PennyMac Mortgage Investment Trust (PMT) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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 Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		98,789,406
Entity File Number	001-34416
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0186273
Entity Address, Address Line One	3043 Townsgate Road
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	818
Local Phone Number	224-7442
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT
Security Exchange Name	NYSE
Security Exchange Name	NYSE
8.125% Series A Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.125% Series A Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT/PA
Security Exchange Name	NYSE
Security Exchange Name	NYSE
8.00% Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT/PB
Security Exchange Name	NYSE
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash	$ 278,486	$ 104,056
Short-term investments at fair value	81,624	90,836
Mortgage-backed securities at fair value ($1,992,786 and $2,839,633 pledged to creditors, respectively)	2,404,766	2,839,633
Loans acquired for sale at fair value ($3,956,307 and $4,070,134 pledged to creditors, respectively)	4,024,494	4,148,425
Loans at fair value ($189,620 and $268,757 pledged to creditors, respectively)	193,832	270,793
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	142,990	178,586
Derivative and credit risk transfer strip assets ($142,183 pledged to creditors at December 31, 2019)	107,436	202,318
Firm commitment to purchase credit risk transfer securities at fair value	0	109,513
Deposits securing credit risk transfer arrangements pledged to creditors	1,417,792	1,969,784
Mortgage servicing rights at fair value ($1,377,182 and $1,510,651 pledged to creditors, respectively)	1,388,403	1,535,705
Servicing advances	46,897	48,971
Real estate acquired in settlement of loans ($19,171 and $40,938 pledged to creditors, respectively)	35,697	65,583
Other	313,778	204,388
Total assets	10,455,067	11,771,351
LIABILITIES
Assets sold under agreements to repurchase	5,439,835	6,648,890
Mortgage loan participation purchase and sale agreements	79,721	0
Notes payable secured by credit risk transfer and mortgage servicing assets	1,602,389	1,696,295
Exchangeable senior notes	196,058	443,506
Asset-backed financing of a variable interest entity at fair value	175,879	243,360
Interest-only security payable at fair value	12,940	25,709
Derivative and credit risk transfer strip liabilities at fair value	166,080	6,423
Firm commitment to purchase credit risk transfer securities at fair value	148,794	0
Accounts payable and accrued liabilities	94,864	91,149
Income taxes payable	33,164	1,819
Liability for losses under representations and warranties	14,641	7,614
Total liabilities	8,173,801	9,320,436
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, 98,789,406 and 100,182,227 common shares, respectively	988	1,002
Additional paid-in capital	2,111,854	2,127,889
(Accumulated deficit) retained earnings	(131,283)	22,317
Total shareholders’ equity	2,281,266	2,450,915
Total liabilities and shareholders’ equity	10,455,067	11,771,351
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($189,620 and $268,757 pledged to creditors, respectively)	185,698	256,367
Derivative and credit risk transfer strip assets ($142,183 pledged to creditors at December 31, 2019)	0	170,793
Deposits securing credit risk transfer arrangements pledged to creditors	1,417,792	1,969,784
Other—interest receivable	513	712
Total assets	1,604,003	2,397,656
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	175,879	243,360
Derivative and credit risk transfer liabilities at fair value	134,744	0
Interest-only security payable at fair value	12,940	25,709
Accounts payable and accrued liabilities—interest payable	513	712
Total liabilities	324,076	269,781
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	142,990	178,586
Due from PennyMac Financial Services, Inc.	18,872	2,760
LIABILITIES
Assets sold under agreements to repurchase	86,958	107,512
Due to PennyMac Financial Services, Inc.	$ 122,478	$ 48,159

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Mortgage-backed securities at fair value, pledged to creditors	$ 1,992,786	$ 2,839,633
Loans acquired for sale at fair value, pledged to creditors	3,956,307	4,070,134
Loans at fair value, pledged to creditors	189,620	268,757
Derivative assets, pledged to creditors		142,183
Mortgage servicing rights pledged to creditors	$ 1,377,182	$ 1,510,651
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	$ 310,000
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	98,789,406	100,182,227
Common shares, outstanding	98,789,406	100,182,227
Real Estate Acquired in Satisfaction of Debt [Member]
Real estate pledged to creditors	$ 19,171	$ 40,938

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019		Sep. 30, 2020		Sep. 30, 2019
Net investment income
Net gain (loss) on loans acquired for sale	$ 98,422	$ 49,260	[1]	$ 309,411	[2]	$ 104,827	[3]
Loan origination fees	38,547	25,470		87,683		56,038
Net gain (loss) on investments	19,597	45,789		(306,600)		228,636
Contractually specified	98,027	76,377		294,319		204,568
Net mortgage loan servicing fees	116,687	83,371		332,057		221,178
Change in fair value of mortgage servicing rights	(66,473)	(213,601)		(864,522)		(534,397)
Hedging results	962	133,921		717,498		230,592
Net servicing fees from non-affiliates	60,427	5,159		202,339		(79,510)
From PennyMac Financial Services, Inc.	9,251			17,306		3,117
Interest income	60,623	87,801		173,558		222,675
Interest expense	59,017	84,229		201,133		204,864
Net interest income (expense)	1,606	3,572		(27,575)		17,811
Results of real estate acquired in settlement of loans	2,259	702		5,147		1,297
Other	155	808		2,412		4,680
Net investment income	221,013	130,760		272,817		333,779
Expenses
Loan servicing fees	18,752			48,806		35,102
Management fees	8,508	10,098		25,851		26,178
Loan origination	7,234	4,328		15,951		9,723
Safekeeping	1,075	1,633		4,638		3,368
Professional services	1,554	1,430		4,542		4,490
Compensation	1,039	1,644		2,758		5,384
Loan collection and liquidation	1,082	1,551		2,696		4,382
Other	4,733	3,830		12,146		11,469
Total expenses	98,816	82,627		266,982		202,409
Income before provision for (benefit from) income taxes	122,197	48,133		5,835		131,370
Provision for (benefit from) income taxes	22,650	(21,867)		36,341		(36,390)
Net income (loss)	99,547	70,000		(30,506)		167,760
Dividends on preferred shares	6,234	6,234		18,703		18,703
Net income (loss) attributable to common shareholders	$ 93,313	$ 63,766		$ (49,209)		$ 149,057
Earnings (loss) per common share
Basic	$ 0.94	$ 0.75		$ (0.50)		$ 2
Diluted	$ 0.94	$ 0.71		$ (0.50)		$ 1.90
Weighted average common shares outstanding
Basic	99,227	84,367		99,718		74,212
Diluted	99,424	92,834		99,718		82,679
Dividends declared per common share	$ 0.40	$ 0.47		$ 1.05		$ 1.41
Nonaffiliates [Member]
Net investment income
Net gain (loss) on loans acquired for sale	$ 96,753	$ 45,054		$ 300,257		$ 95,472
Net gain (loss) on investments	22,207	49,224		(289,748)		238,844
Other	18,660	6,994		37,738		16,610
Net servicing fees from non-affiliates	51,176	3,691		185,033		(82,627)
Interest income	58,553	85,510		167,142		214,551
Interest expense	58,341	82,702		198,447		199,849
PennyMac Financial Services, Inc. [Member]
Net investment income
Net gain (loss) on loans acquired for sale	1,669	4,206		9,154		9,355
Net gain (loss) on investments	(2,610)	(3,435)		(16,852)		(10,208)
From PennyMac Financial Services, Inc.	9,251	1,468		17,306		3,117
Interest income	2,070	2,291		6,416		8,124
Interest expense	676	1,527		2,686		5,015
Expenses
Loan fulfillment fees	54,839	45,149		149,594		102,313
Loan servicing fees	18,752	12,964		48,806		35,102
Management fees	$ 8,508	$ 10,098		$ 25,851		$ 26,178
[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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $15.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[2]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $5.7 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[3]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $33.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance, Amount at Dec. 31, 2018	$ 1,566,132	$ 299,707	$ 610	$ 1,285,533	$ (19,718)
Balance, Shares at Dec. 31, 2018		12,400	60,951
Net income (loss)	167,760	$ 0	$ 0	0	167,760
Share-based compensation, Amount	1,748	0	$ 2	1,746	0
Share-based compensation, Shares			241
Issuance of common shares, Amount	622,545	0	$ 291	622,254	0
Issuance of common shares, Shares			29,153
Issuance costs relating to common shares	(7,681)	0	$ 0	(7,681)	0
Dividends:
Preferred shares dividends	(18,708)	0	0	0	(18,708)
Common share dividends	(112,185)	0	0	0	(112,185)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Sep. 30, 2019	$ 2,219,611	$ 299,707	$ 903	1,901,852	17,149
Balance, Shares at Sep. 30, 2019		12,400	90,345
Balance, Amount at Jun. 30, 2019	1,943,934	$ 299,707	$ 786	1,647,186	(3,745)
Balance, Shares at Jun. 30, 2019		12,400	78,607
Net income (loss)	70,000	$ 0	$ 0	0	70,000
Share-based compensation, Amount	1,316	0	$ 0	1,316	0
Share-based compensation, Shares			1
Issuance of common shares, Amount	256,357	0	$ 117	256,240	0
Issuance of common shares, Shares			11,737
Issuance costs relating to common shares	(2,890)	0	$ 0	(2,890)	0
Dividends:
Preferred shares dividends	(6,236)	0	0	0	(6,236)
Common share dividends	(42,870)	0	0	0	(42,870)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Sep. 30, 2019	$ 2,219,611	$ 299,707	$ 903	1,901,852	17,149
Balance, Shares at Sep. 30, 2019		12,400	90,345
Balance, Amount at Dec. 31, 2019	2,450,915	$ 299,707	$ 1,002	2,127,889	22,317
Balance, Shares at Dec. 31, 2019		12,400	100,182
Net income (loss)	(30,506)	$ 0	$ 0	0	(30,506)
Share-based compensation, Amount	(28)	0	$ 2	(30)	0
Share-based compensation, Shares			207
Issuance of common shares, Amount	5,654	0	$ 2	5,652	0
Issuance of common shares, Shares			241
Issuance costs relating to common shares	(57)	0	$ 0	(57)	0
Dividends:
Preferred shares dividends	(18,708)	0	0	0	(18,708)
Common share dividends	(104,386)	0	0	0	(104,386)
Repurchase of common shares, Amount	$ (21,618)	0	$ (18)	(21,600)	0
Repurchase of common shares, Shares	(1,841)		(1,841)
Balance, Amount at Sep. 30, 2020	$ 2,281,266	$ 299,707	$ 988	2,111,854	(131,283)
Balance, Shares at Sep. 30, 2020		12,400	98,789
Balance, Amount at Jun. 30, 2020	2,235,277	$ 299,707	$ 993	2,119,577	(185,000)
Balance, Shares at Jun. 30, 2020		12,400	99,275
Net income (loss)	99,547	$ 0	$ 0	0	99,547
Share-based compensation, Amount	545	0	$ 0	545	0
Share-based compensation, Shares			6
Dividends:
Preferred shares dividends	(6,239)	0	$ 0	0	(6,239)
Common share dividends	(39,591)	0	0	0	(39,591)
Repurchase of common shares, Amount	$ (8,273)	0	$ (5)	(8,268)	0
Repurchase of common shares, Shares	(492)		(492)
Balance, Amount at Sep. 30, 2020	$ 2,281,266	$ 299,707	$ 988	$ 2,111,854	$ (131,283)
Balance, Shares at Sep. 30, 2020		12,400	98,789

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common share dividends declared per share	$ 0.40	$ 0.47	$ 1.05	$ 1.41
Retained Earnings (Accumulated Deficit) [Member]
Common share dividends declared per share	$ 0.40	$ 0.47	$ 1.05	$ 1.41

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2019
Cash flows from operating activities
Net (loss) income	$ (30,506)		$ 167,760
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net gain on loans acquired for sale at fair value	(309,411)	[1]	(104,827)	[2]
Net loss (gain) on investments	306,600		(228,636)
Change in fair value of mortgage servicing rights	864,522		534,397
Mortgage servicing rights hedging results	(717,498)		(230,592)
Accrual of interest on excess servicing spread purchased from PennyMac Financial Services, Inc.	(6,416)		(8,124)
Capitalization of interest and fees on loans at fair value	0		(2,109)
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financing of a VIE	18,750		14,141
Amortization of debt issuance costs and (premiums), net	12,234		(3,004)
Results of real estate acquired in settlement of loans	(5,147)		(1,297)
Gain on early extinguishment of debt	(1,738)		0
Reversal of contingent underwriting fees	0		(1,134)
Share-based compensation expense	1,601		4,348
Purchase of loans acquired for sale at fair value from nonaffiliates	(108,335,206)		(69,809,116)
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(2,248,896)		(4,095,079)
Repurchase of loans subject to representation and warranties	(53,925)		(14,612)
Sale to nonaffiliates and repayment of loans acquired for sale at fair value	66,639,230		38,461,850
Sale of loans acquired for sale to PennyMac Financial Services, Inc.	43,721,458		32,619,639
Settlement of repurchase agreement derivatives	5,328		19,317
Decrease in servicing advances	1,794		36,079
Increase in due from PennyMac Financial Services, Inc.	(16,064)		(933)
Decrease in other assets	689,092		314,937
Increase in accounts payable and accrued liabilities	11,392		25,679
Increase in due to PennyMac Financial Services, Inc.	74,099		6,238
Increase (decrease) in income taxes payable	31,345		(36,526)
Net cash provided by (used in) operating activities	652,638		(2,331,604)
Net Cash Provided By Used In Operating Activities Continuing Operations	652,638		(2,331,604)
Cash flows from investing activities
Net decrease (increase) in short-term investments	9,212		(45)
Purchase of mortgage-backed securities at fair value	(1,769,211)		(609,569)
Sale and repayment of mortgage-backed securities at fair value	2,282,759		959,673
Repurchase of loans at fair value	(1,058)		(886)
Sale and repayment of loans at fair value	72,803		113,816
Repayment of excess servicing spread by PennyMac Financial Services, Inc.	25,112		30,901
Net settlement of derivative financial instruments	(48,236)		(24,144)
Settlement of firm commitment to purchase credit risk transfer securities	0		31,925
Deposit of cash securing credit risk transfer arrangements	0		(933,370)
Distribution from credit risk transfer agreements	632,788		113,219
Sale of mortgage servicing rights	7		0
Sale of real estate acquired in settlement of loans	36,199		61,465
Increase in margin deposits	(1,989)		(113,400)
Net cash provided by (used in) investing activities	1,238,386		(370,415)
Net Cash Provided By Used In Investing Activities Continuing Operations	1,238,386		(370,415)
Cash flows from financing activities
Sale of assets under agreements to repurchase	130,297,190		95,477,103
Repurchase of assets sold under agreements to repurchase	(131,500,376)		(93,898,705)
Issuance of mortgage loan participation purchase and sale agreements	3,941,053		3,949,104
Repayment of mortgage loan participation purchase and sale agreements	(3,861,276)		(4,127,830)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	350,000		933,730
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(444,988)		(16,503)
Repayment of exchangeable senior notes	(248,262)		0
Repayment of asset-backed financing of a variable interest entity at fair value	(66,654)		(25,381)
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase	(20,554)		(23,347)
Payment of debt issuance costs	(14,305)		(7,398)
Payment of contingent underwriting fees	(76)		(373)
Payment of dividends to preferred shareholders	(18,708)		(18,708)
Payment of dividends to common shareholders	(111,988)		(98,131)
Issuance of common shares	5,654		622,545
Payment of issuance costs related to common shares	(57)		(7,681)
Payment of vested share-based compensation withholdings	(1,629)		(2,600)
Repurchase of common shares	(21,618)		0
Net cash (used in) provided by financing activities	(1,716,594)		2,755,825
Net increase in cash	174,430		53,806
Cash at beginning of period	104,056		59,845
Cash at end of period	$ 278,486		$ 113,651
[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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $5.7 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[2]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $33.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale

Organization

Organization	9 Months Ended
	Sep. 30, 2020
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: credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate: • The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements, including CRT agreements (“CRT Agreements”) and CRT securities (together, “CRT arrangements”), distressed loans, real estate, and non-Agency subordinated bonds. • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), excess servicing spread (“ESS”) purchased from PennyMac Financial Services, Inc. (“PFSI”), Agency and senior non-Agency mortgage-backed securities (“MBS”) and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PFSI. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by 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 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 and Accou

Basis of Presentation and Accounting Change	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Accounting Change	Note 2—Basis of Presentation and Accounting Change Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification These 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 presented, 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 Company 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 periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash. Accounting Change Effective January 1, 2020, the Company adopted FASB Accounting Standards Update 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Pending Accounting Change In August 2020, the FASB issued Accounting Standards Update 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) Debt – Debt with Conversion and Other Options • the embedded conversion features in debt instruments no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will generally be accounted for as a single liability measured at its amortized cost; • Diluted earnings per share guidance is changed to require that: • an entity is required to include shares issuable pursuant to conversion of convertible debt instruments in the determination of diluted earnings per share: current guidance allows an entity to exclude such shares from the diluted earnings per share calculation if the company has a history and policy of cash settlement; • an entity calculates earnings per share assuming the convertible debt instruments are converted; • an average market price should be used to calculate the diluted EPS denominator in cases in which the exercise prices may change on the basis of an entity’s share price or changes in the entity’s share price may affect the number of shares that may be used to settle a financial instrument; and • an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. ASU 2020-06 is effective for the Company beginning in the quarter ending March 31, 2022 with early adoption allowed beginning in the quarter ending March 31, 2021 using either the modified retrospective or full retrospective method. As detailed in Note 17 – Exchangeable Senior Notes • The conversion feature included in the 2024 Notes can be settled either in cash or common shares at the option of the Company. As a result of this feature and PMT’s intent to cash settle the 2024 Notes, the Company presently excludes the effect of conversion of the 2024 Notes from diluted earnings per share as allowed under current accounting standards. Adoption of ASU 2020-06 will require the Company to include common shares issuable pursuant to conversion of the 2024 Notes in its determination of diluted earnings per share. • The Company recognized the fair value of the conversion feature as a component of Additional paid-in capital as of the date of issuance of the 2024 Notes as required by current guidance. The issuance discount charged to the 2024 Notes resulting from the allocation of a portion of the issuance to Additional paid-in capital is presently accrued to interest expense using the interest method. Upon adoption of ASU 2020-06, the value originally attributed to Additional paid-in capital as of the date of issuance of the 2024 Notes will be added to the carrying value of the 2024 Notes and the accumulated accrual of the conversion value to interest expense through the date of adoption of ASU 2020-06 will be credited to retained earnings net of income taxes as the cumulative effect of the adoption of ASU 2020-06.

Concentration of Risks

Concentration of Risks	9 Months Ended
	Sep. 30, 2020
Risks And Uncertainties [Abstract]
Concentration of Risks	Note 3—Concentration of Risks As discussed in Note 1— Organization Credit Risk Note 6 – Variable Interest Entities • through May 2018, entering into CRT Agreements, whereby it retains a portion of the credit risk underlying such loans as part of the retention of an interest-only (“IO”) ownership interest in such loans and an obligation to absorb scheduled credit losses arising from such loans reaching a specific number of days delinquent (“Recourse Obligations”); or • beginning in June 2018, entering into firm commitments to purchase and purchasing CRT securities that absorb incurred losses from defaults of such loans and, upon purchase of such securities, holding CRT strips representing an IO ownership interest that absorbs realized credit losses arising from 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 of loss associated with owning the underlying loans, which is greater than the risk of loss associated with selling such loans to Fannie Mae without the retention of such credit risk. CRT Agreements are structured such that loans that reach a specific number of days delinquent (including loans in forbearance which also includes those subject to the forbearance provided in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)) trigger losses chargeable to the CRT Agreements based on 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 loans because the structure of the CRT Agreements provides that the Company may be required to absorb 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). The structure of the Company’s investment in CRT strips requires PMT to absorb losses only when the reference loans realize actual losses. Fair Value Risk The Company is exposed to fair value risk in addition to the risks specific to credit 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 its investments in MSRs and CRT arrangements, including its firm commitment to purchase CRT securities: • MSRs are generally subject to loss in fair value when mortgage interest rates decrease, when estimates of cost to service the underlying loans increase or when the returns demanded by market participants increase. • The Company makes a firm commitment to purchase the CRT securities at the beginning of the aggregation period (the aggregation period is the time during which loans are sold into MBS and accumulated in the reference pool whose losses are the basis for losses chargeable to the CRT arrangements) and before the settlement of 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. • The Company has a significant investment in CRT arrangements and carries such arrangements at fair value. The fair value of CRT arrangements is sensitive to market perceptions of future credit performance of the underlying loans as well as the actual credit performance of such loans and to the returns required by market participants to hold such investments.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Transactions with Affiliates	Note 4—Related Party Transactions Operating Activities Correspondent Production Activities The Company is provided fulfillment and other services by PLS under an amended and restated mortgage banking services agreement. Through June 30, 2020, pursuant to the terms of the agreement, the monthly fulfillment fee was an amount equal to (a) no greater than the product of (i) 0.35% and (ii) the aggregate initial unpaid principal balance (the “Initial UPB”) of all loans purchased in such month, plus (b) in the case of all loans other than 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 loans sold and securitized in such month; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any loans underwritten in accordance with 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, which, through June 30, 2020, ranged from two to three and one-half Effective July 1, 2020, the fulfillment fees and sourcing fees were revised as follows: (i) an interest rate lock component calculated as the number of loan commitments issued by the Company multiplied by a pull-through factor of either .99 or .80 depending on whether the loan commitments are subject to a “mandatory trade confirmation” or a “best efforts lock confirmation”, respectively, and then multiplied by $585 for each pull-through adjusted loan commitment up to and including 16,500 per quarter and $355 for each pull-through adjusted loan commitment in excess of 16,500 per quarter, plus (ii) $315 multiplied by the number of purchased loans up to the and including 16,500 per quarter and $195 multiplied by the number of purchased loans exceeding 16,500 per quarter, plus (iii) $750 multiplied by the number of all purchased loans that are sold to or securitized with parties other than Fannie Mae or Freddie Mac; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae mortgage loans. (iv) Sourcing fees charged to PLS range from one to two basis points, generally based on the average number of calendar days loans are held by PMT before purchase by PLS. In consideration for the mortgage banking services provided by PLS with respect to the Company’s acquisition of mortgage loans under PLS’s early purchase program, PLS is entitled to fees accruing (i) at a rate equal to $1,500 per annum per early purchase facility administered by PLS, and (ii) in the amount of $35 for each mortgage loan that the Company acquires. The mortgage banking services agreement expires, unless terminated earlier in accordance with its terms, on June 30, 2025, subject to automatic renewal for additional 18-month periods, unless terminated in accordance with its terms. The Company may purchase newly originated conforming balance non-government insured or guaranteed 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Loan fulfillment fees earned by PLS $ 54,839 $ 45,149 $ 149,594 $ 102,313 Sourcing fees received from PLS included in Net gain on loans acquired for sale $ 1,669 $ 4,206 $ 9,154 $ 9,355 UPB of loans sold to PLS $ 16,690,482 $ 14,022,222 $ 41,641,327 $ 31,183,950 Purchases of loans acquired for sale from PLS $ 27 $ 1,876,358 $ 2,248,896 $ 4,095,079 Tax service fees paid to PLS $ 6,077 $ 4,222 $ 14,345 $ 9,567 September 30, 2020 December 31, 2019 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 432,716 $ 490,383 Loan Servicing The Company, through its Operating Partnership, has a loan servicing agreement with PLS (the “Servicing Agreement”) pursuant to which PLS provides subservicing for the Company's portfolio of residential loans and its portfolio of MSRs. The Servicing Agreement provides for servicing fees earned by PLS that are established at a fixed per loan monthly amount based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or real estate acquired in settlement of loans (“ 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 loans it services for the Company as detailed below: Prime Servicing The base servicing fees for non-distressed loans subserviced by PLS on the Company’s behalf are based on whether the loan is a fixed-rate or adjustable-rate loan. The base servicing fees are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans. To the extent that these non-distressed loans become delinquent, PLS is entitled to an additional servicing fee per loan ranging from $10 to $55 per month and based on the delinquency, bankruptcy and foreclosure status of the 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. Effective July 1, 2020, PLS also receives certain COVID-19 related forbearance and modification fees provided for under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Special Servicing (Distressed Loans) The base servicing fee rates for distressed 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. 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 receives a supplemental fee of $25 per month for each distressed 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 is also entitled to certain activity-based fees for distressed 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 loan in any 18-month period. 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 described below, when PLS effects a refinancing of a loan on behalf of the Company and not through a third-party lender and the resulting 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. The 2020 Servicing Agreement expires on June 30, 2025, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with its terms. MSR Recapture Agreement The Company has an MSR recapture agreement with PFSI. Pursuant to the terms of the MSR recapture agreement, if PFSI refinances mortgage loans for which the Company previously held the MSRs, PFSI is generally required to transfer and convey to the Company cash in an amount equal to: • Through June 30, 2020, 30% of the fair market value of the MSRs related to all such mortgage loans. • Effective July 1, 2020, a tiered amount equal to 40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate,” 35% of the fair market value of the MSRs relating to the recaptured loans subject to the recapture rate in excess of 15% and up to 30%, and 30% of the fair market value of the MSRs relating to the recaptured loans subject to the recapture rate in excess of 30%. The “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance of all recaptured loans, to (ii) the aggregate unpaid principal balance of all mortgage loans for which the Company held the MSRs and that were refinanced or otherwise paid off in such month. PFSI has further agreed to allocate sufficient resources to target a recapture rate of 15%. The MSR recapture agreement expires, unless terminated earlier in accordance with its terms, on June 30, 2025, subject to automatic renewal for additional 18-month periods, unless terminated in accordance with its terms. Following is a summary of loan servicing fees earned by PLS and MSR recapture income earned from PLS: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 452 $ 507 $ 1,595 $ 1,131 Loans at fair value 187 858 675 1,938 MSRs 18,113 11,599 46,536 32,033 $ 18,752 $ 12,964 $ 48,806 $ 35,102 Average investment in: Loans acquired for sale at fair value $ 3,336,504 $ 3,077,919 $ 3,125,083 $ 2,263,362 Loans at fair value: Distressed $ 8,189 $ 71,527 $ 9,369 $ 93,545 Held in a VIE $ 207,780 $ 282,021 $ 231,196 $ 285,945 Average MSR portfolio UPB $ 148,412,625 $ 111,459,832 $ 142,872,909 $ 103,407,919 MSR recapture income recognized included in Net loan servicing fees from PennyMac Financial Services, Inc. $ 9,251 $ 1,468 $ 17,306 $ 3,117 Management Fees The Company has a management agreement with PCM, pursuant to which 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 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. “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. 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 management fee expenses: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Base management $ 8,508 $ 7,914 $ 25,851 $ 20,862 Performance incentive — 2,184 — 5,316 $ 8,508 $ 10,098 $ 25,851 $ 26,178 Average shareholders' equity amounts used to calculate base management fee expense $ 2,280,023 $ 2,101,646 $ 2,329,741 $ 1,860,693 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. PCM was reimbursed $120,000 per fiscal quarter through September 30, 2020. Effective July 1, 2020, PMT’s reimbursement of PCM’s and its affiliates’ compensation expenses was increased from $120,000 to $165,000 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,389 $ 1,543 $ 4,514 $ 4,055 Compensation 165 120 405 360 Expenses incurred on the Company’s behalf, net 2,852 1,942 5,561 3,001 $ 4,406 $ 3,605 $ 10,480 $ 7,416 Payments and settlements during the period (1) $ 58,479 $ 68,191 $ 228,514 $ 111,411 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note. Investing Activities Spread Acquisition and MSR Servicing Agreements The Company, through a wholly-owned subsidiary, PennyMac Holdings, LLC (“PMH”), has an amended and restated 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, 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 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 its participation in the GNMA MSR Facility (as defined below). To the extent PLS refinances any of the 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 loans. However, under the Spread Acquisition Agreement, in any month where the transferred ESS relating to newly originated Ginnie Mae loans is not equal to at least 90% of the product of the excess servicing fee rate and the unpaid principal balance of the refinanced 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 loans is not equal to at least 90% of the product of the excess servicing fee rate and the unpaid principal balance of the modified 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) ESS: Received pursuant to a recapture agreement $ 531 $ 377 $ 1,393 $ 1,327 Repayments $ 7,682 $ 9,819 $ 25,112 $ 30,901 Interest income $ 2,070 $ 2,291 $ 6,416 $ 8,124 Net loss included in Net gain (loss) on investments: Valuation changes $ (3,135 ) $ (3,864 ) $ (18,293 ) $ (11,519 ) Recapture income 525 429 1,441 1,311 $ (2,610 ) $ (3,435 ) $ (16,852 ) $ (10,208 ) September 30, 2020 December 31, 2019 (in thousands) Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value $ 142,990 $ 178,586 Financing Activities PFSI held 75,000 of the Company’s common shares at both September 30, 2020 and December 31, 2019. 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 $1.0 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”). 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Net repayments of assets sold under agreements to repurchase $ 3,143 $ 11,038 $ 20,554 $ 23,347 Interest expense $ 676 $ 1,527 $ 2,686 $ 5,015 Payment of conditional reimbursement to PCM $ — $ — $ 211 $ 219 September 30, 2020 December 31, 2019 (in thousands) Assets sold to PFSI under agreement to repurchase $ 86,958 $ 107,512 Conditional Reimbursement payable to PCM included in Due to PennyMac Financial Services, Inc. $ 10 $ 221 Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: September 30, 2020 December 31, 2019 (in thousands) Due from PFSI: MSR recapture $ 197 $ 149 Other 18,675 2,611 $ 18,872 $ 2,760 Due to PFSI: Margin settlements relating to loan sales $ 48,243 $ — Allocated expenses and expenses paid by PFSI on PMT’s behalf 30,207 3,724 Fulfillment fees 18,060 18,285 Correspondent production fees 11,285 10,606 Management fees 8,509 10,579 Loan servicing fees 6,121 4,659 Interest on Assets sold to PFSI under agreement to repurchase 43 85 Conditional Reimbursement 10 221 $ 122,478 $ 48,159 The Company has also transferred cash to fund loan servicing advances and REO property acquisition and preservation costs advanced on its behalf by PLS. Such amounts are included in the balance sheet items shown below: Balance sheet line including advance amount September 30, 2020 December 31, 2019 (in thousands) Loan servicing advances $ 46,897 $ 48,971 Real estate acquired in settlement of loans 11,368 21,549 $ 58,265 $ 70,520

Loan Sales

Loan Sales	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Loan Sales	Note 5—Loan Sales The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans as servicer: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Cash flows: Proceeds from sales $ 26,748,508 $ 17,659,839 $ 66,639,230 $ 38,461,850 Loan servicing fees received net of guarantee fees $ 98,027 $ 76,377 $ 294,319 $ 204,568 The following table summarizes collection status information for loans that are accounted for as sales where the Company maintains continuing involvement for the dates presented: September 30, 2020 December 31, 2019 (in thousands) UPB of loans outstanding $ 152,102,404 $ 130,663,117 Collection Status (UPB) Delinquency (1): 30-89 days delinquent $ 2,036,509 $ 1,014,094 90 or more days delinquent: Not in foreclosure $ 5,566,987 $ 258,036 In foreclosure $ 30,723 $ 53,697 Bankruptcy $ 153,493 $ 130,936 Custodial funds managed by the Company (2) $ 6,347,559 $ 2,529,984 (1) At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $879.5 million in the 30-89 days delinquent category and $4.3 billion in the 90 or more days delinquent-not in foreclosure category. (2) Custodial funds include borrower and investor custodial cash accounts relating to 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 loans’ borrowers and investors, which are included in Interest income

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	Note 6—Variable Interest Entities The Company is a variable interest holder in various Variable Interest Entities (“VIEs”) that relate to its investing and financing activities. Credit Risk Transfer Arrangements The Company has entered into certain loan sales arrangements pursuant to which it accepts credit risk relating to the loans sold in exchange for a portion of the interest earned on such loans. These arrangements absorb credit losses on such loans and include CRT Agreements, CRT strips and sales of loans that include firm commitments to purchase CRT securities. 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 loans into Fannie Mae-guaranteed securitizations while retaining Recourse Obligations as part of the retention of IO ownership interests in such loans. The transfers of loans subject to CRT arrangements are accounted for as sales. The Company placed Deposits securing CRT arrangements into the subsidiary trust entities to secure its Recourse Obligations. The Deposits securing CRT arrangements represent the Company’s maximum contractual exposure to claims under its Recourse Obligations and are the sole source of settlement of losses under the CRT Agreements. The Company’s exposure to losses under its Recourse Obligations was initially established at 3.5% to 4.0% of the UPB of the loans sold under the CRT Agreements. As the UPB of the underlying loans subject to each CRT Agreement is reduced through repayments, the percentage exposure of each CRT Agreement will increase to maximums of 4.5% to 5.0% of outstanding UPB, although the total dollar amount of exposure to losses does not increase. The final sales of loans subject to the CRT Agreements were made during May 2018. Effective in June 2018, the Company began entering into different types of CRT arrangements. Under the new arrangements, the Company sells loans subject to agreements that require the Company to purchase securities that absorb incurred credit losses on such loans. The Company recognizes these purchase commitments initially as a component of Net gain on loans acquired for sale Net gain (loss) on investments During 2019, the Company purchased securities subject to the firm commitments. Similar to the CRT Agreements, the Company accounts for the deposits collateralizing these securities as Deposits securing CRT arrangements CRT strips Derivative and credit risk transfer strip assets Derivative and credit risk transfer strip liabilities. Deposits securing CRT arrangements Net gain (loss) on investments Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) UPB of loans sold $ 1,799,078 $ 14,168,884 $ 18,277,263 $ 31,135,137 Investments: Deposits securing CRT arrangements $ — $ — $ — $ 933,370 Change in expected face amount of firm commitment to purchase CRT securities (95,033 ) 523,074 197,481 242,281 $ (95,033 ) $ 523,074 $ 197,481 $ 1,175,651 Investment income (loss): Net gain on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans $ (3,933 ) $ 25,864 $ (38,161 ) $ 65,860 Net gain (loss) on investments: Derivative and CRT strips: CRT derivatives Realized 11,480 19,303 42,231 61,516 Valuation changes (17,996 ) (4,530 ) (196,404 ) (4,484 ) (6,516 ) 14,773 (154,173 ) 57,032 CRT strips Realized 10,460 16,082 38,565 16,082 Valuation changes 8,635 5,089 (107,670 ) 10,764 19,095 21,171 (69,105 ) 26,846 Interest-only security payable at fair value 2,041 1,627 12,769 11,282 14,620 37,571 (210,509 ) 95,160 Firm commitments to purchase CRT securities 46,332 13,289 (220,146 ) 39,609 60,952 50,860 (430,655 ) 134,769 Interest income — Deposits securing CRT arrangements 288 11,193 6,893 25,798 $ 57,307 $ 87,917 $ (461,923 ) $ 226,427 Payments made to settle losses on credit risk transfer arrangements $ 2,935 $ 1,671 $ 7,114 $ 3,447 September 30, 2020 December 31, 2019 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ (82,004 ) $ 115,863 CRT strips (52,740 ) 54,930 $ (134,744 ) $ 170,793 Firm commitment to purchase credit risk transfer securities at fair value $ (148,794 ) $ 109,513 Deposits securing CRT arrangements $ 1,417,792 $ 1,969,784 Interest-only security payable at fair value $ 12,940 $ 25,709 CRT arrangement assets pledged to secure borrowings: Derivative and credit risk transfer strip assets $ — $ 142,183 Deposits securing CRT arrangements (1) $ 1,417,792 $ 1,969,784 Face amount of firm commitment to purchase CRT securities $ 1,699,684 $ 1,502,203 UPB of loans — funded credit risk transfer arrangements $ 26,681,540 $ 41,944,117 Collection status (UPB): Delinquency (2) Current $ 24,183,877 $ 41,355,622 30-89 days delinquent $ 620,584 $ 463,331 90-180 days delinquent $ 913,758 $ 106,234 180 or more days delinquent $ 958,761 $ 8,802 Foreclosure $ 4,560 $ 10,128 Bankruptcy $ 63,647 $ 55,452 UPB of loans — firm commitment to purchase CRT securities $ 43,679,796 $ 38,738,396 Collection status (UPB): Delinquency (3) Current $ 41,014,332 $ 38,581,080 30-89 days delinquent $ 707,421 $ 146,256 90-180 days delinquent $ 964,130 $ 9,109 180 or more days delinquent $ 991,991 $ — Foreclosure $ 1,922 $ 1,951 Bankruptcy $ 15,325 $ 2,980 (1) Deposits securing credit risk transfer strip liabilities CRT strip and CRT derivative liabilities . (2) At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $282.8 million in the 30-89 days delinquent category; $757.6 million in 90-180 days delinquent category; and $828.8 million in the 180 or more days delinquent category. (3) At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $343.2 million in the 30-89 days delinquent category; $790.3 million in the 90-180 days delinquent category; $840.5 million in the 180 days or more delinquent not in foreclosure category; and $2.6 million in bankruptcy. Jumbo Loan Financing On September 30, 2013, the Company completed a securitization transaction in which PMT Loan Trust 2013-J1 issued $537.0 million in UPB of certificates backed by fixed-rate prime jumbo loans, at a 3.9% weighted yield. The Company includes the balance of the loans held in the trust in Loans at fair value Asset backed financing of a variable interest entity at fair value . Interest Income – from nonaffiliates Interest Expense – to nonaffiliates Following is a summary of the Company’s jumbo loan financing: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Interest income $ 2,763 $ 2,939 $ 8,117 $ 8,815 Interest expense $ 2,561 $ 2,196 $ 9,558 $ 9,020 September 30, 2020 December 31, 2019 (in thousands) Loans at fair value $ 185,698 $ 256,367 Asset-backed financing at fair value $ 175,879 $ 243,360 Certificates retained at fair value $ 9,819 $ 13,007

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2020
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 or based on 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 that are significant to the determination of fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the 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 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. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the inputs required to establish fair value at a higher level of the hierarchy become available. Fair Value Accounting Elections The Company identified all of PMT’s non-cash financial assets, its Firm commitment to purchase CRT securities The Company has also identified its Asset-backed financing of a VIE at fair value 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: September 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 81,624 $ — $ — $ 81,624 Mortgage-backed securities at fair value — 2,404,766 — 2,404,766 Loans acquired for sale at fair value — 3,985,247 39,247 4,024,494 Loans at fair value — 185,698 8,134 193,832 Excess servicing spread purchased from PFSI — — 142,990 142,990 Derivative and credit risk transfer strip assets: Call options on interest rate futures 1,078 — — 1,078 Put options on interest rate futures 3,063 — — 3,063 Forward purchase contracts — 27,151 — 27,151 Forward sale contracts — 9,203 — 9,203 MBS put options — 14,086 — 14,086 MBS call options — 3,691 — 3,691 Swap futures — 6,080 — 6,080 Interest rate lock commitments — — 81,236 81,236 Total derivative assets before netting 4,141 60,211 81,236 145,588 Netting — — — (38,152 ) Total derivative and credit risk transfer strip assets after netting 4,141 60,211 81,236 107,436 Mortgage servicing rights at fair value — — 1,388,403 1,388,403 $ 85,765 $ 6,635,922 $ 1,660,010 $ 8,343,545 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 175,879 $ — $ 175,879 Interest-only security payable at fair value — — 12,940 12,940 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 5,898 — 5,898 Forward sales contracts — 44,210 — 44,210 CRT derivatives — — 82,004 82,004 Interest rate lock commitments — — 9,119 9,119 Total derivative liabilities before netting — 50,108 91,123 141,231 Netting — — — (27,891 ) Total derivative liabilities after netting — 50,108 91,123 113,340 Credit risk transfer strips — — 52,740 52,740 Total derivative and credit risk transfer strips liabilities — 50,108 143,863 166,080 Firm commitment to purchase credit risk transfer securities at fair value — — 148,794 148,794 $ — $ 225,987 $ 305,597 $ 450,953 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 90,836 $ — $ — $ 90,836 Mortgage-backed securities at fair value — 2,839,633 — 2,839,633 Loans acquired for sale at fair value — 4,129,858 18,567 4,148,425 Loans at fair value — 256,367 14,426 270,793 Excess servicing spread purchased from PFSI — — 178,586 178,586 Derivative and credit risk transfer strip assets: Call options on interest rate futures 3,809 — — 3,809 Put options on interest rate futures 2,859 — — 2,859 Forward purchase contracts — 7,525 — 7,525 Forward sale contracts — 637 — 637 MBS put options — 1,625 — 1,625 Swap futures — 4,347 — 4,347 CRT derivatives — — 115,863 115,863 Interest rate lock commitments — — 11,726 11,726 Repurchase agreement derivatives — — 5,275 5,275 Total derivative assets before netting 6,668 14,134 132,864 153,666 Netting — — — (6,278 ) Total derivative assets after netting 6,668 14,134 132,864 147,388 Credit risk transfer strips — — 54,930 54,930 Total derivative and credit risk transfer strips assets 6,668 14,134 187,794 202,318 Firm commitment to purchase credit risk transfer securities at fair value — — 109,513 109,513 Mortgage servicing rights at fair value — — 1,535,705 1,535,705 $ 97,504 $ 7,239,992 $ 2,044,591 $ 9,375,809 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 243,360 $ — $ 243,360 Interest-only security payable at fair value — — 25,709 25,709 Derivative liabilities: Forward purchase contracts — 3,600 — 3,600 Forward sales contracts — 15,644 — 15,644 Interest rate lock commitments — — 572 572 Total derivative liabilities before netting — 19,244 572 19,816 Netting — — — (13,393 ) Total derivative liabilities after netting — 19,244 572 6,423 $ — $ 262,604 $ 26,281 $ 275,492 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 periods presented: Quarter ended September 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments Repurchase agreement derivatives CRT strips Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, June 30, 2020 $ 29,313 $ 8,411 $ 151,206 $ (63,926 ) $ 83,956 $ 5,275 $ (61,375 ) $ (191,193 ) $ 1,189,605 $ 1,151,272 Purchases and issuances 24,089 — — — 31,217 — — — — 55,306 Repayments and sales (14,104 ) (470 ) (7,682 ) (11,562 ) — (5,328 ) (10,460 ) — (7 ) (49,613 ) Capitalization of interest and fees — — 2,070 — — — — — — 2,070 ESS received pursuant to a recapture agreement with PFSI — — 531 — — — — — — 531 Amounts (incurred) received pursuant to sales of loans — — — — — — — (3,933 ) 265,278 261,345 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (51 ) 193 (3,135 ) (6,516 ) 197,440 53 19,095 46,332 (66,473 ) 186,938 (51 ) 193 (3,135 ) (6,516 ) 197,440 53 19,095 46,332 (66,473 ) 186,938 Transfers: Interest rate lock commitments to loans acquired for sale (2) — — — — (240,496 ) — — — — (240,496 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ — $ (52,740 ) $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2020 $ (198 ) $ 59 $ (3,135 ) $ (17,996 ) $ 72,117 $ — $ 8,635 $ 46,332 $ (66,473 ) $ 39,341 (1) For the purpose of this table, CRT derivatives, CRT strips, interest rate lock commitments (“IRLCs”), and firm commitment to purchase CRT securities asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2020 (in thousands) Interest-only security payable: Balance, June 30, 2020 $ 14,981 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (2,041 ) (2,041 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2020 $ (2,041 ) Quarter ended September 30, 2019 Assets Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments (1) Repurchase agreement derivatives CRT strips Firm commitments to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, June 30, 2019 $ 14,188 $ 74,473 $ 194,156 $ 124,033 $ 13,614 $ 12,046 $ 62,479 $ 15,581 $ 1,126,427 $ 1,636,997 Purchases and issuances 10,211 — — — 34,617 760 — — — 45,588 Repayments and sales (5,717 ) (56,968 ) (9,819 ) (17,423 ) — (7,750 ) (16,082 ) — — (113,759 ) Capitalization of interest — 181 2,291 — — — — — — 2,472 Capitalization of advances — 97 — — — — — — — 97 ESS received pursuant to a recapture agreement with PFSI — — 377 — — — — — — 377 Amounts received as proceeds from sales of loans — — — — — — — 25,864 249,888 275,752 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors 24 (1,178 ) (3,864 ) 14,773 13,054 219 21,171 13,289 (213,601 ) (156,113 ) 24 (1,178 ) (3,864 ) 14,773 13,054 219 21,171 13,289 (213,601 ) (156,113 ) Transfers: Loans to REO — (1,250 ) — — — — — — — (1,250 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (56,907 ) — — — — (56,907 ) Balance, September 30, 2019 $ 18,706 $ 15,355 $ 183,141 $ 121,383 $ 4,378 $ 5,275 $ 67,568 $ 54,734 $ 1,162,714 $ 1,633,254 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2019 $ (29 ) $ (3,379 ) $ (3,864 ) $ (4,530 ) $ 4,378 $ — $ 5,089 $ 13,289 $ (213,601 ) $ (202,647 ) (1) For the purpose of this table IRLC assets and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2019 (in thousands) Interest-only security payable: Balance, June 30, 2019 $ 26,356 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (1,627 ) (1,627 ) Balance, September 30, 2019 $ 24,729 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2019 $ (1,627 ) Nine months ended September 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments Repurchase agreement derivatives CRT strips Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, December 31, 2019 $ 18,567 $ 14,426 $ 178,586 $ 115,863 $ 11,154 $ 5,275 $ 54,930 $ 109,513 $ 1,535,705 $ 2,044,019 Purchases and issuances 56,376 1,058 — — 293,183 — — — — 350,617 Repayments and sales (35,136 ) (5,395 ) (25,112 ) (43,694 ) — (5,328 ) (38,565 ) — (7 ) (153,237 ) Capitalization of interest and fees — — 6,416 — — — — — — 6,416 ESS received pursuant to a recapture agreement with PFSI — — 1,393 — — — — — — 1,393 Amounts (incurred) received pursuant to sales of loans — — — — — — — (38,161 ) 717,227 679,066 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 53 (69,105 ) (220,146 ) (864,522 ) (930,678 ) (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 53 (69,105 ) (220,146 ) (864,522 ) (930,678 ) Transfers: Loans to REO — (885 ) — — — — — — — (885 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (629,358 ) — — — — (629,358 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ — $ (52,740 ) $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the period relating to assets still held at September 30, 2020 $ (787 ) $ (1,081 ) $ (18,293 ) $ (196,404 ) $ 72,117 $ — $ (107,670 ) $ (220,146 ) $ (864,522 ) $ (1,336,786 ) (1) For the purpose of this table, CRT derivatives, CRT strips, IRLCs, and Firm commitment to purchase CRT securities asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Nine months ended September 30, 2020 (in thousands) Interest-only security payable: Balance, December 31, 2019 $ 25,709 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors (12,769 ) (12,769 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2020 $ (12,769 ) Nine months ended September 30, 2019 Assets Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments (1) Repurchase agreement derivatives CRT strips Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) 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 17,290 1,077 — — 48,938 10,057 — — — 77,362 Repayments and sales (17,736 ) (88,372 ) (30,901 ) (59,636 ) — (19,317 ) (16,082 ) (31,925 ) — (263,969 ) Capitalization of interest — 2,109 8,124 — — — — — — 10,233 Capitalization of advances — 1,248 — — — — — — — 1,248 ESS received pursuant to a recapture agreement with PFSI — — 1,327 — — — — — — 1,327 Amounts received pursuant to sales of loans — — — — — — — 65,860 534,742 600,602 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — 3,737 — — — — — — — 3,737 Other factors 869 (9,881 ) (11,519 ) 57,032 72,378 24 26,846 39,609 (534,397 ) (359,039 ) 869 (6,144 ) (11,519 ) 57,032 72,378 24 26,846 39,609 (534,397 ) (355,302 ) Transfers: Loans to REO — (12,295 ) — — — — — — — (12,295 ) Loans acquired for sale at fair value from "Level 2" to "Level 3" (2) 809 — — — — — — — — 809 Firm commitment to purchase CRT securities to CRT strips — — — — — — 56,804 (56,804 ) — — Interest rate lock commitments to loans acquired for sale — — — — (128,926 ) — — — — (128,926 ) Balance, September 30, 2019 $ 18,706 $ 15,355 $ 183,141 $ 121,383 $ 4,378 $ 5,275 $ 67,568 $ 54,734 $ 1,162,714 $ 1,633,254 Changes in fair value recognized during the period relating to assets still held at September 30, 2019 $ 57 $ (6,670 ) $ (11,519 ) $ (4,484 ) $ 4,378 $ — $ 10,764 $ 39,609 $ (534,397 ) $ (502,262 ) (1) For the purpose of this table IRLC assets and liability positions are shown net. (2) The Company identified certain “Level 2” fair value loans acquired for sale that were not saleable into the prime mortgage market and therefore transferred them to “Level 3”. Liabilities Nine months ended September 30, 2019 (in thousands) Interest-only security payable: Balance, December 31, 2018 $ 36,011 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — Other factors (11,282 ) (11,282 ) Balance, September 30, 2019 $ 24,729 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2019 $ (11,282 ) Financial Statement Items Measured at Fair Value under the Fair Value Option Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option (including loans acquired for sale, loans held in a consolidated VIE, and distressed loans): September 30, 2020 December 31, 2019 Fair value Principal amount due upon maturity Difference Fair value Principal amount due upon maturity Difference (in thousands) Loans acquired for sale at fair value: Current through 89 days delinquent: $ 4,011,953 $ 3,830,095 $ 181,858 $ 4,147,374 $ 4,010,444 $ 136,930 90 or more days delinquent: Not in foreclosure 12,197 13,606 (1,409 ) 572 615 (43 ) In foreclosure 344 416 (72 ) 479 566 (87 ) 12,541 14,022 (1,481 ) 1,051 1,181 (130 ) $ 4,024,494 $ 3,844,117 $ 180,377 $ 4,148,425 $ 4,011,625 $ 136,800 Loans at fair value: Loans held in a consolidated VIE: Current through 89 days delinquent $ 177,925 $ 163,502 $ 14,423 $ 255,706 $ 251,425 $ 4,281 90 or more days delinquent: Not in foreclosure 7,773 9,004 (1,231 ) 661 809 (148 ) In foreclosure — — — — — — 7,773 9,004 (1,231 ) 661 809 (148 ) 185,698 172,506 13,192 256,367 252,234 4,133 Distressed loans: Current through 89 days delinquent 2,335 4,295 (1,960 ) 3,179 6,202 (3,023 ) 90 or more days delinquent: Not in foreclosure 3,049 12,273 (9,224 ) 4,897 13,154 (8,257 ) In foreclosure 2,750 5,201 (2,451 ) 6,350 15,698 (9,348 ) 5,799 17,474 (11,675 ) 11,247 28,852 (17,605 ) 8,134 21,769 (13,635 ) 14,426 35,054 (20,628 ) $ 193,832 $ 194,275 $ (443 ) $ 270,793 $ 287,288 $ (16,495 ) Following are the changes in fair value included in current period results of operations by consolidated statement of operations line item for financial statement items accounted for under the fair value option: Quarter ended September 30, 2020 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (37,873 ) $ — $ 7,384 $ (30,489 ) Loans acquired for sale at fair value 231,934 — — — 231,934 Loans at fair value — (2,712 ) — 880 (1,832 ) ESS at fair value — (3,135 ) — 2,070 (1,065 ) Credit risk transfer strips — 19,095 — — 19,095 Firm commitment to purchase credit risk transfer securities at fair value (3,933 ) 46,332 — — 42,399 MSRs at fair value — — (66,473 ) — (66,473 ) $ 228,001 $ 21,707 $ (66,473 ) $ 10,334 $ 193,569 Liabilities: Interest-only security payable at fair value $ — $ 2,041 $ — $ — $ 2,041 Asset-backed financing of a VIE at fair value — 3,106 — 950 4,056 $ — $ 5,147 $ — $ 950 $ 6,097 Quarter ended September 30, 2019 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 13,450 $ — $ (2,359 ) $ 11,091 Loans acquired for sale at fair value 54,819 — — — 54,819 Loans at fair value — 1,458 — 484 1,942 ESS at fair value — (3,864 ) — 2,291 (1,573 ) Credit risk transfer strips — 21,171 — — 21,171 Firm commitment to purchase credit risk transfer securities at fair value 25,864 13,289 — — 39,153 MSRs at fair value — — (213,601 ) — (213,601 ) $ 80,683 $ 45,504 $ (213,601 ) $ 416 $ (86,998 ) Liabilities: Interest-only security payable $ — $ 1,627 $ — $ — $ 1,627 Asset-backed financing of a VIE at fair value — (2,988 ) — 99 (2,889 ) $ — $ (1,361 ) $ — $ 99 $ (1,262 ) Nine months ended September 30, 2020 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 95,158 $ — $ (16,477 ) $ 78,681 Credit risk transfer strips — (69,105 ) — — (69,105 ) Loans acquired for sale at fair value 636,962 — — — 636,962 Loans at fair value — (6,049 ) — 1,720 (4,329 ) ESS at fair value — (18,293 ) — 6,416 (11,877 ) Firm commitment to purchase credit risk transfer securities at fair value (38,161 ) (220,146 ) — — (258,307 ) MSRs at fair value — — (864,522 ) — (864,522 ) $ 598,801 $ (218,435 ) $ (864,522 ) $ (8,341 ) $ (492,497 ) Liabilities: Interest-only security payable at fair value $ — $ 12,769 $ — $ — $ 12,769 Asset-backed financing of a VIE at fair value — 4,872 — (4,045 ) 827 $ — $ 17,641 $ — $ (4,045 ) $ 13,596 Nine months ended September 30, 2019 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 77,820 $ — $ (13,128 ) $ 64,692 Credit risk transfer strips — 26,846 — — 26,846 Loans acquired for sale at fair value 147,412 — — — 147,412 Loans at fair value — 3,436 — 2,762 6,198 ESS at fair value — (11,519 ) — 8,124 (3,395 ) Firm commitment to purchase credit risk transfer securities at fair value 65,860 39,609 — — 105,469 MSRs at fair value — — (534,397 ) — (534,397 ) $ 213,272 $ 136,192 $ (534,397 ) $ (2,242 ) $ (187,175 ) Liabilities: Interest-only security payable at fair value $ — $ 11,282 $ — $ — $ 11,282 Asset-backed financing of a VIE at fair value — (8,186 ) — (1,905 ) (10,091 ) $ — $ 3,096 $ — $ (1,905 ) $ 1,191 Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were re-measured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2020 $ — $ — $ 13,263 $ 13,263 December 31, 2019 $ — $ — $ 24,115 $ 24,115 The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Real estate asset acquired in settlement of loans $ (69 ) $ (1,785 ) $ (1,263 ) $ (2,392 ) The Company remeasures its REO based on fair value when it evaluates the REO for impairment. The Company evaluates its REO for impairment with reference to the respective properties’ fair values less cost to sell. REO may be revalued after acquisition 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 Notes payable secured by credit risk transfer and mortgage servicing assets, Exchangeable senior notes, Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase The Company has concluded that the fair values of these borrowings other than Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes Following are the fair values of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes September 30, 2020 December 31, 2019 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets $ 1,602,389 $ 1,514,779 $ 1,696,295 $ 1,705,544 Exchangeable senior notes $ 196,058 $ 197,977 $ 443,506 $ 462,117 The fair value of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes Valuation Governance Most of the Company’s assets, its Asset-backed financing of a VIE at fair value, Interest-only security payable at fair value Derivative and credit risk transfer strip 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 the 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 PFSI’s Capital Markets Risk Management staff and is reviewed by the PFSI’s Capital Markets Operations group. The FAV group monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities other than IRLCs, 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 chief financial, investment, and risk officers as well as other senior members of the Company’s finance, capital markets and risk management staffs. 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 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 MBS as “Level 2” fair value assets. Fair value of 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 Loans Fair value of loans is estimated based on whether the loans are saleable into active markets: • Loans that are saleable into active markets, comprised of most of the Company’s loans acquired for sale at fair value and all of the loans at fair value held in a VIE, are categorized as “Level 2” fair value assets: • For loans acquired for sale, the fair values are established using the loans’ contracted selling price or quoted market price or market price equivalent. • For the loans at fair value held in a VIE, the quoted indications of fair value of all of the individual securities issued by the securitization trust are used to derive a fair value for the 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. • Loans that are not saleable into active markets, comprised of previously sold loans that the Company repurchased pursuant to the representation and warranties it provided to the purchaser of distressed loans, are categorized as “Level 3” fair value assets: • For loans held for sale categorized as “Level 3” fair value assets and, before September 30, 2019, distressed loans, fair values were estimated using a discounted cash flow approach. Inputs to the discounted cash flow model included 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. • Beginning September 30, 2019, the Company changed its discounted cash flow approach and the inputs to the model for distressed loans. Distressed loan fair values are now estimated based on the expected resolution to be realized from the individual asset’s disposition strategies. When a cash flow projection is used to estimate the fair value of the resolution, those cash flows are discounted at annual rates up to 20%. The Company changed its approach to valuation of distressed loans during the quarter ended September 30, 2019 because it substantially liquidated its investment in distressed loans during that quarter and concluded that the small number of remaining assets are most accurately valued on an individual expected resolution basis. 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 directly related. Changes in the fair value of ESS are included in Net gain (loss) on investments in the consolidated statements of . Following are the key inputs used in determining the fair value of ESS: September 30, 2020 December 31, 2019 Fair value (in thousands) $ 142,990 $ 178,586 UPB of underlying loans (in thousands) $ 17,070,283 $ 19,904,571 Average servicing fee rate (in basis points) 34 34 Average ESS rate (in basis points) 19 19 Key inputs (1) Pricing spread (2) Range 4.9% – 5.3% 3.0% – 3.3% Weighted average 5.1% 3.1% Annual total prepayment speed (3) Range 9.6% – 17.6% 8.7% – 16.2% Weighted average 11.8% 11.0% Equivalent life (in years) Range 2.4 - 6.7 2.7 - 7.2 Weighted average 5.8 6.1 (1) Weighted-average inputs are based on UPB of the underlying 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 Conditional Prepayment Rate (“CPR”). Equivalent life is included for informational purposes. Derivative and Credit Risk Transfer Strip Assets and Liabilities CRT Derivatives The Company categorizes CRT derivatives as “Level 3” fair value assets and liabilities. The fair value of CRT derivatives is based on indications of fair value provided to the Company by nonaffiliated brokers for the certificates representing the beneficial interests in the trust holding the Deposits securing credit risk transfer arrangements pledged to creditors Deposits securing credit risk transfer arrangements pledged to creditors The significant unobservable inputs used by the Company in its review and approval of the valuation of CRT derivatives are the discount rate, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT derivatives 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: September 30, 2020 December 31, 2019 (dollars in thousands) Fair value CRT derivatives: Assets $ — $ 115,863 Liabilities $ 82,004 $ — UPB of loans in reference pools $ 16,710,981 $ 24,824,616 Key inputs (1) Discount rate Range 5.8% – 8.6% 4.7% – 5.3% Weighted average 6.1% 5.2% Voluntary prepayment speed (2) Range 21.6% – 25.9% 16.4% – 18.5% Weighted average 25.2% 17.9% Involuntary prepayment speed (3) Range 0.9% – 1.4% 0.2% – 0.3% Weighted average 1.0% 0.3% Remaining loss expectation (4) Range 0.5% – 1.0% 0.1% – 0.1% Weighted average 0.6% 0.1% (1) Weighted average inputs are based on fair value amo

Mortgage-Backed Securities

Mortgage-Backed Securities	9 Months Ended
	Sep. 30, 2020
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	Note 8— Following is a summary of activity in the Company’s investment in MBS: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 2,612,986 $ 2,600,357 $ 2,839,633 $ 2,610,422 Purchases 153,725 528,367 1,769,211 609,569 Sales — (704,178 ) (1,601,490 ) (704,178 ) Repayments (331,456 ) (110,627 ) (681,269 ) (255,495 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 7,384 (2,359 ) (16,477 ) (13,128 ) Valuation adjustments (37,873 ) 13,450 95,158 77,820 (30,489 ) 11,091 78,681 64,692 Balance at end of period $ 2,404,766 $ 2,325,010 $ 2,404,766 $ 2,325,010 Following is a summary of the Company’s investment in MBS: September 30, 2020 December 31, 2019 Agency: (1) Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value (in thousands) Fannie Mae $ 971,762 $ 22,019 $ 24,960 $ 1,018,741 $ 1,946,203 $ 29,657 $ 33,233 $ 2,009,093 Freddie Mac 1,324,227 31,879 29,919 1,386,025 809,595 11,083 9,862 830,540 $ 2,295,989 $ 53,898 $ 54,879 $ 2,404,766 $ 2,755,798 $ 40,740 $ 43,095 $ 2,839,633 (1) All MBS are fixed-rate pass-through securities with maturities of more than ten years. $2.0 billion and $2.8 billion are pledged to secure Assets sold under agreements to repurchase,

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	9 Months Ended
	Sep. 30, 2020
Mortgage Loans On Real Estate [Abstract]
Loans Acquired for Sale at Fair Value	Note 9—Loans Acquired for Sale at Fair Value Loans acquired for sale at fair value is comprised of recently originated loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type September 30, 2020 December 31, 2019 (in thousands) Agency-eligible $ 3,551,423 $ 3,626,038 Held for sale to PLS — Government insured or guaranteed 432,716 490,383 Jumbo 1,108 13,437 Home equity lines of credit 6,219 4,632 Commercial real estate 1,020 1,015 Repurchased pursuant to representations and warranties 32,008 12,920 $ 4,024,494 $ 4,148,425 Loans pledged to secure: Assets sold under agreements to repurchase $ 3,873,063 $ 4,070,134 Mortgage loan participation purchase and sale agreements 83,244 — $ 3,956,307 $ 4,070,134 The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed loans. The Company sells government-insured or guaranteed loans that it purchases from correspondent sellers to PLS, which is a Ginnie Mae-approved issuer, and earns a sourcing fee as described in Note 4 — Transactions with Related Parties

Loans at Fair Value

Loans at Fair Value	9 Months Ended
	Sep. 30, 2020
Mortgage Loans At Fair Value [Abstract]
Loans at Fair Value	Note 10—Loans at Fair Value Loans at fair value are comprised primarily of fixed interest rate jumbo loans held in a VIE securing an asset-backed financing and distressed loans that were not acquired for sale but may be sold at a later date pursuant to the Company’s determination that such a sale represents the most advantageous disposition strategy for the identified loan. Following is a summary of the distribution of the Company’s loans at fair value: Loan type September 30, 2020 December 31, 2019 (in thousands) Fixed interest rate jumbo loans held in a VIE $ 185,698 $ 256,367 Distressed loans 8,134 14,426 $ 193,832 $ 270,793 Loans at fair value pledged to secure: Asset-backed financing of a VIE at fair value $ 185,698 $ 256,367 Assets sold under agreements to repurchase 3,922 12,390 $ 189,620 $ 268,757

Derivative and Credit Risk Tran

Derivative and Credit Risk Transfer Strip Assets and Liabilities	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Credit Risk Transfer Strip Assets and Liabilities	Note 11—Derivative and Credit Risk Transfer Strip Assets and Liabilities Derivative and credit risk transfer assets and liabilities are summarized below: September 30, 2020 December 31, 2019 (in thousands) Derivative assets $ 107,436 $ 147,388 Credit risk transfer strip assets — 54,930 $ 107,436 $ 202,318 Derivative liabilities $ 113,340 $ 6,423 Credit risk transfer strip liabilities 52,740 — $ 166,080 $ 6,423 The Company records all derivative and CRT strip assets and liabilities at fair value and records changes in fair value in current period results of operations. Derivative Activities The Company holds and issues derivative financial instruments in connection with its operating, investing and financing 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 loans for sale; • CRT Agreements whereby the Company retained a Recourse Obligation relating to certain loans it sold into Fannie Mae guaranteed securitizations as part of the retention of an IO ownership interest in such loans; and • Derivatives that were embedded in a master repurchase agreement that provided for the Company to receive interest expense offsets if it financed loans approved as satisfying certain consumer credit relief characteristics under the master repurchase agreement. The Company engages in 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 bears price risk related to its mortgage production, servicing and MBS financing activities due to changes in market interest rates as discussed below: • The Company is exposed to losses if market mortgage interest rates increase, because market interest rate increases generally cause the fair value of IRLCs and loans 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 and of MBS financing to increase. 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 loans acquired for sale, loans held in a VIE, IRLCs, MSRs and MBS financing. The Company does not designate and qualify any of its derivative financial instruments for hedge accounting. Derivative Notional Amounts and Fair Value of Derivatives The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative liabilities Other September 30, 2020 December 31, 2019 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount assets liabilities amount assets liabilities (in thousands) Subject to master netting agreements ─ economic hedging purposes: Call options on interest rate futures 850,000 $ 1,078 $ — 2,662,500 $ 3,809 $ — Put options on interest rate futures 1,775,000 3,063 — 950,000 2,859 — Forward purchase contracts 12,730,860 27,151 5,898 5,883,198 7,525 3,600 Forward sale contracts 21,485,541 9,203 44,210 9,297,179 637 15,644 MBS put options 8,900,000 14,086 — 4,000,000 1,625 — MBS call options 1,500,000 3,691 — — — — Swap futures 3,125,000 6,080 — 2,075,000 4,347 — Swaptions 3,575,000 — — 2,700,000 — — Bond futures 449,500 — — 114,500 — — Not subject to master netting arrangements: CRT derivatives 16,710,981 — 82,004 24,824,616 115,863 — Interest rate lock commitments 12,451,210 81,236 9,119 3,199,680 11,726 572 Repurchase agreement derivatives — — 5,275 — Total derivative instruments before netting 145,588 141,231 153,666 19,816 Netting (38,152 ) (27,891 ) (6,278 ) (13,393 ) $ 107,436 $ 113,340 $ 147,388 $ 6,423 Margin deposits (received from) placed with derivatives counterparties, net $ (10,293 ) $ 7,114 Derivative assets pledged to secure: Assets sold under agreements to repurchase $ 27,073 Notes payable 115,110 $ 142,183 The following tables summarize the notional amount activity for derivative contracts used for economic hedging purposes: Notional amounts, quarter ended September 30, 2020 Beginning Dispositions/ End Instrument of quarter Additions expirations of quarter (in thousands) Call options on interest rate futures 600,000 2,750,000 (2,500,000 ) 850,000 Put options on interest rate futures 550,000 5,025,000 (3,800,000 ) 1,775,000 Forward purchase contracts 9,714,759 119,230,393 (116,214,292 ) 12,730,860 Forward sales contracts 14,851,973 149,461,006 (142,827,438 ) 21,485,541 MBS put options 10,650,000 23,800,000 (25,550,000 ) 8,900,000 MBS call options — 1,500,000 — 1,500,000 Swap futures 3,325,000 4,150,000 (4,350,000 ) 3,125,000 Swaptions 1,875,000 7,050,000 (5,350,000 ) 3,575,000 Bond futures 324,500 4,950,400 (4,825,400 ) 449,500 Notional amounts, quarter ended September 30, 2019 Beginning Dispositions/ End Instrument of quarter Additions expirations of quarter (in thousands) Call options on interest rate futures 2,413,500 9,598,500 (11,227,000 ) 785,000 Put options on interest rate futures 2,111,200 14,061,200 (12,547,400 ) 3,625,000 Forward purchase contracts 12,858,356 82,180,633 (85,670,050 ) 9,368,939 Forward sales contracts 9,101,624 108,395,576 (107,365,473 ) 10,131,727 MBS put options 9,050,000 18,100,000 (19,800,000 ) 7,350,000 MBS call options 2,350,000 2,350,000 (4,700,000 ) — Swap futures 400,000 2,599,970 (2,970 ) 2,997,000 Bond futures 920,000 8,230,100 (8,723,100 ) 427,000 Notional amounts, nine months ended September 30, 2020 Beginning Dispositions/ End Instrument of period Additions expirations of period (in thousands) Call options on interest rate futures 2,662,500 33,492,500 (35,305,000 ) 850,000 Put options on interest rate futures 950,000 35,925,000 (35,100,000 ) 1,775,000 Forward purchase contracts 5,883,198 305,632,665 (298,785,003 ) 12,730,860 Forward sales contracts 9,297,179 380,851,601 (368,663,239 ) 21,485,541 MBS put options 4,000,000 62,850,000 (57,950,000 ) 8,900,000 MBS call options — 1,500,000 — 1,500,000 Swap futures 2,075,000 15,400,000 (14,350,000 ) 3,125,000 Swaptions 2,700,000 23,825,000 (22,950,000 ) 3,575,000 Bond futures 114,500 15,303,400 (14,968,400 ) 449,500 Notional amounts, nine months ended September 30, 2019 Beginning Dispositions/ End Instrument of period Additions expirations of period (in thousands) Call options on interest rate futures 512,500 19,004,500 (18,732,000 ) 785,000 Put options on interest rate futures 1,102,500 23,037,400 (20,514,900 ) 3,625,000 Forward purchase contracts 3,072,223 170,410,969 (164,114,253 ) 9,368,939 Forward sales contracts 4,595,241 216,219,234 (210,682,748 ) 10,131,727 MBS put options 2,550,000 42,600,000 (37,800,000 ) 7,350,000 MBS call options 500,000 13,200,000 (13,700,000 ) — Swap futures — 2,999,970 (2,970 ) 2,997,000 Bond futures 815,000 16,190,600 (16,578,600 ) 427,000 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 CRT derivatives, IRLCs and repurchase agreement derivatives. As of September 30, 2020 and December 31, 2019, 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: September 30, 2020 December 31, 2019 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 Subject to master netting arrangements: Call options on interest rate futures $ 1,078 $ — $ 1,078 $ 3,809 $ — $ 3,809 Put options on interest rate futures 3,063 — 3,063 2,859 — 2,859 Forward purchase contracts 27,151 — 27,151 7,525 — 7,525 Forward sale contracts 9,203 — 9,203 637 — 637 MBS put options 14,086 — 14,086 1,625 — 1,625 MBS call options 3,691 — 3,691 — — — Swap futures 6,080 — 6,080 4,347 — 4,347 Netting — (38,152 ) (38,152 ) — (6,278 ) (6,278 ) 64,352 (38,152 ) 26,200 20,802 (6,278 ) 14,524 Not subject to master netting arrangements: CRT derivatives — — — 115,863 — 115,863 Interest rate lock commitments 81,236 — 81,236 11,726 — 11,726 Repurchase agreement derivatives — — — 5,275 — 5,275 81,236 — 81,236 132,864 — 132,864 $ 145,588 $ (38,152 ) $ 107,436 $ 153,666 $ (6,278 ) $ 147,388 Derivative Assets, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. September 30, 2020 December 31, 2019 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 derivatives $ — $ — $ — $ — $ 115,863 $ — $ — $ 115,863 Interest rate lock commitments 81,236 — — 81,236 11,726 — — 11,726 Bank of America, N.A. 7,829 — — 7,829 2,489 — — 2,489 J.P. Morgan Securities LLC 5,506 — — 5,506 1,551 — — 1,551 RJ O’Brien & Associates, LLC 4,141 — — 4,141 6,668 — — 6,668 PNC Capital Markets LLC 2,780 — — 2,780 — — — — Credit Suisse Securities (USA) LLC 1,415 — — 1,415 — — — — Deutsche Bank Securities LLC 1,378 — — 1,378 5,398 — — 5,398 Other 3,151 — — 3,151 3,693 — — 3,693 $ 107,436 $ — $ — $ 107,436 $ 147,388 $ — $ — $ 147,388 Offsetting of Derivative Liabilities and Financial Liabilities Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. Assets sold under agreements to repurchase do not qualify for setoff accounting. September 30, 2020 December 31, 2019 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: Subject to master netting arrangements: Forward purchase contracts $ 5,898 $ — $ 5,898 $ 3,600 $ — $ 3,600 Forward sales contracts 44,210 — 44,210 15,644 — 15,644 Netting — (27,891 ) (27,891 ) — (13,393 ) (13,393 ) 50,108 (27,891 ) 22,217 19,244 (13,393 ) 5,851 Not subject to master netting arrangements CRT derivatives 82,004 — 82,004 — — — Interest rate lock commitments 9,119 — 9,119 572 — 572 141,231 (27,891 ) 113,340 19,816 (13,393 ) 6,423 Assets sold under agreements to repurchase: UPB 5,445,773 — 5,445,773 6,649,179 — 6,649,179 Unamortized debt issuance costs (5,938 ) — (5,938 ) (289 ) — (289 ) 5,439,835 — 5,439,835 6,648,890 — 6,648,890 $ 5,581,066 $ (27,891 ) $ 5,553,175 $ 6,668,706 $ (13,393 ) $ 6,655,313 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 qualify for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. September 30, 2020 December 31, 2019 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) CRT derivatives $ 82,004 $ — $ — $ 82,004 $ — $ — $ — $ — Interest rate lock commitments 9,119 — — 9,119 572 — — 572 Credit Suisse Securities (USA) LLC 1,009,308 (1,009,308 ) — — 720,411 (719,902 ) — 509 Bank of America, N.A. 891,783 (891,783 ) — — 1,339,291 (1,339,291 ) — — J.P. Morgan Securities LLC 574,547 (574,547 ) — — 1,736,829 (1,736,829 ) — — Daiwa Capital Markets 556,504 (556,504 ) — — 906,439 (906,439 ) — — Morgan Stanley & Co. LLC 498,631 (495,496 ) — 3,135 656,728 (656,728 ) — — Citigroup Global Markets Inc. 475,231 (473,058 ) — 2,173 412,999 (411,933 ) — 1,066 Mizuho Securities 449,694 (449,129 ) — 565 392,038 (391,627 ) — 411 RBC Capital Markets, L.P. 374,379 (374,379 ) — — 290,388 (290,388 ) — — BNP Paribas 349,387 (349,387 ) — — 116,155 (115,733 ) — 422 Amherst Pierpont Securities LLC 147,407 (147,407 ) — — 80,309 (80,309 ) — — Barclays Capital Inc. 124,775 (124,775 ) — — 52 — — 52 Federal Home Loan Mortgage Corporation 13,104 — — 13,104 — — — — Wells Fargo Securities, LLC 2,985 — — 2,985 — — — — Federal National Mortgage Association — — — — 1,996 — — 1,996 Other 255 — — 255 1,395 — — 1,395 $ 5,559,113 $ (5,445,773 ) $ — $ 113,340 $ 6,655,602 $ (6,649,179 ) $ — $ 6,423 Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included: Quarter ended September 30, Nine months ended September 30, Derivative activity Statement of operations line 2020 2019 2020 2019 (in thousands) Interest rate lock commitments Net gain on loans acquired for sale (1) $ (11,839 ) $ 47,671 $ 60,964 $ 121,316 CRT derivatives Net gain (loss) on investments $ (6,516 ) $ 14,773 $ (154,173 ) $ 57,032 Repurchase agreement derivatives Interest expense $ 53 $ 219 $ 53 $ 24 Hedged item (2): Interest rate lock commitments and loans acquired for sale Net gain on loans acquired for sale $ (117,926 ) $ (21,737 ) $ (350,191 ) $ (100,326 ) Mortgage servicing rights Net loan servicing fees $ 962 $ 133,921 $ 717,498 $ 230,592 Fixed-rate and prepayment sensitive assets and LIBOR- indexed repurchase agreements Net gain (loss) on investments $ (1,266 ) $ (13,556 ) $ 46,926 $ 31,005 (1) Represents net increase in fair value of IRLCs from the beginning to the end of the reporting period. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loan are shown in the rollforward of IRLCs for the period in Note 7– Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (2) All hedging derivatives are interest rate derivatives that are used as economic hedges. Credit Risk Transfer Strips Following is a summary of the Company’s investment in CRT strips Credit risk transfer strips contractually restricted from sale (1) September 30, 2020 December 31, 2019 (in thousands) Assets Through June 13, 2020 $ — $ 17,629 To maturity — 37,301 $ — $ 54,930 Liabilities Unrestricted $ 205 $ — To maturity 52,535 — $ 52,740 $ — (1) The terms of the agreement underlying the CRT securities restricts sales of the securities, other than sales under agreements to repurchase, without the approval of Fannie Mae, for specified periods from the date of issuance.

Mortgage Servicing Rights

Mortgage Servicing Rights	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 1,189,605 $ 1,126,427 $ 1,535,705 $ 1,162,369 Sales (7 ) — (7 ) — MSRs resulting from loan sales 265,278 249,888 717,227 534,742 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (13,054 ) (157,928 ) (687,950 ) (391,323 ) Other changes in fair value (2) (53,419 ) (55,673 ) (176,572 ) (143,074 ) (66,473 ) (213,601 ) (864,522 ) (534,397 ) Balance at end of period $ 1,388,403 $ 1,162,714 $ 1,388,403 $ 1,162,714 September 30, 2020 December 31, 2019 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and risk transfer and mortgage servicing assets $ 1,377,182 $ 1,510,651 (1) Primarily reflects changes in pricing spread (discount rate), prepayment speed, and servicing cost inputs. (2) Represents changes due to realization of expected cash flows. Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Contractually-specified servicing fees $ 98,027 $ 76,377 $ 294,319 $ 204,568 Ancillary and other fees: Late charges 194 488 1,093 1,158 Other 18,466 6,506 36,645 15,452 $ 116,687 $ 83,371 $ 332,057 $ 221,178

Real Estate Acquired in Settlem

Real Estate Acquired in Settlement of Loans	9 Months Ended
	Sep. 30, 2020
Other Real Estate [Abstract]
Real Estate Acquired in Settlement of Loans	Note 13—Real Estate Acquired in Settlement of Loans Following is a summary of financial information relating to REO: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 43,559 $ 97,808 $ 65,583 $ 85,681 Transfers: From loans at fair value and advances — 10,985 1,166 23,256 From real estate held for investment (1) — — — 30,432 Results of REO: Valuation adjustments, net (6 ) (2,546 ) (1,577 ) (5,961 ) Gain on sale, net 2,265 3,248 6,724 7,258 2,259 702 5,147 1,297 Sales (10,121 ) (30,294 ) (36,199 ) (61,465 ) Balance at end of period $ 35,697 $ 79,201 $ 35,697 $ 79,201 September 30, 2020 December 31, 2019 (in thousands) REO pledged to secure assets sold under agreements to repurchase $ 19,171 $ 40,938 (1) During the quarter ended June 30, 2019, the Company committed to liquidate its real estate held for investment and transferred its holdings to real estate acquired in settlement of loans.

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase	9 Months Ended
	Sep. 30, 2020
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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Weighted average interest rate (1) 1.49 % 3.25 % 1.77 % 3.35 % Average balance $ 4,054,686 $ 5,773,934 $ 4,986,701 $ 5,180,436 Total interest expense (2) $ 19,259 $ 48,595 $ 74,081 $ 126,194 Maximum daily amount outstanding $ 7,170,860 $ 6,694,496 $ 8,664,587 $ 6,893,551 (1) Excludes the effect of amortization of net debt issuance costs of $4.1 million and $7.9 million, respectively, for the quarter and nine months ended September 30, 2020 and net debt issuance cost and premiums of $692,000 and $5.5 million for the quarter and nine months ended September 30, 2019, respectively. (2) The Company’s interest expense relating to assets sold under agreements to repurchase for the quarter and nine months ended September 30, 2019 include recognition of incentives it received for financing certain of its loans acquired for sale satisfying certain consumer debt relief characteristics under a master repurchase agreement. During the quarter and nine months ended September 30, 2019, the Company recognized $979,000 and $10.8 million, respectively, in such incentives as a reduction of Interest expense. September 30, 2020 December 31, 2019 (dollars in thousands) Carrying value: Unpaid principal balance $ 5,445,773 $ 6,649,179 Unamortized debt issuance costs, net (5,938 ) (289 ) $ 5,439,835 $ 6,648,890 Weighted average interest rate 2.21 % 2.85 % Available borrowing capacity (1): Committed $ — $ — Uncommitted 2,026,354 2,278,264 $ 2,026,354 $ 2,278,264 Margin deposits placed with counterparties included in Other $ 40,486 $ 91,871 Assets securing agreements to repurchase: Mortgage-backed securities $ 1,992,786 $ 2,839,633 Loans acquired for sale at fair value $ 3,873,063 $ 4,070,134 Loans at fair value $ 3,922 $ 12,390 CRT derivatives $ — $ 27,073 MSRs (2) $ 1,377,182 $ 1,354,907 Real estate acquired in settlement of loans $ 19,171 $ 40,938 Deposits securing CRT arrangements $ — $ 445,194 (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 Freddie Mac and Fannie Mae MSRs are pledged as collateral for both Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at September 30, 2020 Unpaid principal balance (in thousands) Within 30 days $ 1,897,127 Over 30 to 90 days 3,174,267 Over 90 days to 180 days 374,380 $ 5,445,774 Weighted average maturity (in months) 1.7 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 September 30, 2020: Loans, REO and MSRs Counterparty Amount Weighted average maturity Facility maturity (in thousands) Credit Suisse First Boston Mortgage Capital LLC $ 155,819 December 24, 2020 April 23, 2021 Bank of America, N.A. $ 55,459 November 7, 2020 March 11, 2021 JPMorgan Chase & Co. $ 21,512 November 24, 2020 January 7, 2021 Citibank, N.A. $ 35,298 December 23, 2020 August 3, 2021 Morgan Stanley $ 34,025 November 3, 2020 November 3, 2020 Royal Bank of Canada $ 25,684 November 30, 2020 November 30, 2020 BNP Paribas $ 23,414 December 24, 2020 July 30, 2021 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Barclays Capital Inc. $ 420,229 October 19, 2020 Bank of America, N.A. $ 38,249 October 12, 2020 Daiwa Capital Markets America Inc. $ 37,546 October 17, 2020 JPMorgan Chase & Co. $ 15,819 October 7, 2020 Mizuho Securities $ 29,707 October 12, 2020 Amherst Pierpont Securities LLC $ 7,866 October 15, 2020

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreements	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Mortgage Loan Participation Purchase and Sale Agreements	Note 15—Mortgage Loan Participation Purchase and Sale Agreements Certain borrowing facilities 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 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Weighted average interest rate (1) 1.43 % 3.38 % 1.70 % 3.58 % Average balance $ 40,117 $ 40,391 $ 45,484 $ 43,648 Total interest expense $ 176 $ 374 $ 724 $ 1,296 Maximum daily amount outstanding $ 96,508 $ 95,719 $ 96,570 $ 207,065 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $145,000 for the quarter and nine months ended September 30, 2020, respectively, and $25,000 and $112,000 for the quarter and nine months ended September 30, 2019, respectively. September 30, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 79,778 Unamortized debt issuance costs (57 ) $ 79,721 Weighted average interest rate 1.40 % Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 83,244

Notes Payable Secured By Credit

Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets	Note 16—Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets The Company, through its indirect subsidiary, PMT CREDIT RISK TRANSFER TRUST (the “Issuer Trust”), issued Term Notes to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). All of the Term Notes rank pari passu with each other and with the Series 2017-VF1 Note dated December 20, 2017 (the "FMSR VFN") issued by another one of the Company’s indirect subsidiaries. PMC finances mortgage servicing rights through the issuance of the FMSR VFN sold to institutional buyers under an agreement to repurchase. On August 4, 2020, PMC increased the committed borrowing capacity to $700 million and extended the VFN termination date to August 3, 2021. Following is a summary of the secured Term Notes issued: Maturity date (2) Term Notes Issuance date Issued Unpaid principal balance Annual interest rate spread (1) Stated Optional extension (in thousands) 2020 1R February 14, 2020 $ 350,000 $ 232,987 2.35 % March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 226,594 2.70 % October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 497,184 2.75 % May 29, 2023 May 29, 2025 2019 1R March 29, 2019 $ 295,700 200,510 2.00 % March 27, 2022 March 29, 2024 $ 1,157,275 (1) Spread over 1-month LIBOR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of the Term Notes under the conditions specified in respective agreements. On April 25, 2018, the Company, through its indirect subsidiary, PMT ISSUER TRUST-FMSR, 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. The 2018-FT1 Notes bear interest at a rate equal to one-month LIBOR plus 2.35% per annum. 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 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, 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 loans pooled into Freddie Mac securities (collectively, the “Freddie MSRs”), in an aggregate loan amount not to exceed $175 million. The Freddie MSR note matures on October 21, 2020 and has been extended through April 23, 2021. Following is a summary of financial information relating to the notes payable: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Weighted average interest rate (1) 2.69 % 4.71 % 3.31 % 4.76 % Average balance $ 1,730,585 $ 1,373,018 $ 1,832,732 $ 908,783 Total interest expense $ 12,407 $ 17,052 $ 47,474 $ 34,351 Maximum daily amount outstanding $ 1,816,286 $ 1,376,634 $ 2,032,665 $ 1,379,504 (1) Excludes the effect of amortization of debt issuance costs of $687,000 and $1.9 million for the quarter and nine months ended September 30, 2020, respectively, and $538,000 and $1.5 million for the quarter and nine months ended September 30, 2019, respectively. September 30, 2020 December 31, 2019 (dollars in thousands) Carrying value: Amount outstanding $ 1,607,275 $ 1,702,262 Unamortized debt issuance costs (4,886 ) (5,967 ) $ 1,602,389 $ 1,696,295 Weighted average interest rate 3.12 % 4.30 % Assets securing notes payable: MSRs (1) $ 1,377,182 $ 1,510,651 CRT Agreements: Deposits securing CRT arrangements $ 1,417,792 $ 1,524,590 Derivative assets $ — $ 115,110 (1) Beneficial interests in Freddie Mac and Fannie Mae MSRs are pledged as collateral for both Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets

Exchangeable Senior Notes

Exchangeable Senior Notes	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Exchangeable Notes	Note 17—Exchangeable Senior Notes On November 4, 2019, PMC issued $210 million in principal amount of 5.50% exchangeable senior notes due 2024 in a private offering. The 2024 Notes will mature on November 1, 2024 unless repurchased or exchanged in accordance with their terms before such date. The 2024 Notes are fully and unconditionally guaranteed by the Company and are exchangeable for PMT common shares, cash, or a combination thereof, at PMC’s election, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, subject to the satisfaction of certain conditions if the exchange occurs before August 1, 2024. The exchange rate initially equals 40.1010 common shares per $1,000 principal amount of the 2024 Notes and is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. On April 30, 2013, PMC issued in a private offering $250 million in principal amount of 5.375% exchangeable notes due May 1, 2020 (the “2020 Notes”, together with the 2024 Notes, the “Exchangeable Notes”). The 2020 Notes bore interest at a rate of 5.375% per year, payable semiannually. The Company repurchased and repaid the 2020 Notes during the quarter ended June 30, 2020 and recorded a gain on early extinguishment of debt relating to the repurchased notes totaling $1.7 million in O ther Following is financial information relating to the Exchangeable Notes: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Average balance $ 195,579 $ 250,000 $ 293,736 $ 250,000 Total interest expense $ 3,613 $ 3,670 $ 15,222 $ 10,997 September 30, 2020 December 31, 2019 (in thousands) Carrying value: UPB $ 210,000 $ 460,000 Unamortized debt issuance costs and conversion option (13,942 ) (16,494 ) $ 196,058 $ 443,506

Asset-Backed Financing of a Var

Asset-Backed Financing of a Variable Interest Entity at Fair Value	9 Months Ended
	Sep. 30, 2020
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 at fair value described in Note 6 — Variable Interest Entities-Jumbo loan financing Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Average balance $ 197,743 $ 267,961 $ 219,951 $ 271,964 Total interest expense $ 2,561 $ 2,196 $ 9,558 $ 9,020 Weighted average interest rate 3.23 % 3.35 % 3.34 % 3.45 % September 30, 2020 December 31, 2019 (dollars in thousands) Fair value $ 175,879 $ 243,360 UPB $ 172,515 $ 239,169 Weighted average interest rate 3.56 % 3.51 % The asset-backed financing of a VIE is a non-recourse liability and is 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	9 Months Ended
	Sep. 30, 2020
Liability For Representations And Warranties [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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance, beginning of period $ 10,225 $ 7,728 $ 7,614 $ 7,514 Provision for losses: Pursuant to loan sales 5,953 1,040 10,198 2,473 Reduction in liability due to change in estimate (1,504 ) (1,057 ) (3,059 ) (2,181 ) Losses incurred, net (33 ) (33 ) (112 ) (128 ) Balance, end of period $ 14,641 $ 7,678 $ 14,641 $ 7,678 UPB of loans subject to representations and warranties at end of period $ 143,875,403 $ 109,113,773

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, results of operations, or cash flows of the Company. Commitments The following table summarizes the Company’s outstanding contractual commitments: September 30, 2020 (in thousands) Commitments to purchase loans acquired for sale $ 12,451,210 Face amount of firm commitment to purchase credit risk transfer securities $ 1,699,684

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shareholders' Equity	Note 21—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: Dividends per share, period ended September 30, Quarter Nine months Series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2020 2019 2020 2019 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 $ 1.52 $ 1.53 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 12,400 $ 310,000 $ 10,293 $ 299,707 (1) Par value is $0.01 per share. The Company’s Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) pay cumulative dividends at a fixed rate of 8.125% per annum based on the $25.00 per share liquidation preference to, but not including, March 15, 2024. From, and including, March 15, 2024 and thereafter, the Company will pay cumulative dividends on the Series A Preferred Shares at a floating rate equal to three-month LIBOR as calculated on each applicable dividend determination date plus a spread of 5.831% per annum based on the $25.00 per share liquidation preference. The Company’s Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”) (together with the Series A Preferred Shares, the “Preferred Shares”) pay cumulative dividends at a fixed rate of 8.00% per annum based on the $25.00 per share liquidation preference to, but not including, June 15, 2024. 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 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 Shares of Beneficial Interest Underwritten Equity Offerings During 2019, the Company completed the following underwritten offerings of common shares: Period ended September 30, 2019 Quarter Nine months (in thousands) Number of common shares issued 9,200 24,327 Gross proceeds $ 200,100 $ 516,857 Net proceeds $ 197,773 $ 510,233 “At-The-Market” (ATM) Equity Offering Program During March 2019, t he Company entered into separate equity distribution agreements to sell from time to time, through an ATM equity offering program under which the counterparties will act as sales agent and/or principal, the Company’s common shares having an aggregate offering price of up to $200 million Quarter ended September 30, Nine months ended September 30 2020 2019 2020 2019 (in thousands) Number of common shares issued — 2,537 241 4,826 Gross proceeds $ — $ 56,256 $ 5,654 $ 105,688 Net proceeds $ — $ 55,694 $ 5,597 $ 104,631 A t September 30, 2020 , the Company had approximately $74.4 million of common shares of beneficial interest 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 of beneficial interest. The following table summarizes the Company’s share repurchase activity: Quarter ended September 30, Nine months ended September 30, Cumulative 2020 2019 2020 2019 total (1) (in thousands) Common shares repurchased 492 — 1,841 — 16,572 Cost of common shares repurchased $ 8,273 $ — $ 21,618 $ — $ 238,243 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2020. Conditional Reimbursement of IPO Underwriting Costs As more fully described in Note 4— Transactions with Affiliates 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 Reimbursement Agreement was amended and now expires on February 1, 2023 . .

Net Gain on Loans Acquired for

Net Gain on Loans Acquired for Sale	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Net Gain on Loans Acquired for Sale	Note 22— Net Gain on Loans Acquired for Sale Net gain on loans acquired for sale is summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) From nonaffiliates: Cash loss: Loans $ (23,860 ) $ (211,051 ) $ (70,972 ) $ (407,213 ) Hedging activities (103,361 ) (56,544 ) (360,930 ) (106,914 ) (127,221 ) (267,595 ) (431,902 ) (514,127 ) Non-cash gain: Recognition of fair value of firm commitment to purchase CRT securities (3,933 ) 25,864 (38,161 ) 65,860 Receipt of MSRs in mortgage loan sale transactions 265,278 249,888 717,227 534,742 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to loans sales (5,953 ) (1,040 ) (10,198 ) (2,473 ) Reduction of liability due to change in estimate 1,504 1,057 3,059 2,181 (4,449 ) 17 (7,139 ) (292 ) Change in fair value of loans and derivatives held at end of period: IRLCs (11,839 ) (9,236 ) 60,964 (7,610 ) Loans (6,518 ) 11,309 (11,471 ) 10,311 Hedging derivatives (14,565 ) 34,807 10,739 6,588 (32,922 ) 36,880 60,232 9,289 223,974 312,649 732,159 609,599 Total from nonaffiliates 96,753 45,054 300,257 95,472 From PFSI—cash gain 1,669 4,206 9,154 9,355 $ 98,422 $ 49,260 $ 309,411 $ 104,827

Net Gain (Loss) on Investments

Net Gain (Loss) on Investments	9 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Net Gain (Loss) on Investments	Note 23— Net gain (loss) on investments is summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) From nonaffiliates: Mortgage-backed securities $ (37,873 ) $ 13,450 $ 95,158 $ 77,820 Loans at fair value: Held in a VIE (2,905 ) 2,636 (4,979 ) 9,580 Distressed 193 (1,178 ) (1,070 ) (6,144 ) CRT arrangements 14,620 37,571 (210,509 ) 95,160 Firm commitment to purchase CRT securities 46,332 13,289 (220,146 ) 39,609 Asset-backed financing of a VIE at fair value 3,106 (2,988 ) 4,872 (8,186 ) Hedging derivatives (1,266 ) (13,556 ) 46,926 31,005 22,207 49,224 (289,748 ) 238,844 From PFSI—ESS (2,610 ) (3,435 ) (16,852 ) (10,208 ) $ 19,597 $ 45,789 $ (306,600 ) $ 228,636

Net Interest Income

Net Interest Income	9 Months Ended
	Sep. 30, 2020
Banking And Thrift Interest [Abstract]
Net Interest (Expense) Income	Note 24—Net Interest (Expense) Income Net interest income is summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 581 $ 1,305 $ 3,100 $ 3,216 Mortgage-backed securities 24,411 18,986 49,861 55,896 Loans acquired for sale at fair value 26,158 33,350 73,762 79,698 Loans at fair value: Held in a VIE 2,763 2,939 8,117 8,815 Distressed 50 879 342 3,572 Deposits securing CRT arrangements 288 11,193 6,893 25,798 Placement fees relating to custodial funds 4,286 16,661 24,800 36,936 Other 16 197 267 620 58,553 85,510 167,142 214,551 From PFSI—ESS 2,070 2,291 6,416 8,124 60,623 87,801 173,558 222,675 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase (1) 19,259 48,595 74,081 126,194 Mortgage loan participation purchase and sale agreements 176 374 724 1,296 Notes payable secured by credit risk transfer and mortgage servicing assets 12,407 17,052 47,474 34,351 Exchangeable Notes 3,613 3,670 15,222 10,997 Asset-backed financings of a VIE at fair value 2,561 2,196 9,558 9,020 Interest shortfall on repayments of loans serviced for Agency securitizations 19,311 9,807 48,553 15,683 Interest on loan impound deposits 1,014 1,008 2,835 2,308 58,341 82,702 198,447 199,849 To PFSI—Assets sold under agreement to repurchase 676 1,527 2,686 5,015 59,017 84,229 201,133 204,864 Net interest (expense) income $ 1,606 $ 3,572 $ (27,575 ) $ 17,811 (1) In 2017, the Company entered into a master repurchase agreement that provided the Company with incentives to finance loans approved for satisfying certain consumer relief characteristics as provided in the agreement. During the quarter and nine months ended September 30, 2019, the Company recognized $979,000 and $10.8 million, respectively, in such incentives as reductions of Interest expense

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation Plans	Note 25—Share-Based Compensation Plans The Company has adopted an equity incentive plan that provides for the issuance of equity based awards based on PMT’s common shares that may be made by the Company to its officers and trustees, and the members, officers, trustees, directors and employees of PCM, PFSI, or their affiliates and to PCM, PFSI and other entities that provide services to PMT and the employees of such other entities. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by the board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards. The Company’s equity incentive plan allows for grants of share-based awards up to an aggregate of 8% of PMT’s issued and outstanding shares on a diluted basis at the time of the award. The shares underlying award grants will again be available for award under the equity incentive plan if: • any shares subject to an award granted under the equity incentive plan are forfeited, canceled, exchanged or surrendered; • an award terminates or expires without a distribution of shares to the participant; or • shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award. Restricted share units have been awarded to trustees and officers of the Company and to other employees of PFSI and its subsidiaries at no cost to the grantees. Such awards generally vest over a one- to three-year The following table summarizes the Company’s share-based compensation activity: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Grants: Restricted share units — — 92 96 Performance share units — — 112 116 Total share units granted — — 204 212 Grant date fair value: Restricted share units $ — $ — $ 1,978 $ 1,978 Performance share units — — 2,428 2,380 Total grant date value of share units $ — $ — $ 4,406 $ 4,358 Vestings: Restricted share units 6 1 129 227 Performance share units (1) — — 143 141 Total share units vested 6 1 272 368 Forfeitures: Restricted share units 4 — 4 — Performance share units — 1 — 1 Total share units forfeited 4 1 4 1 Compensation expense relating to share-based grants $ 547 $ 1,316 $ 1,601 $ 4,348 (1) The actual number of performance-based RSUs vested during the nine months ended September 30, 2020 was 196,000 common shares, which is approximately 137% of the 143,000 originally granted performance-based RSUs, due to the Company exceeding the established performance targets. September 30, 2020 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 188 204 Grant date average fair value per unit $ 20.50 $ 19.70

Other Expenses

Other Expenses	9 Months Ended
	Sep. 30, 2020
Other Income And Expenses [Abstract]
Other Expenses	Note 26—Other Expenses Other expenses are summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Common overhead allocation from PFSI $ 1,389 $ 1,543 $ 4,514 $ 4,055 Bank service charges 395 690 1,402 1,833 Technology 284 418 1,044 1,143 Insurance 354 309 1,012 911 Other 2,311 870 4,174 3,527 $ 4,733 $ 3,830 $ 12,146 $ 11,469

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 27—Income Taxes The Company’s effective tax rate was 18.5% and 622.7% with consolidated pretax income of $122.2 million and pretax income of $5.8 million for the quarter and nine months ended September 30, 2020, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized tax expense of $22.9 million on pretax income of $118.5 million and tax expense of $36.3 million on pretax income of $186.6 million for the quarter and nine months ended September 30, 2020, respectively. For the same periods in 2019, the TRS recognized tax benefit of $22.3 million on pretax loss of $111.4 million and tax benefit of $37.2 million on pretax loss of $171.3 million, respectively. The Company’s reported consolidated pretax income for the quarter and nine months ended September 30, 2019 was $48.1 million and $131.4 million, respectively. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of September 30, 2020, the valuation allowance was reduced to zero from the $4.7 million valuation allowance recorded at June 30, 2020 as the result of positive GAAP income at the TRS for the quarter ended September 30, 2020. The amount of the deferred tax asset considered realizable could be adjusted further if estimates of future taxable income during the carryforward period are reduced or increased. The recently enacted CARES Act provides for carry back of losses from 2018, 2019 and 2020. However, TRS does not have taxable income from 2019 or prior years to which the losses could be carried back. 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	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 28—Earnings Per Share The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income 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 2020 Notes, by the weighted average common shares outstanding, assuming all dilutive securities were issued. During 2019, the Company issued the 2024 Notes. The 2024 Notes include a cash conversion option. The Company intends to cash settle the 2024 Notes. Therefore, the effect of conversion of the 2024 Notes is excluded from diluted earnings (loss) per share. The following table summarizes the basic and diluted earnings per share calculations: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands except per share amounts) Net income (loss) $ 99,547 $ 70,000 $ (30,506 ) $ 167,760 Dividends on preferred shares (6,234 ) (6,234 ) (18,703 ) (18,703 ) Effect of participating securities—share-based compensation awards (182 ) (165 ) (198 ) (476 ) Net income (loss) attributable to common shareholders 93,131 63,601 (49,407 ) 148,581 Interest on 2020 Notes, net of income taxes — 2,716 — 8,138 Diluted net income (loss) attributable to common shareholders $ 93,131 $ 66,317 $ (49,407 ) $ 156,719 Weighted average basic shares outstanding 99,227 84,367 99,718 74,212 Dilutive securities: Shares issuable under share-based compensation plan 197 — — — Shares issuable pursuant to exchange of the 2020 Notes — 8,467 — 8,467 Diluted weighted average number of shares outstanding 99,424 92,834 99,718 82,679 Basic earnings (loss) per share $ 0.94 $ 0.75 $ (0.50 ) $ 2.00 Diluted earnings (loss) per share $ 0.94 $ 0.71 $ (0.50 ) $ 1.90 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 anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Shares issuable under share-based compensation plan 116 133 181 149 Shares issuable pursuant to exchange of the 2020 Notes — — 3,378 —

Segments

Segments	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segments	Note 29—Segments The Company operates in four segments: credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate: • The credit sensitive strategies segment represents the Company’s investments in CRT arrangements, firm commitments to purchase CRT securities, distressed loans, real estate and non-Agency subordinated bonds. • 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 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 loans either directly or in the form of MBS, using the services of the Manager and PLS. • The corporate segment includes management fees, corporate expense amounts and certain interest income. Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale $ (3,934 ) $ — $ 102,356 $ — $ 98,422 Net gain (loss) on investments 60,011 (40,414 ) — — 19,597 Net loan servicing fees — 60,427 — — 60,427 Net interest (expense) income : Interest income 656 33,516 26,073 378 60,623 Interest expense 6,236 36,178 16,547 56 59,017 (5,580 ) (2,662 ) 9,526 322 1,606 Other 2,321 — 38,640 — 40,961 52,818 17,351 150,522 322 221,013 Expenses: Loan fulfillment and servicing fees payable to PFSI 187 18,564 54,840 — 73,591 Management fees — — — 8,508 8,508 Other 2,603 270 8,786 5,058 16,717 2,790 18,834 63,626 13,566 98,816 Pretax income (loss) $ 50,028 $ (1,483 ) $ 86,896 $ (13,244 ) $ 122,197 Total assets at quarter end $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2019 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale (1) $ 10,522 $ — $ 38,738 $ — $ 49,260 Net gain on investments 51,515 (5,726 ) — — 45,789 Net loan servicing fees — 5,159 — — 5,159 Net interest income (expense): Interest income 12,421 41,494 33,244 642 87,801 Interest expense 20,916 37,777 25,536 — 84,229 (8,495 ) 3,717 7,708 642 3,572 Other 1,453 — 25,522 5 26,980 54,995 3,150 71,968 647 130,760 Expenses: Loan fulfillment and servicing fees payable to PFSI 855 12,109 45,149 — 58,113 Management fees — — — 10,098 10,098 Other 2,277 1,142 5,035 5,962 14,416 3,132 13,251 50,184 16,060 82,627 Pretax income (loss) $ 51,863 $ (10,101 ) $ 21,784 $ (15,413 ) $ 48,133 Total assets at quarter end $ 2,419,222 $ 4,069,205 $ 4,065,039 $ 191,143 $ 10,744,609 (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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $15.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale (1) $ (43,813 ) $ — $ 353,224 $ — $ 309,411 Net (loss) gain on investments (386,829 ) 80,229 — — (306,600 ) Net loan servicing fees — 202,339 — — 202,339 Net interest (expense) income : Interest income 8,344 90,342 73,438 1,434 173,558 Interest expense 29,599 115,879 54,357 1,298 201,133 (21,255 ) (25,537 ) 19,081 136 (27,575 ) Other 5,501 — 87,945 1,796 95,242 (446,396 ) 257,031 460,250 1,932 272,817 Expenses: Loan fulfillment and servicing fees payable to PFSI 728 48,078 149,594 — 198,400 Management fees — — — 25,851 25,851 Other 4,529 3,143 18,874 16,185 42,731 5,257 51,221 168,468 42,036 266,982 Pretax (loss) income $ (451,653 ) $ 205,810 $ 291,782 $ (40,104 ) $ 5,835 Total assets at period end $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067 (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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $5.7 million of the initial firm commitment recognized in Net gain on loans acquired for sale Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2019 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale (1) $ 33,066 $ — $ 71,761 $ — $ 104,827 Net gain on investments 130,704 97,932 — — 228,636 Net loan servicing fees — (79,510 ) — — (79,510 ) Net interest income (expense): Interest income 30,321 111,436 79,398 1,520 222,675 Interest expense 46,928 105,845 52,091 — 204,864 (16,607 ) 5,591 27,307 1,520 17,811 Other 4,731 — 56,138 1,146 62,015 151,894 24,013 155,206 2,666 333,779 Expenses: Loan fulfillment and servicing fees payable to PFSI 1,936 33,166 102,313 — 137,415 Management fees — — — 26,178 26,178 Other 6,708 2,043 11,322 18,743 38,816 8,644 35,209 113,635 44,921 202,409 Pretax income (loss) $ 143,250 $ (11,196 ) $ 41,571 $ (42,255 ) $ 131,370 Total assets at period end $ 2,419,222 $ 4,069,205 $ 4,065,039 $ 191,143 $ 10,744,609 (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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $33.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 30—Supplemental Cash Flow Information Nine months ended September 30, 2020 2019 (in thousands) Payments: Income taxes, net $ 4,997 $ 136 Interest $ 220,616 $ 206,024 Non-cash investing activities: Transfer of loans and advances to real estate acquired in settlement of loans $ 1,166 $ 23,256 Transfer from real estate held for investment to real estate acquired in settlement of loans $ — $ 30,432 Receipt of mortgage servicing rights as proceeds from sales of loans at fair value $ 717,227 $ 534,742 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 1,393 $ 1,327 Capitalization of servicing advances pursuant to mortgage loan modifications $ — $ 1,248 Transfer of firm commitment to purchase CRT securities to investment securities $ — $ 56,804 Non-cash financing activities: Dividends declared, not paid $ 39,591 $ 42,870

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
	Sep. 30, 2020
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 31—Regulatory Capital and Liquidity Requirements The Company is subject to financial eligibility requirements established by the Federal Housing Finance Agency (“FHFA”) for sellers/servicers eligible to sell or service mortgage loans with Fannie Mae and Freddie Mac. The eligibility requirements include: • A tangible net worth of $2.5 million plus 25 basis points of the UPB of the Company’s total 1-4 unit servicing portfolio, excluding mortgage loans subserviced for others; • A tangible net worth/total assets ratio greater than or equal to 6%; and • A liquidity requirement of: • Before June 30, 2020, equal to 3.5 basis points of the aggregate UPB serviced for the Agencies plus 200 basis points of total nonperforming Agency servicing UPB (including nonperforming Agency loans that are in payment forbearance) in excess of 600 basis points • Effective June 30, 2020, equal to 3.5 basis points of the aggregate UPB serviced for the Agencies plus 200 basis points of total nonperforming Agency servicing UPB less 70% of such nonperforming Agency servicing UPB in excess of 600 basis points where the underlying loans are in forbearance but were current at the time they entered forbearance. On January 31, 2020, FHFA proposed changes to the eligibility requirements, which would increase the tangible net worth requirement to $2.5 million plus 35 basis points of the UPB of loans serviced for Ginnie Mae and 25 basis points of the UPB of all other 1-4 unit loans serviced, and increase the liquidity requirement to 4 basis points of the aggregate UPB serviced for Fannie Mae and Freddie Mac and 10 basis points of the UPB serviced for Ginnie Mae plus 300 basis points of total nonperforming Agency servicing UPB (including nonperforming Agency loans that are in payment forbearance) in excess of 400 basis points. On June 15, 2020, FHFA announced that it will be re-proposing changes to these requirements. The 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) September 30, 2020 $ 1,127,425 $ 393,725 16 % 6 % $ 270,808 $ 52,687 December 31, 2019 $ 627,144 $ 341,009 8 % 6 % $ 128,806 $ 44,970 (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	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 32—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: • All agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Organization and Basis of Prese

Organization and Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
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: credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate: • The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements, including CRT agreements (“CRT Agreements”) and CRT securities (together, “CRT arrangements”), distressed loans, real estate, and non-Agency subordinated bonds. • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), excess servicing spread (“ESS”) purchased from PennyMac Financial Services, Inc. (“PFSI”), Agency and senior non-Agency mortgage-backed securities (“MBS”) and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PFSI. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by 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 corporate segment includes management fees, corporate expense amounts and certain interest income.
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification These 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 presented, 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 Company 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 periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash.
Accounting Change	Accounting Change Effective January 1, 2020, the Company adopted FASB Accounting Standards Update 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Pending Accounting Change In August 2020, the FASB issued Accounting Standards Update 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) Debt – Debt with Conversion and Other Options • the embedded conversion features in debt instruments no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will generally be accounted for as a single liability measured at its amortized cost; • Diluted earnings per share guidance is changed to require that: • an entity is required to include shares issuable pursuant to conversion of convertible debt instruments in the determination of diluted earnings per share: current guidance allows an entity to exclude such shares from the diluted earnings per share calculation if the company has a history and policy of cash settlement; • an entity calculates earnings per share assuming the convertible debt instruments are converted; • an average market price should be used to calculate the diluted EPS denominator in cases in which the exercise prices may change on the basis of an entity’s share price or changes in the entity’s share price may affect the number of shares that may be used to settle a financial instrument; and • an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. ASU 2020-06 is effective for the Company beginning in the quarter ending March 31, 2022 with early adoption allowed beginning in the quarter ending March 31, 2021 using either the modified retrospective or full retrospective method. As detailed in Note 17 – Exchangeable Senior Notes • The conversion feature included in the 2024 Notes can be settled either in cash or common shares at the option of the Company. As a result of this feature and PMT’s intent to cash settle the 2024 Notes, the Company presently excludes the effect of conversion of the 2024 Notes from diluted earnings per share as allowed under current accounting standards. Adoption of ASU 2020-06 will require the Company to include common shares issuable pursuant to conversion of the 2024 Notes in its determination of diluted earnings per share. • The Company recognized the fair value of the conversion feature as a component of Additional paid-in capital as of the date of issuance of the 2024 Notes as required by current guidance. The issuance discount charged to the 2024 Notes resulting from the allocation of a portion of the issuance to Additional paid-in capital is presently accrued to interest expense using the interest method. Upon adoption of ASU 2020-06, the value originally attributed to Additional paid-in capital as of the date of issuance of the 2024 Notes will be added to the carrying value of the 2024 Notes and the accumulated accrual of the conversion value to interest expense through the date of adoption of ASU 2020-06 will be credited to retained earnings net of income taxes as the cumulative effect of the adoption of ASU 2020-06.
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 or based on 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 that are significant to the determination of fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the 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 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. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the inputs required to establish fair value at a higher level of the hierarchy become available. Fair Value Accounting Elections The Company identified all of PMT’s non-cash financial assets, its Firm commitment to purchase CRT securities The Company has also identified its Asset-backed financing of a VIE at fair value 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 2020 Notes, by the weighted average common shares outstanding, assuming all dilutive securities were issued. During 2019, the Company issued the 2024 Notes. The 2024 Notes include a cash conversion option. The Company intends to cash settle the 2024 Notes. Therefore, the effect of conversion of the 2024 Notes is excluded from diluted earnings (loss) per share.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Loan fulfillment fees earned by PLS $ 54,839 $ 45,149 $ 149,594 $ 102,313 Sourcing fees received from PLS included in Net gain on loans acquired for sale $ 1,669 $ 4,206 $ 9,154 $ 9,355 UPB of loans sold to PLS $ 16,690,482 $ 14,022,222 $ 41,641,327 $ 31,183,950 Purchases of loans acquired for sale from PLS $ 27 $ 1,876,358 $ 2,248,896 $ 4,095,079 Tax service fees paid to PLS $ 6,077 $ 4,222 $ 14,345 $ 9,567 September 30, 2020 December 31, 2019 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 432,716 $ 490,383
Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of loan servicing fees earned by PLS and MSR recapture income earned from PLS: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 452 $ 507 $ 1,595 $ 1,131 Loans at fair value 187 858 675 1,938 MSRs 18,113 11,599 46,536 32,033 $ 18,752 $ 12,964 $ 48,806 $ 35,102 Average investment in: Loans acquired for sale at fair value $ 3,336,504 $ 3,077,919 $ 3,125,083 $ 2,263,362 Loans at fair value: Distressed $ 8,189 $ 71,527 $ 9,369 $ 93,545 Held in a VIE $ 207,780 $ 282,021 $ 231,196 $ 285,945 Average MSR portfolio UPB $ 148,412,625 $ 111,459,832 $ 142,872,909 $ 103,407,919 MSR recapture income recognized included in Net loan servicing fees from PennyMac Financial Services, Inc. $ 9,251 $ 1,468 $ 17,306 $ 3,117
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Base management $ 8,508 $ 7,914 $ 25,851 $ 20,862 Performance incentive — 2,184 — 5,316 $ 8,508 $ 10,098 $ 25,851 $ 26,178 Average shareholders' equity amounts used to calculate base management fee expense $ 2,280,023 $ 2,101,646 $ 2,329,741 $ 1,860,693
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,389 $ 1,543 $ 4,514 $ 4,055 Compensation 165 120 405 360 Expenses incurred on the Company’s behalf, net 2,852 1,942 5,561 3,001 $ 4,406 $ 3,605 $ 10,480 $ 7,416 Payments and settlements during the period (1) $ 58,479 $ 68,191 $ 228,514 $ 111,411 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.
Summary of Investing Activity	Following is a summary of investing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) ESS: Received pursuant to a recapture agreement $ 531 $ 377 $ 1,393 $ 1,327 Repayments $ 7,682 $ 9,819 $ 25,112 $ 30,901 Interest income $ 2,070 $ 2,291 $ 6,416 $ 8,124 Net loss included in Net gain (loss) on investments: Valuation changes $ (3,135 ) $ (3,864 ) $ (18,293 ) $ (11,519 ) Recapture income 525 429 1,441 1,311 $ (2,610 ) $ (3,435 ) $ (16,852 ) $ (10,208 ) September 30, 2020 December 31, 2019 (in thousands) Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value $ 142,990 $ 178,586
Summary of Financing Transactions	Following is a summary of financing activities between the Company and PFSI: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Net repayments of assets sold under agreements to repurchase $ 3,143 $ 11,038 $ 20,554 $ 23,347 Interest expense $ 676 $ 1,527 $ 2,686 $ 5,015 Payment of conditional reimbursement to PCM $ — $ — $ 211 $ 219 September 30, 2020 December 31, 2019 (in thousands) Assets sold to PFSI under agreement to repurchase $ 86,958 $ 107,512 Conditional Reimbursement payable to PCM included in Due to PennyMac Financial Services, Inc. $ 10 $ 221
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: September 30, 2020 December 31, 2019 (in thousands) Due from PFSI: MSR recapture $ 197 $ 149 Other 18,675 2,611 $ 18,872 $ 2,760 Due to PFSI: Margin settlements relating to loan sales $ 48,243 $ — Allocated expenses and expenses paid by PFSI on PMT’s behalf 30,207 3,724 Fulfillment fees 18,060 18,285 Correspondent production fees 11,285 10,606 Management fees 8,509 10,579 Loan servicing fees 6,121 4,659 Interest on Assets sold to PFSI under agreement to repurchase 43 85 Conditional Reimbursement 10 221 $ 122,478 $ 48,159
Summary of Transfer Cash to Fund Loan Servicing Advances	The Company has also transferred cash to fund loan servicing advances and REO property acquisition and preservation costs advanced on its behalf by PLS. Such amounts are included in the balance sheet items shown below: Balance sheet line including advance amount September 30, 2020 December 31, 2019 (in thousands) Loan servicing advances $ 46,897 $ 48,971 Real estate acquired in settlement of loans 11,368 21,549 $ 58,265 $ 70,520

Loan Sales (Tables)

Loan Sales (Tables)	9 Months Ended
	Sep. 30, 2020
Loan Sales [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 loans that are accounted for as sales where the Company maintains continuing involvement with the loans as servicer: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Cash flows: Proceeds from sales $ 26,748,508 $ 17,659,839 $ 66,639,230 $ 38,461,850 Loan servicing fees received net of guarantee fees $ 98,027 $ 76,377 $ 294,319 $ 204,568
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes collection status information for loans that are accounted for as sales where the Company maintains continuing involvement for the dates presented: September 30, 2020 December 31, 2019 (in thousands) UPB of loans outstanding $ 152,102,404 $ 130,663,117 Collection Status (UPB) Delinquency (1): 30-89 days delinquent $ 2,036,509 $ 1,014,094 90 or more days delinquent: Not in foreclosure $ 5,566,987 $ 258,036 In foreclosure $ 30,723 $ 53,697 Bankruptcy $ 153,493 $ 130,936 Custodial funds managed by the Company (2) $ 6,347,559 $ 2,529,984 (1) At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $879.5 million in the 30-89 days delinquent category and $4.3 billion in the 90 or more days delinquent-not in foreclosure category. (2) Custodial funds include borrower and investor custodial cash accounts relating to 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 loans’ borrowers and investors, which are included in Interest income

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Variable Interest Entity, Primary Beneficiary [Member]	9 Months Ended
	Sep. 30, 2020
Jumbo Mortgage Loan Financing [Member]
Summary of Jumbo Mortgage Loan Financing	Following is a summary of the Company’s jumbo loan financing: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Interest income $ 2,763 $ 2,939 $ 8,117 $ 8,815 Interest expense $ 2,561 $ 2,196 $ 9,558 $ 9,020 September 30, 2020 December 31, 2019 (in thousands) Loans at fair value $ 185,698 $ 256,367 Asset-backed financing at fair value $ 175,879 $ 243,360 Certificates retained at fair value $ 9,819 $ 13,007
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) UPB of loans sold $ 1,799,078 $ 14,168,884 $ 18,277,263 $ 31,135,137 Investments: Deposits securing CRT arrangements $ — $ — $ — $ 933,370 Change in expected face amount of firm commitment to purchase CRT securities (95,033 ) 523,074 197,481 242,281 $ (95,033 ) $ 523,074 $ 197,481 $ 1,175,651 Investment income (loss): Net gain on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans $ (3,933 ) $ 25,864 $ (38,161 ) $ 65,860 Net gain (loss) on investments: Derivative and CRT strips: CRT derivatives Realized 11,480 19,303 42,231 61,516 Valuation changes (17,996 ) (4,530 ) (196,404 ) (4,484 ) (6,516 ) 14,773 (154,173 ) 57,032 CRT strips Realized 10,460 16,082 38,565 16,082 Valuation changes 8,635 5,089 (107,670 ) 10,764 19,095 21,171 (69,105 ) 26,846 Interest-only security payable at fair value 2,041 1,627 12,769 11,282 14,620 37,571 (210,509 ) 95,160 Firm commitments to purchase CRT securities 46,332 13,289 (220,146 ) 39,609 60,952 50,860 (430,655 ) 134,769 Interest income — Deposits securing CRT arrangements 288 11,193 6,893 25,798 $ 57,307 $ 87,917 $ (461,923 ) $ 226,427 Payments made to settle losses on credit risk transfer arrangements $ 2,935 $ 1,671 $ 7,114 $ 3,447 September 30, 2020 December 31, 2019 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ (82,004 ) $ 115,863 CRT strips (52,740 ) 54,930 $ (134,744 ) $ 170,793 Firm commitment to purchase credit risk transfer securities at fair value $ (148,794 ) $ 109,513 Deposits securing CRT arrangements $ 1,417,792 $ 1,969,784 Interest-only security payable at fair value $ 12,940 $ 25,709 CRT arrangement assets pledged to secure borrowings: Derivative and credit risk transfer strip assets $ — $ 142,183 Deposits securing CRT arrangements (1) $ 1,417,792 $ 1,969,784 Face amount of firm commitment to purchase CRT securities $ 1,699,684 $ 1,502,203 UPB of loans — funded credit risk transfer arrangements $ 26,681,540 $ 41,944,117 Collection status (UPB): Delinquency (2) Current $ 24,183,877 $ 41,355,622 30-89 days delinquent $ 620,584 $ 463,331 90-180 days delinquent $ 913,758 $ 106,234 180 or more days delinquent $ 958,761 $ 8,802 Foreclosure $ 4,560 $ 10,128 Bankruptcy $ 63,647 $ 55,452 UPB of loans — firm commitment to purchase CRT securities $ 43,679,796 $ 38,738,396 Collection status (UPB): Delinquency (3) Current $ 41,014,332 $ 38,581,080 30-89 days delinquent $ 707,421 $ 146,256 90-180 days delinquent $ 964,130 $ 9,109 180 or more days delinquent $ 991,991 $ — Foreclosure $ 1,922 $ 1,951 Bankruptcy $ 15,325 $ 2,980 (1) Deposits securing credit risk transfer strip liabilities CRT strip and CRT derivative liabilities . (2) At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $282.8 million in the 30-89 days delinquent category; $757.6 million in 90-180 days delinquent category; and $828.8 million in the 180 or more days delinquent category. (3) At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $343.2 million in the 30-89 days delinquent category; $790.3 million in the 90-180 days delinquent category; $840.5 million in the 180 days or more delinquent not in foreclosure category; and $2.6 million in bankruptcy.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	Following is a summary of financial statement items that are measured at fair value on a recurring basis: September 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 81,624 $ — $ — $ 81,624 Mortgage-backed securities at fair value — 2,404,766 — 2,404,766 Loans acquired for sale at fair value — 3,985,247 39,247 4,024,494 Loans at fair value — 185,698 8,134 193,832 Excess servicing spread purchased from PFSI — — 142,990 142,990 Derivative and credit risk transfer strip assets: Call options on interest rate futures 1,078 — — 1,078 Put options on interest rate futures 3,063 — — 3,063 Forward purchase contracts — 27,151 — 27,151 Forward sale contracts — 9,203 — 9,203 MBS put options — 14,086 — 14,086 MBS call options — 3,691 — 3,691 Swap futures — 6,080 — 6,080 Interest rate lock commitments — — 81,236 81,236 Total derivative assets before netting 4,141 60,211 81,236 145,588 Netting — — — (38,152 ) Total derivative and credit risk transfer strip assets after netting 4,141 60,211 81,236 107,436 Mortgage servicing rights at fair value — — 1,388,403 1,388,403 $ 85,765 $ 6,635,922 $ 1,660,010 $ 8,343,545 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 175,879 $ — $ 175,879 Interest-only security payable at fair value — — 12,940 12,940 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 5,898 — 5,898 Forward sales contracts — 44,210 — 44,210 CRT derivatives — — 82,004 82,004 Interest rate lock commitments — — 9,119 9,119 Total derivative liabilities before netting — 50,108 91,123 141,231 Netting — — — (27,891 ) Total derivative liabilities after netting — 50,108 91,123 113,340 Credit risk transfer strips — — 52,740 52,740 Total derivative and credit risk transfer strips liabilities — 50,108 143,863 166,080 Firm commitment to purchase credit risk transfer securities at fair value — — 148,794 148,794 $ — $ 225,987 $ 305,597 $ 450,953 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 90,836 $ — $ — $ 90,836 Mortgage-backed securities at fair value — 2,839,633 — 2,839,633 Loans acquired for sale at fair value — 4,129,858 18,567 4,148,425 Loans at fair value — 256,367 14,426 270,793 Excess servicing spread purchased from PFSI — — 178,586 178,586 Derivative and credit risk transfer strip assets: Call options on interest rate futures 3,809 — — 3,809 Put options on interest rate futures 2,859 — — 2,859 Forward purchase contracts — 7,525 — 7,525 Forward sale contracts — 637 — 637 MBS put options — 1,625 — 1,625 Swap futures — 4,347 — 4,347 CRT derivatives — — 115,863 115,863 Interest rate lock commitments — — 11,726 11,726 Repurchase agreement derivatives — — 5,275 5,275 Total derivative assets before netting 6,668 14,134 132,864 153,666 Netting — — — (6,278 ) Total derivative assets after netting 6,668 14,134 132,864 147,388 Credit risk transfer strips — — 54,930 54,930 Total derivative and credit risk transfer strips assets 6,668 14,134 187,794 202,318 Firm commitment to purchase credit risk transfer securities at fair value — — 109,513 109,513 Mortgage servicing rights at fair value — — 1,535,705 1,535,705 $ 97,504 $ 7,239,992 $ 2,044,591 $ 9,375,809 Liabilities: Asset-backed financing of a VIE at fair value $ — $ 243,360 $ — $ 243,360 Interest-only security payable at fair value — — 25,709 25,709 Derivative liabilities: Forward purchase contracts — 3,600 — 3,600 Forward sales contracts — 15,644 — 15,644 Interest rate lock commitments — — 572 572 Total derivative liabilities before netting — 19,244 572 19,816 Netting — — — (13,393 ) Total derivative liabilities after netting — 19,244 572 6,423 $ — $ 262,604 $ 26,281 $ 275,492
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 periods presented: Quarter ended September 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments Repurchase agreement derivatives CRT strips Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, June 30, 2020 $ 29,313 $ 8,411 $ 151,206 $ (63,926 ) $ 83,956 $ 5,275 $ (61,375 ) $ (191,193 ) $ 1,189,605 $ 1,151,272 Purchases and issuances 24,089 — — — 31,217 — — — — 55,306 Repayments and sales (14,104 ) (470 ) (7,682 ) (11,562 ) — (5,328 ) (10,460 ) — (7 ) (49,613 ) Capitalization of interest and fees — — 2,070 — — — — — — 2,070 ESS received pursuant to a recapture agreement with PFSI — — 531 — — — — — — 531 Amounts (incurred) received pursuant to sales of loans — — — — — — — (3,933 ) 265,278 261,345 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (51 ) 193 (3,135 ) (6,516 ) 197,440 53 19,095 46,332 (66,473 ) 186,938 (51 ) 193 (3,135 ) (6,516 ) 197,440 53 19,095 46,332 (66,473 ) 186,938 Transfers: Interest rate lock commitments to loans acquired for sale (2) — — — — (240,496 ) — — — — (240,496 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ — $ (52,740 ) $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2020 $ (198 ) $ 59 $ (3,135 ) $ (17,996 ) $ 72,117 $ — $ 8,635 $ 46,332 $ (66,473 ) $ 39,341 (1) For the purpose of this table, CRT derivatives, CRT strips, interest rate lock commitments (“IRLCs”), and firm commitment to purchase CRT securities asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2020 (in thousands) Interest-only security payable: Balance, June 30, 2020 $ 14,981 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (2,041 ) (2,041 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2020 $ (2,041 ) Quarter ended September 30, 2019 Assets Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments (1) Repurchase agreement derivatives CRT strips Firm commitments to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, June 30, 2019 $ 14,188 $ 74,473 $ 194,156 $ 124,033 $ 13,614 $ 12,046 $ 62,479 $ 15,581 $ 1,126,427 $ 1,636,997 Purchases and issuances 10,211 — — — 34,617 760 — — — 45,588 Repayments and sales (5,717 ) (56,968 ) (9,819 ) (17,423 ) — (7,750 ) (16,082 ) — — (113,759 ) Capitalization of interest — 181 2,291 — — — — — — 2,472 Capitalization of advances — 97 — — — — — — — 97 ESS received pursuant to a recapture agreement with PFSI — — 377 — — — — — — 377 Amounts received as proceeds from sales of loans — — — — — — — 25,864 249,888 275,752 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors 24 (1,178 ) (3,864 ) 14,773 13,054 219 21,171 13,289 (213,601 ) (156,113 ) 24 (1,178 ) (3,864 ) 14,773 13,054 219 21,171 13,289 (213,601 ) (156,113 ) Transfers: Loans to REO — (1,250 ) — — — — — — — (1,250 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (56,907 ) — — — — (56,907 ) Balance, September 30, 2019 $ 18,706 $ 15,355 $ 183,141 $ 121,383 $ 4,378 $ 5,275 $ 67,568 $ 54,734 $ 1,162,714 $ 1,633,254 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2019 $ (29 ) $ (3,379 ) $ (3,864 ) $ (4,530 ) $ 4,378 $ — $ 5,089 $ 13,289 $ (213,601 ) $ (202,647 ) (1) For the purpose of this table IRLC assets and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2019 (in thousands) Interest-only security payable: Balance, June 30, 2019 $ 26,356 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (1,627 ) (1,627 ) Balance, September 30, 2019 $ 24,729 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2019 $ (1,627 ) Nine months ended September 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments Repurchase agreement derivatives CRT strips Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, December 31, 2019 $ 18,567 $ 14,426 $ 178,586 $ 115,863 $ 11,154 $ 5,275 $ 54,930 $ 109,513 $ 1,535,705 $ 2,044,019 Purchases and issuances 56,376 1,058 — — 293,183 — — — — 350,617 Repayments and sales (35,136 ) (5,395 ) (25,112 ) (43,694 ) — (5,328 ) (38,565 ) — (7 ) (153,237 ) Capitalization of interest and fees — — 6,416 — — — — — — 6,416 ESS received pursuant to a recapture agreement with PFSI — — 1,393 — — — — — — 1,393 Amounts (incurred) received pursuant to sales of loans — — — — — — — (38,161 ) 717,227 679,066 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 53 (69,105 ) (220,146 ) (864,522 ) (930,678 ) (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 53 (69,105 ) (220,146 ) (864,522 ) (930,678 ) Transfers: Loans to REO — (885 ) — — — — — — — (885 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (629,358 ) — — — — (629,358 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ — $ (52,740 ) $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the period relating to assets still held at September 30, 2020 $ (787 ) $ (1,081 ) $ (18,293 ) $ (196,404 ) $ 72,117 $ — $ (107,670 ) $ (220,146 ) $ (864,522 ) $ (1,336,786 ) (1) For the purpose of this table, CRT derivatives, CRT strips, IRLCs, and Firm commitment to purchase CRT securities asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Nine months ended September 30, 2020 (in thousands) Interest-only security payable: Balance, December 31, 2019 $ 25,709 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors (12,769 ) (12,769 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2020 $ (12,769 ) Nine months ended September 30, 2019 Assets Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments (1) Repurchase agreement derivatives CRT strips Firm commitment to purchase CRT securities Mortgage servicing rights Total (in thousands) 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 17,290 1,077 — — 48,938 10,057 — — — 77,362 Repayments and sales (17,736 ) (88,372 ) (30,901 ) (59,636 ) — (19,317 ) (16,082 ) (31,925 ) — (263,969 ) Capitalization of interest — 2,109 8,124 — — — — — — 10,233 Capitalization of advances — 1,248 — — — — — — — 1,248 ESS received pursuant to a recapture agreement with PFSI — — 1,327 — — — — — — 1,327 Amounts received pursuant to sales of loans — — — — — — — 65,860 534,742 600,602 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — 3,737 — — — — — — — 3,737 Other factors 869 (9,881 ) (11,519 ) 57,032 72,378 24 26,846 39,609 (534,397 ) (359,039 ) 869 (6,144 ) (11,519 ) 57,032 72,378 24 26,846 39,609 (534,397 ) (355,302 ) Transfers: Loans to REO — (12,295 ) — — — — — — — (12,295 ) Loans acquired for sale at fair value from "Level 2" to "Level 3" (2) 809 — — — — — — — — 809 Firm commitment to purchase CRT securities to CRT strips — — — — — — 56,804 (56,804 ) — — Interest rate lock commitments to loans acquired for sale — — — — (128,926 ) — — — — (128,926 ) Balance, September 30, 2019 $ 18,706 $ 15,355 $ 183,141 $ 121,383 $ 4,378 $ 5,275 $ 67,568 $ 54,734 $ 1,162,714 $ 1,633,254 Changes in fair value recognized during the period relating to assets still held at September 30, 2019 $ 57 $ (6,670 ) $ (11,519 ) $ (4,484 ) $ 4,378 $ — $ 10,764 $ 39,609 $ (534,397 ) $ (502,262 ) (1) For the purpose of this table IRLC assets and liability positions are shown net. (2) The Company identified certain “Level 2” fair value loans acquired for sale that were not saleable into the prime mortgage market and therefore transferred them to “Level 3”. Liabilities Nine months ended September 30, 2019 (in thousands) Interest-only security payable: Balance, December 31, 2018 $ 36,011 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — Other factors (11,282 ) (11,282 ) Balance, September 30, 2019 $ 24,729 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2019 $ (11,282 )
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 loans accounted for under the fair value option (including loans acquired for sale, loans held in a consolidated VIE, and distressed loans): September 30, 2020 December 31, 2019 Fair value Principal amount due upon maturity Difference Fair value Principal amount due upon maturity Difference (in thousands) Loans acquired for sale at fair value: Current through 89 days delinquent: $ 4,011,953 $ 3,830,095 $ 181,858 $ 4,147,374 $ 4,010,444 $ 136,930 90 or more days delinquent: Not in foreclosure 12,197 13,606 (1,409 ) 572 615 (43 ) In foreclosure 344 416 (72 ) 479 566 (87 ) 12,541 14,022 (1,481 ) 1,051 1,181 (130 ) $ 4,024,494 $ 3,844,117 $ 180,377 $ 4,148,425 $ 4,011,625 $ 136,800 Loans at fair value: Loans held in a consolidated VIE: Current through 89 days delinquent $ 177,925 $ 163,502 $ 14,423 $ 255,706 $ 251,425 $ 4,281 90 or more days delinquent: Not in foreclosure 7,773 9,004 (1,231 ) 661 809 (148 ) In foreclosure — — — — — — 7,773 9,004 (1,231 ) 661 809 (148 ) 185,698 172,506 13,192 256,367 252,234 4,133 Distressed loans: Current through 89 days delinquent 2,335 4,295 (1,960 ) 3,179 6,202 (3,023 ) 90 or more days delinquent: Not in foreclosure 3,049 12,273 (9,224 ) 4,897 13,154 (8,257 ) In foreclosure 2,750 5,201 (2,451 ) 6,350 15,698 (9,348 ) 5,799 17,474 (11,675 ) 11,247 28,852 (17,605 ) 8,134 21,769 (13,635 ) 14,426 35,054 (20,628 ) $ 193,832 $ 194,275 $ (443 ) $ 270,793 $ 287,288 $ (16,495 )
Summary of Changes in Fair Value Included in Current Period Income	Following are the changes in fair value included in current period results of operations by consolidated statement of operations line item for financial statement items accounted for under the fair value option: Quarter ended September 30, 2020 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (37,873 ) $ — $ 7,384 $ (30,489 ) Loans acquired for sale at fair value 231,934 — — — 231,934 Loans at fair value — (2,712 ) — 880 (1,832 ) ESS at fair value — (3,135 ) — 2,070 (1,065 ) Credit risk transfer strips — 19,095 — — 19,095 Firm commitment to purchase credit risk transfer securities at fair value (3,933 ) 46,332 — — 42,399 MSRs at fair value — — (66,473 ) — (66,473 ) $ 228,001 $ 21,707 $ (66,473 ) $ 10,334 $ 193,569 Liabilities: Interest-only security payable at fair value $ — $ 2,041 $ — $ — $ 2,041 Asset-backed financing of a VIE at fair value — 3,106 — 950 4,056 $ — $ 5,147 $ — $ 950 $ 6,097 Quarter ended September 30, 2019 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 13,450 $ — $ (2,359 ) $ 11,091 Loans acquired for sale at fair value 54,819 — — — 54,819 Loans at fair value — 1,458 — 484 1,942 ESS at fair value — (3,864 ) — 2,291 (1,573 ) Credit risk transfer strips — 21,171 — — 21,171 Firm commitment to purchase credit risk transfer securities at fair value 25,864 13,289 — — 39,153 MSRs at fair value — — (213,601 ) — (213,601 ) $ 80,683 $ 45,504 $ (213,601 ) $ 416 $ (86,998 ) Liabilities: Interest-only security payable $ — $ 1,627 $ — $ — $ 1,627 Asset-backed financing of a VIE at fair value — (2,988 ) — 99 (2,889 ) $ — $ (1,361 ) $ — $ 99 $ (1,262 ) Nine months ended September 30, 2020 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 95,158 $ — $ (16,477 ) $ 78,681 Credit risk transfer strips — (69,105 ) — — (69,105 ) Loans acquired for sale at fair value 636,962 — — — 636,962 Loans at fair value — (6,049 ) — 1,720 (4,329 ) ESS at fair value — (18,293 ) — 6,416 (11,877 ) Firm commitment to purchase credit risk transfer securities at fair value (38,161 ) (220,146 ) — — (258,307 ) MSRs at fair value — — (864,522 ) — (864,522 ) $ 598,801 $ (218,435 ) $ (864,522 ) $ (8,341 ) $ (492,497 ) Liabilities: Interest-only security payable at fair value $ — $ 12,769 $ — $ — $ 12,769 Asset-backed financing of a VIE at fair value — 4,872 — (4,045 ) 827 $ — $ 17,641 $ — $ (4,045 ) $ 13,596 Nine months ended September 30, 2019 Net gain on loans acquired for sale Net gain (loss) on investments Net loan servicing fees Net interest (expense) income Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 77,820 $ — $ (13,128 ) $ 64,692 Credit risk transfer strips — 26,846 — — 26,846 Loans acquired for sale at fair value 147,412 — — — 147,412 Loans at fair value — 3,436 — 2,762 6,198 ESS at fair value — (11,519 ) — 8,124 (3,395 ) Firm commitment to purchase credit risk transfer securities at fair value 65,860 39,609 — — 105,469 MSRs at fair value — — (534,397 ) — (534,397 ) $ 213,272 $ 136,192 $ (534,397 ) $ (2,242 ) $ (187,175 ) Liabilities: Interest-only security payable at fair value $ — $ 11,282 $ — $ — $ 11,282 Asset-backed financing of a VIE at fair value — (8,186 ) — (1,905 ) (10,091 ) $ — $ 3,096 $ — $ (1,905 ) $ 1,191
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 assets that were re-measured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2020 $ — $ — $ 13,263 $ 13,263 December 31, 2019 $ — $ — $ 24,115 $ 24,115
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 periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Real estate asset acquired in settlement of loans $ (69 ) $ (1,785 ) $ (1,263 ) $ (2,392 )
Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes	Following are the fair values of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes September 30, 2020 December 31, 2019 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets $ 1,602,389 $ 1,514,779 $ 1,696,295 $ 1,705,544 Exchangeable senior notes $ 196,058 $ 197,977 $ 443,506 $ 462,117
Summary of Key Inputs Used in Determining Fair Value of ESS	Following are the key inputs used in determining the fair value of ESS: September 30, 2020 December 31, 2019 Fair value (in thousands) $ 142,990 $ 178,586 UPB of underlying loans (in thousands) $ 17,070,283 $ 19,904,571 Average servicing fee rate (in basis points) 34 34 Average ESS rate (in basis points) 19 19 Key inputs (1) Pricing spread (2) Range 4.9% – 5.3% 3.0% – 3.3% Weighted average 5.1% 3.1% Annual total prepayment speed (3) Range 9.6% – 17.6% 8.7% – 16.2% Weighted average 11.8% 11.0% Equivalent life (in years) Range 2.4 - 6.7 2.7 - 7.2 Weighted average 5.8 6.1 (1) Weighted-average inputs are based on UPB of the underlying 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 Conditional Prepayment Rate (“CPR”). Equivalent life is included for informational purposes.
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: September 30, 2020 December 31, 2019 (dollars in thousands) Fair value CRT derivatives: Assets $ — $ 115,863 Liabilities $ 82,004 $ — UPB of loans in reference pools $ 16,710,981 $ 24,824,616 Key inputs (1) Discount rate Range 5.8% – 8.6% 4.7% – 5.3% Weighted average 6.1% 5.2% Voluntary prepayment speed (2) Range 21.6% – 25.9% 16.4% – 18.5% Weighted average 25.2% 17.9% Involuntary prepayment speed (3) Range 0.9% – 1.4% 0.2% – 0.3% Weighted average 1.0% 0.3% Remaining loss expectation (4) Range 0.5% – 1.0% 0.1% – 0.1% Weighted average 0.6% 0.1% (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 loans.
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: September 30, 2020 December 31, 2019 Fair value (in thousands) (1) $ 72,117 $ 11,154 Key inputs (2) Pull-through rate Range 34.9% – 100% 64.6% – 100% Weighted average 83.6% 93.3% MSR fair value expressed as Servicing fee multiple Range 2.0 – 5.1 2.1 – 5.8 Weighted average 4.2 4.7 Percentage of UPB Range 0.5% – 1.8% 0.7% – 2.2% Weighted average 1.1% 1.4% (1) For purposes of this table, IRLC asset and liability positions are shown net. (2) Weighted-average inputs are based on the committed amounts.
Summary of Key Unobservable Inputs Used in Valuation of Credit Risk Transfer Strips	Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of the adjusted broker-provided fair values used to derive the value of the CRT strips: September 30, 2020 December 31, 2019 (dollars in thousands) Carrying value CRT strips: Assets $ — $ 54,930 Liabilities $ 52,740 $ — UPB of loans in the reference pools $ 9,970,559 $ 17,119,501 Key inputs (1) Discount rate 7.6 % 6.3 % Voluntary prepayment speed (2) 32.3 % 23.4 % Involuntary prepayment speed (3) 1.6 % 0.2 % Remaining loss expectation (4) 0.5 % 0.1 % (1) Weighted average inputs are based on the fair value amounts of the loans in the reference pools. (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 losses divided by the UPB of the reference 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 or liability. 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 and remaining loss expectations of the loans in the reference pools. The firm commitment to purchase CRT securities is recognized initially as a component of Net gain on 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: September 30, 2020 December 31, 2019 (dollars in thousands) Fair value: Assets $ — $ 109,513 Liabilities $ 148,794 $ — UPB of loans in the reference pools $ 43,679,796 $ 38,738,396 Key inputs (1) Discount rate 9.2 % 6.5 % Voluntary prepayment speed (2) 20.5 % 14.3 % Involuntary prepayment speed (3) 0.6 % 0.1 % Remaining loss expectation (4) 0.3 % 0.1 % (1) Weighted average inputs are based on the fair value amounts of the loans in the reference pools. (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 losses divided by the UPB of the reference 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (MSR recognized and UPB of underlying loans amounts in thousands) MSR recognized $ 265,278 $ 249,888 $ 717,227 $ 534,742 UPB of underlying loans $ 25,878,541 $ 17,308,797 $ 64,678,483 $ 37,640,484 Weighted average annual servicing fee rate (in basis points) 27 33 28 32 Key inputs (1) Pricing spread (2) Range 8.0% – 8.0% 5.6% – 9.8% 6.7% – 11.3% 5.6% – 9.9% Weighted average 8.0% 5.6% 7.7% 5.8% Prepayment speed (3) Range 7.0% – 13.1% 9.4% – 26.1% 7.0% – 20.9% 8.7% – 26.1% Weighted average 7.9% 13.1% 9.8% 12.5% Equivalent average life (in years) Range 3.7 – 9.2 3.1 – 6.6 3.6 – 9.2 3.1 – 6.9 Weighted average 8.5 6.2 7.6 6.4 Annual per-loan cost of servicing Range $80 – $80 $78 – $78 $78 – $80 $78 – $78 Weighted average $80 $78 $79 $78 (1) Weighted average inputs are based on UPB of the underlying loans. (2) 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, which includes both voluntary and involuntary prepayments. Equivalent average life is included for informational purposes.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: September 30, 2020 December 31, 2019 (Fair value, UPB of underlying loans and effect on fair value amounts in thousands) Fair value $ 1,388,403 $ 1,535,705 UPB of underlying loans $ 152,371,249 $ 131,024,381 Weighted average annual servicing fee rate (in basis points) 28 28 Weighted average note interest rate 3.9% 4.2% Key inputs (1): Pricing spread (2) Range 8.0% – 11.1% 6.8% – 9.9% Weighted average 8.0% 6.8% Effect on fair value of: 5% adverse change $(23,512) $(20,666) 10% adverse change $(46,236) $(40,783) 20% adverse change $(89,459) $(79,453) Prepayment speed (3) Range 15.0% – 30.4% 10.2% – 22.0% Weighted average 15.3% 12.1% Equivalent average life (in years) Range 2.6 – 5.8 2.4 – 6.5 Weighted average 5.6 6.3 Effect on fair value of: 5% adverse change $(44,959) $(35,768) 10% adverse change $(87,783) $(69,973) 20% adverse change $(167,536) $(134,068) Annual per-loan cost of servicing Range $79 – $110 $77 – $78 Weighted average $80 $78 Effect on fair value of: 5% adverse change $(9,723) $(9,964) 10% adverse change $(19,446) $(19,928) 20% adverse change $(38,891) $(39,856) (1) Weighted-average inputs are based on the UPB of the underlying loans. (2) 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, which includes both voluntary and involuntary prepayments. Equivalent average life is included for informational purposes.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 2,612,986 $ 2,600,357 $ 2,839,633 $ 2,610,422 Purchases 153,725 528,367 1,769,211 609,569 Sales — (704,178 ) (1,601,490 ) (704,178 ) Repayments (331,456 ) (110,627 ) (681,269 ) (255,495 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 7,384 (2,359 ) (16,477 ) (13,128 ) Valuation adjustments (37,873 ) 13,450 95,158 77,820 (30,489 ) 11,091 78,681 64,692 Balance at end of period $ 2,404,766 $ 2,325,010 $ 2,404,766 $ 2,325,010
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: September 30, 2020 December 31, 2019 Agency: (1) Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value (in thousands) Fannie Mae $ 971,762 $ 22,019 $ 24,960 $ 1,018,741 $ 1,946,203 $ 29,657 $ 33,233 $ 2,009,093 Freddie Mac 1,324,227 31,879 29,919 1,386,025 809,595 11,083 9,862 830,540 $ 2,295,989 $ 53,898 $ 54,879 $ 2,404,766 $ 2,755,798 $ 40,740 $ 43,095 $ 2,839,633 (1) All MBS are fixed-rate pass-through securities with maturities of more than ten years. $2.0 billion and $2.8 billion are pledged to secure Assets sold under agreements to repurchase,

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Mortgage Loans On Real Estate [Abstract]
Summary of Distribution of Company's Loans Acquired for Sale at Fair Value	Loans acquired for sale at fair value is comprised of recently originated loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type September 30, 2020 December 31, 2019 (in thousands) Agency-eligible $ 3,551,423 $ 3,626,038 Held for sale to PLS — Government insured or guaranteed 432,716 490,383 Jumbo 1,108 13,437 Home equity lines of credit 6,219 4,632 Commercial real estate 1,020 1,015 Repurchased pursuant to representations and warranties 32,008 12,920 $ 4,024,494 $ 4,148,425 Loans pledged to secure: Assets sold under agreements to repurchase $ 3,873,063 $ 4,070,134 Mortgage loan participation purchase and sale agreements 83,244 — $ 3,956,307 $ 4,070,134

Loans at Fair Value (Tables)

Loans at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Mortgage Loans At Fair Value [Abstract]
Summary of Distribution of Company's Loans at Fair Value	Following is a summary of the distribution of the Company’s loans at fair value: Loan type September 30, 2020 December 31, 2019 (in thousands) Fixed interest rate jumbo loans held in a VIE $ 185,698 $ 256,367 Distressed loans 8,134 14,426 $ 193,832 $ 270,793 Loans at fair value pledged to secure: Asset-backed financing of a VIE at fair value $ 185,698 $ 256,367 Assets sold under agreements to repurchase 3,922 12,390 $ 189,620 $ 268,757

Derivative and Credit Risk Tr_2

Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Derivative and Credit Risk Transfer Assets and Liabilities	Derivative and credit risk transfer assets and liabilities are summarized below: September 30, 2020 December 31, 2019 (in thousands) Derivative assets $ 107,436 $ 147,388 Credit risk transfer strip assets — 54,930 $ 107,436 $ 202,318 Derivative liabilities $ 113,340 $ 6,423 Credit risk transfer strip liabilities 52,740 — $ 166,080 $ 6,423
Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets	The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative liabilities Other September 30, 2020 December 31, 2019 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount assets liabilities amount assets liabilities (in thousands) Subject to master netting agreements ─ economic hedging purposes: Call options on interest rate futures 850,000 $ 1,078 $ — 2,662,500 $ 3,809 $ — Put options on interest rate futures 1,775,000 3,063 — 950,000 2,859 — Forward purchase contracts 12,730,860 27,151 5,898 5,883,198 7,525 3,600 Forward sale contracts 21,485,541 9,203 44,210 9,297,179 637 15,644 MBS put options 8,900,000 14,086 — 4,000,000 1,625 — MBS call options 1,500,000 3,691 — — — — Swap futures 3,125,000 6,080 — 2,075,000 4,347 — Swaptions 3,575,000 — — 2,700,000 — — Bond futures 449,500 — — 114,500 — — Not subject to master netting arrangements: CRT derivatives 16,710,981 — 82,004 24,824,616 115,863 — Interest rate lock commitments 12,451,210 81,236 9,119 3,199,680 11,726 572 Repurchase agreement derivatives — — 5,275 — Total derivative instruments before netting 145,588 141,231 153,666 19,816 Netting (38,152 ) (27,891 ) (6,278 ) (13,393 ) $ 107,436 $ 113,340 $ 147,388 $ 6,423 Margin deposits (received from) placed with derivatives counterparties, net $ (10,293 ) $ 7,114 Derivative assets pledged to secure: Assets sold under agreements to repurchase $ 27,073 Notes payable 115,110 $ 142,183
Summary of Net Derivative Assets	Following is a summary of net derivative assets: September 30, 2020 December 31, 2019 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 Subject to master netting arrangements: Call options on interest rate futures $ 1,078 $ — $ 1,078 $ 3,809 $ — $ 3,809 Put options on interest rate futures 3,063 — 3,063 2,859 — 2,859 Forward purchase contracts 27,151 — 27,151 7,525 — 7,525 Forward sale contracts 9,203 — 9,203 637 — 637 MBS put options 14,086 — 14,086 1,625 — 1,625 MBS call options 3,691 — 3,691 — — — Swap futures 6,080 — 6,080 4,347 — 4,347 Netting — (38,152 ) (38,152 ) — (6,278 ) (6,278 ) 64,352 (38,152 ) 26,200 20,802 (6,278 ) 14,524 Not subject to master netting arrangements: CRT derivatives — — — 115,863 — 115,863 Interest rate lock commitments 81,236 — 81,236 11,726 — 11,726 Repurchase agreement derivatives — — — 5,275 — 5,275 81,236 — 81,236 132,864 — 132,864 $ 145,588 $ (38,152 ) $ 107,436 $ 153,666 $ (6,278 ) $ 147,388
Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty	The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. September 30, 2020 December 31, 2019 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 derivatives $ — $ — $ — $ — $ 115,863 $ — $ — $ 115,863 Interest rate lock commitments 81,236 — — 81,236 11,726 — — 11,726 Bank of America, N.A. 7,829 — — 7,829 2,489 — — 2,489 J.P. Morgan Securities LLC 5,506 — — 5,506 1,551 — — 1,551 RJ O’Brien & Associates, LLC 4,141 — — 4,141 6,668 — — 6,668 PNC Capital Markets LLC 2,780 — — 2,780 — — — — Credit Suisse Securities (USA) LLC 1,415 — — 1,415 — — — — Deutsche Bank Securities LLC 1,378 — — 1,378 5,398 — — 5,398 Other 3,151 — — 3,151 3,693 — — 3,693 $ 107,436 $ — $ — $ 107,436 $ 147,388 $ — $ — $ 147,388
Schedule of Offsetting of Derivative Liabilities and Financial Liabilities	Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. Assets sold under agreements to repurchase do not qualify for setoff accounting. September 30, 2020 December 31, 2019 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: Subject to master netting arrangements: Forward purchase contracts $ 5,898 $ — $ 5,898 $ 3,600 $ — $ 3,600 Forward sales contracts 44,210 — 44,210 15,644 — 15,644 Netting — (27,891 ) (27,891 ) — (13,393 ) (13,393 ) 50,108 (27,891 ) 22,217 19,244 (13,393 ) 5,851 Not subject to master netting arrangements CRT derivatives 82,004 — 82,004 — — — Interest rate lock commitments 9,119 — 9,119 572 — 572 141,231 (27,891 ) 113,340 19,816 (13,393 ) 6,423 Assets sold under agreements to repurchase: UPB 5,445,773 — 5,445,773 6,649,179 — 6,649,179 Unamortized debt issuance costs (5,938 ) — (5,938 ) (289 ) — (289 ) 5,439,835 — 5,439,835 6,648,890 — 6,648,890 $ 5,581,066 $ (27,891 ) $ 5,553,175 $ 6,668,706 $ (13,393 ) $ 6,655,313
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 qualify for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. September 30, 2020 December 31, 2019 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) CRT derivatives $ 82,004 $ — $ — $ 82,004 $ — $ — $ — $ — Interest rate lock commitments 9,119 — — 9,119 572 — — 572 Credit Suisse Securities (USA) LLC 1,009,308 (1,009,308 ) — — 720,411 (719,902 ) — 509 Bank of America, N.A. 891,783 (891,783 ) — — 1,339,291 (1,339,291 ) — — J.P. Morgan Securities LLC 574,547 (574,547 ) — — 1,736,829 (1,736,829 ) — — Daiwa Capital Markets 556,504 (556,504 ) — — 906,439 (906,439 ) — — Morgan Stanley & Co. LLC 498,631 (495,496 ) — 3,135 656,728 (656,728 ) — — Citigroup Global Markets Inc. 475,231 (473,058 ) — 2,173 412,999 (411,933 ) — 1,066 Mizuho Securities 449,694 (449,129 ) — 565 392,038 (391,627 ) — 411 RBC Capital Markets, L.P. 374,379 (374,379 ) — — 290,388 (290,388 ) — — BNP Paribas 349,387 (349,387 ) — — 116,155 (115,733 ) — 422 Amherst Pierpont Securities LLC 147,407 (147,407 ) — — 80,309 (80,309 ) — — Barclays Capital Inc. 124,775 (124,775 ) — — 52 — — 52 Federal Home Loan Mortgage Corporation 13,104 — — 13,104 — — — — Wells Fargo Securities, LLC 2,985 — — 2,985 — — — — Federal National Mortgage Association — — — — 1,996 — — 1,996 Other 255 — — 255 1,395 — — 1,395 $ 5,559,113 $ (5,445,773 ) $ — $ 113,340 $ 6,655,602 $ (6,649,179 ) $ — $ 6,423
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 operations line items where such gains and losses are included: Quarter ended September 30, Nine months ended September 30, Derivative activity Statement of operations line 2020 2019 2020 2019 (in thousands) Interest rate lock commitments Net gain on loans acquired for sale (1) $ (11,839 ) $ 47,671 $ 60,964 $ 121,316 CRT derivatives Net gain (loss) on investments $ (6,516 ) $ 14,773 $ (154,173 ) $ 57,032 Repurchase agreement derivatives Interest expense $ 53 $ 219 $ 53 $ 24 Hedged item (2): Interest rate lock commitments and loans acquired for sale Net gain on loans acquired for sale $ (117,926 ) $ (21,737 ) $ (350,191 ) $ (100,326 ) Mortgage servicing rights Net loan servicing fees $ 962 $ 133,921 $ 717,498 $ 230,592 Fixed-rate and prepayment sensitive assets and LIBOR- indexed repurchase agreements Net gain (loss) on investments $ (1,266 ) $ (13,556 ) $ 46,926 $ 31,005
Summary of Investment In CRT Strips	Following is a summary of the Company’s investment in CRT strips Credit risk transfer strips contractually restricted from sale (1) September 30, 2020 December 31, 2019 (in thousands) Assets Through June 13, 2020 $ — $ 17,629 To maturity — 37,301 $ — $ 54,930 Liabilities Unrestricted $ 205 $ — To maturity 52,535 — $ 52,740 $ — (1) The terms of the agreement underlying the CRT securities restricts sales of the securities, other than sales under agreements to repurchase, without the approval of Fannie Mae, for specified periods from the date of issuance.
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 for economic hedging purposes: Notional amounts, quarter ended September 30, 2020 Beginning Dispositions/ End Instrument of quarter Additions expirations of quarter (in thousands) Call options on interest rate futures 600,000 2,750,000 (2,500,000 ) 850,000 Put options on interest rate futures 550,000 5,025,000 (3,800,000 ) 1,775,000 Forward purchase contracts 9,714,759 119,230,393 (116,214,292 ) 12,730,860 Forward sales contracts 14,851,973 149,461,006 (142,827,438 ) 21,485,541 MBS put options 10,650,000 23,800,000 (25,550,000 ) 8,900,000 MBS call options — 1,500,000 — 1,500,000 Swap futures 3,325,000 4,150,000 (4,350,000 ) 3,125,000 Swaptions 1,875,000 7,050,000 (5,350,000 ) 3,575,000 Bond futures 324,500 4,950,400 (4,825,400 ) 449,500 Notional amounts, quarter ended September 30, 2019 Beginning Dispositions/ End Instrument of quarter Additions expirations of quarter (in thousands) Call options on interest rate futures 2,413,500 9,598,500 (11,227,000 ) 785,000 Put options on interest rate futures 2,111,200 14,061,200 (12,547,400 ) 3,625,000 Forward purchase contracts 12,858,356 82,180,633 (85,670,050 ) 9,368,939 Forward sales contracts 9,101,624 108,395,576 (107,365,473 ) 10,131,727 MBS put options 9,050,000 18,100,000 (19,800,000 ) 7,350,000 MBS call options 2,350,000 2,350,000 (4,700,000 ) — Swap futures 400,000 2,599,970 (2,970 ) 2,997,000 Bond futures 920,000 8,230,100 (8,723,100 ) 427,000 Notional amounts, nine months ended September 30, 2020 Beginning Dispositions/ End Instrument of period Additions expirations of period (in thousands) Call options on interest rate futures 2,662,500 33,492,500 (35,305,000 ) 850,000 Put options on interest rate futures 950,000 35,925,000 (35,100,000 ) 1,775,000 Forward purchase contracts 5,883,198 305,632,665 (298,785,003 ) 12,730,860 Forward sales contracts 9,297,179 380,851,601 (368,663,239 ) 21,485,541 MBS put options 4,000,000 62,850,000 (57,950,000 ) 8,900,000 MBS call options — 1,500,000 — 1,500,000 Swap futures 2,075,000 15,400,000 (14,350,000 ) 3,125,000 Swaptions 2,700,000 23,825,000 (22,950,000 ) 3,575,000 Bond futures 114,500 15,303,400 (14,968,400 ) 449,500 Notional amounts, nine months ended September 30, 2019 Beginning Dispositions/ End Instrument of period Additions expirations of period (in thousands) Call options on interest rate futures 512,500 19,004,500 (18,732,000 ) 785,000 Put options on interest rate futures 1,102,500 23,037,400 (20,514,900 ) 3,625,000 Forward purchase contracts 3,072,223 170,410,969 (164,114,253 ) 9,368,939 Forward sales contracts 4,595,241 216,219,234 (210,682,748 ) 10,131,727 MBS put options 2,550,000 42,600,000 (37,800,000 ) 7,350,000 MBS call options 500,000 13,200,000 (13,700,000 ) — Swap futures — 2,999,970 (2,970 ) 2,997,000 Bond futures 815,000 16,190,600 (16,578,600 ) 427,000

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 1,189,605 $ 1,126,427 $ 1,535,705 $ 1,162,369 Sales (7 ) — (7 ) — MSRs resulting from loan sales 265,278 249,888 717,227 534,742 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (13,054 ) (157,928 ) (687,950 ) (391,323 ) Other changes in fair value (2) (53,419 ) (55,673 ) (176,572 ) (143,074 ) (66,473 ) (213,601 ) (864,522 ) (534,397 ) Balance at end of period $ 1,388,403 $ 1,162,714 $ 1,388,403 $ 1,162,714 September 30, 2020 December 31, 2019 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and risk transfer and mortgage servicing assets $ 1,377,182 $ 1,510,651 (1) Primarily reflects changes in pricing spread (discount rate), prepayment speed, and servicing cost inputs. (2) Represents changes due to realization of expected cash flows.
Summary of Net Loan Servicing Fees Relating to MSRs	Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Contractually-specified servicing fees $ 98,027 $ 76,377 $ 294,319 $ 204,568 Ancillary and other fees: Late charges 194 488 1,093 1,158 Other 18,466 6,506 36,645 15,452 $ 116,687 $ 83,371 $ 332,057 $ 221,178

Real Estate Acquired in Settl_2

Real Estate Acquired in Settlement of Loans (Tables)	9 Months Ended
	Sep. 30, 2020
Other Real Estate [Abstract]
Real Estate Owned Roll Forward Table Text Block	Following is a summary of financial information relating to REO: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 43,559 $ 97,808 $ 65,583 $ 85,681 Transfers: From loans at fair value and advances — 10,985 1,166 23,256 From real estate held for investment (1) — — — 30,432 Results of REO: Valuation adjustments, net (6 ) (2,546 ) (1,577 ) (5,961 ) Gain on sale, net 2,265 3,248 6,724 7,258 2,259 702 5,147 1,297 Sales (10,121 ) (30,294 ) (36,199 ) (61,465 ) Balance at end of period $ 35,697 $ 79,201 $ 35,697 $ 79,201 September 30, 2020 December 31, 2019 (in thousands) REO pledged to secure assets sold under agreements to repurchase $ 19,171 $ 40,938 (1) During the quarter ended June 30, 2019, the Company committed to liquidate its real estate held for investment and transferred its holdings to real estate acquired in settlement of loans.

Assets Sold Under Agreements _2

Assets Sold Under Agreements to Repurchase (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Weighted average interest rate (1) 1.49 % 3.25 % 1.77 % 3.35 % Average balance $ 4,054,686 $ 5,773,934 $ 4,986,701 $ 5,180,436 Total interest expense (2) $ 19,259 $ 48,595 $ 74,081 $ 126,194 Maximum daily amount outstanding $ 7,170,860 $ 6,694,496 $ 8,664,587 $ 6,893,551 (1) Excludes the effect of amortization of net debt issuance costs of $4.1 million and $7.9 million, respectively, for the quarter and nine months ended September 30, 2020 and net debt issuance cost and premiums of $692,000 and $5.5 million for the quarter and nine months ended September 30, 2019, respectively. (2) The Company’s interest expense relating to assets sold under agreements to repurchase for the quarter and nine months ended September 30, 2019 include recognition of incentives it received for financing certain of its loans acquired for sale satisfying certain consumer debt relief characteristics under a master repurchase agreement. During the quarter and nine months ended September 30, 2019, the Company recognized $979,000 and $10.8 million, respectively, in such incentives as a reduction of Interest expense. September 30, 2020 December 31, 2019 (dollars in thousands) Carrying value: Unpaid principal balance $ 5,445,773 $ 6,649,179 Unamortized debt issuance costs, net (5,938 ) (289 ) $ 5,439,835 $ 6,648,890 Weighted average interest rate 2.21 % 2.85 % Available borrowing capacity (1): Committed $ — $ — Uncommitted 2,026,354 2,278,264 $ 2,026,354 $ 2,278,264 Margin deposits placed with counterparties included in Other $ 40,486 $ 91,871 Assets securing agreements to repurchase: Mortgage-backed securities $ 1,992,786 $ 2,839,633 Loans acquired for sale at fair value $ 3,873,063 $ 4,070,134 Loans at fair value $ 3,922 $ 12,390 CRT derivatives $ — $ 27,073 MSRs (2) $ 1,377,182 $ 1,354,907 Real estate acquired in settlement of loans $ 19,171 $ 40,938 Deposits securing CRT arrangements $ — $ 445,194 (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 Freddie Mac and Fannie Mae MSRs are pledged as collateral for both Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets
Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at September 30, 2020 Unpaid principal balance (in thousands) Within 30 days $ 1,897,127 Over 30 to 90 days 3,174,267 Over 90 days to 180 days 374,380 $ 5,445,774 Weighted average maturity (in months) 1.7
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Securities Counterparty Amount at risk Weighted average maturity (in thousands) Barclays Capital Inc. $ 420,229 October 19, 2020 Bank of America, N.A. $ 38,249 October 12, 2020 Daiwa Capital Markets America Inc. $ 37,546 October 17, 2020 JPMorgan Chase & Co. $ 15,819 October 7, 2020 Mizuho Securities $ 29,707 October 12, 2020 Amherst Pierpont Securities LLC $ 7,866 October 15, 2020
Loans RE and MSRs Sold Under Agreements to Repurchase [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Loans, REO and MSRs Counterparty Amount Weighted average maturity Facility maturity (in thousands) Credit Suisse First Boston Mortgage Capital LLC $ 155,819 December 24, 2020 April 23, 2021 Bank of America, N.A. $ 55,459 November 7, 2020 March 11, 2021 JPMorgan Chase & Co. $ 21,512 November 24, 2020 January 7, 2021 Citibank, N.A. $ 35,298 December 23, 2020 August 3, 2021 Morgan Stanley $ 34,025 November 3, 2020 November 3, 2020 Royal Bank of Canada $ 25,684 November 30, 2020 November 30, 2020 BNP Paribas $ 23,414 December 24, 2020 July 30, 2021

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreements (Tables)	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Summary of Mortgage Loan Participation Purchase and Sale Agreements	Mortgage loan participation purchase and sale agreements are summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Weighted average interest rate (1) 1.43 % 3.38 % 1.70 % 3.58 % Average balance $ 40,117 $ 40,391 $ 45,484 $ 43,648 Total interest expense $ 176 $ 374 $ 724 $ 1,296 Maximum daily amount outstanding $ 96,508 $ 95,719 $ 96,570 $ 207,065 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $145,000 for the quarter and nine months ended September 30, 2020, respectively, and $25,000 and $112,000 for the quarter and nine months ended September 30, 2019, respectively. September 30, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 79,778 Unamortized debt issuance costs (57 ) $ 79,721 Weighted average interest rate 1.40 % Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 83,244

Notes Payable Secured By Cred_2

Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the secured Term Notes issued: Maturity date (2) Term Notes Issuance date Issued Unpaid principal balance Annual interest rate spread (1) Stated Optional extension (in thousands) 2020 1R February 14, 2020 $ 350,000 $ 232,987 2.35 % March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 226,594 2.70 % October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 497,184 2.75 % May 29, 2023 May 29, 2025 2019 1R March 29, 2019 $ 295,700 200,510 2.00 % March 27, 2022 March 29, 2024 $ 1,157,275 (1) Spread over 1-month LIBOR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of the Term Notes under the conditions specified in respective agreements.
Summary of Financial Information Relating to Note Payable	Following is a summary of financial information relating to the notes payable: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Weighted average interest rate (1) 2.69 % 4.71 % 3.31 % 4.76 % Average balance $ 1,730,585 $ 1,373,018 $ 1,832,732 $ 908,783 Total interest expense $ 12,407 $ 17,052 $ 47,474 $ 34,351 Maximum daily amount outstanding $ 1,816,286 $ 1,376,634 $ 2,032,665 $ 1,379,504 (1) Excludes the effect of amortization of debt issuance costs of $687,000 and $1.9 million for the quarter and nine months ended September 30, 2020, respectively, and $538,000 and $1.5 million for the quarter and nine months ended September 30, 2019, respectively. September 30, 2020 December 31, 2019 (dollars in thousands) Carrying value: Amount outstanding $ 1,607,275 $ 1,702,262 Unamortized debt issuance costs (4,886 ) (5,967 ) $ 1,602,389 $ 1,696,295 Weighted average interest rate 3.12 % 4.30 % Assets securing notes payable: MSRs (1) $ 1,377,182 $ 1,510,651 CRT Agreements: Deposits securing CRT arrangements $ 1,417,792 $ 1,524,590 Derivative assets $ — $ 115,110 (1) Beneficial interests in Freddie Mac and Fannie Mae MSRs are pledged as collateral for both Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Average balance $ 195,579 $ 250,000 $ 293,736 $ 250,000 Total interest expense $ 3,613 $ 3,670 $ 15,222 $ 10,997 September 30, 2020 December 31, 2019 (in thousands) Carrying value: UPB $ 210,000 $ 460,000 Unamortized debt issuance costs and conversion option (13,942 ) (16,494 ) $ 196,058 $ 443,506

Asset-Backed Financing of a V_2

Asset-Backed Financing of a Variable Interest Entity at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value	Following is a summary of financial information relating to the asset-backed financing of a VIE at fair value described in Note 6 — Variable Interest Entities-Jumbo loan financing Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (dollars in thousands) Average balance $ 197,743 $ 267,961 $ 219,951 $ 271,964 Total interest expense $ 2,561 $ 2,196 $ 9,558 $ 9,020 Weighted average interest rate 3.23 % 3.35 % 3.34 % 3.45 % September 30, 2020 December 31, 2019 (dollars in thousands) Fair value $ 175,879 $ 243,360 UPB $ 172,515 $ 239,169 Weighted average interest rate 3.56 % 3.51 %

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 30, 2020
Liability For Representations And Warranties [Abstract]
Summary of Company's Liability for Losses under Representations and Warranties	Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Balance, beginning of period $ 10,225 $ 7,728 $ 7,614 $ 7,514 Provision for losses: Pursuant to loan sales 5,953 1,040 10,198 2,473 Reduction in liability due to change in estimate (1,504 ) (1,057 ) (3,059 ) (2,181 ) Losses incurred, net (33 ) (33 ) (112 ) (128 ) Balance, end of period $ 14,641 $ 7,678 $ 14,641 $ 7,678 UPB of loans subject to representations and warranties at end of period $ 143,875,403 $ 109,113,773

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: September 30, 2020 (in thousands) Commitments to purchase loans acquired for sale $ 12,451,210 Face amount of firm commitment to purchase credit risk transfer securities $ 1,699,684

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended September 30, Quarter Nine months Series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2020 2019 2020 2019 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 $ 1.52 $ 1.53 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 12,400 $ 310,000 $ 10,293 $ 299,707 (1) Par value is $0.01 per share.
Summary of Underwritten Offerings of Common Shares	During 2019, the Company completed the following underwritten offerings of common shares: Period ended September 30, 2019 Quarter Nine months (in thousands) Number of common shares issued 9,200 24,327 Gross proceeds $ 200,100 $ 516,857 Net proceeds $ 197,773 $ 510,233
Summary of Activities under ATM Equity Offering Program	Following is a summary of the activities under the ATM equity offering program: Quarter ended September 30, Nine months ended September 30 2020 2019 2020 2019 (in thousands) Number of common shares issued — 2,537 241 4,826 Gross proceeds $ — $ 56,256 $ 5,654 $ 105,688 Net proceeds $ — $ 55,694 $ 5,597 $ 104,631
Summary of Share Repurchase Activity	The following table summarizes the Company’s share repurchase activity: Quarter ended September 30, Nine months ended September 30, Cumulative 2020 2019 2020 2019 total (1) (in thousands) Common shares repurchased 492 — 1,841 — 16,572 Cost of common shares repurchased $ 8,273 $ — $ 21,618 $ — $ 238,243 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2020.

Net Gain on Loans Acquired fo_2

Net Gain on Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 30, 2020
Text Block [Abstract]
Schedule of Net Gain on Loans Acquired for Sale	Net gain on loans acquired for sale is summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) From nonaffiliates: Cash loss: Loans $ (23,860 ) $ (211,051 ) $ (70,972 ) $ (407,213 ) Hedging activities (103,361 ) (56,544 ) (360,930 ) (106,914 ) (127,221 ) (267,595 ) (431,902 ) (514,127 ) Non-cash gain: Recognition of fair value of firm commitment to purchase CRT securities (3,933 ) 25,864 (38,161 ) 65,860 Receipt of MSRs in mortgage loan sale transactions 265,278 249,888 717,227 534,742 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to loans sales (5,953 ) (1,040 ) (10,198 ) (2,473 ) Reduction of liability due to change in estimate 1,504 1,057 3,059 2,181 (4,449 ) 17 (7,139 ) (292 ) Change in fair value of loans and derivatives held at end of period: IRLCs (11,839 ) (9,236 ) 60,964 (7,610 ) Loans (6,518 ) 11,309 (11,471 ) 10,311 Hedging derivatives (14,565 ) 34,807 10,739 6,588 (32,922 ) 36,880 60,232 9,289 223,974 312,649 732,159 609,599 Total from nonaffiliates 96,753 45,054 300,257 95,472 From PFSI—cash gain 1,669 4,206 9,154 9,355 $ 98,422 $ 49,260 $ 309,411 $ 104,827

Net Gain (Loss) on Investments

Net Gain (Loss) on Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Net (Loss) Gain on Investments	Net gain (loss) on investments is summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) From nonaffiliates: Mortgage-backed securities $ (37,873 ) $ 13,450 $ 95,158 $ 77,820 Loans at fair value: Held in a VIE (2,905 ) 2,636 (4,979 ) 9,580 Distressed 193 (1,178 ) (1,070 ) (6,144 ) CRT arrangements 14,620 37,571 (210,509 ) 95,160 Firm commitment to purchase CRT securities 46,332 13,289 (220,146 ) 39,609 Asset-backed financing of a VIE at fair value 3,106 (2,988 ) 4,872 (8,186 ) Hedging derivatives (1,266 ) (13,556 ) 46,926 31,005 22,207 49,224 (289,748 ) 238,844 From PFSI—ESS (2,610 ) (3,435 ) (16,852 ) (10,208 ) $ 19,597 $ 45,789 $ (306,600 ) $ 228,636

Net Interest Income (Tables)

Net Interest Income (Tables)	9 Months Ended
	Sep. 30, 2020
Banking And Thrift Interest [Abstract]
Summary of Net Interest Income	Net interest income is summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 581 $ 1,305 $ 3,100 $ 3,216 Mortgage-backed securities 24,411 18,986 49,861 55,896 Loans acquired for sale at fair value 26,158 33,350 73,762 79,698 Loans at fair value: Held in a VIE 2,763 2,939 8,117 8,815 Distressed 50 879 342 3,572 Deposits securing CRT arrangements 288 11,193 6,893 25,798 Placement fees relating to custodial funds 4,286 16,661 24,800 36,936 Other 16 197 267 620 58,553 85,510 167,142 214,551 From PFSI—ESS 2,070 2,291 6,416 8,124 60,623 87,801 173,558 222,675 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase (1) 19,259 48,595 74,081 126,194 Mortgage loan participation purchase and sale agreements 176 374 724 1,296 Notes payable secured by credit risk transfer and mortgage servicing assets 12,407 17,052 47,474 34,351 Exchangeable Notes 3,613 3,670 15,222 10,997 Asset-backed financings of a VIE at fair value 2,561 2,196 9,558 9,020 Interest shortfall on repayments of loans serviced for Agency securitizations 19,311 9,807 48,553 15,683 Interest on loan impound deposits 1,014 1,008 2,835 2,308 58,341 82,702 198,447 199,849 To PFSI—Assets sold under agreement to repurchase 676 1,527 2,686 5,015 59,017 84,229 201,133 204,864 Net interest (expense) income $ 1,606 $ 3,572 $ (27,575 ) $ 17,811 (1) In 2017, the Company entered into a master repurchase agreement that provided the Company with incentives to finance loans approved for satisfying certain consumer relief characteristics as provided in the agreement. During the quarter and nine months ended September 30, 2019, the Company recognized $979,000 and $10.8 million, respectively, in such incentives as reductions of Interest expense

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Share-Based Compensation Activity	The following table summarizes the Company’s share-based compensation activity: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Grants: Restricted share units — — 92 96 Performance share units — — 112 116 Total share units granted — — 204 212 Grant date fair value: Restricted share units $ — $ — $ 1,978 $ 1,978 Performance share units — — 2,428 2,380 Total grant date value of share units $ — $ — $ 4,406 $ 4,358 Vestings: Restricted share units 6 1 129 227 Performance share units (1) — — 143 141 Total share units vested 6 1 272 368 Forfeitures: Restricted share units 4 — 4 — Performance share units — 1 — 1 Total share units forfeited 4 1 4 1 Compensation expense relating to share-based grants $ 547 $ 1,316 $ 1,601 $ 4,348 (1) The actual number of performance-based RSUs vested during the nine months ended September 30, 2020 was 196,000 common shares, which is approximately 137% of the 143,000 originally granted performance-based RSUs, due to the Company exceeding the established performance targets.
Summary of Restricted Share Units and Performance Share Units Expected to Vest	September 30, 2020 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 188 204 Grant date average fair value per unit $ 20.50 $ 19.70

Other Expenses (Tables)

Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Other Income And Expenses [Abstract]
Summary of Other Expenses	Other expenses are summarized below: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Common overhead allocation from PFSI $ 1,389 $ 1,543 $ 4,514 $ 4,055 Bank service charges 395 690 1,402 1,833 Technology 284 418 1,044 1,143 Insurance 354 309 1,012 911 Other 2,311 870 4,174 3,527 $ 4,733 $ 3,830 $ 12,146 $ 11,469

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands except per share amounts) Net income (loss) $ 99,547 $ 70,000 $ (30,506 ) $ 167,760 Dividends on preferred shares (6,234 ) (6,234 ) (18,703 ) (18,703 ) Effect of participating securities—share-based compensation awards (182 ) (165 ) (198 ) (476 ) Net income (loss) attributable to common shareholders 93,131 63,601 (49,407 ) 148,581 Interest on 2020 Notes, net of income taxes — 2,716 — 8,138 Diluted net income (loss) attributable to common shareholders $ 93,131 $ 66,317 $ (49,407 ) $ 156,719 Weighted average basic shares outstanding 99,227 84,367 99,718 74,212 Dilutive securities: Shares issuable under share-based compensation plan 197 — — — Shares issuable pursuant to exchange of the 2020 Notes — 8,467 — 8,467 Diluted weighted average number of shares outstanding 99,424 92,834 99,718 82,679 Basic earnings (loss) per share $ 0.94 $ 0.75 $ (0.50 ) $ 2.00 Diluted earnings (loss) per share $ 0.94 $ 0.71 $ (0.50 ) $ 1.90
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (in thousands) Shares issuable under share-based compensation plan 116 133 181 149 Shares issuable pursuant to exchange of the 2020 Notes — — 3,378 —

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale $ (3,934 ) $ — $ 102,356 $ — $ 98,422 Net gain (loss) on investments 60,011 (40,414 ) — — 19,597 Net loan servicing fees — 60,427 — — 60,427 Net interest (expense) income : Interest income 656 33,516 26,073 378 60,623 Interest expense 6,236 36,178 16,547 56 59,017 (5,580 ) (2,662 ) 9,526 322 1,606 Other 2,321 — 38,640 — 40,961 52,818 17,351 150,522 322 221,013 Expenses: Loan fulfillment and servicing fees payable to PFSI 187 18,564 54,840 — 73,591 Management fees — — — 8,508 8,508 Other 2,603 270 8,786 5,058 16,717 2,790 18,834 63,626 13,566 98,816 Pretax income (loss) $ 50,028 $ (1,483 ) $ 86,896 $ (13,244 ) $ 122,197 Total assets at quarter end $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2019 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale (1) $ 10,522 $ — $ 38,738 $ — $ 49,260 Net gain on investments 51,515 (5,726 ) — — 45,789 Net loan servicing fees — 5,159 — — 5,159 Net interest income (expense): Interest income 12,421 41,494 33,244 642 87,801 Interest expense 20,916 37,777 25,536 — 84,229 (8,495 ) 3,717 7,708 642 3,572 Other 1,453 — 25,522 5 26,980 54,995 3,150 71,968 647 130,760 Expenses: Loan fulfillment and servicing fees payable to PFSI 855 12,109 45,149 — 58,113 Management fees — — — 10,098 10,098 Other 2,277 1,142 5,035 5,962 14,416 3,132 13,251 50,184 16,060 82,627 Pretax income (loss) $ 51,863 $ (10,101 ) $ 21,784 $ (15,413 ) $ 48,133 Total assets at quarter end $ 2,419,222 $ 4,069,205 $ 4,065,039 $ 191,143 $ 10,744,609 (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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $15.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale (1) $ (43,813 ) $ — $ 353,224 $ — $ 309,411 Net (loss) gain on investments (386,829 ) 80,229 — — (306,600 ) Net loan servicing fees — 202,339 — — 202,339 Net interest (expense) income : Interest income 8,344 90,342 73,438 1,434 173,558 Interest expense 29,599 115,879 54,357 1,298 201,133 (21,255 ) (25,537 ) 19,081 136 (27,575 ) Other 5,501 — 87,945 1,796 95,242 (446,396 ) 257,031 460,250 1,932 272,817 Expenses: Loan fulfillment and servicing fees payable to PFSI 728 48,078 149,594 — 198,400 Management fees — — — 25,851 25,851 Other 4,529 3,143 18,874 16,185 42,731 5,257 51,221 168,468 42,036 266,982 Pretax (loss) income $ (451,653 ) $ 205,810 $ 291,782 $ (40,104 ) $ 5,835 Total assets at period end $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067 (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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $5.7 million of the initial firm commitment recognized in Net gain on loans acquired for sale Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2019 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale (1) $ 33,066 $ — $ 71,761 $ — $ 104,827 Net gain on investments 130,704 97,932 — — 228,636 Net loan servicing fees — (79,510 ) — — (79,510 ) Net interest income (expense): Interest income 30,321 111,436 79,398 1,520 222,675 Interest expense 46,928 105,845 52,091 — 204,864 (16,607 ) 5,591 27,307 1,520 17,811 Other 4,731 — 56,138 1,146 62,015 151,894 24,013 155,206 2,666 333,779 Expenses: Loan fulfillment and servicing fees payable to PFSI 1,936 33,166 102,313 — 137,415 Management fees — — — 26,178 26,178 Other 6,708 2,043 11,322 18,743 38,816 8,644 35,209 113,635 44,921 202,409 Pretax income (loss) $ 143,250 $ (11,196 ) $ 41,571 $ (42,255 ) $ 131,370 Total assets at period end $ 2,419,222 $ 4,069,205 $ 4,065,039 $ 191,143 $ 10,744,609 (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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $33.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Nine months ended September 30, 2020 2019 (in thousands) Payments: Income taxes, net $ 4,997 $ 136 Interest $ 220,616 $ 206,024 Non-cash investing activities: Transfer of loans and advances to real estate acquired in settlement of loans $ 1,166 $ 23,256 Transfer from real estate held for investment to real estate acquired in settlement of loans $ — $ 30,432 Receipt of mortgage servicing rights as proceeds from sales of loans at fair value $ 717,227 $ 534,742 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 1,393 $ 1,327 Capitalization of servicing advances pursuant to mortgage loan modifications $ — $ 1,248 Transfer of firm commitment to purchase CRT securities to investment securities $ — $ 56,804 Non-cash financing activities: Dividends declared, not paid $ 39,591 $ 42,870

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
	Sep. 30, 2020
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Amounts and Requirements by Agencies	The 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) September 30, 2020 $ 1,127,425 $ 393,725 16 % 6 % $ 270,808 $ 52,687 December 31, 2019 $ 627,144 $ 341,009 8 % 6 % $ 128,806 $ 44,970 (1) Calculated in accordance with the Agencies’ requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020Segment
Accounting Policies [Abstract]
Number of business segments	4
Percentage of taxable income for distributions	90.00%

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Change - Additional Information (Detail)	Nov. 04, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Apr. 30, 2013USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Restricted cash		$ 0	$ 0
Exchangeable Senior Notes due May 1, 2020 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Issuance of debt through private offering		$ 250,000,000		$ 250,000,000
Exchangeable Senior Notes due November 1, 2024 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Issuance of debt through private offering	$ 210,000,000
Principal amount of the exchangeable notes	$ 1,000
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due November 1, 2024 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of shares exchanged per exchangeable notes	40.1010

Related Party Transactions - Co

Related Party Transactions - Correspondent Production Activities - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Sep. 30, 2020
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] | Fannie Mae Or Freddie Mac Mortgage Loans [Member] | 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%
2020 MBS Agreement [Member]
Mortgage Loans On Real Estate [Line Items]
Services agreement effective date		Jul. 1, 2020
Servicing agreement expiration date			Jun. 30, 2025
Service agreement maturity renewal term			18 months
2020 MBS Agreement [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income and sourcing fee	0.02%
Mortgage loans commintments multiplier	$ 585
Mortgage adjusted loan commitments	16,500
Number of mortgage loans purchased multiplier	315
Number of mortgage loans purchased	$ 16,500
2020 MBS Agreement [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income and sourcing fee	0.01%
Mortgage loans commintments multiplier	$ 355
Mortgage adjusted loan commitments	16,500
Number of mortgage loans purchased multiplier	195
Number of mortgage loans purchased	16,500
2020 MBS Agreement [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of mortgage loans purchased multiplier	750
2020 MBS Agreement [Member] | Ginnie Mae Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loan servicing fees sayable	$ 0	$ 0
Mortgage banking services [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loan fees per annum			$ 1,500,000
Mortgage loan fees per loan			$ 35,000

Related Party Transactions - Su

Related Party Transactions - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Purchases of loans acquired for sale from PLS			$ 2,248,896	$ 4,095,079
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 4,024,494		4,024,494		$ 4,148,425
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	54,839	$ 45,149	149,594	102,313
Sourcing fees received from PLS included in Net gain on loans acquired for sale	1,669	4,206	9,154	9,355
UPB of loans sold to PLS	16,690,482	14,022,222	41,641,327	31,183,950
Purchases of loans acquired for sale from PLS	27	1,876,358	2,248,896	4,095,079
Tax service fees paid to PLS	6,077	$ 4,222	14,345	$ 9,567
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 432,716		$ 432,716		$ 490,383

Related Party Transactions - Pr

Related Party Transactions - Prime Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	9 Months Ended
	Sep. 30, 2020USD ($)
Subserviced loan [Member] | Fixed-Rate Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 7.50
Subserviced loan [Member] | Adjustable rate mortgage loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	8.50
Non-Distressed Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month	75
Non-Distressed Mortgage Loans [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Additional servicing fees per loan per month	10
Non-Distressed Mortgage Loans [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Additional servicing fees per loan per month	$ 55

Related Party Transactions - Sp

Related Party Transactions - Special Servicing - Additional Information (Detail) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
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%
PennyMac Loan Services, LLC [Member] | Distressed loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month		$ 75
Supplemental fee received per month		25
Activity based fees		$ 500
Services agreement fees collection period		18 months
PennyMac Loan Services, LLC [Member] | Distressed 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 loans [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month		85
Activity based fees		$ 1,750
2020 Servicing Agreement [Member]
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months

Related Party Transactions- MSR

Related Party Transactions- MSR Recapture Agreement - Additional Information (Detail)	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
MSR Recapture Agreement [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%
2020 MSR Recapture Agreement [Member]
Mortgage Loans On Real Estate [Line Items]
Services agreement effective date		Jul. 1, 2020
Servicing agreement expiration date		Jun. 30, 2025
Service agreement maturity renewal term		18 months
Mortgage loans on real estate, renewed and Extended, description		• Effective July 1, 2020, a tiered amount equal to 40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate,” 35% of the fair market value of the MSRs relating to the recaptured loans subject to the recapture rate in excess of 15% and up to 30%, and 30% of the fair market value of the MSRs relating to the recaptured loans subject to the recapture rate in excess of 30%. The “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance of all recaptured loans, to (ii) the aggregate unpaid principal balance of all mortgage loans for which the Company held the MSRs and that were refinanced or otherwise paid off in such month. PFSI has further agreed to allocate sufficient resources to target a recapture rate of 15%.
Recapture rate		15.00%

Related Party Transactions - _2

Related Party Transactions - Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Loan servicing fees	$ 18,752		$ 48,806	$ 35,102
Average MSR portfolio UPB	148,412,625		142,872,909	103,407,919
From PennyMac Financial Services, Inc.	9,251		17,306	3,117
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	452		1,595	1,131
Average MSR portfolio UPB	3,336,504		3,125,083	2,263,362
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	187		675	1,938
Distressed [Member]
Related Party Transaction [Line Items]
Average MSR portfolio UPB	8,189		9,369	93,545
Held in a VIE [Member]
Related Party Transaction [Line Items]
Average MSR portfolio UPB	207,780		231,196	285,945
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 18,113		$ 46,536	$ 32,033
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing fees		$ 12,964
Average MSR portfolio UPB		111,459,832
From PennyMac Financial Services, Inc.		1,468
PennyMac Loan Services, LLC [Member] | Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees		507
Average MSR portfolio UPB		3,077,919
PennyMac Loan Services, LLC [Member] | Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees		858
PennyMac Loan Services, LLC [Member] | Distressed [Member]
Related Party Transaction [Line Items]
Average MSR portfolio UPB		71,527
PennyMac Loan Services, LLC [Member] | Held in a VIE [Member]
Related Party Transaction [Line Items]
Average MSR portfolio UPB		282,021
PennyMac Loan Services, LLC [Member] | Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees		$ 11,599

Related Party Transactions - Ma

Related Party Transactions - Management Fees - Additional Information (Detail) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Jul. 01, 2020	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%
PMT agreed to reimburse PCM for a payment		$ 120,000	$ 165,000
Services agreement effective date	Jul. 1, 2020
Compensation expenses, description	Effective July 1, 2020, PMT’s reimbursement of PCM’s and its affiliates’ compensation expenses was increased from $120,000 to $165,000 per fiscal quarter, such amount to be reviewed annually and to not preclude reimbursement for any other services performed by PCM or its affiliates.
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”.

Related Party Transactions - _3

Related Party Transactions - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 8,508	$ 10,098	$ 25,851	$ 26,178
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	8,508	10,098	25,851	26,178
Average shareholders' equity amounts used to calculate base management fee expense	2,280,023	2,101,646	2,329,741	1,860,693
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	8,508	7,914	25,851	20,862
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 2,184	$ 0	$ 5,316

Related Party Transactions - _4

Related Party Transactions - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 1,389	$ 1,543	$ 4,514	$ 4,055
Compensation	165	120	405	360
Expenses incurred on the Company’s behalf, net	2,852	1,942	5,561	3,001
Total expenses incurred in transaction with affiliates	4,406	3,605	10,480	7,416
Payments and settlements during the period	$ 58,479	$ 68,191	$ 228,514	$ 111,411

Related Party Transactions - No

Related Party Transactions - Note Payable to PLS - Additional Information (Detail) - USD ($)	Feb. 01, 2019	Dec. 19, 2016	Sep. 30, 2020	Jul. 01, 2020	Dec. 31, 2019	Aug. 04, 2009
Related Party Transaction [Line Items]
Recapture percentage loan fee rate and unpaid principal balance refinance loans		90.00%
Recapture percentage loan fee rate and unpaid principal balance modified loans		90.00%
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	$ 165,000
Servicing agreement expiration date	Feb. 1, 2023
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

Related Party Transactions - _5

Related Party Transactions - Summary of Investing Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
ESS:
Repayments			$ 25,112	$ 30,901
Interest income	$ 60,623	$ 87,801	173,558	222,675
Net loss included in Net gain (loss) on investments:
Net (loss) gain on investments	19,597	45,789	(306,600)	228,636
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	142,990		142,990		$ 178,586
PennyMac Financial Services, Inc. [Member]
ESS:
Received pursuant to a recapture agreement	531	377	1,393	1,327
Repayments	7,682	9,819	25,112	30,901
Interest income	2,070	2,291	6,416	8,124
Net loss included in Net gain (loss) on investments:
Valuation changes	(3,135)	(3,864)	(18,293)	(11,519)
Recapture income	525	429	1,441	1,311
Net (loss) gain on investments	(2,610)	$ (3,435)	(16,852)	$ (10,208)
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	$ 142,990		$ 142,990		$ 178,586

Related Party Transactions - _6

Related Party Transactions - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Interest expense	$ 59,017	$ 84,229	$ 201,133	$ 204,864
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Net repayments of assets sold under agreements to repurchase	3,143	11,038	20,554	23,347
Interest expense	676	1,527	2,686	5,015
Assets sold to PFSI under agreement to repurchase	86,958		86,958		$ 107,512
Conditional Reimbursement payable to PCM included in Due to PennyMac Financial Services, Inc.	10		10		$ 221
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Payment of conditional reimbursement to PCM	$ 0	$ 0	$ 211	$ 219

Related Party Transactions - _7

Related Party Transactions - Summary of Amounts Receivable From and Payable to PFSI (Detail) - PennyMac Financial Services, Inc. [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Due from PFSI:
MSR recapture	$ 197	$ 149
Other	18,675	2,611
Due from Affiliates	18,872	2,760
Due to PFSI:
Margin settlements relating to loan sales	48,243	0
Allocated expenses and expenses paid by PFSI on PMT’s behalf	30,207	3,724
Fulfillment fees	18,060	18,285
Correspondent production fees	11,285	10,606
Management fees	8,509	10,579
Loan servicing fees	6,121	4,659
Interest on Assets sold to PFSI under agreement to repurchase	43	85
Conditional Reimbursement payable to PCM included in Due to PennyMac Financial Services, Inc.	10	221
Total expense due to affiliate	$ 122,478	$ 48,159

Related Party Transactions - _8

Related Party Transactions - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Loan servicing advances	$ 46,897		$ 48,971
Real estate acquired in settlement of loans	35,697	$ 43,559	65,583	$ 79,201	$ 97,808	$ 85,681
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	46,897		48,971
Real estate acquired in settlement of loans	11,368		21,549
Servicing advances and real estate acquired	$ 58,265		$ 70,520

Loan Sales - Summary of Cash Fl

Loan Sales - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cash flows:
Loan servicing fees received net of guarantee fees	$ 98,027	$ 76,377	$ 294,319	$ 204,568
Variable Interest Entity, Not Primary Beneficiary [Member]
Cash flows:
Proceeds from sales	26,748,508	17,659,839	66,639,230	38,461,850
Loan servicing fees received net of guarantee fees	$ 98,027	$ 76,377	$ 294,319	$ 204,568

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 152,102,404	$ 130,663,117
Collection Status (UPB)
30-89 days delinquent	[1]	2,036,509	1,014,094
90 or more days delinquent:
Not in foreclosure	[1]	5,566,987	258,036
In foreclosure	[1]	30,723	53,697
Bankruptcy		153,493	130,936
Custodial funds managed by the Company	[2]	$ 6,347,559	$ 2,529,984
[1]	At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $879.5 million in the 30-89 days delinquent category and $4.3 billion in the 90 or more days delinquent-not in foreclosure category.
[2]	Custodial funds include borrower and investor custodial cash accounts relating to 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 loans’ borrowers and investors, which are included in Interest income

Loan Sales - Summary of Colle_2

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Parenthetical) (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
30-89 days delinquent	[1]	$ 2,036,509	$ 1,014,094
Not in foreclosure	[1]	5,566,987	$ 258,036
CARES Act [Member]
Mortgage Loans On Real Estate [Line Items]
30-89 days delinquent		879,500
Not in foreclosure		$ 4,300,000
[1]	At September 30, 2020, delinquent loans include loans subject to forbearance agreements entered into under the CARES Act with UPBs totaling $879.5 million in the 30-89 days delinquent category and $4.3 billion in the 90 or more days delinquent-not in foreclosure category.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2013	Sep. 30, 2020
Variable Interest Entity, Primary Beneficiary [Member] | Jumbo Mortgage Loan Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Certificates issued	$ 537
Weighted yield	3.90%
Credit Risk Transfer Agreements [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses		3.50%
Increase to maximum percentage of outstanding unpaid principal balance		4.50%
Credit Risk Transfer Agreements [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses		4.00%
Increase to maximum percentage of outstanding unpaid principal balance		5.00%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
CRT strips
Net investment income		$ 221,013	$ 130,760	$ 272,817	$ 333,779
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		107,436		107,436		$ 202,318
Interest-only security payable at fair value		12,940		12,940		25,709
Variable Interest Entity, Primary Beneficiary [Member]
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		0		0		170,793
Interest-only security payable at fair value		12,940		12,940		25,709
Variable Interest Entity, Primary Beneficiary [Member] | Credit Risk Transfer Agreements [Member]
Transfer Of Financial Assets Accounted For As Sales [Line Items]
UPB of loans sold		1,799,078	14,168,884	18,277,263	31,135,137
Investments:
Deposits securing CRT arrangements					933,370
Change in expected face amount of firm commitment to purchase CRT securities		(95,033)	523,074	197,481	242,281
Deposits of cash securing credit risk transfer agreements net of adjustment		(95,033)	523,074	197,481	1,175,651
Net investment income
Net gain on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans		(3,933)	25,864	(38,161)	65,860
CRT derivatives
Realized		11,480	19,303	42,231	61,516
Valuation changes		(17,996)	(4,530)	(196,404)	(4,484)
Gains (losses) recognized on gross derivative related to credit risk transactions		(6,516)	14,773	(154,173)	57,032
CRT strips
Realized		10,460	16,082	38,565	16,082
Valuation changes		8,635	5,089	(107,670)	10,764
Credit risk transfer strips		19,095	21,171	(69,105)	26,846
Interest-only security payable at fair value		2,041	1,627	12,769	11,282
Gains (losses) recognized on gross derivative related to credit risk transactions		14,620	37,571	(210,509)	95,160
Firm commitments to purchase CRT securities		46,332	13,289	(220,146)	39,609
Gains (losses) recognized on CRT agreements upon firm commitments to purchase CRT securities		60,952	50,860	(430,655)	134,769
Interest income — Deposits securing CRT arrangements		288	11,193	6,893	25,798
Net investment income		57,307	87,917	(461,923)	226,427
Payments made to settle losses on credit risk transfer arrangements		2,935	$ 1,671	7,114	$ 3,447
Carrying value of CRT arrangements:
CRT derivatives		(82,004)		(82,004)		115,863
CRT strips		(52,740)		(52,740)		54,930
Derivative and credit risk transfer strip assets		(134,744)		(134,744)		170,793
Firm commitment to purchase credit risk transfer securities at fair value		(148,794)		(148,794)		109,513
Deposits securing CRT arrangements		1,417,792		1,417,792		1,969,784
Interest-only security payable at fair value		12,940		12,940		25,709
Derivative and credit risk transfer strip assets		0		0		142,183
Derivative and credit risk transfer strip assets pledged to secure	[1]	1,417,792		1,417,792		1,969,784
Face amount of firm commitment to purchase CRT securities		1,699,684		1,699,684		1,502,203
UPB of loans — funded credit risk transfer arrangements		26,681,540		26,681,540		41,944,117
Collection status (UPB):
Current		24,183,877		24,183,877		41,355,622
30-89 days delinquent		620,584		620,584		463,331
90-180 days delinquent		913,758		913,758		106,234
180 or more days delinquent		958,761		958,761		8,802
Foreclosure		4,560		4,560		10,128
Bankruptcy		63,647		63,647		55,452
UPB of loans — firm commitment to purchase CRT securities		43,679,796		43,679,796		38,738,396
Variable Interest Entity, Primary Beneficiary [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		41,014,332		41,014,332		38,581,080
30-89 days delinquent		707,421		707,421		146,256
90-180 days delinquent		964,130		964,130		9,109
180 or more days delinquent		991,991		991,991		0
Foreclosure		1,922		1,922		1,951
Bankruptcy		$ 15,325		$ 15,325		$ 2,980
[1]	Deposits securing credit risk transfer strip liabilities CRT strip and CRT derivative liabilities

Variable Interest Entities - _2

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Parenthetical) (Detail) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 134,700
Credit Risk Transfer Agreements [Member]
Transfer Of Financial Assets Accounted For As Sales [Line Items]
30-89 days delinquent	620,584	$ 463,331
90-180 days delinquent	913,758	106,234
Bankruptcy	63,647	55,452
Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Transfer Of Financial Assets Accounted For As Sales [Line Items]
30-89 days delinquent	707,421	146,256
90-180 days delinquent	964,130	9,109
Bankruptcy	15,325	$ 2,980
Credit Risk Transfer Agreements [Member] | CARES Act [Member]
Transfer Of Financial Assets Accounted For As Sales [Line Items]
30-89 days delinquent	282,800,000
90-180 days delinquent	757,600,000
180 or more days delinquent	828,800
Credit Risk Transfer Agreements [Member] | CARES Act [Member] | Purchase Commitment [Member]
Transfer Of Financial Assets Accounted For As Sales [Line Items]
30-89 days delinquent	343,200,000
90-180 days delinquent	790,300,000
180 or more days delinquent	2,600
Bankruptcy	$ 2,600

Variable Interest Entities - _3

Variable Interest Entities - Summary of Jumbo Mortgage Loan Financing (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Mortgage Loans on Real Estate [Line Items]
Interest income	$ 60,623	$ 87,801	$ 173,558	$ 222,675
Interest expense	59,017	84,229	201,133	204,864
Loans at fair value	193,832		193,832		$ 270,793
Asset-backed financing of a variable interest entity at fair value	175,879		175,879		243,360
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage Loans on Real Estate [Line Items]
Loans at fair value	185,698		185,698		256,367
Asset-backed financing of a variable interest entity at fair value	175,879		175,879		243,360
Variable Interest Entity, Primary Beneficiary [Member] | Jumbo Mortgage Loan Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Interest income	2,763	2,939	8,117	8,815
Interest expense	2,561	$ 2,196	9,558	$ 9,020
Loans at fair value	185,698		185,698		256,367
Asset-backed financing of a variable interest entity at fair value	175,879		175,879		243,360
Certificates retained at fair value	$ 9,819		$ 9,819		$ 13,007

Fair Value - Summary of Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets:
Short-term investments	$ 81,624		$ 90,836
Mortgage-backed securities at fair value ($1,992,786 and $2,839,633 pledged to creditors, respectively)	2,404,766		2,839,633
Loans acquired for sale at fair value	4,024,494		4,148,425
Excess servicing spread purchased from PFSI	142,990		178,586
Derivative assets	145,588		153,666
Derivative assets, Netting	(38,152)		(6,278)
Total derivative and credit risk transfer strip assets after netting	107,436		147,388
Firm commitment to purchase credit risk transfer securities at fair value	0		109,513
Mortgage servicing rights at fair value	1,388,403	$ 1,189,605	1,535,705	$ 1,162,714	$ 1,126,427	$ 1,162,369
Liabilities:
Asset-backed financing of a variable interest entity at fair value	175,879		243,360
Interest-only security payable at fair value	12,940		25,709
Asset-backed financing of a VIE at fair value	175,879		243,360
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	141,231		19,816
Derivative liabilities, Netting	(27,891)		(13,393)
Total derivative liabilities after netting	113,340		6,423
Total derivative and credit risk transfer strips liabilities	166,080		6,423
Firm commitment to purchase credit risk transfer securities at fair value	148,794		0
Repurchase Agreement Derivatives [Member]
Assets:
Derivative assets	0		5,275
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	0		5,275
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
CRT Derivatives [Member]
Assets:
Derivative assets	0		115,863
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	0		115,863
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	82,004		0
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets	81,236		11,726
Total derivative and credit risk transfer strip assets after netting	81,236		11,726
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	9,119		572
Forward Purchase Contracts [Member]
Assets:
Derivative assets	27,151		7,525
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	27,151		7,525
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	5,898		3,600
Derivative liabilities, Netting	0		0
Forward Sales Contracts [Member]
Assets:
Derivative assets	9,203		637
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	9,203		637
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	44,210		15,644
Derivative liabilities, Netting	0		0
MBS Put Options [Member]
Assets:
Derivative assets	14,086		1,625
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	14,086		1,625
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
MBS Call Options [Member]
Assets:
Derivative assets	3,691		0
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	3,691		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Call Options on Interest Rate Futures [Member]
Assets:
Derivative assets	1,078		3,809
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	1,078		3,809
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Put Options on Interest Rate Futures [Member]
Assets:
Derivative assets	3,063		2,859
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	3,063		2,859
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Swap Futures [Member]
Assets:
Derivative assets	6,080		4,347
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	6,080		4,347
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member]
Assets:
Short-term investments	81,624		90,836
Mortgage-backed securities at fair value ($1,992,786 and $2,839,633 pledged to creditors, respectively)	2,404,766		2,839,633
Loans acquired for sale at fair value	4,024,494		4,148,425
Loans at fair value	193,832		270,793
Excess servicing spread purchased from PFSI	142,990		178,586
Derivative assets	145,588		153,666
Derivative assets, Netting	(38,152)		(6,278)
Total derivative and credit risk transfer strip assets after netting	107,436		147,388
Firm commitment to purchase credit risk transfer securities at fair value			109,513
Mortgage servicing rights at fair value	1,388,403		1,535,705
Total Assets	8,343,545		9,375,809
Derivative and credit risk transfer strip assets:
Total derivative and credit risk transfer strips assets			202,318
Liabilities:
Asset-backed financing of a variable interest entity at fair value	175,879		243,360
Interest-only security payable at fair value	12,940		25,709
Asset-backed financing of a VIE at fair value	175,879		243,360
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	141,231		19,816
Derivative liabilities, Netting	(27,891)		(13,393)
Total derivative liabilities after netting	113,340		6,423
Total derivative and credit risk transfer strips liabilities	166,080
Firm commitment to purchase credit risk transfer securities at fair value	148,794
Total liabilities	450,953		275,492
Total liabilities	450,953		275,492
Recurring [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Derivative assets			5,275
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Derivative assets			54,930
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	52,740
Recurring [Member] | CRT Derivatives [Member]
Assets:
Derivative assets			115,863
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	82,004
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments	81,624		90,836
Mortgage-backed securities at fair value ($1,992,786 and $2,839,633 pledged to creditors, respectively)	0		0
Loans acquired for sale at fair value	0		0
Loans at fair value	0		0
Excess servicing spread purchased from PFSI	0		0
Derivative assets	4,141		6,668
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	4,141		6,668
Firm commitment to purchase credit risk transfer securities at fair value			0
Mortgage servicing rights at fair value	0		0
Total Assets	85,765		97,504
Derivative and credit risk transfer strip assets:
Total derivative and credit risk transfer strips assets			6,668
Liabilities:
Asset-backed financing of a variable interest entity at fair value	0		0
Interest-only security payable at fair value	0		0
Asset-backed financing of a VIE at fair value	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Derivative liabilities, Netting	0		0
Total derivative liabilities after netting	0		0
Total derivative and credit risk transfer strips liabilities	0
Firm commitment to purchase credit risk transfer securities at fair value	0
Total liabilities	0		0
Total liabilities	0		0
Recurring [Member] | Level 1 [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Derivative assets			0
Recurring [Member] | Level 1 [Member] | Credit Risk Transfer Strips [Member]
Assets:
Derivative assets			0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0
Recurring [Member] | Level 1 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets			0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments	0		0
Mortgage-backed securities at fair value ($1,992,786 and $2,839,633 pledged to creditors, respectively)	2,404,766		2,839,633
Loans acquired for sale at fair value	3,985,247		4,129,858
Loans at fair value	185,698		256,367
Excess servicing spread purchased from PFSI	0		0
Derivative assets	60,211		14,134
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	60,211		14,134
Firm commitment to purchase credit risk transfer securities at fair value			0
Mortgage servicing rights at fair value	0		0
Total Assets	6,635,922		7,239,992
Derivative and credit risk transfer strip assets:
Total derivative and credit risk transfer strips assets			14,134
Liabilities:
Asset-backed financing of a variable interest entity at fair value	175,879		243,360
Interest-only security payable at fair value	0		0
Asset-backed financing of a VIE at fair value	175,879		243,360
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	50,108		19,244
Derivative liabilities, Netting	0		0
Total derivative liabilities after netting	50,108		19,244
Total derivative and credit risk transfer strips liabilities	50,108
Firm commitment to purchase credit risk transfer securities at fair value	0
Total liabilities	225,987		262,604
Total liabilities	225,987		262,604
Recurring [Member] | Level 2 [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Derivative assets			0
Recurring [Member] | Level 2 [Member] | Credit Risk Transfer Strips [Member]
Assets:
Derivative assets			0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0
Recurring [Member] | Level 2 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets			0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0
Recurring [Member] | Level 3 [Member]
Assets:
Short-term investments	0		0
Mortgage-backed securities at fair value ($1,992,786 and $2,839,633 pledged to creditors, respectively)	0		0
Loans acquired for sale at fair value	39,247		18,567
Loans at fair value	8,134		14,426
Excess servicing spread purchased from PFSI	142,990		178,586
Derivative assets	81,236		132,864
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	81,236		132,864
Firm commitment to purchase credit risk transfer securities at fair value			109,513
Mortgage servicing rights at fair value	1,388,403		1,535,705
Total Assets	1,660,010		2,044,591
Derivative and credit risk transfer strip assets:
Total derivative and credit risk transfer strips assets			187,794
Liabilities:
Asset-backed financing of a variable interest entity at fair value	0		0
Interest-only security payable at fair value	12,940		25,709
Asset-backed financing of a VIE at fair value	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	91,123		572
Derivative liabilities, Netting	0		0
Total derivative liabilities after netting	91,123		572
Total derivative and credit risk transfer strips liabilities	143,863
Firm commitment to purchase credit risk transfer securities at fair value	148,794
Total liabilities	305,597		26,281
Total liabilities	305,597		26,281
Recurring [Member] | Level 3 [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Derivative assets			5,275
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Assets:
Derivative assets			54,930
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	52,740
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets			115,863
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	82,004
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Derivative assets	81,236		11,726
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	9,119		572
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 1 [Member]
Assets:
Derivative assets	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member]
Assets:
Derivative assets	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 3 [Member]
Assets:
Derivative assets	81,236		11,726
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	9,119		572
Recurring [Member] | Forward Purchase Contracts [Member]
Assets:
Derivative assets	27,151		7,525
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	5,898		3,600
Recurring [Member] | Forward Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member] | Forward Purchase Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets	27,151		7,525
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	5,898		3,600
Recurring [Member] | Forward Purchase Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member] | Forward Sales Contracts [Member]
Assets:
Derivative assets	9,203		637
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	44,210		15,644
Recurring [Member] | Forward Sales Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member] | Forward Sales Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets	9,203		637
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	44,210		15,644
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets	0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	0		0
Recurring [Member] | MBS Put Options [Member]
Assets:
Derivative assets	14,086		1,625
Recurring [Member] | MBS Put Options [Member] | Level 1 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | MBS Put Options [Member] | Level 2 [Member]
Assets:
Derivative assets	14,086		1,625
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | MBS Call Options [Member]
Assets:
Derivative assets	3,691
Recurring [Member] | MBS Call Options [Member] | Level 1 [Member]
Assets:
Derivative assets	0
Recurring [Member] | MBS Call Options [Member] | Level 2 [Member]
Assets:
Derivative assets	3,691
Recurring [Member] | MBS Call Options [Member] | Level 3 [Member]
Assets:
Derivative assets	0
Recurring [Member] | Call Options on Interest Rate Futures [Member]
Assets:
Derivative assets	1,078		3,809
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 1 [Member]
Assets:
Derivative assets	1,078		3,809
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 2 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 3 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | Put Options on Interest Rate Futures [Member]
Assets:
Derivative assets	3,063		2,859
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 1 [Member]
Assets:
Derivative assets	3,063		2,859
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 2 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 3 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | Swap Futures [Member]
Assets:
Derivative assets	6,080		4,347
Recurring [Member] | Swap Futures [Member] | Level 1 [Member]
Assets:
Derivative assets	0		0
Recurring [Member] | Swap Futures [Member] | Level 2 [Member]
Assets:
Derivative assets	6,080		4,347
Recurring [Member] | Swap Futures [Member] | Level 3 [Member]
Assets:
Derivative assets	$ 0		$ 0

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Assets:
Amounts (incurred) received pursuant to sales of loans	$ 265,278	$ 249,888	$ 717,227	$ 534,742
Transfers:
Loans to REO	0	(10,985)	(1,166)	(23,256)
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance			11,154
Transfers:
Ending balance	72,117		72,117
Firm Commitment To Purchase Credit Risk Transfer Securities
Assets:
Beginning balance			109,513
Changes in fair value included in income arising from:
Ending balance	148,794		148,794
Transfers:
Ending balance	0		0
Liabilities:
Beginning balance			0
Recurring [Member]
Assets:
Beginning balance	1,151,272	1,636,997	2,044,019	1,702,165
Purchases and issuances	55,306	45,588	350,617	77,362
Repayments and sales	(49,613)	(113,759)	(153,237)	(263,969)
Capitalization of interest and fees	2,070	2,472	6,416	10,233
ESS received pursuant to a recapture agreement with PFSI	531	377	1,393	1,327
Amounts (incurred) received pursuant to sales of loans	261,345	275,752	679,066	600,602
Capitalization of advances		97		1,248
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	3,737
Other factors	186,938	(156,113)	(930,678)	(359,039)
Total	186,938	(156,113)	(930,678)	(355,302)
Transfers:
Interest rate lock commitments to loans acquired for sale	(240,496)	(56,907)	(629,358)	(128,926)
Ending balance	1,367,353	1,633,254	1,367,353	1,633,254
Changes in fair value recognized during the quarter relating to assets	39,341	(202,647)	(1,336,786)	(502,262)
Loans to REO		(1,250)	(885)	(12,295)
Loans acquired for sale at fair value from "Level 2" to "Level 3"				809
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | CRT Strips [Member]
Assets:
Beginning balance	(63,926)	124,033	115,863	123,987
Purchases and issuances	0	0	0	0
Repayments and sales	(11,562)	(17,423)	(43,694)	(59,636)
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(6,516)	14,773	(154,173)	57,032
Total	(6,516)	14,773	(154,173)	57,032
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	(82,004)	121,383	(82,004)	121,383
Changes in fair value recognized during the quarter relating to assets	(17,996)	(4,530)	(196,404)	(4,484)
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(61,375)	62,479	54,930	0
Purchases and issuances	0	0	0	0
Repayments and sales	(10,460)	(16,082)	(38,565)	(16,082)
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	19,095	21,171	(69,105)	26,846
Total	19,095	21,171	(69,105)	26,846
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	(52,740)	67,568	(52,740)	67,568
Changes in fair value recognized during the quarter relating to assets	8,635	5,089	(107,670)	10,764
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				56,804
Recurring [Member] | Loans acquired for sale [Member]
Assets:
Beginning balance	29,313	14,188	18,567	17,474
Purchases and issuances	24,089	10,211	56,376	17,290
Repayments and sales	(14,104)	(5,717)	(35,136)	(17,736)
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(51)	24	(560)	869
Total	(51)	24	(560)	869
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	39,247	18,706	39,247	18,706
Changes in fair value recognized during the quarter relating to assets	(198)	(29)	(787)	57
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				809
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	83,956	13,614	11,154	11,988
Purchases and issuances	31,217	34,617	293,183	48,938
Repayments and sales	0	0	0	0
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	197,440	13,054	397,138	72,378
Total	197,440	13,054	397,138	72,378
Transfers:
Interest rate lock commitments to loans acquired for sale	(240,496)	(56,907)	(629,358)	(128,926)
Ending balance	72,117	4,378	72,117	4,378
Changes in fair value recognized during the quarter relating to assets	72,117	4,378	72,117	4,378
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | Interest-only security payable [Member]
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	(2,041)	(1,627)	(12,769)	(11,282)
Ending balance	12,940	24,729	12,940	24,729
Changes in fair value recognized during the quarter relating to liability	(2,041)	(1,627)	(12,769)	(11,282)
Liabilities:
Beginning balance	14,981	26,356	25,709	36,011
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	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	(2,041)	(1,627)	(12,769)	(11,282)
Recurring [Member] | Loans at fair value [Member]
Assets:
Beginning balance	8,411	74,473	14,426	117,732
Purchases and issuances	0	0	1,058	1,077
Repayments and sales	(470)	(56,968)	(5,395)	(88,372)
Capitalization of interest and fees	0	181	0	2,109
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		97		1,248
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	3,737
Other factors	193	(1,178)	(1,070)	(9,881)
Total	193	(1,178)	(1,070)	(6,144)
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	8,134	15,355	8,134	15,355
Changes in fair value recognized during the quarter relating to assets	59	(3,379)	(1,081)	(6,670)
Loans to REO		(1,250)	(885)	(12,295)
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | Excess servicing spread [Member]
Assets:
Beginning balance	151,206	194,156	178,586	216,110
Purchases and issuances	0	0	0	0
Repayments and sales	(7,682)	(9,819)	(25,112)	(30,901)
Capitalization of interest and fees	2,070	2,291	6,416	8,124
ESS received pursuant to a recapture agreement with PFSI	531	377	1,393	1,327
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(3,135)	(3,864)	(18,293)	(11,519)
Total	(3,135)	(3,864)	(18,293)	(11,519)
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	142,990	183,141	142,990	183,141
Changes in fair value recognized during the quarter relating to assets	(3,135)	(3,864)	(18,293)	(11,519)
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | Firm Commitment To Purchase Credit Risk Transfer Securities
Assets:
Beginning balance	(191,193)	15,581	109,513	37,994
Purchases and issuances	0	0	0	0
Repayments and sales	0	0	0	(31,925)
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	(3,933)	25,864	(38,161)	65,860
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	46,332	13,289	(220,146)	39,609
Total	46,332	13,289	(220,146)	39,609
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	(148,794)	54,734	(148,794)	54,734
Changes in fair value recognized during the quarter relating to assets	46,332	13,289	(220,146)	39,609
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				(56,804)
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	1,189,605	1,126,427	1,535,705	1,162,369
Purchases and issuances	0	0	0	0
Repayments and sales	(7)	0	(7)	0
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	265,278	249,888	717,227	534,742
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(66,473)	(213,601)	(864,522)	(534,397)
Total	(66,473)	(213,601)	(864,522)	(534,397)
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	1,388,403	1,162,714	1,388,403	1,162,714
Changes in fair value recognized during the quarter relating to assets	(66,473)	(213,601)	(864,522)	(534,397)
Loans to REO		0	0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				0
Recurring [Member] | Repurchase Agreement Derivatives [Member]
Assets:
Beginning balance	5,275	12,046	5,275	14,511
Purchases and issuances	0	760	0	10,057
Repayments and sales	(5,328)	(7,750)	(5,328)	(19,317)
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI	0	0	0	0
Amounts (incurred) received pursuant to sales of loans	0	0	0	0
Capitalization of advances		0		0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	53	219	53	24
Total	53	219	53	24
Transfers:
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	0	5,275	0	5,275
Changes in fair value recognized during the quarter relating to assets	$ 0	0	0	0
Loans to REO		$ 0	$ 0	0
Loans acquired for sale at fair value from "Level 2" to "Level 3"				0
Firm commitment to purchase CRT securities to CRT strips				$ 0

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Loans, fair value [Abstract]
Fair value	$ 193,832	$ 270,793
Fair value, Total	193,832	270,793
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	194,275	287,288
Loans, difference, [Abstract]
Difference	(443)	(16,495)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent:	4,011,953	4,147,374
90 or more days delinquent, not in foreclosure	12,197	572
90 or more days delinquent, in foreclosure	344	479
Fair value	12,541	1,051
Fair value, Total	4,024,494	4,148,425
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent:	3,830,095	4,010,444
90 or more days delinquent, not in foreclosure	13,606	615
90 or more days delinquent, in foreclosure	416	566
Principal amount due upon maturity	3,844,117	4,011,625
Loans, difference, [Abstract]
Current through 89 days delinquent:	181,858	136,930
90 or more days delinquent, not in foreclosure	(1,409)	(43)
90 or more days delinquent, in foreclosure	(72)	(87)
Difference	180,377	136,800
Loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	14,022	1,181
Loans, difference, [Abstract]
Difference	(1,481)	(130)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent:	177,925	255,706
90 or more days delinquent, not in foreclosure	7,773	661
90 or more days delinquent, in foreclosure	0	0
Fair value	185,698	256,367
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent:	163,502	251,425
90 or more days delinquent, not in foreclosure	9,004	809
90 or more days delinquent, in foreclosure	0	0
Principal amount due upon maturity	172,506	252,234
Loans, difference, [Abstract]
Current through 89 days delinquent:	14,423	4,281
90 or more days delinquent, not in foreclosure	(1,231)	(148)
90 or more days delinquent, in foreclosure	0	0
Difference	13,192	4,133
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	7,773	661
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	9,004	809
Loans, difference, [Abstract]
Difference	(1,231)	(148)
Loans and Mortgage Loans under Forward Purchase Agreements at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent:	2,335	3,179
90 or more days delinquent, not in foreclosure	3,049	4,897
90 or more days delinquent, in foreclosure	2,750	6,350
Fair value	8,134	14,426
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent:	4,295	6,202
90 or more days delinquent, not in foreclosure	12,273	13,154
90 or more days delinquent, in foreclosure	5,201	15,698
Principal amount due upon maturity	21,769	35,054
Loans, difference, [Abstract]
Current through 89 days delinquent:	(1,960)	(3,023)
90 or more days delinquent, not in foreclosure	(9,224)	(8,257)
90 or more days delinquent, in foreclosure	(2,451)	(9,348)
Difference	(13,635)	(20,628)
Loans and Mortgage Loans under Forward Purchase Agreements at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	5,799	11,247
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	17,474	28,852
Loans, difference, [Abstract]
Difference	$ (11,675)	$ (17,605)

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 19,095	$ 21,171	$ (69,105)	$ 26,846
Credit Risk Transfer Strips [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Credit Risk Transfer Strips [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	19,095	21,171	(69,105)	26,846
Credit Risk Transfer Strips [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Credit Risk Transfer Strips [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	2,041	1,627	12,769	11,282
Interest-only security payable [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	2,041	1,627	12,769	11,282
Interest-only security payable [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	4,056	(2,889)	827	(10,091)
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	3,106	(2,988)	4,872	(8,186)
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-Backed Financing of the VIE at Fair Value [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	950	99	(4,045)	(1,905)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	6,097	(1,262)	13,596	1,191
Liabilities, Total [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	5,147	(1,361)	17,641	3,096
Liabilities, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Liabilities, Total [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	950	99	(4,045)	(1,905)
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(30,489)	11,091	78,681	64,692
Mortgage-backed securities at fair value [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	(37,873)	13,450	95,158	77,820
Mortgage-backed securities at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Mortgage-backed securities at fair value [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	7,384	(2,359)	(16,477)	(13,128)
Loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	231,934	54,819	636,962	147,412
Loans acquired for sale at fair value [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	231,934	54,819	636,962	147,412
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 (expense)	0	0	0	0
Loans acquired for sale at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans acquired for sale at fair value [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(1,832)	1,942	(4,329)	6,198
Loans at fair value [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
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 (expense)	(2,712)	1,458	(6,049)	3,436
Loans at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans at fair value [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	880	484	1,720	2,762
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(1,065)	(1,573)	(11,877)	(3,395)
Excess servicing spread [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	(3,135)	(3,864)	(18,293)	(11,519)
Excess servicing spread [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Excess servicing spread [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	2,070	2,291	6,416	8,124
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(66,473)	(213,601)	(864,522)	(534,397)
MSRs at fair value [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	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 (expense)	0	0	0	0
MSRs at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(66,473)	(213,601)	(864,522)	(534,397)
MSRs at fair value [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	193,569	(86,998)	(492,497)	(187,175)
Assets, Total [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	228,001	80,683	598,801	213,272
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 (expense)	21,707	45,504	(218,435)	136,192
Assets, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(66,473)	(213,601)	(864,522)	(534,397)
Assets, Total [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	10,334	416	(8,341)	(2,242)
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	42,399	39,153	(258,307)	105,469
Excess servicing spread [Member] | Net Gain on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(3,933)	25,864	(38,161)	65,860
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 (expense)	46,332	13,289	(220,146)	39,609
Excess servicing spread [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Excess servicing spread [Member] | Net Interest (Expense) Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 0	$ 0	$ 0	$ 0

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Value of Assets Re-measured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 13,263	$ 24,115
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	$ 13,263	$ 24,115

Fair Value - Summary of Chang_3

Fair Value - Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	$ (69)	$ (1,785)	$ (1,263)	$ (2,392)

Fair Value - Fair Values of Not

Fair Value - Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 1,602,389	$ 1,696,295
Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	1,514,779	1,705,544
Exchangeable Notes [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	196,058	443,506
Exchangeable Notes [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 197,977	$ 462,117

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - Level 3 [Member]	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Repurchase Agreement Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ratios included in estimated fair value		99.00%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated loans at fair value of cash flows valuation, discounted annual rate	20.00%

Fair Value - Summary of Key Inp

Fair Value - Summary of Key Inputs Used in Determining Fair Value of ESS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Excess servicing spread purchased from PFSI	$ 142,990		$ 142,990		$ 178,586
UPB of underlying loans (in thousands)	25,878,541	$ 17,308,797	64,678,483	$ 37,640,484
Excess servicing spread [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Excess servicing spread purchased from PFSI	$ 142,990		142,990		178,586
Excess servicing spread [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
UPB of underlying loans (in thousands)			$ 17,070,283		$ 19,904,571
Average servicing fee rate (in basis points)			0.34%		0.34%
Average ESS rate (in basis points)			0.19%		0.19%
Pricing spread			5.10%		3.10%
Annual total prepayment speed			11.80%		11.00%
Life (in years)			5 years 9 months 18 days		6 years 1 month 6 days
Excess servicing spread [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread			4.90%		3.00%
Annual total prepayment speed			9.60%		8.70%
Life (in years)			2 years 4 months 24 days		2 years 8 months 12 days
Excess servicing spread [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread			5.30%		3.30%
Annual total prepayment speed			17.60%		16.20%
Life (in years)			6 years 8 months 12 days		7 years 2 months 12 days

Fair Value - Quantitative Summa

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] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 0	$ 115,863
Fair value of CRT derivatives liabilities	82,004	0
UPB of loans in reference pools	$ 16,710,981	$ 24,824,616
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	5.80%	4.70%
Key inputs used in fair value for CRT agreements	0.90%	0.20%
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	6.10%	5.20%
Key inputs used in fair value for CRT agreements	1.00%	0.30%
Discount Rate [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	8.60%	5.30%
Key inputs used in fair value for CRT agreements	1.40%	0.30%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	21.60%	16.40%
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	25.20%	17.90%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	25.90%	18.50%
Remaining Loss Expectation [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.50%	0.10%
Remaining Loss Expectation [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.60%	0.10%
Remaining Loss Expectation [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	1.00%	0.10%

Fair Value - Quantitative Sum_2

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
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	34.90%	64.60%
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	83.60%	93.30%
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%
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	2.00%	2.10%
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	4.20%	4.70%
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	5.10%	5.80%
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	0.50%	0.70%
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	1.10%	1.40%
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	1.80%	2.20%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 72,117	$ 11,154

Fair Value - Summary of Key Uno

Fair Value - Summary of Key Unobservable Inputs Used in Valuation Credit Risk Transfer Strips (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CRT strips:
Assets	$ 0	$ 54,930
Liabilities	52,740	0
CRT Strips [Member]
CRT strips:
Assets	0	54,930
Liabilities	52,740	0
UPB of loans in the reference pools	$ 9,970,559	$ 17,119,501
CRT Strips [Member] | Discount Rate [Member]
CRT strips:
Key inputs used in valuation	7.60%	6.30%
CRT Strips [Member] | Voluntary Prepayment Speed [Member]
CRT strips:
Key inputs used in valuation	32.30%	23.40%
CRT Strips [Member] | Involuntary Prepayment Speed [Member]
CRT strips:
Key inputs used in valuation	1.60%	0.20%
CRT Strips [Member] | Remaining Loss Expectation [Member]
CRT strips:
Key inputs used in valuation	0.50%	0.10%

Fair Value - Summary of Key U_2

Fair Value - Summary of Key Unobservable Inputs Used in Valuation of Firm Commitment to Purchase CRT Securities (Detail) - Excess servicing spread [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0	$ 109,513
Liabilities	148,794	0
UPB of loans in the reference pools	$ 43,679,796	$ 38,738,396
Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	9.20%	6.50%
Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	20.50%	14.30%
Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.60%	0.10%
Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.30%	0.10%

Fair Value - Key Assumptions Us

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / Loan	Sep. 30, 2019USD ($)$ / Loan	Sep. 30, 2020USD ($)$ / Loan	Sep. 30, 2019USD ($)$ / Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 265,278	$ 249,888	$ 717,227	$ 534,742
Fair value, UPB of underlying loans | $	$ 25,878,541	$ 17,308,797	$ 64,678,483	$ 37,640,484
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.27%	0.33%	0.28%	0.32%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	8.00%	5.60%	6.70%	5.60%
Fair Value inputs, Prepayment speed during period	7.00%	9.40%	7.00%	8.70%
Fair Value inputs, Weighted average life during period	3 years 8 months 12 days	3 years 1 month 6 days	3 years 7 months 6 days	3 years 1 month 6 days
Fair Value inputs, Annual per loan cost of servicing during period	80	78	78	78
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	8.00%	9.80%	11.30%	9.90%
Fair Value inputs, Prepayment speed during period	13.10%	26.10%	20.90%	26.10%
Fair Value inputs, Weighted average life during period	9 years 2 months 12 days	6 years 7 months 6 days	9 years 2 months 12 days	6 years 10 months 24 days
Fair Value inputs, Annual per loan cost of servicing during period	80	78	80	78
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	8.00%	5.60%	7.70%	5.80%
Fair Value inputs, Prepayment speed during period	7.90%	13.10%	9.80%	12.50%
Fair Value inputs, Weighted average life during period	8 years 6 months	6 years 2 months 12 days	7 years 7 months 6 days	6 years 4 months 24 days
Fair Value inputs, Annual per loan cost of servicing during period	80	78	79	78

Fair Value - Quantitative Sum_3

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) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)$ / Loan	Dec. 31, 2019USD ($)$ / Loan	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 1,388,403	$ 1,535,705	$ 1,189,605	$ 1,162,714	$ 1,126,427	$ 1,162,369
UPB of underlying loans, Fair Value	$ 152,371,249	$ 131,024,381
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.28%	0.28%
Weighted-average note interest rate, Fair value	3.90%	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	$ (23,512)	$ (20,666)
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	(46,236)	(40,783)
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	(89,459)	(79,453)
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	(44,959)	(35,768)
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	(87,783)	(69,973)
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	(167,536)	(134,068)
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	(9,723)	(9,964)
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	(19,446)	(19,928)
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	$ (38,891)	$ (39,856)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	8.00%	6.80%
Estimated fair value inputs, Prepayment speed	15.00%	10.20%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	79	77
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 4 months 24 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	11.10%	9.90%
Estimated fair value inputs, Prepayment speed	30.40%	22.00%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	110	78
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)	5 years 9 months 18 days	6 years 6 months
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	8.00%	6.80%
Estimated fair value inputs, Prepayment speed	15.30%	12.10%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	80	78
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)	5 years 7 months 6 days	6 years 3 months 18 days

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Mortgage Backed Securities [Line Items]
Balance at beginning of period			$ 2,839,633
Changes in fair value included in income arising from:
Balance at end of period	$ 2,404,766		2,404,766
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	2,612,986	$ 2,600,357	2,839,633	$ 2,610,422
Purchases	153,725	528,367	1,769,211	609,569
Sales	0	(704,178)	(1,601,490)	(704,178)
Repayments	(331,456)	(110,627)	(681,269)	(255,495)
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums	7,384	(2,359)	(16,477)	(13,128)
Valuation adjustments	(37,873)	13,450	95,158	77,820
Total changes in fair value included in income	(30,489)	11,091	78,681	64,692
Balance at end of period	$ 2,404,766	$ 2,325,010	$ 2,404,766	$ 2,325,010

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Mortgage Backed Securities [Line Items]
Fair value	$ 2,404,766	$ 2,839,633
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	2,295,989	2,755,798
Unamortized net purchase premiums	53,898	40,740
Accumulated valuation changes	54,879	43,095
Fair value	2,404,766	2,839,633
Fannie Mae [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	971,762	1,946,203
Unamortized net purchase premiums	22,019	29,657
Accumulated valuation changes	24,960	33,233
Fair value	1,018,741	2,009,093
Freddie Mac [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	1,324,227	809,595
Unamortized net purchase premiums	31,879	11,083
Accumulated valuation changes	29,919	9,862
Fair value	$ 1,386,025	$ 830,540

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail) - USD ($) $ in Billions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Minimum [Member]
Mortgage Backed Securities [Line Items]
Mortgage backed securities, maturity period	10 years	10 years
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Mortgage backed securities pledge to secure Assets sold under aggreement to repurchase	$ 2	$ 2.8

Loans Acquired for Sale at Fa_3

Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Loans Acquired for Sale at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	$ 4,024,494	$ 4,148,425
Loans pledged to secure total	3,956,307	4,070,134
Loans acquired for sale at fair value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans pledged to secure Assets sold under agreements to repurchase	3,873,063	4,070,134
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	432,716	490,383
Mortgage Loans Acquired for Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans pledge to secure mortgage loan participation purchase and sale agreements	83,244	0
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	3,551,423	3,626,038
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]
Loans acquired for sale at fair value	432,716	490,383
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	1,108	13,437
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	6,219	4,632
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	1,020	1,015
Repurchased Pursuant to Representations and Warranties [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	$ 32,008	$ 12,920

Loans at Fair Value - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Asset-backed financing of a VIE at fair value	$ 185,698	$ 256,367
Loans at fair value pledged to secure	189,620	268,757
Fair value	193,832	270,793
Distressed [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	8,134	14,426
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	185,698	256,367
Loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Assets sold under agreements to repurchase	3,922	12,390
Fair value	$ 4,024,494	$ 4,148,425

Derivative and Credit Risk Tr_3

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative and Credit Risk Transfer Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 107,436	$ 147,388
Credit risk transfer strip assets	0	54,930
Derivative and credit risk transfer strip assets	107,436	202,318
Derivative liabilities	113,340	6,423
Liabilities	52,740	0
Total derivative and credit risk transfer liabilities	$ 166,080	$ 6,423

Derivative and Credit Risk Tr_4

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Notional amount	$ 0		$ 0
Total derivative assets instruments before netting	145,588,000		153,666,000
Derivative assets, Netting	(38,152,000)		(6,278,000)
Total derivative and credit risk transfer strip assets after netting	107,436,000		147,388,000
Margin deposits (received from) placed with derivatives counterparties, net	(10,293,000)		7,114,000
Derivative assets pledged to secure:
Notes payable	1,602,389,000		1,696,295,000
Derivative and credit risk transfer strip assets	107,436,000		202,318,000
Total derivative liabilities	141,231,000		19,816,000
Derivative liabilities, Netting	(27,891,000)		(13,393,000)
Total derivative liabilities after netting	113,340,000		6,423,000
Derivative assets related to CRT Derivatives [Member]
Derivative assets pledged to secure:
Assets sold under agreements to repurchase	0		27,073,000
Notes payable	0		115,110,000
Derivative and credit risk transfer strip assets	0		142,183,000
Repurchase Agreement Derivatives [Member]
Derivatives Fair Value [Line Items]
Total derivative assets instruments before netting	0		5,275,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	0		5,275,000
Derivative assets pledged to secure:
Total derivative liabilities	0		0
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	16,710,981,000		24,824,616,000
Total derivative assets instruments before netting	0		115,863,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	0		115,863,000
Derivative assets pledged to secure:
Total derivative liabilities	82,004,000		0
Swaptions [Member]
Derivatives Fair Value [Line Items]
Total derivative assets instruments before netting	0		0
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	12,451,210,000		3,199,680,000
Total derivative assets instruments before netting	81,236,000		11,726,000
Total derivative and credit risk transfer strip assets after netting	81,236,000		11,726,000
Derivative assets pledged to secure:
Total derivative liabilities	9,119,000		572,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	12,730,860,000	$ 9,714,759,000	5,883,198,000	$ 9,368,939,000	$ 12,858,356,000	$ 3,072,223,000
Total derivative assets instruments before netting	27,151,000		7,525,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	27,151,000		7,525,000
Derivative assets pledged to secure:
Total derivative liabilities	5,898,000		3,600,000
Derivative liabilities, Netting	0		0
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	21,485,541,000	14,851,973,000	9,297,179,000	10,131,727,000	9,101,624,000	4,595,241,000
Total derivative assets instruments before netting	9,203,000		637,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	9,203,000		637,000
Derivative assets pledged to secure:
Total derivative liabilities	44,210,000		15,644,000
Derivative liabilities, Netting	0		0
Swaptions [Member]
Derivatives Fair Value [Line Items]
Notional amount	3,575,000,000	1,875,000,000	2,700,000,000
Derivative assets pledged to secure:
Total derivative liabilities	0		0
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	1,500,000,000	0	0	0	2,350,000,000	500,000,000
Total derivative assets instruments before netting	3,691,000		0
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	3,691,000		0
Derivative assets pledged to secure:
Total derivative liabilities	0		0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	8,900,000,000	10,650,000,000	4,000,000,000	7,350,000,000	9,050,000,000	2,550,000,000
Total derivative assets instruments before netting	14,086,000		1,625,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	14,086,000		1,625,000
Derivative assets pledged to secure:
Total derivative liabilities	0		0
Call Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	850,000,000	600,000,000	2,662,500,000	785,000,000	2,413,500,000	512,500,000
Total derivative assets instruments before netting	1,078,000		3,809,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	1,078,000		3,809,000
Derivative assets pledged to secure:
Total derivative liabilities	0		0
Put Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	1,775,000,000	550,000,000	950,000,000	3,625,000,000	2,111,200,000	1,102,500,000
Total derivative assets instruments before netting	3,063,000		2,859,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	3,063,000		2,859,000
Derivative assets pledged to secure:
Total derivative liabilities	0		0
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	3,125,000,000	3,325,000,000	2,075,000,000	2,997,000,000	400,000,000	0
Total derivative assets instruments before netting	6,080,000		4,347,000
Derivative assets, Netting	0		0
Total derivative and credit risk transfer strip assets after netting	6,080,000		4,347,000
Derivative assets pledged to secure:
Total derivative liabilities	0		0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	449,500,000	$ 324,500,000	114,500,000	$ 427,000,000	$ 920,000,000	$ 815,000,000
Total derivative assets instruments before netting	0		0
Derivative assets pledged to secure:
Total derivative liabilities	$ 0		$ 0

Derivative and Credit Risk Tr_5

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Activity in Notional Amount for Derivative Contracts (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivatives Fair Value [Line Items]
Notional amount, beginning of year			$ 0
Notional amount, end of year	$ 0		0
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	9,714,759,000	$ 12,858,356,000	5,883,198,000	$ 3,072,223,000
Additions	119,230,393,000	82,180,633,000	305,632,665,000	170,410,969,000
Dispositions/expirations	(116,214,292,000)	(85,670,050,000)	(298,785,003,000)	(164,114,253,000)
Notional amount, end of year	12,730,860,000	9,368,939,000	12,730,860,000	9,368,939,000
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	14,851,973,000	9,101,624,000	9,297,179,000	4,595,241,000
Additions	149,461,006,000	108,395,576,000	380,851,601,000	216,219,234,000
Dispositions/expirations	(142,827,438,000)	(107,365,473,000)	(368,663,239,000)	(210,682,748,000)
Notional amount, end of year	21,485,541,000	10,131,727,000	21,485,541,000	10,131,727,000
Swaptions [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	1,875,000,000		2,700,000,000
Additions	7,050,000,000		23,825,000,000
Dispositions/expirations	(5,350,000,000)		(22,950,000,000)
Notional amount, end of year	3,575,000,000		3,575,000,000
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	10,650,000,000	9,050,000,000	4,000,000,000	2,550,000,000
Additions	23,800,000,000	18,100,000,000	62,850,000,000	42,600,000,000
Dispositions/expirations	(25,550,000,000)	(19,800,000,000)	(57,950,000,000)	(37,800,000,000)
Notional amount, end of year	8,900,000,000	7,350,000,000	8,900,000,000	7,350,000,000
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	0	2,350,000,000	0	500,000,000
Additions	1,500,000,000	2,350,000,000	1,500,000,000	13,200,000,000
Dispositions/expirations	0	(4,700,000,000)	0	(13,700,000,000)
Notional amount, end of year	1,500,000,000	0	1,500,000,000	0
Call Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	600,000,000	2,413,500,000	2,662,500,000	512,500,000
Additions	2,750,000,000	9,598,500,000	33,492,500,000	19,004,500,000
Dispositions/expirations	(2,500,000,000)	(11,227,000,000)	(35,305,000,000)	(18,732,000,000)
Notional amount, end of year	850,000,000	785,000,000	850,000,000	785,000,000
Put Options on Interest Rate Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	550,000,000	2,111,200,000	950,000,000	1,102,500,000
Additions	5,025,000,000	14,061,200,000	35,925,000,000	23,037,400,000
Dispositions/expirations	(3,800,000,000)	(12,547,400,000)	(35,100,000,000)	(20,514,900,000)
Notional amount, end of year	1,775,000,000	3,625,000,000	1,775,000,000	3,625,000,000
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	3,325,000,000	400,000,000	2,075,000,000	0
Additions	4,150,000,000	2,599,970,000	15,400,000,000	2,999,970,000
Dispositions/expirations	(4,350,000,000)	(2,970,000)	(14,350,000,000)	(2,970,000)
Notional amount, end of year	3,125,000,000	2,997,000,000	3,125,000,000	2,997,000,000
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount, beginning of year	324,500,000	920,000,000	114,500,000	815,000,000
Additions	4,950,400,000	8,230,100,000	15,303,400,000	16,190,600,000
Dispositions/expirations	(4,825,400,000)	(8,723,100,000)	(14,968,400,000)	(16,578,600,000)
Notional amount, end of year	$ 449,500,000	$ 427,000,000	$ 449,500,000	$ 427,000,000

Derivative and Credit Risk Tr_6

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Net Derivative Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Offsetting Assets [Line Items]
Gross amounts of recognized assets	$ 145,588	$ 153,666
Gross amounts offset in the consolidated balance sheet	(38,152)	(6,278)
Total derivative and credit risk transfer strip assets after netting	107,436	147,388
Net amounts of assets presented in the consolidated balance sheet	(38,152)	(6,278)
Repurchase Agreement Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	5,275
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	0	5,275
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	115,863
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	0	115,863
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	81,236	11,726
Total derivative and credit risk transfer strip assets after netting	81,236	11,726
Forward Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	27,151	7,525
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	27,151	7,525
Forward Sale Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	9,203	637
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	9,203	637
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	81,236	132,864
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	81,236	132,864
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	81,236	11,726
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	81,236	11,726
MBS Call Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	3,691	0
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	3,691	0
MBS Put Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	14,086	1,625
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	14,086	1,625
Call Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	1,078	3,809
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	1,078	3,809
Put Options on Interest Rate Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	3,063	2,859
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	3,063	2,859
Swap Futures [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	6,080	4,347
Gross amounts offset in the consolidated balance sheet	0	0
Total derivative and credit risk transfer strip assets after netting	6,080	4,347
Netting [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	0	0
Gross amounts offset in the consolidated balance sheet	(38,152)	(6,278)
Total derivative and credit risk transfer strip assets after netting	(38,152)	(6,278)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	64,352	20,802
Gross amounts offset in the consolidated balance sheet	(38,152)	(6,278)
Total derivative and credit risk transfer strip assets after netting	$ 26,200	$ 14,524

Derivative and Credit Risk Tr_7

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	$ 107,436	$ 147,388
Financial instruments	0	0
Cash collateral received	0	0
Net amount	107,436	147,388
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	0	115,863
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	115,863
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	81,236	11,726
Financial instruments	0	0
Cash collateral received	0	0
Net amount	81,236	11,726
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	4,141	6,668
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,141	6,668
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	5,506	1,551
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,506	1,551
P N C Capital Markets L L C
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	2,780	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,780	0
Deutsche Bank Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	1,378	5,398
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,378	5,398
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	7,829	2,489
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,829	2,489
Credit Suisse Securities U S A L L C
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	1,415	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,415	0
Other [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	3,151	3,693
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 3,151	$ 3,693

Derivative and Credit Risk Tr_8

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 5,581,066	$ 6,668,706
Gross amounts offset in the consolidated balance sheet	(27,891)	(13,393)
Net amounts of liabilities presented in the consolidated balance sheet	5,553,175	6,655,313
Unpaid Principal Balance [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	5,445,773	6,649,179
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	5,445,773	6,649,179
Forward Purchase Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	5,898	3,600
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	5,898	3,600
Forward Sales Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	44,210	15,644
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	44,210	15,644
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	9,119	572
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	9,119	572
Derivatives Not Subject To Master Netting Adjustment [Member] | CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	82,004	0
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	82,004	0
Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	(27,891)	(13,393)
Net amounts of liabilities presented in the consolidated balance sheet	(27,891)	(13,393)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	50,108	19,244
Gross amounts offset in the consolidated balance sheet	(27,891)	(13,393)
Net amounts of liabilities presented in the consolidated balance sheet	22,217	5,851
Derivative Liabilities Before Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	141,231	19,816
Gross amounts offset in the consolidated balance sheet	(27,891)	(13,393)
Net amounts of liabilities presented in the consolidated balance sheet	113,340	6,423
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	(5,938)	(289)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	(5,938)	(289)
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	5,439,835	6,648,890
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ 5,439,835	$ 6,648,890

Derivative and Credit Risk Tr_9

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 5,553,175	$ 6,655,313
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	5,439,835	6,648,890
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	5,559,113	6,655,602
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(5,445,773)	(6,649,179)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	113,340	6,423
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	82,004	0
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	82,004	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Interest Rate Lock Commitments [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	9,119	572
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	9,119	572
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | J.P. Morgan Securities LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	574,547	1,736,829
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(574,547)	(1,736,829)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Daiwa Capital Markets [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	556,504	906,439
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(556,504)	(906,439)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Bank of America, N.A. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	891,783	1,339,291
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(891,783)	(1,339,291)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Citigroup Global Markets Inc. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	475,231	412,999
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(473,058)	(411,933)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	2,173	1,066
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Barclays Capital Inc. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	124,775	52
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(124,775)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	52
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Morgan Stanley & Co. LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	498,631	656,728
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(495,496)	(656,728)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	3,135	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Mizuho Securities [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	449,694	392,038
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(449,129)	(391,627)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	565	411
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Credit Suisse Securities U S A L L C | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,009,308	720,411
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,009,308)	(719,902)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	509
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | RBC Capital Markets, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	374,379	290,388
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(374,379)	(290,388)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Amherst Pierpont Securities LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	147,407	80,309
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(147,407)	(80,309)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | BNP Paribas [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	349,387	116,155
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(349,387)	(115,733)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	422
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Federal National Mortgage Association [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	13,104	0
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	13,104	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Federal National Mortgage Association [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	0	1,996
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	0	1,996
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Wells Fargo Securities, LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	2,985	0
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	2,985	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Other [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	255	1,395
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	$ 255	$ 1,395

Derivative and Credit Risk T_10

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Gain Loss on 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	$ (11,839)	$ 47,671	$ 60,964	$ 121,316
Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	53	219	53	24
Fixed-rate and prepayments sensitive 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	(1,266)	(13,556)	46,926	31,005
CRT Derivatives [Member] | Net gain (loss) on investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	(6,516)	14,773	(154,173)	57,032
Interest rate lock commitments and loans acquired for sale at fair value [Member] | Gain Loss on loans acquired for sale [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gains on derivative financial instruments used as economic hedges	(117,926)	(21,737)	(350,191)	(100,326)
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	$ 962	$ 133,921	$ 717,498	$ 230,592

Derivative and Credit Risk T_11

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Investment In CRT Strips (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Credit risk transfer strips contractual restriction on sale
CRT strips, Assets	$ 0	$ 54,930
CRT strips, Liabilities	52,740	0
Credit Risk Transfer Strips [Member]
Credit risk transfer strips contractual restriction on sale
CRT strips, Assets	0	54,930
CRT strips, Liabilities	52,740	0
Credit Risk Transfer Strips [Member] | Through June 13, 2020 [Member]
Credit risk transfer strips contractual restriction on sale
CRT strips, Assets	0	17,629
Credit Risk Transfer Strips [Member] | To Maturity [Member]
Credit risk transfer strips contractual restriction on sale
CRT strips, Assets	0	37,301
CRT strips, Liabilities	52,535	0
Credit Risk Transfer Strips [Member] | Unrestricted [Member]
Credit risk transfer strips contractual restriction on sale
CRT strips, Liabilities	$ 205	$ 0

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Risks Inherent In Servicing Assets And Servicing Liabilities [Line Items]
Balance at beginning of period		$ 1,189,605	$ 1,126,427	$ 1,535,705	$ 1,162,369
Sales		(7)	0	(7)	0
MSRs resulting from loan sales		265,278	249,888	717,227	534,742
Due to changes in valuation inputs used in valuation model	[1]	(13,054)	(157,928)	(687,950)	(391,323)
Other changes in fair value	[2]	(53,419)	(55,673)	(176,572)	(143,074)
Change in fair value, Total		(66,473)	(213,601)	(864,522)	(534,397)
Balance at end of period		1,388,403	$ 1,162,714	1,388,403	$ 1,162,714
Pledged Assets [Member]
Risks Inherent In Servicing Assets And Servicing Liabilities [Line Items]
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets		$ 1,377,182		$ 1,377,182		$ 1,510,651
[1]	Primarily reflects changes in pricing spread (discount rate), prepayment speed, and servicing cost inputs.
[2]	Represents changes due to realization of expected cash flows.

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 98,027	$ 76,377	$ 294,319	$ 204,568
Late charges	194	488	1,093	1,158
Other	18,466	6,506	36,645	15,452
Net mortgage loan servicing fees	$ 116,687	$ 83,371	$ 332,057	$ 221,178

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real Estate [Abstract]
Balance at beginning of period	$ 43,559	$ 97,808	$ 65,583	$ 85,681
Transfers From loans at fair value and advances	0	10,985	1,166	23,256
Transfer from real estate held for investment	0	0	0	30,432
Results of REO:
Valuation adjustments, net	(6)	(2,546)	(1,577)	(5,961)
Gain on sale, net	2,265	3,248	6,724	7,258
Total gain (loss), net	2,259	702	5,147	1,297
Sales	(10,121)	(30,294)	(36,199)	(61,465)
Balance at end of period	35,697	$ 79,201	35,697	$ 79,201
REO pledged to secure assets sold under agreements to repurchase	$ 19,171		$ 19,171		$ 40,938

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		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	1.49%	3.25%	1.77%	3.35%
Average balance	$ 4,054,686,000	$ 5,773,934,000	$ 4,986,701,000	$ 5,180,436,000
Total interest expense	19,259,000	48,595,000	74,081,000	126,194,000
Maximum daily amount outstanding	7,170,860,000	$ 6,694,496,000	8,664,587,000	$ 6,893,551,000
Unpaid principal balance	5,445,773,000		5,445,773,000		$ 6,649,179,000
Assets sold under agreements to repurchase, At year end	5,439,835,000		$ 5,439,835,000		$ 6,648,890,000
Weighted average interest rate			2.21%		2.85%
Available borrowing capacity, Committed			$ 0		$ 0
Available borrowing capacity, Uncommitted			2,026,354,000		2,278,264,000
Available borrowing capacity			2,026,354,000		2,278,264,000
Margin deposits placed with counterparties included in Other assets	40,486,000		40,486,000		91,871,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs, net	(5,938,000)		(5,938,000)		(289,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,992,786,000		1,992,786,000		2,839,633,000
Loans Acquired For Sale At Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	3,873,063,000		3,873,063,000		4,070,134,000
Loans at Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	3,922,000		3,922,000		12,390,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	19,171,000		19,171,000		40,938,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,377,182,000		1,377,182,000		1,354,907,000
Deposits securing CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	0		0		445,194,000
CRT Strips [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	$ 0		$ 0		$ 27,073,000

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs			$ 12,234,000	$ (3,004,000)
Master Repurchase Agreement [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Incentives as a reductions to finance mortgage loans included in interest expense		$ 979,000		10,800,000
Repurchase expiration date			Aug. 21, 2019
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 4,100,000	$ 692,000	$ 7,900,000
Amortization of debt issuance premiums				$ 5,500,000

Assets Sold Under Agreements _5

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 5,445,774
Weighted average maturity (in months)	3 months 27 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 1,897,127
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	3,174,267
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 374,380

Assets Sold Under Agreements _6

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Credit Suisse First Boston Mortgage Capital LLC Maturity in 2020 [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 155,819
Citibank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	35,298
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	38,249
Bank of America, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	55,459
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	15,819
JPMorgan Chase & Co. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	21,512
Morgan Stanley [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	34,025
Royal Bank of Canada [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	25,684
BNP Paribas [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	23,414
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	420,229
Daiwa Capital Markets [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	37,546
Mizuho Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	29,707
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 7,866

Mortgage Loan Participation P_3

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
At period end:
Mortgage loan participation purchase and sale agreements, At year end	$ 79,721		$ 79,721		$ 0
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted average interest rate	1.43%	3.38%	1.70%	3.58%
Average balance	$ 40,117	$ 40,391	$ 45,484	$ 43,648
Total interest expense	176	374	724	1,296
Maximum daily amount outstanding	96,508	$ 95,719	96,570	$ 207,065
At period end:
Amount outstanding	79,778		79,778
Unamortized debt issuance costs	(57)		(57)
Mortgage loan participation purchase and sale agreements, At year end	79,721		$ 79,721
Weighted average interest rate			1.40%
Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements	$ 83,244		$ 83,244

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs			$ 12,234,000	$ (3,004,000)
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs	$ 31,000	$ 25,000	$ 145,000	$ 112,000

Notes Payable Secured By Cred_3

Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets - Additional Information (Detail) - USD ($)	Aug. 04, 2020	Apr. 25, 2018	Feb. 01, 2018	Sep. 30, 2020
Short-term Debt [Line Items]
Extended termination date of debt instrument			Apr. 23, 2021
Secured Term Notes [Member]
Short-term Debt [Line Items]
Aggregate loan amount		$ 450,000,000
Maturity date of debt instrument		Apr. 25, 2023
Debt instrument extended maturity date subject to term note indenture		Apr. 25, 2025
Loan and Security Agreement with Credit Suisse First Boston Mortgage Capital LLC [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument				Oct. 21, 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
Fixed-rate and prepayments sensitive assets and LIBOR- indexed repurchase agreements [Member] | Secured Term Notes [Member]
Short-term Debt [Line Items]
Debt Instrument, Description of Variable Rate Basis				one-month
Debt instrument interest rate spread		2.35%
PennyMac Loan Services, LLC [Member]
Short-term Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 700,000,000
Extended termination date of debt instrument	Aug. 3, 2021

Notes Payable Secured By Cred_4

Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) - Secured Debt $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Unpaid principal balance	$ 1,157,275
February 14, 2020 [Member]
Debt Instrument [Line Items]
Notes Issued	350,000
Unpaid principal balance	$ 232,987
Interest rate spread (Annual)	2.35%
Maturity date, Stated	Mar. 1, 2023
Maturity date, Optional extension	Feb. 27, 2025
October 16, 2019 [Member]
Debt Instrument [Line Items]
Notes Issued	$ 375,000
Unpaid principal balance	$ 226,594
Interest rate spread (Annual)	2.70%
Maturity date, Stated	Oct. 27, 2022
Maturity date, Optional extension	Oct. 29, 2024
June 11, 2019 [Member]
Debt Instrument [Line Items]
Notes Issued	$ 638,000
Unpaid principal balance	$ 497,184
Interest rate spread (Annual)	2.75%
Maturity date, Stated	May 29, 2023
Maturity date, Optional extension	May 29, 2025
March 29, 2019 [Member]
Debt Instrument [Line Items]
Notes Issued	$ 295,700
Unpaid principal balance	$ 200,510
Interest rate spread (Annual)	2.00%
Maturity date, Stated	Mar. 27, 2022
Maturity date, Optional extension	Mar. 29, 2024

Notes Payable Secured By Cred_5

Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets - Summary of Financial Information Relating to Note Payable (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Carrying value:
Amount outstanding	$ 1,607,275,000		$ 1,607,275,000		$ 1,702,262,000
Balance	1,602,389,000		1,602,389,000		1,696,295,000
Assets securing notes payable:
MSRs	$ 1,377,182,000		1,377,182,000		1,510,651,000
Deposits securing CRT arrangements			$ 1,417,792,000		1,524,590,000
Derivative assets					142,183,000
Notes Payable [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	2.69%	4.71%	3.31%	4.76%
Average balance	$ 1,730,585,000	$ 1,373,018,000	$ 1,832,732,000	$ 908,783,000
Total interest expense	12,407,000	17,052,000	47,474,000	34,351,000
Maximum daily amount outstanding	1,816,286,000	$ 1,376,634,000	2,032,665,000	$ 1,379,504,000
Carrying value:
Unamortized debt issuance costs	$ (4,886,000)		$ (4,886,000)		$ (5,967,000)
Weighted average interest rate	3.12%		3.12%		4.30%
Assets securing notes payable:
Derivative assets	$ 0		$ 0		$ 115,110,000

Notes Payable Secured By Cred_6

Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets - Summary of Financial Information Relating to Note Payable (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 12,234,000	$ (3,004,000)
Notes Payable [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 687,000	$ 538,000	$ 1,900,000	$ 1,500,000

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Detail)	Nov. 04, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Apr. 30, 2013USD ($)
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 1,738,000	$ 0
Exchangeable Senior Notes due November 1, 2024 [Member]
Debt Instrument [Line Items]
Issuance of debt through private offering	$ 210,000,000
Percentage of interest on debt	5.50%
Principal amount of the exchangeable notes	$ 1,000
Maturity date of debt instrument	Nov. 1, 2024
Exchangeable Senior Notes due November 1, 2024 [Member] | Initial Exchangeable Rate [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes	40.1010
Exchangeable Senior Notes due May 1, 2020 [Member]
Debt Instrument [Line Items]
Issuance of debt through private offering		$ 250,000,000		$ 250,000,000
Percentage of interest on debt				5.375%
Maturity date of debt instrument		May 1, 2020
Gain on extinguishment of debt		$ 1,700,000

Exchangeable Senior Notes - Sum

Exchangeable Senior Notes - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Carrying value:
UPB	$ 210,000		$ 210,000		$ 460,000
Exchangeable senior notes	196,058		196,058		443,506
Convertible Debt [Member]
Carrying value:
Unamortized debt issuance costs and conversion option	(13,942)		(13,942)		$ (16,494)
Convertible Debt [Member] | Nonaffiliates [Member]
Debt Instrument [Line Items]
Average balance	195,579	$ 250,000	293,736	$ 250,000
Total interest expense	$ 3,613	$ 3,670	$ 15,222	$ 10,997

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 at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Asset-backed financing of a variable interest entity at fair value	$ 175,879		$ 175,879		$ 243,360
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Asset-backed financing of a variable interest entity at fair value	175,879		175,879		243,360
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	175,879		175,879		243,360
UPB	172,515		172,515		$ 239,169
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	197,743	$ 267,961	219,951	$ 271,964
Total interest expense	$ 2,561	$ 2,196	$ 9,558	$ 9,020
Weighted average interest rate	3.23%	3.35%	3.34%	3.45%
Weighted average interest rate	3.56%		3.56%		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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Mortgage Banking [Abstract]
Balance, beginning of period	$ 10,225	$ 7,728	$ 7,614	$ 7,514
Provision for losses:
Pursuant to loan sales	5,953	1,040	10,198	2,473
Reduction in liability due to change in estimate	(1,504)	(1,057)	(3,059)	(2,181)
Losses incurred, net	(33)	(33)	(112)	(128)
Balance, end of period	14,641	7,678	14,641	7,678
UPB of loans subject to representations and warranties at end of period	$ 143,875,403	$ 109,113,773	$ 143,875,403	$ 109,113,773

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 12,451,210
Face amount of firm commitment to purchase credit risk transfer securities	$ 1,699,684

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Class Of Stock [Line Items]
Number of shares	12,400,000		12,400,000		12,400,000
Liquidation preference	$ 310,000		$ 310,000		$ 310,000
Issuance discount	10,293		10,293
Carrying value	$ 299,707		$ 299,707		$ 299,707
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	4,600,000		4,600,000
Liquidation preference	$ 115,000		$ 115,000
Issuance discount	3,828		3,828
Carrying value	$ 111,172		$ 111,172
Dividends per share	$ 0.51	$ 0.51	$ 1.52	$ 1.53
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000		7,800,000
Liquidation preference	$ 195,000		$ 195,000
Issuance discount	6,465		6,465
Carrying value	$ 188,535		$ 188,535
Dividends per share	$ 0.50	$ 0.50	$ 1.50	$ 1.50

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Sep. 30, 2020	Dec. 31, 2019
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
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate	5.99%		8.00%
Sale of Stock, Transaction Date			Jul. 31, 2017
Preferred stock, par value			$ 0.01

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended
	Jul. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2017	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Aug. 31, 2015
Schedule Of Capitalization Equity [Line Items]
Reimbursement paid for every $100 of performance incentive fees earned						$ 10,000,000
Performance incentive fees earned						100,000,000
Payments of contingent underwriting fees to underwriters		$ 0	$ 20,000			76,000	$ 372,000
IPO [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]
Payments of contingent underwriting fees to underwriters		0	$ 75,000			211,000	$ 219,000
Maximum [Member]
Schedule Of Capitalization Equity [Line Items]
Common stock shares Repurchase authorized amount									$ 300,000,000
Equity Distribution Agreement [Member]
Schedule Of Capitalization Equity [Line Items]
Maximum aggregate offering price								$ 200,000,000
Common stock shares available for issuance value		$ 74,400,000				$ 74,400,000
8.125% Series A Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate				8.125%		8.125%
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]
Cumulative dividend, beneficial interest rate	5.99%					8.00%
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				$ 25

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Underwritten Offerings of Common Shares (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class Of Stock [Line Items]
Net proceeds		$ 5,654	$ 622,545
Purchase Agreement [Member]
Class Of Stock [Line Items]
Number of common shares issued	9,200		24,327
Gross proceeds	$ 200,100		$ 516,857
Net proceeds	$ 197,773		$ 510,233

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Activities under ATM Equity Offering Program (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class Of Stock [Line Items]
Net proceeds			$ 5,654	$ 622,545
Common Shares [Member]
Class Of Stock [Line Items]
Number of common shares issued		11,737	241	29,153
Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Gross proceeds	$ 0	$ 56,256	$ 5,654	$ 105,688
Net proceeds	$ 0	$ 55,694	$ 5,597	$ 104,631
Equity Distribution Agreement [Member] | Common Shares [Member]
Class Of Stock [Line Items]
Number of common shares issued	0	2,537	241	4,826

Shareholders' Equity - Summar_5

Shareholders' Equity - Summary of Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Common shares repurchased	492	0	1,841	0
Cumulative shares repurchased	16,572		16,572
Cost of common shares repurchased	$ 8,273	$ 0	$ 21,618	$ 0
Cumulative cost of shares repurchased	$ 238,243		$ 238,243

Net Gain on Loans Acquired fo_3

Net Gain on Loans Acquired for Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019		Sep. 30, 2020		Sep. 30, 2019
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to loans sales	$ (5,953)	$ (1,040)		$ (10,198)		$ (2,473)
Change in fair value of loans and derivatives held at end of period:
Net cash of gain on mortgage loans acquired for sale	223,974	312,649		732,159		609,599
Net gain (loss) on loans acquired for sale	98,422	49,260	[1]	309,411	[2]	104,827	[3]
PennyMac Financial Services, Inc. [Member]
Change in fair value of loans and derivatives held at end of period:
Net gain (loss) on loans acquired for sale	1,669	4,206		9,154		9,355
Nonaffiliates [Member]
Cash loss:
Loans	(23,860)	(211,051)		(70,972)		(407,213)
Hedging activities	(103,361)	(56,544)		(360,930)		(106,914)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(127,221)	(267,595)		(431,902)		(514,127)
Non-cash gain:
Recognition of fair value of firm commitment to purchase CRT securities	(3,933)	25,864		(38,161)		65,860
Receipt of MSRs in mortgage loan sale transactions	265,278	249,888		717,227		534,742
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to loans sales	(5,953)	(1,040)		(10,198)		(2,473)
Reduction of liability due to change in estimate	1,504	1,057		3,059		2,181
Provision for losses relating to representations and warranties	(4,449)	17		(7,139)		(292)
Change in fair value of loans and derivatives held at end of period:
IRLCs	(11,839)	(9,236)		60,964		(7,610)
Loans	(6,518)	11,309		(11,471)		10,311
Hedging derivatives	(14,565)	34,807		10,739		6,588
Total non cash portion of gain on mortgage loans acquired for sale	(32,922)	36,880		60,232		9,289
Net gain (loss) on loans acquired for sale	$ 96,753	$ 45,054		$ 300,257		$ 95,472
[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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $15.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[2]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $5.7 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[3]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $33.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale

Net Gain (Loss) on Investment_2

Net Gain (Loss) on Investments - Summary of Net (Loss) Gain on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans at fair value	$ 223,974	$ 312,649	$ 732,159	$ 609,599
Net (loss) gain on investments	19,597	45,789	(306,600)	228,636
Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Investment securities at fair value, Mortgage-backed securities	(37,873)	13,450	95,158	77,820
CRT arrangements	14,620	37,571	(210,509)	95,160
Firm commitment to purchase CRT securities	46,332	13,289	(220,146)	39,609
Asset-backed financing of a VIE at fair value	3,106	(2,988)	4,872	(8,186)
Hedging derivatives	(1,266)	(13,556)	46,926	31,005
Net (loss) gain on investments	22,207	49,224	(289,748)	238,844
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 (loss) gain on investments	(2,610)	(3,435)	(16,852)	(10,208)
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]
Loans at fair value	(2,905)	2,636	(4,979)	9,580
Distressed [Member] | Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans at fair value	$ 193	$ (1,178)	$ (1,070)	$ (6,144)

Net Interest (Expense) Income -

Net Interest (Expense) Income - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Interest income	$ 60,623	$ 87,801	$ 173,558	$ 222,675
Interest expense:
Assets sold under agreements to repurchase	19,259	48,595	74,081	126,194
Interest expense, total	59,017	84,229	201,133	204,864
Net interest income (expense)	1,606	3,572	(27,575)	17,811
PennyMac Financial Services, Inc. [Member]
Interest income:
Interest income	2,070	2,291	6,416	8,124
Interest expense:
Assets sold under agreements to repurchase	676	1,527	2,686	5,015
Nonaffiliates [Member]
Interest income:
Cash and short-term investments	581	1,305	3,100	3,216
Mortgage-backed securities	24,411	18,986	49,861	55,896
Loans acquired for sale at fair value	26,158	33,350	73,762	79,698
Distressed	50	879	342	3,572
Deposits securing CRT arrangements	288	11,193	6,893	25,798
Placement fees relating to custodial funds	4,286	16,661	24,800	36,936
Other	16	197	267	620
Interest income	58,553	85,510	167,142	214,551
Interest expense:
Assets sold under agreements to repurchase	19,259	48,595	74,081	126,194
Mortgage loan participation purchase and sale agreements	176	374	724	1,296
Notes payable secured by credit risk transfer and mortgage servicing assets	12,407	17,052	47,474	34,351
Asset-backed financings of a VIE at fair value	2,561	2,196	9,558	9,020
Interest shortfall on repayments of loans serviced for Agency securitizations	19,311	9,807	48,553	15,683
Interest on loan impound deposits	1,014	1,008	2,835	2,308
Interest expense, total	58,341	82,702	198,447	199,849
Nonaffiliates [Member] | Exchangeable Notes [Member]
Interest expense:
Total interest expense	3,613	3,670	15,222	10,997
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Loans at fair value	$ 2,763	$ 2,939	$ 8,117	$ 8,815

Net Interest (Expense) Income_2

Net Interest (Expense) Income - Summary of Net Interest Income (Parenthetical) (Detail) - Master Repurchase Agreement [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Incentives as a reductions to finance mortgage loans included in interest expense	$ 979,000		$ 10,800,000
Repurchase agreement expiration date		Aug. 21, 2019
Maturity date description		The master repurchase agreement expired on August 21, 2019.

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Company's issued and outstanding shares	8.00%
Maximum [Member] | Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Minimum [Member] | Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Summary of Share-Based Compensation Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	204,000	212,000
Total grant date value of share units	$ 0	$ 0	$ 4,406	$ 4,358
Total share units vested	6,000	1,000	272,000	368,000
Total share units forfeited	4,000	1,000	4,000	1,000
Compensation expense relating to share-based grants	$ 547	$ 1,316	$ 1,601	$ 4,348
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	92,000	96,000
Total grant date value of share units	$ 0	$ 0	$ 1,978	$ 1,978
Total share units vested	6,000	1,000	129,000	227,000
Total share units forfeited	4,000	0	4,000	0
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	112,000	116,000
Total grant date value of share units	$ 0	$ 0	$ 2,428	$ 2,380
Total share units vested	0	0	143,000	141,000
Total share units forfeited	0	1,000	0	1,000

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units vested	6,000	1,000	272,000	368,000
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share vested due to exceeding performance goal			196,000
Vesting percentage			137.00%
Total share units vested	0	0	143,000	141,000

Share-Based Compensation Plan_5

Share-Based Compensation Plans - Summary of Restricted Share Units and Performance Share Units Expected to Vest (Detail) shares in Thousands	Sep. 30, 2020$ / sharesshares
Restricted Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	188
Grant date average fair value per unit | $ / shares	$ 20.50
Performance Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	204
Grant date average fair value per unit | $ / shares	$ 19.70

Other Expenses - Summary of Oth

Other Expenses - Summary of Other Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Operating Income Expense [Line Items]
Total other expenses	$ 4,733	$ 3,830	$ 12,146	$ 11,469
Common Overhead Allocation from PFSI [Member]
Other Operating Income Expense [Line Items]
Total other expenses	1,389	1,543	4,514	4,055
Bank Service Charges [Member]
Other Operating Income Expense [Line Items]
Total other expenses	395	690	1,402	1,833
Technology [Member]
Other Operating Income Expense [Line Items]
Total other expenses	284	418	1,044	1,143
Insurance [Member]
Other Operating Income Expense [Line Items]
Total other expenses	354	309	1,012	911
Other [Member]
Other Operating Income Expense [Line Items]
Total other expenses	$ 2,311	$ 870	$ 4,174	$ 3,527

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		33 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Mar. 31, 2020
Income Tax [Line Items]
Effective income tax rates	18.50%		622.70%
Income (loss) before benefit from income taxes	$ 122,197	$ 48,133	$ 5,835	$ 131,370
Expense (benefit) from income taxes	22,650	(21,867)	36,341	(36,390)
Percentage of deduction from taxable income					20.00%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	118,500	(111,400)	186,600	(171,300)
Expense (benefit) from income taxes	22,900	$ (22,300)	36,300	$ (37,200)
Net deferred tax assets	$ 0		$ 0		$ 0	$ 4,700

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 99,547	$ 70,000	$ (30,506)	$ 167,760
Dividends on preferred shares	(6,234)	(6,234)	(18,703)	(18,703)
Effect of participating securities—share-based compensation awards	(182)	(165)	(198)	(476)
Net income (loss) attributable to common shareholders	93,131	63,601	(49,407)	148,581
Interest on 2020 Notes, net of income taxes	0	2,716	0	8,138
Diluted net income (loss) attributable to common shareholders	$ 93,131	$ 66,317	$ (49,407)	$ 156,719
Weighted average basic shares outstanding	99,227	84,367	99,718	74,212
Dilutive securities:
Shares issuable under share-based compensation plan	197	0	0	0
Shares issuable pursuant to exchange of the 2020 Notes	0	8,467	0	8,467
Diluted weighted average number of shares outstanding	99,424	92,834	99,718	82,679
Basic earnings (loss) per share	$ 0.94	$ 0.75	$ (0.50)	$ 2
Diluted earnings (loss) per share	$ 0.94	$ 0.71	$ (0.50)	$ 1.90

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
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	116	133	181	149
Shares Issuable Pursuant to Exchange of 2020 Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	0	0	3,378	0

Segments - Additional Informati

Segments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020Segment
Segment Reporting [Abstract]
Number of business segments	4

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019		Sep. 30, 2020		Sep. 30, 2019		Dec. 31, 2019
Segment Reporting Information [Line Items]
Net gain on loans acquired for sale	$ 98,422	$ 49,260	[1]	$ 309,411	[2]	$ 104,827	[3]
Net gain (loss) on investments	19,597	45,789		(306,600)		228,636
Net loan servicing fees	60,427	5,159		202,339		(79,510)
Net gain (loss) on loans acquired for sale	98,422	49,260	[1]	309,411	[2]	104,827	[3]
Net (loss) gain on investments	19,597	45,789		(306,600)		228,636
Net loan servicing fees	60,427	5,159		202,339		(79,510)
Net interest (expense) income :
Interest income	60,623	87,801		173,558		222,675
Interest expense	59,017	84,229		201,133		204,864
Net interest income (expense)	1,606	3,572		(27,575)		17,811
Other	40,961	26,980		95,242		62,015
Net investment income	221,013	130,760		272,817		333,779
Expenses:
Loan fulfillment and servicing fees payable to PFSI	73,591	58,113		198,400		137,415
Management fees	8,508	10,098		25,851		26,178
Other	16,717	14,416		42,731		38,816
Total expenses	98,816	82,627		266,982		202,409
Pretax income (loss)	122,197	48,133		5,835		131,370
Total assets at quarter end	10,455,067	10,744,609		10,455,067		10,744,609		$ 11,771,351
Credit Sensitive Strategies [Member]
Segment Reporting Information [Line Items]
Net gain on loans acquired for sale	(3,934)	10,522	[1]	(43,813)	[2]	33,066	[3]
Net gain (loss) on investments	60,011	51,515		(386,829)		130,704
Net loan servicing fees	0	0		0		0
Net gain (loss) on loans acquired for sale	(3,934)	10,522	[1]	(43,813)	[2]	33,066	[3]
Net (loss) gain on investments	60,011	51,515		(386,829)		130,704
Net loan servicing fees	0	0		0		0
Net interest (expense) income :
Interest income	656	12,421		8,344		30,321
Interest expense	6,236	20,916		29,599		46,928
Net interest income (expense)	(5,580)	(8,495)		(21,255)		(16,607)
Other	2,321	1,453		5,501		4,731
Net investment income	52,818	54,995		(446,396)		151,894
Expenses:
Loan fulfillment and servicing fees payable to PFSI	187	855		728		1,936
Management fees	0	0		0		0
Other	2,603	2,277		4,529		6,708
Total expenses	2,790	3,132		5,257		8,644
Pretax income (loss)	50,028	51,863		(451,653)		143,250
Total assets at quarter end	1,486,230	2,419,222		1,486,230		2,419,222
Interest Rate Sensitive Strategies [Member]
Segment Reporting Information [Line Items]
Net gain on loans acquired for sale	0	0	[1]	0	[2]	0	[3]
Net gain (loss) on investments	(40,414)	(5,726)		80,229		97,932
Net loan servicing fees	60,427	5,159		202,339		(79,510)
Net gain (loss) on loans acquired for sale	0	0	[1]	0	[2]	0	[3]
Net (loss) gain on investments	(40,414)	(5,726)		80,229		97,932
Net loan servicing fees	60,427	5,159		202,339		(79,510)
Net interest (expense) income :
Interest income	33,516	41,494		90,342		111,436
Interest expense	36,178	37,777		115,879		105,845
Net interest income (expense)	(2,662)	3,717		(25,537)		5,591
Other	0	0		0		0
Net investment income	17,351	3,150		257,031		24,013
Expenses:
Loan fulfillment and servicing fees payable to PFSI	18,564	12,109		48,078		33,166
Management fees	0	0		0		0
Other	270	1,142		3,143		2,043
Total expenses	18,834	13,251		51,221		35,209
Pretax income (loss)	(1,483)	(10,101)		205,810		(11,196)
Total assets at quarter end	4,298,530	4,069,205		4,298,530		4,069,205
Correspondent production [Member]
Segment Reporting Information [Line Items]
Net gain on loans acquired for sale	102,356	38,738	[1]	353,224	[2]	71,761	[3]
Net gain (loss) on investments	0	0		0		0
Net loan servicing fees	0	0		0		0
Net gain (loss) on loans acquired for sale	102,356	38,738	[1]	353,224	[2]	71,761	[3]
Net (loss) gain on investments	0	0		0		0
Net loan servicing fees	0	0		0		0
Net interest (expense) income :
Interest income	26,073	33,244		73,438		79,398
Interest expense	16,547	25,536		54,357		52,091
Net interest income (expense)	9,526	7,708		19,081		27,307
Other	38,640	25,522		87,945		56,138
Net investment income	150,522	71,968		460,250		155,206
Expenses:
Loan fulfillment and servicing fees payable to PFSI	54,840	45,149		149,594		102,313
Management fees	0	0		0		0
Other	8,786	5,035		18,874		11,322
Total expenses	63,626	50,184		168,468		113,635
Pretax income (loss)	86,896	21,784		291,782		41,571
Total assets at quarter end	4,287,765	4,065,039		4,287,765		4,065,039
Corporate [Member]
Segment Reporting Information [Line Items]
Net gain on loans acquired for sale	0	0	[1]	0	[2]	0	[3]
Net gain (loss) on investments	0	0		0		0
Net loan servicing fees	0	0		0		0
Net gain (loss) on loans acquired for sale	0	0	[1]	0	[2]	0	[3]
Net (loss) gain on investments	0	0		0		0
Net loan servicing fees	0	0		0		0
Net interest (expense) income :
Interest income	378	642		1,434		1,520
Interest expense	56	0		1,298		0
Net interest income (expense)	322	642		136		1,520
Other	0	5		1,796		1,146
Net investment income	322	647		1,932		2,666
Expenses:
Loan fulfillment and servicing fees payable to PFSI	0	0		0		0
Management fees	8,508	10,098		25,851		26,178
Other	5,058	5,962		16,185		18,743
Total expenses	13,566	16,060		42,036		44,921
Pretax income (loss)	(13,244)	(15,413)		(40,104)		(42,255)
Total assets at quarter end	$ 382,542	$ 191,143		$ 382,542		$ 191,143
[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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $15.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[2]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $5.7 million of the initial firm commitment recognized in Net gain on loans acquired for sale
[3]	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 loans to the correspondent production segment in recognition of pricing changes in the correspondent production segment. Accordingly, the Company allocated a gain of $33.4 million of the initial firm commitment recognized in Net gain on loans acquired for sale

Segments - Financial Highligh_2

Segments - Financial Highlights by Operating Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Correspondent production [Member]
Segment Reporting Information [Line Items]
Allocated gain (loss) on Initial firm commitment recognized gain allocated to net gain on loans acquired for sale	$ 15.4	$ 5.7	$ 33.4

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Payments:
Income taxes, net			$ 4,997	$ 136
Interest			220,616	206,024
Non-cash investing activities:
Transfer of loans and advances to real estate acquired in settlement of loans	$ 0	$ 10,985	1,166	23,256
Transfer from real estate held for investment to real estate acquired in settlement of loans			0	30,432
Receipt of mortgage servicing rights as proceeds from sales of loans at fair value			717,227	534,742
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.			1,393	1,327
Capitalization of servicing advances pursuant to mortgage loan modifications			0	1,248
Transfer of firm commitment to purchase CRT securities to investment securities			0	56,804
Non-cash financing activities:
Dividends declared, not paid	$ 39,591	$ 42,870	$ 39,591	$ 42,870

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Jul. 01, 2020	Jun. 30, 2020	Jan. 31, 2020
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point				0.25%
Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	6.00%
Fannie Mae Or Freddie Mac [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 2,500,000
Basis point	0.25%	2.00%
Unpaid Principal Balance [Member] | Ginnie Mae [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount				$ 2,500,000
Basis point				0.35%
Liquidity requirement basis point				0.10%
Unpaid Principal Balance [Member] | Fannie Mae Or Freddie Mac [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Liquidity requirement basis point		0.035%	0.035%	0.04%
Nonperforming mortgage loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point				3.00%
Nonperforming mortgage loans [Member] | Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point				4.00%
Nonperforming mortgage loans [Member] | Fannie Mae Or Freddie Mac [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point		70.00%	2.00%
Nonperforming mortgage loans [Member] | Fannie Mae Or Freddie Mac [Member] | Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point		6.00%	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] $ in Thousands	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Capital Requirements By Agencies [Line Items]
Net Worth, Actual	$ 1,127,425	$ 627,144
Net Worth, Required	$ 393,725	$ 341,009
Tangible Net Worth / Total Assets Ratio, Actual	16	8
Tangible Net Worth / Total Assets Ratio, Required	6	6
Liquidity, Actual	$ 270,808	$ 128,806
Liquidity, Required	$ 52,687	$ 44,970