PennyMac Mortgage Investment Trust (PMT) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,928,471
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	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash	$ 58,931	$ 58,983
Short-term investments at fair value	352,343	167,999
Mortgage-backed securities at fair value pledged to creditors	3,880,288	2,666,768
Loans acquired for sale at fair value ($2,244,860 and $4,059,479 pledged to creditors, respectively)	2,259,645	4,171,025
Loans at fair value ($1,519,154 and $1,564,924 pledged to creditors, respectively)	1,522,934	1,568,726
Derivative assets ($725 and $19,627 pledged to creditors, respectively)	74,659	34,238
Derivative assets at fair value	287,161	45,346
Deposits securing credit risk transfer arrangements pledged to creditors	1,369,236	1,704,911
Mortgage servicing rights at fair value ($3,892,617 and $2,863,544 pledged to creditors, respectively)	3,940,584	2,892,855
Servicing advances ($36,195 and $93,455 pledged to creditors, respectively)	81,399	204,951
Other ($3,706 and $7,293 pledged to creditors, respectively)	402,361	286,299
Total assets	13,945,940	13,772,708
LIABILITIES
Assets sold under agreements to repurchase	6,409,796	6,671,890
Mortgage loan participation purchase and sale agreements	16,999	49,988
Notes payable secured by credit risk transfer and mortgage servicing assets	2,829,160	2,471,961
Exchangeable senior notes	545,521	502,459
Asset-backed financing of variable interest entities at fair value	1,424,473	1,469,999
Interest-only security payable at fair value	21,186	10,593
Derivative and credit risk transfer strip liabilities at fair value	351,383	42,206
Accounts payable and accrued liabilities	98,170	96,156
Income taxes payable	160,117	9,598
Liability for losses under representations and warranties	39,498	40,249
Total liabilities	11,928,609	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, 90,094,066 and 94,897,255 common shares, respectively	901	949
Additional paid-in capital	1,960,320	2,081,757
Accumulated deficit	(485,372)	(256,670)
Total shareholders’ equity	2,017,331	2,367,518
Total liabilities and shareholders’ equity	13,945,940	13,772,708
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($1,519,154 and $1,564,924 pledged to creditors, respectively)	1,518,946	1,564,565
Derivative assets at fair value	725	19,627
Deposits securing credit risk transfer arrangements pledged to creditors	1,369,236	1,704,911
Other interest receivable	4,410	3,701
Total assets	2,893,317	3,292,804
LIABILITIES
Asset-backed financing of variable interest entities at fair value	1,424,473	1,469,999
Derivative and credit risk transfer strip liabilities at fair value	153,321	27,500
Interest-only security payable at fair value	21,186	10,593
Accounts payable and accrued liabilities interest payable	4,410	3,701
Total liabilities	1,603,390	1,511,793
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	3,560	15,953
LIABILITIES
Due to PennyMac Financial Services, Inc.	$ 32,306	$ 40,091

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loans acquired for sale at fair value, pledged to creditors	$ 2,244,860	$ 4,059,479
Loans at fair value, pledged to creditors	1,519,154	1,564,924
Derivative assets, pledged to creditors	725	19,627
Mortgage servicing rights pledged to creditors	3,892,617	2,863,544
Servicing Advances pledged to creditors	$ 36,195	$ 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	90,094,066	94,897,255
Common shares, outstanding	90,094,066	94,897,255
Real Estate Acquired in Satisfaction of Debt [Member]
Other, pledged to creditors	$ 3,706	$ 7,293

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net investment income
Contractually specified	$ 162,987	$ 137,804	$ 461,021	$ 378,110
Other	4,246	13,960	20,539	55,107
Net mortgage loan servicing fees	167,233	151,764	481,560	433,217
Change in fair value of mortgage servicing rights	66,974	(144,241)	504,474	(165,457)
Mortgage servicing rights hedging results	154,269	(73,841)	(87,651)	(354,128)
Net servicing fees from non-affiliates	390,124	(53,343)	911,615	(48,210)
Net (losses) gains on investments and financings:	(253,336)	57,306	(713,081)	268,902
Net gains on loans acquired for sale:	4,313	16,196	15,937	96,934
Loan origination fees	13,215	44,189	42,417	142,805
Interest income	109,658	58,284	251,419	139,559
Interest expense	114,080	75,489	255,744	230,999
Net interest expense	(4,422)	(17,205)	(4,325)	(91,440)
Results of real estate acquired in settlement of loans	966	540	1,195	1,352
Other	205	171	646	474
Net investment income	151,065	47,854	254,404	370,817
Expenses
Management fees	7,731	8,520	23,758	28,882
Loan origination	2,430	6,594	8,054	23,888
Professional services	2,394	949	7,671	5,070
Safekeeping	2,986	2,306	6,402	6,839
Loan collection and liquidation	690	2,126	5,118	9,958
Compensation	1,368	(383)	4,354	3,130
Other	4,433	3,773	13,001	10,293
Total expenses	60,686	88,510	185,835	306,648
Income (loss) before provision for (benefit from) income taxes	90,379	(40,656)	68,569	64,169
Provision for (benefit from) income taxes	78,466	(4,701)	146,519	(9,571)
Net income (loss)	11,913	(35,955)	(77,950)	73,740
Dividends on preferred shares	10,455	7,969	31,364	20,438
Net income (loss) attributable to common shareholders	$ 1,458	$ (43,924)	$ (109,314)	$ 53,302
Earnings (loss) per common share
Basic	$ 0.01	$ (0.45)	$ (1.19)	$ 0.54
Diluted	$ 0.01	$ (0.45)	$ (1.19)	$ 0.54
Weighted average common shares outstanding
Basic	90,594	97,501	92,221	97,772
Diluted	90,594	97,501	92,221	97,879
Nonaffiliates [Member]
Net investment income
Other	$ 4,246	$ 13,960	$ 20,539	$ 55,107
Net servicing fees from non-affiliates	388,476	(66,318)	898,383	(86,368)
Net (losses) gains on investments and financings:	(253,336)	57,306	(713,081)	267,251
Net gains on loans acquired for sale:	3,110	14,659	12,375	92,029
Interest income	109,658	58,284	251,419	138,279
Interest expense	114,080	75,489	255,744	230,612
PennyMac Financial Services, Inc. [Member]
Net investment income
From PennyMac Financial Services, Inc.	1,648	12,975	13,232	38,158
Net (losses) gains on investments and financings:	0	0	0	1,651
Net gains on loans acquired for sale:	1,203	1,537	3,562	4,905
Interest income	0	0	0	1,280
Interest expense	0	0	0	387
Expenses
Loan servicing fees	20,247	20,703	61,670	59,811
Loan fulfillment fees	18,407	43,922	55,807	158,777
Management fees	$ 7,731	$ 8,520	$ 23,758	$ 28,882

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)	73,740			$ 0			$ 0			0			73,740
Share-based compensation, Amount	1,255			$ 0			$ 0			1,255			0
Share-based compensation, Shares				0			75
Recognition of cash conversion option included in issuance of exchangeable senior notes, Amount	39,986			$ 0			$ 0			39,986			0
Issuance of preferred shares	250,000			$ 250,000			0			0			0
Issuance of shares, Shares				10,000
Issuance costs relating to preferred shares	(8,225)			$ (8,225)			0			0			0
Dividends:
Preferred shares dividends	(18,708)			0			0			0			(18,708)
Common share dividends	(137,880)			0			0			0			(137,880)
Repurchase of common shares, Amount	$ (17,700)			0			$ (9)			(17,691)			0
Repurchase of common shares, Shares	(931)						(931)
Balance, Amount at Sep. 30, 2021	$ 2,479,327			$ 541,482			$ 970			2,120,457			(183,582)
Balance, Shares at Sep. 30, 2021				22,400			97,007
Balance, Amount at Jun. 30, 2021	2,343,390			$ 299,707			$ 979			2,138,422			(95,718)
Balance, Shares at Jun. 30, 2021				12,400			97,911
Net income (loss)	(35,955)			$ 0			$ 0			0			(35,955)
Share-based compensation, Amount	(796)			$ 0			$ 0			(796)			0
Share-based compensation, Shares				0			0
Issuance of preferred shares	250,000			$ 250,000			$ 0			0			0
Issuance of shares, Shares				10,000
Issuance costs relating to preferred shares	(8,225)			$ (8,225)			0			0			0
Dividends:
Preferred shares dividends	(6,236)			0			0			0			(6,236)
Common share dividends	(45,673)			0			0			0			(45,673)
Repurchase of common shares, Amount	$ (17,178)			$ 0			$ (9)			(17,169)			0
Repurchase of common shares, Shares	(904)			0			(904)
Balance, Amount at Sep. 30, 2021	$ 2,479,327			$ 541,482			$ 970			2,120,457			(183,582)
Balance, Shares at Sep. 30, 2021				22,400			97,007
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
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
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
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)	(77,950)			$ 0			$ 0			0			(77,950)
Share-based compensation, Amount	2,608			$ 0			$ 1			2,607			0
Share-based compensation, Shares				0			85
Dividends:
Preferred shares dividends	(31,364)			$ 0			$ 0			0			(31,364)
Common share dividends	(128,782)			0			0			0			(128,782)
Repurchase of common shares, Amount	$ (73,746)			0			$ (49)			(73,697)			0
Repurchase of common shares, Shares	(4,888)						(4,888)
Balance, Amount at Sep. 30, 2022	$ 2,017,331			$ 541,482			$ 901			1,960,320			(485,372)
Balance, Shares at Sep. 30, 2022				22,400			90,094
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
Net income (loss)	11,913			$ 0			$ 0			0			11,913
Share-based compensation, Amount	959			$ 0			$ 0			959			0
Share-based compensation, Shares				0			0
Dividends:
Preferred shares dividends	(10,455)			$ 0			$ 0			0			(10,455)
Common share dividends	(42,228)			0			0			0			(42,228)
Repurchase of common shares, Amount	$ (13,498)			$ 0			$ (10)			(13,488)			0
Repurchase of common shares, Shares	(987)			0			(987)
Balance, Amount at Sep. 30, 2022	$ 2,017,331			$ 541,482			$ 901			$ 1,960,320			$ (485,372)
Balance, Shares at Sep. 30, 2022				22,400			90,094

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Deficit [Member]
Dividends declared per common share	$ 0.47	$ 0.47	$ 1.41	$ 1.41

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (77,950,000)	$ 73,740,000
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Change in fair value of mortgage servicing rights	(504,474,000)	165,457,000
Mortgage servicing rights hedging results	87,651,000	354,128,000
Net losses (gains) on investments and financings	713,081,000	(268,902,000)
Net gains on loans acquired for sale at fair value	(15,937,000)	(96,934,000)
Capitalization of interest and fees on loans at fair value	0	(251,000)
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings	(11,355,000)	6,080,000
Amortization of debt issuance costs	11,855,000	21,228,000
Results of real estate acquired in settlement of loans	(1,195,000)	(1,352,000)
Share-based compensation expense	3,130,000	1,953,000
Purchase of loans acquired for sale at fair value from nonaffiliates	(67,083,546,000)	(147,356,267,000)
Sale to nonaffiliates and repayment of loans acquired for sale at fair value	31,922,573,000	93,365,579,000
Repurchase of loans subject to representation and warranties	(72,933,000)	(49,359,000)
Decrease in servicing advances	123,552,000	5,771,000
Increase in other assets	(223,929,000)	(372,187,000)
Increase in accounts payable and accrued liabilities	4,550,000	25,971,000
Decrease in due to PennyMac Financial Services, Inc.	(7,785,000)	(37,012,000)
Increase (decrease) in income taxes payable	150,519,000	(11,683,000)
Net cash provided by (used in) operating activities	1,275,504,000	(2,714,874,000)
Cash flows from investing activities
Net (increase) decrease in short-term investments	(184,344,000)	11,165,000
Purchase of mortgage-backed securities at fair value	(3,114,891,000)	(1,932,083,000)
Sale and repayment of mortgage-backed securities at fair value	1,294,352,000	1,607,695,000
Purchase of subordinate mortgage pass-through security associated with consolidated variable interest entity	0	(19,060,000)
Repayment of loans at fair value	133,361,000	73,838,000
Settlement and repayment of excess servicing spread receivable from PennyMac Financial Services, Inc.	0	134,624,000
Net settlement of derivative financial instruments	22,840,000	(7,891,000)
Distribution from credit risk transfer arrangements	418,087,000	1,000,269,000
Sale of real estate acquired in settlement of loans	7,619,000	19,588,000
Decrease in margin deposits	80,275,000	207,294,000
Net cash (used in) provided by investing activities	(1,342,701,000)	1,095,439,000
Cash flows from financing activities
Sale of assets under agreements to repurchase	94,543,430,000	157,945,930,000
Repurchase of assets sold under agreements to repurchase	(94,807,378,000)	(157,234,576,000)
Issuance of mortgage loan participation purchase and sale agreements	3,067,648,000	3,339,846,000
Repayment of mortgage loan participation purchase and sale agreements	(3,100,550,000)	(3,311,653,000)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	713,476,000	1,972,127,000
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(355,324,000)	(1,259,997,000)
Issuance of exchangeable senior notes	0	345,000,000
Issuance of asset-backed financing at fair value	382,423,000	0
Repayment of asset-backed financings at fair value	(130,698,000)	(68,054,000)
Payment of debt issuance costs	(8,932,000)	(20,654,000)
Payment of contingent underwriting fees payable to PennyMac Financial Services, Inc.	0	(4,000)
Payment of dividends to preferred shareholders	(31,364,000)	(18,708,000)
Payment of dividends to common shareholders	(131,318,000)	(138,300,000)
Issuance of preferred shares	0	250,000,000
Payment of issuance costs related to preferred shares	(510,000)
Payment of vested share-based compensation tax withholdings	(522,000)	(698,000)
Repurchase of common shares	(73,746,000)	(17,700,000)
Net cash provided by financing activities	67,145,000	1,693,472,000
Net (decrease) increase in cash	(52,000)	74,037,000
Cash at beginning of period	58,983,000	57,704,000
Cash at end of period	58,931,000	131,741,000
(Refunds) payments, net:
Income taxes	(4,000,000)	2,112,000
Interest	244,232,000	232,705,000
Non-cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans acquired for sale at fair value	543,255,000	1,245,546,000
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.	0	557,000
Recognition of loans at fair value resulting from initial consolidation of variable interest entity	405,908,000	780,713,000
Retention of subordinate mortgage-backed security in loan securitization	23,485,000	0
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity	0	9,824,000
Unsettled purchase of subordinated mortgage pass-through securities associated with a consolidated variable interest entity	0	9,755,000
Non-cash financing activities:
Recognition of asset-backed financing resulting from initial consolidation of variable interest entity	382,423,000	780,713,000
Dividends declared, not paid	42,228,000	45,673,000
Preferred Shares [Member]
Cash flows from financing activities
Payment of issuance costs related to preferred shares	0	(8,225,000)
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	(1,280,000)
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.	(298,862,000)	0
Sale of loans acquired for sale at fair value to PennyMac Financial Services, Inc.	36,544,166,000	51,471,399,000
Decrease (increase) in due from PennyMac Financial Services, Inc.	12,393,000	(10,953,000)
Cash flows from financing activities
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase	$ 0	$ (80,862,000)

Organization

Organization	9 Months Ended
	Sep. 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 subsidiaries of PFSI. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by the Government National Mortgage Association (“Ginnie Mae”). Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” • The corporate segment includes management fees, corporate expense amounts and certain interest income. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended. To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders.

Basis of Presentation and Accou

Basis of Presentation and Accounting Change	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 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 respective 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 or 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Loan fulfillment fees earned by PLS $ 18,407 $ 43,922 $ 55,807 $ 158,777 UPB of loans fulfilled by PLS $ 10,226,513 $ 28,605,098 $ 30,319,475 $ 92,846,231 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,203 $ 1,537 $ 3,562 $ 4,905 UPB of loans sold to PLS $ 12,261,222 $ 15,249,441 $ 35,643,210 $ 49,106,232 Purchases of loans acquired for sale from PLS $ — $ — $ 298,862 $ — Tax service fees paid to PLS $ 2,192 $ 6,559 $ 6,938 $ 21,879 September 30, 2022 December 31, 2021 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 199,951 $ 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 (special servicing). 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 The base servicing fee rates for loans purchased with credit deterioration (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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 258 $ 698 $ 780 $ 1,871 Loans at fair value 111 89 427 306 MSRs 19,878 19,916 60,463 57,634 $ 20,247 $ 20,703 $ 61,670 $ 59,811 Average investment in: Loans acquired for sale at fair value $ 1,763,506 $ 4,887,993 $ 1,884,840 $ 4,224,917 Loans at fair value $ 1,659,183 $ 458,054 $ 1,655,022 $ 235,711 Average MSR portfolio UPB $ 224,756,659 $ 205,181,714 $ 220,988,459 $ 191,351,860 MSR recapture fees $ 1,648 $ 12,975 $ 13,232 $ 38,158 UPB of loans recaptured $ 284,821 $ 2,522,838 $ 2,446,282 $ 9,389,260 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Base management $ 7,731 $ 8,778 $ 23,758 $ 25,875 Performance incentive (adjustment) — (258 ) — 3,007 $ 7,731 $ 8,520 $ 23,758 $ 28,882 Average shareholders' equity amounts used to calculate base management fee expense $ 2,048,887 $ 2,350,940 $ 2,128,916 $ 2,334,050 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 and its affiliates as calculated at each fiscal quarter end. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 705 $ 4,396 $ 8,896 $ 13,536 Common overhead incurred by PCM and its affiliates 2,574 1,548 6,247 3,387 Compensation 165 165 495 495 $ 3,444 $ 6,109 $ 15,638 $ 17,418 Payments and settlements during the period (1) $ 41,509 $ 51,020 $ 110,835 $ 238,202 (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: Nine months ended September 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 September 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: Nine months ended September 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: September 30, 2022 December 31, 2021 (in thousands) Due from PFSI-Miscellaneous receivables $ 3,560 $ 15,953 Due to PFSI: Management fees $ 7,731 $ 8,918 Correspondent production fees 6,812 8,894 Loan servicing fees 6,711 6,848 Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf 5,571 15,431 Fulfillment fees 5,481 — $ 32,306 $ 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 September 30, 2022 December 31, 2021 (in thousands) Loan servicing advances $ 81,399 $ 204,951 Real estate acquired in settlement of loans 3,019 7,115 $ 84,418 $ 212,066

Loan Sales

Loan Sales	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Cash flows: Proceeds from sales $ 9,709,969 $ 29,865,473 $ 31,922,573 $ 93,365,579 Loan servicing fees received net of guarantee fees $ 162,987 $ 137,804 $ 461,021 $ 378,110 The following table summarizes, for the dates presented, collection status information for loans whose transfers are accounted for as sales where the Company maintains continuing involvement: September 30, 2022 December 31, 2021 (in thousands) UPB of loans outstanding $ 226,691,505 $ 215,927,495 Collection status (UPB) Delinquency (1): 30-89 days delinquent $ 1,540,024 $ 1,148,542 90 or more days delinquent: Not in foreclosure $ 778,826 $ 1,726,488 In foreclosure $ 66,056 $ 36,658 Bankruptcy $ 124,616 $ 130,582 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 231,738 $ 169,654 90 days or more $ 434,340 $ 614,882 Custodial funds managed by the Company (2) $ 2,898,932 $ 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	9 Months Ended
	Sep. 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 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. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives: Realized $ 4,624 $ 21,337 $ 34,982 $ 73,464 Valuation changes (365 ) (3,345 ) (42,154 ) 98 4,259 17,992 (7,172 ) 73,562 CRT strips: Realized 13,589 26,370 47,430 90,342 Valuation changes (11,788 ) 28,327 (103,284 ) 163,273 1,801 54,697 (55,854 ) 253,615 Interest-only security payable at fair value (1,701 ) 1,185 (10,593 ) (1,243 ) 4,359 73,874 (73,619 ) 325,934 Interest income ‒ CRT arrangements 6,978 126 9,584 451 $ 11,337 $ 74,000 $ (64,035 ) $ 326,385 Net payments made (recoveries received) to settle losses (recoveries) on CRT arrangements $ 180 $ (14,321 ) $ (20,249 ) $ (47,876 ) September 30, 2022 December 31, 2021 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ (22,475 ) $ 18,964 CRT strips (130,121 ) (26,837 ) $ (152,596 ) $ (7,873 ) Deposits securing CRT arrangements $ 1,369,236 $ 1,704,911 Interest-only security payable at fair value $ 21,186 $ 10,593 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 725 $ 19,627 Deposits securing CRT arrangements (1) $ 1,369,236 $ 1,704,911 UPB of loans underlying CRT arrangements $ 25,265,401 $ 30,808,907 Collection status (UPB): Delinquency (2) Current $ 24,707,757 $ 29,581,803 30-89 days delinquent $ 328,137 $ 349,291 90-180 days delinquent $ 98,828 $ 120,775 180 or more days delinquent $ 109,532 $ 748,576 Foreclosure $ 21,147 $ 8,462 Bankruptcy $ 55,189 $ 64,694 Delinquent loans in COVID-19 pandemic-related forbearance plans: 30-89 days delinquent $ 44,488 $ 44,015 90-180 days delinquent $ 50,150 $ 57,815 180 or more days delinquent $ 37,456 $ 174,041 (1) Deposits securing credit risk transfer strip arrangements pledged to creditors also secure $153.3 million and $27.5 million in CRT derivative and CRT strip liabilities at September 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 securities. 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 subordinate 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Fair value changes: Loans at fair value $ (99,267 ) $ (241 ) $ (318,300 ) $ (3,250 ) Asset-backed financings at fair value $ 92,993 $ 1,663 $ 298,834 $ 4,146 Interest income $ 16,002 $ 4,773 $ 44,587 $ 8,040 Interest expense $ 14,265 $ 4,272 $ 40,308 $ 6,436 September 30, 2022 December 31, 2021 (in thousands) Loans at fair value $ 1,518,946 $ 1,564,565 Asset-backed financings at fair value $ 1,424,473 $ 1,469,999 Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase $ 83,671 $ 85,266

Fair Value

Fair Value	9 Months Ended
	Sep. 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 fair value 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: September 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 352,343 $ — $ — $ 352,343 Mortgage-backed securities at fair value — 3,880,288 — 3,880,288 Loans acquired for sale at fair value — 2,249,866 9,779 2,259,645 Loans at fair value — 1,518,946 3,988 1,522,934 Derivative assets: Call options on interest rate futures purchase contracts 1,750 — — 1,750 Put options on interest rate futures purchase contracts 33,578 — — 33,578 Forward purchase contracts — 3,895 — 3,895 Forward sale contracts — 239,657 — 239,657 MBS call options — 27 — 27 MBS put options — 6,295 — 6,295 CRT derivatives — — 725 725 Interest rate lock commitments — — 1,234 1,234 Total derivative assets before netting 35,328 249,874 1,959 287,161 Netting — — — (212,502 ) Total derivative assets after netting 35,328 249,874 1,959 74,659 Mortgage servicing rights at fair value — — 3,940,584 3,940,584 $ 387,671 $ 7,898,974 $ 3,956,310 $ 12,030,453 Liabilities: Asset-backed financings at fair value $ — $ 1,424,473 $ — $ 1,424,473 Interest-only security payable at fair value — — 21,186 21,186 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 48,894 — 48,894 Forward sales contracts — 4,508 — 4,508 MBS call options — 59 — 59 CRT derivatives — — 23,200 23,200 Interest rate lock commitments — — 44,077 44,077 Total derivative liabilities before netting — 53,461 67,277 120,738 Netting — — — 100,524 Total derivative liabilities after netting — 53,461 67,277 221,262 Credit risk transfer strips — — 130,121 130,121 Total derivative and credit risk transfer strip liabilities — 53,461 197,398 351,383 $ — $ 1,477,934 $ 218,584 $ 1,797,042 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 September 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, June 30, 2022 $ 20,376 $ 3,979 $ (22,511 ) $ (1,656 ) $ (118,333 ) $ 3,695,609 $ 3,577,464 Purchases and issuances 20,803 — — (19,218 ) — — 1,585 Repayments and sales (30,170 ) (47 ) (4,223 ) — (13,589 ) — (48,029 ) Amounts received pursuant to sales of loans — — — — — 178,001 178,001 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (1,230 ) 56 4,259 (71,443 ) 1,801 66,974 417 (1,230 ) 56 4,259 (71,443 ) 1,801 66,974 417 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 49,474 — — 49,474 Balance, September 30, 2022 $ 9,779 $ 3,988 $ (22,475 ) $ (42,843 ) $ (130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2022 $ (813 ) $ 44 $ (365 ) $ (42,843 ) $ (11,788 ) $ 66,974 $ 11,209 (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2022 (in thousands) Interest-only security payable: Balance, June 30, 2022 $ 19,485 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 1,701 1,701 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2022 $ 1,701 Quarter ended September 30, 2021 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Purchases and issuances 19,041 — — 35,163 — — 54,204 Repayments and sales (18,356 ) (3,153 ) (21,339 ) — (26,370 ) — (69,218 ) Capitalization of interest and fees — 53 — — — — 53 Amounts received pursuant to sales of loans — — — — — 424,912 424,912 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — Other factors 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) Transfers: Loans from REO — 9 — — — — 9 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — (6,543 ) (6,543 ) Interest rate lock commitments to loans acquired for sale (2) — — — (104,073 ) — — (104,073 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021 $ 185 $ (155 ) $ (3,345 ) $ (13,276 ) $ 28,327 $ (144,241 ) $ (132,505 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2021 (in thousands) Interest-only security payable: Balance, June 30, 2021 $ 13,185 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (1,185 ) (1,185 ) Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021 $ (1,185 ) Nine months ended September 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 72,365 — — (88,901 ) — — (16,536 ) Repayments and sales (89,310 ) (677 ) (34,267 ) — (47,430 ) — (171,684 ) Amounts received pursuant to sales of loans — — — — — 543,255 543,255 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (3,405 ) 504 (7,172 ) (250,913 ) (55,854 ) 504,474 187,634 (3,405 ) 504 (7,172 ) (250,913 ) (55,854 ) 504,474 187,634 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 294,520 — — 294,520 Balance, September 30, 2022 $ 9,779 $ 3,988 $ (22,475 ) $ (42,843 ) $ (130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during the period relating to assets still held at September 30, 2022 $ (1,121 ) $ 159 $ (42,154 ) $ (42,843 ) $ (103,284 ) $ 504,474 $ 315,231 (1) For the purpose of this table, CRT derivative, IRLC, 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 Nine months ended September 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 10,593 10,593 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2022 $ 10,593 Nine months ended September 30, 2021 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, December 31, 2020 $ 33,875 $ 8,027 $ 131,750 $ 31,795 $ 72,386 $ (202,792 ) $ 1,755,236 $ 1,830,277 Purchases and issuances 49,112 — — — 83,060 — — 132,172 Repayments and sales (52,215 ) (4,467 ) (134,624 ) (73,466 ) — (90,342 ) — (355,114 ) Capitalization of interest — 251 1,280 — — — — 1,531 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 1,245,546 1,245,546 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — Other factors 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 Transfers: Loans from REO — 88 — — — — — 88 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — — (9,824 ) (9,824 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (24,666 ) — — (24,666 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ — $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the period relating to assets still held at September 30, 2021 $ 423 $ 30 $ — $ 98 $ (13,276 ) $ 163,273 $ (165,457 ) $ (14,909 ) (1) For the purpose of this table, CRT derivative, IRLC, 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 Nine months ended September 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 1,243 1,243 Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2021 $ 1,243 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): September 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 $ 2,258,064 $ 2,333,538 $ (75,474 ) $ 4,166,177 $ 4,048,967 $ 117,210 90 or more days delinquent: Not in foreclosure 1,296 1,614 (318 ) 4,848 5,801 (953 ) In foreclosure 285 393 (108 ) — — — 1,581 2,007 (426 ) 4,848 5,801 (953 ) $ 2,259,645 $ 2,335,545 $ (75,900 ) $ 4,171,025 $ 4,054,768 $ 116,257 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,517,574 $ 1,815,485 $ (297,911 ) $ 1,561,794 $ 1,514,575 $ 47,219 90 or more days delinquent: Not in foreclosure 726 963 (237 ) 2,141 2,722 (581 ) In foreclosure 646 809 (163 ) 630 809 (179 ) 1,372 1,772 (400 ) 2,771 3,531 (760 ) 1,518,946 1,817,257 (298,311 ) 1,564,565 1,518,106 46,459 Distressed: Current through 89 days delinquent 784 1,227 (443 ) 782 1,455 (673 ) 90 or more days delinquent: Not in foreclosure 1,317 4,187 (2,870 ) 1,181 3,824 (2,643 ) In foreclosure 1,887 3,269 (1,382 ) 2,198 5,490 (3,292 ) 3,204 7,456 (4,252 ) 3,379 9,314 (5,935 ) 3,988 8,683 (4,695 ) 4,161 10,769 (6,608 ) $ 1,522,934 $ 1,825,940 $ (303,006 ) $ 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 September 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (251,477 ) $ — $ 229 $ (251,248 ) Loans acquired for sale at fair value — — (129,873 ) — (129,873 ) Loans at fair value — (99,211 ) — 533 (98,678 ) Credit risk transfer strips — 1,801 — — 1,801 MSRs at fair value 66,974 — — — 66,974 $ 66,974 $ (348,887 ) $ (129,873 ) $ 762 $ (411,024 ) Liabilities: Interest-only security payable at fair value $ — $ (1,701 ) $ — $ — $ (1,701 ) Asset-backed financing of VIEs at fair value — 92,993 — 993 93,986 $ — $ 91,292 $ — $ 993 $ 92,285 Quarter ended September 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (18,591 ) $ — $ (2,415 ) $ (21,006 ) Loans acquired for sale at fair value — — 75,528 — 75,528 Loans at fair value — 411 — (664 ) (253 ) Credit risk transfer strips — 54,697 — — 54,697 MSRs at fair value (144,241 ) — — — (144,241 ) $ (144,241 ) $ 36,517 $ 75,528 $ (3,079 ) $ (35,275 ) Liabilities: Interest-only security payable $ — $ 1,185 $ — $ — $ 1,185 Asset-backed financings at fair value — 1,663 — (531 ) 1,132 $ — $ 2,848 $ — $ (531 ) $ 2,317 Nine months ended September 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (620,500 ) $ — $ 13,481 $ (607,019 ) Loans acquired for sale at fair value — — (510,250 ) — (510,250 ) Loans at fair value — (317,796 ) — (543 ) (318,339 ) Credit risk transfer strips — (55,854 ) — — (55,854 ) MSRs at fair value 504,474 — — — 504,474 $ 504,474 $ (994,150 ) $ (510,250 ) $ 12,938 $ (986,988 ) Liabilities: Interest-only security payable at fair value $ — $ (10,593 ) $ — $ — $ (10,593 ) Asset-backed financings at fair value — 298,834 — 1,583 300,417 $ — $ 288,241 $ — $ 1,583 $ 289,824 Nine months ended September 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (60,456 ) $ — $ (6,821 ) $ (67,277 ) Loans acquired for sale at fair value — — 68,203 — 68,203 Loans at fair value — (2,373 ) — 665 (1,708 ) ESS at fair value — 1,037 — 1,280 2,317 Credit risk transfer strips — 253,615 — — 253,615 MSRs at fair value (165,457 ) — — — (165,457 ) $ (165,457 ) $ 191,823 $ 68,203 $ (4,876 ) $ 89,693 Liabilities: Interest-only security payable at fair value $ — $ (1,243 ) $ — $ — $ (1,243 ) Asset-backed financings at fair value — 4,146 — (76 ) 4,070 $ — $ 2,903 $ — $ (76 ) $ 2,827 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) September 30, 2022 $ — $ — $ 1,992 $ 1,992 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 based on fair value on a nonrecurring basis: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Real estate asset acquired in settlement of loans $ (119 ) $ 605 $ (199 ) $ (669 ) The Company remeasures its REO based on fair value when it evaluates the assets 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 the Exchangeable senior notes, Following are the carrying and fair values of the CRT Term Notes and FT-1 Notes and Exchangeable senior notes September 30, 2022 December 31, 2021 Instrument Carrying value Fair value Carrying value Fair value (in thousands) CRT Term Notes and FT-1 Notes $ 1,946,901 $ 1,867,829 $ 2,471,961 $ 2,480,842 Exchangeable senior notes $ 545,521 $ 488,842 $ 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 is responsible for estimating 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 or their contracted selling price when applicable. Inputs to the discounted cash flow model include current interest rates, payment status, property type, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds and loss severities. • 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: September 30, 2022 December 31, 2021 (dollars in thousands) Fair value CRT derivatives Assets $ 725 $ 19,627 Liabilities $ 23,200 $ 663 UPB of loans in reference pools $ 6,160,765 $ 7,426,288 Key inputs (1) Discount rate Range 6.9% – 10.7% 3.3% – 5.9% Weighted average 10.4% 5.7% Voluntary prepayment speed (2) Range 7.2% – 8.0% 12.6% – 13.1% Weighted average 7.3% 12.7% Involuntary prepayment speed (3) Range 0.5% – 1.3% (0.1)% – 0.8% Weighted average 0.6% 0.1% Remaining loss (recovery) expectation (4) Range 0.5% – 0.8% (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 loans will be purchased under the commitments (the “pull-through rate”) and the Company’s estimate of the fair value of the MSRs it expects to receive upon sale of the loans. The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate s and the estimated MSR s 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 an 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: September 30, 2022 December 31, 2021 Fair value (in thousands) (1) $ (42,843 ) $ 2,451 Committed amount (in thousands) $ 1,795,195 $ 2,092,129 Key inputs (2) Pull-through rate Range 60.9% – 100% 64.3% – 100% Weighted average 94.2% 91.4% MSR fair value expressed as: Servicing fee multiple Range 2.3 – 8.1 0.5 – 6.3 Weighted average 5.4 4.5 Percentage of UPB Range 0.6% – 3.2% 0.3% – 2.7% Weighted average 1.9% 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 trusts 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: September 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 130,121 $ 26,837

Mortgage-Backed Securities

Mortgage-Backed Securities	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,853,076 $ 2,309,864 $ 2,666,768 $ 2,213,922 Purchases 354,015 249,234 3,114,891 1,932,083 Sales — — (1,079,826 ) (1,300,653 ) Repayments (75,555 ) (67,059 ) (214,526 ) (307,042 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 229 (2,415 ) 13,481 (6,821 ) Valuation adjustments (251,477 ) (18,591 ) (620,500 ) (60,456 ) (251,248 ) (21,006 ) (607,019 ) (67,277 ) Balance at end of period $ 3,880,288 $ 2,471,033 $ 3,880,288 $ 2,471,033 Following is a summary of the Company’s investment in MBS: September 30, 2022 Principal balance Unamortized net purchase premiums (discounts) Accumulated valuation changes Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,146,875 $ 37,730 $ (502,391 ) $ 3,682,214 Subordinate credit-linked securities 184,620 48 (8,563 ) 176,105 Senior non-Agency securities 28,414 (890 ) (5,555 ) 21,969 $ 4,359,909 $ 36,888 $ (516,509 ) $ 3,880,288 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 September 30, 2022 and December 31, 2021.

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 (in thousands) Government-sponsored entity eligible (1) $ 2,048,687 $ 3,825,901 Held for sale to PLS ‒ Government insured or guaranteed (2) 199,951 314,995 Jumbo 1,228 — Home equity lines of credit 2,623 3,265 Commercial real estate — 964 Repurchased pursuant to representations and warranties 7,156 25,900 $ 2,259,645 $ 4,171,025 Loans pledged to secure: Assets sold under agreements to repurchase $ 2,227,277 $ 4,007,377 Mortgage loan participation purchase and sale agreements 17,583 52,102 $ 2,244,860 $ 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	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,465,705 $ 1,495,914 Fixed interest rate jumbo loans 53,241 68,651 1,518,946 1,564,565 Distressed loans 3,988 4,161 $ 1,522,934 $ 1,568,726 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,518,946 $ 1,564,565 Assets sold under agreements to repurchase 208 359 $ 1,519,154 $ 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 September 30, 2022 and December 31, 2021, $83.7 million and $85.3 million, respectively, of such 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	9 Months Ended
	Sep. 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: September 30, 2022 December 31, 2021 (in thousands) Derivative assets $ 74,659 $ 34,238 Derivative liabilities $ 221,262 $ 15,369 Credit risk transfer strip liabilities 130,121 26,837 $ 351,383 $ 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 in 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 in the Company’s operating and investing activities 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 September 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 1,400,000 $ 1,750 $ — 1,450,000 $ 2,828 $ — Put options on interest rate futures purchase contracts 1,575,000 33,578 — 1,775,000 3,180 — Forward purchase contracts 3,023,841 3,895 48,894 6,945,340 5,806 3,620 Forward sale contracts 9,704,697 239,657 4,508 10,466,182 6,307 13,782 MBS put options 250,000 6,295 — 3,400,000 3,662 — MBS call options — 27 59 — — — Swaption purchase contracts — — — 2,200,000 39 — Swap futures — — — 1,425,100 — — Bond futures 1,528,500 — — 181,800 — — Other derivatives not subject to master netting arrangements: CRT derivatives 6,160,765 725 23,200 7,426,288 19,627 663 Interest rate lock commitments 1,795,195 1,234 44,077 2,092,129 3,897 1,446 Total derivatives before netting 287,161 120,738 45,346 19,511 Netting (212,502 ) 100,524 (11,108 ) (4,142 ) $ 74,659 $ 221,262 $ 34,238 $ 15,369 Margin deposits received from derivative counterparties included in derivative balances above, net $ 313,027 $ 6,965 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 725 $ 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 September 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. September 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 $ 725 $ — $ — $ 725 $ 19,627 $ — $ — $ 19,627 Interest rate lock commitments 1,234 — — 1,234 3,897 — — 3,897 RJ O’Brien & Associates, LLC 35,328 — — 35,328 6,008 — — 6,008 Bank of America, N.A. 14,045 — — 14,045 1,958 — — 1,958 Wells Fargo Securities, LLC 9,243 — — 9,243 — — — — J.P. Morgan Securities LLC 7,556 — — 7,556 2,085 — — 2,085 Citigroup Global Markets Inc. 1,608 — — 1,608 — — — — Barclays Capital Inc. 1,143 — — 1,143 — — — — Other 3,777 — — 3,777 663 — — 663 $ 74,659 $ — $ — $ 74,659 $ 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. September 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 $ 44,077 $ — $ — $ 44,077 $ 1,446 $ — $ — $ 1,446 CRT derivatives 23,200 — — 23,200 663 — — 663 Bank of America, N.A. 1,486,718 (1,486,718 ) — — 1,088,417 (1,088,417 ) — — J.P. Morgan Securities LLC 1,354,765 (1,354,765 ) — — 726,762 (726,762 ) — — Barclays Capital Inc. 987,436 (987,436 ) — — 1,086,104 (1,085,723 ) — 381 Morgan Stanley & Co. LLC 610,529 (473,866 ) — 136,663 412,321 (410,413 ) — 1,908 Credit Suisse Securities (USA) LLC 513,165 (501,678 ) — 11,487 832,610 (830,954 ) — 1,656 Daiwa Capital Markets 447,549 (447,549 ) — — 495,973 (495,973 ) — — Amherst Pierpont Securities LLC 300,978 (300,978 ) — — 125,090 (125,090 ) — — RBC Capital Markets, L.P. 298,656 (298,656 ) — — 1,293,754 (1,293,754 ) — — Citigroup Global Markets Inc. 207,240 (207,240 ) — — 131,312 (129,016 ) — 2,296 BNP Paribas Corporate & Institutional Banking 197,883 (197,416 ) — 467 171,185 (171,185 ) — — Wells Fargo Securities, LLC 75,615 (75,615 ) — — 106,088 (104,674 ) — 1,414 Goldman Sachs & Co. LLC 75,333 (74,233 ) — 1,100 217,459 (212,580 ) — 4,879 Nomura Holding INC 6,770 (4,444 ) — 2,326 14 — — 14 The PNC Financial Services, Inc. 1,549 — — 1,549 — — — — Other 393 — — 393 712 — — 712 $ 6,631,856 $ (6,410,594 ) $ — $ 221,262 $ 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 September 30, Nine months ended September 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) $ (41,187 ) $ (43,024 ) $ (45,294 ) $ (85,662 ) CRT derivatives Net (losses) gains on investments and financings $ 4,259 $ 17,992 $ (7,172 ) $ 73,562 Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ 172,520 $ (19,150 ) $ 560,138 $ 112,226 Mortgage servicing rights Net loan servicing fees $ 154,269 $ (73,841 ) $ (87,651 ) $ (354,128 ) Fixed-rate and prepayment sensitive assets and repurchase agreements Net (losses) gains on investments and financings $ — $ (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) September 30, 2022 December 31, 2021 (in thousands) Currently unrestricted $ (130,121 ) $ 5,978 To maturity — (32,815 ) $ (130,121 ) $ (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	9 Months Ended
	Sep. 30, 2022
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,695,609 $ 2,551,373 $ 2,892,855 $ 1,755,236 MSRs resulting from loan sales 178,001 424,912 543,255 1,245,546 Changes in fair value: Due to changes in inputs used in valuation model (1) 162,730 (62,843 ) 775,792 44,939 Other changes in fair value (2) (95,756 ) (81,398 ) (271,318 ) (210,396 ) 66,974 (144,241 ) 504,474 (165,457 ) Recombination with loans at fair value resulting from initial consolidation of a VIE (3) — (6,543 ) — (9,824 ) Balance at end of period $ 3,940,584 $ 2,825,501 $ 3,940,584 $ 2,825,501 September 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 $ 3,892,617 $ 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Contractually-specified servicing fees $ 162,987 $ 137,804 $ 461,021 $ 378,110 Ancillary and other fees: Late charges 662 436 1,883 1,199 Other 3,584 13,524 18,656 53,908 4,246 13,960 20,539 55,107 $ 167,233 $ 151,764 $ 481,560 $ 433,217 Average MSR servicing portfolio $ 224,756,659 $ 205,181,714 $ 220,988,459 $ 191,351,860

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2022
Other Assets [Abstract]
Other Assets	Note 13— Other assets are summarized below: September 30, 2022 December 31, 2021 (in thousands) Derivative settlements receivable $ 176,857 $ 7,345 Margin deposits 145,705 193,418 Interest receivable 26,587 15,168 Servicing fees receivable 18,686 16,756 Other receivables 8,994 15,299 Real estate acquired in settlement of loans 7,958 14,382 Correspondent lending receivables 7,509 20,194 Other 10,065 3,737 $ 402,361 $ 286,299 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 3,706 $ 7,293

Short-Term Debt

Short-Term Debt	9 Months Ended
	Sep. 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 September 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 5,789,433 $ 6,796,525 $ 5,363,690 $ 6,177,250 Weighted average interest rate (1) 3.09 % 1.29 % 2.02 % 1.40 % Total interest expense $ 46,691 $ 24,047 $ 87,310 $ 75,988 Maximum daily amount outstanding $ 6,649,005 $ 7,776,643 $ 8,395,930 $ 8,725,300 (1) Excludes the effect of amortization of debt issuance costs of $1.7 million and $6.1 million for the quarter and nine months ended September 30, 2022, respectively, and $1.9 million and $11.2 million for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance funded under: Committed facilities $ 5,733,752 $ 5,799,975 Uncommitted facilities 676,842 874,566 6,410,594 6,674,541 Unamortized debt issuance costs (798 ) (2,651 ) $ 6,409,796 $ 6,671,890 Weighted average interest rate 3.81 % 1.08 % Available borrowing capacity (1): Committed $ 159,620 $ 289,436 Uncommitted 4,488,158 4,875,433 $ 4,647,778 $ 5,164,869 Margin deposits placed with counterparties included in Other $ 120,171 $ 67,997 Assets securing agreements to repurchase: Mortgage-backed securities $ 3,880,288 $ 2,666,768 Loans acquired for sale at fair value $ 2,227,277 $ 4,007,377 Loans at fair value: Securities retained in asset-backed financings $ 83,671 $ 85,266 Distressed $ 208 $ 359 CRT arrangements $ 89,809 $ — Mortgage servicing rights (2) $ 2,053,659 $ 1,598,090 Servicing advances $ 36,195 $ 93,455 Real estate acquired in settlement of loans $ 3,706 $ 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 September 30, 2022 Unpaid principal balance (in thousands) Within 30 days $ 3,829,593 Over 30 to 90 days 1,997,345 Over 90 days to 180 days 298,656 Over 180 days to 1 year — Over 1 year to 2 years 285,000 $ 6,410,594 Weighted average maturity (in months) 2.1 The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair value (as determined by the applicable lender) of the assets securing those repurchase agreements decreases. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by pledged asset and counterparty below as of September 30, 2022: Loans, REO and MSRs Weighted-average maturity Counterparty Amount Advances Facility (in thousands) Bank of America, N.A. $ 13,846 November 4, 2022 June 5, 2024 Barclays Capital Inc. $ 14,804 November 3, 2022 November 3, 2022 Citibank, N.A. $ 15,582 December 16, 2022 April 26, 2024 JPMorgan Chase & Co. $ — December 6, 2022 June 17, 2024 Morgan Stanley & Co. LLC $ 21,009 December 16, 2022 January 3, 2024 RBC Capital Markets, L.P. $ 13,272 January 18, 2023 August 10, 2023 Credit Suisse First Boston Mortgage Capital LLC $ 10,133 December 12, 2022 May 31, 2024 BNP Paribas Corporate & Institutional Banking $ 5,435 December 16, 2022 July 31, 2023 Goldman Sachs & Co. LLC $ 2,802 December 11, 2022 December 23, 2023 Wells Fargo Securities, LLC $ — December 11, 2022 November 17, 2023 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 25,932 October 15, 2022 Barclays Capital Inc. $ 47,308 October 25, 2022 Citibank, N.A. $ 20,552 November 22, 2022 JPMorgan Chase & Co. $ 26,163 October 11, 2022 Daiwa Capital Markets America Inc. $ 8,163 October 23, 2022 Amherst Pierpont Securities LLC $ 6,699 October 21, 2022 Wells Fargo Securities, LLC $ 2,776 November 21, 2022 Nomura Holding INC $ 1,479 October 14, 2022 CRT Arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 34,707 October 5, 2022 Mortgage Loan Participation Purchase and Sale Agreements Two of the borrowing facilities secured by loans acquired for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in a pool of loans that has 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 agreements are summarized below: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 31,092 $ 35,984 $ 33,586 $ 35,754 Weighted average interest rate (1) 3.69 % 1.48 % 2.53 % 1.41 % Total interest expense $ 320 $ 166 $ 728 $ 471 Maximum daily amount outstanding $ 81,360 $ 82,116 $ 88,633 $ 89,072 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $94,000 for the quarter and nine months ended September 30, 2022, respectively, and $31,000 and $93,000 for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance $ 17,088 $ 49,988 Unamortized debt issuance costs (89 ) — $ 16,999 $ 49,988 Weighted average interest rate 4.49 % 1.48 % Loans acquired for sale pledged to secure Mortgage loan participation purchase and sale agreements $ 17,583 $ 52,102

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 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 4, 2021 $ 659,156 $ 309,082 LIBOR 2.90% February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 232,826 LIBOR 3.81% December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 61,335 LIBOR 2.35% March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 57,776 LIBOR 2.70% October 27, 2022 (2) October 29, 2024 2019 2R June 11, 2019 $ 638,000 188,295 LIBOR 2.75% May 29, 2023 May 29, 2025 $ 849,314 (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. (2) During October of 2022, the Company exercised its option to extend the maturity of this note. 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 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 and PMH, finances certain MSRs (inclusive of any related excess servicing spread arising therefrom) relating to loans pooled into Freddie Mac securities through various credit agreements. The aggregate loan amount available under the agreements is $1.6 billion, bearing interest at an annual rate equal to SOFR plus a spread as defined in each agreement, with a weighted average maturity of June 2024 Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 2,801,845 $ 2,791,323 $ 2,550,910 $ 2,658,411 Weighted average interest rate (1) 5.37 % 3.04 % 4.19 % 3.10 % Total interest expense $ 39,818 $ 22,890 $ 84,597 $ 65,664 Maximum daily amount outstanding $ 3,235,376 $ 2,935,720 $ 3,544,637 $ 3,336,211 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $4.7 million for the quarter and nine months ended September 30, 2022, respectively, and $1.5 million and $4.0 million for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance: CRT term notes $ 849,314 $ 1,204,636 FT-1 Notes 1,105,000 800,000 Freddie Mac credit agreements 885,000 475,000 2,839,314 2,479,636 Unamortized debt issuance costs (10,154 ) (7,675 ) $ 2,829,160 $ 2,471,961 Weighted average interest rate 5.92 % 3.02 % Assets securing notes payable: Mortgage servicing rights (1) $ 3,892,617 $ 2,863,544 CRT Agreements: Deposits securing CRT arrangements $ 1,279,427 $ 1,704,911 Derivative assets $ 725 $ 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 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Average balance $ 545,047 $ 497,770 $ 539,703 $ 426,353 Weighted average interest rate (1) 5.55 % 6.10 % 5.67 % 6.12 % Interest expense: Coupon $ 7,631 $ 7,659 $ 22,894 $ 19,521 Amortization of: Conversion options (2) — 2,126 — 5,134 Issuance costs 718 661 2,110 1,643 $ 8,349 $ 10,446 $ 25,004 $ 26,298 September 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 (9,479 ) (11,589 ) (9,479 ) (52,541 ) $ 545,521 $ 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 1,540,957 $ 424,744 $ 1,549,797 $ 214,524 Weighted average interest rate (1) 3.42 % 4.49 % 3.34 % 4.06 % Total interest expense $ 14,265 $ 4,272 $ 40,308 $ 6,436 (1) Excludes the effect of amortization of net debt issuance cost of $1.0 million and $1.6 for the quarter and nine months ended September 30, 2022, respectively, and $4.3 million and $6.4 million for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 1,424,473 $ 1,469,999 Unpaid principal balance $ 1,706,365 $ 1,442,379 Weighted average interest rate 3.22 % 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 stated maturity dates) are as follows: Twelve months ended September 30, Total 2023 2024 2025 2026 2027 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,839,314 $ 990,231 $ 1,194,083 $ — $ 350,000 $ 305,000 $ — Exchangeable senior notes 555,000 — — 210,000 345,000 — — Asset-backed financings at fair value (2) 1,706,365 — — — — — 1,706,365 Interest-only security payable at fair value (2) 21,186 — — — — — 21,186 Total $ 5,121,865 $ 990,231 $ 1,194,083 $ 210,000 $ 695,000 $ 305,000 $ 1,727,551 (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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 39,441 $ 36,314 $ 40,249 $ 21,893 Provision for losses: Pursuant to loan sales 996 6,297 3,442 23,282 Reduction in liability due to change in estimate (817 ) (1,636 ) (3,512 ) (4,155 ) Losses incurred (122 ) (66 ) (681 ) (111 ) Balance, end of period $ 39,498 $ 40,909 $ 39,498 $ 40,909 UPB of loans subject to representations and warranties at end of period $ 225,129,199 $ 208,686,249

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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: September 30, 2022 (in thousands) Commitments to purchase loans acquired for sale $ 1,795,195 Contingencies Litigation From time to time, the Company may be involved in various legal and regulatory 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 historically used a LIBOR index to establish the applicable interest rates in lending and financing transactions. One-week and two-month United States Dollar LIBOR rates have been discontinued in 2022 and non-U.S. dollar LIBOR settings have ceased to be representative. The Company services LIBOR-based adjustable rate mortgages and other financial arrangements that may incorporate fallback provisions or replacement provisions related to the LIBOR transition. The discontinuation of LIBOR could materially affect the Company’s interest expense and earnings, cost of capital, and the fair value of certain of its assets and the instruments used to hedge their value. Furthermore, the transition away from widely used benchmark rates like LIBOR could result in customers or other market participants challenging the determination of their interest or dividend payments, disputing the interpretations or implementation of contract or instrument “fallback” provisions and other transition related changes.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 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 September 30, Preferred Quarter Nine 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 $ 1.53 $ 1.53 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 Fixed-rate cumulative redeemable C 6.75% Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ — $ 1.26 $ — 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. On October 24, 2022, the Company’s board of trustees approved an increase to the Company’s common share repurchase authorization from $400 million to $500 million. The following table summarizes the Company’s common share repurchase activity: Quarter ended September 30, Nine months ended September 30, Cumulative 2022 2021 2022 2021 total (1) (in thousands) Common shares repurchased 987 904 4,888 931 25,485 Cost of common shares repurchased (2) $ 13,498 $ 17,178 $ 73,746 $ 17,700 $ 384,493 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2022. (2) Cumulative total cost of common shares repurchased includes $510,000 of transaction fees.

Net (Losses) Gains on Investmen

Net (Losses) Gains on Investments and Financings	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Mortgage-backed securities $ (251,477 ) $ (18,591 ) $ (620,500 ) $ (60,456 ) Loans at fair value: Held in VIEs (99,267 ) (241 ) (318,300 ) (3,250 ) Distressed 56 652 504 877 CRT arrangements 4,359 73,874 (73,619 ) 325,934 Asset-backed financings at fair value 92,993 1,663 298,834 4,146 Hedging derivatives — (51 ) — — (253,336 ) 57,306 (713,081 ) 267,251 From PFSI ‒ Excess servicing spread — — — 1,651 $ (253,336 ) $ 57,306 $ (713,081 ) $ 268,902

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Cash loss: Sales of loans $ (390,543 ) $ (381,295 ) $ (1,128,355 ) $ (1,196,355 ) Hedging activities 233,139 25,858 695,238 196,908 (157,404 ) (355,437 ) (433,117 ) (999,447 ) Non‒cash gain: Receipt of MSRs in mortgage loan sale transactions 178,001 424,912 543,255 1,245,546 Provision for losses relating to representations and warranties provided in loan sales: Pursuant to loans sales (996 ) (6,297 ) (3,442 ) (23,282 ) Reduction of liability due to change in estimate 817 1,636 3,512 4,155 (179 ) (4,661 ) 70 (19,127 ) Change in fair value of loans and derivatives held at period end Interest rate lock commitments (41,187 ) (43,024 ) (45,294 ) (85,662 ) Loans 84,498 37,877 82,561 35,401 Hedging derivatives (60,619 ) (45,008 ) (135,100 ) (84,682 ) (17,308 ) (50,155 ) (97,833 ) (134,943 ) 160,514 370,096 445,492 1,091,476 Total from nonaffiliates 3,110 14,659 12,375 92,029 From PFSI‒cash gain 1,203 1,537 3,562 4,905 $ 4,313 $ 16,196 $ 15,937 $ 96,934

Net Interest Income (Expense)

Net Interest Income (Expense)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 1,993 $ 264 $ 3,571 $ 705 Mortgage-backed securities 36,070 9,833 91,121 25,925 Loans acquired for sale at fair value 27,921 39,076 70,611 94,597 Loans at fair value: Held in consolidated variable interest entities 16,002 4,773 44,587 8,040 Distressed 16 85 204 377 Deposits securing CRT arrangements 6,978 126 9,584 451 Placement fees relating to custodial funds 20,239 4,481 31,152 8,485 Other 439 (354 ) 589 (301 ) 109,658 58,284 251,419 138,279 From PFSI ‒ Excess servicing spread — — — 1,280 109,658 58,284 251,419 139,559 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 46,691 24,047 87,310 75,988 Mortgage loan participation purchase and sale agreements 320 166 728 471 Notes payable secured by credit risk transfer and mortgage servicing assets 39,818 22,890 84,597 65,664 Exchangeable senior notes 8,349 10,446 25,004 26,298 Asset-backed financings at fair value 14,265 4,272 40,308 6,436 Interest shortfall on repayments of loans serviced for Agency securitizations 3,504 12,622 14,975 53,198 Interest on loan impound deposits 1,133 1,046 2,822 2,557 114,080 75,489 255,744 230,612 To PFSI ‒ Assets sold under agreement to repurchase — — — 387 114,080 75,489 255,744 230,999 Net interest expense $ (4,422 ) $ (17,205 ) $ (4,325 ) $ (91,440 )

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Grants: Restricted share units — — 134 105 Performance share units — — 151 126 — — 285 231 Grant date fair value: Restricted share units $ — $ — $ 2,101 $ 1,992 Performance share units — — 2,350 2,399 $ — $ — $ 4,451 $ 4,391 Vestings: Restricted share units — — 79 100 Performance share units (1) — — 41 37 — — 120 137 Forfeitures: Restricted share units — — — — Performance share units — — 11 — — — 11 — Compensation expense relating to share-based grants $ 959 $ (795 ) $ 3,130 $ 1,953 (1) The actual number of performance-based RSUs that vested during the nine months ended September 30, 2022 was 39,001 common shares, which is 96% of the originally granted performance-based RSUs. September 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	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 23—Income Taxes The Company’s effective tax rate was 86.8% and 213.7% with consolidated pretax income of $90.4 million and $68.6 million for the quarter and nine months ended September 30, 2022, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax expense of $80.8 million on pretax income of $344.8 million and a tax expense of $151.3 million on pretax income of $765.2 million for the quarter and nine months ended September 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 $4.7 million on a pretax loss of $75.6 million and a tax benefit of $9.6 million on a pretax loss of $137.1 million, respectively. The Company’s reported consolidated pretax loss for the quarter ended September 30, 2021 was $40.7 million and the consolidated pretax income for the nine months ended September 30, 2021 was $64.2 million. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of September 30, 2022, the valuation allowance was decreased to zero from the $ 3.4 million valuation allowance recorded at June 30, 2022 as the result of increased GAAP income at the TRS for the quarter ended September 30, 2022. The amount of deferred tax assets considered realizable could be adjusted in future periods based on future income . 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands except earnings per share amounts) Net income (loss) $ 11,913 $ (35,955 ) $ (77,950 ) $ 73,740 Dividends on preferred shares (10,455 ) (7,969 ) (31,364 ) (20,438 ) Effect of participating securities ‒ (111 ) (80 ) (318 ) (238 ) Net income (loss) attributable to common shareholders $ 1,347 $ (44,004 ) $ (109,632 ) $ 53,064 Weighted average basic shares outstanding 90,594 97,501 92,221 97,772 Dilutive securities‒shares issuable under share-based compensation plan — — — 107 Diluted weighted average shares outstanding 90,594 97,501 92,221 97,879 Basic earnings (loss) per share $ 0.01 $ (0.45 ) $ (1.19 ) $ 0.54 Diluted earnings (loss) per share $ 0.01 $ (0.45 ) $ (1.19 ) $ 0.54 Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Shares issuable under share-based compensation plan 136 128 127 51 Shares issuable pursuant to exchange of the Exchangeable senior notes 24,328 24,328 24,328 20,627

Segments

Segments	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segments	Note 25—Segments The Company operates in four segments as described in Note 1 ‒ Organization The Company’s reportable segments are identified based on PMT’s investment strategies. The Company’s chief operating decision maker is its chief executive officer. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 390,124 $ — $ — $ 390,124 Net (losses) gains on investments and financings (2,230 ) (251,106 ) — — (253,336 ) Net gains on loans acquired for sale — — 4,313 — 4,313 Net interest expense: Interest income 12,415 68,152 27,862 1,229 109,658 Interest expense 14,097 80,782 18,322 879 114,080 (1,682 ) (12,630 ) 9,540 350 (4,422 ) Other 978 — 13,408 — 14,386 (2,934 ) 126,388 27,261 350 151,065 Expenses: Loan fulfillment and servicing fees payable to PFSI 57 20,190 18,407 — 38,654 Management fees — — — 7,731 7,731 Other 708 2,688 2,789 8,116 14,301 765 22,878 21,196 15,847 60,686 Pretax income (loss) $ (3,699 ) $ 103,510 $ 6,065 $ (15,497 ) $ 90,379 Total assets at end of quarter $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ (53,343 ) $ — $ — $ (53,343 ) Net (losses) gains on investments and financings 75,764 (18,458 ) — — 57,306 Net gains on loans acquired for sale — — 16,196 — 16,196 Net interest expense: Interest income 617 18,260 38,975 432 58,284 Interest expense 13,857 41,482 20,150 — 75,489 (13,240 ) (23,222 ) 18,825 432 (17,205 ) Other 559 — 44,341 — 44,900 63,083 (95,023 ) 79,362 432 47,854 Expenses: Loan fulfillment and servicing fees payable to PFSI 89 20,614 43,922 — 64,625 Management fees — — — 8,520 8,520 Other 2,308 1,180 7,665 4,212 15,365 2,397 21,794 51,587 12,732 88,510 Pretax income (loss) $ 60,686 $ (116,817 ) $ 27,775 $ (12,300 ) $ (40,656 ) Total assets at end of quarter $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 911,615 $ — $ — $ 911,615 Net (losses) gains on investments and financings (104,946 ) (608,135 ) — — (713,081 ) Net gains on loans acquired for sale 5 — 15,932 — 15,937 Net interest expense: Interest income 20,391 158,158 70,436 2,434 251,419 Interest expense 34,653 177,622 41,980 1,489 255,744 (14,262 ) (19,464 ) 28,456 945 (4,325 ) Other 1,237 — 43,021 — 44,258 (117,966 ) 284,016 87,409 945 254,404 Expenses: Loan servicing fees and fulfillment payable to PFSI 167 61,503 55,807 — 117,477 Management fees — — — 23,758 23,758 Other 5,242 5,425 11,176 22,757 44,600 5,409 66,928 66,983 46,515 185,835 Pretax income (loss) $ (123,375 ) $ 217,088 $ 20,426 $ (45,570 ) $ 68,569 Total assets at end of period $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ (48,210 ) $ — $ — $ (48,210 ) Net (losses) gains on investments and financings 328,448 (59,546 ) — — 268,902 Net gains on loans acquired for sale — — 96,934 — 96,934 Net interest expense: Interest income 1,668 41,839 94,290 1,762 139,559 Interest expense 47,295 117,935 65,769 — 230,999 (45,627 ) (76,096 ) 28,521 1,762 (91,440 ) Other 1,467 — 143,164 — 144,631 284,288 (183,852 ) 268,619 1,762 370,817 Expenses: Loan servicing fees and fulfillment payable to PFSI 306 59,505 158,777 — 218,588 Management fees — — — 28,882 28,882 Other 10,518 3,500 27,462 17,698 59,178 10,824 63,005 186,239 46,580 306,648 Pretax income (loss) $ 273,464 $ (246,857 ) $ 82,380 $ (44,818 ) $ 64,169 Total assets at end of period $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
	Sep. 30, 2022
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 26—Regulatory Capital and Liquidity Requirements The Company, through PMC, 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) September 30, 2022 $ 1,029,087 $ 579,943 13 % 6 % $ 308,122 $ 78,281 December 31, 2021 $ 938,218 $ 557,229 12 % 6 % $ 108,536 $ 74,771 (1) Calculated in accordance with the Agencies’ requirements. In August 2022, the Agencies issued revised capital and liquidity requirements. The requirements will be effective at various dates beginning September 30, 2023, for issuers of securities guaranteed by seller/servicers of mortgage loans to Fannie Mae and Freddie Mac. The Company believes it was in compliance with the Agencies’ revised requirements as of September 30, 2022. Noncompliance with the Agencies’ capital and liquidity requirements can result in the Agencies taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the Agencies.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 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. On October 24, 2022, the Company’s board of trustees approved an increase to the Company’s common share repurchase authorization from $400 million to $500 million.

Organization and Basis of Prese

Organization and Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 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 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Loan fulfillment fees earned by PLS $ 18,407 $ 43,922 $ 55,807 $ 158,777 UPB of loans fulfilled by PLS $ 10,226,513 $ 28,605,098 $ 30,319,475 $ 92,846,231 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,203 $ 1,537 $ 3,562 $ 4,905 UPB of loans sold to PLS $ 12,261,222 $ 15,249,441 $ 35,643,210 $ 49,106,232 Purchases of loans acquired for sale from PLS $ — $ — $ 298,862 $ — Tax service fees paid to PLS $ 2,192 $ 6,559 $ 6,938 $ 21,879 September 30, 2022 December 31, 2021 (in thousands) Loans included in Loans acquired for sale at fair value pending sale to PLS $ 199,951 $ 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 258 $ 698 $ 780 $ 1,871 Loans at fair value 111 89 427 306 MSRs 19,878 19,916 60,463 57,634 $ 20,247 $ 20,703 $ 61,670 $ 59,811 Average investment in: Loans acquired for sale at fair value $ 1,763,506 $ 4,887,993 $ 1,884,840 $ 4,224,917 Loans at fair value $ 1,659,183 $ 458,054 $ 1,655,022 $ 235,711 Average MSR portfolio UPB $ 224,756,659 $ 205,181,714 $ 220,988,459 $ 191,351,860 MSR recapture fees $ 1,648 $ 12,975 $ 13,232 $ 38,158 UPB of loans recaptured $ 284,821 $ 2,522,838 $ 2,446,282 $ 9,389,260
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Base management $ 7,731 $ 8,778 $ 23,758 $ 25,875 Performance incentive (adjustment) — (258 ) — 3,007 $ 7,731 $ 8,520 $ 23,758 $ 28,882 Average shareholders' equity amounts used to calculate base management fee expense $ 2,048,887 $ 2,350,940 $ 2,128,916 $ 2,334,050
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 705 $ 4,396 $ 8,896 $ 13,536 Common overhead incurred by PCM and its affiliates 2,574 1,548 6,247 3,387 Compensation 165 165 495 495 $ 3,444 $ 6,109 $ 15,638 $ 17,418 Payments and settlements during the period (1) $ 41,509 $ 51,020 $ 110,835 $ 238,202 (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: Nine months ended September 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: Nine months ended September 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: September 30, 2022 December 31, 2021 (in thousands) Due from PFSI-Miscellaneous receivables $ 3,560 $ 15,953 Due to PFSI: Management fees $ 7,731 $ 8,918 Correspondent production fees 6,812 8,894 Loan servicing fees 6,711 6,848 Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf 5,571 15,431 Fulfillment fees 5,481 — $ 32,306 $ 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 September 30, 2022 December 31, 2021 (in thousands) Loan servicing advances $ 81,399 $ 204,951 Real estate acquired in settlement of loans 3,019 7,115 $ 84,418 $ 212,066

Loan Sales (Tables)

Loan Sales (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Cash flows: Proceeds from sales $ 9,709,969 $ 29,865,473 $ 31,922,573 $ 93,365,579 Loan servicing fees received net of guarantee fees $ 162,987 $ 137,804 $ 461,021 $ 378,110
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes, for the dates presented, collection status information for loans whose transfers are accounted for as sales where the Company maintains continuing involvement: September 30, 2022 December 31, 2021 (in thousands) UPB of loans outstanding $ 226,691,505 $ 215,927,495 Collection status (UPB) Delinquency (1): 30-89 days delinquent $ 1,540,024 $ 1,148,542 90 or more days delinquent: Not in foreclosure $ 778,826 $ 1,726,488 In foreclosure $ 66,056 $ 36,658 Bankruptcy $ 124,616 $ 130,582 Delinquent loans in COVID-19 pandemic-related forbearance: 30-89 days $ 231,738 $ 169,654 90 days or more $ 434,340 $ 614,882 Custodial funds managed by the Company (2) $ 2,898,932 $ 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]	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Fair value changes: Loans at fair value $ (99,267 ) $ (241 ) $ (318,300 ) $ (3,250 ) Asset-backed financings at fair value $ 92,993 $ 1,663 $ 298,834 $ 4,146 Interest income $ 16,002 $ 4,773 $ 44,587 $ 8,040 Interest expense $ 14,265 $ 4,272 $ 40,308 $ 6,436 September 30, 2022 December 31, 2021 (in thousands) Loans at fair value $ 1,518,946 $ 1,564,565 Asset-backed financings at fair value $ 1,424,473 $ 1,469,999 Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase $ 83,671 $ 85,266
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives: Realized $ 4,624 $ 21,337 $ 34,982 $ 73,464 Valuation changes (365 ) (3,345 ) (42,154 ) 98 4,259 17,992 (7,172 ) 73,562 CRT strips: Realized 13,589 26,370 47,430 90,342 Valuation changes (11,788 ) 28,327 (103,284 ) 163,273 1,801 54,697 (55,854 ) 253,615 Interest-only security payable at fair value (1,701 ) 1,185 (10,593 ) (1,243 ) 4,359 73,874 (73,619 ) 325,934 Interest income ‒ CRT arrangements 6,978 126 9,584 451 $ 11,337 $ 74,000 $ (64,035 ) $ 326,385 Net payments made (recoveries received) to settle losses (recoveries) on CRT arrangements $ 180 $ (14,321 ) $ (20,249 ) $ (47,876 ) September 30, 2022 December 31, 2021 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip assets (liabilities), net CRT derivatives $ (22,475 ) $ 18,964 CRT strips (130,121 ) (26,837 ) $ (152,596 ) $ (7,873 ) Deposits securing CRT arrangements $ 1,369,236 $ 1,704,911 Interest-only security payable at fair value $ 21,186 $ 10,593 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 725 $ 19,627 Deposits securing CRT arrangements (1) $ 1,369,236 $ 1,704,911 UPB of loans underlying CRT arrangements $ 25,265,401 $ 30,808,907 Collection status (UPB): Delinquency (2) Current $ 24,707,757 $ 29,581,803 30-89 days delinquent $ 328,137 $ 349,291 90-180 days delinquent $ 98,828 $ 120,775 180 or more days delinquent $ 109,532 $ 748,576 Foreclosure $ 21,147 $ 8,462 Bankruptcy $ 55,189 $ 64,694 Delinquent loans in COVID-19 pandemic-related forbearance plans: 30-89 days delinquent $ 44,488 $ 44,015 90-180 days delinquent $ 50,150 $ 57,815 180 or more days delinquent $ 37,456 $ 174,041 (1) Deposits securing credit risk transfer strip arrangements pledged to creditors also secure $153.3 million and $27.5 million in CRT derivative and CRT strip liabilities at September 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)	9 Months Ended
	Sep. 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: September 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 352,343 $ — $ — $ 352,343 Mortgage-backed securities at fair value — 3,880,288 — 3,880,288 Loans acquired for sale at fair value — 2,249,866 9,779 2,259,645 Loans at fair value — 1,518,946 3,988 1,522,934 Derivative assets: Call options on interest rate futures purchase contracts 1,750 — — 1,750 Put options on interest rate futures purchase contracts 33,578 — — 33,578 Forward purchase contracts — 3,895 — 3,895 Forward sale contracts — 239,657 — 239,657 MBS call options — 27 — 27 MBS put options — 6,295 — 6,295 CRT derivatives — — 725 725 Interest rate lock commitments — — 1,234 1,234 Total derivative assets before netting 35,328 249,874 1,959 287,161 Netting — — — (212,502 ) Total derivative assets after netting 35,328 249,874 1,959 74,659 Mortgage servicing rights at fair value — — 3,940,584 3,940,584 $ 387,671 $ 7,898,974 $ 3,956,310 $ 12,030,453 Liabilities: Asset-backed financings at fair value $ — $ 1,424,473 $ — $ 1,424,473 Interest-only security payable at fair value — — 21,186 21,186 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 48,894 — 48,894 Forward sales contracts — 4,508 — 4,508 MBS call options — 59 — 59 CRT derivatives — — 23,200 23,200 Interest rate lock commitments — — 44,077 44,077 Total derivative liabilities before netting — 53,461 67,277 120,738 Netting — — — 100,524 Total derivative liabilities after netting — 53,461 67,277 221,262 Credit risk transfer strips — — 130,121 130,121 Total derivative and credit risk transfer strip liabilities — 53,461 197,398 351,383 $ — $ 1,477,934 $ 218,584 $ 1,797,042 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 September 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, June 30, 2022 $ 20,376 $ 3,979 $ (22,511 ) $ (1,656 ) $ (118,333 ) $ 3,695,609 $ 3,577,464 Purchases and issuances 20,803 — — (19,218 ) — — 1,585 Repayments and sales (30,170 ) (47 ) (4,223 ) — (13,589 ) — (48,029 ) Amounts received pursuant to sales of loans — — — — — 178,001 178,001 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (1,230 ) 56 4,259 (71,443 ) 1,801 66,974 417 (1,230 ) 56 4,259 (71,443 ) 1,801 66,974 417 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 49,474 — — 49,474 Balance, September 30, 2022 $ 9,779 $ 3,988 $ (22,475 ) $ (42,843 ) $ (130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2022 $ (813 ) $ 44 $ (365 ) $ (42,843 ) $ (11,788 ) $ 66,974 $ 11,209 (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2022 (in thousands) Interest-only security payable: Balance, June 30, 2022 $ 19,485 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 1,701 1,701 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2022 $ 1,701 Quarter ended September 30, 2021 Assets (1) Loans acquired for sale Loans at fair value CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, June 30, 2021 $ 30,429 $ 7,215 $ 35,238 $ 29,748 $ (67,846 ) $ 2,551,373 $ 2,586,157 Purchases and issuances 19,041 — — 35,163 — — 54,204 Repayments and sales (18,356 ) (3,153 ) (21,339 ) — (26,370 ) — (69,218 ) Capitalization of interest and fees — 53 — — — — 53 Amounts received pursuant to sales of loans — — — — — 424,912 424,912 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — Other factors 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) 424 652 17,992 25,886 54,697 (144,241 ) (44,590 ) Transfers: Loans from REO — 9 — — — — 9 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — (6,543 ) (6,543 ) Interest rate lock commitments to loans acquired for sale (2) — — — (104,073 ) — — (104,073 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2021 $ 185 $ (155 ) $ (3,345 ) $ (13,276 ) $ 28,327 $ (144,241 ) $ (132,505 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2021 (in thousands) Interest-only security payable: Balance, June 30, 2021 $ 13,185 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors (1,185 ) (1,185 ) Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2021 $ (1,185 ) Nine months ended September 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 72,365 — — (88,901 ) — — (16,536 ) Repayments and sales (89,310 ) (677 ) (34,267 ) — (47,430 ) — (171,684 ) Amounts received pursuant to sales of loans — — — — — 543,255 543,255 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — — — — — — — Other factors (3,405 ) 504 (7,172 ) (250,913 ) (55,854 ) 504,474 187,634 (3,405 ) 504 (7,172 ) (250,913 ) (55,854 ) 504,474 187,634 Transfers of interest rate lock commitments to loans acquired for sale (2) — — — 294,520 — — 294,520 Balance, September 30, 2022 $ 9,779 $ 3,988 $ (22,475 ) $ (42,843 ) $ (130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during the period relating to assets still held at September 30, 2022 $ (1,121 ) $ 159 $ (42,154 ) $ (42,843 ) $ (103,284 ) $ 504,474 $ 315,231 (1) For the purpose of this table, CRT derivative, IRLC, 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 Nine months ended September 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 10,593 10,593 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2022 $ 10,593 Nine months ended September 30, 2021 Assets (1) Loans acquired for sale Loans at fair value Excess servicing spread CRT derivatives Interest rate lock commitments CRT strips Mortgage servicing rights Total (in thousands) Balance, December 31, 2020 $ 33,875 $ 8,027 $ 131,750 $ 31,795 $ 72,386 $ (202,792 ) $ 1,755,236 $ 1,830,277 Purchases and issuances 49,112 — — — 83,060 — — 132,172 Repayments and sales (52,215 ) (4,467 ) (134,624 ) (73,466 ) — (90,342 ) — (355,114 ) Capitalization of interest — 251 1,280 — — — — 1,531 ESS received pursuant to a recapture agreement with PFSI — — 557 — — — — 557 Amounts received pursuant to sales of loans — — — — — — 1,245,546 1,245,546 Changes in fair value included in results of operations arising from: Changes in instrument- specific credit risk — — — — — — — — Other factors 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 766 877 1,037 73,562 (144,056 ) 253,615 (165,457 ) 20,344 Transfers: Loans from REO — 88 — — — — — 88 Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE — — — — — — (9,824 ) (9,824 ) Interest rate lock commitments to loans acquired for sale (2) — — — — (24,666 ) — — (24,666 ) Balance, September 30, 2021 $ 31,538 $ 4,776 $ — $ 31,891 $ (13,276 ) $ (39,519 ) $ 2,825,501 $ 2,840,911 Changes in fair value recognized during the period relating to assets still held at September 30, 2021 $ 423 $ 30 $ — $ 98 $ (13,276 ) $ 163,273 $ (165,457 ) $ (14,909 ) (1) For the purpose of this table, CRT derivative, IRLC, 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 Nine months ended September 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 1,243 1,243 Balance, September 30, 2021 $ 12,000 Changes in fair value recognized during the period relating to liability outstanding at September 30, 2021 $ 1,243
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): September 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 $ 2,258,064 $ 2,333,538 $ (75,474 ) $ 4,166,177 $ 4,048,967 $ 117,210 90 or more days delinquent: Not in foreclosure 1,296 1,614 (318 ) 4,848 5,801 (953 ) In foreclosure 285 393 (108 ) — — — 1,581 2,007 (426 ) 4,848 5,801 (953 ) $ 2,259,645 $ 2,335,545 $ (75,900 ) $ 4,171,025 $ 4,054,768 $ 116,257 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,517,574 $ 1,815,485 $ (297,911 ) $ 1,561,794 $ 1,514,575 $ 47,219 90 or more days delinquent: Not in foreclosure 726 963 (237 ) 2,141 2,722 (581 ) In foreclosure 646 809 (163 ) 630 809 (179 ) 1,372 1,772 (400 ) 2,771 3,531 (760 ) 1,518,946 1,817,257 (298,311 ) 1,564,565 1,518,106 46,459 Distressed: Current through 89 days delinquent 784 1,227 (443 ) 782 1,455 (673 ) 90 or more days delinquent: Not in foreclosure 1,317 4,187 (2,870 ) 1,181 3,824 (2,643 ) In foreclosure 1,887 3,269 (1,382 ) 2,198 5,490 (3,292 ) 3,204 7,456 (4,252 ) 3,379 9,314 (5,935 ) 3,988 8,683 (4,695 ) 4,161 10,769 (6,608 ) $ 1,522,934 $ 1,825,940 $ (303,006 ) $ 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 September 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (251,477 ) $ — $ 229 $ (251,248 ) Loans acquired for sale at fair value — — (129,873 ) — (129,873 ) Loans at fair value — (99,211 ) — 533 (98,678 ) Credit risk transfer strips — 1,801 — — 1,801 MSRs at fair value 66,974 — — — 66,974 $ 66,974 $ (348,887 ) $ (129,873 ) $ 762 $ (411,024 ) Liabilities: Interest-only security payable at fair value $ — $ (1,701 ) $ — $ — $ (1,701 ) Asset-backed financing of VIEs at fair value — 92,993 — 993 93,986 $ — $ 91,292 $ — $ 993 $ 92,285 Quarter ended September 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (18,591 ) $ — $ (2,415 ) $ (21,006 ) Loans acquired for sale at fair value — — 75,528 — 75,528 Loans at fair value — 411 — (664 ) (253 ) Credit risk transfer strips — 54,697 — — 54,697 MSRs at fair value (144,241 ) — — — (144,241 ) $ (144,241 ) $ 36,517 $ 75,528 $ (3,079 ) $ (35,275 ) Liabilities: Interest-only security payable $ — $ 1,185 $ — $ — $ 1,185 Asset-backed financings at fair value — 1,663 — (531 ) 1,132 $ — $ 2,848 $ — $ (531 ) $ 2,317 Nine months ended September 30, 2022 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (620,500 ) $ — $ 13,481 $ (607,019 ) Loans acquired for sale at fair value — — (510,250 ) — (510,250 ) Loans at fair value — (317,796 ) — (543 ) (318,339 ) Credit risk transfer strips — (55,854 ) — — (55,854 ) MSRs at fair value 504,474 — — — 504,474 $ 504,474 $ (994,150 ) $ (510,250 ) $ 12,938 $ (986,988 ) Liabilities: Interest-only security payable at fair value $ — $ (10,593 ) $ — $ — $ (10,593 ) Asset-backed financings at fair value — 298,834 — 1,583 300,417 $ — $ 288,241 $ — $ 1,583 $ 289,824 Nine months ended September 30, 2021 Net loan servicing fees Net (losses) gains on investments and financings Net gains on loans acquired for sale Net interest expense Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ (60,456 ) $ — $ (6,821 ) $ (67,277 ) Loans acquired for sale at fair value — — 68,203 — 68,203 Loans at fair value — (2,373 ) — 665 (1,708 ) ESS at fair value — 1,037 — 1,280 2,317 Credit risk transfer strips — 253,615 — — 253,615 MSRs at fair value (165,457 ) — — — (165,457 ) $ (165,457 ) $ 191,823 $ 68,203 $ (4,876 ) $ 89,693 Liabilities: Interest-only security payable at fair value $ — $ (1,243 ) $ — $ — $ (1,243 ) Asset-backed financings at fair value — 4,146 — (76 ) 4,070 $ — $ 2,903 $ — $ (76 ) $ 2,827
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) September 30, 2022 $ — $ — $ 1,992 $ 1,992 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 based on fair value on a nonrecurring basis: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Real estate asset acquired in settlement of loans $ (119 ) $ 605 $ (199 ) $ (669 )
Carrying and Fair Values of CRT Term Notes and FT-1 Notes and Exchangeable Senior Notes	Following are the carrying and fair values of the CRT Term Notes and FT-1 Notes and Exchangeable senior notes September 30, 2022 December 31, 2021 Instrument Carrying value Fair value Carrying value Fair value (in thousands) CRT Term Notes and FT-1 Notes $ 1,946,901 $ 1,867,829 $ 2,471,961 $ 2,480,842 Exchangeable senior notes $ 545,521 $ 488,842 $ 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: September 30, 2022 December 31, 2021 (dollars in thousands) Fair value CRT derivatives Assets $ 725 $ 19,627 Liabilities $ 23,200 $ 663 UPB of loans in reference pools $ 6,160,765 $ 7,426,288 Key inputs (1) Discount rate Range 6.9% – 10.7% 3.3% – 5.9% Weighted average 10.4% 5.7% Voluntary prepayment speed (2) Range 7.2% – 8.0% 12.6% – 13.1% Weighted average 7.3% 12.7% Involuntary prepayment speed (3) Range 0.5% – 1.3% (0.1)% – 0.8% Weighted average 0.6% 0.1% Remaining loss (recovery) expectation (4) Range 0.5% – 0.8% (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: September 30, 2022 December 31, 2021 Fair value (in thousands) (1) $ (42,843 ) $ 2,451 Committed amount (in thousands) $ 1,795,195 $ 2,092,129 Key inputs (2) Pull-through rate Range 60.9% – 100% 64.3% – 100% Weighted average 94.2% 91.4% MSR fair value expressed as: Servicing fee multiple Range 2.3 – 8.1 0.5 – 6.3 Weighted average 5.4 4.5 Percentage of UPB Range 0.6% – 3.2% 0.3% – 2.7% Weighted average 1.9% 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: September 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 130,121 $ 26,837 UPB of loans in the reference pools $ 19,104,636 $ 23,382,619 Key inputs (1) Discount rate Range 4.8% – 11.1% 3.8% – 6.4% Weighted average 10.4% 6.0% Voluntary prepayment speed (2) Range 7.3% – 7.6% 14.9% – 17.6% Weighted average 7.4% 17.2% Involuntary prepayment speed (3) Range 0.5% – 1.6% 0.5% – 1.4% Weighted average 0.7% 0.6% Remaining loss expectation (4) Range 0.7% – 1.9% 0.3% – 1.1% Weighted average 0.9% 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (MSR recognized and UPB of underlying loans amounts in thousands) Mortgage servicing rights recognized $ 178,001 $ 424,912 $ 543,255 $ 1,245,546 UPB of underlying loans $ 9,538,175 $ 29,206,319 $ 31,767,152 $ 91,240,993 Weighted average annual servicing fee rate (in basis points) 38 30 34 28 Key inputs (1) Prepayment speed (2) Range 6.8% – 18.9% 6.7% – 12.5% 6.0% – 18.9% 6.0% – 12.5% Weighted average 10.1% 8.9% 9.1% 8.1% Equivalent average life (in years) Range 4.1 – 9.5 3.9 – 8.1 4.0 – 9.5 3.9 – 8.9 Weighted average 7.7 7.8 8.0 8.1 Pricing spread (3) Range 5.5% – 8.7% 6.0% – 8.0% 5.5% – 8.9% 6.0% – 8.0% Weighted average 6.2% 6.8% 6.4% 7.2% Annual per-loan cost of servicing Range $80 – $80 $80 – $80 $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: September 30, 2022 December 31, 2021 (Fair value, UPB of underlying loans and effect on fair value amounts in thousands) Fair value $ 3,940,584 $ 2,892,855 UPB of underlying loans $ 226,808,398 $ 216,065,626 Weighted average annual servicing fee rate (in basis points) 28 28 Weighted average note interest rate 3.4% 3.0% Key inputs (1) Prepayment speed (2) Range 5.3% – 16.4% 5.5% – 12.5% Weighted average 6.4% 8.2% Equivalent average life (in years) Range 3.5 – 9.2 3.5 – 9.1 Weighted average 8.8 8.1 Effect on fair value of (3): 5% adverse change $(52,061) $(59,726) 10% adverse change $(102,534) $(117,162) 20% adverse change $(199,013) $(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 $(52,072) $(39,826) 10% adverse change $(102,830) $(78,613) 20% adverse change $(200,581) $(153,220) Annual per-loan cost of servicing Range $80 – $81 $80 – $81 Weighted average $80 $80 Effect on fair value of (3): 5% adverse change $(20,076) $(17,585) 10% adverse change $(40,152) $(35,169) 20% adverse change $(80,303) $(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, these 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,853,076 $ 2,309,864 $ 2,666,768 $ 2,213,922 Purchases 354,015 249,234 3,114,891 1,932,083 Sales — — (1,079,826 ) (1,300,653 ) Repayments (75,555 ) (67,059 ) (214,526 ) (307,042 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 229 (2,415 ) 13,481 (6,821 ) Valuation adjustments (251,477 ) (18,591 ) (620,500 ) (60,456 ) (251,248 ) (21,006 ) (607,019 ) (67,277 ) Balance at end of period $ 3,880,288 $ 2,471,033 $ 3,880,288 $ 2,471,033
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: September 30, 2022 Principal balance Unamortized net purchase premiums (discounts) Accumulated valuation changes Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,146,875 $ 37,730 $ (502,391 ) $ 3,682,214 Subordinate credit-linked securities 184,620 48 (8,563 ) 176,105 Senior non-Agency securities 28,414 (890 ) (5,555 ) 21,969 $ 4,359,909 $ 36,888 $ (516,509 ) $ 3,880,288 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 September 30, 2022 and December 31, 2021.

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 (in thousands) Government-sponsored entity eligible (1) $ 2,048,687 $ 3,825,901 Held for sale to PLS ‒ Government insured or guaranteed (2) 199,951 314,995 Jumbo 1,228 — Home equity lines of credit 2,623 3,265 Commercial real estate — 964 Repurchased pursuant to representations and warranties 7,156 25,900 $ 2,259,645 $ 4,171,025 Loans pledged to secure: Assets sold under agreements to repurchase $ 2,227,277 $ 4,007,377 Mortgage loan participation purchase and sale agreements 17,583 52,102 $ 2,244,860 $ 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)	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,465,705 $ 1,495,914 Fixed interest rate jumbo loans 53,241 68,651 1,518,946 1,564,565 Distressed loans 3,988 4,161 $ 1,522,934 $ 1,568,726 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,518,946 $ 1,564,565 Assets sold under agreements to repurchase 208 359 $ 1,519,154 $ 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 September 30, 2022 and December 31, 2021, $83.7 million and $85.3 million, respectively, of such 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)	9 Months Ended
	Sep. 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: September 30, 2022 December 31, 2021 (in thousands) Derivative assets $ 74,659 $ 34,238 Derivative liabilities $ 221,262 $ 15,369 Credit risk transfer strip liabilities 130,121 26,837 $ 351,383 $ 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 September 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 1,400,000 $ 1,750 $ — 1,450,000 $ 2,828 $ — Put options on interest rate futures purchase contracts 1,575,000 33,578 — 1,775,000 3,180 — Forward purchase contracts 3,023,841 3,895 48,894 6,945,340 5,806 3,620 Forward sale contracts 9,704,697 239,657 4,508 10,466,182 6,307 13,782 MBS put options 250,000 6,295 — 3,400,000 3,662 — MBS call options — 27 59 — — — Swaption purchase contracts — — — 2,200,000 39 — Swap futures — — — 1,425,100 — — Bond futures 1,528,500 — — 181,800 — — Other derivatives not subject to master netting arrangements: CRT derivatives 6,160,765 725 23,200 7,426,288 19,627 663 Interest rate lock commitments 1,795,195 1,234 44,077 2,092,129 3,897 1,446 Total derivatives before netting 287,161 120,738 45,346 19,511 Netting (212,502 ) 100,524 (11,108 ) (4,142 ) $ 74,659 $ 221,262 $ 34,238 $ 15,369 Margin deposits received from derivative counterparties included in derivative balances above, net $ 313,027 $ 6,965 Derivative assets pledged to secure: Notes payable secured by credit risk transfer and mortgage servicing assets $ 725 $ 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. September 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 $ 725 $ — $ — $ 725 $ 19,627 $ — $ — $ 19,627 Interest rate lock commitments 1,234 — — 1,234 3,897 — — 3,897 RJ O’Brien & Associates, LLC 35,328 — — 35,328 6,008 — — 6,008 Bank of America, N.A. 14,045 — — 14,045 1,958 — — 1,958 Wells Fargo Securities, LLC 9,243 — — 9,243 — — — — J.P. Morgan Securities LLC 7,556 — — 7,556 2,085 — — 2,085 Citigroup Global Markets Inc. 1,608 — — 1,608 — — — — Barclays Capital Inc. 1,143 — — 1,143 — — — — Other 3,777 — — 3,777 663 — — 663 $ 74,659 $ — $ — $ 74,659 $ 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. September 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 $ 44,077 $ — $ — $ 44,077 $ 1,446 $ — $ — $ 1,446 CRT derivatives 23,200 — — 23,200 663 — — 663 Bank of America, N.A. 1,486,718 (1,486,718 ) — — 1,088,417 (1,088,417 ) — — J.P. Morgan Securities LLC 1,354,765 (1,354,765 ) — — 726,762 (726,762 ) — — Barclays Capital Inc. 987,436 (987,436 ) — — 1,086,104 (1,085,723 ) — 381 Morgan Stanley & Co. LLC 610,529 (473,866 ) — 136,663 412,321 (410,413 ) — 1,908 Credit Suisse Securities (USA) LLC 513,165 (501,678 ) — 11,487 832,610 (830,954 ) — 1,656 Daiwa Capital Markets 447,549 (447,549 ) — — 495,973 (495,973 ) — — Amherst Pierpont Securities LLC 300,978 (300,978 ) — — 125,090 (125,090 ) — — RBC Capital Markets, L.P. 298,656 (298,656 ) — — 1,293,754 (1,293,754 ) — — Citigroup Global Markets Inc. 207,240 (207,240 ) — — 131,312 (129,016 ) — 2,296 BNP Paribas Corporate & Institutional Banking 197,883 (197,416 ) — 467 171,185 (171,185 ) — — Wells Fargo Securities, LLC 75,615 (75,615 ) — — 106,088 (104,674 ) — 1,414 Goldman Sachs & Co. LLC 75,333 (74,233 ) — 1,100 217,459 (212,580 ) — 4,879 Nomura Holding INC 6,770 (4,444 ) — 2,326 14 — — 14 The PNC Financial Services, Inc. 1,549 — — 1,549 — — — — Other 393 — — 393 712 — — 712 $ 6,631,856 $ (6,410,594 ) $ — $ 221,262 $ 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 September 30, Nine months ended September 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) $ (41,187 ) $ (43,024 ) $ (45,294 ) $ (85,662 ) CRT derivatives Net (losses) gains on investments and financings $ 4,259 $ 17,992 $ (7,172 ) $ 73,562 Hedged item: Interest rate lock commitments and loans acquired for sale Net gains on loans acquired for sale $ 172,520 $ (19,150 ) $ 560,138 $ 112,226 Mortgage servicing rights Net loan servicing fees $ 154,269 $ (73,841 ) $ (87,651 ) $ (354,128 ) Fixed-rate and prepayment sensitive assets and repurchase agreements Net (losses) gains on investments and financings $ — $ (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) September 30, 2022 December 31, 2021 (in thousands) Currently unrestricted $ (130,121 ) $ 5,978 To maturity — (32,815 ) $ (130,121 ) $ (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)	9 Months Ended
	Sep. 30, 2022
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 3,695,609 $ 2,551,373 $ 2,892,855 $ 1,755,236 MSRs resulting from loan sales 178,001 424,912 543,255 1,245,546 Changes in fair value: Due to changes in inputs used in valuation model (1) 162,730 (62,843 ) 775,792 44,939 Other changes in fair value (2) (95,756 ) (81,398 ) (271,318 ) (210,396 ) 66,974 (144,241 ) 504,474 (165,457 ) Recombination with loans at fair value resulting from initial consolidation of a VIE (3) — (6,543 ) — (9,824 ) Balance at end of period $ 3,940,584 $ 2,825,501 $ 3,940,584 $ 2,825,501 September 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 $ 3,892,617 $ 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Contractually-specified servicing fees $ 162,987 $ 137,804 $ 461,021 $ 378,110 Ancillary and other fees: Late charges 662 436 1,883 1,199 Other 3,584 13,524 18,656 53,908 4,246 13,960 20,539 55,107 $ 167,233 $ 151,764 $ 481,560 $ 433,217 Average MSR servicing portfolio $ 224,756,659 $ 205,181,714 $ 220,988,459 $ 191,351,860

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Other Assets [Abstract]
Summary of Other Assets	Other assets are summarized below: September 30, 2022 December 31, 2021 (in thousands) Derivative settlements receivable $ 176,857 $ 7,345 Margin deposits 145,705 193,418 Interest receivable 26,587 15,168 Servicing fees receivable 18,686 16,756 Other receivables 8,994 15,299 Real estate acquired in settlement of loans 7,958 14,382 Correspondent lending receivables 7,509 20,194 Other 10,065 3,737 $ 402,361 $ 286,299 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 3,706 $ 7,293

Short-Term Debt (Tables)

Short-Term Debt (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 5,789,433 $ 6,796,525 $ 5,363,690 $ 6,177,250 Weighted average interest rate (1) 3.09 % 1.29 % 2.02 % 1.40 % Total interest expense $ 46,691 $ 24,047 $ 87,310 $ 75,988 Maximum daily amount outstanding $ 6,649,005 $ 7,776,643 $ 8,395,930 $ 8,725,300 (1) Excludes the effect of amortization of debt issuance costs of $1.7 million and $6.1 million for the quarter and nine months ended September 30, 2022, respectively, and $1.9 million and $11.2 million for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance funded under: Committed facilities $ 5,733,752 $ 5,799,975 Uncommitted facilities 676,842 874,566 6,410,594 6,674,541 Unamortized debt issuance costs (798 ) (2,651 ) $ 6,409,796 $ 6,671,890 Weighted average interest rate 3.81 % 1.08 % Available borrowing capacity (1): Committed $ 159,620 $ 289,436 Uncommitted 4,488,158 4,875,433 $ 4,647,778 $ 5,164,869 Margin deposits placed with counterparties included in Other $ 120,171 $ 67,997 Assets securing agreements to repurchase: Mortgage-backed securities $ 3,880,288 $ 2,666,768 Loans acquired for sale at fair value $ 2,227,277 $ 4,007,377 Loans at fair value: Securities retained in asset-backed financings $ 83,671 $ 85,266 Distressed $ 208 $ 359 CRT arrangements $ 89,809 $ — Mortgage servicing rights (2) $ 2,053,659 $ 1,598,090 Servicing advances $ 36,195 $ 93,455 Real estate acquired in settlement of loans $ 3,706 $ 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 September 30, 2022 Unpaid principal balance (in thousands) Within 30 days $ 3,829,593 Over 30 to 90 days 1,997,345 Over 90 days to 180 days 298,656 Over 180 days to 1 year — Over 1 year to 2 years 285,000 $ 6,410,594 Weighted average maturity (in months) 2.1
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. $ 25,932 October 15, 2022 Barclays Capital Inc. $ 47,308 October 25, 2022 Citibank, N.A. $ 20,552 November 22, 2022 JPMorgan Chase & Co. $ 26,163 October 11, 2022 Daiwa Capital Markets America Inc. $ 8,163 October 23, 2022 Amherst Pierpont Securities LLC $ 6,699 October 21, 2022 Wells Fargo Securities, LLC $ 2,776 November 21, 2022 Nomura Holding INC $ 1,479 October 14, 2022 CRT Arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Bank of America, N.A. $ 34,707 October 5, 2022
Summary of Mortgage Loan Participation Purchase and Sale Agreements	The mortgage loan participation purchase and sale agreements are summarized below: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 31,092 $ 35,984 $ 33,586 $ 35,754 Weighted average interest rate (1) 3.69 % 1.48 % 2.53 % 1.41 % Total interest expense $ 320 $ 166 $ 728 $ 471 Maximum daily amount outstanding $ 81,360 $ 82,116 $ 88,633 $ 89,072 (1) Excludes the effect of amortization of debt issuance costs of $31,000 and $94,000 for the quarter and nine months ended September 30, 2022, respectively, and $31,000 and $93,000 for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance $ 17,088 $ 49,988 Unamortized debt issuance costs (89 ) — $ 16,999 $ 49,988 Weighted average interest rate 4.49 % 1.48 % Loans acquired for sale pledged to secure Mortgage loan participation purchase and sale agreements $ 17,583 $ 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. $ 13,846 November 4, 2022 June 5, 2024 Barclays Capital Inc. $ 14,804 November 3, 2022 November 3, 2022 Citibank, N.A. $ 15,582 December 16, 2022 April 26, 2024 JPMorgan Chase & Co. $ — December 6, 2022 June 17, 2024 Morgan Stanley & Co. LLC $ 21,009 December 16, 2022 January 3, 2024 RBC Capital Markets, L.P. $ 13,272 January 18, 2023 August 10, 2023 Credit Suisse First Boston Mortgage Capital LLC $ 10,133 December 12, 2022 May 31, 2024 BNP Paribas Corporate & Institutional Banking $ 5,435 December 16, 2022 July 31, 2023 Goldman Sachs & Co. LLC $ 2,802 December 11, 2022 December 23, 2023 Wells Fargo Securities, LLC $ — December 11, 2022 November 17, 2023

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 2,801,845 $ 2,791,323 $ 2,550,910 $ 2,658,411 Weighted average interest rate (1) 5.37 % 3.04 % 4.19 % 3.10 % Total interest expense $ 39,818 $ 22,890 $ 84,597 $ 65,664 Maximum daily amount outstanding $ 3,235,376 $ 2,935,720 $ 3,544,637 $ 3,336,211 (1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $4.7 million for the quarter and nine months ended September 30, 2022, respectively, and $1.5 million and $4.0 million for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Carrying value: Unpaid principal balance: CRT term notes $ 849,314 $ 1,204,636 FT-1 Notes 1,105,000 800,000 Freddie Mac credit agreements 885,000 475,000 2,839,314 2,479,636 Unamortized debt issuance costs (10,154 ) (7,675 ) $ 2,829,160 $ 2,471,961 Weighted average interest rate 5.92 % 3.02 % Assets securing notes payable: Mortgage servicing rights (1) $ 3,892,617 $ 2,863,544 CRT Agreements: Deposits securing CRT arrangements $ 1,279,427 $ 1,704,911 Derivative assets $ 725 $ 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Average balance $ 545,047 $ 497,770 $ 539,703 $ 426,353 Weighted average interest rate (1) 5.55 % 6.10 % 5.67 % 6.12 % Interest expense: Coupon $ 7,631 $ 7,659 $ 22,894 $ 19,521 Amortization of: Conversion options (2) — 2,126 — 5,134 Issuance costs 718 661 2,110 1,643 $ 8,349 $ 10,446 $ 25,004 $ 26,298 September 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 (9,479 ) (11,589 ) (9,479 ) (52,541 ) $ 545,521 $ 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	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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (dollars in thousands) Average balance $ 1,540,957 $ 424,744 $ 1,549,797 $ 214,524 Weighted average interest rate (1) 3.42 % 4.49 % 3.34 % 4.06 % Total interest expense $ 14,265 $ 4,272 $ 40,308 $ 6,436 (1) Excludes the effect of amortization of net debt issuance cost of $1.0 million and $1.6 for the quarter and nine months ended September 30, 2022, respectively, and $4.3 million and $6.4 million for the quarter and nine months ended September 30, 2021, respectively. September 30, 2022 December 31, 2021 (dollars in thousands) Fair value $ 1,424,473 $ 1,469,999 Unpaid principal balance $ 1,706,365 $ 1,442,379 Weighted average interest rate 3.22 % 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 stated maturity dates) are as follows: Twelve months ended September 30, Total 2023 2024 2025 2026 2027 Thereafter (in thousands) Notes payable secured by credit risk transfer and mortgage servicing assets (1) $ 2,839,314 $ 990,231 $ 1,194,083 $ — $ 350,000 $ 305,000 $ — Exchangeable senior notes 555,000 — — 210,000 345,000 — — Asset-backed financings at fair value (2) 1,706,365 — — — — — 1,706,365 Interest-only security payable at fair value (2) 21,186 — — — — — 21,186 Total $ 5,121,865 $ 990,231 $ 1,194,083 $ 210,000 $ 695,000 $ 305,000 $ 1,727,551 (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 4, 2021 $ 659,156 $ 309,082 LIBOR 2.90% February 28, 2024 February 27, 2026 2020 2R December 22, 2020 $ 500,000 232,826 LIBOR 3.81% December 28, 2022 — 2020 1R February 14, 2020 $ 350,000 61,335 LIBOR 2.35% March 1, 2023 February 27, 2025 2019 3R October 16, 2019 $ 375,000 57,776 LIBOR 2.70% October 27, 2022 (2) October 29, 2024 2019 2R June 11, 2019 $ 638,000 188,295 LIBOR 2.75% May 29, 2023 May 29, 2025 $ 849,314 (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. (2) During October of 2022, the Company exercised its option to extend the maturity of this note.
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 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 39,441 $ 36,314 $ 40,249 $ 21,893 Provision for losses: Pursuant to loan sales 996 6,297 3,442 23,282 Reduction in liability due to change in estimate (817 ) (1,636 ) (3,512 ) (4,155 ) Losses incurred (122 ) (66 ) (681 ) (111 ) Balance, end of period $ 39,498 $ 40,909 $ 39,498 $ 40,909 UPB of loans subject to representations and warranties at end of period $ 225,129,199 $ 208,686,249

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: September 30, 2022 (in thousands) Commitments to purchase loans acquired for sale $ 1,795,195

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended September 30, Preferred Quarter Nine months share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 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 $ 1.53 $ 1.53 B 8.00% Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 Fixed-rate cumulative redeemable C 6.75% Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ — $ 1.26 $ — 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 September 30, Nine months ended September 30, Cumulative 2022 2021 2022 2021 total (1) (in thousands) Common shares repurchased 987 904 4,888 931 25,485 Cost of common shares repurchased (2) $ 13,498 $ 17,178 $ 73,746 $ 17,700 $ 384,493 (1) Amounts represent the share repurchase program total from its inception in August 2015 through September 30, 2022. (2) Cumulative total cost of common shares repurchased includes $510,000 of transaction fees.

Net (Losses) Gains on Investm_2

Net (Losses) Gains on Investments and Financings (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Mortgage-backed securities $ (251,477 ) $ (18,591 ) $ (620,500 ) $ (60,456 ) Loans at fair value: Held in VIEs (99,267 ) (241 ) (318,300 ) (3,250 ) Distressed 56 652 504 877 CRT arrangements 4,359 73,874 (73,619 ) 325,934 Asset-backed financings at fair value 92,993 1,663 298,834 4,146 Hedging derivatives — (51 ) — — (253,336 ) 57,306 (713,081 ) 267,251 From PFSI ‒ Excess servicing spread — — — 1,651 $ (253,336 ) $ 57,306 $ (713,081 ) $ 268,902

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) From nonaffiliates: Cash loss: Sales of loans $ (390,543 ) $ (381,295 ) $ (1,128,355 ) $ (1,196,355 ) Hedging activities 233,139 25,858 695,238 196,908 (157,404 ) (355,437 ) (433,117 ) (999,447 ) Non‒cash gain: Receipt of MSRs in mortgage loan sale transactions 178,001 424,912 543,255 1,245,546 Provision for losses relating to representations and warranties provided in loan sales: Pursuant to loans sales (996 ) (6,297 ) (3,442 ) (23,282 ) Reduction of liability due to change in estimate 817 1,636 3,512 4,155 (179 ) (4,661 ) 70 (19,127 ) Change in fair value of loans and derivatives held at period end Interest rate lock commitments (41,187 ) (43,024 ) (45,294 ) (85,662 ) Loans 84,498 37,877 82,561 35,401 Hedging derivatives (60,619 ) (45,008 ) (135,100 ) (84,682 ) (17,308 ) (50,155 ) (97,833 ) (134,943 ) 160,514 370,096 445,492 1,091,476 Total from nonaffiliates 3,110 14,659 12,375 92,029 From PFSI‒cash gain 1,203 1,537 3,562 4,905 $ 4,313 $ 16,196 $ 15,937 $ 96,934

Net Interest Income (Expense) (

Net Interest Income (Expense) (Tables)	9 Months Ended
	Sep. 30, 2022
Banking And Thrift Interest [Abstract]
Summary of Net Interest Expense	Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Interest income: From nonaffiliates: Cash and short-term investments $ 1,993 $ 264 $ 3,571 $ 705 Mortgage-backed securities 36,070 9,833 91,121 25,925 Loans acquired for sale at fair value 27,921 39,076 70,611 94,597 Loans at fair value: Held in consolidated variable interest entities 16,002 4,773 44,587 8,040 Distressed 16 85 204 377 Deposits securing CRT arrangements 6,978 126 9,584 451 Placement fees relating to custodial funds 20,239 4,481 31,152 8,485 Other 439 (354 ) 589 (301 ) 109,658 58,284 251,419 138,279 From PFSI ‒ Excess servicing spread — — — 1,280 109,658 58,284 251,419 139,559 Interest expense: To nonaffiliates: Assets sold under agreements to repurchase 46,691 24,047 87,310 75,988 Mortgage loan participation purchase and sale agreements 320 166 728 471 Notes payable secured by credit risk transfer and mortgage servicing assets 39,818 22,890 84,597 65,664 Exchangeable senior notes 8,349 10,446 25,004 26,298 Asset-backed financings at fair value 14,265 4,272 40,308 6,436 Interest shortfall on repayments of loans serviced for Agency securitizations 3,504 12,622 14,975 53,198 Interest on loan impound deposits 1,133 1,046 2,822 2,557 114,080 75,489 255,744 230,612 To PFSI ‒ Assets sold under agreement to repurchase — — — 387 114,080 75,489 255,744 230,999 Net interest expense $ (4,422 ) $ (17,205 ) $ (4,325 ) $ (91,440 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Grants: Restricted share units — — 134 105 Performance share units — — 151 126 — — 285 231 Grant date fair value: Restricted share units $ — $ — $ 2,101 $ 1,992 Performance share units — — 2,350 2,399 $ — $ — $ 4,451 $ 4,391 Vestings: Restricted share units — — 79 100 Performance share units (1) — — 41 37 — — 120 137 Forfeitures: Restricted share units — — — — Performance share units — — 11 — — — 11 — Compensation expense relating to share-based grants $ 959 $ (795 ) $ 3,130 $ 1,953 (1) The actual number of performance-based RSUs that vested during the nine months ended September 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	September 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands except earnings per share amounts) Net income (loss) $ 11,913 $ (35,955 ) $ (77,950 ) $ 73,740 Dividends on preferred shares (10,455 ) (7,969 ) (31,364 ) (20,438 ) Effect of participating securities ‒ (111 ) (80 ) (318 ) (238 ) Net income (loss) attributable to common shareholders $ 1,347 $ (44,004 ) $ (109,632 ) $ 53,064 Weighted average basic shares outstanding 90,594 97,501 92,221 97,772 Dilutive securities‒shares issuable under share-based compensation plan — — — 107 Diluted weighted average shares outstanding 90,594 97,501 92,221 97,879 Basic earnings (loss) per share $ 0.01 $ (0.45 ) $ (1.19 ) $ 0.54 Diluted earnings (loss) per share $ 0.01 $ (0.45 ) $ (1.19 ) $ 0.54
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	Quarter ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Shares issuable under share-based compensation plan 136 128 127 51 Shares issuable pursuant to exchange of the Exchangeable senior notes 24,328 24,328 24,328 20,627

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	The Company’s reportable segments are identified based on PMT’s investment strategies. The Company’s chief operating decision maker is its chief executive officer. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 390,124 $ — $ — $ 390,124 Net (losses) gains on investments and financings (2,230 ) (251,106 ) — — (253,336 ) Net gains on loans acquired for sale — — 4,313 — 4,313 Net interest expense: Interest income 12,415 68,152 27,862 1,229 109,658 Interest expense 14,097 80,782 18,322 879 114,080 (1,682 ) (12,630 ) 9,540 350 (4,422 ) Other 978 — 13,408 — 14,386 (2,934 ) 126,388 27,261 350 151,065 Expenses: Loan fulfillment and servicing fees payable to PFSI 57 20,190 18,407 — 38,654 Management fees — — — 7,731 7,731 Other 708 2,688 2,789 8,116 14,301 765 22,878 21,196 15,847 60,686 Pretax income (loss) $ (3,699 ) $ 103,510 $ 6,065 $ (15,497 ) $ 90,379 Total assets at end of quarter $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ (53,343 ) $ — $ — $ (53,343 ) Net (losses) gains on investments and financings 75,764 (18,458 ) — — 57,306 Net gains on loans acquired for sale — — 16,196 — 16,196 Net interest expense: Interest income 617 18,260 38,975 432 58,284 Interest expense 13,857 41,482 20,150 — 75,489 (13,240 ) (23,222 ) 18,825 432 (17,205 ) Other 559 — 44,341 — 44,900 63,083 (95,023 ) 79,362 432 47,854 Expenses: Loan fulfillment and servicing fees payable to PFSI 89 20,614 43,922 — 64,625 Management fees — — — 8,520 8,520 Other 2,308 1,180 7,665 4,212 15,365 2,397 21,794 51,587 12,732 88,510 Pretax income (loss) $ 60,686 $ (116,817 ) $ 27,775 $ (12,300 ) $ (40,656 ) Total assets at end of quarter $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 911,615 $ — $ — $ 911,615 Net (losses) gains on investments and financings (104,946 ) (608,135 ) — — (713,081 ) Net gains on loans acquired for sale 5 — 15,932 — 15,937 Net interest expense: Interest income 20,391 158,158 70,436 2,434 251,419 Interest expense 34,653 177,622 41,980 1,489 255,744 (14,262 ) (19,464 ) 28,456 945 (4,325 ) Other 1,237 — 43,021 — 44,258 (117,966 ) 284,016 87,409 945 254,404 Expenses: Loan servicing fees and fulfillment payable to PFSI 167 61,503 55,807 — 117,477 Management fees — — — 23,758 23,758 Other 5,242 5,425 11,176 22,757 44,600 5,409 66,928 66,983 46,515 185,835 Pretax income (loss) $ (123,375 ) $ 217,088 $ 20,426 $ (45,570 ) $ 68,569 Total assets at end of period $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2021 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ (48,210 ) $ — $ — $ (48,210 ) Net (losses) gains on investments and financings 328,448 (59,546 ) — — 268,902 Net gains on loans acquired for sale — — 96,934 — 96,934 Net interest expense: Interest income 1,668 41,839 94,290 1,762 139,559 Interest expense 47,295 117,935 65,769 — 230,999 (45,627 ) (76,096 ) 28,521 1,762 (91,440 ) Other 1,467 — 143,164 — 144,631 284,288 (183,852 ) 268,619 1,762 370,817 Expenses: Loan servicing fees and fulfillment payable to PFSI 306 59,505 158,777 — 218,588 Management fees — — — 28,882 28,882 Other 10,518 3,500 27,462 17,698 59,178 10,824 63,005 186,239 46,580 306,648 Pretax income (loss) $ 273,464 $ (246,857 ) $ 82,380 $ (44,818 ) $ 64,169 Total assets at end of period $ 2,078,237 $ 6,392,726 $ 5,138,051 $ 259,586 $ 13,868,600

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
	Sep. 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) September 30, 2022 $ 1,029,087 $ 579,943 13 % 6 % $ 308,122 $ 78,281 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)	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021	Sep. 30, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Restricted cash	$ 0	$ 0			$ 0
Accumulated deficit	(485,372,000)	(485,372,000)		$ (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	$ 5,300,000
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]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 2,259,645		$ 2,259,645		$ 4,171,025
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	18,407	$ 43,922	55,807	$ 158,777
UPB of loans fulfilled by PLS	10,226,513	28,605,098	30,319,475	92,846,231
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,203	1,537	3,562	4,905
UPB of loans sold to PLS	12,261,222	15,249,441	35,643,210	49,106,232
Purchases of loans acquired for sale from PLS	0	0	298,862	0
Tax service fees paid to PLS	2,192	$ 6,559	6,938	$ 21,879
Loans included in Loans acquired for sale at fair value pending sale to PLS	$ 199,951		$ 199,951		$ 314,995

Transactions with Related Par_5

Transactions with Related Parties - Loan Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,247	$ 20,703	$ 61,670	$ 59,811
Average MSR portfolio UPB	224,756,659	205,181,714	220,988,459	191,351,860
MSR recapture fees	1,648	12,975	13,232	38,158
UPB of loans recaptured	284,821	2,522,838	2,446,282	9,389,260
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	258	698	780	1,871
Average investment in loans acquired for sale at fair value	1,763,506	4,887,993	1,884,840	4,224,917
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	111	89	427	306
Loans at fair value	1,659,183	458,054	1,655,022	235,711
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 19,878	$ 19,916	$ 60,463	$ 57,634

Transactions with Related Pa_10

Transactions with Related Parties - Management Fees - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,731	$ 8,520	$ 23,758	$ 28,882
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,731	8,520	23,758	28,882
Average shareholders' equity amounts used to calculate base management fee expense	2,048,887	2,350,940	2,128,916	2,334,050
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,731	8,778	23,758	25,875
PNMAC Capital Management LLC [Member] | Performance incentive (adjustment) [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ (258)	$ 0	$ 3,007

Transactions with Related Pa_12

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Expenses incurred on the Company’s behalf, net		$ 705	$ 4,396	$ 8,896	$ 13,536
Common overhead incurred by PCM and its affiliates		2,574	1,548	6,247	3,387
Compensation		165	165	495	495
Total expenses incurred in transaction with affiliates		3,444	6,109	15,638	17,418
Payments and settlements during the period (1)	[1]	$ 41,509	$ 51,020	$ 110,835	$ 238,202
[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	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
ESS:
Interest income	$ 109,658	$ 58,284	$ 251,419	$ 139,559
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Interest expense	$ 114,080	$ 75,489	$ 255,744	$ 230,999
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	Sep. 30, 2022	Dec. 31, 2021
Due to PFSI:
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	$ 5,571	$ 15,431
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Due from PFSI-Miscellaneous receivables	3,560	15,953
Due to PFSI:
Management fees	7,731	8,918
Correspondent production fees	6,812	8,894
Loan servicing fees	6,711	6,848
Fulfillment fees	5,481	0
Total expense due to affiliate	$ 32,306	$ 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	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Loan servicing advances	$ 81,399	$ 204,951
Real estate acquired in settlement of loans	7,958	14,382
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	81,399	204,951
Real estate acquired in settlement of loans	3,019	7,115
Servicing advances and real estate acquired	$ 84,418	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows:
Proceeds from sales	$ 9,709,969	$ 29,865,473	$ 31,922,573	$ 93,365,579
Loan servicing fees received net of guarantee fees	$ 162,987	$ 137,804	$ 461,021	$ 378,110

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 226,691,505	$ 215,927,495
Collection Status (UPB)
30-89 days delinquent	[1]	1,540,024	1,148,542
90 or more days delinquent:
Not in foreclosure		778,826	1,726,488
In foreclosure		66,056	36,658
Bankruptcy		124,616	130,582
Custodial funds managed by the Company	[2]	2,898,932	3,823,527
COVID-19 [Member]
90 or more days delinquent:
30-89 days		231,738	169,654
90 days or more		$ 434,340	$ 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]	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
CRT strips:
Net investment income		$ 151,065	$ 47,854	$ 254,404	$ 370,817
Carrying value of CRT arrangements:
Interest-only security payable at fair value		21,186		21,186		$ 21,186	$ 0	$ 0	$ 0	$ 0	$ 0		$ 10,593
Variable Interest Entities [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		21,186		21,186									10,593
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member]
CRT derivatives:
Realized		4,624	21,337	34,982	73,464
Valuation changes		(365)	(3,345)	(42,154)	98
Gains (losses) recognized on gross derivative related to credit risk transactions		4,259	17,992	(7,172)	73,562
CRT strips:
Realized		13,589	26,370	47,430	90,342
Valuation changes		(11,788)	28,327	(103,284)	163,273
Credit risk transfer strips		1,801	54,697	(55,854)	253,615
Interest-only security payable at fair value		(1,701)	1,185	(10,593)	(1,243)
Gains (losses) recognized on gross derivative related to credit risk transactions		4,359	73,874	(73,619)	325,934
Interest income ‒ Deposits securing CRT arrangements		6,978	126	9,584	451
Net investment income		11,337	74,000	(64,035)	326,385
Net payments made (recoveries received) to settle losses (recoveries) on CRT arrangements		180	$ (14,321)	(20,249)	$ (47,876)
Carrying value of CRT arrangements:
CRT derivatives		(22,475)		(22,475)									18,964
CRT strips		(130,121)		(130,121)									(26,837)
Derivative and credit risk transfer strip assets		(152,596)		(152,596)									(7,873)
Deposits securing CRT arrangements		1,369,236		1,369,236									1,704,911
Interest-only security payable at fair value		21,186		21,186									10,593
Derivative assets	[1]	725		725									19,627
Derivative and credit risk transfer strip assets pledged to secure		1,369,236		1,369,236									1,704,911
UPB of loans underlying CRT arrangements		25,265,401		25,265,401									30,808,907
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		24,707,757		24,707,757									29,581,803
30-89 days delinquent		328,137		328,137									349,291
90-180 days delinquent		98,828		98,828									120,775
180 or more days delinquent		109,532		109,532									748,576
Foreclosure		21,147		21,147									8,462
Bankruptcy		55,189		55,189									64,694
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member] | COVID-19 [Member]
Collection status (UPB):
30-89 days												$ 44,488	44,015
90-180 days delinquent		50,150		50,150									57,815
180 or more days delinquent		$ 37,456		$ 37,456									$ 174,041
[1] Deposits securing credit risk transfer strip arrangements pledged to creditors also secure $153.3 million and $27.5 million in CRT derivative and CRT strip liabilities at September 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	Sep. 30, 2022	Dec. 31, 2021
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT derivative and strip liabilities	$ 153.3	$ 27.5

Variable Interest Entities - _3

Variable Interest Entities - Summary of Investment in Subordinate Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Loans at fair value	$ 160,514	$ 370,096	$ 445,492	$ 1,091,476
Asset-backed financings at fair value	92,993	1,663	298,834	4,146
Interest income	109,658	58,284	251,419	139,559
Interest expense	114,080	75,489	255,744	230,999
Loans at fair value	1,522,934		1,522,934		$ 1,568,726
Asset-backed financings at fair value	1,424,473		1,424,473		1,469,999
Variable Interest Entities [Member]
Loans at fair value	1,518,946		1,518,946		1,564,565
Asset-backed financings at fair value	1,424,473		1,424,473		1,469,999
Variable Interest Entities [Member] | Investment Properties [Member]
Loans at fair value	(99,267)	(241)	(318,300)	(3,250)
Asset-backed financings at fair value	92,993	1,663	298,834	4,146
Interest income	16,002	4,773	44,587	8,040
Interest expense	14,265	$ 4,272	40,308	$ 6,436
Loans at fair value	1,518,946		1,518,946		1,564,565
Asset-backed financings at fair value	1,424,473		1,424,473		1,469,999
Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 83,671		$ 83,671		$ 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		Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Assets:
Short-term investments								$ 352,343		$ 167,999
Mortgage-backed securities at fair value pledged to creditors								3,880,288		2,666,768
Loans acquired for sale at fair value								2,259,645		4,171,025
Derivative assets								287,161		45,346
Derivative assets, Netting								(212,502)		(11,108)
Total derivative assets after netting								74,659		34,238
Mortgage servicing rights at fair value								3,940,584	$ 3,695,609	2,892,855	$ 2,825,501	$ 2,551,373	$ 1,755,236
Liabilities:
Asset-backed financings at fair value								1,424,473		1,469,999
Interest-only security payable at fair value		$ 21,186	$ 0	$ 0	$ 0	$ 0	$ 0	21,186		10,593
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								120,738		19,511
Derivative liabilities, Netting								100,524		(4,142)
Total derivative liabilities after netting								221,262		15,369
Total derivative and credit risk transfer strip liabilities								351,383		42,206
CRT Derivatives [Member]
Assets:
Derivative assets								725		19,627
Total derivative assets after netting								725		19,627
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								23,200		663
Swaption Purchase Contracts
Assets:
Derivative assets	[1]							0		39
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								1,234		3,897
Total derivative assets after netting								1,234		3,897
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								44,077		1,446
Forward Purchase Contracts [Member]
Assets:
Derivative assets	[1]							3,895		5,806
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								48,894		3,620
Forward Sales Contracts [Member]
Assets:
Derivative assets	[1]							239,657		6,307
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,508		13,782
Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets	[1]							1,750		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]							33,578		3,180
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
MBS Put Options [Member]
Assets:
Derivative assets	[1]							6,295		3,662
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member]
Assets:
Short-term investments								352,343		167,999
Mortgage-backed securities at fair value pledged to creditors								3,880,288		2,666,768
Loans acquired for sale at fair value								2,259,645		4,171,025
Loans at fair value								1,522,934		1,568,726
Total Assets								12,030,453		11,501,611
Derivative assets								287,161		45,346
Derivative assets, Netting								(212,502)		(11,108)
Total derivative assets after netting								74,659		34,238
Mortgage servicing rights at fair value								3,940,584		2,892,855
Liabilities:
Asset-backed financings at fair value								1,424,473		1,469,999
Interest-only security payable at fair value								21,186		10,593
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								120,738		19,511
Derivative liabilities, Netting								100,524		(4,142)
Total derivative liabilities after netting								221,262		15,369
Total derivative and credit risk transfer strip liabilities								351,383		42,206
Total liabilities								1,797,042		1,522,798
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								130,121		26,837
Recurring [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								725		19,627
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								23,200		663
Recurring [Member] | Swaption Purchase Contracts
Assets:
Derivative assets										39
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments								352,343		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								387,671		174,007
Derivative assets								35,328		6,008
Derivative assets, Netting								0		0
Total derivative assets after netting								35,328		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								3,880,288		2,666,768
Loans acquired for sale at fair value								2,249,866		4,140,896
Loans at fair value								1,518,946		1,564,565
Total Assets								7,898,974		8,388,043
Derivative assets								249,874		15,814
Derivative assets, Netting								0		0
Total derivative assets after netting								249,874		15,814
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings at fair value								1,424,473		1,469,999
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								53,461		17,402
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								53,461		17,402
Total derivative and credit risk transfer strip liabilities								53,461		17,402
Total liabilities								1,477,934		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								9,779		30,129
Loans at fair value								3,988		4,161
Total Assets								3,956,310		2,950,669
Derivative assets								1,959		23,524
Derivative assets, Netting								0		0
Total derivative assets after netting								1,959		23,524
Mortgage servicing rights at fair value								3,940,584		2,892,855
Liabilities:
Asset-backed financings at fair value								0		0
Interest-only security payable at fair value								21,186		10,593
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								67,277		2,109
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								67,277		2,109
Total derivative and credit risk transfer strip liabilities								197,398		28,946
Total liabilities								218,584		39,539
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								130,121		26,837
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								725		19,627
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								23,200		663
Recurring [Member] | Level 3 [Member] | Swaption Purchase Contracts
Assets:
Derivative assets										0
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								1,234		3,897
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								44,077		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								1,234		3,897
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								44,077		1,446
Recurring [Member] | Forward Purchase Contracts [Member]
Assets:
Derivative assets								3,895		5,806
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								48,894		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								3,895		5,806
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								48,894		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								239,657		6,307
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,508		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								239,657		6,307
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								4,508		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								1,750		2,828
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								1,750		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								33,578		3,180
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Assets:
Derivative assets								33,578		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								6,295		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								6,295		3,662
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Assets:
Derivative assets								0		$ 0
Recurring [Member] | MBS Call Options [Member]
Assets:
Derivative assets								27
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								59
Recurring [Member] | MBS Call Options [Member] | Level 1 [Member]
Assets:
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0
Recurring [Member] | MBS Call Options [Member] | Level 2 [Member]
Assets:
Derivative assets								27
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								59
Recurring [Member] | MBS Call Options [Member] | Level 3 [Member]
Assets:
Derivative assets								0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								$ 0
[1]All hedging derivatives are interest rate derivatives that are used as economic hedges.

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Assets:
Amounts received pursuant to sales of loans	$ 178,001	$ 424,912	$ 543,255	$ 1,245,546
Transfers:
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity			0	9,824
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance			2,451
Transfers:
Ending balance	(42,843)		(42,843)
Recurring [Member]
Assets:
Purchases and issuances	1,585	54,204	(16,536)	132,172
Repayments and sales	(48,029)	(69,218)	(171,684)	355,114
Capitalization of interest and fees	0	53		1,531
Received pursuant to a recapture agreement				557
Amounts received pursuant to sales of loans	178,001	424,912	543,255	1,245,546
Repayments and sales	48,029	69,218	171,684	(355,114)
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	417	(44,590)	187,634	20,344
Total	417	(44,590)	187,634	20,344
Transfers:
Loans from REO		9		88
Transfers of interest rate lock commitments to loans acquired for sale	49,474	(104,073)	294,520	(24,666)
Ending balance	3,758,912	2,840,911	3,758,912	2,840,911
Changes in fair value recognized during the quarter relating to assets	11,209	(132,505)	315,231	(14,909)
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		(6,543)
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				(9,824)
Liabilities:
Changes in fair value recognized during the quarter relating to assets	11,209	(132,505)	315,231	(14,909)
Recurring [Member] | Previously Reported
Assets:
Beginning balance	3,577,464	2,586,157	2,921,723	1,830,277
Recurring [Member] | Credit Risk Transfer Derivatives
Assets:
Beginning balance	(22,511)	35,238	18,964	31,795
Purchases and issuances	0	0	0	0
Repayments and sales	(4,223)	(21,339)	(34,267)	73,466
Capitalization of interest and fees	0	0		0
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	4,223	21,339	34,267	(73,466)
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	4,259	17,992	(7,172)	73,562
Total	4,259	17,992	(7,172)	73,562
Transfers:
Loans from REO		0		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	(22,475)	31,891	(22,475)	31,891
Changes in fair value recognized during the quarter relating to assets	(365)	(3,345)	(42,154)	98
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				0
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(365)	(3,345)	(42,154)	98
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(118,333)	(67,846)	(26,837)	(202,792)
Purchases and issuances	0	0	0	0
Repayments and sales	(13,589)	(26,370)	(47,430)	90,342
Capitalization of interest and fees	0	0		0
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	13,589	26,370	47,430	(90,342)
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	1,801	54,697	(55,854)	253,615
Total	1,801	54,697	(55,854)	253,615
Transfers:
Loans from REO		0		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	(130,121)	(39,519)	(130,121)	(39,519)
Changes in fair value recognized during the quarter relating to assets	(11,788)	28,327	(103,284)	163,273
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				0
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(11,788)	28,327	(103,284)	163,273
Recurring [Member] | Excess servicing spread [Member]
Assets:
Beginning balance			0	131,750
Purchases and issuances			0	0
Repayments and sales			0	134,624
Capitalization of interest and fees				1,280
Received pursuant to a recapture agreement				557
Amounts received pursuant to sales of loans			0	0
Repayments and sales			0	(134,624)
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
Ending balance	0	0	0	0
Changes in fair value recognized during the quarter relating to assets			0	0
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				0
Liabilities:
Changes in fair value recognized during the quarter relating to assets			0	0
Recurring [Member] | Loans At Fair Value
Assets:
Beginning balance	3,979	7,215	4,161	8,027
Purchases and issuances	0	0	0	0
Repayments and sales	(47)	(3,153)	(677)	4,467
Capitalization of interest and fees	0	53		251
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	47	3,153	677	(4,467)
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	56	652	504	877
Total	56	652	504	877
Transfers:
Loans from REO		9		88
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	3,988	4,776	3,988	4,776
Changes in fair value recognized during the quarter relating to assets	44	(155)	159	30
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				0
Liabilities:
Changes in fair value recognized during the quarter relating to assets	44	(155)	159	30
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Purchases and issuances	0	0	0	0
Repayments and sales	0	0	0	0
Capitalization of interest and fees	0	0		0
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	178,001	424,912	543,255	1,245,546
Repayments and sales	0	0	0	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	66,974	(144,241)	504,474	(165,457)
Total	66,974	(144,241)	504,474	(165,457)
Transfers:
Loans from REO		0		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	3,940,584	2,825,501	3,940,584	2,825,501
Changes in fair value recognized during the quarter relating to assets	66,974	(144,241)	504,474	(165,457)
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		(6,543)
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				(9,824)
Liabilities:
Changes in fair value recognized during the quarter relating to assets	66,974	(144,241)	504,474	(165,457)
Recurring [Member] | Mortgage servicing rights [Member] | Previously Reported
Assets:
Beginning balance	3,695,609	2,551,373	2,892,855	1,755,236
Recurring [Member] | Loans Acquired For Sale
Assets:
Beginning balance	20,376	30,429	30,129	33,875
Purchases and issuances	20,803	19,041	72,365	49,112
Repayments and sales	(30,170)	(18,356)	(89,310)	52,215
Capitalization of interest and fees	0	0		0
Received pursuant to a recapture agreement				0
Amounts received pursuant to sales of loans	0	0	0	0
Repayments and sales	30,170	18,356	89,310	(52,215)
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	(1,230)	424	(3,405)	766
Total	(1,230)	424	(3,405)	766
Transfers:
Loans from REO		0		0
Transfers of interest rate lock commitments to loans acquired for sale	0	0	0	0
Ending balance	9,779	31,538	9,779	31,538
Changes in fair value recognized during the quarter relating to assets	(813)	185	(1,121)	423
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				0
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(813)	185	(1,121)	423
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	(1,656)	29,748	2,451	72,386
Purchases and issuances	(19,218)	35,163	(88,901)	83,060
Repayments and sales	0	0	0	0
Capitalization of interest and fees	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
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	(71,443)	25,886	(250,913)	(144,056)
Total	(71,443)	25,886	(250,913)	(144,056)
Transfers:
Loans from REO		0		0
Transfers of interest rate lock commitments to loans acquired for sale	49,474	(104,073)	294,520	(24,666)
Ending balance	(42,843)	(13,276)	(42,843)	(13,276)
Changes in fair value recognized during the quarter relating to assets	(42,843)	(13,276)	(42,843)	(13,276)
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity		0
Recombination of MSRs with loans at fair value resulting from initial consolidation of a VIE				0
Liabilities:
Changes in fair value recognized during the quarter relating to assets	(42,843)	(13,276)	(42,843)	(13,276)
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	1,701	(1,185)	10,593	1,243
Ending balance	21,186	12,000	21,186	12,000
Changes in fair value recognized during the quarter relating to liability outstanding at September 30, 2022	1,701	(1,185)	10,593	1,243
Liabilities:
Beginning balance	19,485	13,185	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	$ 1,701	$ (1,185)	$ 10,593	$ 1,243

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loans, fair value [Abstract]
Fair value	$ 1,522,934	$ 1,568,726
Fair value, Total	1,522,934	1,568,726
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,825,940	1,528,875
Loans, difference, [Abstract]
Difference	(303,006)	39,851
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	2,258,064	4,166,177
90 or more days delinquent, not in foreclosure	1,296	4,848
90 or more days delinquent, in foreclosure	285	0
Fair value	1,581	4,848
Fair value, Total	2,259,645	4,171,025
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	2,333,538	4,048,967
90 or more days delinquent, not in foreclosure	1,614	5,801
90 or more days delinquent, in foreclosure	393	0
Principal amount due upon maturity	2,335,545	4,054,768
Loans, difference, [Abstract]
Current through 89 days delinquent	(75,474)	117,210
90 or more days delinquent, not in foreclosure	(318)	(953)
90 or more days delinquent, in foreclosure	(108)	0
Difference	(75,900)	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	2,007	5,801
Loans, difference, [Abstract]
Difference	(426)	(953)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,517,574	1,561,794
90 or more days delinquent, not in foreclosure	726	2,141
90 or more days delinquent, in foreclosure	646	630
Fair value	1,518,946	1,564,565
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,815,485	1,514,575
90 or more days delinquent, not in foreclosure	963	2,722
90 or more days delinquent, in foreclosure	809	809
Principal amount due upon maturity	1,817,257	1,518,106
Loans, difference, [Abstract]
Current through 89 days delinquent	(297,911)	47,219
90 or more days delinquent, not in foreclosure	(237)	(581)
90 or more days delinquent, in foreclosure	(163)	(179)
Difference	(298,311)	46,459
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	1,372	2,771
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,772	3,531
Loans, difference, [Abstract]
Difference	(400)	(760)
Distressed Loans at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	784	782
90 or more days delinquent, not in foreclosure	1,317	1,181
90 or more days delinquent, in foreclosure	1,887	2,198
Fair value	3,988	4,161
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,227	1,455
90 or more days delinquent, not in foreclosure	4,187	3,824
90 or more days delinquent, in foreclosure	3,269	5,490
Principal amount due upon maturity	8,683	10,769
Loans, difference, [Abstract]
Current through 89 days delinquent	(443)	(673)
90 or more days delinquent, not in foreclosure	(2,870)	(2,643)
90 or more days delinquent, in foreclosure	(1,382)	(3,292)
Difference	(4,695)	(6,608)
Distressed Loans at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	3,204	3,379
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	7,456	9,314
Loans, difference, [Abstract]
Difference	$ (4,252)	$ (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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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)	$ 1,801	$ 54,697	$ (55,854)	253,615
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)	1,801	54,697	(55,854)	253,615
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)	(1,701)	1,185	(10,593)	(1,243)
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)	(1,701)	1,185	(10,593)	(1,243)
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)	93,986	1,132	300,417	4,070
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)	92,993	1,663	298,834	4,146
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)	993	(531)	1,583	(76)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	92,285	2,317	289,824	2,827
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)	91,292	2,848	288,241	2,903
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)	993	(531)	1,583	(76)
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(251,248)	(21,006)	(607,019)	(67,277)
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)	(251,477)	(18,591)	(620,500)	(60,456)
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)	229	(2,415)	13,481	(6,821)
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)	(129,873)	75,528	(510,250)	68,203
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)	(129,873)	75,528	(510,250)	68,203
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)	(98,678)	(253)	(318,339)	(1,708)
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)	(99,211)	411	(317,796)	(2,373)
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)	533	(664)	(543)	665
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	66,974	(144,241)	504,474	(165,457)
MSRs at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	66,974	(144,241)	504,474	(165,457)
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)	(411,024)	(35,275)	(986,988)	89,693
Assets, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	66,974	(144,241)	504,474	(165,457)
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)	(348,887)	36,517	(994,150)	191,823
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)	(129,873)	75,528	(510,250)	68,203
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)	$ 762	$ (3,079)	$ 12,938	(4,876)
Excess servicing spread [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)				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
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)				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
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)				$ 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	Sep. 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	$ 1,992	$ 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	$ 1,992	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ (119)	$ 605	$ (199)	$ (669)

Fair Value - Carrying and Fair

Fair Value - Carrying and Fair Values of CRT Term Notes and FT-1 Notes and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CRT Term Notes And FT One Notes [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 1,946,901	$ 2,471,961
CRT Term Notes And FT One Notes [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	1,867,829	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	545,521	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	$ 488,842	$ 536,460

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 725	$ 19,627
Fair value of CRT derivatives liabilities	23,200	663
UPB of loans in reference pools	$ 6,160,765	$ 7,426,288
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Fair Value Unobservable Inputs Discount Rate	6.90%	3.30%
Fair Value Inputs Involuntary Prepayment Speed	0.50%	(0.10%)
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Fair Value Unobservable Inputs Discount Rate	10.40%	5.70%
Fair Value Inputs Involuntary Prepayment Speed	0.60%	0.10%
Discount Rate [Member] | Maximum [Member]
Fair value of CRT derivatives
Fair Value Unobservable Inputs Discount Rate	10.70%	5.90%
Fair Value Inputs Involuntary Prepayment Speed	1.30%	0.80%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Fair Value Inputs Voluntary Prepayment Speed	7.20%	12.60%
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Fair Value Inputs Voluntary Prepayment Speed	7.30%	12.70%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Fair Value Inputs Voluntary Prepayment Speed	8%	13.10%
Remaining Loss Expectation [Member] | Minimum [Member]
Fair value of CRT derivatives
Fair Value Inputs Remaining Loss Expectation	0.50%	(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	0.80%	0.60%

Fair Value - Quantitative Sum_2

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) - USD ($) $ in Thousands	Sep. 30, 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	94.20%	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	60.90%	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	5.40%	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	8.10%	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	2.30%	0.50%
Percentage of UPB [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	1.90%	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	3.20%	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	0.60%	0.30%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ (42,843)	$ 2,451
Committed amount	$ 1,795,195	$ 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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 130,121	$ 26,837
UPB of loans in the reference pools	$ 19,104,636	$ 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	4.80%	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	7.30%	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	0.50%	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	0.70%	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	11.10%	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	7.60%	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	1.60%	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	1.90%	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	10.40%	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	7.40%	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	0.70%	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	0.90%	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		9 Months Ended
	Sep. 30, 2022 USD ($) $ / Loan	Sep. 30, 2021 USD ($) $ / Loan	Sep. 30, 2022 USD ($) $ / Loan	Sep. 30, 2021 USD ($) $ / Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, Mortgage servicing rights recognized | $	$ 178,001	$ 424,912	$ 543,255	$ 1,245,546
Fair value, UPB of underlying loans | $	$ 9,538,175	$ 29,206,319	$ 31,767,152	$ 91,240,993
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.38%	0.30%	0.34%	0.28%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Prepayment speed during period	6.80%	6.70%	6%	6%
Fair Value inputs, Weighted average life during period	4 years 1 month 6 days	3 years 10 months 24 days	4 years	3 years 10 months 24 days
Fair Value inputs, Pricing spread during period	5.50%	6%	5.50%	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	18.90%	12.50%	18.90%	12.50%
Fair Value inputs, Weighted average life during period	9 years 6 months	8 years 1 month 6 days	9 years 6 months	8 years 10 months 24 days
Fair Value inputs, Pricing spread during period	8.70%	8%	8.90%	8%
Fair Value inputs, Annual per loan cost of servicing during period	80	80	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	10.10%	8.90%	9.10%	8.10%
Fair Value inputs, Weighted average life during period	7 years 8 months 12 days	7 years 9 months 18 days	8 years	8 years 1 month 6 days
Fair Value inputs, Pricing spread during period	6.20%	6.80%	6.40%	7.20%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / Loan	Dec. 31, 2021 USD ($) $ / Loan	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 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	$ 3,940,584	$ 2,892,855	$ 3,695,609	$ 2,825,501	$ 2,551,373	$ 1,755,236
UPB of underlying loans, Fair Value	$ 226,808,398	$ 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	3.40%	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	$ (52,061)	$ (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	(102,534)	(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	(199,013)	(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	(52,072)	(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	(102,830)	(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	(200,581)	(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	(20,076)	(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	(40,152)	(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	$ (80,303)	$ (70,338)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Prepayment speed	5.30%	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	80	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	16.40%	12.50%
Estimated fair value inputs, Life (in years)	9 years 2 months 12 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	6.40%	8.20%
Estimated fair value inputs, Life (in years)	8 years 9 months 18 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 3,880,288		3,880,288
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	3,853,076	$ 2,309,864	2,666,768	$ 2,213,922
Purchases	354,015	249,234	3,114,891	1,932,083
Sales	0	0	(1,079,826)	(1,300,653)
Repayments	(75,555)	(67,059)	(214,526)	(307,042)
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums	229	(2,415)	13,481	(6,821)
Valuation adjustments	(251,477)	(18,591)	(620,500)	(60,456)
Total changes in fair value included in income	(251,248)	(21,006)	(607,019)	(67,277)
Balance at end of period	$ 3,880,288	$ 2,471,033	$ 3,880,288	$ 2,471,033

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgage Backed Securities [Line Items]
Fair value	$ 3,880,288	$ 2,666,768
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,359,909
Unamortized net purchase premiums (discounts)	36,888
Accumulated valuation changes	(516,509)
Fair value	3,880,288
Agency Fixed Rate Pass Through Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,146,875	2,649,238
Unamortized net purchase premiums (discounts)	37,730	82,938
Accumulated valuation changes	(502,391)	(65,408)
Fair value	3,682,214	$ 2,666,768
Subordinate Credit-Linked Securities | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	184,620
Unamortized net purchase premiums (discounts)	48
Accumulated valuation changes	(8,563)
Fair value	176,105
Senior Non-Agency Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	28,414
Unamortized net purchase premiums (discounts)	(890)
Accumulated valuation changes	(5,555)
Fair value	$ 21,969

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 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		Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 2,259,645	$ 4,171,025
Loans pledged to secure total		2,244,860	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		2,227,277	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		199,951	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		17,583	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]	2,048,687	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]	199,951	314,995
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		1,228	0
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		2,623	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		$ 7,156	$ 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	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment [Line Items]
Fair value	$ 1,522,934	$ 1,568,726
Asset-backed financings at fair value (1)	1,518,946	1,564,565
Loans at fair value pledged to secure	1,519,154	1,564,924
Loans in VIEs [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,518,946	1,564,565
Distressed [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	3,988	4,161
Agency-conforming loans secured by investment properties [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,465,705	1,495,914
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	53,241	68,651
Loans acquired for sale at fair value [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	2,259,645	4,171,025
Assets sold under agreements to repurchase	$ 208	$ 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	Sep. 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	$ 83.7	$ 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	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 74,659	$ 34,238
Derivative liabilities	221,262	15,369
Credit risk transfer strip liabilities	130,121	26,837
Total derivative and credit risk transfer strip liabilities	$ 351,383	$ 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 ($)		Sep. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Notional amount	[1]	$ 0	$ 0
Total derivatives assets before netting		287,161,000	45,346,000
Derivative assets, Netting		(212,502,000)	(11,108,000)
Total derivative assets after netting		74,659,000	34,238,000
Margin deposits received from derivative counterparties included in derivative balances above, net		313,027,000	6,965,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,829,160,000	2,471,961,000
Total derivative liabilities		120,738,000	19,511,000
Derivative liabilities, Netting		100,524,000	(4,142,000)
Total derivative liabilities after netting		221,262,000	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		725,000	19,627,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	6,160,765,000	7,426,288,000
Total derivatives assets before netting		725,000	19,627,000
Total derivative assets after netting		725,000	19,627,000
Derivative assets pledged to secure:
Total derivative liabilities		23,200,000	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]	3,023,841,000	6,945,340,000
Total derivatives assets before netting	[2]	3,895,000	5,806,000
Derivative assets pledged to secure:
Total derivative liabilities		48,894,000	3,620,000
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	9,704,697,000	10,466,182,000
Total derivatives assets before netting	[2]	239,657,000	6,307,000
Derivative assets pledged to secure:
Total derivative liabilities		4,508,000	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]	1,795,195,000	2,092,129,000
Total derivatives assets before netting		1,234,000	3,897,000
Total derivative assets after netting		1,234,000	3,897,000
Derivative assets pledged to secure:
Total derivative liabilities		44,077,000	1,446,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	1,400,000,000	1,450,000,000
Total derivatives assets before netting	[2]	1,750,000	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]	1,575,000,000	1,775,000,000
Total derivatives assets before netting	[2]	33,578,000	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]	250,000,000	3,400,000,000
Total derivatives assets before netting	[2]	6,295,000	3,662,000
Derivative assets pledged to secure:
Total derivative liabilities		0	0
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	0	0
Total derivatives assets before netting	[2]	27,000	0
Derivative assets pledged to secure:
Total derivative liabilities		59,000	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]	1,528,500,000	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	Sep. 30, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 74,659	$ 34,238
Financial instruments	0	0
Cash collateral received	0	0
Net amount	74,659	34,238
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	725	19,627
Financial instruments	0	0
Cash collateral received	0	0
Net amount	725	19,627
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,234	3,897
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,234	3,897
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	35,328	6,008
Financial instruments	0	0
Cash collateral received	0	0
Net amount	35,328	6,008
Wells Fargo Securities, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	9,243	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	9,243	0
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	7,556	2,085
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,556	2,085
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	14,045	1,958
Financial instruments	0	0
Cash collateral received	0	0
Net amount	14,045	1,958
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,608	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,608	0
Barclays Capital Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,143	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,143	0
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	3,777	663
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 3,777	$ 663

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	Sep. 30, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 6,631,856	$ 6,689,910
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(6,410,594)	(6,674,541)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	221,262	15,369
CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	23,200	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	23,200	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	44,077	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	44,077	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	298,656	1,293,754
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(298,656)	(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	1,486,718	1,088,417
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,486,718)	(1,088,417)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	987,436	1,086,104
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(987,436)	(1,085,723)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	513,165	832,610
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(501,678)	(830,954)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	11,487	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	1,354,765	726,762
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,354,765)	(726,762)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	447,549	495,973
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(447,549)	(495,973)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	610,529	412,321
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(473,866)	(410,413)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	136,663	1,908
Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	75,333	217,459
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(74,233)	(212,580)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,100	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	207,240	131,312
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(207,240)	(129,016)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	300,978	125,090
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(300,978)	(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	197,883	171,185
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(197,416)	(171,185)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	467	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	75,615	106,088
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(75,615)	(104,674)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	1,414
Nomura Holding INC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	6,770	14
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(4,444)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	2,326	14
The PNC Financial Services, Inc. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,549	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,549	0
Other [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	393	712
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	$ 393	$ 712

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ (41,187)	$ (43,024)	$ (45,294)	$ (85,662)
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	(51)	0	0
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	172,520	(19,150)	560,138	112,226
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	154,269	(73,841)	(87,651)	(354,128)
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	$ 4,259	$ 17,992	$ (7,172)	$ 73,562

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	Sep. 30, 2022	Dec. 31, 2021
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	$ 130,121	$ 26,837
Credit Risk Transfer Strips [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(130,121)	(26,837)
Credit Risk Transfer Strips [Member] | Currently Unrestricted [Member]
Credit risk transfer strips contractually restricted from sale
CRT strips, Liabilities	(130,121)	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		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 3,695,609	$ 2,551,373	$ 2,892,855	$ 1,755,236
MSRs resulting from loan sales		178,001	424,912	543,255	1,245,546
Due to changes in inputs used in valuation model	[1]	162,730	(62,843)	775,792	44,939
Other changes in fair value	[2]	(95,756)	(81,398)	(271,318)	(210,396)
Change in fair value, Total		66,974	(144,241)	504,474	(165,457)
Recombination with loans at fair value resulting from initial consolidation of a VIE	[3]	0	(6,543)	0	(9,824)
Balance at end of period		3,940,584	$ 2,825,501	3,940,584	$ 2,825,501
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		$ 3,892,617		$ 3,892,617		$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Transfers And Servicing [Abstract]
Contractually-specified servicing fees	$ 162,987	$ 137,804	$ 461,021	$ 378,110
Late charges	662	436	1,883	1,199
Other	3,584	13,524	18,656	53,908
Mortgage loan other servicing fees	4,246	13,960	20,539	55,107
Net mortgage loan servicing fees	167,233	151,764	481,560	433,217
Average MSR servicing portfolio	$ 224,756,659	$ 205,181,714	$ 220,988,459	$ 191,351,860

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Line Items]
Derivative settlements receivable	$ 176,857	$ 7,345
Margin deposits	145,705	193,418
Interest receivable	26,587	15,168
Servicing fees receivable	18,686	16,756
Other receivables	8,994	15,299
Real estate acquired in settlement of loans	7,958	14,382
Correspondent lending receivables	7,509	20,194
Other	10,065	3,737
Other Assets	402,361	286,299
Real Estate Acquired in Settlement of Loans Pledge to Secure [Member]
Other Assets [Line Items]
Assets sold under agreements to repurchase	$ 3,706	$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Average balance	$ 5,789,433,000	$ 6,796,525,000	$ 5,363,690,000	$ 6,177,250,000
Weighted average interest rate	3.09%	1.29%	2.02%	1.40%
Total interest expense	$ 46,691,000	$ 24,047,000	$ 87,310,000	$ 75,988,000
Maximum daily amount outstanding	6,649,005,000	$ 7,776,643,000	8,395,930,000	$ 8,725,300,000
Assets Sold Under Agreements To Repurchase	6,410,594,000		6,410,594,000		$ 6,674,541,000
Assets sold under agreements to repurchase, At year end	6,409,796,000		$ 6,409,796,000		$ 6,671,890,000
Weighted average interest rate			3.81%		1.08%
Available borrowing capacity, Committed			$ 159,620,000		$ 289,436,000
Available borrowing capacity, Uncommitted			4,488,158,000		4,875,433,000
Available borrowing capacity			4,647,778,000		5,164,869,000
Margin deposits placed with counterparties included in Other assets	120,171,000		120,171,000		67,997,000
Committed Facilities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold Under Agreements To Repurchase	5,733,752,000		5,733,752,000		5,799,975,000
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(798,000)		(798,000)		(2,651,000)
Uncommitted Facilities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold Under Agreements To Repurchase	676,842,000		676,842,000		874,566,000
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	3,880,288,000		3,880,288,000		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	2,227,277,000		2,227,277,000		4,007,377,000
Loans At Fair Value | Distressed loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	208,000		208,000		359,000
Loans At Fair Value | Securities Retained In Asset Backed Financings
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	83,671,000		83,671,000		85,266,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	36,195,000		36,195,000		93,455,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	3,706,000		3,706,000		7,293,000
Credit Risk Transfer Arrangements
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	89,809,000		89,809,000		0
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets securing agreements to repurchase	$ 2,053,659,000		$ 2,053,659,000		$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs			$ 11,855	$ 21,228
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1,700	$ 1,900	$ 6,100	$ 11,200

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	9 Months Ended
	Sep. 30, 2022 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 6,410,594
Weighted average maturity (in months)	2 months 3 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,829,593
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,997,345
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	298,656
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	$ 285,000

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 47,308
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	14,804
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	26,163
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	0
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	10,133
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	13,272
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	21,009
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	2,802
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	5,435
Wells Fargo Securities, LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	2,776
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	0
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	8,163
Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	20,552
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	15,582
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	6,699
Nomura Holding INC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	1,479
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	25,932
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	13,846
Bank of America, N.A. [Member] | Credit Risk Transfer Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 34,707

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
At period end:
Unpaid principal balance	$ 17,088		$ 17,088		$ 49,988
Mortgage loan participation purchase and sale agreements, At year end	16,999		16,999		49,988
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Average balance	$ 31,092	$ 35,984	$ 33,586	$ 35,754
Weighted average interest rate	3.69%	1.48%	2.53%	1.41%
Total interest expense	$ 320	$ 166	$ 728	$ 471
Maximum daily amount outstanding	81,360	$ 82,116	88,633	$ 89,072
At period end:
Unamortized debt issuance costs	(89)		(89)		0
Mortgage loan participation purchase and sale agreements, At year end	16,999		$ 16,999		$ 49,988
Weighted average interest rate			4.49%		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 agreements	$ 17,583		$ 17,583		$ 52,102

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreements - Summary of Mortgage Loan Participation Purchase and Sale Agreements (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of debt issuance costs			$ 11,855,000	$ 21,228,000
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	$ 94,000	$ 93,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Unpaid principal balance	$ 849,314
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	$ 309,082
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	$ 232,826
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	$ 61,335
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	$ 57,776
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	$ 188,295
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)			9 Months Ended
	Mar. 09, 2021 USD ($)	Nov. 19, 2019 USD ($)	Sep. 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%
Exchangeable Senior Notes due March 15, 2026 [Member] | Initial Exchangeable Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes	46.1063
Exchangeable Senior Notes due March 15, 2026 [Member] | Initial Exchangeable Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes	40.101
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%
Exchangeable Senior Notes due November 1, 2024 [Member] | Initial Exchangeable Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes		46.1063
Exchangeable Senior Notes due November 1, 2024 [Member] | Initial Exchangeable Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes		40.101
Freddie Mac MSR Financing | Credit Agreements [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount			$ 1,600,000,000
Maturity date of debt instrument			Jun. 30, 2024
PennyMac Loan Services, LLC [Member] | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 350,000,000
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		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Carrying value:
Balance	$ 2,829,160,000		$ 2,829,160,000		$ 2,471,961,000
Assets securing notes payable:
Derivative assets	725,000		725,000		19,627,000
Freddie Mac MSR Financing
Carrying value:
Balance	2,829,160,000		2,829,160,000		2,471,961,000
Carrying value of notes	2,839,314,000		2,839,314,000		2,479,636,000
Assets securing notes payable:
Deposits securing CRT arrangements			1,279,427,000		1,704,911,000
Mortgage servicing rights	3,892,617,000		3,892,617,000		2,863,544,000
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Average balance	$ 2,801,845,000	$ 2,791,323,000	$ 2,550,910,000	$ 2,658,411,000
Weighted-average interest rate	5.37%	3.04%	4.19%	3.10%
Total interest expense	$ 39,818,000	$ 22,890,000	$ 84,597,000	$ 65,664,000
Maximum daily amount outstanding	3,235,376,000	$ 2,935,720,000	3,544,637,000	$ 3,336,211,000
Carrying value:
Unamortized debt issuance costs	$ (10,154,000)		$ (10,154,000)		$ (7,675,000)
Weighted average interest rate	5.92%		5.92%		3.02%
Assets securing notes payable:
Derivative assets	$ 725,000		$ 725,000		$ 19,627,000
CRT Term Notes [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	849,314,000		849,314,000		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 Credit Agreements [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	$ 885,000,000		$ 885,000,000		$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Short Term Debt [Line Items]
Amortization of debt issuance costs			$ 11,855	$ 21,228
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Amortization of debt issuance costs	$ 1,900	$ 1,500	$ 4,700	$ 4,000

Long-Term Debt - Summary of F_3

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
Amortization of:
Interest expense	$ 114,080	$ 75,489	$ 255,744	$ 230,999
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	(9,479)		(9,479)								(52,541)
Exchangeable senior notes	545,521		545,521								502,459
Nonaffiliates [Member]
Amortization of:
Interest expense	114,080	75,489	255,744	230,612
Convertible Debt [Member]
Carrying value:
Conversion options allocated to Additional paid-in capital	0		0								(40,952)
Unamortized debt issuance costs	(9,479)		(9,479)								$ (11,589)
Convertible Debt [Member] | Nonaffiliates [Member]
Short Term Debt [Line Items]
Average balance	$ 545,047	$ 497,770	$ 539,703	$ 426,353
Weighted average interest rate	5.55%	6.10%	5.67%	6.12%
Interest expense:
Coupon	$ 7,631	$ 7,659	$ 22,894	$ 19,521
Amortization of:
Conversion options	0	2,126	0	5,134
Interest expense	718	661	2,110	1,643
Total interest expense	$ 8,349	$ 10,446	$ 25,004	$ 26,298

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Short Term Debt [Line Items]
Amortization of debt issuance costs	$ 11,855	$ 21,228
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
Short Term Debt [Line Items]
Asset-backed financings at fair value	$ 1,424,473		$ 1,424,473								$ 1,469,999
Unpaid principal balance	1,706,365		1,706,365		$ 1,706,365	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financings at fair value	1,424,473		1,424,473								1,469,999
Asset-backed Securities | Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financings at fair value	1,424,473		1,424,473								1,469,999
Unpaid principal balance	1,706,365		1,706,365								$ 1,442,379
Asset-backed Securities | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value
Short Term Debt [Line Items]
Average balance	$ 1,540,957	$ 424,744	$ 1,549,797	$ 214,524
Weighted average interest rate	3.42%	4.49%	3.34%	4.06%
Total interest expense	$ 14,265	$ 4,272	$ 40,308	$ 6,436
Weighted average interest rate	3.22%		3.22%								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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Amortization of net debt issuance costs			$ 11,855	$ 21,228
Variable Interest Entities [Member] | Asset-backed Securities | Asset Backed Secured Financing Liability Fair Value
Debt Instrument [Line Items]
Amortization of net debt issuance costs	$ 1,000	$ 4,300	$ 1,600	$ 6,400

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 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	$ 1,194,083	$ 990,231	$ 2,839,314
Exchangeable senior notes	0	0	345,000	210,000	0	0	555,000	$ 555,000
Unpaid principal balance	1,706,365	0	0	0	0	0	1,706,365
Interest-only security payable at fair value	21,186	0	0	0	0	0	21,186	$ 10,593
Total	$ 1,727,551	$ 305,000	$ 695,000	$ 210,000	$ 1,194,083	$ 990,231	$ 5,121,865

Liability for Losses under Re_3

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mortgage Banking [Abstract]
Balance, beginning of period	$ 39,441	$ 36,314	$ 40,249	$ 21,893
Provision for losses:
Pursuant to loan sales	996	6,297	3,442	23,282
Reduction in liability due to change in estimate	(817)	(1,636)	(3,512)	(4,155)
Losses incurred	(122)	(66)	(681)	(111)
Balance, end of period	39,498	40,909	39,498	40,909
UPB of loans subject to representations and warranties at end of period	$ 225,129,199	$ 208,686,249	$ 225,129,199	$ 208,686,249

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 1,795,195

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 1.53	$ 1.53
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	$ 1.50	1.50
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	$ 1.26	$ 0

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Mar. 31, 2017	Sep. 30, 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	9 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Mar. 31, 2017	Sep. 30, 2022	Oct. 24, 2022	Oct. 23, 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
Subsequent Event [Member]
Schedule Of Capitalization Equity [Line Items]
Common stock shares Repurchase authorized amount					$ 500,000,000	$ 400,000,000
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Common shares repurchased	987	904	4,888	931
Cumulative shares repurchased	25,485		25,485
Cost of common shares repurchased	$ 13,498	$ 17,178	$ 73,746	$ 17,700
Cumulative cost of shares repurchased	$ 384,493		$ 384,493

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($)
Equity [Abstract]
Transaction fees	$ 510,000

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 160,514	$ 370,096	$ 445,492	$ 1,091,476
Asset-backed financings at fair value	92,993	1,663	298,834	4,146
Net (losses) gains on investments and financings:	(253,336)	57,306	(713,081)	268,902
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	(251,477)	(18,591)	(620,500)	(60,456)
CRT arrangements	4,359	73,874	(73,619)	325,934
Hedging derivatives	0	(51)	0	0
Net (losses) gains on investments and financings:	(253,336)	57,306	(713,081)	267,251
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	(99,267)	(241)	(318,300)	(3,250)
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	$ 56	$ 652	$ 504	$ 877

Net Gains on Loans Acquired f_3

Net Gains on Loans Acquired for Sale - Summary of Net Gains on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash loss:
Sales of loans	$ (390,543)	$ (381,295)	$ (1,128,355)	$ (1,196,355)
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(996)	(6,297)	(3,442)	(23,282)
Change in fair value of loans and derivatives held at period end
Net cash of gain on mortgage loans acquired for sale	160,514	370,096	445,492	1,091,476
Net gains on loans acquired for sale	4,313	16,196	15,937	96,934
PennyMac Financial Services, Inc. [Member]
Change in fair value of loans and derivatives held at period end
Net gains on loans acquired for sale	1,203	1,537	3,562	4,905
Nonaffiliates [Member]
Cash loss:
Hedging activities	233,139	25,858	695,238	196,908
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(157,404)	(355,437)	(433,117)	(999,447)
Non‒cash gain:
Receipt of MSRs in mortgage loan sale transactions	178,001	424,912	543,255	1,245,546
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(996)	(6,297)	(3,442)	(23,282)
Reduction of liability due to change in estimate	817	1,636	3,512	4,155
Provision for losses relating to representations and warranties	(179)	(4,661)	70	(19,127)
Change in fair value of loans and derivatives held at period end
Interest rate lock commitments	(41,187)	(43,024)	(45,294)	(85,662)
Loans	84,498	37,877	82,561	35,401
Hedging derivatives	(60,619)	(45,008)	(135,100)	(84,682)
Total non cash portion of gain on mortgage loans acquired for sale	(17,308)	(50,155)	(97,833)	(134,943)
Net gains on loans acquired for sale	$ 3,110	$ 14,659	$ 12,375	$ 92,029

Net Interest Income (Expense) -

Net Interest Income (Expense) - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income:
Interest income	$ 109,658	$ 58,284	$ 251,419	$ 139,559
Interest income	109,658	58,284	251,419	139,559
Interest expense:
Assets sold under agreements to repurchase	46,691	24,047	87,310	75,988
Asset-backed financings at fair value	14,265	4,272	40,308	6,436
Interest expense, total	114,080	75,489	255,744	230,999
Net interest expense	(4,422)	(17,205)	(4,325)	(91,440)
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	1,993	264	3,571	705
Mortgage-backed securities	36,070	9,833	91,121	25,925
Loans acquired for sale at fair value	27,921	39,076	70,611	94,597
Distressed	16	85	204	377
Deposits securing CRT arrangements	6,978	126	9,584	451
Placement fees relating to custodial funds	20,239	4,481	31,152	8,485
Other	439	(354)	589	(301)
Interest income	109,658	58,284	251,419	138,279
Interest income	109,658	58,284	251,419	138,279
Interest expense:
Assets sold under agreements to repurchase	46,691	24,047	87,310	75,988
Mortgage loan participation purchase and sale agreements	320	166	728	471
Notes payable secured by credit risk transfer and mortgage servicing assets	39,818	22,890	84,597	65,664
Interest shortfall on repayments of loans serviced for Agency securitizations	3,504	12,622	14,975	53,198
Interest on loan impound deposits	1,133	1,046	2,822	2,557
Interest expense, total	114,080	75,489	255,744	230,612
Nonaffiliates [Member] | Exchangeable Senior Notes [Member]
Interest expense:
Total interest expense	8,349	10,446	25,004	26,298
Interest expense, total	718	661	2,110	1,643
Nonaffiliates [Member] | Variable Interest Entities [Member]
Interest income:
Held in consolidated variable interest entities	$ 16,002	$ 4,773	$ 44,587	$ 8,040

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	285	231
Total grant date value of share units	$ 0	$ 0	$ 4,451	$ 4,391
Total share units vested	0	0	120	137
Total share units forfeiture	0	0	11	0
Compensation expense relating to share-based grants	$ 959	$ (795)	$ 3,130	$ 1,953
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	134	105
Total grant date value of share units	$ 0	$ 0	$ 2,101	$ 1,992
Total share units vested	0	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	0	0	151	126
Total grant date value of share units	$ 0	$ 0	$ 2,350	$ 2,399
Total share units vested	0	0	41	37
Total share units forfeiture	0	0	11	0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	9 Months Ended
	Sep. 30, 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	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Income Tax [Line Items]
Effective income tax rates	86.80%		213.70%
Income (loss) before benefit from income taxes	$ 90,379	$ (40,656)	$ 68,569	$ 64,169
Expense (benefit) from income taxes	78,466	(4,701)	$ 146,519	(9,571)
Percentage of deduction from taxable income			20%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	344,800	(75,600)	$ 765,200	(137,100)
Expense (benefit) from income taxes	80,800	$ (4,700)	151,300	$ (9,600)
Deferred tax assets, valuation allowance	$ 0		$ 0		$ 3,400

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 11,913	$ (35,955)	$ (77,950)	$ 73,740
Dividends on preferred shares	(10,455)	(7,969)	(31,364)	(20,438)
Effect of participating securities‒share-based compensation awards	(111)	(80)	(318)	(238)
Net income (loss) attributable to common shareholders	$ 1,347	$ (44,004)	$ (109,632)	$ 53,064
Weighted average basic shares outstanding	90,594	97,501	92,221	97,772
Dilutive securities‒shares issuable under share-based compensation plan	0	0	0	107
Diluted	90,594	97,501	92,221	97,879
Basic earnings (loss) per share	$ 0.01	$ (0.45)	$ (1.19)	$ 0.54
Diluted earnings (loss) per share	$ 0.01	$ (0.45)	$ (1.19)	$ 0.54

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	136	128	127	51
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	20,627

Segments - Additional Informati

Segments - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Net investment income:
Net loan servicing fees	$ 390,124	$ (53,343)	$ 911,615	$ (48,210)
Net (losses) gains on investments and financings	(253,336)	57,306	(713,081)	268,902
Net gains on loans acquired for sale	4,313	16,196	15,937	96,934
Net interest expense:
Interest income	109,658	58,284	251,419	139,559
Interest expense	114,080	75,489	255,744	230,999
Net interest expense	(4,422)	(17,205)	(4,325)	(91,440)
Other	14,386	44,900	44,258	144,631
Net investment income	151,065	47,854	254,404	370,817
Expenses:
Loan fulfillment and servicing fees payable to PFSI	38,654	64,625	117,477	218,588
Management fees	7,731	8,520	23,758	28,882
Other	14,301	15,365	44,600	59,178
Total expenses	60,686	88,510	185,835	306,648
Pretax income (loss)	90,379	(40,656)	68,569	64,169
Total assets at end of quarter	13,945,940	13,868,600	13,945,940	13,868,600	$ 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	(2,230)	75,764	(104,946)	328,448
Net gains on loans acquired for sale	0	0	5	0
Net interest expense:
Interest income	12,415	617	20,391	1,668
Interest expense	14,097	13,857	34,653	47,295
Net interest expense	(1,682)	(13,240)	(14,262)	(45,627)
Other	978	559	1,237	1,467
Net investment income	(2,934)	63,083	(117,966)	284,288
Expenses:
Loan fulfillment and servicing fees payable to PFSI	57	89	167	306
Management fees	0	0	0	0
Other	708	2,308	5,242	10,518
Total expenses	765	2,397	5,409	10,824
Pretax income (loss)	(3,699)	60,686	(123,375)	273,464
Total assets at end of quarter	1,656,994	2,078,237	1,656,994	2,078,237
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	390,124	(53,343)	911,615	(48,210)
Net (losses) gains on investments and financings	(251,106)	(18,458)	(608,135)	(59,546)
Net gains on loans acquired for sale	0	0	0	0
Net interest expense:
Interest income	68,152	18,260	158,158	41,839
Interest expense	80,782	41,482	177,622	117,935
Net interest expense	(12,630)	(23,222)	(19,464)	(76,096)
Other	0	0	0	0
Net investment income	126,388	(95,023)	284,016	(183,852)
Expenses:
Loan fulfillment and servicing fees payable to PFSI	20,190	20,614	61,503	59,505
Management fees	0	0	0	0
Other	2,688	1,180	5,425	3,500
Total expenses	22,878	21,794	66,928	63,005
Pretax income (loss)	103,510	(116,817)	217,088	(246,857)
Total assets at end of quarter	9,365,974	6,392,726	9,365,974	6,392,726
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	4,313	16,196	15,932	96,934
Net interest expense:
Interest income	27,862	38,975	70,436	94,290
Interest expense	18,322	20,150	41,980	65,769
Net interest expense	9,540	18,825	28,456	28,521
Other	13,408	44,341	43,021	143,164
Net investment income	27,261	79,362	87,409	268,619
Expenses:
Loan fulfillment and servicing fees payable to PFSI	18,407	43,922	55,807	158,777
Management fees	0	0	0	0
Other	2,789	7,665	11,176	27,462
Total expenses	21,196	51,587	66,983	186,239
Pretax income (loss)	6,065	27,775	20,426	82,380
Total assets at end of quarter	2,505,398	5,138,051	2,505,398	5,138,051
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 expense:
Interest income	1,229	432	2,434	1,762
Interest expense	879	0	1,489	0
Net interest expense	350	432	945	1,762
Other	0	0	0	0
Net investment income	350	432	945	1,762
Expenses:
Loan fulfillment and servicing fees payable to PFSI	0	0	0	0
Management fees	7,731	8,520	23,758	28,882
Other	8,116	4,212	22,757	17,698
Total expenses	15,847	12,732	46,515	46,580
Pretax income (loss)	(15,497)	(12,300)	(45,570)	(44,818)
Total assets at end of quarter	$ 417,574	$ 259,586	$ 417,574	$ 259,586

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail)	Sep. 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		Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net worth, Actual		$ 1,029,087	$ 938,218
Net worth, Required		$ 579,943	$ 557,229
Tangible net worth / total assets ratio, Actual		0.13	0.12
Tangible net worth / total assets ratio, Required		0.06	0.06
Liquidity, Actual	[1]	$ 308,122	$ 108,536
Liquidity, Required	[1]	$ 78,281	$ 74,771
[1]Calculated in accordance with the Agencies’ requirements.

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Oct. 24, 2022	Oct. 23, 2022	Jun. 11, 2021	Aug. 31, 2015
Subsequent Event [Line Items]
Common stock shares Repurchase authorized amount			$ 400,000,000	$ 300,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock shares Repurchase authorized amount	$ 500,000,000	$ 400,000,000