PennyMac Mortgage Investment Trust (PMT) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PMT
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		68,412,435

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash	$ 68,538	$ 59,845
Short-term investments at fair value	29,751	74,850
Mortgage-backed securities at fair value pledged to creditors	2,589,106	2,610,422
Mortgage loans acquired for sale at fair value (includes $1,414,330 and $1,621,879 pledged to creditors, respectively)	1,435,071	1,643,957
Mortgage loans at fair value (includes $394,361 and $399,266 pledged to creditors, respectively)	398,664	408,305
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase	205,081	216,110
Derivative assets (includes $97,883 and $87,976 pledged to creditors, respectively)	188,710	167,165
Firm commitment to purchase credit risk transfer securities at fair value	79,784	37,994
Real estate acquired in settlement of loans (includes $18,927 and $40,198 pledged to creditors, respectively)	72,175	85,681
Real estate held for investment (includes $30,007 and $23,262 pledged to creditors, respectively)	42,346	43,110
Deposits securing credit risk transfer agreements (includes $1,137,283 and $1,146,501 pledged to creditors, respectively)	1,137,283	1,146,501
Mortgage servicing rights at fair value (includes $1,133,736 and $1,139,582 pledged to creditors, respectively)	1,156,908	1,162,369
Servicing advances	37,392	67,666
Other	111,833	85,309
Total assets	7,555,987	7,813,361
LIABILITIES
Assets sold under agreements to repurchase	4,179,829	4,777,027
Mortgage loan participation purchase and sale agreements	73,142	178,639
Exchangeable senior notes	248,652	248,350
Notes payable	739,224	445,573
Asset-backed financing of a variable interest entity at fair value	275,509	276,499
Interest-only security payable at fair value	32,564	36,011
Derivative liabilities	8,750	5,914
Accounts payable and accrued liabilities	74,294	70,687
Income taxes payable	32,866	36,526
Liability for losses under representations and warranties	7,688	7,514
Total liabilities	5,828,398	6,247,229
Commitments and contingencies ─ Note 20
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, liquidation preference $310,000,000	299,707	299,707
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 68,412,435 and 60,951,444 common shares, respectively	684	610
Additional paid-in capital	1,431,887	1,285,533
Accumulated deficit	(4,689)	(19,718)
Total shareholders’ equity	1,727,589	1,566,132
Total liabilities and shareholders’ equity	7,555,987	7,813,361
Variable Interest Entities [Member]
ASSETS
Mortgage loans at fair value (includes $394,361 and $399,266 pledged to creditors, respectively)	289,552	290,573
Derivative assets (includes $97,883 and $87,976 pledged to creditors, respectively)	130,447	123,987
Deposits securing credit risk transfer agreements (includes $1,137,283 and $1,146,501 pledged to creditors, respectively)	1,137,283	1,146,501
Other—interest receivable	825	839
Total assets of Consolidated Variable Interest Entity	1,558,107	1,561,900
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	275,509	276,499
Interest-only security payable at fair value	32,564	36,011
Accounts payable and accrued liabilities—interest payable	825	839
SHAREHOLDERS’ EQUITY
Total liabilities of Consolidated Variable Interest Entity	308,898	313,349
PennyMac Financial Services, Inc. [Member]
ASSETS
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase	205,081
Due from PennyMac Financial Services, Inc.	3,345	4,077
LIABILITIES
Assets sold under agreements to repurchase	125,929	131,025
Due to PennyMac Financial Services, Inc.	$ 29,951	$ 33,464

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Mortgage loans acquired for sale at fair value, pledged to creditors	$ 1,414,330,000	$ 1,621,879,000
Mortgage loans at fair value, pledged to creditors	394,361,000	399,266,000
Derivative assets, pledged to creditors	97,883,000	87,976,000
Real estate pledged to creditors	18,927,000
Deposits securing credit risk transfer agreements, pledged to creditors	1,137,283,000	1,146,501,000
Mortgage servicing rights pledged to creditors	$ 1,133,736,000	$ 1,139,582,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	12,400,000	12,400,000
Preferred stock, shares outstanding	12,400,000	12,400,000
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	68,412,435	60,951,444
Common shares, outstanding	68,412,435	60,951,444
Real Estate Acquired in Satisfaction of Debt [Member]
Real estate pledged to creditors	$ 18,927,000	$ 40,198,000
Real Estate Held for Investment [Member]
Real estate pledged to creditors	$ 30,007,000	$ 23,262,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net investment income
Net gain (loss) on investments	$ 95,093	$ 18
Net gain on mortgage loans acquired for sale	21,323	7,627
Mortgage loan origination fees	12,938	7,037
Net mortgage loan servicing fees	(31,080)	56,155
Interest income	63,081	40,980
Interest expense:
Interest expense	54,739	34,816
Net interest income	8,342	6,164
Results of real estate acquired in settlement of loans	(1,480)	(3,226)
Other	1,482	1,898
Net investment income	106,618	75,673
Expenses
Mortgage loan fulfillment fees	27,574	11,944
Mortgage loan servicing fees	10,570	11,019
Management fees	7,248	5,696
Mortgage loan origination	2,277	272
Compensation	1,969	1,268
Mortgage loan collection and liquidation	1,584	2,229
Professional services	1,327	1,319
Real estate held for investment	1,054	1,438
Other	3,148	2,650
Total expenses	56,751	37,835
Income before (benefit from) provision for income taxes	49,867	37,838
(Benefit from) provision for income taxes	(3,660)	9,652
Net income	53,527	28,186
Dividends on preferred shares	6,234	6,234
Net income attributable to common shareholders	$ 47,293	$ 21,952
Earnings per common share
Basic	$ 0.73	$ 0.36
Diluted	$ 0.68	$ 0.35
Weighted average common shares outstanding
Basic	64,629	60,761
Diluted	73,371	69,875
Dividends declared per common share	$ 0.47	$ 0.47
Nonaffiliates [Member]
Net investment income
Net gain (loss) on investments	$ 98,655	$ (7,733)
Net gain on mortgage loans acquired for sale	19,329	4,986
Net mortgage loan servicing fees	(31,714)	55,560
Interest income	60,015	37,046
Interest expense:
Interest expense	52,943	32,840
PennyMac Financial Services, Inc. [Member]
Net investment income
Net gain (loss) on investments	(3,562)	7,751
Net gain on mortgage loans acquired for sale	1,994	2,641
Net mortgage loan servicing fees	634	595
Interest income	3,066	3,934
Interest expense:
Interest expense	$ 1,796	$ 1,976

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]	Accumulated Deficit [Member]
Balance, Amount at Dec. 31, 2017	$ 1,544,585	$ 299,707	$ 613	$ 1,290,931	$ (46,666)
Balance, Shares at Dec. 31, 2017		12,400	61,334
Balance, Shares (Accounting Standards Update 2014-11 Transfers and Servicing [Member]) at Dec. 31, 2017		12,400	61,334
Balance, Amount (Accounting Standards Update 2014-11 Transfers and Servicing [Member]) at Dec. 31, 2017	14,361	$ 0	$ 0	0	14,361
Balance, Amount (Accounting Standards Update 2014-11 Transfers and Servicing [Member]) at Dec. 31, 2017	1,558,946	299,707	613	1,290,931	(32,305)
Net income	28,186			0	28,186
Share-based compensation, Amount	899		$ 2	897	0
Share-based compensation, Shares			220
Dividends:
Common share dividends	(28,818)		$ 0	0	(28,818)
Preferred shares dividends	(6,236)	0	0	0	(6,236)
Repurchase of common shares, Amount	$ (10,719)		$ (6)	(10,713)	0
Repurchase of common shares, Shares	(671)		(671)
Balance, Amount at Mar. 31, 2018	$ 1,542,258	$ 299,707	$ 609	1,281,115	(39,173)
Balance, Shares at Mar. 31, 2018		12,400	60,883
Balance, Amount at Dec. 31, 2018	1,566,132	$ 299,707	$ 610	1,285,533	(19,718)
Balance, Shares at Dec. 31, 2018		12,400	60,951
Net income	53,527			0	53,527
Share-based compensation, Amount	(983)		$ 2	(985)	0
Share-based compensation, Shares			240
Issuance of common shares, Amount	149,467	$ 0	$ 72	149,395	0
Issuance of common shares, Shares			7,221
Issuance costs relating to common shares	(2,056)	0	$ 0	(2,056)	0
Dividends:
Common share dividends	(32,262)	0	0	0	(32,262)
Preferred shares dividends	(6,236)			0	(6,236)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Mar. 31, 2019	$ 1,727,589	$ 299,707	$ 684	$ 1,431,887	$ (4,689)
Balance, Shares at Mar. 31, 2019		12,400	68,412

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common share dividends declared per share	$ 0.47	$ 0.47
Accumulated Deficit [Member]
Common share dividends declared per share	$ 0.47	$ 0.47

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 53,527	$ 28,186
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on investments	(95,093)	(18)
Net gain on mortgage loans acquired for sale at fair value	(21,323)	(7,627)
Net change in fair value of mortgage servicing rights	96,194	(5,125)
Accrual of interest on excess servicing spread purchased from PennyMac Financial Services, Inc.	(3,066)	(3,934)
Capitalization of interest and fees on mortgage loans at fair value	(762)	(2,180)
Amortization of debt issuance (premiums) and costs, net	(4,899)	236
Accrual of unearned discounts and amortization of premiums on mortgage-backed securities, mortgage loans at fair value, and asset-backed financing of a VIE	5,252	507
Results of real estate acquired in settlement of loans	1,480	3,226
Share-based compensation expense	1,617	899
Purchase of mortgage loans acquired for sale at fair value from nonaffiliates	(15,473,441)	(13,524,468)
Purchase of mortgage loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(884,510)	(781,326)
Repurchase of mortgage loans subject to representation and warranties	(2,880)	(2,830)
Sale to nonaffiliates and repayment of mortgage loans acquired for sale at fair value	9,475,174	5,200,584
Sale of mortgage loans acquired for sale to PennyMac Financial Services, Inc.	6,959,390	9,212,188
Settlement of repurchase agreement derivatives	4,492	0
Decrease in servicing advances	33,052	17,204
Decrease in due from PennyMac Financial Services, Inc.	713	3,767
Decrease (Increase) in other assets	6,846	(25,462)
Increase (decrease) in accounts payable and accrued liabilities	313	(1,229)
(Decrease) increase in due to PennyMac Financial Services, Inc.	(3,513)	237
(Decrease) increase in income taxes payable	(3,660)	9,652
Net cash provided by operating activities	144,903	122,487
Cash flows from investing activities
Net decrease (increase) in short-term investments	45,099	(52,646)
Purchase of mortgage-backed securities at fair value	0	(500,573)
Sale and repayment of mortgage-backed securities at fair value	53,682	30,741
Repurchase of mortgage loans at fair value	(1,077)	0
Sale and repayment of mortgage loans at fair value	8,436	276,467
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	10,552	12,291
Net settlement of derivative financial instruments	(4,814)	(2,329)
Sale of real estate acquired in settlement of loans	16,900	32,437
Distribution from credit risk transfer agreements	30,262	27,655
Deposit of cash securing credit risk transfer agreements	0	(41,789)
Decrease (increase) in margin deposits	16,429	(9,823)
Net cash provided by (used in) investing activities	175,469	(227,569)
Cash flows from financing activities
Sale of assets under agreements to repurchase	22,303,421	17,446,171
Repurchase of assets sold under agreements to repurchase	(22,901,600)	(17,218,539)
Issuance of mortgage loan participation certificates	1,661,385	1,208,189
Repayment of mortgage loan participation certificates	(1,766,937)	(1,252,708)
Issuance of note payable	295,730	0
Repayment of asset-backed financing of a variable interest entity at fair value	(4,669)	(3,915)
Advances under assets sold to PennyMac Financial Services, Inc. under agreements to repurchase	0	2,293
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase	(5,096)	(3,483)
Payment of debt issuance costs	(3,520)	(2,306)
Payment of dividends to preferred shareholders	(6,236)	(6,236)
Payment of dividends to common shareholders	(28,816)	(29,145)
Issuance of common shares	149,467	0
Payment of issuance costs related to common shares	(2,056)	0
Payment of vested share withholdings	(2,600)	0
Payment of contingent underwriting fees payable	(152)	0
Repurchase of common shares	0	(10,719)
Net cash (used in) provided by financing activities	(311,679)	129,602
Net increase in cash	8,693	24,520
Cash at beginning of quarter	59,845	77,647
Cash at end of quarter	$ 68,538	$ 102,167

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1—Organization PennyMac Mortgage Investment Trust (“PMT” or 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”). Almost all of the mortgage loans the Company has acquired in its correspondent production activities have been eligible for sale to government-sponsored entities (“GSEs”) 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 credit risk transfer (“CRT”) arrangements, including CRT agreements (“CRT Agreements”) and CRT securities, distressed mortgage loans, real estate acquired in settlement of mortgage loans (“REO”), real estate held for investment, 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 purchased from PFSI (“ESS”), Agency and senior non-Agency MBS and the related interest rate hedging activities. • The corporate segment includes management fees, corporate expense amounts and certain interest income. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended. To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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. The Company held no restricted cash during the Quarters presented. Therefore the consolidated statements of cash flows do not include references to restricted cash.

Accounting Development

Accounting Development	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
Accounting Development	Note 3—Accounting Development Stock Compensation The Company adopted Accounting Standard Update 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Compensation—Stock Compensation The Company issues share-based compensation to certain employees of the Manager and its affiliates. Through December 31, 2018, the Company accounted for share-based payments to employees of the Manager and its affiliates under the guidance of Equity – Equity-Based Payments to Non-Employees Upon adoption of ASU 2018-07, the Company did not record a cumulative effect adjustment to its accumulated deficit.

Concentration of Risks

Concentration of Risks	3 Months Ended
	Mar. 31, 2019
Risks And Uncertainties [Abstract]
Concentration of Risks	Note 4—Concentration of Risks As discussed in Note 1— Organization As detailed in Note 6 – Loan Sales and Variable Interest Entities • through May 2018, retaining a portion of the credit risk underlying such mortgage loans as part of the retention of an interest-only (“IO”) ownership interest in such mortgage loans and an obligation to absorb credit losses arising from such mortgage loans (“Recourse Obligations”); or • beginning in June 2018, entering into a firm commitment to purchase CRT securities that absorb losses from defaults of such loans. The Company’s retention of credit risk through its investment in CRT arrangements subjects it to risks associated with delinquency and foreclosure similar to the risks associated with owning the related mortgage loans, and, in the case of CRT Agreements, exposes the Company to risk of loss greater than the risks associated with selling such mortgage loans to Fannie Mae without the retention of such credit risk. CRT Agreements are structured such that mortgage loans that reach a specific number of days delinquent will trigger losses chargeable to the CRT Agreements in proportion to the size of the loan and a contractual schedule of loss severity. Therefore, the risks associated with delinquency and foreclosure may in some instances be greater than the risks associated with owning the related mortgage loans because the structure of certain of the CRT Agreements provides that the Company may be required to realize losses in the event of delinquency or foreclosure even when there is ultimately no loss realized with respect to such loans (e.g., as a result of a borrower’s re-performance). At the beginning of the aggregation period and before the settlement of the CRT securities, the Company makes a firm commitment to purchase the CRT securities. The Company has elected to account for these commitments at fair value. Accordingly, the Company recognizes the fair value of such commitment as it sells loans subject to the firm commitment, and also recognizes changes in fair value of the firm commitment during the time it is outstanding. Unlike the Company’s investment in CRT Agreements before June 2018, the structure of its investment in CRT securities only requires the Company to absorb incurred losses when the reference mortgage loans realize actual losses. In addition to the risks specific to credit, the Company is exposed to market risk and, as a result of prevailing market conditions or the economy generally, may be required to recognize losses associated with adverse changes to the fair value of the CRT arrangements.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 5—Transactions with Related Parties Operating Activities Correspondent Production Activities The Company is provided fulfillment and other services by PLS under an amended and restated mortgage banking services agreement. Pursuant to the terms of the agreement, the monthly fulfillment fee is an amount that shall equal (a) no greater than the product of (i) 0.35% and (ii) the aggregate initial unpaid principal balance (the “Initial UPB”) of all mortgage loans purchased in such month, plus (b) in the case of all mortgage loans other than mortgage loans sold to or securitized through Fannie Mae or Freddie Mac, no greater than the product of (i) 0.50% and (ii) the aggregate Initial UPB of all such mortgage loans sold and securitized in such month; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any mortgage loans underwritten to the Ginnie Mae MBS Guide. 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 saleable in accordance with the Ginnie Mae MBS 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 mortgage banking services agreement expires on September 12, 2020, subject to automatic renewal for additional 18-month The Company purchases newly originated conforming balance non-government insured or guaranteed mortgage loans from PLS under a mortgage loan purchase and sale agreement. Following is a summary of correspondent production activity between the Company and PLS: Quarter ended March 31, 2019 2018 (in thousands) Mortgage loan fulfillment fees earned by PLS $ 27,574 $ 11,944 UPB of mortgage loans fulfilled by PLS $ 8,135,552 $ 4,225,631 Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale $ 1,994 $ 2,641 UPB of mortgage loans sold to PLS $ 6,647,338 $ 8,847,873 Purchases of mortgage loans acquired for sale from PLS $ 884,510 $ 781,326 Tax service fee paid to PLS included in Other $ 2,243 $ 1,208 March 31, 2019 December 31, 2018 (in thousands) Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS $ 195,839 $ 86,308 Mortgage Loan Servicing The Company, through its Operating Partnership, has an amended and restated mortgage loan servicing agreement with PLS dated as of September 12, 2016, pursuant to which PLS provides servicing for the Company's portfolio of residential mortgage loans and subservicing for its portfolio of MSRs. 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 a percentage of late charges relating to mortgage loans it services for the Company. The base servicing fee rates for distressed whole mortgage loans range from $30 per month for current loans up to $85 per month for loans where the borrower has declared bankruptcy. 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. Except as otherwise provided in the MSR recapture agreement, when PLS effects a refinancing of a mortgage loan on behalf of the Company and not through a third-party lender and the resulting mortgage loan is readily saleable, or PLS originates a loan to facilitate the disposition of an REO, PLS is entitled to receive from the Company market-based fees and compensation consistent with pricing and terms PLS offers unaffiliated parties on a retail basis. 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 a small number of employees and limited 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 the 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. PLS is also entitled to certain activity-based fees for distressed whole mortgage loans that are charged based on the achievement of certain events. These fees range from $750 for a streamline modification to $1,750 for a full modification or 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 per mortgage loan in any 18-month period. 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. The term of the servicing 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 servicing agreement. Pursuant to the terms of an amended and restated 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 cash in an amount equal to 30% of the fair market value of the MSRs related to all the loans so originated. 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 March 31, 2019 2018 (in thousands) Mortgage loan servicing fees: Mortgage loans acquired for sale at fair value $ 239 $ 178 Mortgage loans at fair value 463 3,119 MSRs 9,868 7,722 $ 10,570 $ 11,019 Average investment in: Mortgage loans acquired for sale at fair value $ 1,633,711 $ 1,046,289 Mortgage loans at fair value: Distressed mortgage loans $ 112,923 $ 738,333 Mortgage loans held in a VIE $ 289,771 $ 314,717 Average MSR portfolio UPB $ 95,953,915 $ 73,694,438 MSR recapture income recognized included in Net mortgage loan servicing fees from PennyMac Financial Services, Inc. $ 634 $ 595 Management Fees The Company has a management agreement with PCM, which was amended and restated effective as of September 12, 2016. Under the 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 quarterly 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 equal to the sum of: (a) 10% of the amount by which “net income” for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which “net income” for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which “net income” for the quarter exceeds a 16% return on equity plus the high watermark. For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss 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 average Fannie Mae 30-year MBS yield (the target yield) for the four quarters then ended. 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. 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 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. 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 immediately preceding the date of termination. Following is a summary of the base management and performance incentive fees payable to PCM recorded by the Company: Quarter ended March 31, 2019 2018 (in thousands) Base management $ 6,109 $ 5,696 Performance incentive 1,139 — $ 7,248 $ 5,696 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’ compensation expenses, 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 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 are 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. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended March 31, 2019 2018 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,236 $ 1,001 Compensation 120 120 Expenses incurred on the Company’s behalf, net 570 573 $ 1,926 $ 1,694 Payments and settlements during the quarter (1) $ 15,189 $ 7,658 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investment and financing activities itemized in this Note. Investing Activities Spread Acquisition and MSR Servicing Agreements On December 19, 2016, the Company, through a wholly-owned subsidiary, PennyMac Holdings, LLC (“PMH”), amended and restated a master spread acquisition and MSR servicing agreement with PLS (the “Spread Acquisition Agreement”), pursuant to which 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 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 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 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, settle its recapture liability to the Company in cash 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 March 31, 2019 2018 (in thousands) ESS: Received pursuant to a recapture agreement $ 508 $ 904 Repayments and sales $ 10,552 $ 12,291 Interest income $ 3,066 $ 3,934 Net (loss) gain included in Net gain (loss) on investments: Valuation changes $ (4,051 ) $ 6,921 Recapture income 489 830 $ (3,562 ) $ 7,751 March 31, 2019 December 31, 2018 (in thousands) Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value $ 205,081 $ 216,110 Financing Activities PFSI held 75,000 of the Company’s common shares at both March 31, 2019 and December 31, 2018. Repurchase Agreement with PLS On December 19, 2016, the Company, through 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 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 billion. 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. 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. On February 1, 2019, the term of the reimbursement agreement was extended and now expires on February 1, 2023. Following is a summary of financing activities between the Company and PFSI: Quarter ended March 31, 2019 2018 (in thousands) Sale of assets under agreements to repurchase $ — $ 2,293 Repurchase of assets sold under agreements to repurchase $ 5,096 $ 3,483 Interest expense $ 1,796 $ 1,976 Conditional Reimbursement paid to: PCM $ 75 $ — Underwriters $ 152 $ — March 31, 2019 December 31, 2018 (in thousands) Assets sold to PFSI under agreement to repurchase $ 125,929 $ 131,025 Conditional Reimbursement payable to PCM included in Accounts payable and accrued liabilities $ 726 $ 801 Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: March 31, 2019 December 31, 2018 (in thousands) Due from PFSI: MSR recapture receivable $ 160 $ 179 Other 3,185 3,898 $ 3,345 $ 4,077 Due to PFSI: Fulfillment fees $ 11,744 $ 10,006 Management fees 7,238 6,559 Mortgage loan servicing fees 4,350 4,841 Allocated expenses and expenses paid by PFSI on PMT’s behalf 3,907 9,066 Correspondent production fees 1,852 2,071 Conditional Reimbursement 726 801 Interest on Assets sold to PFSI under agreement to repurchase 134 120 $ 29,951 $ 33,464

Loan Sales and Variable Interes

Loan Sales and Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Loan Sales and Variable Interest Entities	Note 6—Loan Sales and Variable Interest Entities The Company is a variable interest holder in various special purpose entities (“VIEs”) that relate to its mortgage loan transfer and financing activities and credit risk investments. 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 March 31, 2019 2018 (in thousands) Cash flows: Proceeds from sales $ 9,475,174 $ 5,200,584 Mortgage loan servicing fees received (1) $ 61,272 $ 48,732 (1) Net of guarantee fees The following table summarizes collection status information for mortgage loans that are accounted for as sales where the Company maintains continuing involvement for the dates presented: March 31, 2019 December 31, 2018 (in thousands) UPB of mortgage loans outstanding $ 98,863,013 $ 91,982,335 UPB of delinquent mortgage loans: 30-89 days delinquent $ 564,184 $ 614,668 90 or more days delinquent: Not in foreclosure $ 157,127 $ 142,871 In foreclosure $ 39,739 $ 40,445 UPB of mortgage loans in bankruptcy $ 88,936 $ 75,947 Custodial funds managed by the Company (1) $ 1,384,404 $ 970,328 (1) Custodial funds include borrower and investor custodial cash accounts relating to mortgage loans serviced under mortgage servicing agreements and are not included 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’ borrowers and investors, which are included in Interest income Consolidated VIEs Credit Risk Transfer Transactions The Company has entered into mortgage loan sales arrangements pursuant to which it accepts credit risk relating to certain of its mortgage loan sales. These arrangements include CRT Agreements and sales of mortgage loans that include commitments to purchase CRT securities that absorb credit losses on such mortgage loans. The Company, through its subsidiary, PennyMac Corp. (“PMC”), entered into CRT Agreements with Fannie Mae, pursuant to which PMC, through subsidiary trust entities, sold pools of mortgage loans into Fannie Mae-guaranteed securitizations while retaining Recourse Obligations in addition to IO ownership interests in such mortgage loans. The transfers of mortgage loans subject to CRT Agreements were accounted for as sales. The Company placed Deposits securing CRT Agreements Deposits securing CRT Agreements The Company’s exposure to losses under its Recourse Obligation was initially established at 3.5% of the UPB of the mortgage loans sold under the CRT Agreements. As the UPB of the underlying mortgage loans subject to each CRT Agreement is reduced through repayments, the percentage exposure of each CRT Agreement will increase to a maximum of 4.5% of outstanding UPB, although the total dollar amount of exposure to losses does not increase. Gains and losses on derivatives related to CRT Agreements are included in Net gain (loss) on investments Following is a summary of the CRT Agreements: Quarter ended March 31, 2019 2018 (in thousands) UPB of mortgage loans sold under CRT Agreements $ — $ 3,210,478 Deposits securing CRT Agreements $ — $ 41,789 Increase (decrease) in commitments to fund Deposits securing CRT Agreements resulting from sale of mortgage loans under CRT Agreements — 70,486 $ — $ 112,275 Interest earned on Deposits securing Agreements $ 6,775 $ 2,031 Gains recognized on CRT Agreements included in Net gain (loss) on investments Realized $ 21,043 $ 19,329 Resulting from valuation changes 6,460 5,355 27,503 24,684 Change in fair value of Interest-only security payable at fair value 3,447 (2,133 ) $ 30,950 $ 22,551 Payments made to settle losses $ 895 $ 828 March 31, 2019 December 31, 2018 (in thousands) UPB of mortgage loans subject to credit guarantee obligations $ 29,265,550 $ 29,934,003 Collection status (in UPB): Delinquency Current $ 28,989,452 $ 29,633,133 30—89 days delinquent $ 198,833 $ 228,296 90—180 days delinquent $ 41,299 $ 39,826 180 or more days delinquent $ 2,704 $ 4,208 Foreclosure $ 3,734 $ 5,180 Bankruptcy $ 29,528 $ 23,360 Carrying value of CRT Agreements: Derivative assets $ 130,447 $ 123,987 Deposits securing CRT Agreements $ 1,137,283 $ 1,146,501 Interest-only security payable at fair value $ 32,564 $ 36,011 CRT Agreement assets pledged to secure: Assets sold under agreements to repurchase Deposits securing CRT Agreements $ 770,451 $ 1,146,501 Derivative assets $ 73,148 $ 87,976 Notes payable Deposits securing CRT Agreements $ 366,831 $ — Derivative assets $ 24,735 $ — Effective in June 2018, the Company began entering into a different CRT arrangement. Under the new arrangement, the Company sells mortgage loans subject to agreements that require the Company to purchase securities that absorb credit losses on such mortgage loans. The Company has elected to account for the firm commitments to purchase such CRT securities at fair value. The Company recognizes these purchase commitments initially as a component of Gain on sale of mortgage loans Net gain (loss) on investments Following is a summary of activity under these purchase commitments: Quarter ended March 31, 2019 (in thousands) UPB of mortgage loans sold $ 7,702,080 Increase in expected face amount of firm commitment to purchase CRT securities backed by mortgage loans sold $ 281,917 Fair value of firm commitment recognized in Gain on sale of mortgage loans $ 19,600 Gains recognized on firm commitment included in Net gain (loss) on investments $ 22,190 March 31, 2019 December 31, 2018 (in thousands) Face amount of firm commitment to purchase CRT securities $ 886,969 $ 605,052 Fair value of firm commitment $ 79,784 $ 37,994 UPB of mortgage loans sold subject to firm commitment to purchase CRT securities related to such loans $ 23,652,494 $ 16,392,300 Collection status (in UPB): Current $ 23,564,883 $ 16,329,044 30—89 days delinquent $ 76,198 $ 61,035 90—180 days delinquent $ 8,084 $ 2,221 180 or more days delinquent $ — $ — Foreclosure $ 1,599 $ — Bankruptcy $ 1,730 $ 1,258 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 fair value of the certificates retained by the Company was $14.0 million and $14.1 million as of March 31, 2019 and December 31, 2018, respectively. The Company includes the balance of certificates issued to nonaffiliates in Asset backed financing of a variable interest entity at fair value.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	Note 7—Fair Value The Company’s consolidated financial statements include assets and liabilities that are measured at or 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 Company 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. • 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 Company 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. Such differences may result in significantly different fair value measurements. 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, firm commitment to purchase credit risk transfer securities and MSRs to be accounted for at fair value. The Company 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 Company 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 the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt facility, 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: March 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 29,751 $ — $ — $ 29,751 Mortgage-backed securities at fair value — 2,589,106 — 2,589,106 Mortgage loans acquired for sale at fair value — 1,416,710 18,361 1,435,071 Mortgage loans at fair value — 289,552 109,112 398,664 Excess servicing spread purchased from PFSI — — 205,081 205,081 Derivative assets: CRT Agreements — — 130,447 130,447 Interest rate lock commitments — — 11,341 11,341 Repurchase agreement derivatives — — 17,701 17,701 Forward purchase contracts — 26,570 — 26,570 Forward sale contracts — 2,428 — 2,428 MBS put options — 4,780 — 4,780 MBS call options — 5,331 — 5,331 Call options on interest rate futures 10,699 — — 10,699 Total derivative assets before netting 10,699 39,109 159,489 209,297 Netting — — — (20,587 ) Total derivative assets after netting 10,699 39,109 159,489 188,710 Firm commitment to purchase credit risk transfer securities at fair value — — 79,784 79,784 Mortgage servicing rights at fair value — — 1,156,908 1,156,908 $ 40,450 $ 4,334,477 $ 1,728,735 $ 6,083,075 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 275,509 $ — $ 275,509 Interest-only security payable at fair value — — 32,564 32,564 Derivative liabilities: Interest rate lock commitments — — 884 884 Forward purchase contracts — 3,435 — 3,435 Forward sales contracts — 20,490 — 20,490 Total derivative liabilities before netting — 23,925 884 24,809 Netting — — — (16,059 ) Total derivative liabilities after netting — 23,925 884 8,750 $ — $ 299,434 $ 33,448 $ 316,823 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 74,850 $ — $ — $ 74,850 Mortgage-backed securities at fair value — 2,610,422 — 2,610,422 Mortgage loans acquired for sale at fair value — 1,626,483 17,474 1,643,957 Mortgage loans at fair value — 290,573 117,732 408,305 Excess servicing spread purchased from PFSI — — 216,110 216,110 Derivative assets: CRT Agreements — — 123,987 123,987 Interest rate lock commitments — — 12,162 12,162 Repurchase agreement derivatives — — 14,511 14,511 Forward purchase contracts — 14,845 — 14,845 Forward sale contracts — 13 — 13 MBS put options — 218 — 218 MBS call options — 945 — 945 Call options on interest rate futures 5,137 — — 5,137 Put options on interest rate futures 178 — — 178 Total derivative assets before netting 5,315 16,021 150,660 171,996 Netting — — — (4,831 ) Total derivative assets after netting 5,315 16,021 150,660 167,165 Firm commitment to purchase credit risk transfer securities at fair value — — 37,994 37,994 Mortgage servicing rights at fair value — — 1,162,369 1,162,369 $ 80,165 $ 4,543,499 $ 1,702,339 $ 6,321,172 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 276,499 $ — $ 276,499 Interest-only security payable at fair value — — 36,011 36,011 Derivative liabilities: Interest rate lock commitments — — 174 174 Forward purchase contracts — 43 — 43 Forward sales contracts — 29,273 — 29,273 Total derivative liabilities before netting — 29,316 174 29,490 Netting — — — (23,576 ) Total derivative liabilities after netting — 29,316 174 5,914 $ — $ 305,815 $ 36,185 $ 318,424 The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the quarters presented: Quarter ended March 31, 2019 Mortgage loans acquired for sale at fair value Mortgage loans at fair value Excess servicing spread CRT Agreement derivatives Interest rate lock commitments (1) Repurchase agreement derivatives Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) Assets Balance, December 31, 2018 $ 17,474 $ 117,732 $ 216,110 $ 123,987 $ 11,988 $ 14,511 $ 37,994 $ 1,162,369 $ 1,702,165 Purchases and issuances 3,331 1,077 — — 2,971 7,913 — — 15,292 Repayments and sales (3,222 ) (3,609 ) (10,552 ) (21,043 ) — (4,492 ) — — (42,918 ) Capitalization of interest and fees — 762 3,066 — — — — — 3,828 Capitalization of advances — 457 — — — — — — 457 ESS received pursuant to a recapture agreement with PFSI — — 508 — — — — — 508 Amounts received as proceeds from sales of mortgage loans — — — — — — 19,600 131,868 151,468 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — 1,059 — — — — — — 1,059 Other factors (12 ) (574 ) (4,051 ) 27,503 25,531 (231 ) 22,190 (137,329 ) (66,973 ) (12 ) 485 (4,051 ) 27,503 25,531 (231 ) 22,190 (137,329 ) (65,914 ) Transfers of mortgage loans to REO — (7,792 ) — — — — — — (7,792 ) Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3" (2) 790 — — — — — — — 790 Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — — (30,033 ) — — — (30,033 ) Balance, March 31, 2019 $ 18,361 $ 109,112 $ 205,081 $ 130,447 $ 10,457 $ 17,701 $ 79,784 $ 1,156,908 $ 1,727,851 Changes in fair value recognized during the quarter relating to assets still held at March 31, 2019 $ (54 ) $ 329 $ (4,051 ) $ 6,460 $ 10,457 $ — $ 22,190 $ (137,329 ) $ (101,998 ) (1) For the purpose of this table, the interest rate lock commitment (“IRLC”) asset and liability positions are shown net. (2) During the quarter ended March 31, 2019, the Manager identified certain “Level 2” fair value mortgage loans acquired for sale that were not saleable into the prime mortgage market and therefore transferred them to “Level 3”. Quarter ended March 31, 2019 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2018 $ 36,011 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (3,447 ) (3,447 ) Balance, March 31, 2019 $ 32,564 Changes in fair value recognized during the quarter relating to liability outstanding at March 31, 2019 $ (3,447 ) Quarter ended March 31, 2018 Mortgage loans acquired for sale at fair value Mortgage loans at fair value Excess servicing spread CRT Agreement derivatives Interest rate lock commitments (1) Repurchase agreement derivatives Mortgage servicing rights Total (in thousands) Assets: Balance, December 31, 2017 $ 8,135 $ 768,433 $ 236,534 $ 98,640 $ 4,632 $ 3,748 $ 91,459 $ 1,211,581 Cumulative effect of a change in accounting principle — Adoption of fair value accounting for mortgage servicing rights — — — — — — 773,035 773,035 Balance, January 1, 2018 $ 8,135 $ 768,433 $ 236,534 $ 98,640 $ 4,632 $ 3,748 $ 864,494 $ 1,984,616 Purchases and issuances 2,831 — — — 4,609 2,164 — 9,604 Repayments and sales (3,539 ) (272,513 ) (12,291 ) (19,329 ) — (8 ) — (307,680 ) Capitalization of interest and fees — 2,180 3,934 — — — — 6,114 Capitalization of advances — 1,677 — — — — — 1,677 ESS received pursuant to a recapture agreement with PFSI — — 904 — — — — 904 Amounts received as proceeds from sales of mortgage loans — — — — — — 66,546 66,546 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — 2,681 — — — — — 2,681 Other factors 103 (12,632 ) 6,921 24,684 (19,467 ) (12 ) 25,973 25,570 103 (9,951 ) 6,921 24,684 (19,467 ) (12 ) 25,973 28,251 Transfers of mortgage loans to REO — (21,439 ) — — — — — (21,439 ) Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3" (2) 160 — — — — — — 160 Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — — 12,935 — — 12,935 Balance, March 31, 2018 $ 7,690 $ 468,387 $ 236,002 $ 103,995 $ 2,709 $ 5,892 $ 957,013 $ 1,781,688 Changes in fair value recognized during the quarter relating to assets still held at March 31, 2018 $ (14 ) $ (9,040 ) $ 6,921 $ 5,355 $ 2,709 $ 77 $ 25,973 $ 31,981 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. (2) During the quarter ended March 31, 2018, the Manager identified certain “Level 2” fair value mortgage loans acquired for sale that were not saleable into the prime mortgage market and therefore transferred them to “Level 3”. Quarter ended March 31, 2018 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2017 $ 7,070 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 726 726 Balance, March 31, 2018 $ 7,796 Changes in fair value recognized during the quarter relating to liability outstanding at March 31, 2018 $ 726 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): March 31, 2019 December 31, 2018 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: $ 1,434,210 $ 1,377,712 $ 56,498 $ 1,643,465 $ 1,580,504 $ 62,961 90 or more days delinquent: Not in foreclosure 377 490 (113 ) 492 492 — In foreclosure 484 504 (20 ) — — — 861 994 (133 ) 492 492 — $ 1,435,071 $ 1,378,706 $ 56,365 $ 1,643,957 $ 1,580,996 $ 62,961 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent $ 288,670 $ 289,006 $ (336 ) $ 290,573 $ 294,617 $ (4,044 ) 90 or more days delinquent: Not in foreclosure 882 883 (1 ) — — — In foreclosure — — — — — — 882 883 (1 ) — — — 289,552 289,889 (337 ) 290,573 294,617 (4,044 ) Distressed mortgage loans at fair value: Current through 89 days delinquent 33,202 48,119 (14,917 ) 28,806 43,043 (14,237 ) 90 or more days delinquent: Not in foreclosure 32,009 63,474 (31,465 ) 37,288 71,732 (34,444 ) In foreclosure 43,901 74,894 (30,993 ) 51,638 86,259 (34,621 ) 75,910 138,368 (62,458 ) 88,926 157,991 (69,065 ) 109,112 186,487 (77,375 ) 117,732 201,034 (83,302 ) $ 398,664 $ 476,376 $ (77,712 ) $ 408,305 $ 495,651 $ (87,346 ) 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 March 31, 2019 Net mortgage loan servicing fees Net gain on mortgage loans acquired for sale Net gain (loss) on investments Net interest income Total (in thousands) Assets: Short-term investments at fair value $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — — 36,922 (4,556 ) 32,366 Mortgage loans acquired for sale at fair value — 37,803 — — 37,803 Mortgage loans at fair value — — 4,070 883 4,953 ESS at fair value — — (4,051 ) 3,066 (985 ) Firm commitment to purchase credit risk transfer securities at fair value — 19,600 22,190 — 41,790 MSRs at fair value (137,329 ) — — — (137,329 ) $ (137,329 ) $ 57,403 $ 59,131 $ (607 ) $ (21,402 ) Liabilities: Interest-only security payable at fair value $ — $ — $ 3,447 $ — $ 3,447 Asset-backed financing of a VIE at fair value — — (2,857 ) (821 ) (3,678 ) $ — $ — $ 590 $ (821 ) $ (231 ) Quarter ended March 31, 2018 Net mortgage loan servicing fees Net gain on mortgage loans acquired for sale Net gain (loss) on investments Net interest income Total (in thousands) Assets: Short-term investments at fair value $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — — (22,397 ) 440 (21,957 ) Mortgage loans acquired for sale at fair value — (23,678 ) — — (23,678 ) Mortgage loans at fair value — — (15,530 ) 1,774 (13,756 ) ESS at fair value — — 6,921 3,934 10,855 MSRs at fair value 25,973 — — — 25,973 $ 25,973 $ (23,678 ) $ (31,006 ) $ 6,148 $ (22,563 ) Liabilities: Interest-only security payable $ — $ — $ 726 $ — $ 726 Asset-backed financing of a VIE at fair value — — 6,183 339 6,522 $ — $ — $ 6,909 $ 339 $ 7,248 Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of REO that was re-measured based on fair value on a nonrecurring basis: Level 1 Level 2 Level 3 Total Real estate acquired in settlement of loans (in thousands) March 31, 2019 $ — $ — $ 29,377 $ 29,377 December 31, 2018 $ — $ — $ 24,515 $ 24,515 The following table summarizes the fair value changes recognized during the quarter on REO held at quarter end that were remeasured at fair value on a nonrecurring basis: Quarter ended March 31, 2019 2018 (in thousands) Real estate asset acquired in settlement of loans $ (2,438 ) $ (4,769 ) The Company evaluates its REO for impairment with reference to the respective properties’ fair values less cost to sell. 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 Fair Value of Financial Instruments Carried at Amortized Cost Most 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 Exchangeable senior notes, Notes payable Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase The Manager has concluded that the fair values of these borrowings other than Exchangeable senior notes Notes payable Following are the fair values of the other borrowings: March 31, 2019 December 31, 2018 (in thousands) Instrument Source of fair value Exchangeable senior notes Broker indications $ 250,634 $ 247,172 Notes payable Broker quotes $ 746,293 $ — Notes payable Discounted cash flow analysis $ — $ 444,403 Valuation Governance 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 Company has assigned responsibility for estimating fair value of these assets and liabilities to specialized staff and subjects the valuation process to significant senior management oversight. PFSI’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. 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. With respect to the non-IRLC “Level 3” valuations, the FAV group reports to PFSI’s senior management valuation committee, which oversees the valuations. The FAV group monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities, including the models’ performance versus actual results, and reports those results to PFSI’s senior management valuation committee. PFSI’s senior management valuation committee includes the Company’s executive chairman, chief executive, chief financial, chief risk and deputy chief financial officers. The FAV group is responsible for reporting to PFSI’s senior management valuation committee 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. Valuation Techniques and Inputs 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 holdings 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 most of the Company’s mortgage loans acquired for sale at fair value and all of the mortgage loans at fair value held in a VIE, are categorized as “Level 2” fair value assets. For mortgage loans acquired for sale, the fair values are established using the loans’ 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 Company believes are similar to the models and inputs used by other market participants. • Mortgage loans that are not saleable into active markets, comprised primarily 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. 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 quarter-end from the later of the beginning of the quarter 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 the Company’s “Level 3” mortgage loans at fair value: Key inputs (1) March 31, 2019 December 31, 2018 Discount rate Range 3.1% – 19.6% 2.8% – 19.6% Weighted average 10.8% 12.0% Twelve-month projected housing price index change Range 3.3% – 3.7% 3.1% – 3.7% Weighted average 3.5% 3.4% Voluntary prepayment speed (2) Range 1.9% – 8.2% 0.9% – 8.3% Weighted average 3.1% 3.2% Total prepayment speed (3) Range 8.6% – 21.5% 8.3% – 22.0% Weighted average 16.7% 18.3% (1) Weighted-average inputs are based on fair value amounts of the mortgage loans. (2) Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (3) 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 pricing spread (discount rate) and prepayment speed. 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. Changes in the fair value of ESS are included in Net gain (loss) on investments in the consolidated statements of income. Following are the key inputs used in determining the fair value of ESS: Key inputs (1) March 31, 2019 December 31, 2018 UPB of underlying mortgage loans (in thousands) $ 22,664,211 $ 23,196,033 Average servicing fee rate (in basis points) 34 34 Average ESS rate (in basis points) 19 19 Pricing spread (2) Range 3.0% - 3.3% 2.8% - 3.2% Weighted average 3.2% 3.1% Annual total prepayment speed (3) Range 8.5% - 29.9% 8.2% - 29.5% Weighted average 10.4% 9.7% Life (in years) Range 1.5 - 7.4 1.6 - 7.6 Weighted average 6.5 6.8 (1) Weighted-average inputs are based on UPB of the underlying mortgage loans. (2) Pricing spread represents a margin that is applied to a reference forward rate to develop periodic discount rates. The Company applies pricing spreads to the forward rates implied by the United States Dollar London Interbank Offered Rate (“LIBOR”) swap curve for purposes of discounting cash flows relating to ESS. (3) 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 the IRLCs’ 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 fair value, but also 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 (1) March 31, 2019 December 31, 2018 Pull-through rate Range 42.1% - 100% 45.4% - 100% Weighted average 89.8% 91.8% MSR fair value expressed as Servicing fee multiple Range 1.9 - 5.7 2.4 - 5.6 Weighted average 4.3 4.3 Percentage of UPB Range 0.6% - 2.9% 0.6% - 3.6% Weighted average 1.4% 2.2% (1) Weighted-average inputs are based on the committed amounts. CRT Agreements The Company categorizes CRT Agreement derivatives as “Level 3” fair value assets. The fair value of CRT Agreements is based on indications of fair value provided to the Company by nonaffiliated brokers for the certificates representing the beneficial interest in CRT Agreements which include the deposits securing the CRT Agreements, the Recourse Obligations and the IO ownership interest. Together, the Recourse Obligations and the IO ownership comprise the CRT Agreement derivative. Fair value of the CRT Agreement derivative is derived by deducting the balance of the Deposits securing CRT Agreements The significant unobservable inputs into the valuation of CRT Agreement derivatives are the discount rate, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference mortgage loans. Changes in fair value of CRT Agreements are included in Net gain (loss) on investments Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT Agreements: Key inputs (1) March 31, 2019 December 31, 2018 Discount rate Range 5.8% – 6.8% 6.6% – 7.5% Weighted average 6.6% 7.3% Voluntary prepayment speed (2) Range 12.8% – 14.7% 9.0% – 10.6% Weighted average 13.9% 9.9% Involuntary prepayment speed (3) Range 0.2% – 0.3% 0.2% – 0.2% Weighted average 0.3% 0.2% Remaining loss expectation (4) Range 0.1% – 0.2% 0.1% – 0.2% Weighted average 0.1% 0.2% (1) Weighted average inputs are based on fair value amounts of the CRT Agreements. (2) Voluntary prepayment speed is measured using Life Voluntary CPR. (3) Involuntary prepayment speed is measured using Life Involuntary CPR. (4) Remaining loss expectation is measured as expected future contractual losses divided by the UPB of the reference mortgage loans. Repurchase Agreement Derivatives The Company has a master repurchase agreement that includes incentives for financing mortgage loans approved for satisfying certain consumer relief characteristics. These incentives are classified as embedded derivatives for accounting purposes and are reported separately from the repurchase agreements. The Company classifies repurchase agreement derivatives as “Level 3” fair value assets. The significant unobservable inputs into the valuation of repurchase agreement derivative assets are the discount rate and the expected approval rate of the mortgage loans financed under the master repurchase agreement. The resulting ratio included in the Company’s fair value estimate was 97% at both March 31, 2019 and December 31, 2018. Changes in fair value of repurchase agreement derivatives are included in Interest expense Hedging Derivatives Fair values of derivative financial instruments based on exchange traded market prices are categorized by the Company as “Level 1” fair value assets and liabilities; fair values of derivative financial instruments based on observable interest rates, volatilities and prices in the MBS market are categorized by the Company as “Level 2” fair value assets and liabilities. Changes in the fair value of hedging derivatives are included in Net gain (loss) on investments Net gain on mortgage loans acquired for sale Net mortgage loan servicing fees, Firm commitment to purchase CRT securities The Company categorizes its firm commitment to purchase CRT securities as a “Level 3” fair value asset. The fair value of the firm commitment is estimated using a discounted cash flow approach to estimate the fair value of the CRT securities to be purchased less the contractual purchase price. Key inputs used in the estimation of fair value of the firm commitment are the discount rate and the voluntary and involuntary prepayment speeds of the reference mortgage loans. The firm commitment to purchase CRT securities is recognized initially as a component of Gain on sale of mortgage loans acquired for sale Net gain (loss) on investments Following is a quantitative summary of key unobservable inputs in the valuation of firm commitment to purchase CRT securities: Key inputs (1) March 31, 2019 December 31, 2018 Discount rate 7.0% 7.9% Voluntary prepayment speed (2) 15.8% 12.4% Involuntary prepayment speed (3) 0.1% 0.1% Remaining loss expectation (4) 0.1% 0.1% (1) Weighted average inputs are based on the UPB of the underlying mortgage loans. (2) Voluntary prepayment speed is measured using Life Voluntary CPR. (3) Involuntary prepayment speed is measured using Life Involuntary CPR. (4) Remaining loss expectation is measured as expected future contractual losses divided by the UPB of the reference mortgage loans. Real Estate Acquired in Settlement of Loans REO is measured based on its fair value on a nonrecurring basis and is categorized as a “Level 3” fair value asset. Fair value of REO is established by using a current estimate of fair value from either a broker’s price opinion, a full appraisal, or the price given in a pending contract of sale. REO fair values are reviewed by the Manager’s staff appraisers when the Company obtains multiple indications of fair value and there is a significant difference between the fair values received. The Manager’s staff appraisers will attempt to resolve the difference between the indications of fair value. In circumstances where the appraisers are not able to generate adequate data to support a fair value conclusion, the staff appraisers will order an additional appraisal to determine fair value. Recognized changes in the fair value of REO are included in Results of real estate acquired in settlement of loans Mortgage Servicing Rights MSRs are categorized as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include the applicable pricing spread, the prepayment and default rates of the underlying mortgage loans and the annual per-loan cost to service mortgage loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not necessarily directly related. C hanges in the fa ir value of MSRs are included in Net mortgage loan servicing fees in the consolidated statements of income. MSRs are generally subject to loss in fair value when mortgage interest rates decrease. Decreasing mortgage interest rates n

Mortgage Backed Securities

Mortgage Backed Securities	3 Months Ended
	Mar. 31, 2019
Mortgage Backed Securities [Abstract]
Mortgage Backed Securities	Note 8—Mortgage Backed Securities Following is a summary of activity in the Company’s investment in MBS: Quarter ended March 31, Loan type 2019 2018 (in thousands) Balance at beginning of quarter $ 2,610,422 $ 989,461 Purchases — 500,573 Sale and repayment (53,682 ) (30,741 ) Changes in fair value included in income arising from: Amortization of premiums (4,556 ) (440 ) Valuation adjustments 36,922 (22,397 ) 32,366 (22,837 ) Balance at end of quarter $ 2,589,106 $ 1,436,456 Following is a summary of the Company’s investment in MBS: March 31, 2019 December 31, 2018 Principal balance Unamortized purchase premiums Accumulated valuation changes Fair value Principal balance Unamortized purchase premiums Accumulated valuation changes Fair value (in thousands) Agency: (1) Fannie Mae $ 2,007,629 $ 35,579 $ 13,966 $ 2,057,174 $ 2,050,769 $ 39,488 $ (14,920 ) $ 2,075,337 Freddie Mac 520,193 6,054 5,685 531,932 530,734 6,702 (2,351 ) 535,085 $ 2,527,822 $ 41,633 $ 19,651 $ 2,589,106 $ 2,581,503 $ 46,190 $ (17,271 ) $ 2,610,422 (1) All MBS are fixed-rate pass-through securities with maturities of more than ten years. All MBS are pledged to secure Assets sold under agreements to repurchase

Mortgage Loans Acquired for Sal

Mortgage Loans Acquired for Sale at Fair Value	3 Months Ended
	Mar. 31, 2019
Mortgage Loans On Real Estate [Abstract]
Mortgage Loans Acquired for Sale at Fair Value	Note 9—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 March 31, 2019 December 31, 2018 (in thousands) Agency-eligible $ 1,215,942 $ 1,495,954 Held for sale to PLS — Government insured or guaranteed 195,839 86,308 Jumbo 4,929 44,221 Commercial real estate 8,595 8,559 Home equity lines of credit 450 — Repurchased pursuant to representations and warranties 9,316 8,915 $ 1,435,071 $ 1,643,957 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,338,015 $ 1,436,437 Mortgage loan participation purchase and sale agreements 76,315 185,442 $ 1,414,330 $ 1,621,879 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 sellers 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 before being bought by PLS

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Mortgage Loans at Fair Value	Note 10—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 the Manager’s determination that such a sale represents the most advantageous disposition strategy for the identified mortgage loan. Following is a summary of the distribution of the Company’s mortgage loans at fair value: March 31, 2019 December 31, 2018 Loan type Fair value Unpaid principal balance Fair value Unpaid principal balance (in thousands) Fixed interest rate jumbo mortgage loans held in a VIE $ 289,552 $ 289,006 $ 290,573 $ 294,617 Distressed mortgage loans: Nonperforming 75,910 138,368 88,926 157,991 Performing 33,202 48,119 28,806 43,043 109,112 186,487 117,732 201,034 $ 398,664 $ 475,493 $ 408,305 $ 495,651 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 104,809 $ 108,693 Asset-backed financing of a VIE at fair value 289,552 290,573 $ 394,361 $ 399,266

Derivative Activities

Derivative Activities	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Activities	Note 11—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 as part of the retention of an IO 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 master repurchase agreement is subject to a rolling six-month term through August 18, 2019, unless terminated earlier by the lender. There can be no assurance that the lender will not terminate this agreement before its stated maturity. 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 if market mortgage interest rates decrease, because market interest rate decreases generally cause the fair value of MSRs to decrease. Market mortgage interest rate decreases generally encourage 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 these interest rate risks, 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 inventory of mortgage loans acquired for sale, mortgage loans held in a VIE, IRLCs, MSRs and MBS financing. 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 March 31, 2019 December 31, 2018 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: CRT Agreements 29,265,550 $ 130,447 $ — 29,934,003 $ 123,987 $ — Interest rate lock commitments 2,037,160 11,341 884 1,688,516 12,162 174 Repurchase agreement derivatives 17,701 — 14,511 — Subject to master netting agreements ─ for hedging purposes: Forward purchase contracts 5,126,069 26,570 3,435 3,072,223 14,845 43 Forward sale contracts 4,941,484 2,428 20,490 4,595,241 13 29,273 MBS put options 4,150,000 4,780 — 2,550,000 218 — MBS call options 3,100,000 5,331 — 500,000 945 — Call options on interest rate futures 1,475,000 10,699 — 512,500 5,137 — Put options on interest rate futures 950,000 — — 1,102,500 178 — Swap futures 150,000 — — — — — Bond futures 165,000 — — 815,000 — — Total derivative instruments before netting 209,297 24,809 171,996 29,490 Netting (20,587 ) (16,059 ) (4,831 ) (23,576 ) $ 188,710 $ 8,750 $ 167,165 $ 5,914 Margin deposits (received from) placed with derivatives counterparties, net $ (4,528 ) $ 18,744 Derivative assets pledged to secure Assets sold under agreements to repurchase $ 97,883 $ 87,976 The following tables summarize the notional amount activity for derivative contracts used to hedge the Company’s inventory of mortgage loans acquired for sale, mortgage loans at fair value held in a VIE, IRLCs, MSRs and MBS financing. Quarter ended March 31, 2019 Notional amount, Notional amount, beginning Dispositions/ end Instrument of quarter Additions expirations of quarter (in thousands) Forward purchase contracts 3,072,223 33,419,932 (31,366,086 ) 5,126,069 Forward sales contracts 4,595,241 42,338,646 (41,992,403 ) 4,941,484 MBS put options 2,550,000 9,600,000 (8,000,000 ) 4,150,000 MBS call options 500,000 5,400,000 (2,800,000 ) 3,100,000 Call options on interest rate futures 512,500 3,537,500 (2,575,000 ) 1,475,000 Put options on interest rate futures 1,102,500 5,352,500 (5,505,000 ) 950,000 Swap futures — 150,000 — 150,000 Bond futures 815,000 2,702,400 (3,352,400 ) 165,000 Quarter ended March 31, 2018 Notional amount, Notional amount, beginning Dispositions/ end Instrument of quarter Additions expirations of quarter (in thousands) Forward purchase contracts 1,996,235 19,833,104 (19,318,639 ) 2,510,700 Forward sales contracts 2,565,271 24,410,334 (24,677,803 ) 2,297,802 MBS put options 2,375,000 4,125,000 (4,750,000 ) 1,750,000 Call options on interest rate futures — 150,000 — 150,000 Put options on interest rate futures 550,000 3,325,000 (3,600,000 ) 275,000 Swap futures 275,000 — (275,000 ) — Bond futures — 450,000 — 450,000 Eurodollar future sale contracts 937,000 114,597 (203,933 ) 847,664 Netting of Financial Instruments The Company has elected to net derivative asset and liability positions, and cash collateral placed with or received from 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, CRT Agreement derivatives and repurchase agreement derivatives. As of March 31, 2019 and December 31, 2018, the Company was not a party to any 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: March 31, 2019 December 31, 2018 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: CRT Agreement derivatives $ 130,447 $ — $ 130,447 $ 123,987 $ — $ 123,987 Interest rate lock commitments 11,341 — 11,341 12,162 — 12,162 Repurchase agreement derivatives 17,701 — 17,701 14,511 — 14,511 159,489 — 159,489 150,660 — 150,660 Subject to master netting arrangements: Forward purchase contracts 26,570 — 26,570 14,845 — 14,845 Forward sale contracts 2,428 — 2,428 13 — 13 MBS put options 4,780 — 4,780 218 — 218 MBS call options 5,331 — 5,331 945 — 945 Call options on interest rate futures 10,699 — 10,699 5,137 — 5,137 Put options on interest rate futures — — — 178 — 178 Netting — (20,587 ) (20,587 ) — (4,831 ) (4,831 ) 49,808 (20,587 ) 29,221 21,336 (4,831 ) 16,505 $ 209,297 $ (20,587 ) $ 188,710 $ 171,996 $ (4,831 ) $ 167,165 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: March 31, 2019 December 31, 2018 Net amount Gross amounts Net amount Gross amounts of assets not offset in the of assets not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments received amount sheet instruments received amount (in thousands) CRT Agreement derivatives $ 130,447 $ — $ — $ 130,447 $ 123,987 $ — $ — $ 123,987 Interest rate lock commitments 11,341 — — 11,341 12,162 — — 12,162 Deutsche Bank Securities LLC 17,701 — — 17,701 14,511 — — 14,511 RJ O’Brien & Associates, LLC 10,699 — — 10,699 5,315 — — 5,315 J.P. Morgan Securities LLC 4,853 — — 4,853 107 — — 107 Wells Fargo Securities, LLC 4,139 — — 4,139 2,800 — — 2,800 Federal National Mortgage Association 2,654 — — 2,654 5,619 — — 5,619 Bank of America, N.A. 2,449 — — 2,449 — — — — Goldman Sachs 2,396 — — 2,396 — — — — Citigroup Global Markets Inc. 1,726 — — 1,726 971 — — 971 Mitsubishi UFJ Sec 167 — — 167 257 — — 257 Credit Suisse Securities (USA) LLC — — — — 579 — — 579 Morgan Stanley & Co. LLC — — — — 243 — — 243 Other 138 — — 138 614 — — 614 $ 188,710 $ — $ — $ 188,710 $ 167,165 $ — $ — $ 167,165 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. March 31, 2019 December 31, 2018 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 $ 884 $ — $ 884 $ 174 $ — $ 174 Subject to master netting arrangements: Forward purchase contracts 3,435 — 3,435 43 — 43 Forward sales contracts 20,490 — 20,490 29,273 — 29,273 Netting — (16,059 ) (16,059 ) — (23,576 ) (23,576 ) 23,925 (16,059 ) 7,866 29,316 (23,576 ) 5,740 24,809 (16,059 ) 8,750 29,490 (23,576 ) 5,914 Assets sold under agreements to repurchase: UPB 4,179,308 — 4,179,308 4,777,486 — 4,777,486 Unamortized debt issuance costs 521 — 521 (459 ) — (459 ) 4,179,829 — 4,179,829 4,777,027 — 4,777,027 $ 4,204,638 $ (16,059 ) $ 4,188,579 $ 4,806,517 $ (23,576 ) $ 4,782,941 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. March 31, 2019 December 31, 2018 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments pledged amount sheet instruments pledged amount (in thousands) Interest rate lock commitments $ 884 $ — $ — $ 884 $ 174 $ — $ — $ 174 J.P. Morgan Securities LLC 1,431,886 (1,431,886 ) — — 1,441,934 (1,441,934 ) — — Bank of America, N.A. 1,165,071 (1,165,071 ) — — 1,307,923 (1,307,584 ) — 339 Deutsche Bank Securities LLC 461,298 (461,298 ) — — 495,974 (495,974 ) — — Mizuho Securities 263,233 (263,233 ) — — 270,708 (270,708 ) — — Daiwa Capital Markets 253,521 (253,498 ) — 23 254,332 (254,332 ) — — Credit Suisse Securities (USA) LLC 198,479 (198,329 ) — 150 512,662 (512,662 ) — — BNP Paribas 151,560 (151,457 ) — 103 162,636 (162,357 ) — 279 Morgan Stanley & Co. LLC 97,291 (92,986 ) — 4,305 105,366 (105,366 ) — — Citigroup Global Markets Inc. 80,085 (79,287 ) — 798 99,626 (98,644 ) — 982 Wells Fargo Securities, LLC 68,791 (68,791 ) — — 70,130 (70,130 ) — — RBC Capital Markets, L.P. 13,472 (13,472 ) — — 57,795 (57,795 ) — — Federal National Mortgage Association 1,412 — — 1,412 12 — — 12 Other 1,075 — — 1,075 4,128 — — 4,128 $ 4,188,058 $ (4,179,308 ) $ — $ 8,750 $ 4,783,400 $ (4,777,486 ) $ — $ 5,914 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 March 31, Derivative activity Income statement line 2019 2018 (in thousands) Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 28,502 $ (14,858 ) CRT Agreements Net gain (loss) on investments $ 27,503 $ 24,684 Repurchase agreement derivatives Interest expense $ 231 $ (12 ) Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ (34,345 ) $ 32,810 Mortgage servicing rights Net mortgage loan servicing fees $ 41,135 $ (20,848 ) Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain (loss) on investments $ 7,380 $ 1,460

Real Estate Acquired in Settlem

Real Estate Acquired in Settlement of Loans	3 Months Ended
	Mar. 31, 2019
Banking And Thrift [Abstract]
Real Estate Acquired in Settlement of Loans	Note 12—Real Estate Acquired in Settlement of Loans Following is a summary of financial information relating to REO: Quarter ended March 31, 2019 2018 (in thousands) Balance at beginning of quarter $ 85,681 $ 162,865 Transfers: From mortgage loans at fair value and advances 4,550 16,363 From real estate held for investment 324 — To real estate held for investment — (2,059 ) Results of REO: Valuation adjustments, net (3,561 ) (5,359 ) Gain on sale, net 2,081 2,133 (1,480 ) (3,226 ) Sales (16,900 ) (32,437 ) Balance at end of quarter $ 72,175 $ 141,506 March 31, 2019 December 31, 2018 REO pledged to secure assets sold under agreements to repurchase $ 18,927 $ 1,939 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties — 38,259 $ 18,927 $ 40,198

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Mortgage Servicing Rights	Note 13—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended March 31, 2019 2018 (in thousands) Balance at beginning of quarter $ 1,162,369 $ 91,459 Transfer of mortgage servicing rights from mortgage servicing rights carried at lower of amortized cost or fair value pursuant to a change in accounting principle — 773,035 Balance after reclassification 1,162,369 864,494 MSRs resulting from mortgage loan sales 131,868 66,546 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (96,508 ) 52,611 Other changes in fair value (2) (40,821 ) (26,638 ) (137,329 ) 25,973 Balance at end of quarter $ 1,156,908 $ 957,013 March 31, 2019 December 31, 2018 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and $ 1,133,736 $ 1,139,582 (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 March 31, 2019 2018 (in thousands) Contractually-specified servicing fees $ 61,272 $ 48,732 Ancillary and other fees: Late charges 330 214 Other 2,878 1,489 $ 64,480 $ 50,435

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase	3 Months Ended
	Mar. 31, 2019
Brokers And Dealers [Abstract]
Assets Sold Under Agreements to Repurchase	Note 14—Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended March 31, 2019 2018 (dollars in thousands) Weighted average interest rate (1) 3.49 % 3.20 % Average balance $ 4,844,689 $ 3,077,914 Total interest expense (2) $ 36,851 $ 24,507 Maximum daily amount outstanding $ 5,210,162 $ 3,655,250 (1) Excludes the effect of amortization of net debt issuance premiums of $ 5.7 million and $169,000 for the quarters ended March 31, 2019 and March 31, 2018, respectively. (2) The Company’s interest expense relating to assets sold under agreements to repurchase for the quarters ended March 31, 2019 and 2018, includes recognition of incentives it received for financing certain of its mortgage loans acquired for sale satisfying certain consumer debt relief characteristics under a master repurchase agreement. During the quarters ended March 31, 2019 and March 31, 2018, the Company recognized $7.5 million and $2.4 million, respectively, in such incentives as reductions of Interest expense March 31, 2019 December 31, 2018 (dollars in thousands) Carrying value: Unpaid principal balance $ 4,179,308 $ 4,777,486 Unamortized debt issuance premiums and (costs), net 521 (459 ) $ 4,179,829 $ 4,777,027 Weighted average interest rate 3.31 % 3.38 % Available borrowing capacity (1): Committed $ 959,720 $ 783,415 Uncommitted 2,498,773 2,325,246 $ 3,458,493 $ 3,108,661 Margin deposits placed with counterparties included in Other $ 36,831 $ 43,676 Assets securing agreements to repurchase: Mortgage-backed securities $ 2,589,106 $ 2,610,422 Mortgage loans acquired for sale at fair value $ 1,338,015 $ 1,436,437 Mortgage loans at fair value $ 104,809 $ 108,693 CRT Agreements: Deposits securing CRT Agreements $ 770,451 $ 1,146,501 Derivative assets $ 73,148 $ 87,976 Real estate acquired in settlement of loans $ 18,927 $ 40,198 Real estate held for investment $ 30,007 $ 23,262 MSRs (2) $ 952,392 $ 945,042 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged as collateral for both Assets sold under agreements to repurchase and Notes payable . Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date: Remaining maturity at March 31, 2019 Contractual balance (in thousands) Within 30 days $ 1,912,626 Over 30 to 90 days 1,432,187 Over 90 days to 180 days 800,629 Over 180 days to one year 33,866 $ 4,179,308 Weighted average maturity (in months) 1.8 The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair value (as determined by the applicable lender) of the assets securing those repurchase 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 pledged asset and counterparty below as of March 31, 2019: Mortgage loans, REO and MSRs sold under agreements to repurchase Weighted average Counterparty Amount maturity Facility maturity (in thousands) Credit Suisse First Boston Mortgage Capital LLC $ 382,436 December 20, 2020 December 20, 2020 Credit Suisse First Boston Mortgage Capital LLC $ 15,034 April 26, 2019 April 26, 2019 Deutsche Bank $ 160,578 June 22, 2019 August 18, 2019 Citibank, N.A. $ 49,199 June 7, 2019 June 7, 2019 Bank of America, N.A. $ 25,689 May 1, 2019 July 1, 2019 BNP Paribas Corporate & Institutional Banking $ 8,805 June 20, 2019 August 2, 2019 Morgan Stanley $ 5,351 June 17, 2019 August 23, 2019 Royal Bank of Canada $ 662 May 31, 2019 May 31, 2019 Securities sold under agreements to repurchase Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 51,003 April 22, 2019 JPMorgan Chase & Co. $ 43,618 May 29, 2019 Daiwa Capital Markets America Inc. $ 14,921 May 4, 2019 Mizuho Securities $ 12,521 June 6, 2019 Wells Fargo, N.A. $ 5,327 April 20, 2019 Credit Suisse First Boston Mortgage Capital LLC $ 2,078 April 29, 2019 CRT Agreements sold under agreements to repurchase Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 204,877 April 5, 2019

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreements	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Mortgage Loan Participation Purchase and Sale Agreements	Note 15—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. The 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 March 31, 2019 2018 (dollars in thousands) Weighted average interest rate (1) 3.70 % 2.49 % Average balance $ 56,210 $ 45,661 Total interest expense $ 574 $ 314 Maximum daily amount outstanding $ 207,065 $ 77,404 (1) Excludes the effect of amortization of debt issuance costs of $55,000 and $0 for the quarters ended March 31, 2019 and March 31, 2018, respectively. March 31, 2019 December 31, 2018 (dollars in thousands) Carrying value: Amount outstanding $ 73,175 $ 178,726 Unamortized debt issuance costs (33 ) (87 ) $ 73,142 $ 178,639 Weighted average interest rate 3.74 % 3.77 % Mortgage loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 76,315 $ 185,442

Exchangeable Senior Notes

Exchangeable Senior Notes	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Exchangeable Senior Notes	Note 16—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 March 31, 2019, 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 March 31, 2019 2018 (in thousands) Average balance $ 250,000 $ 250,000 Total interest expense $ 3,661 $ 3,644 March 31, 2019 December 31, 2018 (in thousands) Carrying value: UPB $ 250,000 $ 250,000 Unamortized debt issuance costs (1,348 ) (1,650 ) $ 248,652 $ 248,350

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Notes Payable	Note 17—Notes Payable On March 29, 2019, the Company through its indirect subsidiary, PMT CREDIT RISK TRANSFER TRUST 2019-1R (“2019-1R Trust”), issued an aggregate principal amount of $295.7 million in secured term notes (the “2019-1R Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. The 2019-1R Notes bear interest at a rate equal to one-month LIBOR plus 2.00% per annum, with an initial payment date that occurred on April 29, 2019 and, with respect to each calendar month thereafter, a payment date that shall occur on the second business day following the latest underlying payment date of all of the underlying series in that calendar month. The 2019-1R Notes mature on March 29, 2022 or, if extended pursuant to the terms of the related indenture, March 29, 2024 (unless earlier redeemed in accordance with their terms). On April 25, 2018, the Company, through its indirect subsidiary, PMT ISSUER TRUST-FMSR (“FMSR Issuer Trust”), issued an aggregate principal amount of $450 million in secured term notes (the “2018-FT1 Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. The 2018-FT1 Notes bear interest at a rate equal to one-month LIBOR plus 2.35% per annum, payable each month beginning in May 2018, on the 25th day of such month or, if such 25th day is not a business day, the next business day. The 2018-FT1 Notes mature on April 25, 2023 or, if extended pursuant to the terms of the related term note indenture supplement, April 25, 2025 (unless earlier redeemed in accordance with their terms). The 2018-FT1 Notes rank pari passu with the Series 2017-VF1 Note dated December 20, 2017 (the “FMSR VFN”) pledged to Credit Suisse under an agreement to repurchase. The 2018-FT1 Notes and the FMSR VFN are secured by certain participation certificates relating to Fannie Mae MSRs and ESS relating to such MSRs. On February 1, 2018, the Company, through PMC and PMH, entered into a Loan and Security Agreement with Credit Suisse First Boston Mortgage Capital LLC (“Credit Suisse”), pursuant to which PMC and PMH may finance certain mortgage servicing rights (inclusive of any related excess servicing spread arising therefrom and that may be 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 $175 million, all of which is committed. The note matures on February 1, 2020. On March 24, 2017, the Company, through 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 may be 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 matured and was repaid on February 1, 2018. Following is a summary of financial information relating to the notes payable: Quarter ended March 31, 2019 (dollars in thousands) Weighted average interest rate (1) 4.89 % Average balance $ 465,377 Total interest expense $ 5,823 Maximum daily amount outstanding $ 745,730 (1) Excludes the effect of amortization of debt issuance costs of $256,000 for the quarter ended March 31, 2019. March 31, 2019 December 31, 2018 (dollars in thousands) Carrying value: Amount outstanding $ 745,730 $ 450,000 Unamortized debt issuance costs (6,506 ) (4,427 ) $ 739,224 $ 445,573 Weighted average interest rate 4.75 % 4.86 % Assets securing notes payable: MSRs (1) $ 1,133,736 $ 1,139,582 CRT Agreements: Deposits securing CRT Agreements $ 366,831 $ — Derivative assets $ 24,735 $ — (1) Beneficial interests in Fannie Mae MSRs are pledged as collateral both Assets sold under agreements to repurchase Notes payable

Asset-Backed Financing of a Var

Asset-Backed Financing of a Variable Interest Entity at Fair Value	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Asset-Backed Financing of a Variable Interest Entity at Fair Value	Note 18—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 March 31, 2019 2018 (dollars in thousands) Average balance $ 275,787 $ 297,682 Total interest expense $ 3,268 $ 2,296 Weighted average interest rate 3.55 % 3.54 % March 31, 2019 December 31, 2018 (dollars in thousands) Fair value $ 275,509 $ 276,499 UPB $ 277,254 $ 281,922 Weighted average interest rate 3.51 % 3.51 % 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.

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Liability for Losses Under Representations and Warranties	Note 19—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended March 31, 2019 2018 (in thousands) Balance, beginning of quarter $ 7,514 $ 8,678 Provision for losses: Pursuant to mortgage loan sales 720 572 Reduction in liability due to change in estimate (528 ) (1,042 ) (Losses incurred) recoveries, net (18 ) 41 Balance, end of quarter $ 7,688 $ 8,249 UPB of mortgage loans subject to representations and warranties at end of quarter $ 96,514,379 $ 74,554,838

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 20—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 March 31, 2019, the Company was not involved in any such proceedings, claims or legal actions that in the Company’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: March 31, 2019 (in thousands) Commitments to purchase mortgage loans acquired for sale $ 2,037,160 Face amount firm commitment to purchase credit risk transfer securities $ 886,969

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity	Note 21—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: Dividends per share Quarter ended March 31, Series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2019 2018 Fixed-to-floating rate cumulative redeemable preferred (in thousands, except dividends per share) A 8.125% Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 12,400 $ 310,000 $ 10,293 $ 299,707 (1) Par value is $0.01 per share for both series. During March 2017, the Company issued 4.6 million of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A 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. During July 2017, the Company issued 7.8 million 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” and, together with the Series A Preferred Shares, the “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. 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 pays quarterly cumulative dividends on the Preferred Shares on the 15th day of each March, June, September and December, provided that if any dividend payment date is not a business day, then the dividend that would otherwise be payable on that dividend payment date may be paid on the following business day. The Series A and Series B Preferred Shares will not be redeemable before March 15, 2024 and June 15, 2024, respectively, 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. On or after the date the Preferred Shares become redeemable, 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 Preferred Shares at $25.00 per share plus any accumulated and unpaid dividends thereon to, but not including, the redemption date. The Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless redeemed or repurchased by the Company or converted into common shares in connection with a change of control by the holders of the Preferred Shares. Common Share Issuances On February 11, 2019, the Company, the Operating Partnership, and the Manager entered into a Purchase Agreement (the “Purchase Agreement”) with Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC collectively, the (“Underwriters”), relating to the issuance and sale by the Company, and the purchase by the Underwriters, severally, of 7,000,000 common shares for $20.41 per share (before expenses). The Company received $142.8 million in net proceeds from the issuance and sale of the common shares . On March 14, 2019, t he Company entered into separate equity distribution agreements (each an “Equity Distribution Agreement”) with each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC and JMP Securities LLC (each an “Agent” and collectively, the “Agents”) to sell from time to time, through "at the market" (ATM) equity offering program under which the Agents will act as sales agent and/or principal, the Company’s common shares having an aggregate offering price of up to $200,000,000. As of March 31, 2019, the Company sold a total of 221,000 common shares at an average price of $20.76 per share, providing net proceeds to the Company of approximately $4.5 million, net of sales commissions and fees of $46,000. As of March 31, 2019, the Company had approximately $195.5 million of common shares available for issuance under its ATM equity offering program. Common Share Repurchases During August 2015, the Company’s board of trustees authorized a common share repurchase program. Under the program, as amended, the Company may repurchase up to $300 million of its outstanding common shares. The following table summarizes the Company’s share repurchase activity: Quarter ended March 31, Cumulative 2019 2018 total (1) (in thousands) Common shares repurchased — 671 14,731 Cost of common shares repurchased $ — $ 10,719 $ 216,625 (1) Amounts represent the share repurchase program total from its inception in August 2015 through March 31, 2019. 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 5— 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. As the Manager 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 Company made payments under the Reimbursement Agreement totaling $152,000 during the quarter ended March 31, 2019. The Reimbursement Agreement was amended and now expires on February 1, 2023 .

Net Gain (Loss) on Investments

Net Gain (Loss) on Investments	3 Months Ended
	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Net Gain (Loss) on Investments	Note 22— Quarter ended March 31, 2019 2018 (in thousands) From nonaffiliates: Mortgage-backed securities at fair value $ 36,922 $ (22,397 ) Mortgage loans at fair value: Held in a VIE 3,585 (5,579 ) Distressed 485 (9,951 ) CRT Agreements 30,950 22,551 Firm commitment to purchase CRT securities 22,190 — Asset-backed financing of a VIE at fair value (2,857 ) 6,183 Hedging derivatives 7,380 1,460 98,655 (7,733 ) From PFSI—ESS (3,562 ) 7,751 $ 95,093 $ 18

Net Gain on Mortgage Loans Acqu

Net Gain on Mortgage Loans Acquired for Sale	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Net Gain on Mortgage Loans Acquired for Sale	Note 23—Net Gain on Mortgage Loans Acquired for Sale Net gain on mortgage loans acquired for sale is summarized below: Quarter ended March 31, 2019 2018 (in thousands) From nonaffiliates: Cash loss: Mortgage loans $ (101,721 ) $ (95,767 ) Hedging activities (14,315 ) 33,746 (116,036 ) (62,021 ) Non-cash gain: Recognition of fair value of firm commitment to purchase credit risk transfer security 19,600 — Receipt of MSRs in mortgage loan sale transactions 131,868 66,546 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to mortgage loans sales (720 ) (572 ) Reduction in liability due to change in estimate 528 1,042 (192 ) 470 Change in fair value of financial instruments held at end of quarter: IRLCs (1,531 ) (1,924 ) Mortgage loans 5,650 2,851 Hedging derivatives (20,030 ) (936 ) (15,911 ) (9 ) 135,365 67,007 Total from nonaffiliates 19,329 4,986 From PFSI—cash gain 1,994 2,641 $ 21,323 $ 7,627

Net Mortgage Loan Servicing Fee

Net Mortgage Loan Servicing Fees	3 Months Ended
	Mar. 31, 2019
Mortgage Loan Servicing Fees [Abstract]
Net Mortgage Loan Servicing Fees	Note 24— Net Mortgage Loan Servicing Fees Net mortgage loan servicing fees are summarized below: Quarter ended March 31, 2019 2018 (in thousands) From nonaffiliates: Servicing fees (1) $ 61,272 $ 48,732 Ancillary and other fees 3,208 1,703 Effect of MSRs fair value changes: Realization of cashflows (40,821 ) (26,638 ) Market changes (96,508 ) 52,611 (137,329 ) 25,973 Gains (losses) on hedging derivatives 41,135 (20,848 ) (96,194 ) 5,125 Net mortgage servicing fees from non-affiliates (31,714 ) 55,560 From PFSI—MSR recapture income 634 595 Net mortgage loan servicing fees $ (31,080 ) $ 56,155 Average servicing portfolio UPB $ 95,844,879 $ 73,694,438 (1) Includes contractually specified servicing fees, net of Agency guarantee fees.

Net Interest Income

Net Interest Income	3 Months Ended
	Mar. 31, 2019
Banking And Thrift Interest [Abstract]
Net Interest Income	Note 25—Net Interest Income Net interest income is summarized below: Quarter ended March 31, 2019 2018 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 670 $ 73 Mortgage-backed securities 19,452 8,791 Mortgage loans acquired for sale at fair value 20,438 11,332 Mortgage loans at fair value: Held in a VIE 2,924 2,603 Distressed 1,248 7,899 Deposits securing CRT Agreements 6,775 2,031 Placement fees relating to custodial funds 8,266 4,215 Other 242 102 60,015 37,046 From PFSI—ESS 3,066 3,934 63,081 40,980 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase (1) 36,851 24,507 Mortgage loan participation purchase and sale agreements 574 314 Exchangeable Notes 3,661 3,644 Notes payable 5,823 — Asset-backed financings of a VIE at fair value 3,268 2,296 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 2,271 1,594 Interest on mortgage loan impound deposits 495 485 52,943 32,840 To PFSI—Assets sold under agreement to repurchase 1,796 1,976 54,739 34,816 Net interest income $ 8,342 $ 6,164 (1) In 2017, the Company entered into a master repurchase agreement that provides the Company with incentives to finance mortgage loans approved for satisfying certain consumer relief characteristics as provided in the agreement. During the quarters ended March 31, 2019 and 2018, the Company recognized $7.5 million and $2.4 million, respectively, in such incentives as reductions of interest expense, respectively. The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation Plans	Note 26—Share-Based Compensation Plans As of March 31, 2019 and December 31, 2018, the Company had one share-based compensation plan. The following table summarizes the Company’s share-based compensation activity: Quarter ended March 31, 2019 2018 (in thousands) Grants: Restricted share units 96 129 Performance share units 79 116 Total share units granted 175 245 Grant date fair value: Restricted share units granted $ 1,978 $ 2,300 Performance share units granted 1,631 1,542 Total grant date value of share units granted $ 3,609 $ 3,842 Vestings: Restricted share units 226 192 Performance share units 141 28 Total share units vested 367 220 Compensation expense relating to share-based grants $ 1,617 $ 899 There were no forfeitures of grants during the quarters presented.

Other Expenses

Other Expenses	3 Months Ended
	Mar. 31, 2019
Other Income And Expenses [Abstract]
Other Expenses	Note 27—Other Expenses Other expenses are summarized below: Quarter ended March 31, 2019 2018 (in thousands) Common overhead allocation from PFSI $ 1,236 $ 1,001 Safekeeping 736 360 Bank service charges 568 545 Technology 373 378 Insurance 280 305 Other (45 ) 61 $ 3,148 $ 2,650

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 28—Income Taxes The Company’s effective tax rates were (7.3)% and 25.5% for the quarters ended March 31, 2019 and 2018, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax benefit of $3.9 million on a pretax loss of $17.4 million while the Company’s consolidated pretax income was $49.9 million for the quarter ended March 31, 2019. For the same period in 2018, the Company’s TRS recognized tax expense of $9.4 million on a pretax income of $34.6 million, while the Company’s consolidated pretax income was $37.8 million. The relative values between the tax benefit or expense at the TRS and the Company’s consolidated pretax income generally drive the fluctuation in the effective tax rate. The primary difference between the Company’s effective tax rate and the statutory tax rate is attributable to nontaxable REIT income resulting from the dividends paid deduction. In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. For tax years beginning after December 31, 2017, the 2017 Tax Cuts and Jobs Act (subject to certain limitations) provides a 20% deduction from taxable income for ordinary REIT dividends.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 29—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 available to common shareholders (net income reduced by preferred dividends and 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. The following table summarizes the basic and diluted earnings per share calculations: Quarter ended March 31, 2019 2018 (in thousands except per share amounts) Net income $ 53,527 $ 28,186 Dividends on preferred shares (6,234 ) (6,234 ) Effect of participating securities—share-based compensation awards (184 ) (202 ) Net income attributable to common shareholders $ 47,109 $ 21,750 Net income attributable to common shareholders $ 47,109 $ 21,750 Interest on Exchangeable Notes, net of income taxes 2,709 2,655 Income attributable to participating securities 184 — Diluted net income attributable to common shareholders $ 50,002 $ 24,405 Weighted average basic shares outstanding 64,629 60,761 Dilutive securities: Shares under share-based compensation plan 275 647 Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 8,467 Diluted weighted average number of shares outstanding 73,371 69,875 Basic earnings per share $ 0.73 $ 0.36 Diluted earnings per share $ 0.68 $ 0.35 Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when 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: Quarter ended March 31, 2019 2018 (in thousands) Shares issuable under share-based compensation plan 209 —

Segments

Segments	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segments	Note 30—Segments 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 MBS, using the services of the Manager and PLS. • The credit sensitive strategies segment represents the Company’s investments in CRT Agreements, firm commitments to purchase CRT securities, distressed mortgage loans, REO, real estate held for investment, non-Agency subordinated bonds and small balance commercial real estate mortgage loans. • The interest rate sensitive strategies segment represents the Company’s investments in MSRs, ESS, Agency and senior non-Agency MBS and the related interest rate hedging activities. • The corporate segment includes management fees, corporate expense amounts and certain interest income. Financial highlights by operating segment are summarized below: Credit Interest rate Correspondent sensitive sensitive Quarter ended March 31, 2019 production strategies strategies Corporate Total (in thousands) Net investment income: Net gain (loss) on investments $ — $ 53,808 $ 41,285 $ — $ 95,093 Net gain on mortgage loans acquired for sale (1) 10,226 11,097 — — 21,323 Net mortgage loan servicing fees — — (31,080 ) — (31,080 ) Net interest income (expense): Interest income 20,316 8,256 34,079 430 63,081 Interest expense (9,662 ) (12,022 ) (33,055 ) — (54,739 ) 10,654 (3,766 ) 1,024 430 8,342 Other income (loss) 12,964 (30 ) — 6 12,940 33,844 61,109 11,229 436 106,618 Expenses: Mortgage loan fulfillment and servicing fees payable to PFSI 27,573 465 10,106 — 38,144 Management fees — — — 7,248 7,248 Other 2,650 2,271 318 6,120 11,359 30,223 2,736 10,424 13,368 56,751 Pretax income (loss) $ 3,621 $ 58,373 $ 805 $ (12,932 ) $ 49,867 Total assets at period end $ 1,511,887 $ 1,617,022 $ 4,326,579 $ 100,499 $ 7,555,987 (1) During the quarter ended March 31, 2019, the chief operating decision maker began attributing a portion of the initial fair value the Company recognizes relating to its firm commitment to purchase CRT securities upon the sale of mortgage loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated $8.6 million of the initial firm commitment gain to Net gain on mortgage loans acquired for sale Credit Interest rate Correspondent sensitive sensitive Quarter ended March 31, 2018 production strategies strategies Corporate Total (in thousands) Net investment income: Net gain (loss) on investments — 12,414 (12,396 ) — 18 Net gain (loss) on mortgage loans acquired for sale 7,599 28 — — 7,627 Net mortgage loan servicing fees $ — $ 7 $ 56,148 $ — $ 56,155 Net interest income: Interest income 11,169 10,208 19,428 175 40,980 Interest expense (6,798 ) (10,664 ) (17,354 ) — (34,816 ) 4,371 (456 ) 2,074 175 6,164 Other income (loss) 7,073 (1,389 ) — 25 5,709 19,043 10,604 45,826 200 75,673 Expenses: Mortgage loan fulfillment and servicing fees payable to PFSI 11,944 3,085 7,934 — 22,963 Management fees — — — 5,696 5,696 Other 469 3,913 108 4,686 9,176 12,413 6,998 8,042 10,382 37,835 Pretax income (loss) $ 6,630 $ 3,606 $ 37,784 $ (10,182 ) $ 37,838 Total assets at year end $ 1,141,457 $ 1,485,492 $ 2,989,692 $ 173,845 $ 5,790,486

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 31—Supplemental Cash Flow Information Quarter ended March 31, 2019 2018 (in thousands) Payments: Income tax, net $ — $ — Interest $ 67,466 $ 32,112 Cumulative effect on accumulated deficit of conversion to fair value accounting for mortgage servicing rights $ — $ 19,713 Non-cash investing activities: Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 4,550 $ 16,363 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ — $ 2,059 Transfer from real estate held for investment to real estate acquired in settlement of loans $ 424 $ — Receipt of mortgage servicing rights as proceeds from sales of mortgage loans at fair value $ 131,868 $ 66,546 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 508 $ 904 Capitalization of servicing advances pursuant to mortgage loan modifications $ 457 $ 1,677 Non-cash financing activities: Dividends declared, not paid $ 32,262 $ 28,818

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	3 Months Ended
	Mar. 31, 2019
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 32—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 $2.5 million plus 25 basis points of UPB for all 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 amounts and requirements, the calculations of which are defined by each entity, are summarized below: Net Worth (1) Tangible Net Worth / Total Assets Ratio (1) Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (dollars in thousands) March 31, 2019 $ 515,013 $ 255,487 12 % 6 % $ 65,992 $ 33,991 December 31, 2018 $ 528,506 $ 238,915 11 % 6 % $ 58,144 $ 31,678 (1) Calculated in accordance with the Agencies’ 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
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, there have been no material events that would require recognition in our consolidated financial statements or disclosure in the notes to the consolidated financial statements.

Organization and Basis of Prese

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Segment Reporting	PennyMac Mortgage Investment Trust (“PMT” or 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”). Almost all of the mortgage loans the Company has acquired in its correspondent production activities have been eligible for sale to government-sponsored entities (“GSEs”) 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 credit risk transfer (“CRT”) arrangements, including CRT agreements (“CRT Agreements”) and CRT securities, distressed mortgage loans, real estate acquired in settlement of mortgage loans (“REO”), real estate held for investment, 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 purchased from PFSI (“ESS”), Agency and senior non-Agency MBS and the related interest rate hedging activities. • The corporate segment includes management fees, corporate expense amounts and certain interest income.
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. The Company held no restricted cash during the Quarters presented. Therefore the consolidated statements of cash flows do not include references to restricted cash.
Stock Compensation	Stock Compensation The Company adopted Accounting Standard Update 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Compensation—Stock Compensation The Company issues share-based compensation to certain employees of the Manager and its affiliates. Through December 31, 2018, the Company accounted for share-based payments to employees of the Manager and its affiliates under the guidance of Equity – Equity-Based Payments to Non-Employees Upon adoption of ASU 2018-07, the Company did not record a cumulative effect adjustment to its accumulated deficit.
Fair Value Measurement	The Company’s consolidated financial statements include assets and liabilities that are measured at or 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 Company 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. • 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 Company 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. Such differences may result in significantly different fair value measurements. 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, firm commitment to purchase credit risk transfer securities and MSRs to be accounted for at fair value. The Company 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 Company 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 the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt facility, 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 available to common shareholders (net income reduced by preferred dividends and 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.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended March 31, 2019 2018 (in thousands) Mortgage loan fulfillment fees earned by PLS $ 27,574 $ 11,944 UPB of mortgage loans fulfilled by PLS $ 8,135,552 $ 4,225,631 Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale $ 1,994 $ 2,641 UPB of mortgage loans sold to PLS $ 6,647,338 $ 8,847,873 Purchases of mortgage loans acquired for sale from PLS $ 884,510 $ 781,326 Tax service fee paid to PLS included in Other $ 2,243 $ 1,208 March 31, 2019 December 31, 2018 (in thousands) Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS $ 195,839 $ 86,308
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 March 31, 2019 2018 (in thousands) Mortgage loan servicing fees: Mortgage loans acquired for sale at fair value $ 239 $ 178 Mortgage loans at fair value 463 3,119 MSRs 9,868 7,722 $ 10,570 $ 11,019 Average investment in: Mortgage loans acquired for sale at fair value $ 1,633,711 $ 1,046,289 Mortgage loans at fair value: Distressed mortgage loans $ 112,923 $ 738,333 Mortgage loans held in a VIE $ 289,771 $ 314,717 Average MSR portfolio UPB $ 95,953,915 $ 73,694,438 MSR recapture income recognized included in Net mortgage loan servicing fees from PennyMac Financial Services, Inc. $ 634 $ 595
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 March 31, 2019 2018 (in thousands) Base management $ 6,109 $ 5,696 Performance incentive 1,139 — $ 7,248 $ 5,696
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended March 31, 2019 2018 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,236 $ 1,001 Compensation 120 120 Expenses incurred on the Company’s behalf, net 570 573 $ 1,926 $ 1,694 Payments and settlements during the quarter (1) $ 15,189 $ 7,658 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the 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 March 31, 2019 2018 (in thousands) ESS: Received pursuant to a recapture agreement $ 508 $ 904 Repayments and sales $ 10,552 $ 12,291 Interest income $ 3,066 $ 3,934 Net (loss) gain included in Net gain (loss) on investments: Valuation changes $ (4,051 ) $ 6,921 Recapture income 489 830 $ (3,562 ) $ 7,751 March 31, 2019 December 31, 2018 (in thousands) Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value $ 205,081 $ 216,110
Summary Of Financing Transactions	Following is a summary of financing activities between the Company and PFSI: Quarter ended March 31, 2019 2018 (in thousands) Sale of assets under agreements to repurchase $ — $ 2,293 Repurchase of assets sold under agreements to repurchase $ 5,096 $ 3,483 Interest expense $ 1,796 $ 1,976 Conditional Reimbursement paid to: PCM $ 75 $ — Underwriters $ 152 $ — March 31, 2019 December 31, 2018 (in thousands) Assets sold to PFSI under agreement to repurchase $ 125,929 $ 131,025 Conditional Reimbursement payable to PCM included in Accounts payable and accrued liabilities $ 726 $ 801
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: March 31, 2019 December 31, 2018 (in thousands) Due from PFSI: MSR recapture receivable $ 160 $ 179 Other 3,185 3,898 $ 3,345 $ 4,077 Due to PFSI: Fulfillment fees $ 11,744 $ 10,006 Management fees 7,238 6,559 Mortgage loan servicing fees 4,350 4,841 Allocated expenses and expenses paid by PFSI on PMT’s behalf 3,907 9,066 Correspondent production fees 1,852 2,071 Conditional Reimbursement 726 801 Interest on Assets sold to PFSI under agreement to repurchase 134 120 $ 29,951 $ 33,464

Loan Sales and Variable Inter_2

Loan Sales and Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (in thousands) Cash flows: Proceeds from sales $ 9,475,174 $ 5,200,584 Mortgage loan servicing fees received (1) $ 61,272 $ 48,732 (1) Net of guarantee fees
Summary of Collection Status Information for Mortgage Loans Accounted for Sales	The following table summarizes collection status information for mortgage loans that are accounted for as sales where the Company maintains continuing involvement for the dates presented: March 31, 2019 December 31, 2018 (in thousands) UPB of mortgage loans outstanding $ 98,863,013 $ 91,982,335 UPB of delinquent mortgage loans: 30-89 days delinquent $ 564,184 $ 614,668 90 or more days delinquent: Not in foreclosure $ 157,127 $ 142,871 In foreclosure $ 39,739 $ 40,445 UPB of mortgage loans in bankruptcy $ 88,936 $ 75,947 Custodial funds managed by the Company (1) $ 1,384,404 $ 970,328 (1) Custodial funds include borrower and investor custodial cash accounts relating to mortgage loans serviced under mortgage servicing agreements and are not included 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’ borrowers and investors, which are included in Interest income
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT Agreements: Quarter ended March 31, 2019 2018 (in thousands) UPB of mortgage loans sold under CRT Agreements $ — $ 3,210,478 Deposits securing CRT Agreements $ — $ 41,789 Increase (decrease) in commitments to fund Deposits securing CRT Agreements resulting from sale of mortgage loans under CRT Agreements — 70,486 $ — $ 112,275 Interest earned on Deposits securing Agreements $ 6,775 $ 2,031 Gains recognized on CRT Agreements included in Net gain (loss) on investments Realized $ 21,043 $ 19,329 Resulting from valuation changes 6,460 5,355 27,503 24,684 Change in fair value of Interest-only security payable at fair value 3,447 (2,133 ) $ 30,950 $ 22,551 Payments made to settle losses $ 895 $ 828 March 31, 2019 December 31, 2018 (in thousands) UPB of mortgage loans subject to credit guarantee obligations $ 29,265,550 $ 29,934,003 Collection status (in UPB): Delinquency Current $ 28,989,452 $ 29,633,133 30—89 days delinquent $ 198,833 $ 228,296 90—180 days delinquent $ 41,299 $ 39,826 180 or more days delinquent $ 2,704 $ 4,208 Foreclosure $ 3,734 $ 5,180 Bankruptcy $ 29,528 $ 23,360 Carrying value of CRT Agreements: Derivative assets $ 130,447 $ 123,987 Deposits securing CRT Agreements $ 1,137,283 $ 1,146,501 Interest-only security payable at fair value $ 32,564 $ 36,011 CRT Agreement assets pledged to secure: Assets sold under agreements to repurchase Deposits securing CRT Agreements $ 770,451 $ 1,146,501 Derivative assets $ 73,148 $ 87,976 Notes payable Deposits securing CRT Agreements $ 366,831 $ — Derivative assets $ 24,735 $ —
Summary of Activity Under Purchase Commitments	Following is a summary of activity under these purchase commitments: Quarter ended March 31, 2019 (in thousands) UPB of mortgage loans sold $ 7,702,080 Increase in expected face amount of firm commitment to purchase CRT securities backed by mortgage loans sold $ 281,917 Fair value of firm commitment recognized in Gain on sale of mortgage loans $ 19,600 Gains recognized on firm commitment included in Net gain (loss) on investments $ 22,190 March 31, 2019 December 31, 2018 (in thousands) Face amount of firm commitment to purchase CRT securities $ 886,969 $ 605,052 Fair value of firm commitment $ 79,784 $ 37,994 UPB of mortgage loans sold subject to firm commitment to purchase CRT securities related to such loans $ 23,652,494 $ 16,392,300 Collection status (in UPB): Current $ 23,564,883 $ 16,329,044 30—89 days delinquent $ 76,198 $ 61,035 90—180 days delinquent $ 8,084 $ 2,221 180 or more days delinquent $ — $ — Foreclosure $ 1,599 $ — Bankruptcy $ 1,730 $ 1,258

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 29,751 $ — $ — $ 29,751 Mortgage-backed securities at fair value — 2,589,106 — 2,589,106 Mortgage loans acquired for sale at fair value — 1,416,710 18,361 1,435,071 Mortgage loans at fair value — 289,552 109,112 398,664 Excess servicing spread purchased from PFSI — — 205,081 205,081 Derivative assets: CRT Agreements — — 130,447 130,447 Interest rate lock commitments — — 11,341 11,341 Repurchase agreement derivatives — — 17,701 17,701 Forward purchase contracts — 26,570 — 26,570 Forward sale contracts — 2,428 — 2,428 MBS put options — 4,780 — 4,780 MBS call options — 5,331 — 5,331 Call options on interest rate futures 10,699 — — 10,699 Total derivative assets before netting 10,699 39,109 159,489 209,297 Netting — — — (20,587 ) Total derivative assets after netting 10,699 39,109 159,489 188,710 Firm commitment to purchase credit risk transfer securities at fair value — — 79,784 79,784 Mortgage servicing rights at fair value — — 1,156,908 1,156,908 $ 40,450 $ 4,334,477 $ 1,728,735 $ 6,083,075 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 275,509 $ — $ 275,509 Interest-only security payable at fair value — — 32,564 32,564 Derivative liabilities: Interest rate lock commitments — — 884 884 Forward purchase contracts — 3,435 — 3,435 Forward sales contracts — 20,490 — 20,490 Total derivative liabilities before netting — 23,925 884 24,809 Netting — — — (16,059 ) Total derivative liabilities after netting — 23,925 884 8,750 $ — $ 299,434 $ 33,448 $ 316,823 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 74,850 $ — $ — $ 74,850 Mortgage-backed securities at fair value — 2,610,422 — 2,610,422 Mortgage loans acquired for sale at fair value — 1,626,483 17,474 1,643,957 Mortgage loans at fair value — 290,573 117,732 408,305 Excess servicing spread purchased from PFSI — — 216,110 216,110 Derivative assets: CRT Agreements — — 123,987 123,987 Interest rate lock commitments — — 12,162 12,162 Repurchase agreement derivatives — — 14,511 14,511 Forward purchase contracts — 14,845 — 14,845 Forward sale contracts — 13 — 13 MBS put options — 218 — 218 MBS call options — 945 — 945 Call options on interest rate futures 5,137 — — 5,137 Put options on interest rate futures 178 — — 178 Total derivative assets before netting 5,315 16,021 150,660 171,996 Netting — — — (4,831 ) Total derivative assets after netting 5,315 16,021 150,660 167,165 Firm commitment to purchase credit risk transfer securities at fair value — — 37,994 37,994 Mortgage servicing rights at fair value — — 1,162,369 1,162,369 $ 80,165 $ 4,543,499 $ 1,702,339 $ 6,321,172 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 276,499 $ — $ 276,499 Interest-only security payable at fair value — — 36,011 36,011 Derivative liabilities: Interest rate lock commitments — — 174 174 Forward purchase contracts — 43 — 43 Forward sales contracts — 29,273 — 29,273 Total derivative liabilities before netting — 29,316 174 29,490 Netting — — — (23,576 ) Total derivative liabilities after netting — 29,316 174 5,914 $ — $ 305,815 $ 36,185 $ 318,424
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the quarters presented: Quarter ended March 31, 2019 Mortgage loans acquired for sale at fair value Mortgage loans at fair value Excess servicing spread CRT Agreement derivatives Interest rate lock commitments (1) Repurchase agreement derivatives Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) Assets Balance, December 31, 2018 $ 17,474 $ 117,732 $ 216,110 $ 123,987 $ 11,988 $ 14,511 $ 37,994 $ 1,162,369 $ 1,702,165 Purchases and issuances 3,331 1,077 — — 2,971 7,913 — — 15,292 Repayments and sales (3,222 ) (3,609 ) (10,552 ) (21,043 ) — (4,492 ) — — (42,918 ) Capitalization of interest and fees — 762 3,066 — — — — — 3,828 Capitalization of advances — 457 — — — — — — 457 ESS received pursuant to a recapture agreement with PFSI — — 508 — — — — — 508 Amounts received as proceeds from sales of mortgage loans — — — — — — 19,600 131,868 151,468 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — 1,059 — — — — — — 1,059 Other factors (12 ) (574 ) (4,051 ) 27,503 25,531 (231 ) 22,190 (137,329 ) (66,973 ) (12 ) 485 (4,051 ) 27,503 25,531 (231 ) 22,190 (137,329 ) (65,914 ) Transfers of mortgage loans to REO — (7,792 ) — — — — — — (7,792 ) Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3" (2) 790 — — — — — — — 790 Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — — (30,033 ) — — — (30,033 ) Balance, March 31, 2019 $ 18,361 $ 109,112 $ 205,081 $ 130,447 $ 10,457 $ 17,701 $ 79,784 $ 1,156,908 $ 1,727,851 Changes in fair value recognized during the quarter relating to assets still held at March 31, 2019 $ (54 ) $ 329 $ (4,051 ) $ 6,460 $ 10,457 $ — $ 22,190 $ (137,329 ) $ (101,998 ) (1) For the purpose of this table, the interest rate lock commitment (“IRLC”) asset and liability positions are shown net. (2) During the quarter ended March 31, 2019, the Manager identified certain “Level 2” fair value mortgage loans acquired for sale that were not saleable into the prime mortgage market and therefore transferred them to “Level 3”. Quarter ended March 31, 2019 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2018 $ 36,011 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (3,447 ) (3,447 ) Balance, March 31, 2019 $ 32,564 Changes in fair value recognized during the quarter relating to liability outstanding at March 31, 2019 $ (3,447 ) Quarter ended March 31, 2018 Mortgage loans acquired for sale at fair value Mortgage loans at fair value Excess servicing spread CRT Agreement derivatives Interest rate lock commitments (1) Repurchase agreement derivatives Mortgage servicing rights Total (in thousands) Assets: Balance, December 31, 2017 $ 8,135 $ 768,433 $ 236,534 $ 98,640 $ 4,632 $ 3,748 $ 91,459 $ 1,211,581 Cumulative effect of a change in accounting principle — Adoption of fair value accounting for mortgage servicing rights — — — — — — 773,035 773,035 Balance, January 1, 2018 $ 8,135 $ 768,433 $ 236,534 $ 98,640 $ 4,632 $ 3,748 $ 864,494 $ 1,984,616 Purchases and issuances 2,831 — — — 4,609 2,164 — 9,604 Repayments and sales (3,539 ) (272,513 ) (12,291 ) (19,329 ) — (8 ) — (307,680 ) Capitalization of interest and fees — 2,180 3,934 — — — — 6,114 Capitalization of advances — 1,677 — — — — — 1,677 ESS received pursuant to a recapture agreement with PFSI — — 904 — — — — 904 Amounts received as proceeds from sales of mortgage loans — — — — — — 66,546 66,546 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — 2,681 — — — — — 2,681 Other factors 103 (12,632 ) 6,921 24,684 (19,467 ) (12 ) 25,973 25,570 103 (9,951 ) 6,921 24,684 (19,467 ) (12 ) 25,973 28,251 Transfers of mortgage loans to REO — (21,439 ) — — — — — (21,439 ) Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3" (2) 160 — — — — — — 160 Transfers of interest rate lock commitments to mortgage loans acquired for sale — — — — 12,935 — — 12,935 Balance, March 31, 2018 $ 7,690 $ 468,387 $ 236,002 $ 103,995 $ 2,709 $ 5,892 $ 957,013 $ 1,781,688 Changes in fair value recognized during the quarter relating to assets still held at March 31, 2018 $ (14 ) $ (9,040 ) $ 6,921 $ 5,355 $ 2,709 $ 77 $ 25,973 $ 31,981 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. (2) During the quarter ended March 31, 2018, the Manager identified certain “Level 2” fair value mortgage loans acquired for sale that were not saleable into the prime mortgage market and therefore transferred them to “Level 3”. Quarter ended March 31, 2018 Interest-only security payable (in thousands) Liabilities: Balance, December 31, 2017 $ 7,070 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 726 726 Balance, March 31, 2018 $ 7,796 Changes in fair value recognized during the quarter relating to liability outstanding at March 31, 2018 $ 726
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): March 31, 2019 December 31, 2018 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: $ 1,434,210 $ 1,377,712 $ 56,498 $ 1,643,465 $ 1,580,504 $ 62,961 90 or more days delinquent: Not in foreclosure 377 490 (113 ) 492 492 — In foreclosure 484 504 (20 ) — — — 861 994 (133 ) 492 492 — $ 1,435,071 $ 1,378,706 $ 56,365 $ 1,643,957 $ 1,580,996 $ 62,961 Mortgage loans at fair value: Mortgage loans held in a consolidated VIE: Current through 89 days delinquent $ 288,670 $ 289,006 $ (336 ) $ 290,573 $ 294,617 $ (4,044 ) 90 or more days delinquent: Not in foreclosure 882 883 (1 ) — — — In foreclosure — — — — — — 882 883 (1 ) — — — 289,552 289,889 (337 ) 290,573 294,617 (4,044 ) Distressed mortgage loans at fair value: Current through 89 days delinquent 33,202 48,119 (14,917 ) 28,806 43,043 (14,237 ) 90 or more days delinquent: Not in foreclosure 32,009 63,474 (31,465 ) 37,288 71,732 (34,444 ) In foreclosure 43,901 74,894 (30,993 ) 51,638 86,259 (34,621 ) 75,910 138,368 (62,458 ) 88,926 157,991 (69,065 ) 109,112 186,487 (77,375 ) 117,732 201,034 (83,302 ) $ 398,664 $ 476,376 $ (77,712 ) $ 408,305 $ 495,651 $ (87,346 )
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 March 31, 2019 Net mortgage loan servicing fees Net gain on mortgage loans acquired for sale Net gain (loss) on investments Net interest income Total (in thousands) Assets: Short-term investments at fair value $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — — 36,922 (4,556 ) 32,366 Mortgage loans acquired for sale at fair value — 37,803 — — 37,803 Mortgage loans at fair value — — 4,070 883 4,953 ESS at fair value — — (4,051 ) 3,066 (985 ) Firm commitment to purchase credit risk transfer securities at fair value — 19,600 22,190 — 41,790 MSRs at fair value (137,329 ) — — — (137,329 ) $ (137,329 ) $ 57,403 $ 59,131 $ (607 ) $ (21,402 ) Liabilities: Interest-only security payable at fair value $ — $ — $ 3,447 $ — $ 3,447 Asset-backed financing of a VIE at fair value — — (2,857 ) (821 ) (3,678 ) $ — $ — $ 590 $ (821 ) $ (231 ) Quarter ended March 31, 2018 Net mortgage loan servicing fees Net gain on mortgage loans acquired for sale Net gain (loss) on investments Net interest income Total (in thousands) Assets: Short-term investments at fair value $ — $ — $ — $ — $ — Mortgage-backed securities at fair value — — (22,397 ) 440 (21,957 ) Mortgage loans acquired for sale at fair value — (23,678 ) — — (23,678 ) Mortgage loans at fair value — — (15,530 ) 1,774 (13,756 ) ESS at fair value — — 6,921 3,934 10,855 MSRs at fair value 25,973 — — — 25,973 $ 25,973 $ (23,678 ) $ (31,006 ) $ 6,148 $ (22,563 ) Liabilities: Interest-only security payable $ — $ — $ 726 $ — $ 726 Asset-backed financing of a VIE at fair value — — 6,183 339 6,522 $ — $ — $ 6,909 $ 339 $ 7,248
Summary of Carrying Value of Financial Statement Items Re-measured Based on Fair Value on Nonrecurring Basis	Following is a summary of the carrying value of REO that was re-measured based on fair value on a nonrecurring basis: Level 1 Level 2 Level 3 Total Real estate acquired in settlement of loans (in thousands) March 31, 2019 $ — $ — $ 29,377 $ 29,377 December 31, 2018 $ — $ — $ 24,515 $ 24,515
Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis	The following table summarizes the fair value changes recognized during the quarter on REO held at quarter end that were remeasured at fair value on a nonrecurring basis: Quarter ended March 31, 2019 2018 (in thousands) Real estate asset acquired in settlement of loans $ (2,438 ) $ (4,769 )
Fair Values of Other Borrowings	Following are the fair values of the other borrowings: March 31, 2019 December 31, 2018 (in thousands) Instrument Source of fair value Exchangeable senior notes Broker indications $ 250,634 $ 247,172 Notes payable Broker quotes $ 746,293 $ — Notes payable Discounted cash flow analysis $ — $ 444,403
Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value (Excluding Loans Held in a VIE)	Following is a quantitative summary of key inputs used in the valuation of the Company’s “Level 3” mortgage loans at fair value: Key inputs (1) March 31, 2019 December 31, 2018 Discount rate Range 3.1% – 19.6% 2.8% – 19.6% Weighted average 10.8% 12.0% Twelve-month projected housing price index change Range 3.3% – 3.7% 3.1% – 3.7% Weighted average 3.5% 3.4% Voluntary prepayment speed (2) Range 1.9% – 8.2% 0.9% – 8.3% Weighted average 3.1% 3.2% Total prepayment speed (3) Range 8.6% – 21.5% 8.3% – 22.0% Weighted average 16.7% 18.3% (1) Weighted-average inputs are based on fair value amounts of the mortgage loans. (2) Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (3) 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 (1) March 31, 2019 December 31, 2018 UPB of underlying mortgage loans (in thousands) $ 22,664,211 $ 23,196,033 Average servicing fee rate (in basis points) 34 34 Average ESS rate (in basis points) 19 19 Pricing spread (2) Range 3.0% - 3.3% 2.8% - 3.2% Weighted average 3.2% 3.1% Annual total prepayment speed (3) Range 8.5% - 29.9% 8.2% - 29.5% Weighted average 10.4% 9.7% Life (in years) Range 1.5 - 7.4 1.6 - 7.6 Weighted average 6.5 6.8 (1) Weighted-average inputs are based on UPB of the underlying mortgage loans. (2) Pricing spread represents a margin that is applied to a reference forward rate to develop periodic discount rates. The Company applies pricing spreads to the forward rates implied by the United States Dollar London Interbank Offered Rate (“LIBOR”) swap curve for purposes of discounting cash flows relating to ESS. (3) 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 (1) March 31, 2019 December 31, 2018 Pull-through rate Range 42.1% - 100% 45.4% - 100% Weighted average 89.8% 91.8% MSR fair value expressed as Servicing fee multiple Range 1.9 - 5.7 2.4 - 5.6 Weighted average 4.3 4.3 Percentage of UPB Range 0.6% - 2.9% 0.6% - 3.6% Weighted average 1.4% 2.2% (1) Weighted-average inputs are based on the committed amounts.
Quantitative Summary of Key Unobservable Inputs Used in Valuation of CRT Agreements	Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT Agreements: Key inputs (1) March 31, 2019 December 31, 2018 Discount rate Range 5.8% – 6.8% 6.6% – 7.5% Weighted average 6.6% 7.3% Voluntary prepayment speed (2) Range 12.8% – 14.7% 9.0% – 10.6% Weighted average 13.9% 9.9% Involuntary prepayment speed (3) Range 0.2% – 0.3% 0.2% – 0.2% Weighted average 0.3% 0.2% Remaining loss expectation (4) Range 0.1% – 0.2% 0.1% – 0.2% Weighted average 0.1% 0.2% (1) Weighted average inputs are based on fair value amounts of the CRT Agreements. (2) Voluntary prepayment speed is measured using Life Voluntary CPR. (3) Involuntary prepayment speed is measured using Life Involuntary CPR. (4) Remaining loss expectation is measured as expected future contractual losses divided by the UPB of the reference mortgage loans.
Summary of Key Unobservable Inputs Used in Valuation of Firm Commitment to Purchase CRT Securities	The Company categorizes its firm commitment to purchase CRT securities as a “Level 3” fair value asset. The fair value of the firm commitment is estimated using a discounted cash flow approach to estimate the fair value of the CRT securities to be purchased less the contractual purchase price. Key inputs used in the estimation of fair value of the firm commitment are the discount rate and the voluntary and involuntary prepayment speeds of the reference mortgage loans. The firm commitment to purchase CRT securities is recognized initially as a component of Gain on sale of mortgage loans acquired for sale Net gain (loss) on investments Following is a quantitative summary of key unobservable inputs in the valuation of firm commitment to purchase CRT securities: Key inputs (1) March 31, 2019 December 31, 2018 Discount rate 7.0% 7.9% Voluntary prepayment speed (2) 15.8% 12.4% Involuntary prepayment speed (3) 0.1% 0.1% Remaining loss expectation (4) 0.1% 0.1% (1) Weighted average inputs are based on the UPB of the underlying mortgage loans. (2) Voluntary prepayment speed is measured using Life Voluntary CPR. (3) Involuntary prepayment speed is measured using Life Involuntary CPR. (4) Remaining loss expectation is measured as expected future contractual losses divided by the UPB of the reference mortgage loans.
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 March 31, 2019 2018 (MSR recognized and UPB of underlying mortgage loan amounts in thousands) MSR recognized $ 131,868 $ 66,546 Key inputs (1) UPB of underlying mortgage loans $ 9,245,177 $ 5,114,741 Weighted average annual servicing fee rate (in basis points) 32 26 Pricing spread (2) Range 5.8% – 9.5% 7.4% – 12.6% Weighted average 5.8% 7.5% Prepayment speed (3) Range 4.9% – 42.2% 3.2% – 22.8% Weighted average 12.2% 8.1% Life (in years) Range 1.8 – 10.5 3.5 – 11.9 Weighted average 6.6 8.4 Annual per-loan cost of servicing Range $78 – $78 $79 – $79 Weighted average $78 $79 (1) Weighted-average inputs are based on UPB of the underlying mortgage loans. (2) Pricing spread represents a margin that is applied to a reference forward rate to develop periodic discount rates. The Company applies pricing spreads to the forward rates implied by the United States LIBOR swap curve for purposes of discounting cash flows relating to MSRs. (3) 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: March 31, 2019 December 31, 2018 (Carrying value, UPB of underlying mortgage loans and effect on fair value amounts in thousands) Carrying value $ 1,156,908 $ 1,162,369 Key inputs (1): UPB of underlying mortgage loans $ 99,279,532 $ 92,410,226 Weighted average annual servicing fee rate (in basis points) 26 25 Weighted average note interest rate 4.3% 4.2% Pricing spread (2) Range 5.9% – 11.1% 5.7% – 10.7% Weighted average 6.0% 5.8% Effect on fair value of: 5% adverse change $(13,604) $(13,872) 10% adverse change $(26,895) $(27,428) 20% adverse change $(52,576) $(53,626) Prepayment speed (3) Range 9.1% – 29.9% 8.1% – 27.1% Weighted average 11.6% 9.8% Life (in years) Range 2.6 - 6.5 2.7 - 7.3 Weighted average 6.4 7.1 Effect on fair value of: 5% adverse change $(24,983) $(21,661) 10% adverse change $(48,861) $(42,458) 20% adverse change $(93,573) $(81,660) Annual per-loan cost of servicing Range $77 – $78 $77 – $78 Weighted average $78 $78 Effect on fair value of: 5% adverse change $(8,151) $(8,298) 10% adverse change $(16,302) $(16,597) 20% adverse change $(32,605) $(33,194) (1) Weighted-average inputs are based on the UPB of the underlying mortgage loans. (2) Pricing spread represents a margin that is applied to a reference forward rate to develop periodic discount rates. The Company applies pricing spreads to the forward rates implied by the United States Dollar LIBOR swap curve for purposes of discounting cash flows relating to MSRs. (3) Prepayment speed is measured using Life Total CPR.

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Mortgage Backed Securities [Abstract]
Schedule of Investment in Mortgage Backed Securities Activity	Following is a summary of activity in the Company’s investment in MBS: Quarter ended March 31, Loan type 2019 2018 (in thousands) Balance at beginning of quarter $ 2,610,422 $ 989,461 Purchases — 500,573 Sale and repayment (53,682 ) (30,741 ) Changes in fair value included in income arising from: Amortization of premiums (4,556 ) (440 ) Valuation adjustments 36,922 (22,397 ) 32,366 (22,837 ) Balance at end of quarter $ 2,589,106 $ 1,436,456
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: March 31, 2019 December 31, 2018 Principal balance Unamortized purchase premiums Accumulated valuation changes Fair value Principal balance Unamortized purchase premiums Accumulated valuation changes Fair value (in thousands) Agency: (1) Fannie Mae $ 2,007,629 $ 35,579 $ 13,966 $ 2,057,174 $ 2,050,769 $ 39,488 $ (14,920 ) $ 2,075,337 Freddie Mac 520,193 6,054 5,685 531,932 530,734 6,702 (2,351 ) 535,085 $ 2,527,822 $ 41,633 $ 19,651 $ 2,589,106 $ 2,581,503 $ 46,190 $ (17,271 ) $ 2,610,422 (1) All MBS are fixed-rate pass-through securities with maturities of more than ten years.

Mortgage Loans Acquired for S_2

Mortgage Loans Acquired for Sale at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 (in thousands) Agency-eligible $ 1,215,942 $ 1,495,954 Held for sale to PLS — Government insured or guaranteed 195,839 86,308 Jumbo 4,929 44,221 Commercial real estate 8,595 8,559 Home equity lines of credit 450 — Repurchased pursuant to representations and warranties 9,316 8,915 $ 1,435,071 $ 1,643,957 Mortgage loans pledged to secure: Assets sold under agreements to repurchase $ 1,338,015 $ 1,436,437 Mortgage loan participation purchase and sale agreements 76,315 185,442 $ 1,414,330 $ 1,621,879

Mortgage Loans at Fair Value (T

Mortgage Loans at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 Loan type Fair value Unpaid principal balance Fair value Unpaid principal balance (in thousands) Fixed interest rate jumbo mortgage loans held in a VIE $ 289,552 $ 289,006 $ 290,573 $ 294,617 Distressed mortgage loans: Nonperforming 75,910 138,368 88,926 157,991 Performing 33,202 48,119 28,806 43,043 109,112 186,487 117,732 201,034 $ 398,664 $ 475,493 $ 408,305 $ 495,651 Mortgage loans at fair value pledged to secure: Assets sold under agreements to repurchase $ 104,809 $ 108,693 Asset-backed financing of a VIE at fair value 289,552 290,573 $ 394,361 $ 399,266

Derivative Activities (Tables)

Derivative Activities (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 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: CRT Agreements 29,265,550 $ 130,447 $ — 29,934,003 $ 123,987 $ — Interest rate lock commitments 2,037,160 11,341 884 1,688,516 12,162 174 Repurchase agreement derivatives 17,701 — 14,511 — Subject to master netting agreements ─ for hedging purposes: Forward purchase contracts 5,126,069 26,570 3,435 3,072,223 14,845 43 Forward sale contracts 4,941,484 2,428 20,490 4,595,241 13 29,273 MBS put options 4,150,000 4,780 — 2,550,000 218 — MBS call options 3,100,000 5,331 — 500,000 945 — Call options on interest rate futures 1,475,000 10,699 — 512,500 5,137 — Put options on interest rate futures 950,000 — — 1,102,500 178 — Swap futures 150,000 — — — — — Bond futures 165,000 — — 815,000 — — Total derivative instruments before netting 209,297 24,809 171,996 29,490 Netting (20,587 ) (16,059 ) (4,831 ) (23,576 ) $ 188,710 $ 8,750 $ 167,165 $ 5,914 Margin deposits (received from) placed with derivatives counterparties, net $ (4,528 ) $ 18,744 Derivative assets pledged to secure Assets sold under agreements to repurchase $ 97,883 $ 87,976
Summary of Net Derivative Assets	Following is a summary of net derivative assets: March 31, 2019 December 31, 2018 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: CRT Agreement derivatives $ 130,447 $ — $ 130,447 $ 123,987 $ — $ 123,987 Interest rate lock commitments 11,341 — 11,341 12,162 — 12,162 Repurchase agreement derivatives 17,701 — 17,701 14,511 — 14,511 159,489 — 159,489 150,660 — 150,660 Subject to master netting arrangements: Forward purchase contracts 26,570 — 26,570 14,845 — 14,845 Forward sale contracts 2,428 — 2,428 13 — 13 MBS put options 4,780 — 4,780 218 — 218 MBS call options 5,331 — 5,331 945 — 945 Call options on interest rate futures 10,699 — 10,699 5,137 — 5,137 Put options on interest rate futures — — — 178 — 178 Netting — (20,587 ) (20,587 ) — (4,831 ) (4,831 ) 49,808 (20,587 ) 29,221 21,336 (4,831 ) 16,505 $ 209,297 $ (20,587 ) $ 188,710 $ 171,996 $ (4,831 ) $ 167,165
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: March 31, 2019 December 31, 2018 Net amount Gross amounts Net amount Gross amounts of assets not offset in the of assets not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments received amount sheet instruments received amount (in thousands) CRT Agreement derivatives $ 130,447 $ — $ — $ 130,447 $ 123,987 $ — $ — $ 123,987 Interest rate lock commitments 11,341 — — 11,341 12,162 — — 12,162 Deutsche Bank Securities LLC 17,701 — — 17,701 14,511 — — 14,511 RJ O’Brien & Associates, LLC 10,699 — — 10,699 5,315 — — 5,315 J.P. Morgan Securities LLC 4,853 — — 4,853 107 — — 107 Wells Fargo Securities, LLC 4,139 — — 4,139 2,800 — — 2,800 Federal National Mortgage Association 2,654 — — 2,654 5,619 — — 5,619 Bank of America, N.A. 2,449 — — 2,449 — — — — Goldman Sachs 2,396 — — 2,396 — — — — Citigroup Global Markets Inc. 1,726 — — 1,726 971 — — 971 Mitsubishi UFJ Sec 167 — — 167 257 — — 257 Credit Suisse Securities (USA) LLC — — — — 579 — — 579 Morgan Stanley & Co. LLC — — — — 243 — — 243 Other 138 — — 138 614 — — 614 $ 188,710 $ — $ — $ 188,710 $ 167,165 $ — $ — $ 167,165
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. March 31, 2019 December 31, 2018 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 $ 884 $ — $ 884 $ 174 $ — $ 174 Subject to master netting arrangements: Forward purchase contracts 3,435 — 3,435 43 — 43 Forward sales contracts 20,490 — 20,490 29,273 — 29,273 Netting — (16,059 ) (16,059 ) — (23,576 ) (23,576 ) 23,925 (16,059 ) 7,866 29,316 (23,576 ) 5,740 24,809 (16,059 ) 8,750 29,490 (23,576 ) 5,914 Assets sold under agreements to repurchase: UPB 4,179,308 — 4,179,308 4,777,486 — 4,777,486 Unamortized debt issuance costs 521 — 521 (459 ) — (459 ) 4,179,829 — 4,179,829 4,777,027 — 4,777,027 $ 4,204,638 $ (16,059 ) $ 4,188,579 $ 4,806,517 $ (23,576 ) $ 4,782,941
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. March 31, 2019 December 31, 2018 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments pledged amount sheet instruments pledged amount (in thousands) Interest rate lock commitments $ 884 $ — $ — $ 884 $ 174 $ — $ — $ 174 J.P. Morgan Securities LLC 1,431,886 (1,431,886 ) — — 1,441,934 (1,441,934 ) — — Bank of America, N.A. 1,165,071 (1,165,071 ) — — 1,307,923 (1,307,584 ) — 339 Deutsche Bank Securities LLC 461,298 (461,298 ) — — 495,974 (495,974 ) — — Mizuho Securities 263,233 (263,233 ) — — 270,708 (270,708 ) — — Daiwa Capital Markets 253,521 (253,498 ) — 23 254,332 (254,332 ) — — Credit Suisse Securities (USA) LLC 198,479 (198,329 ) — 150 512,662 (512,662 ) — — BNP Paribas 151,560 (151,457 ) — 103 162,636 (162,357 ) — 279 Morgan Stanley & Co. LLC 97,291 (92,986 ) — 4,305 105,366 (105,366 ) — — Citigroup Global Markets Inc. 80,085 (79,287 ) — 798 99,626 (98,644 ) — 982 Wells Fargo Securities, LLC 68,791 (68,791 ) — — 70,130 (70,130 ) — — RBC Capital Markets, L.P. 13,472 (13,472 ) — — 57,795 (57,795 ) — — Federal National Mortgage Association 1,412 — — 1,412 12 — — 12 Other 1,075 — — 1,075 4,128 — — 4,128 $ 4,188,058 $ (4,179,308 ) $ — $ 8,750 $ 4,783,400 $ (4,777,486 ) $ — $ 5,914
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 March 31, Derivative activity Income statement line 2019 2018 (in thousands) Interest rate lock commitments Net gain on mortgage loans acquired for sale $ 28,502 $ (14,858 ) CRT Agreements Net gain (loss) on investments $ 27,503 $ 24,684 Repurchase agreement derivatives Interest expense $ 231 $ (12 ) Hedged item: Interest rate lock commitments and mortgage loans acquired for sale Net gain on mortgage loans acquired for sale $ (34,345 ) $ 32,810 Mortgage servicing rights Net mortgage loan servicing fees $ 41,135 $ (20,848 ) Fixed-rate assets and LIBOR- indexed repurchase agreements Net gain (loss) on investments $ 7,380 $ 1,460
Derivative Arising From Derivative Contracts [Member]
Summary of Activity in Notional Amount for Derivative Contracts	The following tables summarize the notional amount activity for derivative contracts used to hedge the Company’s inventory of mortgage loans acquired for sale, mortgage loans at fair value held in a VIE, IRLCs, MSRs and MBS financing. Quarter ended March 31, 2019 Notional amount, Notional amount, beginning Dispositions/ end Instrument of quarter Additions expirations of quarter (in thousands) Forward purchase contracts 3,072,223 33,419,932 (31,366,086 ) 5,126,069 Forward sales contracts 4,595,241 42,338,646 (41,992,403 ) 4,941,484 MBS put options 2,550,000 9,600,000 (8,000,000 ) 4,150,000 MBS call options 500,000 5,400,000 (2,800,000 ) 3,100,000 Call options on interest rate futures 512,500 3,537,500 (2,575,000 ) 1,475,000 Put options on interest rate futures 1,102,500 5,352,500 (5,505,000 ) 950,000 Swap futures — 150,000 — 150,000 Bond futures 815,000 2,702,400 (3,352,400 ) 165,000 Quarter ended March 31, 2018 Notional amount, Notional amount, beginning Dispositions/ end Instrument of quarter Additions expirations of quarter (in thousands) Forward purchase contracts 1,996,235 19,833,104 (19,318,639 ) 2,510,700 Forward sales contracts 2,565,271 24,410,334 (24,677,803 ) 2,297,802 MBS put options 2,375,000 4,125,000 (4,750,000 ) 1,750,000 Call options on interest rate futures — 150,000 — 150,000 Put options on interest rate futures 550,000 3,325,000 (3,600,000 ) 275,000 Swap futures 275,000 — (275,000 ) — Bond futures — 450,000 — 450,000 Eurodollar future sale contracts 937,000 114,597 (203,933 ) 847,664

Real Estate Acquired in Settl_2

Real Estate Acquired in Settlement of Loans (Tables)	3 Months Ended
	Mar. 31, 2019
Banking And Thrift [Abstract]
Summary of Financial Information Relating to REO	Following is a summary of financial information relating to REO: Quarter ended March 31, 2019 2018 (in thousands) Balance at beginning of quarter $ 85,681 $ 162,865 Transfers: From mortgage loans at fair value and advances 4,550 16,363 From real estate held for investment 324 — To real estate held for investment — (2,059 ) Results of REO: Valuation adjustments, net (3,561 ) (5,359 ) Gain on sale, net 2,081 2,133 (1,480 ) (3,226 ) Sales (16,900 ) (32,437 ) Balance at end of quarter $ 72,175 $ 141,506 March 31, 2019 December 31, 2018 REO pledged to secure assets sold under agreements to repurchase $ 18,927 $ 1,939 REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties — 38,259 $ 18,927 $ 40,198

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended March 31, 2019 2018 (in thousands) Balance at beginning of quarter $ 1,162,369 $ 91,459 Transfer of mortgage servicing rights from mortgage servicing rights carried at lower of amortized cost or fair value pursuant to a change in accounting principle — 773,035 Balance after reclassification 1,162,369 864,494 MSRs resulting from mortgage loan sales 131,868 66,546 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (96,508 ) 52,611 Other changes in fair value (2) (40,821 ) (26,638 ) (137,329 ) 25,973 Balance at end of quarter $ 1,156,908 $ 957,013 March 31, 2019 December 31, 2018 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and $ 1,133,736 $ 1,139,582 (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 March 31, 2019 2018 (in thousands) Contractually-specified servicing fees $ 61,272 $ 48,732 Ancillary and other fees: Late charges 330 214 Other 2,878 1,489 $ 64,480 $ 50,435

Assets Sold Under Agreements _2

Assets Sold Under Agreements to Repurchase (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (dollars in thousands) Weighted average interest rate (1) 3.49 % 3.20 % Average balance $ 4,844,689 $ 3,077,914 Total interest expense (2) $ 36,851 $ 24,507 Maximum daily amount outstanding $ 5,210,162 $ 3,655,250 (1) Excludes the effect of amortization of net debt issuance premiums of $ 5.7 million and $169,000 for the quarters ended March 31, 2019 and March 31, 2018, respectively. (2) The Company’s interest expense relating to assets sold under agreements to repurchase for the quarters ended March 31, 2019 and 2018, includes recognition of incentives it received for financing certain of its mortgage loans acquired for sale satisfying certain consumer debt relief characteristics under a master repurchase agreement. During the quarters ended March 31, 2019 and March 31, 2018, the Company recognized $7.5 million and $2.4 million, respectively, in such incentives as reductions of Interest expense March 31, 2019 December 31, 2018 (dollars in thousands) Carrying value: Unpaid principal balance $ 4,179,308 $ 4,777,486 Unamortized debt issuance premiums and (costs), net 521 (459 ) $ 4,179,829 $ 4,777,027 Weighted average interest rate 3.31 % 3.38 % Available borrowing capacity (1): Committed $ 959,720 $ 783,415 Uncommitted 2,498,773 2,325,246 $ 3,458,493 $ 3,108,661 Margin deposits placed with counterparties included in Other $ 36,831 $ 43,676 Assets securing agreements to repurchase: Mortgage-backed securities $ 2,589,106 $ 2,610,422 Mortgage loans acquired for sale at fair value $ 1,338,015 $ 1,436,437 Mortgage loans at fair value $ 104,809 $ 108,693 CRT Agreements: Deposits securing CRT Agreements $ 770,451 $ 1,146,501 Derivative assets $ 73,148 $ 87,976 Real estate acquired in settlement of loans $ 18,927 $ 40,198 Real estate held for investment $ 30,007 $ 23,262 MSRs (2) $ 952,392 $ 945,042 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged as collateral for both Assets sold under agreements to repurchase and Notes payable .
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 March 31, 2019 Contractual balance (in thousands) Within 30 days $ 1,912,626 Over 30 to 90 days 1,432,187 Over 90 days to 180 days 800,629 Over 180 days to one year 33,866 $ 4,179,308 Weighted average maturity (in months) 1.8
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) Bank of America, N.A. $ 51,003 April 22, 2019 JPMorgan Chase & Co. $ 43,618 May 29, 2019 Daiwa Capital Markets America Inc. $ 14,921 May 4, 2019 Mizuho Securities $ 12,521 June 6, 2019 Wells Fargo, N.A. $ 5,327 April 20, 2019 Credit Suisse First Boston Mortgage Capital LLC $ 2,078 April 29, 2019
CRT Agreements sold under agreements to repurchase [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	CRT Agreements sold under agreements to repurchase Counterparty Amount at risk Weighted average maturity (in thousands) JPMorgan Chase & Co. $ 204,877 April 5, 2019
Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Mortgage loans, REO and MSRs sold under agreements to repurchase Weighted average Counterparty Amount maturity Facility maturity (in thousands) Credit Suisse First Boston Mortgage Capital LLC $ 382,436 December 20, 2020 December 20, 2020 Credit Suisse First Boston Mortgage Capital LLC $ 15,034 April 26, 2019 April 26, 2019 Deutsche Bank $ 160,578 June 22, 2019 August 18, 2019 Citibank, N.A. $ 49,199 June 7, 2019 June 7, 2019 Bank of America, N.A. $ 25,689 May 1, 2019 July 1, 2019 BNP Paribas Corporate & Institutional Banking $ 8,805 June 20, 2019 August 2, 2019 Morgan Stanley $ 5,351 June 17, 2019 August 23, 2019 Royal Bank of Canada $ 662 May 31, 2019 May 31, 2019

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Summary of Mortgage Loan Participation Purchase and Sale Agreements	Mortgage loan participation purchase and sale agreements are summarized below: Quarter ended March 31, 2019 2018 (dollars in thousands) Weighted average interest rate (1) 3.70 % 2.49 % Average balance $ 56,210 $ 45,661 Total interest expense $ 574 $ 314 Maximum daily amount outstanding $ 207,065 $ 77,404 (1) Excludes the effect of amortization of debt issuance costs of $55,000 and $0 for the quarters ended March 31, 2019 and March 31, 2018, respectively. March 31, 2019 December 31, 2018 (dollars in thousands) Carrying value: Amount outstanding $ 73,175 $ 178,726 Unamortized debt issuance costs (33 ) (87 ) $ 73,142 $ 178,639 Weighted average interest rate 3.74 % 3.77 % Mortgage loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 76,315 $ 185,442

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended March 31, 2019 2018 (in thousands) Average balance $ 250,000 $ 250,000 Total interest expense $ 3,661 $ 3,644 March 31, 2019 December 31, 2018 (in thousands) Carrying value: UPB $ 250,000 $ 250,000 Unamortized debt issuance costs (1,348 ) (1,650 ) $ 248,652 $ 248,350

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Summary of Financial Information Relating to Note Payable	Following is a summary of financial information relating to the notes payable: Quarter ended March 31, 2019 (dollars in thousands) Weighted average interest rate (1) 4.89 % Average balance $ 465,377 Total interest expense $ 5,823 Maximum daily amount outstanding $ 745,730 (1) Excludes the effect of amortization of debt issuance costs of $256,000 for the quarter ended March 31, 2019. March 31, 2019 December 31, 2018 (dollars in thousands) Carrying value: Amount outstanding $ 745,730 $ 450,000 Unamortized debt issuance costs (6,506 ) (4,427 ) $ 739,224 $ 445,573 Weighted average interest rate 4.75 % 4.86 % Assets securing notes payable: MSRs (1) $ 1,133,736 $ 1,139,582 CRT Agreements: Deposits securing CRT Agreements $ 366,831 $ — Derivative assets $ 24,735 $ — (1) Beneficial interests in Fannie Mae MSRs are pledged as collateral both Assets sold under agreements to repurchase Notes payable

Asset-Backed Financing of a V_2

Asset-Backed Financing of a Variable Interest Entity at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (dollars in thousands) Average balance $ 275,787 $ 297,682 Total interest expense $ 3,268 $ 2,296 Weighted average interest rate 3.55 % 3.54 % March 31, 2019 December 31, 2018 (dollars in thousands) Fair value $ 275,509 $ 276,499 UPB $ 277,254 $ 281,922 Weighted average interest rate 3.51 % 3.51 %

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (in thousands) Balance, beginning of quarter $ 7,514 $ 8,678 Provision for losses: Pursuant to mortgage loan sales 720 572 Reduction in liability due to change in estimate (528 ) (1,042 ) (Losses incurred) recoveries, net (18 ) 41 Balance, end of quarter $ 7,688 $ 8,249 UPB of mortgage loans subject to representations and warranties at end of quarter $ 96,514,379 $ 74,554,838

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: March 31, 2019 (in thousands) Commitments to purchase mortgage loans acquired for sale $ 2,037,160 Face amount firm commitment to purchase credit risk transfer securities $ 886,969

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share Quarter ended March 31, Series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2019 2018 Fixed-to-floating rate cumulative redeemable preferred (in thousands, except dividends per share) A 8.125% Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 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 March 31, Cumulative 2019 2018 total (1) (in thousands) Common shares repurchased — 671 14,731 Cost of common shares repurchased $ — $ 10,719 $ 216,625 (1) Amounts represent the share repurchase program total from its inception in August 2015 through March 31, 2019.

Net Gain (Loss) on Investments

Net Gain (Loss) on Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Summary of Net Gain (Loss) on Investments	Quarter ended March 31, 2019 2018 (in thousands) From nonaffiliates: Mortgage-backed securities at fair value $ 36,922 $ (22,397 ) Mortgage loans at fair value: Held in a VIE 3,585 (5,579 ) Distressed 485 (9,951 ) CRT Agreements 30,950 22,551 Firm commitment to purchase CRT securities 22,190 — Asset-backed financing of a VIE at fair value (2,857 ) 6,183 Hedging derivatives 7,380 1,460 98,655 (7,733 ) From PFSI—ESS (3,562 ) 7,751 $ 95,093 $ 18

Net Gain on Mortgage Loans Ac_2

Net Gain on Mortgage Loans Acquired for Sale (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (in thousands) From nonaffiliates: Cash loss: Mortgage loans $ (101,721 ) $ (95,767 ) Hedging activities (14,315 ) 33,746 (116,036 ) (62,021 ) Non-cash gain: Recognition of fair value of firm commitment to purchase credit risk transfer security 19,600 — Receipt of MSRs in mortgage loan sale transactions 131,868 66,546 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to mortgage loans sales (720 ) (572 ) Reduction in liability due to change in estimate 528 1,042 (192 ) 470 Change in fair value of financial instruments held at end of quarter: IRLCs (1,531 ) (1,924 ) Mortgage loans 5,650 2,851 Hedging derivatives (20,030 ) (936 ) (15,911 ) (9 ) 135,365 67,007 Total from nonaffiliates 19,329 4,986 From PFSI—cash gain 1,994 2,641 $ 21,323 $ 7,627

Net Mortgage Loan Servicing F_2

Net Mortgage Loan Servicing Fees (Tables)	3 Months Ended
	Mar. 31, 2019
Mortgage Loan Servicing Fees [Abstract]
Summary of Net Mortgage Loan Servicing Fees	Net mortgage loan servicing fees are summarized below: Quarter ended March 31, 2019 2018 (in thousands) From nonaffiliates: Servicing fees (1) $ 61,272 $ 48,732 Ancillary and other fees 3,208 1,703 Effect of MSRs fair value changes: Realization of cashflows (40,821 ) (26,638 ) Market changes (96,508 ) 52,611 (137,329 ) 25,973 Gains (losses) on hedging derivatives 41,135 (20,848 ) (96,194 ) 5,125 Net mortgage servicing fees from non-affiliates (31,714 ) 55,560 From PFSI—MSR recapture income 634 595 Net mortgage loan servicing fees $ (31,080 ) $ 56,155 Average servicing portfolio UPB $ 95,844,879 $ 73,694,438 (1) Includes contractually specified servicing fees, net of Agency guarantee fees.

Net Interest Income (Tables)

Net Interest Income (Tables)	3 Months Ended
	Mar. 31, 2019
Banking And Thrift Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized below: Quarter ended March 31, 2019 2018 (in thousands) Interest income: From nonaffiliates: Short-term investments $ 670 $ 73 Mortgage-backed securities 19,452 8,791 Mortgage loans acquired for sale at fair value 20,438 11,332 Mortgage loans at fair value: Held in a VIE 2,924 2,603 Distressed 1,248 7,899 Deposits securing CRT Agreements 6,775 2,031 Placement fees relating to custodial funds 8,266 4,215 Other 242 102 60,015 37,046 From PFSI—ESS 3,066 3,934 63,081 40,980 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase (1) 36,851 24,507 Mortgage loan participation purchase and sale agreements 574 314 Exchangeable Notes 3,661 3,644 Notes payable 5,823 — Asset-backed financings of a VIE at fair value 3,268 2,296 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 2,271 1,594 Interest on mortgage loan impound deposits 495 485 52,943 32,840 To PFSI—Assets sold under agreement to repurchase 1,796 1,976 54,739 34,816 Net interest income $ 8,342 $ 6,164 (1) In 2017, the Company entered into a master repurchase agreement that provides the Company with incentives to finance mortgage loans approved for satisfying certain consumer relief characteristics as provided in the agreement. During the quarters ended March 31, 2019 and 2018, the Company recognized $7.5 million and $2.4 million, respectively, in such incentives as reductions of interest expense, respectively. The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (in thousands) Grants: Restricted share units 96 129 Performance share units 79 116 Total share units granted 175 245 Grant date fair value: Restricted share units granted $ 1,978 $ 2,300 Performance share units granted 1,631 1,542 Total grant date value of share units granted $ 3,609 $ 3,842 Vestings: Restricted share units 226 192 Performance share units 141 28 Total share units vested 367 220 Compensation expense relating to share-based grants $ 1,617 $ 899 There were no forfeitures of grants during the quarters presented.

Other Expenses (Tables)

Other Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Other Income And Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below: Quarter ended March 31, 2019 2018 (in thousands) Common overhead allocation from PFSI $ 1,236 $ 1,001 Safekeeping 736 360 Bank service charges 568 545 Technology 373 378 Insurance 280 305 Other (45 ) 61 $ 3,148 $ 2,650

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (in thousands except per share amounts) Net income $ 53,527 $ 28,186 Dividends on preferred shares (6,234 ) (6,234 ) Effect of participating securities—share-based compensation awards (184 ) (202 ) Net income attributable to common shareholders $ 47,109 $ 21,750 Net income attributable to common shareholders $ 47,109 $ 21,750 Interest on Exchangeable Notes, net of income taxes 2,709 2,655 Income attributable to participating securities 184 — Diluted net income attributable to common shareholders $ 50,002 $ 24,405 Weighted average basic shares outstanding 64,629 60,761 Dilutive securities: Shares under share-based compensation plan 275 647 Shares issuable pursuant to exchange of the Exchangeable Notes 8,467 8,467 Diluted weighted average number of shares outstanding 73,371 69,875 Basic earnings per share $ 0.73 $ 0.36 Diluted earnings per share $ 0.68 $ 0.35
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	Quarter ended March 31, 2019 2018 (in thousands) Shares issuable under share-based compensation plan 209 —

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Credit Interest rate Correspondent sensitive sensitive Quarter ended March 31, 2019 production strategies strategies Corporate Total (in thousands) Net investment income: Net gain (loss) on investments $ — $ 53,808 $ 41,285 $ — $ 95,093 Net gain on mortgage loans acquired for sale (1) 10,226 11,097 — — 21,323 Net mortgage loan servicing fees — — (31,080 ) — (31,080 ) Net interest income (expense): Interest income 20,316 8,256 34,079 430 63,081 Interest expense (9,662 ) (12,022 ) (33,055 ) — (54,739 ) 10,654 (3,766 ) 1,024 430 8,342 Other income (loss) 12,964 (30 ) — 6 12,940 33,844 61,109 11,229 436 106,618 Expenses: Mortgage loan fulfillment and servicing fees payable to PFSI 27,573 465 10,106 — 38,144 Management fees — — — 7,248 7,248 Other 2,650 2,271 318 6,120 11,359 30,223 2,736 10,424 13,368 56,751 Pretax income (loss) $ 3,621 $ 58,373 $ 805 $ (12,932 ) $ 49,867 Total assets at period end $ 1,511,887 $ 1,617,022 $ 4,326,579 $ 100,499 $ 7,555,987 (1) During the quarter ended March 31, 2019, the chief operating decision maker began attributing a portion of the initial fair value the Company recognizes relating to its firm commitment to purchase CRT securities upon the sale of mortgage loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated $8.6 million of the initial firm commitment gain to Net gain on mortgage loans acquired for sale Credit Interest rate Correspondent sensitive sensitive Quarter ended March 31, 2018 production strategies strategies Corporate Total (in thousands) Net investment income: Net gain (loss) on investments — 12,414 (12,396 ) — 18 Net gain (loss) on mortgage loans acquired for sale 7,599 28 — — 7,627 Net mortgage loan servicing fees $ — $ 7 $ 56,148 $ — $ 56,155 Net interest income: Interest income 11,169 10,208 19,428 175 40,980 Interest expense (6,798 ) (10,664 ) (17,354 ) — (34,816 ) 4,371 (456 ) 2,074 175 6,164 Other income (loss) 7,073 (1,389 ) — 25 5,709 19,043 10,604 45,826 200 75,673 Expenses: Mortgage loan fulfillment and servicing fees payable to PFSI 11,944 3,085 7,934 — 22,963 Management fees — — — 5,696 5,696 Other 469 3,913 108 4,686 9,176 12,413 6,998 8,042 10,382 37,835 Pretax income (loss) $ 6,630 $ 3,606 $ 37,784 $ (10,182 ) $ 37,838 Total assets at year end $ 1,141,457 $ 1,485,492 $ 2,989,692 $ 173,845 $ 5,790,486

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Quarter ended March 31, 2019 2018 (in thousands) Payments: Income tax, net $ — $ — Interest $ 67,466 $ 32,112 Cumulative effect on accumulated deficit of conversion to fair value accounting for mortgage servicing rights $ — $ 19,713 Non-cash investing activities: Transfer of mortgage loans and advances to real estate acquired in settlement of loans $ 4,550 $ 16,363 Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment $ — $ 2,059 Transfer from real estate held for investment to real estate acquired in settlement of loans $ 424 $ — Receipt of mortgage servicing rights as proceeds from sales of mortgage loans at fair value $ 131,868 $ 66,546 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 508 $ 904 Capitalization of servicing advances pursuant to mortgage loan modifications $ 457 $ 1,677 Non-cash financing activities: Dividends declared, not paid $ 32,262 $ 28,818

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	3 Months Ended
	Mar. 31, 2019
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Amounts and Requirements by Agencies	Such Agencies’ capital and liquidity amounts and requirements, the calculations of which are defined by each entity, are summarized below: Net Worth (1) Tangible Net Worth / Total Assets Ratio (1) Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (dollars in thousands) March 31, 2019 $ 515,013 $ 255,487 12 % 6 % $ 65,992 $ 33,991 December 31, 2018 $ 528,506 $ 238,915 11 % 6 % $ 58,144 $ 31,678 (1) Calculated in accordance with the Agencies’ requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
Accounting Policies [Abstract]
Number of business segments	4
Percentage of taxable income for distributions	90.00%

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Restricted cash	$ 0	$ 0

Transactions with Related Par_3

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income and sourcing fee	0.035%
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income and sourcing fee	0.02%
PennyMac Loan Services, LLC [Member]
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] | Fannie Mae Or Freddie Mac Mortgage Loans | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Basis point for monthly fulfillment fee	0.35%
PennyMac Loan Services, LLC [Member] | Mortgage Loans Sold And Securitized | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Basis point for monthly fulfillment fee	0.50%
Mortgage banking services [Member]
Mortgage Loans On Real Estate [Line Items]
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 Par_4

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Mortgage loan fulfillment fees earned by PLS	$ 27,574	$ 11,944
Purchases of mortgage loans acquired for sale from PLS	884,510	781,326
Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS	1,435,071		$ 1,643,957
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Mortgage loan fulfillment fees earned by PLS	27,574	11,944
UPB of mortgage loans fulfilled by PLS	8,135,552	4,225,631
Sourcing fees received from PLS included in Net gain on mortgage loans acquired for sale	1,994	2,641
UPB of mortgage loans sold to PLS	6,647,338	8,847,873
Purchases of mortgage loans acquired for sale from PLS	884,510	781,326
Tax service fee paid to PLS included in Other expense	2,243	$ 1,208
Mortgage loans included in Mortgage loans acquired for sale at fair value pending sale to PLS	$ 195,839		$ 86,308

Transactions with Related Par_5

Transactions with Related Parties - Mortgage Loan Servicing - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)
PennyMac Loan Services, LLC [Member]
Mortgage Loans On Real Estate [Line Items]
REO rental fee	$ 30
Lease renewal fee for REO	$ 100
Rental income percentage gross	9.00%
Servicing agreement expiration date	Sep. 12, 2020
Renewal period of servicing agreement	18 months
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month	$ 75
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	750
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	85
Activity based fees	1,750
PennyMac Loan Services, LLC [Member] | Whole loans [Member]
Mortgage Loans On Real Estate [Line Items]
Supplemental fee received per month	25
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 Financial Services, Inc. [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of cash in amount equal to fair market value of MSRs related to all loans	30.00%

Transactions with Related Par_6

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
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Mortgage loan servicing fees	$ 10,570	$ 11,019
Average MSR portfolio UPB	95,844,879	73,694,438
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	10,570	11,019
Average MSR portfolio UPB	95,953,915	73,694,438
MSR recapture income recognized included in Net mortgage loan servicing fees—from PennyMac Financial Services, Inc.	634	595
PennyMac Loan Services, LLC [Member] | Mortgage loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	239	178
Average MSR portfolio UPB	1,633,711	1,046,289
PennyMac Loan Services, LLC [Member] | Mortgage loans at fair value [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	463	3,119
PennyMac Loan Services, LLC [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Mortgage loan servicing fees	9,868	7,722
PennyMac Loan Services, LLC [Member] | Distressed mortgage loans [Member]
Related Party Transaction [Line Items]
Average MSR portfolio UPB	112,923	738,333
PennyMac Loan Services, LLC [Member] | Mortgage loans held in VIE [Member]
Related Party Transaction [Line Items]
Average MSR portfolio UPB	$ 289,771	$ 314,717

Transactions with Related Par_7

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	Feb. 01, 2019	Mar. 31, 2019	Aug. 04, 2009
Mortgage Loans On Real Estate [Line Items]
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 immediately preceding the date of termination.
Fannie Mae [Member]
Mortgage Loans On Real Estate [Line Items]
MBS yield, average number of year		30 years
PNMAC Capital Management LLC [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of change in net income due to quarterly adjustments		8.00%
Servicing agreement expiration date	Feb. 1, 2023	Sep. 12, 2020
Services agreement fees collection period		18 months
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 equal to the sum of: (a) 10% of the amount by which “net income” for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which “net income” for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which “net income” for the quarter exceeds a 16% return on equity plus the high watermark.

Transactions with Related Par_8

Transactions with Related Parties - Summary of Base Management and Performance Incentive Fees Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,248	$ 5,696
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,248	5,696
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	6,109	5,696
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 1,139	$ 0

Transactions with Related Par_9

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 1,236	$ 1,001
Compensation	120	120
Expenses incurred on the Company’s behalf, net	570	573
Total expenses incurred in transaction with affiliates	1,926	1,694
Payments and settlements during the quarter	$ 15,189	$ 7,658

Transactions with Related Pa_10

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	Feb. 01, 2019	Dec. 19, 2016	Aug. 04, 2009	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
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%
Payment of contingent underwriting fees				$ 152,000	$ 0
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
Servicing agreement expiration date	Feb. 1, 2023			Sep. 12, 2020
Maximum [Member]
Related Party Transaction [Line Items]
Aggregate ESS transferred		$ 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 Pa_11

Transactions with Related Parties - Summary of Investing Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
ESS:
Interest income	$ 63,081	$ 40,980
Net (loss) gain included in Net gain (loss) on investments:
Net (loss) gain on investments	95,093	18
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	205,081		$ 216,110
PennyMac Financial Services, Inc. [Member]
ESS:
Received pursuant to a recapture agreement	508	904
Repayments and sales	10,552	12,291
Interest income	3,066	3,934
Net (loss) gain included in Net gain (loss) on investments:
Valuation changes	(4,051)	6,921
Recapture income	489	830
Net (loss) gain on investments	(3,562)	7,751
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	$ 205,081	$ 216,110

Transactions with Related Pa_12

Transactions with Related Parties - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Sale of assets under agreements to repurchase	$ 22,303,421	$ 17,446,171
Repurchase of assets sold under agreements to repurchase	22,901,600	17,218,539
Interest expense	54,739	34,816
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Sale of assets under agreements to repurchase	0	2,293
Repurchase of assets sold under agreements to repurchase	5,096	3,483
Interest expense	1,796	1,976
Assets sold to PFSI under agreement to repurchase	125,929		$ 131,025
Conditional Reimbursement payable to PCM included in Accounts payable and accrued liabilities	726		801
Underwriter [Member]
Related Party Transaction [Line Items]
Conditional Reimbursement paid	152	0
PCM [Member]
Related Party Transaction [Line Items]
Conditional Reimbursement paid	75	$ 0
PCM [Member] | Accounts Payable and Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Conditional Reimbursement payable to PCM included in Accounts payable and accrued liabilities	$ 726		$ 801

Transactions with Related Pa_13

Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - PennyMac Financial Services, Inc. [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Due from PFSI:
MSR recapture receivable	$ 160	$ 179
Other	3,185	3,898
Due from Affiliates	3,345	4,077
Due to PFSI:
Fulfillment fees	11,744	10,006
Management fees	7,238	6,559
Mortgage loan servicing fees	4,350	4,841
Allocated expenses and expenses paid by PFSI on PMT’s behalf	3,907	9,066
Correspondent production fees	1,852	2,071
Conditional Reimbursement	726	801
Interest on Assets sold to PFSI under agreement to repurchase	134	120
Total expense due to affiliate	$ 29,951	$ 33,464

Loan Sales and Variable Inter_3

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
	Mar. 31, 2019	Mar. 31, 2018
Cash flows:
Proceeds from sales	$ 9,475,174	$ 5,200,584
Mortgage loan servicing fees received	$ 61,272	$ 48,732

Loan Sales and Variable Inter_4

Loan Sales and Variable Interest Entities - Summary of Collection Status Information for Mortgage Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Mortgage Loans On Real Estate [Line Items]
UPB of mortgage loans outstanding	$ 98,863,013	$ 91,982,335
UPB of delinquent mortgage loans:
30-89 days delinquent	564,184	614,668
90 or more days delinquent:
Not in foreclosure	157,127	142,871
In foreclosure	39,739	40,445
UPB of mortgage loans in bankruptcy	88,936	75,947
Custodial funds managed by the Company	$ 1,384,404	$ 970,328

Loan Sales and Variable Inter_5

Loan Sales and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2013	Mar. 31, 2019	Dec. 31, 2018
Jumbo Mortgage Loan Financing [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member]
Mortgage Loans on Real Estate [Line Items]
Certificates issued	$ 537
Weighted yield	3.90%
Fair value of certificates retained		$ 14	$ 14.1
Credit Risk Transfer Agreements [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of mortgage loans sold under recourse obligation losses		3.50%
Increase to maximum percentage of outstanding unpaid principal balance		4.50%

Loan Sales and Variable Inter_6

Loan Sales and Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT Agreements	$ 0	$ 41,789
Carrying value of CRT Agreements:
Deposits securing CRT Agreements	1,137,283		$ 1,146,501
Interest-only security payable at fair value	32,564		36,011
Assets sold under agreements to repurchase
Deposits securing CRT Agreements	1,137,283		1,146,501
Derivative assets	97,883		87,976
Notes payable
Deposits securing CRT Agreements	1,137,283		1,146,501
Derivative assets	97,883		87,976
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	0	3,210,478
Deposits securing CRT Agreements	0	41,789
Increase (decrease) in commitments to fund Deposits securing CRT Agreements resulting from sale of mortgage loans under CRT Agreements	0	70,486
Deposits of cash securing credit risk transfer agreements net of adjustment	0	112,275
Interest earned on Deposits securing CRT Agreements	6,775	2,031
Gains recognized on CRT Agreements included in Net gain (loss) on investments
Realized	21,043	19,329
Resulting from valuation changes	6,460	5,355
Gains (losses) recognized on gross derivative related to credit risk transactions	27,503	24,684
Change in fair value of Interest-only security payable at fair value	3,447	(2,133)
Gains (losses) recognized on net derivative related to credit risk transactions	30,950	22,551
Payments made to settle losses	895	$ 828
UPB of mortgage loans subject to credit guarantee obligations	29,265,550		29,934,003
Collection status (in UPB):
Current	28,989,452		29,633,133
30—89 days delinquent	198,833		228,296
90—180 days delinquent	41,299		39,826
180 or more days delinquent	2,704		4,208
Foreclosure	3,734		5,180
Delinquency
Bankruptcy	29,528		23,360
Carrying value of CRT Agreements:
Deposits securing CRT Agreements	1,137,283		1,146,501
Interest-only security payable at fair value	32,564		36,011
Assets sold under agreements to repurchase
Deposits securing CRT Agreements	770,451		1,146,501
Notes payable
Deposits securing CRT Agreements	770,451		1,146,501
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Credit Risk Transfer Agreements [Member] | Derivative Assets [Member]
Carrying value of CRT Agreements:
Derivative assets	130,447		123,987
Assets sold under agreements to repurchase
Derivative assets	73,148		87,976
Notes payable
Derivative assets	73,148		87,976
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Credit Risk Transfer Agreements [Member] | Notes Payable [Member]
Assets sold under agreements to repurchase
Deposits securing CRT Agreements	366,831		0
Derivative assets	24,735		0
Notes payable
Deposits securing CRT Agreements	366,831		0
Derivative assets	$ 24,735		$ 0

Loan Sales and Variable Inter_7

Loan Sales and Variable Interest Entities - Summary of Activity Under Purchase Commitments (Detail) - Credit Risk Transfer Agreements [Member] - Purchase Commitment [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Transfer Of Financial Assets Accounted For As Sales [Line Items]
UPB of mortgage loans sold	$ 7,702,080
Increase in expected face amount of firm commitment to purchase CRT securities backed by mortgage loans sold	281,917
Fair value of firm commitment recognized in Gain on sale of mortgage loans	19,600
Gains recognized on firm commitment included in Net gain (loss) on investments	22,190
Face amount of firm commitment to purchase CRT securities	886,969	$ 605,052
Fair value of firm commitment	79,784	37,994
UPB of mortgage loans sold subject to firm commitment to purchase CRT securities related to such loans	23,652,494	16,392,300
Collection status (in UPB):
Current	23,564,883	16,329,044
30—89 days delinquent	76,198	61,035
90—180 days delinquent	8,084	2,221
180 or more days delinquent	0	0
Foreclosure	1,599	0
Bankruptcy	$ 1,730	$ 1,258

Fair Value - Summary of Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets:
Short-term investments at fair value	$ 29,751	$ 74,850
Mortgage-backed securities at fair value	2,589,106	2,610,422
Mortgage loans acquired for sale at fair value	1,435,071	1,643,957
Excess servicing spread purchased from PFSI	205,081	216,110
Derivative assets:
Derivative assets	209,297	171,996
Derivative assets, Netting	(20,587)	(4,831)
Total derivative assets after netting	188,710	167,165
Firm commitment to purchase credit risk transfer securities at fair value	79,784	37,994
Mortgage servicing rights at fair value	1,156,908	1,162,369	$ 957,013	$ 91,459
Liabilities:
Asset-backed financing of a VIE at fair value	275,509	276,499
Interest-only security payable at fair value	32,564	36,011
Derivative liabilities:
Derivative liabilities	24,809	29,490
Derivative liabilities, Netting	(16,059)	(23,576)
Total derivative liabilities after netting	8,750	5,914
CRT Agreements [Member]
Derivative assets:
Derivative assets	130,447	123,987
Derivative assets, Netting	0	0
Total derivative assets after netting	130,447	123,987
Derivative liabilities:
Derivative liabilities	0	0
Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	11,341	12,162
Total derivative assets after netting	11,341	12,162
Derivative liabilities:
Derivative liabilities	884	174
Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets	26,570	14,845
Derivative assets, Netting	0	0
Total derivative assets after netting	26,570	14,845
Derivative liabilities:
Derivative liabilities	3,435	43
Derivative liabilities, Netting	0	0
Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	2,428	13
Derivative assets, Netting	0	0
Total derivative assets after netting	2,428	13
Derivative liabilities:
Derivative liabilities	20,490	29,273
Derivative liabilities, Netting	0	0
MBS Put Options [Member]
Derivative assets:
Derivative assets	4,780	218
Derivative assets, Netting	0	0
Total derivative assets after netting	4,780	218
Derivative liabilities:
Derivative liabilities	0	0
MBS Call Options [Member]
Derivative assets:
Derivative assets	5,331	945
Derivative assets, Netting	0	0
Total derivative assets after netting	5,331	945
Derivative liabilities:
Derivative liabilities	0	0
Call Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	10,699	5,137
Derivative assets, Netting	0	0
Total derivative assets after netting	10,699	5,137
Derivative liabilities:
Derivative liabilities	0	0
Put Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	0	178
Derivative assets, Netting	0	0
Total derivative assets after netting	0	178
Derivative liabilities:
Derivative liabilities	0	0
Repurchase Agreement Derivatives [Member]
Derivative assets:
Derivative assets	17,701	14,511
Derivative assets, Netting	0	0
Total derivative assets after netting	17,701	14,511
Derivative liabilities:
Derivative liabilities	0	0
Recurring [Member]
Assets:
Short-term investments at fair value	29,751	74,850
Mortgage-backed securities at fair value	2,589,106	2,610,422
Mortgage loans acquired for sale at fair value	1,435,071	1,643,957
Mortgage loans at fair value	398,664	408,305
Excess servicing spread purchased from PFSI	205,081	216,110
Derivative assets:
Derivative assets	209,297	171,996
Derivative assets, Netting	(20,587)	(4,831)
Total derivative assets after netting	188,710	167,165
Firm commitment to purchase credit risk transfer securities at fair value	79,784	37,994
Mortgage servicing rights at fair value	1,156,908	1,162,369
Total Assets	6,083,075	6,321,172
Liabilities:
Asset-backed financing of a VIE at fair value	275,509	276,499
Interest-only security payable at fair value	32,564	36,011
Derivative liabilities:
Derivative liabilities	24,809	29,490
Derivative liabilities, Netting	(16,059)	(23,576)
Total derivative liabilities after netting	8,750	5,914
Total liabilities	316,823	318,424
Recurring [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	130,447	123,987
Recurring [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	11,341	12,162
Derivative liabilities:
Derivative liabilities	884	174
Recurring [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets	26,570	14,845
Derivative liabilities:
Derivative liabilities	3,435	43
Recurring [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	2,428	13
Derivative liabilities:
Derivative liabilities	20,490	29,273
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments at fair value	29,751	74,850
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	10,699	5,315
Derivative assets, Netting	0	0
Total derivative assets after netting	10,699	5,315
Firm commitment to purchase credit risk transfer securities at fair value	0
Mortgage servicing rights at fair value	0	0
Total Assets	40,450	80,165
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 Purchase Contracts [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities	0	0
Recurring [Member] | Level 1 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities	0	0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments at fair value	0	0
Mortgage-backed securities at fair value	2,589,106	2,610,422
Mortgage loans acquired for sale at fair value	1,416,710	1,626,483
Mortgage loans at fair value	289,552	290,573
Excess servicing spread purchased from PFSI	0	0
Derivative assets:
Derivative assets	39,109	16,021
Derivative assets, Netting	0	0
Total derivative assets after netting	39,109	16,021
Firm commitment to purchase credit risk transfer securities at fair value	0
Mortgage servicing rights at fair value	0	0
Total Assets	4,334,477	4,543,499
Liabilities:
Asset-backed financing of a VIE at fair value	275,509	276,499
Interest-only security payable at fair value	0	0
Derivative liabilities:
Derivative liabilities	23,925	29,316
Derivative liabilities, Netting	0	0
Total derivative liabilities after netting	23,925	29,316
Total liabilities	299,434	305,815
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 Purchase Contracts [Member]
Derivative assets:
Derivative assets	26,570	14,845
Derivative liabilities:
Derivative liabilities	3,435	43
Recurring [Member] | Level 2 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	2,428	13
Derivative liabilities:
Derivative liabilities	20,490	29,273
Recurring [Member] | Level 3 [Member]
Assets:
Short-term investments at fair value	0	0
Mortgage-backed securities at fair value	0	0
Mortgage loans acquired for sale at fair value	18,361	17,474
Mortgage loans at fair value	109,112	117,732
Excess servicing spread purchased from PFSI	205,081	216,110
Derivative assets:
Derivative assets	159,489	150,660
Derivative assets, Netting	0	0
Total derivative assets after netting	159,489	150,660
Firm commitment to purchase credit risk transfer securities at fair value	79,784	37,994
Mortgage servicing rights at fair value	1,156,908	1,162,369
Total Assets	1,728,735	1,702,339
Liabilities:
Asset-backed financing of a VIE at fair value	0	0
Interest-only security payable at fair value	32,564	36,011
Derivative liabilities:
Derivative liabilities	884	174
Derivative liabilities, Netting	0	0
Total derivative liabilities after netting	884	174
Total liabilities	33,448	36,185
Recurring [Member] | Level 3 [Member] | CRT Agreements [Member]
Derivative assets:
Derivative assets	130,447	123,987
Recurring [Member] | Level 3 [Member] | Interest Rate Lock Commitments [Member]
Derivative assets:
Derivative assets	11,341	12,162
Derivative liabilities:
Derivative liabilities	884	174
Recurring [Member] | Level 3 [Member] | Forward Purchase Contracts [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities	0	0
Recurring [Member] | Level 3 [Member] | Forward Sales Contracts [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities	0	0
Recurring [Member] | MBS Put Options [Member]
Derivative assets:
Derivative assets	4,780	218
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	4,780	218
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	5,331	945
Recurring [Member] | MBS Call Options [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | MBS Call Options [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	5,331	945
Recurring [Member] | MBS Call Options [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Call Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets	10,699	5,137
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	10,699	5,137
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	0
Recurring [Member] | Put Options on Interest Rate Futures [Member]
Derivative assets:
Derivative assets		178
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative assets:
Derivative assets		178
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative assets:
Derivative assets		0
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative assets:
Derivative assets		0
Recurring [Member] | Repurchase Agreement Derivatives [Member]
Derivative assets:
Derivative assets	17,701	14,511
Recurring [Member] | Repurchase Agreement Derivatives [Member] | Level 1 [Member]
Derivative assets:
Derivative assets	0	0
Recurring [Member] | Repurchase Agreement Derivatives [Member] | Level 2 [Member]
Derivative assets:
Derivative assets	0	0
Recurring [Member] | Repurchase Agreement Derivatives [Member] | Level 3 [Member]
Derivative assets:
Derivative assets	$ 17,701	$ 14,511

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
	Mar. 31, 2019	Mar. 31, 2018
Assets:
Amounts received as proceeds from sales of mortgage loans	$ 131,868	$ 66,546
Changes in fair value included in income arising from:
Transfers of mortgage loans to REO	(4,550)	(16,363)
Recurring [Member]
Assets:
Beginning balance	1,702,165	1,984,616
Purchases and issuances	15,292	9,604
Repayments and sales	(42,918)	(307,680)
Capitalization of interest and fees	3,828	6,114
Capitalization of advances	457	1,677
ESS received pursuant to a recapture agreement with PFSI	508	904
Amounts received as proceeds from sales of mortgage loans	151,468	66,546
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	1,059	2,681
Other factors	(66,973)	25,570
Total	(65,914)	28,251
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	790	160
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(30,033)	12,935
Ending balance	1,727,851	1,781,688
Transfers of mortgage loans to REO	(7,792)	(21,439)
Changes in fair value recognized during the quarter relating to assets	(101,998)	31,981
Recurring [Member] | Accounting Standards Update 2014-11 Transfers and Servicing [Member]
Assets:
Beginning balance		773,035
Recurring [Member] | Previously Reported [Member]
Assets:
Beginning balance		1,211,581
Recurring [Member] | CRT Agreement Derivatives [Member]
Assets:
Beginning balance	123,987	98,640
Purchases and issuances	0	0
Repayments and sales	(21,043)	(19,329)
Capitalization of interest and fees	0	0
Capitalization of advances	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0
Amounts 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	27,503	24,684
Total	27,503	24,684
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	130,447	103,995
Transfers of mortgage loans to REO	0	0
Changes in fair value recognized during the quarter relating to assets	6,460	5,355
Recurring [Member] | Mortgage loans acquired for sale at fair value [Member]
Assets:
Beginning balance	17,474	8,135
Purchases and issuances	3,331	2,831
Repayments and sales	(3,222)	(3,539)
Capitalization of interest and fees	0	0
Capitalization of advances	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0
Amounts 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	(12)	103
Total	(12)	103
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	790	160
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	18,361	7,690
Transfers of mortgage loans to REO	0	0
Changes in fair value recognized during the quarter relating to assets	(54)	(14)
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	11,988	4,632
Purchases and issuances	2,971	4,609
Repayments and sales	0	0
Capitalization of interest and fees	0	0
Capitalization of advances	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0
Amounts 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	25,531	(19,467)
Total	25,531	(19,467)
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	(30,033)	12,935
Ending balance	10,457	2,709
Transfers of mortgage loans to REO	0	0
Changes in fair value recognized during the quarter relating to assets	10,457	2,709
Recurring [Member] | Interest-only security payable [Member]
Liabilities:
Beginning balance	36,011	7,070
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	(3,447)	726
Ending balance	32,564	7,796
Changes in fair value recognized during the quarter relating to liability	(3,447)	726
Recurring [Member] | Interest-only security payable [Member] | Credit Risk [Member]
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	0	0
Recurring [Member] | Interest-only security payable [Member] | Other Factors [Member]
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	(3,447)	726
Recurring [Member] | Mortgage loans at fair value [Member]
Assets:
Beginning balance	117,732	768,433
Purchases and issuances	1,077	0
Repayments and sales	(3,609)	(272,513)
Capitalization of interest and fees	762	2,180
Capitalization of advances	457	1,677
ESS received pursuant to a recapture agreement with PFSI	0	0
Amounts received as proceeds from sales of mortgage loans	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	1,059	2,681
Other factors	(574)	(12,632)
Total	485	(9,951)
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	109,112	468,387
Transfers of mortgage loans to REO	(7,792)	(21,439)
Changes in fair value recognized during the quarter relating to assets	329	(9,040)
Recurring [Member] | Excess servicing spread [Member]
Assets:
Beginning balance	216,110	236,534
Purchases and issuances	0	0
Repayments and sales	(10,552)	(12,291)
Capitalization of interest and fees	3,066	3,934
Capitalization of advances	0	0
ESS received pursuant to a recapture agreement with PFSI	508	904
Amounts 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	(4,051)	6,921
Total	(4,051)	6,921
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	205,081	236,002
Transfers of mortgage loans to REO	0	0
Changes in fair value recognized during the quarter relating to assets	(4,051)	6,921
Recurring [Member] | Firm commitment to purchase CRT securities [Member]
Assets:
Beginning balance	37,994
Purchases and issuances	0
Repayments and sales	0
Capitalization of interest and fees	0
Capitalization of advances	0
ESS received pursuant to a recapture agreement with PFSI	0
Amounts received as proceeds from sales of mortgage loans	19,600
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0
Other factors	22,190
Total	22,190
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0
Ending balance	79,784
Transfers of mortgage loans to REO	0
Changes in fair value recognized during the quarter relating to assets	22,190
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	1,162,369	864,494
Purchases and issuances	0	0
Repayments and sales	0	0
Capitalization of interest and fees	0	0
Capitalization of advances	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0
Amounts received as proceeds from sales of mortgage loans	131,868	66,546
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0
Other factors	(137,329)	25,973
Total	(137,329)	25,973
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	1,156,908	957,013
Transfers of mortgage loans to REO	0	0
Changes in fair value recognized during the quarter relating to assets	(137,329)	25,973
Recurring [Member] | Mortgage servicing rights [Member] | Accounting Standards Update 2014-11 Transfers and Servicing [Member]
Assets:
Beginning balance		773,035
Recurring [Member] | Mortgage servicing rights [Member] | Previously Reported [Member]
Assets:
Beginning balance		91,459
Recurring [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Beginning balance	14,511	3,748
Purchases and issuances	7,913	2,164
Repayments and sales	(4,492)	(8)
Capitalization of interest and fees	0	0
Capitalization of advances	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0
Amounts 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	(231)	(12)
Total	(231)	(12)
Transfers of mortgage loans acquired for sale at fair value from "Level 2" to "Level 3"	0	0
Transfers of interest rate lock commitments to mortgage loans acquired for sale	0	0
Ending balance	17,701	5,892
Transfers of mortgage loans to REO	0	0
Changes in fair value recognized during the quarter relating to assets	$ 0	$ 77

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	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage loans, fair value [Abstract]
Fair value	$ 398,664	$ 408,305
Fair value, Total	398,664	408,305
Mortgage loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity, Total	476,376	495,651
Principal amount due upon maturity	475,493		$ 495,651
Mortgage loans, difference, [Abstract]
Difference	(77,712)	(87,346)
Mortgage loans acquired for sale at fair value [Member]
Mortgage loans, fair value [Abstract]
Current through 89 days delinquent:	1,434,210	1,643,465
90 or more days delinquent, not in foreclosure	377	492
90 or more days delinquent, in foreclosure	484	0
Fair value	861	492
Fair value, Total	1,435,071	1,643,957
Mortgage loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent:	1,377,712	1,580,504
90 or more days delinquent, not in foreclosure	490	492
90 or more days delinquent, in foreclosure	504	0
Principal amount due upon maturity, Total	1,378,706	1,580,996
Mortgage loans, difference, [Abstract]
Current through 89 days delinquent:	56,498	62,961
90 or more days delinquent, not in foreclosure	(113)	0
90 or more days delinquent, in foreclosure	(20)	0
Difference	56,365	62,961
Mortgage loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Mortgage loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity, Total	994	492
Mortgage loans, difference, [Abstract]
Difference	(133)	0
Mortgage Loans at Fair Value Held in Consolidated VIE [Member]
Mortgage loans, fair value [Abstract]
Current through 89 days delinquent:	288,670	290,573
90 or more days delinquent, not in foreclosure	882	0
90 or more days delinquent, in foreclosure	0	0
Fair value	289,552	290,573
Mortgage loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent:	289,006	294,617
90 or more days delinquent, not in foreclosure	883	0
90 or more days delinquent, in foreclosure	0	0
Principal amount due upon maturity	289,889	294,617
Mortgage loans, difference, [Abstract]
Current through 89 days delinquent:	(336)	(4,044)
90 or more days delinquent, not in foreclosure	(1)	0
90 or more days delinquent, in foreclosure	0	0
Difference	(337)	(4,044)
Mortgage Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Mortgage loans, fair value [Abstract]
Fair value	882	0
Mortgage loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	883	0
Mortgage loans, difference, [Abstract]
Difference	(1)	0
Mortgage Loans and Mortgage Loans under Forward Purchase Agreements at Fair Value [Member]
Mortgage loans, fair value [Abstract]
Current through 89 days delinquent:	33,202	28,806
90 or more days delinquent, not in foreclosure	32,009	37,288
90 or more days delinquent, in foreclosure	43,901	51,638
Fair value	109,112	117,732
Mortgage loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent:	48,119	43,043
90 or more days delinquent, not in foreclosure	63,474	71,732
90 or more days delinquent, in foreclosure	74,894	86,259
Principal amount due upon maturity	186,487	201,034
Mortgage loans, difference, [Abstract]
Current through 89 days delinquent:	(14,917)	(14,237)
90 or more days delinquent, not in foreclosure	(31,465)	(34,444)
90 or more days delinquent, in foreclosure	(30,993)	(34,621)
Difference	(77,375)	(83,302)
Mortgage Loans and Mortgage Loans under Forward Purchase Agreements at Fair Value [Member] | Nonperforming mortgage loans [Member]
Mortgage loans, fair value [Abstract]
Fair value	75,910	88,926
Mortgage loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	138,368	157,991
Mortgage loans, difference, [Abstract]
Difference	$ (62,458)	$ (69,065)

Fair Value - Summary of Chang_2

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	$ 3,447	$ 726
Interest-only security payable [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Interest-only security payable [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Interest-only security payable [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	3,447	726
Interest-only security payable [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Asset-Backed Financing of the VIE at Fair Value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(3,678)	6,522
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(2,857)	6,183
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(821)	339
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(231)	7,248
Liabilities, Total [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Liabilities, Total [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Liabilities, Total [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	590	6,909
Liabilities, Total [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(821)	339
Short-term investments at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Short-term investments at fair value [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Short-term investments at fair value [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Short-term investments at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Short-term investments at fair value [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	32,366	(21,957)
Mortgage-backed securities at fair value [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage-backed securities at fair value [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage-backed securities at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	36,922	(22,397)
Mortgage-backed securities at fair value [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(4,556)	440
Mortgage loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	37,803	(23,678)
Mortgage loans acquired for sale at fair value [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage loans acquired for sale at fair value [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	37,803	(23,678)
Mortgage loans acquired for sale at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage loans acquired for sale at fair value [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Firm commitment to purchase CRT securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	41,790
Firm commitment to purchase CRT securities [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0
Firm commitment to purchase CRT securities [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	19,600
Firm commitment to purchase CRT securities [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	22,190
Firm commitment to purchase CRT securities [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0
Mortgage loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	4,953	(13,756)
Mortgage loans at fair value [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage loans at fair value [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Mortgage loans at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	4,070	(15,530)
Mortgage loans at fair value [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	883	1,774
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(985)	10,855
Excess servicing spread [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Excess servicing spread [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Excess servicing spread [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(4,051)	6,921
Excess servicing spread [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	3,066	3,934
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(137,329)	25,973
MSRs at fair value [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(137,329)	25,973
MSRs at fair value [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
MSRs at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
MSRs at fair value [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	0	0
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(21,402)	(22,563)
Assets, Total [Member] | Net Mortgage Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	(137,329)	25,973
Assets, Total [Member] | Net Gain on Mortgage Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	57,403	(23,678)
Assets, Total [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	59,131	(31,006)
Assets, Total [Member] | Net Interest Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income	$ (607)	$ 6,148

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Value of REO Re-measured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 29,377	$ 24,515
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
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
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 29,377	$ 24,515

Fair Value - Summary of Chang_3

Fair Value - Summary of Changes in Fair Value Recognized in REO that Remeasured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	$ (2,438)	$ (4,769)

Fair Value - Fair Value of Othe

Fair Value - Fair Value of Other Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Exchangeable senior notes	$ 250,634	$ 247,172
Notes payable	$ 746,293	$ 444,403
Exchangeable Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Borrowings, source of fair value	pmt:BrokerIndicationMember	pmt:BrokerIndicationMember
Notes payable [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Borrowings, source of fair value	pmt:BrokerQuotesMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember

Fair Value - Quantitative Summa

Fair Value - Quantitative Summary of Key Inputs Used in Valuation of Level 3 Mortgage Loans at Fair Value (Detail) - Mortgage loans at fair value [Member]	Mar. 31, 2019	Dec. 31, 2018
Discount Rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.031	0.028
Discount Rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.196	0.196
Discount Rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.108	0.120
Twelve-Month Projected Housing Price Index Change [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.033	0.031
Twelve-Month Projected Housing Price Index Change [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.037	0.037
Twelve-Month Projected Housing Price Index Change [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.035	0.034
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.019	0.009
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.082	0.083
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.031	0.032
Total Prepayment Speed [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.086	0.083
Total Prepayment Speed [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.215	0.220
Total Prepayment Speed [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.167	0.183

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		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
UPB of underlying mortgage loans (in thousands)	$ 9,245,177	$ 5,114,741
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)	$ 22,664,211		$ 23,196,033
Average servicing fee rate (in basis points)	0.34%		0.34%
Average ESS rate (in basis points)	0.19%		0.19%
Pricing spread	3.20%		3.10%
Annual total prepayment speed	10.40%		9.70%
Life (in years)	6 years 6 months		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	3.00%		2.80%
Annual total prepayment speed	8.50%		8.20%
Life (in years)	1 year 6 months		1 year 7 months 6 days
Excess servicing spread [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread	3.30%		3.20%
Annual total prepayment speed	29.90%		29.50%
Life (in years)	7 years 4 months 24 days		7 years 7 months 6 days

Fair Value - Quantitative Sum_2

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail)	Mar. 31, 2019	Dec. 31, 2018
Pull-Through Rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	42.10%	45.40%
Pull-Through Rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	100.00%	100.00%
Pull-Through Rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	89.80%	91.80%
Servicing Fee Multiple [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	1.90%	2.40%
Servicing Fee Multiple [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	5.70%	5.60%
Servicing Fee Multiple [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	4.30%	4.30%
Percentage of UPB [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	0.60%	0.60%
Percentage of UPB [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	2.90%	3.60%
Percentage of UPB [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	1.40%	2.20%

Fair Value - Quantitative Sum_3

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Review and Approval of Broker-provided Fair Values for CRT Agreements (Detail) - CRT Agreements [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Voluntary prepayment speed	12.80%	9.00%
Involuntary prepayment speed	0.20%	0.20%
Remaining loss expectation	0.10%	0.10%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Voluntary prepayment speed	14.70%	10.60%
Involuntary prepayment speed	0.30%	0.20%
Remaining loss expectation	0.20%	0.20%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Voluntary prepayment speed	13.90%	9.90%
Involuntary prepayment speed	0.30%	0.20%
Remaining loss expectation	0.10%	0.20%
Discount Rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	5.80%	6.60%
Discount Rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	6.80%	7.50%
Discount Rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	6.60%	7.30%

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	Mar. 31, 2019	Dec. 31, 2018
Repurchase Agreement Derivatives [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ratio included in estimated fair value	97.00%	97.00%

Fair Value - Summary of Key Uno

Fair Value - Summary of Key Unobservable Inputs Used in Valuation of Firm Commitment to Purchase CRT Securities (Detail) - Firm commitment to purchase CRT securities [Member]	Mar. 31, 2019	Dec. 31, 2018
Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.070	0.079
Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.158	0.124
Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.001	0.001
Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.001	0.001

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
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized	$ 131,868,000	$ 66,546,000
Fair value, UPB of underlying mortgage loans	$ 9,245,177,000	$ 5,114,741,000
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.32%	0.26%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	7.80%	7.40%
Fair value inputs, Prepayment speed during period	4.90%	3.20%
Fair value inputs, Weighted average life during period	1 year 9 months 18 days	3 years 6 months
Fair value inputs, Annual per loan cost of servicing during period	$ 78,000	$ 79,000
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	9.50%	12.60%
Fair value inputs, Prepayment speed during period	42.20%	22.80%
Fair value inputs, Weighted average life during period	10 years 6 months	11 years 10 months 24 days
Fair value inputs, Annual per loan cost of servicing during period	$ 78,000	$ 79,000
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread during period	5.80%	7.50%
Fair value inputs, Prepayment speed during period	12.20%	8.10%
Fair value inputs, Weighted average life during period	6 years 7 months 6 days	8 years 4 months 24 days
Fair value inputs, Annual per loan cost of servicing during period	$ 78,000	$ 79,000

Fair Value - Quantitative Sum_4

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 1,156,908,000	$ 1,162,369,000	$ 957,013,000	$ 91,459,000
UPB of underlying mortgage loans, Fair Value	$ 99,279,532,000	$ 92,410,226,000
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.26%	0.25%
Weighted-average note interest rate, Fair value	4.30%	4.20%
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	$ (13,604,000)	$ (13,872,000)
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	(26,895,000)	(27,428,000)
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	(52,576,000)	(53,626,000)
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	(24,983,000)	(21,661,000)
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	(48,861,000)	(42,458,000)
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	(93,573,000)	(81,660,000)
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	(8,151,000)	(8,298,000)
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	(16,302,000)	(16,597,000)
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	$ (32,605,000)	$ (33,194,000)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	5.90%	5.70%
Estimated fair value inputs, Prepayment speed	9.10%	8.10%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 77,000	$ 77,000
Minimum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	2 years 7 months 6 days	2 years 8 months 12 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	11.10%	10.70%
Estimated fair value inputs, Prepayment speed	29.90%	27.10%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 78,000	$ 78,000
Maximum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	6 years 6 months	7 years 3 months 18 days
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	6.00%	5.80%
Estimated fair value inputs, Prepayment speed	11.60%	9.80%
Estimated fair value inputs, Annual per-loan cost of servicing	$ 78,000	$ 78,000
Weighted Average [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	6 years 4 months 24 days	7 years 1 month 6 days

Mortgage Backed Securities - Su

Mortgage Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Mortgage Backed Securities [Line Items]
Balance at beginning of quarter	$ 2,610,422
Changes in fair value included in income arising from:
Balance at end of quarter	2,589,106
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of quarter	2,610,422	$ 989,461
Purchases	0	500,573
Sale and repayment	(53,682)	(30,741)
Changes in fair value included in income arising from:
Amortization of premiums	(4,556)	(440)
Valuation adjustments	36,922	(22,397)
Total changes in fair value included in income	32,366	(22,837)
Balance at end of quarter	$ 2,589,106	$ 1,436,456

Mortgage Backed Securities - _2

Mortgage Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Mortgage Backed Securities [Line Items]
Fair value	$ 2,589,106	$ 2,610,422
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	2,527,822	2,581,503
Unamortized purchase premiums	41,633	46,190
Accumulated valuation changes	(19,651)	17,271
Fair value	2,589,106	2,610,422
Fannie Mae [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	2,007,629	2,050,769
Unamortized purchase premiums	35,579	39,488
Accumulated valuation changes	(13,966)	14,920
Fair value	2,057,174	2,075,337
Freddie Mac [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	520,193	530,734
Unamortized purchase premiums	6,054	6,702
Accumulated valuation changes	(5,685)	2,351
Fair value	$ 531,932	$ 535,085

Mortgage Backed Securities - _3

Mortgage Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Minimum [Member]
Mortgage Backed Securities [Line Items]
Mortgage backed securities, maturity period	10 years	10 years

Mortgage Loans Acquired for S_3

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	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	$ 1,435,071	$ 1,643,957
Mortgage loans pledged to secure: Assets sold under agreements to repurchase	1,414,330	1,621,879
Mortgage loans pledged to secure total	1,414,330	1,621,879
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	195,839	86,308
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	1,338,015	1,436,437
Mortgage loans pledged to secure mortgage loan participation purchase and sale agreements	76,315	185,442
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	1,215,942	1,495,954
Held for Sale to PLS - Government-Insured or Guaranteed [Member] | PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	195,839	86,308
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	4,929	44,221
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	8,595	8,559
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans acquired for sale at fair value	450	0
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	$ 9,316	$ 8,915

Mortgage Loans Acquired for S_4

Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	3 Months Ended
	Mar. 31, 2019
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	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Fair value	$ 398,664	$ 408,305
Unpaid principal balance	475,493		$ 495,651
Asset-backed financing of a VIE at fair value	289,552	290,573
Mortgage loans at fair value pledged to secure	394,361	399,266
Mortgage loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	1,435,071	1,643,957
Assets sold under agreements to repurchase	104,809	108,693
Fixed interest rate jumbo mortgage loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	289,552	290,573
Unpaid principal balance	289,006		294,617
Distressed mortgage loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	109,112	117,732
Unpaid principal balance	186,487		201,034
Distressed mortgage loans [Member] | Nonperforming [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	75,910	88,926
Unpaid principal balance	138,368		157,991
Distressed mortgage loans [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	33,202	$ 28,806
Unpaid principal balance	$ 48,119		$ 43,043

Derivative Activities - Additio

Derivative Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019
Derivatives Fair Value [Line Items]
Maturity date description	The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019
Master Repurchase Agreement [Member]
Derivatives Fair Value [Line Items]
Maturity date description	The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019.
Master Repurchase Agreement [Member] | Embedded Derivatives [Member]
Derivatives Fair Value [Line Items]
Maturity date description	The master repurchase agreement is subject to a rolling six-month term through August 18, 2019, unless terminated earlier by the lender. There can be no assurance that the lender will not terminate this agreement before its stated maturity.

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 ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Total derivative assets instruments before netting	$ 209,297,000	$ 171,996,000
Derivative assets, Netting	(20,587,000)	(4,831,000)
Total derivative assets after netting	188,710,000	167,165,000
Margin deposits (received from) placed with derivatives counterparties, net	(4,528,000)	18,744,000
Derivative assets pledged to secure Assets sold under agreements to repurchase	97,883,000	87,976,000
Total derivative liabilities	24,809,000	29,490,000
Derivative liabilities, Netting	(16,059,000)	(23,576,000)
Total derivative liabilities after netting	8,750,000	5,914,000
Repurchase Agreement Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	0	0
Total derivative assets instruments before netting	17,701,000	14,511,000
Derivative assets, Netting	0	0
Total derivative assets after netting	17,701,000	14,511,000
Total derivative liabilities	0	0
CRT Agreements [Member]
Derivatives Fair Value [Line Items]
Notional amount	29,265,550,000	29,934,003,000
Total derivative assets instruments before netting	130,447,000	123,987,000
Derivative assets, Netting	0	0
Total derivative assets after netting	130,447,000	123,987,000
Total derivative liabilities	0	0
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	2,037,160,000	1,688,516,000
Total derivative assets instruments before netting	11,341,000	12,162,000
Total derivative assets after netting	11,341,000	12,162,000
Total derivative liabilities	884,000	174,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	5,126,069,000	3,072,223,000	$ 2,510,700,000	$ 1,996,235,000
Total derivative assets instruments before netting	26,570,000	14,845,000
Derivative assets, Netting	0	0
Total derivative assets after netting	26,570,000	14,845,000
Total derivative liabilities	3,435,000	43,000
Derivative liabilities, Netting	0	0
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	4,941,484,000	4,595,241,000	2,297,802,000	2,565,271,000
Total derivative assets instruments before netting	2,428,000	13,000
Derivative assets, Netting	0	0
Total derivative assets after netting	2,428,000	13,000
Total derivative liabilities	20,490,000	29,273,000
Derivative liabilities, Netting	0	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	4,150,000,000	2,550,000,000	1,750,000,000	2,375,000,000
Total derivative assets instruments before netting	4,780,000	218,000
Derivative assets, Netting	0	0
Total derivative assets after netting	4,780,000	218,000
Total derivative liabilities	0	0
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	3,100,000,000	500,000,000
Total derivative assets instruments before netting	5,331,000	945,000
Derivative assets, Netting	0	0
Total derivative assets after netting	5,331,000	945,000
Total derivative liabilities	0	0
Call Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	1,475,000,000	512,500,000	150,000,000	0
Total derivative assets instruments before netting	10,699,000	5,137,000
Derivative assets, Netting	0	0
Total derivative assets after netting	10,699,000	5,137,000
Total derivative liabilities	0	0
Put Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	950,000,000	1,102,500,000	275,000,000	550,000,000
Total derivative assets instruments before netting	0	178,000
Derivative assets, Netting	0	0
Total derivative assets after netting	0	178,000
Total derivative liabilities	0	0
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	150,000,000	0	0	275,000,000
Total derivative assets instruments before netting	0	0
Total derivative liabilities	0	0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	165,000,000	815,000,000	$ 450,000,000	$ 0
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 (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	$ 3,072,223,000	$ 1,996,235,000
Additions	33,419,932,000	19,833,104,000
Dispositions/expirations	(31,366,086,000)	(19,318,639,000)
Notional amount, end of quarter	5,126,069,000	2,510,700,000
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	4,595,241,000	2,565,271,000
Additions	42,338,646,000	24,410,334,000
Dispositions/expirations	(41,992,403,000)	(24,677,803,000)
Notional amount, end of quarter	4,941,484,000	2,297,802,000
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	2,550,000,000	2,375,000,000
Additions	9,600,000,000	4,125,000,000
Dispositions/expirations	(8,000,000,000)	(4,750,000,000)
Notional amount, end of quarter	4,150,000,000	1,750,000,000
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	500,000,000
Additions	5,400,000,000
Dispositions/expirations	(2,800,000,000)
Notional amount, end of quarter	3,100,000,000
Call Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	512,500,000	0
Additions	3,537,500,000	150,000,000
Dispositions/expirations	(2,575,000,000)	0
Notional amount, end of quarter	1,475,000,000	150,000,000
Put Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	1,102,500,000	550,000,000
Additions	5,352,500,000	3,325,000,000
Dispositions/expirations	(5,505,000,000)	(3,600,000,000)
Notional amount, end of quarter	950,000,000	275,000,000
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	0	275,000,000
Additions	150,000,000	0
Dispositions/expirations	0	(275,000,000)
Notional amount, end of quarter	150,000,000	0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter	815,000,000	0
Additions	2,702,400,000	450,000,000
Dispositions/expirations	(3,352,400,000)	0
Notional amount, end of quarter	$ 165,000,000	450,000,000
Eurodollar Future Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of quarter		937,000,000
Additions		114,597,000
Dispositions/expirations		(203,933,000)
Notional amount, end of quarter		$ 847,664,000

Derivative Activities - Summa_2

Derivative Activities - Summary of Net Derivative Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Gross amounts of recognized assets	$ 209,297	$ 171,996
Gross amounts offset in the consolidated balance sheet	(20,587)	(4,831)
Total derivative assets after netting	188,710	167,165
Net amounts of assets presented in the consolidated balance sheet	(20,587)	(4,831)
Repurchase Agreement Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	17,701	14,511
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	17,701	14,511
CRT Agreement Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	130,447	123,987
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	130,447	123,987
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	11,341	12,162
Total derivative assets after netting	11,341	12,162
Forward Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	26,570	14,845
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	26,570	14,845
Forward Sale Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	2,428	13
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	2,428	13
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	159,489	150,660
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	159,489	150,660
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	11,341	12,162
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	11,341	12,162
MBS Put Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	4,780	218
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	4,780	218
MBS Call Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	5,331	945
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	5,331	945
Put Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	178
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	0	178
Call Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	10,699	5,137
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative assets after netting	10,699	5,137
Netting [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	(20,587)	(4,831)
Total derivative assets after netting	(20,587)	(4,831)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	49,808	21,336
Gross amounts offset in the consolidated balance sheet	(20,587)	(4,831)
Total derivative assets after netting	$ 29,221	$ 16,505

Derivative Activities - Summa_3

Derivative Activities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 188,710	$ 167,165
Financial instruments	0	0
Cash collateral received	0	0
Net amount	188,710	167,165
CRT Agreement Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	130,447	123,987
Financial instruments	0	0
Cash collateral received	0	0
Net amount	130,447	123,987
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	11,341	12,162
Financial instruments	0	0
Cash collateral received	0	0
Net amount	11,341	12,162
Deutsche Bank Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	17,701	14,511
Financial instruments	0	0
Cash collateral received	0	0
Net amount	17,701	14,511
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	10,699	5,315
Financial instruments	0	0
Cash collateral received	0	0
Net amount	10,699	5,315
Federal National Mortgage Association [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,654	5,619
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,654	5,619
Wells Fargo Securities, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	4,139	2,800
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,139	2,800
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,726	971
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,726	971
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,449	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,449	0
Credit Suisse Securities (USA) LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	579
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	579
Goldman Sachs [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,396	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,396	0
Mitsubishi UFJ Sec [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	167	257
Financial instruments	0	0
Cash collateral received	0	0
Net amount	167	257
Morgan Stanley & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	243
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	243
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	4,853	107
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,853	107
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	138	614
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 138	$ 614

Derivative Activities - Schedul

Derivative Activities - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 4,204,638	$ 4,806,517
Gross amounts offset in the consolidated balance sheet	(16,059)	(23,576)
Net amounts of liabilities presented in the consolidated balance sheet	4,188,579	4,782,941
Unpaid Principal Balance [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	4,179,308	4,777,486
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	4,179,308	4,777,486
Forward Purchase Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	3,435	43
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	3,435	43
Forward Sales Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	20,490	29,273
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	20,490	29,273
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	884	174
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	884	174
Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	(16,059)	(23,576)
Net amounts of liabilities presented in the consolidated balance sheet	(16,059)	(23,576)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	23,925	29,316
Gross amounts offset in the consolidated balance sheet	(16,059)	(23,576)
Net amounts of liabilities presented in the consolidated balance sheet	7,866	5,740
Derivative Liabilities Before Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	24,809	29,490
Gross amounts offset in the consolidated balance sheet	(16,059)	(23,576)
Net amounts of liabilities presented in the consolidated balance sheet	8,750	5,914
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	521	(459)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	521	(459)
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	4,179,829	4,777,027
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ 4,179,829	$ 4,777,027

Derivative Activities - Summa_4

Derivative Activities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 4,188,579	$ 4,782,941
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	4,179,829	4,777,027
Security Sold Under Agreements to Repurchase [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	4,188,058	4,783,400
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(4,179,308)	(4,777,486)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	8,750	5,914
Security Sold Under Agreements to Repurchase [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	884	174
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	884	174
Security Sold Under Agreements to Repurchase [Member] | J.P. Morgan Securities LLC [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,431,886	1,441,934
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,431,886)	(1,441,934)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Security Sold Under Agreements to Repurchase [Member] | Bank of America, N.A. [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,165,071	1,307,923
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,165,071)	(1,307,584)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	339
Security Sold Under Agreements to Repurchase [Member] | Deutsche Bank Securities LLC [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	461,298	495,974
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(461,298)	(495,974)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Security Sold Under Agreements to Repurchase [Member] | Credit Suisse Securities (USA) LLC [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	198,479	512,662
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(198,329)	(512,662)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	150	0
Security Sold Under Agreements to Repurchase [Member] | Mizuho Securities [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	263,233	270,708
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(263,233)	(270,708)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Security Sold Under Agreements to Repurchase [Member] | Daiwa Capital Markets [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	253,521	254,332
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(253,498)	(254,332)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	23	0
Security Sold Under Agreements to Repurchase [Member] | BNP Paribas [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	151,560	162,636
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(151,457)	(162,357)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	103	279
Security Sold Under Agreements to Repurchase [Member] | Morgan Stanley & Co. LLC [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	97,291	105,366
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(92,986)	(105,366)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	4,305	0
Security Sold Under Agreements to Repurchase [Member] | Citigroup Global Markets Inc. [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	80,085	99,626
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(79,287)	(98,644)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	798	982
Security Sold Under Agreements to Repurchase [Member] | Wells Fargo Securities, LLC [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	68,791	70,130
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(68,791)	(70,130)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Security Sold Under Agreements to Repurchase [Member] | RBC Capital Markets, L.P. [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	13,472	57,795
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(13,472)	(57,795)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Security Sold Under Agreements to Repurchase [Member] | Other [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,075	4,128
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	1,075	4,128
Security Sold Under Agreements to Repurchase [Member] | Federal National Mortgage Association [Member] | Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,412	12
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	$ 1,412	$ 12

Derivative Activities - Net Gai

Derivative Activities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gain Loss on mortgage loans acquired for sale [Member] | Interest Rate Lock Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ 28,502	$ (14,858)
Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	231	(12)
Fixed-rate assets and LIBOR- indexed repurchase agreements [Member] | Net gain (loss) on investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	7,380	1,460
CRT Agreements [Member] | Net gain (loss) on investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	27,503	24,684
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 on derivative financial instruments used as economic hedges	(34,345)	32,810
Mortgage service rights [Member] | Net loan servicing fees [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ 41,135	$ (20,848)

Real Estate Acquired in Settl_3

Real Estate Acquired in Settlement of Loans - Summary of Financial Information Relating to REO (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Abstract]
Balance at beginning of quarter	$ 85,681	$ 162,865
Transfer from mortgage loans at fair value and advances	4,550	16,363
Transfer from real estate held for investment	324	0
Transfer to real estate held for investment	0	(2,059)
Results of REO:
Valuation adjustments, net	(3,561)	(5,359)
Gain on sale, net	2,081	2,133
Total gain (loss), net	(1,480)	(3,226)
Sales	(16,900)	(32,437)
Balance at end of quarter	72,175	141,506
REO pledged to secure assets sold under agreements to repurchase	18,927	1,939
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties	0	38,259
Real estate pledged to creditors	$ 18,927	$ 40,198

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Servicing Asset At Fair Value Changes In Fair Value [Abstract]
Balance at beginning of quarter		$ 1,162,369	$ 91,459
Transfer of mortgage servicing rights from mortgage servicing rights carried at lower of amortized cost or fair value pursuant to a change in accounting principle		0	773,035
Balance after reclassification		1,162,369	864,494
MSRs resulting from mortgage loan sales		131,868	66,546
Due to changes in valuation inputs used in valuation model	[1]	(96,508)	52,611
Other changes in fair value	[2]	(40,821)	(26,638)
Change in fair value, Total		(137,329)	25,973
Balance at end of quarter		1,156,908	$ 957,013
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable		$ 1,133,736		$ 1,139,582
[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 - S_2

Mortgage Servicing Rights - Summary of Net Mortgage Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 61,272	$ 48,732
Late charges	330	214
Other	2,878	1,489
Net mortgage loan servicing fees	$ 64,480	$ 50,435

Assets Sold Under Agreements _3

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	3.49%	3.20%
Average balance	$ 4,844,689,000	$ 3,077,914,000
Total interest expense	36,851,000	24,507,000
Maximum daily amount outstanding	5,210,162,000	$ 3,655,250,000
Unpaid principal balance	4,179,308,000		$ 4,777,486,000
Assets sold under agreements to repurchase, At year end	$ 4,179,829,000		$ 4,777,027,000
Weighted average interest rate	3.31%		3.38%
Available borrowing capacity, Committed	$ 959,720,000		$ 783,415,000
Available borrowing capacity, Uncommitted	2,498,773,000		2,325,246,000
Available borrowing capacity	3,458,493,000		3,108,661,000
Margin deposits placed with counterparties included in Other assets	36,831,000		43,676,000
Real Estate Held for Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	30,007,000		23,262,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance premiums and (costs), net	521,000		(459,000)
Mortgage-backed securities at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	2,589,106,000		2,610,422,000
Mortgage loans acquired for sale at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,338,015,000		1,436,437,000
Mortgage loans at fair value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	104,809,000		108,693,000
Deposits securing CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	770,451,000		1,146,501,000
Derivative assets related to CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	73,148,000		87,976,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	18,927,000		40,198,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	$ 952,392,000		$ 945,042,000

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Maturity date description	The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019
Master Repurchase Agreement [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Incentives as a reductions to finance mortgage loans included in interest expense	$ 7,500,000	$ 2,400,000
Maturity date description	The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019.
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance premiums	$ 5,700,000	$ 169,000

Assets Sold Under Agreements _5

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Assets Sold under Agreements to Repurchase by Facility Maturity Date (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 4,179,308
Weighted average maturity (in months)	1 month 24 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 1,912,626
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,432,187
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	800,629
Over 180 days to one year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 33,866

Assets Sold Under Agreements _6

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Credit Suisse First Boston Mortgage Capital LLC Maturity in 2020 [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 382,436
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Dec. 20, 2020
Facility maturity	Dec. 20, 2020
Credit Suisse First Boston Mortgage
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 2,078
Weighted average maturity	Apr. 29, 2019
Credit Suisse First Boston Mortgage | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 15,034
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Apr. 26, 2019
Facility maturity	Apr. 26, 2019
Deutsche Bank [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 160,578
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jun. 22, 2019
Facility maturity	Aug. 18, 2019
Citibank, N.A. [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 49,199
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jun. 7, 2019
Facility maturity	Jun. 7, 2019
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 51,003
Weighted average maturity	Apr. 22, 2019
Bank of America, N.A. [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 25,689
Mortgage acquired for sale Weighted-average repurchase agreement maturity	May 1, 2019
Facility maturity	Jul. 1, 2019
BNP Paribas Corporate & Institutional Banking [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 8,805
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jun. 20, 2019
Facility maturity	Aug. 2, 2019
Morgan Stanley [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 5,351
Mortgage acquired for sale Weighted-average repurchase agreement maturity	Jun. 17, 2019
Facility maturity	Aug. 23, 2019
Royal Bank of Canada [Member] | Mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 662
Mortgage acquired for sale Weighted-average repurchase agreement maturity	May 31, 2019
Facility maturity	May 31, 2019
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 43,618
Weighted average maturity	May 29, 2019
JPMorgan Chase & Co. [Member] | CRT Agreements sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 204,877
Weighted average maturity	Apr. 5, 2019
Daiwa Capital Markets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 14,921
Weighted average maturity	May 4, 2019
Mizuho Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 12,521
Weighted average maturity	Jun. 6, 2019
Wells Fargo, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 5,327
Weighted average maturity	Apr. 20, 2019

Mortgage Loan Participation P_3

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
At period end:
Mortgage loan participation purchase and sale agreements, At year end	$ 73,142,000		$ 178,639,000
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted-average interest rate	3.70%	2.49%
Average balance	$ 56,210,000	$ 45,661,000
Total interest expense	574,000	314,000
Maximum daily amount outstanding	207,065,000	$ 77,404,000
At period end:
Amount outstanding	73,175,000		178,726,000
Unamortized debt issuance costs	(33,000)		(87,000)
Mortgage loan participation purchase and sale agreements, At year end	$ 73,142,000		$ 178,639,000
Weighted average interest rate	3.74%		3.77%
Mortgage loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements	$ 76,315,000		$ 185,442,000

Mortgage Loan Participation P_4

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance (premiums) and costs, net	$ (4,899,000)	$ 236,000
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance (premiums) and costs, net	$ 55,000	$ 0

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Detail) - Exchangeable Senior Notes due May 1, 2020 [Member]	Apr. 30, 2013USD ($)	Mar. 31, 2019USD ($)$ / 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
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Carrying value:
UPB	$ 250,000		$ 250,000
Exchangeable senior notes	248,652		248,350
Convertible Debt [Member]
Debt Instrument [Line Items]
Average balance	250,000	$ 250,000
Total interest expense	3,661	$ 3,644
Carrying value:
Unamortized debt issuance costs	$ (1,348)		$ (1,650)

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	Mar. 29, 2019	Apr. 25, 2018	Mar. 31, 2019	Mar. 24, 2018	Feb. 01, 2018
Secured Term Notes [Member]
Short-term Debt [Line Items]
Aggregate loan amount	$ 295,700,000	$ 450,000,000
Debt instrument initial payemt date	Apr. 29, 2019
Maturity date of debt instrument	Mar. 29, 2022	Apr. 25, 2023
Debt instrument extended maturity date subject to term note indenture	Mar. 29, 2024	Apr. 25, 2025
Debt instrument payable start date		2018-05
Secured Term Notes [Member] | Fixed-rate assets and LIBOR- indexed repurchase agreements [Member]
Short-term Debt [Line Items]
Debt Instrument, Description of Variable Rate Basis	one-month		one-month
Debt instrument interest rate spread	2.00%	2.35%
Loan and Security Agreement with Credit Suisse First Boston Mortgage Capital LLC [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument			Feb. 1, 2020
Loan and Security Agreement with Credit Suisse First Boston Mortgage Capital LLC [Member] | Maximum [Member]
Short-term Debt [Line Items]
Aggregate loan amount					$ 175,000,000
Loan and Security Agreement with Barclays Bank PLC [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument			Feb. 1, 2018
Loan and Security Agreement with Barclays Bank PLC [Member] | Maximum [Member]
Short-term Debt [Line Items]
Aggregate loan amount				$ 170,000

Notes Payable - Summary of Fina

Notes Payable - Summary of Financial Information Relating to Note Payable (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Carrying value:
Amount outstanding	$ 745,730,000	$ 450,000,000
Balance	739,224,000	445,573,000
Assets securing notes payable:
MSRs (1)	1,133,736,000	1,139,582,000
Deposits securing CRT Agreements	366,831,000
Derivative assets	$ 97,883,000	87,976,000
Notes payable [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	4.89%
Average balance	$ 465,377,000
Total interest expense	5,823,000
Maximum daily amount outstanding	745,730,000
Carrying value:
Unamortized debt issuance costs	$ (6,506,000)	$ (4,427,000)
Weighted average interest rate	4.75%	4.86%
Assets securing notes payable:
Derivative assets	$ 24,735,000

Notes Payable - Summary of Fi_2

Notes Payable - Summary of Financial Information Relating to Note Payable (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Amortization of debt issuance (premiums) and costs, net	$ (4,899,000)	$ 236,000
Notes payable [Member]
Debt Instrument [Line Items]
Amortization of debt issuance (premiums) and costs, net	$ 256,000

Asset-Backed Financing of a V_3

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
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Asset-backed financing of a variable interest entity at fair value	$ 275,509		$ 276,499
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Asset-backed financing of a variable interest entity at fair value	275,509		276,499
Asset-Backed Financing of the VIE at Fair Value [Member] | Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Asset-backed financing of a variable interest entity at fair value	275,509		276,499
UPB	277,254		$ 281,922
Asset-Backed Financing of the VIE at Fair Value [Member] | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value [Member]
Variable Interest Entity [Line Items]
Average balance	275,787	$ 297,682
Total interest expense	$ 3,268	$ 2,296
Weighted average interest rate	3.55%	3.54%
Weighted average interest rate	3.51%		3.51%

Liability for Losses under Re_3

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
	Mar. 31, 2019	Mar. 31, 2018
Mortgage Banking [Abstract]
Balance, beginning of quarter	$ 7,514	$ 8,678
Provision for losses:
Pursuant to mortgage loan sales	720	572
Reduction in liability due to change in estimate	(528)	(1,042)
(Losses incurred) recoveries, net	(18)	41
Balance, end of quarter	7,688	8,249
UPB of mortgage loans subject to representations and warranties at end of quarter	$ 96,514,379	$ 74,554,838

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase mortgage loans acquired for sale	$ 2,037,160
Face amount firm commitment to purchase credit risk transfer securities	$ 886,969

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class Of Stock [Line Items]
Number of shares	12,400,000		12,400,000
Liquidation preference	$ 310,000,000		$ 310,000,000
Issuance discount	10,293,000
Carrying value	$ 299,707,000		$ 299,707,000
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
Dividends per share	$ 0.51	$ 0.51
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000
Liquidation preference	$ 195,000,000
Issuance discount	6,465,000
Carrying value	$ 188,535,000
Dividends per share	$ 0.50	$ 0.50

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	Jul. 05, 2017	Jul. 31, 2017	Mar. 31, 2017	Mar. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Preferred stock, par value				$ 0.01	$ 0.01
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%	5.99%		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 ($)	Mar. 14, 2019	Feb. 11, 2019	Jul. 05, 2017	Jul. 31, 2017	Mar. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Aug. 31, 2015
Schedule Of Capitalization Equity [Line Items]
Preferred stock, par value						$ 0.01		$ 0.01
Common shares, issued						68,412,435		60,951,444
Net proceeds from issuance and sales of common stock						$ 149,467,000	$ 0
Reimbursement paid for every $100 of performance incentive fees earned						10
Performance incentive fees earned						100
Payments of contingent underwriting fees to underwriters						152,000
Initial Public Offering [Member]
Schedule Of Capitalization Equity [Line Items]
Reimbursement paid for every $100 of performance incentive fees earned						20
Performance incentive fees earned						$ 100
Reimbursement agreement expiry date						Feb. 1, 2023
Management [Member]
Schedule Of Capitalization Equity [Line Items]
Reimbursement of contingent underwriting fee to manager						$ 75,000
Maximum [Member]
Schedule Of Capitalization Equity [Line Items]
Common stock shares Repurchase authorized amount									$ 300,000,000
Purchase Agreement [Member]
Schedule Of Capitalization Equity [Line Items]
Common shares, issued		7,000,000
Purhcase price		$ 20.41
Net proceeds from issuance and sales of common stock		$ 142,800,000
Equity Distribution Agreement [Member]
Schedule Of Capitalization Equity [Line Items]
Common shares, issued	221,000
Purhcase price	$ 20.76
Net proceeds from issuance and sales of common stock	$ 4,500,000
Maximum aggregate offering price	200,000,000
Sales commissions and fees of common stock issuance	$ 46,000
Common stock shares available for issuance value						$ 195,500,000
8.125% Series A Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Issuance of preferred shares, Shares					4,600,000
Cumulative dividend, beneficial interest rate					8.125%	8.125%
Preferred stock, par value					$ 0.01	$ 0.01
Statutory Dividend Payment Restrictions Disclosure						The Company pays quarterly cumulative dividends on the Preferred Shares on the 15th day of each March, June, September and December, provided that if any dividend payment date is not a business day, then the dividend that would otherwise be payable on that dividend payment date may be paid on the following business day.
8.125% Series A Preferred Stock [Member] | Fixed Annuity | Date Of Original Issuance To March 14,2024 [Member]
Schedule Of Capitalization Equity [Line Items]
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%
8.00% Series B Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Issuance of preferred shares, Shares				7,800,000
Cumulative dividend, beneficial interest rate			8.00%	5.99%		8.00%
Preferred stock, par value				$ 0.01		$ 0.01
Preferred stock, liquidation preference				$ 25
8.125% Series A And 8.00% Series B Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock redemption price per share						$ 25

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Common shares repurchased	0	671
Cumulative shares repurchased	14,731
Cost of common shares repurchased	$ 0	$ 10,719
Cumulative cost of shares repurchased	$ 216,625

Net Gain (Loss) on Investment_2

Net Gain (Loss) on Investments - Summary of Net Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Mortgage loans at fair value	$ 135,365	$ 67,007
Net gain (loss) on investments	95,093	18
Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Mortgage-backed securities at fair value	36,922	(22,397)
CRT Agreements	30,950	22,551
Firm commitment to purchase CRT securities	22,190	0
Asset-backed financing of a VIE at fair value	(2,857)	6,183
Hedging derivatives	7,380	1,460
Net gain (loss) on investments	98,655	(7,733)
PennyMac Financial Services, Inc. [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Net gain (loss) on investments	(3,562)	7,751
Variable Interest Entities [Member] | Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Mortgage loans at fair value	3,585	(5,579)
Distressed mortgage loans [Member] | Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Mortgage loans at fair value	$ 485	$ (9,951)

Net Gain on Mortgage Loans Ac_3

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
	Mar. 31, 2019	Mar. 31, 2018
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to mortgage loans sales	$ (720)	$ (572)
Change in fair value of financial instruments held at end of quarter:
Net cash of gain on mortgage loans acquired for sale	135,365	67,007
Net gain on mortgage loans acquired for sale	21,323	7,627
PennyMac Financial Services, Inc. [Member]
Change in fair value of financial instruments held at end of quarter:
Net gain on mortgage loans acquired for sale	1,994	2,641
Nonaffiliates [Member]
Cash loss:
Mortgage loans	(101,721)	(95,767)
Hedging activities	(14,315)	33,746
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(116,036)	(62,021)
Non-cash gain:
Recognition of fair value of firm commitment to purchase credit risk transfer security	19,600	0
Receipt of MSRs in mortgage loan sale transactions	131,868	66,546
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to mortgage loans sales	(720)	(572)
Reduction in liability due to change in estimate	528	1,042
Provision for losses relating to representations and warranties	(192)	470
Change in fair value of financial instruments held at end of quarter:
IRLCs	(1,531)	(1,924)
Mortgage loans	5,650	2,851
Hedging derivatives	(20,030)	(936)
Total non cash portion of gain on mortgage loans acquired for sale	(15,911)	(9)
Net gain on mortgage loans acquired for sale	$ 19,329	$ 4,986

Net Mortgage Loan Servicing F_3

Net Mortgage Loan Servicing Fees - Summary of Net Mortgage Loan Servicing Fees (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Components of Net Servicing Fee Income [Line Items]
Servicing fees		$ 64,480	$ 50,435
Effect of MSRs fair value changes:
Realization of cashflows	[1]	(40,821)	(26,638)
Market changes	[2]	(96,508)	52,611
Change in fair value, Total		(137,329)	25,973
Total Effect of MSRs		(96,194)	5,125
Net mortgage servicing fees from non-affiliates		(31,080)	56,155
Average servicing portfolio UPB		95,844,879	73,694,438
PennyMac Financial Services, Inc. [Member]
Effect of MSRs fair value changes:
Net mortgage servicing fees from non-affiliates		634	595
From PFSI—MSR recapture income		634	595
Nonaffiliates [Member]
Components of Net Servicing Fee Income [Line Items]
Servicing fees		61,272	48,732
Ancillary and other fees		3,208	1,703
Effect of MSRs fair value changes:
Realization of cashflows		(40,821)	(26,638)
Market changes		(96,508)	52,611
Change in fair value, Total		(137,329)	25,973
Total Effect of MSRs		(96,194)	5,125
Net mortgage servicing fees from non-affiliates		(31,714)	55,560
Nonaffiliates [Member] | Mortgage service rights [Member]
Effect of MSRs fair value changes:
Gains (losses) on hedging derivatives		$ 41,135	$ (20,848)
[1]	Represents changes due to realization of expected cash flows.
[2]	Principally reflects changes in pricing spread (discount rate) and prepayment speed inputs, primarily due to changes in market interest rates.

Net Interest Income - Summary o

Net Interest Income - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Total Interest Income	$ 63,081	$ 40,980
Interest expense:
Assets sold under agreements to repurchase	36,851	24,507
Interest expense, total	54,739	34,816
Net interest income	8,342	6,164
Exchangeable Notes [Member]
Interest expense:
Total interest expense	3,661	3,644
PennyMac Financial Services, Inc. [Member]
Interest income:
Total Interest Income	3,066	3,934
Interest expense:
Assets sold under agreements to repurchase	1,796	1,976
Nonaffiliates [Member]
Interest income:
Short-term investments	670	73
Mortgage-backed securities	19,452	8,791
Mortgage loans acquired for sale at fair value	20,438	11,332
Distressed	1,248	7,899
Deposits securing CRT Agreements	6,775	2,031
Placement fees relating to custodial funds	8,266	4,215
Other	242	102
Total Interest Income	60,015	37,046
Interest expense:
Assets sold under agreements to repurchase	36,851	24,507
Mortgage loan participation purchase and sale agreements	574	314
Notes payable	5,823	0
Asset-backed financings of a VIE at fair value	3,268	2,296
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	2,271	1,594
Interest on mortgage loan impound deposits	495	485
Interest expense, total	52,943	32,840
Nonaffiliates [Member] | Exchangeable Notes [Member]
Interest expense:
Total interest expense	3,661	3,644
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Mortgage loans at fair value	$ 2,924	$ 2,603

Net Interest Income - Summary_2

Net Interest Income - Summary of Net Interest Income (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Maturity date description	The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019
Master Repurchase Agreement [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Incentives as a reductions to finance mortgage loans included in interest expense	$ 7.5	$ 2.4
Repurchase agreement expiration date	Aug. 21, 2019
Maturity date description	The master repurchase agreement expires on August 21, 2019, unless terminated earlier at the option of the lender. The Company expects that it will cease to accrue the incentives under the repurchase agreement in the second quarter of 2019.

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Summary of Share-Based Compensation Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	175	245
Total grant date value of share units granted	$ 3,609	$ 3,842
Total share units vested	367	220
Compensation expense relating to share-based grants	$ 1,617	$ 899
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	96	129
Total grant date value of share units granted	$ 1,978	$ 2,300
Total share units vested	226	192
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	79	116
Total grant date value of share units granted	$ 1,631	$ 1,542
Total share units vested	141	28

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Forfeitures of grants during the quarters	0	0

Other Expenses - Summary of Oth

Other Expenses - Summary of Other Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Non operating Income Expense [Line Items]
Total other expenses	$ 3,148	$ 2,650
Common Overhead Allocation from PFSI [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	1,236	1,001
Safekeeping [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	736	360
Bank Service Charges [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	568	545
Technology [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	373	378
Insurance [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	280	305
Other [Member]
Other Non operating Income Expense [Line Items]
Total other expenses	$ (45)	$ 61

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		15 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019
Income Tax [Line Items]
Effective income tax rates	(7.30%)	25.50%
Expense (benefit) from income taxes	$ (3,660)	$ 9,652
Income (loss) before benefit from income taxes	49,867	37,838
Percentage of deduction from taxable income			20.00%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Expense (benefit) from income taxes	3,900	9,400
Income (loss) before benefit from income taxes	$ 17,400	$ 34,600

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
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 53,527	$ 28,186
Dividends on preferred shares	(6,234)	(6,234)
Effect of participating securities—share-based compensation awards	(184)	(202)
Net income attributable to common shareholders	47,109	21,750
Net income attributable to common shareholders	47,109	21,750
Interest on Exchangeable Notes, net of income taxes	2,709	2,655
Income attributable to participating securities	184
Diluted net income attributable to common shareholders	$ 50,002	$ 24,405
Weighted average basic shares outstanding	64,629	60,761
Dilutive securities:
Shares under share-based compensation plan	275	647
Shares issuable pursuant to exchange of the Exchangeable Notes	8,467	8,467
Diluted weighted average number of shares outstanding	73,371	69,875
Basic earnings per share	$ 0.73	$ 0.36
Diluted earnings per share	$ 0.68	$ 0.35

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Plan [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	209	0

Segments - Additional Informati

Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
Segment Reporting [Abstract]
Number of business segments	4

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Net investment income:
Net gain (loss) on investments	$ 95,093	$ 18
Net gain on mortgage loans acquired for sale	21,323	7,627
Net mortgage loan servicing fees	(31,080)	56,155
Net interest income (expense):
Interest income	63,081	40,980
Interest expense	(54,739)	(34,816)
Net interest income	8,342	6,164
Other income (loss)	12,940	5,709
Net investment income	106,618	75,673
Expenses:
Mortgage loan fulfillment and servicing fees payable to PFSI	38,144	22,963
Management fees	7,248	5,696
Other	11,359	9,176
Total expenses	56,751	37,835
Pretax income (loss)	49,867	37,838
Total assets at period end	7,555,987	5,790,486	$ 7,813,361
Correspondent production [Member]
Net investment income:
Net gain (loss) on investments	0	0
Net gain on mortgage loans acquired for sale	10,226	7,599
Net mortgage loan servicing fees	0	0
Net interest income (expense):
Interest income	20,316	11,169
Interest expense	(9,662)	(6,798)
Net interest income	10,654	4,371
Other income (loss)	12,964	7,073
Net investment income	33,844	19,043
Expenses:
Mortgage loan fulfillment and servicing fees payable to PFSI	27,573	11,944
Management fees	0	0
Other	2,650	469
Total expenses	30,223	12,413
Pretax income (loss)	3,621	6,630
Total assets at period end	1,511,887	1,141,457
Credit Sensitive Strategies [Member]
Net investment income:
Net gain (loss) on investments	53,808	12,414
Net gain on mortgage loans acquired for sale	11,097	28
Net mortgage loan servicing fees	0	7
Net interest income (expense):
Interest income	8,256	10,208
Interest expense	(12,022)	(10,664)
Net interest income	(3,766)	(456)
Other income (loss)	(30)	(1,389)
Net investment income	61,109	10,604
Expenses:
Mortgage loan fulfillment and servicing fees payable to PFSI	465	3,085
Management fees	0	0
Other	2,271	3,913
Total expenses	2,736	6,998
Pretax income (loss)	58,373	3,606
Total assets at period end	1,617,022	1,485,492
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net gain (loss) on investments	41,285	(12,396)
Net gain on mortgage loans acquired for sale	0	0
Net mortgage loan servicing fees	(31,080)	56,148
Net interest income (expense):
Interest income	34,079	19,428
Interest expense	(33,055)	(17,354)
Net interest income	1,024	2,074
Other income (loss)	0	0
Net investment income	11,229	45,826
Expenses:
Mortgage loan fulfillment and servicing fees payable to PFSI	10,106	7,934
Management fees	0	0
Other	318	108
Total expenses	10,424	8,042
Pretax income (loss)	805	37,784
Total assets at period end	4,326,579	2,989,692
Corporate [Member]
Net investment income:
Net gain (loss) on investments	0	0
Net gain on mortgage loans acquired for sale	0	0
Net mortgage loan servicing fees	0	0
Net interest income (expense):
Interest income	430	175
Interest expense	0	0
Net interest income	430	175
Other income (loss)	6	25
Net investment income	436	200
Expenses:
Mortgage loan fulfillment and servicing fees payable to PFSI	0	0
Management fees	7,248	5,696
Other	6,120	4,686
Total expenses	13,368	10,382
Pretax income (loss)	(12,932)	(10,182)
Total assets at period end	$ 100,499	$ 173,845

Segments - Financial Highligh_2

Segments - Financial Highlights by Operating Segment (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Correspondent production [Member]
Segment Reporting Information [Line Items]
Initial firm commitment gain allocated to Net gain on mortgage loans acquired for sale	$ 8.6
Credit Sensitive Strategies [Member]
Segment Reporting Information [Line Items]
Initial firm commitment gain allocated to Net gain on mortgage loans acquired for sale	$ 11.1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Payments:
Income tax, net	$ 0	$ 0
Interest	67,466	32,112
Cumulative effect on accumulated deficit of conversion to fair value accounting for mortgage servicing rights	0	19,713
Non-cash investing activities:
Transfer of mortgage loans and advances to real estate acquired in settlement of loans	4,550	16,363
Transfer of real estate acquired in settlement of mortgage loans to real estate held for investment	0	2,059
Transfer from real estate held for investment to real estate acquired in settlement of loans	424	0
Receipt of mortgage servicing rights as proceeds from sales of mortgage loans at fair value	131,868	66,546
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.	508	904
Capitalization of servicing advances pursuant to mortgage loan modifications	457	1,677
Non-cash financing activities:
Dividends declared, not paid	$ 32,262	$ 28,818

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail)	Mar. 31, 2019USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 2,500,000
Basis point	0.25%
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]
Basis point	6.00%

Regulatory Capital and Liquid_4

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Amounts and Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Capital Requirements By Agencies [Line Items]
Net Worth, Actual	$ 515,013	$ 528,506
Net Worth, Required	$ 255,487	$ 238,915
Tangible Net Worth / Total Assets Ratio, Actual	12.00%	11.00%
Tangible Net Worth / Total Assets Ratio, Required	6.00%	6.00%
Liquidity, Actual	$ 65,992	$ 58,144
Liquidity, Required	$ 33,991	$ 31,678