PennyMac Mortgage Investment Trust (PMT) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		97,872,349
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	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash	$ 68,616	$ 57,704
Short-term investments at fair value	44,890	127,295
Mortgage-backed securities at fair value pledged to creditors	2,309,864	2,213,922
Loans acquired for sale at fair value ($5,418,106 and $3,501,847 pledged to creditors, respectively)	5,535,300	3,551,890
Loans at fair value ($344,468 and $147,410 pledged to creditors, respectively)	350,401	151,734
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	0	131,750
Derivative and credit risk transfer strip assets ($44,951 and $58,699 pledged to creditors, respectively)	88,278	164,318
Deposits securing credit risk transfer arrangements pledged to creditors	2,256,047	2,799,263
Mortgage servicing rights at fair value ($2,522,717 and $1,742,905 pledged to creditors, respectively)	2,551,373	1,755,236
Servicing advances ($71,306 pledged to creditors at June 30, 2021)	111,858	121,820
Real estate acquired in settlement of loans ($9,003 and $15,365 pledged to creditors, respectively)	14,715	28,709
Other	247,554	380,218
Total assets	13,598,112	11,492,011
LIABILITIES
Assets sold under agreements to repurchase	7,193,671	6,309,418
Mortgage loan participation purchase and sale agreements	28,037	16,851
Notes payable secured by credit risk transfer and mortgage servicing assets	2,829,177	1,924,999
Exchangeable senior notes	496,825	196,796
Asset-backed financing of variable interest entities at fair value	321,875	134,726
Interest-only security payable at fair value	13,185	10,757
Derivative and credit risk transfer strip liabilities at fair value	86,681	263,473
Accounts payable and accrued liabilities	170,458	124,809
Income taxes payable	16,616	23,563
Liability for losses under representations and warranties	36,314	21,893
Total liabilities	11,254,722	9,195,152
Commitments and contingencies ─ Note 16
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, 97,911,249 and 97,862,625 common shares, respectively	979	979
Additional paid-in capital	2,138,422	2,096,907
Accumulated deficit	(95,718)	(100,734)
Total shareholders’ equity	2,343,390	2,296,859
Total liabilities and shareholders’ equity	13,598,112	11,492,011
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($344,468 and $147,410 pledged to creditors, respectively)	343,186	143,707
Derivative and credit risk transfer strip assets ($44,951 and $58,699 pledged to creditors, respectively)	44,951	58,699
Deposits securing credit risk transfer arrangements pledged to creditors	2,256,047	2,799,263
Other—interest receivable	240	392
Total assets	2,644,424	3,002,061
LIABILITIES
Asset-backed financing of variable interest entities at fair value	321,875	134,726
Derivative and credit risk transfer liabilities at fair value	77,559	229,696
Interest-only security payable at fair value	13,185	10,757
Accounts payable and accrued liabilities—interest payable	240	392
Total liabilities	412,859	375,571
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	0	131,750
Due from PennyMac Financial Services, Inc.	19,216	8,152
LIABILITIES
Assets sold under agreements to repurchase	0	80,862
Due to PennyMac Financial Services, Inc.	$ 61,883	$ 87,005

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Loans acquired for sale at fair value, pledged to creditors	$ 5,418,106	$ 3,501,847
Loans at fair value, pledged to creditors	344,468	147,410
Derivative assets, pledged to creditors	44,951	58,699
Mortgage servicing rights pledged to creditors	2,522,717	$ 1,742,905
Servicing Advances pledged to creditors	$ 71,306
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	97,911,249	97,911,249
Common shares, outstanding	97,862,625	97,862,625
Real Estate Acquired in Satisfaction of Debt [Member]
Real estate pledged to creditors	$ 9,003	$ 15,365

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net investment income
Net gain on loans acquired for sale	$ 27,726	$ 162,214	$ 80,738	$ 210,989
Loan origination fees	45,714	25,208	98,616	49,136
Net gain (loss) on investments	128,405	488,934	211,596	(326,197)
Contractually specified	124,019	101,823	240,306	196,292
Net mortgage loan servicing fees	148,921	113,710	281,453	215,370
Change in fair value of mortgage servicing rights	(299,498)	(170,848)	(21,216)	(798,049)
Mortgage servicing rights hedging results	94,116	(50,650)	(280,287)	716,536
Net servicing fees from non-affiliates	(44,912)	(102,660)	5,133	141,912
Net servicing fees from non-affiliates	(44,912)	(102,660)	5,133	141,912
Interest income	43,686	40,812	81,275	112,935
Interest expense	79,202	61,048	155,510	142,116
Net interest expense	(35,516)	(20,236)	(74,235)	(29,181)
Results of real estate acquired in settlement of loans	(25)	2,856	812	2,888
Other	174	2,005	303	2,257
Net investment income	121,566	558,321	322,963	51,804
Expenses
Management fees	11,913	8,288	20,362	17,343
Loan origination	7,986	4,468	17,294	8,717
Loan collection and liquidation	3,975	864	7,832	1,614
Safekeeping	2,592	1,905	4,533	3,563
Professional services	1,897	1,492	4,121	2,988
Compensation	1,328	1,200	3,513	1,719
Other	4,043	3,693	6,520	7,413
Total expenses	107,769	90,258	218,138	168,166
Income (loss) before provision for income taxes	13,797	468,063	104,825	(116,362)
(Benefit from) provision for income taxes	(24,295)	3,443	(4,870)	13,691
Net income (loss)	38,092	464,620	109,695	(130,053)
Dividends on preferred shares	6,235	6,235	12,469	12,469
Net income (loss) attributable to common shareholders	$ 31,857	$ 458,385	$ 97,226	$ (142,522)
Earnings (loss) per common share
Basic	$ 0.32	$ 4.59	$ 0.99	$ (1.43)
Diluted	$ 0.32	$ 4.51	$ 0.99	$ (1.43)
Weighted average common shares outstanding
Basic	97,927	99,689	97,910	99,967
Diluted	98,034	101,592	98,123	99,967
Dividends declared per common share	$ 0.47	$ 0.40	$ 0.94	$ 0.65
Nonaffiliates [Member]
Net investment income
Net gain on loans acquired for sale	$ 26,096	$ 158,890	$ 77,370	$ 203,504
Net gain (loss) on investments	128,405	489,035	209,945	(311,955)
Other	24,902	11,887	41,147	19,078
Net servicing fees from non-affiliates	(56,461)	(107,788)	(20,050)	133,857
Net servicing fees from non-affiliates	(56,461)	(107,788)	(20,050)	133,857
Interest income	43,686	38,440	79,995	108,589
Interest expense	79,202	60,256	155,123	140,106
PennyMac Financial Services, Inc. [Member]
Net investment income
Net gain on loans acquired for sale	1,630	3,324	3,368	7,485
Net gain (loss) on investments	0	(101)	1,651	(14,242)
From PennyMac Financial Services, Inc.	11,549	5,128	25,183	8,055
Interest income	0	2,372	1,280	4,346
Interest expense	0	792	387	2,010
Expenses
Loan fulfillment fees	54,020	52,815	114,855	94,755
Loan servicing fees	20,015	15,533	39,108	30,054
Management fees	$ 11,913	$ 8,288	$ 20,362	$ 17,343

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, 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)	(130,053)	$ 0	$ 0	0	(130,053)
Share-based compensation, Amount	(575)	$ 0	$ 2	(577)	0
Share-based compensation, Shares		0	201
Issuance of common shares, Amount	5,654	$ 0	$ 2	5,652	0
Issuance of common shares, Shares		0	241
Issuance costs relating to common shares	(57)	$ 0	$ 0	(57)	0
Dividends:
Preferred shares dividends	(12,472)	0	0	0	(12,472)
Common share dividends	(64,792)	0	0	0	(64,792)
Repurchase of common shares, Amount	$ (13,343)	$ 0	$ (13)	(13,330)	0
Repurchase of common shares, Shares	(1,349)	0	(1,349)
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
Balance, Amount at Mar. 31, 2020	1,823,368	$ 299,707	$ 998	2,126,264	(603,601)
Balance, Shares at Mar. 31, 2020		12,400	99,841
Net income (loss)	464,620	$ 0	$ 0	0	464,620
Share-based compensation, Amount	869	$ 0	$ 0	869	0
Share-based compensation, Shares		0	0
Dividends:
Preferred shares dividends	(6,236)	$ 0	$ 0	0	(6,236)
Common share dividends	(39,783)	0	0	0	(39,783)
Repurchase of common shares, Amount	$ (7,561)	$ 0	$ (5)	(7,556)	0
Repurchase of common shares, Shares	(566)	0	(566)
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
Balance, Amount at Dec. 31, 2020	2,296,859	$ 299,707	$ 979	2,096,907	(100,734)
Balance, Shares at Dec. 31, 2020		12,400	97,863
Net income (loss)	109,695	$ 0	$ 0	0	109,695
Share-based compensation, Amount	2,050	$ 0	$ 0	2,050	0
Share-based compensation, Shares		0	75
Recognition of cash conversion option included in issuance of Exchangeable Notes, Amount	39,986	$ 0	$ 0	39,986	0
Recognition of cash conversion option included in issuance of Exchangeable Notes, Shares		0	0
Dividends:
Preferred shares dividends	(12,472)	$ 0	$ 0	0	(12,472)
Common share dividends	(92,207)	0	0	0	(92,207)
Repurchase of common shares, Amount	$ (521)	$ 0	$ 0	(521)	0
Repurchase of common shares, Shares	(27)	0	(27)
Balance, Amount at Jun. 30, 2021	$ 2,343,390	$ 299,707	$ 979	2,138,422	(95,718)
Balance, Shares at Jun. 30, 2021		12,400	97,911
Balance, Amount at Mar. 31, 2021	2,357,143	$ 299,707	$ 979	2,137,933	(81,476)
Balance, Shares at Mar. 31, 2021		12,400	97,938
Net income (loss)	38,092	$ 0	$ 0	0	38,092
Share-based compensation, Amount	1,010	$ 0	$ 0	1,010	0
Share-based compensation, Shares		0	0
Dividends:
Preferred shares dividends	(6,236)	$ 0	$ 0	0	(6,236)
Common share dividends	(46,098)	0	0	0	(46,098)
Repurchase of common shares, Amount	$ (521)	$ 0	$ 0	(521)	0
Repurchase of common shares, Shares	(27)	0	(27)
Balance, Amount at Jun. 30, 2021	$ 2,343,390	$ 299,707	$ 979	$ 2,138,422	$ (95,718)
Balance, Shares at Jun. 30, 2021		12,400	97,911

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Dividends declared per common share	$ 0.47	$ 0.40	$ 0.94	$ 0.65
Retained Earnings (Accumulated Deficit) [Member]
Dividends declared per common share	$ 0	$ 0.40	$ 0.94	$ 0.65

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 109,695	$ (130,053)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Net gains on loans acquired for sale at fair value	(80,738)	(210,989)
Net (gains) losses on investments	(211,596)	326,197
Change in fair value of mortgage servicing rights	21,216	798,049
Mortgage servicing rights hedging results	280,287	(716,536)
Capitalization of interest and fees on loans at fair value	(198)	0
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financing of VIEs	3,533	26,117
Amortization of debt issuance costs	15,318	7,025
Results of real estate acquired in settlement of loans	(812)	(2,888)
Gain on early extinguishment of debt	0	(1,738)
Share-based compensation expense	2,748	1,054
Purchase of loans acquired for sale at fair value from nonaffiliates	(101,637,247)	(61,986,401)
Sale to nonaffiliates and repayment of loans acquired for sale at fair value	63,500,106	39,890,722
Repurchase of loans subject to representation and warranties	(30,277)	(30,069)
Decrease in servicing advances	9,883	10,437
(Increase) decrease in other assets	(316,713)	793,650
Increase (decrease) in accounts payable and accrued liabilities	36,032	(34,933)
(Decrease) increase in income taxes payable	(6,947)	13,632
Net cash (used in) provided by operating activities	(2,868,422)	2,607,935
Cash flows from investing activities
Net decrease (increase) in short-term investments	82,405	(182,756)
Purchase of mortgage-backed securities at fair value	(1,682,849)	(1,615,486)
Sale and repayment of mortgage-backed securities at fair value	1,540,636	1,951,303
Sale and repayment of loans at fair value	53,430	37,807
Repurchase of loans at fair value	0	(1,058)
Net settlement of derivative financial instruments	(2,722)	(72,208)
Distribution from credit risk transfer agreements	659,315	362,192
Sale of real estate acquired in settlement of loans	14,806	26,078
Decrease (increase) in margin deposits	(191,039)	32,455
Net cash provided by investing activities	990,684	490,847
Cash flows from financing activities
Sale of assets under agreements to repurchase	107,453,375	79,886,513
Repurchase of assets sold under agreements to repurchase	(106,573,769)	(82,547,315)
Issuance of mortgage loan participation purchase and sale agreements	2,201,634	2,623,439
Repayment of mortgage loan participation purchase and sale agreements	(2,190,448)	(2,530,322)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	659,156	350,000
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(474,834)	(235,977)
Issuance of Exchangeable Notes	345,000	0
Repayment of Exchangeable Notes	0	(248,262)
Repayment of secured notes payable secured by mortgage servicing assets	(437,970)	0
Repayment of asset-backed financing of VIEs at fair value	(51,207)	(32,519)
Advances under notes payable secured by mortgage servicing assets	1,162,971	0
Payment of debt issuance costs	(18,503)	(10,858)
Payment of contingent underwriting fees	0	(76)
Payment of dividends to preferred shareholders	(12,472)	(12,472)
Payment of dividends to common shareholders	(92,202)	(72,196)
Issuance of common shares	0	5,654
Payment of issuance costs related to common shares	0	(57)
Payment of vested share-based compensation withholdings	(698)	(1,629)
Repurchase of common shares	(521)	(13,343)
Net cash provided by (used in) financing activities	1,888,650	(2,856,831)
Net increase in cash	10,912	241,951
Cash at beginning of period	57,704	104,056
Cash at end of period	68,616	346,007
PennyMac Loan Services, LLC [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Accrual of interest on excess servicing spread purchased from PennyMac Financial Services, Inc.	(1,280)	(4,346)
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.	0	(2,248,869)
Sale of loans acquired for sale to PennyMac Financial Services, Inc.	35,474,697	26,112,489
Increase in due from PennyMac Financial Services, Inc.	(11,007)	(645)
Decrease in due to PennyMac Financial Services, Inc.	(25,122)	(3,970)
Cash flows from investing activities
Repayment of excess servicing spread receivable from PennyMac Financial Services, Inc.	134,624	17,430
Cash flows from financing activities
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase	$ (80,862)	$ (17,411)

Organization

Organization	6 Months Ended
	Jun. 30, 2021
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	6 Months Ended
	Jun. 30, 2021
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. 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 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 using either the modified retrospective or full retrospective method. The Company intends to adopt ASU 2020-06 beginning in the quarter ending March 31, 2022 using the modified retrospective method. As detailed in Note 14 — Long-Term Debt • The exchange feature included in the Exchangeable Notes can be settled either in cash or common shares at the option of PennyMac Corp. (“PMC”). As a result of this feature and PMC’s intent to cash settle the Exchangeable Notes, the Company presently excludes the effect of exchange of the Exchangeable 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 exchange of the Exchangeable Notes in its determination of diluted earnings per share. • The Company recognized the fair value of the exchange feature as a component of Additional paid-in capital as of the date of issuance of the Exchangeable Notes as required by current guidance. The issuance discount charged to the Exchangeable Notes resulting from the allocation of the issuance discount 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 Exchangeable Notes will be added to the carrying value of the Exchangeable Notes and the accumulated accrual of the exchange 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	6 Months Ended
	Jun. 30, 2021
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 • from June 2018 through 2020, entering into firm commitments to purchase and purchasing CRT securities 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). In contrast, 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, CRT arrangements, and MBS: • MSRs are generally subject to loss in fair value when prepayment speeds increase as a result of decreasing mortgage interest rates, when estimates of cost to service the underlying loans increase or when the returns demanded by market participants increase. • 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. • The fair value of MBS is sensitive to changes in market interest rates.

Transactions with Related parti

Transactions with Related parties	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Transactions with Related parties	Note 4—Transactions with Related Parties Operating Activities Correspondent Production Activities The Company is provided fulfillment and other services by PLS under 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: • Fulfillment fees shall not exceed the following: (i) the number of loan commitments 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 and including 16,500 per quarter and $ 195 multiplied by the number of purchased loans in excess of 16,500 per quarter, plus (iii) $750 multiplied by the number of all purchased loans that are sold or securitized to parties other than Fannie Mae and Freddie Mac; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae loans. • Sourcing fees charged to PLS range from one to two basis points of the UPB, generally based on the average number of calendar days the 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 year 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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Loan fulfillment fees earned by PLS $ 54,020 $ 52,815 $ 114,855 $ 94,755 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,630 $ 3,324 $ 3,368 $ 7,485 UPB of loans sold to PLS $ 16,297,216 $ 11,080,565 $ 33,856,791 $ 24,950,845 Purchases of loans acquired for sale from PLS $ — $ 2,742 $ — $ 2,248,869 Tax service fees paid to PLS $ 7,128 $ 4,288 $ 15,320 $ 8,268 June 30, 2021 December 31, 2020 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 202,280 $ 460,414 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 MSRs, loans held for sale and loans held in VIEs (prime servicing) and its portfolio of residential loans purchased with credit deterioration (distressed loans). The Servicing Agreement provides for servicing fees earned by PLS that are established at a fixed per loan monthly amount based on whether the loans are acquired as prime servicing or distressed loans. 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 well as certain fees for COVID-19 pandemic-related forbearance and modification activities provided for under the CARES Act. The Servicing Agreement expires on June 30, 2025, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with its terms. Prime Servicing The base servicing fees for non-distressed loans subserviced by PLS on the Company’s behalf 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 real estate acquired in settlement of loans (“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 fees for COVID-19 pandemic-related forbearance and modification activities it provides as required by the CARES Act. Special Servicing (Distressed Loans) The base servicing fee rates for distressed loans range from $30 per month for current loans up to $95 per month for loans in foreclosure proceedings. The base servicing fee rate for REO is $75 per month. PLS also receives a supplemental servicing fee of $25 per month for each distressed loan. PLS receives activity-based fees for modifications, foreclosures and liquidations that it facilitates with respect to distressed loans, as well as other market-based refinancing and loan disposition fees. PLS may also receive REO rental fees, property lease renewal fees, property management fees, tenant paid application fees, late rent fees, and third-party vendor fees. 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, through June 30, 2020, PFSI was generally required to transfer and convey to the Company cash in an amount equal to 30% of the fair market value of the MSRs related to all such loans so originated. Effective July 1, 2020, the 2020 MSR recapture agreement changed the recapture fee payable by PLS to 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: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 630 $ 607 $ 1,173 $ 1,143 Loans at fair value 80 188 217 488 MSRs 19,305 14,738 37,718 28,423 $ 20,015 $ 15,533 $ 39,108 $ 30,054 Average investment in: Loans acquired for sale at fair value $ 4,153,241 $ 2,047,202 $ 3,887,734 $ 2,631,047 Loans at fair value: Distressed $ 7,208 $ 8,919 $ 7,504 $ 10,084 Held in VIEs $ 103,615 $ 231,973 $ 116,298 $ 242,866 Average MSR portfolio UPB $ 191,539,208 $ 143,856,366 $ 184,477,096 $ 140,056,208 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 calculated in accordance with GAAP, and adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussion between the Manager 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 “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 “net income” is lower than the target yield, the high watermark is increased by the difference. If “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 “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 before termination. Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Base management $ 8,648 $ 8,288 $ 17,097 $ 17,343 Performance incentive 3,265 — 3,265 — $ 11,913 $ 8,288 $ 20,362 $ 17,343 Average shareholders' equity amounts used to calculate base management fee expense $ 2,340,948 $ 2,242,460 $ 2,325,605 $ 2,354,600 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 June 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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,268 $ 1,585 $ 1,839 $ 3,125 Compensation 165 120 330 240 Expenses incurred on the Company’s behalf, net 7,804 1,438 9,140 2,709 $ 9,237 $ 3,143 $ 11,309 $ 6,074 Payments and settlements during the period (1) $ 74,441 $ 136,352 $ 187,182 $ 170,035 (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 (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. The remaining balance of the ESS was repaid during the quarter ended March 31, 2021. Following is a summary of investing activities between the Company and PFSI: Quarter ended Six months ended June 30, June 30, 2020 2021 2020 (in thousands) (in thousands) ESS: Received pursuant to a recapture agreement $ 483 $ 557 $ 862 Repayments $ 8,122 $ 134,624 $ 17,430 Interest income $ 2,372 $ 1,280 $ 4,346 Net gain (loss) included in Net gains (losses) on investments: Valuation changes $ (636 ) $ 1,037 $ (15,158 ) Recapture income 535 614 916 $ (101 ) $ 1,651 $ (14,242 ) June 30, 2021 December 31, 2020 (in thousands) Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value $ — $ 131,750 Financing Activities PFSI held 75,000 of the Company’s common shares at both June 30, 2021 and December 31, 2020. 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 the first quarter of 2021, PLS repurchased the ESS from PMH at fair market value, effectively terminating the borrowing arrangements allowing PMH to finance its participation certificates representing beneficial ownership in ESS. Following is a summary of financing activities between the Company and PFSI: Quarter ended Six months ended June 30, June 30, 2020 2021 2020 (in thousands) Net repayments of assets sold under agreements to repurchase $ 9,665 $ 80,862 $ 17,411 Interest expense $ 792 $ 387 $ 2,010 June 30, 2021 December 31, 2020 (in thousands) Assets sold to PFSI under agreement to repurchase $ — $ 80,862 Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: June 30, 2021 December 31, 2020 (in thousands) Due from PFSI: MSR recapture $ — $ 296 Other 19,216 7,856 $ 19,216 $ 8,152 Due to PFSI: Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf $ 17,002 $ 38,142 Fulfillment fees 16,467 20,873 Management fees 11,913 8,686 Correspondent production fees 9,764 13,065 Loan servicing fees 6,737 6,213 Interest on Assets sold to PFSI under agreement to repurchase — 26 $ 61,883 $ 87,005 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 various balance sheet items as summarized below: Balance sheet line including advance amount June 30, 2021 December 31, 2020 (in thousands) Loan servicing advances $ 111,858 $ 121,820 Real estate acquired in settlement of loans 5,586 10,334 $ 117,444 $ 132,154

Loan Sales

Loan Sales	6 Months Ended
	Jun. 30, 2021
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: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Cash flows: Proceeds from sales $ 30,181,949 $ 20,172,571 $ 63,500,106 $ 39,890,722 Loan servicing fees received net of guarantee fees $ 124,019 $ 101,823 $ 240,306 $ 196,292 The following table summarizes, for the dates presented, collection status information for loans whose transfers are accounted for as sales where the Company maintains continuing involvement: June 30, 2021 December 31, 2020 (in thousands) UPB of loans outstanding $ 198,133,144 $ 170,502,361 Collection Status (UPB) (1) Delinquency: 30-89 days delinquent $ 893,841 $ 1,235,981 90 or more days delinquent: Not in foreclosure $ 2,957,384 $ 4,428,915 In foreclosure $ 21,390 $ 27,494 Bankruptcy $ 146,209 $ 148,866 Custodial funds managed by the Company (2) $ 4,937,986 $ 6,086,724 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 271,175 $ 530,353 90 days or more $ 2,433,277 $ 3,123,288 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. (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 in the Company’s consolidated statements of operations.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
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, 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 Company placed Deposits securing CRT arrangements Deposits securing CRT arrangements CRT Derivatives Derivative and credit risk transfer strip assets Derivative and credit risk transfer strip liabilities. The Company’s exposure to losses under its Recourse Obligations was initially established at rates ranging from 3.5% to 4.0% of the UPB of the loans sold under the CRT arrangements. As the UPB of the underlying loans subject to each CRT arrangements is reduced through repayments, the percentage exposure of each CRT arrangement will increase to maximums ranging from 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 a different type of CRT arrangement. Under the new arrangement, the Company sold loans subject to agreements that required the Company to purchase securities that absorb incurred credit losses on such loans. The Company recognized these purchase commitments initially as a component of Net gains on loans acquired for sale Net gains (losses) on investments The Company purchased the 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 and Derivative and credit risk transfer strip liabilities. Like CRT Agreements, the Deposits securing CRT arrangements relating to these arrangements represent the Company’s maximum contractual exposure to losses. Gains and losses on the derivatives and strips (including the IO ownership interest sold to nonaffiliates ) included in the CRT arrangements are included in Net gain s (loss es ) on investments in the consolidated statements of operations. Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) UPB of loans sold $ 1,795,130 $ 16,478,185 Investments — Change in expected face amount of firm commitment to purchase CRT securities $ (262,176 ) $ 292,514 Investment income (loss): Net gains on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans $ (7,579 ) $ (34,228 ) Net gains (losses) on investments: Derivative and CRT strips: CRT derivatives Realized $ 28,631 13,550 $ 52,127 30,751 Valuation changes (9,431 ) 122,535 3,443 (178,408 ) 19,200 136,085 55,570 (147,657 ) CRT strips Realized 31,368 13,355 63,972 28,105 Valuation changes 41,724 113,570 134,946 (116,305 ) 73,092 126,925 198,918 (88,200 ) Interest-only security payable at fair value 5,737 (847 ) (2,428 ) 10,728 98,029 262,163 252,060 (225,129 ) Firm commitments to purchase CRT securities — 226,035 — (266,478 ) 98,029 488,198 252,060 (491,607 ) Interest income — Deposits securing CRT arrangements 156 507 325 6,606 $ 98,185 $ 481,126 $ 252,385 $ (519,229 ) Net (recoveries received) payments made to settle (recoveries) losses on CRT arrangements $ (20,212 ) $ 2,662 $ (33,555 ) $ 4,179 June 30, 2021 December 31, 2020 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ 35,238 $ 31,795 CRT strips (67,846 ) (202,792 ) $ (32,608 ) $ (170,997 ) Deposits securing CRT arrangements $ 2,256,047 $ 2,799,263 Interest-only security payable at fair value $ 13,185 $ 10,757 CRT arrangement assets pledged to secure borrowings: Derivative and credit risk transfer assets $ 44,951 $ 58,699 Deposits securing CRT arrangements (1) $ 2,256,047 $ 2,799,263 UPB of loans — funded CRT arrangements $ 41,234,108 $ 58,697,942 Collection status (UPB): Delinquency (2) Current $ 39,006,255 $ 54,990,381 30-89 days delinquent $ 374,674 $ 710,872 90-180 days delinquent $ 279,480 $ 693,315 180 or more days delinquent $ 1,569,913 $ 2,297,365 Foreclosure $ 3,786 $ 6,009 Bankruptcy $ 73,495 $ 75,700 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days delinquent $ 135,537 $ 383,028 90-180 days delinquent $ 215,248 $ 546,344 180 or more days delinquent $ 1,314,802 $ 1,944,663 (1) Deposits securing credit risk transfer strip liabilities also secure $77.6 million and $229.7 million in CRT strip and CRT derivative liabilities at June 30, 2021 and December 31, 2020, respectively . (2) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. Investments in Loan Securitizations Investment in Securities Backed by Loans Secured by Non-Owner Occupied Properties On June 30, 2021, the Company purchased subordinate mortgage pass-through securities backed by conventional non-owner occupied loans in a transaction sponsored by Citigroup Global Markets Realty Corp,. CMLTI 2021-INV1. CMLTI 2021-INV had an initial UPB totaling approximately $247.7 million. Cash inflows from these loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior certificates. The rights of holders of the subordinate certificates to receive distributions of principal and/or interest, as applicable, is subordinate to the rights of holders of the senior certificates. After the senior certificates are repaid, substantially all cash inflows will be directed to the subordinate certificates the Company owns until fully repaid. The Company’s purchase of subordinate certificates expose PMT to the credit risk in the underlying loans because the Company’s beneficial interests are among the first beneficial interests to absorb credit losses on those assets. The VIE is consolidated by PMT as the Company determined that it is the primary beneficiary of the VIE. The Company concluded that it is the primary beneficiary of the VIE as it has the power, as servicer of the loans, to direct the activities of the trust that most significantly impact the trust’s economic performance and, as a holder of subordinate securities, that it is exposed to losses that could potentially be significant to the VIE. For financial reporting purposes, the loans owned by the consolidated VIE are included in Loans at fair value and the securities issued to third parties by the consolidated VIE are included in Asset-backed financi ng of a variable interest entities at fair value on the Company’s consolidated balance sheets. Both the Loans at fair value and the Asset-ba cked financing of variable interest entit ies at fair value included in the consolidated VIE are also included in a separate statement following the Company’s consolidated balance sheets. The Company previously recognized MSRs relating to loans owned by the consolidated VIE. Upon consolidation of the VIE, the Company transferred the MSRs relat ing to the loans in the VIE to L oans at fair value . The Company recognizes the interest income earned on the loans owned by the VIE and the interest expense attributable to the asset-backed securities issued to nonaffiliates by the VIE on its consolidated statements of operations. Following is a summary of the Company’s investment in non-owner occupied loans: June 30, 2021 (in thousands) Loans at fair value $ 253,277 Asset-backed financing at fair value $ 240,383 Certificates retained at fair value $ 12,894 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 variable interest entities at fair value . Interest Income – from nonaffiliates Interest Expense – to nonaffiliates Following is a summary of the Company’s jumbo loan financing: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Interest income $ 1,368 $ 2,712 $ 3,267 $ 5,353 Interest expense $ 1,996 $ 2,470 $ 2,164 $ 6,997 June 30, 2021 December 31, 2020 (in thousands) Loans at fair value $ 89,909 $ 143,707 Asset-backed financing at fair value $ 81,492 $ 134,726 Certificates retained at fair value $ 8,417 $ 8,981

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
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 used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • 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 variable interest entities at fair value Interest-only security payable at fair value 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: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 44,890 $ — $ — $ 44,890 Mortgage-backed securities at fair value — 2,309,864 — 2,309,864 Loans acquired for sale at fair value — 5,504,871 30,429 5,535,300 Loans at fair value — 343,186 7,215 350,401 Derivative and credit risk transfer strip assets: Call options on interest rate futures purchase contracts 3,500 — — 3,500 Put options on interest rate futures purchase contracts 1,401 — — 1,401 Forward purchase contracts — 23,676 — 23,676 Forward sale contracts — 5,891 — 5,891 MBS call options — 2,401 — 2,401 MBS put options — 3,602 — 3,602 Swaption purchase contracts — 4,362 — 4,362 CRT derivatives — — 44,951 44,951 Interest rate lock commitments — — 31,276 31,276 Total derivative assets before netting 4,901 39,932 76,227 121,060 Netting — — — (32,782 ) Total derivative and credit risk transfer strip assets after netting 4,901 39,932 76,227 88,278 Mortgage servicing rights at fair value — — 2,551,373 2,551,373 $ 49,791 $ 8,197,853 $ 2,665,244 $ 10,880,106 Liabilities: Asset-backed financing of VIEs at fair value $ — $ 321,875 $ — $ 321,875 Interest-only security payable at fair value — — 13,185 13,185 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 1,260 — 1,260 Forward sales contracts — 44,129 — 44,129 CRT derivatives — — 9,713 9,713 Interest rate lock commitments — — 1,528 1,528 Total derivative liabilities before netting — 45,389 11,241 56,630 Netting — — — (37,795 ) Total derivative liabilities after netting — 45,389 11,241 18,835 Credit risk transfer strips — — 67,846 67,846 Total derivative and credit risk transfer strips liabilities — 45,389 79,087 86,681 $ — $ 367,264 $ 92,272 $ 421,741 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 127,295 $ — $ — $ 127,295 Mortgage-backed securities at fair value — 2,213,922 — 2,213,922 Loans acquired for sale at fair value — 3,518,015 33,875 3,551,890 Loans at fair value — 143,707 8,027 151,734 Excess servicing spread purchased from PFSI — — 131,750 131,750 Derivative and credit risk transfer strip assets: Call options on interest rate futures 3,070 — — 3,070 Put options on interest rate futures 4,742 — — 4,742 Forward purchase contracts — 72,526 — 72,526 Forward sale contracts — 92 — 92 MBS put options — 3,220 — 3,220 Swaption purchase contracts — 8,505 — 8,505 CRT derivatives — — 58,699 58,699 Interest rate lock commitments — — 72,794 72,794 Total derivative assets before netting 7,812 84,343 131,493 223,648 Netting — — — (59,330 ) Total derivative assets after netting 7,812 84,343 131,493 164,318 Mortgage servicing rights at fair value — — 1,755,236 1,755,236 $ 135,107 $ 5,959,987 $ 2,060,381 $ 8,096,145 Liabilities: Asset-backed financing of VIEs at fair value $ — $ 134,726 $ — $ 134,726 Interest-only security payable at fair value — — 10,757 10,757 Derivative liabilities: Forward purchase contracts — 17 — 17 Forward sales contracts — 122,884 — 122,884 CRT derivatives — — 26,904 26,904 Interest rate lock commitments — — 408 408 Total derivative liabilities before netting — 122,901 27,312 150,213 Netting — — — (89,532 ) Total derivative liabilities after netting — 122,901 27,312 60,681 Credit risk transfer strips — — 202,792 202,792 Total derivative and credit risk transfer strips liabilities — 122,901 230,104 263,473 $ — $ 257,627 $ 240,861 $ 408,956 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 June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, March 31, 2021 $ 34,234 $ 7,802 $ 44,676 $ (64,858 ) $ (109,570 ) $ 2,441,214 $ 2,353,498 Purchases and issuances 14,173 — — 57,601 — — 71,774 Repayments and sales (17,789 ) (730 ) (28,638 ) — (31,368 ) — (78,525 ) Amounts received pursuant to sales of loans — — — — — 412,938 412,938 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — Other factors (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) Transfers: Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE — — — — — (3,281 ) (3,281 ) Loans from REO — 13 — — — — 13 Interest rate lock commitments to loans acquired for sale (2) — — — (68,568 ) — — (68,568 ) Balance, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021 $ (168 ) $ 74 $ (9,431 ) $ 29,748 $ 41,724 $ (299,498 ) $ (237,551 ) (1) For the purpose of this table, CRT derivatives, interest rate lock commitments (“IRLCs”), and CRT strips 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 June 30, 2021 (in thousands) Interest-only security payable: Balance, March 31, 2021 $ 18,922 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (5,737 ) (5,737 ) Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021 $ (5,737 ) Quarter ended June 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Repurchase agreement derivatives Firm commitments to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, March 31, 2020 $ 22,541 $ 9,122 $ 157,109 $ (185,933 ) $ 79,384 $ (174,945 ) $ 5,275 $ (409,649 ) $ 1,157,326 $ 660,230 Purchases and issuances 20,996 — — — 172,047 — — — — 193,043 Repayments and sales (13,475 ) (590 ) (8,122 ) (14,078 ) — (13,355 ) — — — (49,620 ) Capitalization of interest — — 2,372 — — — — — — 2,372 ESS received pursuant to a recapture agreement with PFSI — — 483 — — — — — — 483 Amounts (incurred) received pursuant to sales of loans — — — — — — — (7,579 ) 203,127 195,548 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (749 ) (121 ) (636 ) 136,085 96,053 126,925 — 226,035 (170,848 ) 412,744 (749 ) (121 ) (636 ) 136,085 96,053 126,925 — 226,035 (170,848 ) 412,744 Transfers: Interest rate lock commitments to loans acquired for sale (2) — — — — (263,528 ) — — — — (263,528 ) Balance, June 30, 2020 $ 29,313 $ 8,411 $ 151,206 $ (63,926 ) $ 83,956 $ (61,375 ) $ 5,275 $ (191,193 ) $ 1,189,605 $ 1,151,272 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2020 $ (704 ) $ (322 ) $ (636 ) $ 122,535 $ 83,956 $ 113,570 $ — $ 226,035 $ (170,848 ) $ 373,586 (1) For the purpose of this table, CRT derivatives, IRLCs, CRT strips, 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 June 30, 2020 (in thousands) Interest-only security payable: Balance, March 31, 2020 $ 14,134 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 847 847 Balance, June 30, 2020 $ 14,981 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2020 $ 847 Six months ended June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, December 31, 2020 $ 33,875 $ 8,027 $ 131,750 $ 31,795 $ 72,386 $ (202,792 ) $ 1,755,236 $ 1,830,277 Purchases and issuances 30,071 — — — 47,897 — — 77,968 Repayments and sales (33,859 ) (1,314 ) (134,624 ) (52,127 ) — (63,972 ) — (285,896 ) Capitalization of interest and fees — 198 1,280 — — — — 1,478 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 820,634 820,634 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — Other factors 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 Transfers: Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE — — — — — — (3,281 ) (3,281 ) Loans from REO — 79 — — — — — 79 Interest rate lock commitments to loans acquired for sale (2) — — — — 79,407 — — 79,407 Balance, June 30, 2021 $ 30,429 $ 7,215 $ — $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the period relating to assets still held at June 30, 2021 $ 157 $ 75 $ — $ 3,443 $ 29,748 $ 134,946 $ (21,216 ) $ 147,153 (1) For the purpose of this table, CRT derivatives, IRLCs, and CRT strips 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 Six months ended June 30, 2021 (in thousands) Interest-only security payable: Balance, December 31, 2020 $ 10,757 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors 2,428 2,428 Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2021 $ 2,428 Six months ended June 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Repurchase agreement derivatives 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 $ 54,930 $ 5,275 $ 109,513 $ 1,535,705 $ 2,044,019 Purchases and issuances 32,287 1,058 — — 261,966 — — — — 295,311 Repayments and sales (21,032 ) (4,925 ) (17,430 ) (32,132 ) — (28,105 ) — — — (103,624 ) Capitalization of interest — — 4,346 — — — — — — 4,346 ESS received pursuant to a recapture agreement with PFSI — — 862 — — — — — — 862 Amounts (incurred) received pursuant to sales of loans — — — — — — — (34,228 ) 451,949 417,721 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (509 ) (1,263 ) (15,158 ) (147,657 ) 199,698 (88,200 ) — (266,478 ) (798,049 ) (1,117,616 ) (509 ) (1,263 ) (15,158 ) (147,657 ) 199,698 (88,200 ) — (266,478 ) (798,049 ) (1,117,616 ) Transfers: Loans to REO — (885 ) — — — — — — — (885 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (388,862 ) — — — — (388,862 ) Balance, June 30, 2020 $ 29,313 $ 8,411 $ 151,206 $ (63,926 ) $ 83,956 $ (61,375 ) $ 5,275 $ (191,193 ) $ 1,189,605 $ 1,151,272 Changes in fair value recognized during the period relating to assets still held at June 30, 2020 $ (656 ) $ (1,157 ) $ (15,158 ) $ (178,408 ) $ 83,956 $ (116,305 ) $ — $ (266,478 ) $ (798,049 ) $ (1,292,255 ) (1) For the purpose of this table, CRT derivatives, IRLCs, CRT strips, 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 Six months ended June 30, 2020 (in thousands) Interest-only security payable: Balance, December 31, 2019 $ 25,709 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors (10,728 ) (10,728 ) Balance, June 30, 2020 $ 14,981 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2020 $ (10,728 ) 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 (comprised of loans acquired for sale, loans held in a consolidated VIE, and distressed loans): June 30, 2021 December 31, 2020 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 $ 5,530,359 $ 5,327,754 $ 202,605 $ 3,545,100 $ 3,377,970 $ 167,130 90 or more days delinquent: Not in foreclosure 4,746 5,039 (293 ) 6,591 8,006 (1,415 ) In foreclosure 195 235 (40 ) 199 235 (36 ) 4,941 5,274 (333 ) 6,790 8,241 (1,451 ) $ 5,535,300 $ 5,333,028 $ 202,272 $ 3,551,890 $ 3,386,211 $ 165,679 Loans at fair value: Loans held in consolidated VIEs: Current through 89 days delinquent $ 340,833 $ 330,541 $ 10,292 $ 140,052 $ 128,787 $ 11,265 90 or more days delinquent: Not in foreclosure 2,353 2,884 (531 ) 3,655 4,240 (585 ) In foreclosure — — — — — — 2,353 2,884 (531 ) 3,655 4,240 (585 ) 343,186 333,425 9,761 143,707 133,027 10,680 Distressed loans: Current through 89 days delinquent 2,038 3,936 (1,898 ) 2,071 4,099 (2,028 ) 90 or more days delinquent: Not in foreclosure 2,873 9,826 (6,953 ) 3,714 12,357 (8,643 ) In foreclosure 2,304 6,334 (4,030 ) 2,242 4,641 (2,399 ) 5,177 16,160 (10,983 ) 5,956 16,998 (11,042 ) 7,215 20,096 (12,881 ) 8,027 21,097 (13,070 ) $ 350,401 $ 353,521 $ (3,120 ) $ 151,734 $ 154,124 $ (2,390 ) 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 June 30, 2021 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 29,252 $ — $ (1,883 ) $ 27,369 Credit risk transfer strips — 73,092 — — 73,092 Loans acquired for sale at fair value 99,339 — — — 99,339 Loans at fair value — (533 ) — 504 (29 ) MSRs at fair value — — (299,498 ) — (299,498 ) $ 99,339 $ 101,811 $ (299,498 ) $ (1,379 ) $ (99,727 ) Liabilities: Interest-only security payable at fair value $ — $ 5,737 $ — $ — $ 5,737 Asset-backed financing of VIEs at fair value — 1,582 — (1,245 ) 337 $ — $ 7,319 $ — $ (1,245 ) $ 6,074 Quarter ended June 30, 2020 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 17,064 $ — $ (11,859 ) $ 5,205 Loans acquired for sale at fair value 257,469 — — — 257,469 Loans at fair value — 674 — 546 1,220 ESS at fair value — (636 ) — 2,372 1,736 Credit risk transfer strips — 126,925 — — 126,925 Firm commitment to purchase CRT securities at fair value (7,579 ) 226,035 — — 218,456 MSRs at fair value — — (170,848 ) — (170,848 ) $ 249,890 $ 370,062 $ (170,848 ) $ (8,941 ) $ 440,163 Liabilities: Interest-only security payable $ — $ (847 ) $ — $ — $ (847 ) Asset-backed financing of VIEs at fair value — (162 ) — 604 442 $ — $ (1,009 ) $ — $ 604 $ (405 ) Six months ended June 30, 2021 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (41,865 ) $ — $ (4,406 ) $ (46,271 ) Credit risk transfer strips — 198,918 — — 198,918 Loans acquired for sale at fair value (7,325 ) — — — (7,325 ) Loans at fair value — (2,784 ) — 1,329 (1,455 ) ESS at fair value — 1,037 — 1,280 2,317 MSRs at fair value — — (21,216 ) — (21,216 ) $ (7,325 ) $ 155,306 $ (21,216 ) $ (1,797 ) $ 124,968 Liabilities: Interest-only security payable at fair value $ — $ (2,428 ) $ — $ — $ (2,428 ) Asset-backed financing of VIEs at fair value — 2,483 — (456 ) 2,027 $ — $ 55 $ — $ (456 ) $ (401 ) Six months ended June 30, 2020 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 133,031 $ — $ (23,861 ) $ 109,170 Loans acquired for sale at fair value 405,027 — — — 405,027 Loans at fair value — (3,337 ) — 839 (2,498 ) ESS at fair value — (15,158 ) — 4,346 (10,812 ) Credit risk transfer strips — (88,200 ) — — (88,200 ) Firm commitment to purchase CRT securities at fair value (34,228 ) (266,478 ) — — (300,706 ) MSRs at fair value — — (798,049 ) — (798,049 ) $ 370,799 $ (240,142 ) $ (798,049 ) $ (18,676 ) $ (686,068 ) Liabilities: Interest-only security payable at fair value $ — $ 10,728 $ — $ — $ 10,728 Asset-backed financing of VIEs at fair value — 1,766 — (3,095 ) (1,329 ) $ — $ 12,494 $ — $ (3,095 ) $ 9,399 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) June 30, 2021 $ — $ — $ 4,747 $ 4,747 December 31, 2020 $ — $ — $ 12,656 $ 12,656 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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Real estate asset acquired in settlement of loans $ (564 ) $ (47 ) $ (768 ) $ (1,195 ) 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 carrying and fair values of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes June 30, 2021 December 31, 2020 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets $ 2,829,177 $ 2,838,844 $ 1,924,999 $ 1,871,276 Exchangeable senior notes $ 496,825 $ 575,263 $ 196,796 $ 207,428 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 VIEs 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 PFSI’s Capital Markets Operations group. With respect to the non-IRLC “Level 3” valuations, the FAV group reports to PFSI’s senior management valuation committee, which oversees the valuations. The FAV group monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities 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 operating, financial, investment, and risk officers as well as other senior members of the Company’s finance, capital markets and risk management staffs. The FAV group is responsible for reporting to PFSI’s senior management valuation committee on the changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuation and any changes in model methods and inputs. To assess the reasonableness of its valuations, the FAV group presents an analysis of the effect on the valuation of changes to the significant inputs to the models. Valuation Techniques and Inputs The following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: Mortgage-Backed Securities The Company categorizes its current holdings of MBS as “Level 2” fair value assets. Fair value of these MBS is established based on quoted market prices for the Company’s MBS holdings or similar securities. Changes in the fair value of MBS are included in Net gains (losses) 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 VIEs, 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 VIEs, the quoted indications of fair value of all of the individual securities issued by the securitization trusts are used to derive fair values 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. The Company adjusts the fair values received from brokers to include the fair value of MSRs attributable to loans secured by the Company included in the VIEs. • 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 and distressed loans, are categorized as “Level 3” fair value assets: • For loans acquired for sale categorized as “Level 3” fair value assets, fair values are estimated using a discounted cash flow approach. Inputs to the discounted cash flow model include current interest rates, loan amount, payment status, property type, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds, loss severities or contracted selling price when applicable. • Distressed loan fair values are estimated based on the expected resolution to be realized from the individual asset’s disposition strategy. 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%. 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 discount rate (pricing spread) and prepayment rate (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 s (loss es ) on investments in the consolidated statements of operations . The remaining balance of the ESS was repaid during the quarter ended March 31, 2021. Following are the key inputs used in determining the fair value of ESS: December 31, 2020 Fair value (in thousands) $ 131,750 UPB of underlying loans (in thousands) $ 15,833,050 Average servicing fee rate (in basis points) 34 Average ESS rate (in basis points) 19 Key inputs (1) Pricing spread (2) Range 4.9% – 5.3% Weighted average 5.1% Annual total prepayment speed (3) Range 9.6% – 18.3% Weighted average 11.7% Equivalent life (in years) Range 2.3 - 6.6 Weighted average 5.8 (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 provided 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 Company assesses the fair values it receives from nonaffiliated brokers using the discounted cash flow approach. 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 gains (losses) 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 derivatives: June 30, 2021 December 31, 2020 (dollars in thousands) Fair value CRT derivatives: Assets $ 44,951 $ 58,699 Liabilities $ 9,713 $ 26,904 UPB of loans in reference pools $ 9,769,411 $ 13,854,426 Key inputs (1) Discount rate Range 5.5% – 6.2% 6.7% – 9.0% Weighted average 6.1% 7.3% Voluntary prepayment speed (2) Range 13.8% – 14.4% 20.8% – 23.5% Weighted average 13.9% 21.9% Involuntary prepayment speed (3) Range (0.5)% – 1.2% (0.8)% – 1.1% Weighted average (0.1)% (0.2)% Remaining loss expectation (4) Range (0.5)% – 0.6% (0.6)% – 0.6% Weighted average (0.1)% (0.3)% (1) Weighted average inputs are based on fair value amounts of the CRT Agreements except for remaining loss expectation which is based on the UPB 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. The negative involuntary prepayment speed reflects the expectation for reinstatement to the reference pool of a portion of the loans that previously triggered losses due to delinquency while under CARES Act forbearance upon their projected re-performance, as contractually provided for in certain CRT Agreements. (4) Remaining loss expectation is measured as expected future contractual losses divided by the UPB of the reference loans. The negative remaining loss expectation reflects the expectation of contractual reversals of previously incurred contractual losses due to the expected re-performance of a portion of the loans that experienced delinquency while under CARES Act forbearance. Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets and liabilities. The Company estimates the fair value of IRLCs based on quoted Agency MBS prices, the probability that the loan will be purchased under the commitment (the “pull-through rate”) and the Company’s estimate of the fair value of the MSRs it expects to receive upon sale of the loan. The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the estimated MSR attributed to the mortgage loans it has committed to purchase. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, may result in a significant change in the IRLCs’ fair value. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC fair value, but also increase the pull-through rate for the loan principal and interest payment cash flow component t

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2021
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	Note 8— Following is a summary of activity in the Company’s investment in MBS: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 1,916,485 $ 3,947,420 $ 2,213,922 $ 2,839,633 Purchases 423,660 — 1,682,849 1,615,486 Sales — (1,112,761 ) (1,300,653 ) (1,601,490 ) Repayments (57,650 ) (226,878 ) (239,983 ) (349,813 ) Changes in fair value included in income arising from: Amortization of net purchase premiums (1,883 ) (11,859 ) (4,406 ) (23,861 ) Valuation adjustments 29,252 17,064 (41,865 ) 133,031 27,369 5,205 (46,271 ) 109,170 Balance at end of period $ 2,309,864 $ 2,612,986 $ 2,309,864 $ 2,612,986 Following is a summary of the Company’s investment in MBS: June 30, 2021 December 31, 2020 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) Freddie Mac $ 722,730 $ 23,132 $ (11,862 ) $ 734,000 $ 1,253,755 $ 32,414 $ 24,867 $ 1,311,036 Fannie Mae 1,547,656 49,267 (21,059 ) 1,575,864 863,758 23,692 15,436 902,886 $ 2,270,386 $ 72,399 $ (32,921 ) $ 2,309,864 $ 2,117,513 $ 56,106 $ 40,303 $ 2,213,922 (1) All MBS are fixed-rate pass-through securities with maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase at June 30, 2021 and December 31, 2020.

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	6 Months Ended
	Jun. 30, 2021
Mortgage Loans On Real Estate [Abstract]
Loans Acquired for Sale at Fair Value	Note 9—Loans Acquired for Sale at Fair Value Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2021 December 31, 2020 (in thousands) Agency-eligible (1) $ 5,302,591 $ 3,057,601 Held for sale to PLS — Government insured or guaranteed (2) 202,280 460,414 Home equity lines of credit 4,555 5,566 Commercial real estate 988 1,010 Repurchased pursuant to representations and warranties 24,886 27,299 $ 5,535,300 $ 3,551,890 Loans pledged to secure: Assets sold under agreements to repurchase $ 5,389,265 $ 3,484,202 Mortgage loan participation purchase and sale agreements 28,841 17,645 $ 5,418,106 $ 3,501,847 (1) Agency eligibility refers to loans’ eligibility for sale to Agencies. The Company sells or finances a portion of its Agency-eligible loan production to other investors. (2) 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	6 Months Ended
	Jun. 30, 2021
Mortgage Loans At Fair Value [Abstract]
Loans at Fair Value	Note 10—Loans at Fair Value Loans at fair value are comprised primarily of loans held in VIEs securing asset-backed financings as discussed in Note 6— Variable Interest Entities – Investments in Loan Securitizations Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2021 December 31, 2020 (in thousands) Loans in VIEs: Fixed interest rate jumbo loans $ 89,909 $ 143,707 Loans secured by non-owner occupied properties 253,277 — 343,186 143,707 Distressed loans 7,215 8,027 $ 350,401 $ 151,734 Loans at fair value pledged to secure: Asset-backed financings of VIEs at fair value $ 343,186 $ 143,707 Assets sold under agreements to repurchase 1,282 3,703 $ 344,468 $ 147,410

Derivative and Credit Risk Tran

Derivative and Credit Risk Transfer Strip Assets and Liabilities	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 December 31, 2020 (in thousands) Derivative assets $ 88,278 $ 164,318 Credit risk transfer strip assets — — $ 88,278 $ 164,318 Derivative liabilities $ 18,835 $ 60,681 Credit risk transfer strip liabilities 67,846 202,792 $ 86,681 $ 263,473 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 acquired 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 that master repurchase agreement. The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by the effects of changes in interest rates on the fair value of certain of its assets and liabilities. The Company 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 MBS, 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 and ESS to decrease. To manage the price risk resulting from these interest rate risks, the Company uses derivative financial instruments with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s inventory of loans acquired for sale, loans held in VIEs, IRLCs, MSRs and MBS financing. The Company records all derivative and CRT strip assets at fair value and records changes in fair value in current period results of operations. 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 June 30, 2021 December 31, 2020 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount (1) assets liabilities amount (1) assets liabilities (in thousands) Subject to master netting agreements ─ economic hedging purposes (2): Call options on interest rate futures purchase contracts 1,050,000 $ 3,500 $ — 1,450,000 $ 3,070 $ — Put options on interest rate futures purchase contracts 1,570,000 1,401 — 2,800,000 4,742 — Forward purchase contracts 9,016,801 23,676 1,260 17,563,549 72,526 17 Forward sale contracts 17,781,827 5,891 44,129 26,615,716 92 122,884 MBS call options 1,750,000 2,401 — — — — MBS put options 2,950,000 3,602 — 3,625,000 3,220 — Swaption purchase contracts 3,097,500 4,362 — 3,655,000 8,505 — Swap futures 2,795,000 — — 1,950,000 — — Bond futures 286,500 — — 66,500 — — Not subject to master netting arrangements: CRT derivatives 9,769,411 44,951 9,713 13,854,426 58,699 26,904 Interest rate lock commitments 6,455,877 31,276 1,528 10,588,208 72,794 408 Total derivative instruments before netting 121,060 56,630 223,648 150,213 Netting (32,782 ) (37,795 ) (59,330 ) (89,532 ) $ 88,278 $ 18,835 $ 164,318 $ 60,681 Margin deposits placed with derivative counterparties, net $ 5,013 $ 30,197 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 44,951 $ 58,699 (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges. 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 June 30, 2021 and December 31, 2020 , 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: June 30, 2021 December 31, 2020 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 purchase contracts $ 3,500 $ — $ 3,500 $ 3,070 $ — $ 3,070 Put options on interest rate futures purchase contracts 1,401 — 1,401 4,742 — 4,742 Forward purchase contracts 23,676 — 23,676 72,526 — 72,526 Forward sale contracts 5,891 — 5,891 92 — 92 MBS call options 2,401 — 2,401 — — — MBS put options 3,602 — 3,602 3,220 — 3,220 Swaption purchase contracts 4,362 — 4,362 8,505 — 8,505 Netting — (32,782 ) (32,782 ) — (59,330 ) (59,330 ) 44,833 (32,782 ) 12,051 92,155 (59,330 ) 32,825 Not subject to master netting arrangements: CRT derivatives 44,951 — 44,951 58,699 — 58,699 Interest rate lock commitments 31,276 — 31,276 72,794 — 72,794 76,227 — 76,227 131,493 — 131,493 $ 121,060 $ (32,782 ) $ 88,278 $ 223,648 $ (59,330 ) $ 164,318 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. June 30, 2021 December 31, 2020 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 $ 44,951 $ — $ — $ 44,951 $ 58,699 $ — $ — $ 58,699 Interest rate lock commitments 31,276 — — 31,276 72,794 — — 72,794 J.P. Morgan Securities LLC 725 — — 725 — — — — RJ O’Brien & Associates, LLC 4,902 — — 4,902 7,813 — — 7,813 Bank of America, N.A. 4,062 — — 4,062 15,406 — — 15,406 PNC Capital Markets LLC — — — — 3,138 — — 3,138 Citigroup Global Markets Inc. — — — — 2,416 — — 2,416 Deutsche Bank Securities LLC — — — — 1,602 — — 1,602 Mitsubishi UFJ Sec — — — — 1,070 — — 1,070 Other 2,362 — — 2,362 1,380 — — 1,380 $ 88,278 $ — $ — $ 88,278 $ 164,318 $ — $ — $ 164,318 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. June 30, 2021 December 31, 2020 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 $ 1,260 $ — $ 1,260 $ 17 $ — $ 17 Forward sales contracts 44,129 — 44,129 122,884 — 122,884 Netting — (37,795 ) (37,795 ) — (89,532 ) (89,532 ) 45,389 (37,795 ) 7,594 122,901 (89,532 ) 33,369 Not subject to master netting arrangements CRT derivatives 9,713 — 9,713 26,904 — 26,904 Interest rate lock commitments 1,528 — 1,528 408 — 408 56,630 (37,795 ) 18,835 150,213 (89,532 ) 60,681 Assets sold under agreements to repurchase: UPB 7,197,536 — 7,197,536 6,317,928 — 6,317,928 Unamortized debt issuance costs (3,865 ) — (3,865 ) (8,510 ) — (8,510 ) 7,193,671 — 7,193,671 6,309,418 — 6,309,418 $ 7,250,301 $ (37,795 ) $ 7,212,506 $ 6,459,631 $ (89,532 ) $ 6,370,099 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. June 30, 2021 December 31, 2020 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments pledged amount sheet instruments pledged amount (in thousands) Interest rate lock commitments $ 1,528 $ — $ — $ 1,528 $ 408 $ — $ — $ 408 CRT derivatives 9,713 — — 9,713 26,904 — — 26,904 Bank of America, N.A. 1,366,829 (1,366,829 ) — — 414,044 (414,044 ) — — Barclays Capital Inc. 1,081,361 (1,081,246 ) — 115 922,959 (922,035 ) — 924 RBC Capital Markets, L.P. 921,198 (921,198 ) — — 765,892 (765,892 ) — — Credit Suisse Securities (USA) LLC 809,674 (805,872 ) — 3,802 1,059,547 (1,054,636 ) — 4,911 J.P. Morgan Securities LLC 806,998 (806,998 ) — — 359,573 (357,211 ) — 2,362 Daiwa Capital Markets 518,677 (518,677 ) — — 728,207 (727,562 ) — 645 BNP Paribas 367,916 (367,560 ) — 356 164,414 (163,548 ) — 866 Wells Fargo Securities, LLC 349,857 (349,857 ) — — 148,854 (140,796 ) — 8,058 Citigroup Global Markets Inc. 336,774 (335,834 ) — 940 830,161 (830,161 ) — — Goldman Sachs & Co. LLC 259,748 (259,372 ) — 376 149,272 (144,883 ) — 4,389 Morgan Stanley & Co. LLC 250,005 (248,936 ) — 1,069 367,493 (366,415 ) — 1,078 Amherst Pierpont Securities LLC 135,419 (135,157 ) — 262 153,224 (153,224 ) — — Mizuho Securities — — — — 279,321 (277,521 ) — 1,800 Federal Home Loan Mortgage Corporation — — — — 5,883 — — 5,883 Other 674 — — 674 2,453 — — 2,453 $ 7,216,371 $ (7,197,536 ) $ — $ 18,835 $ 6,378,609 $ (6,317,928 ) $ — $ 60,681 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 June 30, Six months ended June 30, Derivative activity Consolidated statement of operations line 2021 2020 2021 2020 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ 94,605 $ 4,572 $ (42,638 ) $ 72,803 CRT derivatives Net gains (losses) on investments $ 19,200 $ 136,085 $ 55,570 $ (147,657 ) Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ (166,100 ) $ (91,897 ) $ 131,376 $ (232,265 ) Mortgage servicing rights Net loan servicing fees $ 94,116 $ (50,650 ) $ (280,287 ) $ 716,536 Fixed-rate and prepayment sensitive assets and LIBOR-indexed repurchase agreements Net gains (losses) on investments $ 75 $ (16,739 ) $ 51 $ 48,192 (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 . Credit Risk Transfer Strips Following is a summary of the Company’s holdings of CRT strips Credit risk transfer strips contractually restricted from sale (1) June 30, 2021 December 31, 2020 (in thousands) Currently unrestricted $ 447 $ — Through December 4, 2021 9,908 (168,539 ) To maturity (78,201 ) (34,253 ) $ (67,846 ) $ (202,792 ) (1) The terms of the agreement underlying the CRT securities restricts sales of the securities, other than under agreements to repurchase, without the approval of Fannie Mae, for specified periods from the date of issuance.

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
	Jun. 30, 2021
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 2,441,214 $ 1,157,326 $ 1,755,236 $ 1,535,705 MSRs resulting from loan sales 412,938 203,127 820,634 451,949 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (229,885 ) (111,649 ) 107,782 (674,896 ) Other changes in fair value (2) (69,613 ) (59,199 ) (128,998 ) (123,153 ) (299,498 ) (170,848 ) (21,216 ) (798,049 ) Reclassification to loans at fair value resulting from consolidation of a VIE (3) (3,281 ) — (3,281 ) — Balance at end of period $ 2,551,373 $ 1,189,605 $ 2,551,373 $ 1,189,605 June 30, 2021 December 31, 2020 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and payable secured by credit risk transfer and mortgage servicing assets $ 2,522,717 $ 1,742,905 (1) Primarily reflects changes in pricing spread, prepayment speed, and servicing cost inputs. (2) Represents changes due to realization of expected cash flows. (3) As discussed in Note 6—Variable Interest Entities – Investment in Securities Backed by Loans Secured by Non-Owner Occupied Properties, Loans at fair value Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Contractually-specified servicing fees $ 124,019 $ 101,823 $ 240,306 $ 196,292 Ancillary and other fees: Late charges 351 399 763 899 Other 24,551 11,488 40,384 18,179 $ 148,921 $ 113,710 $ 281,453 $ 215,370

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
	Jun. 30, 2021
Short Term Borrowings [Abstract]
Short-Term Borrowings	Note 13— The borrowing facilities described throughout these Notes 13 and 14 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio, profitability and liquidity. Management believes that the Company was in compliance with these covenants as of June 30, 2021. Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.34 % 1.24 % 1.47 % 1.85 % Average balance $ 5,733,765 $ 4,755,992 $ 5,862,480 $ 5,529,446 Total interest expense $ 23,282 $ 17,071 $ 51,941 $ 54,822 Maximum daily amount outstanding $ 7,198,610 $ 6,627,618 $ 8,440,669 $ 8,664,587 (1) Excludes the effect of amortization of debt issuance costs of $4.1 million and $9.2 million for the quarter and six months ended June 30, 2021, respectively, and $2.4 million and $3.9 million for the quarter and six months ended June 30, 2020, respectively. June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Unpaid principal balance $ 7,197,536 $ 6,317,928 Unamortized debt issuance costs (3,865 ) (8,510 ) $ 7,193,671 $ 6,309,418 Weighted average interest rate 1.36 % 1.36 % Available borrowing capacity (1): Committed $ 51,064 $ 483,767 Uncommitted 3,742,908 4,151,905 $ 3,793,972 $ 4,635,672 Margin deposits placed with counterparties included in Other $ 8,910 $ 141,808 Assets securing agreements to repurchase: Mortgage-backed securities $ 2,309,864 $ 2,213,922 Loans acquired for sale at fair value $ 5,389,265 $ 3,484,202 Loans at fair value $ 1,282 $ 3,703 MSRs (2) $ 1,531,396 $ 1,166,090 Servicing advances $ 71,306 $ — Real estate acquired in settlement of loans $ 9,003 $ 15,365 Deposits securing CRT arrangements $ — $ 2,799,263 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged as collateral under both Assets sold under agreements to repurchase and 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 June 30, 2021 Unpaid principal balance (in thousands) Within 30 days $ 3,463,395 Over 30 to 90 days 2,812,944 Over 90 days to 180 days 921,197 $ 7,197,536 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 June 30, 2021: Loans, REO and MSRs Counterparty Amount Weighted average maturity Facility maturity (in thousands) Credit Suisse First Boston Mortgage Capital LLC $ 148,606 September 16, 2021 March 31, 2023 Bank of America, N.A. $ 70,990 July 28, 2021 June 7, 2023 Barclays Capital Inc. $ 65,069 September 20, 2021 November 3, 2022 RBC Capital Markets, L.P. $ 56,318 October 13, 2021 May 10, 2022 JPMorgan Chase & Co. $ 10,918 August 17, 2021 June 6, 2023 BNP Paribas $ 20,752 July 30, 2021 July 30, 2021 Wells Fargo Securities, LLC $ 20,531 September 23, 2021 October 6, 2022 Citibank, N.A. $ 18,336 August 3, 2021 August 3, 2021 Goldman Sachs & Co. LLC $ 15,630 September 12, 2021 December 23, 2022 Morgan Stanley & Co. LLC $ 14,337 September 18, 2021 November 2, 2022 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 16,818 July 16, 2021 Barclays Capital Inc. $ 15,961 July 18, 2021 JPMorgan Chase & Co. $ 23,366 July 6, 2021 Daiwa Capital Markets America Inc. $ 20,344 July 19, 2021 Amherst Pierpont Securities LLC $ 5,940 July 19, 2021 Mortgage Loan Participation Purchase and Sale Agreements Certain borrowing facilities secured by loans acquired for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in a pool of 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 June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.36 % 1.57 % 1.38 % 2.17 % Average balance $ 32,152 $ 39,048 $ 35,638 $ 40,174 Total interest expense $ 141 $ 210 $ 305 $ 548 Maximum daily amount outstanding $ 89,072 $ 96,570 $ 89,072 $ 96,570 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $62,000 for the quarter and six months ended June 30, 2021, respectively, and $57,000 and $113,000 for the quarter and six months ended June 30, 2020, respectively. June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 28,037 $ 16,851 Unamortized debt issuance costs — — $ 28,037 $ 16,851 Weighted average interest rate 1.48 % 1.39 % Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 28,841 $ 17,645

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Note 14— Long-Term Debt Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets The Company, through its indirect subsidiary, PMT CREDIT RISK TRANSFER 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 of the Company’s indirect subsidiaries. Following is a summary of the secured CRT Term Notes issued: Maturity date (2) Term notes Issuance date Issuance amount Unpaid principal balance Annual interest rate spread (1) Stated Optional extension (in thousands) 2021 1R March 04, 2021 $ 659,156 $ 549,254 2.90 % February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 415,089 3.81 % December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 124,365 2.35 % March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 120,654 2.70 % October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 333,452 2.75 % May 29, 2023 May 29, 2025 2019 1R March 29, 2019 $ 295,700 121,526 2.00 % March 29, 2022 March 27, 2024 $ 1,664,340 (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 certain of the Term Notes under the conditions specified in the respective agreements. PMC finances mortgage servicing rights through the issuance of FMSR VFN to institutional buyers under an agreement to repurchase. The FMSR VFN has a committed borrowing capacity of $700 million and matures on August 10, 2021. On March 30, 2021, the Company, through its indirect subsidiary, PMT ISSUER TRUST—FMSR, issued an aggregate principal amount of $350 million in secured term notes (the “2021-FT1 Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The 2021-FT1 Notes are secured by certain participation certificates relating to Fannie Mae MSRs and excess servicing spread relating to such MSRs that are financed pursuant to a structured finance transaction. The 2021-FT1 Notes bear interest at a rate equal to one-month LIBOR plus 3.00% per annum and will mature on March 25, 2026 or, if extended pursuant to the terms of the 2021-FT1 Notes indenture supplement on March 27, 2028. The 2021-FT1 Notes rank pari passu with the Series 2018-FT1 Notes described below and the FMSR VFN. During March 2021, the Company, through PMC and PMH, terminated a loan and security agreement entered into on February 1, 2018, 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, and entered into a similar borrowing arrangement with Citibank, N.A. The aggregate loan amount available under the loan and security agreement with Citibank, N.A. increased to $700 million from $175 million, bears interest at a rate indexed to LIBOR plus a margin, with index replacement provisions related to the transition from LIBOR, and will mature on January 3, 2022. Advances under the loan and security agreement are secured by MSRs relating to loans serviced for Freddie Mac guaranteed securities. 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 will mature on April 25, 2023 or, if extended pursuant to the terms of the 2018-FT1 Notes 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. Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 3.13 % 3.07 % 3.13 % 3.58 % Average balance $ 2,917,356 $ 1,934,476 $ 2,590,852 $ 1,897,344 Total interest expense $ 24,174 $ 15,449 $ 42,773 $ 35,067 Maximum daily amount outstanding $ 3,180,129 $ 1,973,252 $ 3,235,942 $ 2,032,665 (1) Excludes the effect of amortization of debt issuance costs of $1.4 million and $2.5 million for the quarter and six months ended June 30, 2021, respectively, and $620,000 and $1.2 million for the quarter and six months ended June 30, 2020, respectively. June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 2,839,341 $ 1,930,018 Unamortized debt issuance costs (10,164 ) (5,019 ) $ 2,829,177 $ 1,924,999 Weighted average interest rate 2.86 % 2.99 % Assets securing notes payable: MSRs (1) $ 2,522,717 $ 1,742,905 CRT Agreements: Deposits securing CRT arrangements $ 2,256,047 $ 2,799,263 Derivative assets $ 44,951 $ 58,699 (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 Notes On March 5 and March 9, 2021, PMC issued $345 million aggregate principal amount of exchangeable senior notes (the “2026 Exchangeable Notes”) in a private offering. The 2026 Exchangeable Notes will mature on March 15, 2026 unless repurchased or exchanged in accordance with their terms before such date. The 2026 Exchangeable Notes bear interest at a rate of 5.50% per year, payable semiannually. The 2026 Exchangeable 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 December 15, 2025. The exchange rate equals 46.1063 common shares per $1,000 principal amount of the 2026 Exchangeable Notes and is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. On November 7 and November 19, 2019, PMC issued $210 million in principal amount of 5.50% exchangeable senior notes due 2024 (the “2024 Exchangeable Notes”) in a private offering. The 2024 Exchangeable Notes will mature on November 1, 2024 unless repurchased or exchanged in accordance with their terms before such date. The 2024 Exchangeable 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 equals 40.101 common shares per $1,000 principal amount of the 2024 Exchangeable Notes and is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. Following is financial information relating to the Exchangeable Notes: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Average balance $ 495,032 $ 242,469 $ 390,053 $ 343,316 Total interest expense $ 10,310 $ 4,343 $ 15,852 $ 11,609 June 30, 2021 December 31, 2020 (in thousands) Carrying value: UPB $ 555,000 $ 210,000 Unamortized debt issuance costs and conversion option (58,175 ) (13,204 ) $ 496,825 $ 196,796 Asset-Backed Financing of Variable Interest Entities at Fair Value Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 - Variable Interest Entities - Investments in Loan Securitizations Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Average balance $ 95,069 $ 222,578 $ 107,672 $ 231,672 Total interest expense $ 1,996 $ 2,470 $ 2,164 $ 6,997 Weighted average interest rate 3.17 % 3.36 % 3.20 % 3.38 % June 30, 2021 December 31, 2020 (dollars in thousands) Fair value $ 321,875 $ 134,726 UPB $ 314,783 $ 131,835 Weighted average interest rate 3.57 % 3.56 % The asset-backed financings of the VIEs are non-recourse liabilities and secured solely by the assets of the consolidated VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment of the respective certificates. Maturity of Long-Term Debt Annual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2022 2023 2024 2025 2026 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,464,340 $ 121,526 $ 1,443,560 $ 549,254 $ — $ 350,000 $ — Exchangeable senior notes 555,000 — — — 210,000 345,000 — Asset-backed financing of variable interest entities at fair value (2) 314,783 — — — — — 314,783 Interest-only security payable at fair value (2) 13,185 — — — — — 13,185 Total $ 3,347,308 $ 121,526 $ 1,443,560 $ 549,254 $ 210,000 $ 695,000 $ 327,968 (1) Based on stated maturity. As discussed above, certain of the notes payable secured by credit risk and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturities do not reflect expected repayments as borrowers of the underlying loans generally have the right to repay their loans at any time.

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	6 Months Ended
	Jun. 30, 2021
Liability For Representations And Warranties [Abstract]
Liability for Losses Under Representations and Warranties	Note 15—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Balance, beginning of period $ 28,967 $ 7,300 $ 21,893 $ 7,614 Provision for losses: Pursuant to loan sales 8,472 3,215 16,985 4,245 Reduction in liability due to change in estimate (1,095 ) (211 ) (2,519 ) (1,555 ) Losses incurred, net (30 ) (79 ) (45 ) (79 ) Balance, end of period $ 36,314 $ 10,225 $ 36,314 $ 10,225 UPB of loans subject to representations and warranties at end of period $ 193,579,850 $ 135,538,011

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16—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: June 30, 2021 (in thousands) Commitments to purchase loans acquired for sale $ 6,455,877

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Note 17—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Preferred Quarter Six months Share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2021 2020 2021 2020 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 $ 1.02 $ 1.02 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 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 “At-The-Market” (ATM) Equity Offering Program The Company entered into separate equity distribution agreements to sell from time to time, through ATM equity offering programs under which the counterparties will act as sales agent and or principal, the Company’s common shares. O having an aggregate offering price of up to $200 million Six months ended June 30, 2020 (in thousands) Number of common shares issued 241 Gross proceeds $ 5,654 Net proceeds $ 5,597 A t June 30, 2021 , the Company had approximately $200 million of common shares of beneficial interest available for issuance under its ATM equity-offering program. Common Share Repurchase Program On June 11, 2021, the Company’s board of trustees approved an increase to the Company’s common shares of beneficial interest repurchase authorization from $300 million to $400 million. Under the program, as amended, the Company may repurchase up to $400 million of its outstanding common shares of beneficial interest. The following table summarizes the Company’s share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2021 2020 2021 2020 total (1) (in thousands) Common shares repurchased 27 566 27 1,349 17,525 Cost of common shares repurchased $ 521 $ 7,561 $ 521 $ 13,343 $ 254,413 (1) Amounts represent the share repurchase program total from its inception in August 2015 through June 30, 2021.

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	6 Months Ended
	Jun. 30, 2021
Text Block [Abstract]
Net Gains on Loans Acquired for Sale	Note 18— Net Gains on Loans Acquired for Sale Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Cash loss: Loans $ (222,271 ) $ 21,842 $ (815,060 ) $ (47,112 ) Hedging activities (292,226 ) (234,191 ) 171,050 (257,569 ) (514,497 ) (212,349 ) (644,010 ) (304,681 ) Non-cash gain: Recognition of fair value of firm commitment to purchase CRT securities — (7,579 ) — (34,228 ) Receipt of MSRs in mortgage loan sale transactions 412,938 203,127 820,634 451,949 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to loans sales (8,472 ) (3,215 ) (16,985 ) (4,245 ) Reduction of liability due to change in estimate 1,095 211 2,519 1,555 (7,377 ) (3,004 ) (14,466 ) (2,690 ) Change in fair value of loans and derivatives IRLCs 94,605 4,572 (42,638 ) 72,803 Loans (85,699 ) 31,829 (2,476 ) (4,953 ) Hedging derivatives 126,126 142,294 (39,674 ) 25,304 135,032 178,695 (84,788 ) 93,154 540,593 371,239 721,380 508,185 Total from nonaffiliates 26,096 158,890 77,370 203,504 From PFSI ‒ cash gain 1,630 3,324 3,368 7,485 $ 27,726 $ 162,214 $ 80,738 $ 210,989

Net Gains (Losses) on Investmen

Net Gains (Losses) on Investments	6 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Net Gains (Losses) on Investments	Note 19— Net gains (losses) on investments are summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Mortgage-backed securities $ 29,252 $ 17,064 $ (41,865 ) $ 133,031 Loans at fair value: Held in VIEs (664 ) 795 (3,009 ) (2,074 ) Distressed 131 (121 ) 225 (1,263 ) CRT arrangements 98,029 262,163 252,060 (225,129 ) Firm commitment to purchase CRT securities — 226,035 — (266,478 ) Asset-backed financing of VIEs at fair value 1,582 (162 ) 2,483 1,766 Hedging derivatives 75 (16,739 ) 51 48,192 128,405 489,035 209,945 (311,955 ) From PFSI ‒ ESS — (101 ) 1,651 (14,242 ) $ 128,405 $ 488,934 $ 211,596 $ (326,197 )

Net Interest Expense

Net Interest Expense	6 Months Ended
	Jun. 30, 2021
Banking And Thrift Interest [Abstract]
Net Interest Expense	Note 20—Net Interest Expense Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 215 $ 892 $ 441 $ 2,519 Mortgage-backed securities 7,806 9,883 16,092 25,451 Loans acquired for sale at fair value 32,613 16,081 55,520 47,604 Loans at fair value: Held in VIEs 1,368 2,712 3,267 5,353 Distressed 40 233 293 292 Deposits securing CRT arrangements 156 507 325 6,606 Placement fees relating to custodial funds 1,472 8,116 4,004 20,514 Other 16 16 53 250 43,686 38,440 79,995 108,589 From PFSI ‒ ESS — 2,372 1,280 4,346 43,686 40,812 81,275 112,935 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 23,282 17,071 51,941 54,822 Mortgage loan participation purchase and sale agreements 141 210 305 548 Notes payable secured by credit risk transfer and mortgage servicing assets 24,174 15,449 42,773 35,067 Exchangeable Notes 10,310 4,343 15,852 11,609 Asset-backed financings of VIEs at fair value 1,996 2,470 2,164 6,997 Interest shortfall on repayments of loans serviced for Agency securitizations 18,536 19,804 40,576 29,243 Interest on loan impound deposits 763 909 1,512 1,820 79,202 60,256 155,123 140,106 To PFSI ‒ Assets sold under agreement to repurchase — 792 387 2,010 79,202 61,048 155,510 142,116 Net interest expense $ (35,516 ) $ (20,236 ) $ (74,235 ) $ (29,181 )

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 21—Share-Based Compensation The Company has adopted an equity incentive plan which 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 PMT’s 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 the grant of restricted and performance-based share unit awards. 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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Grants: Restricted share units 4 — 105 92 Performance share units 42 — 126 112 46 — 231 204 Grant date fair value: Restricted share units $ 75 $ — $ 1,992 $ 1,978 Performance share units 797 — 2,399 2,428 $ 872 $ — $ 4,391 $ 4,406 Vestings: Restricted share units — — 100 123 Performance share units (1) — — 37 143 — — 137 266 Compensation expense relating to share-based grants $ 1,010 $ 869 $ 2,748 $ 1,054 (1) The actual number of performance-based RSUs that vested during the six months ended June 30, 2021 was 37,000 common shares, which is 100% of the originally granted performance-based RSUs. June 30, 2021 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 193 202 Grant date average fair value per unit $ 20.05 $ 19.88

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 22—Income Taxes The Company’s effective tax rate was (176.1)% and (4.6)% with consolidated pretax income of $13.8 million and $104.8 million for the quarter and six months ended June 30, 2021, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax benefit of $24.3 million on a pretax loss of $149.6 million for the quarter ended June 30, 2021 and tax benefit of $4.9 million on a pretax loss of $61.5 million for the six months ended June 30, 2021. The TRS losses were primarily due to fair value declines in MSR values. For the same periods in 2020, the TRS recognized a tax expense of $3.4 million on a pretax income of $89.9 million and a tax expense of $13.5 million on a pretax income of $68.1 million, respectively. The Company’s reported consolidated pretax income was $468.1 million for the quarter ended June 30, 2020 and a pretax loss for the six months ended June 30, 2020 of $116.4 million. 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 June 30, 2021, the valuation allowance was increased to $5.7 million from the $110,000 valuation allowance recorded at December 31, 2020 as the result of a GAAP loss at the TRS for the six months ended June 30, 2021. The amount of deferred tax assets considered realizable could be adjusted in future periods based on future income. The CARES Act, passed in March 2020, introduced a number of tax law changes which are generally taxpayer favorable and, in December 2020, the Taxpayer Certainty and Disaster Tax Relief Act was signed into law . No material changes in our effective income tax rates resulted from either Act . The CARES Act does provide for carry back of losses from 2018, 2019 and 2020. However, the TRS does not have taxable income from 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	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 23—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 5.375% exchangeable notes due May 1, 2020 (the “2020 Notes”), by the weighted average common shares outstanding, assuming all dilutive securities were issued. As discussed in Note 14 — Long-Term Debt- Exchangeable Notes, As discussed in Note 2 - Basis of Presentation and Accounting Change - Pending Accounting Change The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands except per share amounts) Net income (loss) $ 38,092 $ 464,620 $ 109,695 $ (130,053 ) Dividends on preferred shares (6,235 ) (6,235 ) (12,469 ) (12,469 ) Effect of participating securities—share-based compensation awards (80 ) (903 ) (169 ) (123 ) Net income (loss) attributable to common shareholders 31,777 457,482 97,057 (142,645 ) Interest on the 2020 Notes, net of income taxes — 715 — — Income attributable to participating securities — 14 — — Diluted net income (loss) attributable to common shareholders $ 31,777 $ 458,211 $ 97,057 $ (142,645 ) Weighted average basic shares outstanding 97,927 99,689 97,910 99,967 Shares issuable pursuant to exchange of the Exchangeable Notes — 1,705 — — Shares issuable under share-based compensation plan 107 198 213 — Diluted weighted average number of shares outstanding 98,034 101,592 98,123 99,967 Basic earnings (loss) per share $ 0.32 $ 4.59 $ 0.99 $ (1.43 ) Diluted earnings (loss) per share $ 0.32 $ 4.51 $ 0.99 $ (1.43 ) Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when the inclusion of such shares 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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Shares issuable under share-based compensation plan 107 142 — 236 Shares issuable pursuant to exchange of the Exchangeable Notes 24,328 — — 5,086

Segments

Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segments	Note 24—Segments The Company operates in four segments as described in Note 1 — Organization Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ 1 $ — $ 27,725 $ — $ 27,726 Net gains on investments 98,413 29,992 — — 128,405 Net loan servicing fees — (44,912 ) — — (44,912 ) Net interest (expense) income: Interest income 401 10,056 32,519 710 43,686 Interest expense 16,177 39,141 23,884 — 79,202 (15,776 ) (29,085 ) 8,635 710 (35,516 ) Other 20 — 45,843 — 45,863 82,658 (44,005 ) 82,203 710 121,566 Expenses: Loan fulfillment and servicing fees payable to PFSI 80 19,936 54,019 — 74,035 Management fees — — — 11,913 11,913 Other 4,061 1,507 9,150 7,103 21,821 4,141 21,443 63,169 19,016 107,769 Pretax income (loss) $ 78,517 $ (65,448 ) $ 19,034 $ (18,306 ) $ 13,797 Total assets at end of quarter $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net (losses) gains on loans acquired for sale $ (7,573 ) $ — $ 169,787 $ — $ 162,214 Net gains on investments 472,269 16,665 — — 488,934 Net loan servicing fees — (102,660 ) — — (102,660 ) Net interest (expense) income: Interest income 1,133 23,585 15,957 137 40,812 Interest expense 8,796 38,093 13,502 657 61,048 (7,663 ) (14,508 ) 2,455 (520 ) (20,236 ) Other 3,014 — 25,318 1,737 30,069 460,047 (100,503 ) 197,560 1,217 558,321 Expenses: Loan fulfillment and servicing fees payable to PFSI 240 15,294 52,814 — 68,348 Management fees — — — 8,288 8,288 Other 1,014 1,691 5,168 5,749 13,622 1,254 16,985 57,982 14,037 90,258 Pretax income (loss) $ 458,793 $ (117,488 ) $ 139,578 $ (12,820 ) $ 468,063 Total assets at end of quarter $ 1,743,620 $ 4,307,113 $ 2,412,751 $ 620,235 $ 9,083,719 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale $ — $ — $ 80,738 $ — $ 80,738 Net gain (loss) on investments 252,684 (41,088 ) — — 211,596 Net loan servicing fees — 5,133 — — 5,133 Net interest (expense) income: Interest income 1,052 23,576 55,314 1,333 81,275 Interest expense 33,439 76,452 45,619 — 155,510 (32,387 ) (52,876 ) 9,695 1,333 (74,235 ) Other 908 — 98,823 — 99,731 221,205 (88,831 ) 189,256 1,333 322,963 Expenses: Loan fulfillment and servicing fees payable to PFSI 218 38,890 114,855 — 153,963 Management fees — — — 20,362 20,362 Other 8,210 2,321 19,796 13,486 43,813 8,428 41,211 134,651 33,848 218,138 Pretax (loss) income $ 212,777 $ (130,042 ) $ 54,605 $ (32,515 ) $ 104,825 Total assets at end of period $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net (losses) gains on loans acquired for sale $ (39,880 ) $ — $ 250,869 $ — $ 210,989 Net (losses) gains on investments (446,841 ) 120,644 — — (326,197 ) Net loan servicing fees — 141,912 — — 141,912 Net interest (expense) income: Interest income 7,689 56,827 47,364 1,055 112,935 Interest expense 23,362 79,701 37,811 1,242 142,116 (15,673 ) (22,874 ) 9,553 (187 ) (29,181 ) Other 3,180 — 49,305 1,796 54,281 (499,214 ) 239,682 309,727 1,609 51,804 Expenses: Loan fulfillment and servicing fees payable to PFSI 541 29,514 94,754 — 124,809 Management fees — — — 17,343 17,343 Other 1,926 2,873 10,088 11,127 26,014 2,467 32,387 104,842 28,470 168,166 Pretax (loss) income $ (501,681 ) $ 207,295 $ 204,885 $ (26,861 ) $ (116,362 ) Total assets at end of period $ 1,743,620 $ 4,307,113 $ 2,412,751 $ 620,235 $ 9,083,719

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 25—Supplemental Cash Flow Information Six months ended June 30, 2021 2020 (in thousands) Payments: Income taxes, net $ 2,076 $ 60 Interest $ 159,731 $ 168,941 Non-cash investing activities: Transfer of loans and advances to real estate acquired in settlement of loans $ — $ 1,166 Receipt of mortgage servicing rights as proceeds from sales of loans at fair value $ 820,634 $ 451,949 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 557 $ 862 Recognition of mortgage loans at fair value held by a VIE $ 249,995 $ — Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE $ 3,281 $ — Non-cash financing activities: Dividends declared, not paid $ 46,098 $ 39,789 Recognition of asset-backed secured financing $ 240,383 $ —

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	6 Months Ended
	Jun. 30, 2021
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 26—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 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. The Agencies’ capital and liquidity amounts and requirements, 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) June 30, 2021 $ 1,051,787 $ 512,922 11 % 6 % $ 86,514 $ 68,559 December 31, 2020 $ 1,101,318 $ 438,530 16 % 6 % $ 101,116 $ 59,158 (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	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 27—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)	6 Months Ended
	Jun. 30, 2021
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	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 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 using either the modified retrospective or full retrospective method. The Company intends to adopt ASU 2020-06 beginning in the quarter ending March 31, 2022 using the modified retrospective method. As detailed in Note 14 — Long-Term Debt • The exchange feature included in the Exchangeable Notes can be settled either in cash or common shares at the option of PennyMac Corp. (“PMC”). As a result of this feature and PMC’s intent to cash settle the Exchangeable Notes, the Company presently excludes the effect of exchange of the Exchangeable 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 exchange of the Exchangeable Notes in its determination of diluted earnings per share. • The Company recognized the fair value of the exchange feature as a component of Additional paid-in capital as of the date of issuance of the Exchangeable Notes as required by current guidance. The issuance discount charged to the Exchangeable Notes resulting from the allocation of the issuance discount 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 Exchangeable Notes will be added to the carrying value of the Exchangeable Notes and the accumulated accrual of the exchange 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 used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • 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 variable interest entities at fair value Interest-only security payable at fair value
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 5.375% exchangeable notes due May 1, 2020 (the “2020 Notes”), by the weighted average common shares outstanding, assuming all dilutive securities were issued. As discussed in Note 14 — Long-Term Debt- Exchangeable Notes, As discussed in Note 2 - Basis of Presentation and Accounting Change - Pending Accounting Change

Transactions with Related par_2

Transactions with Related parties (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Loan fulfillment fees earned by PLS $ 54,020 $ 52,815 $ 114,855 $ 94,755 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,630 $ 3,324 $ 3,368 $ 7,485 UPB of loans sold to PLS $ 16,297,216 $ 11,080,565 $ 33,856,791 $ 24,950,845 Purchases of loans acquired for sale from PLS $ — $ 2,742 $ — $ 2,248,869 Tax service fees paid to PLS $ 7,128 $ 4,288 $ 15,320 $ 8,268 June 30, 2021 December 31, 2020 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 202,280 $ 460,414
Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of loan servicing fees earned by PLS: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 630 $ 607 $ 1,173 $ 1,143 Loans at fair value 80 188 217 488 MSRs 19,305 14,738 37,718 28,423 $ 20,015 $ 15,533 $ 39,108 $ 30,054 Average investment in: Loans acquired for sale at fair value $ 4,153,241 $ 2,047,202 $ 3,887,734 $ 2,631,047 Loans at fair value: Distressed $ 7,208 $ 8,919 $ 7,504 $ 10,084 Held in VIEs $ 103,615 $ 231,973 $ 116,298 $ 242,866 Average MSR portfolio UPB $ 191,539,208 $ 143,856,366 $ 184,477,096 $ 140,056,208
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Base management $ 8,648 $ 8,288 $ 17,097 $ 17,343 Performance incentive 3,265 — 3,265 — $ 11,913 $ 8,288 $ 20,362 $ 17,343 Average shareholders' equity amounts used to calculate base management fee expense $ 2,340,948 $ 2,242,460 $ 2,325,605 $ 2,354,600
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,268 $ 1,585 $ 1,839 $ 3,125 Compensation 165 120 330 240 Expenses incurred on the Company’s behalf, net 7,804 1,438 9,140 2,709 $ 9,237 $ 3,143 $ 11,309 $ 6,074 Payments and settlements during the period (1) $ 74,441 $ 136,352 $ 187,182 $ 170,035 (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 Six months ended June 30, June 30, 2020 2021 2020 (in thousands) (in thousands) ESS: Received pursuant to a recapture agreement $ 483 $ 557 $ 862 Repayments $ 8,122 $ 134,624 $ 17,430 Interest income $ 2,372 $ 1,280 $ 4,346 Net gain (loss) included in Net gains (losses) on investments: Valuation changes $ (636 ) $ 1,037 $ (15,158 ) Recapture income 535 614 916 $ (101 ) $ 1,651 $ (14,242 ) June 30, 2021 December 31, 2020 (in thousands) Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value $ — $ 131,750
Summary of Financing Transactions	Following is a summary of financing activities between the Company and PFSI: Quarter ended Six months ended June 30, June 30, 2020 2021 2020 (in thousands) Net repayments of assets sold under agreements to repurchase $ 9,665 $ 80,862 $ 17,411 Interest expense $ 792 $ 387 $ 2,010 June 30, 2021 December 31, 2020 (in thousands) Assets sold to PFSI under agreement to repurchase $ — $ 80,862
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: June 30, 2021 December 31, 2020 (in thousands) Due from PFSI: MSR recapture $ — $ 296 Other 19,216 7,856 $ 19,216 $ 8,152 Due to PFSI: Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf $ 17,002 $ 38,142 Fulfillment fees 16,467 20,873 Management fees 11,913 8,686 Correspondent production fees 9,764 13,065 Loan servicing fees 6,737 6,213 Interest on Assets sold to PFSI under agreement to repurchase — 26 $ 61,883 $ 87,005
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 various balance sheet items as summarized below: Balance sheet line including advance amount June 30, 2021 December 31, 2020 (in thousands) Loan servicing advances $ 111,858 $ 121,820 Real estate acquired in settlement of loans 5,586 10,334 $ 117,444 $ 132,154

Loan Sales (Tables)

Loan Sales (Tables)	6 Months Ended
	Jun. 30, 2021
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: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Cash flows: Proceeds from sales $ 30,181,949 $ 20,172,571 $ 63,500,106 $ 39,890,722 Loan servicing fees received net of guarantee fees $ 124,019 $ 101,823 $ 240,306 $ 196,292
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes, for the dates presented, collection status information for loans whose transfers are accounted for as sales where the Company maintains continuing involvement: June 30, 2021 December 31, 2020 (in thousands) UPB of loans outstanding $ 198,133,144 $ 170,502,361 Collection Status (UPB) (1) Delinquency: 30-89 days delinquent $ 893,841 $ 1,235,981 90 or more days delinquent: Not in foreclosure $ 2,957,384 $ 4,428,915 In foreclosure $ 21,390 $ 27,494 Bankruptcy $ 146,209 $ 148,866 Custodial funds managed by the Company (2) $ 4,937,986 $ 6,086,724 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 271,175 $ 530,353 90 days or more $ 2,433,277 $ 3,123,288 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. (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 in the Company’s consolidated statements of operations.

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Variable Interest Entities [Member]	6 Months Ended
	Jun. 30, 2021
Non Owner Occupied Loans [Member]
Summary of Investment in Non-Owner Occupied Loans	Following is a summary of the Company’s investment in non-owner occupied loans: June 30, 2021 (in thousands) Loans at fair value $ 253,277 Asset-backed financing at fair value $ 240,383 Certificates retained at fair value $ 12,894
Jumbo Mortgage Loan Financing [Member]
Summary of Jumbo Mortgage Loan Financing	Following is a summary of the Company’s jumbo loan financing: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Interest income $ 1,368 $ 2,712 $ 3,267 $ 5,353 Interest expense $ 1,996 $ 2,470 $ 2,164 $ 6,997 June 30, 2021 December 31, 2020 (in thousands) Loans at fair value $ 89,909 $ 143,707 Asset-backed financing at fair value $ 81,492 $ 134,726 Certificates retained at fair value $ 8,417 $ 8,981
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) UPB of loans sold $ 1,795,130 $ 16,478,185 Investments — Change in expected face amount of firm commitment to purchase CRT securities $ (262,176 ) $ 292,514 Investment income (loss): Net gains on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans $ (7,579 ) $ (34,228 ) Net gains (losses) on investments: Derivative and CRT strips: CRT derivatives Realized $ 28,631 13,550 $ 52,127 30,751 Valuation changes (9,431 ) 122,535 3,443 (178,408 ) 19,200 136,085 55,570 (147,657 ) CRT strips Realized 31,368 13,355 63,972 28,105 Valuation changes 41,724 113,570 134,946 (116,305 ) 73,092 126,925 198,918 (88,200 ) Interest-only security payable at fair value 5,737 (847 ) (2,428 ) 10,728 98,029 262,163 252,060 (225,129 ) Firm commitments to purchase CRT securities — 226,035 — (266,478 ) 98,029 488,198 252,060 (491,607 ) Interest income — Deposits securing CRT arrangements 156 507 325 6,606 $ 98,185 $ 481,126 $ 252,385 $ (519,229 ) Net (recoveries received) payments made to settle (recoveries) losses on CRT arrangements $ (20,212 ) $ 2,662 $ (33,555 ) $ 4,179 June 30, 2021 December 31, 2020 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ 35,238 $ 31,795 CRT strips (67,846 ) (202,792 ) $ (32,608 ) $ (170,997 ) Deposits securing CRT arrangements $ 2,256,047 $ 2,799,263 Interest-only security payable at fair value $ 13,185 $ 10,757 CRT arrangement assets pledged to secure borrowings: Derivative and credit risk transfer assets $ 44,951 $ 58,699 Deposits securing CRT arrangements (1) $ 2,256,047 $ 2,799,263 UPB of loans — funded CRT arrangements $ 41,234,108 $ 58,697,942 Collection status (UPB): Delinquency (2) Current $ 39,006,255 $ 54,990,381 30-89 days delinquent $ 374,674 $ 710,872 90-180 days delinquent $ 279,480 $ 693,315 180 or more days delinquent $ 1,569,913 $ 2,297,365 Foreclosure $ 3,786 $ 6,009 Bankruptcy $ 73,495 $ 75,700 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days delinquent $ 135,537 $ 383,028 90-180 days delinquent $ 215,248 $ 546,344 180 or more days delinquent $ 1,314,802 $ 1,944,663 (1) Deposits securing credit risk transfer strip liabilities also secure $77.6 million and $229.7 million in CRT strip and CRT derivative liabilities at June 30, 2021 and December 31, 2020, respectively . (2) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 44,890 $ — $ — $ 44,890 Mortgage-backed securities at fair value — 2,309,864 — 2,309,864 Loans acquired for sale at fair value — 5,504,871 30,429 5,535,300 Loans at fair value — 343,186 7,215 350,401 Derivative and credit risk transfer strip assets: Call options on interest rate futures purchase contracts 3,500 — — 3,500 Put options on interest rate futures purchase contracts 1,401 — — 1,401 Forward purchase contracts — 23,676 — 23,676 Forward sale contracts — 5,891 — 5,891 MBS call options — 2,401 — 2,401 MBS put options — 3,602 — 3,602 Swaption purchase contracts — 4,362 — 4,362 CRT derivatives — — 44,951 44,951 Interest rate lock commitments — — 31,276 31,276 Total derivative assets before netting 4,901 39,932 76,227 121,060 Netting — — — (32,782 ) Total derivative and credit risk transfer strip assets after netting 4,901 39,932 76,227 88,278 Mortgage servicing rights at fair value — — 2,551,373 2,551,373 $ 49,791 $ 8,197,853 $ 2,665,244 $ 10,880,106 Liabilities: Asset-backed financing of VIEs at fair value $ — $ 321,875 $ — $ 321,875 Interest-only security payable at fair value — — 13,185 13,185 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 1,260 — 1,260 Forward sales contracts — 44,129 — 44,129 CRT derivatives — — 9,713 9,713 Interest rate lock commitments — — 1,528 1,528 Total derivative liabilities before netting — 45,389 11,241 56,630 Netting — — — (37,795 ) Total derivative liabilities after netting — 45,389 11,241 18,835 Credit risk transfer strips — — 67,846 67,846 Total derivative and credit risk transfer strips liabilities — 45,389 79,087 86,681 $ — $ 367,264 $ 92,272 $ 421,741 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 127,295 $ — $ — $ 127,295 Mortgage-backed securities at fair value — 2,213,922 — 2,213,922 Loans acquired for sale at fair value — 3,518,015 33,875 3,551,890 Loans at fair value — 143,707 8,027 151,734 Excess servicing spread purchased from PFSI — — 131,750 131,750 Derivative and credit risk transfer strip assets: Call options on interest rate futures 3,070 — — 3,070 Put options on interest rate futures 4,742 — — 4,742 Forward purchase contracts — 72,526 — 72,526 Forward sale contracts — 92 — 92 MBS put options — 3,220 — 3,220 Swaption purchase contracts — 8,505 — 8,505 CRT derivatives — — 58,699 58,699 Interest rate lock commitments — — 72,794 72,794 Total derivative assets before netting 7,812 84,343 131,493 223,648 Netting — — — (59,330 ) Total derivative assets after netting 7,812 84,343 131,493 164,318 Mortgage servicing rights at fair value — — 1,755,236 1,755,236 $ 135,107 $ 5,959,987 $ 2,060,381 $ 8,096,145 Liabilities: Asset-backed financing of VIEs at fair value $ — $ 134,726 $ — $ 134,726 Interest-only security payable at fair value — — 10,757 10,757 Derivative liabilities: Forward purchase contracts — 17 — 17 Forward sales contracts — 122,884 — 122,884 CRT derivatives — — 26,904 26,904 Interest rate lock commitments — — 408 408 Total derivative liabilities before netting — 122,901 27,312 150,213 Netting — — — (89,532 ) Total derivative liabilities after netting — 122,901 27,312 60,681 Credit risk transfer strips — — 202,792 202,792 Total derivative and credit risk transfer strips liabilities — 122,901 230,104 263,473 $ — $ 257,627 $ 240,861 $ 408,956
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 June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, March 31, 2021 $ 34,234 $ 7,802 $ 44,676 $ (64,858 ) $ (109,570 ) $ 2,441,214 $ 2,353,498 Purchases and issuances 14,173 — — 57,601 — — 71,774 Repayments and sales (17,789 ) (730 ) (28,638 ) — (31,368 ) — (78,525 ) Amounts received pursuant to sales of loans — — — — — 412,938 412,938 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — Other factors (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) Transfers: Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE — — — — — (3,281 ) (3,281 ) Loans from REO — 13 — — — — 13 Interest rate lock commitments to loans acquired for sale (2) — — — (68,568 ) — — (68,568 ) Balance, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021 $ (168 ) $ 74 $ (9,431 ) $ 29,748 $ 41,724 $ (299,498 ) $ (237,551 ) (1) For the purpose of this table, CRT derivatives, interest rate lock commitments (“IRLCs”), and CRT strips 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 June 30, 2021 (in thousands) Interest-only security payable: Balance, March 31, 2021 $ 18,922 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (5,737 ) (5,737 ) Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021 $ (5,737 ) Quarter ended June 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Repurchase agreement derivatives Firm commitments to purchase CRT securities Mortgage servicing rights Total (in thousands) Balance, March 31, 2020 $ 22,541 $ 9,122 $ 157,109 $ (185,933 ) $ 79,384 $ (174,945 ) $ 5,275 $ (409,649 ) $ 1,157,326 $ 660,230 Purchases and issuances 20,996 — — — 172,047 — — — — 193,043 Repayments and sales (13,475 ) (590 ) (8,122 ) (14,078 ) — (13,355 ) — — — (49,620 ) Capitalization of interest — — 2,372 — — — — — — 2,372 ESS received pursuant to a recapture agreement with PFSI — — 483 — — — — — — 483 Amounts (incurred) received pursuant to sales of loans — — — — — — — (7,579 ) 203,127 195,548 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (749 ) (121 ) (636 ) 136,085 96,053 126,925 — 226,035 (170,848 ) 412,744 (749 ) (121 ) (636 ) 136,085 96,053 126,925 — 226,035 (170,848 ) 412,744 Transfers: Interest rate lock commitments to loans acquired for sale (2) — — — — (263,528 ) — — — — (263,528 ) Balance, June 30, 2020 $ 29,313 $ 8,411 $ 151,206 $ (63,926 ) $ 83,956 $ (61,375 ) $ 5,275 $ (191,193 ) $ 1,189,605 $ 1,151,272 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2020 $ (704 ) $ (322 ) $ (636 ) $ 122,535 $ 83,956 $ 113,570 $ — $ 226,035 $ (170,848 ) $ 373,586 (1) For the purpose of this table, CRT derivatives, IRLCs, CRT strips, 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 June 30, 2020 (in thousands) Interest-only security payable: Balance, March 31, 2020 $ 14,134 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors 847 847 Balance, June 30, 2020 $ 14,981 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2020 $ 847 Six months ended June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, December 31, 2020 $ 33,875 $ 8,027 $ 131,750 $ 31,795 $ 72,386 $ (202,792 ) $ 1,755,236 $ 1,830,277 Purchases and issuances 30,071 — — — 47,897 — — 77,968 Repayments and sales (33,859 ) (1,314 ) (134,624 ) (52,127 ) — (63,972 ) — (285,896 ) Capitalization of interest and fees — 198 1,280 — — — — 1,478 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 820,634 820,634 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — Other factors 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 Transfers: Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE — — — — — — (3,281 ) (3,281 ) Loans from REO — 79 — — — — — 79 Interest rate lock commitments to loans acquired for sale (2) — — — — 79,407 — — 79,407 Balance, June 30, 2021 $ 30,429 $ 7,215 $ — $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the period relating to assets still held at June 30, 2021 $ 157 $ 75 $ — $ 3,443 $ 29,748 $ 134,946 $ (21,216 ) $ 147,153 (1) For the purpose of this table, CRT derivatives, IRLCs, and CRT strips 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 Six months ended June 30, 2021 (in thousands) Interest-only security payable: Balance, December 31, 2020 $ 10,757 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors 2,428 2,428 Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2021 $ 2,428 Six months ended June 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Repurchase agreement derivatives 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 $ 54,930 $ 5,275 $ 109,513 $ 1,535,705 $ 2,044,019 Purchases and issuances 32,287 1,058 — — 261,966 — — — — 295,311 Repayments and sales (21,032 ) (4,925 ) (17,430 ) (32,132 ) — (28,105 ) — — — (103,624 ) Capitalization of interest — — 4,346 — — — — — — 4,346 ESS received pursuant to a recapture agreement with PFSI — — 862 — — — — — — 862 Amounts (incurred) received pursuant to sales of loans — — — — — — — (34,228 ) 451,949 417,721 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — — — Other factors (509 ) (1,263 ) (15,158 ) (147,657 ) 199,698 (88,200 ) — (266,478 ) (798,049 ) (1,117,616 ) (509 ) (1,263 ) (15,158 ) (147,657 ) 199,698 (88,200 ) — (266,478 ) (798,049 ) (1,117,616 ) Transfers: Loans to REO — (885 ) — — — — — — — (885 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (388,862 ) — — — — (388,862 ) Balance, June 30, 2020 $ 29,313 $ 8,411 $ 151,206 $ (63,926 ) $ 83,956 $ (61,375 ) $ 5,275 $ (191,193 ) $ 1,189,605 $ 1,151,272 Changes in fair value recognized during the period relating to assets still held at June 30, 2020 $ (656 ) $ (1,157 ) $ (15,158 ) $ (178,408 ) $ 83,956 $ (116,305 ) $ — $ (266,478 ) $ (798,049 ) $ (1,292,255 ) (1) For the purpose of this table, CRT derivatives, IRLCs, CRT strips, 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 Six months ended June 30, 2020 (in thousands) Interest-only security payable: Balance, December 31, 2019 $ 25,709 Changes in fair value included in income arising from: Changes in instrument- specific credit risk — Other factors (10,728 ) (10,728 ) Balance, June 30, 2020 $ 14,981 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2020 $ (10,728 )
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 (comprised of loans acquired for sale, loans held in a consolidated VIE, and distressed loans): June 30, 2021 December 31, 2020 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 $ 5,530,359 $ 5,327,754 $ 202,605 $ 3,545,100 $ 3,377,970 $ 167,130 90 or more days delinquent: Not in foreclosure 4,746 5,039 (293 ) 6,591 8,006 (1,415 ) In foreclosure 195 235 (40 ) 199 235 (36 ) 4,941 5,274 (333 ) 6,790 8,241 (1,451 ) $ 5,535,300 $ 5,333,028 $ 202,272 $ 3,551,890 $ 3,386,211 $ 165,679 Loans at fair value: Loans held in consolidated VIEs: Current through 89 days delinquent $ 340,833 $ 330,541 $ 10,292 $ 140,052 $ 128,787 $ 11,265 90 or more days delinquent: Not in foreclosure 2,353 2,884 (531 ) 3,655 4,240 (585 ) In foreclosure — — — — — — 2,353 2,884 (531 ) 3,655 4,240 (585 ) 343,186 333,425 9,761 143,707 133,027 10,680 Distressed loans: Current through 89 days delinquent 2,038 3,936 (1,898 ) 2,071 4,099 (2,028 ) 90 or more days delinquent: Not in foreclosure 2,873 9,826 (6,953 ) 3,714 12,357 (8,643 ) In foreclosure 2,304 6,334 (4,030 ) 2,242 4,641 (2,399 ) 5,177 16,160 (10,983 ) 5,956 16,998 (11,042 ) 7,215 20,096 (12,881 ) 8,027 21,097 (13,070 ) $ 350,401 $ 353,521 $ (3,120 ) $ 151,734 $ 154,124 $ (2,390 )
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 June 30, 2021 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 29,252 $ — $ (1,883 ) $ 27,369 Credit risk transfer strips — 73,092 — — 73,092 Loans acquired for sale at fair value 99,339 — — — 99,339 Loans at fair value — (533 ) — 504 (29 ) MSRs at fair value — — (299,498 ) — (299,498 ) $ 99,339 $ 101,811 $ (299,498 ) $ (1,379 ) $ (99,727 ) Liabilities: Interest-only security payable at fair value $ — $ 5,737 $ — $ — $ 5,737 Asset-backed financing of VIEs at fair value — 1,582 — (1,245 ) 337 $ — $ 7,319 $ — $ (1,245 ) $ 6,074 Quarter ended June 30, 2020 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 17,064 $ — $ (11,859 ) $ 5,205 Loans acquired for sale at fair value 257,469 — — — 257,469 Loans at fair value — 674 — 546 1,220 ESS at fair value — (636 ) — 2,372 1,736 Credit risk transfer strips — 126,925 — — 126,925 Firm commitment to purchase CRT securities at fair value (7,579 ) 226,035 — — 218,456 MSRs at fair value — — (170,848 ) — (170,848 ) $ 249,890 $ 370,062 $ (170,848 ) $ (8,941 ) $ 440,163 Liabilities: Interest-only security payable $ — $ (847 ) $ — $ — $ (847 ) Asset-backed financing of VIEs at fair value — (162 ) — 604 442 $ — $ (1,009 ) $ — $ 604 $ (405 ) Six months ended June 30, 2021 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (41,865 ) $ — $ (4,406 ) $ (46,271 ) Credit risk transfer strips — 198,918 — — 198,918 Loans acquired for sale at fair value (7,325 ) — — — (7,325 ) Loans at fair value — (2,784 ) — 1,329 (1,455 ) ESS at fair value — 1,037 — 1,280 2,317 MSRs at fair value — — (21,216 ) — (21,216 ) $ (7,325 ) $ 155,306 $ (21,216 ) $ (1,797 ) $ 124,968 Liabilities: Interest-only security payable at fair value $ — $ (2,428 ) $ — $ — $ (2,428 ) Asset-backed financing of VIEs at fair value — 2,483 — (456 ) 2,027 $ — $ 55 $ — $ (456 ) $ (401 ) Six months ended June 30, 2020 Net gains on loans acquired for sale Net gains (losses) on investments Net loan servicing fees Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 133,031 $ — $ (23,861 ) $ 109,170 Loans acquired for sale at fair value 405,027 — — — 405,027 Loans at fair value — (3,337 ) — 839 (2,498 ) ESS at fair value — (15,158 ) — 4,346 (10,812 ) Credit risk transfer strips — (88,200 ) — — (88,200 ) Firm commitment to purchase CRT securities at fair value (34,228 ) (266,478 ) — — (300,706 ) MSRs at fair value — — (798,049 ) — (798,049 ) $ 370,799 $ (240,142 ) $ (798,049 ) $ (18,676 ) $ (686,068 ) Liabilities: Interest-only security payable at fair value $ — $ 10,728 $ — $ — $ 10,728 Asset-backed financing of VIEs at fair value — 1,766 — (3,095 ) (1,329 ) $ — $ 12,494 $ — $ (3,095 ) $ 9,399
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) June 30, 2021 $ — $ — $ 4,747 $ 4,747 December 31, 2020 $ — $ — $ 12,656 $ 12,656
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Real estate asset acquired in settlement of loans $ (564 ) $ (47 ) $ (768 ) $ (1,195 )
Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes	Following are the carrying and fair values of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes June 30, 2021 December 31, 2020 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets $ 2,829,177 $ 2,838,844 $ 1,924,999 $ 1,871,276 Exchangeable senior notes $ 496,825 $ 575,263 $ 196,796 $ 207,428
Summary of Key Inputs Used in Determining Fair Value of ESS	Following are the key inputs used in determining the fair value of ESS: December 31, 2020 Fair value (in thousands) $ 131,750 UPB of underlying loans (in thousands) $ 15,833,050 Average servicing fee rate (in basis points) 34 Average ESS rate (in basis points) 19 Key inputs (1) Pricing spread (2) Range 4.9% – 5.3% Weighted average 5.1% Annual total prepayment speed (3) Range 9.6% – 18.3% Weighted average 11.7% Equivalent life (in years) Range 2.3 - 6.6 Weighted average 5.8 (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 provided 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 derivatives: June 30, 2021 December 31, 2020 (dollars in thousands) Fair value CRT derivatives: Assets $ 44,951 $ 58,699 Liabilities $ 9,713 $ 26,904 UPB of loans in reference pools $ 9,769,411 $ 13,854,426 Key inputs (1) Discount rate Range 5.5% – 6.2% 6.7% – 9.0% Weighted average 6.1% 7.3% Voluntary prepayment speed (2) Range 13.8% – 14.4% 20.8% – 23.5% Weighted average 13.9% 21.9% Involuntary prepayment speed (3) Range (0.5)% – 1.2% (0.8)% – 1.1% Weighted average (0.1)% (0.2)% Remaining loss expectation (4) Range (0.5)% – 0.6% (0.6)% – 0.6% Weighted average (0.1)% (0.3)% (1) Weighted average inputs are based on fair value amounts of the CRT Agreements except for remaining loss expectation which is based on the UPB 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. The negative involuntary prepayment speed reflects the expectation for reinstatement to the reference pool of a portion of the loans that previously triggered losses due to delinquency while under CARES Act forbearance upon their projected re-performance, as contractually provided for in certain CRT Agreements. (4) Remaining loss expectation is measured as expected future contractual losses divided by the UPB of the reference loans. The negative remaining loss expectation reflects the expectation of contractual reversals of previously incurred contractual losses due to the expected re-performance of a portion of the loans that experienced delinquency while under CARES Act forbearance.
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: June 30, 2021 December 31, 2020 Fair value (in thousands) (1) $ 29,748 $ 72,386 Key inputs (2) Pull-through rate Range 40.0% – 100% 44.6% – 100% Weighted average 94.7% 86.3% MSR fair value expressed as Servicing fee multiple Range 1.2 – 6.6 2.0 – 5.3 Weighted average 4.9 4.4 Percentage of UPB Range 0.3% – 2.5% 0.5% – 1.9% Weighted average 1.4% 1.2% (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: June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value CRT strip liabilities $ 67,846 $ 202,792 UPB of loans in the reference pools $ 31,464,697 $ 44,843,516 Key inputs (1) Discount rate Range 4.8% – 7.2% 6.0% – 8.4% Weighted average 6.8% 8.0% Voluntary prepayment speed (2) Range 19.0% – 19.1% 25.0% – 30.2% Weighted average 19.1% 26.2% Involuntary prepayment speed (3) Range 0.5% – 1.3% 0.8% – 1.7% Weighted average 0.6% 1.0% Remaining loss expectation (4) Range 0.3% – 0.8% 0.3% – 0.6% Weighted average 0.4% 0.4% (1) Weighted average inputs are based on fair value amounts of the CRT arrangements except for remaining loss expectation which is based on the UPB 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 loans in the reference pools.
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (MSR recognized and UPB of underlying loans amounts in thousands) MSR recognized $ 412,938 $ 203,127 $ 820,634 $ 451,949 UPB of underlying loans $ 29,585,783 $ 19,458,673 $ 62,034,674 $ 38,799,943 Weighted average annual servicing fee rate (in basis points) 27 28 27 29 Key inputs (1) Pricing spread (2) Range 6.0% – 8.0% 8.1% – 11.3% 6.0% – 8.0% 6.7% – 11.3% Weighted average 6.8% 8.2% 7.4% 7.5% Prepayment speed (3) Range 6.2% – 8.9% 9.0% – 19.4% 6.0% – 9.3% 9.0% – 20.9% Weighted average 8.0% 9.9% 7.8% 11.1% Equivalent average life (in years) Range 3.9 - 8.7 3.7 - 8.0 3.9 – 8.9 3.6 – 8.0 Weighted average 8.1 7.4 8.3 6.9 Annual per-loan cost of servicing Range $80 – $81 $79 – $79 $80 – $81 $78 – $79 Weighted average $80 $79 $80 $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 provided 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: June 30, 2021 December 31, 2020 (Fair value, UPB of underlying loans and effect on fair value amounts in thousands) Fair value $ 2,551,373 $ 1,755,236 UPB of underlying loans $ 198,300,614 $ 170,728,322 Weighted average annual servicing fee rate (in basis points) 27 28 Weighted average note interest rate 3.3% 3.6% Key inputs (1) Pricing spread (2) Range 6.3% – 9.4% 8.0% – 11.1% Weighted average 6.3% 8.0% Effect on fair value of: 5% adverse change $(36,431) $(31,400) 10% adverse change $(71,892) $(61,718) 20% adverse change $(140,042) $(119,305) Prepayment speed (3) Range 9.2% – 23.6% 12.4% – 28.8% Weighted average 9.7% 12.8% Equivalent average life (in years) Range 3.1 – 7.6 2.9 – 6.8 Weighted average 7.3 6.5 Effect on fair value of: 5% adverse change $(54,633) $(48,136) 10% adverse change $(107,223) $(94,244) 20% adverse change $(206,714) $(180,820) Annual per-loan cost of servicing Range $80 – $95 $78 – $121 Weighted average $80 $81 Effect on fair value of: 5% adverse change $(16,532) $(11,846) 10% adverse change $(33,064) $(23,692) 20% adverse change $(66,129) $(47,385) (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 provided for informational purposes.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 1,916,485 $ 3,947,420 $ 2,213,922 $ 2,839,633 Purchases 423,660 — 1,682,849 1,615,486 Sales — (1,112,761 ) (1,300,653 ) (1,601,490 ) Repayments (57,650 ) (226,878 ) (239,983 ) (349,813 ) Changes in fair value included in income arising from: Amortization of net purchase premiums (1,883 ) (11,859 ) (4,406 ) (23,861 ) Valuation adjustments 29,252 17,064 (41,865 ) 133,031 27,369 5,205 (46,271 ) 109,170 Balance at end of period $ 2,309,864 $ 2,612,986 $ 2,309,864 $ 2,612,986
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: June 30, 2021 December 31, 2020 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) Freddie Mac $ 722,730 $ 23,132 $ (11,862 ) $ 734,000 $ 1,253,755 $ 32,414 $ 24,867 $ 1,311,036 Fannie Mae 1,547,656 49,267 (21,059 ) 1,575,864 863,758 23,692 15,436 902,886 $ 2,270,386 $ 72,399 $ (32,921 ) $ 2,309,864 $ 2,117,513 $ 56,106 $ 40,303 $ 2,213,922 (1) All MBS are fixed-rate pass-through securities with maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase at June 30, 2021 and December 31, 2020.

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Mortgage Loans On Real Estate [Abstract]
Summary of Distribution of Company's Loans Acquired for Sale at Fair Value	Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2021 December 31, 2020 (in thousands) Agency-eligible (1) $ 5,302,591 $ 3,057,601 Held for sale to PLS — Government insured or guaranteed (2) 202,280 460,414 Home equity lines of credit 4,555 5,566 Commercial real estate 988 1,010 Repurchased pursuant to representations and warranties 24,886 27,299 $ 5,535,300 $ 3,551,890 Loans pledged to secure: Assets sold under agreements to repurchase $ 5,389,265 $ 3,484,202 Mortgage loan participation purchase and sale agreements 28,841 17,645 $ 5,418,106 $ 3,501,847 (1) Agency eligibility refers to loans’ eligibility for sale to Agencies. The Company sells or finances a portion of its Agency-eligible loan production to other investors. (2) 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 (Tables)

Loans at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 December 31, 2020 (in thousands) Loans in VIEs: Fixed interest rate jumbo loans $ 89,909 $ 143,707 Loans secured by non-owner occupied properties 253,277 — 343,186 143,707 Distressed loans 7,215 8,027 $ 350,401 $ 151,734 Loans at fair value pledged to secure: Asset-backed financings of VIEs at fair value $ 343,186 $ 143,707 Assets sold under agreements to repurchase 1,282 3,703 $ 344,468 $ 147,410

Derivative and Credit Risk Tr_2

Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Derivative and Credit Risk Transfer Assets and Liabilities	Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2021 December 31, 2020 (in thousands) Derivative assets $ 88,278 $ 164,318 Credit risk transfer strip assets — — $ 88,278 $ 164,318 Derivative liabilities $ 18,835 $ 60,681 Credit risk transfer strip liabilities 67,846 202,792 $ 86,681 $ 263,473
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 June 30, 2021 December 31, 2020 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount (1) assets liabilities amount (1) assets liabilities (in thousands) Subject to master netting agreements ─ economic hedging purposes (2): Call options on interest rate futures purchase contracts 1,050,000 $ 3,500 $ — 1,450,000 $ 3,070 $ — Put options on interest rate futures purchase contracts 1,570,000 1,401 — 2,800,000 4,742 — Forward purchase contracts 9,016,801 23,676 1,260 17,563,549 72,526 17 Forward sale contracts 17,781,827 5,891 44,129 26,615,716 92 122,884 MBS call options 1,750,000 2,401 — — — — MBS put options 2,950,000 3,602 — 3,625,000 3,220 — Swaption purchase contracts 3,097,500 4,362 — 3,655,000 8,505 — Swap futures 2,795,000 — — 1,950,000 — — Bond futures 286,500 — — 66,500 — — Not subject to master netting arrangements: CRT derivatives 9,769,411 44,951 9,713 13,854,426 58,699 26,904 Interest rate lock commitments 6,455,877 31,276 1,528 10,588,208 72,794 408 Total derivative instruments before netting 121,060 56,630 223,648 150,213 Netting (32,782 ) (37,795 ) (59,330 ) (89,532 ) $ 88,278 $ 18,835 $ 164,318 $ 60,681 Margin deposits placed with derivative counterparties, net $ 5,013 $ 30,197 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 44,951 $ 58,699 (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges.
Summary of Net Derivative Assets	Following is a summary of net derivative assets: June 30, 2021 December 31, 2020 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 purchase contracts $ 3,500 $ — $ 3,500 $ 3,070 $ — $ 3,070 Put options on interest rate futures purchase contracts 1,401 — 1,401 4,742 — 4,742 Forward purchase contracts 23,676 — 23,676 72,526 — 72,526 Forward sale contracts 5,891 — 5,891 92 — 92 MBS call options 2,401 — 2,401 — — — MBS put options 3,602 — 3,602 3,220 — 3,220 Swaption purchase contracts 4,362 — 4,362 8,505 — 8,505 Netting — (32,782 ) (32,782 ) — (59,330 ) (59,330 ) 44,833 (32,782 ) 12,051 92,155 (59,330 ) 32,825 Not subject to master netting arrangements: CRT derivatives 44,951 — 44,951 58,699 — 58,699 Interest rate lock commitments 31,276 — 31,276 72,794 — 72,794 76,227 — 76,227 131,493 — 131,493 $ 121,060 $ (32,782 ) $ 88,278 $ 223,648 $ (59,330 ) $ 164,318
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. June 30, 2021 December 31, 2020 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 $ 44,951 $ — $ — $ 44,951 $ 58,699 $ — $ — $ 58,699 Interest rate lock commitments 31,276 — — 31,276 72,794 — — 72,794 J.P. Morgan Securities LLC 725 — — 725 — — — — RJ O’Brien & Associates, LLC 4,902 — — 4,902 7,813 — — 7,813 Bank of America, N.A. 4,062 — — 4,062 15,406 — — 15,406 PNC Capital Markets LLC — — — — 3,138 — — 3,138 Citigroup Global Markets Inc. — — — — 2,416 — — 2,416 Deutsche Bank Securities LLC — — — — 1,602 — — 1,602 Mitsubishi UFJ Sec — — — — 1,070 — — 1,070 Other 2,362 — — 2,362 1,380 — — 1,380 $ 88,278 $ — $ — $ 88,278 $ 164,318 $ — $ — $ 164,318
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. June 30, 2021 December 31, 2020 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 $ 1,260 $ — $ 1,260 $ 17 $ — $ 17 Forward sales contracts 44,129 — 44,129 122,884 — 122,884 Netting — (37,795 ) (37,795 ) — (89,532 ) (89,532 ) 45,389 (37,795 ) 7,594 122,901 (89,532 ) 33,369 Not subject to master netting arrangements CRT derivatives 9,713 — 9,713 26,904 — 26,904 Interest rate lock commitments 1,528 — 1,528 408 — 408 56,630 (37,795 ) 18,835 150,213 (89,532 ) 60,681 Assets sold under agreements to repurchase: UPB 7,197,536 — 7,197,536 6,317,928 — 6,317,928 Unamortized debt issuance costs (3,865 ) — (3,865 ) (8,510 ) — (8,510 ) 7,193,671 — 7,193,671 6,309,418 — 6,309,418 $ 7,250,301 $ (37,795 ) $ 7,212,506 $ 6,459,631 $ (89,532 ) $ 6,370,099
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. June 30, 2021 December 31, 2020 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments pledged amount sheet instruments pledged amount (in thousands) Interest rate lock commitments $ 1,528 $ — $ — $ 1,528 $ 408 $ — $ — $ 408 CRT derivatives 9,713 — — 9,713 26,904 — — 26,904 Bank of America, N.A. 1,366,829 (1,366,829 ) — — 414,044 (414,044 ) — — Barclays Capital Inc. 1,081,361 (1,081,246 ) — 115 922,959 (922,035 ) — 924 RBC Capital Markets, L.P. 921,198 (921,198 ) — — 765,892 (765,892 ) — — Credit Suisse Securities (USA) LLC 809,674 (805,872 ) — 3,802 1,059,547 (1,054,636 ) — 4,911 J.P. Morgan Securities LLC 806,998 (806,998 ) — — 359,573 (357,211 ) — 2,362 Daiwa Capital Markets 518,677 (518,677 ) — — 728,207 (727,562 ) — 645 BNP Paribas 367,916 (367,560 ) — 356 164,414 (163,548 ) — 866 Wells Fargo Securities, LLC 349,857 (349,857 ) — — 148,854 (140,796 ) — 8,058 Citigroup Global Markets Inc. 336,774 (335,834 ) — 940 830,161 (830,161 ) — — Goldman Sachs & Co. LLC 259,748 (259,372 ) — 376 149,272 (144,883 ) — 4,389 Morgan Stanley & Co. LLC 250,005 (248,936 ) — 1,069 367,493 (366,415 ) — 1,078 Amherst Pierpont Securities LLC 135,419 (135,157 ) — 262 153,224 (153,224 ) — — Mizuho Securities — — — — 279,321 (277,521 ) — 1,800 Federal Home Loan Mortgage Corporation — — — — 5,883 — — 5,883 Other 674 — — 674 2,453 — — 2,453 $ 7,216,371 $ (7,197,536 ) $ — $ 18,835 $ 6,378,609 $ (6,317,928 ) $ — $ 60,681
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 June 30, Six months ended June 30, Derivative activity Consolidated statement of operations line 2021 2020 2021 2020 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ 94,605 $ 4,572 $ (42,638 ) $ 72,803 CRT derivatives Net gains (losses) on investments $ 19,200 $ 136,085 $ 55,570 $ (147,657 ) Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ (166,100 ) $ (91,897 ) $ 131,376 $ (232,265 ) Mortgage servicing rights Net loan servicing fees $ 94,116 $ (50,650 ) $ (280,287 ) $ 716,536 Fixed-rate and prepayment sensitive assets and LIBOR-indexed repurchase agreements Net gains (losses) on investments $ 75 $ (16,739 ) $ 51 $ 48,192 (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 .
Summary of Holdings of CRT Strips	Following is a summary of the Company’s holdings of CRT strips Credit risk transfer strips contractually restricted from sale (1) June 30, 2021 December 31, 2020 (in thousands) Currently unrestricted $ 447 $ — Through December 4, 2021 9,908 (168,539 ) To maturity (78,201 ) (34,253 ) $ (67,846 ) $ (202,792 ) (1) The terms of the agreement underlying the CRT securities restricts sales of the securities, other than under agreements to repurchase, without the approval of Fannie Mae, for specified periods from the date of issuance.

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2021
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 2,441,214 $ 1,157,326 $ 1,755,236 $ 1,535,705 MSRs resulting from loan sales 412,938 203,127 820,634 451,949 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (229,885 ) (111,649 ) 107,782 (674,896 ) Other changes in fair value (2) (69,613 ) (59,199 ) (128,998 ) (123,153 ) (299,498 ) (170,848 ) (21,216 ) (798,049 ) Reclassification to loans at fair value resulting from consolidation of a VIE (3) (3,281 ) — (3,281 ) — Balance at end of period $ 2,551,373 $ 1,189,605 $ 2,551,373 $ 1,189,605 June 30, 2021 December 31, 2020 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and payable secured by credit risk transfer and mortgage servicing assets $ 2,522,717 $ 1,742,905 (1) Primarily reflects changes in pricing spread, prepayment speed, and servicing cost inputs. (2) Represents changes due to realization of expected cash flows. (3) As discussed in Note 6—Variable Interest Entities – Investment in Securities Backed by Loans Secured by Non-Owner Occupied Properties, Loans at fair value
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Contractually-specified servicing fees $ 124,019 $ 101,823 $ 240,306 $ 196,292 Ancillary and other fees: Late charges 351 399 763 899 Other 24,551 11,488 40,384 18,179 $ 148,921 $ 113,710 $ 281,453 $ 215,370

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.34 % 1.24 % 1.47 % 1.85 % Average balance $ 5,733,765 $ 4,755,992 $ 5,862,480 $ 5,529,446 Total interest expense $ 23,282 $ 17,071 $ 51,941 $ 54,822 Maximum daily amount outstanding $ 7,198,610 $ 6,627,618 $ 8,440,669 $ 8,664,587 (1) Excludes the effect of amortization of debt issuance costs of $4.1 million and $9.2 million for the quarter and six months ended June 30, 2021, respectively, and $2.4 million and $3.9 million for the quarter and six months ended June 30, 2020, respectively. June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Unpaid principal balance $ 7,197,536 $ 6,317,928 Unamortized debt issuance costs (3,865 ) (8,510 ) $ 7,193,671 $ 6,309,418 Weighted average interest rate 1.36 % 1.36 % Available borrowing capacity (1): Committed $ 51,064 $ 483,767 Uncommitted 3,742,908 4,151,905 $ 3,793,972 $ 4,635,672 Margin deposits placed with counterparties included in Other $ 8,910 $ 141,808 Assets securing agreements to repurchase: Mortgage-backed securities $ 2,309,864 $ 2,213,922 Loans acquired for sale at fair value $ 5,389,265 $ 3,484,202 Loans at fair value $ 1,282 $ 3,703 MSRs (2) $ 1,531,396 $ 1,166,090 Servicing advances $ 71,306 $ — Real estate acquired in settlement of loans $ 9,003 $ 15,365 Deposits securing CRT arrangements $ — $ 2,799,263 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged as collateral under both Assets sold under agreements to repurchase and 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 June 30, 2021 Unpaid principal balance (in thousands) Within 30 days $ 3,463,395 Over 30 to 90 days 2,812,944 Over 90 days to 180 days 921,197 $ 7,197,536 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) Bank of America, N.A. $ 16,818 July 16, 2021 Barclays Capital Inc. $ 15,961 July 18, 2021 JPMorgan Chase & Co. $ 23,366 July 6, 2021 Daiwa Capital Markets America Inc. $ 20,344 July 19, 2021 Amherst Pierpont Securities LLC $ 5,940 July 19, 2021
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 $ 148,606 September 16, 2021 March 31, 2023 Bank of America, N.A. $ 70,990 July 28, 2021 June 7, 2023 Barclays Capital Inc. $ 65,069 September 20, 2021 November 3, 2022 RBC Capital Markets, L.P. $ 56,318 October 13, 2021 May 10, 2022 JPMorgan Chase & Co. $ 10,918 August 17, 2021 June 6, 2023 BNP Paribas $ 20,752 July 30, 2021 July 30, 2021 Wells Fargo Securities, LLC $ 20,531 September 23, 2021 October 6, 2022 Citibank, N.A. $ 18,336 August 3, 2021 August 3, 2021 Goldman Sachs & Co. LLC $ 15,630 September 12, 2021 December 23, 2022 Morgan Stanley & Co. LLC $ 14,337 September 18, 2021 November 2, 2022

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Text Block [Abstract]
Summary of Mortgage Loan Participation Purchase and Sale Agreements	Mortgage loan participation purchase and sale agreements are summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.36 % 1.57 % 1.38 % 2.17 % Average balance $ 32,152 $ 39,048 $ 35,638 $ 40,174 Total interest expense $ 141 $ 210 $ 305 $ 548 Maximum daily amount outstanding $ 89,072 $ 96,570 $ 89,072 $ 96,570 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $62,000 for the quarter and six months ended June 30, 2021, respectively, and $57,000 and $113,000 for the quarter and six months ended June 30, 2020, respectively. June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 28,037 $ 16,851 Unamortized debt issuance costs — — $ 28,037 $ 16,851 Weighted average interest rate 1.48 % 1.39 % Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 28,841 $ 17,645

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the secured CRT Term Notes issued: Maturity date (2) Term notes Issuance date Issuance amount Unpaid principal balance Annual interest rate spread (1) Stated Optional extension (in thousands) 2021 1R March 04, 2021 $ 659,156 $ 549,254 2.90 % February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 415,089 3.81 % December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 124,365 2.35 % March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 120,654 2.70 % October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 333,452 2.75 % May 29, 2023 May 29, 2025 2019 1R March 29, 2019 $ 295,700 121,526 2.00 % March 29, 2022 March 27, 2024 $ 1,664,340 (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 certain of the Term Notes under the conditions specified in the respective agreements.
Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets	Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 3.13 % 3.07 % 3.13 % 3.58 % Average balance $ 2,917,356 $ 1,934,476 $ 2,590,852 $ 1,897,344 Total interest expense $ 24,174 $ 15,449 $ 42,773 $ 35,067 Maximum daily amount outstanding $ 3,180,129 $ 1,973,252 $ 3,235,942 $ 2,032,665 (1) Excludes the effect of amortization of debt issuance costs of $1.4 million and $2.5 million for the quarter and six months ended June 30, 2021, respectively, and $620,000 and $1.2 million for the quarter and six months ended June 30, 2020, respectively. June 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 2,839,341 $ 1,930,018 Unamortized debt issuance costs (10,164 ) (5,019 ) $ 2,829,177 $ 1,924,999 Weighted average interest rate 2.86 % 2.99 % Assets securing notes payable: MSRs (1) $ 2,522,717 $ 1,742,905 CRT Agreements: Deposits securing CRT arrangements $ 2,256,047 $ 2,799,263 Derivative assets $ 44,951 $ 58,699 (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
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Average balance $ 495,032 $ 242,469 $ 390,053 $ 343,316 Total interest expense $ 10,310 $ 4,343 $ 15,852 $ 11,609 June 30, 2021 December 31, 2020 (in thousands) Carrying value: UPB $ 555,000 $ 210,000 Unamortized debt issuance costs and conversion option (58,175 ) (13,204 ) $ 496,825 $ 196,796
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 financings of VIEs at fair value described in Note 6 - Variable Interest Entities - Investments in Loan Securitizations Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (dollars in thousands) Average balance $ 95,069 $ 222,578 $ 107,672 $ 231,672 Total interest expense $ 1,996 $ 2,470 $ 2,164 $ 6,997 Weighted average interest rate 3.17 % 3.36 % 3.20 % 3.38 % June 30, 2021 December 31, 2020 (dollars in thousands) Fair value $ 321,875 $ 134,726 UPB $ 314,783 $ 131,835 Weighted average interest rate 3.57 % 3.56 %
Schedule of Annual Maturities on Long Term Debt Obligations	Maturity of Long-Term Debt Annual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2022 2023 2024 2025 2026 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,464,340 $ 121,526 $ 1,443,560 $ 549,254 $ — $ 350,000 $ — Exchangeable senior notes 555,000 — — — 210,000 345,000 — Asset-backed financing of variable interest entities at fair value (2) 314,783 — — — — — 314,783 Interest-only security payable at fair value (2) 13,185 — — — — — 13,185 Total $ 3,347,308 $ 121,526 $ 1,443,560 $ 549,254 $ 210,000 $ 695,000 $ 327,968

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Balance, beginning of period $ 28,967 $ 7,300 $ 21,893 $ 7,614 Provision for losses: Pursuant to loan sales 8,472 3,215 16,985 4,245 Reduction in liability due to change in estimate (1,095 ) (211 ) (2,519 ) (1,555 ) Losses incurred, net (30 ) (79 ) (45 ) (79 ) Balance, end of period $ 36,314 $ 10,225 $ 36,314 $ 10,225 UPB of loans subject to representations and warranties at end of period $ 193,579,850 $ 135,538,011

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: June 30, 2021 (in thousands) Commitments to purchase loans acquired for sale $ 6,455,877

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Preferred Quarter Six months Share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2021 2020 2021 2020 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 $ 1.02 $ 1.02 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 12,400 $ 310,000 $ 10,293 $ 299,707 (1) Par value is $0.01 per share.
Summary of Activities under ATM Equity Offering Program	Following is a summary of the activities under the ATM equity-offering program: Six months ended June 30, 2020 (in thousands) Number of common shares issued 241 Gross proceeds $ 5,654 Net proceeds $ 5,597
Summary of Share Repurchase Activity	The following table summarizes the Company’s share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2021 2020 2021 2020 total (1) (in thousands) Common shares repurchased 27 566 27 1,349 17,525 Cost of common shares repurchased $ 521 $ 7,561 $ 521 $ 13,343 $ 254,413 (1) Amounts represent the share repurchase program total from its inception in August 2015 through June 30, 2021.

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	6 Months Ended
	Jun. 30, 2021
Text Block [Abstract]
Schedule of Net Gains on Loans Acquired for Sale	Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Cash loss: Loans $ (222,271 ) $ 21,842 $ (815,060 ) $ (47,112 ) Hedging activities (292,226 ) (234,191 ) 171,050 (257,569 ) (514,497 ) (212,349 ) (644,010 ) (304,681 ) Non-cash gain: Recognition of fair value of firm commitment to purchase CRT securities — (7,579 ) — (34,228 ) Receipt of MSRs in mortgage loan sale transactions 412,938 203,127 820,634 451,949 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to loans sales (8,472 ) (3,215 ) (16,985 ) (4,245 ) Reduction of liability due to change in estimate 1,095 211 2,519 1,555 (7,377 ) (3,004 ) (14,466 ) (2,690 ) Change in fair value of loans and derivatives IRLCs 94,605 4,572 (42,638 ) 72,803 Loans (85,699 ) 31,829 (2,476 ) (4,953 ) Hedging derivatives 126,126 142,294 (39,674 ) 25,304 135,032 178,695 (84,788 ) 93,154 540,593 371,239 721,380 508,185 Total from nonaffiliates 26,096 158,890 77,370 203,504 From PFSI ‒ cash gain 1,630 3,324 3,368 7,485 $ 27,726 $ 162,214 $ 80,738 $ 210,989

Net Gains (Losses) on Investm_2

Net Gains (Losses) on Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Summary of Net Gains (Losses) on Investments	Net gains (losses) on investments are summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Mortgage-backed securities $ 29,252 $ 17,064 $ (41,865 ) $ 133,031 Loans at fair value: Held in VIEs (664 ) 795 (3,009 ) (2,074 ) Distressed 131 (121 ) 225 (1,263 ) CRT arrangements 98,029 262,163 252,060 (225,129 ) Firm commitment to purchase CRT securities — 226,035 — (266,478 ) Asset-backed financing of VIEs at fair value 1,582 (162 ) 2,483 1,766 Hedging derivatives 75 (16,739 ) 51 48,192 128,405 489,035 209,945 (311,955 ) From PFSI ‒ ESS — (101 ) 1,651 (14,242 ) $ 128,405 $ 488,934 $ 211,596 $ (326,197 )

Net Interest Expense (Tables)

Net Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2021
Banking And Thrift Interest [Abstract]
Summary of Net Interest Expense	Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 215 $ 892 $ 441 $ 2,519 Mortgage-backed securities 7,806 9,883 16,092 25,451 Loans acquired for sale at fair value 32,613 16,081 55,520 47,604 Loans at fair value: Held in VIEs 1,368 2,712 3,267 5,353 Distressed 40 233 293 292 Deposits securing CRT arrangements 156 507 325 6,606 Placement fees relating to custodial funds 1,472 8,116 4,004 20,514 Other 16 16 53 250 43,686 38,440 79,995 108,589 From PFSI ‒ ESS — 2,372 1,280 4,346 43,686 40,812 81,275 112,935 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 23,282 17,071 51,941 54,822 Mortgage loan participation purchase and sale agreements 141 210 305 548 Notes payable secured by credit risk transfer and mortgage servicing assets 24,174 15,449 42,773 35,067 Exchangeable Notes 10,310 4,343 15,852 11,609 Asset-backed financings of VIEs at fair value 1,996 2,470 2,164 6,997 Interest shortfall on repayments of loans serviced for Agency securitizations 18,536 19,804 40,576 29,243 Interest on loan impound deposits 763 909 1,512 1,820 79,202 60,256 155,123 140,106 To PFSI ‒ Assets sold under agreement to repurchase — 792 387 2,010 79,202 61,048 155,510 142,116 Net interest expense $ (35,516 ) $ (20,236 ) $ (74,235 ) $ (29,181 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Grants: Restricted share units 4 — 105 92 Performance share units 42 — 126 112 46 — 231 204 Grant date fair value: Restricted share units $ 75 $ — $ 1,992 $ 1,978 Performance share units 797 — 2,399 2,428 $ 872 $ — $ 4,391 $ 4,406 Vestings: Restricted share units — — 100 123 Performance share units (1) — — 37 143 — — 137 266 Compensation expense relating to share-based grants $ 1,010 $ 869 $ 2,748 $ 1,054 (1) The actual number of performance-based RSUs that vested during the six months ended June 30, 2021 was 37,000 common shares, which is 100% of the originally granted performance-based RSUs.
Summary of Restricted Share Units and Performance Share Units Expected to Vest	June 30, 2021 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 193 202 Grant date average fair value per unit $ 20.05 $ 19.88

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands except per share amounts) Net income (loss) $ 38,092 $ 464,620 $ 109,695 $ (130,053 ) Dividends on preferred shares (6,235 ) (6,235 ) (12,469 ) (12,469 ) Effect of participating securities—share-based compensation awards (80 ) (903 ) (169 ) (123 ) Net income (loss) attributable to common shareholders 31,777 457,482 97,057 (142,645 ) Interest on the 2020 Notes, net of income taxes — 715 — — Income attributable to participating securities — 14 — — Diluted net income (loss) attributable to common shareholders $ 31,777 $ 458,211 $ 97,057 $ (142,645 ) Weighted average basic shares outstanding 97,927 99,689 97,910 99,967 Shares issuable pursuant to exchange of the Exchangeable Notes — 1,705 — — Shares issuable under share-based compensation plan 107 198 213 — Diluted weighted average number of shares outstanding 98,034 101,592 98,123 99,967 Basic earnings (loss) per share $ 0.32 $ 4.59 $ 0.99 $ (1.43 ) Diluted earnings (loss) per share $ 0.32 $ 4.51 $ 0.99 $ (1.43 )
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 June 30, Six months ended June 30, 2021 2020 2021 2020 (in thousands) Shares issuable under share-based compensation plan 107 142 — 236 Shares issuable pursuant to exchange of the Exchangeable Notes 24,328 — — 5,086

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ 1 $ — $ 27,725 $ — $ 27,726 Net gains on investments 98,413 29,992 — — 128,405 Net loan servicing fees — (44,912 ) — — (44,912 ) Net interest (expense) income: Interest income 401 10,056 32,519 710 43,686 Interest expense 16,177 39,141 23,884 — 79,202 (15,776 ) (29,085 ) 8,635 710 (35,516 ) Other 20 — 45,843 — 45,863 82,658 (44,005 ) 82,203 710 121,566 Expenses: Loan fulfillment and servicing fees payable to PFSI 80 19,936 54,019 — 74,035 Management fees — — — 11,913 11,913 Other 4,061 1,507 9,150 7,103 21,821 4,141 21,443 63,169 19,016 107,769 Pretax income (loss) $ 78,517 $ (65,448 ) $ 19,034 $ (18,306 ) $ 13,797 Total assets at end of quarter $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net (losses) gains on loans acquired for sale $ (7,573 ) $ — $ 169,787 $ — $ 162,214 Net gains on investments 472,269 16,665 — — 488,934 Net loan servicing fees — (102,660 ) — — (102,660 ) Net interest (expense) income: Interest income 1,133 23,585 15,957 137 40,812 Interest expense 8,796 38,093 13,502 657 61,048 (7,663 ) (14,508 ) 2,455 (520 ) (20,236 ) Other 3,014 — 25,318 1,737 30,069 460,047 (100,503 ) 197,560 1,217 558,321 Expenses: Loan fulfillment and servicing fees payable to PFSI 240 15,294 52,814 — 68,348 Management fees — — — 8,288 8,288 Other 1,014 1,691 5,168 5,749 13,622 1,254 16,985 57,982 14,037 90,258 Pretax income (loss) $ 458,793 $ (117,488 ) $ 139,578 $ (12,820 ) $ 468,063 Total assets at end of quarter $ 1,743,620 $ 4,307,113 $ 2,412,751 $ 620,235 $ 9,083,719 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gain on loans acquired for sale $ — $ — $ 80,738 $ — $ 80,738 Net gain (loss) on investments 252,684 (41,088 ) — — 211,596 Net loan servicing fees — 5,133 — — 5,133 Net interest (expense) income: Interest income 1,052 23,576 55,314 1,333 81,275 Interest expense 33,439 76,452 45,619 — 155,510 (32,387 ) (52,876 ) 9,695 1,333 (74,235 ) Other 908 — 98,823 — 99,731 221,205 (88,831 ) 189,256 1,333 322,963 Expenses: Loan fulfillment and servicing fees payable to PFSI 218 38,890 114,855 — 153,963 Management fees — — — 20,362 20,362 Other 8,210 2,321 19,796 13,486 43,813 8,428 41,211 134,651 33,848 218,138 Pretax (loss) income $ 212,777 $ (130,042 ) $ 54,605 $ (32,515 ) $ 104,825 Total assets at end of period $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net (losses) gains on loans acquired for sale $ (39,880 ) $ — $ 250,869 $ — $ 210,989 Net (losses) gains on investments (446,841 ) 120,644 — — (326,197 ) Net loan servicing fees — 141,912 — — 141,912 Net interest (expense) income: Interest income 7,689 56,827 47,364 1,055 112,935 Interest expense 23,362 79,701 37,811 1,242 142,116 (15,673 ) (22,874 ) 9,553 (187 ) (29,181 ) Other 3,180 — 49,305 1,796 54,281 (499,214 ) 239,682 309,727 1,609 51,804 Expenses: Loan fulfillment and servicing fees payable to PFSI 541 29,514 94,754 — 124,809 Management fees — — — 17,343 17,343 Other 1,926 2,873 10,088 11,127 26,014 2,467 32,387 104,842 28,470 168,166 Pretax (loss) income $ (501,681 ) $ 207,295 $ 204,885 $ (26,861 ) $ (116,362 ) Total assets at end of period $ 1,743,620 $ 4,307,113 $ 2,412,751 $ 620,235 $ 9,083,719

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Six months ended June 30, 2021 2020 (in thousands) Payments: Income taxes, net $ 2,076 $ 60 Interest $ 159,731 $ 168,941 Non-cash investing activities: Transfer of loans and advances to real estate acquired in settlement of loans $ — $ 1,166 Receipt of mortgage servicing rights as proceeds from sales of loans at fair value $ 820,634 $ 451,949 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 557 $ 862 Recognition of mortgage loans at fair value held by a VIE $ 249,995 $ — Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE $ 3,281 $ — Non-cash financing activities: Dividends declared, not paid $ 46,098 $ 39,789 Recognition of asset-backed secured financing $ 240,383 $ —

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	6 Months Ended
	Jun. 30, 2021
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Amounts and Requirements by Agencies	The Agencies’ capital and liquidity amounts and requirements, 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) June 30, 2021 $ 1,051,787 $ 512,922 11 % 6 % $ 86,514 $ 68,559 December 31, 2020 $ 1,101,318 $ 438,530 16 % 6 % $ 101,116 $ 59,158 (1) Calculated in accordance with the Agencies’ requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021Segment
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) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Nov. 04, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Restricted cash	$ 0	$ 0
Exchangeable Senior Notes due November 1, 2024 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Issuance of debt through private offering	$ 555,000,000		$ 210,000,000

Transactions with Related par_3

Transactions with Related parties - Correspondent Production Activities - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021USD ($)
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income and sourcing fee	0.035%
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income and sourcing fee	0.02%
PennyMac Loan Services, LLC [Member]
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months
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 commitments 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 commitments 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 payable	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

Transactions with Related par_4

Transactions with Related parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 5,535,300		$ 5,535,300		$ 3,551,890
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	54,020	$ 52,815	114,855	$ 94,755
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,630	3,324	3,368	7,485
UPB of loans sold to PLS	16,297,216	11,080,565	33,856,791	24,950,845
Purchases of loans acquired for sale from PLS	0	2,742	0	2,248,869
Tax service fees paid to PLS	7,128	$ 4,288	15,320	$ 8,268
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 202,280		$ 202,280		$ 460,414

Transactions with Related par_5

Transactions with Related parties - Loan Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2021
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months

Transactions with Related par_6

Transactions with Related parties - Prime Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2021USD ($)
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

Transactions with Related par_7

Transactions with Related parties - Special Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member] - Distressed loans [Member]	6 Months Ended
	Jun. 30, 2021USD ($)
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 25
Base servicing fees for REO per month	75
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	30
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 95

Transactions with Related par_8

Transactions with Related parties- MSR Recapture Agreement - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
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, the 2020 MSR recapture agreement changed the recapture fee payable by PLS to 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%.
Recapture rate	15.00%

Transactions with Related par_9

Transactions with Related parties - Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - PennyMac Loan Services, LLC [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,015	$ 15,533	$ 39,108	$ 30,054
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	630	607	1,173	1,143
Average investment in loans acquired for sale at fair value	4,153,241	2,047,202	3,887,734	2,631,047
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	80	188	217	488
Average MSR portfolio UPB	103,615	231,973	116,298	242,866
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	19,305	14,738	37,718	28,423
Average MSR portfolio UPB	191,539,208	143,856,366	184,477,096	140,056,208
Distressed [Member]
Related Party Transaction [Line Items]
Average investment in distressed loans at fair value	$ 7,208	$ 8,919	$ 7,504	$ 10,084

Transactions with Related pa_10

Transactions with Related parties - Management Fees - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jul. 01, 2020
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 before 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%
PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.5% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 2,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 5,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 10% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of return on equity	8.00%
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 15% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of return on equity	12.00%
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 20% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of return on equity	16.00%
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 2,000,000,000
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 5,000,000,000
PennyMac Financial Services, Inc. [Member]
Mortgage Loans On Real Estate [Line Items]
Performance incentive fee description	The performance incentive fee is equal to the sum of: (a) 10% of the amount by which “net income” for the quarter exceeds (i) an 8% return on “equity” plus the “high watermark”, up to (ii) a 12% return on “equity”; plus (b) 15% of the amount by which “net income” for the quarter exceeds (i) a 12% return on “equity” plus the “high watermark”, up to (ii) a 16% return on “equity”; plus (c) 20% of the amount by which “net income” for the quarter exceeds a 16% return on “equity” plus the “high watermark”.

Transactions with Related pa_11

Transactions with Related parties - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 11,913	$ 8,288	$ 20,362	$ 17,343
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	11,913	8,288	20,362	17,343
Average shareholders' equity amounts used to calculate base management fee expense	2,340,948	2,242,460	2,325,605	2,354,600
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	8,648	8,288	17,097	17,343
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 3,265	$ 0	$ 3,265	$ 0

Transactions with Related pa_12

Transactions with Related parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 1,268	$ 1,585	$ 1,839	$ 3,125
Compensation	165	120	330	240
Expenses incurred on the Company’s behalf, net	7,804	1,438	9,140	2,709
Total expenses incurred in transaction with affiliates	9,237	3,143	11,309	6,074
Payments and settlements during the period (1)	$ 74,441	$ 136,352	$ 187,182	$ 170,035

Transactions with Related pa_13

Transactions with Related parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	Dec. 19, 2016	Jun. 30, 2021	Dec. 31, 2020
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%
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Number of common shares held by affiliate		75,000	75,000
Maximum [Member]
Related Party Transaction [Line Items]
Aggregate ESS transferred	$ 200,000

Transactions with Related pa_14

Transactions with Related parties - Summary of Investing Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
ESS:
Interest income	$ 43,686	$ 40,812	$ 81,275	$ 112,935
Net gain (loss) included in Net gains (losses) on investments:
Net (loss) gain on investments	128,405	488,934	211,596	(326,197)
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	0		0		$ 131,750
PennyMac Financial Services, Inc. [Member]
ESS:
Received pursuant to a recapture agreement		483	557	862
Repayments		8,122	134,624	17,430
Interest income	0	2,372	1,280	4,346
Net gain (loss) included in Net gains (losses) on investments:
Valuation changes		(636)	1,037	(15,158)
Recapture income		535	614	916
Net (loss) gain on investments	0	$ (101)	1,651	$ (14,242)
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value	$ 0		$ 0		$ 131,750

Transactions with Related pa_15

Transactions with Related parties - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Interest expense	$ 79,202	$ 61,048	$ 155,510	$ 142,116
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Net repayments of assets sold under agreements to repurchase		9,665	80,862	17,411
Interest expense	0	$ 792	387	$ 2,010
Assets sold to PFSI under agreement to repurchase	$ 0		$ 0		$ 80,862

Transactions with Related pa_16

Transactions with Related parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - PennyMac Financial Services, Inc. [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Due from PFSI:
MSR recapture	$ 0	$ 296
Other	19,216	7,856
Due from Affiliates	19,216	8,152
Due to PFSI:
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	17,002	38,142
Fulfillment fees	16,467	20,873
Management fees	11,913	8,686
Correspondent production fees	9,764	13,065
Loan servicing fees	6,737	6,213
Interest on Assets sold to PFSI under agreement to repurchase	0	26
Total expense due to affiliate	$ 61,883	$ 87,005

Transactions with Related pa_17

Transactions with Related parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Loan servicing advances	$ 111,858	$ 121,820
Real estate acquired in settlement of loans	14,715	28,709
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	111,858	121,820
Real estate acquired in settlement of loans	5,586	10,334
Servicing advances and real estate acquired	$ 117,444	$ 132,154

Loan Sales - Summary of Cash Fl

Loan Sales - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows:
Proceeds from sales	$ 30,181,949	$ 20,172,571	$ 63,500,106	$ 39,890,722
Loan servicing fees received net of guarantee fees	$ 124,019	$ 101,823	$ 240,306	$ 196,292

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		Jun. 30, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 198,133,144	$ 170,502,361
Collection Status (UPB)
30-89 days delinquent	[1]	893,841	1,235,981
90 or more days delinquent:
Not in foreclosure		2,957,384	4,428,915
In foreclosure		21,390	27,494
Bankruptcy		146,209	148,866
Custodial funds managed by the Company	[2]	4,937,986	6,086,724
COVID-19 [Member]
90 or more days delinquent:
30-89 days		271,175	530,353
90 days or more		$ 2,433,277	$ 3,123,288
[1]	Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act.
[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 in the Company’s consolidated statements of operations.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2013	Jun. 30, 2021	Jun. 30, 2020
Mortgage Loans On Real Estate Schedule [Table]
Purchase of mortgage-backed securities at fair value		$ 1,682,849	$ 1,615,486
Variable Interest Entity, Primary Beneficiary [Member] | Jumbo Mortgage Loan Financing [Member]
Mortgage Loans On Real Estate Schedule [Table]
Certificates issued	$ 537,000
Weighted yield	3.90%
Variable Interest Entity, Primary Beneficiary [Member] | Subordinate Mortgage Pass Through Securities [Member]
Mortgage Loans On Real Estate Schedule [Table]
Purchase of mortgage-backed securities at fair value		$ 247,700
Credit Risk Transfer Agreements [Member] | Minimum [Member]
Mortgage Loans On Real Estate Schedule [Table]
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 Schedule [Table]
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		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
CRT strips
Net investment income		$ 121,566	$ 558,321	$ 322,963	$ 51,804
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		88,278		88,278								$ 164,318
Interest-only security payable at fair value		13,185		13,185		$ 13,185	$ 0	$ 0	$ 0	$ 0	$ 0	10,757
Variable Interest Entity, Primary Beneficiary [Member]
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		44,951		44,951								58,699
Interest-only security payable at fair value		13,185		13,185								10,757
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			1,795,130		16,478,185
Investments — Change in expected face amount of firm commitment to purchase CRT securities			(262,176)		292,514
Net investment income
Net gains on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans			(7,579)		(34,228)
CRT derivatives
Realized		28,631	13,550	52,127	30,751
Valuation changes		(9,431)	122,535	3,443	(178,408)
Gains (losses) recognized on gross derivative related to credit risk transactions		19,200	136,085	55,570	(147,657)
CRT strips
Realized		31,368	13,355	63,972	28,105
Valuation changes		41,724	113,570	134,946	(116,305)
Credit risk transfer strips		73,092	126,925	198,918	(88,200)
Interest-only security payable at fair value		5,737	(847)	(2,428)	10,728
Gains (losses) recognized on gross derivative related to credit risk transactions		98,029	262,163	252,060	(225,129)
Firm commitments to purchase CRT securities			226,035		(266,478)
Gains (losses) recognized on CRT agreements upon firm commitments to purchase CRT securities		98,029	488,198	252,060	(491,607)
Interest income — Deposits securing CRT arrangements		156	507	325	6,606
Net investment income		98,185	481,126	252,385	(519,229)
Net (recoveries received) payments made to settle (recoveries) losses on CRT arrangements		(20,212)	$ 2,662	(33,555)	$ 4,179
Carrying value of CRT arrangements:
CRT derivatives		35,238		35,238								31,795
CRT strips		(67,846)		(67,846)								(202,792)
Derivative and credit risk transfer strip assets		(32,608)		(32,608)								(170,997)
Deposits securing CRT arrangements		2,256,047		2,256,047								2,799,263
Interest-only security payable at fair value		13,185		13,185								10,757
Derivative and credit risk transfer assets		44,951		44,951								58,699
Derivative and credit risk transfer strip assets pledged to secure	[1]	2,256,047		2,256,047								2,799,263
UPB of loans — funded CRT arrangements		41,234,108		41,234,108								58,697,942
Variable Interest Entity, Primary Beneficiary [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		39,006,255		39,006,255								54,990,381
30-89 days delinquent		374,674		374,674								710,872
90-180 days delinquent		279,480		279,480								693,315
180 or more days delinquent		1,569,913		1,569,913								2,297,365
Foreclosure		3,786		3,786								6,009
Bankruptcy		73,495		73,495								75,700
Variable Interest Entity, Primary Beneficiary [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member] | COVID-19 [Member]
Collection status (UPB):
30-89 days		135,537		135,537								383,028
90-180 days delinquent		215,248		215,248								546,344
180 or more days delinquent		$ 1,314,802		$ 1,314,802								$ 1,944,663
[1]	Deposits securing credit risk transfer strip liabilities also secure $77.6 million and $229.7 million in CRT strip and CRT derivative liabilities at June 30, 2021 and December 31, 2020, respectively

Variable Interest Entities - _2

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 77.6	$ 229.7

Variable Interest Entities - _3

Variable Interest Entities - Summary of Investment In Non Owner Occupied Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Loans at fair value ($344,468 and $147,410 pledged to creditors, respectively)	$ 350,401	$ 151,734
Asset-backed financing of variable interest entities at fair value	321,875	134,726
Variable Interest Entities [Member]
Mortgage Loans On Real Estate [Line Items]
Loans at fair value ($344,468 and $147,410 pledged to creditors, respectively)	343,186	143,707
Asset-backed financing of variable interest entities at fair value	321,875	$ 134,726
Variable Interest Entities [Member] | Non Owner Occupied Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Loans at fair value ($344,468 and $147,410 pledged to creditors, respectively)	253,277
Asset-backed financing of variable interest entities at fair value	240,383
Certificates retained at fair value	$ 12,894

Variable Interest Entities - _4

Variable Interest Entities - Summary of Jumbo Mortgage Loan Financing (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Interest income	$ 43,686	$ 40,812	$ 81,275	$ 112,935
Interest expense	79,202	61,048	155,510	142,116
Loans at fair value	350,401		350,401		$ 151,734
Asset-backed financing of variable interest entities at fair value	321,875		321,875		134,726
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage Loans on Real Estate [Line Items]
Loans at fair value	343,186		343,186		143,707
Asset-backed financing of variable interest entities at fair value	321,875		321,875		134,726
Jumbo Mortgage Loan Financing [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Mortgage Loans on Real Estate [Line Items]
Interest income	1,368	2,712	3,267	5,353
Interest expense	1,996	$ 2,470	2,164	$ 6,997
Loans at fair value	89,909		89,909		143,707
Asset-backed financing of variable interest entities at fair value	81,492		81,492		134,726
Certificates retained at fair value	$ 8,417		$ 8,417		$ 8,981

Fair Value - Summary of Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Short-term investments								$ 44,890		$ 127,295
Mortgage-backed securities at fair value pledged to creditors								2,309,864		2,213,922
Loans acquired for sale at fair value								5,535,300		3,551,890
Excess servicing spread purchased from PFSI								0		131,750
Derivative and credit risk transfer strip assets:
Derivative assets								121,060		223,648
Derivative assets, Netting								(32,782)		(59,330)
Total derivative and credit risk transfer strip assets after netting								88,278		164,318
Mortgage servicing rights at fair value ($2,522,717 and $1,742,905 pledged to creditors, respectively)								2,551,373	$ 2,441,214	1,755,236	$ 1,189,605	$ 1,157,326	$ 1,535,705
Derivative assets								121,060		223,648
Liabilities:
Asset-backed financing of variable interest entities at fair value								321,875		134,726
Interest-only security payable at fair value		$ 13,185	$ 0	$ 0	$ 0	$ 0	$ 0	13,185		10,757
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								56,630		150,213
Derivative liabilities, Netting								(37,795)		(89,532)
Total derivative liabilities after netting								18,835		60,681
Total derivative and credit risk transfer strips liabilities								86,681		263,473
Derivative assets								121,060		223,648
Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							4,362		8,505
Derivative assets	[1]							4,362		8,505
Derivative and credit risk transfer strip liabilities:
Derivative assets	[1]							4,362		8,505
CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								44,951		58,699
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								44,951		58,699
Derivative assets								44,951		58,699
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								9,713		26,904
Derivative assets								44,951		58,699
Interest Rate Lock Commitments [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								31,276		72,794
Total derivative and credit risk transfer strip assets after netting								31,276		72,794
Derivative assets								31,276		72,794
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,528		408
Derivative assets								31,276		72,794
Forward Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							23,676		72,526
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								23,676		72,526
Derivative assets	[1]							23,676		72,526
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,260		17
Derivative liabilities, Netting								0		0
Derivative assets	[1]							23,676		72,526
Forward Sales Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							5,891		92
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								5,891		92
Derivative assets	[1]							5,891		92
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								44,129		122,884
Derivative liabilities, Netting								0		0
Derivative assets	[1]							5,891		92
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							3,500		3,070
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								3,500		3,070
Derivative assets	[1]							3,500		3,070
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets	[1]							3,500		3,070
Put Options On Interest Rate Futures Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							1,401		4,742
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								1,401		4,742
Derivative assets	[1]							1,401		4,742
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets	[1]							1,401		4,742
MBS Put Options [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							3,602		3,220
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								3,602		3,220
Derivative assets	[1]							3,602		3,220
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets	[1]							3,602		3,220
Recurring [Member]
Assets:
Short-term investments								44,890		127,295
Mortgage-backed securities at fair value pledged to creditors								2,309,864		2,213,922
Loans acquired for sale at fair value								5,535,300		3,551,890
Loans at fair value								350,401		151,734
Excess servicing spread purchased from PFSI										131,750
Derivative and credit risk transfer strip assets:
Derivative assets								121,060		223,648
Derivative assets, Netting								(32,782)		(59,330)
Total derivative and credit risk transfer strip assets after netting								88,278		164,318
Mortgage servicing rights at fair value ($2,522,717 and $1,742,905 pledged to creditors, respectively)								2,551,373		1,755,236
Total Assets								10,880,106		8,096,145
Derivative assets								121,060		223,648
Liabilities:
Asset-backed financing of variable interest entities at fair value								321,875		134,726
Interest-only security payable at fair value								13,185		10,757
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								56,630		150,213
Derivative liabilities, Netting								(37,795)		(89,532)
Total derivative liabilities after netting								18,835		60,681
Total derivative and credit risk transfer strips liabilities								86,681		263,473
Derivative assets								121,060		223,648
Total liabilities								421,741		408,956
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										202,792
Derivative assets										202,792
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								67,846		26,904
Derivative assets										202,792
Recurring [Member] | Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets								4,362		8,505
Derivative assets								4,362		8,505
Derivative and credit risk transfer strip liabilities:
Derivative assets								4,362		8,505
Recurring [Member] | CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								44,951		58,699
Derivative assets								44,951		58,699
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								9,713
Derivative assets								44,951		58,699
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments								44,890		127,295
Mortgage-backed securities at fair value pledged to creditors								0		0
Loans acquired for sale at fair value								0		0
Loans at fair value								0		0
Excess servicing spread purchased from PFSI										0
Derivative and credit risk transfer strip assets:
Derivative assets								4,901		7,812
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								4,901		7,812
Mortgage servicing rights at fair value ($2,522,717 and $1,742,905 pledged to creditors, respectively)								0		0
Total Assets								49,791		135,107
Derivative assets								4,901		7,812
Liabilities:
Asset-backed financing of variable interest entities at fair value								0		0
Interest-only security payable 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		0
Derivative assets								4,901		7,812
Total liabilities								0		0
Recurring [Member] | Level 1 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										0
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets										0
Recurring [Member] | Level 1 [Member] | Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0		0
Recurring [Member] | Level 1 [Member] | CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0
Derivative assets								0		0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value pledged to creditors								2,309,864		2,213,922
Loans acquired for sale at fair value								5,504,871		3,518,015
Loans at fair value								343,186		143,707
Excess servicing spread purchased from PFSI										0
Derivative and credit risk transfer strip assets:
Derivative assets								39,932		84,343
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								39,932		84,343
Mortgage servicing rights at fair value ($2,522,717 and $1,742,905 pledged to creditors, respectively)								0		0
Total Assets								8,197,853		5,959,987
Derivative assets								39,932		84,343
Liabilities:
Asset-backed financing of variable interest entities at fair value								321,875		134,726
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								45,389		122,901
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								45,389		122,901
Total derivative and credit risk transfer strips liabilities								45,389		122,901
Derivative assets								39,932		84,343
Total liabilities								367,264		257,627
Recurring [Member] | Level 2 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										0
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets										0
Recurring [Member] | Level 2 [Member] | Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets								4,362		8,505
Derivative assets								4,362		8,505
Derivative and credit risk transfer strip liabilities:
Derivative assets								4,362		8,505
Recurring [Member] | Level 2 [Member] | CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0
Derivative assets								0		0
Recurring [Member] | Level 3 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value pledged to creditors								0		0
Loans acquired for sale at fair value								30,429		33,875
Loans at fair value								7,215		8,027
Excess servicing spread purchased from PFSI										131,750
Derivative and credit risk transfer strip assets:
Derivative assets								76,227		131,493
Derivative assets, Netting								0		0
Total derivative and credit risk transfer strip assets after netting								76,227		131,493
Mortgage servicing rights at fair value ($2,522,717 and $1,742,905 pledged to creditors, respectively)								2,551,373		1,755,236
Total Assets								2,665,244		2,060,381
Derivative assets								76,227		131,493
Liabilities:
Asset-backed financing of variable interest entities at fair value								0		0
Interest-only security payable at fair value								13,185		10,757
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								11,241		27,312
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								11,241		27,312
Total derivative and credit risk transfer strips liabilities								79,087		230,104
Derivative assets								76,227		131,493
Total liabilities								92,272		240,861
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										202,792
Derivative assets										202,792
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								67,846		26,904
Derivative assets										202,792
Recurring [Member] | Level 3 [Member] | Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0		0
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								44,951		58,699
Derivative assets								44,951		58,699
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								9,713
Derivative assets								44,951		58,699
Recurring [Member] | Interest Rate Lock Commitments [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								31,276		72,794
Derivative assets								31,276		72,794
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,528		408
Derivative assets								31,276		72,794
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets								0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets								0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								31,276		72,794
Derivative assets								31,276		72,794
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,528		408
Derivative assets								31,276		72,794
Recurring [Member] | Forward Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								23,676		72,526
Derivative assets								23,676		72,526
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,260		17
Derivative assets								23,676		72,526
Recurring [Member] | Forward Purchase Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets								0		0
Recurring [Member] | Forward Purchase Contracts [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								23,676		72,526
Derivative assets								23,676		72,526
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,260		17
Derivative assets								23,676		72,526
Recurring [Member] | Forward Purchase Contracts [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets								0		0
Recurring [Member] | Forward Sales Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								5,891		92
Derivative assets								5,891		92
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								44,129		122,884
Derivative assets								5,891		92
Recurring [Member] | Forward Sales Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets								0		0
Recurring [Member] | Forward Sales Contracts [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								5,891		92
Derivative assets								5,891		92
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								44,129		122,884
Derivative assets								5,891		92
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets								0		0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								3,500
Derivative assets								3,500
Derivative and credit risk transfer strip liabilities:
Derivative assets								3,500
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								3,500
Derivative assets								3,500
Derivative and credit risk transfer strip liabilities:
Derivative assets								3,500
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets								1,401
Derivative assets								1,401
Derivative and credit risk transfer strip liabilities:
Derivative assets								1,401
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								1,401
Derivative assets								1,401
Derivative and credit risk transfer strip liabilities:
Derivative assets								1,401
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0
Recurring [Member] | MBS Put Options [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								3,602		3,220
Derivative assets								3,602		3,220
Derivative and credit risk transfer strip liabilities:
Derivative assets								3,602		3,220
Recurring [Member] | MBS Put Options [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0		0
Recurring [Member] | MBS Put Options [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								3,602		3,220
Derivative assets								3,602		3,220
Derivative and credit risk transfer strip liabilities:
Derivative assets								3,602		3,220
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0		0
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0		0
Recurring [Member] | MBS call options [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								2,401
Derivative assets								2,401
Derivative and credit risk transfer strip liabilities:
Derivative assets								2,401
Recurring [Member] | MBS call options [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative assets								0
Recurring [Member] | MBS call options [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								2,401
Derivative assets								2,401
Derivative and credit risk transfer strip liabilities:
Derivative assets								2,401
Recurring [Member] | MBS call options [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								0
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative assets								$ 0
Recurring [Member] | Put Options on Interest Rate Futures [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										4,742
Derivative assets										4,742
Derivative and credit risk transfer strip liabilities:
Derivative assets										4,742
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										4,742
Derivative assets										4,742
Derivative and credit risk transfer strip liabilities:
Derivative assets										4,742
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										0
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative assets										0
Recurring [Member] | Put Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										0
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative assets										0
Recurring [Member] | Call Options on Interest Rate Futures [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										3,070
Derivative assets										3,070
Derivative and credit risk transfer strip liabilities:
Derivative assets										3,070
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										3,070
Derivative assets										3,070
Derivative and credit risk transfer strip liabilities:
Derivative assets										3,070
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 2 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										0
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative assets										0
Recurring [Member] | Call Options on Interest Rate Futures [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										0
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative assets										$ 0
[1]	All hedging derivatives are interest rate derivatives that are used as economic hedges.

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Assets:
Amounts received pursuant to sales of loans	$ 412,938	$ 203,127	$ 820,634	$ 451,949
Transfers:
Loans to REO			0	(1,166)
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE			3,281	0
Liabilities:
Amounts received pursuant to sales of loans	412,938	203,127	820,634	451,949
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance			72,386
Transfers:
Ending balance	29,748		29,748
Liabilities:
Beginning balance			72,386
Recurring [Member]
Assets:
Beginning balance	2,353,498	660,230		2,044,019
Purchases and issuances	71,774	193,043	77,968	295,311
Repayments and sales	(78,525)	49,620	(285,896)	103,624
Amounts received pursuant to sales of loans	412,938	195,548	820,634	417,721
Capitalization of interest		2,372	1,478	4,346
ESS received pursuant to a recapture agreement with PFSI		483	557	862
Repayments and sales	78,525	(49,620)	285,896	(103,624)
Changes in instrument- specific credit risk	0	0	0	0
Other factors	(101,692)	412,744	64,934	(1,117,616)
Total	(101,692)	412,744	64,934	(1,117,616)
Transfers:
Loans from REO	13		79
Interest rate lock commitments to loans acquired for sale (2)	(68,568)	(263,528)	79,407	(388,862)
Ending balance	2,586,157	1,151,272	2,586,157	1,151,272
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(237,551)	373,586	147,153	(1,292,255)
Loans to REO				(885)
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	(3,281)		(3,281)
Liabilities:
Beginning balance	2,353,498	660,230		2,044,019
Purchases and issuances	71,774	193,043	77,968	295,311
Repayments and sales	78,525	(49,620)	285,896	(103,624)
Capitalization of interest		2,372	1,478	4,346
ESS received pursuant to a recapture agreement with PFSI		483	557	862
Amounts received pursuant to sales of loans	412,938	195,548	820,634	417,721
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(237,551)	373,586	147,153	(1,292,255)
Recurring [Member] | Previously Reported
Assets:
Beginning balance			1,830,277
Liabilities:
Beginning balance			1,830,277
Recurring [Member] | Repurchase Agreements
Assets:
Beginning balance		5,275		5,275
Purchases and issuances		0		0
Repayments and sales		0		0
Amounts received pursuant to sales of loans		0		0
Capitalization of interest		0		0
ESS received pursuant to a recapture agreement with PFSI		0		0
Repayments and sales		0		0
Changes in instrument- specific credit risk		0		0
Other factors		0		0
Total		0		0
Transfers:
Interest rate lock commitments to loans acquired for sale (2)		0		0
Ending balance		5,275		5,275
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021		0		0
Loans to REO				0
Liabilities:
Beginning balance		5,275		5,275
Purchases and issuances		0		0
Repayments and sales		0		0
Capitalization of interest		0		0
ESS received pursuant to a recapture agreement with PFSI		0		0
Amounts received pursuant to sales of loans		0		0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021		0		0
Recurring [Member] | Credit Risk Transfer Derivatives [Member]
Assets:
Beginning balance	44,676	(185,933)	31,795	115,863
Purchases and issuances	0	0	0	0
Repayments and sales	(28,638)	14,078	(52,127)	32,132
Amounts received pursuant to sales of loans	0	0	0	0
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	28,638	(14,078)	52,127	(32,132)
Changes in instrument- specific credit risk	0	0	0	0
Other factors	19,200	136,085	55,570	(147,657)
Total	19,200	136,085	55,570	(147,657)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	35,238	(63,926)	35,238	(63,926)
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(9,431)	122,535	3,443	(178,408)
Loans to REO				0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	0		0
Liabilities:
Beginning balance	44,676	(185,933)	31,795	115,863
Purchases and issuances	0	0	0	0
Repayments and sales	28,638	(14,078)	52,127	(32,132)
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(9,431)	122,535	3,443	(178,408)
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(109,570)	(174,945)	(202,792)	54,930
Purchases and issuances	0	0	0	0
Repayments and sales	(31,368)	13,355	(63,972)	28,105
Amounts received pursuant to sales of loans	0	0	0	0
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	31,368	(13,355)	63,972	(28,105)
Changes in instrument- specific credit risk	0	0	0	0
Other factors	73,092	126,925	198,918	(88,200)
Total	73,092	126,925	198,918	(88,200)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	(67,846)	(61,375)	(67,846)	(61,375)
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	41,724	113,570	134,946	(116,305)
Loans to REO				0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	0		0
Liabilities:
Beginning balance	(109,570)	(174,945)	(202,792)	54,930
Purchases and issuances	0	0	0	0
Repayments and sales	31,368	(13,355)	63,972	(28,105)
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	41,724	113,570	134,946	(116,305)
Recurring [Member] | Loans At Fair Value [Member]
Assets:
Beginning balance	7,802	9,122	8,027	14,426
Purchases and issuances	0	0	0	1,058
Repayments and sales	(730)	590	(1,314)	4,925
Amounts received pursuant to sales of loans	0	0	0	0
Capitalization of interest		0	198	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	730	(590)	1,314	(4,925)
Changes in instrument- specific credit risk	0	0	0	0
Other factors	130	(121)	225	(1,263)
Total	130	(121)	225	(1,263)
Transfers:
Loans from REO	13		79
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	7,215	8,411	7,215	8,411
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	74	(322)	75	(1,157)
Loans to REO				(885)
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	0		0
Liabilities:
Beginning balance	7,802	9,122	8,027	14,426
Purchases and issuances	0	0	0	1,058
Repayments and sales	730	(590)	1,314	(4,925)
Capitalization of interest		0	198	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	74	(322)	75	(1,157)
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	2,441,214	1,157,326		1,535,705
Purchases and issuances	0	0	0	0
Repayments and sales	0	0	0	0
Amounts received pursuant to sales of loans	412,938	203,127	820,634	451,949
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	0	0	0	0
Changes in instrument- specific credit risk	0	0	0	0
Other factors	(299,498)	(170,848)	(21,216)	(798,049)
Total	(299,498)	(170,848)	(21,216)	(798,049)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	2,551,373	1,189,605	2,551,373	1,189,605
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(299,498)	(170,848)	(21,216)	(798,049)
Loans to REO				0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	(3,281)		(3,281)
Liabilities:
Beginning balance	2,441,214	1,157,326		1,535,705
Purchases and issuances	0	0	0	0
Repayments and sales	0	0	0	0
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	412,938	203,127	820,634	451,949
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(299,498)	(170,848)	(21,216)	(798,049)
Recurring [Member] | Mortgage servicing rights [Member] | Previously Reported
Assets:
Beginning balance			1,755,236
Liabilities:
Beginning balance			1,755,236
Recurring [Member] | Excess Spread Investment [Member]
Assets:
Beginning balance		157,109	131,750	178,586
Purchases and issuances		0	0	0
Repayments and sales		8,122	(134,624)	17,430
Amounts received pursuant to sales of loans		0	0	0
Capitalization of interest		2,372	1,280	4,346
ESS received pursuant to a recapture agreement with PFSI		483	557	862
Repayments and sales		(8,122)	134,624	(17,430)
Changes in instrument- specific credit risk		0	0	0
Other factors		(636)	1,037	(15,158)
Total		(636)	1,037	(15,158)
Transfers:
Loans from REO			0
Interest rate lock commitments to loans acquired for sale (2)		0	0	0
Ending balance	0	151,206	0	151,206
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021		(636)	0	(15,158)
Loans to REO				0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE			0
Liabilities:
Beginning balance		157,109	131,750	178,586
Purchases and issuances		0	0	0
Repayments and sales		(8,122)	134,624	(17,430)
Capitalization of interest		2,372	1,280	4,346
ESS received pursuant to a recapture agreement with PFSI		483	557	862
Amounts received pursuant to sales of loans		0	0	0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021		(636)	0	(15,158)
Recurring [Member] | Firm Commitment To Purchase Credit Risk Transfer Securities
Assets:
Beginning balance		(409,649)		109,513
Purchases and issuances		0		0
Repayments and sales		0		0
Amounts received pursuant to sales of loans		(7,579)		(34,228)
Capitalization of interest		0		0
ESS received pursuant to a recapture agreement with PFSI		0		0
Repayments and sales		0		0
Changes in instrument- specific credit risk		0		0
Other factors		226,035		(266,478)
Total		226,035		(266,478)
Transfers:
Interest rate lock commitments to loans acquired for sale (2)		0		0
Ending balance		(191,193)		(191,193)
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021		226,035		(266,478)
Loans to REO				0
Liabilities:
Beginning balance		(409,649)		109,513
Purchases and issuances		0		0
Repayments and sales		0		0
Capitalization of interest		0		0
ESS received pursuant to a recapture agreement with PFSI		0		0
Amounts received pursuant to sales of loans		(7,579)		(34,228)
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021		226,035		(266,478)
Recurring [Member] | Loans acquired for sale [Member]
Assets:
Beginning balance	34,234	22,541	33,875	18,567
Purchases and issuances	14,173	20,996	30,071	32,287
Repayments and sales	(17,789)	13,475	(33,859)	21,032
Amounts received pursuant to sales of loans	0	0	0	0
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	17,789	(13,475)	33,859	(21,032)
Changes in instrument- specific credit risk	0	0	0	0
Other factors	(189)	(749)	342	(509)
Total	(189)	(749)	342	(509)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	30,429	29,313	30,429	29,313
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(168)	(704)	157	(656)
Loans to REO				0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	0		0
Liabilities:
Beginning balance	34,234	22,541	33,875	18,567
Purchases and issuances	14,173	20,996	30,071	32,287
Repayments and sales	17,789	(13,475)	33,859	(21,032)
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	(168)	(704)	157	(656)
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	(64,858)	79,384	72,386	11,154
Purchases and issuances	57,601	172,047	47,897	261,966
Repayments and sales	0	0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	0	0	0	0
Changes in instrument- specific credit risk	0	0	0	0
Other factors	105,573	96,053	(169,942)	199,698
Total	105,573	96,053	(169,942)	199,698
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	(68,568)	(263,528)	79,407	(388,862)
Ending balance	29,748	83,956	29,748	83,956
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	29,748	83,956	29,748	83,956
Loans to REO				0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	0		0
Liabilities:
Beginning balance	(64,858)	79,384	72,386	11,154
Purchases and issuances	57,601	172,047	47,897	261,966
Repayments and sales	0	0	0	0
Capitalization of interest		0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021	29,748	83,956	29,748	83,956
Recurring [Member] | Interest-only security payable [Member]
Assets:
Changes in instrument-specific credit risk\Other factors	(5,737)	847	2,428	(10,728)
Beginning balance	13,185	14,981	13,185	14,981
Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021	(5,737)	847	2,428	(10,728)
Ending balance	13,185	14,981	13,185	14,981
Liabilities:
Beginning balance	13,185	14,981	13,185	14,981
Beginning balance	18,922	14,134	10,757	25,709
Beginning balance	13,185	14,981	13,185	14,981
Changes in instrument-specific credit risk\Other factors	(5,737)	847	2,428	(10,728)
Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021	(5,737)	847	2,428	(10,728)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	(5,737)	847	2,428	(10,728)
Ending balance	13,185	14,981	13,185	14,981
Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021	(5,737)	847	2,428	(10,728)
Recurring [Member] | Interest-only security payable [Member] | Credit Risk [Member]
Assets:
Changes in instrument-specific credit risk\Other factors	0	0	0	0
Liabilities:
Changes in instrument-specific credit risk\Other factors	0	0	0	0
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]
Assets:
Changes in instrument-specific credit risk\Other factors	(5,737)	847	2,428	(10,728)
Liabilities:
Changes in instrument-specific credit risk\Other factors	(5,737)	847	2,428	(10,728)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	$ (5,737)	$ 847	$ 2,428	$ (10,728)

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	Jun. 30, 2021	Dec. 31, 2020
Loans, fair value [Abstract]
Fair value	$ 350,401	$ 151,734
Fair value, Total	350,401	151,734
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	353,521	154,124
Loans, difference, [Abstract]
Difference	(3,120)	(2,390)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	5,530,359	3,545,100
90 or more days delinquent, not in foreclosure	4,746	6,591
90 or more days delinquent, in foreclosure	195	199
Fair value	4,941	6,790
Fair value, Total	5,535,300	3,551,890
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	5,327,754	3,377,970
90 or more days delinquent, not in foreclosure	5,039	8,006
90 or more days delinquent, in foreclosure	235	235
Principal amount due upon maturity	5,333,028	3,386,211
Loans, difference, [Abstract]
Current through 89 days delinquent	202,605	167,130
90 or more days delinquent, not in foreclosure	(293)	(1,415)
90 or more days delinquent, in foreclosure	(40)	(36)
Difference	202,272	165,679
Loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	5,274	8,241
Loans, difference, [Abstract]
Difference	(333)	(1,451)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	340,833	140,052
90 or more days delinquent, not in foreclosure	2,353	3,655
90 or more days delinquent, in foreclosure	0	0
Fair value	343,186	143,707
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	330,541	128,787
90 or more days delinquent, not in foreclosure	2,884	4,240
90 or more days delinquent, in foreclosure	0	0
Principal amount due upon maturity	333,425	133,027
Loans, difference, [Abstract]
Current through 89 days delinquent	10,292	11,265
90 or more days delinquent, not in foreclosure	(531)	(585)
90 or more days delinquent, in foreclosure	0	0
Difference	9,761	10,680
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	2,353	3,655
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	2,884	4,240
Loans, difference, [Abstract]
Difference	(531)	(585)
Distressed Loans at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	2,038	2,071
90 or more days delinquent, not in foreclosure	2,873	3,714
90 or more days delinquent, in foreclosure	2,304	2,242
Fair value	7,215	8,027
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	3,936	4,099
90 or more days delinquent, not in foreclosure	9,826	12,357
90 or more days delinquent, in foreclosure	6,334	4,641
Principal amount due upon maturity	20,096	21,097
Loans, difference, [Abstract]
Current through 89 days delinquent	(1,898)	(2,028)
90 or more days delinquent, not in foreclosure	(6,953)	(8,643)
90 or more days delinquent, in foreclosure	(4,030)	(2,399)
Difference	(12,881)	(13,070)
Distressed Loans at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	5,177	5,956
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	16,160	16,998
Loans, difference, [Abstract]
Difference	$ (10,983)	$ (11,042)

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	$ 0	$ 0
Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0
Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0
Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0
Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	5,737	(847)	$ (2,428)	$ 10,728
Interest-only security payable [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Interest-only security payable [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	5,737	(847)	(2,428)	10,728
Interest-only security payable [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Interest-only security payable [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Asset-Backed Financing of VIEs at Fair Value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	337	442	2,027	(1,329)
Asset-Backed Financing of VIEs at Fair Value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Asset-Backed Financing of VIEs at Fair Value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	1,582	(162)	2,483	1,766
Asset-Backed Financing of VIEs at Fair Value [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Asset-Backed Financing of VIEs at Fair Value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(1,245)	604	(456)	(3,095)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	6,074	(405)	(401)	9,399
Liabilities, Total [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Liabilities, Total [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	7,319	(1,009)	55	12,494
Liabilities, Total [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Liabilities, Total [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(1,245)	604	(456)	(3,095)
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	73,092	126,925	198,918	(88,200)
Credit Risk Transfer Strips [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Credit Risk Transfer Strips [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	73,092	126,925	198,918	(88,200)
Credit Risk Transfer Strips [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Credit Risk Transfer Strips [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	27,369	5,205	(46,271)	109,170
Mortgage-backed securities at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Mortgage-backed securities at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	29,252	17,064	(41,865)	133,031
Mortgage-backed securities at fair value [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Mortgage-backed securities at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(1,883)	(11,859)	(4,406)	(23,861)
Loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	99,339	257,469	(7,325)	405,027
Loans acquired for sale at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	99,339	257,469	(7,325)	405,027
Loans acquired for sale at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Loans acquired for sale at fair value [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Loans acquired for sale at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(29)	1,220	(1,455)	(2,498)
Loans at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Loans at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(533)	674	(2,784)	(3,337)
Loans at fair value [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Loans at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	504	546	1,329	839
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(299,498)	(170,848)	(21,216)	(798,049)
MSRs at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
MSRs at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
MSRs at fair value [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(299,498)	(170,848)	(21,216)	(798,049)
MSRs at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	0	0	0	0
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(99,727)	440,163	124,968	(686,068)
Assets, Total [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	99,339	249,890	(7,325)	370,799
Assets, Total [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	101,811	370,062	155,306	(240,142)
Assets, Total [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	(299,498)	(170,848)	(21,216)	(798,049)
Assets, Total [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021	$ (1,379)	(8,941)	(1,797)	(18,676)
Excess Spread Investment [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		1,736	2,317	(10,812)
Excess Spread Investment [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		0	0	0
Excess Spread Investment [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		(636)	1,037	(15,158)
Excess Spread Investment [Member] | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		0	0	0
Excess Spread Investment [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		2,372	$ 1,280	4,346
Firm Commitment To Purchase Credit Risk Transfer Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		218,456		(300,706)
Firm Commitment To Purchase Credit Risk Transfer Securities | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		(7,579)		(34,228)
Firm Commitment To Purchase Credit Risk Transfer Securities | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		226,035		(266,478)
Firm Commitment To Purchase Credit Risk Transfer Securities | Fees And Commissions Mortgage Banking And Servicing
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		0		0
Firm Commitment To Purchase Credit Risk Transfer Securities | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended June 30, 2021		$ 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	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 4,747	$ 12,656
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	$ 4,747	$ 12,656

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	$ (564)	$ (47)	$ (768)	$ (1,195)

Fair Value - Carrying and Fair

Fair Value - Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
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	$ 2,829,177	$ 1,924,999
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	2,838,844	1,871,276
Exchangeable Notes [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	496,825	196,796
Exchangeable Notes [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 575,263	$ 207,428

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
Level 3 [Member] | 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		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Excess servicing spread purchased from PFSI	$ 0		$ 0		$ 131,750
UPB of underlying loans (in thousands)	$ 29,585,783	$ 19,458,673	$ 62,034,674	$ 38,799,943
Excess Spread Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Excess servicing spread purchased from PFSI					131,750
Excess Spread Investment [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
UPB of underlying loans (in thousands)					$ 15,833,050
Average servicing fee rate (in basis points)					0.34%
Average ESS rate (in basis points)					0.19%
Pricing spread					5.10%
Annual total prepayment speed					11.70%
Life (in years)					5 years 9 months 18 days
Excess Spread Investment [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread					4.90%
Annual total prepayment speed					9.60%
Life (in years)					2 years 3 months 18 days
Excess Spread Investment [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pricing spread					5.30%
Annual total prepayment speed					18.30%
Life (in years)					6 years 7 months 6 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 Derivatives (Detail) - Credit Risk Transfer Derivatives [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 44,951	$ 58,699
Fair value of CRT derivatives liabilities	9,713	26,904
UPB of loans in reference pools	$ 9,769,411	$ 13,854,426
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	5.50%	6.70%
Key inputs used in fair value for CRT agreements	(0.50%)	(0.80%)
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	6.10%	7.30%
Key inputs used in fair value for CRT agreements	(0.10%)	(0.20%)
Discount Rate [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	6.20%	9.00%
Key inputs used in fair value for CRT agreements	1.20%	1.10%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	13.80%	20.80%
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	13.90%	21.90%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	14.40%	23.50%
Remaining Loss Expectation [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	(0.50%)	(0.60%)
Remaining Loss Expectation [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	(0.10%)	(0.30%)
Remaining Loss Expectation [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.60%	0.60%

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	Jun. 30, 2021	Dec. 31, 2020
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	40.00%	44.60%
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	94.70%	86.30%
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	1.20%	2.00%
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	4.90%	4.40%
Servicing Fee Multiple [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	6.60%	5.30%
Percentage of UPB [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	0.30%	0.50%
Percentage of UPB [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	1.40%	1.20%
Percentage of UPB [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	2.50%	1.90%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 29,748	$ 72,386

Fair Value - Summary of Key Uno

Fair Value - Summary of Key Unobservable Inputs Used in Valuation Credit Risk Transfer Strips (Detail) - Credit Risk Transfer Strips [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 67,846	$ 202,792
UPB of loans in the reference pools	$ 31,464,697	$ 44,843,516
Minimum [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	4.80%	6.00%
Minimum [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	19.00%	25.00%
Minimum [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.50%	0.80%
Minimum [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.30%	0.30%
Maximum [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	7.20%	8.40%
Maximum [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	19.10%	30.20%
Maximum [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	1.30%	1.70%
Maximum [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.80%	0.60%
Weighted Average [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	6.80%	8.00%
Weighted Average [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	19.10%	26.20%
Weighted Average [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.60%	1.00%
Weighted Average [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.40%	0.40%

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		6 Months Ended
	Jun. 30, 2021USD ($)$ / Loan	Jun. 30, 2020USD ($)$ / Loan	Jun. 30, 2021USD ($)$ / Loan	Jun. 30, 2020USD ($)$ / Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 412,938	$ 203,127	$ 820,634	$ 451,949
Fair value, UPB of underlying loans | $	$ 29,585,783	$ 19,458,673	$ 62,034,674	$ 38,799,943
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.27%	0.28%	0.27%	0.29%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	6.00%	8.10%	6.00%	6.70%
Fair Value inputs, Prepayment speed during period	6.20%	9.00%	6.00%	9.90%
Fair Value inputs, Weighted average life during period	3 years 10 months 24 days	3 years 8 months 12 days	3 years 10 months 24 days	3 years 7 months 6 days
Fair Value inputs, Annual per loan cost of servicing during period	80	79	80	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%	11.30%	8.00%	11.30%
Fair Value inputs, Prepayment speed during period	8.90%	19.40%	9.30%	20.90%
Fair Value inputs, Weighted average life during period	8 years 8 months 12 days	8 years	8 years 10 months 24 days	8 years
Fair Value inputs, Annual per loan cost of servicing during period	81	79	81	78
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	6.80%	8.20%	7.40%	7.50%
Fair Value inputs, Prepayment speed during period	8.00%	9.90%	7.80%	11.10%
Fair Value inputs, Weighted average life during period	8 years 1 month 6 days	7 years 4 months 24 days	8 years 3 months 18 days	6 years 10 months 24 days
Fair Value inputs, Annual per loan cost of servicing during period	80	79	80	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	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / Loan	Dec. 31, 2020USD ($)$ / Loan	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 2,551,373	$ 1,755,236	$ 2,441,214	$ 1,189,605	$ 1,157,326	$ 1,535,705
UPB of underlying loans, Fair Value	$ 198,300,614	$ 170,728,322
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.27%	0.28%
Weighted-average note interest rate, Fair value	3.30%	3.60%
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	$ (36,431)	$ (31,400)
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	(71,892)	(61,718)
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	(140,042)	(119,305)
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	(54,633)	(48,136)
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	(107,223)	(94,244)
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	(206,714)	(180,820)
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	(16,532)	(11,846)
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	(33,064)	(23,692)
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	$ (66,129)	$ (47,385)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	6.30%	8.00%
Estimated fair value inputs, Prepayment speed	9.20%	12.40%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	80	78
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)	3 years 1 month 6 days	2 years 10 months 24 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	9.40%	11.10%
Estimated fair value inputs, Prepayment speed	23.60%	28.80%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	95	121
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)	7 years 7 months 6 days	6 years 9 months 18 days
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	6.30%	8.00%
Estimated fair value inputs, Prepayment speed	9.70%	12.80%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	80	81
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)	7 years 3 months 18 days	6 years 6 months

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Mortgage Backed Securities [Line Items]
Balance at beginning of period			$ 2,213,922
Changes in fair value included in income arising from:
Balance at end of period	$ 2,309,864		2,309,864
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	1,916,485	$ 3,947,420	2,213,922	$ 2,839,633
Purchases	423,660	0	1,682,849	1,615,486
Sales	0	(1,112,761)	(1,300,653)	(1,601,490)
Repayments	(57,650)	(226,878)	(239,983)	(349,813)
Changes in fair value included in income arising from:
Amortization of net purchase premiums	(1,883)	(11,859)	(4,406)	(23,861)
Valuation adjustments	29,252	17,064	(41,865)	133,031
Total changes in fair value included in income	27,369	5,205	(46,271)	109,170
Balance at end of period	$ 2,309,864	$ 2,612,986	$ 2,309,864	$ 2,612,986

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Mortgage Backed Securities [Line Items]
Fair value	$ 2,309,864	$ 2,213,922
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	2,270,386	2,117,513
Unamortized net purchase premiums	72,399	56,106
Accumulated valuation changes	(32,921)	40,303
Fair value	2,309,864	2,213,922
Freddie Mac [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	722,730	1,253,755
Unamortized net purchase premiums	23,132	32,414
Accumulated valuation changes	(11,862)	24,867
Fair value	734,000	1,311,036
Fannie Mae [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	1,547,656	863,758
Unamortized net purchase premiums	49,267	23,692
Accumulated valuation changes	(21,059)	15,436
Fair value	$ 1,575,864	$ 902,886

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum [Member]
Mortgage Backed Securities [Line Items]
Mortgage backed securities, maturity period	10 years	10 years

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	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	$ 5,535,300	$ 3,551,890
Loans pledged to secure total	5,418,106	3,501,847
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	5,389,265	3,484,202
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	202,280	460,414
Mortgage Loans Acquired for Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans pledged to secure mortgage loan participation purchase and sale agreements	28,841	17,645
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	5,302,591	3,057,601
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	202,280	460,414
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	4,555	5,566
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	988	1,010
Repurchased Pursuant to Representations and Warranties [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	$ 24,886	$ 27,299

Loans at Fair Value - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Asset-backed financings of VIEs at fair value	$ 343,186	$ 143,707
Loans at fair value pledged to secure	344,468	147,410
Fair value	350,401	151,734
Loans in VIEs [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	343,186	143,707
Distressed [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	7,215	8,027
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	89,909	143,707
Loans Secured by Non-Owner Occupied Properties [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	253,277	0
Loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Assets sold under agreements to repurchase	1,282	3,703
Fair value	$ 5,535,300	$ 3,551,890

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	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 88,278	$ 164,318
Credit risk transfer strip assets	0	0
Derivative and credit risk transfer strip assets	88,278	164,318
Derivative liabilities	18,835	60,681
Credit risk transfer strip liabilities	67,846	202,792
Derivative and credit risk transfer strip liabilities	$ 86,681	$ 263,473

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 ($)		Jun. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Notional amount	[1]	$ 0	$ 0
Total derivative assets instruments before netting		121,060,000	223,648,000
Derivative assets		121,060,000	223,648,000
Derivative assets, Netting		(32,782,000)	(59,330,000)
Total derivative and credit risk transfer strip assets after netting		88,278,000	164,318,000
Margin deposits placed with derivative counterparties, net		5,013,000	30,197,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,829,177,000	1,924,999,000
Total derivative liabilities		56,630,000	150,213,000
Derivative liabilities, Netting		(37,795,000)	(89,532,000)
Total derivative liabilities after netting		18,835,000	60,681,000
Derivative assets related to CRT Derivatives [Member]
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		44,951,000	58,699,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	9,769,411,000	13,854,426,000
Total derivative assets instruments before netting		44,951,000	58,699,000
Derivative assets		44,951,000	58,699,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		44,951,000	58,699,000
Derivative assets pledged to secure:
Total derivative liabilities		9,713,000	26,904,000
Swaption Purchase Contracts
Derivatives Fair Value [Line Items]
Total derivative assets instruments before netting	[2]	4,362,000	8,505,000
Derivative assets	[2]	4,362,000	8,505,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	9,016,801,000	17,563,549,000
Total derivative assets instruments before netting	[2]	23,676,000	72,526,000
Derivative assets	[2]	23,676,000	72,526,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		23,676,000	72,526,000
Derivative assets pledged to secure:
Total derivative liabilities		1,260,000	17,000
Derivative liabilities, Netting		0	0
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	17,781,827,000	26,615,716,000
Total derivative assets instruments before netting	[2]	5,891,000	92,000
Derivative assets	[2]	5,891,000	92,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		5,891,000	92,000
Derivative assets pledged to secure:
Total derivative liabilities		44,129,000	122,884,000
Derivative liabilities, Netting		0	0
Swaption Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	3,097,500,000	3,655,000,000
Total derivative assets instruments before netting		4,362,000	8,505,000
Derivative assets		4,362,000	8,505,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		4,362,000	8,505,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	6,455,877,000	10,588,208,000
Total derivative assets instruments before netting		31,276,000	72,794,000
Derivative assets		31,276,000	72,794,000
Total derivative and credit risk transfer strip assets after netting		31,276,000	72,794,000
Derivative assets pledged to secure:
Total derivative liabilities		1,528,000	408,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	1,050,000,000	1,450,000,000
Total derivative assets instruments before netting	[2]	3,500,000	3,070,000
Derivative assets	[2]	3,500,000	3,070,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		3,500,000	3,070,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
Put Options On Interest Rate Futures Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	1,570,000,000	2,800,000,000
Total derivative assets instruments before netting	[2]	1,401,000	4,742,000
Derivative assets	[2]	1,401,000	4,742,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		1,401,000	4,742,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	1,750,000,000	0
Total derivative assets instruments before netting		2,401,000	0
Derivative assets		2,401,000	0
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		2,401,000	0
Derivative assets pledged to secure:
Total derivative liabilities		0	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	2,950,000,000	3,625,000,000
Total derivative assets instruments before netting	[2]	3,602,000	3,220,000
Derivative assets	[2]	3,602,000	3,220,000
Derivative assets, Netting		0	0
Total derivative and credit risk transfer strip assets after netting		3,602,000	3,220,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	2,795,000,000	1,950,000,000
Total derivative assets instruments before netting	[2]	0	0
Derivative assets	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities		0	0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	286,500,000	66,500,000
Total derivative assets instruments before netting	[2]	0	0
Derivative assets	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities		$ 0	$ 0
[1]	Notional amounts provide an indication of the volume of the Company’s derivative activity.
[2]	All hedging derivatives are interest rate derivatives that are used as economic hedges.

Derivative and Credit Risk Tr_5

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Net Derivative Assets (Detail) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross amounts of recognized assets		$ 121,060	$ 223,648
Gross amounts offset in the consolidated balance sheet		(32,782)	(59,330)
Total derivative and credit risk transfer strip assets after netting		88,278	164,318
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		44,951	58,699
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		44,951	58,699
Forward Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	23,676	72,526
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		23,676	72,526
Forward Sale Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	5,891	92
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		5,891	92
Swaption Purchase Contracts
Offsetting Assets [Line Items]
Gross amounts of recognized assets		4,362	8,505
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		4,362	8,505
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		31,276	72,794
Total derivative and credit risk transfer strip assets after netting		31,276	72,794
Call Options on Interest Rate Futures Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	3,500	3,070
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		3,500	3,070
Put Options On Interest Rate Futures Purchase Contracts
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	1,401	4,742
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		1,401	4,742
MBS Call Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		2,401	0
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		2,401	0
MBS Put Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	3,602	3,220
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		3,602	3,220
Netting [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		0	0
Gross amounts offset in the consolidated balance sheet		(32,782)	(59,330)
Total derivative and credit risk transfer strip assets after netting		(32,782)	(59,330)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		44,833	92,155
Gross amounts offset in the consolidated balance sheet		(32,782)	(59,330)
Total derivative and credit risk transfer strip assets after netting		12,051	32,825
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		76,227	131,493
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		76,227	131,493
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		31,276	72,794
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative and credit risk transfer strip assets after netting		$ 31,276	$ 72,794
[1]	All hedging derivatives are interest rate derivatives that are used as economic hedges.

Derivative and Credit Risk Tr_6

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	$ 88,278	$ 164,318
Financial instruments	0	0
Cash collateral received	0	0
Net amount	88,278	164,318
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	44,951	58,699
Financial instruments	0	0
Cash collateral received	0	0
Net amount	44,951	58,699
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	31,276	72,794
Financial instruments	0	0
Cash collateral received	0	0
Net amount	31,276	72,794
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	725	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	725	0
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	4,902	7,813
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,902	7,813
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	4,062	15,406
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,062	15,406
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	0	2,416
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	2,416
PNC Capital Markets LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	0	3,138
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	3,138
Deutsche Bank Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	0	1,602
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	1,602
Mitsubishi U F J Securities [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	0	1,070
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	1,070
Other [Member]
Offsetting Assets [Line Items]
Total derivative and credit risk transfer strip assets after netting	2,362	1,380
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 2,362	$ 1,380

Derivative and Credit Risk Tr_7

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 7,250,301	$ 6,459,631
Gross amounts offset in the consolidated balance sheet	(37,795)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	7,212,506	6,370,099
Unpaid Principal Balance [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	7,197,536	6,317,928
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	7,197,536	6,317,928
Forward Purchase Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	1,260	17
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	1,260	17
Forward Sale Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	44,129	122,884
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	44,129	122,884
Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	(37,795)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	(37,795)	(89,532)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	45,389	122,901
Gross amounts offset in the consolidated balance sheet	(37,795)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	7,594	33,369
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	1,528	408
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	1,528	408
Derivatives Not Subject To Master Netting Adjustment [Member] | CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	9,713	26,904
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	9,713	26,904
Derivative Liabilities Before Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	56,630	150,213
Gross amounts offset in the consolidated balance sheet	(37,795)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	18,835	60,681
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	(3,865)	(8,510)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	(3,865)	(8,510)
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	7,193,671	6,309,418
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ 7,193,671	$ 6,309,418

Derivative and Credit Risk Tr_8

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 7,212,506	$ 6,370,099
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	7,193,671	6,309,418
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	7,216,371	6,378,609
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(7,197,536)	(6,317,928)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	18,835	60,681
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	9,713	26,904
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	9,713	26,904
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	1,528	408
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,528	408
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Credit Suisse Securities (USA) LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	809,674	1,059,547
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(805,872)	(1,054,636)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	3,802	4,911
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	1,366,829	414,044
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,366,829)	(414,044)
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] | 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	921,198	765,892
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(921,198)	(765,892)
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] | 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	806,998	359,573
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(806,998)	(357,211)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	2,362
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	518,677	728,207
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(518,677)	(727,562)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	645
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	1,081,361	922,959
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,081,246)	(922,035)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	115	924
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	250,005	367,493
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(248,936)	(366,415)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,069	1,078
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	336,774	830,161
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(335,834)	(830,161)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	940	0
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	259,748	149,272
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(259,372)	(144,883)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	376	4,389
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	367,916	164,414
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(367,560)	(163,548)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	356	866
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	349,857	148,854
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(349,857)	(140,796)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	8,058
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	135,419	153,224
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(135,157)	(153,224)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	262	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	0	279,321
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	(277,521)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	1,800
Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] | Freddie Mac [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	0	5,883
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	5,883
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	674	2,453
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	$ 674	$ 2,453

Derivative and Credit Risk Tr_9

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	$ 94,605	$ 4,572	$ (42,638)	$ 72,803
Fixed-rate and prepayment 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	75	(16,739)	51	48,192
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	(166,100)	(91,897)	131,376	(232,265)
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	94,116	(50,650)	(280,287)	716,536
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	$ 19,200	$ 136,085	$ 55,570	$ (147,657)

Derivative and Credit Risk T_10

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Holdings of CRT Strips (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	$ 67,846	$ 202,792
CRT strips, Liabilities	67,846	202,792
Credit Risk Transfer Strips [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(67,846)	(202,792)
CRT strips, Liabilities	(67,846)	(202,792)
Credit Risk Transfer Strips [Member] | Currently Unrestricted [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	447	0
CRT strips, Liabilities	447	0
Credit Risk Transfer Strips [Member] | Through December 4, 2020 [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	9,908	(168,539)
CRT strips, Liabilities	9,908	(168,539)
Credit Risk Transfer Strips [Member] | To Maturity [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(78,201)	(34,253)
CRT strips, Liabilities	$ (78,201)	$ (34,253)

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Risks Inherent In Servicing Assets And Servicing Liabilities [Line Items]
Balance at beginning of period		$ 2,441,214	$ 1,157,326	$ 1,755,236	$ 1,535,705
MSRs resulting from loan sales		412,938	203,127	820,634	451,949
Due to changes in valuation inputs used in valuation model	[1]	(229,885)	(111,649)	107,782	(674,896)
Other changes in fair value	[2]	(69,613)	(59,199)	(128,998)	(123,153)
Change in fair value, Total		(299,498)	(170,848)	(21,216)	(798,049)
Reclassification to loans at fair value resulting from consolidation of a VIE	[3]	(3,281)	0	(3,281)	0
Balance at end of period		2,551,373	$ 1,189,605	2,551,373	$ 1,189,605
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		$ 2,522,717		$ 2,522,717		$ 1,742,905
[1]	Primarily reflects changes in pricing spread, prepayment speed, and servicing cost inputs.
[2]	Represents changes due to realization of expected cash flows.
[3]	As discussed in Note 6—Variable Interest Entities – Investment in Securities Backed by Loans Secured by Non-Owner Occupied Properties, Loans at fair value

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 124,019	$ 101,823	$ 240,306	$ 196,292
Late charges	351	399	763	899
Other	24,551	11,488	40,384	18,179
Net mortgage loan servicing fees	$ 148,921	$ 113,710	$ 281,453	$ 215,370

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	1.34%	1.24%	1.47%	1.85%
Average balance	$ 5,733,765,000	$ 4,755,992,000	$ 5,862,480,000	$ 5,529,446,000
Total interest expense	23,282,000	17,071,000	51,941,000	54,822,000
Maximum daily amount outstanding	7,198,610,000	$ 6,627,618,000	8,440,669,000	$ 8,664,587,000
Unpaid principal balance	7,197,536,000		7,197,536,000		$ 6,317,928,000
Assets sold under agreements to repurchase, At year end	7,193,671,000		$ 7,193,671,000		$ 6,309,418,000
Weighted average interest rate			1.36%		1.36%
Available borrowing capacity, Committed			$ 51,064,000		$ 483,767,000
Available borrowing capacity, Uncommitted			3,742,908,000		4,151,905,000
Available borrowing capacity			3,793,972,000		4,635,672,000
Margin deposits placed with counterparties included in Other assets	8,910,000		8,910,000		141,808,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(3,865,000)		(3,865,000)		(8,510,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	2,309,864,000		2,309,864,000		2,213,922,000
Loans Acquired For Sale At Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	5,389,265,000		5,389,265,000		3,484,202,000
Loans at Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,282,000		1,282,000		3,703,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	71,306,000		71,306,000		0
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	9,003,000		9,003,000		15,365,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,531,396,000		1,531,396,000		1,166,090,000
Deposits securing CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	$ 0		$ 0		$ 2,799,263,000

Assets Sold Under Agreements _2

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs			$ 15,318	$ 7,025
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 4,100	$ 2,400	$ 9,200	$ 3,900

Assets Sold Under Agreements _3

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 7,197,536
Weighted average maturity (in months)	1 month 21 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,463,395
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	2,812,944
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 921,197

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
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	$ 148,606
Weighted average maturity	Sep. 16, 2021
Facility maturity	Mar. 31, 2023
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	$ 18,336
Weighted average maturity	Aug. 3, 2021
Facility maturity	Aug. 3, 2021
RBC Capital Markets L.P. [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	$ 56,318
Weighted average maturity	Oct. 13, 2021
Facility maturity	May 10, 2022
Morgan Stanley & Co. LLC [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	$ 14,337
Weighted average maturity	Sep. 18, 2021
Facility maturity	Nov. 2, 2022
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 16,818
Weighted average maturity	Jul. 16, 2021
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	$ 70,990
Weighted average maturity	Jul. 28, 2021
Facility maturity	Jun. 7, 2023
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 15,961
Weighted average maturity	Jul. 18, 2021
Barclays Capital Inc. [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	$ 65,069
Weighted average maturity	Sep. 20, 2021
Facility maturity	Nov. 3, 2022
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 23,366
Weighted average maturity	Jul. 6, 2021
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	$ 10,918
Weighted average maturity	Aug. 17, 2021
Facility maturity	Jun. 6, 2023
Goldman Sachs & Co. LLC [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	$ 15,630
Weighted average maturity	Sep. 12, 2021
Facility maturity	Dec. 23, 2022
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	$ 20,752
Weighted average maturity	Jul. 30, 2021
Facility maturity	Jul. 30, 2021
Wells Fargo Securities, LLC [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	$ 20,531
Weighted average maturity	Sep. 23, 2021
Facility maturity	Oct. 6, 2022
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 20,344
Weighted average maturity	Jul. 19, 2021
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 5,940
Weighted average maturity	Jul. 19, 2021

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
At period end:
Mortgage loan participation purchase and sale agreements, At year end	$ 28,037		$ 28,037		$ 16,851
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted average interest rate	1.36%	1.57%	1.38%	2.17%
Average balance	$ 32,152	$ 39,048	$ 35,638	$ 40,174
Total interest expense	141	210	305	548
Maximum daily amount outstanding	89,072	$ 96,570	89,072	$ 96,570
At period end:
Amount outstanding	28,037		28,037		16,851
Unamortized debt issuance costs	0		0		0
Mortgage loan participation purchase and sale agreements, At year end	28,037		$ 28,037		$ 16,851
Weighted average interest rate			1.48%		1.39%
Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements	$ 28,841		$ 28,841		$ 17,645

Mortgage Loan Participation P_3

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs			$ 15,318,000	$ 7,025,000
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs	$ 31,000	$ 57,000	$ 62,000	$ 113,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Short-term Debt [Line Items]
Unpaid principal balance	$ 1,664,340
March 4, 2021 [Member] | Secured Debt
Short-term Debt [Line Items]
Notes Issued	659,156
Unpaid principal balance	$ 549,254
Interest rate spread (Annual)	2.90%
Maturity date, Stated	Feb. 28, 2024
Maturity date, Optional extension	Feb. 27, 2026
December 22, 2020 [Member] | Secured Debt
Short-term Debt [Line Items]
Notes Issued	$ 500,000
Unpaid principal balance	$ 415,089
Interest rate spread (Annual)	3.81%
Maturity date, Stated	Dec. 28, 2022
Febuary 14 2019 [Member] | Secured Debt
Short-term Debt [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 124,365
Interest rate spread (Annual)	2.35%
Maturity date, Stated	Mar. 1, 2023
Maturity date, Optional extension	Feb. 27, 2025
October 16, 2019 [Member] | Secured Debt
Short-term Debt [Line Items]
Notes Issued	$ 375,000
Unpaid principal balance	$ 120,654
Interest rate spread (Annual)	2.70%
Maturity date, Stated	Oct. 27, 2022
Maturity date, Optional extension	Oct. 29, 2024
June 11, 2019 [Member] | Secured Debt
Short-term Debt [Line Items]
Notes Issued	$ 638,000
Unpaid principal balance	$ 333,452
Interest rate spread (Annual)	2.75%
Maturity date, Stated	May 29, 2023
Maturity date, Optional extension	May 29, 2025
March 29, 2019 [Member]
Short-term Debt [Line Items]
Notes Issued	$ 295,700
Unpaid principal balance	$ 121,526
Interest rate spread (Annual)	2.00%
Maturity date, Stated	Mar. 29, 2022
Maturity date, Optional extension	Mar. 27, 2024

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Mar. 30, 2021USD ($)	Mar. 09, 2021USD ($)	Nov. 04, 2019USD ($)	Apr. 25, 2018USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Secured Term Notes [Member]
Short-term Debt [Line Items]
Notes Issued	$ 350,000			$ 450,000,000
Aggregate loan amount	$ 350,000			$ 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 Citibank [Member] | Maximum [Member]
Short-term Debt [Line Items]
Notes Issued						$ 700,000
Aggregate loan amount						700,000
Loan And Security Agreement With Citibank [Member] | Minimum [Member]
Short-term Debt [Line Items]
Notes Issued						175,000
Aggregate loan amount						$ 175,000
Exchangeable Senior Notes due March 15, 2026 [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument		Mar. 15, 2026
Issuance of debt through private offering		$ 345,000,000
Percentage of interest on debt		5.50%
Principal amount of the exchangeable notes		$ 1,000
Exchangeable Senior Notes due November 1, 2024 [Member]
Short-term Debt [Line Items]
Maturity date of debt instrument			Nov. 1, 2024
Issuance of debt through private offering			$ 210,000,000		$ 555,000,000
Percentage of interest on debt			5.50%
Principal amount of the exchangeable notes			$ 1,000
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	0				one-month
Debt instrument interest rate spread	3.00%			2.35%
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due March 15, 2026 [Member]
Short-term Debt [Line Items]
Number of shares exchanged per exchangeable notes		46.1063
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due November 1, 2024 [Member]
Short-term Debt [Line Items]
Number of shares exchanged per exchangeable notes			40.101
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. 10, 2021

Long-Term Debt - Summary of Fin

Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Carrying value:
Amount outstanding	$ 2,839,341		$ 2,839,341		$ 1,930,018
Balance	2,829,177		2,829,177		1,924,999
Assets securing notes payable:
MSRs	2,522,717		2,522,717		1,742,905
Deposits securing CRT arrangements			2,256,047		2,799,263
Derivative assets	$ 44,951		$ 44,951		58,699
Notes Payable [Member]
Short-term Debt [Line Items]
Weighted-average interest rate	3.13%	3.07%	3.13%	3.58%
Average balance	$ 2,917,356	$ 1,934,476	$ 2,590,852	$ 1,897,344
Total interest expense	24,174	15,449	42,773	35,067
Maximum daily amount outstanding	3,180,129	$ 1,973,252	3,235,942	$ 2,032,665
Carrying value:
Unamortized debt issuance costs	$ (10,164)		$ (10,164)		$ (5,019)
Weighted average interest rate	2.86%		2.86%		2.99%
Assets securing notes payable:
Derivative assets	$ 44,951		$ 44,951		$ 58,699

Long-Term Debt - Summary of F_2

Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Short-term Debt [Line Items]
Amortization of debt issuance costs			$ 15,318,000	$ 7,025,000
Notes Payable [Member]
Short-term Debt [Line Items]
Amortization of debt issuance costs	$ 1.4	$ 620,000	$ 2.5	$ 1,200,000

Long-Term Debt - Summary of F_3

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Carrying value:
UPB	$ 555,000		$ 555,000		$ 0	$ 345,000	$ 210,000	$ 0	$ 0	$ 0	$ 210,000
Exchangeable senior notes	496,825		496,825								196,796
Convertible Debt [Member]
Carrying value:
Unamortized debt issuance costs and conversion option	(58,175)		(58,175)								$ (13,204)
Convertible Debt [Member] | Nonaffiliates [Member]
Short-term Debt [Line Items]
Average balance	495,032	$ 242,469	390,053	$ 343,316
Total interest expense	$ 10,310	$ 4,343	$ 15,852	$ 11,609

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Short-term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	$ 321,875		$ 321,875								$ 134,726
UPB	314,783		314,783		$ 314,783	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short-term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	321,875		321,875								134,726
Asset-Backed Financing of the VIE at Fair Value [Member] | Variable Interest Entities [Member]
Short-term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	321,875		321,875								134,726
UPB	314,783		314,783								$ 131,835
Asset-Backed Financing of the VIE at Fair Value [Member] | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value [Member]
Short-term Debt [Line Items]
Average balance	95,069	$ 222,578	107,672	$ 231,672
Total interest expense	$ 1,996	$ 2,470	$ 2,164	$ 6,997
Weighted average interest rate	3.17%	3.36%	3.20%	3.38%
Weighted average interest rate	3.57%		3.57%								3.56%

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Annual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 350,000	$ 0	$ 549,254	$ 1,443,560	$ 121,526	$ 2,464,340
Exchangeable senior notes	0	345,000	210,000	0	0	0	555,000	$ 210,000
Asset-backed financing of variable interest entities at fair value	314,783	0	0	0	0	0	314,783
Interest-only security payable at fair value	13,185	0	0	0	0	0	13,185	$ 10,757
Total	$ 327,968	$ 695,000	$ 210,000	$ 549,254	$ 1,443,560	$ 121,526	$ 3,347,308

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Mortgage Banking [Abstract]
Balance, beginning of period	$ 28,967	$ 7,300	$ 21,893	$ 7,614
Provision for losses:
Pursuant to loan sales	8,472	3,215	16,985	4,245
Reduction in liability due to change in estimate	(1,095)	(211)	(2,519)	(1,555)
Losses incurred, net	(30)	(79)	(45)	(79)
Balance, end of period	36,314	10,225	36,314	10,225
UPB of loans subject to representations and warranties at end of period	$ 193,579,850	$ 135,538,011	$ 193,579,850	$ 135,538,011

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 6,455,877

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
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	$ 1.02	$ 1.02
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	$ 1

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2021	Dec. 31, 2020
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
	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2021	Jun. 11, 2021	Mar. 31, 2019	Aug. 31, 2015
Schedule Of Capitalization Equity [Line Items]
Common stock shares Repurchase authorized amount				$ 400,000,000		$ 300,000,000
Maximum [Member]
Schedule Of Capitalization Equity [Line Items]
Common stock shares Repurchase authorized amount				$ 400,000,000
Equity Distribution Agreement [Member]
Schedule Of Capitalization Equity [Line Items]
Maximum aggregate offering price					$ 200,000,000
Common stock shares available for issuance value			$ 200,000,000
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

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Activities under ATM Equity Offering Program (Detail) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Class Of Stock [Line Items]
Net proceeds	$ 0	$ 5,654
Common Shares [Member]
Class Of Stock [Line Items]
Number of common shares issued		241
Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Gross proceeds	5,654
Net proceeds	$ 5,597
Equity Distribution Agreement [Member] | Common Shares [Member]
Class Of Stock [Line Items]
Number of common shares issued	241

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Common shares repurchased	27	566	27	1,349
Cumulative shares repurchased		17,525		17,525
Cost of common shares repurchased	$ 521	$ 7,561	$ 521	$ 13,343
Cumulative cost of shares repurchased		$ 254,413		$ 254,413

Net Gains on Loans Acquired f_3

Net Gains on Loans Acquired for Sale - Summary of Net Gains on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to loans sales	$ (8,472)	$ (3,215)	$ (16,985)	$ (4,245)
Change in fair value of loans and derivatives
Net cash of gain on mortgage loans acquired for sale	540,593	371,239	721,380	508,185
Net gain on loans acquired for sale	27,726	162,214	80,738	210,989
PennyMac Financial Services, Inc. [Member]
Change in fair value of loans and derivatives
Net gain on loans acquired for sale	1,630	3,324	3,368	7,485
Nonaffiliates [Member]
Cash loss:
Loans	(222,271)	21,842	(815,060)	(47,112)
Hedging activities	(292,226)	(234,191)	171,050	(257,569)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(514,497)	(212,349)	(644,010)	(304,681)
Non-cash gain:
Recognition of fair value of firm commitment to purchase CRT securities	0	(7,579)	0	(34,228)
Receipt of MSRs in mortgage loan sale transactions	412,938	203,127	820,634	451,949
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to loans sales	(8,472)	(3,215)	(16,985)	(4,245)
Reduction of liability due to change in estimate	1,095	211	2,519	1,555
Provision for losses relating to representations and warranties	(7,377)	(3,004)	(14,466)	(2,690)
Change in fair value of loans and derivatives
IRLCs	94,605	4,572	(42,638)	72,803
Loans	(85,699)	31,829	(2,476)	(4,953)
Hedging derivatives	126,126	142,294	(39,674)	25,304
Total non cash portion of gain on mortgage loans acquired for sale	135,032	178,695	(84,788)	93,154
Net gain on loans acquired for sale	$ 26,096	$ 158,890	$ 77,370	$ 203,504

Net Gains (Losses) on Investm_3

Net Gains (Losses) on Investments - Summary of Net Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	$ 540,593	$ 371,239	$ 721,380	$ 508,185
Net gains (losses) on investments	128,405	488,934	211,596	(326,197)
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	29,252	17,064	(41,865)	133,031
CRT arrangements	98,029	262,163	252,060	(225,129)
Firm commitment to purchase CRT securities	0	226,035	0	(266,478)
Asset-backed financing of VIEs at fair value	1,582	(162)	2,483	1,766
Hedging derivatives	75	(16,739)	51	48,192
Net gains (losses) on investments	128,405	489,035	209,945	(311,955)
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 gains (losses) on investments	0	(101)	1,651	(14,242)
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	(664)	795	(3,009)	(2,074)
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	$ 131	$ (121)	$ 225	$ (1,263)

Net Interest Income (Expense) -

Net Interest Income (Expense) - Summary of Net Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Interest income	$ 43,686	$ 40,812	$ 81,275	$ 112,935
Interest expense:
Assets sold under agreements to repurchase	23,282	17,071	51,941	54,822
Interest expense, total	79,202	61,048	155,510	142,116
Net interest expense	(35,516)	(20,236)	(74,235)	(29,181)
PennyMac Financial Services, Inc. [Member]
Interest income:
Interest income	0	2,372	1,280	4,346
Interest expense:
Assets sold under agreements to repurchase	0	792	387	2,010
Nonaffiliates [Member]
Interest income:
Cash and short-term investments	215	892	441	2,519
Mortgage-backed securities	7,806	9,883	16,092	25,451
Loans acquired for sale at fair value	32,613	16,081	55,520	47,604
Distressed	40	233	293	292
Deposits securing CRT arrangements	156	507	325	6,606
Placement fees relating to custodial funds	1,472	8,116	4,004	20,514
Other	16	16	53	250
Interest income	43,686	38,440	79,995	108,589
Interest expense:
Assets sold under agreements to repurchase	23,282	17,071	51,941	54,822
Mortgage loan participation purchase and sale agreements	141	210	305	548
Notes payable secured by credit risk transfer and mortgage servicing assets	24,174	15,449	42,773	35,067
Asset-backed financings of VIEs at fair value	1,996	2,470	2,164	6,997
Interest shortfall on repayments of loans serviced for Agency securitizations	18,536	19,804	40,576	29,243
Interest on loan impound deposits	763	909	1,512	1,820
Interest expense, total	79,202	60,256	155,123	140,106
Nonaffiliates [Member] | Exchangeable Notes [Member]
Interest expense:
Total interest expense	10,310	4,343	15,852	11,609
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Loans at fair value	$ 1,368	$ 2,712	$ 3,267	$ 5,353

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	6 Months Ended
	Jun. 30, 2021
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	46	0	231	204
Total grant date value of share units	$ 872	$ 0	$ 4,391	$ 4,406
Total share units vested	0	0	137	266
Compensation expense relating to share-based grants	$ 1,010	$ 869	$ 2,748	$ 1,054
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	4	0	105	92
Total grant date value of share units	$ 75	$ 0	$ 1,992	$ 1,978
Total share units vested	0	0	100	123
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	42	0	126	112
Total grant date value of share units	$ 797	$ 0	$ 2,399	$ 2,428
Total share units vested	0	0	37	143

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	6 Months Ended
	Jun. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share vested due to exceeding performance goal	37,000
Vesting percentage	100.00%

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Share Units and Performance Share Units Expected to Vest (Detail) shares in Thousands	Jun. 30, 2021$ / sharesshares
Restricted Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	193
Grant date average fair value per unit | $ / shares	$ 20.05
Performance Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	202
Grant date average fair value per unit | $ / shares	$ 19.88

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax [Line Items]
Effective income tax rates	(176.10%)		(4.60%)
Income (loss) before benefit from income taxes	$ 13,797,000	$ 468,063,000	$ 104,825,000	$ (116,362,000)
Expense (benefit) from income taxes	(24,295,000)	3,443,000	$ (4,870,000)	13,691,000
Percentage of deduction from taxable income			20.00%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	(149,600,000)	89,900,000	$ (61,500,000)	68,100,000
Expense (benefit) from income taxes	24,300,000	$ 3,400,000	4,900,000	$ 13,500,000
Deferred tax assets, valuation allowance	$ 5,700,000		$ 5,700,000		$ 110,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	May 01, 2020
Exchangeable Senior Notes Due Two Thousand And Twenty
Debt Instrument [Line Items]
Percentage of interest on debt	5.375%

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 38,092	$ 464,620	$ 109,695	$ (130,053)
Dividends on preferred shares	(6,235)	(6,235)	(12,469)	(12,469)
Effect of participating securities—share-based compensation awards	(80)	(903)	(169)	(123)
Net income (loss) attributable to common shareholders	31,777	457,482	97,057	(142,645)
Interest on the 2020 Notes, net of income taxes	0	715	0	0
Income attributable to participating securities	0	14	0	0
Diluted net income (loss) attributable to common shareholders	$ 31,777	$ 458,211	$ 97,057	$ (142,645)
Weighted average basic shares outstanding	97,927	99,689	97,910	99,967
Shares issuable pursuant to exchange of the Exchangeable Notes	0	1,705	0	0
Shares issuable under share-based compensation plan	107	198	213	0
Diluted weighted average number of shares outstanding	98,034	101,592	98,123	99,967
Basic earnings (loss) per share	$ 0.32	$ 4.59	$ 0.99	$ (1.43)
Diluted earnings (loss) per share	$ 0.32	$ 4.51	$ 0.99	$ (1.43)

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	107	142	0	236
Shares Issuable Pursuant to Exchange of Exchangeable Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	24,328	0	0	5,086

Segments - Additional Informati

Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021Segment
Segment Reporting [Abstract]
Number of business segments	4

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Net investment income:
Net (losses) gains on loans acquired for sale	$ 27,726	$ 162,214	$ 80,738	$ 210,989
Net gain (loss) on investments	128,405	488,934	211,596	(326,197)
Net loan servicing fees	(44,912)	(102,660)	5,133	141,912
Net interest (expense) income:
Interest income	43,686	40,812	81,275	112,935
Interest expense	79,202	61,048	155,510	142,116
Net interest expense	(35,516)	(20,236)	(74,235)	(29,181)
Other	45,863	30,069	99,731	54,281
Net investment income	121,566	558,321	322,963	51,804
Expenses:
Loan fulfillment and servicing fees payable to PFSI	74,035	68,348	153,963	124,809
Management fees	11,913	8,288	20,362	17,343
Other	21,821	13,622	43,813	26,014
Total expenses	107,769	90,258	218,138	168,166
Pretax income (loss)	13,797	468,063	104,825	(116,362)
Total assets at end of quarter	13,598,112	9,083,719	13,598,112	9,083,719	$ 11,492,011
Credit Sensitive Strategies [Member]
Net investment income:
Net (losses) gains on loans acquired for sale	1	(7,573)	0	(39,880)
Net gain (loss) on investments	98,413	472,269	252,684	(446,841)
Net loan servicing fees	0	0	0	0
Net interest (expense) income:
Interest income	401	1,133	1,052	7,689
Interest expense	16,177	8,796	33,439	23,362
Net interest expense	(15,776)	(7,663)	(32,387)	(15,673)
Other	20	3,014	908	3,180
Net investment income	82,658	460,047	221,205	(499,214)
Expenses:
Loan fulfillment and servicing fees payable to PFSI	80	240	218	541
Management fees	0	0	0	0
Other	4,061	1,014	8,210	1,926
Total expenses	4,141	1,254	8,428	2,467
Pretax income (loss)	78,517	458,793	212,777	(501,681)
Total assets at end of quarter	2,361,218	1,743,620	2,361,218	1,743,620
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net (losses) gains on loans acquired for sale	0	0	0	0
Net gain (loss) on investments	29,992	16,665	(41,088)	120,644
Net loan servicing fees	(44,912)	(102,660)	5,133	141,912
Net interest (expense) income:
Interest income	10,056	23,585	23,576	56,827
Interest expense	39,141	38,093	76,452	79,701
Net interest expense	(29,085)	(14,508)	(52,876)	(22,874)
Other	0	0	0	0
Net investment income	(44,005)	(100,503)	(88,831)	239,682
Expenses:
Loan fulfillment and servicing fees payable to PFSI	19,936	15,294	38,890	29,514
Management fees	0	0	0	0
Other	1,507	1,691	2,321	2,873
Total expenses	21,443	16,985	41,211	32,387
Pretax income (loss)	(65,448)	(117,488)	(130,042)	207,295
Total assets at end of quarter	5,374,157	4,307,113	5,374,157	4,307,113
Correspondent production [Member]
Net investment income:
Net (losses) gains on loans acquired for sale	27,725	169,787	80,738	250,869
Net gain (loss) on investments	0	0	0	0
Net loan servicing fees	0	0	0	0
Net interest (expense) income:
Interest income	32,519	15,957	55,314	47,364
Interest expense	23,884	13,502	45,619	37,811
Net interest expense	8,635	2,455	9,695	9,553
Other	45,843	25,318	98,823	49,305
Net investment income	82,203	197,560	189,256	309,727
Expenses:
Loan fulfillment and servicing fees payable to PFSI	54,019	52,814	114,855	94,754
Management fees	0	0	0	0
Other	9,150	5,168	19,796	10,088
Total expenses	63,169	57,982	134,651	104,842
Pretax income (loss)	19,034	139,578	54,605	204,885
Total assets at end of quarter	5,738,154	2,412,751	5,738,154	2,412,751
Corporate [Member]
Net investment income:
Net (losses) gains on loans acquired for sale	0	0	0	0
Net gain (loss) on investments	0	0	0	0
Net loan servicing fees	0	0	0	0
Net interest (expense) income:
Interest income	710	137	1,333	1,055
Interest expense	0	657	0	1,242
Net interest expense	710	(520)	1,333	(187)
Other	0	1,737	0	1,796
Net investment income	710	1,217	1,333	1,609
Expenses:
Loan fulfillment and servicing fees payable to PFSI	0	0	0	0
Management fees	11,913	8,288	20,362	17,343
Other	7,103	5,749	13,486	11,127
Total expenses	19,016	14,037	33,848	28,470
Pretax income (loss)	(18,306)	(12,820)	(32,515)	(26,861)
Total assets at end of quarter	$ 124,583	$ 620,235	$ 124,583	$ 620,235

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Payments:
Income taxes, net	$ 2,076	$ 60
Interest	159,731	168,941
Non-cash investing activities:
Transfer of loans and advances to real estate acquired in settlement of loans	0	1,166
Receipt of mortgage servicing rights as proceeds from sales of loans at fair value	820,634	451,949
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.	557	862
Recognition of mortgage loans at fair value held by a VIE	249,995	0
Reclassification of MSRs to loans at fair value resulting from consolidation of a VIE	3,281	0
Non-cash financing activities:
Dividends declared, not paid	46,098	39,789
Recognition of asset-backed secured financing	$ 240,383	$ 0

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	6.00%
Fannie Mae Or Freddie Mac Mortgage Loans [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] | Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Liquidity requirement basis point		0.035%
Nonperforming mortgage loans [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point		70.00%
Nonperforming mortgage loans [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member] | Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point		6.00%

Regulatory Capital and Liquid_4

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Amounts and Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] $ in Thousands	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Capital Requirements By Agencies [Line Items]
Net worth, Actual	$ 1,051,787	$ 1,101,318
Net worth, Required	$ 512,922	$ 438,530
Tangible net worth / total assets ratio, Actual	0.11	0.16
Tangible net worth / total assets ratio, Required	0.06	0.06
Liquidity, Actual	$ 86,514	$ 101,116
Liquidity, Required	$ 68,559	$ 59,158