,390	43,946	71,286
Total	15,430	23,390	43,946	71,286
Transfers of mortgage loans to REO		0		0
Transfers of mortgage loans to REO and real estate held for investment	0		0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(23,814)	(55,248)	(72,633)	(119,079)
Ending balance	1,275	15,328	1,275	15,328
Changes in fair value recognized during the period relating to assets	1,275	15,328	1,275	15,328
Recurring [Member] | Interest-only security payable [Member]
Liabilities:
Beginning balance	6,577	1,663	4,114	0
Purchases and issuances				2,136
Changes in fair value included in income arising from:
Changes in instrument- specific credit risk	0	0	0	0
Other factors	(191)	36	2,272	(437)
Total	(191)	36	2,272	(437)
Ending balance	6,386	1,699	6,386	1,699
Changes in fair value recognized during the period relating to liability	(191)	36	2,272	(437)
Recurring [Member] | Mortgage loans at fair value [Member]
Assets:
Beginning balance	1,184,620	1,608,906	1,354,572	2,100,394
Purchases and issuances	0	0	0	0
Repayments and sales	(156,821)	(29,921)	(302,829)	(449,647)
Capitalization of interest	7,020	23,068	27,737	62,783
Capitalization of advances	4,611		17,759
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	6,035	9,699	23,498	29,480
Other factors	(2,758)	(13,099)	(15,975)	(31,948)
Total	3,277	(3,400)	7,523	(2,468)
Transfers of mortgage loans to REO		(39,276)		(151,685)
Transfers of mortgage loans to REO and real estate held for investment	(26,705)		(88,760)
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0	0
Ending balance	1,016,002	1,559,377	1,016,002	1,559,377
Changes in fair value recognized during the period relating to assets	(7,302)	(820)	(6,650)	(2,399)
Recurring [Member] | Excess servicing spread [Member]
Assets:
Beginning balance	261,796	294,551	288,669	412,425
Purchases and issuances	0	0	0	0
Repayments and sales	(13,410)	(16,342)	(42,320)	(113,668)
Capitalization of interest	3,998	4,827	13,011	17,555
Capitalization of advances	0		0
ESS received pursuant to a recapture agreement with PFSI	1,207	1,438	4,160	5,039
Servicing received as proceeds from sales of mortgage loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(4,828)	(4,107)	(14,757)	(40,984)
Total	(4,828)	(4,107)	(14,757)	(40,984)
Transfers of mortgage loans to REO		0		0
Transfers of mortgage loans to REO and real estate held for investment	0		0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0	0
Ending balance	248,763	280,367	248,763	280,367
Changes in fair value recognized during the period relating to assets	(4,828)	(4,107)	(14,757)	(33,774)
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	77,624	57,977	64,136	66,584
Purchases and issuances	10	0	79	2,602
Repayments and sales	0	0	0	0
Capitalization of interest	0	0	0	0
Capitalization of advances	0		0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Servicing received as proceeds from sales of mortgage loans	8,655	1,068	28,467	6,215
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(3,977)	(3,202)	(10,370)	(19,558)
Total	(3,977)	(3,202)	(10,370)	(19,558)
Transfers of mortgage loans to REO		0		0
Transfers of mortgage loans to REO and real estate held for investment	0		0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0	0	0
Ending balance	82,312	55,843	82,312	55,843
Changes in fair value recognized during the period relating to assets	(3,977)	$ (3,202)	(10,370)	$ (19,558)
Recurring [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Beginning balance	0		0
Purchases and issuances	181		181
Repayments and sales	0		0
Capitalization of interest	0		0
Capitalization of advances	0		0
ESS received pursuant to a recapture agreement with PFSI	0		0
Servicing received as proceeds from sales of mortgage loans	0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0		0
Other factors	0		0
Total	0		0
Transfers of mortgage loans to REO and real estate held for investment	0		0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0		0
Ending balance	181		181
Changes in fair value recognized during the period relating to assets	$ 0		$ 0

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
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	$ 1,347,943	$ 1,721,741
Mortgage loans at fair value	1,347,943	1,721,741
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance of loans outstanding at period-end	1,710,504	2,208,183
Unpaid principal balance	1,710,504	2,208,183
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	(362,561)	(486,442)
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	1,269,137	1,672,181
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	759	145
In foreclosure	444	786
Fair value option loans held as assets, Total	1,203	931
Mortgage loans at fair value	1,270,340	1,673,112
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	1,220,098	1,633,569
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	954	189
In foreclosure	497	717
Unpaid principal balance of loans outstanding at period-end	1,221,549	1,634,475
Fair value option loans held as assets ninety days or less past due aggregate difference	49,039	38,612
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(195)	(44)
In foreclosure	(53)	69
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	48,791	38,637
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	1,451	906
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	(248)	25
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	331,941	367,169
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	331,941	367,169
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	325,529	368,524
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	0	0
In foreclosure	0	0
Unpaid principal balance	325,529	368,524
Fair value option loans held as assets ninety days or less past due aggregate difference	6,412	(1,355)
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	6,412	(1,355)
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	527,874	611,584
Fair Value, Option, Loans Held as Assets, current through 89 days delinquent and 90 or more days delinquent
Not in foreclosure	210,783	305,431
In foreclosure	277,345	437,557
Mortgage loans at fair value	1,016,002	1,354,572
Mortgage loans on real estate principal amount of delinquent loans less than ninety days	667,649	818,665
Mortgage loans on real estate principal amount of delinquent loans
Not in foreclosure	319,417	425,460
In foreclosure	397,909	595,534
Unpaid principal balance	1,384,975	1,839,659
Fair value option loans held as assets ninety days or less past due aggregate difference	(139,775)	(207,081)
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference
Not in foreclosure	(108,634)	(120,029)
In foreclosure	(120,564)	(157,977)
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total	(368,973)	(485,087)
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	488,128	742,988
Mortgage loans on real estate principal amount of delinquent loans
Unpaid principal balance	717,326	1,020,994
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	$ (229,198)	$ (278,006)

Fair Value - Summary of Chang90

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	$ 17,967	$ 43,858		$ 54,284	$ 83,133
Net gain on investments	13,834	14,279		58,147	(5,106)
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0			0
Net interest income	0			0
Net mortgage loan servicing fees	0			0
Net gain on investments	191			(2,272)
Total	191			(2,272)
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	0
Net interest income	(735)	(2,520)	[1]	(1,807)	(1,985)	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	(2,158)	2,990		(5,581)	(5,974)
Total	(2,893)	470		(7,388)	(7,959)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0		0	0
Net interest income	(735)	(2,520)	[1]	(1,807)	(1,985)	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	(1,967)	2,990		(7,853)	(5,974)
Total	(2,702)	470		(9,660)	(7,959)
Short-term Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0		0	0
Net interest income	0	0	[1]	0	0	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	0	0		0	0
Total	0	0		0	0
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0		0	0
Net interest income	(1,481)	(1,193)	[1]	(4,276)	(1,930)	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	5,001	517		9,168	9,948
Total	3,520	(676)		4,892	8,018
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	32,935	58,128		83,839	147,135
Net interest income	0	0	[1]	0	0	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	0	0		0	0
Total	32,935	58,128		83,839	147,135
Mortgage loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0		0	0
Net interest income	7,617	23,261	[1]	29,195	65,070	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	5,415	(3,936)		13,832	5,342
Total	13,032	19,325		43,027	70,412
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0		0	0
Net interest income	3,998	4,827	[1]	13,011	17,555	[1]
Net mortgage loan servicing fees	0	0		0	0
Net gain on investments	(4,828)	(4,107)		(14,757)	(40,984)
Total	(830)	720		(1,746)	(23,429)
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	0	0		0	0
Net interest income	0	0	[1]	0	0	[1]
Net mortgage loan servicing fees	(3,977)	(3,202)		(10,370)	(19,558)
Net gain on investments	0	0		0	0
Total	(3,977)	(3,202)		(10,370)	(19,558)
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain on mortgage loans acquired for sale	32,935	58,128		83,839	147,135
Net interest income	10,134	26,895	[1]	37,930	80,695	[1]
Net mortgage loan servicing fees	(3,977)	(3,202)		(10,370)	(19,558)
Net gain on investments	5,588	(7,526)		8,243	(25,694)
Total	$ 44,680	$ 74,295		$ 119,642	$ 182,578
[1]	The amounts in the above table have been expanded to conform with current period presentation. The table includes the effect of capitalization of interest and accrual of unearned discounts on fair value.

Fair Value - Summary of Finan91

Fair Value - Summary of Financial Statement Items Re-measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 60,805	$ 125,683
MSRs at lower of amortized cost or fair value	277,260	173,765
Total Assets	338,065	299,448
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	60,805	125,683
MSRs at lower of amortized cost or fair value	277,260	173,765
Total Assets	$ 338,065	$ 299,448

Fair Value - Summary of Chang92

Fair Value - Summary of Changes in Fair Value Recognized in Assets that Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
MSRs at lower of amortized cost or fair value	$ 1,702	$ 3,460	$ 4,287	$ 44,336
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	(5,666)	(6,940)	(7,454)	(14,552)
MSRs at lower of amortized cost or fair value	(1,702)	(3,460)	(4,287)	(44,336)
Total assets, gains (losses) recognized	$ (7,368)	$ (10,400)	$ (11,741)	$ (58,888)

Fair Value - Quantitative Summa

Fair Value - Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value (Detail) - Mortgage loans at fair value [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	2.90%	2.60%
Twelve-month projected housing price index change	3.40%	2.50%
Prepayment speed	3.00%	0.10%
Total prepayment speed	4.70%	2.90%
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	4.90%	4.80%
Prepayment speed	6.90%	10.90%
Total prepayment speed	24.00%	24.60%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	6.70%	7.10%
Twelve-month projected housing price index change	4.60%	3.70%
Prepayment speed	4.10%	4.00%
Total prepayment speed	16.70%	17.70%

Fair Value - Summary of Key Inp

Fair Value - Summary of Key Inputs Used in Determining Fair Value of ESS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
UPB of underlying mortgage loans (in thousands)	$ 794,770	$ 120,457	$ 2,613,258	$ 647,976
Average servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.26%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.60%	7.60%	7.60%	7.30%
Annual total prepayment speed	11.10%		11.10%		10.70%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.60%	7.60%	7.60%	7.20%
Annual total prepayment speed	7.40%		7.40%		6.80%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	7.60%	7.60%	7.60%	7.60%
Annual total prepayment speed	20.70%		20.70%		24.20%
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)			$ 28,385,316		$ 32,376,359
Average servicing fee rate (in basis points)			0.34%		0.34%
Average ESS rate (in basis points)			0.19%		0.19%
Pricing spread			4.20%		4.40%
Annual total prepayment speed	10.70%		10.70%		10.50%
Life (in years)			6 years 7 months 6 days		6 years 9 months 18 days
Excess servicing spread [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread			3.80%		3.80%
Annual total prepayment speed	7.70%		7.70%		7.00%
Life (in years)			1 year 6 months		1 year 4 months 24 days
Excess servicing spread [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread			4.40%		4.80%
Annual total prepayment speed	37.20%		37.20%		41.30%
Life (in years)			8 years 1 month 7 days		8 years 7 months 6 days

Fair Value - Quantitative Sum95

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Sep. 30, 2017	Dec. 31, 2016
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	57.60%	60.70%
Servicing fee multiple	2.40%	2.60%
Percentage of UPB	0.70%	0.70%
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%	6.00%
Percentage of UPB	1.50%	1.50%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pull-through rate	88.60%	88.50%
Servicing fee multiple	5.00%	5.00%
Percentage of UPB	1.20%	1.30%

Fair Value - Key Assumptions Us

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized	$ 8,655,000	$ 1,068,000	$ 28,467,000	$ 6,215,000
Fair value, UPB of underlying mortgage loans	$ 794,770,000	$ 120,457,000	$ 2,613,258,000	$ 647,976,000
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.25%	0.25%	0.25%	0.26%
Amortized cost, MSR recognized	$ 74,183,000	$ 76,567,000	$ 178,894,000	$ 167,691,000
Amortized cost, UPB of underlying mortgage loans	$ 6,050,337,000	$ 6,532,562,000	$ 14,624,151,000	$ 14,139,102,000
Amortized cost, Weighted-average annual servicing fee rate (in basis points)	0.25%	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	7.60%	7.60%	7.60%	7.20%
Fair value inputs, Annual prepayment speed during period	8.30%	10.30%	7.90%	7.20%
Fair value inputs, Weighted average life during period	2 years 9 months 19 days	2 years 4 months 25 days	2 years 9 months 19 days	2 years
Fair value inputs, Annual per loan cost of servicing during period	$ 79	$ 78	$ 79	$ 68
Amortized cost, Pricing spread during period	7.60%	7.60%	7.60%	7.20%
Amortized cost, Annual prepayment speed during period	3.50%	4.50%	3.20%	3.40%
Amortized cost, Life (in years)	2 years 7 months 6 days	2 years 3 months 18 days	2 years 7 months 6 days	1 year 4 months 24 days
Amortized cost, Annual per loan cost of servicing during period	$ 79	$ 78	$ 79	$ 68
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	7.60%	7.60%	7.60%	7.60%
Fair value inputs, Annual prepayment speed during period	29.50%	33.30%	29.50%	38.00%
Fair value inputs, Weighted average life during period	8 years 6 months	7 years 3 months 18 days	8 years 6 months	9 years 4 months 24 days
Fair value inputs, Annual per loan cost of servicing during period	$ 79	$ 82	$ 79	$ 82
Amortized cost, Pricing spread during period	12.60%	12.60%	12.60%	12.60%
Amortized cost, Annual prepayment speed during period	31.10%	33.20%	31.10%	49.20%
Amortized cost, Life (in years)	11 years 2 months 12 days	10 years 10 months 24 days	11 years 10 months 24 days	12 years 3 months 18 days
Amortized cost, Annual per loan cost of servicing during period	$ 79	$ 78	$ 79	$ 79
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	7.60%	7.60%	7.60%	7.30%
Fair value inputs, Annual prepayment speed during period	10.50%	14.90%	10.70%	15.10%
Fair value inputs, Weighted average life during period	7 years 4 months 24 days	5 years 8 months 12 days	7 years 3 months 18 days	5 years 8 months 12 days
Fair value inputs, Annual per loan cost of servicing during period	$ 79	$ 80	$ 79	$ 73
Amortized cost, Pricing spread during period	7.60%	7.60%	7.60%	7.40%
Amortized cost, Annual prepayment speed during period	8.10%	8.60%	8.10%	9.20%
Amortized cost, Life (in years)	8 years 4 months 24 days	7 years 9 months 18 days	8 years 3 months 19 days	7 years 4 months 24 days
Amortized cost, Annual per loan cost of servicing during period	$ 79	$ 78	$ 79	$ 75

Fair Value - Quantitative Sum97

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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 82,312,000	$ 64,136,000	$ 77,624,000	$ 55,843,000	$ 57,977,000	$ 66,584,000
UPB of underlying mortgage loans, Fair Value	$ 7,525,020,000	$ 5,763,957,000
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	$ 708,023,000	$ 592,431,000		$ 468,686,000
UPB of underlying mortgage loans, Amortized cost	$ 60,399,531,000	$ 50,539,707,000
Weighted-average annual servicing fee rate (in basis points), Amortized cost	0.25%	0.25%
Weighted-average note interest rate, Amortized cost	3.90%	3.80%
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	$ (1,238,000)	$ (979,000)
Effect on value of percentage adverse change, Amortized cost	(11,401,000)	(10,018,000)
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	(2,440,000)	(1,929,000)
Effect on value of percentage adverse change, Amortized cost	(22,466,000)	(19,738,000)
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	(4,743,000)	(3,748,000)
Effect on value of percentage adverse change, Amortized cost	(43,641,000)	(38,330,000)
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	(1,801,000)	(1,379,000)
Effect on value of percentage adverse change, Amortized cost	(11,706,000)	(9,436,000)
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	(3,529,000)	(2,704,000)
Effect on value of percentage adverse change, Amortized cost	(23,026,000)	(18,578,000)
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	(6,782,000)	(5,202,000)
Effect on value of percentage adverse change, Amortized cost	(44,584,000)	(36,037,000)
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	(693,000)	(555,000)
Effect on value of percentage adverse change, Amortized cost	(5,470,000)	(4,650,000)
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	(1,385,000)	(1,110,000)
Effect on value of percentage adverse change, Amortized cost	(10,940,000)	(9,300,000)
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	(2,770,000)	(2,220,000)
Effect on value of percentage adverse change, Amortized cost	$ (21,879,000)	$ (18,600,000)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	7.60%	7.60%
Estimated fair value inputs, Prepayment speed	7.40%	6.80%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 77	$ 77
Amortized cost, Pricing spread	7.60%	7.60%
Amortized cost, Prepayment speed	7.30%	6.70%
Amortized cost, Weighted average life (in years)	2 years 10 months 24 days	3 years 1 month 6 days
Amortized cost, Annual per-loan cost of servicing	$ 78	$ 78
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	3 years 2 months 12 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	12.60%	12.60%
Estimated fair value inputs, Prepayment speed	20.70%	24.20%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 79	$ 79
Amortized cost, Pricing spread	13.10%	13.00%
Amortized cost, Prepayment speed	26.80%	25.70%
Amortized cost, Weighted average life (in years)	8 years 1 month 7 days	8 years 6 months
Amortized cost, Annual per-loan cost of servicing	$ 79	$ 79
Maximum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Weighted average life (in years)	6 years 10 months 24 days	7 years
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	7.60%	7.60%
Estimated fair value inputs, Prepayment speed	11.10%	10.70%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 79	$ 79
Amortized cost, Pricing spread	7.60%	7.60%
Amortized cost, Prepayment speed	8.30%	7.70%
Amortized cost, Weighted average life (in years)	7 years 8 months 12 days	8 years
Amortized cost, Annual per-loan cost of servicing	$ 79	$ 79
Weighted Average [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Weighted average life (in years)	6 years 10 months 24 days	7 years

Mortgage Loans Acquired for S98

Mortgage Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	$ 1,270,340	$ 1,673,112
Mortgage loans pledged to secure: Assets sold under agreements to repurchase	1,251,916	1,653,748
Mortgage loans pledged to secure total	1,251,916	1,653,748
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	1,206,859	1,627,010
Mortgage loans pledged to secure mortgage loan participation purchase and sale agreements	45,057	26,738
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	1,052,355	847,810
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	0	6,042
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	202,320	804,616
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	8,870	8,961
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	$ 6,795	$ 5,683

Mortgage Loans Acquired for S99

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
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%

Mortgage Loans at Fair Value -

Mortgage Loans at Fair Value - Summary of Distribution of Company's Mortgage Loans at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Fair value	$ 1,347,943	$ 1,721,741
Unpaid principal balance	1,710,504	2,208,183
Asset-backed financing of a VIE at fair value	331,941	367,169
Mortgage loans at fair value pledged to secure	1,341,671	1,712,190
Mortgage loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,270,340	1,673,112
Assets sold under agreements to repurchase	1,009,730	1,345,021
Fixed interest rate jumbo mortgage loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	331,941	367,169
Unpaid principal balance	325,529	368,524
Distressed mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,016,002	1,354,572
Unpaid principal balance	1,384,975	1,839,659
Distressed mortgage loans [Member] | Nonperforming mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	488,128	742,988
Unpaid principal balance	717,326	1,020,994
Distressed mortgage loans [Member] | Performing mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	527,874	611,584
Unpaid principal balance	667,649	818,665
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Fixed interest rate [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	242,873	296,901
Unpaid principal balance	315,065	408,943
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Interest rate step-up [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	238,768	232,700
Unpaid principal balance	304,099	317,409
Distressed mortgage loans [Member] | Performing mortgage loans [Member] | Adjustable-rate/hybrid [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	46,233	81,983
Unpaid principal balance	$ 48,486	$ 92,313

Mortgage Loans at Fair Value101

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Distressed Mortgage Loans at Fair Value (Detail)	Sep. 30, 2017	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Portion of mortgage loans originated between 2005 and 2007	72.00%	72.00%
Mortgage loans with unpaid-principal balance-to-current -property-value in excess of 100%	40.00%	41.00%

Mortgage Loans at Fair Value102

Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Distressed Mortgage Loans at Fair Value (Parenthetical) (Detail)	Sep. 30, 2017	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Percentage of mortgage loans	100.00%	100.00%
Percentage of contribution by states in mortgage loans	5.00%	5.00%

Derivative Activities - Derivat

Derivative Activities - Derivative Assets and Liabilities Recorded within Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets (Detail) - USD ($)	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Total derivative assets instruments before netting	$ 72,079,000		$ 71,093,000
Derivative assets, Netting	(4,791,000)		(37,384,000)
Total derivative assets after netting	67,288,000		33,709,000
Margin deposits placed with (received from) derivatives counterparties included in Other assets (Accounts payable and accrued liabilities)	(1,395,000)		(18,071,000)
Derivative assets pledged to secure assets sold under agreements to repurchase	15,742,000		9,078,000
Total derivative liabilities	8,295,000		28,885,000
Derivative liabilities, Netting	(3,395,000)		(19,312,000)
Total derivative liabilities after netting	4,900,000		9,573,000
Repurchase Agreement Derivatives [Member]
Derivatives, Fair Value [Line Items]
Notional amount	0		0
Total derivative assets instruments before netting	181,000		0
Derivative assets, Netting	0		0
Total derivative assets after netting	181,000		0
Total derivative liabilities	0		0
CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Notional amount	22,931,988,000	$ 19,301,982,000	14,379,850,000	$ 12,196,636,000	$ 8,976,961,000	$ 4,546,265,000
Total derivative assets instruments before netting	56,878,000		15,610,000
Total derivative assets after netting	56,878,000		15,610,000
Total derivative liabilities	0		0
Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,259,592,000		1,420,468,000
Total derivative assets instruments before netting	2,789,000		7,069,000
Total derivative assets after netting	2,789,000		7,069,000
Total derivative liabilities	1,514,000		3,292,000
Forward Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,598,412,000	1,933,390,000	4,840,707,000	5,632,182,000	4,190,349,000	2,469,550,000
Total derivative assets instruments before netting	0		30,879,000
Derivative assets, Netting	0		0
Total derivative assets after netting	0		30,879,000
Total derivative liabilities	6,616,000		7,619,000
Forward Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	2,808,847,000	3,644,636,000	6,148,242,000	6,451,444,000	4,347,526,000	2,450,642,000
Total derivative assets instruments before netting	8,861,000		13,164,000
Derivative assets, Netting	0		0
Total derivative assets after netting	8,861,000		13,164,000
Total derivative liabilities	165,000		17,974,000
MBS Put Options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,125,000,000	1,475,000,000	925,000,000
Total derivative assets instruments before netting	1,503,000		1,697,000
Derivative assets, Netting	0		0
Total derivative assets after netting	1,503,000		1,697,000
Total derivative liabilities	0		0
MBS Call Options [Member]
Derivatives, Fair Value [Line Items]
Notional amount	75,000,000	200,000,000	750,000,000	3,025,000,000	1,525,000,000	375,000,000
Total derivative assets instruments before netting	171,000		142,000
Derivative assets, Netting	0		0
Total derivative assets after netting	171,000		142,000
Total derivative liabilities	0		0
Call Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	250,000,000	200,000,000	200,000,000	825,000,000	525,000,000	50,000,000
Total derivative assets instruments before netting	438,000		63,000
Derivative assets, Netting	0		0
Total derivative assets after netting	438,000		63,000
Total derivative liabilities	0		0
Put Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	475,000,000	925,000,000	550,000,000	1,200,000,000	425,000,000	1,600,000,000
Total derivative assets instruments before netting	1,258,000		2,469,000
Derivative assets, Netting	0		0
Total derivative assets after netting	1,258,000		2,469,000
Total derivative liabilities	0		0
Swap Futures [Member]
Derivatives, Fair Value [Line Items]
Notional amount	275,000,000	175,000,000	150,000,000	12,500,000	12,500,000	0
Total derivative assets instruments before netting	0		0
Total derivative liabilities	0		0
Eurodollar Future Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount	1,038,000,000	$ 1,139,000,000	1,351,000,000	$ 1,442,000,000	$ 1,543,000,000	$ 1,755,000,000
Total derivative assets instruments before netting	0		0
Total derivative liabilities	$ 0		$ 0

Derivative Activities - Summary

Derivative Activities - Summary of Activity in Notional Amount for Derivative Contracts and Derivatives Arising from CRT Agreements (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CRT Agreements [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	$ 19,301,982,000	$ 8,976,961,000	$ 14,379,850,000	$ 4,546,265,000
Additions	4,126,946,000	3,357,443,000	9,722,067,000	8,442,187,000
Dispositions/expirations	(496,940,000)	(137,768,000)	(1,169,929,000)	(791,816,000)
Balance, end of period	22,931,988,000	12,196,636,000	22,931,988,000	12,196,636,000
Forward Purchase Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,933,390,000	4,190,349,000	4,840,707,000	2,469,550,000
Additions	20,560,886,000	22,535,622,000	54,953,063,000	47,965,764,000
Dispositions/expirations	(20,895,864,000)	(21,093,789,000)	(58,195,358,000)	(44,803,132,000)
Balance, end of period	1,598,412,000	5,632,182,000	1,598,412,000	5,632,182,000
Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	3,644,636,000	4,347,526,000	6,148,242,000	2,450,642,000
Additions	27,214,513,000	29,853,649,000	73,030,446,000	65,146,064,000
Dispositions/expirations	(28,050,302,000)	(27,749,731,000)	(76,369,842,000)	(61,145,262,000)
Balance, end of period	2,808,847,000	6,451,444,000	2,808,847,000	6,451,444,000
MBS Put Options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,475,000,000		925,000,000
Additions	3,200,000,000		5,125,000,000
Dispositions/expirations	(3,550,000,000)		(4,925,000,000)
Balance, end of period	1,125,000,000		1,125,000,000
MBS Call Options [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	200,000,000	1,525,000,000	750,000,000	375,000,000
Additions	275,000,000	3,875,000,000	475,000,000	6,600,000,000
Dispositions/expirations	(400,000,000)	(2,375,000,000)	(1,150,000,000)	(3,950,000,000)
Balance, end of period	75,000,000	3,025,000,000	75,000,000	3,025,000,000
Call Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	200,000,000	525,000,000	200,000,000	50,000,000
Additions	450,000,000	1,825,000,000	575,000,000	3,400,000,000
Dispositions/expirations	(400,000,000)	(1,525,000,000)	(525,000,000)	(2,625,000,000)
Balance, end of period	250,000,000	825,000,000	250,000,000	825,000,000
Put Options on Interest Rate Futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	925,000,000	425,000,000	550,000,000	1,600,000,000
Additions	2,500,000,000	1,625,000,000	5,875,000,000	4,225,000,000
Dispositions/expirations	(2,950,000,000)	(850,000,000)	(5,950,000,000)	(4,625,000,000)
Balance, end of period	475,000,000	1,200,000,000	475,000,000	1,200,000,000
Swap Futures [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	175,000,000	12,500,000	150,000,000	0
Additions	100,000,000	12,500,000	950,000,000	37,500,000
Dispositions/expirations	0	(12,500,000)	(825,000,000)	(25,000,000)
Balance, end of period	275,000,000	12,500,000	275,000,000	12,500,000
Eurodollar Future Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	1,139,000,000	1,543,000,000	1,351,000,000	1,755,000,000
Additions	202,000,000	101,000,000	303,000,000	181,000,000
Dispositions/expirations	(303,000,000)	(202,000,000)	(616,000,000)	(494,000,000)
Balance, end of period	1,038,000,000	1,442,000,000	1,038,000,000	1,442,000,000
Treasury Future Buy Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	0	0	0
Additions	55,000,000	276,200,000	110,700,000	276,200,000
Dispositions/expirations	(55,000,000)	(126,200,000)	(110,700,000)	(126,200,000)
Balance, end of period	0	150,000,000	0	150,000,000
Treasury Future Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Balance, beginning of period	0	0	0	0
Additions	55,000,000	126,200,000	110,700,000	126,200,000
Dispositions/expirations	(55,000,000)	(126,200,000)	(110,700,000)	(126,200,000)
Balance, end of period	$ 0	$ 0	$ 0	$ 0

Derivative Activities - Summ105

Derivative Activities - Summary of Net Derivative Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross amounts of recognized assets	$ 72,079	$ 71,093
Gross amounts offset in the consolidated balance sheet	(4,791)	(37,384)
Total derivative assets after netting	67,288	33,709
Net amounts of assets presented in the consolidated balance sheet	(4,791)	(37,384)
Repurchase Agreement Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	181	0
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	181	0
CRT Agreements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	56,878	15,610
Total derivative assets after netting	56,878	15,610
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	2,789	7,069
Total derivative assets after netting	2,789	7,069
Forward Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	30,879
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	0	30,879
Forward Sales Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	8,861	13,164
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	8,861	13,164
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	59,848	22,679
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	59,848	22,679
Derivatives Not Subject To Master Netting Adjustment [Member] | CRT Agreements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	56,878	15,610
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	56,878	15,610
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	2,789	7,069
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	2,789	7,069
MBS Put Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	1,503	1,697
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	1,503	1,697
MBS Call Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	171	142
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	171	142
Put Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	1,258	2,469
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	1,258	2,469
Call Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	438	63
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	438	63
Netting [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	(4,791)	(37,384)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	12,231	48,414
Gross amounts offset in the consolidated balance sheet	(4,791)	(37,384)
Total derivative assets after netting	$ 7,440	$ 11,030

Derivative Activities - Summ106

Derivative Activities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 67,288	$ 33,709
Financial instruments	0	0
Cash collateral received	0	0
Net amount	67,288	33,709
Federal Home Loan Mortgage Corporation [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	464	7
Financial instruments	0	0
Cash collateral received	0	0
Net amount	464	7
Repurchase Agreement Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	181	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	181	0
CRT Agreements [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	56,878	15,610
Financial instruments	0	0
Cash collateral received	0	0
Net amount	56,878	15,610
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,789	7,069
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,789	7,069
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,695	1,531
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,695	1,531
JPMorgan Chase & Co. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	911	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	911	0
Bank of Oklahoma [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	629
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	629
Royal Bank of Canada [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	1,194
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	1,194
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,819	1,881
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,819	1,881
Goldman Sachs [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	511	1,164
Financial instruments	0	0
Cash collateral received	0	0
Net amount	511	1,164
RBS Securities Inc [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	655	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	655	0
Jefferies Group, Inc [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	70	967
Financial instruments	0	0
Cash collateral received	0	0
Net amount	70	967
Citibank [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	565	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	565	0
Barclays Capital [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	394	855
Financial instruments	0	0
Cash collateral received	0	0
Net amount	394	855
Morgan Stanley Bank, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	296	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	296	0
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	60	2,802
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 60	$ 2,802

Derivative Activities - Schedul

Derivative Activities - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 3,211,681	$ 3,812,886
Gross amounts offset in the consolidated balance sheet	(3,395)	(19,312)
Net amounts of liabilities presented in the consolidated balance sheet	3,208,286	3,793,574
Unpaid Principal Balance [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,204,054	3,784,685
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,204,054	3,784,685
Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	1,514	3,292
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	1,514	3,292
Forward Purchase Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	6,616	7,619
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	6,616	7,619
Forward Sales Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	165	17,974
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	165	17,974
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	1,514	3,292
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	1,514	3,292
Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	(3,395)	(19,312)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	6,781	25,593
Gross amounts offset in the consolidated balance sheet	(3,395)	(19,312)
Net amounts of liabilities presented in the consolidated balance sheet	3,386	6,281
Derivative Liabilities Before Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	8,295	28,885
Gross amounts offset in the consolidated balance sheet	(3,395)	(19,312)
Net amounts of liabilities presented in the consolidated balance sheet	4,900	9,573
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	(668)	(684)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	(668)	(684)
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,203,386	3,784,001
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ 3,203,386	$ 3,784,001

Derivative Activities - Summ108

Derivative Activities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 3,208,286	$ 3,793,574
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(3,203,386)	(3,784,001)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	4,900	9,573
Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,514	3,292
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,514	3,292
Bank of America, N.A. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	938,104	847,683
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(938,104)	(847,683)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Credit Suisse First Boston Mortgage Capital LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	857,882	1,181,441
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(857,882)	(1,181,235)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	206
JPMorgan Chase & Co. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	445,746	544,009
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(445,746)	(542,542)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	1,467
Citibank [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	280,127	575,092
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(279,905)	(573,589)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	222	1,503
Morgan Stanley Bank, N.A. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	168,184	143,951
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(168,184)	(142,055)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	1,896
Daiwa Capital Markets [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	157,827	177,316
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(157,827)	(177,077)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	239
Deutsche Bank [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	114,852	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(114,852)	0
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	94,424	63,926
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(93,494)	(63,926)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	930	0
Wells Fargo, N.A. [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	51,780	116,648
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(51,377)	(116,648)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	403	0
Barclays Capital [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	50,353	92,796
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(50,353)	(92,796)
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	46,330	47,785
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(46,330)	(47,134)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	651
Federal National Mortgage Association [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,353	312
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,353	312
Other [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	478	7
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	478	7
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	(668)	(684)
Gross amounts not offset in the consolidated balance sheet, Financial instruments	668	684
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	$ 0	$ 0

Derivative Activities - Net Gai

Derivative Activities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
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	$ 24,694	$ 53,819	$ 70,131	$ 129,761
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	(5,910)	(945)	(14,943)	(245)
CRT Agreements [Member] | Net gain on investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	14,960	18,477	68,863	22,098
Interest rate lock commitments and mortgage loans acquired for sale at fair value [Member] | Gain Loss on mortgage loans acquired for sale [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative financial instruments used as economic hedges	(16,943)	(16,791)	(32,308)	(76,672)
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	$ 4,576	$ 5,612	$ (1,731)	$ 63,006

Real Estate Acquired in Sett110

Real Estate Acquired in Settlement of Loans - Summary of Financial Information Relating to REO (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Real Estate [Abstract]
Balance at beginning of period	$ 207,034	$ 299,458	$ 274,069	$ 341,846
Transfers from mortgage loans at fair value and advances	22,951	42,300	76,981	156,352
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	(2,555)	(5,282)	(14,300)	(17,548)
Results of REO:
Valuation adjustments, net	(6,423)	(7,888)	(21,749)	(25,816)
Gain on sale, net	3,280	4,603	10,895	13,930
Total gain (loss), net	(3,143)	(3,285)	(10,854)	(11,886)
Proceeds from sales	(39,253)	(44,843)	(140,862)	(180,416)
Balance at end of period	185,034	$ 288,348	185,034	$ 288,348
REO pledged to secure assets sold under agreements to repurchase	84,796		84,796		$ 167,430
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	50,965		50,965		48,283
Real estate pledged to creditors	$ 135,761		$ 135,761		$ 215,713

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Lower of Amortized Cost or Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of year	$ 673,433	$ 465,301	$ 606,103	$ 404,101
MSRs resulting from mortgage loan sales	74,183	76,567	178,894	167,691
Amortization	(21,634)	(17,902)	(59,015)	(47,720)
Sales	0	0	0	(106)
Balance at end of year	725,982	523,966	725,982	523,966
Balance at beginning of year	(16,257)	(51,820)	(13,672)	(10,944)
Additions to impairment valuation allowance	(1,702)	(3,460)	(4,287)	(44,336)
Balance at end of period	(17,959)	(55,280)	(17,959)	(55,280)
MSRs, net	708,023	468,686	708,023	468,686	$ 592,431
Fair value at beginning of year	682,437	417,094	626,334	424,154
Fair value at end of period	728,828	$ 472,790	728,828	$ 472,790
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	$ 696,991		$ 696,991		$ 592,431

Mortgage Servicing Rights - 112

Mortgage Servicing Rights - Summary of Company's Estimate of Future Amortization of Existing MSRs Carried at Amortized Cost (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Servicing Asset Future Amortization Expense Abstract [Abstract]
2,018	$ 85,876
2,019	78,404
2,020	71,153
2,021	64,092
2,022	57,647
Thereafter	368,810
Total	$ 725,982

Mortgage Servicing Rights - 113

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Servicing Asset At Fair Value Changes In Fair Value [Abstract]
Balance at beginning of year		$ 77,624	$ 57,977	$ 64,136	$ 66,584
Purchases		10	0	79	2,602
MSRs resulting from mortgage loan sales		8,655	1,068	28,467	6,215
Due to changes in valuation inputs used in valuation model	[1]	(2,628)	(883)	(6,956)	(12,343)
Other changes in fair value	[2]	(1,349)	(2,319)	(3,414)	(7,215)
Change in fair value, Total		(3,977)	(3,202)	(10,370)	(19,558)
Balance at year end		82,312	$ 55,843	82,312	$ 55,843
MSRs carried at fair value pledged to secure notes payable		$ 81,279		$ 81,279		$ 64,136
[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.

Mortgage Servicing Rights - 114

Mortgage Servicing Rights - Summary of Net Mortgage Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 42,237	$ 32,724	$ 119,223	$ 90,494
Late charges	173	148	536	421
Other	1,870	1,432	4,110	3,839
Net mortgage loan servicing fees	$ 44,280	$ 34,304	$ 123,869	$ 94,754

Assets Sold Under Agreements115

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Weighted-average interest rate	2.72%	2.26%	2.57%	2.19%
Average balance	$ 3,474,903,000	$ 3,538,720,000	$ 3,388,626,000	$ 3,202,829,000
Total interest expense	26,157,000	23,751,000	72,280,000	66,217,000
Maximum daily amount outstanding	3,973,869,000	$ 4,824,044,000	4,083,326,000	$ 5,221,997,000
Unpaid principal balance	3,204,054,000		3,204,054,000		$ 3,784,685,000
Assets sold under agreements to repurchase, At year end	3,203,386,000		$ 3,203,386,000		$ 3,784,001,000
Weighted-average interest rate			2.63%		2.70%
Available borrowing capacity, Committed			$ 457,144,000		$ 518,932,000
Available borrowing capacity, Uncommitted			2,233,034,000		1,092,253,000
Available borrowing capacity			2,690,178,000		1,611,185,000
Margin deposits placed with counterparties included in Other assets	15,037,000		15,037,000		29,634,000
Real Estate Held for Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	29,664,000		29,664,000		0
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs and premiums	(668,000)		(668,000)		(684,000)
Mortgage-backed securities at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	1,036,669,000		1,036,669,000		863,802,000
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	1,206,859,000		1,206,859,000		1,627,010,000
Mortgage loans at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	1,009,730,000		1,009,730,000		1,345,021,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	135,761,000		135,761,000		215,713,000
Deposits securing CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	408,100,000		408,100,000		414,610,000
Derivative assets related to CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of assets securing agreements to repurchase	$ 15,742,000		$ 15,742,000		$ 9,078,000

Assets Sold Under Agreements116

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1.9	$ 2.2	$ 6.1	$ 6.5

Assets Sold Under Agreements117

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,204,054
Weighted average maturity (in months)	3 years 10 months 24 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 1,473,873
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	50,353
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	470,753
Over 180 days to 1 year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,209,075
Over one year to two years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 0

Assets Sold Under Agreements118

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
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	$ 253,993
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Oct. 29, 2017
Facility maturity	Mar. 2, 2018
Credit Suisse First Boston Mortgage Capital LLC [Member] | CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 55,008
Weighted average maturity	Oct. 11, 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	$ 93,099
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 17, 2017
Facility maturity	Apr. 27, 2018
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 4,092
Weighted average maturity	Oct. 16, 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	$ 11,729
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Oct. 13, 2017
Facility maturity	Oct. 13, 2017
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 19,037
Weighted average maturity	Oct. 18, 2017
Bank of America, N.A. [Member] | CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 35,283
Weighted average maturity	Oct. 13, 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	$ 21,671
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 20, 2017
Facility maturity	May 25, 2018
JPMorgan Chase & Co., Maturity in 2018 [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	$ 83,685
Facility maturity	Mar. 14, 2018
Morgan Stanley Bank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans and REO sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 10,051
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 16, 2017
Facility maturity	Aug. 24, 2018
Barclays Bank PLC [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	$ 3,691
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 1, 2017
Facility maturity	Dec. 1, 2017
Deutsche Bank [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	$ 7,272
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 25, 2017
Facility maturity	Mar. 30, 2018
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 7,006
Weighted average maturity	Oct. 19, 2017
Royal Bank of Canada [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 4,061
Weighted average maturity	Oct. 16, 2017
Wells Fargo, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 2,381
Weighted average maturity	Oct. 12, 2017
BNP Paribas Corporate & Institutional Banking [Member] | CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 19,150
Weighted average maturity	Oct. 6, 2017

Mortgage Loan Participation 119

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
At period end:
Mortgage loan participation purchase and sale agreements, At year end	$ 43,988,000		$ 43,988,000		$ 25,917,000
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted-average interest rate	2.48%	1.76%	2.28%	1.71%
Average balance	$ 59,701,000	$ 73,537,000	$ 65,290,000	$ 70,955,000
Total interest expense	409,000	361,000	1,225,000	1,023,000
Maximum daily amount outstanding	99,441,000	$ 99,469,000	99,441,000	$ 99,469,000
At period end:
Amount outstanding	44,082,000		44,082,000		25,917,000
Unamortized debt issuance costs	(94,000)		(94,000)		0
Mortgage loan participation purchase and sale agreements, At year end	43,988,000		$ 43,988,000		$ 25,917,000
Weighted-average interest rate			2.48%		2.02%
Mortgage loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements	$ 45,057,000		$ 45,057,000		$ 26,738,000

Mortgage Loan Participation 120

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs	$ 31,000	$ 31,000	$ 94,000	$ 99,000

Federal Home Loan Bank Advan121

Federal Home Loan Bank Advances - Additional Information (Detail) - Federal Home Loan Bank Advances [Member]	9 Months Ended
	Sep. 30, 2017USD ($)
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 Advan122

Federal Home Loan Bank Advances - Summary of FHLB Advances (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)
Federal Home Loan Banks [Abstract]
Weighted-average interest rate	0.49%
Average balance	$ 32,560,000
Total interest expense	122,000
Maximum daily amount outstanding	$ 201,130,000

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Mar. 24, 2017
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. 2, 2018
Maximum [Member] | Loan and Security Agreement with Barclays Bank PLC [Member]
Short-term Debt [Line Items]
Aggregate loan amount		$ 170,000,000
Maximum [Member] | Amended and Restated Loan and Security Agreement with Citibank, N.A. [Member]
Short-term Debt [Line Items]
Aggregate loan amount		$ 400,000,000

Notes Payable - Summary of Fina

Notes Payable - Summary of Financial Information Relating to Note Payable (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted-average interest rate	6.30%	4.76%	5.57%	4.68%
Average balance	$ 79,345,000	$ 170,907,000	$ 152,395,000	$ 190,878,000
Total interest expense	2,320,000	2,883,000	9,719,000	9,217,000
Carrying value:
Amount outstanding	80,106,000		80,106,000		$ 275,106,000
Balance	80,106,000		$ 80,106,000		$ 275,106,000
Weighted-average interest rate			5.57%		4.73%
MSRs pledged to secure notes payable	778,270,000		$ 778,270,000		$ 656,567,000
Notes payable [Member]
Debt Instrument [Line Items]
Maximum daily amount outstanding	160,106,000	$ 196,317,000	275,106,000	$ 234,476,000
Carrying value:
Unamortized debt issuance costs	$ 0		$ 0		$ 0

Notes Payable - Summary of F125

Notes Payable - Summary of Financial Information Relating to Note Payable (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Notes payable [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1	$ 0.8	$ 3.3	$ 2.4

Asset-Backed Financing of a 126

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	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	$ 318,404		$ 318,404		$ 353,898
Variable Interest Entities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying value	318,404		318,404		353,898
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	325,763	$ 330,622	337,073	$ 326,962
Interest expense	$ 3,515	$ 5,253	$ 10,520	$ 10,212
Weighted-average effective interest rate	3.34%	3.23%	3.41%	3.31%
Carrying value	$ 318,404		$ 318,404		353,898
UPB	$ 325,529		$ 325,529		$ 355,494
Weighted-average interest rate			3.51%		3.50%

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Detail) - Exchangeable Senior Notes due May 1, 2020 [Member]	Apr. 30, 2013USD ($)	Sep. 30, 2017USD ($)$ / 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	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted-average UPB	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Carrying value:
UPB	250,000		250,000		$ 250,000
Exchangeable senior notes	246,906		246,906		246,089
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest expense	3,636	$ 3,620	10,895	$ 10,848
Carrying value:
Unamortized debt issuance costs	$ (3,094)		$ (3,094)		$ (3,911)

Liability for Losses under R129

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Mortgage Banking [Abstract]
Balance, beginning of period	$ 10,697	$ 19,258	$ 15,350	$ 20,171
Provision for losses:
Pursuant to mortgage loan sales	1,075	781	2,355	2,002
Reduction in liability due to change in estimate	(1,642)	(5,098)	(7,523)	(6,822)
Losses incurred	(83)	(14)	(135)	(424)
Balance, end of period	10,047	14,927	10,047	14,927
UPB of mortgage loans subject to representations and warranties at end of period	$ 67,196,537	$ 50,167,783	$ 67,196,537	$ 50,167,783

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase mortgage loans acquired for sale	$ 1,259,592
Commitments to fund Deposits securing CRT agreements	$ 356,274

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Benefical Interest (Detail) - USD ($)	Sep. 30, 2017	Jul. 31, 2017	Dec. 31, 2016
Class Of Stock [Line Items]
Number of shares	12,400,000		0
Liquidation preference	$ 310,000,000		$ 310,000,000
Issuance discount	10,293,000
Carrying value	$ 299,707,000		$ 0
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	4,600,000
Liquidation preference	$ 115,000,000
Issuance discount	3,828,000
Carrying value	$ 111,172,000
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000	7,800,000
Liquidation preference	$ 195,000,000
Issuance discount	6,465,000
Carrying value	$ 188,535,000

Shareholders' Equity - Summa132

Shareholders' Equity - Summary of Preferred Shares of Benefical Interest (Parenthetical) (Detail) - $ / shares	Jul. 05, 2017	Mar. 31, 2017	Sep. 30, 2017	Jul. 31, 2017	Dec. 31, 2016
Class Of Stock [Line Items]
Preferred stock, par value			$ 0.01		$ 0
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate		8.125%	8.125%
Sale of Stock, Transaction Date			Mar. 31, 2017
Preferred stock, par value		$ 0.01	$ 0.01
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate	8.00%		8.00%
Sale of Stock, Transaction Date			Jul. 31, 2017
Preferred stock, par value			$ 0.01	$ 0.01

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Jul. 05, 2017	Jul. 31, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Feb. 29, 2016	Aug. 31, 2015
Schedule of Capitalization, Equity [Line Items]
Preferred stock, shares issued				12,400,000		12,400,000		0
Preferred stock, par value				$ 0.01		$ 0.01		$ 0
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				$ 61,000	$ 0	61,000	$ 0
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
Reimbursement agreement expiry date						Feb. 1, 2019
Management [Member]
Schedule of Capitalization, Equity [Line Items]
Reimbursement of contingent underwriting fee to manager				30,000	$ 0	$ 30,000	$ 0
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
Amount paid by underwriters				$ 5,900,000		$ 5,900,000
8.00% Series B Preferred Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Preferred stock, shares issued		7,800,000		7,800,000		7,800,000
Cumulative dividend, beneficial interest rate	8.00%					8.00%
Preferred stock, par value		$ 0.01		$ 0.01		$ 0.01
Preferred stock redemption price per share				25		$ 25
8.00% Series B Preferred Stock [Member] | From, and including, the date of original issuance to, but not including, June 15, 2024 [Member]
Schedule of Capitalization, Equity [Line Items]
Cumulative dividend, beneficial interest rate		8.00%
Preferred stock, liquidation preference		$ 25
Preferred stock, dividend per share		$ 2
8.00% Series B Preferred Stock [Member] | From, and including, June 15, 2024 and thereafter [Member]
Schedule of Capitalization, Equity [Line Items]
Cumulative dividend, beneficial interest rate		5.99%
Preferred stock, liquidation preference		$ 25
Preferred stock, dividends per share paid		$ 0.39
8.125% Series A Preferred Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Preferred stock, shares issued			4,600,000
Cumulative dividend, beneficial interest rate			8.125%			8.125%
Preferred stock, par value			$ 0.01	0.01		$ 0.01
Preferred stock, dividends per share paid			$ 1.05
Preferred stock redemption price per share				$ 25		$ 25
Statutory Dividend Payment Restrictions Disclosure						0
8.125% Series A Preferred Stock [Member] | Fixed Rate [Member] | Date Of Original Issuance To March 14,2024 [Member]
Schedule of Capitalization, Equity [Line Items]
Cumulative dividend, beneficial interest rate			8.125%
Preferred stock, liquidation preference			$ 25
8.125% Series A Preferred Stock [Member] | Floating Rate [Member] | March 15,2024 and Thereafter [member]
Schedule of Capitalization, Equity [Line Items]
Cumulative dividend, beneficial interest rate			5.831%
Preferred stock, liquidation preference			$ 25

Shareholders' Equity - Summa134

Shareholders' Equity - Summary of Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity [Abstract]
Common shares repurchased	966	687	1,105	7,029
Cost of common shares repurchased	$ 16,417	$ 10,595	$ 18,724	$ 93,429
Cumulative shares repurchased	9,518		9,518
Cumulative cost of shares repurchased	$ 133,431		$ 133,431

Net Gain on Mortgage Loans A135

Net Gain on Mortgage Loans Acquired for Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Non cash gain:
Receipt of MSRs in mortgage loan sale transactions			$ 207,361	$ 173,906
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to mortgage loans sales	$ (1,075)	$ (781)	(2,355)	(2,002)
Reduction in liability due to change in estimate	(1,642)	(5,098)	(7,523)	(6,822)
Change in fair value of financial instruments held at end of period:
Net gain on mortgage loans acquired for sale	17,967	43,858	54,284	83,133
PennyMac Financial Services, Inc. [Member]
Change in fair value of financial instruments held at end of period:
Net gain on mortgage loans acquired for sale	3,275	2,537	9,340	6,230
Nonaffiliates [Member]
Cash loss:
Mortgage loans	(51,485)	(27,639)	(135,666)	(52,812)
Hedging activities	(13,468)	(17,378)	(16,931)	(79,072)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(64,953)	(45,017)	(152,597)	(131,884)
Non cash gain:
Receipt of MSRs in mortgage loan sale transactions	82,838	77,635	207,361	173,906
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to mortgage loans sales	(1,075)	(781)	(2,355)	(2,002)
Reduction in liability due to change in estimate	1,642	5,098	7,523	6,822
Change in fair value of financial instruments held at end of period:
IRLCs	880	(1,429)	(2,502)	10,681
Mortgage loans	(1,165)	5,228	2,891	16,980
Hedging derivatives	(3,475)	587	(15,377)	2,400
Total non cash portion of gain on mortgage loans acquired for sale	(3,760)	4,386	(14,988)	30,061
Net gain on mortgage loans acquired for sale	$ 14,692	$ 41,321	$ 44,944	$ 76,903

Net Gain (Loss) on Investmen136

Net Gain (Loss) on Investments - Summary of Net Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net gain (loss) on investments:
Net gain (loss) on investments	$ 13,834	$ 14,279	$ 58,147	$ (5,106)
Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage-backed securities	5,001	517	9,168	9,948
CRT Agreements	15,151	18,477	66,591	22,098
Asset-backed financing of a VIE at fair value	(2,158)	2,990	(5,581)	(5,974)
Hedging derivatives	(5,910)	(945)	(14,943)	(245)
Net gain (loss) on investments	17,499	17,103	69,067	31,169
PennyMac Financial Services, Inc. [Member]
Net gain (loss) on investments:
Net gain (loss) on investments	(3,665)	(2,824)	(10,920)	(36,275)
Variable Interest Entities [Member] | Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage loans at fair value	2,138	(536)	6,309	7,810
Distressed mortgage loans [Member] | Nonaffiliates [Member]
Net gain (loss) on investments:
Mortgage loans at fair value	$ 3,277	$ (3,400)	$ 7,523	$ (2,468)

Net Mortgage Loan Servicing 137

Net Mortgage Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Components of Net Servicing Fee Income [Line Items]
Servicing fees	$ 44,280	$ 34,304	$ 123,869	$ 94,754
Effect of MSRs:
Amortization	(21,634)	(17,902)	(59,015)	(47,720)
Additions to impairment valuation allowance	(1,702)	(3,460)	(4,287)	(44,336)
Carried at fair value-change in fair value	(3,977)	(3,202)	(10,370)	(19,558)
Total Effect of MSRs			(75,403)	(48,608)
Net mortgage loan servicing fees	21,876	15,761	49,325	47,006
Average servicing portfolio	63,584,416	48,997,875	61,764,228	46,125,926
PennyMac Financial Services, Inc. [Member]
Effect of MSRs:
Net mortgage loan servicing fees	333	409	859	849
From PFSI—MSR recapture income	333	409	859	849
Nonaffiliates [Member]
Components of Net Servicing Fee Income [Line Items]
Servicing fees	44,280	34,304	123,869	94,754
Effect of MSRs:
Amortization	(21,634)	(17,902)	(59,015)	(47,720)
Additions to impairment valuation allowance	(1,702)	(3,460)	(4,287)	(44,336)
Gain on sale	0	0	0	11
Carried at fair value-change in fair value	(3,977)	(3,202)	(10,370)	(19,558)
Total Effect of MSRs	(22,737)	(18,952)	(75,403)	(48,597)
Net mortgage loan servicing fees	21,543	15,352	48,466	46,157
Nonaffiliates [Member] | Mortgage service rights [Member]
Effect of MSRs:
Gains (losses) on hedging derivatives	$ 4,576	$ 5,612	$ (1,731)	$ 63,006

Net Interest Income - Summary o

Net Interest Income - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income:
ESS	$ 51,577	$ 58,134	$ 152,063	$ 164,266
Interest expense:
Total interest expense	26,157	23,751	72,280	66,217
Notes payable	2,320	2,883	9,719	9,217
Interest expense, total	40,277	40,330	115,882	108,927
Net interest income	11,300	17,804	36,181	55,339
Convertible Debt [Member]
Interest expense:
Interest expense	3,636	3,620	10,895	10,848
PennyMac Financial Services, Inc. [Member]
Interest income:
ESS	3,998	4,827	13,011	17,555
Interest expense:
Total interest expense	2,116	1,974	5,946	5,798
Nonaffiliates [Member]
Interest income:
Short-term investments	132	165	516	747
Mortgage-backed securities	7,447	3,394	21,954	8,863
Mortgage loans acquired for sale at fair value	16,202	15,008	40,699	37,868
Distressed	14,213	28,952	53,456	81,180
Deposits securing CRT Agreements	1,440	285	2,703	661
Placement fees relating to custodial funds	4,330	1,445	8,212	2,786
Other	49	18	142	86
ESS	47,579	53,307	139,052	146,711
Interest expense:
Total interest expense	26,157	23,751	72,280	66,217
Mortgage loan participation purchase and sale agreements	409	361	1,225	1,023
FHLB advances	0	0	0	122
Notes payable	2,320	2,883	9,719	9,217
Asset-backed financings of VIEs at fair value	3,515	5,253	10,520	10,212
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	1,638	2,142	4,068	4,703
Interest on mortgage loan impound deposits	486	346	1,229	787
Interest expense, total	38,161	38,356	109,936	103,129
Nonaffiliates [Member] | Convertible Debt [Member]
Interest expense:
Interest expense	3,636	3,620	10,895	10,848
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Mortgage loans at fair value	$ 3,766	$ 4,040	$ 11,370	$ 14,520

Share-Based Compensation Pla139

Share-Based Compensation Plans - Summary of Share-Based Compensation Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	2	0	262	330
Total fair value of share units granted	$ 36	$ 0	$ 3,992	$ 4,041
Total share units vested	0	0	284	299
Total share units forfeited	0	0	13	299
Compensation expense relating to share-based grants	$ 737	$ 1,129	$ 3,864	$ 4,142
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	2	0	136	218
Total fair value of share units granted	$ 36	$ 0	$ 2,317	$ 2,690
Total share units vested	0	0	284	299
Total share units forfeited	0	0	13	299
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	126	112
Total fair value of share units granted	$ 0	$ 0	$ 1,675	$ 1,351
Total share units vested	0	0	0	0
Total share units forfeited	0	0	0	0

Other Expenses - Summary of Oth

Other Expenses - Summary of Other Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Non operating Income Expense [Line Items]
Total other expenses	$ 5,199	$ 3,944	$ 15,043	$ 13,417
Real Estate Held for Investment [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,898	821	4,339	2,308
Common Overhead Allocation from PFSI [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,193	1,417	4,220	6,413
Technology [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	374	279	1,088	1,045
Insurance [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	300	304	968	938
Other [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	$ 1,434	$ 1,123	$ 4,428	$ 2,713

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax [Line Items]
Effective income tax rate	19.70%	21.30%	2.10%	6.80%
Expense (benefit) from income taxes	$ 4,771	$ 9,606	$ 1,688	$ 3,262
Income (loss) before benefit from income taxes	24,166	45,014	78,599	47,899
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Expense (benefit) from income taxes	4,800	9,700	900	3,600
Income (loss) before benefit from income taxes	$ 12,000	$ 24,200	$ 4,500	$ 9,000

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 19,395	$ 35,408	$ 76,911	$ 44,637
Preferred share dividends	(6,125)	0	(9,032)	0
Effect of participating securities—share-based compensation awards	(231)	(341)	(760)	(1,026)
Net income available to common shareholders	13,039	35,067	67,119	43,611
Net income available to common shareholders	13,039	35,067	67,119	43,611
Interest on Exchangeable Notes, net of income taxes	0	2,181	6,564	0
Diluted net income attributable to common shareholders	$ 13,039	$ 37,248	$ 73,683	$ 43,611
Weighted-average basic shares outstanding	66,636	67,554	66,702	69,289
Dilutive securities:
Shares issuable under share-based compensation plan	0	308	0	0
Shares issuable pursuant to exchange of the Exchangeable Notes	0	8,467	8,467	0
Diluted weighted-average number of shares outstanding	66,636	76,329	75,169	69,289
Basic earnings per share	$ 0.20	$ 0.52	$ 1.01	$ 0.63
Diluted earnings per share	$ 0.20	$ 0.49	$ 0.98	$ 0.63

Earnings Per Share - Summary143

Earnings Per Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
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	643	0	699	717
Exchangeable Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	8,467	0	0	8,467

Segments and Related Informa144

Segments and Related Information - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Net investment income:
Net gain on mortgage loans acquired for sale	$ 17,967	$ 43,858	$ 54,284	$ 83,133
Net gain (loss) on investments	13,834	14,279	58,147	(5,106)
Net mortgage loan servicing fees	21,876	15,761	49,325	47,006
Net interest income:
Interest income	51,577	58,134	152,063	164,266
Interest expense	(40,277)	(40,330)	(115,882)	(108,927)
Net interest income	11,300	17,804	36,181	55,339
Other income (loss)	10,827	11,624	26,300	22,788
Net investment income	75,804	103,326	224,237	203,160
Expenses
Mortgage loan fulfillment, servicing and management fees payable to PFSI	34,909	38,294	93,171	98,220
Management fees	6,038	5,025	16,684	15,576
Other	10,691	14,993	35,783	41,465
Total expenses	51,638	58,312	145,638	155,261
Pre-tax income (loss)	24,166	45,014	78,599	47,899
Total assets at end of period	5,785,043	6,618,901	5,785,043	6,618,901	$ 6,357,502
Correspondent production [Member]
Net investment income:
Net gain on mortgage loans acquired for sale	17,963	43,946	54,117	83,565
Net gain (loss) on investments	0	0	0	0
Net mortgage loan servicing fees	0	0	0	0
Net interest income:
Interest income	16,018	14,835	40,194	37,248
Interest expense	(11,351)	(9,613)	(28,214)	(23,144)
Net interest income	4,667	5,222	11,980	14,104
Other income (loss)	11,762	12,724	30,576	28,186
Net investment income	34,392	61,892	96,673	125,855
Expenses
Mortgage loan fulfillment, servicing and management fees payable to PFSI	23,508	27,255	61,191	59,301
Management fees	0	0	0	0
Other	2,574	2,539	6,614	5,620
Total expenses	26,082	29,794	67,805	64,921
Pre-tax income (loss)	8,310	32,098	28,868	60,934
Total assets at end of period	1,304,647	2,088,515	1,304,647	2,088,515
Credit Sensitive Strategies [Member]
Net investment income:
Net gain on mortgage loans acquired for sale	4	(88)	167	(432)
Net gain (loss) on investments	18,562	16,145	74,695	21,389
Net mortgage loan servicing fees	47	0	91	0
Net interest income:
Interest income	15,951	29,771	57,011	83,550
Interest expense	(13,096)	(14,944)	(41,178)	(47,039)
Net interest income	2,855	14,827	15,833	36,511
Other income (loss)	(935)	(1,100)	(4,281)	(5,398)
Net investment income	20,533	29,784	86,505	52,070
Expenses
Mortgage loan fulfillment, servicing and management fees payable to PFSI	4,273	5,629	12,143	23,863
Management fees	0	0	0	0
Other	3,194	7,542	11,419	17,209
Total expenses	7,467	13,171	23,562	41,072
Pre-tax income (loss)	13,066	16,613	62,943	10,998
Total assets at end of period	1,959,792	2,446,785	1,959,792	2,446,785
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net gain on mortgage loans acquired for sale	0	0	0	0
Net gain (loss) on investments	(4,728)	(1,866)	(16,548)	(26,495)
Net mortgage loan servicing fees	21,829	15,761	49,234	47,006
Net interest income:
Interest income	19,426	13,346	54,200	43,017
Interest expense	(15,830)	(15,773)	(46,490)	(38,744)
Net interest income	3,596	(2,427)	7,710	4,273
Other income (loss)	0	0	0	0
Net investment income	20,697	11,468	40,396	24,784
Expenses
Mortgage loan fulfillment, servicing and management fees payable to PFSI	7,128	5,410	19,837	15,056
Management fees	0	0	0	0
Other	265	424	1,094	1,018
Total expenses	7,393	5,834	20,931	16,074
Pre-tax income (loss)	13,304	5,634	19,465	8,710
Total assets at end of period	2,414,477	1,910,121	2,414,477	1,910,121
Corporate [Member]
Net investment income:
Net gain on mortgage loans acquired for sale	0	0	0	0
Net gain (loss) on investments	0	0	0	0
Net mortgage loan servicing fees	0	0	0	0
Net interest income:
Interest income	182	182	658	451
Interest expense	0	0	0	0
Net interest income	182	182	658	451
Other income (loss)	0	0	5	0
Net investment income	182	182	663	451
Expenses
Mortgage loan fulfillment, servicing and management fees payable to PFSI	0	0	0	0
Management fees	6,038	5,025	16,684	15,576
Other	4,658	4,488	16,656	17,618
Total expenses	10,696	9,513	33,340	33,194
Pre-tax income (loss)	(10,514)	(9,331)	(32,677)	(32,743)
Total assets at end of period	$ 106,127	$ 173,480	$ 106,127	$ 173,480

Supplemental Cash Flow Infor145

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract]
Cash paid for interest			$ 115,108	$ 111,008
Income taxes (refunded) paid, net			(294)	388
Non-cash investing activities:
Receipt of MSRs as proceeds from sales of mortgage loans			207,361	173,906
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	$ 22,951	$ 42,300	76,981	156,352
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	2,555	5,282	14,300	17,548
Receipt of ESS pursuant to recapture agreement with PFSI			4,160	5,039
Capitalization of servicing advances pursuant to mortgage loan modifications			17,759	0
Non-cash financing activities:
Dividends payable	$ 31,655	$ 31,804	$ 31,655	$ 31,804

Regulatory Capital and Liqui146

Regulatory Capital and Liquidity Requirements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
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 Liqui147

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Capital Requirements By Agencies [Line Items]
Net Worth, Actual	$ 466,530	$ 392,056
Net Worth, Required	$ 172,311	$ 143,259
Tangible Net Worth / Total Assets Ratio, Actual	12.00%	12.00%
Tangible Net Worth / Total Assets Ratio, Required	6.00%	6.00%
Liquidity, Actual	$ 86,919	$ 26,670
Liquidity, Required	$ 23,774	$ 19,706

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	Oct. 27, 2017USD ($)
Subsequent Event [Member] | Non Performing and Performing Loans [Member] | Distressed Portfolio [Member]
Subsequent Event [Line Items]
Unpaid principal balance of third party loans committed to sell amount	$ 324