PennyMac Mortgage Investment Trust (PMT) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		97,006,694
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
6.75% Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	6.75% Series C Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT/PC
Security Exchange Name	NYSE
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash	$ 131,741	$ 57,704
Short-term investments at fair value	116,130	127,295
Mortgage-backed securities at fair value pledged to creditors	2,471,033	2,213,922
Loans acquired for sale at fair value ($4,889,954 and $3,501,847 pledged to creditors, respectively)	4,979,256	3,551,890
Loans at fair value ($891,531 and $147,410 pledged to creditors, respectively)	895,880	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 assets ($35,938 and $58,699 pledged to creditors, respectively)	97,688	164,318
Derivative assets at fair value	160,758	223,648
Deposits securing credit risk transfer arrangements pledged to creditors	1,962,800	2,799,263
Mortgage servicing rights at fair value ($2,797,165 and $1,742,905 pledged to creditors, respectively)	2,825,501	1,755,236
Servicing advances ($62,362 pledged to creditors at September 30, 2021)	115,961	121,820
Real estate acquired in settlement of loans ($7,490 and $15,365 pledged to creditors, respectively)	10,473	28,709
Other	242,975	380,218
Total assets	13,868,600	11,492,011
LIABILITIES
Assets sold under agreements to repurchase	7,025,147	6,309,418
Mortgage loan participation purchase and sale agreements	45,044	16,851
Notes payable secured by credit risk transfer and mortgage servicing assets	2,633,228	1,924,999
Exchangeable senior notes	499,612	196,796
Asset-backed financing of variable interest entities at fair value	843,163	134,726
Interest-only security payable at fair value	12,000	10,757
Derivative and credit risk transfer strip liabilities at fair value	68,185	263,473
Accounts payable and accrued liabilities	160,112	124,809
Income taxes payable	11,880	23,563
Liability for losses under representations and warranties	40,909	21,893
Total liabilities	11,389,273	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 22,400,000 and 12,400,000, shares respectively, liquidation preference ($560,000,000 and $310,000,000, respectively)	541,482	299,707
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 97,006,694 and 97,862,625 common shares, respectively	970	979
Additional paid-in capital	2,120,457	2,096,907
Accumulated deficit	(183,582)	(100,734)
Total shareholders’ equity	2,479,327	2,296,859
Total liabilities and shareholders’ equity	13,868,600	11,492,011
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($891,531 and $147,410 pledged to creditors, respectively)	891,104	143,707
Derivative assets at fair value	35,938	58,699
Deposits securing credit risk transfer arrangements pledged to creditors	1,962,800	2,799,263
Other—interest receivable	2,054	392
Total assets	2,891,896	3,002,061
LIABILITIES
Asset-backed financing of variable interest entities at fair value	843,163	134,726
Derivative and credit risk transfer liabilities at fair value	43,566	229,696
Interest-only security payable at fair value	12,000	10,757
Accounts payable and accrued liabilities?interest payable	2,054	392
Total liabilities	900,783	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.	19,162	8,152
LIABILITIES
Assets sold under agreements to repurchase	0	80,862
Due to PennyMac Financial Services, Inc.	$ 49,993	$ 87,005

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans acquired for sale at fair value, pledged to creditors	$ 4,889,954	$ 3,501,847
Loans at fair value, pledged to creditors	891,531	147,410
Derivative assets, pledged to creditors	35,938	58,699
Mortgage servicing rights pledged to creditors	2,797,165	$ 1,742,905
Servicing Advances pledged to creditors	$ 62,362
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	22,400,000	12,400,000
Preferred stock, shares outstanding	22,400,000	12,400,000
Preferred stock, liquidation preference, value	$ 560,000	$ 310,000
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	97,006,694	97,862,625
Common shares, outstanding	97,006,694	97,862,625
Real Estate Acquired in Satisfaction of Debt [Member]
Real estate pledged to creditors	$ 7,490	$ 15,365

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net investment income
Net gain on loans acquired for sale	$ 16,196	$ 98,422	$ 96,934	$ 309,411
Loan origination fees	44,189	38,547	142,805	87,683
Net gain (loss) on investments	57,306	19,597	268,902	(306,600)
Contractually specified	137,804	98,027	378,110	294,319
Other	13,960	18,660	55,107	37,738
Net mortgage loan servicing fees	151,764	116,687	433,217	332,057
Change in fair value of mortgage servicing rights	(144,241)	(66,473)	(165,457)	(864,522)
Mortgage servicing rights hedging results	(73,841)	962	(354,128)	717,498
Net servicing fees from non-affiliates	(53,343)	60,427	(48,210)	202,339
Interest income:	58,284	60,623	139,559	173,558
Interest expense	75,489	59,017	230,999	201,133
Net interest (expense) income	(17,205)	1,606	(91,440)	(27,575)
Results of real estate acquired in settlement of loans	540	2,259	1,352	5,147
Other	171	155	474	2,412
Net investment income	47,854	221,013	370,817	272,817
Expenses
Management fees	8,520	8,508	28,882	25,851
Loan origination	6,594	7,234	23,888	15,951
Loan collection and liquidation	2,126	1,082	9,958	2,696
Safekeeping	2,306	1,075	6,839	4,638
Professional services	949	1,554	5,070	4,542
Compensation	(383)	1,039	3,130	2,758
Other	3,773	4,733	10,293	12,146
Total expenses	88,510	98,816	306,648	266,982
(Loss) income before (benefit from) provision for income taxes	(40,656)	122,197	64,169	5,835
(Benefit from) provision for income taxes	(4,701)	22,650	(9,571)	36,341
Net (loss) income	(35,955)	99,547	73,740	(30,506)
Dividends on preferred shares	7,969	6,234	20,438	18,703
Net (loss) income attributable to common shareholders	$ (43,924)	$ 93,313	$ 53,302	$ (49,209)
(Loss) earnings per common share
Basic	$ (0.45)	$ 0.94	$ 0.54	$ (0.50)
Diluted	$ (0.45)	$ 0.94	$ 0.54	$ (0.50)
Weighted average common shares outstanding
Basic	97,501	99,227	97,772	99,718
Diluted	97,501	99,424	97,879	99,718
Nonaffiliates [Member]
Net investment income
Net gain on loans acquired for sale	$ 14,659	$ 96,753	$ 92,029	$ 300,257
Net gain (loss) on investments	57,306	22,207	267,251	(289,748)
Other	13,960	18,660	55,107	37,738
Net servicing fees from non-affiliates	(66,318)	51,176	(86,368)	185,033
Interest income:	58,284	58,553	138,279	167,142
Interest expense	75,489	58,341	230,612	198,447
PennyMac Financial Services, Inc. [Member]
Net investment income
Net gain on loans acquired for sale	1,537	1,669	4,905	9,154
Net gain (loss) on investments	0	(2,610)	1,651	(16,852)
From PennyMac Financial Services, Inc.	12,975	9,251	38,158	17,306
Interest income:	0	2,070	1,280	6,416
Interest expense	0	676	387	2,686
Expenses
Loan fulfillment fees	43,922	54,839	158,777	149,594
Loan servicing fees	20,703	18,752	59,811	48,806
Management fees	$ 8,520	$ 8,508	$ 28,882	$ 25,851

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)	(30,506)	$ 0	$ 0	0	(30,506)
Share-based compensation, Amount	(28)	$ 0	$ 2	(30)	0
Share-based compensation, Shares		0	207
Issuance of shares	5,654	$ 0	$ 2	5,652	0
Issuance of shares, Shares		0	241
Issuance costs relating to shares	(57)	$ 0	$ 0	(57)	0
Dividends:
Preferred shares dividends	(18,708)	0	0	0	(18,708)
Common share dividends	(104,386)	0	0	0	(104,386)
Repurchase of common shares, Amount	$ (21,618)	$ 0	$ (18)	(21,600)	0
Repurchase of common shares, Shares	(1,841)	0	(1,841)
Balance, Amount at Sep. 30, 2020	$ 2,281,266	$ 299,707	$ 988	2,111,854	(131,283)
Balance, Shares at Sep. 30, 2020		12,400	98,789
Balance, Amount at Jun. 30, 2020	2,235,277	$ 299,707	$ 993	2,119,577	(185,000)
Balance, Shares at Jun. 30, 2020		12,400	99,275
Net income (loss)	99,547	$ 0	$ 0	0	99,547
Share-based compensation, Amount	545	$ 0	$ 0	545	0
Share-based compensation, Shares		0	6
Dividends:
Preferred shares dividends	(6,239)	$ 0	$ 0	0	(6,239)
Common share dividends	(39,591)	0	0	0	(39,591)
Repurchase of common shares, Amount	$ (8,273)	$ 0	$ (5)	(8,268)	0
Repurchase of common shares, Shares	(492)	0	(492)
Balance, Amount at Sep. 30, 2020	$ 2,281,266	$ 299,707	$ 988	2,111,854	(131,283)
Balance, Shares at Sep. 30, 2020		12,400	98,789
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)	73,740	$ 0	$ 0	0	73,740
Share-based compensation, Amount	1,255	$ 0	$ 0	1,255	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
Issuance of shares	250,000	$ 250,000	$ 0	0	0
Issuance of shares, Shares		10,000	0
Issuance costs relating to shares	(8,225)	$ (8,225)	$ 0	0	0
Dividends:
Preferred shares dividends	(18,708)	0	0	0	(18,708)
Common share dividends	(137,880)	0	0	0	(137,880)
Repurchase of common shares, Amount	$ (17,700)	$ 0	$ (9)	(17,691)	0
Repurchase of common shares, Shares	(931)	0	(931)
Balance, Amount at Sep. 30, 2021	$ 2,479,327	$ 541,482	$ 970	2,120,457	(183,582)
Balance, Shares at Sep. 30, 2021		22,400	97,007
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
Net income (loss)	(35,955)	$ 0	$ 0	0	(35,955)
Share-based compensation, Amount	(796)	$ 0	$ 0	(796)	0
Share-based compensation, Shares		0	0
Issuance of shares	250,000	$ 250,000	$ 0	0	0
Issuance of shares, Shares		10,000	0
Issuance costs relating to shares	(8,225)	$ (8,225)	$ 0	0	0
Dividends:
Preferred shares dividends	(6,236)	0	0	0	(6,236)
Common share dividends	(45,673)	0	0	0	(45,673)
Repurchase of common shares, Amount	$ (17,178)	$ 0	$ (9)	(17,169)	0
Repurchase of common shares, Shares	(904)	0	(904)
Balance, Amount at Sep. 30, 2021	$ 2,479,327	$ 541,482	$ 970	$ 2,120,457	$ (183,582)
Balance, Shares at Sep. 30, 2021		22,400	97,007

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retained Earnings (Accumulated Deficit) [Member]
Dividends declared per common share	$ 0.47	$ 0.40	$ 1.41	$ 1.05

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 73,740	$ (30,506)
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	(96,934)	(309,411)
Net (gains) losses on investments	(268,902)	306,600
Change in fair value of mortgage servicing rights	165,457	864,522
Mortgage servicing rights hedging results	354,128	(717,498)
Capitalization of interest and fees on loans at fair value	(251)	0
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financing of VIEs	6,080	18,750
Amortization of debt issuance costs	21,228	12,234
Results of real estate acquired in settlement of loans	(1,352)	(5,147)
Gain on early extinguishment of debt	0	(1,738)
Share-based compensation expense	1,953	1,601
Purchase of loans acquired for sale at fair value from nonaffiliates	(147,356,267)	(108,335,206)
Sale to nonaffiliates and repayment of loans acquired for sale at fair value	93,365,579	66,639,230
Repurchase of loans subject to representation and warranties	(49,359)	(53,925)
Settlement of repurchase agreement derivative	0	5,328
Decrease in servicing advances	5,771	1,794
(Increase) decrease in other assets	(372,187)	689,092
Increase in accounts payable and accrued liabilities	25,971	11,392
(Decrease) increase in due to PennyMac Financial Services, Inc.	(37,012)	74,099
(Decrease) increase in income taxes payable	(11,683)	31,345
Net cash (used in) provided by operating activities	(2,714,874)	652,638
Cash flows from investing activities
Net decrease in short-term investments	11,165	9,212
Purchase of mortgage-backed securities at fair value	(1,932,083)	(1,769,211)
Sale and repayment of mortgage-backed securities at fair value	1,607,695	2,282,759
Purchase of subordinate mortgage pass-through securities associated with consolidated variable interest entities	(19,060)	0
Sale and repayment of loans at fair value	73,838	72,803
Repurchase of loans at fair value	0	(1,058)
Settlement and repayment of excess servicing spread receivable from PennyMac Financial Services, Inc.	134,624	25,112
Net settlement of derivative financial instruments	(7,891)	(48,236)
Distribution from credit risk transfer agreements	1,000,269	632,788
Sale of mortgage servicing rights	0	7
Sale of real estate acquired in settlement of loans	19,588	36,199
Decrease (increase) in margin deposits	(207,294)	1,989
Net cash provided by investing activities	1,095,439	1,238,386
Cash flows from financing activities
Sale of assets under agreements to repurchase	157,945,930	130,297,190
Repurchase of assets sold under agreements to repurchase	(157,234,576)	(131,500,376)
Issuance of mortgage loan participation purchase and sale agreements	3,339,846	3,941,053
Repayment of mortgage loan participation purchase and sale agreements	(3,311,653)	(3,861,276)
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	(722,027)	(444,988)
Issuance of exchangeable senior notes	345,000	0
Repayment of exchangeable notes	0	(248,262)
Repayment of asset-backed financing of consolidated variable interest entities	(68,054)	(66,654)
Issuance of notes payable secured by mortgage servicing assets	1,312,971	0
Repayment of notes payable secured by mortgage servicing assets	(537,970)	0
Payment of debt issuance costs	(20,654)	(14,305)
Payment of contingent underwriting fees payable to PennyMac Financial Services, Inc.	(4)	(76)
Payment of dividends to preferred shareholders	(18,708)	(18,708)
Payment of dividends to common shareholders	(138,300)	(111,988)
Issuance of common shares	0	5,654
Payment of issuance costs	0	(57)
Issuance of preferred shares	250,000	0
Payment of vested share-based compensation withholdings	(698)	(1,629)
Repurchase of common shares	(17,700)	(21,618)
Net cash provided by (used in) financing activities	1,693,472	(1,716,594)
Net increase in cash	74,037	174,430
Cash at beginning of period	57,704	104,056
Cash at end of period	131,741	278,486
Preferred Shares [Member]
Cash flows from financing activities
Payment of issuance costs	(8,225)	0
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)	(6,416)
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.	0	(2,248,896)
Sale of loans acquired for sale to PennyMac Financial Services, Inc.	51,471,399	43,721,458
Increase in due from PennyMac Financial Services, Inc.	(10,953)	(16,064)
Cash flows from financing activities
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase	$ (80,862)	$ (20,554)

Organization

Organization	9 Months Ended
	Sep. 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”), a publicly-traded mortgage banking and investment management company, Agency and senior non-Agency mortgage-backed securities (“MBS”) and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PFSI. • The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by the Government National Mortgage Association (“Ginnie Mae”). Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” • The corporate segment includes management fees, corporate expense amounts and certain interest income. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended. To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders.

Basis of Presentation and Accou

Basis of Presentation and Accounting Change	9 Months Ended
	Sep. 30, 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 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 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 reclassified to the carrying value of the Exchangeable Notes and the accumulated accrual of the issuance discount to interest expense through the date of adoption of ASU 2020-06 will be credited to retained earnings net of income taxes as the cumulative effect of the adoption of ASU 2020-06.

Concentration of Risks

Concentration of Risks	9 Months Ended
	Sep. 30, 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; 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 obligation to absorb the losses for both CRT Agreements and CRT securities represent the Company’s recourse obligations relating to the arrangements (“Recourse Obligations”). 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 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Loan fulfillment fees earned by PLS $ 43,922 $ 54,839 $ 158,777 $ 149,594 UPB of loans fulfilled by PLS $ 28,605,098 $ 27,351,435 $ 92,846,231 $ 62,403,674 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,537 $ 1,669 $ 4,905 $ 9,154 UPB of loans sold to PLS $ 15,249,441 $ 16,690,482 $ 49,106,232 $ 41,641,327 Purchases of loans acquired for sale from PLS $ — $ 27 $ — $ 2,248,896 Tax service fees paid to PLS $ 6,559 $ 6,077 $ 21,879 $ 14,345 September 30, 2021 December 31, 2020 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 334,641 $ 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 prime 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 prime 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 UPB of all recaptured loans, to (ii) the aggregate UPB 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 at least 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 698 $ 452 $ 1,871 $ 1,595 Loans at fair value 89 187 306 675 MSRs 19,916 18,113 57,634 46,536 $ 20,703 $ 18,752 $ 59,811 $ 48,806 Average investment in: Loans acquired for sale at fair value $ 4,887,993 $ 3,336,504 $ 4,224,917 $ 3,125,083 Loans at fair value $ 458,054 $ 215,969 $ 235,711 $ 240,565 Average MSR portfolio UPB $ 205,181,714 $ 148,412,625 $ 191,351,860 $ 142,872,909 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Base management $ 8,778 $ 8,508 $ 25,875 $ 25,851 Performance incentive (adjustment) (258 ) — 3,007 — $ 8,520 $ 8,508 $ 28,882 $ 25,851 Average shareholders' equity amounts used to calculate base management fee expense $ 2,350,940 $ 2,280,023 $ 2,334,050 $ 2,329,741 Expense Reimbursement and Amounts Payable to and Receivable from PCM Under the management agreement, PCM is entitled to reimbursement of its organizational and operating expenses, including third-party expenses, incurred on the Company’s behalf, it being understood that PCM and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax and investor relations services for the direct benefit of the Company. PCM was reimbursed $120,000 per fiscal quarter through September 30, 2020. Effective July 1, 2020, PMT’s reimbursement of PCM’s and its affiliates’ compensation expenses was increased from $120,000 to $165,000 per fiscal quarter, such amount to be reviewed annually and to not preclude reimbursement for any other services performed by PCM or its affiliates. The Company is required to pay PCM and its affiliates a portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of PCM and its affiliates required for the Company’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of the Company’s and its subsidiaries’ proportion of gross assets compared to all remaining gross assets managed by PCM as calculated at each fiscal quarter end. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,548 $ 1,389 $ 3,387 $ 4,514 Compensation 165 165 495 405 Expenses incurred on the Company’s behalf, net 4,396 2,852 13,536 5,561 $ 6,109 $ 4,406 $ 17,418 $ 10,480 Payments and settlements during the period (1) $ 51,020 $ 58,479 $ 238,202 $ 228,514 (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 UPB 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 UPB 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 UPB 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 Nine months ended September 30, September 30, 2020 2021 2020 (in thousands) ESS: Received pursuant to a recapture agreement $ 531 $ 557 $ 1,393 Repayments $ 7,682 $ 134,624 $ 25,112 Interest income $ 2,070 $ 1,280 $ 6,416 Net gain (loss) included in Net gains (losses) on investments: Valuation changes $ (3,135 ) $ 1,037 $ (18,293 ) Recapture income 525 614 1,441 $ (2,610 ) $ 1,651 $ (16,852 ) September 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 September 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 Nine months ended September 30, September 30, 2020 2021 2020 (in thousands) Net repayments of assets sold under agreements to repurchase $ 3,143 $ 80,862 $ 20,554 Interest expense $ 676 $ 387 $ 2,686 September 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: September 30, 2021 December 31, 2020 (in thousands) Due from PFSI $ 19,162 $ 8,152 Due to PFSI: Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf $ 12,493 $ 38,142 Fulfillment fees 10,709 20,873 Management fees 8,778 8,686 Correspondent production fees 10,867 13,065 Loan servicing fees 7,146 6,213 Interest on Assets sold to PFSI under agreement to repurchase — 26 $ 49,993 $ 87,005 The Company has also transferred cash to fund loan servicing advances and REO property acquisition and preservation costs to be advanced on its behalf by PLS. Such amounts are included in various balance sheet items as summarized below: Balance sheet line including advance amount September 30, 2021 December 31, 2020 (in thousands) Loan servicing advances $ 115,961 $ 121,820 Real estate acquired in settlement of loans 3,054 10,334 $ 119,015 $ 132,154

Loan Sales

Loan Sales	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Cash flows: Proceeds from sales $ 29,865,473 $ 26,748,508 $ 93,365,579 $ 66,639,230 Loan servicing fees received net of guarantee fees $ 137,804 $ 98,027 $ 378,110 $ 294,319 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: September 30, 2021 December 31, 2020 (in thousands) UPB of loans outstanding $ 211,951,309 $ 170,502,361 Collection Status (UPB) (1) Delinquency: 30-89 days delinquent $ 1,080,362 $ 1,235,981 90 or more days delinquent: Not in foreclosure $ 2,204,245 $ 4,428,915 In foreclosure $ 23,497 $ 27,494 Bankruptcy $ 147,052 $ 148,866 Custodial funds managed by the Company (2) $ 5,373,992 $ 6,086,724 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 252,609 $ 530,353 90 days or more $ 1,395,601 $ 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	9 Months Ended
	Sep. 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 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 PMT to purchase securities that absorb incurred credit losses on such loans. The Company recognized these firm 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 interests and Recourse O bligations as CRT strips which are also included on the consolidated balance sheet in 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) UPB of loans sold $ 1,799,078 $ 18,277,263 Investments — Change in expected face amount of firm commitment to purchase CRT securities $ (95,033 ) $ 197,481 Investment income (loss): Net gains on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans $ (3,933 ) $ (38,161 ) Net gains (losses) on investments: Derivative and CRT strips: CRT derivatives Realized $ 21,337 11,480 $ 73,464 42,231 Valuation changes (3,345 ) (17,996 ) 98 (196,404 ) 17,992 (6,516 ) 73,562 (154,173 ) CRT strips Realized 26,370 10,460 90,342 38,565 Valuation changes 28,327 8,635 163,273 (107,670 ) 54,697 19,095 253,615 (69,105 ) Interest-only security payable at fair value 1,185 2,041 (1,243 ) 12,769 73,874 14,620 325,934 (210,509 ) Firm commitments to purchase CRT securities — 46,332 — (220,146 ) 73,874 60,952 325,934 (430,655 ) Interest income — Deposits securing CRT arrangements 126 288 451 6,893 $ 74,000 $ 57,307 $ 326,385 $ (461,923 ) Net (recoveries received) payments made to settle (recoveries) losses on CRT arrangements $ (14,321 ) $ 2,935 $ (47,876 ) $ 7,114 September 30, 2021 December 31, 2020 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ 31,891 $ 31,795 CRT strips (39,519 ) (202,792 ) $ (7,628 ) $ (170,997 ) Deposits securing CRT arrangements $ 1,962,800 $ 2,799,263 Interest-only security payable at fair value $ 12,000 $ 10,757 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 35,938 $ 58,699 Deposits securing CRT arrangements (1) $ 1,962,800 $ 2,799,263 UPB of loans underlying CRT arrangements $ 35,371,965 $ 58,697,942 Collection status (UPB): Delinquency (2) Current $ 33,723,487 $ 54,990,381 30-89 days delinquent $ 384,962 $ 710,872 90-180 days delinquent $ 150,778 $ 693,315 180 or more days delinquent $ 1,108,723 $ 2,297,365 Foreclosure $ 4,015 $ 6,009 Bankruptcy $ 76,277 $ 75,700 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days delinquent $ 117,381 $ 383,028 90-180 days delinquent $ 90,500 $ 546,344 180 or more days delinquent $ 665,066 $ 1,944,663 (1) Deposits securing credit risk transfer strip liabilities also secure $43.6 million and $229.7 million in CRT strip and CRT derivative liabilities at September 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 Investment Properties Beginning in the quarter ended June 30, 2021, the Company purchased subordinate mortgage pass-through securities backed by loans secured by investment properties in transactions sponsored by Citigroup Global Markets Realty Corp (“CGMRC”). The Company has purchased securities relating to transactions with initial UPBs totaling approximately $796.0 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, are 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, including those held by the Company, until they are 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 Company has concluded that the trusts holding the assets underlying the transactions sponsored by CGMRC are VIEs. The Company determined that it is the primary beneficiary of the VIEs. Therefore, PMT consolidates the VIEs. The Company concluded that it is the primary beneficiary of the VIEs as it has the power, as servicer of the loans, to direct the activities of the trusts that most significantly impact the trusts’ economic performance and, as a holder of subordinate securities, that it is exposed to losses that could potentially be significant to the VIEs. For financial reporting purposes, the loans owned by the consolidated VIE s are included in Loans at fair value and the securities issued to third parties by the consolidated VIE s are included in Asset-backed financi ng of 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 s 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 s . Upon purchase of the subordinate securities and consolidation of the VIE s , the Company recombined the M SRs with the loans in the VIE s to L oans at fair value . The Company recognizes the interest income earned on the loans owned by the VIEs and the interest expense attributable to the asset-backed securities issued to nonaffiliates by the VIEs on its consolidated statements of operations. Quarter ended September 30, 2021 (in thousands) Interest income $ 3,725 Interest expense $ 3,388 Following is a summary of the Company’s investment in loans secured by investment properties: September 30, 2021 (in thousands) Loans at fair value $ 811,727 Asset-backed financing at fair value $ 771,865 Subordinate mortgage pass-through securities held at fair value $ 39,862 Investment in Securities Backed by Jumbo Loans 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 investment in jumbo loans: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Interest income $ 1,048 $ 2,763 $ 4,315 $ 8,117 Interest expense $ 884 $ 2,561 $ 3,048 $ 9,558 September 30, 2021 December 31, 2020 (in thousands) Loans at fair value $ 79,377 $ 143,707 Asset-backed financing at fair value $ 71,298 $ 134,726 Certificates retained at fair value $ 8,079 $ 8,981

Fair Value

Fair Value	9 Months Ended
	Sep. 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 Credit risk transfer strip liabilities 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: September 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 116,130 $ — $ — $ 116,130 Mortgage-backed securities at fair value — 2,471,033 — 2,471,033 Loans acquired for sale at fair value — 4,947,718 31,538 4,979,256 Loans at fair value — 891,104 4,776 895,880 Derivative and credit risk transfer strip assets: Call options on interest rate futures purchase contracts 375 — — 375 Put options on interest rate futures purchase contracts 6,695 — — 6,695 Forward purchase contracts — 2,784 — 2,784 Forward sale contracts — 52,773 — 52,773 MBS call options — 425 — 425 MBS put options — 16,007 — 16,007 Swaption purchase contracts — 38,188 — 38,188 CRT derivatives — — 35,938 35,938 Interest rate lock commitments — — 7,573 7,573 Total derivative assets before netting 7,070 110,177 43,511 160,758 Netting — — — (63,070 ) Total derivative assets after netting 7,070 110,177 43,511 97,688 Mortgage servicing rights at fair value — — 2,825,501 2,825,501 $ 123,200 $ 8,420,032 $ 2,905,326 $ 11,385,488 Liabilities: Asset-backed financing of VIEs at fair value $ — $ 843,163 $ — $ 843,163 Interest-only security payable at fair value — — 12,000 12,000 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 24,407 — 24,407 Forward sales contracts — 4,717 — 4,717 CRT derivatives — — 4,047 4,047 Interest rate lock commitments — — 20,849 20,849 Total derivative liabilities before netting — 29,124 24,896 54,020 Netting — — — (25,354 ) Total derivative liabilities after netting — 29,124 24,896 28,666 Credit risk transfer strips — — 39,519 39,519 Total derivative and credit risk transfer strip liabilities — 29,124 64,415 68,185 $ — $ 872,287 $ 76,415 $ 923,348 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 strip — — 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 September 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, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Purchases and issuances 19,041 — — 35,163 — — 54,204 Repayments and sales (18,356 ) (3,153 ) (21,339 ) — (26,370 ) — (69,218 ) Capitalization of interest and fees — 53 — — — — 53 Amounts received pursuant to sales of loans — — — — — 424,912 424,912 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — Other factors 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) Transfers: Loans from REO — 9 — — — — 9 Interest rate lock commitments to loans acquired for sale (2) — — — (104,073 ) — — (104,073 ) Recombination of MSRs with loans at fair value resulting from consolidation of VIEs — — — — — (6,543 ) (6,543 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021 $ 185 $ (155 ) $ (3,345 ) $ (13,276 ) $ 28,327 $ (144,241 ) $ (132,505 ) (1) For the purpose of this table, CRT derivatives, interest rate lock commitments (“IRLCs”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2021 (in thousands) Interest-only security payable: Balance, June 30, 2021 $ 13,185 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors (1,185 ) (1,185 ) Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021 $ (1,185 ) Quarter ended September 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, 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 Purchases and issuances 24,089 — — — 31,217 — — — — 55,306 Repayments and sales (14,104 ) (470 ) (7,682 ) (11,562 ) — (10,460 ) (5,328 ) — (7 ) (49,613 ) Capitalization of interest — — 2,070 — — — — — — 2,070 ESS received pursuant to a recapture agreement with PFSI — — 531 — — — — — — 531 Amounts (incurred) received pursuant to sales of loans — — — — — — — (3,933 ) 265,278 261,345 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — — — — Other factors (51 ) 193 (3,135 ) (6,516 ) 197,440 19,095 53 46,332 (66,473 ) 186,938 (51 ) 193 (3,135 ) (6,516 ) 197,440 19,095 53 46,332 (66,473 ) 186,938 Transfers: Interest rate lock commitments to loans acquired for sale (2) — — — — (240,496 ) — — — — (240,496 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ (52,740 ) $ — $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2020 $ (198 ) $ 59 $ (3,135 ) $ (17,996 ) $ 72,117 $ 8,635 $ — $ 46,332 $ (66,473 ) $ 39,341 (1) For the purpose of this table, CRT derivatives, 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 September 30, 2020 (in thousands) Interest-only security payable: Balance, June 30, 2020 $ 14,981 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors (2,041 ) (2,041 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2020 $ (2,041 ) Nine months ended September 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 49,112 — — — 83,060 — — 132,172 Repayments and sales (52,215 ) (4,467 ) (134,624 ) (73,466 ) — (90,342 ) — (355,114 ) Capitalization of interest and fees — 251 1,280 — — — — 1,531 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 1,245,546 1,245,546 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — — Other factors 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 Transfers: Loans from REO — 88 — — — — — 88 Interest rate lock commitments to loans acquired for sale (2) — — — — (24,666 ) — — (24,666 ) Recombination of MSRs with loans at fair value resulting from consolidation of VIEs — — — — — — (9,824 ) (9,824 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ — $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the period relating to assets still held at September 30, 2021 $ 423 $ 30 $ — $ 98 $ (13,276 ) $ 163,273 $ (165,457 ) $ (14,909 ) (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 Nine months ended September 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 1,243 1,243 Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2021 $ 1,243 Nine months ended September 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments 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 56,376 1,058 — — 293,183 — — — — 350,617 Repayments and sales (35,136 ) (5,395 ) (25,112 ) (43,694 ) — (38,565 ) (5,328 ) — (7 ) (153,237 ) Capitalization of interest — — 6,416 — — — — — — 6,416 ESS received pursuant to a recapture agreement with PFSI — — 1,393 — — — — — — 1,393 Amounts (incurred) received pursuant to sales of loans — — — — — — — (38,161 ) 717,227 679,066 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — — — — Other factors (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 (69,105 ) 53 (220,146 ) (864,522 ) (930,678 ) (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 (69,105 ) 53 (220,146 ) (864,522 ) (930,678 ) Transfers: Loans to REO — (885 ) — — — — — — — (885 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (629,358 ) — — — — (629,358 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ (52,740 ) $ — $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the period relating to assets still held at September 30, 2020 $ (787 ) $ (1,081 ) $ (18,293 ) $ (196,404 ) $ 72,117 $ (107,670 ) $ — $ (220,146 ) $ (864,522 ) $ (1,336,786 ) (1) For the purpose of this table, CRT derivatives, 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 Nine months ended September 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 (12,769 ) (12,769 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2020 $ (12,769 ) 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): September 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 $ 4,974,254 $ 4,815,312 $ 158,942 $ 3,545,100 $ 3,377,970 $ 167,130 90 or more days delinquent: Not in foreclosure 4,770 5,548 (778 ) 6,591 8,006 (1,415 ) In foreclosure 232 235 (3 ) 199 235 (36 ) 5,002 5,783 (781 ) 6,790 8,241 (1,451 ) $ 4,979,256 $ 4,821,095 $ 158,161 $ 3,551,890 $ 3,386,211 $ 165,679 Loans at fair value: Loans held in consolidated VIEs: Current through 89 days delinquent $ 888,589 $ 856,918 $ 31,671 $ 140,052 $ 128,787 $ 11,265 90 or more days delinquent: Not in foreclosure 2,515 3,262 (747 ) 3,655 4,240 (585 ) In foreclosure — — — — — — 2,515 3,262 (747 ) 3,655 4,240 (585 ) 891,104 860,180 30,924 143,707 133,027 10,680 Distressed loans: Current through 89 days delinquent 1,249 2,058 (809 ) 2,071 4,099 (2,028 ) 90 or more days delinquent: Not in foreclosure 1,836 4,292 (2,456 ) 3,714 12,357 (8,643 ) In foreclosure 1,691 4,873 (3,182 ) 2,242 4,641 (2,399 ) 3,527 9,165 (5,638 ) 5,956 16,998 (11,042 ) 4,776 11,223 (6,447 ) 8,027 21,097 (13,070 ) $ 895,880 $ 871,403 $ 24,477 $ 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 September 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 $ — $ (18,591 ) $ — $ (2,415 ) $ (21,006 ) Loans acquired for sale at fair value 75,528 — — — 75,528 Loans at fair value — 411 — (664 ) (253 ) Credit risk transfer strips — 54,697 — — 54,697 MSRs at fair value — — (144,241 ) — (144,241 ) $ 75,528 $ 36,517 $ (144,241 ) $ (3,079 ) $ (35,275 ) Liabilities: Interest-only security payable at fair value $ — $ 1,185 $ — $ — $ 1,185 Asset-backed financing of VIEs at fair value — 1,663 — (531 ) 1,132 $ — $ 2,848 $ — $ (531 ) $ 2,317 Quarter ended September 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 $ — $ (37,873 ) $ — $ 7,384 $ (30,489 ) Loans acquired for sale at fair value 231,934 — — — 231,934 Loans at fair value — (2,712 ) — 880 (1,832 ) ESS at fair value — (3,135 ) — 2,070 (1,065 ) Credit risk transfer strips — 19,095 — — 19,095 Firm commitment to purchase CRT securities at fair value (3,933 ) 46,332 — — 42,399 MSRs at fair value — — (66,473 ) — (66,473 ) $ 228,001 $ 21,707 $ (66,473 ) $ 10,334 $ 193,569 Liabilities: Interest-only security payable $ — $ 2,041 $ — $ — $ 2,041 Asset-backed financing of VIEs at fair value — 3,106 — 950 4,056 $ — $ 5,147 $ — $ 950 $ 6,097 Nine months ended September 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 $ — $ (60,456 ) $ — $ (6,821 ) $ (67,277 ) Loans acquired for sale at fair value 68,203 — — — 68,203 Loans at fair value — (2,373 ) — 665 (1,708 ) ESS at fair value — 1,037 — 1,280 2,317 Credit risk transfer strips — 253,615 — — 253,615 MSRs at fair value — — (165,457 ) — (165,457 ) $ 68,203 $ 191,823 $ (165,457 ) $ (4,876 ) $ 89,693 Liabilities: Interest-only security payable at fair value $ — $ (1,243 ) $ — $ — $ (1,243 ) Asset-backed financing of VIEs at fair value — 4,146 — (76 ) 4,070 $ — $ 2,903 $ — $ (76 ) $ 2,827 Nine months ended September 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 $ — $ 95,158 $ — $ (16,477 ) $ 78,681 Loans acquired for sale at fair value 636,962 — — — 636,962 Loans at fair value — (6,049 ) — 1,720 (4,329 ) ESS at fair value — (18,293 ) — 6,416 (11,877 ) Credit risk transfer strips — (69,105 ) — — (69,105 ) Firm commitment to purchase CRT securities at fair value (38,161 ) (220,146 ) — — (258,307 ) MSRs at fair value — — (864,522 ) — (864,522 ) $ 598,801 $ (218,435 ) $ (864,522 ) $ (8,341 ) $ (492,497 ) Liabilities: Interest-only security payable at fair value $ — $ 12,769 $ — $ — $ 12,769 Asset-backed financing of VIEs at fair value — 4,872 — (4,045 ) 827 $ — $ 17,641 $ — $ (4,045 ) $ 13,596 Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were re-measured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2021 $ — $ — $ 3,874 $ 3,874 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Real estate asset acquired in settlement of loans $ 605 $ (69 ) $ (669 ) $ (1,263 ) The Company remeasures its REO based on fair value when it evaluates the properties 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 September 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 $ 2,633,228 $ 2,648,439 $ 1,924,999 $ 1,871,276 Exchangeable senior notes $ 499,612 $ 567,708 $ 196,796 $ 207,428 The Company estimates 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 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 under the circumstances. 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 held 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 gains (losses) on investments in the consolidated statements of . 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 as supplementary information. 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: September 30, 2021 December 31, 2020 (dollars in thousands) Fair value CRT derivatives: Assets $ 35,938 $ 58,699 Liabilities $ 4,047 $ 26,904 UPB of loans in reference pools $ 8,472,767 $ 13,854,426 Key inputs (1) Discount rate Range 4.6% – 5.4% 6.7% – 9.0% Weighted average 5.3% 7.3% Voluntary prepayment speed (2) Range 13.3% – 13.7% 20.8% – 23.5% Weighted average 13.4% 21.9% Involuntary prepayment speed (3) Range (0.3)% – 0.4% (0.8)% – 1.1% Weighted average (0.1)% (0.2)% Remaining loss (recovery) expectation (4) Range (0.3)% – 0.6% (0.6)% – 0.6% Weighted average 0.0% (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 expected 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 is

Mortgage-Backed Securities

Mortgage-Backed Securities	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 2,309,864 $ 2,612,986 $ 2,213,922 $ 2,839,633 Purchases 249,234 153,725 1,932,083 1,769,211 Sales — — (1,300,653 ) (1,601,490 ) Repayments (67,059 ) (331,456 ) (307,042 ) (681,269 ) Changes in fair value included in income arising from: (Amortization) accrual of net purchase premiums (2,415 ) 7,384 (6,821 ) (16,477 ) Valuation adjustments (18,591 ) (37,873 ) (60,456 ) 95,158 (21,006 ) (30,489 ) (67,277 ) 78,681 Balance at end of period $ 2,471,033 $ 2,404,766 $ 2,471,033 $ 2,404,766 Following is a summary of the Company’s investment in MBS: September 30, 2021 Coupon Agency (1) Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value Minimum Maximum Weighted average (dollars in thousands) Freddie Mac $ 858,835 $ 28,910 $ (18,764 ) $ 868,981 2.0 2.5 2.1 Fannie Mae 1,583,741 51,058 (32,747 ) 1,602,052 2.0 2.5 2.1 $ 2,442,576 $ 79,968 $ (51,511 ) $ 2,471,033 December 31, 2020 Coupon Agency (1) Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value Minimum Maximum Weighted average (dollars in thousands) Freddie Mac $ 1,253,755 $ 32,414 $ 24,867 $ 1,311,036 2.0 3.0 2.7 Fannie Mae 863,758 23,692 15,436 902,886 2.0 3.0 2.5 $ 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 September 30, 2021 and December 31, 2020.

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 (in thousands) Agency-eligible (1) $ 4,613,077 $ 3,057,601 Held for sale to PLS — Government insured or guaranteed (2) 334,641 460,414 Home equity lines of credit 3,917 5,566 Commercial real estate 977 1,010 Repurchased pursuant to representations and warranties 26,644 27,299 $ 4,979,256 $ 3,551,890 Loans pledged to secure: Assets sold under agreements to repurchase $ 4,843,261 $ 3,484,202 Mortgage loan participation purchase and sale agreements 46,693 17,645 $ 4,889,954 $ 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 – Correspondent Production Activities.

Loans at Fair Value

Loans at Fair Value	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 (in thousands) Loans in VIEs: Secured by investment properties $ 811,727 $ — Fixed interest rate jumbo loans 79,377 143,707 891,104 143,707 Distressed loans 4,776 8,027 $ 895,880 $ 151,734 Loans at fair value pledged to secure: Asset-backed financings of VIEs at fair value $ 891,104 $ 143,707 Assets sold under agreements to repurchase 427 3,703 $ 891,531 $ 147,410

Derivative and Credit Risk Tran

Derivative and Credit Risk Transfer Strip Assets and Liabilities	9 Months Ended
	Sep. 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: September 30, 2021 December 31, 2020 (in thousands) Derivative assets $ 97,688 $ 164,318 $ 97,688 $ 164,318 Derivative liabilities $ 28,666 $ 60,681 Credit risk transfer strip liabilities 39,519 202,792 $ 68,185 $ 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 assets 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 and liabilities 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 September 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) Hedging derivatives subject to master netting agreements (2): Call options on interest rate futures purchase contracts 1,200,000 $ 375 $ — 1,450,000 $ 3,070 $ — Put options on interest rate futures purchase contracts 600,000 6,695 — 2,800,000 4,742 — Forward purchase contracts 7,979,384 2,784 24,407 17,563,549 72,526 17 Forward sale contracts 13,578,730 52,773 4,717 26,615,716 92 122,884 MBS call options 2,700,000 425 — — — — MBS put options 3,300,000 16,007 — 3,625,000 3,220 — Swaption purchase contracts 2,532,000 38,188 — 3,655,000 8,505 — Swap futures 4,800,000 — — 1,950,000 — — Bond futures 83,500 — — 66,500 — — Other derivatives not subject to master netting arrangements: CRT derivatives 8,472,767 35,938 4,047 13,854,426 58,699 26,904 Interest rate lock commitments 5,756,526 7,573 20,849 10,588,208 72,794 408 Total derivative instruments before netting 160,758 54,020 223,648 150,213 Netting (63,070 ) (25,354 ) (59,330 ) (89,532 ) $ 97,688 $ 28,666 $ 164,318 $ 60,681 Margin deposits (received from) placed with derivative counterparties, net $ (37,715 ) $ 30,197 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 35,938 $ 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 and IRLCs. As of September 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: September 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 $ 375 $ — $ 375 $ 3,070 $ — $ 3,070 Put options on interest rate futures purchase contracts 6,695 — 6,695 4,742 — 4,742 Forward purchase contracts 2,784 — 2,784 72,526 — 72,526 Forward sale contracts 52,773 — 52,773 92 — 92 MBS call options 425 — 425 — — — MBS put options 16,007 — 16,007 3,220 — 3,220 Swaption purchase contracts 38,188 — 38,188 8,505 — 8,505 Netting — (63,070 ) (63,070 ) — (59,330 ) (59,330 ) 117,247 (63,070 ) 54,177 92,155 (59,330 ) 32,825 Not subject to master netting arrangements: CRT derivatives 35,938 — 35,938 58,699 — 58,699 Interest rate lock commitments 7,573 — 7,573 72,794 — 72,794 43,511 — 43,511 131,493 — 131,493 $ 160,758 $ (63,070 ) $ 97,688 $ 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. September 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 $ 35,938 $ — $ — $ 35,938 $ 58,699 $ — $ — $ 58,699 Interest rate lock commitments 7,573 — — 7,573 72,794 — — 72,794 Citigroup Global Markets Inc. 13,176 — — 13,176 2,416 — — 2,416 Bank of America, N.A. 10,055 — — 10,055 15,406 — — 15,406 RJ O’Brien & Associates, LLC 7,070 — — 7,070 7,813 — — 7,813 Goldman Sachs & Co. LLC 5,825 — — 5,825 — — — — Wells Fargo Securities, LLC 5,409 — — 5,409 — — — — Morgan Stanley & Co. LLC 5,147 — — 5,147 — — — — J.P. Morgan Securities LLC 4,845 — — 4,845 — — — — PNC Capital Markets LLC — — — — 3,138 — — 3,138 Deutsche Bank Securities LLC — — — — 1,602 — — 1,602 Mitsubishi UFJ Sec — — — — 1,070 — — 1,070 Other 2,650 — — 2,650 1,380 — — 1,380 $ 97,688 $ — $ — $ 97,688 $ 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. September 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 $ 24,407 $ — $ 24,407 $ 17 $ — $ 17 Forward sales contracts 4,717 — 4,717 122,884 — 122,884 Netting — (25,354 ) (25,354 ) — (89,532 ) (89,532 ) 29,124 (25,354 ) 3,770 122,901 (89,532 ) 33,369 Not subject to master netting arrangements CRT derivatives 4,047 — 4,047 26,904 — 26,904 Interest rate lock commitments 20,849 — 20,849 408 — 408 54,020 (25,354 ) 28,666 150,213 (89,532 ) 60,681 Assets sold under agreements to repurchase: UPB 7,028,012 — 7,028,012 6,317,928 — 6,317,928 Unamortized debt issuance costs (2,865 ) — (2,865 ) (8,510 ) — (8,510 ) 7,025,147 — 7,025,147 6,309,418 — 6,309,418 $ 7,079,167 $ (25,354 ) $ 7,053,813 $ 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. September 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 $ 20,849 $ — $ — $ 20,849 $ 408 $ — $ — $ 408 CRT derivatives 4,047 — — 4,047 26,904 — — 26,904 Bank of America, N.A. 1,194,100 (1,194,100 ) — — 414,044 (414,044 ) — — RBC Capital Markets, L.P. 1,128,035 (1,128,035 ) — — 765,892 (765,892 ) — — Credit Suisse Securities (USA) LLC 1,024,283 (1,023,703 ) — 580 1,059,547 (1,054,636 ) — 4,911 Barclays Capital Inc. 1,011,522 (1,010,794 ) — 728 922,959 (922,035 ) — 924 J.P. Morgan Securities LLC 718,441 (718,441 ) — — 359,573 (357,211 ) — 2,362 Daiwa Capital Markets 507,523 (507,523 ) — — 728,207 (727,562 ) — 645 BNP Paribas 393,709 (393,709 ) — — 164,414 (163,548 ) — 866 Wells Fargo Securities, LLC 339,937 (339,937 ) — — 148,854 (140,796 ) — 8,058 Morgan Stanley & Co. LLC 311,198 (311,198 ) — — 367,493 (366,415 ) — 1,078 Goldman Sachs & Co. LLC 149,416 (149,416 ) — — 149,272 (144,883 ) — 4,389 Amherst Pierpont Securities LLC 130,000 (130,000 ) — — 153,224 (153,224 ) — — Citigroup Global Markets Inc. 121,156 (121,156 ) — — 830,161 (830,161 ) — — Mizuho Securities — — — — 279,321 (277,521 ) — 1,800 Federal Home Loan Mortgage Corporation — — — — 5,883 — — 5,883 Other 2,462 — — 2,462 2,453 — — 2,453 $ 7,056,678 $ (7,028,012 ) $ — $ 28,666 $ 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 September 30, Nine months ended September 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) $ (43,024 ) $ (11,839 ) $ (85,662 ) $ 60,964 CRT derivatives Net gains (losses) on investments $ 17,992 $ (6,516 ) $ 73,562 $ (154,173 ) Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ (19,150 ) $ (117,926 ) $ 112,226 $ (350,191 ) Mortgage servicing rights Net loan servicing fees $ (73,841 ) $ 962 $ (354,128 ) $ 717,498 Fixed-rate and prepayment sensitive assets and LIBOR-indexed repurchase agreements Net gains (losses) on investments $ (51 ) $ (1,266 ) $ — $ 46,926 (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 or cancellation of the commitment 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) September 30, 2021 December 31, 2020 (in thousands) Currently unrestricted $ 21 $ — Through December 4, 2021 8,792 (168,539 ) To maturity (48,332 ) (34,253 ) $ (39,519 ) $ (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	9 Months Ended
	Sep. 30, 2021
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 2,551,373 $ 1,189,605 $ 1,755,236 $ 1,535,705 Sales — (7 ) — (7 ) MSRs resulting from loan sales 424,912 265,278 1,245,546 717,227 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (62,843 ) (13,054 ) 44,939 (687,950 ) Other changes in fair value (2) (81,398 ) (53,419 ) (210,396 ) (176,572 ) (144,241 ) (66,473 ) (165,457 ) (864,522 ) Recombination with loans at fair value resulting from consolidation of VIEs (3) (6,543 ) — (9,824 ) — Balance at end of period $ 2,825,501 $ 1,388,403 $ 2,825,501 $ 1,388,403 September 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 $ 2,797,165 $ 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 Investment Properties, Loans at fair value Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Contractually-specified servicing fees $ 137,804 $ 98,027 $ 378,110 $ 294,319 Ancillary and other fees: Late charges 436 194 1,199 1,093 Other 13,524 18,466 53,908 36,645 13,960 18,660 55,107 37,738 $ 151,764 $ 116,687 $ 433,217 $ 332,057 Average MSR servicing portfolio $ 205,181,714 $ 148,412,625 $ 191,351,860 $ 142,872,909

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
	Sep. 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 September 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.29 % 1.49 % 1.40 % 1.77 % Average balance $ 6,796,525 $ 4,054,686 $ 6,177,250 $ 4,986,701 Total interest expense $ 24,047 $ 19,259 $ 75,988 $ 74,081 Maximum daily amount outstanding $ 7,776,643 $ 7,170,860 $ 8,725,300 $ 8,664,587 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $11.2 million for the quarter and nine months ended September 30, 2021, respectively, and $4.1 million and $7.9 million for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Unpaid principal balance $ 7,028,012 $ 6,317,928 Unamortized debt issuance costs (2,865 ) (8,510 ) $ 7,025,147 $ 6,309,418 Weighted average interest rate 1.26 % 1.36 % Available borrowing capacity (1): Committed $ 104,236 $ 483,767 Uncommitted 4,679,890 4,151,905 $ 4,784,126 $ 4,635,672 Margin deposits placed with counterparties included in Other $ 22,096 $ 141,808 Assets securing agreements to repurchase: Mortgage-backed securities $ 2,471,033 $ 2,213,922 Loans acquired for sale at fair value $ 4,843,261 $ 3,484,202 Loans at fair value $ 427 $ 3,703 MSRs (2) $ 1,608,320 $ 1,166,090 Servicing advances $ 62,362 $ — Real estate acquired in settlement of loans $ 7,490 $ 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 September 30, 2021 Unpaid principal balance (in thousands) Within 30 days $ 2,951,938 Over 30 to 90 days 2,898,039 Over 90 days to 180 days 1,128,035 Over 180 days to 1 year — Over one year to two years 50,000 $ 7,028,012 Weighted average maturity (in months) 2.0 The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair value (as determined by the applicable lender) of the assets securing those repurchase agreements decreases. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by pledged asset and counterparty below as of September 30, 2021: Loans, REO and MSRs Weighted-average maturity Counterparty Amount Advances Facility (in thousands) RBC Capital Markets, L.P. $ 69,543 January 9, 2022 August 10, 2022 Credit Suisse First Boston Mortgage Capital LLC $ 61,885 December 7, 2021 March 31, 2023 Barclays Capital Inc. $ 55,281 December 24, 2021 November 3, 2022 Bank of America, N.A. $ 39,893 October 22, 2021 June 7, 2023 JPMorgan Chase & Co. $ 2,009 November 20, 2021 June 6, 2023 BNP Paribas Corporate and Institutional Banking $ 22,436 December 12, 2021 July 31, 2023 Wells Fargo Securities, LLC $ 16,406 December 23, 2021 October 6, 2022 Citibank, N.A. $ 11,839 November 18, 2021 August 10, 2023 Goldman Sachs & Co. LLC $ 7,826 December 16, 2021 December 23, 2022 Morgan Stanley & Co. LLC $ 16,706 December 19, 2021 November 2, 2022 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 22,084 October 15, 2021 Barclays Capital Inc. $ 10,576 October 17, 2021 JPMorgan Chase & Co. $ 24,936 October 20, 2021 Daiwa Capital Markets America Inc. $ 15,387 October 20, 2021 Amherst Pierpont Securities LLC $ 3,897 October 15, 2021 Mortgage Loan Participation Purchase and Sale Agreements One of the borrowing facilities secured by loans acquired for sale is 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.48 % 1.43 % 1.41 % 1.70 % Average balance $ 35,984 $ 40,117 $ 35,754 $ 45,484 Total interest expense $ 166 $ 176 $ 471 $ 724 Maximum daily amount outstanding $ 82,116 $ 96,508 $ 89,072 $ 96,570 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $93,000 for the quarter and nine months ended September 30, 2021, respectively, and $31,000 and $145,000 for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 45,044 $ 16,851 Unamortized debt issuance costs — — $ 45,044 $ 16,851 Weighted average interest rate 1.46 % 1.39 % Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 46,693 $ 17,645

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 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: Term notes Issuance date Issuance amount Unpaid principal balance Annual interest rate spread (1) 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 $ 471,967 2.90 % February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 356,437 3.81 % December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 102,674 2.35 % March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 99,499 2.70 % October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 281,642 2.75 % May 29, 2023 May 29, 2025 2019 1R March 29, 2019 $ 295,700 104,929 2.00 % March 29, 2022 March 27, 2024 $ 1,417,148 (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 March 31, 2023. 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 $1billion from $700 million, bears interest at a rate equal to LIBOR plus 3.25%, 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 3.04 % 2.69 % 3.10 % 3.31 % Average balance $ 2,791,323 $ 1,730,585 $ 2,658,411 $ 1,832,732 Total interest expense $ 22,890 $ 12,407 $ 65,664 $ 47,474 Maximum daily amount outstanding $ 2,935,720 $ 1,816,286 $ 3,336,211 $ 2,032,665 (1) Excludes the effect of amortization of debt issuance costs of $1.5 million and $4.0 million for the quarter and nine months ended September 30, 2021, respectively, and $687,000 and $1.9 million for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 2,642,147 $ 1,930,018 Unamortized debt issuance costs (8,919 ) (5,019 ) $ 2,633,228 $ 1,924,999 Weighted average interest rate 2.85 % 2.99 % Assets securing notes payable: MSRs (1) $ 2,797,165 $ 1,742,905 CRT Agreements: Deposits securing CRT arrangements $ 1,962,800 $ 2,799,263 Derivative assets $ 35,938 $ 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 On November 7 and November 19, 2019, PMC issued $210 million in principal amount of 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 bear interest at 5.50% per year, payable semiannually. The 2026 Exchangeable Notes and 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 December 15, 2025 and August 1, 2024, respectively. The exchange rates are equal to 46.1063 common shares per $ 1,000 principal amount of the 2026 Exchangeable Notes and 2 024 Exchangeable Notes, respectively, and are 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Average balance $ 497,770 $ 195,579 $ 426,353 $ 293,736 Total interest expense (1) $ 10,446 $ 3,613 $ 26,298 $ 15,222 (1) Excludes the effect of amortization of debt issuance costs of $661,000 and $1.6 million for the quarter and nine months ended September 30, 2021, respectively, and $270,000 and $1.2 million for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (in thousands) Carrying value: UPB $ 555,000 $ 210,000 Unamortized debt issuance costs and conversion option (55,388 ) (13,204 ) $ 499,612 $ 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Average balance $ 424,744 $ 197,743 $ 214,524 $ 219,951 Total interest expense $ 4,272 $ 2,561 $ 6,436 $ 9,558 Weighted average interest rate 4.49 % 3.23 % 4.06 % 3.34 % September 30, 2021 December 31, 2020 (dollars in thousands) Fair value $ 843,163 $ 134,726 UPB $ 817,019 $ 131,835 Weighted average interest rate 2.98 % 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. Maturities of Long-Term Debt Annual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended September 30, Total 2022 2023 2024 2025 2026 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,642,148 $ 529,929 $ 1,290,252 $ 471,967 $ — $ 350,000 $ — Exchangeable senior notes 555,000 — — — 210,000 345,000 — Asset-backed financing of variable interest entities at fair value (2) 817,019 — — — — — 817,019 Interest-only security payable at fair value (2) 12,000 — — — — — 12,000 Total $ 4,026,167 $ 529,929 $ 1,290,252 $ 471,967 $ 210,000 $ 695,000 $ 829,019 (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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Balance, beginning of period $ 36,314 $ 10,225 $ 21,893 $ 7,614 Provision for losses: Pursuant to loan sales 6,297 5,953 23,282 10,198 Reduction in liability due to change in estimate (1,636 ) (1,504 ) (4,155 ) (3,059 ) Losses incurred, net (66 ) (33 ) (111 ) (112 ) Balance, end of period $ 40,909 $ 14,641 $ 40,909 $ 14,641 UPB of loans subject to representations and warranties at end of period $ 208,686,249 $ 143,875,403

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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: September 30, 2021 (in thousands) Commitments to purchase loans acquired for sale $ 5,756,526

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 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 September 30, Preferred Quarter Nine months Share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2021 2020 2021 2020 (in thousands, except dividends per share) A 8.125% Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.53 $ 1.52 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 C 6.75% Issued August 2021 10,000 250,000 8,225 241,775 — — — — 22,400 $ 560,000 $ 18,518 $ 541,482 (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”) 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 Company’s Series C Fixed Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series C Preferred Shares”) (together with the Series A Preferred Shares and Series B Preferred Shares, the “Preferred Shares”) pay cumulative dividends at a fixed rate of 6.75% per annum based on the $25.00 per share liquidation preference to, but not including, August 24, 2026. The first dividend on the Series C Preferred Shares shall be paid on December 15, 2021 in the amount of $0.52031 per share, and will represent accrual for more than the full quarterly period, covering the period from, and including August 24, 2021 to, but not including, December 15, 2021. The Series A, Series B, and Series C Preferred Shares will not be redeemable before March 15, 2024, June 15, 2024 and August 24, 2026, 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 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 periodically enters into ATM equity offering programs allowing it to offer and sell securities on an as-and-when-needed basis through designated broker-dealers. On June 15, 2021, the Company entered into a new ATM equity offering program allowing it to offer up to $200 million of its common shares of beneficial interest. Following is a summary of the Company’s activities under its prior ATM equity offering program: Nine months ended September 30, 2020 (in thousands) Number of common shares issued 241 Gross proceeds $ 5,654 Net proceeds $ 5,597 A t September 30, 2021 , the Company had $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 September 30, Nine months ended September 30, Cumulative 2021 2020 2021 2020 total (1) (in thousands) Common shares repurchased 904 492 931 1,841 18,430 Cost of common shares repurchased $ 17,178 $ 8,273 $ 17,700 $ 21,618 $ 271,592 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2021.

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Cash loss: Loans $ (381,295 ) $ (23,860 ) $ (1,196,355 ) $ (70,972 ) Hedging activities 25,858 (103,361 ) 196,908 (360,930 ) (355,437 ) (127,221 ) (999,447 ) (431,902 ) Non-cash gain: Recognition of fair value of firm commitment to purchase CRT securities — (3,933 ) — (38,161 ) Receipt of MSRs in mortgage loan sale transactions 424,912 265,278 1,245,546 717,227 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to loans sales (6,297 ) (5,953 ) (23,282 ) (10,198 ) Reduction of liability due to change in estimate 1,636 1,504 4,155 3,059 (4,661 ) (4,449 ) (19,127 ) (7,139 ) Change in fair value of loans and derivatives IRLCs (43,024 ) (11,839 ) (85,662 ) 60,964 Loans 37,877 (6,518 ) 35,401 (11,471 ) Hedging derivatives (45,008 ) (14,565 ) (84,682 ) 10,739 (50,155 ) (32,922 ) (134,943 ) 60,232 370,096 223,974 1,091,476 732,159 Total from nonaffiliates 14,659 96,753 92,029 300,257 From PFSI ‒ cash gain 1,537 1,669 4,905 9,154 $ 16,196 $ 98,422 $ 96,934 $ 309,411

Net Gains (Losses) on Investmen

Net Gains (Losses) on Investments	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Mortgage-backed securities $ (18,591 ) $ (37,873 ) $ (60,456 ) $ 95,158 Loans at fair value: Held in VIEs (241 ) (2,905 ) (3,250 ) (4,979 ) Distressed 652 193 877 (1,070 ) CRT arrangements 73,874 14,620 325,934 (210,509 ) Firm commitment to purchase CRT securities — 46,332 — (220,146 ) Asset-backed financing of VIEs at fair value 1,663 3,106 4,146 4,872 Hedging derivatives (51 ) (1,266 ) — 46,926 57,306 22,207 267,251 (289,748 ) From PFSI ‒ ESS — (2,610 ) 1,651 (16,852 ) $ 57,306 $ 19,597 $ 268,902 $ (306,600 )

Net Interest (Expense) Income

Net Interest (Expense) Income	9 Months Ended
	Sep. 30, 2021
Banking And Thrift Interest [Abstract]
Net Interest (Expense) Income	Note 20—Net Interest (Expense) Income Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 264 $ 581 $ 705 $ 3,100 Mortgage-backed securities 9,833 24,411 25,925 49,861 Loans acquired for sale at fair value 39,076 26,158 94,597 73,762 Loans at fair value: Held in VIEs 4,773 2,763 8,040 8,117 Distressed 85 50 377 342 Deposits securing CRT arrangements 126 288 451 6,893 Placement fees relating to custodial funds 4,481 4,286 8,485 24,800 Other (354 ) 16 (301 ) 267 58,284 58,553 138,279 167,142 From PFSI ‒ ESS — 2,070 1,280 6,416 58,284 60,623 139,559 173,558 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 24,047 19,259 75,988 74,081 Mortgage loan participation purchase and sale agreements 166 176 471 724 Notes payable secured by credit risk transfer and mortgage servicing assets 22,890 12,407 65,664 47,474 Exchangeable Notes 10,446 3,613 26,298 15,222 Asset-backed financings of VIEs at fair value 4,272 2,561 6,436 9,558 Interest shortfall on repayments of loans serviced for Agency securitizations 12,622 19,311 53,198 48,553 Interest on loan impound deposits 1,046 1,014 2,557 2,835 75,489 58,341 230,612 198,447 To PFSI ‒ Assets sold under agreement to repurchase — 676 387 2,686 75,489 59,017 230,999 201,133 Net interest (expense) income $ (17,205 ) $ 1,606 $ (91,440 ) $ (27,575 )

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Grants: Restricted share units — — 105 92 Performance share units — — 126 112 — — 231 204 Grant date fair value: Restricted share units $ — $ — $ 1,992 $ 1,978 Performance share units — — 2,399 2,428 $ — $ — $ 4,391 $ 4,406 Vestings: Restricted share units — 6 100 129 Performance share units (1) — — 37 143 — 6 137 272 Forfeitures: Restricted share units — 4 — 4 Performance share units — — — — — 4 — 4 Compensation expense relating to share-based grants $ (795 ) $ 547 $ 1,953 $ 1,601 (1) The actual number of performance-based RSUs that vested during the nine months ended September 30, 2021 was 37,000 common shares, which is 100% of the originally granted performance-based RSUs. September 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	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 22—Income Taxes The Company’s effective tax rate was 11.6% and (14.9)% with consolidated pretax loss of $40.7 million and consolidated pretax income of $64.2 million for the quarter and nine months ended September 30, 2021, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax benefit of $4.7 million on a pretax loss of $75.6 million for the quarter ended September 30, 2021 and tax benefit of $9.6 million on a pretax loss of $137.1 million for the nine months ended September 30, 2021. The TRS losses were primarily due to decreases in MSR fair values. For the same periods in 2020, the TRS recognized a tax expense of $22.9 million on a pretax income of $118.5 million and a tax expense of $36.3 million on a pretax income of $186.6 million, respectively. The Company’s reported consolidated pretax income was $122.2 million and $5.8 million for the quarter and nine months ended September 30, 2020, respectively. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The benefit from the dividends paid deduction was partially offset by a valuation allowance recorded at the TRS against its deferred tax assets, including a portion of its net operating losses and deferred interest expense. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of September 30, 2021, the valuation allowance was increased to $ 22.0 million from the $ 110,000 valuation allowance recorded at December 31, 2020 as the result of a GAAP loss at the TRS for the nine months ended September 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.

(Loss) Earnings Per Common Shar

(Loss) Earnings Per Common Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
(Loss) Earnings Per Common Share	Note 23—(Loss) Earnings Per Common 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 2 ‒ Basis of Presentation and Accounting Change ‒ Pending Accounting Change, The following table summarizes the basic and diluted earnings per share calculations: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands except per share amounts) Net (loss) income $ (35,955 ) $ 99,547 $ 73,740 $ (30,506 ) Dividends on preferred shares (7,969 ) (6,234 ) (20,438 ) (18,703 ) Effect of participating securities—share-based compensation awards (80 ) (182 ) (238 ) (198 ) Net (loss) income attributable to common shareholders (44,004 ) 93,131 53,064 (49,407 ) Income attributable to participating securities — — — — Diluted net (loss) income attributable to common shareholders $ (44,004 ) $ 93,131 $ 53,064 $ (49,407 ) Weighted average basic shares outstanding 97,501 99,227 97,772 99,718 Shares issuable under share-based compensation plan — 197 107 — Diluted weighted average number of shares outstanding 97,501 99,424 97,879 99,718 Basic (loss) earnings per share $ (0.45 ) $ 0.94 $ 0.54 $ (0.50 ) Diluted (loss) earnings per share $ (0.45 ) $ 0.94 $ 0.54 $ (0.50 ) 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Shares issuable under share-based compensation plan 128 116 51 181 Shares issuable pursuant to exchange of the Exchangeable Notes 24,328 — 20,627 3,378

Segments

Segments	9 Months Ended
	Sep. 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 September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ — $ — $ 16,196 $ — $ 16,196 Net gains (losses) on investments 75,764 (18,458 ) — — 57,306 Net loan servicing fees — (53,343 ) — — (53,343 ) Net interest (expense) income: Interest income 617 18,260 38,975 432 58,284 Interest expense 13,857 41,482 20,150 — 75,489 (13,240 ) (23,222 ) 18,825 432 (17,205 ) Other 559 — 44,341 — 44,900 63,083 (95,023 ) 79,362 432 47,854 Expenses: Loan fulfillment and servicing fees payable to PFSI 89 20,614 43,922 — 64,625 Management fees — — — 8,520 8,520 Other 2,308 1,180 7,665 4,212 15,365 2,397 21,794 51,587 12,732 88,510 Pretax income (loss) $ 60,686 $ (116,817 ) $ 27,775 $ (12,300 ) $ (40,656 ) Total assets at end of quarter $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ (3,934 ) $ — $ 102,356 $ — $ 98,422 Net gains (losses) on investments 60,011 (40,414 ) — — 19,597 Net loan servicing fees — 60,427 — — 60,427 Net interest (expense) income: Interest income 656 33,516 26,073 378 60,623 Interest expense 6,236 36,178 16,547 56 59,017 (5,580 ) (2,662 ) 9,526 322 1,606 Other 2,321 — 38,640 — 40,961 52,818 17,351 150,522 322 221,013 Expenses: Loan fulfillment and servicing fees payable to PFSI 187 18,564 54,840 — 73,591 Management fees — — — 8,508 8,508 Other 2,603 270 8,786 5,058 16,717 2,790 18,834 63,626 13,566 98,816 Pretax income (loss) $ 50,028 $ (1,483 ) $ 86,896 $ (13,244 ) $ 122,197 Total assets at end of quarter $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ — $ — $ 96,934 $ — $ 96,934 Net gains (losses) on investments 328,448 (59,546 ) — — 268,902 Net loan servicing fees — (48,210 ) — — (48,210 ) Net interest (expense) income: Interest income 1,668 41,839 94,290 1,762 139,559 Interest expense 47,295 117,935 65,769 — 230,999 (45,627 ) (76,096 ) 28,521 1,762 (91,440 ) Other 1,467 — 143,164 — 144,631 284,288 (183,852 ) 268,619 1,762 370,817 Expenses: Loan fulfillment and servicing fees payable to PFSI 306 59,505 158,777 — 218,588 Management fees — — — 28,882 28,882 Other 10,518 3,500 27,462 17,698 59,178 10,824 63,005 186,239 46,580 306,648 Pretax (loss) income $ 273,464 $ (246,857 ) $ 82,380 $ (44,818 ) $ 64,169 Total assets at end of period $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ (43,813 ) $ — $ 353,224 $ — $ 309,411 Net gains (losses) on investments (386,829 ) 80,229 — — (306,600 ) Net loan servicing fees — 202,339 — — 202,339 Net interest (expense) income: Interest income 8,344 90,342 73,438 1,434 173,558 Interest expense 29,599 115,879 54,357 1,298 201,133 (21,255 ) (25,537 ) 19,081 136 (27,575 ) Other 5,501 — 87,945 1,796 95,242 (446,396 ) 257,031 460,250 1,932 272,817 Expenses: Loan fulfillment and servicing fees payable to PFSI 728 48,078 149,594 — 198,400 Management fees — — — 25,851 25,851 Other 4,529 3,143 18,874 16,185 42,731 5,257 51,221 168,468 42,036 266,982 Pretax (loss) income $ (451,653 ) $ 205,810 $ 291,782 $ (40,104 ) $ 5,835 Total assets at end of period $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 25—Supplemental Cash Flow Information Nine months ended September 30, 2021 2020 (in thousands) Payments: Income taxes, net $ 2,112 $ 4,997 Interest $ 232,705 $ 220,616 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 $ 1,245,546 $ 717,227 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 557 $ 1,393 Unsettled purchase of subordinated mortgage pass-through securities associated with a consolidated variable interest entity $ 9,755 $ — Recognition/Recombination of assets pursuant to initial consolidation of VIEs: Recognition of mortgage loans $ 780,713 $ — Recombination of MSRs with loans $ 9,824 $ — Non-cash financing activities: Dividends declared, not paid $ 45,673 $ 39,591 Recognition of asset-backed secured financing $ 780,713 $ —

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
	Sep. 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) September 30, 2021 $ 973,769 $ 547,531 11 % 6 % $ 135,557 $ 73,393 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	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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”), a publicly-traded mortgage banking and investment management company, 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 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 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 reclassified to the carrying value of the Exchangeable Notes and the accumulated accrual of the issuance discount 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 Credit risk transfer strip liabilities The Company has also identified its Asset-backed financing of variable interest entities at fair value Interest-only security payable at fair value
(Loss) Earnings Per Common 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 2 ‒ Basis of Presentation and Accounting Change ‒ Pending Accounting Change,

Transactions with Related par_2

Transactions with Related parties (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Loan fulfillment fees earned by PLS $ 43,922 $ 54,839 $ 158,777 $ 149,594 UPB of loans fulfilled by PLS $ 28,605,098 $ 27,351,435 $ 92,846,231 $ 62,403,674 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,537 $ 1,669 $ 4,905 $ 9,154 UPB of loans sold to PLS $ 15,249,441 $ 16,690,482 $ 49,106,232 $ 41,641,327 Purchases of loans acquired for sale from PLS $ — $ 27 $ — $ 2,248,896 Tax service fees paid to PLS $ 6,559 $ 6,077 $ 21,879 $ 14,345 September 30, 2021 December 31, 2020 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 334,641 $ 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 698 $ 452 $ 1,871 $ 1,595 Loans at fair value 89 187 306 675 MSRs 19,916 18,113 57,634 46,536 $ 20,703 $ 18,752 $ 59,811 $ 48,806 Average investment in: Loans acquired for sale at fair value $ 4,887,993 $ 3,336,504 $ 4,224,917 $ 3,125,083 Loans at fair value $ 458,054 $ 215,969 $ 235,711 $ 240,565 Average MSR portfolio UPB $ 205,181,714 $ 148,412,625 $ 191,351,860 $ 142,872,909
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Base management $ 8,778 $ 8,508 $ 25,875 $ 25,851 Performance incentive (adjustment) (258 ) — 3,007 — $ 8,520 $ 8,508 $ 28,882 $ 25,851 Average shareholders' equity amounts used to calculate base management fee expense $ 2,350,940 $ 2,280,023 $ 2,334,050 $ 2,329,741
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Reimbursement of: Common overhead incurred by PCM and its affiliates $ 1,548 $ 1,389 $ 3,387 $ 4,514 Compensation 165 165 495 405 Expenses incurred on the Company’s behalf, net 4,396 2,852 13,536 5,561 $ 6,109 $ 4,406 $ 17,418 $ 10,480 Payments and settlements during the period (1) $ 51,020 $ 58,479 $ 238,202 $ 228,514 (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 Nine months ended September 30, September 30, 2020 2021 2020 (in thousands) ESS: Received pursuant to a recapture agreement $ 531 $ 557 $ 1,393 Repayments $ 7,682 $ 134,624 $ 25,112 Interest income $ 2,070 $ 1,280 $ 6,416 Net gain (loss) included in Net gains (losses) on investments: Valuation changes $ (3,135 ) $ 1,037 $ (18,293 ) Recapture income 525 614 1,441 $ (2,610 ) $ 1,651 $ (16,852 ) September 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 Nine months ended September 30, September 30, 2020 2021 2020 (in thousands) Net repayments of assets sold under agreements to repurchase $ 3,143 $ 80,862 $ 20,554 Interest expense $ 676 $ 387 $ 2,686 September 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: September 30, 2021 December 31, 2020 (in thousands) Due from PFSI $ 19,162 $ 8,152 Due to PFSI: Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf $ 12,493 $ 38,142 Fulfillment fees 10,709 20,873 Management fees 8,778 8,686 Correspondent production fees 10,867 13,065 Loan servicing fees 7,146 6,213 Interest on Assets sold to PFSI under agreement to repurchase — 26 $ 49,993 $ 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 to be advanced on its behalf by PLS. Such amounts are included in various balance sheet items as summarized below: Balance sheet line including advance amount September 30, 2021 December 31, 2020 (in thousands) Loan servicing advances $ 115,961 $ 121,820 Real estate acquired in settlement of loans 3,054 10,334 $ 119,015 $ 132,154

Loan Sales (Tables)

Loan Sales (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Cash flows: Proceeds from sales $ 29,865,473 $ 26,748,508 $ 93,365,579 $ 66,639,230 Loan servicing fees received net of guarantee fees $ 137,804 $ 98,027 $ 378,110 $ 294,319
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: September 30, 2021 December 31, 2020 (in thousands) UPB of loans outstanding $ 211,951,309 $ 170,502,361 Collection Status (UPB) (1) Delinquency: 30-89 days delinquent $ 1,080,362 $ 1,235,981 90 or more days delinquent: Not in foreclosure $ 2,204,245 $ 4,428,915 In foreclosure $ 23,497 $ 27,494 Bankruptcy $ 147,052 $ 148,866 Custodial funds managed by the Company (2) $ 5,373,992 $ 6,086,724 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 252,609 $ 530,353 90 days or more $ 1,395,601 $ 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)	9 Months Ended
	Sep. 30, 2021
Summary of Interest Income Earned on Loans Owned by VIEs and Interest Expense Attributable to Asset-Backed Securities	The Company recognizes the interest income earned on the loans owned by the VIEs and the interest expense attributable to the asset-backed securities issued to nonaffiliates by the VIEs on its consolidated statements of operations. Quarter ended September 30, 2021 (in thousands) Interest income $ 3,725 Interest expense $ 3,388
Variable Interest Entities [Member] | Non Owner Occupied Loans [Member]
Summary of Investment In Loans Secured by Investment Properties	Following is a summary of the Company’s investment in loans secured by investment properties: September 30, 2021 (in thousands) Loans at fair value $ 811,727 Asset-backed financing at fair value $ 771,865 Subordinate mortgage pass-through securities held at fair value $ 39,862
Variable Interest Entities [Member] | Investment in Securities Backed by Jumbo Loans [Member]
Investment in Securities Backed by Jumbo Loans	Following is a summary of the Company’s investment in jumbo loans: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Interest income $ 1,048 $ 2,763 $ 4,315 $ 8,117 Interest expense $ 884 $ 2,561 $ 3,048 $ 9,558 September 30, 2021 December 31, 2020 (in thousands) Loans at fair value $ 79,377 $ 143,707 Asset-backed financing at fair value $ 71,298 $ 134,726 Certificates retained at fair value $ 8,079 $ 8,981
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) UPB of loans sold $ 1,799,078 $ 18,277,263 Investments — Change in expected face amount of firm commitment to purchase CRT securities $ (95,033 ) $ 197,481 Investment income (loss): Net gains on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans $ (3,933 ) $ (38,161 ) Net gains (losses) on investments: Derivative and CRT strips: CRT derivatives Realized $ 21,337 11,480 $ 73,464 42,231 Valuation changes (3,345 ) (17,996 ) 98 (196,404 ) 17,992 (6,516 ) 73,562 (154,173 ) CRT strips Realized 26,370 10,460 90,342 38,565 Valuation changes 28,327 8,635 163,273 (107,670 ) 54,697 19,095 253,615 (69,105 ) Interest-only security payable at fair value 1,185 2,041 (1,243 ) 12,769 73,874 14,620 325,934 (210,509 ) Firm commitments to purchase CRT securities — 46,332 — (220,146 ) 73,874 60,952 325,934 (430,655 ) Interest income — Deposits securing CRT arrangements 126 288 451 6,893 $ 74,000 $ 57,307 $ 326,385 $ (461,923 ) Net (recoveries received) payments made to settle (recoveries) losses on CRT arrangements $ (14,321 ) $ 2,935 $ (47,876 ) $ 7,114 September 30, 2021 December 31, 2020 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ 31,891 $ 31,795 CRT strips (39,519 ) (202,792 ) $ (7,628 ) $ (170,997 ) Deposits securing CRT arrangements $ 1,962,800 $ 2,799,263 Interest-only security payable at fair value $ 12,000 $ 10,757 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 35,938 $ 58,699 Deposits securing CRT arrangements (1) $ 1,962,800 $ 2,799,263 UPB of loans underlying CRT arrangements $ 35,371,965 $ 58,697,942 Collection status (UPB): Delinquency (2) Current $ 33,723,487 $ 54,990,381 30-89 days delinquent $ 384,962 $ 710,872 90-180 days delinquent $ 150,778 $ 693,315 180 or more days delinquent $ 1,108,723 $ 2,297,365 Foreclosure $ 4,015 $ 6,009 Bankruptcy $ 76,277 $ 75,700 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days delinquent $ 117,381 $ 383,028 90-180 days delinquent $ 90,500 $ 546,344 180 or more days delinquent $ 665,066 $ 1,944,663 (1) Deposits securing credit risk transfer strip liabilities also secure $43.6 million and $229.7 million in CRT strip and CRT derivative liabilities at September 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)	9 Months Ended
	Sep. 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: September 30, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 116,130 $ — $ — $ 116,130 Mortgage-backed securities at fair value — 2,471,033 — 2,471,033 Loans acquired for sale at fair value — 4,947,718 31,538 4,979,256 Loans at fair value — 891,104 4,776 895,880 Derivative and credit risk transfer strip assets: Call options on interest rate futures purchase contracts 375 — — 375 Put options on interest rate futures purchase contracts 6,695 — — 6,695 Forward purchase contracts — 2,784 — 2,784 Forward sale contracts — 52,773 — 52,773 MBS call options — 425 — 425 MBS put options — 16,007 — 16,007 Swaption purchase contracts — 38,188 — 38,188 CRT derivatives — — 35,938 35,938 Interest rate lock commitments — — 7,573 7,573 Total derivative assets before netting 7,070 110,177 43,511 160,758 Netting — — — (63,070 ) Total derivative assets after netting 7,070 110,177 43,511 97,688 Mortgage servicing rights at fair value — — 2,825,501 2,825,501 $ 123,200 $ 8,420,032 $ 2,905,326 $ 11,385,488 Liabilities: Asset-backed financing of VIEs at fair value $ — $ 843,163 $ — $ 843,163 Interest-only security payable at fair value — — 12,000 12,000 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 24,407 — 24,407 Forward sales contracts — 4,717 — 4,717 CRT derivatives — — 4,047 4,047 Interest rate lock commitments — — 20,849 20,849 Total derivative liabilities before netting — 29,124 24,896 54,020 Netting — — — (25,354 ) Total derivative liabilities after netting — 29,124 24,896 28,666 Credit risk transfer strips — — 39,519 39,519 Total derivative and credit risk transfer strip liabilities — 29,124 64,415 68,185 $ — $ 872,287 $ 76,415 $ 923,348 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 strip — — 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 September 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, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Purchases and issuances 19,041 — — 35,163 — — 54,204 Repayments and sales (18,356 ) (3,153 ) (21,339 ) — (26,370 ) — (69,218 ) Capitalization of interest and fees — 53 — — — — 53 Amounts received pursuant to sales of loans — — — — — 424,912 424,912 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — Other factors 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) Transfers: Loans from REO — 9 — — — — 9 Interest rate lock commitments to loans acquired for sale (2) — — — (104,073 ) — — (104,073 ) Recombination of MSRs with loans at fair value resulting from consolidation of VIEs — — — — — (6,543 ) (6,543 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021 $ 185 $ (155 ) $ (3,345 ) $ (13,276 ) $ 28,327 $ (144,241 ) $ (132,505 ) (1) For the purpose of this table, CRT derivatives, interest rate lock commitments (“IRLCs”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2021 (in thousands) Interest-only security payable: Balance, June 30, 2021 $ 13,185 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors (1,185 ) (1,185 ) Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021 $ (1,185 ) Quarter ended September 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, 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 Purchases and issuances 24,089 — — — 31,217 — — — — 55,306 Repayments and sales (14,104 ) (470 ) (7,682 ) (11,562 ) — (10,460 ) (5,328 ) — (7 ) (49,613 ) Capitalization of interest — — 2,070 — — — — — — 2,070 ESS received pursuant to a recapture agreement with PFSI — — 531 — — — — — — 531 Amounts (incurred) received pursuant to sales of loans — — — — — — — (3,933 ) 265,278 261,345 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — — — — Other factors (51 ) 193 (3,135 ) (6,516 ) 197,440 19,095 53 46,332 (66,473 ) 186,938 (51 ) 193 (3,135 ) (6,516 ) 197,440 19,095 53 46,332 (66,473 ) 186,938 Transfers: Interest rate lock commitments to loans acquired for sale (2) — — — — (240,496 ) — — — — (240,496 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ (52,740 ) $ — $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2020 $ (198 ) $ 59 $ (3,135 ) $ (17,996 ) $ 72,117 $ 8,635 $ — $ 46,332 $ (66,473 ) $ 39,341 (1) For the purpose of this table, CRT derivatives, 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 September 30, 2020 (in thousands) Interest-only security payable: Balance, June 30, 2020 $ 14,981 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors (2,041 ) (2,041 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2020 $ (2,041 ) Nine months ended September 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 49,112 — — — 83,060 — — 132,172 Repayments and sales (52,215 ) (4,467 ) (134,624 ) (73,466 ) — (90,342 ) — (355,114 ) Capitalization of interest and fees — 251 1,280 — — — — 1,531 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 1,245,546 1,245,546 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — — Other factors 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 Transfers: Loans from REO — 88 — — — — — 88 Interest rate lock commitments to loans acquired for sale (2) — — — — (24,666 ) — — (24,666 ) Recombination of MSRs with loans at fair value resulting from consolidation of VIEs — — — — — — (9,824 ) (9,824 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ — $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the period relating to assets still held at September 30, 2021 $ 423 $ 30 $ — $ 98 $ (13,276 ) $ 163,273 $ (165,457 ) $ (14,909 ) (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 Nine months ended September 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 1,243 1,243 Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2021 $ 1,243 Nine months ended September 30, 2020 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments 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 56,376 1,058 — — 293,183 — — — — 350,617 Repayments and sales (35,136 ) (5,395 ) (25,112 ) (43,694 ) — (38,565 ) (5,328 ) — (7 ) (153,237 ) Capitalization of interest — — 6,416 — — — — — — 6,416 ESS received pursuant to a recapture agreement with PFSI — — 1,393 — — — — — — 1,393 Amounts (incurred) received pursuant to sales of loans — — — — — — — (38,161 ) 717,227 679,066 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — — — — — — — — — — Other factors (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 (69,105 ) 53 (220,146 ) (864,522 ) (930,678 ) (560 ) (1,070 ) (18,293 ) (154,173 ) 397,138 (69,105 ) 53 (220,146 ) (864,522 ) (930,678 ) Transfers: Loans to REO — (885 ) — — — — — — — (885 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (629,358 ) — — — — (629,358 ) Balance, September 30, 2020 $ 39,247 $ 8,134 $ 142,990 $ (82,004 ) $ 72,117 $ (52,740 ) $ — $ (148,794 ) $ 1,388,403 $ 1,367,353 Changes in fair value recognized during the period relating to assets still held at September 30, 2020 $ (787 ) $ (1,081 ) $ (18,293 ) $ (196,404 ) $ 72,117 $ (107,670 ) $ — $ (220,146 ) $ (864,522 ) $ (1,336,786 ) (1) For the purpose of this table, CRT derivatives, 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 Nine months ended September 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 (12,769 ) (12,769 ) Balance, September 30, 2020 $ 12,940 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2020 $ (12,769 )
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): September 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 $ 4,974,254 $ 4,815,312 $ 158,942 $ 3,545,100 $ 3,377,970 $ 167,130 90 or more days delinquent: Not in foreclosure 4,770 5,548 (778 ) 6,591 8,006 (1,415 ) In foreclosure 232 235 (3 ) 199 235 (36 ) 5,002 5,783 (781 ) 6,790 8,241 (1,451 ) $ 4,979,256 $ 4,821,095 $ 158,161 $ 3,551,890 $ 3,386,211 $ 165,679 Loans at fair value: Loans held in consolidated VIEs: Current through 89 days delinquent $ 888,589 $ 856,918 $ 31,671 $ 140,052 $ 128,787 $ 11,265 90 or more days delinquent: Not in foreclosure 2,515 3,262 (747 ) 3,655 4,240 (585 ) In foreclosure — — — — — — 2,515 3,262 (747 ) 3,655 4,240 (585 ) 891,104 860,180 30,924 143,707 133,027 10,680 Distressed loans: Current through 89 days delinquent 1,249 2,058 (809 ) 2,071 4,099 (2,028 ) 90 or more days delinquent: Not in foreclosure 1,836 4,292 (2,456 ) 3,714 12,357 (8,643 ) In foreclosure 1,691 4,873 (3,182 ) 2,242 4,641 (2,399 ) 3,527 9,165 (5,638 ) 5,956 16,998 (11,042 ) 4,776 11,223 (6,447 ) 8,027 21,097 (13,070 ) $ 895,880 $ 871,403 $ 24,477 $ 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 September 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 $ — $ (18,591 ) $ — $ (2,415 ) $ (21,006 ) Loans acquired for sale at fair value 75,528 — — — 75,528 Loans at fair value — 411 — (664 ) (253 ) Credit risk transfer strips — 54,697 — — 54,697 MSRs at fair value — — (144,241 ) — (144,241 ) $ 75,528 $ 36,517 $ (144,241 ) $ (3,079 ) $ (35,275 ) Liabilities: Interest-only security payable at fair value $ — $ 1,185 $ — $ — $ 1,185 Asset-backed financing of VIEs at fair value — 1,663 — (531 ) 1,132 $ — $ 2,848 $ — $ (531 ) $ 2,317 Quarter ended September 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 $ — $ (37,873 ) $ — $ 7,384 $ (30,489 ) Loans acquired for sale at fair value 231,934 — — — 231,934 Loans at fair value — (2,712 ) — 880 (1,832 ) ESS at fair value — (3,135 ) — 2,070 (1,065 ) Credit risk transfer strips — 19,095 — — 19,095 Firm commitment to purchase CRT securities at fair value (3,933 ) 46,332 — — 42,399 MSRs at fair value — — (66,473 ) — (66,473 ) $ 228,001 $ 21,707 $ (66,473 ) $ 10,334 $ 193,569 Liabilities: Interest-only security payable $ — $ 2,041 $ — $ — $ 2,041 Asset-backed financing of VIEs at fair value — 3,106 — 950 4,056 $ — $ 5,147 $ — $ 950 $ 6,097 Nine months ended September 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 $ — $ (60,456 ) $ — $ (6,821 ) $ (67,277 ) Loans acquired for sale at fair value 68,203 — — — 68,203 Loans at fair value — (2,373 ) — 665 (1,708 ) ESS at fair value — 1,037 — 1,280 2,317 Credit risk transfer strips — 253,615 — — 253,615 MSRs at fair value — — (165,457 ) — (165,457 ) $ 68,203 $ 191,823 $ (165,457 ) $ (4,876 ) $ 89,693 Liabilities: Interest-only security payable at fair value $ — $ (1,243 ) $ — $ — $ (1,243 ) Asset-backed financing of VIEs at fair value — 4,146 — (76 ) 4,070 $ — $ 2,903 $ — $ (76 ) $ 2,827 Nine months ended September 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 $ — $ 95,158 $ — $ (16,477 ) $ 78,681 Loans acquired for sale at fair value 636,962 — — — 636,962 Loans at fair value — (6,049 ) — 1,720 (4,329 ) ESS at fair value — (18,293 ) — 6,416 (11,877 ) Credit risk transfer strips — (69,105 ) — — (69,105 ) Firm commitment to purchase CRT securities at fair value (38,161 ) (220,146 ) — — (258,307 ) MSRs at fair value — — (864,522 ) — (864,522 ) $ 598,801 $ (218,435 ) $ (864,522 ) $ (8,341 ) $ (492,497 ) Liabilities: Interest-only security payable at fair value $ — $ 12,769 $ — $ — $ 12,769 Asset-backed financing of VIEs at fair value — 4,872 — (4,045 ) 827 $ — $ 17,641 $ — $ (4,045 ) $ 13,596
Summary of Carrying Value of Financial Statement Items Re-measured Based on Fair Value on Nonrecurring Basis	Following is a summary of the carrying value of assets that were re-measured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2021 $ — $ — $ 3,874 $ 3,874 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Real estate asset acquired in settlement of loans $ 605 $ (69 ) $ (669 ) $ (1,263 )
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 September 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 $ 2,633,228 $ 2,648,439 $ 1,924,999 $ 1,871,276 Exchangeable senior notes $ 499,612 $ 567,708 $ 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 as supplementary information.
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: September 30, 2021 December 31, 2020 (dollars in thousands) Fair value CRT derivatives: Assets $ 35,938 $ 58,699 Liabilities $ 4,047 $ 26,904 UPB of loans in reference pools $ 8,472,767 $ 13,854,426 Key inputs (1) Discount rate Range 4.6% – 5.4% 6.7% – 9.0% Weighted average 5.3% 7.3% Voluntary prepayment speed (2) Range 13.3% – 13.7% 20.8% – 23.5% Weighted average 13.4% 21.9% Involuntary prepayment speed (3) Range (0.3)% – 0.4% (0.8)% – 1.1% Weighted average (0.1)% (0.2)% Remaining loss (recovery) expectation (4) Range (0.3)% – 0.6% (0.6)% – 0.6% Weighted average 0.0% (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 expected 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: September 30, 2021 December 31, 2020 Fair value (in thousands) (1) $ (13,276 ) $ 72,386 Key inputs (2) Pull-through rate Range 49.8% – 100% 44.6% – 100% Weighted average 92.7% 86.3% MSR fair value expressed as Servicing fee multiple Range 0.4 – 6.7 2.0 – 5.3 Weighted average 5.0 4.4 Percentage of UPB Range 0.3% – 2.6% 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 Strip	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 strip liabilities: September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value CRT strips liabilities $ 39,519 $ 202,792 UPB of loans in the reference pools $ 26,899,198 $ 44,843,516 Key inputs (1) Discount rate Range 4.1% – 6.7% 6.0% – 8.4% Weighted average 6.3% 8.0% Voluntary prepayment speed (2) Range 17.5% – 18.4% 25.0% – 30.2% Weighted average 18.1% 26.2% Involuntary prepayment speed (3) Range 0.5% – 1.4% 0.8% – 1.7% Weighted average 0.7% 1.0% Remaining loss expectation (4) Range 0.3% – 0.9% 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (MSR recognized and UPB of underlying loans amounts in thousands) MSR recognized $ 424,912 $ 265,278 $ 1,245,546 $ 717,227 UPB of underlying loans $ 29,206,319 $ 25,878,541 $ 91,240,993 $ 64,678,483 Weighted average annual servicing fee rate (in basis points) 30 27 28 28 Key inputs (1) Pricing spread (2) Range 6.0% – 8.0% 8.0% – 8.0% 6.0% – 8.0% 6.7% – 11.3% Weighted average 6.8% 8.0% 7.2% 7.7% Prepayment speed (3) Range 6.7% – 12.5% 7.0% – 13.1% 6.0% – 12.5% 7.0% – 20.9% Weighted average 8.9% 7.9% 8.1% 9.8% Equivalent average life (in years) Range 3.9 – 8.1 3.7 - 9.2 3.9 – 8.9 3.6 – 9.2 Weighted average 7.8 8.5 8.1 7.6 Annual per-loan cost of servicing Range $80 – $80 $80 – $80 $80 – $81 $78 – $80 Weighted average $80 $80 $80 $79 (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 as supplementary information.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: September 30, 2021 December 31, 2020 (Fair value, UPB of underlying loans and effect on fair value amounts in thousands) Fair value $ 2,825,501 $ 1,755,236 UPB of underlying loans $ 212,101,752 $ 170,728,322 Weighted average annual servicing fee rate (in basis points) 28 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 $(40,345) $(31,400) 10% adverse change $(79,618) $(61,718) 20% adverse change $(155,098) $(119,305) Prepayment speed (3) Range 9.1% – 24.2% 12.4% – 28.8% Weighted average 9.8% 12.8% Equivalent average life (in years) Range 3.1 – 7.5 2.9 – 6.8 Weighted average 7.2 6.5 Effect on fair value of: 5% adverse change $(60,976) $(48,136) 10% adverse change $(119,667) $(94,244) 20% adverse change $(230,689) $(180,820) Annual per-loan cost of servicing Range $78 – $80 $78 – $121 Weighted average $80 $81 Effect on fair value of: 5% adverse change $(17,276) $(11,846) 10% adverse change $(34,552) $(23,692) 20% adverse change $(69,103) $(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 as supplementary information.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 2,309,864 $ 2,612,986 $ 2,213,922 $ 2,839,633 Purchases 249,234 153,725 1,932,083 1,769,211 Sales — — (1,300,653 ) (1,601,490 ) Repayments (67,059 ) (331,456 ) (307,042 ) (681,269 ) Changes in fair value included in income arising from: (Amortization) accrual of net purchase premiums (2,415 ) 7,384 (6,821 ) (16,477 ) Valuation adjustments (18,591 ) (37,873 ) (60,456 ) 95,158 (21,006 ) (30,489 ) (67,277 ) 78,681 Balance at end of period $ 2,471,033 $ 2,404,766 $ 2,471,033 $ 2,404,766
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: September 30, 2021 Coupon Agency (1) Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value Minimum Maximum Weighted average (dollars in thousands) Freddie Mac $ 858,835 $ 28,910 $ (18,764 ) $ 868,981 2.0 2.5 2.1 Fannie Mae 1,583,741 51,058 (32,747 ) 1,602,052 2.0 2.5 2.1 $ 2,442,576 $ 79,968 $ (51,511 ) $ 2,471,033 December 31, 2020 Coupon Agency (1) Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value Minimum Maximum Weighted average (dollars in thousands) Freddie Mac $ 1,253,755 $ 32,414 $ 24,867 $ 1,311,036 2.0 3.0 2.7 Fannie Mae 863,758 23,692 15,436 902,886 2.0 3.0 2.5 $ 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 September 30, 2021 and December 31, 2020.

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 (in thousands) Agency-eligible (1) $ 4,613,077 $ 3,057,601 Held for sale to PLS — Government insured or guaranteed (2) 334,641 460,414 Home equity lines of credit 3,917 5,566 Commercial real estate 977 1,010 Repurchased pursuant to representations and warranties 26,644 27,299 $ 4,979,256 $ 3,551,890 Loans pledged to secure: Assets sold under agreements to repurchase $ 4,843,261 $ 3,484,202 Mortgage loan participation purchase and sale agreements 46,693 17,645 $ 4,889,954 $ 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 – Correspondent Production Activities.

Loans at Fair Value (Tables)

Loans at Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 (in thousands) Loans in VIEs: Secured by investment properties $ 811,727 $ — Fixed interest rate jumbo loans 79,377 143,707 891,104 143,707 Distressed loans 4,776 8,027 $ 895,880 $ 151,734 Loans at fair value pledged to secure: Asset-backed financings of VIEs at fair value $ 891,104 $ 143,707 Assets sold under agreements to repurchase 427 3,703 $ 891,531 $ 147,410

Derivative and Credit Risk Tr_2

Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables)	9 Months Ended
	Sep. 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: September 30, 2021 December 31, 2020 (in thousands) Derivative assets $ 97,688 $ 164,318 $ 97,688 $ 164,318 Derivative liabilities $ 28,666 $ 60,681 Credit risk transfer strip liabilities 39,519 202,792 $ 68,185 $ 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 September 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) Hedging derivatives subject to master netting agreements (2): Call options on interest rate futures purchase contracts 1,200,000 $ 375 $ — 1,450,000 $ 3,070 $ — Put options on interest rate futures purchase contracts 600,000 6,695 — 2,800,000 4,742 — Forward purchase contracts 7,979,384 2,784 24,407 17,563,549 72,526 17 Forward sale contracts 13,578,730 52,773 4,717 26,615,716 92 122,884 MBS call options 2,700,000 425 — — — — MBS put options 3,300,000 16,007 — 3,625,000 3,220 — Swaption purchase contracts 2,532,000 38,188 — 3,655,000 8,505 — Swap futures 4,800,000 — — 1,950,000 — — Bond futures 83,500 — — 66,500 — — Other derivatives not subject to master netting arrangements: CRT derivatives 8,472,767 35,938 4,047 13,854,426 58,699 26,904 Interest rate lock commitments 5,756,526 7,573 20,849 10,588,208 72,794 408 Total derivative instruments before netting 160,758 54,020 223,648 150,213 Netting (63,070 ) (25,354 ) (59,330 ) (89,532 ) $ 97,688 $ 28,666 $ 164,318 $ 60,681 Margin deposits (received from) placed with derivative counterparties, net $ (37,715 ) $ 30,197 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 35,938 $ 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: September 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 $ 375 $ — $ 375 $ 3,070 $ — $ 3,070 Put options on interest rate futures purchase contracts 6,695 — 6,695 4,742 — 4,742 Forward purchase contracts 2,784 — 2,784 72,526 — 72,526 Forward sale contracts 52,773 — 52,773 92 — 92 MBS call options 425 — 425 — — — MBS put options 16,007 — 16,007 3,220 — 3,220 Swaption purchase contracts 38,188 — 38,188 8,505 — 8,505 Netting — (63,070 ) (63,070 ) — (59,330 ) (59,330 ) 117,247 (63,070 ) 54,177 92,155 (59,330 ) 32,825 Not subject to master netting arrangements: CRT derivatives 35,938 — 35,938 58,699 — 58,699 Interest rate lock commitments 7,573 — 7,573 72,794 — 72,794 43,511 — 43,511 131,493 — 131,493 $ 160,758 $ (63,070 ) $ 97,688 $ 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. September 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 $ 35,938 $ — $ — $ 35,938 $ 58,699 $ — $ — $ 58,699 Interest rate lock commitments 7,573 — — 7,573 72,794 — — 72,794 Citigroup Global Markets Inc. 13,176 — — 13,176 2,416 — — 2,416 Bank of America, N.A. 10,055 — — 10,055 15,406 — — 15,406 RJ O’Brien & Associates, LLC 7,070 — — 7,070 7,813 — — 7,813 Goldman Sachs & Co. LLC 5,825 — — 5,825 — — — — Wells Fargo Securities, LLC 5,409 — — 5,409 — — — — Morgan Stanley & Co. LLC 5,147 — — 5,147 — — — — J.P. Morgan Securities LLC 4,845 — — 4,845 — — — — PNC Capital Markets LLC — — — — 3,138 — — 3,138 Deutsche Bank Securities LLC — — — — 1,602 — — 1,602 Mitsubishi UFJ Sec — — — — 1,070 — — 1,070 Other 2,650 — — 2,650 1,380 — — 1,380 $ 97,688 $ — $ — $ 97,688 $ 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. September 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 $ 24,407 $ — $ 24,407 $ 17 $ — $ 17 Forward sales contracts 4,717 — 4,717 122,884 — 122,884 Netting — (25,354 ) (25,354 ) — (89,532 ) (89,532 ) 29,124 (25,354 ) 3,770 122,901 (89,532 ) 33,369 Not subject to master netting arrangements CRT derivatives 4,047 — 4,047 26,904 — 26,904 Interest rate lock commitments 20,849 — 20,849 408 — 408 54,020 (25,354 ) 28,666 150,213 (89,532 ) 60,681 Assets sold under agreements to repurchase: UPB 7,028,012 — 7,028,012 6,317,928 — 6,317,928 Unamortized debt issuance costs (2,865 ) — (2,865 ) (8,510 ) — (8,510 ) 7,025,147 — 7,025,147 6,309,418 — 6,309,418 $ 7,079,167 $ (25,354 ) $ 7,053,813 $ 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. September 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 $ 20,849 $ — $ — $ 20,849 $ 408 $ — $ — $ 408 CRT derivatives 4,047 — — 4,047 26,904 — — 26,904 Bank of America, N.A. 1,194,100 (1,194,100 ) — — 414,044 (414,044 ) — — RBC Capital Markets, L.P. 1,128,035 (1,128,035 ) — — 765,892 (765,892 ) — — Credit Suisse Securities (USA) LLC 1,024,283 (1,023,703 ) — 580 1,059,547 (1,054,636 ) — 4,911 Barclays Capital Inc. 1,011,522 (1,010,794 ) — 728 922,959 (922,035 ) — 924 J.P. Morgan Securities LLC 718,441 (718,441 ) — — 359,573 (357,211 ) — 2,362 Daiwa Capital Markets 507,523 (507,523 ) — — 728,207 (727,562 ) — 645 BNP Paribas 393,709 (393,709 ) — — 164,414 (163,548 ) — 866 Wells Fargo Securities, LLC 339,937 (339,937 ) — — 148,854 (140,796 ) — 8,058 Morgan Stanley & Co. LLC 311,198 (311,198 ) — — 367,493 (366,415 ) — 1,078 Goldman Sachs & Co. LLC 149,416 (149,416 ) — — 149,272 (144,883 ) — 4,389 Amherst Pierpont Securities LLC 130,000 (130,000 ) — — 153,224 (153,224 ) — — Citigroup Global Markets Inc. 121,156 (121,156 ) — — 830,161 (830,161 ) — — Mizuho Securities — — — — 279,321 (277,521 ) — 1,800 Federal Home Loan Mortgage Corporation — — — — 5,883 — — 5,883 Other 2,462 — — 2,462 2,453 — — 2,453 $ 7,056,678 $ (7,028,012 ) $ — $ 28,666 $ 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 September 30, Nine months ended September 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) $ (43,024 ) $ (11,839 ) $ (85,662 ) $ 60,964 CRT derivatives Net gains (losses) on investments $ 17,992 $ (6,516 ) $ 73,562 $ (154,173 ) Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ (19,150 ) $ (117,926 ) $ 112,226 $ (350,191 ) Mortgage servicing rights Net loan servicing fees $ (73,841 ) $ 962 $ (354,128 ) $ 717,498 Fixed-rate and prepayment sensitive assets and LIBOR-indexed repurchase agreements Net gains (losses) on investments $ (51 ) $ (1,266 ) $ — $ 46,926 (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 or cancellation of the commitment 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) September 30, 2021 December 31, 2020 (in thousands) Currently unrestricted $ 21 $ — Through December 4, 2021 8,792 (168,539 ) To maturity (48,332 ) (34,253 ) $ (39,519 ) $ (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)	9 Months Ended
	Sep. 30, 2021
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Balance at beginning of period $ 2,551,373 $ 1,189,605 $ 1,755,236 $ 1,535,705 Sales — (7 ) — (7 ) MSRs resulting from loan sales 424,912 265,278 1,245,546 717,227 Changes in fair value: Due to changes in valuation inputs used in valuation model (1) (62,843 ) (13,054 ) 44,939 (687,950 ) Other changes in fair value (2) (81,398 ) (53,419 ) (210,396 ) (176,572 ) (144,241 ) (66,473 ) (165,457 ) (864,522 ) Recombination with loans at fair value resulting from consolidation of VIEs (3) (6,543 ) — (9,824 ) — Balance at end of period $ 2,825,501 $ 1,388,403 $ 2,825,501 $ 1,388,403 September 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 $ 2,797,165 $ 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 Investment 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Contractually-specified servicing fees $ 137,804 $ 98,027 $ 378,110 $ 294,319 Ancillary and other fees: Late charges 436 194 1,199 1,093 Other 13,524 18,466 53,908 36,645 13,960 18,660 55,107 37,738 $ 151,764 $ 116,687 $ 433,217 $ 332,057 Average MSR servicing portfolio $ 205,181,714 $ 148,412,625 $ 191,351,860 $ 142,872,909

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.29 % 1.49 % 1.40 % 1.77 % Average balance $ 6,796,525 $ 4,054,686 $ 6,177,250 $ 4,986,701 Total interest expense $ 24,047 $ 19,259 $ 75,988 $ 74,081 Maximum daily amount outstanding $ 7,776,643 $ 7,170,860 $ 8,725,300 $ 8,664,587 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $11.2 million for the quarter and nine months ended September 30, 2021, respectively, and $4.1 million and $7.9 million for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Unpaid principal balance $ 7,028,012 $ 6,317,928 Unamortized debt issuance costs (2,865 ) (8,510 ) $ 7,025,147 $ 6,309,418 Weighted average interest rate 1.26 % 1.36 % Available borrowing capacity (1): Committed $ 104,236 $ 483,767 Uncommitted 4,679,890 4,151,905 $ 4,784,126 $ 4,635,672 Margin deposits placed with counterparties included in Other $ 22,096 $ 141,808 Assets securing agreements to repurchase: Mortgage-backed securities $ 2,471,033 $ 2,213,922 Loans acquired for sale at fair value $ 4,843,261 $ 3,484,202 Loans at fair value $ 427 $ 3,703 MSRs (2) $ 1,608,320 $ 1,166,090 Servicing advances $ 62,362 $ — Real estate acquired in settlement of loans $ 7,490 $ 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 September 30, 2021 Unpaid principal balance (in thousands) Within 30 days $ 2,951,938 Over 30 to 90 days 2,898,039 Over 90 days to 180 days 1,128,035 Over 180 days to 1 year — Over one year to two years 50,000 $ 7,028,012 Weighted average maturity (in months) 2.0
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. $ 22,084 October 15, 2021 Barclays Capital Inc. $ 10,576 October 17, 2021 JPMorgan Chase & Co. $ 24,936 October 20, 2021 Daiwa Capital Markets America Inc. $ 15,387 October 20, 2021 Amherst Pierpont Securities LLC $ 3,897 October 15, 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 Weighted-average maturity Counterparty Amount Advances Facility (in thousands) RBC Capital Markets, L.P. $ 69,543 January 9, 2022 August 10, 2022 Credit Suisse First Boston Mortgage Capital LLC $ 61,885 December 7, 2021 March 31, 2023 Barclays Capital Inc. $ 55,281 December 24, 2021 November 3, 2022 Bank of America, N.A. $ 39,893 October 22, 2021 June 7, 2023 JPMorgan Chase & Co. $ 2,009 November 20, 2021 June 6, 2023 BNP Paribas Corporate and Institutional Banking $ 22,436 December 12, 2021 July 31, 2023 Wells Fargo Securities, LLC $ 16,406 December 23, 2021 October 6, 2022 Citibank, N.A. $ 11,839 November 18, 2021 August 10, 2023 Goldman Sachs & Co. LLC $ 7,826 December 16, 2021 December 23, 2022 Morgan Stanley & Co. LLC $ 16,706 December 19, 2021 November 2, 2022

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreements (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 1.48 % 1.43 % 1.41 % 1.70 % Average balance $ 35,984 $ 40,117 $ 35,754 $ 45,484 Total interest expense $ 166 $ 176 $ 471 $ 724 Maximum daily amount outstanding $ 82,116 $ 96,508 $ 89,072 $ 96,570 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $93,000 for the quarter and nine months ended September 30, 2021, respectively, and $31,000 and $145,000 for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 45,044 $ 16,851 Unamortized debt issuance costs — — $ 45,044 $ 16,851 Weighted average interest rate 1.46 % 1.39 % Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements $ 46,693 $ 17,645

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 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: Term notes Issuance date Issuance amount Unpaid principal balance Annual interest rate spread (1) 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 $ 471,967 2.90 % February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 356,437 3.81 % December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 102,674 2.35 % March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 99,499 2.70 % October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 281,642 2.75 % May 29, 2023 May 29, 2025 2019 1R March 29, 2019 $ 295,700 104,929 2.00 % March 29, 2022 March 27, 2024 $ 1,417,148 (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Weighted average interest rate (1) 3.04 % 2.69 % 3.10 % 3.31 % Average balance $ 2,791,323 $ 1,730,585 $ 2,658,411 $ 1,832,732 Total interest expense $ 22,890 $ 12,407 $ 65,664 $ 47,474 Maximum daily amount outstanding $ 2,935,720 $ 1,816,286 $ 3,336,211 $ 2,032,665 (1) Excludes the effect of amortization of debt issuance costs of $1.5 million and $4.0 million for the quarter and nine months ended September 30, 2021, respectively, and $687,000 and $1.9 million for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (dollars in thousands) Carrying value: Amount outstanding $ 2,642,147 $ 1,930,018 Unamortized debt issuance costs (8,919 ) (5,019 ) $ 2,633,228 $ 1,924,999 Weighted average interest rate 2.85 % 2.99 % Assets securing notes payable: MSRs (1) $ 2,797,165 $ 1,742,905 CRT Agreements: Deposits securing CRT arrangements $ 1,962,800 $ 2,799,263 Derivative assets $ 35,938 $ 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Average balance $ 497,770 $ 195,579 $ 426,353 $ 293,736 Total interest expense (1) $ 10,446 $ 3,613 $ 26,298 $ 15,222 (1) Excludes the effect of amortization of debt issuance costs of $661,000 and $1.6 million for the quarter and nine months ended September 30, 2021, respectively, and $270,000 and $1.2 million for the quarter and nine months ended September 30, 2020, respectively. September 30, 2021 December 31, 2020 (in thousands) Carrying value: UPB $ 555,000 $ 210,000 Unamortized debt issuance costs and conversion option (55,388 ) (13,204 ) $ 499,612 $ 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (dollars in thousands) Average balance $ 424,744 $ 197,743 $ 214,524 $ 219,951 Total interest expense $ 4,272 $ 2,561 $ 6,436 $ 9,558 Weighted average interest rate 4.49 % 3.23 % 4.06 % 3.34 % September 30, 2021 December 31, 2020 (dollars in thousands) Fair value $ 843,163 $ 134,726 UPB $ 817,019 $ 131,835 Weighted average interest rate 2.98 % 3.56 %
Schedule of Annual Maturities on Long Term Debt Obligations	Maturities of Long-Term Debt Annual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended September 30, Total 2022 2023 2024 2025 2026 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,642,148 $ 529,929 $ 1,290,252 $ 471,967 $ — $ 350,000 $ — Exchangeable senior notes 555,000 — — — 210,000 345,000 — Asset-backed financing of variable interest entities at fair value (2) 817,019 — — — — — 817,019 Interest-only security payable at fair value (2) 12,000 — — — — — 12,000 Total $ 4,026,167 $ 529,929 $ 1,290,252 $ 471,967 $ 210,000 $ 695,000 $ 829,019 (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 Re_2

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Balance, beginning of period $ 36,314 $ 10,225 $ 21,893 $ 7,614 Provision for losses: Pursuant to loan sales 6,297 5,953 23,282 10,198 Reduction in liability due to change in estimate (1,636 ) (1,504 ) (4,155 ) (3,059 ) Losses incurred, net (66 ) (33 ) (111 ) (112 ) Balance, end of period $ 40,909 $ 14,641 $ 40,909 $ 14,641 UPB of loans subject to representations and warranties at end of period $ 208,686,249 $ 143,875,403

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: September 30, 2021 (in thousands) Commitments to purchase loans acquired for sale $ 5,756,526

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended September 30, Preferred Quarter Nine months Share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2021 2020 2021 2020 (in thousands, except dividends per share) A 8.125% Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.53 $ 1.52 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 C 6.75% Issued August 2021 10,000 250,000 8,225 241,775 — — — — 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $0.01 per share.
Summary of Activities under ATM Equity Offering Program	Nine months ended September 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 September 30, Nine months ended September 30, Cumulative 2021 2020 2021 2020 total (1) (in thousands) Common shares repurchased 904 492 931 1,841 18,430 Cost of common shares repurchased $ 17,178 $ 8,273 $ 17,700 $ 21,618 $ 271,592 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2021.

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Cash loss: Loans $ (381,295 ) $ (23,860 ) $ (1,196,355 ) $ (70,972 ) Hedging activities 25,858 (103,361 ) 196,908 (360,930 ) (355,437 ) (127,221 ) (999,447 ) (431,902 ) Non-cash gain: Recognition of fair value of firm commitment to purchase CRT securities — (3,933 ) — (38,161 ) Receipt of MSRs in mortgage loan sale transactions 424,912 265,278 1,245,546 717,227 Provision for losses relating to representations and warranties provided in mortgage loan sales: Pursuant to loans sales (6,297 ) (5,953 ) (23,282 ) (10,198 ) Reduction of liability due to change in estimate 1,636 1,504 4,155 3,059 (4,661 ) (4,449 ) (19,127 ) (7,139 ) Change in fair value of loans and derivatives IRLCs (43,024 ) (11,839 ) (85,662 ) 60,964 Loans 37,877 (6,518 ) 35,401 (11,471 ) Hedging derivatives (45,008 ) (14,565 ) (84,682 ) 10,739 (50,155 ) (32,922 ) (134,943 ) 60,232 370,096 223,974 1,091,476 732,159 Total from nonaffiliates 14,659 96,753 92,029 300,257 From PFSI ‒ cash gain 1,537 1,669 4,905 9,154 $ 16,196 $ 98,422 $ 96,934 $ 309,411

Net Gains (Losses) on Investm_2

Net Gains (Losses) on Investments (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) From nonaffiliates: Mortgage-backed securities $ (18,591 ) $ (37,873 ) $ (60,456 ) $ 95,158 Loans at fair value: Held in VIEs (241 ) (2,905 ) (3,250 ) (4,979 ) Distressed 652 193 877 (1,070 ) CRT arrangements 73,874 14,620 325,934 (210,509 ) Firm commitment to purchase CRT securities — 46,332 — (220,146 ) Asset-backed financing of VIEs at fair value 1,663 3,106 4,146 4,872 Hedging derivatives (51 ) (1,266 ) — 46,926 57,306 22,207 267,251 (289,748 ) From PFSI ‒ ESS — (2,610 ) 1,651 (16,852 ) $ 57,306 $ 19,597 $ 268,902 $ (306,600 )

Net Interest (Expense) Income (

Net Interest (Expense) Income (Tables)	9 Months Ended
	Sep. 30, 2021
Banking And Thrift Interest [Abstract]
Summary of Net Interest (Expense) Income	Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 264 $ 581 $ 705 $ 3,100 Mortgage-backed securities 9,833 24,411 25,925 49,861 Loans acquired for sale at fair value 39,076 26,158 94,597 73,762 Loans at fair value: Held in VIEs 4,773 2,763 8,040 8,117 Distressed 85 50 377 342 Deposits securing CRT arrangements 126 288 451 6,893 Placement fees relating to custodial funds 4,481 4,286 8,485 24,800 Other (354 ) 16 (301 ) 267 58,284 58,553 138,279 167,142 From PFSI ‒ ESS — 2,070 1,280 6,416 58,284 60,623 139,559 173,558 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 24,047 19,259 75,988 74,081 Mortgage loan participation purchase and sale agreements 166 176 471 724 Notes payable secured by credit risk transfer and mortgage servicing assets 22,890 12,407 65,664 47,474 Exchangeable Notes 10,446 3,613 26,298 15,222 Asset-backed financings of VIEs at fair value 4,272 2,561 6,436 9,558 Interest shortfall on repayments of loans serviced for Agency securitizations 12,622 19,311 53,198 48,553 Interest on loan impound deposits 1,046 1,014 2,557 2,835 75,489 58,341 230,612 198,447 To PFSI ‒ Assets sold under agreement to repurchase — 676 387 2,686 75,489 59,017 230,999 201,133 Net interest (expense) income $ (17,205 ) $ 1,606 $ (91,440 ) $ (27,575 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Grants: Restricted share units — — 105 92 Performance share units — — 126 112 — — 231 204 Grant date fair value: Restricted share units $ — $ — $ 1,992 $ 1,978 Performance share units — — 2,399 2,428 $ — $ — $ 4,391 $ 4,406 Vestings: Restricted share units — 6 100 129 Performance share units (1) — — 37 143 — 6 137 272 Forfeitures: Restricted share units — 4 — 4 Performance share units — — — — — 4 — 4 Compensation expense relating to share-based grants $ (795 ) $ 547 $ 1,953 $ 1,601 (1) The actual number of performance-based RSUs that vested during the nine months ended September 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	September 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

(Loss) Earnings Per Common Sh_2

(Loss) Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands except per share amounts) Net (loss) income $ (35,955 ) $ 99,547 $ 73,740 $ (30,506 ) Dividends on preferred shares (7,969 ) (6,234 ) (20,438 ) (18,703 ) Effect of participating securities—share-based compensation awards (80 ) (182 ) (238 ) (198 ) Net (loss) income attributable to common shareholders (44,004 ) 93,131 53,064 (49,407 ) Income attributable to participating securities — — — — Diluted net (loss) income attributable to common shareholders $ (44,004 ) $ 93,131 $ 53,064 $ (49,407 ) Weighted average basic shares outstanding 97,501 99,227 97,772 99,718 Shares issuable under share-based compensation plan — 197 107 — Diluted weighted average number of shares outstanding 97,501 99,424 97,879 99,718 Basic (loss) earnings per share $ (0.45 ) $ 0.94 $ 0.54 $ (0.50 ) Diluted (loss) earnings per share $ (0.45 ) $ 0.94 $ 0.54 $ (0.50 )
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (in thousands) Shares issuable under share-based compensation plan 128 116 51 181 Shares issuable pursuant to exchange of the Exchangeable Notes 24,328 — 20,627 3,378

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ — $ — $ 16,196 $ — $ 16,196 Net gains (losses) on investments 75,764 (18,458 ) — — 57,306 Net loan servicing fees — (53,343 ) — — (53,343 ) Net interest (expense) income: Interest income 617 18,260 38,975 432 58,284 Interest expense 13,857 41,482 20,150 — 75,489 (13,240 ) (23,222 ) 18,825 432 (17,205 ) Other 559 — 44,341 — 44,900 63,083 (95,023 ) 79,362 432 47,854 Expenses: Loan fulfillment and servicing fees payable to PFSI 89 20,614 43,922 — 64,625 Management fees — — — 8,520 8,520 Other 2,308 1,180 7,665 4,212 15,365 2,397 21,794 51,587 12,732 88,510 Pretax income (loss) $ 60,686 $ (116,817 ) $ 27,775 $ (12,300 ) $ (40,656 ) Total assets at end of quarter $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ (3,934 ) $ — $ 102,356 $ — $ 98,422 Net gains (losses) on investments 60,011 (40,414 ) — — 19,597 Net loan servicing fees — 60,427 — — 60,427 Net interest (expense) income: Interest income 656 33,516 26,073 378 60,623 Interest expense 6,236 36,178 16,547 56 59,017 (5,580 ) (2,662 ) 9,526 322 1,606 Other 2,321 — 38,640 — 40,961 52,818 17,351 150,522 322 221,013 Expenses: Loan fulfillment and servicing fees payable to PFSI 187 18,564 54,840 — 73,591 Management fees — — — 8,508 8,508 Other 2,603 270 8,786 5,058 16,717 2,790 18,834 63,626 13,566 98,816 Pretax income (loss) $ 50,028 $ (1,483 ) $ 86,896 $ (13,244 ) $ 122,197 Total assets at end of quarter $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ — $ — $ 96,934 $ — $ 96,934 Net gains (losses) on investments 328,448 (59,546 ) — — 268,902 Net loan servicing fees — (48,210 ) — — (48,210 ) Net interest (expense) income: Interest income 1,668 41,839 94,290 1,762 139,559 Interest expense 47,295 117,935 65,769 — 230,999 (45,627 ) (76,096 ) 28,521 1,762 (91,440 ) Other 1,467 — 143,164 — 144,631 284,288 (183,852 ) 268,619 1,762 370,817 Expenses: Loan fulfillment and servicing fees payable to PFSI 306 59,505 158,777 — 218,588 Management fees — — — 28,882 28,882 Other 10,518 3,500 27,462 17,698 59,178 10,824 63,005 186,239 46,580 306,648 Pretax (loss) income $ 273,464 $ (246,857 ) $ 82,380 $ (44,818 ) $ 64,169 Total assets at end of period $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2020 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains on loans acquired for sale $ (43,813 ) $ — $ 353,224 $ — $ 309,411 Net gains (losses) on investments (386,829 ) 80,229 — — (306,600 ) Net loan servicing fees — 202,339 — — 202,339 Net interest (expense) income: Interest income 8,344 90,342 73,438 1,434 173,558 Interest expense 29,599 115,879 54,357 1,298 201,133 (21,255 ) (25,537 ) 19,081 136 (27,575 ) Other 5,501 — 87,945 1,796 95,242 (446,396 ) 257,031 460,250 1,932 272,817 Expenses: Loan fulfillment and servicing fees payable to PFSI 728 48,078 149,594 — 198,400 Management fees — — — 25,851 25,851 Other 4,529 3,143 18,874 16,185 42,731 5,257 51,221 168,468 42,036 266,982 Pretax (loss) income $ (451,653 ) $ 205,810 $ 291,782 $ (40,104 ) $ 5,835 Total assets at end of period $ 1,486,230 $ 4,298,530 $ 4,287,765 $ 382,542 $ 10,455,067

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	Nine months ended September 30, 2021 2020 (in thousands) Payments: Income taxes, net $ 2,112 $ 4,997 Interest $ 232,705 $ 220,616 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 $ 1,245,546 $ 717,227 Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc. $ 557 $ 1,393 Unsettled purchase of subordinated mortgage pass-through securities associated with a consolidated variable interest entity $ 9,755 $ — Recognition/Recombination of assets pursuant to initial consolidation of VIEs: Recognition of mortgage loans $ 780,713 $ — Recombination of MSRs with loans $ 9,824 $ — Non-cash financing activities: Dividends declared, not paid $ 45,673 $ 39,591 Recognition of asset-backed secured financing $ 780,713 $ —

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
	Sep. 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) September 30, 2021 $ 973,769 $ 547,531 11 % 6 % $ 135,557 $ 73,393 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)	9 Months Ended
	Sep. 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 ($)	Sep. 30, 2021	Sep. 30, 2020	Nov. 19, 2019	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	$ 210,000,000

Transactions with Related par_3

Transactions with Related parties - Correspondent Production Activities - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 4,979,256		$ 4,979,256		$ 3,551,890
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	43,922	$ 54,839	158,777	$ 149,594
UPB of loans fulfilled by PLS	28,605,098	27,351,435	92,846,231	62,403,674
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,537	1,669	4,905	9,154
UPB of loans sold to PLS	15,249,441	16,690,482	49,106,232	41,641,327
Purchases of loans acquired for sale from PLS	0	27	0	2,248,896
Tax service fees paid to PLS	6,559	$ 6,077	21,879	$ 14,345
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 334,641		$ 334,641		$ 460,414

Transactions with Related par_5

Transactions with Related parties - Loan Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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
Prime Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month	75
Prime Mortgage Loans [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Additional servicing fees per loan per month	10
Prime 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]	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,703	$ 18,752	$ 59,811	$ 48,806
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	698	452	1,871	1,595
Average investment in loans acquired for sale at fair value	4,887,993	3,336,504	4,224,917	3,125,083
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	89	187	306	675
Loans at fair value	458,054	215,969	235,711	240,565
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	19,916	18,113	57,634	46,536
Average MSR portfolio UPB	$ 205,181,714	$ 148,412,625	$ 191,351,860	$ 142,872,909

Transactions with Related pa_10

Transactions with Related parties - Management Fees - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 8,520	$ 8,508	$ 28,882	$ 25,851
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	8,520	8,508	28,882	25,851
Average shareholders' equity amounts used to calculate base management fee expense	2,350,940	2,280,023	2,334,050	2,329,741
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	8,778	8,508	25,875	25,851
PNMAC Capital Management LLC [Member] | Performance incentive (adjustment) [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ (258)	$ 0	$ 3,007	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Common overhead incurred by PCM and its affiliates	$ 1,548	$ 1,389	$ 3,387	$ 4,514
Compensation	165	165	495	405
Expenses incurred on the Company’s behalf, net	4,396	2,852	13,536	5,561
Total expenses incurred in transaction with affiliates	6,109	4,406	17,418	10,480
Payments and settlements during the period (1)	$ 51,020	$ 58,479	$ 238,202	$ 228,514

Transactions with Related pa_13

Transactions with Related parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	Dec. 19, 2016	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
ESS:
Interest income:	$ 58,284	$ 60,623	$ 139,559	$ 173,558
Net gain (loss) included in Net gains (losses) on investments:
Net (loss) gain on investments	57,306	19,597	268,902	(306,600)
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		531	557	1,393
Repayments		7,682	134,624	25,112
Interest income:	0	2,070	1,280	6,416
Net gain (loss) included in Net gains (losses) on investments:
Valuation changes		(3,135)	1,037	(18,293)
Recapture income		525	614	1,441
Net (loss) gain on investments	0	$ (2,610)	1,651	$ (16,852)
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Interest expense	$ 75,489	$ 59,017	$ 230,999	$ 201,133
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Net repayments of assets sold under agreements to repurchase		3,143	80,862	20,554
Interest expense	0	$ 676	387	$ 2,686
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	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from PennyMac Financial Services, Inc.	$ 19,162	$ 8,152
Due to PFSI:
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	12,493	38,142
Fulfillment fees	10,709	20,873
Management fees	8,778	8,686
Correspondent production fees	10,867	13,065
Loan servicing fees	7,146	6,213
Interest on Assets sold to PFSI under agreement to repurchase	0	26
Total expense due to affiliate	$ 49,993	$ 87,005

Transactions with Related pa_17

Transactions with Related parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Loan servicing advances	$ 115,961	$ 121,820
Real estate acquired in settlement of loans	10,473	28,709
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	115,961	121,820
Real estate acquired in settlement of loans	3,054	10,334
Servicing advances and real estate acquired	$ 119,015	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash flows:
Proceeds from sales	$ 29,865,473	$ 26,748,508	$ 93,365,579	$ 66,639,230
Loan servicing fees received net of guarantee fees	$ 137,804	$ 98,027	$ 378,110	$ 294,319

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 211,951,309	$ 170,502,361
Collection Status (UPB)
30-89 days delinquent	[1]	1,080,362	1,235,981
90 or more days delinquent:
Not in foreclosure		2,204,245	4,428,915
In foreclosure		23,497	27,494
Bankruptcy		147,052	148,866
Custodial funds managed by the Company	[2]	5,373,992	6,086,724
COVID-19 [Member]
90 or more days delinquent:
30-89 days		252,609	530,353
90 days or more		$ 1,395,601	$ 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 Millions	Sep. 30, 2013	Sep. 30, 2021
Variable Interest Entity, Primary Beneficiary [Member] | Investment in Securities Backed by Jumbo Loans [Member]
Mortgage Loans On Real Estate Schedule [Table]
Certificates issued	$ 537
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		$ 796
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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2020
CRT strips
Net investment income		$ 47,854	$ 221,013	$ 370,817	$ 272,817
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		97,688		97,688								$ 164,318
Interest-only security payable at fair value		12,000		12,000		$ 12,000	$ 0	$ 0	$ 0	$ 0	$ 0	10,757
Variable Interest Entity, Primary Beneficiary [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		12,000		12,000								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			1,799,078		18,277,263
Investments — Change in expected face amount of firm commitment to purchase CRT securities			(95,033)		197,481
Net investment income
Net gains on loans acquired for sale — Fair value of firm commitment to purchase CRT securities recognized upon sale of loans			(3,933)		(38,161)
CRT derivatives
Realized		21,337	11,480	73,464	42,231
Valuation changes		(3,345)	(17,996)	98	(196,404)
Gains (losses) recognized on gross derivative related to credit risk transactions		17,992	(6,516)	73,562	(154,173)
CRT strips
Realized		26,370	10,460	90,342	38,565
Valuation changes		28,327	8,635	163,273	(107,670)
Credit risk transfer strips		54,697	19,095	253,615	(69,105)
Interest-only security payable at fair value		1,185	2,041	(1,243)	12,769
Gains (losses) recognized on gross derivative related to credit risk transactions		73,874	14,620	325,934	(210,509)
Firm commitments to purchase CRT securities			46,332		(220,146)
Gains (losses) recognized on CRT agreements upon firm commitments to purchase CRT securities		73,874	60,952	325,934	(430,655)
Interest income — Deposits securing CRT arrangements		126	288	451	6,893
Net investment income		74,000	57,307	326,385	(461,923)
Net (recoveries received) payments made to settle (recoveries) losses on CRT arrangements		(14,321)	$ 2,935	(47,876)	$ 7,114
Carrying value of CRT arrangements:
CRT derivatives		31,891		31,891								31,795
CRT strips		(39,519)		(39,519)								(202,792)
Derivative and credit risk transfer strip assets		(7,628)		(7,628)								(170,997)
Deposits securing CRT arrangements		1,962,800		1,962,800								2,799,263
Interest-only security payable at fair value		12,000		12,000								10,757
Derivative assets		35,938		35,938								58,699
Derivative and credit risk transfer strip assets pledged to secure	[1]	1,962,800		1,962,800								2,799,263
UPB of loans underlying CRT arrangements		35,371,965		35,371,965								58,697,942
Variable Interest Entity, Primary Beneficiary [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		33,723,487		33,723,487								54,990,381
30-89 days delinquent		384,962		384,962								710,872
90-180 days delinquent		150,778		150,778								693,315
180 or more days delinquent		1,108,723		1,108,723								2,297,365
Foreclosure		4,015		4,015								6,009
Bankruptcy		76,277		76,277								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		117,381		117,381								383,028
90-180 days delinquent		90,500		90,500								546,344
180 or more days delinquent		$ 665,066		$ 665,066								$ 1,944,663
[1]	Deposits securing credit risk transfer strip liabilities also secure $43.6 million and $229.7 million in CRT strip and CRT derivative liabilities at September 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	Sep. 30, 2021	Dec. 31, 2020
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 43.6	$ 229.7

Variable Interest Entities - _3

Variable Interest Entities - Summary of Interest Income Earned on Loans Owned by VIEs and Interest Expense Attributable to Asset-Backed Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:	$ 58,284	$ 60,623	$ 139,559	$ 173,558
Interest expense	75,489	$ 59,017	$ 230,999	$ 201,133
Variable Interest Entities [Member] | Investment Properties [Member]
Interest income:	3,725
Interest expense	$ 3,388

Variable Interest Entities - _4

Variable Interest Entities - Summary of Investment In Loans Secured by Investment Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Loans at fair value ($891,531 and $147,410 pledged to creditors, respectively)	$ 895,880	$ 151,734
Asset-backed financing of variable interest entities at fair value	843,163	134,726
Variable Interest Entities [Member]
Mortgage Loans On Real Estate [Line Items]
Loans at fair value ($891,531 and $147,410 pledged to creditors, respectively)	891,104	143,707
Asset-backed financing of variable interest entities at fair value	843,163	$ 134,726
Variable Interest Entities [Member] | Investment Properties [Member]
Mortgage Loans On Real Estate [Line Items]
Loans at fair value ($891,531 and $147,410 pledged to creditors, respectively)	811,727
Asset-backed financing of variable interest entities at fair value	771,865
Subordinate mortgage pass-through securities held at fair value	$ 39,862

Variable Interest Entities - _5

Variable Interest Entities - Summary of Investment in Securities Backed by Jumbo Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Interest income:	$ 58,284	$ 60,623	$ 139,559	$ 173,558
Interest expense	75,489	59,017	230,999	201,133
Loans at fair value	895,880		895,880			$ 151,734
Asset-backed financing of variable interest entities at fair value	843,163		843,163			134,726
Variable Interest Entity, Primary Beneficiary [Member]
Mortgage Loans on Real Estate [Line Items]
Loans at fair value	891,104		891,104			143,707
Asset-backed financing of variable interest entities at fair value	843,163		843,163			134,726
Investment in Securities Backed by Jumbo Loans [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Mortgage Loans on Real Estate [Line Items]
Interest income:	1,048	2,763	4,315	8,117
Interest expense	$ 884	$ 2,561	$ 3,048	$ 9,558
Loans at fair value					$ 79,377	143,707
Asset-backed financing of variable interest entities at fair value					71,298	134,726
Certificates retained at fair value					$ 8,079	$ 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		Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets:
Short-term investments								$ 116,130		$ 127,295
Mortgage-backed securities at fair value pledged to creditors								2,471,033		2,213,922
Loans acquired for sale at fair value								4,979,256		3,551,890
Excess servicing spread purchased from PFSI								0		131,750
Derivative and credit risk transfer strip assets:
Derivative assets								160,758		223,648
Derivative assets, Netting								(63,070)		(59,330)
Total derivative assets after netting								97,688		164,318
Mortgage servicing rights at fair value ($2,797,165 and $1,742,905 pledged to creditors, respectively)								2,825,501	$ 2,551,373	1,755,236	$ 1,388,403	$ 1,189,605	$ 1,535,705
Liabilities:
Asset-backed financing of variable interest entities at fair value								843,163		134,726
Interest-only security payable at fair value		$ 12,000	$ 0	$ 0	$ 0	$ 0	$ 0	12,000		10,757
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								54,020		150,213
Derivative liabilities, Netting								(25,354)		(89,532)
Total derivative liabilities after netting								28,666		60,681
Total derivative and credit risk transfer strips liabilities								68,185		263,473
Derivative assets								160,758		223,648
Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							38,188		8,505
Derivative and credit risk transfer strip liabilities:
Derivative assets	[1]							38,188		8,505
CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								35,938		58,699
Derivative assets, Netting								0		0
Total derivative assets after netting								35,938		58,699
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,047		26,904
Derivative assets								35,938		58,699
Interest Rate Lock Commitments [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								7,573		72,794
Total derivative assets after netting								7,573		72,794
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								20,849		408
Derivative assets								7,573		72,794
Forward Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							2,784		72,526
Derivative assets, Netting								0		0
Total derivative assets after netting								2,784		72,526
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								24,407		17
Derivative liabilities, Netting								0		0
Derivative assets	[1]							2,784		72,526
Forward Sales Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							52,773		92
Derivative assets, Netting								0		0
Total derivative assets after netting								52,773		92
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,717		122,884
Derivative liabilities, Netting								0		0
Derivative assets	[1]							52,773		92
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							375		3,070
Derivative assets, Netting								0		0
Total derivative assets after netting								375		3,070
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets	[1]							375		3,070
Put Options On Interest Rate Futures Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							6,695		4,742
Derivative assets, Netting								0		0
Total derivative assets after netting								6,695		4,742
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets	[1]							6,695		4,742
MBS Put Options [Member]
Derivative and credit risk transfer strip assets:
Derivative assets	[1]							16,007		3,220
Derivative assets, Netting								0		0
Total derivative assets after netting								16,007		3,220
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative assets	[1]							16,007		3,220
Recurring [Member]
Assets:
Short-term investments								116,130		127,295
Mortgage-backed securities at fair value pledged to creditors								2,471,033		2,213,922
Loans acquired for sale at fair value								4,979,256		3,551,890
Loans at fair value								895,880		151,734
Excess servicing spread purchased from PFSI										131,750
Derivative and credit risk transfer strip assets:
Derivative assets								160,758		223,648
Derivative assets, Netting								(63,070)		(59,330)
Total derivative assets after netting								97,688		164,318
Mortgage servicing rights at fair value ($2,797,165 and $1,742,905 pledged to creditors, respectively)								2,825,501		1,755,236
Total Assets								11,385,488		8,096,145
Liabilities:
Asset-backed financing of variable interest entities at fair value								843,163		134,726
Interest-only security payable at fair value								12,000		10,757
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								54,020		150,213
Derivative liabilities, Netting								(25,354)		(89,532)
Total derivative liabilities after netting								28,666		60,681
Total derivative and credit risk transfer strips liabilities								68,185		263,473
Derivative assets								160,758		223,648
Total liabilities								923,348		408,956
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										202,792
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								39,519		26,904
Derivative assets										202,792
Recurring [Member] | Swaption Purchase Contracts
Derivative and credit risk transfer strip assets:
Derivative assets								38,188		8,505
Derivative and credit risk transfer strip liabilities:
Derivative assets								38,188		8,505
Recurring [Member] | CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								35,938		58,699
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,047
Derivative assets								35,938		58,699
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments								116,130		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								7,070		7,812
Derivative assets, Netting								0		0
Total derivative assets after netting								7,070		7,812
Mortgage servicing rights at fair value ($2,797,165 and $1,742,905 pledged to creditors, respectively)								0		0
Total Assets								123,200		135,107
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								7,070		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 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 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 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								2,471,033		2,213,922
Loans acquired for sale at fair value								4,947,718		3,518,015
Loans at fair value								891,104		143,707
Excess servicing spread purchased from PFSI										0
Derivative and credit risk transfer strip assets:
Derivative assets								110,177		84,343
Derivative assets, Netting								0		0
Total derivative assets after netting								110,177		84,343
Mortgage servicing rights at fair value ($2,797,165 and $1,742,905 pledged to creditors, respectively)								0		0
Total Assets								8,420,032		5,959,987
Liabilities:
Asset-backed financing of variable interest entities at fair value								843,163		134,726
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								29,124		122,901
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								29,124		122,901
Total derivative and credit risk transfer strips liabilities								29,124		122,901
Derivative assets								110,177		84,343
Total liabilities								872,287		257,627
Recurring [Member] | Level 2 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
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								38,188		8,505
Derivative and credit risk transfer strip liabilities:
Derivative assets								38,188		8,505
Recurring [Member] | Level 2 [Member] | CRT Derivatives [Member]
Derivative and credit risk transfer strip assets:
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								31,538		33,875
Loans at fair value								4,776		8,027
Excess servicing spread purchased from PFSI										131,750
Derivative and credit risk transfer strip assets:
Derivative assets								43,511		131,493
Derivative assets, Netting								0		0
Total derivative assets after netting								43,511		131,493
Mortgage servicing rights at fair value ($2,797,165 and $1,742,905 pledged to creditors, respectively)								2,825,501		1,755,236
Total Assets								2,905,326		2,060,381
Liabilities:
Asset-backed financing of variable interest entities at fair value								0		0
Interest-only security payable at fair value								12,000		10,757
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								24,896		27,312
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								24,896		27,312
Total derivative and credit risk transfer strips liabilities								64,415		230,104
Derivative assets								43,511		131,493
Total liabilities								76,415		240,861
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip assets:
Derivative assets										202,792
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								39,519		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 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								35,938		58,699
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,047
Derivative assets								35,938		58,699
Recurring [Member] | Interest Rate Lock Commitments [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								7,573		72,794
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								20,849		408
Derivative assets								7,573		72,794
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
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 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								7,573		72,794
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								20,849		408
Derivative assets								7,573		72,794
Recurring [Member] | Forward Purchase Contracts [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								2,784		72,526
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								24,407		17
Derivative assets								2,784		72,526
Recurring [Member] | Forward Purchase Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
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								2,784		72,526
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								24,407		17
Derivative assets								2,784		72,526
Recurring [Member] | Forward Purchase Contracts [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
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								52,773		92
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,717		122,884
Derivative assets								52,773		92
Recurring [Member] | Forward Sales Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
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								52,773		92
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,717		122,884
Derivative assets								52,773		92
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
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								375
Derivative and credit risk transfer strip liabilities:
Derivative assets								375
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								375
Derivative and credit risk transfer strip liabilities:
Derivative assets								375
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 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 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								6,695
Derivative and credit risk transfer strip liabilities:
Derivative assets								6,695
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								6,695
Derivative and credit risk transfer strip liabilities:
Derivative assets								6,695
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 2 [Member]
Derivative and credit risk transfer strip assets:
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 and credit risk transfer strip liabilities:
Derivative assets								0
Recurring [Member] | MBS Put Options [Member]
Derivative and credit risk transfer strip assets:
Derivative assets								16,007		3,220
Derivative and credit risk transfer strip liabilities:
Derivative assets								16,007		3,220
Recurring [Member] | MBS Put Options [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
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								16,007		3,220
Derivative and credit risk transfer strip liabilities:
Derivative assets								16,007		3,220
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
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								425
Derivative and credit risk transfer strip liabilities:
Derivative assets								425
Recurring [Member] | MBS call options [Member] | Level 1 [Member]
Derivative and credit risk transfer strip assets:
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								425
Derivative and credit risk transfer strip liabilities:
Derivative assets								425
Recurring [Member] | MBS call options [Member] | Level 3 [Member]
Derivative and credit risk transfer strip assets:
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 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 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 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 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 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 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 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 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Assets:
Amounts received pursuant to sales of loans	$ 424,912	$ 265,278	$ 1,245,546	$ 717,227
Transfers:
Loans to REO			0	(1,166)
Liabilities:
Amounts received pursuant to sales of loans	424,912	265,278	1,245,546	717,227
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance			72,386
Transfers:
Ending balance	(13,276)		(13,276)
Liabilities:
Beginning balance			72,386
Recurring [Member]
Assets:
Beginning balance	2,586,157	1,151,272		2,044,019
Purchases and issuances	54,204	55,306	132,172	350,617
Repayments and sales	(69,218)	49,613	(355,114)	153,237
Capitalization of interest and fees	53	2,070	1,531	6,416
Amounts received pursuant to sales of loans	424,912	261,345	1,245,546	679,066
ESS received pursuant to a recapture agreement with PFSI		531	557	1,393
Repayments and sales	69,218	(49,613)	355,114	(153,237)
Changes in instrument - specific credit risk	0	0	0	0
Other factors	(44,590)	186,938	20,344	(930,678)
Total	(44,590)	186,938	20,344	(930,678)
Transfers:
Loans from REO	9		88
Interest rate lock commitments to loans acquired for sale (2)	(104,073)	(240,496)	(24,666)	(629,358)
Ending balance	2,840,911	1,367,353	2,840,911	1,367,353
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(132,505)	39,341	(14,909)	(1,336,786)
Loans to REO				(885)
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	(6,543)		(9,824)
Liabilities:
Beginning balance	2,586,157	1,151,272		2,044,019
Purchases and issuances	54,204	55,306	132,172	350,617
Repayments and sales	69,218	(49,613)	355,114	(153,237)
Capitalization of interest and fees	53	2,070	1,531	6,416
ESS received pursuant to a recapture agreement with PFSI		531	557	1,393
Amounts received pursuant to sales of loans	424,912	261,345	1,245,546	679,066
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(132,505)	39,341	(14,909)	(1,336,786)
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		5,328		5,328
Capitalization of interest and fees		0		0
Amounts received pursuant to sales of loans		0		0
ESS received pursuant to a recapture agreement with PFSI		0		0
Repayments and sales		(5,328)		(5,328)
Changes in instrument - specific credit risk		0		0
Other factors		53		53
Total		53		53
Transfers:
Interest rate lock commitments to loans acquired for sale (2)		0		0
Ending balance		0		0
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021		0		0
Loans to REO				0
Liabilities:
Beginning balance		5,275		5,275
Purchases and issuances		0		0
Repayments and sales		(5,328)		(5,328)
Capitalization of interest and fees		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 September 30, 2021		0		0
Recurring [Member] | Credit Risk Transfer Derivatives [Member]
Assets:
Beginning balance	35,238	(63,926)	31,795	115,863
Purchases and issuances	0	0	0	0
Repayments and sales	(21,339)	11,562	(73,466)	43,694
Capitalization of interest and fees	0	0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	21,339	(11,562)	73,466	(43,694)
Changes in instrument - specific credit risk	0	0	0	0
Other factors	17,992	(6,516)	73,562	(154,173)
Total	17,992	(6,516)	73,562	(154,173)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	31,891	(82,004)	31,891	(82,004)
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(3,345)	(17,996)	98	(196,404)
Loans to REO				0
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	0		0
Liabilities:
Beginning balance	35,238	(63,926)	31,795	115,863
Purchases and issuances	0	0	0	0
Repayments and sales	21,339	(11,562)	73,466	(43,694)
Capitalization of interest and fees	0	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 September 30, 2021	(3,345)	(17,996)	98	(196,404)
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(67,846)	(61,375)	(202,792)	54,930
Purchases and issuances	0	0	0	0
Repayments and sales	(26,370)	10,460	(90,342)	38,565
Capitalization of interest and fees	0	0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	26,370	(10,460)	90,342	(38,565)
Changes in instrument - specific credit risk	0	0	0	0
Other factors	54,697	19,095	253,615	(69,105)
Total	54,697	19,095	253,615	(69,105)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	(39,519)	(52,740)	(39,519)	(52,740)
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	28,327	8,635	163,273	(107,670)
Loans to REO				0
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	0		0
Liabilities:
Beginning balance	(67,846)	(61,375)	(202,792)	54,930
Purchases and issuances	0	0	0	0
Repayments and sales	26,370	(10,460)	90,342	(38,565)
Capitalization of interest and fees	0	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 September 30, 2021	28,327	8,635	163,273	(107,670)
Recurring [Member] | Loans At Fair Value [Member]
Assets:
Beginning balance	7,215	8,411	8,027	14,426
Purchases and issuances	0	0	0	1,058
Repayments and sales	(3,153)	470	(4,467)	5,395
Capitalization of interest and fees	53	0	251	0
Amounts received pursuant to sales of loans	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	3,153	(470)	4,467	(5,395)
Changes in instrument - specific credit risk	0	0	0	0
Other factors	652	193	877	(1,070)
Total	652	193	877	(1,070)
Transfers:
Loans from REO	9		88
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	4,776	8,134	4,776	8,134
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(155)	59	30	(1,081)
Loans to REO				(885)
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	0		0
Liabilities:
Beginning balance	7,215	8,411	8,027	14,426
Purchases and issuances	0	0	0	1,058
Repayments and sales	3,153	(470)	4,467	(5,395)
Capitalization of interest and fees	53	0	251	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 September 30, 2021	(155)	59	30	(1,081)
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	2,551,373	1,189,605		1,535,705
Purchases and issuances	0	0	0	0
Repayments and sales	0	7	0	7
Capitalization of interest and fees	0	0	0	0
Amounts received pursuant to sales of loans	424,912	265,278	1,245,546	717,227
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	0	(7)	0	(7)
Changes in instrument - specific credit risk	0	0	0	0
Other factors	(144,241)	(66,473)	(165,457)	(864,522)
Total	(144,241)	(66,473)	(165,457)	(864,522)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	2,825,501	1,388,403	2,825,501	1,388,403
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(144,241)	(66,473)	(165,457)	(864,522)
Loans to REO				0
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	(6,543)		(9,824)
Liabilities:
Beginning balance	2,551,373	1,189,605		1,535,705
Purchases and issuances	0	0	0	0
Repayments and sales	0	(7)	0	(7)
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Amounts received pursuant to sales of loans	424,912	265,278	1,245,546	717,227
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(144,241)	(66,473)	(165,457)	(864,522)
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		151,206	131,750	178,586
Purchases and issuances		0	0	0
Repayments and sales		7,682	(134,624)	25,112
Capitalization of interest and fees		2,070	1,280	6,416
Amounts received pursuant to sales of loans		0	0	0
ESS received pursuant to a recapture agreement with PFSI		531	557	1,393
Repayments and sales		(7,682)	134,624	(25,112)
Changes in instrument - specific credit risk		0	0	0
Other factors		(3,135)	1,037	(18,293)
Total		(3,135)	1,037	(18,293)
Transfers:
Loans from REO			0
Interest rate lock commitments to loans acquired for sale (2)		0	0	0
Ending balance	0	142,990	0	142,990
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021		(3,135)	0	(18,293)
Loans to REO				0
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs			0
Liabilities:
Beginning balance		151,206	131,750	178,586
Purchases and issuances		0	0	0
Repayments and sales		(7,682)	134,624	(25,112)
Capitalization of interest and fees		2,070	1,280	6,416
ESS received pursuant to a recapture agreement with PFSI		531	557	1,393
Amounts received pursuant to sales of loans		0	0	0
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021		(3,135)	0	(18,293)
Recurring [Member] | Firm Commitment To Purchase Credit Risk Transfer Securities
Assets:
Beginning balance		(191,193)		109,513
Purchases and issuances		0		0
Repayments and sales		0		0
Capitalization of interest and fees		0		0
Amounts received pursuant to sales of loans		(3,933)		(38,161)
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		46,332		(220,146)
Total		46,332		(220,146)
Transfers:
Interest rate lock commitments to loans acquired for sale (2)		0		0
Ending balance		(148,794)		(148,794)
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021		46,332		(220,146)
Loans to REO				0
Liabilities:
Beginning balance		(191,193)		109,513
Purchases and issuances		0		0
Repayments and sales		0		0
Capitalization of interest and fees		0		0
ESS received pursuant to a recapture agreement with PFSI		0		0
Amounts received pursuant to sales of loans		(3,933)		(38,161)
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021		46,332		(220,146)
Recurring [Member] | Loans acquired for sale [Member]
Assets:
Beginning balance	30,429	29,313	33,875	18,567
Purchases and issuances	19,041	24,089	49,112	56,376
Repayments and sales	(18,356)	14,104	(52,215)	35,136
Capitalization of interest and fees	0	0	0	0
Amounts received pursuant to sales of loans	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
Repayments and sales	18,356	(14,104)	52,215	(35,136)
Changes in instrument - specific credit risk	0	0	0	0
Other factors	424	(51)	766	(560)
Total	424	(51)	766	(560)
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	0	0	0	0
Ending balance	31,538	39,247	31,538	39,247
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	185	(198)	423	(787)
Loans to REO				0
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	0		0
Liabilities:
Beginning balance	30,429	29,313	33,875	18,567
Purchases and issuances	19,041	24,089	49,112	56,376
Repayments and sales	18,356	(14,104)	52,215	(35,136)
Capitalization of interest and fees	0	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 September 30, 2021	185	(198)	423	(787)
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	29,748	83,956	72,386	11,154
Purchases and issuances	35,163	31,217	83,060	293,183
Repayments and sales	0	0	0	0
Capitalization of interest and fees	0	0	0	0
Amounts received pursuant to sales of loans	0	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	25,886	197,440	(144,056)	397,138
Total	25,886	197,440	(144,056)	397,138
Transfers:
Loans from REO	0		0
Interest rate lock commitments to loans acquired for sale (2)	(104,073)	(240,496)	(24,666)	(629,358)
Ending balance	(13,276)	72,117	(13,276)	72,117
Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021	(13,276)	72,117	(13,276)	72,117
Loans to REO				0
Recombination of MSRs with loans at fair value resulting from consolidation of VIEs	0		0
Liabilities:
Beginning balance	29,748	83,956	72,386	11,154
Purchases and issuances	35,163	31,217	83,060	293,183
Repayments and sales	0	0	0	0
Capitalization of interest and fees	0	0	0	0
ESS received pursuant to a recapture agreement with PFSI		0	0	0
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 September 30, 2021	(13,276)	72,117	(13,276)	72,117
Recurring [Member] | Interest-only security payable [Member]
Assets:
Changes in instrument-specific credit risk\Other factors	(1,185)	(2,041)	1,243	(12,769)
Beginning balance	12,000	12,940	12,000	12,940
Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021	(1,185)	(2,041)	1,243	(12,769)
Ending balance	12,000	12,940	12,000	12,940
Liabilities:
Beginning balance	12,000	12,940	12,000	12,940
Beginning balance	13,185	14,981	10,757	25,709
Beginning balance	12,000	12,940	12,000	12,940
Changes in instrument-specific credit risk\Other factors	(1,185)	(2,041)	1,243	(12,769)
Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021	(1,185)	(2,041)	1,243	(12,769)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	(1,185)	(2,041)	1,243	(12,769)
Ending balance	12,000	12,940	12,000	12,940
Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021	(1,185)	(2,041)	1,243	(12,769)
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	(1,185)	(2,041)	1,243	(12,769)
Liabilities:
Changes in instrument-specific credit risk\Other factors	(1,185)	(2,041)	1,243	(12,769)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk\Other factors	$ (1,185)	$ (2,041)	$ 1,243	$ (12,769)

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans, fair value [Abstract]
Fair value	$ 895,880	$ 151,734
Fair value, Total	895,880	151,734
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	871,403	154,124
Loans, difference, [Abstract]
Difference	24,477	(2,390)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	4,974,254	3,545,100
90 or more days delinquent, not in foreclosure	4,770	6,591
90 or more days delinquent, in foreclosure	232	199
Fair value	5,002	6,790
Fair value, Total	4,979,256	3,551,890
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	4,815,312	3,377,970
90 or more days delinquent, not in foreclosure	5,548	8,006
90 or more days delinquent, in foreclosure	235	235
Principal amount due upon maturity	4,821,095	3,386,211
Loans, difference, [Abstract]
Current through 89 days delinquent	158,942	167,130
90 or more days delinquent, not in foreclosure	(778)	(1,415)
90 or more days delinquent, in foreclosure	(3)	(36)
Difference	158,161	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	5,783	8,241
Loans, difference, [Abstract]
Difference	(781)	(1,451)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	888,589	140,052
90 or more days delinquent, not in foreclosure	2,515	3,655
90 or more days delinquent, in foreclosure	0	0
Fair value	891,104	143,707
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	856,918	128,787
90 or more days delinquent, not in foreclosure	3,262	4,240
90 or more days delinquent, in foreclosure	0	0
Principal amount due upon maturity	860,180	133,027
Loans, difference, [Abstract]
Current through 89 days delinquent	31,671	11,265
90 or more days delinquent, not in foreclosure	(747)	(585)
90 or more days delinquent, in foreclosure	0	0
Difference	30,924	10,680
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	2,515	3,655
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	3,262	4,240
Loans, difference, [Abstract]
Difference	(747)	(585)
Distressed Loans at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,249	2,071
90 or more days delinquent, not in foreclosure	1,836	3,714
90 or more days delinquent, in foreclosure	1,691	2,242
Fair value	4,776	8,027
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	2,058	4,099
90 or more days delinquent, not in foreclosure	4,292	12,357
90 or more days delinquent, in foreclosure	4,873	4,641
Principal amount due upon maturity	11,223	21,097
Loans, difference, [Abstract]
Current through 89 days delinquent	(809)	(2,028)
90 or more days delinquent, not in foreclosure	(2,456)	(8,643)
90 or more days delinquent, in foreclosure	(3,182)	(2,399)
Difference	(6,447)	(13,070)
Distressed Loans at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	3,527	5,956
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	9,165	16,998
Loans, difference, [Abstract]
Difference	$ (5,638)	$ (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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	$ 0	$ 0
Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0
Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0
Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0
Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	1,185	2,041	$ (1,243)	$ 12,769
Interest-only security payable [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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 September 30, 2021	1,185	2,041	(1,243)	12,769
Interest-only security payable [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Interest-only security payable [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Asset-Backed Financing of VIEs at Fair Value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	1,132	4,056	4,070	827
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 September 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 September 30, 2021	1,663	3,106	4,146	4,872
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 September 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 September 30, 2021	(531)	950	(76)	(4,045)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	2,317	6,097	2,827	13,596
Liabilities, Total [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Liabilities, Total [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	2,848	5,147	2,903	17,641
Liabilities, Total [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Liabilities, Total [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(531)	950	(76)	(4,045)
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	54,697	19,095	253,615	(69,105)
Credit Risk Transfer Strips [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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 September 30, 2021	54,697	19,095	253,615	(69,105)
Credit Risk Transfer Strips [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Credit Risk Transfer Strips [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(21,006)	(30,489)	(67,277)	78,681
Mortgage-backed securities at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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 September 30, 2021	(18,591)	(37,873)	(60,456)	95,158
Mortgage-backed securities at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Mortgage-backed securities at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(2,415)	7,384	(6,821)	(16,477)
Loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	75,528	231,934	68,203	636,962
Loans acquired for sale at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	75,528	231,934	68,203	636,962
Loans acquired for sale at fair value [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Loans acquired for sale at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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 September 30, 2021	0	0	0	0
Loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(253)	(1,832)	(1,708)	(4,329)
Loans at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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 September 30, 2021	411	(2,712)	(2,373)	(6,049)
Loans at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Loans at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(664)	880	665	1,720
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(144,241)	(66,473)	(165,457)	(864,522)
MSRs at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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 September 30, 2021	0	0	0	0
MSRs at fair value [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(144,241)	(66,473)	(165,457)	(864,522)
MSRs at fair value [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	0	0	0	0
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(35,275)	193,569	89,693	(492,497)
Assets, Total [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	75,528	228,001	68,203	598,801
Assets, Total [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	36,517	21,707	191,823	(218,435)
Assets, Total [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	(144,241)	(66,473)	(165,457)	(864,522)
Assets, Total [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021	$ (3,079)	10,334	(4,876)	(8,341)
Excess Spread Investment [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		(1,065)	2,317	(11,877)
Excess Spread Investment [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		0	0	0
Excess Spread Investment [Member] | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		(3,135)	1,037	(18,293)
Excess Spread Investment [Member] | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		0	0	0
Excess Spread Investment [Member] | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		2,070	$ 1,280	6,416
Firm Commitment To Purchase Credit Risk Transfer Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		42,399		(258,307)
Firm Commitment To Purchase Credit Risk Transfer Securities | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		(3,933)		(38,161)
Firm Commitment To Purchase Credit Risk Transfer Securities | Net Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		46,332		(220,146)
Firm Commitment To Purchase Credit Risk Transfer Securities | Net Gains on Loans Acquired for Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 30, 2021		0		0
Firm Commitment To Purchase Credit Risk Transfer Securities | Interest Income
Fair Value, Option, Quantitative Disclosures [Line Items]
Quarter ended September 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	Sep. 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	$ 3,874	$ 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	$ 3,874	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 605	$ (69)	$ (669)	$ (1,263)

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	Sep. 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	$ 2,633,228	$ 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	2,648,439	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	499,612	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	$ 567,708	$ 207,428

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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)	$ 29,206,319	$ 25,878,541	$ 91,240,993	$ 64,678,483
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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 35,938	$ 58,699
Fair value of CRT derivatives liabilities	4,047	26,904
UPB of loans in reference pools	$ 8,472,767	$ 13,854,426
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	4.60%	6.70%
Key inputs used in fair value for CRT agreements	(0.30%)	(0.80%)
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	5.30%	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	5.40%	9.00%
Key inputs used in fair value for CRT agreements	0.40%	1.10%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	13.30%	20.80%
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	13.40%	21.90%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	13.70%	23.50%
Remaining Loss Expectation [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	(0.30%)	(0.60%)
Remaining Loss Expectation [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.00%	(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	Sep. 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	49.80%	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	92.70%	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	0.40%	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	5.00%	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	6.70%	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	2.60%	1.90%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ (13,276)	$ 72,386

Fair Value - Summary of Key Uno

Fair Value - Summary of Key Unobservable Inputs Used in Valuation Credit Risk Transfer Strip (Detail) - Credit Risk Transfer Strips [Member] - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair value of CRT derivatives
Fair value of CRT derivatives liabilities	$ 39,519	$ 202,792
UPB of loans in the reference pools	$ 26,899,198	$ 44,843,516
Minimum [Member] | Discount Rate [Member]
Fair value of CRT derivatives
Key inputs used in valuation	4.10%	6.00%
Minimum [Member] | Voluntary Prepayment Speed [Member]
Fair value of CRT derivatives
Key inputs used in valuation	17.50%	25.00%
Minimum [Member] | Involuntary Prepayment Speed [Member]
Fair value of CRT derivatives
Key inputs used in valuation	0.50%	0.80%
Minimum [Member] | Remaining Loss Expectation [Member]
Fair value of CRT derivatives
Key inputs used in valuation	0.30%	0.30%
Maximum [Member] | Discount Rate [Member]
Fair value of CRT derivatives
Key inputs used in valuation	6.70%	8.40%
Maximum [Member] | Voluntary Prepayment Speed [Member]
Fair value of CRT derivatives
Key inputs used in valuation	18.40%	30.20%
Maximum [Member] | Involuntary Prepayment Speed [Member]
Fair value of CRT derivatives
Key inputs used in valuation	1.40%	1.70%
Maximum [Member] | Remaining Loss Expectation [Member]
Fair value of CRT derivatives
Key inputs used in valuation	0.90%	0.60%
Weighted Average [Member] | Discount Rate [Member]
Fair value of CRT derivatives
Key inputs used in valuation	6.30%	8.00%
Weighted Average [Member] | Voluntary Prepayment Speed [Member]
Fair value of CRT derivatives
Key inputs used in valuation	18.10%	26.20%
Weighted Average [Member] | Involuntary Prepayment Speed [Member]
Fair value of CRT derivatives
Key inputs used in valuation	0.70%	1.00%
Weighted Average [Member] | Remaining Loss Expectation [Member]
Fair value of CRT derivatives
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		9 Months Ended
	Sep. 30, 2021USD ($)$ / Loan	Sep. 30, 2020USD ($)$ / Loan	Sep. 30, 2021USD ($)$ / Loan	Sep. 30, 2020USD ($)$ / Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 424,912	$ 265,278	$ 1,245,546	$ 717,227
Fair value, UPB of underlying loans | $	$ 29,206,319	$ 25,878,541	$ 91,240,993	$ 64,678,483
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.30%	0.27%	0.28%	0.28%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	6.00%		6.00%	6.70%
Fair Value inputs, Prepayment speed during period	6.70%	7.00%		7.00%
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	80	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%	8.00%	8.00%	11.30%
Fair Value inputs, Prepayment speed during period	12.50%	13.10%	12.50%	20.90%
Fair Value inputs, Weighted average life during period	8 years 1 month 6 days	9 years 2 months 12 days	8 years 10 months 24 days	3 years 7 months 6 days
Fair Value inputs, Annual per loan cost of servicing during period	80	80	81	80
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%	8.00%	7.20%	7.70%
Fair Value inputs, Prepayment speed during period	8.90%	7.90%	8.10%	9.80%
Fair Value inputs, Weighted average life during period	7 years 9 months 18 days	8 years 6 months	8 years 1 month 6 days	7 years 7 months 6 days
Fair Value inputs, Annual per loan cost of servicing during period	80	80	80	79

Fair Value - Quantitative Sum_3

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / Loan	Dec. 31, 2020USD ($)$ / Loan	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 2,825,501	$ 1,755,236	$ 2,551,373	$ 1,388,403	$ 1,189,605	$ 1,535,705
UPB of underlying loans, Fair Value	$ 212,101,752	$ 170,728,322
Weighted-average annual servicing fee rate (in basis points), Fair value input	0.28%	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	$ (40,345)	$ (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	(79,618)	(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	(155,098)	(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	(60,976)	(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	(119,667)	(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	(230,689)	(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	(17,276)	(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	(34,552)	(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	$ (69,103)	$ (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	9.10%	12.40%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	0	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	24.20%	28.80%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	0	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 6 months	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	9.80%	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 2 months 12 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 2,471,033		2,471,033
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	2,309,864	$ 2,612,986	2,213,922	$ 2,839,633
Purchases	249,234	153,725	1,932,083	1,769,211
Sales	0	0	(1,300,653)	(1,601,490)
Repayments	(67,059)	(331,456)	(307,042)	(681,269)
Changes in fair value included in income arising from:
(Amortization) accrual of net purchase premiums	(2,415)	7,384	(6,821)	(16,477)
Valuation adjustments	(18,591)	(37,873)	(60,456)	95,158
Total changes in fair value included in income	(21,006)	(30,489)	(67,277)	78,681
Balance at end of period	$ 2,471,033	$ 2,404,766	$ 2,471,033	$ 2,404,766

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Mortgage Backed Securities [Line Items]
Fair value	$ 2,471,033,000	$ 2,213,922,000
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	2,442,576,000	2,117,513,000
Unamortized net purchase premiums	79,968,000	56,106,000
Accumulated valuation changes	(51,511,000)	40,303,000
Fair value	2,471,033,000	2,213,922,000
Minimum	0	0
Maximum	0	0
Weighted average	0	0
Freddie Mac [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	858,835,000	1,253,755,000
Unamortized net purchase premiums	28,910,000	32,414,000
Accumulated valuation changes	(18,764,000)	24,867,000
Fair value	868,981,000	1,311,036,000
Minimum	2,000	2,000
Maximum	2,500	3,000
Weighted average	2,100	2,700
Fannie Mae [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	1,583,741,000	863,758,000
Unamortized net purchase premiums	51,058,000	23,692,000
Accumulated valuation changes	(32,747,000)	15,436,000
Fair value	1,602,052,000	902,886,000
Minimum	2,000	2,000
Maximum	2,500	3,000
Weighted average	$ 2,100	$ 2,500

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 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	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	$ 4,979,256	$ 3,551,890
Loans pledged to secure total	4,889,954	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	4,843,261	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	334,641	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	46,693	17,645
Agency-Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	4,613,077	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	334,641	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	3,917	5,566
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	977	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	$ 26,644	$ 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	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Asset-backed financings of VIEs at fair value	$ 891,104	$ 143,707
Loans at fair value pledged to secure	891,531	147,410
Fair value	895,880	151,734
Loans in VIEs [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	891,104	143,707
Distressed [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	4,776	8,027
Secured by investment properties [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	811,727	0
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable, Recorded Investment [Line Items]
Fair value	79,377	143,707
Loans acquired for sale at fair value [Member]
Financing Receivable, Recorded Investment [Line Items]
Assets sold under agreements to repurchase	427	3,703
Fair value	$ 4,979,256	$ 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	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 97,688	$ 164,318
Derivative and credit risk transfer strip assets	97,688	164,318
Derivative liabilities	28,666	60,681
Credit risk transfer strip liabilities	39,519	202,792
Derivative and credit risk transfer strip liabilities	$ 68,185	$ 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 ($)		Sep. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Notional amount	[1]	$ 0	$ 0
Total derivative assets instruments before netting		160,758,000	223,648,000
Derivative assets, Netting		(63,070,000)	(59,330,000)
Total derivative assets after netting		97,688,000	164,318,000
Margin deposits (received from) placed with derivative counterparties, net		(37,715,000)	30,197,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,633,228,000	1,924,999,000
Total derivative liabilities		54,020,000	150,213,000
Derivative liabilities, Netting		(25,354,000)	(89,532,000)
Total derivative liabilities after netting		28,666,000	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		35,938,000	58,699,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	8,472,767,000	13,854,426,000
Total derivative assets instruments before netting		35,938,000	58,699,000
Derivative assets, Netting		0	0
Total derivative assets after netting		35,938,000	58,699,000
Derivative assets pledged to secure:
Total derivative liabilities		4,047,000	26,904,000
Swaption Purchase Contracts
Derivatives Fair Value [Line Items]
Total derivative assets instruments before netting	[2]	38,188,000	8,505,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	7,979,384,000	17,563,549,000
Total derivative assets instruments before netting	[2]	2,784,000	72,526,000
Derivative assets, Netting		0	0
Total derivative assets after netting		2,784,000	72,526,000
Derivative assets pledged to secure:
Total derivative liabilities		24,407,000	17,000
Derivative liabilities, Netting		0	0
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	13,578,730,000	26,615,716,000
Total derivative assets instruments before netting	[2]	52,773,000	92,000
Derivative assets, Netting		0	0
Total derivative assets after netting		52,773,000	92,000
Derivative assets pledged to secure:
Total derivative liabilities		4,717,000	122,884,000
Derivative liabilities, Netting		0	0
Swaption Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	2,532,000,000	3,655,000,000
Total derivative assets instruments before netting		38,188,000	8,505,000
Derivative assets, Netting		0	0
Total derivative assets after netting		38,188,000	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]	5,756,526,000	10,588,208,000
Total derivative assets instruments before netting		7,573,000	72,794,000
Total derivative assets after netting		7,573,000	72,794,000
Derivative assets pledged to secure:
Total derivative liabilities		20,849,000	408,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	1,200,000,000	1,450,000,000
Total derivative assets instruments before netting	[2]	375,000	3,070,000
Derivative assets, Netting		0	0
Total derivative assets after netting		375,000	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]	600,000,000	2,800,000,000
Total derivative assets instruments before netting	[2]	6,695,000	4,742,000
Derivative assets, Netting		0	0
Total derivative assets after netting		6,695,000	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]	2,700,000,000	0
Total derivative assets instruments before netting	[2]	425,000	0
Derivative assets, Netting		0	0
Total derivative assets after netting		425,000	0
Derivative assets pledged to secure:
Total derivative liabilities		0	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	3,300,000,000	3,625,000,000
Total derivative assets instruments before netting	[2]	16,007,000	3,220,000
Derivative assets, Netting		0	0
Total derivative assets after netting		16,007,000	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]	4,800,000,000	1,950,000,000
Total derivative assets instruments before netting	[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]	83,500,000	66,500,000
Total derivative assets instruments before netting	[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		Sep. 30, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross amounts of recognized assets		$ 160,758	$ 223,648
Gross amounts offset in the consolidated balance sheet		(63,070)	(59,330)
Total derivative assets after netting		97,688	164,318
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		35,938	58,699
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		35,938	58,699
Forward Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	2,784	72,526
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		2,784	72,526
Forward Sale Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	52,773	92
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		52,773	92
Swaption Purchase Contracts
Offsetting Assets [Line Items]
Gross amounts of recognized assets		38,188	8,505
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		38,188	8,505
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		7,573	72,794
Total derivative assets after netting		7,573	72,794
Call Options on Interest Rate Futures Purchase Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	375	3,070
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		375	3,070
Put Options On Interest Rate Futures Purchase Contracts
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	6,695	4,742
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		6,695	4,742
MBS Call Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	425	0
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		425	0
MBS Put Options [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	[1]	16,007	3,220
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		16,007	3,220
Netting [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		0	0
Gross amounts offset in the consolidated balance sheet		(63,070)	(59,330)
Total derivative assets after netting		(63,070)	(59,330)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		117,247	92,155
Gross amounts offset in the consolidated balance sheet		(63,070)	(59,330)
Total derivative assets after netting		54,177	32,825
Derivatives Not Subject To Master Netting Adjustment [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		43,511	131,493
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		43,511	131,493
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		7,573	72,794
Gross amounts offset in the consolidated balance sheet		0	0
Total derivative assets after netting		$ 7,573	$ 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	Sep. 30, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 97,688	$ 164,318
Financial instruments	0	0
Cash collateral received	0	0
Net amount	97,688	164,318
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	35,938	58,699
Financial instruments	0	0
Cash collateral received	0	0
Net amount	35,938	58,699
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	7,573	72,794
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,573	72,794
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	13,176	2,416
Financial instruments	0	0
Cash collateral received	0	0
Net amount	13,176	2,416
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	10,055	15,406
Financial instruments	0	0
Cash collateral received	0	0
Net amount	10,055	15,406
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	7,070	7,813
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,070	7,813
Goldman Sachs & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	5,825	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,825	0
Wells Fargo Securities, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	5,409	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,409	0
Morgan Stanley & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	5,147	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,147	0
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	4,845	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,845	0
PNC Capital Markets LLC [Member]
Offsetting Assets [Line Items]
Total derivative 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 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 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 assets after netting	2,650	1,380
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 2,650	$ 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	Sep. 30, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 7,079,167	$ 6,459,631
Gross amounts offset in the consolidated balance sheet	(25,354)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	7,053,813	6,370,099
Unpaid Principal Balance [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	7,028,012	6,317,928
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	7,028,012	6,317,928
Forward Purchase Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	24,407	17
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	24,407	17
Forward Sale Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	4,717	122,884
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	4,717	122,884
Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the consolidated balance sheet	(25,354)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	(25,354)	(89,532)
Derivatives Subject to Master Netting Arrangements [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	29,124	122,901
Gross amounts offset in the consolidated balance sheet	(25,354)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	3,770	33,369
Derivatives Not Subject To Master Netting Adjustment [Member] | Interest Rate Lock Commitments [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	20,849	408
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	20,849	408
Derivatives Not Subject To Master Netting Adjustment [Member] | CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	4,047	26,904
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	4,047	26,904
Derivative Liabilities Before Netting [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	54,020	150,213
Gross amounts offset in the consolidated balance sheet	(25,354)	(89,532)
Net amounts of liabilities presented in the consolidated balance sheet	28,666	60,681
Unamortized Debt Issuance Costs [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	(2,865)	(8,510)
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	(2,865)	(8,510)
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	7,025,147	6,309,418
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	$ 7,025,147	$ 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	Sep. 30, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 7,053,813	$ 6,370,099
Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	7,025,147	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	7,056,678	6,378,609
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(7,028,012)	(6,317,928)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	28,666	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	4,047	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	4,047	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	20,849	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	20,849	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	1,024,283	1,059,547
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,023,703)	(1,054,636)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	580	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	1,194,100	414,044
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,194,100)	(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	1,128,035	765,892
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,128,035)	(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	718,441	359,573
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(718,441)	(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	507,523	728,207
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(507,523)	(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	1,011,522	922,959
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,010,794)	(922,035)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	728	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	311,198	367,493
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(311,198)	(366,415)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	121,156	830,161
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(121,156)	(830,161)
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] | Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	149,416	149,272
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(149,416)	(144,883)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	393,709	164,414
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(393,709)	(163,548)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	339,937	148,854
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(339,937)	(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	130,000	153,224
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(130,000)	(153,224)
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] | 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	2,462	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	$ 2,462	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ (43,024)	$ (11,839)	$ (85,662)	$ 60,964
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	(51)	(1,266)	0	46,926
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	(19,150)	(117,926)	112,226	(350,191)
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	(73,841)	962	(354,128)	717,498
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	$ 17,992	$ (6,516)	$ 73,562	$ (154,173)

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	Sep. 30, 2021	Dec. 31, 2020
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	$ 39,519	$ 202,792
Credit Risk Transfer Strips [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(39,519)	(202,792)
Credit Risk Transfer Strips [Member] | Currently Unrestricted [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	21	0
Credit Risk Transfer Strips [Member] | Through December 4, 2020 [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	8,792	(168,539)
Credit Risk Transfer Strips [Member] | To Maturity [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	$ (48,332)	$ (34,253)

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 2,551,373	$ 1,189,605	$ 1,755,236	$ 1,535,705
Sales		0	(7)	0	(7)
MSRs resulting from loan sales		424,912	265,278	1,245,546	717,227
Due to changes in valuation inputs used in valuation model	[1]	(62,843)	(13,054)	44,939	(687,950)
Other changes in fair value	[2]	(81,398)	(53,419)	(210,396)	(176,572)
Change in fair value, Total		(144,241)	(66,473)	(165,457)	(864,522)
Recombination with loans at fair value resulting from consolidation of VIEs	[3]	(6,543)	0	(9,824)	0
Balance at end of period		2,825,501	$ 1,388,403	2,825,501	$ 1,388,403
Pledged Assets [Member]
Summary Of Mortgage Servicing Rights [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		$ 2,797,165		$ 2,797,165		$ 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 Investment 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 137,804	$ 98,027	$ 378,110	$ 294,319
Late charges	436	194	1,199	1,093
Other	13,524	18,466	53,908	36,645
Mortgage loan other servicing fees	13,960	18,660	55,107	37,738
Net mortgage loan servicing fees	151,764	116,687	433,217	332,057
Average MSR servicing portfolio	$ 205,181,714	$ 148,412,625	$ 191,351,860	$ 142,872,909

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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	1.29%	1.49%	1.40%	1.77%
Average balance	$ 6,796,525,000	$ 4,054,686,000	$ 6,177,250,000	$ 4,986,701,000
Total interest expense	24,047,000	19,259,000	75,988,000	74,081,000
Maximum daily amount outstanding	7,776,643,000	$ 7,170,860,000	8,725,300,000	$ 8,664,587,000
Unpaid principal balance	7,028,012,000		7,028,012,000		$ 6,317,928,000
Assets sold under agreements to repurchase, At year end	7,025,147,000		$ 7,025,147,000		$ 6,309,418,000
Weighted average interest rate			1.26%		1.36%
Available borrowing capacity, Committed			$ 104,236,000		$ 483,767,000
Available borrowing capacity, Uncommitted			4,679,890,000		4,151,905,000
Available borrowing capacity			4,784,126,000		4,635,672,000
Margin deposits placed with counterparties included in Other assets	22,096,000		22,096,000		141,808,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(2,865,000)		(2,865,000)		(8,510,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	2,471,033,000		2,471,033,000		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	4,843,261,000		4,843,261,000		3,484,202,000
Loans at Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	427,000		427,000		3,703,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	62,362,000		62,362,000		0
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	7,490,000		7,490,000		15,365,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,608,320,000		1,608,320,000		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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs			$ 21,228	$ 12,234
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1,900	$ 4,100	$ 11,200	$ 7,900

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	9 Months Ended
	Sep. 30, 2021USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 7,028,012
Weighted average maturity (in months)	2 months
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 2,951,938
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	2,898,039
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,128,035
Over One Year to Two Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 50,000

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
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	$ 69,543
Weighted-average maturity, Advances	Jan. 9, 2022
Weighted-average maturity, Facility	Aug. 10, 2022
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	$ 61,885
Weighted-average maturity, Advances	Dec. 7, 2021
Weighted-average maturity, Facility	Mar. 31, 2023
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 10,576
Weighted average maturity	Oct. 17, 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	$ 55,281
Weighted-average maturity, Advances	Dec. 24, 2021
Weighted-average maturity, Facility	Nov. 3, 2022
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 22,084
Weighted average maturity	Oct. 15, 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	$ 39,893
Weighted-average maturity, Advances	Oct. 22, 2021
Weighted-average maturity, Facility	Jun. 7, 2023
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 24,936
Weighted average maturity	Oct. 20, 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	$ 2,009
Weighted-average maturity, Advances	Nov. 20, 2021
Weighted-average maturity, Facility	Jun. 6, 2023
BNP Paribas Corporate and Institutional Banking [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	$ 22,436
Weighted-average maturity, Advances	Dec. 12, 2021
Weighted-average maturity, Facility	Jul. 31, 2023
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	$ 16,406
Weighted-average maturity, Advances	Dec. 23, 2021
Weighted-average maturity, Facility	Oct. 6, 2022
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	$ 11,839
Weighted-average maturity, Advances	Nov. 18, 2021
Weighted-average maturity, Facility	Aug. 10, 2023
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	$ 16,706
Weighted-average maturity, Advances	Dec. 19, 2021
Weighted-average maturity, Facility	Nov. 2, 2022
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	$ 7,826
Weighted-average maturity, Advances	Dec. 16, 2021
Weighted-average maturity, Facility	Dec. 23, 2022
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 15,387
Weighted average maturity	Oct. 20, 2021
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,897
Weighted average maturity	Oct. 15, 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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
At period end:
Mortgage loan participation purchase and sale agreements, At year end	$ 45,044		$ 45,044		$ 16,851
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted average interest rate	1.48%	1.43%	1.41%	1.70%
Average balance	$ 35,984	$ 40,117	$ 35,754	$ 45,484
Total interest expense	166	176	471	724
Maximum daily amount outstanding	82,116	$ 96,508	89,072	$ 96,570
At period end:
Amount outstanding	45,044		45,044		16,851
Unamortized debt issuance costs	0		0		0
Mortgage loan participation purchase and sale agreements, At year end	45,044		$ 45,044		$ 16,851
Weighted average interest rate			1.46%		1.39%
Loans acquired for sale pledged to secure mortgage loan participation purchase and sale agreements	$ 46,693		$ 46,693		$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs			$ 21,228,000	$ 12,234,000
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs	$ 31,000	$ 31,000	$ 93,000	$ 145,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Short-term Debt [Line Items]
Unpaid principal balance	$ 1,417,148
March 4, 2021 [Member] | Secured Debt
Short-term Debt [Line Items]
Notes Issued	659,156
Unpaid principal balance	$ 471,967
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	$ 356,437
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	$ 102,674
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	$ 99,499
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	$ 281,642
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	$ 104,929
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. 31, 2021USD ($)	Mar. 30, 2021USD ($)	Mar. 09, 2021USD ($)	Nov. 19, 2019USD ($)	Nov. 04, 2019USD ($)	Apr. 25, 2018USD ($)	Sep. 30, 2021USD ($)
Secured Term Notes [Member]
Debt Instrument [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]
Debt Instrument [Line Items]
Notes Issued	$ 1,000,000,000
Aggregate loan amount	1,000,000,000
Loan And Security Agreement With Citibank [Member] | Minimum [Member]
Debt Instrument [Line Items]
Notes Issued	700,000,000
Aggregate loan amount	$ 700,000,000
Exchangeable Senior Notes due March 15, 2026 [Member]
Debt Instrument [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]
Debt Instrument [Line Items]
Maturity date of debt instrument				Nov. 1, 2024	Nov. 1, 2024
Issuance of debt through private offering				$ 210,000,000	$ 210,000,000		$ 555,000,000
Percentage of interest on debt				5.50%	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]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		0				one-month
Debt instrument interest rate spread		3.00%				2.35%
Fixed-rate and prepayments sensitive assets and LIBOR- indexed repurchase agreements [Member] | Loan And Security Agreement With Citibank [Member]
Debt Instrument [Line Items]
Debt instrument interest rate spread	3.25%
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due March 15, 2026 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes			40.101
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due March 15, 2026 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes			46.1063
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due November 1, 2024 [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes					40.101
PennyMac Loan Services, LLC [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity							$ 700,000,000
Extended termination date of debt instrument							Mar. 31, 2023

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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Carrying value:
Amount outstanding	$ 2,642,147		$ 2,642,147		$ 1,930,018
Balance	2,633,228		2,633,228		1,924,999
Assets securing notes payable:
MSRs	2,797,165		2,797,165		1,742,905
Deposits securing CRT arrangements			1,962,800		2,799,263
Derivative assets	$ 35,938		$ 35,938		58,699
Notes Payable [Member]
Short-term Debt [Line Items]
Weighted-average interest rate	3.04%	2.69%	3.10%	3.31%
Average balance	$ 2,791,323	$ 1,730,585	$ 2,658,411	$ 1,832,732
Total interest expense	22,890	12,407	65,664	47,474
Maximum daily amount outstanding	2,935,720	$ 1,816,286	3,336,211	$ 2,032,665
Carrying value:
Unamortized debt issuance costs	$ (8,919)		$ (8,919)		$ (5,019)
Weighted average interest rate	2.85%		2.85%		2.99%
Assets securing notes payable:
Derivative assets	$ 35,938		$ 35,938		$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Short-term Debt [Line Items]
Amortization of debt issuance costs			$ 21,228,000	$ 12,234,000
Notes Payable [Member]
Short-term Debt [Line Items]
Amortization of debt issuance costs	$ 1,500,000	$ 687,000	$ 4	$ 1,900,000

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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 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		499,612		499,612								196,796
Convertible Debt [Member]
Carrying value:
Unamortized debt issuance costs and conversion option		(55,388)		(55,388)								$ (13,204)
Convertible Debt [Member] | Nonaffiliates [Member]
Short-term Debt [Line Items]
Average balance		497,770	$ 195,579	426,353	$ 293,736
Total interest expense	[1]	$ 10,446	$ 3,613	$ 26,298	$ 15,222
[1]	Excludes the effect of amortization of debt issuance costs of $661,000 and $1.6 million for the quarter and nine months ended September 30, 2021, respectively, and $270,000 and $1.2 million for the quarter and nine months ended September 30, 2020, respectively.

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Short-term Debt [Line Items]
Amortization of debt issuance costs			$ 21,228,000	$ 12,234,000
Exchangeable Notes [Member]
Short-term Debt [Line Items]
Amortization of debt issuance costs	$ 661,000	$ 270,000	$ 1,600,000	$ 1,200,000

Long-Term Debt - Summary of F_5

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2020
Short-term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	$ 843,163		$ 843,163								$ 134,726
UPB	817,019		817,019		$ 817,019	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short-term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	843,163		843,163								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	843,163		843,163								134,726
UPB	817,019		817,019								$ 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	424,744	$ 197,743	214,524	$ 219,951
Total interest expense	$ 4,272	$ 2,561	$ 6,436	$ 9,558
Weighted average interest rate	4.49%	3.23%	4.06%	3.34%
Weighted average interest rate	2.98%		2.98%								3.56%

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Annual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 350,000	$ 0	$ 471,967	$ 1,290,252	$ 529,929	$ 2,642,148
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	817,019	0	0	0	0	0	817,019
Interest-only security payable at fair value	12,000	0	0	0	0	0	12,000	$ 10,757
Total	$ 829,019	$ 695,000	$ 210,000	$ 471,967	$ 1,290,252	$ 529,929	$ 4,026,167

Liability for Losses under Re_3

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Mortgage Banking [Abstract]
Balance, beginning of period	$ 36,314	$ 10,225	$ 21,893	$ 7,614
Provision for losses:
Pursuant to loan sales	6,297	5,953	23,282	10,198
Reduction in liability due to change in estimate	(1,636)	(1,504)	(4,155)	(3,059)
Losses incurred, net	(66)	(33)	(111)	(112)
Balance, end of period	40,909	14,641	40,909	14,641
UPB of loans subject to representations and warranties at end of period	$ 208,686,249	$ 143,875,403	$ 208,686,249	$ 143,875,403

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 5,756,526

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class Of Stock [Line Items]
Number of shares	22,400,000		22,400,000		12,400,000
Liquidation preference	$ 560,000		$ 560,000		$ 310,000
Issuance discount	18,518		18,518
Carrying value	$ 541,482		$ 541,482		$ 299,707
Dividends per share	$ 0	$ 0	$ 0	$ 0
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	$ 1.53	1.52
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000		7,800,000
Liquidation preference	$ 195,000		$ 195,000
Issuance discount	6,465		6,465
Carrying value	$ 188,535		$ 188,535
Dividends per share	$ 0.50	$ 0.50	$ 1.50	$ 1.50
6.75% Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	10,000,000		10,000,000
Liquidation preference	$ 250,000		$ 250,000
Issuance discount	8,225		8,225
Carrying value	$ 241,775		$ 241,775

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Mar. 31, 2017	Sep. 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
6.75% Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate	6.75%			6.75%
Sale of Stock, Transaction Date				Aug. 31, 2021

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended			9 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Jun. 11, 2021	Mar. 31, 2019	Aug. 31, 2015
Schedule Of Capitalization Equity [Line Items]
Dividend preferred stock			$ 6,236,000	$ 6,239,000		$ 18,708,000	$ 18,708,000
Common stock shares available for issuance value			$ 200,000,000			$ 200,000,000
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
New Equity Distribution Agreement [Member]
Schedule Of Capitalization Equity [Line Items]
Maximum aggregate offering price									$ 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
8.00% Series B Preferred Stock [Member] | Date Of Original Issuance To March 14, 2024 [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate		8.00%
8.00% Series B 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
6.75% Series C Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate	6.75%					6.75%
6.75% Series C 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
6.75% Series C Preferred Stock [Member] | Floating Rate [Member] | March 15, 2024 and Thereafter [Member]
Schedule Of Capitalization Equity [Line Items]
Dividend preferred stock	$ 0.52031
8.125% Series A, 8.00% Series B, 6.75% Series C Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock redemption price per share			$ 25			$ 25

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Activities under ATM Equity Offering Program (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 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	0	0	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Common shares repurchased	904	492	931	1,841
Cumulative shares repurchased	18,430		18,430
Cost of common shares repurchased	$ 17,178	$ 8,273	$ 17,700	$ 21,618
Cumulative cost of shares repurchased	$ 271,592		$ 271,592

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to loans sales	$ (6,297)	$ (5,953)	$ (23,282)	$ (10,198)
Change in fair value of loans and derivatives
Net cash of gain on mortgage loans acquired for sale	370,096	223,974	1,091,476	732,159
Net gain on loans acquired for sale	16,196	98,422	96,934	309,411
PennyMac Financial Services, Inc. [Member]
Change in fair value of loans and derivatives
Net gain on loans acquired for sale	1,537	1,669	4,905	9,154
Nonaffiliates [Member]
Cash loss:
Loans	(381,295)	(23,860)	(1,196,355)	(70,972)
Hedging activities	25,858	(103,361)	196,908	(360,930)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(355,437)	(127,221)	(999,447)	(431,902)
Non-cash gain:
Recognition of fair value of firm commitment to purchase CRT securities	0	(3,933)	0	(38,161)
Receipt of MSRs in mortgage loan sale transactions	424,912	265,278	1,245,546	717,227
Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to loans sales	(6,297)	(5,953)	(23,282)	(10,198)
Reduction of liability due to change in estimate	1,636	1,504	4,155	3,059
Provision for losses relating to representations and warranties	(4,661)	(4,449)	(19,127)	(7,139)
Change in fair value of loans and derivatives
IRLCs	(43,024)	(11,839)	(85,662)	60,964
Loans	37,877	(6,518)	35,401	(11,471)
Hedging derivatives	(45,008)	(14,565)	(84,682)	10,739
Total non cash portion of gain on mortgage loans acquired for sale	(50,155)	(32,922)	(134,943)	60,232
Net gain on loans acquired for sale	$ 14,659	$ 96,753	$ 92,029	$ 300,257

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 370,096	$ 223,974	$ 1,091,476	$ 732,159
Net gains (losses) on investments	57,306	19,597	268,902	(306,600)
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	(18,591)	(37,873)	(60,456)	95,158
CRT arrangements	73,874	14,620	325,934	(210,509)
Firm commitment to purchase CRT securities	0	46,332	0	(220,146)
Asset-backed financing of VIEs at fair value	1,663	3,106	4,146	4,872
Hedging derivatives	(51)	(1,266)	0	46,926
Net gains (losses) on investments	57,306	22,207	267,251	(289,748)
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	(2,610)	1,651	(16,852)
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	(241)	(2,905)	(3,250)	(4,979)
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	$ 652	$ 193	$ 877	$ (1,070)

Net Interest (Expense) Income -

Net Interest (Expense) Income - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Interest income		$ 58,284	$ 60,623	$ 139,559	$ 173,558
Interest expense:
Assets sold under agreements to repurchase		24,047	19,259	75,988	74,081
Interest expense, total		75,489	59,017	230,999	201,133
Net interest (expense) income		(17,205)	1,606	(91,440)	(27,575)
PennyMac Financial Services, Inc. [Member]
Interest income:
Interest income		0	2,070	1,280	6,416
Interest expense:
Assets sold under agreements to repurchase		0	676	387	2,686
Nonaffiliates [Member]
Interest income:
Cash and short-term investments		264	581	705	3,100
Mortgage-backed securities		9,833	24,411	25,925	49,861
Loans acquired for sale at fair value		39,076	26,158	94,597	73,762
Distressed		85	50	377	342
Deposits securing CRT arrangements		126	288	451	6,893
Placement fees relating to custodial funds		4,481	4,286	8,485	24,800
Other		(354)	16	(301)	267
Interest income		58,284	58,553	138,279	167,142
Interest expense:
Assets sold under agreements to repurchase		24,047	19,259	75,988	74,081
Mortgage loan participation purchase and sale agreements		166	176	471	724
Notes payable secured by credit risk transfer and mortgage servicing assets		22,890	12,407	65,664	47,474
Asset-backed financings of VIEs at fair value		4,272	2,561	6,436	9,558
Interest shortfall on repayments of loans serviced for Agency securitizations		12,622	19,311	53,198	48,553
Interest on loan impound deposits		1,046	1,014	2,557	2,835
Interest expense, total		75,489	58,341	230,612	198,447
Nonaffiliates [Member] | Exchangeable Notes [Member]
Interest expense:
Total interest expense	[1]	10,446	3,613	26,298	15,222
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Loans at fair value		$ 4,773	$ 2,763	$ 8,040	$ 8,117
[1]	Excludes the effect of amortization of debt issuance costs of $661,000 and $1.6 million for the quarter and nine months ended September 30, 2021, respectively, and $270,000 and $1.2 million for the quarter and nine months ended September 30, 2020, respectively.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	231	204
Total grant date value of share units	$ 0	$ 0	$ 4,391	$ 4,406
Total share units vested	0	6	137	272
Total share units forfeiture	0	4	0	4
Compensation expense relating to share-based grants	$ (795)	$ 547	$ 1,953	$ 1,601
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	105	92
Total grant date value of share units	$ 0	$ 0	$ 1,992	$ 1,978
Total share units vested	0	6	100	129
Total share units forfeiture	0	4	0	4
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	126	112
Total grant date value of share units	$ 0	$ 0	$ 2,399	$ 2,428
Total share units vested	0	0	37	143
Total share units forfeiture	0	0	0	0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	9 Months Ended
	Sep. 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	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax [Line Items]
Effective income tax rates	11.60%		(14.90%)
Income (loss) before benefit from income taxes	$ (40,656,000)	$ 122,197,000	$ 64,169,000	$ 5,835,000
Expense (benefit) from income taxes	(4,701,000)	22,650,000	$ (9,571,000)	36,341,000
Percentage of deduction from taxable income			20.00%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	(75,600,000)	118,500,000	$ (137,100,000)	186,600,000
Expense (benefit) from income taxes	(4,700,000)	$ 22,900,000	(9,600,000)	$ 36,300,000
Deferred tax assets, valuation allowance	$ 22,000,000		$ 22,000,000		$ 110,000

(Loss) Earnings Per Common Sh_3

(Loss) Earnings Per Common 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%

(Loss) Earnings Per Common Sh_4

(Loss) Earnings Per Common Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (35,955)	$ 99,547	$ 73,740	$ (30,506)
Dividends on preferred shares	(7,969)	(6,234)	(20,438)	(18,703)
Effect of participating securities—share-based compensation awards	(80)	(182)	(238)	(198)
Net (loss) income attributable to common shareholders	(44,004)	93,131	53,064	(49,407)
Income attributable to participating securities	0	0	0	0
Diluted net (loss) income attributable to common shareholders	$ (44,004)	$ 93,131	$ 53,064	$ (49,407)
Weighted average basic shares outstanding	97,501	99,227	97,772	99,718
Shares issuable under share-based compensation plan	0	197	107	0
Diluted weighted average number of shares outstanding	97,501	99,424	97,879	99,718
Basic (loss) earnings per share	$ (0.45)	$ 0.94	$ 0.54	$ (0.50)
Diluted (loss) earnings per share	$ (0.45)	$ 0.94	$ 0.54	$ (0.50)

(Loss) Earnings Per Common Sh_5

(Loss) Earnings Per Common Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	128	116	51	181
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	20,627	3,378

Segments - Additional Informati

Segments - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Net investment income:
Net gain on loans acquired for sale	$ 16,196	$ 98,422	$ 96,934	$ 309,411
Net gain (loss) on investments	57,306	19,597	268,902	(306,600)
Net loan servicing fees	(53,343)	60,427	(48,210)	202,339
Net interest (expense) income:
Interest income:	58,284	60,623	139,559	173,558
Interest expense	75,489	59,017	230,999	201,133
Net interest (expense) income	(17,205)	1,606	(91,440)	(27,575)
Other	44,900	40,961	144,631	95,242
Net investment income	47,854	221,013	370,817	272,817
Expenses:
Loan fulfillment and servicing fees payable to PFSI	64,625	73,591	218,588	198,400
Management fees	8,520	8,508	28,882	25,851
Other	15,365	16,717	59,178	42,731
Total expenses	88,510	98,816	306,648	266,982
Pretax income (loss)	(40,656)	122,197	64,169	5,835
Total assets at end of quarter	13,868,600	10,455,067	13,868,600	10,455,067	$ 11,492,011
Credit Sensitive Strategies [Member]
Net investment income:
Net gain on loans acquired for sale	0	(3,934)	0	(43,813)
Net gain (loss) on investments	75,764	60,011	328,448	(386,829)
Net loan servicing fees	0	0	0	0
Net interest (expense) income:
Interest income:	617	656	1,668	8,344
Interest expense	13,857	6,236	47,295	29,599
Net interest (expense) income	(13,240)	(5,580)	(45,627)	(21,255)
Other	559	2,321	1,467	5,501
Net investment income	63,083	52,818	284,288	(446,396)
Expenses:
Loan fulfillment and servicing fees payable to PFSI	89	187	306	728
Management fees	0	0	0	0
Other	2,308	2,603	10,518	4,529
Total expenses	2,397	2,790	10,824	5,257
Pretax income (loss)	60,686	50,028	273,464	(451,653)
Total assets at end of quarter	2,078,237	1,486,230	2,078,237	1,486,230
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net gain on loans acquired for sale	0	0	0	0
Net gain (loss) on investments	(18,458)	(40,414)	(59,546)	80,229
Net loan servicing fees	(53,343)	60,427	(48,210)	202,339
Net interest (expense) income:
Interest income:	18,260	33,516	41,839	90,342
Interest expense	41,482	36,178	117,935	115,879
Net interest (expense) income	(23,222)	(2,662)	(76,096)	(25,537)
Other	0	0	0	0
Net investment income	(95,023)	17,351	(183,852)	257,031
Expenses:
Loan fulfillment and servicing fees payable to PFSI	20,614	18,564	59,505	48,078
Management fees	0	0	0	0
Other	1,180	270	3,500	3,143
Total expenses	21,794	18,834	63,005	51,221
Pretax income (loss)	(116,817)	(1,483)	(246,857)	205,810
Total assets at end of quarter	6,392,726	4,298,530	6,392,726	4,298,530
Correspondent production [Member]
Net investment income:
Net gain on loans acquired for sale	16,196	102,356	96,934	353,224
Net gain (loss) on investments	0	0	0	0
Net loan servicing fees	0	0	0	0
Net interest (expense) income:
Interest income:	38,975	26,073	94,290	73,438
Interest expense	20,150	16,547	65,769	54,357
Net interest (expense) income	18,825	9,526	28,521	19,081
Other	44,341	38,640	143,164	87,945
Net investment income	79,362	150,522	268,619	460,250
Expenses:
Loan fulfillment and servicing fees payable to PFSI	43,922	54,840	158,777	149,594
Management fees	0	0	0	0
Other	7,665	8,786	27,462	18,874
Total expenses	51,587	63,626	186,239	168,468
Pretax income (loss)	27,775	86,896	82,380	291,782
Total assets at end of quarter	5,138,051	4,287,765	5,138,051	4,287,765
Corporate [Member]
Net investment income:
Net gain 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:	432	378	1,762	1,434
Interest expense	0	56	0	1,298
Net interest (expense) income	432	322	1,762	136
Other	0	0	0	1,796
Net investment income	432	322	1,762	1,932
Expenses:
Loan fulfillment and servicing fees payable to PFSI	0	0	0	0
Management fees	8,520	8,508	28,882	25,851
Other	4,212	5,058	17,698	16,185
Total expenses	12,732	13,566	46,580	42,036
Pretax income (loss)	(12,300)	(13,244)	(44,818)	(40,104)
Total assets at end of quarter	$ 259,586	$ 382,542	$ 259,586	$ 382,542

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Payments:
Income taxes, net	$ 2,112	$ 4,997
Interest	232,705	220,616
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	1,245,546	717,227
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.	557	1,393
Unsettled purchase of subordinated mortgage pass-through securities associated with a consolidated variable interest entity	9,755	0
Non-cash financing activities:
Dividends declared, not paid	45,673	39,591
Recognition of asset-backed secured financing	780,713	0
Variable Interest Entities [Member] | Non Owner Occupied Loans [Member]
Recognition/Recombination of assets pursuant to initial consolidation of VIEs:
Recognition of mortgage loans	780,713	0
Recombination of MSRs with loans	$ 9,824	$ 0

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Sep. 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	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Capital Requirements By Agencies [Line Items]
Net worth, Actual	$ 973,769	$ 1,101,318
Net worth, Required	$ 547,531	$ 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	$ 135,557	$ 101,116
Liquidity, Required	$ 73,393	$ 59,158