PennyMac Mortgage Investment Trust (PMT) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,571,022
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
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
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
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

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash	$ 332,009	$ 58,983
Short-term investments at fair value	88,818	167,999
Mortgage-backed securities at fair value pledged to creditors	3,853,076	2,666,768
Loans acquired for sale at fair value ($1,741,309 and $4,059,479 pledged to creditors, respectively)	1,793,665	4,171,025
Loans at fair value ($1,650,866 and $1,564,924 pledged to creditors, respectively)	1,654,483	1,568,726
Derivative assets ($324 and $19,627 pledged to creditors, respectively)	17,372	34,238
Derivative assets at fair value	111,473	45,346
Deposits securing credit risk transfer arrangements pledged to creditors	1,430,759	1,704,911
Mortgage servicing rights at fair value ($3,652,763 and $2,863,544 pledged to creditors, respectively)	3,695,609	2,892,855
Servicing advances ($41,771 and $93,455 pledged to creditors, respectively)	90,716	204,951
Other ($5,815 and $7,293 pledged to creditors, respectively)	257,190	286,299
Total assets	13,217,279	13,772,708
LIABILITIES
Assets sold under agreements to repurchase	5,646,402	6,671,890
Mortgage loan participation purchase and sale agreement	79,269	49,988
Notes payable secured by credit risk transfer and mortgage servicing assets	2,741,750	2,471,961
Exchangeable senior notes	544,803	502,459
Asset-backed financings at fair value	1,548,636	1,469,999
Interest-only security payable at fair value	19,485	10,593
Derivative and credit risk transfer strip liabilities at fair value	278,499	42,206
Accounts payable and accrued liabilities	123,459	96,156
Income taxes payable	81,661	9,598
Liability for losses under representations and warranties	39,441	40,249
Total liabilities	11,146,639	11,405,190
Commitments and contingencies ─ Note 17
SHAREHOLDERS’ EQUITY
Preferred shares of beneficial interest, $0.01 par value per share, authorized 100,000,000 shares, issued and outstanding 22,400,000, liquidation preference $560,000,000	541,482	541,482
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 91,081,067 and 94,897,255 common shares, respectively	911	949
Additional paid-in capital	1,972,849	2,081,757
Accumulated deficit	(444,602)	(256,670)
Total shareholders’ equity	2,070,640	2,367,518
Total liabilities and shareholders’ equity	13,217,279	13,772,708
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($1,650,866 and $1,564,924 pledged to creditors, respectively)	1,650,504	1,564,565
Derivative assets at fair value	324	19,627
Deposits securing credit risk transfer arrangements pledged to creditors	1,430,759	1,704,911
Other interest receivable	4,501	3,701
Total assets	3,086,088	3,292,804
LIABILITIES
Asset-backed financings at fair value	1,548,636	1,469,999
Derivative and credit risk transfer strip liabilities at fair value	141,168	27,500
Interest-only security payable at fair value	19,485	10,593
Accounts payable and accrued liabilities interest payable	4,501	3,701
Total liabilities	1,713,790	1,511,793
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	3,582	15,953
LIABILITIES
Due to PennyMac Financial Services, Inc.	$ 43,234	$ 40,091

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Loans acquired for sale at fair value, pledged to creditors	$ 1,741,309	$ 4,059,479
Loans at fair value, pledged to creditors	1,650,866	1,564,924
Derivative assets, pledged to creditors	324	19,627
Mortgage servicing rights pledged to creditors	3,652,763	2,863,544
Servicing Advances pledged to creditors	$ 41,771	$ 93,455
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	22,400,000
Preferred stock, shares outstanding	22,400,000	22,400,000
Preferred stock, liquidation preference, value	$ 560,000
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	91,081,067	94,897,255
Common shares, outstanding	91,081,067	94,897,255
Real Estate Acquired in Satisfaction of Debt [Member]
Other, pledged to creditors	$ 5,815	$ 7,293

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net investment income
Contractually specified	$ 151,149	$ 124,019	$ 298,034	$ 240,306
Other	7,179	24,902	16,293	41,147
Net mortgage loan servicing fees	158,328	148,921	314,327	281,453
Change in fair value of mortgage servicing rights	133,779	(299,498)	437,500	(21,216)
Mortgage servicing rights hedging results	(78,118)	94,116	(241,920)	(280,287)
Net servicing fees from non-affiliates	217,313	(44,912)	521,491	5,133
Net (losses) gains on investments and financings:	(230,650)	128,405	(459,745)	211,596
Net gains on loans acquired for sale:	7,671	27,726	11,624	80,738
Loan origination fees	14,428	45,714	29,202	98,616
Interest income	90,698	43,686	141,761	81,275
Interest expense	78,150	79,202	141,664	155,510
Net interest income (expense)	12,548	(35,516)	97	(74,235)
Results of real estate acquired in settlement of loans	(1)	(25)	229	812
Other	191	174	441	303
Net investment income	21,500	121,566	103,339	322,963
Expenses
Management fees	7,910	11,913	16,027	20,362
Loan origination	2,782	7,986	5,624	17,294
Professional services	1,252	1,897	5,277	4,121
Loan collection and liquidation	1,251	3,975	4,428	7,832
Safekeeping	1,021	2,592	3,416	4,533
Compensation	1,549	1,328	2,986	3,513
Other	4,622	4,043	8,568	6,520
Total expenses	61,368	107,769	125,149	218,138
(Loss) income before provision for (benefit from) income taxes	(39,868)	13,797	(21,810)	104,825
Provision for (benefit from) income taxes	30,866	(24,295)	68,053	(4,870)
Net (loss) income	(70,734)	38,092	(89,863)	109,695
Dividends on preferred shares	10,455	6,235	20,909	12,469
Net (loss) income attributable to common shareholders	$ (81,189)	$ 31,857	$ (110,772)	$ 97,226
(Loss) earnings per common share
Basic	$ (0.88)	$ 0.32	$ (1.19)	$ 0.99
Diluted	$ (0.88)	$ 0.32	$ (1.19)	$ 0.99
Weighted average common shares outstanding
Basic	91,963	97,927	93,048	97,910
Diluted	91,963	98,034	93,048	98,123
Nonaffiliates [Member]
Net investment income
Other	$ 7,179	$ 24,902	$ 16,293	$ 41,147
Net servicing fees from non-affiliates	213,989	(56,461)	509,907	(20,050)
Net (losses) gains on investments and financings:	(230,650)	128,405	(459,745)	209,945
Net gains on loans acquired for sale:	6,608	26,096	9,265	77,370
Interest income	90,698	43,686	141,761	79,995
Interest expense	78,150	79,202	141,664	155,123
PennyMac Financial Services, Inc. [Member]
Net investment income
From PennyMac Financial Services, Inc.	3,324	11,549	11,584	25,183
Net (losses) gains on investments and financings:	0	0	0	1,651
Net gains on loans acquired for sale:	1,063	1,630	2,359	3,368
Interest income	0	0	0	1,280
Interest expense	0	0	0	387
Expenses
Loan servicing fees	20,335	20,015	41,423	39,108
Loan fulfillment fees	20,646	54,020	37,400	114,855
Management fees	$ 7,910	$ 11,913	$ 16,027	$ 20,362

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Preferred Stock	Preferred Stock Cumulative Effect, Period of Adoption, Adjustment [Member]	Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Shares [Member]	Common Shares [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Shares [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance, Amount at Dec. 31, 2020	$ 2,296,859			$ 299,707			$ 979			$ 2,096,907			$ (100,734)
Balance, Shares at Dec. 31, 2020				12,400			97,863
Net income (loss)	109,695			$ 0			$ 0			0			109,695
Share-based compensation, Amount	2,050			$ 0			$ 0			2,050			0
Share-based compensation, Shares				0			75
Recognition of cash conversion option included in issuance of exchangeable senior notes, Amount	39,986			$ 0			$ 0			39,986			0
Dividends:
Preferred shares dividends	(12,472)			0			0			0			(12,472)
Common share dividends	(92,207)			0			0			0			(92,207)
Repurchase of common shares, Amount	$ (521)			0			$ 0			(521)			0
Repurchase of common shares, Shares	(27)						(27)
Balance, Amount at Jun. 30, 2021	$ 2,343,390			$ 299,707			$ 979			2,138,422			(95,718)
Balance, Shares at Jun. 30, 2021				12,400			97,911
Balance, Amount at Mar. 31, 2021	2,357,143			$ 299,707			$ 979			2,137,933			(81,476)
Balance, Shares at Mar. 31, 2021				12,400			97,938
Net income (loss)	38,092			$ 0			$ 0			0			38,092
Share-based compensation, Amount	1,010			$ 0			$ 0			1,010			0
Share-based compensation, Shares				0			0
Dividends:
Preferred shares dividends	(6,236)			$ 0			$ 0			0			(6,236)
Common share dividends	(46,098)			0			0			0			(46,098)
Repurchase of common shares, Amount	$ (521)			0			$ 0			(521)			0
Repurchase of common shares, Shares	(27)						(27)
Balance, Amount at Jun. 30, 2021	$ 2,343,390			$ 299,707			$ 979			2,138,422			(95,718)
Balance, Shares at Jun. 30, 2021				12,400			97,911
Balance, Amount at Dec. 31, 2021	2,367,518	$ (40,953)	$ 2,326,565	$ 541,482	$ 0	$ 541,482	$ 949	$ 0	$ 949	2,081,757	$ (50,347)	$ 2,031,410	(256,670)	$ 9,394	$ (247,276)
Balance, Shares at Dec. 31, 2021				22,400		22,400	94,897		94,897
Net income (loss)	(89,863)			$ 0			$ 0			0			(89,863)
Share-based compensation, Amount	1,649			$ 0			$ 1			1,648			0
Share-based compensation, Shares				0			85
Dividends:
Preferred shares dividends	(20,909)			$ 0			$ 0			0			(20,909)
Common share dividends	(86,554)			0			0			0			(86,554)
Repurchase of common shares, Amount	$ (60,248)			0			$ (39)			(60,209)			0
Repurchase of common shares, Shares	(3,901)						(3,901)
Balance, Amount at Jun. 30, 2022	$ 2,070,640			$ 541,482			$ 911			1,972,849			(444,602)
Balance, Shares at Jun. 30, 2022				22,400			91,081
Dividends:
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Balance, Amount at Mar. 31, 2022	$ 2,221,938			$ 541,482			$ 930			2,000,107			(320,581)
Balance, Shares at Mar. 31, 2022				22,400			93,007
Net income (loss)	(70,734)			$ 0			$ 0			0			(70,734)
Share-based compensation, Amount	1,141			$ 0			$ 0			1,141			0
Share-based compensation, Shares				0			1
Dividends:
Preferred shares dividends	(10,455)			$ 0			$ 0			0			(10,455)
Common share dividends	(42,832)			0			0			0			(42,832)
Repurchase of common shares, Amount	$ (28,418)			0			$ (19)			(28,399)			0
Repurchase of common shares, Shares	(1,927)						(1,927)
Balance, Amount at Jun. 30, 2022	$ 2,070,640			$ 541,482			$ 911			$ 1,972,849			$ (444,602)
Balance, Shares at Jun. 30, 2022				22,400			91,081

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Deficit [Member]
Dividends declared per common share	$ 0.47	$ 0.47	$ 0.94	$ 0.94

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (89,863)	$ 109,695
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Change in fair value of mortgage servicing rights	(437,500)	21,216
Mortgage servicing rights hedging results	241,920	280,287
Net losses (gains) on investments and financings	459,745	(211,596)
Net gains on loans acquired for sale at fair value	(11,624)	(80,738)
Capitalization of interest and fees on loans at fair value	0	(198)
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings	(11,586)	3,533
Amortization of debt issuance costs	8,115	15,318
Results of real estate acquired in settlement of loans	(229)	(812)
Share-based compensation expense	2,171	2,748
Purchase of loans acquired for sale at fair value from nonaffiliates	(44,299,395)	(101,637,247)
Sale to nonaffiliates and repayment of loans acquired for sale at fair value	22,212,604	63,500,106
Repurchase of loans subject to representation and warranties	(52,024)	(30,277)
Decrease in servicing advances	114,235	9,883
Increase in other assets	(259,857)	(316,713)
Increase in accounts payable and accrued liabilities	29,234	36,032
Increase (decrease) in due to PennyMac Financial Services, Inc.	3,143	(25,122)
Increase (decrease) in income taxes payable	72,063	(6,947)
Net cash provided by (used in) operating activities	1,677,551	(2,868,422)
Cash flows from investing activities
Net decrease in short-term investments	79,181	82,405
Purchase of mortgage-backed securities at fair value	(2,760,876)	(1,682,849)
Sale and repayment of mortgage-backed securities at fair value	1,218,797	1,540,636
Repayment of loans at fair value	100,489	53,430
Repayment of excess servicing spread receivable from PennyMac Financial Services, Inc.	0	134,624
Net settlement of derivative financial instruments	3,164	(2,722)
Distribution from credit risk transfer arrangements	338,351	659,315
Sale of real estate acquired in settlement of loans	3,864	14,806
Decrease in margin deposits	231,924	191,039
Net cash (used in) provided by investing activities	(785,106)	990,684
Cash flows from financing activities
Sale of assets under agreements to repurchase	61,398,613	107,453,375
Repurchase of assets sold under agreements to repurchase	(62,425,170)	(106,573,769)
Issuance of mortgage loan participation purchase and sale agreements	2,044,026	2,201,634
Repayment of mortgage loan participation purchase and sale agreements	(2,014,626)	(2,190,448)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	578,475	1,822,127
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(309,260)	(912,804)
Issuance of exchangeable senior notes	0	345,000
Issuance of asset-backed financings at fair value	382,423	0
Repayment of asset-backed financings at fair value	(98,535)	(51,207)
Payment of debt issuance costs	(5,200)	(18,503)
Payment of dividends to preferred shareholders	(20,909)	(12,472)
Payment of dividends to common shareholders	(88,486)	(92,202)
Payment of vested share-based compensation tax withholdings	(522)	(698)
Repurchase of common shares	(60,248)	(521)
Net cash (used in) provided by financing activities	(619,419)	1,888,650
Net increase in cash	273,026	10,912
Cash at beginning of period	58,983	57,704
Cash at end of period	332,009	68,616
(Refunds) payments, net:
Income taxes	(4,010)	2,076
Interest	135,511	159,731
Non-cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans acquired for sale at fair value	365,254	820,634
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.	0	557
Recognition of loans at fair value resulting from initial consolidation of variable interest entity	405,908	249,995
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity	0	3,281
Retention of subordinate mortgage-backed security in loan securitization	23,485	0
Non-cash financing activities:
Recognition of asset-backed financing resulting from initial consolidation of variable interest entity	382,423	240,383
Dividends declared, not paid	42,832	46,098
PennyMac Loan Services, LLC [Member]
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Accrual of interest on excess servicing spread purchased from PennyMac Financial Services, Inc.	0	(1,280)
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(298,862)	0
Sale of loans acquired for sale at fair value to PennyMac Financial Services, Inc.	23,982,890	35,474,697
Decrease (increase) in due from PennyMac Financial Services, Inc.	12,371	(11,007)
Cash flows from financing activities
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase	$ 0	$ (80,862)

Organization

Organization	6 Months Ended
	Jun. 30, 2022
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”), subordinate mortgage-backed securities (“MBS”), distressed loans and real estate. • 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 MBS and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PFSI. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by the Government National Mortgage Association (“Ginnie Mae”). Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” • The corporate segment includes management fees, corporate expense amounts and certain interest income. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended. To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders.

Basis of Presentation and Accou

Basis of Presentation and Accounting Change	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Accounting Change	Note 2—Basis of Presentation and Accounting Change Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash. Accounting Change Effective January 1, 2022, the Company adopted FASB 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 As a result of the adoption of ASU 2020-06, the Company reclassified approximately $50.3 million of issuance discount originally recognized in the issuance of Exchangeable senior notes Additional paid-in capital Exchangeable senior notes Accumulated deficit Interest expense

Concentration of Risks

Concentration of Risks	6 Months Ended
	Jun. 30, 2022
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 loans in the reference pools backing the CRT securities. The obligation to absorb the losses for both CRT Agreements and CRT securities represent the Company’s recourse obligations included in the arrangements (“Recourse Obligations”). The Company also invests in subordinate MBS which are among the first beneficial interests in the related securitizations to absorb credit losses on the underlying loans. The Company’s retention of credit risk through its investment in CRT arrangements and subordinate MBS 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 without the retention of such credit risk in the case of CRT arrangements and investing in senior mortgage pass through securities in the case of subordinate MBS. 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 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: • The fair value of MSRs is sensitive to changes in prepayment speeds, estimates of cost to service the underlying loans or the returns demanded by market participants; • The fair values of CRT arrangements and subordinate MBS are sensitive to market perceptions of future credit performance of the underlying loans as well as to the actual credit performance of such loans and to the returns required by market participants to hold such investments; and • The fair value of Agency and senior non-Agency pass through MBS is sensitive to changes in market interest rates.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2022
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. The Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae and service the underlying loans. 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. Fulfillment and sourcing fees are summarized below: • Fulfillment fees shall not exceed the following: (i) the number of loan commitments issued by the Company multiplied by a pull-through factor of either .99 or .80 depending on whether the loan commitments are subject to a “mandatory trade confirmation” or a “best efforts lock confirmation”, respectively, and then multiplied by $585 for each pull-through adjusted loan commitment up to and including 16,500 per quarter and $355 for each pull-through adjusted loan commitment in excess of 16,500 per quarter, plus (ii) $315 multiplied by the number of purchased loans up to 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 range from one to two basis points of the unpaid principal balance (“UPB”), generally based on the average number of calendar days the loans are held by PMT before purchase by PLS. The mortgage banking services agreement expires, unless terminated earlier in accordance with its terms, on June 30, 2025, subject to automatic renewal for additional 18-month periods, unless terminated in accordance with its terms. The Company may purchase newly originated conforming balance non-government insured or guaranteed loans from PLS under a mortgage loan purchase and sale agreement. Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Loan fulfillment fees earned by PLS $ 20,646 $ 54,020 $ 37,400 $ 114,855 UPB of loans fulfilled by PLS $ 10,323,700 $ 30,479,292 $ 20,092,962 $ 64,241,132 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,063 $ 1,630 $ 2,359 $ 3,368 UPB of loans sold to PLS $ 10,634,209 $ 16,297,216 $ 23,381,988 $ 33,856,791 Purchases of loans acquired for sale from PLS $ 39,824 $ — $ 298,862 $ — Tax service fees paid to PLS $ 2,404 $ 7,128 $ 4,746 $ 15,320 June 30, 2022 December 31, 2021 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 305,730 $ 314,995 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 the delinquency, bankruptcy and/or foreclosure status of the serviced loan or real estate acquired in settlement of loans (“REO”). 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 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 and 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 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, PFSI is generally required to transfer and convey to the Company cash in an amount equal to: • 40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate”; • 35% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 15% and up to 30%; and • 30% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30%. The “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance of all recaptured loans, to (ii) the aggregate unpaid principal balance of all mortgage loans for which the Company held the MSRs and that were refinanced or otherwise paid off in such month. PFSI has further agreed to allocate sufficient resources to target a recapture rate of 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 June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 258 $ 630 $ 522 $ 1,173 Loans at fair value 106 80 316 217 MSRs 19,971 19,305 40,585 37,718 $ 20,335 $ 20,015 $ 41,423 $ 39,108 Average investment in: Loans acquired for sale at fair value $ 1,767,327 $ 4,153,241 $ 1,946,485 $ 3,887,734 Loans at fair value $ 1,757,377 $ 110,823 $ 1,659,755 $ 123,802 Average MSR portfolio UPB $ 220,402,133 $ 191,539,208 $ 219,051,445 $ 184,477,096 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 of beneficial interest (“common shares”) calculated in accordance with GAAP, and adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussion between the Manager and the Company’s independent trustees and after approval by a majority of the Company’s independent trustees. “Equity” is the weighted average of the issue price per common share of all of the Company’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the rolling four-quarter period. “High watermark” is the quarterly adjustment that reflects the amount by which “net income” (stated as a percentage of return on equity) in that quarter exceeds or falls short of the lesser of 8 % and the average Fannie Mae 30-year MBS yield (the target yield) for the four quarters then ended. The “high watermark” starts at zero and is adjusted quarterly. If “net income” is lower than the target yield, the “ high watermark ” is increased by the difference. If “net income” is higher than the target yield, the “ high watermark ” is reduced by the difference. Each time a performance incentive fee is earned, the “ high watermark ” returns to zero. As a result, the threshold amounts required for PCM to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s “net income” over (or under) the target yield, until “net income” in excess of the target yield exceeds the then-current cumulative “high watermark” amount. The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and the Company’s common shares (subject to a limit of no more than 50% paid in common shares), at the Company’s option. In the event of termination of the management agreement between the Company and PCM, PCM may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination. Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Base management $ 7,910 $ 8,648 $ 16,027 $ 17,097 Performance incentive — 3,265 — 3,265 $ 7,910 $ 11,913 $ 16,027 $ 20,362 Average shareholders' equity amounts used to calculate base management fee expense $ 2,125,557 $ 2,340,948 $ 2,168,930 $ 2,325,605 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 is reimbursed $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 owned and managed by PCM as calculated at each fiscal quarter end. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 2,834 $ 7,804 $ 8,191 $ 9,140 Common overhead incurred by PCM and its affiliates 1,809 1,268 3,673 1,839 Compensation 165 165 330 330 $ 4,808 $ 9,237 $ 12,194 $ 11,309 Payments and settlements during the period (1) $ 29,562 $ 74,441 $ 69,326 $ 187,182 (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: Six months ended June 30, 2021 (in thousands) ESS: Received pursuant to a recapture agreement $ 557 Repayments 134,624 Interest income 1,280 Net gain included in Net (losses) gains on investments and financings: Valuation changes 1,037 Recapture income 614 $ 1,651 Financing Activities PFSI held 75,000 of the Company’s common shares at both June 30, 2022 and December 31, 2021. Repurchase Agreement with PLS The Company, through PMH, has 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: Six months ended June 30, 2021 (in thousands) Net repayments of assets sold under agreements to repurchase $ 80,862 Interest expense $ 387 Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: June 30, 2022 December 31, 2021 (in thousands) Due from PFSI: Miscellaneous receivables $ 3,582 $ 15,953 $ 3,582 $ 15,953 Due to PFSI: Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf $ 12,053 $ 15,431 Fulfillment fees 10,511 — Management fees 7,910 8,918 Loan servicing fees 6,725 6,848 Correspondent production fees 6,035 8,894 $ 43,234 $ 40,091 The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs on its behalf. Such amounts are included in various balance sheet items as summarized below: Balance sheet line including advance amount June 30, 2022 December 31, 2021 (in thousands) Loan servicing advances $ 90,716 $ 204,951 Real estate acquired in settlement of loans 4,693 7,115 $ 95,409 $ 212,066

Loan Sales

Loan Sales	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Loan Sales	Note 5—Loan Sales The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Cash flows: Proceeds from sales $ 10,226,643 $ 30,181,949 $ 22,212,604 $ 63,500,106 Loan servicing fees received net of guarantee fees $ 151,149 $ 124,019 $ 298,034 $ 240,306 The following table summarizes, for the dates presented, collection status information for loans whose transfers are accounted for as sales where the Company maintains continuing involvement: June 30, 2022 December 31, 2021 (in thousands) UPB of loans outstanding $ 222,381,278 $ 215,927,495 Collection status (UPB) Delinquency (1): 30-89 days delinquent $ 1,464,171 $ 1,148,542 90 or more days delinquent: Not in foreclosure $ 792,170 $ 1,726,488 In foreclosure $ 71,173 $ 36,658 Bankruptcy $ 120,493 $ 130,582 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 195,083 $ 169,654 90 days or more $ 426,388 $ 614,882 Custodial funds managed by the Company (2) $ 2,907,651 $ 3,823,527 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. (2) Custodial funds include borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, which are included in Interest income in the Company’s consolidated statements of operations.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
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, including its investments in CRT arrangements and subordinate MBS. CRT 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 scheduled or incurred credit losses on such loans and include CRT Agreements and CRT strips. The Company, through its subsidiary, PennyMac Corp. (“PMC”), entered into CRT Agreements with Fannie Mae, pursuant to which PMC, through subsidiary trust entities, sold pools of loans into Fannie Mae-guaranteed securitizations while retaining Recourse Obligations as part of the retention of IO ownership interests in such loans. The 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 loans underlying each CRT arrangement 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 final sales of loans subject to this type of CRT arrangement were made during September 2020. The Company purchased the securities subject to the agreements in December 2020. The Company placed Deposits securing credit risk transfer arrangements pledged to creditors CRT Derivatives Derivative assets Derivative and credit risk transfer strip liabilities Derivative and credit risk transfer strip liabilities . The Deposits securing credit risk transfer arrangements pledged to creditors Net (losses) gains on investments and financings Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Investment income: Net (losses) gains on investments and financings: Derivative and CRT strips: CRT derivatives: Realized $ 9,157 $ 28,631 $ 30,358 $ 52,127 Valuation changes (14,740 ) (9,431 ) (41,789 ) 3,443 (5,583 ) 19,200 (11,431 ) 55,570 CRT strips: Realized 16,078 31,368 33,841 63,972 Valuation changes (49,738 ) 41,724 (91,496 ) 134,946 (33,660 ) 73,092 (57,655 ) 198,918 Interest-only security payable at fair value (3,112 ) 5,737 (8,892 ) (2,428 ) (42,355 ) 98,029 (77,978 ) 252,060 Interest income ‒ CRT arrangements 2,384 156 2,606 325 $ (39,971 ) $ 98,185 $ (75,372 ) $ 252,385 Net recoveries received to settle reversal of previously recognized losses on CRT arrangements $ 4,456 $ 20,212 $ 20,429 $ 33,555 June 30, 2022 December 31, 2021 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ (22,511 ) $ 18,964 CRT strips (118,333 ) (26,837 ) $ (140,844 ) $ (7,873 ) Deposits securing CRT arrangements $ 1,430,759 $ 1,704,911 Interest-only security payable at fair value $ 19,485 $ 10,593 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 324 $ 19,627 Deposits securing CRT arrangements (1) $ 1,430,759 $ 1,704,911 UPB of loans underlying CRT arrangements $ 26,327,563 $ 30,808,907 Collection status (UPB): Delinquency (2) Current $ 25,726,633 $ 29,581,803 30-89 days delinquent $ 318,681 $ 349,291 90-180 days delinquent $ 102,021 $ 120,775 180 or more days delinquent $ 157,518 $ 748,576 Foreclosure $ 22,710 $ 8,462 Bankruptcy $ 54,403 $ 64,694 Delinquent loans in COVID-19 pandemic-related forbearance plans: 30-89 days delinquent $ 44,194 $ 44,015 90-180 days delinquent $ 47,867 $ 57,815 180 or more days delinquent $ 46,861 $ 174,041 (1) Deposits securing credit risk transfer strip arrangements pledged to creditors also secure $141.2 million and $27.5 million in CRT derivative and CRT strip liabilities at June 30, 2022 and December 31, 2021, 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. Subordinate Mortgage-Backed Securities The Company retains or purchases subordinate MBS in transactions sponsored by PMC or a nonaffiliate. Cash inflows from the loans underlying these securities 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 securities to receive distributions of principal and/or interest, as applicable, are subordinate to the rights of holders of the senior securities. After the senior securities are repaid, substantially all cash inflows will be directed to the subordinate securities, including those held by the Company, until they are fully repaid. The Company’s retention or purchase of subordinate MBS exposes 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’s exposure to losses from its investments in subordinate MBS is limited to its recorded investment in such securities. Whether the Company concludes that it is the primary beneficiary of the VIEs issuing these subordinate MBS and therefore consolidates these entities is based on its exposure to losses that could be significant to the VIEs and its power to direct activities that most significantly impact the VIEs’ economic performance: • Certain of the Company’s investments in subordinate MBS either do not expose the Company to losses that could be significant to the issuing VIE or the Company has concluded that it does not have the power to direct the activities that most significantly impact the VIE’s economic performance. These investments are classified as credit linked securities in its investment in MBS as shown in Note 8 – Mortgage-Backed Securities . • For other investments in subordinate MBS, comprised of transactions backed by loans purchased by the Company that were subsequently included in securitizations sponsored by the Company or a nonaffiliate and serviced by PLS, the Company concluded that it is the primary beneficiary of the VIEs as it has the power, through PLS, in its role as the servicer or sub-servicer of the loans, to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and, as a holder of subordinate securities, is exposed to losses that could potentially be significant to the VIEs. Therefore, PMT consolidates the VIEs that issue those subordinate MBS. The Company recognizes the interest income earned on the loans owned by the consolidated VIEs and the interest expense attributable to the asset-backed securities issued to nonaffiliates by the consolidated VIEs on its consolidated statements of operations. The Company’s investments in subordinate MBS included in its consolidated VIEs are summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Interest income $ 15,736 $ 1,368 $ 28,585 $ 3,267 Interest expense $ 15,016 $ 1,996 $ 26,043 $ 2,164 June 30, 2022 December 31, 2021 (in thousands) Loans at fair value $ 1,650,504 $ 1,564,565 Asset-backed financings at fair value $ 1,548,636 $ 1,469,999 Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase $ 90,929 $ 85,266

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2022
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 and MSRs to be accounted for at fair value. The Company has elected to account for these assets at fair value so such changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. The Company has also identified its Asset-backed financings at fair value Interest-only security payable at fair value Financial Statement Items Measured at Fair Value on a Recurring Basis Following is a summary of financial statement items that are measured at fair value on a recurring basis: June 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 88,818 $ — $ — $ 88,818 Mortgage-backed securities at fair value — 3,853,076 — 3,853,076 Loans acquired for sale at fair value — 1,773,289 20,376 1,793,665 Loans at fair value — 1,650,504 3,979 1,654,483 Derivative assets: Call options on interest rate futures purchase contracts 1,771 — — 1,771 Put options on interest rate futures purchase contracts 6,297 — — 6,297 Forward purchase contracts — 47,805 — 47,805 Forward sale contracts — 46,981 — 46,981 MBS put options — 2,298 — 2,298 CRT derivatives — — 324 324 Interest rate lock commitments — — 5,997 5,997 Total derivative assets before netting 8,068 97,084 6,321 111,473 Netting — — — (94,101 ) Total derivative assets after netting 8,068 97,084 6,321 17,372 Mortgage servicing rights at fair value — — 3,695,609 3,695,609 $ 96,886 $ 7,373,953 $ 3,726,285 $ 11,103,023 Liabilities: Asset-backed financings at fair value $ — $ 1,548,636 $ — $ 1,548,636 Interest-only security payable at fair value — — 19,485 19,485 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 5,833 — 5,833 Forward sales contracts — 91,997 — 91,997 CRT derivatives — — 22,835 22,835 Interest rate lock commitments — — 7,653 7,653 Total derivative liabilities before netting — 97,830 30,488 128,318 Netting — — — 31,848 Total derivative liabilities after netting — 97,830 30,488 160,166 Credit risk transfer strips — — 118,333 118,333 Total derivative and credit risk transfer strip liabilities — 97,830 148,821 278,499 $ — $ 1,646,466 $ 168,306 $ 1,846,620 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 167,999 $ — $ — $ 167,999 Mortgage-backed securities at fair value — 2,666,768 — 2,666,768 Loans acquired for sale at fair value — 4,140,896 30,129 4,171,025 Loans at fair value — 1,564,565 4,161 1,568,726 Derivative assets: Call options on interest rate futures purchase contracts 2,828 — — 2,828 Put options on interest rate futures purchase contracts 3,180 — — 3,180 Forward purchase contracts — 5,806 — 5,806 Forward sale contracts — 6,307 — 6,307 MBS put options — 3,662 — 3,662 Swaption purchase contracts — 39 — 39 CRT derivatives — — 19,627 19,627 Interest rate lock commitments — — 3,897 3,897 Total derivative assets before netting 6,008 15,814 23,524 45,346 Netting — — — (11,108 ) Total derivative assets after netting 6,008 15,814 23,524 34,238 Mortgage servicing rights at fair value — — 2,892,855 2,892,855 $ 174,007 $ 8,388,043 $ 2,950,669 $ 11,501,611 Liabilities: Asset-backed financings at fair value $ — $ 1,469,999 $ — $ 1,469,999 Interest-only security payable at fair value — — 10,593 10,593 Derivative liabilities and credit risk transfer strips: Forward purchase contracts — 3,620 — 3,620 Forward sales contracts — 13,782 — 13,782 CRT derivatives — — 663 663 Interest rate lock commitments — — 1,446 1,446 Total derivative liabilities before netting — 17,402 2,109 19,511 Netting — — — (4,142 ) Total derivative liabilities after netting — 17,402 2,109 15,369 Credit risk transfer strips — — 26,837 26,837 Total derivative and credit risk transfer strip liabilities — 17,402 28,946 42,206 $ — $ 1,487,401 $ 39,539 $ 1,522,798 The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the periods presented: Quarter ended June 30, 2022 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, March 31, 2022 $ 24,325 $ 3,949 $ (8,049 ) $ (23,465 ) $ (68,595 ) $ 3,391,172 $ 3,319,337 Purchases and issuances 27,457 — — (41,539 ) — — (14,082 ) Repayments and sales (29,642 ) 24 (8,879 ) — (16,078 ) — (54,575 ) Amounts received pursuant to sales of loans — — — — — 170,658 170,658 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (1,764 ) 6 (5,583 ) (60,671 ) (33,660 ) 133,779 32,107 (1,764 ) 6 (5,583 ) (60,671 ) (33,660 ) 133,779 32,107 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 124,019 — — 124,019 Balance, June 30, 2022 $ 20,376 $ 3,979 $ (22,511 ) $ (1,656 ) $ (118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2022 $ (1,758 ) $ 67 $ (14,740 ) $ (1,656 ) $ (49,738 ) $ 133,779 $ 65,954 (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 June 30, 2022 (in thousands) Interest-only security payable: Balance, March 31, 2022 $ 16,373 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 3,112 3,112 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2022 $ 3,112 Quarter ended June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, March 31, 2021 $ 34,234 $ 7,802 $ 44,676 $ (64,858 ) $ (109,570 ) $ 2,441,214 $ 2,353,498 Purchases and issuances 14,173 — — 57,601 — — 71,774 Repayments and sales (17,789 ) (730 ) (28,638 ) — (31,368 ) — (78,525 ) Amounts received pursuant to sales of loans — — — — — 412,938 412,938 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — Other factors (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) Transfers: Loans from REO — 13 — — — — 13 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — (3,281 ) (3,281 ) Interest rate lock commitments to loans acquired for sale (2) — — — (68,568 ) — — (68,568 ) Balance, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021 $ (168 ) $ 74 $ (9,431 ) $ 29,748 $ 41,724 $ (299,498 ) $ (237,551 ) (1) For the purpose of this table, CRT derivatives, 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 June 30, 2021 (in thousands) Interest-only security payable: Balance, March 31, 2021 $ 18,922 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (5,737 ) (5,737 ) Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021 $ (5,737 ) Six months ended June 30, 2022 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, December 31, 2021 $ 30,129 $ 4,161 $ 18,964 $ 2,451 $ (26,837 ) $ 2,892,855 $ 2,921,723 Purchases and issuances 51,562 — — (69,683 ) — — (18,121 ) Repayments and sales (59,140 ) (630 ) (30,044 ) — (33,841 ) — (123,655 ) Amounts received pursuant to sales of loans — — — — — 365,254 365,254 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (2,175 ) 448 (11,431 ) (179,470 ) (57,655 ) 437,500 187,217 (2,175 ) 448 (11,431 ) (179,470 ) (57,655 ) 437,500 187,217 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 245,046 — — 245,046 Balance, June 30, 2022 $ 20,376 $ 3,979 $ (22,511 ) $ (1,656 ) $ (118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during the period relating to assets still held at June 30, 2022 $ (2,014 ) $ 117 $ (41,789 ) $ (1,656 ) $ (91,496 ) $ 437,500 $ 300,662 (1) For the purpose of this table, CRT derivatives, 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 Six months ended June 30, 2022 (in thousands) Interest-only security payable: Balance, December 31, 2021 $ 10,593 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors 8,892 8,892 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2022 $ 8,892 Six months ended June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, December 31, 2020 $ 33,875 $ 8,027 $ 131,750 $ 31,795 $ 72,386 $ (202,792 ) $ 1,755,236 $ 1,830,277 Purchases and issuances 30,071 — — — 47,897 — — 77,968 Repayments and sales (33,859 ) (1,314 ) (134,624 ) (52,127 ) — (63,972 ) — (285,896 ) Capitalization of interest — 198 1,280 — — — — 1,478 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 820,634 820,634 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — Other factors 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 Transfers: Loans from REO — 79 — — — — — 79 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — — (3,281 ) (3,281 ) Interest rate lock commitments to loans acquired for sale (2) — — — — 79,407 — — 79,407 Balance, June 30, 2021 $ 30,429 $ 7,215 $ — $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the period relating to assets still held at June 30, 2021 $ 157 $ 75 $ — $ 3,443 $ 29,748 $ 134,946 $ (21,216 ) $ 147,153 (1) For the purpose of this table, CRT derivatives, IRLCs, and CRT 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 Six months ended June 30, 2021 (in thousands) Interest-only security payable: Balance, December 31, 2020 $ 10,757 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 2,428 2,428 Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2021 $ 2,428 Financial Statement Items Measured at Fair Value under the Fair Value Option Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option (including loans acquired for sale, loans held in consolidated VIEs, and distressed loans): June 30, 2022 December 31, 2021 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 $ 1,791,881 $ 1,771,591 $ 20,290 $ 4,166,177 $ 4,048,967 $ 117,210 90 or more days delinquent: Not in foreclosure 1,555 1,823 (268 ) 4,848 5,801 (953 ) In foreclosure 229 300 (71 ) — — — 1,784 2,123 (339 ) 4,848 5,801 (953 ) $ 1,793,665 $ 1,773,714 $ 19,951 $ 4,171,025 $ 4,054,768 $ 116,257 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,648,513 $ 1,845,900 $ (197,387 ) $ 1,561,794 $ 1,514,575 $ 47,219 90 or more days delinquent: Not in foreclosure 1,359 1,772 (413 ) 2,141 2,722 (581 ) In foreclosure 632 809 (177 ) 630 809 (179 ) 1,991 2,581 (590 ) 2,771 3,531 (760 ) 1,650,504 1,848,481 (197,977 ) 1,564,565 1,518,106 46,459 Distressed: Current through 89 days delinquent 766 1,191 (425 ) 782 1,455 (673 ) 90 or more days delinquent: Not in foreclosure 1,164 3,389 (2,225 ) 1,181 3,824 (2,643 ) In foreclosure 2,049 4,150 (2,101 ) 2,198 5,490 (3,292 ) 3,213 7,539 (4,326 ) 3,379 9,314 (5,935 ) 3,979 8,730 (4,751 ) 4,161 10,769 (6,608 ) $ 1,654,483 $ 1,857,211 $ (202,728 ) $ 1,568,726 $ 1,528,875 $ 39,851 Following are the changes in fair value included in current period results of operations by consolidated statement of operations line item for financial statement items accounted for under the fair value option: Quarter ended June 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (182,498 ) $ — $ 14,663 $ (167,835 ) Loans acquired for sale at fair value — — (153,111 ) — (153,111 ) Loans at fair value — (122,464 ) — (128 ) (122,592 ) Credit risk transfer strips — (33,660 ) — — (33,660 ) MSRs at fair value 133,779 — — — 133,779 $ 133,779 $ (338,622 ) $ (153,111 ) $ 14,535 $ (343,419 ) Liabilities: Interest-only security payable at fair value $ — $ (3,112 ) $ — $ — $ (3,112 ) Asset-backed financing of VIEs at fair value — 116,667 — 1,423 118,090 $ — $ 113,555 $ — $ 1,423 $ 114,978 Quarter ended June 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 29,252 $ — $ (1,883 ) $ 27,369 Loans acquired for sale at fair value — — 99,339 — 99,339 Loans at fair value — (533 ) — 504 (29 ) ESS at fair value — — — — — Credit risk transfer strips — 73,092 — — 73,092 MSRs at fair value (299,498 ) — — — (299,498 ) $ (299,498 ) $ 101,811 $ 99,339 $ (1,379 ) $ (99,727 ) Liabilities: Interest-only security payable $ — $ 5,737 $ — $ — $ 5,737 Asset-backed financings at fair value — 1,582 — (1,245 ) 337 $ — $ 7,319 $ — $ (1,245 ) $ 6,074 Six months ended June 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (369,023 ) $ — $ 13,252 $ (355,771 ) Loans acquired for sale at fair value — — (380,377 ) — (380,377 ) Loans at fair value — (218,585 ) — (1,077 ) (219,662 ) Credit risk transfer strips — (57,655 ) — — (57,655 ) MSRs at fair value 437,500 — — — 437,500 $ 437,500 $ (645,263 ) $ (380,377 ) $ 12,175 $ (575,965 ) Liabilities: Interest-only security payable at fair value $ — $ (8,892 ) $ — $ — $ (8,892 ) Asset-backed financings at fair value — 205,841 — 589 206,430 $ — $ 196,949 $ — $ 589 $ 197,538 Six months ended June 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (41,865 ) $ — $ (4,406 ) $ (46,271 ) Loans acquired for sale at fair value — — (7,325 ) — (7,325 ) Loans at fair value — (2,784 ) — 1,329 (1,455 ) ESS at fair value — 1,037 — 1,280 2,317 Credit risk transfer strips — 198,918 — — 198,918 MSRs at fair value (21,216 ) — — — (21,216 ) $ (21,216 ) $ 155,306 $ (7,325 ) $ (1,797 ) $ 124,968 Liabilities: Interest-only security payable at fair value $ — $ (2,428 ) $ — $ — $ (2,428 ) Asset-backed financings at fair value — 2,483 — (456 ) 2,027 $ — $ 55 $ — $ (456 ) $ (401 ) Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2022 $ — $ — $ 1,994 $ 1,994 December 31, 2021 $ — $ — $ 5,147 $ 5,147 The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Real estate asset acquired in settlement of loans $ (204 ) $ (564 ) $ (314 ) $ (768 ) The Company remeasures its REO based on fair value when it evaluates the REO for impairment. The Company evaluates its REO for impairment with reference to the respective properties’ fair values less cost to sell. REO may be revalued after acquisition due to the Company receiving greater access to the property, the property being held for an extended period or receiving indications that the property’s fair value may not be supported by developing market conditions. Any subsequent change in fair value to a level that is less than or equal to the property’s cost is recognized in Results of real estate acquired in settlement of loans Fair Value of Financial Instruments Carried at Amortized Cost Most of the Company’s borrowings are carried at amortized cost. The Company’s Assets sold under agreements to repurchase Mortgage loan participation purchase and sale agreements, Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes The Company has concluded that the fair values of these borrowings other than Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes Following are the carrying and fair values of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes June 30, 2022 December 31, 2021 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets $ 2,741,750 $ 2,701,154 $ 2,471,961 $ 2,480,842 Exchangeable senior notes $ 544,803 $ 497,680 $ 502,459 $ 536,460 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 financings at fair value, Interest-only security payable at fair value Derivative and credit risk transfer strip liabilities at fair value 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. • PFSI’s Capital Markets Risk Management staff develops the fair value of the Company’s IRLCs which 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 financial, investment and credit 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 securities accounted for as 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 (losses) gains on investments and financings 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 the 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: • Fair value for loans acquired for sale categorized as “Level 3” assets is 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. • Fair value for distressed loans is 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%. 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 trusts 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 (recovery) expectations of the reference loans. Changes in fair value of CRT derivatives are included in Net (losses) gains on investments and financings Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives: June 30, 2022 December 31, 2021 (dollars in thousands) Fair value CRT derivatives Assets $ 324 $ 19,627 Liabilities $ 22,835 $ 663 UPB of loans in reference pools $ 6,405,498 $ 7,426,288 Key inputs (1) Discount rate Range 6.0% – 9.4% 3.3% – 5.9% Weighted average 9.1% 5.7% Voluntary prepayment speed (2) Range 5.7% – 6.1% 12.6% – 13.1% Weighted average 5.8% 12.7% Involuntary prepayment speed (3) Range 0.4% – 1.1% (0.1)% – 0.8% Weighted average 0.5% 0.1% Remaining loss (recovery) expectation (4) Range 0.6% – 0.7% (0.1)% – 0.6% Weighted average 0.6% 0.1% (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 Conditional Prepayment Rate (“CPR”). (3) Involuntary prepayment speed is measured using Life Involuntary CPR. Negative involuntary prepayment speed reflects the expectation for reinstatement to the reference pool of a portion of the loans that previously triggered contractual 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 (recovery) expectation is measured as expected future contractual losses divided by the UPB of the reference loans. 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 subject to the commitments . Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, may result in a significant change in the IRLCs’ fair value. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC s’ fair value, but also increase the pull-through rate for the loan principal and interest payment cash flow component that has decreased in fair value. Changes in fair value of IRLCs are included in Net gain s on loans acquired for sale in the consolidated statements of operations . Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: June 30, 2022 December 31, 2021 Fair value (in thousands) (1) $ (1,656 ) $ 2,451 Committed amount (in thousands) $ 1,944,700 $ 2,092,129 Key inputs (2) Pull-through rate Range 62.0% – 100% 64.3% – 100% Weighted average 94.1% 91.4% MSR fair value expressed as: Servicing fee multiple Range 2.0 – 7.7 0.5 – 6.3 Weighted average 5.0 4.5 Percentage of UPB Range 0.5% – 3.0% 0.3% – 2.7% Weighted average 1.7% 1.5% (1) For purposes of this table, IRLC asset and liability positions are shown net. (2) Weighted-average inputs are based on the committed amounts. Hedging Derivatives Fair value of derivative financial instruments actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Fair values of derivative financial instruments based on observable interest rates, volatilities and prices in the MBS or other markets are categorized by the Company as “Level 2” fair value assets and liabilities. Changes in the fair value of hedging derivatives are included in Net loan servicing fees – From nonaffiliates – Mortgage servicing rights hedging results, Net (losses) gains on investments and financings, Net gains on loans acquired for sale Credit Risk Transfer Strips The Company categorizes CRT strips as “Level 3” fair value assets or liabilities. The fair value of CRT strips is based on indications of fair value provided to the Company by nonaffiliated brokers for the securities representing the beneficial interests in the trust holding the Deposits securing credit risk transfer arrangements pledged to creditors, Fair value of the CRT strips is derived by deducting the balance of the Deposits securing credit risk transfer arrangements pledged to creditors The Company assesses the indications of fair value 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 the CRT strips are the discount rate, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT strips are included in Net (losses) gains on investments and financings 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: June 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 118,333 $ 26,837 UPB of loans in the reference pools $ 19,922,065 $ 23,382,619 Key inputs (1) Discount ra

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2022
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	Note 8— Following is a summary of activity in the Company’s investment in MBS: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,070,330 $ 1,916,485 $ 2,666,768 $ 2,213,922 Purchases 2,099,102 423,660 2,760,876 1,682,849 Sales (1,079,826 ) — (1,079,826 ) (1,300,653 ) Repayments (68,695 ) (57,650 ) (138,971 ) (239,983 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 14,663 (1,883 ) 13,252 (4,406 ) Valuation adjustments (182,498 ) 29,252 (369,023 ) (41,865 ) (167,835 ) 27,369 (355,771 ) (46,271 ) Balance at end of period $ 3,853,076 $ 2,309,864 $ 3,853,076 $ 2,309,864 Following is a summary of the Company’s investment in MBS: June 30, 2022 Principal balance Unamortized net purchase premiums (discounts) Accumulated valuation changes Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 3,930,972 $ 33,727 $ (252,538 ) $ 3,712,161 Subordinate credit-linked securities 125,620 (218 ) (8,773 ) 116,629 Senior non-Agency securities 28,911 (903 ) (3,722 ) 24,286 $ 4,085,503 $ 32,606 $ (265,033 ) $ 3,853,076 December 31, 2021 Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 2,649,238 $ 82,938 $ (65,408 ) $ 2,666,768 (1) All MBS have maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase at June 30, 2022 and December 31, 2021.

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	6 Months Ended
	Jun. 30, 2022
Mortgage Loans On Real Estate [Abstract]
Loans Acquired for Sale at Fair Value	Note 9—Loans Acquired for Sale at Fair Value Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2022 December 31, 2021 (in thousands) Government-Sponsored Entity eligible (1) $ 1,464,416 $ 3,825,901 Held for sale to PLS ‒ Government insured or guaranteed (2) 305,730 314,995 Jumbo 3,143 — Home equity lines of credit 2,872 3,265 Commercial real estate — 964 Repurchased pursuant to representations and warranties 17,504 25,900 $ 1,793,665 $ 4,171,025 Loans pledged to secure: Assets sold under agreements to repurchase $ 1,657,609 $ 4,007,377 Mortgage loan participation purchase and sale agreements 83,700 52,102 $ 1,741,309 $ 4,059,479 (1) Government-Sponsored Entity eligibility refers to loans’ eligibility for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its Government-Sponsored Entity eligible loan production to or with 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	6 Months Ended
	Jun. 30, 2022
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 – Subordinate Mortgage-Backed Securities Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2022 December 31, 2021 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,593,886 $ 1,495,914 Fixed interest rate jumbo loans 56,618 68,651 1,650,504 1,564,565 Distressed loans 3,979 4,161 $ 1,654,483 $ 1,568,726 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,650,504 $ 1,564,565 Assets sold under agreements to repurchase 362 359 $ 1,650,866 $ 1,564,924 (1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2022 and December 31, 2021, $90.9 million and $85.3 million, respectively, of such retained certificates were pledged to secure Assets sold under agreements to repurchase .

Derivative and Credit Risk Tran

Derivative and Credit Risk Transfer Strip Assets and Liabilities	6 Months Ended
	Jun. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Credit Risk Transfer Strip Assets and Liabilities	Note 11—Derivative and Credit Risk Transfer Strip Assets and Liabilities Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2022 December 31, 2021 (in thousands) Derivative assets $ 17,372 $ 34,238 Derivative liabilities $ 160,166 $ 15,369 Credit risk transfer strip liabilities 118,333 26,837 $ 278,499 $ 42,206 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; and • 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 IO ownership interests in such loans. 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 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 MBS, inventory of loans acquired for sale, IRLCs, and MSRs. 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. Cash flows from derivative financial instruments relating to hedging of IRLCs and loans acquired for sale are included in Cash flows from operating activities Sale to nonaffiliates and repayment of loans acquired for sale at fair value. Cash flows from investing activities Derivative Notional Amounts and Fair Value of Derivatives The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative and credit risk transfer strip liabilities Other June 30, 2022 December 31, 2021 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 arrangements (2): Call options on interest rate futures purchase contracts 655,000 $ 1,771 $ — 1,450,000 $ 2,828 $ — Put options on interest rate futures purchase contracts 2,000,000 6,297 — 1,775,000 3,180 — Forward purchase contracts 4,676,090 47,805 5,833 6,945,340 5,806 3,620 Forward sale contracts 11,857,731 46,981 91,997 10,466,182 6,307 13,782 MBS put options 500,000 2,298 — 3,400,000 3,662 — Swaption purchase contracts — — — 2,200,000 39 — Swap futures — — — 1,425,100 — — Bond futures 121,800 — — 181,800 — — Other derivatives not subject to master netting arrangements: CRT derivatives 6,405,498 324 22,835 7,426,288 19,627 663 Interest rate lock commitments 1,944,700 5,997 7,653 2,092,129 3,897 1,446 Total derivatives before netting 111,473 128,318 45,346 19,511 Netting (94,101 ) 31,848 (11,108 ) (4,142 ) $ 17,372 $ 160,166 $ 34,238 $ 15,369 Margin deposits received from derivative counterparties, net $ 125,950 $ 6,965 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 324 $ 19,627 (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 derivatives 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 June 30, 2022 and December 31, 2021, 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. Derivative Assets, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. June 30, 2022 December 31, 2021 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 $ 324 $ — $ — $ 324 $ 19,627 $ — $ — $ 19,627 Interest rate lock commitments 5,997 — — 5,997 3,897 — — 3,897 RJ O’Brien & Associates, LLC 8,068 — — 8,068 6,008 — — 6,008 Jefferies & Company, Inc. 853 — — 853 119 — — 119 J.P. Morgan Securities LLC — — — — 2,085 — — 2,085 Bank of America, N.A. — — — — 1,958 — — 1,958 Other 2,130 — — 2,130 544 — — 544 $ 17,372 $ — $ — $ 17,372 $ 34,238 $ — $ — $ 34,238 Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. June 30, 2022 December 31, 2021 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 Financial Cash consolidated Financial Cash balance instruments collateral Net balance instruments collateral Net sheet (1) pledged amount sheet (1) pledged amount (in thousands) Interest rate lock commitments $ 7,653 $ — $ — $ 7,653 $ 1,446 $ — $ — $ 1,446 CRT derivatives 22,835 — — 22,835 663 — — 663 Bank of America, N.A. 1,194,022 (1,191,725 ) — 2,297 1,088,417 (1,088,417 ) — — J.P. Morgan Securities LLC 1,184,727 (1,178,058 ) — 6,669 726,762 (726,762 ) — — RBC Capital Markets, L.P. 756,436 (756,436 ) — — 1,293,754 (1,293,754 ) — — Barclays Capital Inc. 760,181 (752,422 ) — 7,759 1,086,104 (1,085,723 ) — 381 Credit Suisse Securities (USA) LLC 635,078 (613,966 ) — 21,112 832,610 (830,954 ) — 1,656 Daiwa Capital Markets 475,001 (474,007 ) — 994 495,973 (495,973 ) — — Amherst Pierpont Securities LLC 254,299 (254,299 ) — — 125,090 (125,090 ) — — Wells Fargo Securities, LLC 152,688 (147,590 ) — 5,098 106,088 (104,674 ) — 1,414 Citigroup Global Markets Inc. 114,511 (104,952 ) — 9,559 131,312 (129,016 ) — 2,296 Morgan Stanley & Co. LLC 133,558 (70,642 ) — 62,916 412,321 (410,413 ) — 1,908 BNP Paribas Corporate & Institutional Banking 67,904 (67,214 ) — 690 171,185 (171,185 ) — — Goldman Sachs & Co. LLC 46,732 (36,674 ) — 10,058 217,459 (212,580 ) — 4,879 Other 2,526 — — 2,526 726 — — 726 $ 5,808,151 $ (5,647,985 ) $ — $ 160,166 $ 6,689,910 $ (6,674,541 ) $ — $ 15,369 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated statement of operations line 2022 2021 2022 2021 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ 21,809 $ 94,605 $ (4,107 ) $ (42,638 ) CRT derivatives Net (losses) gains on investments and financings $ (5,583 ) $ 19,200 $ (11,431 ) $ 55,570 Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ 135,719 $ (166,100 ) $ 387,618 $ 131,376 Mortgage servicing rights Net loan servicing fees $ (78,118 ) $ 94,116 $ (241,920 ) $ (280,287 ) Fixed-rate and prepayment sensitive assets and repurchase agreements Net (losses) gains on investments and financings $ — $ 75 $ — $ 51 (1) Represents net change 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) June 30, 2022 December 31, 2021 (in thousands) Currently unrestricted $ (118,333 ) $ 5,978 To maturity — (32,815 ) $ (118,333 ) $ (26,837 ) (1) Through December 31, 2021, the terms of the agreement underlying the CRT securities restricted sales of the securities, other than under agreements to repurchase, without the approval of Fannie Mae, for specified periods from the date of issuance. The restriction on sales was removed during the quarter ended March 31, 2022.

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
	Jun. 30, 2022
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,391,172 $ 2,441,214 $ 2,892,855 $ 1,755,236 MSRs resulting from loan sales 170,658 412,938 365,254 820,634 Changes in fair value: Due to changes in inputs used in valuation model (1) 220,422 (229,885 ) 613,062 107,782 Other changes in fair value (2) (86,643 ) (69,613 ) (175,562 ) (128,998 ) 133,779 (299,498 ) 437,500 (21,216 ) Recombination with loans at fair value resulting from initial consolidation of a VIE (3) — (3,281 ) — (3,281 ) Balance at end of period $ 3,695,609 $ 2,551,373 $ 3,695,609 $ 2,551,373 June 30, 2022 December 31, 2021 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets $ 3,652,763 $ 2,863,544 (1) Primarily reflects changes in prepayment speed, pricing spread, servicing cost, and UPB for the underlying loans. (2) Represents changes due to realization of expected cash flows. (3) As discussed in Note 6 ‒ Variable Interest Entities – Subordinate Mortgage-Backed Securities, Loans at fair value Servicing fees relating to MSRs are recorded in Net loan servicing fees – From nonaffiliates Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Contractually-specified servicing fees $ 151,149 $ 124,019 $ 298,034 $ 240,306 Ancillary and other fees: Late charges 609 351 1,221 763 Other 6,570 24,551 15,072 40,384 7,179 24,902 16,293 41,147 $ 158,328 $ 148,921 $ 314,327 $ 281,453 Average MSR servicing portfolio $ 220,402,133 $ 191,539,208 $ 219,051,445 $ 184,477,096

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2022
Other Assets [Abstract]
Other Assets	Note 13— Other assets are summarized below: June 30, 2022 December 31, 2021 (in thousands) Correspondent lending receivables $ 119,856 $ 27,539 Margin deposits 82,417 193,418 Interest receivable 20,155 15,168 Real estate acquired in settlement of loans 10,747 14,382 Servicing fees receivable 9,840 16,756 Other receivables 6,490 15,299 Other 7,685 3,737 $ 257,190 $ 286,299 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 5,815 $ 7,293

Short-Term Debt

Short-Term Debt	6 Months Ended
	Jun. 30, 2022
Short Term Borrowings [Abstract]
Short-Term Debt	Note 14— The borrowing facilities described throughout these Notes 14 and 15 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of June 30, 2022. Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 1.75 % 1.34 % 1.42 % 1.47 % Average balance $ 5,293,064 $ 5,733,765 $ 5,147,290 $ 5,862,480 Total interest expense $ 25,048 $ 23,282 $ 40,619 $ 51,941 Maximum daily amount outstanding $ 6,543,551 $ 7,198,610 $ 8,187,913 $ 8,440,669 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $4.4 million for the quarter and six months ended June 30, 2022, respectively, and $4.1 million and $9.2 million for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance funded under: Committed facilities $ 4,970,029 $ 5,799,975 Uncommitted facilities 677,956 874,566 5,647,985 6,674,541 Unamortized debt issuance costs (1,583 ) (2,651 ) $ 5,646,402 $ 6,671,890 Weighted average interest rate 2.24 % 1.08 % Available borrowing capacity (1): Committed $ 836,279 $ 289,436 Uncommitted 4,929,545 4,875,433 $ 5,765,824 $ 5,164,869 Margin deposits placed with counterparties included in Other $ 26,382 $ 67,997 Assets securing agreements to repurchase: Mortgage-backed securities $ 3,853,076 $ 2,666,768 Loans acquired for sale at fair value $ 1,657,609 $ 4,007,377 Loans at fair value: Certificates retained in asset-backed financings $ 90,929 $ 85,266 Distressed $ 362 $ 359 Deposits securing CRT arrangements $ 94,187 $ — Mortgage servicing rights (2) $ 1,961,726 $ 1,598,090 Servicing advances $ 41,771 $ 93,455 Real estate acquired in settlement of loans $ 5,815 $ 7,293 (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 for both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets . Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at June 30, 2022 Unpaid principal balance (in thousands) Within 30 days $ 3,705,245 Over 30 to 90 days 926,304 Over 90 days to 180 days 756,436 Over 180 days to 1 year — Over 1 year to 2 years 260,000 $ 5,647,985 Weighted average maturity (in months) 2.3 The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair value (as determined by the applicable lender) of the assets securing those repurchase agreements decreases. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by pledged asset and counterparty below as of June 30, 2022 : Loans, REO and MSRs Weighted-average maturity Counterparty Amount Advances Facility (in thousands) Bank of America, N.A. $ 18,808 August 4, 2022 June 5, 2024 JPMorgan Chase & Co. $ 1,421 September 5, 2022 June 17, 2024 RBC Capital Markets, L.P. $ 38,492 October 16, 2022 May 10, 2023 Barclays Capital Inc. $ 2,888 September 6, 2022 November 3, 2022 Citibank, N.A. $ 13,235 September 27, 2022 April 26, 2024 Credit Suisse First Boston Mortgage Capital LLC $ 23,612 September 18, 2022 May 31, 2024 Wells Fargo Securities, LLC $ 4,835 September 10, 2022 November 17, 2023 Morgan Stanley & Co. LLC $ 6,625 September 10, 2022 January 3, 2024 BNP Paribas Corporate & Institutional Banking $ 3,313 September 3, 2022 July 31, 2023 Goldman Sachs & Co. LLC $ 1,073 September 12, 2022 December 23, 2022 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 48,838 July 15, 2022 JPMorgan Chase & Co. $ 55,510 July 18, 2022 Barclays Capital Inc. $ 30,337 July 13, 2022 Citibank, N.A. $ 19,267 August 23, 2022 Daiwa Capital Markets America Inc. $ 20,149 July 22, 2022 Amherst Pierpont Securities LLC $ 10,521 July 25, 2022 Wells Fargo Securities, LLC $ 2,709 July 8, 2022 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 31,756 July 28, 2022 Mortgage Loan Participation Purchase and Sale Agreement One of the borrowing facilities secured by loans acquired for sale is in the form of a mortgage loan participation purchase and sale agreement. 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 the 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. The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 2.38 % 1.36 % 2.00 % 1.38 % Average balance $ 33,908 $ 32,152 $ 34,854 $ 35,638 Total interest expense $ 232 $ 141 $ 408 $ 305 Maximum daily amount outstanding $ 81,360 $ 89,072 $ 88,633 $ 89,072 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $63,000 for the quarter and six months ended June 30, 2022, respectively, and $31,000 and $62,000 for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance $ 79,389 $ 49,988 Unamortized debt issuance costs (120 ) — $ 79,269 $ 49,988 Weighted average interest rate 2.94 % 1.48 % Loans acquired for sale pledged to secure Mortgage loan participation purchase and sale agreement $ 83,700 $ 52,102

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Note 15— Long-Term Debt Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets CRT Arrangement Financing The Company, through various wholly-owned subsidiaries, issued secured term notes (the “CRT term notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). All of the CRT term notes rank pari passu with each other. Following is a summary of the CRT term notes issued: Unpaid Annual interest rate Maturity date Term notes Issuance date Issuance amount principal balance Index Spread Stated Optional extension (1) (in thousands) 2021 1R March 04, 2021 $ 659,156 $ 324,154 LIBOR 2.90% February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 244,264 LIBOR 3.81% December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 65,746 LIBOR 2.35% March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 62,078 LIBOR 2.70% October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 199,135 LIBOR 2.75% May 29, 2023 May 29, 2025 $ 895,377 (1) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of certain of the CRT term notes under the conditions specified in the respective agreements. Fannie Mae MSR Financing The Company, through a subsidiary, PMT ISSUER TRUST-FMSR, finances MSRs and ESS pledged or sold by PMC through a combination of repurchase agreements and term financing. The repurchase agreement financing for Fannie Mae MSRs is effected through the issuance of a Series 2017-VF1 Note dated December 20, 2017 (the "FMSR VFN") by PMT ISSUER TRUST-FMSR to PMC which is then sold to institutional buyers under an agreement to repurchase. The amount outstanding under the FMSR VFN is included in Assets sold under agreements to repurchase The Company’s term financing for Fannie Mae MSRs through PMT ISSUER TRUST – FMSR is effected through the issuance of term notes (the “FT-1 Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The FT1 Notes and the FMSR VFN are secured by certain participation certificates relating to Fannie Mae MSRs and rank pari passu with each other. Following is a summary of the term financing of the Company’s Fannie Mae MSRs: Issuance Unpaid principal Annual interest rate Maturity date FT-1 Note Issuance date amount balance Index Spread Stated Optional extension (1) (in thousands) 2022 June 28, 2022 $ 305,000 $ 305,000 SOFR (2) 4.19% June 25, 2027 (3) 2021 March 30, 2021 $ 350,000 350,000 LIBOR 3.00% March 25, 2026 March 27, 2028 2018 April 25, 2018 $ 450,000 450,000 LIBOR 2.35% April 25, 2023 April 25, 2025 $ 1,105,000 (1) 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. (2) Secured Overnight Financing Rate (“SOFR”). (3) Either June 26, 2028 or June 25, 2029. Freddie Mac MSR Financing The Company, through PMC, has a loan and security agreement under which PMC finances certain MSRs (inclusive of any related excess servicing spread arising therefrom) relating to loans pooled into Freddie Mac securities. The aggregate loan amount available under the loan and security agreement is $1.4 billion, bears interest at a rate equal to SOFR plus 3.36% per year, and will mature on July 29, 2022. Advances under the loan and security agreement are secured by MSRs relating to loans serviced for Freddie Mac guaranteed securities. Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 3.84 % 3.13 % 3.49 % 3.13 % Average balance $ 2,408,122 $ 2,917,356 $ 2,423,363 $ 2,590,852 Total interest expense $ 24,413 $ 24,174 $ 44,779 $ 42,773 Maximum daily amount outstanding $ 2,833,710 $ 3,180,129 $ 3,059,637 $ 3,235,942 (1) Excludes the effect of amortization of debt issuance costs of $1.4 million and $2.9 million for the quarter and six months ended June 30, 2022, respectively, and $1.4 million and $2.5 million for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance: CRT term notes $ 895,377 $ 1,204,636 FT-1 Notes 1,105,000 800,000 Freddie Mac loan and security agreement 750,000 475,000 2,750,377 2,479,636 Unamortized debt issuance costs (8,627 ) (7,675 ) $ 2,741,750 $ 2,471,961 Weighted average interest rate 4.61 % 3.02 % Assets securing notes payable: Mortgage servicing rights (1) $ 3,652,763 $ 2,863,544 CRT Agreements: Deposits securing CRT arrangements $ 1,336,572 $ 1,704,911 Derivative assets $ 324 $ 19,627 (1) Beneficial interests in Freddie Mac MSRs are pledged as collateral for the Notes payable secured by credit risk transfer and mortgage servicing assets. Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable Senior Notes On March 5 and March 9, 2021, PMC issued $345 million aggregate principal amount of exchangeable senior notes due 2026 (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. On November 4 and November 19, 2019, PMC issued $210 million aggregate principal amount of exchangeable senior notes due 2024 (the “2024 Exchangeable Notes” and, together with the 2026 Exchangeable Notes, the “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 2026 Exchangeable Notes and the 2024 Exchangeable Notes each bear interest at 5.50% per year, payable semiannually, 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 applicable maturity date, subject to the satisfaction of certain conditions if the exchange occurs before December 15, 2025 (in the case of the 2026 Exchangeable Notes) and August 1, 2024 (in the case of the 2024 Exchangeable Notes). The exchange rates are equal to 46.1063 Following is financial information relating to the Exchangeable Notes: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Weighted average interest rate (1) 5.62 % 7.87 % 5.73 % 7.69 % Average balance $ 544,341 $ 495,032 $ 536,986 $ 390,553 Interest expense: Coupon $ 7,631 $ 7,632 $ 15,262 $ 11,862 Amortization of: Conversion options (2) — 2,081 — 3,008 Issuance costs 703 597 1,392 982 $ 8,334 $ 10,310 $ 16,654 $ 15,852 June 30, 2022 December 31, 2021 (in thousands) Carrying value: Unpaid principal balance $ 555,000 $ 555,000 Conversion options allocated to Additional paid-in capital — (40,952 ) Unamortized debt issuance costs (10,197 ) (11,589 ) (10,197 ) (52,541 ) $ 544,803 $ 502,459 (1) Excludes the effect of amortization of debt issuance and conversion option costs. (2) As discussed in Note 2 ‒ Basis of Presentation and Accounting Change ‒ Accounting Change , the Company adopted ASU 2020‑06 effective January 1, 2022. As a result of the adoption of ASU 2020-06, the Company reclassified approximately $50.3 million of issuance discount attributable to the conversion options originally recognized in the issuance of Exchangeable senior notes from Additional paid-in capital to the carrying value of the Exchangeable senior notes and $9.4 million of previously recognized amortization of the issuance discount, as an adjustment to the Accumulated deficit effective January 1, 2022. 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 ‒ Subordinate Mortgage-Backed Securities Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 3.31 % 3.17 % 3.30 % 3.20 % Average balance $ 1,646,941 $ 95,069 $ 1,554,290 $ 107,672 Total interest expense $ 15,016 $ 1,996 $ 26,043 $ 2,164 (1) Excludes the effect of amortization of net debt issuance cost of $1.4 million and $590,000 for the quarter and six months ended June 30, 2022, respectively, and $1.2 million and $456,000 for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 1,548,636 $ 1,469,999 Unpaid principal balance $ 1,738,529 $ 1,442,379 Weighted average interest rate 3.18 % 3.18 % The asset-backed financings are non-recourse liabilities and are secured solely by the assets of consolidated VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of repayment of the certificates. Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2023 2024 2025 2026 2027 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,750,377 $ 1,771,223 $ 324,154 $ — $ 350,000 $ 305,000 $ — Exchangeable senior notes 555,000 — — 210,000 345,000 — — Asset-backed financings at fair value (2) 1,738,529 — — — — — 1,738,529 Interest-only security payable at fair value (2) 19,485 — — — — — 19,485 Total $ 5,063,391 $ 1,771,223 $ 324,154 $ 210,000 $ 695,000 $ 305,000 $ 1,758,014 (1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk transfer and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time.

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	6 Months Ended
	Jun. 30, 2022
Liability For Representations And Warranties [Abstract]
Liability for Losses Under Representations and Warranties	Note 16—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 40,225 $ 28,967 $ 40,249 $ 21,893 Provision for losses: Pursuant to loan sales 1,129 8,472 2,446 16,985 Reduction in liability due to change in estimate (1,530 ) (1,095 ) (2,695 ) (2,519 ) Losses incurred (383 ) (30 ) (559 ) (45 ) Balance, end of period $ 39,441 $ 36,314 $ 39,441 $ 36,314 UPB of loans subject to representations and warranties at end of period $ 220,982,060 $ 193,579,850

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17—Commitments and Contingencies Commitments The following table summarizes the Company’s outstanding contractual commitments: June 30, 2022 (in thousands) Commitments to purchase loans acquired for sale $ 1,944,700 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. Cessation of the LIBOR Index The Company is involved in both lending and financing transactions that use the LIBOR index to establish the applicable interest or dividend rates. It has been announced that this index will no longer be published. The Company services LIBOR-based adjustable rate mortgages for which the underlying mortgage notes incorporate fallback provisions. The Company also has certain debt agreements and preferred shares of beneficial interest that have not yet transitioned from LIBOR to a replacement index but contain replacement provisions related to the transition from LIBOR.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Shareholders' Equity	Note 18—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Preferred Quarter Six months share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2022 2021 2022 2021 (in thousands, except dividends per share) Fixed-to-floating rate cumulative redeemable A 8.125% Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.02 $ 1.02 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 Fixed-rate cumulative redeemable C 6.75% Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ — $ 0.84 $ — 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 year 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 year 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 year 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 year 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 year based on the $25.00 per share liquidation preference. The Series A Preferred Shares, the Series B Preferred Shares 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, all of which were available for issuance as of . Common Share Repurchase Program On June 11, 2021, the Company’s board of trustees approved an increase to the Company’s common share repurchase authorization from $300 million to $400 million before transaction fees. The following table summarizes the Company’s common share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2022 2021 2022 2021 total (1) (in thousands) Common shares repurchased 1,927 27 3,901 27 24,498 Cost of common shares repurchased (2) $ 28,418 $ 521 $ 60,248 $ 521 $ 370,995 (1) Amounts represent the share repurchase program total from its inception in August 2015 through June 30, 2022. (2) Cumulative total cost of common shares repurchased includes $490,000 of transaction fees.

Net (Losses) Gains on Investmen

Net (Losses) Gains on Investments and Financings	6 Months Ended
	Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]
Net (Losses) Gains on Investments and Financings	Note 19— Net (losses) gains on investments and financings are summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Mortgage-backed securities $ (182,498 ) $ 29,252 $ (369,023 ) $ (41,865 ) Loans at fair value: Held in VIEs (122,469 ) (664 ) (219,033 ) (3,009 ) Distressed 5 131 448 225 CRT arrangements (42,355 ) 98,029 (77,978 ) 252,060 Asset-backed financings at fair value 116,667 1,582 205,841 2,483 Hedging derivatives — 75 — 51 (230,650 ) 128,405 (459,745 ) 209,945 From PFSI ‒ Excess servicing spread — — — 1,651 $ (230,650 ) $ 128,405 $ (459,745 ) $ 211,596

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	6 Months Ended
	Jun. 30, 2022
Text Block [Abstract]
Net Gains on Loans Acquired for Sale	Note 20— Net Gains on Loans Acquired for Sale Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Cash loss: Sales of loans $ (298,024 ) $ (222,271 ) $ (737,812 ) $ (815,060 ) Hedging activities 123,997 (292,226 ) 462,099 171,050 (174,027 ) (514,497 ) (275,713 ) (644,010 ) Non‒cash gain: Receipt of MSRs in mortgage loan sale transactions 170,658 412,938 365,254 820,634 Provision for losses relating to representations and warranties provided in loan sales: Pursuant to loans sales (1,129 ) (8,472 ) (2,446 ) (16,985 ) Reduction of liability due to change in estimate 1,530 1,095 2,695 2,519 401 (7,377 ) 249 (14,466 ) Change in fair value of loans and derivatives Interest rate lock commitments 21,809 94,605 (4,107 ) (42,638 ) Loans (23,955 ) (85,699 ) (1,937 ) (2,476 ) Hedging derivatives 11,722 126,126 (74,481 ) (39,674 ) 9,576 135,032 (80,525 ) (84,788 ) 180,635 540,593 284,978 721,380 Total from nonaffiliates 6,608 26,096 9,265 77,370 From PFSI‒cash gain 1,063 1,630 2,359 3,368 $ 7,671 $ 27,726 $ 11,624 $ 80,738

Net Interest Income (Expense)

Net Interest Income (Expense)	6 Months Ended
	Jun. 30, 2022
Banking And Thrift Interest [Abstract]
Net Interest Income (Expense)	Note 21—Net Interest Income (Expense) Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 1,175 $ 215 $ 1,578 $ 441 Mortgage-backed securities 40,651 7,806 55,051 16,092 Loans acquired for sale at fair value 23,442 32,613 42,690 55,520 Loans at fair value: Held in consolidated variable interest entities 15,736 1,368 28,585 3,267 Distressed 14 40 188 293 Deposits securing CRT arrangements 2,384 156 2,606 325 Placement fees relating to custodial funds 7,204 1,472 10,914 4,004 Other 92 16 149 53 90,698 43,686 141,761 79,995 From PFSI ‒ Excess servicing spread — — — 1,280 90,698 43,686 141,761 81,275 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 25,048 23,282 40,619 51,941 Mortgage loan participation purchase and sale agreements 232 141 408 305 Notes payable secured by credit risk transfer and mortgage servicing assets 24,413 24,174 44,779 42,773 Exchangeable senior notes 8,334 10,310 16,654 15,852 Asset-backed financings at fair value 15,016 1,996 26,043 2,164 Interest shortfall on repayments of loans serviced for Agency securitizations 4,430 18,536 11,472 40,576 Interest on loan impound deposits 677 763 1,689 1,512 78,150 79,202 141,664 155,123 To PFSI ‒ Assets sold under agreement to repurchase — — — 387 78,150 79,202 141,664 155,510 Net interest income (expense) $ 12,548 $ (35,516 ) $ 97 $ (74,235 )

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 22—Share-Based Compensation The Company has adopted an equity incentive plan which provides for the issuance of equity based awards based on PMT’s common shares that may be made by the Company to its officers and trustees, and the members, officers, trustees, directors and employees of PCM, PFSI, or their affiliates and to PCM, PFSI and other entities that provide services to PMT and the employees of such other entities. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by PMT’s board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards. The Company's equity incentive plan allows for the grant of restricted and performance-based share unit awards. The shares underlying award grants will again be available for award under the equity incentive plan if: • any shares subject to an award granted under the equity incentive plan are forfeited, canceled, exchanged or surrendered; • an award terminates or expires without a distribution of shares to the participant; or • shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award. Restricted share units have been awarded to trustees and officers of the Company and to other employees of PFSI and its subsidiaries at no cost to the grantees. Such awards generally vest over a one-to three-year The following table summarizes the Company’s share-based compensation activity: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Grants: Restricted share units 6 4 134 105 Performance share units 52 42 151 126 58 46 285 231 Grant date fair value: Restricted share units $ 95 $ 75 $ 2,101 $ 1,992 Performance share units 799 797 2,350 2,399 $ 894 $ 872 $ 4,451 $ 4,391 Vestings: Restricted share units 1 — 79 100 Performance share units (1) — — 41 37 1 — 120 137 Forfeitures: Restricted share units — — — — Performance share units 2 — 11 — 2 — 11 — Compensation expense relating to share-based grants $ 1,142 $ 1,010 $ 2,171 $ 2,748 (1) The actual number of performance-based RSUs that vested during the six months ended June 30, 2022 was 39,001 common shares, which is 96% of the originally granted performance-based RSUs. June 30, 2022 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 225 221 Grant date average fair value per unit $ 17.31 $ 16.90

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 23—Income Taxes The Company’s effective tax rate was (77.4)% and (312.0)% with a consolidated pretax loss of $39.9 million and $21.8 million for the quarter and six months ended June 30, 2022, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax expense of $32.6 million on pretax income of $147.6 million and a tax expense of $70.5 million on pretax income of $420.4 million for the quarter and six months ended June 30, 2022, respectively. The TRS income was primarily due to increases in MSR fair values. For the same periods in 2021, the TRS recognized a tax benefit of $24.3 million on a pretax loss of $149.6 million and a tax benefit of $4.9 million on a pretax loss of $61.5 million, respectively. The Company’s reported consolidated pretax income for the quarter and six months ended June 30, 2021 was $13.8 million and $104.8 million, respectively. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of June 30, 2022, the valuation allowance was decreased to $ 3.4 million from the $ 6.8 million valuation allowance recorded at March 31, 2022 as the result of GAAP income at the TRS for the quarter ended June 30, 2022. 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. While the CARES Act provides for carry back of losses from 2018, 2019 and 2020, the TRS does not have taxable income from prior years to which the losses could be carried back. In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. For tax years beginning after December 31, 2017, the 2017 Tax Cuts and Jobs Act (subject to certain limitations) provides a 20% deduction from taxable income for ordinary REIT dividends.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Note 24—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. As discussed in Note 2 ‒ Basis of Presentation and Accounting Change ‒ Accounting Change, The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands except per share amounts) Net (loss) income $ (70,734 ) $ 38,092 $ (89,863 ) $ 109,695 Dividends on preferred shares (10,455 ) (6,235 ) (20,909 ) (12,469 ) Effect of participating securities ‒ (104 ) (80 ) (207 ) (169 ) Net (loss) income attributable to common shareholders $ (81,293 ) $ 31,777 $ (110,979 ) $ 97,057 Weighted average basic shares outstanding 91,963 97,927 93,048 97,910 Dilutive securities‒shares issuable under share-based compensation plan — 107 — 213 Diluted weighted average shares outstanding 91,963 98,034 93,048 98,123 Basic (loss) earnings per share $ (0.88 ) $ 0.32 $ (1.19 ) $ 0.99 Diluted (loss) earnings per share $ (0.88 ) $ 0.32 $ (1.19 ) $ 0.99 Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Shares issuable under share-based compensation plan 78 107 181 — Shares issuable pursuant to exchange of the Exchangeable senior notes 24,328 24,328 24,328 —

Segments

Segments	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segments	Note 25—Segments The Company operates in four segments as described in Note 1 ‒ Organization Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 217,313 $ — $ — $ 217,313 Net (losses) gains on investments and financings (57,811 ) (172,839 ) — — (230,650 ) Net gains on loans acquired for sale 9 — 7,662 — 7,671 Net interest income (expense): Interest income 5,919 60,895 23,393 491 90,698 Interest expense 10,428 55,154 12,101 467 78,150 (4,509 ) 5,741 11,292 24 12,548 Other (28 ) — 14,646 — 14,618 (62,339 ) 50,215 33,600 24 21,500 Expenses: Loan fulfillment and servicing fees payable to PFSI 51 20,284 20,646 — 40,981 Management fees — — — 7,910 7,910 Other 1,323 562 3,174 7,418 12,477 1,374 20,846 23,820 15,328 61,368 Pretax (loss) income $ (63,713 ) $ 29,369 $ 9,780 $ (15,304 ) $ (39,868 ) Total assets at end of quarter $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ (44,912 ) $ — $ — $ (44,912 ) Net (losses) gains on investments and financings 98,413 29,992 — — 128,405 Net gains on loans acquired for sale 1 — 27,725 — 27,726 Net interest income (expense): Interest income 401 10,056 32,519 710 43,686 Interest expense 16,177 39,141 23,884 — 79,202 (15,776 ) (29,085 ) 8,635 710 (35,516 ) Other 20 — 45,843 — 45,863 82,658 (44,005 ) 82,203 710 121,566 Expenses: Loan fulfillment and servicing fees payable to PFSI 80 19,936 54,019 — 74,035 Management fees — — — 11,913 11,913 Other 4,061 1,507 9,150 7,103 21,821 4,141 21,443 63,169 19,016 107,769 Pretax (loss) income $ 78,517 $ (65,448 ) $ 19,034 $ (18,306 ) $ 13,797 Total assets at end of quarter $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 521,491 $ — $ — $ 521,491 Net (losses) gains on investments and financings (102,716 ) (357,029 ) — — (459,745 ) Net gains on loans acquired for sale 5 — 11,619 — 11,624 Net interest income (expense): Interest income 7,977 90,006 42,573 1,205 141,761 Interest expense 20,556 96,839 23,661 608 141,664 (12,579 ) (6,833 ) 18,912 597 97 Other 260 — 29,612 — 29,872 (115,030 ) 157,629 60,143 597 103,339 Expenses: Loan servicing fees and fulfillment payable to PFSI 111 41,312 37,400 — 78,823 Management fees — — — 16,027 16,027 Other 4,534 2,737 8,386 14,642 30,299 4,645 44,049 45,786 30,669 125,149 Pretax (loss) income $ (119,675 ) $ 113,580 $ 14,357 $ (30,072 ) $ (21,810 ) Total assets at end of period $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 5,133 $ — $ — $ 5,133 Net (losses) gains on investments and financings 252,684 (41,088 ) — — 211,596 Net gains on loans acquired for sale — — 80,738 — 80,738 Net interest income (expense): Interest income 1,052 23,576 55,314 1,333 81,275 Interest expense 33,439 76,452 45,619 — 155,510 (32,387 ) (52,876 ) 9,695 1,333 (74,235 ) Other 908 — 98,823 — 99,731 221,205 (88,831 ) 189,256 1,333 322,963 Expenses: Loan servicing fees and fulfillment payable to PFSI 218 38,890 114,855 — 153,963 Management fees — — — 20,362 20,362 Other 8,210 2,321 19,796 13,486 43,813 8,428 41,211 134,651 33,848 218,138 Pretax (loss) income $ 212,777 $ (130,042 ) $ 54,605 $ (32,515 ) $ 104,825 Total assets at end of period $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	6 Months Ended
	Jun. 30, 2022
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 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 COVID-19 pandemic-related forbearance but were current at the time they entered forbearance. The Agencies’ capital and liquidity amounts and requirements, are summarized below: Net worth (1) Tangible net worth / total assets ratio (1) Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (dollars in thousands) June 30, 2022 $ 1,288,085 $ 559,717 20 % 6 % $ 162,979 $ 75,714 December 31, 2021 $ 938,218 $ 557,229 12 % 6 % $ 108,536 $ 74,771 (1) Calculated in accordance with the Agencies’ requirements. Noncompliance with the Agencies’ capital and liquidity requirements can result in the Agencies taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the Agencies.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 27—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period, all agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Organization and Basis of Prese

Organization and Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2022
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”), subordinate mortgage-backed securities (“MBS”), distressed loans and real estate. • 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 MBS and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PFSI. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by the Government National Mortgage Association (“Ginnie Mae”). Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” • The corporate segment includes management fees, corporate expense amounts and certain interest income.
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash.
Accounting Change	Accounting Change Effective January 1, 2022, the Company adopted FASB 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 As a result of the adoption of ASU 2020-06, the Company reclassified approximately $50.3 million of issuance discount originally recognized in the issuance of Exchangeable senior notes Additional paid-in capital Exchangeable senior notes Accumulated deficit Interest expense
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. Fair Value Accounting Elections The Company identified all of PMT’s non-cash financial assets and MSRs to be accounted for at fair value. The Company has elected to account for these assets at fair value so such changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. The Company has also identified its Asset-backed financings at fair value Interest-only security payable at fair value
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. As discussed in Note 2 ‒ Basis of Presentation and Accounting Change ‒ Accounting Change,

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Loan fulfillment fees earned by PLS $ 20,646 $ 54,020 $ 37,400 $ 114,855 UPB of loans fulfilled by PLS $ 10,323,700 $ 30,479,292 $ 20,092,962 $ 64,241,132 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,063 $ 1,630 $ 2,359 $ 3,368 UPB of loans sold to PLS $ 10,634,209 $ 16,297,216 $ 23,381,988 $ 33,856,791 Purchases of loans acquired for sale from PLS $ 39,824 $ — $ 298,862 $ — Tax service fees paid to PLS $ 2,404 $ 7,128 $ 4,746 $ 15,320 June 30, 2022 December 31, 2021 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 305,730 $ 314,995
Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of loan servicing fees earned by PLS: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 258 $ 630 $ 522 $ 1,173 Loans at fair value 106 80 316 217 MSRs 19,971 19,305 40,585 37,718 $ 20,335 $ 20,015 $ 41,423 $ 39,108 Average investment in: Loans acquired for sale at fair value $ 1,767,327 $ 4,153,241 $ 1,946,485 $ 3,887,734 Loans at fair value $ 1,757,377 $ 110,823 $ 1,659,755 $ 123,802 Average MSR portfolio UPB $ 220,402,133 $ 191,539,208 $ 219,051,445 $ 184,477,096
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Base management $ 7,910 $ 8,648 $ 16,027 $ 17,097 Performance incentive — 3,265 — 3,265 $ 7,910 $ 11,913 $ 16,027 $ 20,362 Average shareholders' equity amounts used to calculate base management fee expense $ 2,125,557 $ 2,340,948 $ 2,168,930 $ 2,325,605
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 2,834 $ 7,804 $ 8,191 $ 9,140 Common overhead incurred by PCM and its affiliates 1,809 1,268 3,673 1,839 Compensation 165 165 330 330 $ 4,808 $ 9,237 $ 12,194 $ 11,309 Payments and settlements during the period (1) $ 29,562 $ 74,441 $ 69,326 $ 187,182 (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: Six months ended June 30, 2021 (in thousands) ESS: Received pursuant to a recapture agreement $ 557 Repayments 134,624 Interest income 1,280 Net gain included in Net (losses) gains on investments and financings: Valuation changes 1,037 Recapture income 614 $ 1,651
Summary of Financing Activities	Following is a summary of financing activities between the Company and PFSI: Six months ended June 30, 2021 (in thousands) Net repayments of assets sold under agreements to repurchase $ 80,862 Interest expense $ 387
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: June 30, 2022 December 31, 2021 (in thousands) Due from PFSI: Miscellaneous receivables $ 3,582 $ 15,953 $ 3,582 $ 15,953 Due to PFSI: Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf $ 12,053 $ 15,431 Fulfillment fees 10,511 — Management fees 7,910 8,918 Loan servicing fees 6,725 6,848 Correspondent production fees 6,035 8,894 $ 43,234 $ 40,091
Summary of Transfer Cash to PLS to Fund Loan Servicing Advances	The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs on its behalf. Such amounts are included in various balance sheet items as summarized below: Balance sheet line including advance amount June 30, 2022 December 31, 2021 (in thousands) Loan servicing advances $ 90,716 $ 204,951 Real estate acquired in settlement of loans 4,693 7,115 $ 95,409 $ 212,066

Loan Sales (Tables)

Loan Sales (Tables)	6 Months Ended
	Jun. 30, 2022
Loan Sales [Abstract]
Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales	The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Cash flows: Proceeds from sales $ 10,226,643 $ 30,181,949 $ 22,212,604 $ 63,500,106 Loan servicing fees received net of guarantee fees $ 151,149 $ 124,019 $ 298,034 $ 240,306
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes, for the dates presented, collection status information for loans whose transfers are accounted for as sales where the Company maintains continuing involvement: June 30, 2022 December 31, 2021 (in thousands) UPB of loans outstanding $ 222,381,278 $ 215,927,495 Collection status (UPB) Delinquency (1): 30-89 days delinquent $ 1,464,171 $ 1,148,542 90 or more days delinquent: Not in foreclosure $ 792,170 $ 1,726,488 In foreclosure $ 71,173 $ 36,658 Bankruptcy $ 120,493 $ 130,582 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 195,083 $ 169,654 90 days or more $ 426,388 $ 614,882 Custodial funds managed by the Company (2) $ 2,907,651 $ 3,823,527 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. (2) Custodial funds include borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, which are included in Interest income in the Company’s consolidated statements of operations.

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Variable Interest Entities [Member]	6 Months Ended
	Jun. 30, 2022
Summary of Investment in Subordinate Mortgage Backed Securities	The Company’s investments in subordinate MBS included in its consolidated VIEs are summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Interest income $ 15,736 $ 1,368 $ 28,585 $ 3,267 Interest expense $ 15,016 $ 1,996 $ 26,043 $ 2,164 June 30, 2022 December 31, 2021 (in thousands) Loans at fair value $ 1,650,504 $ 1,564,565 Asset-backed financings at fair value $ 1,548,636 $ 1,469,999 Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase $ 90,929 $ 85,266
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Investment income: Net (losses) gains on investments and financings: Derivative and CRT strips: CRT derivatives: Realized $ 9,157 $ 28,631 $ 30,358 $ 52,127 Valuation changes (14,740 ) (9,431 ) (41,789 ) 3,443 (5,583 ) 19,200 (11,431 ) 55,570 CRT strips: Realized 16,078 31,368 33,841 63,972 Valuation changes (49,738 ) 41,724 (91,496 ) 134,946 (33,660 ) 73,092 (57,655 ) 198,918 Interest-only security payable at fair value (3,112 ) 5,737 (8,892 ) (2,428 ) (42,355 ) 98,029 (77,978 ) 252,060 Interest income ‒ CRT arrangements 2,384 156 2,606 325 $ (39,971 ) $ 98,185 $ (75,372 ) $ 252,385 Net recoveries received to settle reversal of previously recognized losses on CRT arrangements $ 4,456 $ 20,212 $ 20,429 $ 33,555 June 30, 2022 December 31, 2021 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ (22,511 ) $ 18,964 CRT strips (118,333 ) (26,837 ) $ (140,844 ) $ (7,873 ) Deposits securing CRT arrangements $ 1,430,759 $ 1,704,911 Interest-only security payable at fair value $ 19,485 $ 10,593 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 324 $ 19,627 Deposits securing CRT arrangements (1) $ 1,430,759 $ 1,704,911 UPB of loans underlying CRT arrangements $ 26,327,563 $ 30,808,907 Collection status (UPB): Delinquency (2) Current $ 25,726,633 $ 29,581,803 30-89 days delinquent $ 318,681 $ 349,291 90-180 days delinquent $ 102,021 $ 120,775 180 or more days delinquent $ 157,518 $ 748,576 Foreclosure $ 22,710 $ 8,462 Bankruptcy $ 54,403 $ 64,694 Delinquent loans in COVID-19 pandemic-related forbearance plans: 30-89 days delinquent $ 44,194 $ 44,015 90-180 days delinquent $ 47,867 $ 57,815 180 or more days delinquent $ 46,861 $ 174,041 (1) Deposits securing credit risk transfer strip arrangements pledged to creditors also secure $141.2 million and $27.5 million in CRT derivative and CRT strip liabilities at June 30, 2022 and December 31, 2021, respectively . (2) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	Following is a summary of financial statement items that are measured at fair value on a recurring basis: June 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 88,818 $ — $ — $ 88,818 Mortgage-backed securities at fair value — 3,853,076 — 3,853,076 Loans acquired for sale at fair value — 1,773,289 20,376 1,793,665 Loans at fair value — 1,650,504 3,979 1,654,483 Derivative assets: Call options on interest rate futures purchase contracts 1,771 — — 1,771 Put options on interest rate futures purchase contracts 6,297 — — 6,297 Forward purchase contracts — 47,805 — 47,805 Forward sale contracts — 46,981 — 46,981 MBS put options — 2,298 — 2,298 CRT derivatives — — 324 324 Interest rate lock commitments — — 5,997 5,997 Total derivative assets before netting 8,068 97,084 6,321 111,473 Netting — — — (94,101 ) Total derivative assets after netting 8,068 97,084 6,321 17,372 Mortgage servicing rights at fair value — — 3,695,609 3,695,609 $ 96,886 $ 7,373,953 $ 3,726,285 $ 11,103,023 Liabilities: Asset-backed financings at fair value $ — $ 1,548,636 $ — $ 1,548,636 Interest-only security payable at fair value — — 19,485 19,485 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 5,833 — 5,833 Forward sales contracts — 91,997 — 91,997 CRT derivatives — — 22,835 22,835 Interest rate lock commitments — — 7,653 7,653 Total derivative liabilities before netting — 97,830 30,488 128,318 Netting — — — 31,848 Total derivative liabilities after netting — 97,830 30,488 160,166 Credit risk transfer strips — — 118,333 118,333 Total derivative and credit risk transfer strip liabilities — 97,830 148,821 278,499 $ — $ 1,646,466 $ 168,306 $ 1,846,620 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 167,999 $ — $ — $ 167,999 Mortgage-backed securities at fair value — 2,666,768 — 2,666,768 Loans acquired for sale at fair value — 4,140,896 30,129 4,171,025 Loans at fair value — 1,564,565 4,161 1,568,726 Derivative assets: Call options on interest rate futures purchase contracts 2,828 — — 2,828 Put options on interest rate futures purchase contracts 3,180 — — 3,180 Forward purchase contracts — 5,806 — 5,806 Forward sale contracts — 6,307 — 6,307 MBS put options — 3,662 — 3,662 Swaption purchase contracts — 39 — 39 CRT derivatives — — 19,627 19,627 Interest rate lock commitments — — 3,897 3,897 Total derivative assets before netting 6,008 15,814 23,524 45,346 Netting — — — (11,108 ) Total derivative assets after netting 6,008 15,814 23,524 34,238 Mortgage servicing rights at fair value — — 2,892,855 2,892,855 $ 174,007 $ 8,388,043 $ 2,950,669 $ 11,501,611 Liabilities: Asset-backed financings at fair value $ — $ 1,469,999 $ — $ 1,469,999 Interest-only security payable at fair value — — 10,593 10,593 Derivative liabilities and credit risk transfer strips: Forward purchase contracts — 3,620 — 3,620 Forward sales contracts — 13,782 — 13,782 CRT derivatives — — 663 663 Interest rate lock commitments — — 1,446 1,446 Total derivative liabilities before netting — 17,402 2,109 19,511 Netting — — — (4,142 ) Total derivative liabilities after netting — 17,402 2,109 15,369 Credit risk transfer strips — — 26,837 26,837 Total derivative and credit risk transfer strip liabilities — 17,402 28,946 42,206 $ — $ 1,487,401 $ 39,539 $ 1,522,798
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the periods presented: Quarter ended June 30, 2022 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, March 31, 2022 $ 24,325 $ 3,949 $ (8,049 ) $ (23,465 ) $ (68,595 ) $ 3,391,172 $ 3,319,337 Purchases and issuances 27,457 — — (41,539 ) — — (14,082 ) Repayments and sales (29,642 ) 24 (8,879 ) — (16,078 ) — (54,575 ) Amounts received pursuant to sales of loans — — — — — 170,658 170,658 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (1,764 ) 6 (5,583 ) (60,671 ) (33,660 ) 133,779 32,107 (1,764 ) 6 (5,583 ) (60,671 ) (33,660 ) 133,779 32,107 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 124,019 — — 124,019 Balance, June 30, 2022 $ 20,376 $ 3,979 $ (22,511 ) $ (1,656 ) $ (118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2022 $ (1,758 ) $ 67 $ (14,740 ) $ (1,656 ) $ (49,738 ) $ 133,779 $ 65,954 (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 June 30, 2022 (in thousands) Interest-only security payable: Balance, March 31, 2022 $ 16,373 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 3,112 3,112 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2022 $ 3,112 Quarter ended June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, March 31, 2021 $ 34,234 $ 7,802 $ 44,676 $ (64,858 ) $ (109,570 ) $ 2,441,214 $ 2,353,498 Purchases and issuances 14,173 — — 57,601 — — 71,774 Repayments and sales (17,789 ) (730 ) (28,638 ) — (31,368 ) — (78,525 ) Amounts received pursuant to sales of loans — — — — — 412,938 412,938 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — Other factors (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) (189 ) 130 19,200 105,573 73,092 (299,498 ) (101,692 ) Transfers: Loans from REO — 13 — — — — 13 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — (3,281 ) (3,281 ) Interest rate lock commitments to loans acquired for sale (2) — — — (68,568 ) — — (68,568 ) Balance, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the quarter relating to assets still held at June 30, 2021 $ (168 ) $ 74 $ (9,431 ) $ 29,748 $ 41,724 $ (299,498 ) $ (237,551 ) (1) For the purpose of this table, CRT derivatives, 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 June 30, 2021 (in thousands) Interest-only security payable: Balance, March 31, 2021 $ 18,922 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (5,737 ) (5,737 ) Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2021 $ (5,737 ) Six months ended June 30, 2022 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, December 31, 2021 $ 30,129 $ 4,161 $ 18,964 $ 2,451 $ (26,837 ) $ 2,892,855 $ 2,921,723 Purchases and issuances 51,562 — — (69,683 ) — — (18,121 ) Repayments and sales (59,140 ) (630 ) (30,044 ) — (33,841 ) — (123,655 ) Amounts received pursuant to sales of loans — — — — — 365,254 365,254 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (2,175 ) 448 (11,431 ) (179,470 ) (57,655 ) 437,500 187,217 (2,175 ) 448 (11,431 ) (179,470 ) (57,655 ) 437,500 187,217 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 245,046 — — 245,046 Balance, June 30, 2022 $ 20,376 $ 3,979 $ (22,511 ) $ (1,656 ) $ (118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during the period relating to assets still held at June 30, 2022 $ (2,014 ) $ 117 $ (41,789 ) $ (1,656 ) $ (91,496 ) $ 437,500 $ 300,662 (1) For the purpose of this table, CRT derivatives, 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 Six months ended June 30, 2022 (in thousands) Interest-only security payable: Balance, December 31, 2021 $ 10,593 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors 8,892 8,892 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2022 $ 8,892 Six months ended June 30, 2021 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, December 31, 2020 $ 33,875 $ 8,027 $ 131,750 $ 31,795 $ 72,386 $ (202,792 ) $ 1,755,236 $ 1,830,277 Purchases and issuances 30,071 — — — 47,897 — — 77,968 Repayments and sales (33,859 ) (1,314 ) (134,624 ) (52,127 ) — (63,972 ) — (285,896 ) Capitalization of interest — 198 1,280 — — — — 1,478 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 820,634 820,634 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — Other factors 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 342 225 1,037 55,570 (169,942 ) 198,918 (21,216 ) 64,934 Transfers: Loans from REO — 79 — — — — — 79 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — — (3,281 ) (3,281 ) Interest rate lock commitments to loans acquired for sale (2) — — — — 79,407 — — 79,407 Balance, June 30, 2021 $ 30,429 $ 7,215 $ — $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Changes in fair value recognized during the period relating to assets still held at June 30, 2021 $ 157 $ 75 $ — $ 3,443 $ 29,748 $ 134,946 $ (21,216 ) $ 147,153 (1) For the purpose of this table, CRT derivatives, IRLCs, and CRT 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 Six months ended June 30, 2021 (in thousands) Interest-only security payable: Balance, December 31, 2020 $ 10,757 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 2,428 2,428 Balance, June 30, 2021 $ 13,185 Changes in fair value recognized during the period relating to liability outstanding at June 30, 2021 $ 2,428
Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option	Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option (including loans acquired for sale, loans held in consolidated VIEs, and distressed loans): June 30, 2022 December 31, 2021 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 $ 1,791,881 $ 1,771,591 $ 20,290 $ 4,166,177 $ 4,048,967 $ 117,210 90 or more days delinquent: Not in foreclosure 1,555 1,823 (268 ) 4,848 5,801 (953 ) In foreclosure 229 300 (71 ) — — — 1,784 2,123 (339 ) 4,848 5,801 (953 ) $ 1,793,665 $ 1,773,714 $ 19,951 $ 4,171,025 $ 4,054,768 $ 116,257 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,648,513 $ 1,845,900 $ (197,387 ) $ 1,561,794 $ 1,514,575 $ 47,219 90 or more days delinquent: Not in foreclosure 1,359 1,772 (413 ) 2,141 2,722 (581 ) In foreclosure 632 809 (177 ) 630 809 (179 ) 1,991 2,581 (590 ) 2,771 3,531 (760 ) 1,650,504 1,848,481 (197,977 ) 1,564,565 1,518,106 46,459 Distressed: Current through 89 days delinquent 766 1,191 (425 ) 782 1,455 (673 ) 90 or more days delinquent: Not in foreclosure 1,164 3,389 (2,225 ) 1,181 3,824 (2,643 ) In foreclosure 2,049 4,150 (2,101 ) 2,198 5,490 (3,292 ) 3,213 7,539 (4,326 ) 3,379 9,314 (5,935 ) 3,979 8,730 (4,751 ) 4,161 10,769 (6,608 ) $ 1,654,483 $ 1,857,211 $ (202,728 ) $ 1,568,726 $ 1,528,875 $ 39,851
Summary of Changes in Fair Value Included in Current Period Income	Following are the changes in fair value included in current period results of operations by consolidated statement of operations line item for financial statement items accounted for under the fair value option: Quarter ended June 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (182,498 ) $ — $ 14,663 $ (167,835 ) Loans acquired for sale at fair value — — (153,111 ) — (153,111 ) Loans at fair value — (122,464 ) — (128 ) (122,592 ) Credit risk transfer strips — (33,660 ) — — (33,660 ) MSRs at fair value 133,779 — — — 133,779 $ 133,779 $ (338,622 ) $ (153,111 ) $ 14,535 $ (343,419 ) Liabilities: Interest-only security payable at fair value $ — $ (3,112 ) $ — $ — $ (3,112 ) Asset-backed financing of VIEs at fair value — 116,667 — 1,423 118,090 $ — $ 113,555 $ — $ 1,423 $ 114,978 Quarter ended June 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ 29,252 $ — $ (1,883 ) $ 27,369 Loans acquired for sale at fair value — — 99,339 — 99,339 Loans at fair value — (533 ) — 504 (29 ) ESS at fair value — — — — — Credit risk transfer strips — 73,092 — — 73,092 MSRs at fair value (299,498 ) — — — (299,498 ) $ (299,498 ) $ 101,811 $ 99,339 $ (1,379 ) $ (99,727 ) Liabilities: Interest-only security payable $ — $ 5,737 $ — $ — $ 5,737 Asset-backed financings at fair value — 1,582 — (1,245 ) 337 $ — $ 7,319 $ — $ (1,245 ) $ 6,074 Six months ended June 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (369,023 ) $ — $ 13,252 $ (355,771 ) Loans acquired for sale at fair value — — (380,377 ) — (380,377 ) Loans at fair value — (218,585 ) — (1,077 ) (219,662 ) Credit risk transfer strips — (57,655 ) — — (57,655 ) MSRs at fair value 437,500 — — — 437,500 $ 437,500 $ (645,263 ) $ (380,377 ) $ 12,175 $ (575,965 ) Liabilities: Interest-only security payable at fair value $ — $ (8,892 ) $ — $ — $ (8,892 ) Asset-backed financings at fair value — 205,841 — 589 206,430 $ — $ 196,949 $ — $ 589 $ 197,538 Six months ended June 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest income (expense) Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (41,865 ) $ — $ (4,406 ) $ (46,271 ) Loans acquired for sale at fair value — — (7,325 ) — (7,325 ) Loans at fair value — (2,784 ) — 1,329 (1,455 ) ESS at fair value — 1,037 — 1,280 2,317 Credit risk transfer strips — 198,918 — — 198,918 MSRs at fair value (21,216 ) — — — (21,216 ) $ (21,216 ) $ 155,306 $ (7,325 ) $ (1,797 ) $ 124,968 Liabilities: Interest-only security payable at fair value $ — $ (2,428 ) $ — $ — $ (2,428 ) Asset-backed financings at fair value — 2,483 — (456 ) 2,027 $ — $ 55 $ — $ (456 ) $ (401 )
Summary of Carrying Value of Financial Statement Items Remeasured Based on Fair Value on Nonrecurring Basis	Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2022 $ — $ — $ 1,994 $ 1,994 December 31, 2021 $ — $ — $ 5,147 $ 5,147
Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis	The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Real estate asset acquired in settlement of loans $ (204 ) $ (564 ) $ (314 ) $ (768 )
Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes	Following are the carrying and fair values of the Notes payable secured by credit risk transfer and mortgage servicing assets Exchangeable senior notes June 30, 2022 December 31, 2021 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets $ 2,741,750 $ 2,701,154 $ 2,471,961 $ 2,480,842 Exchangeable senior notes $ 544,803 $ 497,680 $ 502,459 $ 536,460
Quantitative Summary of Key Unobservable Inputs Used in Valuation of CRT Agreements	Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives: June 30, 2022 December 31, 2021 (dollars in thousands) Fair value CRT derivatives Assets $ 324 $ 19,627 Liabilities $ 22,835 $ 663 UPB of loans in reference pools $ 6,405,498 $ 7,426,288 Key inputs (1) Discount rate Range 6.0% – 9.4% 3.3% – 5.9% Weighted average 9.1% 5.7% Voluntary prepayment speed (2) Range 5.7% – 6.1% 12.6% – 13.1% Weighted average 5.8% 12.7% Involuntary prepayment speed (3) Range 0.4% – 1.1% (0.1)% – 0.8% Weighted average 0.5% 0.1% Remaining loss (recovery) expectation (4) Range 0.6% – 0.7% (0.1)% – 0.6% Weighted average 0.6% 0.1% (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 Conditional Prepayment Rate (“CPR”). (3) Involuntary prepayment speed is measured using Life Involuntary CPR. Negative involuntary prepayment speed reflects the expectation for reinstatement to the reference pool of a portion of the loans that previously triggered contractual 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 (recovery) expectation is measured as expected future contractual losses divided by the UPB of the reference loans. Negative remaining loss expectation reflects the expectation of contractual reversals of previously incurred contractual losses due to the expected re-performance of a portion of the loans that experienced delinquency while under CARES Act forbearance.
Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments	Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: June 30, 2022 December 31, 2021 Fair value (in thousands) (1) $ (1,656 ) $ 2,451 Committed amount (in thousands) $ 1,944,700 $ 2,092,129 Key inputs (2) Pull-through rate Range 62.0% – 100% 64.3% – 100% Weighted average 94.1% 91.4% MSR fair value expressed as: Servicing fee multiple Range 2.0 – 7.7 0.5 – 6.3 Weighted average 5.0 4.5 Percentage of UPB Range 0.5% – 3.0% 0.3% – 2.7% Weighted average 1.7% 1.5% (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: June 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 118,333 $ 26,837 UPB of loans in the reference pools $ 19,922,065 $ 23,382,619 Key inputs (1) Discount rate Range 4.5% – 10.3% 3.8% – 6.4% Weighted average 9.5% 6.0% Voluntary prepayment speed (2) Range 5.6% – 6.8% 14.9% – 17.6% Weighted average 5.8% 17.2% Involuntary prepayment speed (3) Range 0.3% – 1.2% 0.5% – 1.4% Weighted average 0.5% 0.6% Remaining loss expectation (4) Range 0.5% – 1.8% 0.3% – 1.1% Weighted average 0.7% 0.5% (1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using Life Voluntary CPR. (3) Involuntary prepayment speed is measured using Life Involuntary CPR. (4) Remaining loss expectation is measured as expected future losses divided by the UPB of the loans in the reference pools.
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition	Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (MSR recognized and UPB of underlying loans amounts in thousands) MSR recognized $ 170,658 $ 412,938 $ 365,254 $ 820,634 UPB of underlying loans $ 10,299,805 $ 29,585,783 $ 22,228,977 $ 62,034,674 Weighted average annual servicing fee rate (in basis points) 32 27 31 27 Key inputs (1) Prepayment speed (2) Range 6.0% – 17.7% 6.2% – 8.9% 6.0% – 17.7% 6.0% – 9.3% Weighted average 8.9% 8.0% 8.7% 7.8% Equivalent average life (in years) Range 4.2 - 8.3 3.9 - 8.7 4.0 - 8.4 3.9 – 8.9 Weighted average 8.1 8.1 8.1 8.3 Pricing spread (3) Range 5.6% – 8.9% 6.0% – 8.0% 5.6% – 8.9% 6.0% – 8.0% Weighted average 6.4% 6.8% 6.5% 7.4% Annual per-loan cost of servicing Range $80 – $80 $80 – $81 $80 – $80 $80 – $81 Weighted average $80 $80 $80 $80 (1) Weighted average inputs are based on UPB of the underlying loans. ( 2 ) Prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) Through December 31, 2021, the Company applied pricing spreads to the forward rates implied by the United States Dollar London Inter-Bank Offered Rate (“LIBOR”)/swap curve for purposes of discounting cash flows relating to MSRs. Effective January 1, 2022, the Company adopted the United States Treasury (“Treasury”) securities yield curve for purpose of discounting cash flows relating to MSRs. The change in reference rate did not have a significant effect on the Company’s estimates of 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	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: June 30, 2022 December 31, 2021 (Fair value, UPB of underlying loans and effect on fair value amounts in thousands) Fair value $ 3,695,609 $ 2,892,855 UPB of underlying loans $ 222,502,163 $ 216,065,626 Weighted average annual servicing fee rate (in basis points) 28 28 Weighted average note interest rate 3.3% 3.0% Key inputs (1) Prepayment speed (2) Range 5.8% – 17.5% 5.5% – 12.5% Weighted average 6.9% 8.2% Equivalent average life (in years) Range 3.5 – 8.9 3.5 – 9.1 Weighted average 8.6 8.1 Effect on fair value of (3): 5% adverse change $(54,269) $(59,726) 10% adverse change $(106,815) $(117,162) 20% adverse change $(207,063) $(225,672) Pricing spread (4) Range 4.9% – 8.9% 6.0% – 8.0% Weighted average 5.8% 7.2% Effect on fair value of (3): 5% adverse change $(50,211) $(39,826) 10% adverse change $(99,131) $(78,613) 20% adverse change $(193,274) $(153,220) Annual per-loan cost of servicing Range $79 – $81 $80 – $81 Weighted average $80 $80 Effect on fair value of (3): 5% adverse change $(20,144) $(17,585) 10% adverse change $(40,289) $(35,169) 20% adverse change $(80,578) $(70,338) (1) Weighted-average inputs are based on the UPB of the underlying loans. ( 2 ) Prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) These sensitivity analyses are limited in that they were performed as of a particular date; only account for the estimated effect of the movements in the indicated inputs; do not incorporate changes in those inputs in relation to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments to account for changing circumstances. For these reasons, the preceding estimates should not be viewed as earnings forecasts. (4) Through December 31, 2021, the Company applied pricing spreads to the forward rates implied by the United States Dollar LIBOR/swap curve for purposes of discounting cash flows relating to MSRs. Effective January 1, 2022, the Company adopted the Treasury securities yield curve for purpose of discounting cash flows relating to MSRs. The change in reference rate did not have a significant effect on the Company’s estimates of fair value.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Mortgage Backed Securities [Abstract]
Schedule of Investment in Mortgage Backed Securities Activity	Following is a summary of activity in the Company’s investment in MBS: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,070,330 $ 1,916,485 $ 2,666,768 $ 2,213,922 Purchases 2,099,102 423,660 2,760,876 1,682,849 Sales (1,079,826 ) — (1,079,826 ) (1,300,653 ) Repayments (68,695 ) (57,650 ) (138,971 ) (239,983 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 14,663 (1,883 ) 13,252 (4,406 ) Valuation adjustments (182,498 ) 29,252 (369,023 ) (41,865 ) (167,835 ) 27,369 (355,771 ) (46,271 ) Balance at end of period $ 3,853,076 $ 2,309,864 $ 3,853,076 $ 2,309,864
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: June 30, 2022 Principal balance Unamortized net purchase premiums (discounts) Accumulated valuation changes Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 3,930,972 $ 33,727 $ (252,538 ) $ 3,712,161 Subordinate credit-linked securities 125,620 (218 ) (8,773 ) 116,629 Senior non-Agency securities 28,911 (903 ) (3,722 ) 24,286 $ 4,085,503 $ 32,606 $ (265,033 ) $ 3,853,076 December 31, 2021 Principal balance Unamortized net purchase premiums Accumulated valuation changes Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 2,649,238 $ 82,938 $ (65,408 ) $ 2,666,768 (1) All MBS have maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase at June 30, 2022 and December 31, 2021.

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2022
Mortgage Loans On Real Estate [Abstract]
Summary of Distribution of Company's Loans Acquired for Sale at Fair Value	Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2022 December 31, 2021 (in thousands) Government-Sponsored Entity eligible (1) $ 1,464,416 $ 3,825,901 Held for sale to PLS ‒ Government insured or guaranteed (2) 305,730 314,995 Jumbo 3,143 — Home equity lines of credit 2,872 3,265 Commercial real estate — 964 Repurchased pursuant to representations and warranties 17,504 25,900 $ 1,793,665 $ 4,171,025 Loans pledged to secure: Assets sold under agreements to repurchase $ 1,657,609 $ 4,007,377 Mortgage loan participation purchase and sale agreements 83,700 52,102 $ 1,741,309 $ 4,059,479 (1) Government-Sponsored Entity eligibility refers to loans’ eligibility for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its Government-Sponsored Entity eligible loan production to or with 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)	6 Months Ended
	Jun. 30, 2022
Mortgage Loans At Fair Value [Abstract]
Summary of Distribution of Company's Loans at Fair Value	Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2022 December 31, 2021 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,593,886 $ 1,495,914 Fixed interest rate jumbo loans 56,618 68,651 1,650,504 1,564,565 Distressed loans 3,979 4,161 $ 1,654,483 $ 1,568,726 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,650,504 $ 1,564,565 Assets sold under agreements to repurchase 362 359 $ 1,650,866 $ 1,564,924 (1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2022 and December 31, 2021, $90.9 million and $85.3 million, respectively, of such retained certificates were pledged to secure Assets sold under agreements to repurchase .

Derivative and Credit Risk Tr_2

Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Derivative and Credit Risk Transfer Assets and Liabilities	Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2022 December 31, 2021 (in thousands) Derivative assets $ 17,372 $ 34,238 Derivative liabilities $ 160,166 $ 15,369 Credit risk transfer strip liabilities 118,333 26,837 $ 278,499 $ 42,206
Derivative Assets and Derivative and Credit Risk Transfer Strip Liabilities and Related Margin Deposits Recorded in Other Assets	The Company had the following derivative assets and liabilities recorded within Derivative assets Derivative and credit risk transfer strip liabilities Other June 30, 2022 December 31, 2021 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 arrangements (2): Call options on interest rate futures purchase contracts 655,000 $ 1,771 $ — 1,450,000 $ 2,828 $ — Put options on interest rate futures purchase contracts 2,000,000 6,297 — 1,775,000 3,180 — Forward purchase contracts 4,676,090 47,805 5,833 6,945,340 5,806 3,620 Forward sale contracts 11,857,731 46,981 91,997 10,466,182 6,307 13,782 MBS put options 500,000 2,298 — 3,400,000 3,662 — Swaption purchase contracts — — — 2,200,000 39 — Swap futures — — — 1,425,100 — — Bond futures 121,800 — — 181,800 — — Other derivatives not subject to master netting arrangements: CRT derivatives 6,405,498 324 22,835 7,426,288 19,627 663 Interest rate lock commitments 1,944,700 5,997 7,653 2,092,129 3,897 1,446 Total derivatives before netting 111,473 128,318 45,346 19,511 Netting (94,101 ) 31,848 (11,108 ) (4,142 ) $ 17,372 $ 160,166 $ 34,238 $ 15,369 Margin deposits received from derivative counterparties, net $ 125,950 $ 6,965 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 324 $ 19,627 (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 Derivative Assets, Financial Instruments and Collateral Held by Counterparty	The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. June 30, 2022 December 31, 2021 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 $ 324 $ — $ — $ 324 $ 19,627 $ — $ — $ 19,627 Interest rate lock commitments 5,997 — — 5,997 3,897 — — 3,897 RJ O’Brien & Associates, LLC 8,068 — — 8,068 6,008 — — 6,008 Jefferies & Company, Inc. 853 — — 853 119 — — 119 J.P. Morgan Securities LLC — — — — 2,085 — — 2,085 Bank of America, N.A. — — — — 1,958 — — 1,958 Other 2,130 — — 2,130 544 — — 544 $ 17,372 $ — $ — $ 17,372 $ 34,238 $ — $ — $ 34,238
Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty	The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. June 30, 2022 December 31, 2021 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 Financial Cash consolidated Financial Cash balance instruments collateral Net balance instruments collateral Net sheet (1) pledged amount sheet (1) pledged amount (in thousands) Interest rate lock commitments $ 7,653 $ — $ — $ 7,653 $ 1,446 $ — $ — $ 1,446 CRT derivatives 22,835 — — 22,835 663 — — 663 Bank of America, N.A. 1,194,022 (1,191,725 ) — 2,297 1,088,417 (1,088,417 ) — — J.P. Morgan Securities LLC 1,184,727 (1,178,058 ) — 6,669 726,762 (726,762 ) — — RBC Capital Markets, L.P. 756,436 (756,436 ) — — 1,293,754 (1,293,754 ) — — Barclays Capital Inc. 760,181 (752,422 ) — 7,759 1,086,104 (1,085,723 ) — 381 Credit Suisse Securities (USA) LLC 635,078 (613,966 ) — 21,112 832,610 (830,954 ) — 1,656 Daiwa Capital Markets 475,001 (474,007 ) — 994 495,973 (495,973 ) — — Amherst Pierpont Securities LLC 254,299 (254,299 ) — — 125,090 (125,090 ) — — Wells Fargo Securities, LLC 152,688 (147,590 ) — 5,098 106,088 (104,674 ) — 1,414 Citigroup Global Markets Inc. 114,511 (104,952 ) — 9,559 131,312 (129,016 ) — 2,296 Morgan Stanley & Co. LLC 133,558 (70,642 ) — 62,916 412,321 (410,413 ) — 1,908 BNP Paribas Corporate & Institutional Banking 67,904 (67,214 ) — 690 171,185 (171,185 ) — — Goldman Sachs & Co. LLC 46,732 (36,674 ) — 10,058 217,459 (212,580 ) — 4,879 Other 2,526 — — 2,526 726 — — 726 $ 5,808,151 $ (5,647,985 ) $ — $ 160,166 $ 6,689,910 $ (6,674,541 ) $ — $ 15,369
Net Gains (Losses) Recognized on Derivative Financial Instruments	Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated statement of operations line 2022 2021 2022 2021 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ 21,809 $ 94,605 $ (4,107 ) $ (42,638 ) CRT derivatives Net (losses) gains on investments and financings $ (5,583 ) $ 19,200 $ (11,431 ) $ 55,570 Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ 135,719 $ (166,100 ) $ 387,618 $ 131,376 Mortgage servicing rights Net loan servicing fees $ (78,118 ) $ 94,116 $ (241,920 ) $ (280,287 ) Fixed-rate and prepayment sensitive assets and repurchase agreements Net (losses) gains on investments and financings $ — $ 75 $ — $ 51 (1) Represents net change 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) June 30, 2022 December 31, 2021 (in thousands) Currently unrestricted $ (118,333 ) $ 5,978 To maturity — (32,815 ) $ (118,333 ) $ (26,837 ) (1) Through December 31, 2021, the terms of the agreement underlying the CRT securities restricted sales of the securities, other than under agreements to repurchase, without the approval of Fannie Mae, for specified periods from the date of issuance. The restriction on sales was removed during the quarter ended March 31, 2022.

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2022
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,391,172 $ 2,441,214 $ 2,892,855 $ 1,755,236 MSRs resulting from loan sales 170,658 412,938 365,254 820,634 Changes in fair value: Due to changes in inputs used in valuation model (1) 220,422 (229,885 ) 613,062 107,782 Other changes in fair value (2) (86,643 ) (69,613 ) (175,562 ) (128,998 ) 133,779 (299,498 ) 437,500 (21,216 ) Recombination with loans at fair value resulting from initial consolidation of a VIE (3) — (3,281 ) — (3,281 ) Balance at end of period $ 3,695,609 $ 2,551,373 $ 3,695,609 $ 2,551,373 June 30, 2022 December 31, 2021 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets $ 3,652,763 $ 2,863,544 (1) Primarily reflects changes in prepayment speed, pricing spread, servicing cost, and UPB for the underlying loans. (2) Represents changes due to realization of expected cash flows. (3) As discussed in Note 6 ‒ Variable Interest Entities – Subordinate Mortgage-Backed Securities, Loans at fair value
Summary of Net Loan Servicing Fees Relating to MSRs	Servicing fees relating to MSRs are recorded in Net loan servicing fees – From nonaffiliates Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Contractually-specified servicing fees $ 151,149 $ 124,019 $ 298,034 $ 240,306 Ancillary and other fees: Late charges 609 351 1,221 763 Other 6,570 24,551 15,072 40,384 7,179 24,902 16,293 41,147 $ 158,328 $ 148,921 $ 314,327 $ 281,453 Average MSR servicing portfolio $ 220,402,133 $ 191,539,208 $ 219,051,445 $ 184,477,096

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Other Assets [Abstract]
Summary of Other Assets	Other assets are summarized below: June 30, 2022 December 31, 2021 (in thousands) Correspondent lending receivables $ 119,856 $ 27,539 Margin deposits 82,417 193,418 Interest receivable 20,155 15,168 Real estate acquired in settlement of loans 10,747 14,382 Servicing fees receivable 9,840 16,756 Other receivables 6,490 15,299 Other 7,685 3,737 $ 257,190 $ 286,299 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 5,815 $ 7,293

Short-Term Debt (Tables)

Short-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 1.75 % 1.34 % 1.42 % 1.47 % Average balance $ 5,293,064 $ 5,733,765 $ 5,147,290 $ 5,862,480 Total interest expense $ 25,048 $ 23,282 $ 40,619 $ 51,941 Maximum daily amount outstanding $ 6,543,551 $ 7,198,610 $ 8,187,913 $ 8,440,669 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $4.4 million for the quarter and six months ended June 30, 2022, respectively, and $4.1 million and $9.2 million for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance funded under: Committed facilities $ 4,970,029 $ 5,799,975 Uncommitted facilities 677,956 874,566 5,647,985 6,674,541 Unamortized debt issuance costs (1,583 ) (2,651 ) $ 5,646,402 $ 6,671,890 Weighted average interest rate 2.24 % 1.08 % Available borrowing capacity (1): Committed $ 836,279 $ 289,436 Uncommitted 4,929,545 4,875,433 $ 5,765,824 $ 5,164,869 Margin deposits placed with counterparties included in Other $ 26,382 $ 67,997 Assets securing agreements to repurchase: Mortgage-backed securities $ 3,853,076 $ 2,666,768 Loans acquired for sale at fair value $ 1,657,609 $ 4,007,377 Loans at fair value: Certificates retained in asset-backed financings $ 90,929 $ 85,266 Distressed $ 362 $ 359 Deposits securing CRT arrangements $ 94,187 $ — Mortgage servicing rights (2) $ 1,961,726 $ 1,598,090 Servicing advances $ 41,771 $ 93,455 Real estate acquired in settlement of loans $ 5,815 $ 7,293 (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 for both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets .
Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at June 30, 2022 Unpaid principal balance (in thousands) Within 30 days $ 3,705,245 Over 30 to 90 days 926,304 Over 90 days to 180 days 756,436 Over 180 days to 1 year — Over 1 year to 2 years 260,000 $ 5,647,985 Weighted average maturity (in months) 2.3
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. $ 48,838 July 15, 2022 JPMorgan Chase & Co. $ 55,510 July 18, 2022 Barclays Capital Inc. $ 30,337 July 13, 2022 Citibank, N.A. $ 19,267 August 23, 2022 Daiwa Capital Markets America Inc. $ 20,149 July 22, 2022 Amherst Pierpont Securities LLC $ 10,521 July 25, 2022 Wells Fargo Securities, LLC $ 2,709 July 8, 2022 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 31,756 July 28, 2022
Summary of Mortgage Loan Participation Purchase and Sale Agreement	The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 2.38 % 1.36 % 2.00 % 1.38 % Average balance $ 33,908 $ 32,152 $ 34,854 $ 35,638 Total interest expense $ 232 $ 141 $ 408 $ 305 Maximum daily amount outstanding $ 81,360 $ 89,072 $ 88,633 $ 89,072 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $63,000 for the quarter and six months ended June 30, 2022, respectively, and $31,000 and $62,000 for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance $ 79,389 $ 49,988 Unamortized debt issuance costs (120 ) — $ 79,269 $ 49,988 Weighted average interest rate 2.94 % 1.48 % Loans acquired for sale pledged to secure Mortgage loan participation purchase and sale agreement $ 83,700 $ 52,102
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) Bank of America, N.A. $ 18,808 August 4, 2022 June 5, 2024 JPMorgan Chase & Co. $ 1,421 September 5, 2022 June 17, 2024 RBC Capital Markets, L.P. $ 38,492 October 16, 2022 May 10, 2023 Barclays Capital Inc. $ 2,888 September 6, 2022 November 3, 2022 Citibank, N.A. $ 13,235 September 27, 2022 April 26, 2024 Credit Suisse First Boston Mortgage Capital LLC $ 23,612 September 18, 2022 May 31, 2024 Wells Fargo Securities, LLC $ 4,835 September 10, 2022 November 17, 2023 Morgan Stanley & Co. LLC $ 6,625 September 10, 2022 January 3, 2024 BNP Paribas Corporate & Institutional Banking $ 3,313 September 3, 2022 July 31, 2023 Goldman Sachs & Co. LLC $ 1,073 September 12, 2022 December 23, 2022

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets	Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 3.84 % 3.13 % 3.49 % 3.13 % Average balance $ 2,408,122 $ 2,917,356 $ 2,423,363 $ 2,590,852 Total interest expense $ 24,413 $ 24,174 $ 44,779 $ 42,773 Maximum daily amount outstanding $ 2,833,710 $ 3,180,129 $ 3,059,637 $ 3,235,942 (1) Excludes the effect of amortization of debt issuance costs of $1.4 million and $2.9 million for the quarter and six months ended June 30, 2022, respectively, and $1.4 million and $2.5 million for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance: CRT term notes $ 895,377 $ 1,204,636 FT-1 Notes 1,105,000 800,000 Freddie Mac loan and security agreement 750,000 475,000 2,750,377 2,479,636 Unamortized debt issuance costs (8,627 ) (7,675 ) $ 2,741,750 $ 2,471,961 Weighted average interest rate 4.61 % 3.02 % Assets securing notes payable: Mortgage servicing rights (1) $ 3,652,763 $ 2,863,544 CRT Agreements: Deposits securing CRT arrangements $ 1,336,572 $ 1,704,911 Derivative assets $ 324 $ 19,627 (1) Beneficial interests in Freddie Mac MSRs are pledged as collateral for the Notes payable secured by credit risk transfer and mortgage servicing assets. Assets sold under agreements to repurchase Notes payable secured by credit risk transfer and mortgage servicing assets
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Weighted average interest rate (1) 5.62 % 7.87 % 5.73 % 7.69 % Average balance $ 544,341 $ 495,032 $ 536,986 $ 390,553 Interest expense: Coupon $ 7,631 $ 7,632 $ 15,262 $ 11,862 Amortization of: Conversion options (2) — 2,081 — 3,008 Issuance costs 703 597 1,392 982 $ 8,334 $ 10,310 $ 16,654 $ 15,852 June 30, 2022 December 31, 2021 (in thousands) Carrying value: Unpaid principal balance $ 555,000 $ 555,000 Conversion options allocated to Additional paid-in capital — (40,952 ) Unamortized debt issuance costs (10,197 ) (11,589 ) (10,197 ) (52,541 ) $ 544,803 $ 502,459 (1) Excludes the effect of amortization of debt issuance and conversion option costs. (2) As discussed in Note 2 ‒ Basis of Presentation and Accounting Change ‒ Accounting Change , the Company adopted ASU 2020‑06 effective January 1, 2022. As a result of the adoption of ASU 2020-06, the Company reclassified approximately $50.3 million of issuance discount attributable to the conversion options originally recognized in the issuance of Exchangeable senior notes from Additional paid-in capital to the carrying value of the Exchangeable senior notes and $9.4 million of previously recognized amortization of the issuance discount, as an adjustment to the Accumulated deficit effective January 1, 2022.
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 ‒ Subordinate Mortgage-Backed Securities Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (dollars in thousands) Weighted average interest rate (1) 3.31 % 3.17 % 3.30 % 3.20 % Average balance $ 1,646,941 $ 95,069 $ 1,554,290 $ 107,672 Total interest expense $ 15,016 $ 1,996 $ 26,043 $ 2,164 (1) Excludes the effect of amortization of net debt issuance cost of $1.4 million and $590,000 for the quarter and six months ended June 30, 2022, respectively, and $1.2 million and $456,000 for the quarter and six months ended June 30, 2021, respectively. June 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 1,548,636 $ 1,469,999 Unpaid principal balance $ 1,738,529 $ 1,442,379 Weighted average interest rate 3.18 % 3.18 %
Schedule of Contractual Maturities on Long Term Debt Obligations	Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2023 2024 2025 2026 2027 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,750,377 $ 1,771,223 $ 324,154 $ — $ 350,000 $ 305,000 $ — Exchangeable senior notes 555,000 — — 210,000 345,000 — — Asset-backed financings at fair value (2) 1,738,529 — — — — — 1,738,529 Interest-only security payable at fair value (2) 19,485 — — — — — 19,485 Total $ 5,063,391 $ 1,771,223 $ 324,154 $ 210,000 $ 695,000 $ 305,000 $ 1,758,014 (1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk transfer and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time.
CRT Arrangement Financing
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the CRT term notes issued: Unpaid Annual interest rate Maturity date Term notes Issuance date Issuance amount principal balance Index Spread Stated Optional extension (1) (in thousands) 2021 1R March 04, 2021 $ 659,156 $ 324,154 LIBOR 2.90% February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 244,264 LIBOR 3.81% December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 65,746 LIBOR 2.35% March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 62,078 LIBOR 2.70% October 27, 2022 October 29, 2024 2019 2R June 11, 2019 $ 638,000 199,135 LIBOR 2.75% May 29, 2023 May 29, 2025 $ 895,377 (1) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of certain of the CRT term notes under the conditions specified in the respective agreements.
Fannie Mae MSR Financing
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the term financing of the Company’s Fannie Mae MSRs: Issuance Unpaid principal Annual interest rate Maturity date FT-1 Note Issuance date amount balance Index Spread Stated Optional extension (1) (in thousands) 2022 June 28, 2022 $ 305,000 $ 305,000 SOFR (2) 4.19% June 25, 2027 (3) 2021 March 30, 2021 $ 350,000 350,000 LIBOR 3.00% March 25, 2026 March 27, 2028 2018 April 25, 2018 $ 450,000 450,000 LIBOR 2.35% April 25, 2023 April 25, 2025 $ 1,105,000 (1) 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. (2) Secured Overnight Financing Rate (“SOFR”). (3) Either June 26, 2028 or June 25, 2029.

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	6 Months Ended
	Jun. 30, 2022
Liability For Representations And Warranties [Abstract]
Summary of Company's Liability for Losses under Representations and Warranties	Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 40,225 $ 28,967 $ 40,249 $ 21,893 Provision for losses: Pursuant to loan sales 1,129 8,472 2,446 16,985 Reduction in liability due to change in estimate (1,530 ) (1,095 ) (2,695 ) (2,519 ) Losses incurred (383 ) (30 ) (559 ) (45 ) Balance, end of period $ 39,441 $ 36,314 $ 39,441 $ 36,314 UPB of loans subject to representations and warranties at end of period $ 220,982,060 $ 193,579,850

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	Commitments The following table summarizes the Company’s outstanding contractual commitments: June 30, 2022 (in thousands) Commitments to purchase loans acquired for sale $ 1,944,700 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.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Preferred Quarter Six months share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2022 2021 2022 2021 (in thousands, except dividends per share) Fixed-to-floating rate cumulative redeemable A 8.125% Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.02 $ 1.02 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 Fixed-rate cumulative redeemable C 6.75% Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ — $ 0.84 $ — 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $0.01 per share.
Summary of Common Share Repurchase Activity	The following table summarizes the Company’s common share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2022 2021 2022 2021 total (1) (in thousands) Common shares repurchased 1,927 27 3,901 27 24,498 Cost of common shares repurchased (2) $ 28,418 $ 521 $ 60,248 $ 521 $ 370,995 (1) Amounts represent the share repurchase program total from its inception in August 2015 through June 30, 2022. (2) Cumulative total cost of common shares repurchased includes $490,000 of transaction fees.

Net (Losses) Gains on Investm_2

Net (Losses) Gains on Investments and Financings (Tables)	6 Months Ended
	Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]
Summary of Net (Losses) Gains on Investments and Financings	Net (losses) gains on investments and financings are summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Mortgage-backed securities $ (182,498 ) $ 29,252 $ (369,023 ) $ (41,865 ) Loans at fair value: Held in VIEs (122,469 ) (664 ) (219,033 ) (3,009 ) Distressed 5 131 448 225 CRT arrangements (42,355 ) 98,029 (77,978 ) 252,060 Asset-backed financings at fair value 116,667 1,582 205,841 2,483 Hedging derivatives — 75 — 51 (230,650 ) 128,405 (459,745 ) 209,945 From PFSI ‒ Excess servicing spread — — — 1,651 $ (230,650 ) $ 128,405 $ (459,745 ) $ 211,596

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	6 Months Ended
	Jun. 30, 2022
Text Block [Abstract]
Schedule of Net Gains on Loans Acquired for Sale	Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Cash loss: Sales of loans $ (298,024 ) $ (222,271 ) $ (737,812 ) $ (815,060 ) Hedging activities 123,997 (292,226 ) 462,099 171,050 (174,027 ) (514,497 ) (275,713 ) (644,010 ) Non‒cash gain: Receipt of MSRs in mortgage loan sale transactions 170,658 412,938 365,254 820,634 Provision for losses relating to representations and warranties provided in loan sales: Pursuant to loans sales (1,129 ) (8,472 ) (2,446 ) (16,985 ) Reduction of liability due to change in estimate 1,530 1,095 2,695 2,519 401 (7,377 ) 249 (14,466 ) Change in fair value of loans and derivatives Interest rate lock commitments 21,809 94,605 (4,107 ) (42,638 ) Loans (23,955 ) (85,699 ) (1,937 ) (2,476 ) Hedging derivatives 11,722 126,126 (74,481 ) (39,674 ) 9,576 135,032 (80,525 ) (84,788 ) 180,635 540,593 284,978 721,380 Total from nonaffiliates 6,608 26,096 9,265 77,370 From PFSI‒cash gain 1,063 1,630 2,359 3,368 $ 7,671 $ 27,726 $ 11,624 $ 80,738

Net Interest Income (Expense) (

Net Interest Income (Expense) (Tables)	6 Months Ended
	Jun. 30, 2022
Banking And Thrift Interest [Abstract]
Summary of Net Interest Expense	Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 1,175 $ 215 $ 1,578 $ 441 Mortgage-backed securities 40,651 7,806 55,051 16,092 Loans acquired for sale at fair value 23,442 32,613 42,690 55,520 Loans at fair value: Held in consolidated variable interest entities 15,736 1,368 28,585 3,267 Distressed 14 40 188 293 Deposits securing CRT arrangements 2,384 156 2,606 325 Placement fees relating to custodial funds 7,204 1,472 10,914 4,004 Other 92 16 149 53 90,698 43,686 141,761 79,995 From PFSI ‒ Excess servicing spread — — — 1,280 90,698 43,686 141,761 81,275 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 25,048 23,282 40,619 51,941 Mortgage loan participation purchase and sale agreements 232 141 408 305 Notes payable secured by credit risk transfer and mortgage servicing assets 24,413 24,174 44,779 42,773 Exchangeable senior notes 8,334 10,310 16,654 15,852 Asset-backed financings at fair value 15,016 1,996 26,043 2,164 Interest shortfall on repayments of loans serviced for Agency securitizations 4,430 18,536 11,472 40,576 Interest on loan impound deposits 677 763 1,689 1,512 78,150 79,202 141,664 155,123 To PFSI ‒ Assets sold under agreement to repurchase — — — 387 78,150 79,202 141,664 155,510 Net interest income (expense) $ 12,548 $ (35,516 ) $ 97 $ (74,235 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Share-Based Compensation Activity	The following table summarizes the Company’s share-based compensation activity: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Grants: Restricted share units 6 4 134 105 Performance share units 52 42 151 126 58 46 285 231 Grant date fair value: Restricted share units $ 95 $ 75 $ 2,101 $ 1,992 Performance share units 799 797 2,350 2,399 $ 894 $ 872 $ 4,451 $ 4,391 Vestings: Restricted share units 1 — 79 100 Performance share units (1) — — 41 37 1 — 120 137 Forfeitures: Restricted share units — — — — Performance share units 2 — 11 — 2 — 11 — Compensation expense relating to share-based grants $ 1,142 $ 1,010 $ 2,171 $ 2,748 (1) The actual number of performance-based RSUs that vested during the six months ended June 30, 2022 was 39,001 common shares, which is 96% of the originally granted performance-based RSUs.
Summary of Restricted Share Units and Performance Share Units Expected to Vest	June 30, 2022 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 225 221 Grant date average fair value per unit $ 17.31 $ 16.90

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands except per share amounts) Net (loss) income $ (70,734 ) $ 38,092 $ (89,863 ) $ 109,695 Dividends on preferred shares (10,455 ) (6,235 ) (20,909 ) (12,469 ) Effect of participating securities ‒ (104 ) (80 ) (207 ) (169 ) Net (loss) income attributable to common shareholders $ (81,293 ) $ 31,777 $ (110,979 ) $ 97,057 Weighted average basic shares outstanding 91,963 97,927 93,048 97,910 Dilutive securities‒shares issuable under share-based compensation plan — 107 — 213 Diluted weighted average shares outstanding 91,963 98,034 93,048 98,123 Basic (loss) earnings per share $ (0.88 ) $ 0.32 $ (1.19 ) $ 0.99 Diluted (loss) earnings per share $ (0.88 ) $ 0.32 $ (1.19 ) $ 0.99
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands) Shares issuable under share-based compensation plan 78 107 181 — Shares issuable pursuant to exchange of the Exchangeable senior notes 24,328 24,328 24,328 —

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 217,313 $ — $ — $ 217,313 Net (losses) gains on investments and financings (57,811 ) (172,839 ) — — (230,650 ) Net gains on loans acquired for sale 9 — 7,662 — 7,671 Net interest income (expense): Interest income 5,919 60,895 23,393 491 90,698 Interest expense 10,428 55,154 12,101 467 78,150 (4,509 ) 5,741 11,292 24 12,548 Other (28 ) — 14,646 — 14,618 (62,339 ) 50,215 33,600 24 21,500 Expenses: Loan fulfillment and servicing fees payable to PFSI 51 20,284 20,646 — 40,981 Management fees — — — 7,910 7,910 Other 1,323 562 3,174 7,418 12,477 1,374 20,846 23,820 15,328 61,368 Pretax (loss) income $ (63,713 ) $ 29,369 $ 9,780 $ (15,304 ) $ (39,868 ) Total assets at end of quarter $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ (44,912 ) $ — $ — $ (44,912 ) Net (losses) gains on investments and financings 98,413 29,992 — — 128,405 Net gains on loans acquired for sale 1 — 27,725 — 27,726 Net interest income (expense): Interest income 401 10,056 32,519 710 43,686 Interest expense 16,177 39,141 23,884 — 79,202 (15,776 ) (29,085 ) 8,635 710 (35,516 ) Other 20 — 45,843 — 45,863 82,658 (44,005 ) 82,203 710 121,566 Expenses: Loan fulfillment and servicing fees payable to PFSI 80 19,936 54,019 — 74,035 Management fees — — — 11,913 11,913 Other 4,061 1,507 9,150 7,103 21,821 4,141 21,443 63,169 19,016 107,769 Pretax (loss) income $ 78,517 $ (65,448 ) $ 19,034 $ (18,306 ) $ 13,797 Total assets at end of quarter $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 521,491 $ — $ — $ 521,491 Net (losses) gains on investments and financings (102,716 ) (357,029 ) — — (459,745 ) Net gains on loans acquired for sale 5 — 11,619 — 11,624 Net interest income (expense): Interest income 7,977 90,006 42,573 1,205 141,761 Interest expense 20,556 96,839 23,661 608 141,664 (12,579 ) (6,833 ) 18,912 597 97 Other 260 — 29,612 — 29,872 (115,030 ) 157,629 60,143 597 103,339 Expenses: Loan servicing fees and fulfillment payable to PFSI 111 41,312 37,400 — 78,823 Management fees — — — 16,027 16,027 Other 4,534 2,737 8,386 14,642 30,299 4,645 44,049 45,786 30,669 125,149 Pretax (loss) income $ (119,675 ) $ 113,580 $ 14,357 $ (30,072 ) $ (21,810 ) Total assets at end of period $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 5,133 $ — $ — $ 5,133 Net (losses) gains on investments and financings 252,684 (41,088 ) — — 211,596 Net gains on loans acquired for sale — — 80,738 — 80,738 Net interest income (expense): Interest income 1,052 23,576 55,314 1,333 81,275 Interest expense 33,439 76,452 45,619 — 155,510 (32,387 ) (52,876 ) 9,695 1,333 (74,235 ) Other 908 — 98,823 — 99,731 221,205 (88,831 ) 189,256 1,333 322,963 Expenses: Loan servicing fees and fulfillment payable to PFSI 218 38,890 114,855 — 153,963 Management fees — — — 20,362 20,362 Other 8,210 2,321 19,796 13,486 43,813 8,428 41,211 134,651 33,848 218,138 Pretax (loss) income $ 212,777 $ (130,042 ) $ 54,605 $ (32,515 ) $ 104,825 Total assets at end of period $ 2,361,218 $ 5,374,157 $ 5,738,154 $ 124,583 $ 13,598,112

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	6 Months Ended
	Jun. 30, 2022
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Amounts and Requirements by Agencies	The Agencies’ capital and liquidity amounts and requirements, are summarized below: Net worth (1) Tangible net worth / total assets ratio (1) Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (dollars in thousands) June 30, 2022 $ 1,288,085 $ 559,717 20 % 6 % $ 162,979 $ 75,714 December 31, 2021 $ 938,218 $ 557,229 12 % 6 % $ 108,536 $ 74,771 (1) Calculated in accordance with the Agencies’ requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Segment
Accounting Policies [Abstract]
Number of business segments	4
Percentage of taxable income for distributions	90%

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Change - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021	Jun. 30, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Restricted cash	$ 0	$ 0			$ 0
Accumulated deficit	(444,602,000)	(444,602,000)		$ (256,670,000)
Accounting Standards Update 2020-06 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reclassification from additional paid-in capital to carrying value of exchangeable notes			$ 50,300,000
Decrease in interest expense	$ 1,800,000	$ 3,500,000
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accumulated deficit			$ 9,400,000

Transactions with Related Par_3

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail) - 2020 MBS Agreement [Member]	6 Months Ended
	Jun. 30, 2022 USD ($)
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months
Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of mortgage loans purchased multiplier	$ 750
Ginnie Mae Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loan servicing fees payable	0
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
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
Interest income and sourcing fee	0.02%
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
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
Interest income and sourcing fee	0.01%

Transactions with Related Par_4

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 1,793,665		$ 1,793,665		$ 4,171,025
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	20,646	$ 54,020	37,400	$ 114,855
UPB of loans fulfilled by PLS	10,323,700	30,479,292	20,092,962	64,241,132
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,063	1,630	2,359	3,368
UPB of loans sold to PLS	10,634,209	16,297,216	23,381,988	33,856,791
Purchases of loans acquired for sale from PLS	39,824	0	298,862	0
Tax service fees paid to PLS	2,404	$ 7,128	4,746	$ 15,320
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 305,730		$ 305,730		$ 314,995

Transactions with Related Par_5

Transactions with Related Parties - Loan Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2022
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months

Transactions with Related Par_6

Transactions with Related Parties - Prime Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2022 USD ($)
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]	6 Months Ended
	Jun. 30, 2022 USD ($)
Mortgage Loans On Real Estate [Line Items]
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) - 2020 MSR Recapture Agreement [Member]	6 Months Ended
	Jun. 30, 2022
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months
Mortgage loans on real estate, renewed and Extended, description	• 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%

Transactions with Related Par_9

Transactions with Related Parties - Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - PennyMac Loan Services, LLC [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,335	$ 20,015	$ 41,423	$ 39,108
Average MSR portfolio UPB	220,402,133	191,539,208	219,051,445	184,477,096
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	258	630	522	1,173
Average investment in loans acquired for sale at fair value	1,767,327	4,153,241	1,946,485	3,887,734
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	106	80	316	217
Loans at fair value	1,757,377	110,823	1,659,755	123,802
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 19,971	$ 19,305	$ 40,585	$ 37,718

Transactions with Related Pa_10

Transactions with Related Parties - Management Fees - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
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%
PMT agreed to reimburse PCM for a payment	$ 165,000
PNMAC Capital Management LLC [Member] | 1.5% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee annual rate	1.50%
PNMAC Capital Management LLC [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee annual rate	1.375%
PNMAC Capital Management LLC [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee annual rate	1.25%
PNMAC Capital Management LLC [Member] | Net income exceeds 10% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	10%
Percentage of return on equity	12%
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%
Percentage of return on equity	16%
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%
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%
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%
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%
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%
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 2,000,000,000
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 5,000,000,000
PennyMac Financial Services, Inc. [Member]
Mortgage Loans On Real Estate [Line Items]
Performance incentive fee description	The performance incentive fee is equal to the sum of: (a) 10% of the amount by which “net income” for the quarter exceeds (i) an 8% return on “equity” plus the “high watermark”, up to (ii) a 12% return on “equity”; plus (b) 15% of the amount by which “net income” for the quarter exceeds (i) a 12% return on “equity” plus the “high watermark”, up to (ii) a 16% return on “equity”; plus (c) 20% of the amount by which “net income” for the quarter exceeds a 16% return on “equity” plus the “high watermark”.

Transactions with Related Pa_11

Transactions with Related Parties - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,910	$ 11,913	$ 16,027	$ 20,362
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,910	11,913	16,027	20,362
Average shareholders' equity amounts used to calculate base management fee expense	2,125,557	2,340,948	2,168,930	2,325,605
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,910	8,648	16,027	17,097
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 3,265	$ 0	$ 3,265

Transactions with Related Pa_12

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Expenses incurred on the Company’s behalf, net		$ 2,834	$ 7,804	$ 8,191	$ 9,140
Common overhead incurred by PCM and its affiliates		1,809	1,268	3,673	1,839
Compensation		165	165	330	330
Total expenses incurred in transaction with affiliates		4,808	9,237	12,194	11,309
Payments and settlements during the period (1)	[1]	$ 29,562	$ 74,441	$ 69,326	$ 187,182
[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

Transactions with Related Pa_13

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - USD ($)	Dec. 19, 2016	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Recapture percentage loan fee rate and unpaid principal balance refinance loans	90%
Recapture percentage loan fee rate and unpaid principal balance modified loans	90%
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Number of common shares held by affiliate		75,000	75,000
Maximum [Member]
Related Party Transaction [Line Items]
Aggregate ESS transferred	$ 200,000

Transactions with Related Pa_14

Transactions with Related Parties - Summary of Investing Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
ESS:
Repayments			$ 0	$ 134,624
Interest income	$ 90,698	$ 43,686	141,761	81,275
PennyMac Financial Services, Inc. [Member]
ESS:
Received pursuant to a recapture agreement				557
Repayments				134,624
Interest income	$ 0	$ 0	$ 0	1,280
Net gain included in Net (losses) gains on investments and financings:
Valuation changes				1,037
Recapture income				614
Net (loss) gain on investments				$ 1,651

Transactions with Related Pa_15

Transactions with Related Parties - Summary of Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Interest expense	$ 78,150	$ 79,202	$ 141,664	$ 155,510
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Net repayments of assets sold under agreements to repurchase				80,862
Interest expense	$ 0	$ 0	$ 0	$ 387

Transactions with Related Pa_16

Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Due to PFSI:
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	$ 12,053	$ 15,431
PennyMac Financial Services, Inc. [Member]
Due from PFSI:
Miscellaneous receivables	3,582	15,953
Due from PennyMac Financial Services, Inc.	3,582	15,953
Due to PFSI:
Fulfillment fees	10,511	0
Management fees	7,910	8,918
Loan servicing fees	6,725	6,848
Correspondent production fees	6,035	8,894
Total expense due to affiliate	$ 43,234	$ 40,091

Transactions with Related Pa_17

Transactions with Related Parties - Summary of Transfer Cash to PLS to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Loan servicing advances	$ 90,716	$ 204,951
Real estate acquired in settlement of loans	10,747	14,382
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	90,716	204,951
Real estate acquired in settlement of loans	4,693	7,115
Servicing advances and real estate acquired	$ 95,409	$ 212,066

Loan Sales - Summary of Cash Fl

Loan Sales - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows:
Proceeds from sales	$ 10,226,643	$ 30,181,949	$ 22,212,604	$ 63,500,106
Loan servicing fees received net of guarantee fees	$ 151,149	$ 124,019	$ 298,034	$ 240,306

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 222,381,278	$ 215,927,495
Collection Status (UPB)
30-89 days delinquent	[1]	1,464,171	1,148,542
90 or more days delinquent:
Not in foreclosure		792,170	1,726,488
In foreclosure		71,173	36,658
Bankruptcy		120,493	130,582
Custodial funds managed by the Company	[2]	2,907,651	3,823,527
COVID-19 [Member]
90 or more days delinquent:
30-89 days		195,083	169,654
90 days or more		$ 426,388	$ 614,882
[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. 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) - Credit Risk Transfer Agreements [Member]	6 Months Ended
	Jun. 30, 2022
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses	3.50%
Increase to maximum percentage of outstanding unpaid principal balance	4.50%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses	4%
Increase to maximum percentage of outstanding unpaid principal balance	5%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
CRT strips:
Net investment income		$ 21,500	$ 121,566	$ 103,339	$ 322,963
Carrying value of CRT arrangements:
Interest-only security payable at fair value		19,485		19,485		$ 19,485	$ 0	$ 0	$ 0	$ 0	$ 0	$ 10,593
Variable Interest Entities [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		19,485		19,485								10,593
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member]
CRT derivatives:
Realized		9,157	28,631	30,358	52,127
Valuation changes		(14,740)	(9,431)	(41,789)	3,443
Gains (losses) recognized on gross derivative related to credit risk transactions		(5,583)	19,200	(11,431)	55,570
CRT strips:
Realized		16,078	31,368	33,841	63,972
Valuation changes		(49,738)	41,724	(91,496)	134,946
Credit risk transfer strips		(33,660)	73,092	(57,655)	198,918
Interest-only security payable at fair value		(3,112)	5,737	(8,892)	(2,428)
Gains (losses) recognized on gross derivative related to credit risk transactions		(42,355)	98,029	(77,978)	252,060
Interest income ‒ Deposits securing CRT arrangements		2,384	156	2,606	325
Net investment income		(39,971)	98,185	(75,372)	252,385
Net recoveries received to settle reversal of previously recognized losses on CRT arrangements		4,456	$ 20,212	20,429	$ 33,555
Carrying value of CRT arrangements:
CRT derivatives		(22,511)		(22,511)								18,964
CRT strips		(118,333)		(118,333)								(26,837)
Derivative and credit risk transfer strip assets		(140,844)		(140,844)								(7,873)
Deposits securing CRT arrangements		1,430,759		1,430,759								1,704,911
Interest-only security payable at fair value		19,485		19,485								10,593
Derivative assets	[1]	324		324								19,627
Derivative and credit risk transfer strip assets pledged to secure		1,430,759		1,430,759								1,704,911
UPB of loans underlying CRT arrangements		26,327,563		26,327,563								30,808,907
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		25,726,633		25,726,633								29,581,803
30-89 days delinquent		318,681		318,681								349,291
90-180 days delinquent		102,021		102,021								120,775
180 or more days delinquent		157,518		157,518								748,576
Foreclosure		22,710		22,710								8,462
Bankruptcy		54,403		54,403								64,694
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member] | COVID-19 [Member]
Collection status (UPB):
30-89 days		44,194		44,194								44,015
90-180 days delinquent		47,867		47,867								57,815
180 or more days delinquent		$ 46,861		$ 46,861								$ 174,041
[1] Deposits securing credit risk transfer strip arrangements pledged to creditors also secure $141.2 million and $27.5 million in CRT derivative and CRT strip liabilities at June 30, 2022 and December 31, 2021, respectively

Variable Interest Entities - _2

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT derivative and strip liabilities	$ 141.2	$ 27.5

Variable Interest Entities - _3

Variable Interest Entities - Summary of Investment in Subordinate Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Interest income	$ 90,698	$ 43,686	$ 141,761	$ 81,275
Interest expense	78,150	79,202	141,664	155,510
Loans at fair value ($1,650,866 and $1,564,924 pledged to creditors, respectively)	1,654,483		1,654,483		$ 1,568,726
Asset-backed financings at fair value	1,548,636		1,548,636		1,469,999
Variable Interest Entities [Member]
Loans at fair value ($1,650,866 and $1,564,924 pledged to creditors, respectively)	1,650,504		1,650,504		1,564,565
Asset-backed financings at fair value	1,548,636		1,548,636		1,469,999
Variable Interest Entities [Member] | Investment Properties [Member]
Interest income	15,736	1,368	28,585	3,267
Interest expense	15,016	$ 1,996	26,043	$ 2,164
Loans at fair value ($1,650,866 and $1,564,924 pledged to creditors, respectively)	1,650,504		1,650,504		1,564,565
Asset-backed financings at fair value	1,548,636		1,548,636		1,469,999
Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 90,929		$ 90,929		$ 85,266

Fair Value - Summary of Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets:
Short-term investments								$ 88,818		$ 167,999
Mortgage-backed securities at fair value pledged to creditors								3,853,076		2,666,768
Loans acquired for sale at fair value								1,793,665		4,171,025
Derivative assets								111,473		45,346
Derivative assets, Netting								(94,101)		(11,108)
Total derivative assets after netting								17,372		34,238
Mortgage servicing rights at fair value								3,695,609	$ 3,391,172	2,892,855	$ 2,551,373	$ 2,441,214	$ 1,755,236
Liabilities:
Asset-backed financings at fair value								1,548,636		1,469,999
Interest-only security payable at fair value		$ 19,485	$ 0	$ 0	$ 0	$ 0	$ 0	19,485		10,593
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								128,318		19,511
Derivative liabilities, Netting								31,848		(4,142)
Total derivative liabilities after netting								160,166		15,369
Total derivative and credit risk transfer strip liabilities								278,499		42,206
CRT Derivatives [Member]
Assets:
Derivative assets								324		19,627
Total derivative assets after netting								324		19,627
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								22,835		663
Swaption Purchase Contracts
Assets:
Derivative assets	[1]							0		39
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								5,997		3,897
Total derivative assets after netting								5,997		3,897
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								7,653		1,446
Forward Purchase Contracts [Member]
Assets:
Derivative assets	[1]							47,805		5,806
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								5,833		3,620
Forward Sales Contracts [Member]
Assets:
Derivative assets	[1]							46,981		6,307
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								91,997		13,782
Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets	[1]							1,771		2,828
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Put Options On Interest Rate Futures Purchase Contracts
Assets:
Derivative assets	[1]							6,297		3,180
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
MBS Put Options [Member]
Assets:
Derivative assets	[1]							2,298		3,662
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member]
Assets:
Short-term investments								88,818		167,999
Mortgage-backed securities at fair value pledged to creditors								3,853,076		2,666,768
Loans acquired for sale at fair value								1,793,665		4,171,025
Loans at fair value								1,654,483		1,568,726
Total Assets								11,103,023		11,501,611
Derivative assets								111,473		45,346
Derivative assets, Netting								(94,101)		(11,108)
Total derivative assets after netting								17,372		34,238
Mortgage servicing rights at fair value								3,695,609		2,892,855
Liabilities:
Asset-backed financings at fair value								1,548,636		1,469,999
Interest-only security payable at fair value								19,485		10,593
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								128,318		19,511
Derivative liabilities, Netting								31,848		(4,142)
Total derivative liabilities after netting								160,166		15,369
Total derivative and credit risk transfer strip liabilities								278,499		42,206
Total liabilities								1,846,620		1,522,798
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								118,333		26,837
Recurring [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								324		19,627
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								22,835		663
Recurring [Member] | Swaption Purchase Contracts
Assets:
Derivative assets										39
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments								88,818		167,999
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
Total Assets								96,886		174,007
Derivative assets								8,068		6,008
Derivative assets, Netting								0		0
Total derivative assets after netting								8,068		6,008
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings 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 strip liabilities								0		0
Total liabilities								0		0
Recurring [Member] | Level 1 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 1 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 1 [Member] | Swaption Purchase Contracts
Assets:
Derivative assets										0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value pledged to creditors								3,853,076		2,666,768
Loans acquired for sale at fair value								1,773,289		4,140,896
Loans at fair value								1,650,504		1,564,565
Total Assets								7,373,953		8,388,043
Derivative assets								97,084		15,814
Derivative assets, Netting								0		0
Total derivative assets after netting								97,084		15,814
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings at fair value								1,548,636		1,469,999
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								97,830		17,402
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								97,830		17,402
Total derivative and credit risk transfer strip liabilities								97,830		17,402
Total liabilities								1,646,466		1,487,401
Recurring [Member] | Level 2 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 2 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 2 [Member] | Swaption Purchase Contracts
Assets:
Derivative assets										39
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								20,376		30,129
Loans at fair value								3,979		4,161
Total Assets								3,726,285		2,950,669
Derivative assets								6,321		23,524
Derivative assets, Netting								0		0
Total derivative assets after netting								6,321		23,524
Mortgage servicing rights at fair value								3,695,609		2,892,855
Liabilities:
Asset-backed financings at fair value								0		0
Interest-only security payable at fair value								19,485		10,593
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								30,488		2,109
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								30,488		2,109
Total derivative and credit risk transfer strip liabilities								148,821		28,946
Total liabilities								168,306		39,539
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								118,333		26,837
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								324		19,627
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								22,835		663
Recurring [Member] | Level 3 [Member] | Swaption Purchase Contracts
Assets:
Derivative assets										0
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								5,997		3,897
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								7,653		1,446
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 3 [Member]
Assets:
Derivative assets								5,997		3,897
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								7,653		1,446
Recurring [Member] | Forward Purchase Contracts [Member]
Assets:
Derivative assets								47,805		5,806
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								5,833		3,620
Recurring [Member] | Forward Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Forward Purchase Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets								47,805		5,806
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								5,833		3,620
Recurring [Member] | Forward Purchase Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Forward Sales Contracts [Member]
Assets:
Derivative assets								46,981		6,307
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								91,997		13,782
Recurring [Member] | Forward Sales Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Forward Sales Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets								46,981		6,307
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								91,997		13,782
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets								1,771		2,828
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								1,771		2,828
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts
Assets:
Derivative assets								6,297		3,180
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Assets:
Derivative assets								6,297		3,180
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 2 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 3 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | MBS Put Options [Member]
Assets:
Derivative assets								2,298		3,662
Recurring [Member] | MBS Put Options [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | MBS Put Options [Member] | Level 2 [Member]
Assets:
Derivative assets								2,298		3,662
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Assets:
Derivative assets								$ 0		$ 0
[1]All hedging derivatives are interest rate derivatives that are used as economic hedges.

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Assets:
Amounts received pursuant to sales of loans	$ 170,658	$ 412,938	$ 365,254	$ 820,634
Transfers:
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity			0	3,281
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance			2,451
Transfers:
Ending balance	(1,656)		(1,656)
Recurring [Member]
Assets:
Purchases and issuances	(14,082)	71,774	(18,121)	77,968
Repayments and sales	(54,575)	(78,525)	(123,655)	285,896
Received pursuant to a recapture agreement				557
Amounts received pursuant to sales of loans	170,658	412,938	365,254	820,634
Repayments and sales	54,575	78,525	123,655	(285,896)
Capitalization of interest and fees				1,478
ESS received pursuant to a recapture agreement with PFSI				557
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	32,107	(101,692)	187,217	64,934
Total	32,107	(101,692)	187,217	64,934
Transfers:
Loans from REO		13		79
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		(3,281)
Transfers of interest rate lock commitments to loans acquired for sale	124,019	(68,568)	245,046	79,407
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				(3,281)
Ending balance	3,577,464	2,586,157	3,577,464	2,586,157
Changes in fair value recognized during the quarter relating to assets	65,954	(237,551)	300,662	147,153
Liabilities:
Changes in fair value recognized during the quarter relating to assets	65,954	(237,551)	300,662	147,153
Recurring [Member] | Previously Reported
Assets:
Beginning balance	3,319,337	2,353,498	2,921,723	1,830,277
Recurring [Member] | Credit Risk Transfer Derivatives
Assets:
Beginning balance	(8,049)	44,676	18,964	31,795
Purchases and issuances	0	0	0	0
Repayments and sales	(8,879)	(28,638)	(30,044)	52,127
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	8,879	28,638	30,044	(52,127)
Capitalization of interest and fees				0
ESS received pursuant to a recapture agreement with PFSI				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(5,583)	19,200	(11,431)	55,570
Total	(5,583)	19,200	(11,431)	55,570
Transfers:
Loans from REO		0		0
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				0
Ending balance	(22,511)	35,238	(22,511)	35,238
Changes in fair value recognized during the quarter relating to assets	(14,740)	(9,431)	(41,789)	3,443
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(14,740)	(9,431)	(41,789)	3,443
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(68,595)	(109,570)	(26,837)	(202,792)
Purchases and issuances	0	0	0	0
Repayments and sales	(16,078)	(31,368)	(33,841)	63,972
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	16,078	31,368	33,841	(63,972)
Capitalization of interest and fees				0
ESS received pursuant to a recapture agreement with PFSI				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(33,660)	73,092	(57,655)	198,918
Total	(33,660)	73,092	(57,655)	198,918
Transfers:
Loans from REO		0		0
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				0
Ending balance	(118,333)	(67,846)	(118,333)	(67,846)
Changes in fair value recognized during the quarter relating to assets	(49,738)	41,724	(91,496)	134,946
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(49,738)	41,724	(91,496)	134,946
Recurring [Member] | Excess servicing spread [Member]
Assets:
Beginning balance			0	131,750
Purchases and issuances			0	0
Repayments and sales			0	134,624
Received pursuant to a recapture agreement				557
Amounts received pursuant to sales of loans			0	0
Repayments and sales			0	(134,624)
Capitalization of interest and fees				1,280
ESS received pursuant to a recapture agreement with PFSI				557
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk			0	0
Other factors			0	1,037
Total			0	1,037
Transfers:
Loans from REO				0
Transfers of interest rate lock commitments to loans acquired for sale			0	0
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				0
Ending balance	0	0	0	0
Changes in fair value recognized during the quarter relating to assets			0	0
Liabilities:
Changes in fair value recognized during the quarter relating to assets			0	0
Recurring [Member] | Loans At Fair Value
Assets:
Beginning balance	3,949	7,802	4,161	8,027
Purchases and issuances	0	0	0	0
Repayments and sales	24	(730)	(630)	1,314
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	(24)	730	630	(1,314)
Capitalization of interest and fees				198
ESS received pursuant to a recapture agreement with PFSI				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	6	130	448	225
Total	6	130	448	225
Transfers:
Loans from REO		13		79
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				0
Ending balance	3,979	7,215	3,979	7,215
Changes in fair value recognized during the quarter relating to assets	67	74	117	75
Liabilities:
Changes in fair value recognized during the quarter relating to assets	67	74	117	75
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Purchases and issuances	0	0	0	0
Repayments and sales	0	0	0	0
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	170,658	412,938	365,254	820,634
Repayments and sales	0	0	0	0
Capitalization of interest and fees				0
ESS received pursuant to a recapture agreement with PFSI				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	133,779	(299,498)	437,500	(21,216)
Total	133,779	(299,498)	437,500	(21,216)
Transfers:
Loans from REO		0		0
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		(3,281)
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				(3,281)
Ending balance	3,695,609	2,551,373	3,695,609	2,551,373
Changes in fair value recognized during the quarter relating to assets	133,779	(299,498)	437,500	(21,216)
Liabilities:
Changes in fair value recognized during the quarter relating to assets	133,779	(299,498)	437,500	(21,216)
Recurring [Member] | Mortgage servicing rights [Member] | Previously Reported
Assets:
Beginning balance	3,391,172	2,441,214	2,892,855	1,755,236
Recurring [Member] | Loans Acquired For Sale
Assets:
Beginning balance	24,325	34,234	30,129	33,875
Purchases and issuances	27,457	14,173	51,562	30,071
Repayments and sales	(29,642)	(17,789)	(59,140)	33,859
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	29,642	17,789	59,140	(33,859)
Capitalization of interest and fees				0
ESS received pursuant to a recapture agreement with PFSI				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(1,764)	(189)	(2,175)	342
Total	(1,764)	(189)	(2,175)	342
Transfers:
Loans from REO		0		0
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				0
Ending balance	20,376	30,429	20,376	30,429
Changes in fair value recognized during the quarter relating to assets	(1,758)	(168)	(2,014)	157
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(1,758)	(168)	(2,014)	157
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	(23,465)	(64,858)	2,451	72,386
Purchases and issuances	(41,539)	57,601	(69,683)	47,897
Repayments and sales	0	0	0	0
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	0	0	0	0
Capitalization of interest and fees				0
ESS received pursuant to a recapture agreement with PFSI				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(60,671)	105,573	(179,470)	(169,942)
Total	(60,671)	105,573	(179,470)	(169,942)
Transfers:
Loans from REO		0		0
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Transfers of interest rate lock commitments to loans acquired for sale	124,019	(68,568)	245,046	79,407
Recombination of MSRs with loansat fair value resulting fromconsolidation of a VIE				0
Ending balance	(1,656)	29,748	(1,656)	29,748
Changes in fair value recognized during the quarter relating to assets	(1,656)	29,748	(1,656)	29,748
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(1,656)	29,748	(1,656)	29,748
Recurring [Member] | Interest-only security payable [Member]
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk\Other factors	3,112	(5,737)	8,892	2,428
Ending balance	19,485	13,185	19,485	13,185
Changes in fair value recognized during the quarter relating to liability outstanding at June 30, 2022	3,112	(5,737)	8,892	2,428
Liabilities:
Beginning balance	16,373	18,922	10,593	10,757
Recurring [Member] | Interest-only security payable [Member] | Credit Risk [Member]
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk\Other factors	0	0	0	0
Recurring [Member] | Interest-only security payable [Member] | Other Factors [Member]
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk\Other factors	$ 3,112	$ (5,737)	$ 8,892	$ 2,428

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Loans, fair value [Abstract]
Fair value	$ 1,654,483	$ 1,568,726
Fair value, Total	1,654,483	1,568,726
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,857,211	1,528,875
Loans, difference, [Abstract]
Difference	(202,728)	39,851
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,791,881	4,166,177
90 or more days delinquent, not in foreclosure	1,555	4,848
90 or more days delinquent, in foreclosure	229	0
Fair value	1,784	4,848
Fair value, Total	1,793,665	4,171,025
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,771,591	4,048,967
90 or more days delinquent, not in foreclosure	1,823	5,801
90 or more days delinquent, in foreclosure	300	0
Principal amount due upon maturity	1,773,714	4,054,768
Loans, difference, [Abstract]
Current through 89 days delinquent	20,290	117,210
90 or more days delinquent, not in foreclosure	(268)	(953)
90 or more days delinquent, in foreclosure	(71)	0
Difference	19,951	116,257
Loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	2,123	5,801
Loans, difference, [Abstract]
Difference	(339)	(953)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,648,513	1,561,794
90 or more days delinquent, not in foreclosure	1,359	2,141
90 or more days delinquent, in foreclosure	632	630
Fair value	1,650,504	1,564,565
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,845,900	1,514,575
90 or more days delinquent, not in foreclosure	1,772	2,722
90 or more days delinquent, in foreclosure	809	809
Principal amount due upon maturity	1,848,481	1,518,106
Loans, difference, [Abstract]
Current through 89 days delinquent	(197,387)	47,219
90 or more days delinquent, not in foreclosure	(413)	(581)
90 or more days delinquent, in foreclosure	(177)	(179)
Difference	(197,977)	46,459
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	1,991	2,771
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	2,581	3,531
Loans, difference, [Abstract]
Difference	(590)	(760)
Distressed Loans at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	766	782
90 or more days delinquent, not in foreclosure	1,164	1,181
90 or more days delinquent, in foreclosure	2,049	2,198
Fair value	3,979	4,161
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,191	1,455
90 or more days delinquent, not in foreclosure	3,389	3,824
90 or more days delinquent, in foreclosure	4,150	5,490
Principal amount due upon maturity	8,730	10,769
Loans, difference, [Abstract]
Current through 89 days delinquent	(425)	(673)
90 or more days delinquent, not in foreclosure	(2,225)	(2,643)
90 or more days delinquent, in foreclosure	(2,101)	(3,292)
Difference	(4,751)	(6,608)
Distressed Loans at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	3,213	3,379
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	7,539	9,314
Loans, difference, [Abstract]
Difference	$ (4,326)	$ (5,935)

Fair Value - Summary of Chang_2

Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)				$ 0
Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)				0
Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)				0
Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)				0
Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)				0
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ (33,660)	$ 73,092	$ (57,655)	198,918
Credit Risk Transfer Strips [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Credit Risk Transfer Strips [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(33,660)	73,092	(57,655)	198,918
Credit Risk Transfer Strips [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Credit Risk Transfer Strips [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(3,112)	5,737	(8,892)	(2,428)
Interest-only security payable [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(3,112)	5,737	(8,892)	(2,428)
Interest-only security payable [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-backed Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	118,090	337	206,430	2,027
Asset-backed Securities | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-backed Securities | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	116,667	1,582	205,841	2,483
Asset-backed Securities | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-backed Securities | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	1,423	(1,245)	589	(456)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	114,978	6,074	197,538	(401)
Liabilities, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Liabilities, Total [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	113,555	7,319	196,949	55
Liabilities, Total [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Liabilities, Total [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	1,423	(1,245)	589	(456)
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(167,835)	27,369	(355,771)	(46,271)
Mortgage-backed securities at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Mortgage-backed securities at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(182,498)	29,252	(369,023)	(41,865)
Mortgage-backed securities at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Mortgage-backed securities at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	14,663	(1,883)	13,252	(4,406)
Loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(153,111)	99,339	(380,377)	(7,325)
Loans acquired for sale at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans acquired for sale at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans acquired for sale at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(153,111)	99,339	(380,377)	(7,325)
Loans acquired for sale at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(122,592)	(29)	(219,662)	(1,455)
Loans at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(122,464)	(533)	(218,585)	(2,784)
Loans at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(128)	504	(1,077)	1,329
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	133,779	(299,498)	437,500	(21,216)
MSRs at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	133,779	(299,498)	437,500	(21,216)
MSRs at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
MSRs at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
MSRs at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(343,419)	(99,727)	(575,965)	124,968
Assets, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	133,779	(299,498)	437,500	(21,216)
Assets, Total [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(338,622)	101,811	(645,263)	155,306
Assets, Total [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(153,111)	99,339	(380,377)	(7,325)
Assets, Total [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 14,535	(1,379)	$ 12,175	(1,797)
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)		0		2,317
Excess servicing spread [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)		0		0
Excess servicing spread [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)		0		1,037
Excess servicing spread [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)		0		0
Excess servicing spread [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)		$ 0		$ 1,280

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Value of Assets Remeasured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 1,994	$ 5,147
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	$ 1,994	$ 5,147

Fair Value - Summary of Chang_3

Fair Value - Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	$ (204)	$ (564)	$ (314)	$ (768)

Fair Value - Carrying and Fair

Fair Value - Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
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	$ 2,741,750	$ 2,471,961
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	2,701,154	2,480,842
Exchangeable Senior Notes [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	544,803	502,459
Exchangeable Senior Notes [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 497,680	$ 536,460

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022
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%

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 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 324	$ 19,627
Fair value of CRT derivatives liabilities	22,835	663
UPB of loans in reference pools	$ 6,405,498	$ 7,426,288
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Fair Value Unobservable Inputs Discount Rate	6%	3.30%
Fair Value Inputs Involuntary Prepayment Speed	0.40%	(0.10%)
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Fair Value Unobservable Inputs Discount Rate	9.10%	5.70%
Fair Value Inputs Involuntary Prepayment Speed	0.50%	0.10%
Discount Rate [Member] | Maximum [Member]
Fair value of CRT derivatives
Fair Value Unobservable Inputs Discount Rate	9.40%	5.90%
Fair Value Inputs Involuntary Prepayment Speed	1.10%	0.80%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Fair Value Inputs Voluntary Prepayment Speed	5.70%	12.60%
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Fair Value Inputs Voluntary Prepayment Speed	5.80%	12.70%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Fair Value Inputs Voluntary Prepayment Speed	6.10%	13.10%
Remaining Loss Expectation [Member] | Minimum [Member]
Fair value of CRT derivatives
Fair Value Inputs Remaining Loss Expectation	0.60%	(0.10%)
Remaining Loss Expectation [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Fair Value Inputs Remaining Loss Expectation	0.60%	0.10%
Remaining Loss Expectation [Member] | Maximum [Member]
Fair value of CRT derivatives
Fair Value Inputs Remaining Loss Expectation	0.70%	0.60%

Fair Value - Quantitative Sum_2

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Pull-Through Rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	94.10%	91.40%
Pull-Through Rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	100%	100%
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	62%	64.30%
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%	4.50%
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	7.70%	6.30%
Servicing Fee Multiple [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	2%	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	1.70%	1.50%
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	3%	2.70%
Percentage of UPB [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	0.50%	0.30%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ (1,656)	$ 2,451
Committed amount	$ 1,944,700	$ 2,092,129

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	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 118,333	$ 26,837
UPB of loans in the reference pools	$ 19,922,065	$ 23,382,619
Minimum [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	4.50%	3.80%
Minimum [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	5.60%	14.90%
Minimum [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.30%	0.50%
Minimum [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.50%	0.30%
Maximum [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	10.30%	6.40%
Maximum [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	6.80%	17.60%
Maximum [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	1.20%	1.40%
Maximum [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	1.80%	1.10%
Weighted Average [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	9.50%	6%
Weighted Average [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	5.80%	17.20%
Weighted Average [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.50%	0.60%
Weighted Average [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.70%	0.50%

Fair Value - Key Assumptions Us

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / Loan	Jun. 30, 2021 USD ($) $ / Loan	Jun. 30, 2022 USD ($) $ / Loan	Jun. 30, 2021 USD ($) $ / Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 170,658	$ 412,938	$ 365,254	$ 820,634
Fair value, UPB of underlying loans | $	$ 10,299,805	$ 29,585,783	$ 22,228,977	$ 62,034,674
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.32%	0.27%	0.31%	0.27%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Prepayment speed during period	6%	6.20%	6%	6%
Fair Value inputs, Weighted average life during period	4 years 2 months 12 days	3 years 10 months 24 days	4 years	3 years 10 months 24 days
Fair Value inputs, Pricing spread during period	5.60%	6%	5.60%	6%
Fair Value inputs, Annual per loan cost of servicing during period	80	80	80	80
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Prepayment speed during period	17.70%	8.90%	17.70%	9.30%
Fair Value inputs, Weighted average life during period	8 years 3 months 18 days	8 years 8 months 12 days	8 years 4 months 24 days	8 years 10 months 24 days
Fair Value inputs, Pricing spread during period	8.90%	8%	8.90%	8%
Fair Value inputs, Annual per loan cost of servicing during period	80	81	80	81
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Prepayment speed during period	8.90%	8%	8.70%	7.80%
Fair Value inputs, Weighted average life during period	8 years 1 month 6 days	8 years 1 month 6 days	8 years 1 month 6 days	8 years 3 months 18 days
Fair Value inputs, Pricing spread during period	6.40%	6.80%	6.50%	7.40%
Fair Value inputs, Annual per loan cost of servicing during period	80	80	80	80

Fair Value - Quantitative Sum_3

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / Loan	Dec. 31, 2021 USD ($) $ / Loan	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights at fair value	$ 3,695,609	$ 2,892,855	$ 3,391,172	$ 2,551,373	$ 2,441,214	$ 1,755,236
UPB of underlying loans, Fair Value	$ 222,502,163	$ 216,065,626
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%
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	$ (54,269)	$ (59,726)
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	(106,815)	(117,162)
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	(207,063)	(225,672)
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	(50,211)	(39,826)
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	(99,131)	(78,613)
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	(193,274)	(153,220)
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	(20,144)	(17,585)
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	(40,289)	(35,169)
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	$ (80,578)	$ (70,338)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Prepayment speed	5.80%	5.50%
Estimated fair value inputs, Life (in years)	3 years 6 months	3 years 6 months
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	79	80
Minimum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	4.90%	6%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Prepayment speed	17.50%	12.50%
Estimated fair value inputs, Life (in years)	8 years 10 months 24 days	9 years 1 month 6 days
Estimated fair value inputs, Pricing spread	8.90%	8%
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	81	81
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Prepayment speed	6.90%	8.20%
Estimated fair value inputs, Life (in years)	8 years 7 months 6 days	8 years 1 month 6 days
Estimated fair value inputs, Annual per-loan cost of servicing | $ / Loan	80	80
Weighted Average [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	5.80%	7.20%

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mortgage Backed Securities [Line Items]
Balance at beginning of period			$ 2,666,768
Changes in fair value included in income arising from:
Balance at end of period	$ 3,853,076		3,853,076
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	3,070,330	$ 1,916,485	2,666,768	$ 2,213,922
Purchases	2,099,102	423,660	2,760,876	1,682,849
Sales	(1,079,826)	0	(1,079,826)	(1,300,653)
Repayments	(68,695)	(57,650)	(138,971)	(239,983)
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums	14,663	(1,883)	13,252	(4,406)
Valuation adjustments	(182,498)	29,252	(369,023)	(41,865)
Total changes in fair value included in income	(167,835)	27,369	(355,771)	(46,271)
Balance at end of period	$ 3,853,076	$ 2,309,864	$ 3,853,076	$ 2,309,864

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Mortgage Backed Securities [Line Items]
Fair value	$ 3,853,076	$ 2,666,768
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,085,503
Unamortized net purchase premiums (discounts)	32,606
Accumulated valuation changes	(265,033)
Fair value	3,853,076
Agency Fixed Rate Pass Through Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	3,930,972	2,649,238
Unamortized net purchase premiums (discounts)	33,727	82,938
Accumulated valuation changes	(252,538)	(65,408)
Fair value	3,712,161	$ 2,666,768
Subordinate Credit-Linked Securities | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	125,620
Unamortized net purchase premiums (discounts)	(218)
Accumulated valuation changes	(8,773)
Fair value	116,629
Senior Non-Agency Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	28,911
Unamortized net purchase premiums (discounts)	(903)
Accumulated valuation changes	(3,722)
Fair value	$ 24,286

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Minimum [Member]
Mortgage Backed Securities [Line Items]
Mortgage backed securities, maturity period	10 years	10 years

Loans Acquired for Sale at Fa_3

Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Loans Acquired for Sale at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 1,793,665	$ 4,171,025
Loans pledged to secure total		1,741,309	4,059,479
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		1,657,609	4,007,377
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		305,730	314,995
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		83,700	52,102
Government-Sponsored Entity Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	[1]	1,464,416	3,825,901
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	[2]	305,730	314,995
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		3,143	0
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		2,872	3,265
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		0	964
Repurchased Pursuant to Representations and Warranties [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 17,504	$ 25,900
[1]Government-Sponsored Entity eligibility refers to loans’ eligibility for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its Government-Sponsored Entity eligible loan production to or with 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 –

Loans at Fair Value - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment [Line Items]
Fair value	$ 1,654,483	$ 1,568,726
Asset-backed financings at fair value (1)	1,650,504	1,564,565
Loans at fair value pledged to secure	1,650,866	1,564,924
Loans in VIEs [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,650,504	1,564,565
Distressed [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	3,979	4,161
Agency-conforming loans secured by investment properties [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,593,886	1,495,914
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	56,618	68,651
Loans acquired for sale at fair value [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,793,665	4,171,025
Assets sold under agreements to repurchase	$ 362	$ 359

Loans at Fair Value - Summary_2

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Mortgage Loans At Fair Value [Abstract]
Certificates retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 90.9	$ 85.3

Derivative and Credit Risk Tr_3

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative and Credit Risk Transfer Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 17,372	$ 34,238
Derivative liabilities	160,166	15,369
Credit risk transfer strip liabilities	118,333	26,837
Total derivative and credit risk transfer strip liabilities	$ 278,499	$ 42,206

Derivative and Credit Risk Tr_4

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets (Detail) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Notional amount	[1]	$ 0	$ 0
Total derivatives assets before netting		111,473,000	45,346,000
Derivative assets, Netting		(94,101,000)	(11,108,000)
Total derivative assets after netting		17,372,000	34,238,000
Margin deposits received from derivative counterparties, net		125,950,000	6,965,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,741,750,000	2,471,961,000
Total derivative liabilities		128,318,000	19,511,000
Derivative liabilities, Netting		31,848,000	(4,142,000)
Total derivative liabilities after netting		160,166,000	15,369,000
Derivative assets related to CRT Derivatives [Member]
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		324,000	19,627,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	6,405,498,000	7,426,288,000
Total derivatives assets before netting		324,000	19,627,000
Total derivative assets after netting		324,000	19,627,000
Derivative assets pledged to secure:
Total derivative liabilities		22,835,000	663,000
Swaption Purchase Contracts
Derivatives Fair Value [Line Items]
Total derivatives assets before netting	[2]	0	39,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	4,676,090,000	6,945,340,000
Total derivatives assets before netting	[2]	47,805,000	5,806,000
Derivative assets pledged to secure:
Total derivative liabilities		5,833,000	3,620,000
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	11,857,731,000	10,466,182,000
Total derivatives assets before netting	[2]	46,981,000	6,307,000
Derivative assets pledged to secure:
Total derivative liabilities		91,997,000	13,782,000
Swaption Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	0	2,200,000,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	1,944,700,000	2,092,129,000
Total derivatives assets before netting		5,997,000	3,897,000
Total derivative assets after netting		5,997,000	3,897,000
Derivative assets pledged to secure:
Total derivative liabilities		7,653,000	1,446,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	655,000,000	1,450,000,000
Total derivatives assets before netting	[2]	1,771,000	2,828,000
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]	2,000,000,000	1,775,000,000
Total derivatives assets before netting	[2]	6,297,000	3,180,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	500,000,000	3,400,000,000
Total derivatives assets before netting	[2]	2,298,000	3,662,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	0	1,425,100,000
Total derivatives assets 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]	121,800,000	181,800,000
Total derivatives assets 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 Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 17,372	$ 34,238
Financial instruments	0	0
Cash collateral received	0	0
Net amount	17,372	34,238
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	324	19,627
Financial instruments	0	0
Cash collateral received	0	0
Net amount	324	19,627
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	5,997	3,897
Financial instruments	0	0
Cash collateral received	0	0
Net amount	5,997	3,897
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	8,068	6,008
Financial instruments	0	0
Cash collateral received	0	0
Net amount	8,068	6,008
Jefferies & Company, Inc.
Offsetting Assets [Line Items]
Total derivative assets after netting	853	119
Financial instruments	0	0
Cash collateral received	0	0
Net amount	853	119
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	2,085
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	2,085
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	1,958
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	1,958
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,130	544
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 2,130	$ 544

Derivative and Credit Risk Tr_6

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 5,808,151	$ 6,689,910
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(5,647,985)	(6,674,541)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	160,166	15,369
CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	22,835	663
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	22,835	663
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	7,653	1,446
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	7,653	1,446
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	756,436	1,293,754
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(756,436)	(1,293,754)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
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	1,194,022	1,088,417
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,191,725)	(1,088,417)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	2,297	0
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	760,181	1,086,104
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(752,422)	(1,085,723)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	7,759	381
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	635,078	832,610
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(613,966)	(830,954)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	21,112	1,656
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	1,184,727	726,762
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,178,058)	(726,762)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	6,669	0
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	475,001	495,973
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(474,007)	(495,973)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	994	0
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	133,558	412,321
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(70,642)	(410,413)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	62,916	1,908
Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	46,732	217,459
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(36,674)	(212,580)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	10,058	4,879
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	114,511	131,312
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(104,952)	(129,016)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	9,559	2,296
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	254,299	125,090
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(254,299)	(125,090)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
BNP Paribas Corporate & Institutional Banking [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	67,904	171,185
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(67,214)	(171,185)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	690	0
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	152,688	106,088
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(147,590)	(104,674)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	5,098	1,414
Other [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	2,526	726
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	$ 2,526	$ 726

Derivative and Credit Risk Tr_7

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net gains 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	$ 21,809	$ 94,605	$ (4,107)	$ (42,638)
Fixed-rate and prepayment sensitive assets and LIBOR- indexed repurchase agreements [Member] | Net Gains Losses On Investments And Financings
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	0	75	0	51
Interest rate lock commitments and loans acquired for sale [Member] | Net gains on loans acquired for sale [Member]
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	135,719	(166,100)	387,618	131,376
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	(78,118)	94,116	(241,920)	(280,287)
CRT Derivatives [Member] | Net Gains Losses On Investments And Financings
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ (5,583)	$ 19,200	$ (11,431)	$ 55,570

Derivative and Credit Risk Tr_8

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Holdings of CRT Strips (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	$ 118,333	$ 26,837
Credit Risk Transfer Strips [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(118,333)	(26,837)
Credit Risk Transfer Strips [Member] | Currently Unrestricted [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(118,333)	5,978
Credit Risk Transfer Strips [Member] | To Maturity [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	$ 0	$ (32,815)

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 3,391,172	$ 2,441,214	$ 2,892,855	$ 1,755,236
MSRs resulting from loan sales		170,658	412,938	365,254	820,634
Due to changes in inputs used in valuation model	[1]	220,422	(229,885)	613,062	107,782
Other changes in fair value	[2]	(86,643)	(69,613)	(175,562)	(128,998)
Change in fair value, Total		133,779	(299,498)	437,500	(21,216)
Recombination with loans at fair value resulting from initial consolidation of a VIE	[3]	0	(3,281)	0	(3,281)
Balance at end of period		3,695,609	$ 2,551,373	3,695,609	$ 2,551,373
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		$ 3,652,763		$ 3,652,763		$ 2,863,544
[1]Primarily reflects changes in prepayment speed, pricing spread, servicing cost, and UPB for the underlying loans[2]Represents changes due to realization of expected cash flows[3]As discussed in Note 6 ‒ Variable Interest Entities – Subordinate Mortgage-Backed Securities, Loans at fair value

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 151,149	$ 124,019	$ 298,034	$ 240,306
Late charges	609	351	1,221	763
Other	6,570	24,551	15,072	40,384
Mortgage loan other servicing fees	7,179	24,902	16,293	41,147
Net mortgage loan servicing fees	158,328	148,921	314,327	281,453
Average MSR servicing portfolio	$ 220,402,133	$ 191,539,208	$ 219,051,445	$ 184,477,096

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Assets [Line Items]
Correspondent lending receivables	$ 119,856	$ 27,539
Margin deposits	82,417	193,418
Interest receivable	20,155	15,168
Real estate acquired in settlement of loans	10,747	14,382
Servicing fees receivable	9,840	16,756
Other receivables	6,490	15,299
Other	7,685	3,737
Other Assets	257,190	286,299
Real Estate Acquired in Settlement of Loans Pledge to Secure [Member]
Other Assets [Line Items]
Assets sold under agreements to repurchase	$ 5,815	$ 7,293

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	1.75%	1.34%	1.42%	1.47%
Average balance	$ 5,293,064,000	$ 5,733,765,000	$ 5,147,290,000	$ 5,862,480,000
Total interest expense	25,048,000	23,282,000	40,619,000	51,941,000
Maximum daily amount outstanding	6,543,551,000	$ 7,198,610,000	8,187,913,000	$ 8,440,669,000
Assets Sold Under Agreements To Repurchase	5,647,985,000		5,647,985,000		$ 6,674,541,000
Assets sold under agreements to repurchase, At year end	5,646,402,000		$ 5,646,402,000		$ 6,671,890,000
Weighted average interest rate			2.24%		1.08%
Available borrowing capacity, Committed			$ 836,279,000		$ 289,436,000
Available borrowing capacity, Uncommitted			4,929,545,000		4,875,433,000
Available borrowing capacity			5,765,824,000		5,164,869,000
Margin deposits placed with counterparties included in Other assets	26,382,000		26,382,000		67,997,000
Committed Facilities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold Under Agreements To Repurchase	4,970,029,000		4,970,029,000		5,799,975,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(1,583,000)		(1,583,000)		(2,651,000)
Uncommitted Facilities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold Under Agreements To Repurchase	677,956,000		677,956,000		874,566,000
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	3,853,076,000		3,853,076,000		2,666,768,000
Loans Acquired For Sale At Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	1,657,609,000		1,657,609,000		4,007,377,000
Loans At Fair Value | Certificates Retained In Asset Backed Financings
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	90,929,000		90,929,000		85,266,000
Loans At Fair Value | Distressed loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	362,000		362,000		359,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	41,771,000		41,771,000		93,455,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	5,815,000		5,815,000		7,293,000
Deposits securing CRT Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	94,187,000		94,187,000		0
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	$ 1,961,726,000		$ 1,961,726,000		$ 1,598,090,000

Assets Sold Under Agreements _2

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs			$ 8,115	$ 15,318
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1,900	$ 4,100	$ 4,400	$ 9,200

Assets Sold Under Agreements _3

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 5,647,985
Weighted average maturity (in months)	2 months 9 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,705,245
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	926,304
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	756,436
Over 180 Days to 1 Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	0
Over 1 Year to 2 Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 260,000

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 30,337
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	2,888
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	55,510
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	1,421
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	23,612
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	38,492
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	6,625
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	1,073
BNP Paribas Corporate & 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	3,313
Wells Fargo Securities, LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	2,709
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	4,835
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	20,149
Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	19,267
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	13,235
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	10,521
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	48,838
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	18,808
Bank of America, N.A. [Member] | Credit Risk Transfer Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 31,756

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
At period end:
Unpaid principal balance	$ 79,389		$ 79,389		$ 49,988
Mortgage loan participation purchase and sale agreements, At year end	$ 79,269		$ 79,269		49,988
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted average interest rate	2.38%	1.36%	2%	1.38%
Average balance	$ 33,908	$ 32,152	$ 34,854	$ 35,638
Total interest expense	232	141	408	305
Maximum daily amount outstanding	81,360	$ 89,072	88,633	$ 89,072
At period end:
Unamortized debt issuance costs	(120)		(120)		0
Mortgage loan participation purchase and sale agreements, At year end	79,269		$ 79,269		$ 49,988
Weighted average interest rate			2.94%		1.48%
Mortgage Loan Participation Purchase and Sale Agreement [Member] | Asset Pledged as Collateral without Right
At period end:
Loans acquired for sale pledged to secure Mortgage loan participation purchase and sale agreement	$ 83,700		$ 83,700		$ 52,102

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs			$ 8,115,000	$ 15,318,000
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	$ 63,000	$ 62,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Unpaid principal balance	$ 895,377
Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Unpaid principal balance	1,105,000
March 4, 2021 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	659,156
Unpaid principal balance	$ 324,154
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	2.90%
Maturity date, Stated	Feb. 28, 2024
Maturity date, Optional extension	Feb. 27, 2026
December 22, 2020 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 500,000
Unpaid principal balance	$ 244,264
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	3.81%
Maturity date, Stated	Dec. 28, 2022
February 14, 2020 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 65,746
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	2.35%
Maturity date, Stated	Mar. 01, 2023
Maturity date, Optional extension	Feb. 27, 2025
October 16, 2019 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 375,000
Unpaid principal balance	$ 62,078
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	2.70%
Maturity date, Stated	Oct. 27, 2022
Maturity date, Optional extension	Oct. 29, 2024
June 11, 2019 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 638,000
Unpaid principal balance	$ 199,135
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	2.75%
Maturity date, Stated	May 29, 2023
Maturity date, Optional extension	May 29, 2025
June 28, 2022 [Member] | Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Notes Issued	$ 305,000
Unpaid principal balance	$ 305,000
Annual interest rate, Index	SOFR (2)
Annual interest rate, Spread	4.19%
Maturity date, Stated	Jun. 25, 2027
Maturity date, Optional extension	Either June 26, 2028 or June 25, 2029
March 30, 2021 [Member] | Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 350,000
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	3%
Maturity date, Stated	Mar. 25, 2026
Maturity date, Optional extension	Mar. 27, 2028
April 25, 2018 [Member] | Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Notes Issued	$ 450,000
Unpaid principal balance	$ 450,000
Annual interest rate, Index	LIBOR
Annual interest rate, Spread	2.35%
Maturity date, Stated	Apr. 25, 2023
Maturity date, Optional extension	Apr. 25, 2025

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)			6 Months Ended
	Mar. 09, 2021 USD ($)	Nov. 19, 2019 USD ($)	Jun. 30, 2022 USD ($)
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
Exchangeable Senior Notes Per Note Principal Amount	$ 1,000
Percentage of interest on debt	5.50%
2024 Exchangeable Notes and 2026 Exchangeable Notes [Member]
Debt Instrument [Line Items]
Issuance of debt through private offering		$ 210,000,000
Exchangeable Senior Notes due November 1, 2024 [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument		Nov. 01, 2024
Exchangeable Senior Notes Per Note Principal Amount		$ 1,000
Percentage of interest on debt		5.50%
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 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 November 1, 2024 [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] | Maximum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes		40.101
Freddie Mac MSR Financing | Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount			$ 1,400,000,000
Maturity date of debt instrument			Jul. 29, 2022
Freddie Mac MSR Financing | SOFR [Member] | Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Annual interest rate, Margin			3.36%
PennyMac Loan Services, LLC [Member] | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 700,000,000
Extended termination date of debt instrument			May 31, 2024

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 ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Carrying value:
Balance	$ 2,741,750,000		$ 2,741,750,000		$ 2,471,961,000
Assets securing notes payable:
Derivative assets	324,000		324,000		19,627,000
Freddie Mac MSR Financing
Carrying value:
Balance	2,741,750,000		2,741,750,000		2,471,961,000
Carrying value of notes	2,750,377,000		2,750,377,000		2,479,636,000
Assets securing notes payable:
Deposits securing CRT arrangements			1,336,572,000		1,704,911,000
Mortgage servicing rights	$ 3,652,763,000		$ 3,652,763,000		2,863,544,000
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Weighted-average interest rate	3.84%	3.13%	3.49%	3.13%
Average balance	$ 2,408,122,000	$ 2,917,356,000	$ 2,423,363,000	$ 2,590,852,000
Total interest expense	24,413,000	24,174,000	44,779,000	42,773,000
Maximum daily amount outstanding	2,833,710,000	$ 3,180,129,000	3,059,637,000	$ 3,235,942,000
Carrying value:
Unamortized debt issuance costs	$ (8,627,000)		$ (8,627,000)		$ (7,675,000)
Weighted average interest rate	4.61%		4.61%		3.02%
Assets securing notes payable:
Derivative assets	$ 324,000		$ 324,000		$ 19,627,000
CRT Term Notes [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	895,377,000		895,377,000		1,204,636,000
FT1 Notes [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	1,105,000,000		1,105,000,000		800,000,000
Freddie Mac Loan and Security Agreement [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	$ 750,000,000		$ 750,000,000		$ 475,000,000

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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Short Term Debt [Line Items]
Amortization of debt issuance costs			$ 8,115	$ 15,318
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Amortization of debt issuance costs	$ 1,400	$ 1,400	$ 2,900	$ 2,500

Long-Term Debt - Summary of F_3

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
Amortization of:
Interest expense	$ 78,150	$ 79,202	$ 141,664	$ 155,510
Carrying value:
Unpaid principal balance	555,000		555,000		$ 0	$ 0	$ 345,000	$ 210,000	$ 0	$ 0	$ 555,000
Conversion option allocated to additional paid-in-capital and Unamortized debt issuance costs	(10,197)		(10,197)								(52,541)
Exchangeable senior notes	544,803		544,803								502,459
Nonaffiliates [Member]
Amortization of:
Interest expense	78,150	$ 79,202	141,664	$ 155,123
Convertible Debt [Member]
Carrying value:
Conversion options allocated to Additional paid-in capital	0		0								(40,952)
Unamortized debt issuance costs	$ (10,197)		$ (10,197)								$ (11,589)
Convertible Debt [Member] | Nonaffiliates [Member]
Short Term Debt [Line Items]
Weighted average interest rate	5.62%	7.87%	5.73%	7.69%
Average balance	$ 544,341	$ 495,032	$ 536,986	$ 390,553
Interest expense:
Coupon	7,631	7,632	15,262	11,862
Amortization of:
Conversion options	0	2,081	0	3,008
Interest expense	703	597	1,392	982
Total interest expense	$ 8,334	$ 10,310	$ 16,654	$ 15,852

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Short Term Debt [Line Items]
Amortization of debt issuance costs	$ 8,115	$ 15,318
Additional paid in capital	50,300
Exchangeable Notes [Member]
Short Term Debt [Line Items]
Amortization of debt issuance costs	$ 9,400

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
Short Term Debt [Line Items]
Asset-backed financings at fair value	$ 1,548,636		$ 1,548,636								$ 1,469,999
Unpaid principal balance	1,738,529		1,738,529		$ 1,738,529	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financings at fair value	1,548,636		1,548,636								1,469,999
Asset-backed Securities | Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financings at fair value	1,548,636		1,548,636								1,469,999
Unpaid principal balance	$ 1,738,529		$ 1,738,529								$ 1,442,379
Asset-backed Securities | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value
Short Term Debt [Line Items]
Weighted average interest rate	3.31%	3.17%	3.30%	3.20%
Average balance	$ 1,646,941	$ 95,069	$ 1,554,290	$ 107,672
Total interest expense	$ 15,016	$ 1,996	$ 26,043	$ 2,164
Weighted average interest rate	3.18%		3.18%								3.18%

Long-Term Debt - Summary of F_6

Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Amortization of net debt issuance costs			$ 8,115,000	$ 15,318,000
Variable Interest Entities [Member] | Asset-backed Securities | Asset Backed Secured Financing Liability Fair Value
Debt Instrument [Line Items]
Amortization of net debt issuance costs	$ 1,400,000	$ 1,200,000	$ 590,000	$ 456,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 305,000	$ 350,000	$ 0	$ 324,154	$ 1,771,223	$ 2,750,377
Exchangeable senior notes	0	0	345,000	210,000	0	0	555,000	$ 555,000
Unpaid principal balance	1,738,529	0	0	0	0	0	1,738,529
Interest-only security payable at fair value	19,485	0	0	0	0	0	19,485	$ 10,593
Total	$ 1,758,014	$ 305,000	$ 695,000	$ 210,000	$ 324,154	$ 1,771,223	$ 5,063,391

Liability for Losses under Re_3

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mortgage Banking [Abstract]
Balance, beginning of period	$ 40,225	$ 28,967	$ 40,249	$ 21,893
Provision for losses:
Pursuant to loan sales	1,129	8,472	2,446	16,985
Reduction in liability due to change in estimate	(1,530)	(1,095)	(2,695)	(2,519)
Losses incurred	(383)	(30)	(559)	(45)
Balance, end of period	39,441	36,314	39,441	36,314
UPB of loans subject to representations and warranties at end of period	$ 220,982,060	$ 193,579,850	$ 220,982,060	$ 193,579,850

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 1,944,700

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Class Of Stock [Line Items]
Preferred stock, shares issued	22,400,000		22,400,000		22,400,000
Liquidation preference	$ 560,000		$ 560,000
Issuance discount	18,518		18,518
Carrying value	$ 541,482		$ 541,482		$ 541,482
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued	4,600,000		4,600,000
Liquidation preference	$ 115,000		$ 115,000
Issuance discount	3,828		3,828
Carrying value	$ 111,172		$ 111,172
Dividends per share	$ 0.51	$ 0.51	$ 1.02	$ 1.02
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued	7,800,000		7,800,000
Liquidation preference	$ 195,000		$ 195,000
Issuance discount	6,465		6,465
Carrying value	$ 188,535		$ 188,535
Dividends per share	$ 0.50	0.50	$ 1	1
6.75% Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued	10,000,000		10,000,000
Liquidation preference	$ 250,000		$ 250,000
Issuance discount	8,225		8,225
Carrying value	$ 241,775		$ 241,775
Dividends per share	$ 0.42	$ 0	$ 0.84	$ 0

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	1 Months Ended		3 Months Ended	6 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2022	Dec. 31, 2021
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%
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	6 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2022	Jun. 11, 2021	Mar. 31, 2019	Aug. 31, 2015
Schedule Of Capitalization Equity [Line Items]
Common stock shares Repurchase authorized amount					$ 400,000,000		$ 300,000,000
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%
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%
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
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

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Common Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Common shares repurchased	1,927	27	3,901	27
Cumulative shares repurchased	24,498		24,498
Cost of common shares repurchased	$ 28,418	$ 521	$ 60,248	$ 521
Cumulative cost of shares repurchased	$ 370,995		$ 370,995

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
Equity [Abstract]
Transaction fees	$ 490,000

Net (Losses) Gains on Investm_3

Net (Losses) Gains on Investments and Financings - Summary of Net (Losses) Gains on Investments and Financings (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	$ 180,635	$ 540,593	$ 284,978	$ 721,380
Asset-backed financings at fair value	116,667	1,582	205,841	2,483
Net (losses) gains on investments and financings:	(230,650)	128,405	(459,745)	211,596
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	(182,498)	29,252	(369,023)	(41,865)
CRT arrangements	(42,355)	98,029	(77,978)	252,060
Hedging derivatives	0	75	0	51
Net (losses) gains on investments and financings:	(230,650)	128,405	(459,745)	209,945
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 (losses) gains on investments and financings:	0	0	0	1,651
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	(122,469)	(664)	(219,033)	(3,009)
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	$ 5	$ 131	$ 448	$ 225

Net Gains on Loans Acquired f_3

Net Gains on Loans Acquired for Sale - Summary of Net Gains on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash loss:
Sales of loans	$ (298,024)	$ (222,271)	$ (737,812)	$ (815,060)
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(1,129)	(8,472)	(2,446)	(16,985)
Change in fair value of loans and derivatives
Net cash of gain on mortgage loans acquired for sale	180,635	540,593	284,978	721,380
Net gains on loans acquired for sale	7,671	27,726	11,624	80,738
PennyMac Financial Services, Inc. [Member]
Change in fair value of loans and derivatives
Net gains on loans acquired for sale	1,063	1,630	2,359	3,368
Nonaffiliates [Member]
Cash loss:
Hedging activities	123,997	(292,226)	462,099	171,050
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(174,027)	(514,497)	(275,713)	(644,010)
Non‒cash gain:
Receipt of MSRs in mortgage loan sale transactions	170,658	412,938	365,254	820,634
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(1,129)	(8,472)	(2,446)	(16,985)
Reduction of liability due to change in estimate	1,530	1,095	2,695	2,519
Provision for losses relating to representations and warranties	401	(7,377)	249	(14,466)
Change in fair value of loans and derivatives
Interest rate lock commitments	21,809	94,605	(4,107)	(42,638)
Loans	(23,955)	(85,699)	(1,937)	(2,476)
Hedging derivatives	11,722	126,126	(74,481)	(39,674)
Total non cash portion of gain on mortgage loans acquired for sale	9,576	135,032	(80,525)	(84,788)
Net gains on loans acquired for sale	$ 6,608	$ 26,096	$ 9,265	$ 77,370

Net Interest Income (Expense) -

Net Interest Income (Expense) - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income:
Interest income	$ 90,698	$ 43,686	$ 141,761	$ 81,275
Interest income	90,698	43,686	141,761	81,275
Interest expense:
Assets sold under agreements to repurchase	25,048	23,282	40,619	51,941
Asset-backed financings at fair value	15,016	1,996	26,043	2,164
Interest expense, total	78,150	79,202	141,664	155,510
Net interest income (expense)	12,548	(35,516)	97	(74,235)
PennyMac Financial Services, Inc. [Member]
Interest income:
Interest income	0	0	0	1,280
Interest income	0	0	0	1,280
Interest expense:
Assets sold under agreements to repurchase	0	0	0	387
Nonaffiliates [Member]
Interest income:
Cash and short-term investments	1,175	215	1,578	441
Mortgage-backed securities	40,651	7,806	55,051	16,092
Loans acquired for sale at fair value	23,442	32,613	42,690	55,520
Distressed	14	40	188	293
Deposits securing CRT arrangements	2,384	156	2,606	325
Placement fees relating to custodial funds	7,204	1,472	10,914	4,004
Other	92	16	149	53
Interest income	90,698	43,686	141,761	79,995
Interest income	90,698	43,686	141,761	79,995
Interest expense:
Assets sold under agreements to repurchase	25,048	23,282	40,619	51,941
Mortgage loan participation purchase and sale agreements	232	141	408	305
Notes payable secured by credit risk transfer and mortgage servicing assets	24,413	24,174	44,779	42,773
Interest shortfall on repayments of loans serviced for Agency securitizations	4,430	18,536	11,472	40,576
Interest on loan impound deposits	677	763	1,689	1,512
Interest expense, total	78,150	79,202	141,664	155,123
Nonaffiliates [Member] | Exchangeable Senior Notes [Member]
Interest expense:
Total interest expense	8,334	10,310	16,654	15,852
Interest expense, total	703	597	1,392	982
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Held in consolidated variable interest entities	$ 15,736	$ 1,368	$ 28,585	$ 3,267

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	6 Months Ended
	Jun. 30, 2022
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	58	46	285	231
Total grant date value of share units	$ 894	$ 872	$ 4,451	$ 4,391
Total share units vested	1	0	120	137
Total share units forfeiture	2	0	11	0
Compensation expense relating to share-based grants	$ 1,142	$ 1,010	$ 2,171	$ 2,748
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	6	4	134	105
Total grant date value of share units	$ 95	$ 75	$ 2,101	$ 1,992
Total share units vested	1	0	79	100
Total share units forfeiture	0	0	0	0
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	52	42	151	126
Total grant date value of share units	$ 799	$ 797	$ 2,350	$ 2,399
Total share units vested	0	0	41	37
Total share units forfeiture	2	0	11	0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	6 Months Ended
	Jun. 30, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share vested due to exceeding performance goal	39,001
Vesting percentage	96%

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Share Units and Performance Share Units Expected to Vest (Detail) shares in Thousands	Jun. 30, 2022 $ / shares shares
Restricted Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	225
Grant date average fair value per unit | $ / shares	$ 17.31
Performance Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	221
Grant date average fair value per unit | $ / shares	$ 16.90

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Income Tax [Line Items]
Effective income tax rates	(77.40%)		(312.00%)
Income (loss) before benefit from income taxes	$ (39,868)	$ 13,797	$ (21,810)	$ 104,825
Expense (benefit) from income taxes	30,866	(24,295)	$ 68,053	(4,870)
Percentage of deduction from taxable income			20%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	147,600	(149,600)	$ 420,400	(61,500)
Expense (benefit) from income taxes	32,600	$ (24,300)	70,500	$ (4,900)
Deferred tax assets, valuation allowance	$ 3,400		$ 3,400		$ 6,800

Earnings Per Common Share - Sum

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net (loss) income	$ (70,734)	$ 38,092	$ (89,863)	$ 109,695
Dividends on preferred shares	(10,455)	(6,235)	(20,909)	(12,469)
Effect of participating securities‒share-based compensation awards	(104)	(80)	(207)	(169)
Net (loss) income attributable to common shareholders	$ (81,293)	$ 31,777	$ (110,979)	$ 97,057
Weighted average basic shares outstanding	91,963	97,927	93,048	97,910
Dilutive securities‒shares issuable under share-based compensation plan	0	107	0	213
Diluted	91,963	98,034	93,048	98,123
Basic	$ (0.88)	$ 0.32	$ (1.19)	$ 0.99
Diluted	$ (0.88)	$ 0.32	$ (1.19)	$ 0.99

Earnings Per Common Share - S_2

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	78	107	181	0
Shares Issuable Pursuant to Exchange of Exchangeable Senior 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	24,328	24,328	0

Segments - Additional Informati

Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of business segments	4

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Net investment income:
Net loan servicing fees	$ 217,313	$ (44,912)	$ 521,491	$ 5,133
Net (losses) gains on investments and financings	(230,650)	128,405	(459,745)	211,596
Net gains on loans acquired for sale	7,671	27,726	11,624	80,738
Net interest income (expense):
Interest income	90,698	43,686	141,761	81,275
Interest expense	78,150	79,202	141,664	155,510
Net interest income (expense)	12,548	(35,516)	97	(74,235)
Other	14,618	45,863	29,872	99,731
Net investment income	21,500	121,566	103,339	322,963
Expenses:
Loan fulfillment and servicing fees payable to PFSI	40,981	74,035	78,823	153,963
Management fees	7,910	11,913	16,027	20,362
Other	12,477	21,821	30,299	43,813
Total expenses	61,368	107,769	125,149	218,138
Income (loss) before benefit from income taxes	(39,868)	13,797	(21,810)	104,825
Total assets at end of quarter	13,217,279	13,598,112	13,217,279	13,598,112	$ 13,772,708
Credit Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net (losses) gains on investments and financings	(57,811)	98,413	(102,716)	252,684
Net gains on loans acquired for sale	9	1	5	0
Net interest income (expense):
Interest income	5,919	401	7,977	1,052
Interest expense	10,428	16,177	20,556	33,439
Net interest income (expense)	(4,509)	(15,776)	(12,579)	(32,387)
Other	(28)	20	260	908
Net investment income	(62,339)	82,658	(115,030)	221,205
Expenses:
Loan fulfillment and servicing fees payable to PFSI	51	80	111	218
Management fees	0	0	0	0
Other	1,323	4,061	4,534	8,210
Total expenses	1,374	4,141	4,645	8,428
Income (loss) before benefit from income taxes	(63,713)	78,517	(119,675)	212,777
Total assets at end of quarter	1,663,700	2,361,218	1,663,700	2,361,218
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	217,313	(44,912)	521,491	5,133
Net (losses) gains on investments and financings	(172,839)	29,992	(357,029)	(41,088)
Net gains on loans acquired for sale	0	0	0	0
Net interest income (expense):
Interest income	60,895	10,056	90,006	23,576
Interest expense	55,154	39,141	96,839	76,452
Net interest income (expense)	5,741	(29,085)	(6,833)	(52,876)
Other	0	0	0	0
Net investment income	50,215	(44,005)	157,629	(88,831)
Expenses:
Loan fulfillment and servicing fees payable to PFSI	20,284	19,936	41,312	38,890
Management fees	0	0	0	0
Other	562	1,507	2,737	2,321
Total expenses	20,846	21,443	44,049	41,211
Income (loss) before benefit from income taxes	29,369	(65,448)	113,580	(130,042)
Total assets at end of quarter	9,146,234	5,374,157	9,146,234	5,374,157
Correspondent production [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net (losses) gains on investments and financings	0	0	0	0
Net gains on loans acquired for sale	7,662	27,725	11,619	80,738
Net interest income (expense):
Interest income	23,393	32,519	42,573	55,314
Interest expense	12,101	23,884	23,661	45,619
Net interest income (expense)	11,292	8,635	18,912	9,695
Other	14,646	45,843	29,612	98,823
Net investment income	33,600	82,203	60,143	189,256
Expenses:
Loan fulfillment and servicing fees payable to PFSI	20,646	54,019	37,400	114,855
Management fees	0	0	0	0
Other	3,174	9,150	8,386	19,796
Total expenses	23,820	63,169	45,786	134,651
Income (loss) before benefit from income taxes	9,780	19,034	14,357	54,605
Total assets at end of quarter	1,972,934	5,738,154	1,972,934	5,738,154
Corporate [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net (losses) gains on investments and financings	0	0	0	0
Net gains on loans acquired for sale	0	0	0	0
Net interest income (expense):
Interest income	491	710	1,205	1,333
Interest expense	467	0	608	0
Net interest income (expense)	24	710	597	1,333
Other	0	0	0	0
Net investment income	24	710	597	1,333
Expenses:
Loan fulfillment and servicing fees payable to PFSI	0	0	0	0
Management fees	7,910	11,913	16,027	20,362
Other	7,418	7,103	14,642	13,486
Total expenses	15,328	19,016	30,669	33,848
Income (loss) before benefit from income taxes	(15,304)	(18,306)	(30,072)	(32,515)
Total assets at end of quarter	$ 434,411	$ 124,583	$ 434,411	$ 124,583

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail)	Jun. 30, 2022 USD ($)
Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	6%
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%
Unpaid Principal Balance [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	2%
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%
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%

Regulatory Capital and Liquid_4

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Amounts and Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] $ in Thousands		Jun. 30, 2028 USD ($)	Dec. 31, 2021 USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth, Actual		$ 1,288,085	$ 938,218
Net worth, Required		$ 559,717	$ 557,229
Tangible net worth / total assets ratio, Actual		0.20	0.12
Tangible net worth / total assets ratio, Required		0.06	0.06
Liquidity, Actual	[1]	$ 162,979	$ 108,536
Liquidity, Required	[1]	$ 75,714	$ 74,771
[1]Calculated in accordance with the Agencies’ requirements.