PNMAC 10-K 14 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 11, 2014	Jun. 30, 2013
Entity Registrant Name	'PENNYMAC FINANCIAL SERVICES, INC.	'	'
Entity Central Index Key	'0001568669	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Public Float	'	'	$260,614,631
Entity Common Stock, Shares Outstanding	'	20,879,486	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS	'	'
Cash	$30,639	$12,323
Short-term investments at fair value	142,582	53,164
Mortgage loans held for sale at fair value (includes $512,350 and $438,850 pledged to secure mortgage loans sold under agreements to repurchase)	531,004	448,384
Servicing advances (includes $5,564 and $7,430 pledged to secure note payable)	154,328	93,152
Derivative assets	21,540	27,290
Carried Interest due from affiliates	61,142	47,723
Mortgage servicing rights (includes $224,913 and $19,798 Mortgage servicing rights at fair value; $258,241 and $100,957 pledged to secure note payable; and $138,723 pledged to secure excess servicing spread financing)	483,664	108,975
Furniture, fixtures, equipment and building improvements, net	9,837	5,065
Capitalized software, net	764	795
Deferred tax asset	63,117	'
Loans eligible for repurchase	46,663	'
Other	15,922	13,032
Total assets	1,584,475	832,163
LIABILITIES	'	'
Mortgage loans sold under agreements to repurchase	471,592	393,534
Note payable	52,154	53,013
Derivative liabilities	2,462	509
Accounts payable and accrued expenses	46,387	36,279
Liability for loans eligible for repurchase	46,663	'
Liability for losses under representations and warranties	8,123	3,504
Total liabilities	955,271	570,413
Commitments and contingencies	'	'
STOCKHOLDERS' EQUITY	'	'
Additional paid-in capital	153,000	'
Retained earnings	14,400	'
Total stockholders' equity attributable to PennyMac Financial Services, Inc. common stockholders	167,402	'
Members' equity attributable to Private National Mortgage Acceptance Company, LLC	'	261,750
Noncontrolling interest in Private National Mortgage Acceptance Company, LLC	461,802	'
Total stockholders' equity	629,204	261,750
Total liabilities and stockholders' equity	1,584,475	832,163
PennyMac	'	'
LIABILITIES	'	'
Payable under tax receivable agreement	71,056	'
Class A Common Stock	'	'
STOCKHOLDERS' EQUITY	'	'
Common stock	2	'
Class B Common Stock	'	'
STOCKHOLDERS' EQUITY	'	'
Common stock	'	'
Investment Funds	'	'
ASSETS	'	'
Carried Interest due from affiliates	61,142	47,723
Receivable from affiliates	2,915	3,672
LIABILITIES	'	'
Payable to affiliates	36,937	36,795
PennyMac Mortgage Investment Trust	'	'
ASSETS	'	'
Investment in affiliates, at fair value	1,722	1,897
Receivable from affiliates	18,636	16,691
LIABILITIES	'	'
Excess servicing spread financing at fair value payable to affiliate	138,723	'
Payable to affiliates	$81,174	$46,779

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Mortgage loans held for sale pledged to secure mortgage loans sold under agreements to repurchase at fair value	$512,350	$438,850
Servicing advances pledged to secure note payable	5,564	7,430
Mortgage servicing rights pledged to secure note payable at fair value	224,913	19,798
Mortgage servicing rights pledged to secure note payable at lower of amortized cost or fair value	258,241	100,957
Mortgage servicing rights pledged to secure excess servicing spread financing	$138,723	$138,723
Class A Common Stock	'	'
Common stock, par value (in dollars per share)	$0.00	'
Common stock, shares authorized	200,000,000	'
Common stock, shares issued	20,812,777	'
Common stock, shares outstanding	20,812,777	'
Class B Common Stock	'	'
Common stock, par value (in dollars per share)	$0.00	'
Common stock, shares authorized	1,000	'
Common stock, shares issued	61	'
Common stock, shares outstanding	61	'

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	12 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue	'	'	'
Net gains on mortgage loans held for sale at fair value	$138,013,000	$118,170,000	$13,029,000
Loan origination fees	23,575,000	9,634,000	669,000
Loan servicing fees	'	'	'
From non-affiliates	61,523,000	20,673,000	11,493,000
Mortgage servicing rebate to Investment Funds	-700,000	-885,000	-2,772,000
Other	11,426,000	2,245,000	1,657,000
Net servicing fees	119,461,000	52,357,000	38,105,000
Amortization, impairment and change in estimated fair value of mortgage servicing rights	-29,451,000	-12,252,000	-9,438,000
Net loan servicing fees	90,010,000	40,105,000	28,667,000
Management fees:	'	'	'
Management fees	40,330,000	21,799,000	16,683,000
Carried Interest from Investment Funds	13,419,000	10,473,000	12,596,000
Net interest expense:	'	'	'
Interest income	15,632,000	6,354,000	1,532,000
Interest expense	16,673,000	7,879,000	1,875,000
Net interest expense:	-1,041,000	-1,525,000	-343,000
Change in fair value of investment in and dividends received from affiliate	2,541,000	3,524,000	1,736,000
Other	2,500,000	2,707,000	1,713,000
Total net revenue	386,559,000	265,086,000	74,784,000
Expenses	'	'	'
Compensation	148,576,000	124,014,000	47,479,000
Professional services	10,571,000	5,568,000	3,867,000
Loan origination	9,943,000	2,953,000	185,000
Technology	9,205,000	4,455,000	1,979,000
Marketing	9,118,000	932,000	346,000
Servicing	7,028,000	3,642,000	2,344,000
Occupancy	2,795,000	1,521,000	1,985,000
Other	7,197,000	3,678,000	1,900,000
Total expenses	204,433,000	146,763,000	60,085,000
Income before provision for income taxes	182,126,000	118,323,000	14,699,000
Provision for income taxes	9,961,000	'	'
Net income	172,165,000	118,323,000	14,699,000
Less: Net income attributable to noncontrolling interest	157,765,000	'	'
Net income attributable to PennyMac Financial Services, Inc. common stockholders	14,400,000	'	'
Earnings per share of Common Stock	'	'	'
Basic (in dollars per share)	$0.83	'	'
Diluted (in dollars per share)	$0.82	'	'
Weighted-average common shares outstanding	'	'	'
Basic (in shares)	17,311	'	'
Diluted (in shares)	75,892	'	'
PennyMac Mortgage Investment Trust	'	'	'
Revenue	'	'	'
Fulfillment fees from affiliate	79,712,000	62,906,000	1,747,000
Loan servicing fees	'	'	'
From affiliates	39,413,000	18,608,000	13,204,000
Management fees:	'	'	'
Management fees	32,410,000	12,436,000	6,740,000
Net interest expense:	'	'	'
Change in fair value of investment in and dividends received from affiliate	41,000	817,000	23,000
Investment Funds	'	'	'
Loan servicing fees	'	'	'
From affiliates	7,799,000	11,716,000	14,523,000
Management fees:	'	'	'
Management fees	7,920,000	9,363,000	9,943,000
Carried Interest from Investment Funds	$13,419,000	$10,473,000	$12,596,000

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Class A Common Stock	Additional paid-in capital	Retained earnings	Members' equity	Non-controlling Interest
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2010	$89,969	'	'	'	$89,969	'
Capital:	'	'	'	'	'	'
Contributions	18,908	'	'	'	18,908	'
Redemptions	-131	'	'	'	-131	'
Distributions	-646	'	'	'	-646	'
Unit-based compensation expense	1,116	'	'	'	1,116	'
Net income	14,699	'	'	'	14,699	'
Balance at Dec. 31, 2011	123,915	'	'	'	123,915	'
Capital:	'	'	'	'	'	'
Contributions	15,058	'	'	'	15,058	'
Redemptions	-6	'	'	'	-6	'
Distributions	-15,847	'	'	'	-15,847	'
Unit-based compensation expense	20,307	'	'	'	20,307	'
Net income	118,323	'	'	'	118,323	'
Balance at Dec. 31, 2012	261,750	'	'	'	261,750	'
Capital:	'	'	'	'	'	'
Distributions	-19,623	'	'	'	-19,623	'
Unit-based compensation expense	238	'	'	'	238	'
Partner capital issuance costs	-3,745	'	'	'	-3,745	'
Net income	76,834	'	'	'	76,834	'
Exchange of existing member units to Class A units of Private National Mortgage Acceptance Company, LLC	'	'	'	'	-315,454	315,454
Balance post-reorganization	315,454	'	'	'	'	315,454
Issuance of common stock in initial public offering, net of issuance costs	230,000	1	229,999	'	'	'
Issuance of common stock in initial public offering, net of issuance costs (in shares)	'	12,778,000	'	'	'	'
Underwriting and offering costs	-13,486	'	-13,290	'	'	-196
Dilution assumed with IPO	'	'	-127,160	'	'	127,160
Stock-based compensation expense	3,699	'	881	'	'	2,818
Distributions	-3,809	'	'	'	'	-3,809
Net income	95,331	'	'	14,400	'	80,931
Exchange of Class A units of Private National Mortgage Acceptance Company, LLC to Class A stock of PennyMac Financial Services, Inc.	'	1	60,555	'	'	-60,556
Exchange of Class A units of Private National Mortgage Acceptance Company, LLC to Class A stock of PennyMac Financial Services, Inc. (in shares)	'	8,035,000	'	'	'	'
Tax effect of exchange of Class A units of Private National Mortgage Acceptance Company, LLC to Class A stock of PennyMac Financial Services, Inc.	2,015	'	2,015	'	'	'
Balance at Dec. 31, 2013	$629,204	$2	$153,000	$14,400	'	$461,802
Balance (in shares) at Dec. 31, 2013	'	20,813,000	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flow from operating activities	'	'	'
Net income	$172,165,000	$118,323,000	$14,699,000
Adjustments to reconcile net income to net cash used in operating activities:	'	'	'
Net gains on mortgage loans held for sale at fair value	-138,013,000	-118,170,000	-13,029,000
Accrual of servicing rebate to Investment Funds	700,000	885,000	2,772,000
Amortization, impairment and change in fair value of mortgage servicing rights	29,451,000	12,252,000	9,438,000
Carried Interest from Investment Funds	-13,419,000	-10,473,000	-12,596,000
Accrual of interest on excess servicing spread financing	1,348,000	'	'
Amortization of debt issuance costs and commitment fees relating to financing facilities	5,014,000	1,866,000	1,028,000
Change in fair value of real estate acquired in settlement of loans	22,000	'	'
Stock and unit-based compensation expense	3,937,000	20,308,000	1,116,000
Depreciation and amortization	824,000	520,000	251,000
Purchase of modified mortgage loans for sale from Ginnie Mae securities	-30,950,000	'	'
Originations of mortgage loans held for sale, net	-1,104,051,000	-539,160,000	-149,393,000
Sale and principal payments of mortgage loans held for sale	17,105,047,000	9,053,364,000	649,625,000
Repurchase of loans subject to representations and warranties	-6,696,000	'	'
Increase in servicing advances	-60,189,000	-30,855,000	-40,754,000
Repurchase of real estate acquired in settlement of loans subject to representations and warranties	-309,000	'	'
Sale of real estate acquired in settlement of loans subject to representations and warranties	287,000	'	'
Increase in other assets	-6,433,000	-5,998,000	-1,423,000
Increase in accounts payable and accrued expenses	10,109,000	22,704,000	8,596,000
Net cash used in operating activities	-98,390,000	-308,057,000	-74,718,000
Cash flow from investing activities	'	'	'
Net increase in short-term investments	-89,418,000	-37,123,000	-6,727,000
Purchase of mortgage servicing rights	-195,871,000	'	-1,352,000
Sale of mortgage servicing rights	550,000	'	'
Purchase of furniture, fixtures, equipment and building improvements	-6,615,000	-3,370,000	-1,888,000
Acquisition of capitalized software	-343,000	-503,000	-112,000
Increase (decrease) in margin deposits and restricted cash	6,916,000	-4,539,000	-2,310,000
Net cash used in investing activities	-284,781,000	-45,535,000	-12,389,000
Cash flow from financing activities	'	'	'
Sale of loans under agreements to repurchase	15,805,464,000	8,528,184,000	656,742,000
Repurchase of loans sold under agreements to repurchase	-15,727,406,000	-8,212,350,000	-592,331,000
(Decrease) increase in note payable	-859,000	34,411,000	15,103,000
Issuance of excess servicing spread financing	139,028,000	'	'
Repayment of excess servicing spread financing	-4,076,000	'	'
Decrease in leases payable	-1,000	'	'
Issuance of common stock	230,000,000	'	'
Payment of common stock underwriting and offering costs	-13,486,000	'	'
Payment by noncontrolling interest of common stock issuance costs	-3,745,000	'	'
Collection of subscriptions receivable relating to noncontrolling interest	'	15,058,000	18,908,000
Noncontrolling interest partners' capital redemptions	'	-6,000	-131,000
Distributions to noncontrolling interest	-23,432,000	-15,847,000	-646,000
Net cash provided by financing activities	401,487,000	349,450,000	97,645,000
Net increase in cash	18,316,000	-4,142,000	10,538,000
Cash at beginning of year	12,323,000	16,465,000	5,927,000
Cash at end of year	30,639,000	12,323,000	16,465,000
Investment Funds	'	'	'
Adjustments to reconcile net income to net cash used in operating activities:	'	'	'
Carried Interest from Investment Funds	-13,419,000	-10,473,000	-12,596,000
Decrease (increase) in receivable from affiliates	57,000	3,797,000	-1,644,000
Increase in payable to affiliate	142,000	7,173,000	16,359,000
PennyMac Mortgage Investment Trust	'	'	'
Adjustments to reconcile net income to net cash used in operating activities:	'	'	'
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust	175,000	-650,000	114,000
Purchase of mortgage loans held for sale from PennyMac Mortgage Investment Trust	-16,113,806,000	-8,864,264,000	-575,649,000
Sale and principal payments of mortgage loans held for sale	12,339,000	3,622,000	'
Decrease (increase) in receivable from affiliates	173,000	-3,970,000	-5,675,000
Increase in payable to affiliate	$33,686,000	$21,184,000	$21,447,000

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2013
Organization and Basis of Presentation	'
Organization and Basis of Presentation	'
	Note 1—Organization and Basis of Presentation
	PennyMac Financial Services, Inc. ("PFSI" or the "Company") was formed as a Delaware corporation on December 31, 2012. Pursuant to a reorganization, the Company became a holding corporation and its primary asset is an equity interest in Private National Mortgage Acceptance Company, LLC ("PennyMac"). The Company is the managing member of PennyMac and operates and controls all of the businesses and affairs of PennyMac subject to the consent rights of other members under certain circumstances and, through PennyMac and its subsidiaries, continues to conduct the business previously conducted by these subsidiaries.
	PennyMac is a Delaware limited liability company which, through its subsidiaries, engages in mortgage banking and investment management activities. PennyMac's mortgage banking activities consist of residential mortgage lending (including correspondent lending and retail lending) and loan servicing. PennyMac's investment management activities and a portion of its loan servicing activities are conducted on behalf of its Advised Entities, which invest in residential mortgage loans and related assets. PennyMac's primary wholly-owned subsidiaries are:
	•
	PNMAC Capital Management, LLC ("PCM")—a Delaware limited liability company registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM enters into investment management agreements with entities that invest in residential mortgage loans and related assets.
	Presently, PCM has management agreements with PennyMac Mortgage Investment Trust ("PMT"), a publicly held real estate investment trust, and three investment funds: PNMAC Mortgage Opportunity Fund, LLC and PNMAC Mortgage Opportunity Fund, L.P., (the "Master Fund"), both registered under the Investment Company Act of 1940, as amended; and PNMAC Mortgage Opportunity Fund Investors, LLC (collectively, "Investment Funds"). Together, the Investment Funds and PMT are referred to as the "Advised Entities."
	•
	PennyMac Loan Services, LLC ("PLS")—a Delaware limited liability company that services portfolios of residential mortgage loans on behalf of non-affiliates or the Advised Entities, originates new prime credit quality residential mortgage loans, and engages in other mortgage banking activities for its own account and the account of PMT.
	PLS is approved as a seller/servicer of mortgage loans by the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") and as an issuer of securities guaranteed by the Government National Mortgage Association ("Ginnie Mae"). PLS is a licensed Federal Housing Administration Nonsupervised Title II Lender with the U.S. Department of Housing and Urban Development ("HUD") and a lender/servicer with the Veterans Administration ("VA") (each an "Agency" and collectively the "Agencies ").
	•
	PNMAC Opportunity Fund Associates, LLC ("PMOFA")—a Delaware limited liability company and the general partner of the Master Fund. PMOFA is entitled to incentive fees representing allocations of profits ("Carried Interest") from the Master Fund.
	Initial Public Offering and Recapitalization
	On May 14, 2013, PFSI completed an initial public offering ("IPO") in which it sold approximately 12.8 million shares of its Class A common stock, at a public offering price of $18.00 per share. PFSI received net proceeds of $216.8 million, after deducting underwriting discounts and commissions, from sales of its shares in the IPO. PFSI used these net proceeds to purchase approximately 12.8 million Class A units of PennyMac. PFSI operates and controls all of the business and affairs and consolidates the financial results of PennyMac and its subsidiaries.
	The purchase of 12.8 million Class A units of PennyMac has been accounted for as a transfer of interests under common control. Accordingly, the accompanying consolidated financial statements reflect a reclassification of members' equity to noncontrolling interests in the Company of $315.5 million. This amount represents the carrying value in the Company of the existing owners of PennyMac on the date of the IPO.
	Before the IPO, PennyMac completed a reorganization by amending its limited liability company agreement to convert all classes of ownership interests held by its existing owners to a single class of common units. The conversion of existing interests was based on the various interests' liquidation priorities as specified in PennyMac's prior limited liability company agreement. In connection with that reorganization, PFSI became the sole managing member of PennyMac.
	After the completion of the recapitalization and reorganization transactions, PennyMac became a consolidated subsidiary of the Company. Accordingly, PennyMac's consolidated financial statements are the Company's historical financial statements. The historical consolidated financial statements of PennyMac are reflected herein based on the historical ownership interests of the then-existing PennyMac unitholders.
	Tax Receivable Agreement
	As part of the IPO, PFSI entered into an Exchange Agreement with PennyMac's existing unitholders whereby the existing unitholders may exchange their PennyMac units for PFSI stock. Before 2013, PennyMac made an election pursuant to Section 754 of the Internal Revenue Code which remains in effect. An exchange results in a special adjustment for PFSI that may increase PFSI's tax basis of certain assets of PennyMac that otherwise would not have been available. These increases in tax basis may reduce the amount of income tax that PFSI would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase tax receivable agreement losses) on future dispositions of certain assets to the extent a portion of the increased tax basis is allocated to those assets.
	PFSI entered into a tax receivable agreement with PennyMac's existing unitholders that will provide for the payment by PFSI to PennyMac exchanged unitholders an amount equal to 85% of the amount of the benefits, if any, that PFSI is deemed to realize as a result of (i) increases in tax basis resulting from exchanges and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement.
	The term of the tax receivable agreement will continue until all such tax benefits have been utilized or expired, unless PFSI exercises its right to terminate the tax receivable agreement. In the event of termination of the tax receivable agreement, the Company would be required to make an immediate payment equal to the present value of the anticipated future net tax benefits, which upfront payment may be made years in advance of the actual realization of such future benefits.

Concentration_of_Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2013
Concentration of Risk	'
Concentration of Risk	'
	Note 2—Concentration of Risk
	A substantial portion of the Company's activities relate to the Advised Entities. Fees charged to these entities (comprised of management fees, loan servicing fees and loan servicing rebates, Carried Interest and fulfillment fees) totaled 47%, 47% and 75% of total net revenues for the years ended December 31, 2013, 2012 and 2011, respectively.

Significant_Accounting_Policie

Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Significant Accounting Policies

'

Significant Accounting Policies

'

Note 3—Significant Accounting Policies

A description of the Company's significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows.

Basis of Presentation

The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as codified in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification (the "Codification"). All significant intercompany accounts and transactions have been eliminated.

Reclassification of Previously Presented Balances

Certain prior period amounts have been reclassified to conform to the current presentation. Specifically:

•

Interest expense is included withInterest income as a new caption ofNet interest expense to better reflect our results due to growth in the Company's portfolio of interest-earning assets. Previously,Interest expense was included withinTotal expenses. This reclassification results in the presentation ofNet interest expense.

Following is a summary of the reclassifications:

As reported

As previously

Reclassification

reported

Year ended

Year ended

Year ended

December 31,

December 31,

December 31,

2012

2011

2012

2011

2012

2011

(in thousands)

Net interest expense:

Interest income

$

6,354

$

1,532

$

6,354

$

1,532

$

—

$

—

Interest expense

7,879

1,875

—

—

7,879

1,875

$

(1,525

)

$

(343

)

$

6,354

$

1,532

$

7,879

$

1,875

These reclassifications did not change previously reported income before provision for income taxes, provision for taxes, net income, reported consolidated balance sheet amounts including stockholders' equity, or consolidated cash flows.

Principles of Consolidation

The consolidated financial statements include the accounts of PennyMac and all of its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ from those estimates.

Fair Value

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 assumptions 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. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and other inputs.

•

Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an asset or liability at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company's own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.

While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial statement items could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such items existed, or had such items been liquidated, and those differences could be material to the financial statements.

Management incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. The Company uses discounted cash flow techniques to estimate fair value. These techniques incorporate forecasting of expected cash flows discounted at market discount rates that are intended to reflect the lack of liquidity in the market.

Short-Term Investments

Short-term investments, which represent investments in money market accounts with a depository institution, are carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investments as "Level 1" fair value financial statement items.

Mortgage Loans Held for Sale at Fair Value

Management has elected to account for mortgage loans held for sale at fair value, with changes in fair value recognized in current period income, to more timely reflect the Company's performance. All changes in fair value, including changes arising from the passage of time, are recognized as a component of Net gains on mortgage loans held for sale at fair value. The Company classifies most of the mortgage loans held for sale at fair value as "Level 2" fair value financial statement items. Certain of the Company's mortgage loans held for sale may not be readily saleable due to identified defects or delinquency. Such loans are classified as "Level 3" financial statement items.

Sale Recognition

The Company recognizes transfers of mortgage loans as sales when it surrenders control over the mortgage loans. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets.

Interest Income Recognition

Interest income on mortgage loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended for loans when they become 90 days delinquent, or when, in management's opinion, a full recovery of interest and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.

Servicing Advances

Servicing advances represent advances made on behalf of borrowers and the loans' investors to fund delinquent balances for property tax and insurance premiums and out of pocket costs (e.g., preservation and restoration of mortgaged or real estate owned property, legal fees, appraisals and insurance premiums). Servicing advances are made in accordance with the Company's servicing agreements and are deemed recoverable at the time of liquidation. These advances are periodically reviewed for collectability. Uncollectible amounts are written off when they are deemed uncollectible.

Derivative Financial Instruments

The Company is exposed to price risk relative to its mortgage loans held for sale as well as to the commitments it makes to loan applicants to originate or to PMT to acquire loans at specified interest rates ("interest rate lock commitments" or "IRLCs"). The Company bears price risk from the time a commitment to originate a loan is made to a borrower or to purchase a loan from PMT, to the time the mortgage loan is sold. During this period, the Company is exposed to losses if mortgage interest rates rise, because the value of the purchase commitment or mortgage loan held for sale decreases. The Company also is exposed to risk relative to the fair value of its mortgage servicing rights ("MSRs"). The Company is exposed to loss in value of its MSRs when interest rates decrease.

IRLCs are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans held for sale by entering into forward sale agreements to sell the mortgage loans and by the purchase and sale of mortgage-backed securities ("MBS") options and futures. Such agreements are also accounted for as derivative financial instruments. From time to time, these instruments are also used to manage the risk created by changes in prepayment speeds on certain of the MSRs the Company holds. The Company classifies its IRLCs as "Level 3" financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and mortgage loans held for sale as "Level 2" fair value financial statement items. The Company does not use derivative financial instruments for purposes other than in support of its risk management activities.

MSRs are generally subject to loss in value when market mortgage interest rates decrease. Decreasing market mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing their value. Reductions in the value of these assets affect income primarily through change in fair value and impairment charges. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of mortgage loans underlying MSRs.

The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the consolidated balance sheet at fair value with changes in the fair values being reported in current period income. Changes in fair value of derivatives hedging IRLCs and mortgage loans held for sale at fair value are included in Net gains on mortgage loans held for sale at fair value in the Company's consolidated statements of income. For derivatives hedging MSRs, changes in fair value are included in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the Company's consolidated statements of income.

When the Company has multiple derivative instruments with the same counterparty under a master netting arrangement, it offsets the amounts recorded as assets and liabilities and amounts recognized for the right to reclaim cash collateral it has deposited with the counterparty or the obligation to return cash collateral it has collected from the counterparty arising from that master netting arrangement. Such offset amounts are presented as either a net asset or liability by counterparty on the Company's consolidated balance sheets.

Carried Interest Due from Investment Funds

The Company has a general partnership interest or other Carried Interest arrangement with the Investment Funds, and earns Carried Interest thereunder. Carried Interest, in general terms, is the share of any profits that the general partners receive as compensation. The Company determines the amount of Carried Interest to be recorded each period based on the cash flows that would be produced assuming termination of the Investment Funds agreements at period end. The allocation of profits between the Investment Funds and the Company is described under the Significant Accounting Policies caption Management Fees and Carried Interest, following.

Investment in PennyMac Mortgage Investment Trust at Fair Value

Common shares of beneficial interest in PMT are carried at their fair value with changes in fair value recognized in current period income. Fair value for purposes of the Company's holdings in PMT is based on the published closing price of the shares as of period end. The Company classifies its investment in common shares of PMT as a "Level 1" fair value financial statement item.

Mortgage Servicing Rights

MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; supervising the acquisition of real estate in settlement of loans and property disposition. Real estate acquired in settlement of loans ("REO") represents real estate that collateralized the mortgage loans before the properties were acquired in settlement of loans.

The value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee ranging generally from 0.19% to 0.57% annually on the remaining outstanding principal balances of the mortgage loans subject to the servicing contracts. The servicing fees are collected from the monthly payments made by the mortgagors. The Company is contractually entitled to receive other remuneration including rights to various mortgagor-contracted fees such as late charges, collateral reconveyance charges and loan prepayment penalties, and the Company is generally entitled to retain the interest earned on funds held pending remittance related to its collection of mortgagor payments. The Company also generally has the right to solicit the mortgagors for other products and services as well as for new mortgages for those considering refinancing or purchasing a new home.

The Company recognizes MSRs initially at their estimated fair value, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the loan in the sale transaction, or from the purchase of MSRs. The Company's MSRs generally relate to either pools of distressed loans ("Distressed MSRs"), or pools of loans that were originated to borrowers with prime credit characteristics or are backed by government insurance. Accordingly, the assumptions used in the valuation are differentiated based on the higher expectation of the delinquency migration of the MSRs backed by distressed loans and significantly higher expected cost to service and advance payments for MSRs backed by the distressed loans.

The Company's subsequent accounting for MSRs is based on the class of MSRs. The Company has identified three classes of MSRs: originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; MSRs backed by mortgage loans with initial interest rates of more than 4.5%; and purchased MSRs acquired in transactions financed in part through the financing of the right to receive excess servicing spread ("ESS") cash flows. Originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income. The Company distinguishes between these classes of MSRs due to the differing factors that can cause changes in prepayment speeds of the underlying loans, which in turn cause changes in the fair value of the MSRs. MSRs purchased for which a financing in the form of ESS cash flows has been recorded are accounted for at fair value. The ESS financing at fair value is also accounted for at fair value to align the accounting for the MSR with the related liability.

The fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and the exercise of such judgment can significantly affect the Company's income. Therefore, the Company classifies its MSRs as "Level 3" fair value financial statement items.

The Company uses a discounted cash flow approach to estimate the fair value of MSRs. This approach consists of projecting servicing cash flows. The inputs used in the Company's discounted cash flow model are based on market factors which management believes are consistent with assumptions and data used by market participants valuing similar MSRs.

The key inputs used in the valuation of MSRs include mortgage prepayment speeds, cost to service the loans and discount rates. These inputs can, and generally do, change from period to period as market conditions change.

MSRs are generally subject to loss in value when mortgage rates decline. Declining mortgage rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing their value. Reductions in the value of these assets affect earnings primarily through change in fair value and impairment charges. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of the underlying mortgage loans.

MSRs Accounted for Using the Amortization Method

The Company amortizes MSRs that are accounted for using the amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the estimated total remaining projected net MSR cash flows. The estimated total net MSR cash flows are determined at the beginning of each month using prepayment assumptions applicable at that time.

MSRs accounted for using the amortization method are periodically evaluated for impairment. Impairment occurs when the current fair value of the MSRs decreases below the asset's carrying value (carrying value is the MSR's amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period income and the carrying value of the MSRs is adjusted through a valuation allowance. If the value of impaired MSRs subsequently increases, the increase in value is recognized in current-period income. When an increase in value of MSR is recognized, the valuation allowance is adjusted to increase the carrying value of the MSRs only to the extent of the valuation allowance.

For impairment evaluation purposes, the Company stratifies its MSRs by predominant risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including loan type (fixed-rate or adjustable-rate) and note rate. Fixed-rate loans are stratified into note rate pools of 50 basis points for note rates between 3.0% and 4.5% and a single pool for note rates below 3%. If the fair value of MSRs in any of the note rate pools is below the carrying value of the MSRs for that pool, impairment is recognized to the extent of the difference between the estimated fair value and the carrying value, including the existing valuation allowance for that pool.

Management periodically reviews the various impairment strata to determine whether the value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.

Both amortization and changes in the amount of the MSR valuation allowance are recorded in current period income in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the consolidated statements of income.

MSRs Accounted for at Fair Value

Changes in fair value of MSRs accounted for at fair value are recognized in current period income in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the consolidated statements of income.

Furniture, Fixtures, Equipment and Building Improvements

Furniture, fixtures, equipment and building improvements are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from five to seven years for furniture and equipment and the lesser of the asset's estimated useful life or the remaining lease term for fixtures and building improvements.

Capitalized Software

The Company capitalizes certain consulting, payroll, and payroll-related costs related to computer software for internal use, and subsequently amortizes such costs over a period of five years using the straight-line method.

The Company also periodically assesses long-lived assets including capitalized software for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. If management identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value. No such impairment was recorded during the three years ended December 31, 2013.

Restricted Cash

Restricted cash represents deposits that serve as collateral for various agreements the Company has entered into, such as derivative margin account agreements. Restricted cash is included in Other assets in the Company's consolidated balance sheets. Management classifies restricted cash as a "Level 1" fair value financial statement item.

Mortgage Loans Sold Under Agreements to Repurchase

The carrying value of mortgage loans sold under agreements to repurchase is based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements are recognized as deferred charges in Other assets and amortized to Interest expense over the term of the borrowing facility.

Excess Servicing Spread Financing at Fair Value

In conjunction with the Company's acquisition of certain MSRs on pools of Agency-backed residential mortgage loans, the Company has entered into sale and assignment agreements which are treated as financings and are carried at estimated fair value with changes in fair value recognized in current period income. Under these agreements, the Company sold to PMT the right to receive ESS cash flows of certain MSRs. Management classifies ESS at fair value as a "Level 3" fair value financial statement item.

Loans Eligible for Repurchase

The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase mortgage loans when the borrower has made no payments for three consecutive months. As a result of this right, the Company records the mortgage loans in Loans eligible for repurchase and records a corresponding liability in Liability for loans eligible for repurchase on its balance sheet.

Liability for Losses Under Representations and Warranties

The Company's agreements with the Agencies include representations and warranties related to the loans the Company sells to the Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law.

In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the Agency, or may become ineligible to receive any of the benefits provided by the insurer with respect to such mortgage loans. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company's credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender.

The Company includes a provision for losses relating to the representations and warranties it makes as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the potential severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and periodically updates its liability estimate. The liability estimate is reviewed and approved by the Company's management credit committee.

The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying loans, The Company's representations and warranties are generally not subject to stated limits of exposure. However, management believes that the current unpaid principal balance ("UPB") of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. Management believes the amount and range of reasonably possible losses in relation to the recorded liability is not material to the Company's financial condition or results of operations.

Loan Servicing Fees

Loan servicing fees and other remuneration are received by the Company for servicing residential mortgage loans. Loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio.

Stock-Based Compensation

The Company's 2013 Equity Incentive Plan provides for awards of nonstatutory and incentive stock options ("Stock Options"), time-based restricted stock units, performance-based restricted stock units, stock appreciation rights, performance units and stock grants. The Company estimates the value of the Stock Options, time-based restricted stock units and performance-based restricted stock units awarded with reference to the value of its underlying common stock on the date of the award.

Compensation costs are fixed, except for performance-based restricted stock units, at the estimated fair value as of the award date as all grantees are employees of PennyMac or directors of the Company. The Company amortizes the cost of time-based restricted stock unit awards to compensation expense over the vesting period using the graded vesting method. The Company amortizes performance-based restricted stock unit awards on the straight-line basis over the vesting period. Expense relating to awards is included in Compensation in the consolidated statements of income.

Income Taxes

As a result of the PennyMac recapitalization and reorganization, the Company expects to benefit from amortization and other tax deductions due to an increase in tax basis from the exchange of PennyMac Class A units. Those deductions will be allocated to the Company and will be taken into account in reporting the Company's taxable income. The Company has entered into an agreement with the unitholders of PennyMac that will provide for the additional payment by the Company to exchanging unitholders of PennyMac equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PFSI realizes due to (i) increases in tax basis resulting from exchanges of the then-existing unitholders and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement.

The Company is subject to federal and state income taxes. Income taxes are provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. A valuation allowance is established if, in management's judgment, it is not more likely than not that a deferred tax asset will be realized.

The Company recognizes tax benefits relating to its tax positions only if, in the opinion of management, it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that is greater than 50% likely to be realized upon ultimate settlement with the appropriate taxing authority. The Company will classify any penalties and interest as a component of provision for income taxes.

Variable Interest Held in Unconsolidated Variable Interest Entities

PMOFA is a general partner in the Master Fund. The Master Fund wholly owns PennyMac Mortgage Co. Funding, LLC ("Funding, LLC"), PennyMac Mortgage Co. Funding II, LLC ("Funding II, LLC), and PennyMac Mortgage Co, LLC ("Mortgage Co"). Funding, LLC and Funding II, LLC are each the majority interest holder in PennyMac Loan Trust 2010-NPL1, PennyMac Loan Trust 2011-NPL1 and PennyMac REO 2011-NPL1 (the "Trusts"), which in the case of the first entity holds the mortgage loans for Funding LLC and in the case of the latter two entities hold the mortgage loans for Funding II, LLC.

PLS provides loan servicing to the Trusts as well as to Mortgage Co. The related party group constituting the Company and its affiliates (including PMOFA) has an equity interest in the Master Fund, the ultimate Parent of the Trusts, Mortgage Co, Funding, LLC and Funding II, LLC. The direct equity holders in the Trusts, Mortgage Co, Funding, LLC and Funding II, LLC, however, do not have power to direct operations of the respective entities and as such, both the Trusts and Mortgage Co are considered to be variable interest entities ("VIEs") as defined in the Consolidations topic of the Codification.

The Company is not the primary beneficiary in these VIEs, given it does not represent the enterprise within the related party group that is most closely associated with these VIEs and, as such, the Company does not consolidate these VIEs. Exposure of loss to the related party group from the unconsolidated VIEs is limited to the contributed capital of the related party group in the Master Fund totaling $1,436,000 which represents the general partnership interest held by PMOFA in the Master Fund.

Recent Accounting Pronouncements

In December 2011, the FASB issued an Accounting Standards Update ("ASU"), ASU 2011-11, to the Balance Sheet topic of the Codification. The amendments in this ASU affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic of the Codification or (2) subject an enforceable master netting arrangement or similar agreement.

The amendments in this ASU require the Company to disclose information about offsetting and related arrangement to enable users of financial statements to understand the effect of netting to an entity's financial position.

In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11. The ASU clarifies that the scope applied to derivatives accounted for in accordance with the Derivatives and Hedging topic of the Codification, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic or subject to an enforceable master netting arrangement or similar agreement.

The ASU amendment and the subsequent clarification of the amendment are effective for periods beginning on or after January 1, 2013, and must be shown for all periods shown on the balance sheet. The adoption of these ASU amendments did not have a material effect on the Company's financial condition or results of operations.

In January 2014, the FASB issued ASU 2014-04, Troubled Debt Restructurings by Creditors to the Receivables topic of the Codification, which clarifies when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized.

ASU 2014-04 specifies that a creditor is considered to have received physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan only upon the occurrence of either of the following:

a.

The creditor obtains legal title to the residential real estate property upon completion of a foreclosure. A creditor may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law.

b.

The borrower conveys all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor.

ASU 2014-04 also requires the disclosure of the carrying value of REO and its recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for the Company for annual and interim periods within those annual periods, beginning after December 15, 2014.

An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. Under the modified retrospective transition method, an entity would apply the amendments in ASU 2014-04 by means of a cumulative-effect adjustment to residential consumer mortgage loans and foreclosed residential real estate properties existing as of the beginning of the annual period for which the amendments are effective. The adoption of ASU-2014-04 is not expected to be material to the financial statements of the Company.

Transactions_with_Affiliates

Transactions with Affiliates	12 Months Ended
	Dec. 31, 2013
Transactions with Affiliates	'
Transactions with Affiliates	'
	Note 4—Transactions with Affiliates
	PennyMac Mortgage Investment Trust
	Management Fees
	Before February 1, 2013, under a management agreement, PennyMac received a base management fee from PMT. The base management fee was calculated at 1.5% per year of PMT's shareholders' equity. The management agreement also provided for a performance incentive fee, which was calculated at 20% per year of the amount by which PMT's "core earnings," on a rolling four-quarter basis and before the incentive fee, exceeded an 8% "hurdle rate" as defined in the management agreement. PennyMac did not earn a performance incentive fee before February 1, 2013.
	Effective February 1, 2013, the management agreement was amended to provide that:
	•
	The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of PMT's shareholders' equity up to $2 billion, (ii) 1.375% per year of shareholders' equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of PMT's shareholders' equity in excess of $5 billion.
	•
	The performance incentive fee is calculated at a defined annualized percentage of the amount by which PMT's "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 calculated quarterly and is equal to the sum of: (a) 10% of the amount by which PMT's net income for the quarter exceeds (i) an 8% return on equity plus the "high watermark," up to (ii) a 12% return on PMT's equity; plus (b) 15% of the amount by which PMT's net income for the quarter exceeds (i) a 12% return on PMT's equity plus the "high watermark," up to (ii) a 16% return on PMT's equity; plus (c) 20% of the amount by which PMT's 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 computed in accordance with U.S. GAAP and certain other non-cash charges determined after discussions between the Company and PMT's independent trustees and approval by a majority of PMT's independent trustees.
	"Equity" is the weighted average of the issue price per common share of all of PMT's public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the four-quarter period.
	The "high watermark" starts at zero and is adjusted quarterly. The quarterly adjustment reflects the amount by which the net income (stated as a percentage of return on equity) in that quarter exceeds or falls short of the lesser of 8% and the average Fannie Mae 30-year MBS yield (the "target yield") for the four quarters then ended. If the net income is lower than the target yield, the high watermark is increased by the difference. If the net income is higher than the target yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for the Company to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT's net income over (or under) the target yield, until the net income in excess of the target yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned.
	The base management fee and the performance incentive fee are both receivable quarterly in arrears. The performance incentive fee may be paid in cash or in PMT's common shares (subject to a limit of no more than 50% paid in common shares), at PMT's option.
	Following is a summary of the management fees earned from PMT:
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Management fees:
	Base	$	19,644	$	12,436		$	6,740
	Performance incentive		12,766		—			—
		$	32,410	$	12,436		$	6,740
	The term of the management agreement, as amended, expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the management agreement.
	In the event of termination by PMT, the Company 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 (or, if the period is than 24 months, annualized) performance incentive fee earned by the Company, in each case during the 24-month period before termination.
	Mortgage Loan Servicing
	The Company has a loan servicing agreement with PMT. Before February 1, 2013, the servicing fee rates were based on the risk characteristics of the mortgage loans serviced and total servicing compensation was established at levels that management believed were competitive with those charged by other servicers or specialty servicers, as applicable.
	•
	Servicing fee rates for nonperforming loans ranged between 50 and 100 basis points per year on the UPB of the mortgage loans serviced on PMT's behalf. PennyMac was also entitled to certain customary market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial accounts. In the event PennyMac either effected a refinancing of a loan on PMT's behalf and not through a third party lender and the resulting loan was readily saleable, or originated a loan to facilitate the disposition of real estate that PMT had acquired in settlement of a loan, PennyMac was entitled to receive from PMT market-based fees and compensation.
	•
	For mortgage loans serviced by PMT as a result of acquisitions and sales with servicing rights retained in connection with PMT's correspondent lending business, PennyMac was entitled to base subservicing fees and other customary market-based fees and charges as described above.
	Effective February 1, 2013, the servicing agreement was amended to provide for servicing fees payable to the Company that changed from being based on a percentage of the loan's UPB to fixed per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or the REO.
	•
	The base servicing fee rates for distressed whole mortgage loans are charged based on a monthly per-loan dollar amount, with the actual dollar amount for each loan based on the delinquency, bankruptcy and/or foreclosure status of such loan or the related underlying real estate. Presently, the base servicing fee rates for distressed whole mortgage loans range from $30 per month for current loans up to $125 per month for mortgage loans that are severely delinquent and in foreclosure.
	•
	The base servicing fee rates for non-distressed mortgage loans subserviced by the Company on PMT's behalf are also calculated through a monthly per-loan dollar amount, with the actual dollar amount for each mortgage loan based on whether the mortgage loan is a fixed-rate or adjustable-rate loan. The base servicing fee rates for mortgage loans subserviced on PMT's behalf are $7.50 per month for fixed-rate mortgage loans and $8.50 per month for adjustable rate mortgage loans. To the extent that these mortgage loans become delinquent, the Company is entitled to an additional servicing fee per mortgage loan falling within a range of $10 to $75 per month based on the delinquency, bankruptcy and foreclosure status of the mortgage loan or the related underlying real estate.
	•
	The Company is required to provide a range of services and activities significantly greater in scope than the services provided in connection with a customary servicing arrangement because PMT does not have any employees or infrastructure. For these services, the Company receives a supplemental fee of $25 per month for each distressed whole mortgage loan and $3.25 per month for each non-distressed subserviced mortgage loan. With respect to non-distressed subserviced mortgage loans, the supplemental fee is subject to a cap of $700,000 per quarter. The Company is also entitled to reimbursement for all customary, good faith reasonable and necessary out-of-pocket expenses incurred in performance of its servicing obligations.
	•
	The Company, on behalf of PMT, currently participates in the Home Affordable Modification Program ("HAMP") of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development ("HUD") (and other similar mortgage loan modification programs). HAMP establishes standard loan modification guidelines for "at risk" homeowners and provides incentive payments to certain participants, including mortgage loan servicers, for achieving modifications and successfully remaining in the program. The mortgage loan servicing agreement entitles the Company to retain any incentive payments made to it and to which it is entitled under HAMP; provided, however, that with respect to any such incentive payments paid to the Company under HAMP in connection with a mortgage loan modification for which PMT previously paid the Company a modification fee, the Company shall reimburse PMT an amount equal to the incentive payments.
	The Company also remains entitled to market-based fees and charges including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and late charges relating to loans it services for PMT.
	Following is a summary of mortgage loan servicing fees earned from PMT:
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Loan servicing fees:
	Base	$	26,993	$	14,332		$	9,740
	Activity-based		12,420		4,276			3,464
		$	39,413	$	18,608		$	13,204
	The term of the servicing agreement, as amended, expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the servicing agreement.
	Correspondent Lending
	Before February 1, 2013, PMT paid PennyMac a fulfillment fee of 50 basis points of the UPB of mortgage loans sold to non-affiliates where PMT is approved or licensed to sell to such non-affiliate. Effective February 1, 2013, the mortgage banking and warehouse services agreement provides for a fulfillment fee paid to the Company based on the type of mortgage loan that PMT acquires. The fulfillment fee is equal to a percentage of the UPB of mortgage loans purchased by PMT, with the addition of potential fee rate discounts applicable to PMT's monthly purchase volume in excess of designated thresholds. The Company has also agreed to provide such services exclusively for PMT's benefit, and the Company and its affiliates are prohibited from providing such services for any other third party.
	Presently, the applicable fulfillment fee percentages are (i) 0.50% for conventional mortgage loans, (ii) 0.88% for loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide, (iii) 0.80% for the U.S. Department of the Treasury and HUD's Home Affordable Refinance Program ("HARP") mortgage loans with a loan-to-value ratio of 105% or less, (iv) 1.20% for HARP mortgage loans with a loan-to-value ratio of more than 105%, and (v) 0.50% for all other mortgage loans not contemplated above; provided, however, that the Company may, in its sole discretion, reduce the amount of the applicable fulfillment fee and credit the amount of such reduction to the reimbursement otherwise due as described below. This reduction may only be credited to the reimbursement applicable to the month in which the related mortgage loan was funded.
	In the event that PMT purchases mortgage loans with an UPB in any month totaling more than $2.5 billion and less than $5 billion, the Company has agreed to discount the amount of such fulfillment fees by reimbursing PMT an amount equal to the product of (i) 0.025%, (ii) the amount of UPB in excess of $2.5 billion and (iii) the percentage of the total UPB relating to mortgage loans for which the Company collected fulfillment fees in such month. In the event PMT purchases mortgage loans with an total UPB in any month greater than $5 billion, the Company has agreed to further discount the amount of fulfillment fees by reimbursing PMT an amount equal to the product of (i) 0.05%, (ii) the amount of UPB in excess of $5 billion and (iii) the percentage of the total UPB relating to mortgage loans for which the Company collected fulfillment fees in such month.
	PMT does not hold the Ginnie Mae approval required to issue Ginnie Mae MBS and act as a servicer. Accordingly, under the mortgage banking and warehouse services agreement, the Company currently purchases loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide "as is" and without recourse of any kind to PMT at its cost less fees collected by PMT from the seller, plus accrued interest and a sourcing fee of three basis points.
	In consideration for the mortgage banking services provided by the Company with respect to PMT's acquisition of mortgage loans under PLS's early purchase program, the Company is entitled to fees (i) accruing at a rate equal to $25,000 per year per early purchase facility administered by the Company, and (ii) in the amount of $50 for each mortgage loan PMT acquires. In consideration for the warehouse services provided by the Company with respect to mortgage loans that PMT finances for its warehouse lending clients, with respect to each facility, the Company is entitled to fees (i) accruing at a rate equal to $25,000 per year, and (ii) in the amount of $50 for each mortgage loan that PMT finances thereunder. Where PMT has entered into both an early purchase agreement and a warehouse lending agreement with the same client, the Company shall only be entitled to one $25,000 per year fee and, with respect to any mortgage loan that becomes subject to both such agreements, only one $50 per mortgage loan fee.
	The term of the mortgage banking and warehouse services agreement expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the agreement.
	Following is a summary of correspondent lending activity between the Company and PMT:
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Fulfillment fee revenue	$	79,712	$	62,906		$	1,747
	UPB of loans fulfilled for PMT	$	15,225,153	$	13,028,375		$	505,317
Sourcing fees paid	$	4,611	$	2,505		$	166
Fair value of loans purchased from PMT	$	16,113,806	$	8,864,264		$	577,852
MSR Recapture Agreement
Pursuant to the terms of a MSR recapture agreement, as amended, if the Company refinances through its retail lending business mortgage loans for which PMT previously held the MSRs, the Company is generally required to transfer and convey to one of PMT's wholly-owned subsidiaries, without cost to PMT, the MSRs with respect to new mortgage loans originated in those refinancings (or, under certain circumstances, other mortgage loans) that have a total UPB that is not less than 30% of the total UPB of all the mortgage loans so originated.
Where the fair value of the aggregate MSRs to be transferred for the applicable month is less than $200,000, the Company may, at its option, pay cash to PMT in an amount equal to such fair market value instead of transferring such MSRs. The MSR recapture agreement expires, unless terminated earlier in accordance with the agreement, on February 1, 2017, subject to automatic renewal for additional 18-month periods. The Company recorded MSR recapture totaling $709,000 for the year ended December 31, 2013 as a component of Gain on mortgage loans held for sale.
Spread Acquisition and MSR Servicing Agreements
Effective February 1, 2013, the Company entered into a master spread acquisition and MSR servicing agreement (the "2/1/13 Spread Acquisition Agreement"), pursuant to which it may sell to PMT or one of its wholly owned subsidiaries the rights to receive certain ESS from MSRs acquired by the Company from banks and other third party financial institutions. The Company is generally required to service or subservice the related mortgage loans for the applicable agency or investor. The terms of each transaction under the 2/1/13 Spread Acquisition Agreement are subject to the terms thereof, as modified and supplemented by the terms of a confirmation executed in connection with such transaction.
To the extent the Company refinances any of the mortgage loans relating to the ESS sold to PMT, the 2/1/13 Spread Acquisition Agreement contains recapture provisions requiring that the Company transfer to PMT, at no cost, the ESS relating to a certain percentage of the unpaid principal balance of the newly originated mortgage loans. To the extent the fair value of the aggregate ESS to be transferred for the applicable month is less than $200,000, the Company may, at its option, pay cash to PMT in an amount equal to such fair value instead of transferring such ESS.
On December 30, 2013, the Company entered into a second master spread acquisition and MSR servicing agreement with PMT (the "12/30/13 Spread Acquisition Agreement"). The terms of the 12/30/13 Spread Acquisition Agreement are substantially similar to the terms of the 2/1/13 Spread Acquisition Agreement, except that the Company only intends to sell ESS relating to Ginnie Mae MSRs under the 12/30/13 Spread Acquisition Agreement.
To the extent the Company refinances any of the mortgage loans relating to the ESS it sells to PMT, the 12/30/13 Spread Acquisition Agreement also contains recapture provisions requiring that the Company transfer to PMT, at no cost, the ESS relating to a certain percentage of the unpaid principal balance of the newly originated mortgage loans. However, under the 12/30/13 Spread Acquisition Agreement, in any month where the transferred ESS relating to newly originated Ginnie Mae mortgage loans is not equivalent to at least 90% of the product of the excess servicing fee rate and the unpaid principal balance of the refinanced mortgage loans, the Company 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 mortgage loans is not equivalent to at least 90% of the product of the excess servicing fee rate and the unpaid principal balance of the modified mortgage loans, the 12/30/13 Spread Acquisition Agreement contains provisions that require the Company to transfer additional ESS or cash in the amount of such shortfall. To the extent the fair value of the aggregate ESS to be transferred for the applicable month is less than $200,000, the Company may, at its option, pay cash to PMT in an amount equal to such fair value instead of transferring such ESS.
In connection with the Company's entry into the 12/30/13 Spread Acquisition Agreement, it was also required to amend the terms of its loan and security agreement (the "LSA") with Credit Suisse First Boston Mortgage Capital LLC ("CSFB"), pursuant to which the Company pledged to CSFB all of its rights and interests in the Ginnie Mae MSRs it owns or acquires, and a separate acknowledgement agreement with respect thereto, by and among Ginnie Mae, CSFB and the Company. Separately, as a condition to permitting the Company to transfer to PMT the ESS relating to a portion of the Company's pledged Ginnie Mae MSRs, CSFB required PMT to enter into a Security and Subordination Agreement (the "Security Agreement"), pursuant to which PMT pledged to CSFB its rights under the 12/30/13 Spread Acquisition Agreement and its interest in any ESS purchased thereunder. CSFB's lien on the ESS remains subordinate to the rights and interests of Ginnie Mae pursuant to the provisions of the 12/30/13 Spread Acquisition Agreement and the terms of the acknowledgement agreement.
The Security Agreement permits CSFB to liquidate PMT's ESS along with the related MSRs to the extent there exists an event of default under the LSA, and it contains certain trigger events, including breaches of representations, warranties or covenants and defaults under other of PMT's credit facilities, that would require the Company to either (i) repay in full the outstanding loan amount under the LSA or (ii) repurchase the ESS from PMT at fair value. To the extent the Company is unable to repay the loan under the LSA or repurchase the ESS, an event of default would exist under the LSA, thereby entitling CSFB to liquidate the ESS and the related MSRs. In the event the ESS is liquidated as a result of certain actions or inactions of the Company, PMT generally would be entitled to seek indemnity from the Company under the 12/30/13 Spread Acquisition Agreement.
Payable to Exchanged Private National Mortgage Acceptance Company, LLC Unitholders Under Tax Receivable Agreement
As discussed in Note 1, the Company entered into a tax receivable agreement with PennyMac's existing unitholders on the date of the IPO that will provide for the payment by PFSI to PennyMac's exchanged unitholders an amount equal to 85% of the amount of the benefits, if any, that PFSI is deemed to realize as a result of (i) increases in tax basis resulting from exchanges and (ii) certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. Based on the PennyMac unitholder exchanges during the period, the Company has recorded a $71.1 million liability and has not made a payment under the tax sharing agreement as of December 31, 2013.
Other Transactions
In connection with the IPO of PMT's common shares on August 4, 2009, the Company entered into an agreement with PMT pursuant to which PMT agreed to reimburse the Company for the $2.9 million payment that it made to the underwriters in such offering (the "Conditional Reimbursement") if PMT satisfied certain performance measures over a specified period of time. Effective February 1, 2013, PMT amended the terms of the reimbursement agreement to provide for the reimbursement to the Company of the Conditional Reimbursement if PMT is required to pay the Company performance incentive fees under the management agreement at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement of the Conditional Reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million and the maximum amount that may be reimbursed under the agreement is $2.9 million. The Company received payments from PMT totaling $944,000 during the year ended December 31, 2013.
In the event the termination fee is payable to the Company under the management agreement and the Company has not received the full amount of the reimbursements and payments under the reimbursement agreement, such amount will be paid in full. The term of the reimbursement agreement expires on February 1, 2019.
PMT reimburses the Company for other expenses, including common overhead expenses incurred on its behalf by the Company, in accordance with the terms of its management agreement. Such amounts are summarized below:
	Year ended December 31,
	2013		2012			2011
	(in thousands)
Reimbursement of:
Common overhead incurred by PCM and its affiliates	$	10,989	$	4,183		$	4,086
Expenses incurred on PMT's behalf		4,638		3,146			2,219
	$	15,627	$	7,329		$	6,305
Payments and settlements during the year(1)	$	121,230	$	85,554		$	12,656
-1
Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PMT.
Amounts due from PMT are summarized below:
	December 31,
	2013		2012
	(in thousands)
Management fees	$	8,924	$	4,499
Servicing fees		5,915		3,670
Allocated expenses		2,009		1,106
Underwriting fees		1,788		2,941
Loan purchases		—		4,475
	$	18,636	$	16,691
The Company also holds an investment in PMT in the form of 75,000 common shares of beneficial interest as of December 31, 2013 and December 31, 2012. The shares had fair values of $1.7 million and $1.9 million as of December 31, 2013 and December 31, 2012, respectively.
Investment Funds
Amounts due from the Investment Funds are summarized below:
	December 31,
	2013		2012
	(in thousands)
Receivable from Investment Funds:
Management fees	$	2,031	$	2,164
Loan servicing fees		727		1,052
Loan servicing rebate		136		(239	)
Expense reimbursements		21		695
	$	2,915	$	3,672
Carried Interest due from Investment Funds:
PNMAC Mortgage Opportunity Fund, LLC	$	37,702	$	29,785
PNMAC Mortgage Opportunity Fund Investors, LLC		23,440		17,938
	$	61,142	$	47,723
Amounts due to the Investment Funds totaling $36.9 million and $36.8 million represent amounts advanced by the Investment Funds to fund servicing advances made by the Company as of December 31, 2013 and December 31, 2012, respectively.

Earnings_Per_Share_of_Common_S

Earnings Per Share of Common Stock	12 Months Ended
	Dec. 31, 2013
Earnings Per Share of Common Stock	'
Earnings Per Share of Common Stock	'
	Note 5—Earnings Per Share of Common Stock
	Basic earnings per share of common stock is determined using net income attributable to the Company's common stockholders divided by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock is determined by dividing net income attributable to the Company's common stockholders by the weighted-average of shares of common stock outstanding, assuming all potentially dilutive shares of common stock were issued.
	The Company applies the treasury stock method to determine the dilutive weighted-average shares of common stock represented by the unvested stock-based awards and the exchangeable PennyMac Class A units. The diluted earnings per share calculation assumes the exchange of these PennyMac Class A units for shares of common stock. Accordingly, earnings attributable to the Company's common stockholders is also adjusted to include the earnings allocated to the PennyMac Class A units after taking into account the income taxes applicable to the shares assumed to be exchanged.
	The following table summarizes the basic and diluted earnings per share calculations:
		Year ended
		December 31, 2013
		(in thousands, except
		per share amounts)
	Basic earnings per share of common stock:
	Net income attributable to PennyMac Financial Services, Inc. common stockholders	$	14,400
	Weighted-average common stock shares outstanding		17,311
	Basic earnings per share of common stock	$	0.83
	Diluted earnings per share of common stock:
	Net income	$	14,400
	Effect of net income attributable to noncontrolling interest, net of tax		47,838
	Diluted net income attributable to common stockholders	$	62,238
	Weighted-average shares outstanding		17,311
	Dilutive shares:
	PennyMac Class A common units exchangeable to common stock		58,553
	Shares issuable under stock-based compensation plans		28
	Diluted weighted-average common stock shares outstanding		75,892
	Diluted earnings per share of common stock	$	0.82

Loan_Sales_and_Servicing_Activ

Loan Sales and Servicing Activities	12 Months Ended
	Dec. 31, 2013
Loan Sales and Servicing Activities	'
Loan Sales and Servicing Activities	'
	Note 6—Loan Sales and Servicing Activities
	The Company purchases and sells mortgage loans in the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans.
	The following table summarizes cash flows between the Company and transferees upon sale of mortgage loans in transactions where the Company maintains continuing involvement with the mortgage loans (primarily the obligation to service the loans on behalf of the loans' owners or owners' agents):
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Cash flows:
	Sales proceeds	$	17,006,460	$	9,123,645	$	655,724
	Servicing fees received	$	56,066	$	11,197	$	163
	Net servicing advances	$	4,207	$	7,818	$	538
	Year end information:
	UPB of loans outstanding at year end	$	23,640,261	$	9,847,509	$	696,521
	Delinquencies:
	30 - 89 days	$	410,927	$	137,827	$	5,272
	90 days or more or in foreclosure or bankruptcy	$	143,022	$	54,795	$	813
	The Company's mortgage servicing portfolio is summarized as follows:
		December 31, 2013
		Servicing		Contract servicing		Total
		rights owned		and subservicing		loans serviced
		(in thousands)
	Agencies	$	44,969,026	$	—	$	44,969,026
	Affiliated entities		—		31,632,718		31,632,718
	Private investors		969,794		89,361		1,059,155
	Mortgage loans held for sale		506,540		—		506,540
		$	46,445,360	$	31,722,079	$	78,167,439
	Amount subserviced for the Company	$	156,347	$	582,610	$	738,957
	Delinquent mortgage loans:
	30 days	$	1,304,054	$	263,518	$	1,567,572
	60 days		346,912		112,275		459,187
	90 days or more		605,555		1,416,498		2,022,053
			2,256,521		1,792,291		4,048,812
	Loans pending foreclosure		168,776		1,792,128		1,960,904
		$	2,425,297	$	3,584,419	$	6,009,716
	Custodial funds managed by the Company(1)	$	568,161	$	246,587	$	814,748
		December 31, 2012
		Servicing		Contract servicing		Total loans
		rights owned		and subservicing		serviced
		(in thousands)
	Agencies	$	9,860,284	$	—	$	9,860,284
	Affiliated entities		—		16,552,939		16,552,939
	Private investors		1,321,584		—		1,321,584
	Mortgage loans held for sale		417,742		—		417,742
		$	11,599,610	$	16,552,939	$	28,152,549
	Amount subserviced for the Company	$	45,562	$	375,818	$	421,380
	Delinquent mortgage loans:
	30 days	$	191,884	$	187,653	$	379,537
	60 days		60,886		122,564		183,450
	90 days or more		112,847		851,851		964,698
			365,617		1,162,068		1,527,685
	Loans pending foreclosure		75,329		1,290,687		1,366,016
		$	440,946	$	2,452,755	$	2,893,701
	Custodial funds managed by the Company(1)	$	263,562	$	150,080	$	413,642
	-1
	Borrower and investor custodial cash accounts relate to loans serviced under the servicing agreements and are not recorded on the Company's consolidated balance sheets. The Company earns interest on custodial funds it manages on behalf of the loans' investors, which is recorded as part of the interest income in the Company's consolidated statements of income.
	Following is a summary of the geographical distribution of loans included in the Company's servicing portfolio for the top five and all other states as measured by the total UPB:
		December 31,
	State	2013		2012
		(in thousands)
	California	$	30,320,616	$	10,696,508
	Texas		4,470,123		1,223,382
	Virginia		3,769,683		*
	Florida		3,416,274		1,385,286
	Washington		2,760,900		1,143,849
Colorado		*		1,299,295
All other states		33,429,843		12,404,229
	$	78,167,439	$	28,152,549
*
State did not represent a top five state as of the respective date.
Certain of the loans serviced by the Company are subserviced on the Company's behalf by other mortgage loan servicers. Loans are subserviced for the Company when the loans are secured by property in the State of Massachusetts where the Company is not licensed and a license is required to perform such services, or on a transitional basis for loans where the Company has obtained the rights to service the loans but servicing of the loans has not yet transferred to the Company's servicing system.

Netting_of_Financial_Instrumen

Netting of Financial Instruments	12 Months Ended
	Dec. 31, 2013
Netting of Financial Instruments	'
Netting of Financial Instruments	'
	Note 7—Netting of Financial Instruments
	The Company uses derivative financial instruments to manage exposure to interest rate risk for the IRLCs it makes to purchase or originate mortgage loans at specified interest rates, its inventory of mortgage loans held for sale and MSRs. The Company has elected to setoff derivative asset and liability positions, and cash collateral obtained from (or posted to) its counterparties when subject to a master netting arrangement that is legally enforceable on all counterparties in the event of default. The derivatives that are not subject to a master netting arrangement are IRLCs.
	Following are summaries of derivative assets and related setoff amounts. As of December 31, 2013 and December 31, 2012, the Company was not party to reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following table.
	Offsetting of Derivative Assets
		December 31, 2013								December 31, 2012
		Gross		Gross			Net			Gross		Gross			Net
		amount		amount			amount			amount		amount			amount
		of recognized		offset in the			of assets in			of recognized		offset in the			of assets
		assets		balance sheet			the			assets		balance sheet			in the
							balance sheet								balance sheet
		(in thousands)
	Derivatives subject to master netting arrangements:
	MBS put options	$	665	$	—		$	665		$	967	$	—		$	967
	MBS call options		91		—			91			—		—			—
	Forward purchase contracts		416		—			416			1,645		—			1,645
	Forward sale contracts		18,762		—			18,762			1,818		—			1,818
	Netting		—		(7,358	)		(7,358	)		—		(1,091	)		(1,091	)
			19,934		(7,358	)		12,576			4,430		(1,091	)		3,339
	Derivatives not subject to master netting arrangements—IRLCs		8,964		—			8,964			23,951		—			23,951
		$	28,898	$	(7,358	)	$	21,540		$	28,381	$	(1,091	)	$	27,290
	Derivative Assets, Financial Assets, 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.
		December 31, 2013										December 31, 2012
				Gross amount not											Gross amount not
				offfset in the											offset in the
				consolidated											consolidated
		Net		balance sheet								Net			balance sheet
		amount										amount
		of assets										of assets
		in the										in the
		balance sheet		Financial			Cash			Net		balance sheet			Financial			Cash		Net
				instruments			collateral			amount					instruments			collateral		amount
							received											received
		(in thousands)
	Interest rate lock commitments	$	8,964	$	—		$	—		$	8,964	$	23,951		$	—		$	—	$	23,951
	Credit Suisse First Boston Mortgage Capital LLC		2,149		—			—			2,149		—			—			—		—
	Bank of America, N.A.		1,680		—			—			1,680		1,782			—			—		1,782
	Morgan Stanley Bank, N.A.		1,704		—			—			1,704		—			—			—		—
	Daiwa Capital Markets		1,190		—			—			1,190		—			—			—		—
	Citibank, N.A.		—		—			—			—		522			—			—		522
	Other		5,853		—			—			5,853		1,035			—			—		1,035
		$	21,540	$	—		$	—		$	21,540	$	27,290		$	—		$	—	$	27,290
	Offsetting of Derivative Liabilities and Financial Liabilities
	Following is a summary of net derivative liabilities and assets sold under agreements to repurchase and related setoff amounts. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. The assets sold under agreements to repurchase do not qualify for setoff accounting.
		December 31, 2013								December 31, 2012
		Gross		Gross amount			Net			Gross		Gross amount			Net
		amount of		offset			amount			amount of		offset			amount
		recognized		in the			of liabilities			recognized		in the			of liabilities
		liabilities		consolidated			in the			liabilities		consolidated			in the
				balance			consolidated					balance			consolidated
				sheet			balance					sheet			balance
							sheet								sheet
		(in thousands)
	Derivatives subject to a master netting arrangement:
	Forward purchase contracts	$	6,542	$	—		$	6,542		$	389	$	—		$	389
	Forward sale contracts		504		—			504			1,894		—			1,894
	Netting		—		(6,787	)		(6,787	)		—		(1,785	)		(1,785	)
			7,046		(6,787	)		259			2,283		(1,785	)		498
	Derivatives not subject to a master netting arrangement—IRLCs		2,203		—			2,203			11		—			11
	Total derivatives		9,249		(6,787	)		2,462			2,294		(1,785	)		509
	Mortgage loans sold under agreements to repurchase		471,592		—			471,592			393,534		—			393,534
		$	480,841	$	(6,787	)	$	474,054		$	395,828	$	(1,785	)	$	394,043
	Derivative Liabilities, Financial Liabilities, and Collateral Held 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 does not qualify under the accounting guidance for setoff accounting. All assets sold under agreements to repurchase are secured by sufficient collateral or exceed the liability amount recorded on the consolidated balance sheets.
	December 31, 2013										December 31, 2012
			Gross amount											Gross amount
			not offset in the											not offset in the
			consolidated											consolidated
	Net amount of		balance sheet								Net amount of			balance sheet
	liabilities										liabilities
	in the consolidated										in the consolidated
	balance sheet		Financial			Cash			Net		balance sheet			Financial			Cash		Net
			instruments			collateral			amount					instruments			collateral		amount
						pledged											pledged
	(in thousands)
Interest rate lock commitments	$	2,203	$	—		$	—		$	2,203	$	11		$	—		$	—	$	11
Bank of America, N.A.		234,511		(234,511	)		—			—		150,082			(150,082	)		—		—
Credit Suisse First Boston Mortgage Capital LLC		198,888		(198,888	)		—			—		122,443			(122,252	)		—		191
Morgan Stanley Bank, N.A.		38,193		(38,193	)		—			—		53			—			—		53
Citibank, N.A.		—		—			—			—		121,200			(121,200	)		—		—
Other		259		—			—			259		254			—			—		254
	$	474,054	$	(471,592	)	$	—		$	2,462	$	394,043		$	(393,534	)	$	—	$	509

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2013
Fair Value	'
Fair Value	'
	Note 8—Fair Value
	The Company's consolidated financial statements include assets and liabilities that are measured based on their estimated fair values. The application of fair value estimates may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether management has elected to carry the item at its estimated fair value as discussed in the following paragraphs.
	Fair Value Accounting Elections
	Management identified all of its non-cash financial assets and its originated MSRs relating to loans with initial interest rates of more than 4.5% and MSRs purchased subject to ESS financing to be accounted for at estimated fair value so changes in fair value will be reflected in results of operations as they occur and more timely reflect the results of the Company's performance. Management has also identified its ESS financing to be accounted for at fair value as a means of hedging the related MSR's fair value risk.
	For originated MSRs relating to mortgage loans with initial interest rates of less than or equal to 4.5%, management has concluded that such assets present different risks to the Company than originated MSRs relating to mortgage loans with initial interest rates of more than 4.5% and therefore require a different risk management approach. Management's risk management efforts relating to these assets are aimed at mainly moderating the effects of non-interest rate risks on fair value, such as the effect of changes in home prices on the assets' values. Management has identified these assets for accounting using the amortization method.
	Management's risk management efforts in connection with MSRs relating to mortgage loans with initial interest rates of more than 4.5% are aimed at mainly moderating the effects of changes in interest rates on the assets' values. At times during the year ended December 31, 2013, a portion of the IRLCs, the fair value, which typically increases when prepayment speeds increase, were used to moderate the effect of changes in fair value of MSRs, which typically decreases as prepayment speeds increase.
	Financial Statement Items Measured at Fair Value on a Recurring Basis
	Following is a summary of financial statement items that are measured at estimated fair value on a recurring basis:
		December 31, 2013
		Level 1			Level 2			Level 3			Total
		(in thousands)
	Assets:
	Short-term investments	$	142,582		$	—		$	—		$	142,582
	Mortgage loans held for sale at fair value		—			527,071			3,933			531,004
	Derivative assets:
	Interest rate lock commitments		—			—			8,964			8,964
	Forward purchase contracts		—			416			—			416
	Forward sales contracts		—			18,762			—			18,762
	MBS put options		—			665			—			665
	MBS call options		—			91			—			91
	Total derivative assets before netting		—			19,934			8,964			28,898
	Netting(1)		—			—			—			(7,358	)
	Total derivative assets		—			19,934			8,964			21,540
	Investment in PennyMac Mortgage Investment Trust		1,722			—			—			1,722
	Mortgage servicing rights at fair value		—			—			224,913			224,913
		$	144,304		$	547,005		$	237,810		$	921,761
	Liabilities:
	Excess servicing spread financing at fair value to PennyMac Mortgage Investment Trust	$	—		$	—		$	138,723		$	138,723
	Derivative liabilities:
	Interest rate lock commitments		—			—			2,203			2,203
	Forward purchase contracts		—			6,542			—			6,542
	Forward sales contracts		—			504			—			504
	Total derivative liabilities before netting		—			7,046			2,203			9,249
	Netting(1)		—			—			—			(6,787	)
	Total derivative liabilities		—			7,046			2,203			2,462
		$	—		$	7,046		$	140,926		$	141,185
	-1
	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
		December 31, 2012
		Level 1			Level 2			Level 3			Total
		(in thousands)
	Assets:
	Short-term investments	$	53,164		$	—		$	—		$	53,164
	Mortgage loans held for sale at fair value		—			448,384			—			448,384
	Derivative assets:
	Interest rate lock commitments		—			—			23,951			23,951
	Forward purchase contracts		—			1,645			—			1,645
	Forward sales contracts		—			1,818			—			1,818
	MBS put options		—			967			—			967
	Total derivative assets before netting		—			4,430			23,951			28,381
	Netting(1)		—			—			—			(1,091	)
	Total derivative assets		—			4,430			23,951			27,290
	Investment in PennyMac Mortgage Investment Trust		1,897			—			—			1,897
	Mortgage servicing rights at fair value		—			—			19,798			19,798
		$	55,061		$	452,814		$	43,749		$	550,533
	Liabilities:
	Derivative liabilities:
	Interest rate lock commitments	$	—		$	—		$	11		$	11
	Forward purchase contracts		—			389			—			389
	Forward sales contracts		—			1,894			—			1,894
	Total derivative liabilities before netting		—			2,283			11			2,294
	Netting(1)		—			—			—			(1,785	)
	Net derivative liabilities	$	—		$	2,283		$	11		$	509
-1
Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the setoff of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
As shown above, certain of the Company's mortgage loans held for sale at fair value, MSRs at fair value, IRLCs, and ESS financing at fair value are measured using Level 3 inputs. Following is a roll forward of these items for the three years ended December 31, 2013 where Level 3 significant inputs were used on a recurring basis:
	Year ended December 31, 2013
	Mortgage			Net interest			Mortgage			Total
	loans held			rate lock			servicing
	for sale			commitments(1)			rights
	(in thousands)
Assets:
Balance, December 31, 2012	$	—		$	23,940		$	19,798		$	43,738
Repurchases of mortgage loans subject to representations and warranties		5,529			—			—			5,529
Repayments		(1,364	)		—			—			(1,364	)
Interest rate lock commitments issued, net		—			101,179			—			101,179
MSRs resulting from purchases		—			—			195,871			195,871
MSRs resulting from loan sales		—			—			14,636			14,636
Sales		—			—			(550	)		(550	)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk		—									—
Other factors		(232	)		(15,682	)		(4,842	)		(20,756	)
		(232	)		(15,682	)		(4,842	)		(20,756	)
Transfers of interest rate lock commitments to mortgage loans held for sale		—			(102,676	)		—			(102,676	)
Balance, December 31, 2013	$	3,933		$	6,761		$	224,913		$	235,607
Changes in fair value recognized during the period relating to assets still held at December 31, 2013	$	(390	)	$	6,761		$	(4,842	)
-1
For the purpose of this table, the interest rate lock asset and liability positions are shown net.
	Excess servicing
	spread financing
	(in thousands)
Liability:
Balance, December 31, 2012	$	—
Proceeds received from financing of excess servicing spread		139,028
Accrual of interest on excess servicing spread financing		1,348
Repayments		(4,076	)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk		—
Other factors		2,423
		2,423
Balance, December 31, 2013	$	138,723
Changes in fair value recognized during the period relating to liability still held at December 31, 2013	$	2,423
	Year ended December 31, 2012
	Net interest			Mortgage			Total
	rate lock			servicing
	commitments(1)			rights
	(in thousands)
Balance, December 31, 2011	$	7,905		$	25,698		$	33,603
Interest rate lock commitments issued, net		167,066			—			167,066
MSRs resulting from loan sales		—			774			774
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk								—
Other factors		—			(6,674	)		(6,674	)
		—			(6,674	)		(6,674	)
Transfers of interest rate lock commitments to mortgage loans held for sale		(151,031	)		—			(151,031	)
Balance, December 31, 2012	$	23,940		$	19,798		$	43,738
Changes in fair value recognized during the period relating to assets still held at December 31, 2012	$	23,940		$	(6,674	)
-1
For the purpose of this table, the interest rate lock asset and liability positions are shown net.
	Year ended December 31, 2011
	Net interest			Mortgage			Total
	rate lock			servicing
	commitments(1)			rights
	(in thousands)
Balance, December 31, 2010	$	(13	)	$	31,957		$	31,944
Interest rate lock commitments issued, net		18,436			—			18,436
MSRs resulting from purchases		—			1,352			1,352
MSRs resulting from loan sales		—			1,696			1,696
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk								—
Other factors		—			(9,307	)		(9,307	)
		—			(9,307	)		(9,307	)
Transfers of interest rate lock commitments to mortgage loans held for sale		(10,518	)		—			(10,518	)
Balance, December 31, 2011	$	7,905		$	25,698		$	33,603
Changes in fair value recognized during the period relating to assets still held at December 31, 2011	$	7,905		$	(9,307	)
-1
For the purpose of this table, the interest rate lock asset and liability positions are shown net.
	Mortgage loans sold
	under agreements to
	repuchase at fair
	value
	(in thousands)
Liabilities:
Balance, December 31, 2010	$	13,289
Changes in fair value included in income		—
Sales		57,908
Assumption of agreements pursuant purchase from affiliate of mortgage loans subject to agreements to repurchase		62,989
Repurchases		(134,186	)
Balance, December 31, 2011	$	—
Changes in fair value recognized during the year relating to liabilities still held at December 31, 2011	$	—
The information used in the preceding roll forwards represents activity for any financial statement items identified as using Level 3 significant inputs at either the beginning or the end of the periods presented. The Company had no transfers in or out among the levels other than transfers of IRLCs to mortgage loans held for sale at fair value upon purchase or funding of the respective mortgage loans.
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value as a result of management's election of the fair value option are summarized below:
	Year ended December 31,
	2013									2012									2011
	Net gains			Net			Total			Net gains			Net			Total			Net gains		Net			Total
	on mortgage			servicing						on mortgage			servicing						on mortgage		servicing
	loans held			income						loans held			income						loans held		income
	for sale at									for sale at									for sale at
	fair value									fair value									fair value
	(in thousands)
Assets:
Mortgage loans held for sale at fair value	$	49,559		$	—		$	49,559		$	171,236		$	—		$	171,236		$	13,029	$	—		$	13,029
Mortgage servicing rights at fair value		—			(4,842	)		(4,842	)		—			(6,674	)		(6,674	)		—		(9,307	)		(9,307	)
	$	49,559		$	(4,842	)	$	44,717		$	171,236		$	(6,674	)	$	164,562		$	13,029	$	(9,307	)	$	3,722
Liabilities:
Mortgage loans sold under agreements to repurchase	$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
Excess servicing spread financing at fair value to PennyMac Mortgage Investment Trust		—			(2,423	)		(2,423	)		—			—			—			—		—			—
	$	—		$	(2,423	)	$	(2,423	)	$	—		$	—		$	—		$	—	$	—		$	—
Following are the fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option:
	December 31, 2013
	Fair			Principal amount			Difference
	value			due upon
				maturity
	(in thousands)
Mortgage loans held for sale:
Current through 89 days delinquent	$	524,665		$	504,705		$	19,960
90 days or more delinquent:
Not in foreclosure		5,567			5,479			88
In foreclosure		772			660			112
	$	531,004		$	510,844		$	20,160
	December 31, 2012
	Fair			Principal amount			Difference
	value			due upon
				maturity
	(in thousands)
Mortgage loans held for sale:
Current through 89 days delinquent	$	447,889		$	418,650		$	29,239
90 days or more delinquent:
Not in foreclosure		288			390			(102	)
In foreclosure		207			233			(26	)
	$	448,384		$	419,273		$	29,111
Financial Statement Items Measured at Fair Value on a Nonrecurring Basis
Following is a summary of financial statement items that are measured at estimated fair value on a nonrecurring basis:
	December 31, 2013
	Level 1			Level 2			Level 3			Total
	(in thousands)
Mortgage servicing rights at lower of amortized cost or fair value	$	—		$	—		$	136,690		$	136,690
	$	—		$	—		$	136,690		$	136,690
	December 31, 2012
	Level 1			Level 2			Level 3			Total
	(in thousands)
Mortgage servicing rights at lower of amortized cost or fair value	$	—		$	—		$	51,180		$	51,180
	$	—		$	—		$	51,180		$	51,180
The following table summarizes the total gains (losses) on assets measured at estimated fair values on a nonrecurring basis:
	December 31,
	2013			2012
	(in thousands)
Mortgage servicing rights at lower of amortized cost or fair value	$	(1,643	)	$	(2,908	)
	$	(1,643	)	$	(2,908	)
Fair Value of Financial Instruments Carried at Amortized Cost
The Company's Cash as well as its Mortgage loans sold under agreements to repurchase, Note payable, Carried Interest due from Investment Funds, and amounts receivable from and payable to the Advised Entities are carried at amortized cost.
Cash is measured using "Level 1" significant inputs. The Company's borrowings carried at amortized cost do not have active markets or observable inputs and the fair value is measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. The Company has classified these financial instruments as "Level 3" financial statement items as of December 31, 2013 and December 31, 2012 due to the lack of current market activity and the Company's reliance on unobservable inputs to estimate the fair value.
Management has concluded that the carrying value of the Carried Interest due from Investment Funds approximates its fair value as the balance represents the amount distributable to the Company at the balance sheet date assuming liquidation of the Investment Funds. Management has concluded that the estimated fair value of the Note payable approximates the agreements' carrying value due to the agreement's short term and variable interest rate.
The Company also carries the receivable from and payable to the Advised Entities at cost. Management has concluded that the estimated fair value of such balances approximates the carrying value due to the short terms of such balances.
Valuation Techniques and Assumptions
Most of the Company's financial assets as well as its ESS are carried at fair value with changes in fair value recognized in current period income. Certain of the Company's financial assets and all of its MSRs and ESS are "Level 3" financial statement items which require the use of significant unobservable inputs in the estimation of the items' fair values. Unobservable inputs reflect the Company's own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances.
The Company's Financial Analysis and Valuation group (the "FAV group"), which is responsible for valuing and monitoring the Company's investment portfolios and maintenance of its valuation policies and procedures, estimates the fair values of "Level 3" investment instruments.
The FAV group reports to the Company's senior management valuation committee, which oversees and approves the valuations. The FAV group monitors the models used for valuation of the Company's "Level 3" financial statement items, including the models' performance versus actual results and reports those results to the Company's senior management valuation committee. The results developed in the FAV group's monitoring activities may be used to calibrate subsequent projections used for valuation.
The FAV group is responsible for reporting to the Company's senior management valuation committee on a monthly basis on the changes in the valuation of the portfolio, including major factors affecting the valuation and any changes in model methods and assumptions. 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.
Following is a description of the techniques and assumptions used in estimating the fair values of "Level 2" and "Level 3" fair value financial statement items:
Mortgage Loans Held for Sale
Most of the Company's mortgage loans held for sale at fair value are salable into active markets and are therefore categorized as "Level 2" fair value financial statement items and their fair values are estimated using their quoted market or contracted price or market price equivalent.
Certain of the Company's mortgage loans may become non-salable into active markets due to identification of a defect by the Company or to the repurchase of a mortgage loan with an identified defect. Because such loans are generally not salable into active mortgage markets, they are classified as "Level 3" financial statement items. The significant unobservable inputs used in the fair value measurement of the Company's "non-salable" mortgage loans held for sale at fair value are discount rates, home price projections, voluntary prepayment speeds and default speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans' fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds.
The Company did not hold "Level 3" mortgage loans held for sale at fair value before 2013. Following is a quantitative summary of key inputs used in the valuation of "Level 3" mortgage loans held for sale at fair value:
	December 31, 2013
Key inputs	Range
	(Weighted average)
Discount rate	7.8% - 13.4%
	-8.90%
Twelve-month projected housing price index change	4.5% - 4.7%
	-4.60%
Prepayment speed(1)	1.6% - 5.1%
	-4.40%
Total prepayment speed(2)	2.9% - 5.2%
	-4.70%
-1
Prepayment speed is measured using Life Voluntary CPR.
-2
Total prepayment speed is measured using Life Total CPR.
Changes in fair value attributable to changes in instrument-specific credit risk are measured by the change in the respective loan's delinquency status at period-end from the later of the beginning of the year or acquisition date. Changes in fair value of IRLCs are included in Net gains on mortgage loans held for sale at fair value in the consolidated income statements.
Derivative Financial Instruments
The Company categorizes IRLCs as a "Level 3" financial statement item. The Company estimates the fair value of an IRLC based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the mortgage loan will fund or be purchased (the "pull-through rate").
The significant unobservable inputs used in the fair value measurement of the Company's IRLCs are the pull-through rate and the MSR component of the Company's estimate of the value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, could result in significant changes in fair value measurement. The financial effects of changes in these assumptions are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC value, but increase the pull-through rate for loans that have decreased in fair value.
Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
	2013		2012
	December 31,
Key inputs	Range
	(Weighted average)
Pull-through rate	62.1% - 98.1%		61.6% - 98.1%
	-81.70%		-79.10%
MSR value expressed as:
Servicing fee multiple	2.0 - 5.0		3.2 - 4.2
	-3.7		-4
Percentage of UPB	0.4% - 2.4%		0.6% - 2.2%
	-0.90%		-0.90%
The Company estimates the fair value of commitments to sell loans based on quoted MBS prices. The Company estimates the fair value of the MBS options and futures it purchases and sells based on observed interest rate volatilities in the MBS market. Changes in fair value of IRLCs and related hedging derivatives are included in Net gains on mortgage loans held for sale at fair value in the consolidated income statements.
Mortgage Servicing Rights
MSRs are categorized as "Level 3" fair value financial statement items. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. This approach consists of projecting net servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment rates of the underlying loans, the applicable discount rate or pricing spread, and the cost to service loans.
The results of the estimates of fair value of MSRs are reported to the Company's senior management valuation committee as part of their review and approval of monthly valuation results. Changes in the fair value of MSRs are included in the consolidated statements of income under the caption Net servicing fees—Amortization, impairment and change in estimated fair value of mortgage servicing rights.
Key assumptions used in determining the fair value of MSRs at the time of initial recognition are as follows:
	Year ended December 31,
	2013				2012				2011
	Range
	(Weighted average)
	Fair		Amortized		Fair		Amortized		Fair		Amortized
	value		cost		value		cost		value		cost
	(Amount recognized and UPB of underlying loans in thousands)
Amount recognized	$14,636		$190,468		$774		$89,698		$1,696		$6,557
UPB of underlying loans	$1,055,797		$15,316,315		$17,615		$8,524,533		$415,954		$449,715
Weighted-average servicing fee rate (in basis points)	33		29		28		27		27		31
Pricing spread(1)	7.4% - 14.4%		5.4% - 15.9%		7.5% - 9.9%		7.5% - 11.9%		8.3% - 14.0%		9.3% - 12.6%
	-10.20%		-8.50%		-8.40%		-9.80%		-11.70%		-9.70%
Annual total prepayment speed(2)	7.8% - 25.5%		7.6% - 42.5%		7.8% - 20.1%		6.7% - 17.8%		6.3% - 8.9%		5.6% - 7.9%
	-9.20%		-8.80%		-9.70%		-8.50%		-8.20%		-6.80%
Life (in years)	2.5 - 7.3		1.5 - 7.5		3.6 - 7.0		2.8 - 7.0		6.5 - 8.1		5.2 - 8.0
	-6.9		-6.7		-6.7		-6.7		-7		-7.3
Per-loan annual cost of servicing	$68 - $120		$68 - $120		$68 - $100		$68 - $100		$64 - $98		$61 - $98
	($98)		($102)		($78)		($99)		($88)		($96)
-1
Pricing spread represents a margin that is applied to a reference interest rate's forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans.
-2
Prepayment speed is measured using CPR.
Following is a quantitative summary of key inputs used in the valuation of the Company's MSRs at period end and the effect on the estimated fair value from adverse changes in those assumptions (weighted averages are based upon UPB):
Purchased MSRs Backed by Distressed Mortgage Loans
	December 31,
	2013					2012
	Range
	(Weighted average)
	Fair		Amortized			Fair		Amortized
	value		cost			value		cost
	(Carrying value, UPB of underlying loans and effect on value
	amounts in thousands)
Carrying value	$10,129			—		$12,370			—
UPB of underlying loans	$969,794			—		$1,271,478			—
Weighted-average note rate	5.80%			—		6.01%			—
Weighted-average servicing fee rate (in basis points)	50			—		50			—
Discount rate	15.3% - 15.3%			—		15.3% - 15.3%			—
	-15.30%			—		-15.30%			—
Effect on fair value of adverse change of:
5%	($251)			—		($302)			—
10%	($490)			—		($590)			—
20%	($937)			—		($1,130)			—
Life (in years)	5.0 - 5.0			—		5.0 - 5.0			—
	-5					-5
Prepayment speed(1)	11.4% - 11.4%			—		10.7% - 10.7%			—
	-11.40%			—		-10.70%			—
Effect on fair value of adverse change of:
5%	($231)			—		($273)			—
10%	($456)			—		($529)			—
20%	($898)			—		($1,040)			—
Per-loan annual cost of servicing	$218 - $218			—		$270 - $270			—
	($218)			—		($270)			—
Effect on fair value of adverse change of:
5%	($197)			—		($290)			—
10%	($393)			—		($580)			—
20%	($787)			—		($1,159)			—
-1
Prepayment speed is measured using Life Voluntary CPR.
All Other MSRs
	December 31,
	2013				2012
	Range
	(Weighted average)
	Fair		Amortized		Fair		Amortized
	value		cost		value		cost
	(Carrying value, UPB of underlying loans and effect on value amounts in
	thousands)
Carrying value	$214,784		$258,751		$7,428		$89,177
UPB of underlying loans	$22,469,179		$22,499,847		$1,166,765		$8,730,686
Weighted-average note rate	4.48%		3.65%		5.22%		3.65%
Weighted-average servicing fee rate (in basis points)	32		29		26		28
Pricing spread(1)	2.9% - 18.0%		6.3% - 14.5%		7.5% - 19.5%		7.5% - 16.5%
	-7.50%		-8.70%		-10.60%		-9.80%
Effect on fair value of adverse change of:
5%	($3,551)		($5,312)		($113)		($1,814)
10%	($6,900)		($10,395)		($222)		($3,562)
20%	($13,305)		($20,039)		($430)		($6,870)
Average life (in years)	0.1 - 14.4		1.5 - 7.3		0.2 - 14.4		2.5 - 6.9
	-6.2		-7		-5		-6.6
Prepayment speed(2)	7.8% - 50.8%		7.6% - 42.5%		9.0% - 84.2%		8.7% - 28.3%
	-9.70%		-8.00%		-19.20%		-9.20%
Effect on fair value of adverse change of:
5%	($4,622)		($4,615)		($238)		($1,751)
10%	($9,073)		($9,097)		($462)		($3,446)
20%	($17,500)		($17,684)		($877)		($6,674)
Per-loan annual cost of servicing	$68 - $115		$68 - $100		$68 - $140		$68 - $140
	($87)		($99)		($76)		($99)
Effect on fair value of adverse change of:
5%	($2,817)		($2,609)		($77)		($963)
10%	($5,633)		($5,217)		($153)		($1,926)
20%	($11,266)		($10,434)		($307)		($3,852)
-1
Pricing spread represents a margin that is applied to a reference interest rate's forward curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans and purchased MSRs not backed by pools of distressed mortgage loans.
-2
Prepayment speed is measured using CPR.
The preceding sensitivity analyses are limited in that they were performed at a particular point in time; only contemplate the movements in the indicated variables; do not incorporate changes other variables; are subject to the accuracy of various models and assumptions used; and do not incorporate other factors that would affect the Company's overall financial performance in such scenarios, including operational adjustments made by management to account for changing circumstances. For these reasons, the preceding estimates should not be viewed as an earnings forecast.
Excess Servicing Spread Financing at Fair Value
The Company categorizes ESS financing as a "Level 3" financial statement item. The Company uses a discounted cash flow approach to estimate the fair value of ESS financing. The key assumptions used in the fair value estimate of ESS financing include pricing spread, average life, and prepayment speed. Significant changes to any of those inputs in isolation could result in a significant change in the ESS financing fair value measurement. Changes in these key assumptions are not necessarily directly related.
ESS is generally subject to loss in value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the ESS, thereby reducing ESS financing's value. Reductions in the value of ESS financing affect income primarily through change in fair value.
Interest expense for ESS financing is accrued using the interest method based upon the expected income from the ESS through the expected life of the underlying mortgages. Changes to expected cash flows result in a change in fair value which is recorded in Amortization, impairment and change in estimated fair value of mortgage servicing rights.
Following are the key inputs used in determining the fair value of ESS financing at the time of initial recognition:
	December 31,
	2013		2012
Key inputs	Range
	(Weighted average)
Pricing spread	2.8% - 14.4%			—
	-5.40%
Average life	0.9 - 8.0			—
	-6.1
Prepayment speed	7.7% - 48.6%			—
	-9.70%

Mortgage_Loans_Held_for_Sale_a

Mortgage Loans Held for Sale at Fair Value	12 Months Ended
	Dec. 31, 2013
Mortgage Loans Held for Sale at Fair Value	'
Mortgage Loans Held for Sale at Fair Value	'
	Note 9—Mortgage Loans Held for Sale at Fair Value
	Mortgage loans held for sale at fair value include the following:
		December 31,
		2013		2012
		(in thousands)
	Government-insured or guaranteed	$	482,066	$	398,381
	Conventional		45,005		50,003
	Repurchased mortgage loans		3,933		—
		$	531,004	$	448,384
	Fair value of mortgage loans pledged to secure mortgage loans sold under agreements to repurchase	$	512,350	$	438,850

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	Note 10—Derivative Financial Instruments
	The Company is exposed to price risk relative to its mortgage loans held for sale as well as to its IRLCs. The Company bears price risk from the time an IRLC is made to PMT or a loan applicant to the time the mortgage loan is sold. The Company is exposed to loss in value of its IRLCs and mortgage loans held for sale when mortgage rates increase. The Company is also exposed to loss in value of its MSRs when interest rates decrease.
	The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by changes in market interest rates. To manage this price risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the value of the Company's IRLCs, inventory of mortgage loans held for sale and MSRs. The Company does not use derivative financial instruments for purposes other than in support of its risk management activities.
	The Company had the following derivative financial instruments recorded on its consolidated balance sheets:
		December 31,
		2013								2012
				Fair value								Fair value
	Instrument	Notional		Derivative			Derivative			Notional		Derivative			Derivative
		amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments
	Free-standing derivatives:
	Interest rate lock commitments		971,783	$	8,964		$	2,203			1,576,174	$	23,951		$	11
	Forward purchase contracts		1,418,527		416			6,542			1,021,981		1,645			389
	Forward sales contracts		2,659,000		18,762			504			2,621,948		1,818			1,894
	MBS put options		185,000		665			—			500,000		967			—
	MBS call options		105,000		91			—			—		—			—
	Total derivatives before netting				28,898			9,249					28,381			2,294
	Netting				(7,358	)		(6,787	)				(1,091	)		(1,785	)
				$	21,540		$	2,462				$	27,290		$	509
	The following table summarizes the activity for derivative contracts used to hedge the Company's IRLCs and inventory of mortgage loans held for sale at notional value:
	Period/Instrument	Balance		Additions			Dispositions/			Balance
		beginning					expirations			end of period
		of period
		(in thousands)
	Year ended December 31, 2013
	Forward purchase contracts		1,021,981		43,449,699			(43,053,153	)		1,418,527
	Forward sales contracts		2,621,948		63,655,600			(63,618,548	)		2,659,000
	MBS put options		500,000		2,520,000			(2,835,000	)		185,000
	MBS call options		—		2,205,000			(2,100,000	)		105,000
	Period/Instrument	Balance		Additions			Dispositions/			Balance
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2012
	Forward purchase contracts		130,900		19,425,777			(18,534,696	)		1,021,981
	Forward sales contracts		510,569		29,394,503			(27,283,124	)		2,621,948
	MBS put options		29,000		2,098,000			(1,627,000	)		500,000
	MBS call options		3,000		85,000			(88,000	)		—
	Period/Instrument	Balance		Additions			Dispositions/			Balance
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2011
	Forward purchase contracts		2,908		978,395			(850,403	)		130,900
	Forward sales contracts		27,700		1,975,563			(1,492,694	)		510,569
	MBS put options		—		68,000			(39,000	)		29,000
	MBS call options		2,000		37,500			(36,500	)		3,000
	The Company recorded net gains on derivative financial instruments totaling $110.3 million for the year ended December 31, 2013 and net losses totaling $68.0 million and $3.5 million for the years ended December 31, 2012 and 2011, respectively. Derivative gains and losses are included in Net gains on mortgage loans held for sale at fair value in the Company's consolidated statements of income.
	The Company recorded net losses on IRLCs used as economic hedges of MSRs totaling $1.3 million for the year ended December 31, 2013 and net gains totaling $1.3 million for the year ended December 31, 2012. The Company had no similar economic hedges in place in 2011. The derivative losses are included in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the Company's consolidated statements of income.

Mortgage_Servicing_Rights

Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2013
Mortgage Servicing Rights	'
Mortgage Servicing Rights	'
	Note 11—Mortgage Servicing Rights
	Carried at Fair Value:
	The activity in MSRs carried at fair value is as follows:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Balance at beginning of year	$	19,798		$	25,698		$	31,957
	Additions:
	MSRs resulting from purchases		195,871			—			1,352
	MSRs resulting from loan sales		14,636			774			1,696
			210,507			774			3,048
	Sales		(550	)		—			—
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model(1)		659			(1,550	)		(5,323	)
	Other changes in fair value(2)		(5,501	)		(5,124	)		(3,984	)
	Total change in fair value		(4,842	)		(6,674	)		(9,307	)
	Balance at end of year	$	224,913		$	19,798		$	25,698
	-1
	Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates.
	-2
	Represents changes due to realization of cash flows.
	Carried at Lower of Amortized Cost or Fair Value:
	The activity in MSRs carried at the lower of amortized cost or fair value is summarized below:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Amortized cost:
	Balance at beginning of year	$	92,155		$	6,496		$	—
	Additions:
	MSRs resulting from loan sales		190,469			89,698			6,557
	Amortization		(19,251	)		(4,039	)		(61	)
	Application of valuation allowance to write down MSRs with other-than-temporary impairment		—			—			—
	Balance at end of year		263,373			92,155			6,496
	Valuation allowance for impairment of MSRs:
	Balance at beginning of year		(2,978	)		(70	)		—
	Additions		(1,644	)		(2,908	)		(70	)
	Application of valuation allowance to write down MSRs with other-than-temporary impairment		—			—			—
	Balance at end of year		(4,622	)		(2,978	)		(70	)
	MSRs, net	$	258,751		$	89,177		$	6,426
	Estimated fair value of MSRs at end of year	$	269,422		$	91,028		$	6,465
	The following table summarizes the Company's estimate of future amortization of its existing MSRs. This projection was developed using the assumptions made by management in its December 31, 2013 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time.
	Year ending December 31,	Estimated MSR
		amortization
		(in thousands)
	2014	$	23,254
	2015		22,714
	2016		22,215
	2017		21,869
	2018		20,978
	Thereafter		152,343
		$	263,373
	Servicing fees relating to MSRs are recorded in Net servicing fees—Loan servicing fees—From non-affiliates on the consolidated statements of income; late charges and other ancillary fees are recorded in Net servicing fees—Loan servicing fees—Ancillary and other fees on the consolidated statements of income and are summarized below:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Contractual servicing fees	$	61,523		$	20,673		$	11,493
	Ancillary and other fees
	Late charges		1,998			948			829
	Other		549			276			136
		$	64,070		$	21,897		$	12,458

Carried_Interest_Due_from_Inve

Carried Interest Due from Investment Funds	12 Months Ended
	Dec. 31, 2013
Carried Interest Due from Investment Funds	'
Carried Interest Due from Investment Funds	'
	Note 12—Carried Interest Due from Investment Funds
	The activity in the Company's Carried Interest due from Investment Funds is summarized as follows:
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Balance at beginning of year	$	47,723	$	37,250	$	24,654
	Carried Interest recognized during the year:
	Carried Interest earned during the year		13,419		10,473		9,275
	Adjustment recognized pursuant to amendment of management agreement		—		—		3,321
			13,419		10,473		12,596
	Proceeds received during the year		—		—		—
	Balance at end of year	$	61,142	$	47,723	$	37,250
	The amount of the Carried Interest received by the Company depends on the Investment Funds' future performance. As a result, the amount of Carried Interest recorded by the Company at year end is subject to adjustment based on future results of the Investment Funds and may be reduced in future years. However, the Company is not required to pay guaranteed returns to the Investment Funds and the amount of Carried Interest will only be reduced to the extent of amounts previously recognized.
	Management expects the Carried Interest to be collected by the Company when the Investment Funds liquidate. The investment commitment period for the Investment Funds ended on December 31, 2011. The Investment Funds will continue in existence through December 31, 2016, subject to three one-year extensions by PCM at its discretion as specified in the limited liability company and limited partnership agreements that govern the Investment Funds.

Investment_in_PennyMac_Mortgag

Investment in PennyMac Mortgage Investment Trust at Fair Value	12 Months Ended
	Dec. 31, 2013
Investment in PennyMac Mortgage Investment Trust at Fair Value	'
Investment in PennyMac Mortgage Investment Trust at Fair Value	'
	Note 13—Investment in PennyMac Mortgage Investment Trust at Fair Value
	Following is a summary of Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust:
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Dividends	$	216		$	167	$	138
	Change in fair value		(175	)		650		(115	)
		$	41		$	817	$	23
	Fair value of PennyMac Mortgage Investment Trust shares at year end	$	1,722		$	1,897	$	1,247

Furniture_Fixtures_Equipment_a

Furniture, Fixtures, Equipment and Building Improvements (Furniture, Fixtures, Equipment and Building Improvements)	12 Months Ended
	Dec. 31, 2013
Furniture, Fixtures, Equipment and Building Improvements	'
Furniture, fixtures, equipment and building improvements	'
Furniture, Fixtures, Equipment and Building Improvements	'
	Note 14—Furniture, Fixtures, Equipment and Building Improvements
	Furniture, fixtures, equipment and building improvements is summarized below:
		December 31,
		2013			2012
		(in thousands)
	Furniture, fixtures, equipment and building improvements	$	13,128		$	6,494
	Less: Accumulated depreciation and amortization		(3,291	)		(1,429	)
		$	9,837		$	5,065
	Depreciation and amortization expense totaled $1.8 million, $846,000 and $337,000 for the years ended December 31, 2013, 2012 and 2011, respectively, of which $1.4 million, $590,000 and $324,000, respectively, were allocated to PMT as called for in its management agreement.

Capitalized_Software

Capitalized Software (Capitalized software)	12 Months Ended
	Dec. 31, 2013
Capitalized software	'
Capitalized Software	'
Capitalized Software	'
	Note 15—Capitalized Software
	Capitalized software is summarized below:
		December 31,
		2013			2012
		(in thousands)
	Cost	$	2,015		$	1,676
	Less: Accumulated amortization		(1,251	)		(881	)
		$	764		$	795
	Software amortization expenses totaled $374,000, $264,000, and $238,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2013
Borrowings	'
Borrowings	'
	Note 16—Borrowings
	As of December 31, 2013, the Company maintained five borrowing facilities: four facilities that provide for sales of mortgage loans under agreements to repurchase; and one note payable secured by MSRs and servicing advances made relating to loans in the Company's loan servicing portfolio.
	Mortgage Loans Sold Under Agreement to Repurchase
	The borrowing facilities secured by mortgage loans held for sale are in the form of loan sale and repurchase agreements. Eligible mortgage loans are sold at advance rates based on the loan type. Interest is charged at a rate based on the buyer's overnight cost-of funds rate for one agreement and based on LIBOR for the other three agreements. Loans sold under these agreements may be re-pledged by the lenders.
	Financial data pertaining to mortgage loans sold under agreements to repurchase are as follows:
		Year ended December 31,
		2013			2012			2011
		(dollar amounts in thousands)
	Year end:
	Balance	$	471,592		$	393,534		$	77,700
	Unused amount(1)	$	528,408		$	106,466		$	22,300
	Weighted-average interest rate		1.79	%		2.2	%		2.39	%
	Fair value of loans securing agreements to repurchase	$	512,350		$	438,850		$	86,787
	During the year:
	Average balance of loans sold under agreements to repurchase	$	344,625		$	172,729		$	24,905
	Weighted-average interest rate(2)		1.96	%		2.24	%		2.66	%
	Total interest expense	$	10,863		$	5,927		$	1,875
	Maximum daily amount outstanding	$	623,523		$	441,245		$	127,593
	-1
	The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the mortgage loans sold.
	-2
	Excludes the effect of amortization of commitment fees totaling $4.0 million, $2.0 million, and $1.0 million for the years ended December 31, 2013, 2012, and 2011, respectively.
	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
	Remaining maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	782
	Over 30 to 90 days		470,810
	Over 90 days to 180 days		—
	Over 180 days to 1 year		—
		$	471,592
	Weighted-average maturity (in months)		2.6
	The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and accrued interest) relating to the Company's mortgage loans held for sale sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty	Amount at risk			Weighted-average			Facility Maturity
					maturity of advances under
					repurchase agreement
		(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC	$	19,593			March 26, 2014			October 31, 2014
	Bank of America, N.A.	$	19,195			March 22, 2014			January 2, 2014
	Morgan Stanley	$	3,103			February 22, 2014			July 1, 2014
	Citibank, N.A.	$	—			—			July 24, 2014
	The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the mortgage loans securing those agreements decreases. The Company had $1.5 million and $6.8 million on deposit with its mortgage loan repurchase agreement counterparties at December 31, 2013 and 2012, respectively. Such amounts are included in Other assets on the consolidated balance sheets.
	Excess Servicing Spread Financing
	In conjunction with the Company's purchase from non-affiliates of certain MSRs on pools of Agency-backed residential mortgage loans, the Company has entered into sale and assignment agreements which are treated as financings and are carried at estimated fair value with changes in fair value recognized in current period income. Under these agreements, the Company sold to PMT the right to receive ESS cash flows relating to certain MSRs. The Company retained all ancillary income associated with servicing the loans and a fixed base servicing fee. The Company continues to be the servicer of the mortgage loans and provides all servicing functions, including responsibility to make servicing advances. The Company accounts for the transactions as a financing and the total proceeds received was $139.0 million.
	Note Payable
	The note payable is summarized below:
		December 31,
		2013			2012
		(in thousands)
	Year end:
	Note payable secured by:
	Servicing advances	$	3,852		$	4,905
	MSRs		48,302			48,108
		$	52,154		$	53,013
	Assets pledged to secure note:
	Servicing advances	$	5,564		$	7,430
	MSRs	$	258,241		$	100,957
	The note payable matures on October 31, 2014. Interest is charged at a rate based on the lender's overnight cost of funds. The note payable is secured by servicing advances and MSRs relating to certain loans in the Company's servicing portfolio, and provides for advance rates ranging from 50% to 85% of the amount of the servicing advances or the carrying value of the MSR pledged, up to a maximum of $17 million in the case of servicing advances and $100 million in the case of MSRs. At December 31, 2013, the Company had elected to reduce its advance rate on this note as a means of investing excess cash.
	The borrowing facilities contain various covenants, including financial covenants governing the Company's net worth, debt-to-equity ratio, profitability and liquidity. Management believes the Company was in compliance with these requirements as of December 31, 2013.

Liability_for_Losses_Under_Rep

Liability for Losses Under Representations and Warranties	12 Months Ended
	Dec. 31, 2013
Liability for Losses Under Representations and Warranties	'
Liability for Losses Under Representations and Warranties	'
	Note 17—Liability for Losses Under Representations and Warranties
	Following is a summary of activity in the Company's liability for representations and warranties:
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Balance at beginning of year	$	3,504		$	449	$	189
	Provision for losses on loans sold		4,675			3,055		260
	Incurred losses		(56	)		—		—
	Balance at end of year	$	8,123		$	3,504	$	449
	UPB of mortgage loans subject to representations and warranties at year end	$	23,637,202		$	8,856,044	$	679,247
	Following is a summary of the Company's repurchase activity:
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	During the year:
	UPB of mortgage loans repurchased	$	8,449		$	4,399	$	—
	UPB of repurchased mortgage loans put to correspondent lenders	$	3,593		$	—	$	—
	Year end:
	UPB of mortgage loans subject to pending claims for repurchase	$	1,655		$	2,582	$	9,774

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Income Taxes	'
	Note 18—Income Taxes
	The Company files U.S. federal and state corporate income tax returns for PFSI and partnership returns for PennyMac. Before the IPO, the Company did not have a provision for income taxes as PennyMac is a pass-through taxable entity. PFSI's tax returns are subject to examination for 2012 and forward. In March 2013, the IRS concluded its audit of the partnership return of PennyMac and its subsidiaries for the tax year ended December 31, 2010 and proposed no changes to the return as originally filed. No returns are currently under examination. PennyMac's federal partnership returns are subject to examination for 2011 and forward. PennyMac's primary state tax return is generally subject to examination for 2009 and forward.
	The following table details the Company's income tax expense (benefit).
		Year ended
		December 31, 2013
		(in thousands)
	Current expense:
	Federal	$	—
	State		—
	Total current expense		—
	Deferred expense:
	Federal		7,815
	State		2,146
	Total deferred expense		9,961
	Total provision for income taxes	$	9,961
	The provision for deferred income taxes for the year ended December 31, 2013 primarily relates to the Company's investment in PennyMac partially offset by a net operating loss carryforward. The portion attributable to its investment in PennyMac primarily relates to MSRs that PennyMac received pursuant to sales of mortgage loans held for sale at fair value and Carried Interest from the Investment Funds.
	The following table is a reconciliation of the Company's provision for income taxes at statutory rates to the provision for income taxes at the Company's effective tax rate:
		Year ended
		December 31, 2013
	Federal income tax statutory rate		35	%
	Less: Rate attributable to non-controlling members		(30.3	)%
	State income taxes, net of federal benefit		0.8	%
	Valuation allowance		0	%
	Effective tax rate		5.5	%
	The components of the Company's provision for deferred income taxes are as follows:
		Year ended
		December 31, 2013
		(in thousands)
	Investment in PennyMac	$	12,909
	Net operating loss carryforward		(2,948	)
	Valuation allowance		—
	Total provision for deferred income taxes	$	9,961
	The components of Deferred tax asset are as follows:
		December 31, 2013
		(in thousands)
	Taxes currently receivable	$	7
	Deferred income tax asset, net		63,110
	Deferred tax asset	$	63,117
	The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below:
		December 31, 2013
		(in thousands)
	Deferred income tax assets:
	Investment in PennyMac	$	60,162
	Net operating loss carryforward		2,948
	Gross deferred tax assets		63,110
	Deferred income tax liabilities:
	Other		—
	Gross deferred tax liabilities		—
	Net deferred income tax asset	$	63,110
	The Company's deferred income tax is recorded in Deferred tax asset in the consolidated balance sheet as of December 31, 2013. There was no income tax asset or liability as of December 31, 2012 since PennyMac is a pass-through taxable entity and PFSI had no activity in 2012. Increases in deferred tax assets are primarily due to the increase in the Company's ownership of PennyMac as a result of members exchanging PennyMac Class A units for PFSI Class A common stock. As existing members exchange their units, the Company records a deferred tax asset related to PennyMac's election pursuant to Section 754 of the Internal Revenue Code. The portion of the deferred tax asset relating to the Company's investment in PennyMac is net of deferred tax liabilities primarily related to deferred income from MSRs and accrued Carried Interest from the Investment Funds.
	The Company recorded a deferred tax asset of $2.9 million related to net operating loss carryforwards of approximately $7.2 million, which generally expire in 2033.
	At December 31, 2013 and December 31, 2012, the Company had no unrecognized tax benefits and does not anticipate any increase in unrecognized tax benefits. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company's policy to record such accruals in the Company's income tax accounts. No such accruals existed at December 31, 2013 and December 31, 2012.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity.	'
Stockholders' Equity	'
	Note 19—Stockholders' Equity
	During the year ended December 31, 2013, PennyMac unitholders exchanged 8,035,000 Class A units for PFSI Class A common stock. The effect of the exchanges reduced the percentage of the Noncontrolling interest in Private National Mortgage Acceptance Company, LLC from 83.16% at the date of the IPO to 72.57% at December 31, 2013.

Net_Gains_on_Mortgage_Loans_He

Net Gains on Mortgage Loans Held for Sale	12 Months Ended
	Dec. 31, 2013
Net Gains on Mortgage Loans Held for Sale	'
Net Gains on Mortgage Loans Held for Sale	'
	Note 20—Net Gains on Mortgage Loans Held for Sale
	Net gains on mortgage loans held for sale at fair value is summarized below:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Cash gain (loss):
	Sales proceeds	$	(150,589	)	$	78,671		$	182
	Hedging activities		98,707			(70,916	)		(8,578	)
			(51,882	)		7,755			(8,396	)
	Non-cash gain:
	Receipt of MSRs in loan sale transactions		205,105			90,472			8,253
	MSR recapture payable to PennyMac Mortgage Investment Trust		(709	)		—			—
	Provision for losses relating to representations and warranties on loans sold		(4,675	)		(3,055	)		(260	)
	Change in fair value relating to loans and hedging derivatives held at year end:
	IRLCs		(17,179	)		16,035			7,919
	Mortgage loans		(4,207	)		4,030			393
	Hedging derivatives		11,560			2,933			5,120
		$	138,013		$	118,170		$	13,029

Net_Interest_Expense

Net Interest Expense	12 Months Ended
	Dec. 31, 2013
Net Interest Expense	'
Net Interest Expense	'
	Note 21—Net Interest Expense
	Net interest expense is summarized below:
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Interest income:
	Short-term investments	$	893		$	72		$	22
	Mortgage loans held for sale at fair value		14,739			6,282			1,510
			15,632			6,354			1,532
	Interest expense:
	Mortgage loans sold under agreements to repurchase		10,863			5,927			1,874
	Note payable		2,931			1,180			—
	Excess servicing spread financing at fair value		1,091			—			—
	Other		1,788			772			1
			16,673			7,879			1,875
	Net interest expense	$	(1,041	)	$	(1,525	)	$	(343	)

Stockbased_Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2013
Stock-based Compensation	'
Stock-based Compensation	'
	Note 22—Stock-based Compensation
	The Company's 2013 Equity Incentive Plan provides for grants of stock options, time-based and performance-based restricted stock units ("RSUs"), stock appreciation rights, performance units and stock grants. As of December 31, 2013, the Company has 18.1 million units available for future awards. The Company estimates the cost of the stock options, time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of PFSI's underlying common stock on the date of the award. Compensation costs are fixed, except for the performance-based restricted stock units, at the grant's estimated fair value on the grant date as all grantees are employees of PennyMac and directors of the Company. Expense relating to awards is included in Compensation in the consolidated statements of income.
	Following is a summary of the stock-based compensation expense by instrument awarded:
		Year ended
		December 31, 2013
		(in thousands)
	Stock Options	$	1,387
	Performance-based RSUs		1,273
	Time-based RSUs		672
		$	3,332
	Stock Options
	The Stock Option award agreements provide for the award of Stock Options to purchase the optioned common stock. In general, and except as otherwise provided by the agreement, one-third of the optioned common stock will vest on each of the first, second, and third anniversaries of the grant date, subject to the recipient's continued service through each anniversary. Compensation cost relating to Stock Options is amortized to expense using the graded vesting method. Each Stock Option will have a term of ten years from the date of grant but will expire (1) immediately upon termination of the holder's employment or other association with the Company for cause, (2) one year after the holder's employment or other association is terminated due to death or disability and (3) three months after the holder's employment or other association is terminated for any other reason.
	The fair value of each Stock Option award is estimated on the date of grant using a variant of the Black Scholes model based on the assumptions noted in the following table:
		Year ended
		December 31, 2013
	Expected volatility(1)		45%
	Expected dividends		0%
	Risk-free rate		0.3% - 2.3%
	Expected grantee forfeiture rate		6.2% - 19.2%
	-1
	Based on historical volatilities of comparable companies' common stock.
	The Company uses its historical data to estimate employee departure behavior used in the option-pricing model; groups of employees (executives and non-executives) that have similar historical behavior are considered separately for valuation purposes. The expected term of common stock options granted is derived from the option pricing model and represents the period of time that common stock options granted are expected to be outstanding. The risk-free rate for periods within the contractual term of the common stock option is based on the U.S. Treasury yield curve in effect at the time of grant.
	The table below summarizes stock option award activity and compensation expense:
		Year ended
		December 31, 2013
	Number of Stock Options
	Outstanding at beginning of year		—
	Granted		425,796
	Exercised		—
	Expired or canceled		(7,011	)
	Outstanding at end of year		418,785
	Weighted-average exercise price per share:
	Outstanding at beginning of year	$	—
	Granted		21.03
	Exercised		—
	Expired or canceled		21.03
	Outstanding at end of year	$	21.03
	Number of shares exercisable at end of year		—
	Weighted-average remaining contractual term (in years):
	Outstanding at end of year		9.4
	Exercisable at end of year		—
	Aggregate intrinsic value:
	Outstanding at end of year	$	—
	Exercisable at end of year	$	—
	Expected vesting amounts at year end:
	Number of shares		340,061
	Grant date fair value	$	9.17
	Weighted-average vesting period (in months)		21
	Time-Based RSUs
	The RSU grant agreements provide for the award of time-based RSUs, entitling the award recipient to one share of the Company's Class A common stock for each RSU. One-third of all time-based RSUs vest in a lump sum on each of the first, second, and third anniversaries of the vesting commencement date, subject to the recipient's continued service through each anniversary.
	Compensation cost relating to time-based RSUs is based on the grant-date fair value of the Company's Class A common stock and the number of shares expected to vest. For purposes of estimating the cost of the time-based RSUs granted, management assumes turnover rates of 6.2% - 19.2% per year based on the grantees' employee classification. Compensation cost relating to time-based RSUs is amortized to expense using the graded vesting method and is included in the Compensation expense on the accompanying consolidated statements of income.
	Following is a summary of time-based RSU activity:
		Year ended
		December 31, 2013
	Number of units
	Outstanding at beginning of year		—
	Granted		101,459
	Vested		—
	Expired or canceled		(1,141	)
	Outstanding at end of year		100,318
	Weighted-average grant date fair value per unit:
	Outstanding at beginning of year	$	—
	Granted	$	18.03
Vested	$	—
Expired or canceled	$	17.14
Outstanding at end of year	$	18.04
Compensation expense recorded during the year (in thousands)	$	672
Year end:
Unamortized compensation cost (in thousands)	$	1,099
Number of shares expected to vest		58,398
Grant date fair value		20.99
Weighted-average remaining vesting period (in months)		18
Performance-Based RSUs
The performance-based RSUs provide for the issuance of shares of the Company's Class A common stock based equally on the attainment of earnings per share and total shareholder return goals and are generally adjusted for grantee performance ratings. The performance period for these grants is from June 13, 2013 through December 31, 2015. The grantees' satisfaction of the performance goals will be established by review of a committee of PFSI's board of directors. Shares vested under these grants will be issued to the grantees no later than March 15, 2016.
The performance-based RSUs contain both performance goals (attainment of earnings per share) and market goals (total shareholder return). The Company separately accounts for the performance and market goals when recognizing compensation expense relating to performance-based RSUs.
The grant date fair value of the market goal component of the performance-based RSUs is measured using a variant of the Black-Scholes model. Key inputs are the expected volatility of the Company's Class A common stock, the risk-free interest rate and expected grantee forfeiture rates.
Following are the inputs for grants made:
	Year ended
	December 31, 2013
Expected volatility(1)	45%
Expected dividends	0%
Risk-free rate	0.3% - 2.3%
Expected grantee forfeiture rate	6.2% - 19.2%
-1
Based on historical volatilities of comparable companies' common stock.
The fair value of the performance goal component of the performance-based RSUs is measured based on the fair value of the Company's common shares at the grant date, taking into consideration management's estimate of the most probable outcome of the performance goal, and the number of shares to be forfeited during the vesting period. The cost of the performance-based RSUs is amortized to Compensation expense using the straight line method over the performance period.
Following is a summary of performance-based RSU activity:
	Year ended
	December 31, 2013
Number of units
Outstanding at beginning of year		—
Granted		500,373
Vested		—
Expired or canceled		(9,375	)
Outstanding at end of year		490,998
Weighted-average per unit grant date fair value:
Outstanding at beginning of year	$	—
Granted	$	11.29
Vested	$	—
Expired or canceled	$	10.85
Outstanding at end of year	$	11.3
Compensation expense recorded during the year (in thousands)	$	1,273
Year end:
Unamortized compensation cost (in thousands)	$	4,364
Number of shares expected to vest		448,639
Grant date fair value of shares expected to vest		20.99
Weighted-average remaining vesting period (in months)		18

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Information	'
Supplemental Cash Flow Information	'
	Note 23—Supplemental Cash Flow Information
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Cash paid for interest	$	16,527	$	7,858	$	858
	Cash paid for income taxes	$	7	$	—	$	—
	Non-cash investing activity:
	Receipt of MSRs created in loan sales activities	$	205,105	$	90,472	$	8,253

Regulatory_Net_Worth_and_Agenc

Regulatory Net Worth and Agency Capital Requirements	12 Months Ended
	Dec. 31, 2013
Regulatory Net Worth and Agency Capital Requirements	'
Regulatory Net Worth and Agency Capital Requirements	'
	Note 24—Regulatory Net Worth and Agency Capital Requirements
	The Company, through PLS, is required to maintain specified levels of equity to remain a seller/servicer in good standing with the Agencies. Such equity requirements generally are tied to the size of the Company's loan servicing portfolio or loan origination volume.
	The Agencies' capital requirements, the calculations of which are specified by each Agency, are summarized below:
		December 31,
		2013				2012
	Requirement—company subject to requirement	Net worth(1)		Required		Net worth(1)		Required
		(in thousands)
	Fannie Mae—PLS	$	409,552	$	83,148	$	172,843	$	35,947
	Freddie Mac—PLS	$	409,860	$	3,001	$	173,273	$	2,556
	Ginnie Mae:
	Issuer—PLS	$	388,125	$	102,619	$	152,782	$	23,886
	Issuer's parent—PennyMac	$	598,198	$	112,881	$	227,560	$	26,275
	HUD—PLS	$	388,125	$	2,500	$	152,782	$	1,000
	-1
	Calculated in compliance with the respective Agency's requirements.
	Noncompliance with the respective agencies' capital requirements can result in the respective Agency taking various remedial actions up to and including removing PennyMac's ability to sell loans to and service loans on behalf of the respective Agency. Management believes that PennyMac and PLS had Agency capital in excess of the respective Agencies' requirements at December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies.	'
Commitments and Contingencies	'
	Note 25—Commitments and Contingencies
	Litigation
	The business of the Company involves the collection of numerous accounts, as well as the validation of liens and compliance with various state and federal lending and servicing laws. Accordingly, the Company may be involved in proceedings, claims, and legal actions arising in the ordinary course of business. As of December 31, 2013, the Company was not involved in any legal proceedings, claims, or actions in management's view would be reasonably likely to have a material adverse effect on the Company.
	Commitments to Fund and Sell Mortgage Loans
		December 31, 2013
		(in thousands)
	Commitments to purchase mortgage loans from PennyMac Mortgage Investment Trust	$	718,105
	Commitments to fund mortgage loans		253,678
		$	971,783
	Commitments to sell mortgage loans	$	2,659,000

Segments_and_Related_Informati

Segments and Related Information	12 Months Ended
	Dec. 31, 2013
Segments and Related Information	'
Segments and Related Information	'
	Note 26—Segments and Related Information
	The Company has two segments: mortgage banking and investment management.
	The mortgage banking segment represents the Company's operations aimed at originating, purchasing, selling and servicing newly originated mortgage loans and servicing mortgage loans sourced and managed by the investment management segment, including executing the loan resolution strategy identified by the investment management segment relating to distressed mortgage loans.
	The investment management segment represents the activities of the Company's investment manager, which include sourcing, performing diligence, bidding and completion of investment asset acquisitions, managing correspondent lending activities for PMT and managing the acquired assets for the Advised Entities.
	Financial highlights by segment are as follows:
		Year ended December 31, 2013
		Mortgage			Investment		Total
		banking			management
		(in thousands)
	Revenues:
	Net gains on mortgage loans held for sale at fair value	$	138,013		$	—	$	138,013
	Loan origination fees		23,575			—		23,575
	Fulfillment fees from PennyMac Mortgage Investment Trust		79,712			—		79,712
	Net servicing fees		90,010			—		90,010
	Management fees		—			40,330		40,330
	Carried Interest from Investment Funds		—			13,419		13,419
	Net interest (expense) income:
	Interest income		15,610			22		15,632
	Interest expense		(16,673	)		—		(16,673	)
			(1,063	)		22		(1,041	)
	Other		(22	)		2,563		2,541
			330,225			56,334		386,559
	Expenses:
	Compensation		139,735			8,841		148,576
	Loan origination		9,943			—		9,943
	Other		45,022			892		45,914
			194,700			9,733		204,433
	Income before provision for income taxes	$	135,525		$	46,601	$	182,126
	Segment assets at year end	$	1,490,751		$	93,724	$	1,584,475
		Year ended December 31, 2012
		Mortgage			Investment		Total
		banking			management
		(in thousands)
	Revenues:
	Net gains on mortgage loans held for sale at fair value	$	118,170		$	—	$	118,170
	Loan origination fees		9,634			—		9,634
	Fulfillment fees from PennyMac Mortgage Investment Trust		62,906			—		62,906
	Net servicing fees		40,105			—		40,105
	Management fees		—			21,799		21,799
	Carried Interest from Investment Funds		—			10,473		10,473
	Net interest (expense) income:
	Interest income		6,349			5		6,354
	Interest expense		(7,879	)		—		(7,879	)
			(1,530	)		5		(1,525	)
	Other		2			3,522		3,524
			229,287			35,799		265,086
	Expenses:
	Compensation		113,995			10,019		124,014
	Loan origination		2,953			—		2,953
	Other		19,161			635		19,796
			136,109			10,654		146,763
	Income before provision for income taxes	$	93,178		$	25,145	$	118,323
	Segment assets at year end	$	761,949		$	70,214	$	832,163
		Year ended December 31, 2011
		Mortgage			Investment		Total
		banking			management
		(in thousands)
	Revenues:
	Net gains on mortgage loans held for sale at fair value	$	13,029		$	—	$	13,029
	Loan origination fees		669			—		669
	Fulfillment fees from PennyMac Mortgage Investment Trust		1,747			—		1,747
	Net servicing fees		28,667			—		28,667
	Management fees		—			16,683		16,683
Carried Interest from Investment Funds		—			12,596		12,596
Net interest (expense) income:
Interest income		1,528			4		1,532
Interest expense		(1,875	)		—		(1,875	)
		(347	)		4		(343	)
Other		—			1,736		1,736
		43,765			31,019		74,784
Expenses:
Compensation		36,386			11,093		47,479
Loan origination		185			—		185
Other		11,333			1,088		12,421
		47,904			12,181		60,085
Income before provision for income taxes	$	(4,139	)	$	18,838	$	14,699
Segment assets at year end	$	241,716		$	47,565	$	289,281

Selected_Quarterly_Results_Una

Selected Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2013
Selected Quarterly Results (Unaudited)	'
Selected Quarterly Results (Unaudited)	'
	Note 27—Selected Quarterly Results (Unaudited)
	Following is a presentation of selected quarterly financial data:
		Quarter ended
		2013								2012
		Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30		June 30		Mar. 31
		(in thousands, except per share data)
	For the quarter ended:
	Net gains on mortgage loans held for sale at fair value	$	29,453	$	25,949	$	42,654	$	39,957	$	49,683	$	39,760	$	14,790	$	13,937
	Fulfillment fees from PennyMac Mortgage Investment Trust		11,087		18,327		22,054		28,244		31,809		17,258		7,715		6,124
	Net servicing fees		30,500		21,399		22,069		16,042		14,759		6,112		7,658		11,576
	Management fees and Carried Interest		13,963		13,352		13,291		13,143		12,560		9,469		6,966		5,982
	Other income		5,417		8,167		6,509		4,982		708		3,633		4,318		269
			90,420		87,194		106,577		102,368		109,519		76,232		41,447		37,888
	Expenses		48,733		52,277		56,348		47,075		54,099		38,369		30,969		22,657
	Income before provision for income taxes		41,687		34,917		50,229		55,293		55,420		37,863		10,478		15,231
	Provision for income taxes		4,430		3,493		2,038		—		—		—		—		—
	Net income		37,257		31,424		48,191	$	55,293	$	55,420	$	37,863	$	10,478	$	15,231
	Less: Net income attributable to noncontrolling interest		30,847		26,227		45,398
	Net income attributable to PennyMac Financial Services, Inc. common stockholders	$	6,410	$	5,197	$	2,793
	Earnings per share of Common Stock:
	Basic	$	0.33	$	0.29	$	0.22
	Diluted	$	0.32	$	0.28	$	0.22
	At period end:
	Mortgage loans held for sale at fair value	$	531,004	$	530,248	$	656,341	$	203,661	$	448,384	$	410,071	$	248,974	$	176,282
	Mortgage servicing rights(1)		483,664		252,858		199,738		146,992		108,975		74,154		52,900		41,599
	Carried Interest from Investment Funds		61,142		58,134		55,322		52,460		47,723		44,504		41,149		39,039
	Servicing advances		154,328		105,344		94,791		96,587		93,152		76,554		73,706		68,961
	Other assets		354,337		307,800		274,588		193,277		133,929		97,416		88,907		92,758
	Total assets	$	1,584,475	$	1,254,384	$	1,280,780	$	692,977	$	832,163	$	702,699	$	505,636	$	418,639
	Assets sold under agreements to repurchase		471,592		387,883		500,427		180,049		393,534		361,478		220,546		159,547
	Note payable		52,154		56,775		47,209		63,437		53,013		34,035		18,116		17,584
	Excess servicing spread financing at fair value to PennyMac Mortgage Investment Trust		138,723		2,857		—		—		—		—		—		—
	Other liabilities		292,802		216,908		177,000		141,748		123,866		105,259		99,744		84,586
	Total liabilities		955,271		664,423		724,636		385,234		570,413		500,772		338,406		261,717
	Total equity		629,204		589,961		556,144		307,743		261,750		201,927		167,230		156,922
	Total liabilities and equity	$	1,584,475	$	1,254,384	$	1,280,780	$	692,977	$	832,163	$	702,699	$	505,636	$	418,639

Recently_Issued_Accounting_Pro

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2013
Recently Issued Accounting Pronouncements	'
Recently Issued Accounting Pronouncements	'
	Note 28—Recently Issued Accounting Pronouncements
	In December 2011, the FASB issued an Accounting Standards Update ("ASU"), ASU 2011-11, Disclosures About Offsetting Assets and Liabilities to the Balance Sheet topic of the Codification. The amendments in this ASU affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic of the Codification or (2) subject to an enforceable master netting arrangement or similar agreement.
	In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11. The ASU clarifies that the scope applied to derivatives accounted for in accordance with the Derivatives and Hedging topic of the Codification, including bifurcating embedded derivatives, repurchase agreement and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic or subject to an enforceable master netting arrangement or similar agreement.
	The amendments in this ASU require the Company to disclose information about offsetting and related arrangement to enable users of financial statements to understand the effect of netting to an entity's financial position. The ASU amendments and the subsequent clarification of the amendment are effective for periods beginning on or after January 1, 2013, and are shown for all periods presented on the consolidated balance sheet. The adoption of these ASU amendments did not have a material effect on the Company's financial condition or results of operations.
	In January of 2014, the FASB issued ASU 2014-04, Troubled Debt Restructurings by Creditors (Subtopic 310-40), which clarifies when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized.
	ASU 2014-04 specifies that a creditor is considered to have received physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan only upon the occurrence of either of the following:
	a.
	The creditor obtains legal title to the residential real estate property upon completion of a foreclosure. A creditor may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law.
	b.
	The borrower conveys all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor.
	ASU 2014-04 also requires the disclosure of the carrying value of real estate acquired in settlement of loans and its recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for the Company for annual and interim periods within those annual periods, beginning after December 15, 2014.
	An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. Under the modified retrospective transition method, an entity would apply the amendments in ASU 2014-04 by means of a cumulative-effect adjustment to residential consumer mortgage loans and foreclosed residential real estate properties existing as of the beginning of the annual period for which the amendments are effective. The adoption of ASU 2014-04 is not expected to be material to the financial statements of the Company.

Parent_Company_Information

Parent Company Information	12 Months Ended
	Dec. 31, 2013
Parent Company Information	'
Parent Company Information	'
	Note 29—Parent Company Information
	The Company's debt financing agreements require PLS, PFSI's controlled subsidiary, to comply with financial covenants that include a minimum tangible net worth of $90 million. PLS is limited from transferring funds to the Parent by this minimum tangible net worth requirement.
	PENNYMAC FINANCIAL SERVICES, INC.
	CONDENSED BALANCE SHEET
		December 31,
		2013
		(in thousands)
	ASSETS
	Cash	$	707
	Investments in subsidiaries		177,200
	Other assets		63,117
	Total assets	$	241,024
	LIABILITIES AND STOCKHOLDERS' EQUITY
	Accrued expenses and other liabilities	$	71,056
	Payables to subsidiaries		50
	Stockholders' equity		169,918
	Total liabilities and stockholders' equity	$	241,024
	PENNYMAC FINANCIAL SERVICES, INC.
	CONDENSED STATEMENT OF INCOME
		Year ended
		December 31,
		2013
		(in thousands)
	Revenue
	Dividends from subsidiaries	$	664
	Interest		—
	Total revenue		664
	Expenses
	Interest		—
	Total expenses		—
	Income before provision for income taxes and equity in undistributed earnings in subsidiaries		664
	Provision for income taxes		9,961
	Income before equity in undistributed earnings of subsidiaries		(9,297	)
	Equity in undistributed earnings of subsidiaries		23,697
	Net income	$	14,400
	PENNYMAC FINANCIAL SERVICES, INC.
	CONDENSED STATEMENT OF CASH FLOWS
		Year ended
		December 31,
		2013
		(in thousands)
	Cash flows from operating activities
	Net income	$	14,400
	Equity in undistributed earnings of subsidiaries		(23,697	)
	Increase in payables to subsidiaries		50
	Decrease in deferred tax asset		9,954
	Net cash provided by operating activities		707
	Cash flows from investing activities
	Increase in investments in subsidiaries		(216,775	)
	Net cash used by investing activities		(216,775	)
	Cash flows from financing activities
	Issuance of common shares		230,000
	Payment of common share underwriting and offering costs		(13,225	)
	Net cash provided by financing activities		216,775
	Net change in cash		707
	Cash at beginning of year		—
	Cash at end of year	$	707

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'
	Note 30—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 between December 31, 2013 and the date of this Report were extended or renewed.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Significant Accounting Policies

'

Basis of Presentation

'

Basis of Presentation

The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as codified in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification (the "Codification"). All significant intercompany accounts and transactions have been eliminated.

Reclassification of Previously Presented Balances

'

Reclassification of Previously Presented Balances

Certain prior period amounts have been reclassified to conform to the current presentation. Specifically:

•

Interest expense is included withInterest income as a new caption ofNet interest expense to better reflect our results due to growth in the Company's portfolio of interest-earning assets. Previously,Interest expense was included withinTotal expenses. This reclassification results in the presentation ofNet interest expense.

Following is a summary of the reclassifications:

As reported

As previously

Reclassification

reported

Year ended

Year ended

Year ended

December 31,

December 31,

December 31,

2012

2011

2012

2011

2012

2011

(in thousands)

Net interest expense:

Interest income

$

6,354

$

1,532

$

6,354

$

1,532

$

—

$

—

Interest expense

7,879

1,875

—

—

7,879

1,875

$

(1,525

)

$

(343

)

$

6,354

$

1,532

$

7,879

$

1,875

These reclassifications did not change previously reported income before provision for income taxes, provision for taxes, net income, reported consolidated balance sheet amounts including stockholders' equity, or consolidated cash flows.

Principles of Consolidation

'

Principles of Consolidation

The consolidated financial statements include the accounts of PennyMac and all of its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated.

Use of Estimates

'

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ from those estimates.

Fair Value

'

Fair Value

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 assumptions 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. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and other inputs.

•

Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an asset or liability at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Company's own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.

While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial statement items could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such items existed, or had such items been liquidated, and those differences could be material to the financial statements.

Management incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. The Company uses discounted cash flow techniques to estimate fair value. These techniques incorporate forecasting of expected cash flows discounted at market discount rates that are intended to reflect the lack of liquidity in the market.

Short-Term Investments

'

Short-Term Investments

Short-term investments, which represent investments in money market accounts with a depository institution, are carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investments as "Level 1" fair value financial statement items.

Mortgage Loans Held for Sale at Fair Value

'

Mortgage Loans Held for Sale at Fair Value

Management has elected to account for mortgage loans held for sale at fair value, with changes in fair value recognized in current period income, to more timely reflect the Company's performance. All changes in fair value, including changes arising from the passage of time, are recognized as a component of Net gains on mortgage loans held for sale at fair value. The Company classifies most of the mortgage loans held for sale at fair value as "Level 2" fair value financial statement items. Certain of the Company's mortgage loans held for sale may not be readily saleable due to identified defects or delinquency. Such loans are classified as "Level 3" financial statement items.

Sale Recognition

The Company recognizes transfers of mortgage loans as sales when it surrenders control over the mortgage loans. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets.

Interest Income Recognition

'

Interest Income Recognition

Interest income on mortgage loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended for loans when they become 90 days delinquent, or when, in management's opinion, a full recovery of interest and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current.

Servicing Advances

'

Servicing Advances

Servicing advances represent advances made on behalf of borrowers and the loans' investors to fund delinquent balances for property tax and insurance premiums and out of pocket costs (e.g., preservation and restoration of mortgaged or real estate owned property, legal fees, appraisals and insurance premiums). Servicing advances are made in accordance with the Company's servicing agreements and are deemed recoverable at the time of liquidation. These advances are periodically reviewed for collectability. Uncollectible amounts are written off when they are deemed uncollectible.

Derivative Financial Instruments

'

Derivative Financial Instruments

The Company is exposed to price risk relative to its mortgage loans held for sale as well as to the commitments it makes to loan applicants to originate or to PMT to acquire loans at specified interest rates ("interest rate lock commitments" or "IRLCs"). The Company bears price risk from the time a commitment to originate a loan is made to a borrower or to purchase a loan from PMT, to the time the mortgage loan is sold. During this period, the Company is exposed to losses if mortgage interest rates rise, because the value of the purchase commitment or mortgage loan held for sale decreases. The Company also is exposed to risk relative to the fair value of its mortgage servicing rights ("MSRs"). The Company is exposed to loss in value of its MSRs when interest rates decrease.

IRLCs are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs relating to mortgage loans held for sale by entering into forward sale agreements to sell the mortgage loans and by the purchase and sale of mortgage-backed securities ("MBS") options and futures. Such agreements are also accounted for as derivative financial instruments. From time to time, these instruments are also used to manage the risk created by changes in prepayment speeds on certain of the MSRs the Company holds. The Company classifies its IRLCs as "Level 3" financial statement items and the derivative financial instruments it acquires to manage the risks created by IRLCs and mortgage loans held for sale as "Level 2" fair value financial statement items. The Company does not use derivative financial instruments for purposes other than in support of its risk management activities.

MSRs are generally subject to loss in value when market mortgage interest rates decrease. Decreasing market mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing their value. Reductions in the value of these assets affect income primarily through change in fair value and impairment charges. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of mortgage loans underlying MSRs.

The Company accounts for its derivative financial instruments as free-standing derivatives. The Company does not designate its derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the consolidated balance sheet at fair value with changes in the fair values being reported in current period income. Changes in fair value of derivatives hedging IRLCs and mortgage loans held for sale at fair value are included in Net gains on mortgage loans held for sale at fair value in the Company's consolidated statements of income. For derivatives hedging MSRs, changes in fair value are included in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the Company's consolidated statements of income.

When the Company has multiple derivative instruments with the same counterparty under a master netting arrangement, it offsets the amounts recorded as assets and liabilities and amounts recognized for the right to reclaim cash collateral it has deposited with the counterparty or the obligation to return cash collateral it has collected from the counterparty arising from that master netting arrangement. Such offset amounts are presented as either a net asset or liability by counterparty on the Company's consolidated balance sheets.

Carried Interest Due from Investment Funds

'

Carried Interest Due from Investment Funds

The Company has a general partnership interest or other Carried Interest arrangement with the Investment Funds, and earns Carried Interest thereunder. Carried Interest, in general terms, is the share of any profits that the general partners receive as compensation. The Company determines the amount of Carried Interest to be recorded each period based on the cash flows that would be produced assuming termination of the Investment Funds agreements at period end. The allocation of profits between the Investment Funds and the Company is described under the Significant Accounting Policies caption Management Fees and Carried Interest, following.

Investment in PennyMac Mortgage Investment Trust at Fair Value

'

Investment in PennyMac Mortgage Investment Trust at Fair Value

Common shares of beneficial interest in PMT are carried at their fair value with changes in fair value recognized in current period income. Fair value for purposes of the Company's holdings in PMT is based on the published closing price of the shares as of period end. The Company classifies its investment in common shares of PMT as a "Level 1" fair value financial statement item.

Mortgage Servicing Rights

'

Mortgage Servicing Rights

MSRs arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impound) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; supervising the acquisition of real estate in settlement of loans and property disposition. Real estate acquired in settlement of loans ("REO") represents real estate that collateralized the mortgage loans before the properties were acquired in settlement of loans.

The value of MSRs is derived from the net positive cash flows associated with the servicing contracts. The Company receives a servicing fee ranging generally from 0.19% to 0.57% annually on the remaining outstanding principal balances of the mortgage loans subject to the servicing contracts. The servicing fees are collected from the monthly payments made by the mortgagors. The Company is contractually entitled to receive other remuneration including rights to various mortgagor-contracted fees such as late charges, collateral reconveyance charges and loan prepayment penalties, and the Company is generally entitled to retain the interest earned on funds held pending remittance related to its collection of mortgagor payments. The Company also generally has the right to solicit the mortgagors for other products and services as well as for new mortgages for those considering refinancing or purchasing a new home.

The Company recognizes MSRs initially at their estimated fair value, either as proceeds from sales of mortgage loans where the Company assumes the obligation to service the loan in the sale transaction, or from the purchase of MSRs. The Company's MSRs generally relate to either pools of distressed loans ("Distressed MSRs"), or pools of loans that were originated to borrowers with prime credit characteristics or are backed by government insurance. Accordingly, the assumptions used in the valuation are differentiated based on the higher expectation of the delinquency migration of the MSRs backed by distressed loans and significantly higher expected cost to service and advance payments for MSRs backed by the distressed loans.

The Company's subsequent accounting for MSRs is based on the class of MSRs. The Company has identified three classes of MSRs: originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5%; MSRs backed by mortgage loans with initial interest rates of more than 4.5%; and purchased MSRs acquired in transactions financed in part through the financing of the right to receive excess servicing spread ("ESS") cash flows. Originated MSRs backed by mortgage loans with initial interest rates of less than or equal to 4.5% are accounted for using the amortization method. MSRs backed by loans with initial interest rates of more than 4.5% are accounted for at fair value with changes in fair value recorded in current period income. The Company distinguishes between these classes of MSRs due to the differing factors that can cause changes in prepayment speeds of the underlying loans, which in turn cause changes in the fair value of the MSRs. MSRs purchased for which a financing in the form of ESS cash flows has been recorded are accounted for at fair value. The ESS financing at fair value is also accounted for at fair value to align the accounting for the MSR with the related liability.

The fair value of MSRs is difficult to determine because MSRs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and the exercise of such judgment can significantly affect the Company's income. Therefore, the Company classifies its MSRs as "Level 3" fair value financial statement items.

The Company uses a discounted cash flow approach to estimate the fair value of MSRs. This approach consists of projecting servicing cash flows. The inputs used in the Company's discounted cash flow model are based on market factors which management believes are consistent with assumptions and data used by market participants valuing similar MSRs.

The key inputs used in the valuation of MSRs include mortgage prepayment speeds, cost to service the loans and discount rates. These inputs can, and generally do, change from period to period as market conditions change.

MSRs are generally subject to loss in value when mortgage rates decline. Declining mortgage rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing their value. Reductions in the value of these assets affect earnings primarily through change in fair value and impairment charges. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of the underlying mortgage loans.

MSRs Accounted for Using the Amortization Method

The Company amortizes MSRs that are accounted for using the amortization method. MSR amortization is determined by applying the ratio of the net MSR cash flows projected for the current period to the estimated total remaining projected net MSR cash flows. The estimated total net MSR cash flows are determined at the beginning of each month using prepayment assumptions applicable at that time.

MSRs accounted for using the amortization method are periodically evaluated for impairment. Impairment occurs when the current fair value of the MSRs decreases below the asset's carrying value (carrying value is the MSR's amortized cost reduced by any related valuation allowance). If MSRs are impaired, the impairment is recognized in current-period income and the carrying value of the MSRs is adjusted through a valuation allowance. If the value of impaired MSRs subsequently increases, the increase in value is recognized in current-period income. When an increase in value of MSR is recognized, the valuation allowance is adjusted to increase the carrying value of the MSRs only to the extent of the valuation allowance.

For impairment evaluation purposes, the Company stratifies its MSRs by predominant risk characteristic when evaluating for impairment. For purposes of performing its MSR impairment evaluation, the Company stratifies its servicing portfolio on the basis of certain risk characteristics including loan type (fixed-rate or adjustable-rate) and note rate. Fixed-rate loans are stratified into note rate pools of 50 basis points for note rates between 3.0% and 4.5% and a single pool for note rates below 3%. If the fair value of MSRs in any of the note rate pools is below the carrying value of the MSRs for that pool, impairment is recognized to the extent of the difference between the estimated fair value and the carrying value, including the existing valuation allowance for that pool.

Management periodically reviews the various impairment strata to determine whether the value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated recoverable value is charged to the valuation allowance.

Both amortization and changes in the amount of the MSR valuation allowance are recorded in current period income in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the consolidated statements of income.

MSRs Accounted for at Fair Value

Changes in fair value of MSRs accounted for at fair value are recognized in current period income in Amortization, impairment and change in estimated fair value of mortgage servicing rights in the consolidated statements of income.

Furniture, Fixtures, Equipment and Building Improvements

'

Furniture, Fixtures, Equipment and Building Improvements

Furniture, fixtures, equipment and building improvements are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from five to seven years for furniture and equipment and the lesser of the asset's estimated useful life or the remaining lease term for fixtures and building improvements.

Capitalized Software

'

Capitalized Software

The Company capitalizes certain consulting, payroll, and payroll-related costs related to computer software for internal use, and subsequently amortizes such costs over a period of five years using the straight-line method.

The Company also periodically assesses long-lived assets including capitalized software for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. If management identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value. No such impairment was recorded during the three years ended December 31, 2013.

Restricted Cash

'

Restricted Cash

Restricted cash represents deposits that serve as collateral for various agreements the Company has entered into, such as derivative margin account agreements. Restricted cash is included in Other assets in the Company's consolidated balance sheets. Management classifies restricted cash as a "Level 1" fair value financial statement item.

Mortgage Loans Sold Under Agreements to Repurchase

'

Mortgage Loans Sold Under Agreements to Repurchase

The carrying value of mortgage loans sold under agreements to repurchase is based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements are recognized as deferred charges in Other assets and amortized to Interest expense over the term of the borrowing facility.

Excess Servicing Spread Financing at Fair Value

'

Excess Servicing Spread Financing at Fair Value

In conjunction with the Company's acquisition of certain MSRs on pools of Agency-backed residential mortgage loans, the Company has entered into sale and assignment agreements which are treated as financings and are carried at estimated fair value with changes in fair value recognized in current period income. Under these agreements, the Company sold to PMT the right to receive ESS cash flows of certain MSRs. Management classifies ESS at fair value as a "Level 3" fair value financial statement item.

Loans Eligible for Repurchase

'

Loans Eligible for Repurchase

The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase mortgage loans when the borrower has made no payments for three consecutive months. As a result of this right, the Company records the mortgage loans in Loans eligible for repurchase and records a corresponding liability in Liability for loans eligible for repurchase on its balance sheet.

Liability for Losses Under Representations and Warranties

'

Liability for Losses Under Representations and Warranties

The Company's agreements with the Agencies include representations and warranties related to the loans the Company sells to the Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law.

In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the Agency, or may become ineligible to receive any of the benefits provided by the insurer with respect to such mortgage loans. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company's credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender.

The Company includes a provision for losses relating to the representations and warranties it makes as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the potential severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and periodically updates its liability estimate. The liability estimate is reviewed and approved by the Company's management credit committee.

The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that may change over the lives of the underlying loans, The Company's representations and warranties are generally not subject to stated limits of exposure. However, management believes that the current unpaid principal balance ("UPB") of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. Management believes the amount and range of reasonably possible losses in relation to the recorded liability is not material to the Company's financial condition or results of operations.

Loan Servicing Fees

'

Loan Servicing Fees

Loan servicing fees and other remuneration are received by the Company for servicing residential mortgage loans. Loan servicing fees are recorded net of Agency guarantee fees paid by the Company. Loan servicing fees are recognized as earned over the life of the loans in the servicing portfolio.

Stock-Based Compensation

'

Stock-Based Compensation

The Company's 2013 Equity Incentive Plan provides for awards of nonstatutory and incentive stock options ("Stock Options"), time-based restricted stock units, performance-based restricted stock units, stock appreciation rights, performance units and stock grants. The Company estimates the value of the Stock Options, time-based restricted stock units and performance-based restricted stock units awarded with reference to the value of its underlying common stock on the date of the award.

Compensation costs are fixed, except for performance-based restricted stock units, at the estimated fair value as of the award date as all grantees are employees of PennyMac or directors of the Company. The Company amortizes the cost of time-based restricted stock unit awards to compensation expense over the vesting period using the graded vesting method. The Company amortizes performance-based restricted stock unit awards on the straight-line basis over the vesting period. Expense relating to awards is included in Compensation in the consolidated statements of income.

Income Taxes

'

Income Taxes

As a result of the PennyMac recapitalization and reorganization, the Company expects to benefit from amortization and other tax deductions due to an increase in tax basis from the exchange of PennyMac Class A units. Those deductions will be allocated to the Company and will be taken into account in reporting the Company's taxable income. The Company has entered into an agreement with the unitholders of PennyMac that will provide for the additional payment by the Company to exchanging unitholders of PennyMac equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PFSI realizes due to (i) increases in tax basis resulting from exchanges of the then-existing unitholders and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement.

The Company is subject to federal and state income taxes. Income taxes are provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. A valuation allowance is established if, in management's judgment, it is not more likely than not that a deferred tax asset will be realized.

The Company recognizes tax benefits relating to its tax positions only if, in the opinion of management, it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that is greater than 50% likely to be realized upon ultimate settlement with the appropriate taxing authority. The Company will classify any penalties and interest as a component of provision for income taxes.

Variable Interest Held in Unconsolidated Variable Interest Entities

'

Variable Interest Held in Unconsolidated Variable Interest Entities

PMOFA is a general partner in the Master Fund. The Master Fund wholly owns PennyMac Mortgage Co. Funding, LLC ("Funding, LLC"), PennyMac Mortgage Co. Funding II, LLC ("Funding II, LLC), and PennyMac Mortgage Co, LLC ("Mortgage Co"). Funding, LLC and Funding II, LLC are each the majority interest holder in PennyMac Loan Trust 2010-NPL1, PennyMac Loan Trust 2011-NPL1 and PennyMac REO 2011-NPL1 (the "Trusts"), which in the case of the first entity holds the mortgage loans for Funding LLC and in the case of the latter two entities hold the mortgage loans for Funding II, LLC.

PLS provides loan servicing to the Trusts as well as to Mortgage Co. The related party group constituting the Company and its affiliates (including PMOFA) has an equity interest in the Master Fund, the ultimate Parent of the Trusts, Mortgage Co, Funding, LLC and Funding II, LLC. The direct equity holders in the Trusts, Mortgage Co, Funding, LLC and Funding II, LLC, however, do not have power to direct operations of the respective entities and as such, both the Trusts and Mortgage Co are considered to be variable interest entities ("VIEs") as defined in the Consolidations topic of the Codification.

The Company is not the primary beneficiary in these VIEs, given it does not represent the enterprise within the related party group that is most closely associated with these VIEs and, as such, the Company does not consolidate these VIEs. Exposure of loss to the related party group from the unconsolidated VIEs is limited to the contributed capital of the related party group in the Master Fund totaling $1,436,000 which represents the general partnership interest held by PMOFA in the Master Fund.

Recent Accounting Pronouncements

'

Recent Accounting Pronouncements

In December 2011, the FASB issued an Accounting Standards Update ("ASU"), ASU 2011-11, to the Balance Sheet topic of the Codification. The amendments in this ASU affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic of the Codification or (2) subject an enforceable master netting arrangement or similar agreement.

The amendments in this ASU require the Company to disclose information about offsetting and related arrangement to enable users of financial statements to understand the effect of netting to an entity's financial position.

In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11. The ASU clarifies that the scope applied to derivatives accounted for in accordance with the Derivatives and Hedging topic of the Codification, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with the Offsetting Presentation section of the Balance Sheet topic or the Presentation section of the Derivatives and Hedging topic or subject to an enforceable master netting arrangement or similar agreement.

The ASU amendment and the subsequent clarification of the amendment are effective for periods beginning on or after January 1, 2013, and must be shown for all periods shown on the balance sheet. The adoption of these ASU amendments did not have a material effect on the Company's financial condition or results of operations.

In January 2014, the FASB issued ASU 2014-04, Troubled Debt Restructurings by Creditors to the Receivables topic of the Codification, which clarifies when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized.

ASU 2014-04 specifies that a creditor is considered to have received physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan only upon the occurrence of either of the following:

a.

The creditor obtains legal title to the residential real estate property upon completion of a foreclosure. A creditor may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law.

b.

The borrower conveys all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor.

ASU 2014-04 also requires the disclosure of the carrying value of REO and its recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for the Company for annual and interim periods within those annual periods, beginning after December 15, 2014.

An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. Under the modified retrospective transition method, an entity would apply the amendments in ASU 2014-04 by means of a cumulative-effect adjustment to residential consumer mortgage loans and foreclosed residential real estate properties existing as of the beginning of the annual period for which the amendments are effective. The adoption of ASU-2014-04 is not expected to be material to the financial statements of the Company.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2013
Significant Accounting Policies	'
Summary of the reclassifications	'
		As reported						As previously				Reclassification
								reported
		Year ended						Year ended				Year ended
		December 31,						December 31,				December 31,
		2012			2011			2012		2011		2012		2011
		(in thousands)
	Net interest expense:
	Interest income	$	6,354		$	1,532		$	6,354	$	1,532	$	—	$	—
	Interest expense		7,879			1,875			—		—		7,879		1,875
		$	(1,525	)	$	(343	)	$	6,354	$	1,532	$	7,879	$	1,875

Transactions_with_Affiliates_T

Transactions with Affiliates (Tables)	12 Months Ended
	Dec. 31, 2013
Transactions with Affiliates	'
Summary of management fees earned	'
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Management fees:
	Base	$	19,644	$	12,436		$	6,740
	Performance incentive		12,766		—			—
		$	32,410	$	12,436		$	6,740
Summary of mortgage loan servicing fees earned from PMT	'
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Loan servicing fees:
	Base	$	26,993	$	14,332		$	9,740
	Activity-based		12,420		4,276			3,464
		$	39,413	$	18,608		$	13,204
Summary of lending activity between the Company and affiliate	'
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Fulfillment fee revenue	$	79,712	$	62,906		$	1,747
	UPB of loans fulfilled for PMT	$	15,225,153	$	13,028,375		$	505,317
	Sourcing fees paid	$	4,611	$	2,505		$	166
	Fair value of loans purchased from PMT	$	16,113,806	$	8,864,264		$	577,852
Summary of foregoing reimbursement of expenses	'
		Year ended December 31,
		2013		2012			2011
		(in thousands)
	Reimbursement of:
	Common overhead incurred by PCM and its affiliates	$	10,989	$	4,183		$	4,086
	Expenses incurred on PMT's behalf		4,638		3,146			2,219
		$	15,627	$	7,329		$	6,305
	Payments and settlements during the year(1)	$	121,230	$	85,554		$	12,656
	-1
	Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PMT.
PMT	'
Transactions with Affiliates	'
Summary of amounts due from affiliate	'
		December 31,
		2013		2012
		(in thousands)
	Management fees	$	8,924	$	4,499
	Servicing fees		5,915		3,670
	Allocated expenses		2,009		1,106
	Underwriting fees		1,788		2,941
	Loan purchases		—		4,475
		$	18,636	$	16,691
Investment Funds	'
Transactions with Affiliates	'
Summary of amounts due from affiliate	'
		December 31,
		2013		2012
		(in thousands)
	Receivable from Investment Funds:
	Management fees	$	2,031	$	2,164
	Loan servicing fees		727		1,052
	Loan servicing rebate		136		(239	)
	Expense reimbursements		21		695
		$	2,915	$	3,672
	Carried Interest due from Investment Funds:
	PNMAC Mortgage Opportunity Fund, LLC	$	37,702	$	29,785
	PNMAC Mortgage Opportunity Fund Investors, LLC		23,440		17,938
		$	61,142	$	47,723

Earnings_Per_Share_of_Common_S1

Earnings Per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings Per Share of Common Stock	'
Summary of basic and diluted earnings per share calculations	'
		Year ended
		December 31, 2013
		(in thousands, except
		per share amounts)
	Basic earnings per share of common stock:
	Net income attributable to PennyMac Financial Services, Inc. common stockholders	$	14,400
	Weighted-average common stock shares outstanding		17,311
	Basic earnings per share of common stock	$	0.83
	Diluted earnings per share of common stock:
	Net income	$	14,400
	Effect of net income attributable to noncontrolling interest, net of tax		47,838
	Diluted net income attributable to common stockholders	$	62,238
	Weighted-average shares outstanding		17,311
	Dilutive shares:
	PennyMac Class A common units exchangeable to common stock		58,553
	Shares issuable under stock-based compensation plans		28
	Diluted weighted-average common stock shares outstanding		75,892
	Diluted earnings per share of common stock	$	0.82

Loan_Sales_and_Servicing_Activ1

Loan Sales and Servicing Activities (Tables)	12 Months Ended
	Dec. 31, 2013
Loan Sales and Servicing Activities	'
Summary of cash flows between the Company and transferees upon sale of mortgage loans in transactions	'
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Cash flows:
	Sales proceeds	$	17,006,460	$	9,123,645	$	655,724
	Servicing fees received	$	56,066	$	11,197	$	163
	Net servicing advances	$	4,207	$	7,818	$	538
	Year end information:
	UPB of loans outstanding at year end	$	23,640,261	$	9,847,509	$	696,521
	Delinquencies:
	30 - 89 days	$	410,927	$	137,827	$	5,272
	90 days or more or in foreclosure or bankruptcy	$	143,022	$	54,795	$	813
Summary of mortgage servicing portfolio	'
		December 31, 2013
		Servicing		Contract servicing		Total
		rights owned		and subservicing		loans serviced
		(in thousands)
	Agencies	$	44,969,026	$	—	$	44,969,026
	Affiliated entities		—		31,632,718		31,632,718
	Private investors		969,794		89,361		1,059,155
	Mortgage loans held for sale		506,540		—		506,540
		$	46,445,360	$	31,722,079	$	78,167,439
	Amount subserviced for the Company	$	156,347	$	582,610	$	738,957
	Delinquent mortgage loans:
	30 days	$	1,304,054	$	263,518	$	1,567,572
	60 days		346,912		112,275		459,187
	90 days or more		605,555		1,416,498		2,022,053
			2,256,521		1,792,291		4,048,812
	Loans pending foreclosure		168,776		1,792,128		1,960,904
		$	2,425,297	$	3,584,419	$	6,009,716
	Custodial funds managed by the Company(1)	$	568,161	$	246,587	$	814,748
		December 31, 2012
		Servicing		Contract servicing		Total loans
		rights owned		and subservicing		serviced
		(in thousands)
	Agencies	$	9,860,284	$	—	$	9,860,284
	Affiliated entities		—		16,552,939		16,552,939
	Private investors		1,321,584		—		1,321,584
	Mortgage loans held for sale		417,742		—		417,742
		$	11,599,610	$	16,552,939	$	28,152,549
	Amount subserviced for the Company	$	45,562	$	375,818	$	421,380
	Delinquent mortgage loans:
	30 days	$	191,884	$	187,653	$	379,537
	60 days		60,886		122,564		183,450
	90 days or more		112,847		851,851		964,698
			365,617		1,162,068		1,527,685
	Loans pending foreclosure		75,329		1,290,687		1,366,016
		$	440,946	$	2,452,755	$	2,893,701
	Custodial funds managed by the Company(1)	$	263,562	$	150,080	$	413,642
	-1
	Borrower and investor custodial cash accounts relate to loans serviced under the servicing agreements and are not recorded on the Company's consolidated balance sheets. The Company earns interest on custodial funds it manages on behalf of the loans' investors, which is recorded as part of the interest income in the Company's consolidated statements of income.
Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance	'
		December 31,
	State	2013		2012
		(in thousands)
	California	$	30,320,616	$	10,696,508
	Texas		4,470,123		1,223,382
	Virginia		3,769,683		*
	Florida		3,416,274		1,385,286
	Washington		2,760,900		1,143,849
	Colorado		*		1,299,295
	All other states		33,429,843		12,404,229
		$	78,167,439	$	28,152,549
	*
	State did not represent a top five state as of the respective date.

Netting_of_Financial_Instrumen1

Netting of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Netting of Financial Instruments	'
Summaries of derivative assets and related setoff amounts	'
		December 31, 2013								December 31, 2012
		Gross		Gross			Net			Gross		Gross			Net
		amount		amount			amount			amount		amount			amount
		of recognized		offset in the			of assets in			of recognized		offset in the			of assets
		assets		balance sheet			the			assets		balance sheet			in the
							balance sheet								balance sheet
		(in thousands)
	Derivatives subject to master netting arrangements:
	MBS put options	$	665	$	—		$	665		$	967	$	—		$	967
	MBS call options		91		—			91			—		—			—
	Forward purchase contracts		416		—			416			1,645		—			1,645
	Forward sale contracts		18,762		—			18,762			1,818		—			1,818
	Netting		—		(7,358	)		(7,358	)		—		(1,091	)		(1,091	)
			19,934		(7,358	)		12,576			4,430		(1,091	)		3,339
	Derivatives not subject to master netting arrangements—IRLCs		8,964		—			8,964			23,951		—			23,951
		$	28,898	$	(7,358	)	$	21,540		$	28,381	$	(1,091	)	$	27,290
Summary of the amount of derivative asset positions by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	'
		December 31, 2013										December 31, 2012
				Gross amount not											Gross amount not
				offfset in the											offset in the
				consolidated											consolidated
		Net		balance sheet								Net			balance sheet
		amount										amount
		of assets										of assets
		in the										in the
		balance sheet		Financial			Cash			Net		balance sheet			Financial			Cash		Net
				instruments			collateral			amount					instruments			collateral		amount
							received											received
		(in thousands)
	Interest rate lock commitments	$	8,964	$	—		$	—		$	8,964	$	23,951		$	—		$	—	$	23,951
	Credit Suisse First Boston Mortgage Capital LLC		2,149		—			—			2,149		—			—			—		—
	Bank of America, N.A.		1,680		—			—			1,680		1,782			—			—		1,782
	Morgan Stanley Bank, N.A.		1,704		—			—			1,704		—			—			—		—
	Daiwa Capital Markets		1,190		—			—			1,190		—			—			—		—
	Citibank, N.A.		—		—			—			—		522			—			—		522
	Other		5,853		—			—			5,853		1,035			—			—		1,035
		$	21,540	$	—		$	—		$	21,540	$	27,290		$	—		$	—	$	27,290
Summary of net derivative liabilities and assets sold under agreements to repurchase and related setoff amounts	'
		December 31, 2013								December 31, 2012
		Gross		Gross amount			Net			Gross		Gross amount			Net
		amount of		offset			amount			amount of		offset			amount
		recognized		in the			of liabilities			recognized		in the			of liabilities
		liabilities		consolidated			in the			liabilities		consolidated			in the
				balance			consolidated					balance			consolidated
				sheet			balance					sheet			balance
							sheet								sheet
		(in thousands)
	Derivatives subject to a master netting arrangement:
	Forward purchase contracts	$	6,542	$	—		$	6,542		$	389	$	—		$	389
	Forward sale contracts		504		—			504			1,894		—			1,894
	Netting		—		(6,787	)		(6,787	)		—		(1,785	)		(1,785	)
			7,046		(6,787	)		259			2,283		(1,785	)		498
	Derivatives not subject to a master netting arrangement—IRLCs		2,203		—			2,203			11		—			11
	Total derivatives		9,249		(6,787	)		2,462			2,294		(1,785	)		509
	Mortgage loans sold under agreements to repurchase		471,592		—			471,592			393,534		—			393,534
		$	480,841	$	(6,787	)	$	474,054		$	395,828	$	(1,785	)	$	394,043
Summary of amount of derivative liabilities and assets sold under agreements to repurchase by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	'
		December 31, 2013										December 31, 2012
				Gross amount											Gross amount
				not offset in the											not offset in the
				consolidated											consolidated
		Net amount of		balance sheet								Net amount of			balance sheet
		liabilities										liabilities
		in the consolidated										in the consolidated
		balance sheet		Financial			Cash			Net		balance sheet			Financial			Cash		Net
				instruments			collateral			amount					instruments			collateral		amount
							pledged											pledged
		(in thousands)
	Interest rate lock commitments	$	2,203	$	—		$	—		$	2,203	$	11		$	—		$	—	$	11
	Bank of America, N.A.		234,511		(234,511	)		—			—		150,082			(150,082	)		—		—
	Credit Suisse First Boston Mortgage Capital LLC		198,888		(198,888	)		—			—		122,443			(122,252	)		—		191
	Morgan Stanley Bank, N.A.		38,193		(38,193	)		—			—		53			—			—		53
	Citibank, N.A.		—		—			—			—		121,200			(121,200	)		—		—
	Other		259		—			—			259		254			—			—		254
		$	474,054	$	(471,592	)	$	—		$	2,462	$	394,043		$	(393,534	)	$	—	$	509

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value	'
Summary of financial statement items measured at estimated fair value on a recurring basis	'
		December 31, 2013
		Level 1			Level 2			Level 3			Total
		(in thousands)
	Assets:
	Short-term investments	$	142,582		$	—		$	—		$	142,582
	Mortgage loans held for sale at fair value		—			527,071			3,933			531,004
	Derivative assets:
	Interest rate lock commitments		—			—			8,964			8,964
	Forward purchase contracts		—			416			—			416
	Forward sales contracts		—			18,762			—			18,762
	MBS put options		—			665			—			665
	MBS call options		—			91			—			91
	Total derivative assets before netting		—			19,934			8,964			28,898
	Netting(1)		—			—			—			(7,358	)
	Total derivative assets		—			19,934			8,964			21,540
	Investment in PennyMac Mortgage Investment Trust		1,722			—			—			1,722
	Mortgage servicing rights at fair value		—			—			224,913			224,913
		$	144,304		$	547,005		$	237,810		$	921,761
	Liabilities:
	Excess servicing spread financing at fair value to PennyMac Mortgage Investment Trust	$	—		$	—		$	138,723		$	138,723
	Derivative liabilities:
	Interest rate lock commitments		—			—			2,203			2,203
	Forward purchase contracts		—			6,542			—			6,542
	Forward sales contracts		—			504			—			504
	Total derivative liabilities before netting		—			7,046			2,203			9,249
	Netting(1)		—			—			—			(6,787	)
	Total derivative liabilities		—			7,046			2,203			2,462
		$	—		$	7,046		$	140,926		$	141,185
	-1
	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
		December 31, 2012
		Level 1			Level 2			Level 3			Total
		(in thousands)
	Assets:
	Short-term investments	$	53,164		$	—		$	—		$	53,164
	Mortgage loans held for sale at fair value		—			448,384			—			448,384
	Derivative assets:
	Interest rate lock commitments		—			—			23,951			23,951
	Forward purchase contracts		—			1,645			—			1,645
	Forward sales contracts		—			1,818			—			1,818
	MBS put options		—			967			—			967
	Total derivative assets before netting		—			4,430			23,951			28,381
	Netting(1)		—			—			—			(1,091	)
	Total derivative assets		—			4,430			23,951			27,290
	Investment in PennyMac Mortgage Investment Trust		1,897			—			—			1,897
	Mortgage servicing rights at fair value		—			—			19,798			19,798
		$	55,061		$	452,814		$	43,749		$	550,533
	Liabilities:
	Derivative liabilities:
	Interest rate lock commitments	$	—		$	—		$	11		$	11
	Forward purchase contracts		—			389			—			389
	Forward sales contracts		—			1,894			—			1,894
	Total derivative liabilities before netting		—			2,283			11			2,294
	Netting(1)		—			—			—			(1,785	)
	Net derivative liabilities	$	—		$	2,283		$	11		$	509
	-1
	Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the setoff of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement.
Summary of roll forward of items measured using Level 3 inputs on a recurring basis	'
		Year ended December 31, 2013
		Mortgage			Net interest			Mortgage			Total
		loans held			rate lock			servicing
		for sale			commitments(1)			rights
		(in thousands)
	Assets:
	Balance, December 31, 2012	$	—		$	23,940		$	19,798		$	43,738
	Repurchases of mortgage loans subject to representations and warranties		5,529			—			—			5,529
	Repayments		(1,364	)		—			—			(1,364	)
	Interest rate lock commitments issued, net		—			101,179			—			101,179
	MSRs resulting from purchases		—			—			195,871			195,871
	MSRs resulting from loan sales		—			—			14,636			14,636
	Sales		—			—			(550	)		(550	)
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk		—									—
	Other factors		(232	)		(15,682	)		(4,842	)		(20,756	)
			(232	)		(15,682	)		(4,842	)		(20,756	)
	Transfers of interest rate lock commitments to mortgage loans held for sale		—			(102,676	)		—			(102,676	)
	Balance, December 31, 2013	$	3,933		$	6,761		$	224,913		$	235,607
	Changes in fair value recognized during the period relating to assets still held at December 31, 2013	$	(390	)	$	6,761		$	(4,842	)
	-1
	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		Excess servicing
		spread financing
		(in thousands)
	Liability:
	Balance, December 31, 2012	$	—
	Proceeds received from financing of excess servicing spread		139,028
	Accrual of interest on excess servicing spread financing		1,348
	Repayments		(4,076	)
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk		—
	Other factors		2,423
			2,423
	Balance, December 31, 2013	$	138,723
	Changes in fair value recognized during the period relating to liability still held at December 31, 2013	$	2,423
		Year ended December 31, 2012
		Net interest			Mortgage			Total
		rate lock			servicing
		commitments(1)			rights
		(in thousands)
	Balance, December 31, 2011	$	7,905		$	25,698		$	33,603
	Interest rate lock commitments issued, net		167,066			—			167,066
	MSRs resulting from loan sales		—			774			774
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk								—
	Other factors		—			(6,674	)		(6,674	)
			—			(6,674	)		(6,674	)
	Transfers of interest rate lock commitments to mortgage loans held for sale		(151,031	)		—			(151,031	)
	Balance, December 31, 2012	$	23,940		$	19,798		$	43,738
	Changes in fair value recognized during the period relating to assets still held at December 31, 2012	$	23,940		$	(6,674	)
	-1
	For the purpose of this table, the interest rate lock asset and liability positions are shown net.
		Year ended December 31, 2011
		Net interest			Mortgage			Total
		rate lock			servicing
		commitments(1)			rights
		(in thousands)
	Balance, December 31, 2010	$	(13	)	$	31,957		$	31,944
	Interest rate lock commitments issued, net		18,436			—			18,436
	MSRs resulting from purchases		—			1,352			1,352
	MSRs resulting from loan sales		—			1,696			1,696
	Changes in fair value included in income arising from:
Changes in instrument-specific credit risk								—
Other factors		—			(9,307	)		(9,307	)
		—			(9,307	)		(9,307	)
Transfers of interest rate lock commitments to mortgage loans held for sale		(10,518	)		—			(10,518	)
Balance, December 31, 2011	$	7,905		$	25,698		$	33,603
Changes in fair value recognized during the period relating to assets still held at December 31, 2011	$	7,905		$	(9,307	)
-1
For the purpose of this table, the interest rate lock asset and liability positions are shown net.
	Mortgage loans sold
	under agreements to
	repuchase at fair
	value
	(in thousands)
Liabilities:
Balance, December 31, 2010	$	13,289
Changes in fair value included in income		—
Sales		57,908
Assumption of agreements pursuant purchase from affiliate of mortgage loans subject to agreements to repurchase		62,989
Repurchases		(134,186	)
Balance, December 31, 2011	$	—
Changes in fair value recognized during the year relating to liabilities still held at December 31, 2011	$	—
Summary of net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'
		Year ended December 31,
		2013									2012									2011
		Net gains			Net			Total			Net gains			Net			Total			Net gains		Net			Total
		on mortgage			servicing						on mortgage			servicing						on mortgage		servicing
		loans held			income						loans held			income						loans held		income
		for sale at									for sale at									for sale at
		fair value									fair value									fair value
		(in thousands)
	Assets:
	Mortgage loans held for sale at fair value	$	49,559		$	—		$	49,559		$	171,236		$	—		$	171,236		$	13,029	$	—		$	13,029
	Mortgage servicing rights at fair value		—			(4,842	)		(4,842	)		—			(6,674	)		(6,674	)		—		(9,307	)		(9,307	)
		$	49,559		$	(4,842	)	$	44,717		$	171,236		$	(6,674	)	$	164,562		$	13,029	$	(9,307	)	$	3,722
	Liabilities:
	Mortgage loans sold under agreements to repurchase	$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
	Excess servicing spread financing at fair value to PennyMac Mortgage Investment Trust		—			(2,423	)		(2,423	)		—			—			—			—		—			—
		$	—		$	(2,423	)	$	(2,423	)	$	—		$	—		$	—		$	—	$	—		$	—
Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option	'
		December 31, 2013
		Fair			Principal amount			Difference
		value			due upon
					maturity
		(in thousands)
	Mortgage loans held for sale:
	Current through 89 days delinquent	$	524,665		$	504,705		$	19,960
	90 days or more delinquent:
	Not in foreclosure		5,567			5,479			88
	In foreclosure		772			660			112
		$	531,004		$	510,844		$	20,160
		December 31, 2012
		Fair			Principal amount			Difference
		value			due upon
					maturity
		(in thousands)
	Mortgage loans held for sale:
	Current through 89 days delinquent	$	447,889		$	418,650		$	29,239
	90 days or more delinquent:
	Not in foreclosure		288			390			(102	)
	In foreclosure		207			233			(26	)
		$	448,384		$	419,273		$	29,111
Summary of financial statement items measured at estimated fair value on a nonrecurring basis	'
		December 31, 2013
		Level 1			Level 2			Level 3			Total
		(in thousands)
	Mortgage servicing rights at lower of amortized cost or fair value	$	—		$	—		$	136,690		$	136,690
		$	—		$	—		$	136,690		$	136,690
		December 31, 2012
		Level 1			Level 2			Level 3			Total
		(in thousands)
	Mortgage servicing rights at lower of amortized cost or fair value	$	—		$	—		$	51,180		$	51,180
		$	—		$	—		$	51,180		$	51,180
Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis	'
		December 31,
		2013			2012
		(in thousands)
	Mortgage servicing rights at lower of amortized cost or fair value	$	(1,643	)	$	(2,908	)
		$	(1,643	)	$	(2,908	)
Schedule of key inputs used in determining the fair value of ESS financing at the time of initial recognition	'
		December 31,
		2013		2012
	Key inputs	Range
		(Weighted average)
	Pricing spread	2.8% - 14.4%			—
		-5.40%
	Average life	0.9 - 8.0			—
		-6.1
	Prepayment speed	7.7% - 48.6%			—
		-9.70%
Summary of roll forward of liabilities measured using Level 3 inputs on a recurring basis	'
IRLCs	'
Fair Value	'
Summary of roll forward of items measured using Level 3 inputs on a recurring basis	'
		Excess servicing
		spread financing
		(in thousands)
	Liability:
	Balance, December 31, 2012	$	—
	Proceeds received from financing of excess servicing spread		139,028
	Accrual of interest on excess servicing spread financing		1,348
	Repayments		(4,076	)
	Changes in fair value included in income arising from:
	Changes in instrument-specific credit risk		—
	Other factors		2,423
			2,423
	Balance, December 31, 2013	$	138,723
	Changes in fair value recognized during the period relating to liability still held at December 31, 2013	$	2,423
		Mortgage loans sold
		under agreements to
		repuchase at fair
		value
		(in thousands)
	Liabilities:
	Balance, December 31, 2010	$	13,289
	Changes in fair value included in income		—
	Sales		57,908
	Assumption of agreements pursuant purchase from affiliate of mortgage loans subject to agreements to repurchase		62,989
	Repurchases		(134,186	)
	Balance, December 31, 2011	$	—
	Changes in fair value recognized during the year relating to liabilities still held at December 31, 2011	$	—
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'
		2013		2012
		December 31,
	Key inputs	Range
		(Weighted average)
	Pull-through rate	62.1% - 98.1%		61.6% - 98.1%
		-81.70%		-79.10%
	MSR value expressed as:
	Servicing fee multiple	2.0 - 5.0		3.2 - 4.2
		-3.7		-4
	Percentage of UPB	0.4% - 2.4%		0.6% - 2.2%
		-0.90%		-0.90%
MSRs	'
Fair Value	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'
		December 31, 2013
	Key inputs	Range
		(Weighted average)
	Discount rate	7.8% - 13.4%
		-8.90%
	Twelve-month projected housing price index change	4.5% - 4.7%
		-4.60%
	Prepayment speed(1)	1.6% - 5.1%
		-4.40%
	Total prepayment speed(2)	2.9% - 5.2%
		-4.70%
	-1
	Prepayment speed is measured using Life Voluntary CPR.
	-2
	Total prepayment speed is measured using Life Total CPR.
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'
		Year ended December 31,
		2013				2012				2011
		Range
		(Weighted average)
		Fair		Amortized		Fair		Amortized		Fair		Amortized
		value		cost		value		cost		value		cost
		(Amount recognized and UPB of underlying loans in thousands)
	Amount recognized	$14,636		$190,468		$774		$89,698		$1,696		$6,557
	UPB of underlying loans	$1,055,797		$15,316,315		$17,615		$8,524,533		$415,954		$449,715
	Weighted-average servicing fee rate (in basis points)	33		29		28		27		27		31
	Pricing spread(1)	7.4% - 14.4%		5.4% - 15.9%		7.5% - 9.9%		7.5% - 11.9%		8.3% - 14.0%		9.3% - 12.6%
		-10.20%		-8.50%		-8.40%		-9.80%		-11.70%		-9.70%
	Annual total prepayment speed(2)	7.8% - 25.5%		7.6% - 42.5%		7.8% - 20.1%		6.7% - 17.8%		6.3% - 8.9%		5.6% - 7.9%
		-9.20%		-8.80%		-9.70%		-8.50%		-8.20%		-6.80%
	Life (in years)	2.5 - 7.3		1.5 - 7.5		3.6 - 7.0		2.8 - 7.0		6.5 - 8.1		5.2 - 8.0
		-6.9		-6.7		-6.7		-6.7		-7		-7.3
	Per-loan annual cost of servicing	$68 - $120		$68 - $120		$68 - $100		$68 - $100		$64 - $98		$61 - $98
		($98)		($102)		($78)		($99)		($88)		($96)
	-1
	Pricing spread represents a margin that is applied to a reference interest rate's forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans.
	-2
	Prepayment speed is measured using CPR.
Purchased MSRs Backed by Distressed Mortgage Loans	'
Fair Value	'
Quantitative summary of key inputs used in the valuation of the MSRs at period end and the effect on estimated fair value from adverse changes in those assumptions	'
		December 31,
		2013					2012
		Range
		(Weighted average)
		Fair		Amortized			Fair		Amortized
		value		cost			value		cost
		(Carrying value, UPB of underlying loans and effect on value
		amounts in thousands)
	Carrying value	$10,129			—		$12,370			—
	UPB of underlying loans	$969,794			—		$1,271,478			—
	Weighted-average note rate	5.80%			—		6.01%			—
	Weighted-average servicing fee rate (in basis points)	50			—		50			—
	Discount rate	15.3% - 15.3%			—		15.3% - 15.3%			—
		-15.30%			—		-15.30%			—
	Effect on fair value of adverse change of:
	5%	($251)			—		($302)			—
	10%	($490)			—		($590)			—
	20%	($937)			—		($1,130)			—
	Life (in years)	5.0 - 5.0			—		5.0 - 5.0			—
		-5					-5
	Prepayment speed(1)	11.4% - 11.4%			—		10.7% - 10.7%			—
		-11.40%			—		-10.70%			—
	Effect on fair value of adverse change of:
	5%	($231)			—		($273)			—
	10%	($456)			—		($529)			—
	20%	($898)			—		($1,040)			—
	Per-loan annual cost of servicing	$218 - $218			—		$270 - $270			—
		($218)			—		($270)			—
	Effect on fair value of adverse change of:
	5%	($197)			—		($290)			—
	10%	($393)			—		($580)			—
	20%	($787)			—		($1,159)			—
	-1
	Prepayment speed is measured using Life Voluntary CPR.
All Other MSRs	'
Fair Value	'
Quantitative summary of key inputs used in the valuation of the MSRs at period end and the effect on estimated fair value from adverse changes in those assumptions	'
		December 31,
		2013				2012
		Range
		(Weighted average)
		Fair		Amortized		Fair		Amortized
		value		cost		value		cost
		(Carrying value, UPB of underlying loans and effect on value amounts in
		thousands)
	Carrying value	$214,784		$258,751		$7,428		$89,177
	UPB of underlying loans	$22,469,179		$22,499,847		$1,166,765		$8,730,686
	Weighted-average note rate	4.48%		3.65%		5.22%		3.65%
	Weighted-average servicing fee rate (in basis points)	32		29		26		28
	Pricing spread(1)	2.9% - 18.0%		6.3% - 14.5%		7.5% - 19.5%		7.5% - 16.5%
		-7.50%		-8.70%		-10.60%		-9.80%
	Effect on fair value of adverse change of:
	5%	($3,551)		($5,312)		($113)		($1,814)
	10%	($6,900)		($10,395)		($222)		($3,562)
	20%	($13,305)		($20,039)		($430)		($6,870)
	Average life (in years)	0.1 - 14.4		1.5 - 7.3		0.2 - 14.4		2.5 - 6.9
		-6.2		-7		-5		-6.6
	Prepayment speed(2)	7.8% - 50.8%		7.6% - 42.5%		9.0% - 84.2%		8.7% - 28.3%
		-9.70%		-8.00%		-19.20%		-9.20%
	Effect on fair value of adverse change of:
	5%	($4,622)		($4,615)		($238)		($1,751)
	10%	($9,073)		($9,097)		($462)		($3,446)
	20%	($17,500)		($17,684)		($877)		($6,674)
	Per-loan annual cost of servicing	$68 - $115		$68 - $100		$68 - $140		$68 - $140
		($87)		($99)		($76)		($99)
	Effect on fair value of adverse change of:
	5%	($2,817)		($2,609)		($77)		($963)
	10%	($5,633)		($5,217)		($153)		($1,926)
	20%	($11,266)		($10,434)		($307)		($3,852)
	-1
	Pricing spread represents a margin that is applied to a reference interest rate's forward curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans and purchased MSRs not backed by pools of distressed mortgage loans.
	-2
	Prepayment speed is measured using CPR.

Mortgage_Loans_Held_for_Sale_a1

Mortgage Loans Held for Sale at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Mortgage Loans Held for Sale at Fair Value	'
Summary of mortgage loans held for sale at fair value	'
		December 31,
		2013		2012
		(in thousands)
	Government-insured or guaranteed	$	482,066	$	398,381
	Conventional		45,005		50,003
	Repurchased mortgage loans		3,933		—
		$	531,004	$	448,384
	Fair value of mortgage loans pledged to secure mortgage loans sold under agreements to repurchase	$	512,350	$	438,850

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments	'
Summary of derivative financial instruments	'
		December 31,
		2013								2012
				Fair value								Fair value
	Instrument	Notional		Derivative			Derivative			Notional		Derivative			Derivative
		amount		assets			liabilities			amount		assets			liabilities
		(in thousands)
	Derivatives not designated as hedging instruments
	Free-standing derivatives:
	Interest rate lock commitments		971,783	$	8,964		$	2,203			1,576,174	$	23,951		$	11
	Forward purchase contracts		1,418,527		416			6,542			1,021,981		1,645			389
	Forward sales contracts		2,659,000		18,762			504			2,621,948		1,818			1,894
	MBS put options		185,000		665			—			500,000		967			—
	MBS call options		105,000		91			—			—		—			—
	Total derivatives before netting				28,898			9,249					28,381			2,294
	Netting				(7,358	)		(6,787	)				(1,091	)		(1,785	)
				$	21,540		$	2,462				$	27,290		$	509
Summary of the activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'
	Period/Instrument	Balance		Additions			Dispositions/			Balance
		beginning					expirations			end of period
		of period
		(in thousands)
	Year ended December 31, 2013
	Forward purchase contracts		1,021,981		43,449,699			(43,053,153	)		1,418,527
	Forward sales contracts		2,621,948		63,655,600			(63,618,548	)		2,659,000
	MBS put options		500,000		2,520,000			(2,835,000	)		185,000
	MBS call options		—		2,205,000			(2,100,000	)		105,000
	Period/Instrument	Balance		Additions			Dispositions/			Balance
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2012
	Forward purchase contracts		130,900		19,425,777			(18,534,696	)		1,021,981
	Forward sales contracts		510,569		29,394,503			(27,283,124	)		2,621,948
	MBS put options		29,000		2,098,000			(1,627,000	)		500,000
	MBS call options		3,000		85,000			(88,000	)		—
	Period/Instrument	Balance		Additions			Dispositions/			Balance
		beginning					expirations			end
		of period								of period
		(in thousands)
	Year ended December 31, 2011
	Forward purchase contracts		2,908		978,395			(850,403	)		130,900
	Forward sales contracts		27,700		1,975,563			(1,492,694	)		510,569
	MBS put options		—		68,000			(39,000	)		29,000
	MBS call options		2,000		37,500			(36,500	)		3,000

Mortgage_Servicing_Rights_Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2013
Mortgage Servicing Rights	'
Schedule of activity in MSRs carried at fair value	'
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Balance at beginning of year	$	19,798		$	25,698		$	31,957
	Additions:
	MSRs resulting from purchases		195,871			—			1,352
	MSRs resulting from loan sales		14,636			774			1,696
			210,507			774			3,048
	Sales		(550	)		—			—
	Change in fair value:
	Due to changes in valuation inputs or assumptions used in valuation model(1)		659			(1,550	)		(5,323	)
	Other changes in fair value(2)		(5,501	)		(5,124	)		(3,984	)
	Total change in fair value		(4,842	)		(6,674	)		(9,307	)
	Balance at end of year	$	224,913		$	19,798		$	25,698
	-1
	Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates.
	-2
	Represents changes due to realization of cash flows.
Schedule of activity in MSRs carried at lower of amortized cost or fair value	'
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Amortized cost:
	Balance at beginning of year	$	92,155		$	6,496		$	—
	Additions:
	MSRs resulting from loan sales		190,469			89,698			6,557
	Amortization		(19,251	)		(4,039	)		(61	)
	Application of valuation allowance to write down MSRs with other-than-temporary impairment		—			—			—
	Balance at end of year		263,373			92,155			6,496
	Valuation allowance for impairment of MSRs:
	Balance at beginning of year		(2,978	)		(70	)		—
	Additions		(1,644	)		(2,908	)		(70	)
	Application of valuation allowance to write down MSRs with other-than-temporary impairment		—			—			—
	Balance at end of year		(4,622	)		(2,978	)		(70	)
	MSRs, net	$	258,751		$	89,177		$	6,426
	Estimated fair value of MSRs at end of year	$	269,422		$	91,028		$	6,465
Summary of estimate of future amortization of existing MSRs	'
	Year ending December 31,	Estimated MSR
		amortization
		(in thousands)
	2014	$	23,254
	2015		22,714
	2016		22,215
	2017		21,869
	2018		20,978
	Thereafter		152,343
		$	263,373
Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income	'
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Contractual servicing fees	$	61,523		$	20,673		$	11,493
	Ancillary and other fees
	Late charges		1,998			948			829
	Other		549			276			136
		$	64,070		$	21,897		$	12,458

Carried_Interest_Due_from_Inve1

Carried Interest Due from Investment Funds (Tables)	12 Months Ended
	Dec. 31, 2013
Carried Interest Due from Investment Funds	'
Summary of activity in the Company's Carried interest due from Investment Funds	'
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Balance at beginning of year	$	47,723	$	37,250	$	24,654
	Carried Interest recognized during the year:
	Carried Interest earned during the year		13,419		10,473		9,275
	Adjustment recognized pursuant to amendment of management agreement		—		—		3,321
			13,419		10,473		12,596
	Proceeds received during the year		—		—		—
	Balance at end of year	$	61,142	$	47,723	$	37,250

Investment_in_PennyMac_Mortgag1

Investment in PennyMac Mortgage Investment Trust at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Investment in PennyMac Mortgage Investment Trust at Fair Value	'
Summary of change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	'
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Dividends	$	216		$	167	$	138
	Change in fair value		(175	)		650		(115	)
		$	41		$	817	$	23
	Fair value of PennyMac Mortgage Investment Trust shares at year end	$	1,722		$	1,897	$	1,247

Furniture_Fixtures_Equipment_a1

Furniture, Fixtures, Equipment and Building Improvements (Tables) (Furniture, Fixtures, Equipment and Building Improvements)	12 Months Ended
	Dec. 31, 2013
Furniture, Fixtures, Equipment and Building Improvements	'
Furniture, fixtures, equipment and building improvements	'
Schedule of furniture, fixtures, equipment and building improvements	'
		December 31,
		2013			2012
		(in thousands)
	Furniture, fixtures, equipment and building improvements	$	13,128		$	6,494
	Less: Accumulated depreciation and amortization		(3,291	)		(1,429	)
		$	9,837		$	5,065

Capitalized_Software_Tables

Capitalized Software (Tables) (Capitalized software)	12 Months Ended
	Dec. 31, 2013
Capitalized software	'
Capitalized Software	'
Summary of capitalized software	'
		December 31,
		2013			2012
		(in thousands)
	Cost	$	2,015		$	1,676
	Less: Accumulated amortization		(1,251	)		(881	)
		$	764		$	795

Borrowings_Tables

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2013
Borrowings	'
Summary of financial data pertaining to mortgage loans sold under agreements to repurchase	'
		Year ended December 31,
		2013			2012			2011
		(dollar amounts in thousands)
	Year end:
	Balance	$	471,592		$	393,534		$	77,700
	Unused amount(1)	$	528,408		$	106,466		$	22,300
	Weighted-average interest rate		1.79	%		2.2	%		2.39	%
	Fair value of loans securing agreements to repurchase	$	512,350		$	438,850		$	86,787
	During the year:
	Average balance of loans sold under agreements to repurchase	$	344,625		$	172,729		$	24,905
	Weighted-average interest rate(2)		1.96	%		2.24	%		2.66	%
	Total interest expense	$	10,863		$	5,927		$	1,875
	Maximum daily amount outstanding	$	623,523		$	441,245		$	127,593
	-1
	The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the mortgage loans sold.
	-2
	Excludes the effect of amortization of commitment fees totaling $4.0 million, $2.0 million, and $1.0 million for the years ended December 31, 2013, 2012, and 2011, respectively.
Summary of maturities of outstanding advances under repurchase agreements by maturity date	'
	Remaining maturity at December 31, 2013	Balance
		(in thousands)
	Within 30 days	$	782
	Over 30 to 90 days		470,810
	Over 90 days to 180 days		—
	Over 180 days to 1 year		—
		$	471,592
	Weighted-average maturity (in months)		2.6
Summary of amount at risk relating to the mortgage loans held for sale sold under agreements to repurchase by counterparty	'
	The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and accrued interest) relating to the Company's mortgage loans held for sale sold under agreements to repurchase is summarized by counterparty below as of December 31, 2013:
	Counterparty	Amount at risk			Weighted-average			Facility Maturity
					maturity of advances under
					repurchase agreement
		(in thousands)
	Credit Suisse First Boston Mortgage Capital LLC	$	19,593			March 26, 2014			October 31, 2014
	Bank of America, N.A.	$	19,195			March 22, 2014			January 2, 2014
	Morgan Stanley	$	3,103			February 22, 2014			July 1, 2014
	Citibank, N.A.	$	—			—			July 24, 2014
Summary of note payable	'
		December 31,
		2013			2012
		(in thousands)
	Year end:
	Note payable secured by:
	Servicing advances	$	3,852		$	4,905
	MSRs		48,302			48,108
		$	52,154		$	53,013
	Assets pledged to secure note:
	Servicing advances	$	5,564		$	7,430
	MSRs	$	258,241		$	100,957

Liability_for_Losses_Under_Rep1

Liability for Losses Under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 2013
Liability for Losses Under Representations and Warranties	'
Summary of the entity's liability for representations and warranties	'
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	Balance at beginning of year	$	3,504		$	449	$	189
	Provision for losses on loans sold		4,675			3,055		260
	Incurred losses		(56	)		—		—
	Balance at end of year	$	8,123		$	3,504	$	449
	UPB of mortgage loans subject to representations and warranties at year end	$	23,637,202		$	8,856,044	$	679,247
Summary of repurchase activity	'
		Year ended December 31,
		2013			2012		2011
		(in thousands)
	During the year:
	UPB of mortgage loans repurchased	$	8,449		$	4,399	$	—
	UPB of repurchased mortgage loans put to correspondent lenders	$	3,593		$	—	$	—
	Year end:
	UPB of mortgage loans subject to pending claims for repurchase	$	1,655		$	2,582	$	9,774

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Schedule of the Company's income tax expense (benefit)	'
		Year ended
		December 31, 2013
		(in thousands)
	Current expense:
	Federal	$	—
	State		—
	Total current expense		—
	Deferred expense:
	Federal		7,815
	State		2,146
	Total deferred expense		9,961
	Total provision for income taxes	$	9,961
Schedule of reconciliation of the Company's provision for income taxes at statutory rates to the provision for income taxes at the Company's effective tax rate	'
		Year ended
		December 31, 2013
	Federal income tax statutory rate		35	%
	Less: Rate attributable to non-controlling members		(30.3	)%
	State income taxes, net of federal benefit		0.8	%
	Valuation allowance		0	%
	Effective tax rate		5.5	%
Schedule of components of the Company's provision for deferred income taxes	'
		Year ended
		December 31, 2013
		(in thousands)
	Investment in PennyMac	$	12,909
	Net operating loss carryforward		(2,948	)
	Valuation allowance		—
	Total provision for deferred income taxes	$	9,961
Schedule of components of Deferred tax asset	'
		December 31, 2013
		(in thousands)
	Taxes currently receivable	$	7
	Deferred income tax asset, net		63,110
	Deferred tax asset	$	63,117
Schedule of tax effects of temporary differences that gave rise to deferred income tax assets and liabilities	'
		December 31, 2013
		(in thousands)
	Deferred income tax assets:
	Investment in PennyMac	$	60,162
	Net operating loss carryforward		2,948
	Gross deferred tax assets		63,110
	Deferred income tax liabilities:
	Other		—
	Gross deferred tax liabilities		—
	Net deferred income tax asset	$	63,110

Net_Gains_on_Mortgage_Loans_He1

Net Gains on Mortgage Loans Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2013
Net Gains on Mortgage Loans Held for Sale	'
Net Gains on Mortgage Loans Held for Sale	'
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Cash gain (loss):
	Sales proceeds	$	(150,589	)	$	78,671		$	182
	Hedging activities		98,707			(70,916	)		(8,578	)
			(51,882	)		7,755			(8,396	)
	Non-cash gain:
	Receipt of MSRs in loan sale transactions		205,105			90,472			8,253
	MSR recapture payable to PennyMac Mortgage Investment Trust		(709	)		—			—
	Provision for losses relating to representations and warranties on loans sold		(4,675	)		(3,055	)		(260	)
	Change in fair value relating to loans and hedging derivatives held at year end:
	IRLCs		(17,179	)		16,035			7,919
	Mortgage loans		(4,207	)		4,030			393
	Hedging derivatives		11,560			2,933			5,120
		$	138,013		$	118,170		$	13,029

Net_Interest_Expense_Tables

Net Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2013
Net Interest Expense	'
Summary of net interest income (expense)	'
		Year ended December 31,
		2013			2012			2011
		(in thousands)
	Interest income:
	Short-term investments	$	893		$	72		$	22
	Mortgage loans held for sale at fair value		14,739			6,282			1,510
			15,632			6,354			1,532
	Interest expense:
	Mortgage loans sold under agreements to repurchase		10,863			5,927			1,874
	Note payable		2,931			1,180			—
	Excess servicing spread financing at fair value		1,091			—			—
	Other		1,788			772			1
			16,673			7,879			1,875
	Net interest expense	$	(1,041	)	$	(1,525	)	$	(343	)

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2013
Stock-based Compensation	'
Summary of the stock-based compensation expense by instrument awarded	'
		Year ended
		December 31, 2013
		(in thousands)
	Stock Options	$	1,387
	Performance-based RSUs		1,273
	Time-based RSUs		672
		$	3,332
Summary of assumption used utilizing the options pricing model	'
		Year ended
		December 31, 2013
	Expected volatility(1)		45%
	Expected dividends		0%
	Risk-free rate		0.3% - 2.3%
	Expected grantee forfeiture rate		6.2% - 19.2%
	-1
	Based on historical volatilities of comparable companies' common stock.
Summary of Stock Option award activity and compensation expense	'
		Year ended
		December 31, 2013
	Number of Stock Options
	Outstanding at beginning of year		—
	Granted		425,796
	Exercised		—
	Expired or canceled		(7,011	)
	Outstanding at end of year		418,785
	Weighted-average exercise price per share:
	Outstanding at beginning of year	$	—
	Granted		21.03
	Exercised		—
	Expired or canceled		21.03
	Outstanding at end of year	$	21.03
	Number of shares exercisable at end of year		—
	Weighted-average remaining contractual term (in years):
	Outstanding at end of year		9.4
	Exercisable at end of year		—
	Aggregate intrinsic value:
	Outstanding at end of year	$	—
	Exercisable at end of year	$	—
	Expected vesting amounts at year end:
	Number of shares		340,061
	Grant date fair value	$	9.17
	Weighted-average vesting period (in months)		21
Schedule of inputs for grants	'
		Year ended
		December 31, 2013
	Expected volatility(1)	45%
	Expected dividends	0%
	Risk-free rate	0.3% - 2.3%
	Expected grantee forfeiture rate	6.2% - 19.2%
	-1
	Based on historical volatilities of comparable companies' common stock.
Performance-based RSUs	'
Stock-Based Compensation	'
Summary of RSU activity	'
		Year ended
		December 31, 2013
	Number of units
	Outstanding at beginning of year		—
	Granted		500,373
	Vested		—
	Expired or canceled		(9,375	)
	Outstanding at end of year		490,998
	Weighted-average per unit grant date fair value:
	Outstanding at beginning of year	$	—
	Granted	$	11.29
	Vested	$	—
	Expired or canceled	$	10.85
	Outstanding at end of year	$	11.3
	Compensation expense recorded during the year (in thousands)	$	1,273
	Year end:
	Unamortized compensation cost (in thousands)	$	4,364
	Number of shares expected to vest		448,639
	Grant date fair value of shares expected to vest		20.99
	Weighted-average remaining vesting period (in months)		18
Time-based RSUs	'
Stock-Based Compensation	'
Summary of RSU activity	'
		Year ended
		December 31, 2013
	Number of units
	Outstanding at beginning of year		—
	Granted		101,459
	Vested		—
	Expired or canceled		(1,141	)
	Outstanding at end of year		100,318
	Weighted-average grant date fair value per unit:
	Outstanding at beginning of year	$	—
	Granted	$	18.03
	Vested	$	—
	Expired or canceled	$	17.14
	Outstanding at end of year	$	18.04
	Compensation expense recorded during the year (in thousands)	$	672
	Year end:
	Unamortized compensation cost (in thousands)	$	1,099
	Number of shares expected to vest		58,398
	Grant date fair value		20.99
	Weighted-average remaining vesting period (in months)		18

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Information	'
Schedule of supplemental cash flow information	'
		Year ended December 31,
		2013		2012		2011
		(in thousands)
	Cash paid for interest	$	16,527	$	7,858	$	858
	Cash paid for income taxes	$	7	$	—	$	—
	Non-cash investing activity:
	Receipt of MSRs created in loan sales activities	$	205,105	$	90,472	$	8,253

Regulatory_Net_Worth_and_Agenc1

Regulatory Net Worth and Agency Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2013
Regulatory Net Worth and Agency Capital Requirements	'
Summary of agencies' capital requirements by each agency	'
		December 31,
		2013				2012
	Requirement—company subject to requirement	Net worth(1)		Required		Net worth(1)		Required
		(in thousands)
	Fannie Mae—PLS	$	409,552	$	83,148	$	172,843	$	35,947
	Freddie Mac—PLS	$	409,860	$	3,001	$	173,273	$	2,556
	Ginnie Mae:
	Issuer—PLS	$	388,125	$	102,619	$	152,782	$	23,886
	Issuer's parent—PennyMac	$	598,198	$	112,881	$	227,560	$	26,275
	HUD—PLS	$	388,125	$	2,500	$	152,782	$	1,000
	-1
	Calculated in compliance with the respective Agency's requirements.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies.	'
Schedule of commitments to fund and sell mortgage loans	'
		December 31, 2013
		(in thousands)
	Commitments to purchase mortgage loans from PennyMac Mortgage Investment Trust	$	718,105
	Commitments to fund mortgage loans		253,678
		$	971,783
	Commitments to sell mortgage loans	$	2,659,000

Segments_and_Related_Informati1

Segments and Related Information (Tables)	12 Months Ended
	Dec. 31, 2013
Segments and Related Information	'
Summary of financial highlights by segment	'
		Year ended December 31, 2013
		Mortgage			Investment		Total
		banking			management
		(in thousands)
	Revenues:
	Net gains on mortgage loans held for sale at fair value	$	138,013		$	—	$	138,013
	Loan origination fees		23,575			—		23,575
	Fulfillment fees from PennyMac Mortgage Investment Trust		79,712			—		79,712
	Net servicing fees		90,010			—		90,010
	Management fees		—			40,330		40,330
	Carried Interest from Investment Funds		—			13,419		13,419
	Net interest (expense) income:
	Interest income		15,610			22		15,632
	Interest expense		(16,673	)		—		(16,673	)
			(1,063	)		22		(1,041	)
	Other		(22	)		2,563		2,541
			330,225			56,334		386,559
	Expenses:
	Compensation		139,735			8,841		148,576
	Loan origination		9,943			—		9,943
	Other		45,022			892		45,914
			194,700			9,733		204,433
	Income before provision for income taxes	$	135,525		$	46,601	$	182,126
	Segment assets at year end	$	1,490,751		$	93,724	$	1,584,475
		Year ended December 31, 2012
		Mortgage			Investment		Total
		banking			management
		(in thousands)
	Revenues:
	Net gains on mortgage loans held for sale at fair value	$	118,170		$	—	$	118,170
	Loan origination fees		9,634			—		9,634
	Fulfillment fees from PennyMac Mortgage Investment Trust		62,906			—		62,906
	Net servicing fees		40,105			—		40,105
	Management fees		—			21,799		21,799
	Carried Interest from Investment Funds		—			10,473		10,473
	Net interest (expense) income:
	Interest income		6,349			5		6,354
	Interest expense		(7,879	)		—		(7,879	)
			(1,530	)		5		(1,525	)
	Other		2			3,522		3,524
			229,287			35,799		265,086
	Expenses:
	Compensation		113,995			10,019		124,014
	Loan origination		2,953			—		2,953
	Other		19,161			635		19,796
			136,109			10,654		146,763
	Income before provision for income taxes	$	93,178		$	25,145	$	118,323
	Segment assets at year end	$	761,949		$	70,214	$	832,163
		Year ended December 31, 2011
		Mortgage			Investment		Total
		banking			management
		(in thousands)
	Revenues:
	Net gains on mortgage loans held for sale at fair value	$	13,029		$	—	$	13,029
	Loan origination fees		669			—		669
	Fulfillment fees from PennyMac Mortgage Investment Trust		1,747			—		1,747
	Net servicing fees		28,667			—		28,667
	Management fees		—			16,683		16,683
	Carried Interest from Investment Funds		—			12,596		12,596
	Net interest (expense) income:
	Interest income		1,528			4		1,532
	Interest expense		(1,875	)		—		(1,875	)
			(347	)		4		(343	)
Other		—			1,736		1,736
		43,765			31,019		74,784
Expenses:
Compensation		36,386			11,093		47,479
Loan origination		185			—		185
Other		11,333			1,088		12,421
		47,904			12,181		60,085
Income before provision for income taxes	$	(4,139	)	$	18,838	$	14,699
Segment assets at year end	$	241,716		$	47,565	$	289,281

Selected_Quarterly_Results_Una1

Selected Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Selected Quarterly Results (Unaudited)	'
Schedule of selected quarterly financial data	'
		Quarter ended
		2013								2012
		Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30		June 30		Mar. 31
		(in thousands, except per share data)
	For the quarter ended:
	Net gains on mortgage loans held for sale at fair value	$	29,453	$	25,949	$	42,654	$	39,957	$	49,683	$	39,760	$	14,790	$	13,937
	Fulfillment fees from PennyMac Mortgage Investment Trust		11,087		18,327		22,054		28,244		31,809		17,258		7,715		6,124
	Net servicing fees		30,500		21,399		22,069		16,042		14,759		6,112		7,658		11,576
	Management fees and Carried Interest		13,963		13,352		13,291		13,143		12,560		9,469		6,966		5,982
	Other income		5,417		8,167		6,509		4,982		708		3,633		4,318		269
			90,420		87,194		106,577		102,368		109,519		76,232		41,447		37,888
	Expenses		48,733		52,277		56,348		47,075		54,099		38,369		30,969		22,657
	Income before provision for income taxes		41,687		34,917		50,229		55,293		55,420		37,863		10,478		15,231
	Provision for income taxes		4,430		3,493		2,038		—		—		—		—		—
	Net income		37,257		31,424		48,191	$	55,293	$	55,420	$	37,863	$	10,478	$	15,231
	Less: Net income attributable to noncontrolling interest		30,847		26,227		45,398
	Net income attributable to PennyMac Financial Services, Inc. common stockholders	$	6,410	$	5,197	$	2,793
	Earnings per share of Common Stock:
	Basic	$	0.33	$	0.29	$	0.22
	Diluted	$	0.32	$	0.28	$	0.22
	At period end:
	Mortgage loans held for sale at fair value	$	531,004	$	530,248	$	656,341	$	203,661	$	448,384	$	410,071	$	248,974	$	176,282
	Mortgage servicing rights(1)		483,664		252,858		199,738		146,992		108,975		74,154		52,900		41,599
	Carried Interest from Investment Funds		61,142		58,134		55,322		52,460		47,723		44,504		41,149		39,039
	Servicing advances		154,328		105,344		94,791		96,587		93,152		76,554		73,706		68,961
	Other assets		354,337		307,800		274,588		193,277		133,929		97,416		88,907		92,758
	Total assets	$	1,584,475	$	1,254,384	$	1,280,780	$	692,977	$	832,163	$	702,699	$	505,636	$	418,639
	Assets sold under agreements to repurchase		471,592		387,883		500,427		180,049		393,534		361,478		220,546		159,547
	Note payable		52,154		56,775		47,209		63,437		53,013		34,035		18,116		17,584
	Excess servicing spread financing at fair value to PennyMac Mortgage Investment Trust		138,723		2,857		—		—		—		—		—		—
	Other liabilities		292,802		216,908		177,000		141,748		123,866		105,259		99,744		84,586
	Total liabilities		955,271		664,423		724,636		385,234		570,413		500,772		338,406		261,717
	Total equity		629,204		589,961		556,144		307,743		261,750		201,927		167,230		156,922
	Total liabilities and equity	$	1,584,475	$	1,254,384	$	1,280,780	$	692,977	$	832,163	$	702,699	$	505,636	$	418,639

Parent_Company_Information_Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2013
Parent Company Information	'
Schedule of condensed balance sheets	'
		December 31,
		2013
		(in thousands)
	ASSETS
	Cash	$	707
	Investments in subsidiaries		177,200
	Other assets		63,117
	Total assets	$	241,024
	LIABILITIES AND STOCKHOLDERS' EQUITY
	Accrued expenses and other liabilities	$	71,056
	Payables to subsidiaries		50
	Stockholders' equity		169,918
	Total liabilities and stockholders' equity	$	241,024
Schedule of condensed statements of income	'
		Year ended
		December 31,
		2013
		(in thousands)
	Revenue
	Dividends from subsidiaries	$	664
	Interest		—
	Total revenue		664
	Expenses
	Interest		—
	Total expenses		—
	Income before provision for income taxes and equity in undistributed earnings in subsidiaries		664
	Provision for income taxes		9,961
	Income before equity in undistributed earnings of subsidiaries		(9,297	)
	Equity in undistributed earnings of subsidiaries		23,697
	Net income	$	14,400
Schedule of condensed statements of cash flows	'
		Year ended
		December 31,
		2013
		(in thousands)
	Cash flows from operating activities
	Net income	$	14,400
	Equity in undistributed earnings of subsidiaries		(23,697	)
	Increase in payables to subsidiaries		50
	Decrease in deferred tax asset		9,954
	Net cash provided by operating activities		707
	Cash flows from investing activities
	Increase in investments in subsidiaries		(216,775	)
	Net cash used by investing activities		(216,775	)
	Cash flows from financing activities
	Issuance of common shares		230,000
	Payment of common share underwriting and offering costs		(13,225	)
	Net cash provided by financing activities		216,775
	Net change in cash		707
	Cash at beginning of year		—
	Cash at end of year	$	707

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Details) (USD $)	0 Months Ended	12 Months Ended
	14-May-13	Dec. 31, 2013
Organization and Basis of Presentation	'	'
Tax benefits payable under tax receivable agreement (as a percent)	85.00%	'
Amount of tax benefits under the tax sharing agreement (as a percent)	'	85.00%
Members' equity	'	'
Organization and Basis of Presentation	'	'
Reclassification of members' equity to non-controlling interest	'	315,454,000
Non-controlling Interest	'	'
Organization and Basis of Presentation	'	'
Reclassification of members' equity to non-controlling interest	'	-315,454,000
Class A Common Stock	'	'
Organization and Basis of Presentation	'	'
Common stock sold in initial public offering (in shares)	12,800,000	12,778,000
Public offering price (in dollars per share)	18	'
Net proceeds from initial public offering, after deducting net underwriting discounts and commissions	216,800,000	'
Number of Class A common units purchased	12,800,000	'
Shares purchased accounted for as a transfer of interests under common control	12,800,000	'
PCM	'	'
Organization and Basis of Presentation	'	'
Number of investment funds with whom management has management agreement	'	3

Concentration_of_Risk_Details

Concentration of Risk (Details) (Total Revenues, Advised Entities)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Total Revenues | Advised Entities	'	'	'
Concentration of Risk	'	'	'
Percentage of total net revenue	47.00%	47.00%	75.00%

Significant_Accounting_Policie3

Significant Accounting Policies (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net interest (expense) income:	'	'	'
Interest income	$15,632	$6,354	$1,532
Interest expense	16,673	7,879	1,875
Net interest expense	-1,041	-1,525	-343
As previously reported	'	'	'
Net interest (expense) income:	'	'	'
Interest income	'	6,354	1,532
Net interest expense	'	6,354	1,532
Reclassification	'	'	'
Net interest (expense) income:	'	'	'
Interest expense	'	7,879	1,875
Net interest expense	'	$7,879	$1,875

Significant_Accounting_Policie4

Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2013
	item
MSRs	'
Mortgage Servicing Rights	'
Number of classes of MSRs	3
MSRs | Minimum	'
Mortgage Servicing Rights	'
Servicing fee (as a percent)	0.19%
Note rates (as a percent)	3.00%
MSRs | Maximum	'
Mortgage Servicing Rights	'
Servicing fee (as a percent)	0.57%
Note rates (as a percent)	4.50%
MSRs | Fixed-rate loans, stratified pool	'
Mortgage Servicing Rights	'
Stratification range, as a percent	0.50%
MSRs | Fixed-rate loans, single pool	'
Mortgage Servicing Rights	'
Stratification range, as a percent	3.00%
MSRs, class one	'
Mortgage Servicing Rights	'
Interest rate (as a percent)	4.50%
MSRs, class two	'
Mortgage Servicing Rights	'
Interest rate (as a percent)	4.50%

Significant_Accounting_Policie5

Significant Accounting Policies (Details 3) (USD $)	12 Months Ended	36 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2013
Long-lived asset disclosures	'	'
Period of payment default	'3 months	'
Furniture, Fixtures, Equipment and Building Improvements | Minimum	'	'
Long-lived asset disclosures	'	'
Estimated useful lives	'5 years	'
Furniture, Fixtures, Equipment and Building Improvements | Maximum	'	'
Long-lived asset disclosures	'	'
Estimated useful lives	'7 years	'
Capitalized software	'	'
Long-lived asset disclosures	'	'
Estimated useful lives	'5 years	'
Impairment of capitalized software	'	$0

Significant_Accounting_Policie6

Significant Accounting Policies (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Amount of cash savings under an agreement (as a percent)	85.00%
PMOFA	'
Variable Interest Held in Unconsolidated Variable Interest Entities	'
Number of entities that hold mortgage loans for Funding II, LLC	2
Maximum exposure of loss from the unconsolidated VIEs	1,436,000

Transactions_with_Affiliates_D

Transactions with Affiliates (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

11 Months Ended

12 Months Ended

11 Months Ended

11 Months Ended

11 Months Ended

12 Months Ended

1 Months Ended

11 Months Ended

1 Months Ended

11 Months Ended

1 Months Ended

12 Months Ended

11 Months Ended

12 Months Ended

12 Months Ended

11 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jan. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jan. 31, 2013

Dec. 31, 2013

Jan. 31, 2013

Dec. 31, 2013

Jan. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Aug. 04, 2009

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 02, 2013

Dec. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

PCM

PCM

PCM

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

PMT

Investment Funds

Investment Funds

Investment Funds

Investment Funds

PNMAC Mortgage Opportunity Fund, LLC

PNMAC Mortgage Opportunity Fund, LLC

PNMAC Mortgage Opportunity Fund Investors, LLC

PNMAC Mortgage Opportunity Fund Investors, LLC

item

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Management Fees

Mortgage Loan Servicing

Mortgage Loan Servicing

Mortgage Loan Servicing

Mortgage Loan Servicing

Mortgage Loan Servicing

Mortgage Loan Servicing

Mortgage Loan Servicing

Mortgage Loan Servicing

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Correspondent Lending

Mortgage banking services

Warehouse services

Mortgage banking and warehouse services

Conditional Reimbursement

Conditional Reimbursement

Conditional Reimbursement

Conditional Reimbursement

MSR Recapture Agreement

MSR Recapture Agreement

MSR Recapture Agreement

2/1/13 Spread Acquisition Agreement

12/30/13 Spread Acquisition Agreement

item

item

Minimum

Maximum

8% return on equity

8% return on equity

8% return on equity

12% return on equity

12% return on equity

12% return on equity

In excess of 16% return on equity

In excess of 16% return on equity

Shareholders' equity up to $2 billion

Shareholders' equity in excess of $2 billion and up to $5 billion

Shareholders' equity in excess of $2 billion and up to $5 billion

Shareholders' equity in excess of $2 billion and up to $5 billion

Shareholders' equity in excess of $5 billion

Shareholders' equity in excess of $5 billion

Minimum

Minimum

Maximum

Maximum

Purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion

Purchases mortgage loans with an aggregate unpaid principal balance in any month $5 billion

Conventional mortgage loans

Ginnie Mae Mortgage-Backed Securities Guide mortgage loans

HARP mortgage loans with a loan-to-value ratio of 105% or less

HARP mortgage loans with a loan-to-value ratio of greater than 105%

Other mortgage loans

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Minimum

Maximum

Ginnie Mae Mortgage-Backed Securities Guide mortgage loans

Minimum

Maximum

Minimum

Maximum

Maximum

Maximum

Minimum

Maximum

Minimum

Purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion

Purchases mortgage loans with an aggregate unpaid principal balance in any month $5 billion

HARP mortgage loans with a loan-to-value ratio of 105% or less

Purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion

HARP mortgage loans with a loan-to-value ratio of greater than 105%

Transactions with Affiliates

'

'

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'

Base management fee annual rate (as a percent)

'

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'

'

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'

'

'

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'

'

'

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'

1.50%

'

'

'

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'

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'

'

'

'

'

1.50%

1.38%

'

'

1.25%

'

'

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'

'

Percentage of net income for calculation of performance incentive fees

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

10.00%

'

'

15.00%

'

'

20.00%

'

'

'

'

'

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'

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'

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'

'

'

'

'

'

'

'

'

Number of rolling quarters taken as base for performance incentive fee computation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

4

4

'

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'

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'

'

'

'

'

'

'

Hurdle rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

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'

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'

'

'

'

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'

'

High watermark

'

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'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

$0

'

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'

'

'

'

'

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'

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'

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'

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'

'

'

'

'

'

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'

'

'

'

'

'

'

Period of target yield considered for determination of performance incentive fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

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'

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'

'

'

'

'

'

'

Percentage of change in net income due to quarterly adjustments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

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'

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'

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'

'

'

'

'

'

'

'

Number of quarters considered for determination of performance incentive fee

'

'

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'

'

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4

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'

Base management fee shareholders' equity limit

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'

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'

'

'

'

'

2,000,000,000

'

2,000,000,000

5,000,000,000

'

5,000,000,000

'

'

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'

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'

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'

'

'

Percentage of return on affiliate's equity

'

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'

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'

'

8.00%

12.00%

'

12.00%

16.00%

'

16.00%

'

'

'

'

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'

'

'

'

'

'

'

Percentage of performance incentive fee payable by issuance of common shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

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'

'

'

50.00%

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'

'

'

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'

'

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'

'

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'

Management fees earned

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'

'

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'

'

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'

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'

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'

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Base

'

'

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'

'

19,644,000

12,436,000

6,740,000

'

'

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Performance incentive

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,766,000

'

'

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'

'

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'

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'

'

'

'

'

'

'

'

'

Management fees

'

'

'

'

'

'

'

'

40,330,000

21,799,000

16,683,000

'

'

'

'

'

'

'

'

'

'

'

32,410,000

12,436,000

6,740,000

'

'

32,410,000

12,436,000

6,740,000

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,920,000

9,363,000

9,943,000

'

'

'

'

'

Multiplier for calculating the termination fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period for calculating average annual fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'24 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Renewal period of servicing agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

Servicing fee rates per year for nonperforming loans (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Servicing fees amount per month for current loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Servicing fees amount per month for severely delinquent loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

125

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base servicing fees per month for fixed-rate non-distressed loans subserviced

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base servicing fees per month for adjustable rate non-distressed loans subserviced

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional servicing fee amount per month for delinquent loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10

'

75

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Supplemental fee per month for each distressed whole loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Supplemental fee per month for each non-distressed subserviced loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Supplemental fee quarterly cap for each non-distressed subserviced loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan servicing fees earned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,993,000

14,332,000

9,740,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Activity-based

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,420,000

4,276,000

3,464,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan servicing fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39,413,000

18,608,000

13,204,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fulfillment fee as a percentage of unpaid principal balance of mortgage loans sold to non-affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

'

0.50%

0.88%

0.80%

1.20%

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loans, loan-to-value ratio (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

105.00%

'

105.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sourcing fee rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.03%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Threshold unpaid principal balance of mortgage loans sold to non-affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000,000

5,000,000,000

'

5,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fulfillment fee reimbursement as a percentage of unpaid principal balance of mortgage loans sold to non-affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.03%

0.05%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Threshold unpaid principal balance of mortgage loans sold to non-affiliates for calculation of fulfillment fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000,000

5,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan servicing fee per year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000

25,000

25,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan servicing fee per loan (in dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50

50

50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Lending activity between the entity and affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fulfillment fee revenue

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,087,000

18,327,000

22,054,000

28,244,000

31,809,000

17,258,000

7,715,000

6,124,000

79,712,000

62,906,000

1,747,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

79,712,000

62,906,000

1,747,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

UPB of loans fulfilled for PMT

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,225,153,000

13,028,375,000

505,317,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sourcing fees paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,611,000

2,505,000

166,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of loans purchased from PMT

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,113,806,000

8,864,264,000

577,852,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Threshold percentage of unpaid principal balance with respect to new mortgage loans originating in refinancing

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30.00%

'

'

'

'

'

'

'

'

'

'

'

Fair market value of the aggregate MSRs to be transferred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

'

'

'

'

'

'

'

'

'

'

Gain on mortgage loans held for sale

29,453,000

25,949,000

42,654,000

39,957,000

49,683,000

39,760,000

14,790,000

13,937,000

138,013,000

118,170,000

13,029,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

709,000

'

'

'

'

'

'

'

'

'

'

'

'

Threshold amount of ESS to be transferred for the applicable month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

200,000

'

'

'

'

'

'

'

'

Percentage of the product of excess servicing fee rate and unpaid principal balance of refinanced mortgage loans considered for transfer of additional ESS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

'

Amount of tax benefits under the tax receivable agreement (as a percent)

'

'

'

'

'

'

'

'

85.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of tax liability under the tax sharing agreement

71,100,000

'

'

'

'

'

'

'

71,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conditional reimbursement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,900,000

2,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Performance incentive fees reimbursement under the management agreement for every $100 of performance incentive fees earned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum performance incentive fees reimbursement within 12-month period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments received

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

944,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reimbursement of:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common overhead/expenses incurred on behalf of affiliates

'

'

'

'

'

'

'

'

15,627,000

7,329,000

6,305,000

10,989,000

4,183,000

4,086,000

'

'

'

'

'

'

'

'

4,638,000

3,146,000

2,219,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments and settlements during the period

'

'

'

'

'

'

'

'

121,230,000

85,554,000

12,656,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amounts due from affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,924,000

'

'

'

4,499,000

'

'

'

8,924,000

4,499,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,031,000

2,164,000

'

'

'

'

'

'

Servicing fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,915,000

'

'

'

3,670,000

'

'

'

5,915,000

3,670,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,009,000

'

'

'

1,106,000

'

'

'

2,009,000

1,106,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Underwriting fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,788,000

'

'

'

2,941,000

'

'

'

1,788,000

2,941,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan purchases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,475,000

'

'

'

'

4,475,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan servicing fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

727,000

1,052,000

'

'

'

'

'

'

Loan servicing rebate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

136,000

-239,000

'

'

'

'

'

'

Expense reimbursements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,000

695,000

'

'

'

'

'

'

Total due from affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,636,000

'

'

'

16,691,000

'

'

'

18,636,000

16,691,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,915,000

3,672,000

'

'

'

'

'

'

Investment in affiliate, common shares of beneficial interest (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000

'

'

'

75,000

'

'

'

75,000

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in affiliates, at fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,700,000

'

'

'

1,900,000

'

'

'

1,700,000

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carried Interest due from affiliates

61,142,000

58,134,000

55,322,000

52,460,000

47,723,000

44,504,000

41,149,000

39,039,000

61,142,000

47,723,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

61,142,000

47,723,000

37,250,000

24,654,000

37,702,000

29,785,000

23,440,000

17,938,000

Amounts due to affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$81,174,000

'

'

'

$46,779,000

'

'

'

$81,174,000

$46,779,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$36,937,000

$36,795,000

'

'

'

'

'

'

Earnings_Per_Share_of_Common_S2

Earnings Per Share of Common Stock (Details) (USD $)	3 Months Ended			12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2013
Basic earnings per share of common stock:	'	'	'	'
Net income attributable to PennyMac Financial Services, Inc common stockholders	$6,410	$5,197	$2,793	$14,400
Weighted-average common stock shares outstanding	'	'	'	17,311
Basic earnings per share of common stock (in dollars per share)	$0.33	$0.29	$0.22	$0.83
Diluted earnings per share of common stock:	'	'	'	'
Net income	6,410	5,197	2,793	14,400
Effect of net income attributable to noncontrolling interest, net of tax	'	'	'	47,838
Diluted net income attributable to common stockholders	'	'	'	$62,238
Weighted-average common stock outstanding	'	'	'	17,311
Dilutive shares:	'	'	'	'
PennyMac Class A common units exchangeable to common stock	'	'	'	58,553
Shares issuable under stock-based compensation plans (in shares)	'	'	'	28
Diluted weighted-average common stock shares outstanding	'	'	'	75,892
Diluted earnings per share of common stock (in dollars per share)	$0.32	$0.28	$0.22	$0.82

Loan_Sales_and_Servicing_Activ2

Loan Sales and Servicing Activities (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item	item
Cash flows :	'	'	'
Sales proceeds	$17,006,460	$9,123,645	$655,724
Servicing fees received	56,066	11,197	163
Net servicing (advances) recoveries	4,207	7,818	538
Year-end information:	'	'	'
UPB of loans outstanding at year end	23,640,261	9,847,509	696,521
30-89 days	410,927	137,827	5,272
90 days or more or in foreclosure or bankruptcy	143,022	54,795	813
Mortgage servicing portfolio	'	'	'
Mortgage loans held for sale	506,540	417,742	'
Total loans serviced	78,167,439	28,152,549	'
Amount subserviced for the Company	738,957	421,380	'
Delinquent mortgage loans:	'	'	'
30 days	1,567,572	379,537	'
60 days	459,187	183,450	'
90 days or more	2,022,053	964,698	'
Total delinquent mortgage loans	4,048,812	1,527,685	'
Loans pending foreclosure	1,960,904	1,366,016	'
Total delinquent mortgage loans and loans pending foreclosure	6,009,716	2,893,701	'
Custodial funds managed by the Company	814,748	413,642	'
Number of top states for which geographical loan distribution was measured	5	5	'
California	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	30,320,616	10,696,508	'
Texas	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	4,470,123	1,223,382	'
Virginia	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	3,769,683	'	'
Florida	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	3,416,274	1,385,286	'
Washington	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	2,760,900	1,143,849	'
Colorado	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	'	1,299,295	'
All other states	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	33,429,843	12,404,229	'
Agencies	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	44,969,026	9,860,284	'
Affiliated entities	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	31,632,718	16,552,939	'
Private investors	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	1,059,155	1,321,584	'
Servicing rights owned	'	'	'
Mortgage servicing portfolio	'	'	'
Mortgage loans held for sale	506,540	417,742	'
Total loans serviced	46,445,360	11,599,610	'
Amount subserviced for the Company	156,347	45,562	'
Delinquent mortgage loans:	'	'	'
30 days	1,304,054	191,884	'
60 days	346,912	60,886	'
90 days or more	605,555	112,847	'
Total delinquent mortgage loans	2,256,521	365,617	'
Loans pending foreclosure	168,776	75,329	'
Total delinquent mortgage loans and loans pending foreclosure	2,425,297	440,946	'
Custodial funds managed by the Company	568,161	263,562	'
Servicing rights owned | Agencies	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	44,969,026	9,860,284	'
Servicing rights owned | Private investors	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	969,794	1,321,584	'
Contract servicing and subservicing	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced	31,722,079	16,552,939	'
Amount subserviced for the Company	582,610	375,818	'
Delinquent mortgage loans:	'	'	'
30 days	263,518	187,653	'
60 days	112,275	122,564	'
90 days or more	1,416,498	851,851	'
Total delinquent mortgage loans	1,792,291	1,162,068	'
Loans pending foreclosure	1,792,128	1,290,687	'
Total delinquent mortgage loans and loans pending foreclosure	3,584,419	2,452,755	'
Custodial funds managed by the Company	246,587	150,080	'
Contract servicing and subservicing | Affiliated entities	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	31,632,718	16,552,939	'
Contract servicing and subservicing | Private investors	'	'	'
Mortgage servicing portfolio	'	'	'
Total loans serviced, excluding loans held for sale	$89,361	'	'

Netting_of_Financial_Instrumen2

Netting of Financial Instruments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivatives subject to master netting arrangements:	'	'
Gross amounts of recognized assets	$19,934	$4,430
Gross amounts offset in the balance sheet	-7,358	-1,091
Net amounts of assets presented in the balance sheet	12,576	3,339
Total	'	'
Gross amounts of recognized assets	28,898	28,381
Net amounts of assets presented in the balance sheet	21,540	27,290
Net amount	21,540	27,290
Credit Suisse First Boston Mortgage Capital LLC	'	'
Total	'	'
Net amounts of assets presented in the balance sheet	2,149	'
Net amount	2,149	'
Bank of America, N.A.	'	'
Total	'	'
Net amounts of assets presented in the balance sheet	1,680	1,782
Net amount	1,680	1,782
Morgan Stanley Bank, N.A.	'	'
Total	'	'
Net amounts of assets presented in the balance sheet	1,704	'
Net amount	1,704	'
Daiwa Capital Markets	'	'
Total	'	'
Net amounts of assets presented in the balance sheet	1,190	'
Net amount	1,190	'
Citibank, N.A.	'	'
Total	'	'
Net amounts of assets presented in the balance sheet	'	522
Net amount	'	522
Other	'	'
Total	'	'
Net amounts of assets presented in the balance sheet	5,853	1,035
Net amount	5,853	1,035
MBS put options	'	'
Derivatives subject to master netting arrangements:	'	'
Gross amounts of recognized assets	665	967
MBS call options	'	'
Derivatives subject to master netting arrangements:	'	'
Gross amounts of recognized assets	91	'
Forward contracts | Purchases	'	'
Derivatives subject to master netting arrangements:	'	'
Gross amounts of recognized assets	416	1,645
Forward contracts | Sales	'	'
Derivatives subject to master netting arrangements:	'	'
Gross amounts of recognized assets	18,762	1,818
IRLCs	'	'
Derivatives not subject to master netting arrangements	'	'
Gross amounts of recognized assets	8,964	23,951
Total	'	'
Net amounts of assets presented in the balance sheet	8,964	23,951
Net amount	$8,964	$23,951

Netting_of_Financial_Instrumen3

Netting of Financial Instruments (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivatives: Subject to a master netting arrangement:	'	'
Gross amounts of recognized liabilities	$7,046	$2,283
Netting	-6,787	-1,785
Net amounts of assets presented in the balance sheet	259	498
Total derivatives	'	'
Gross amounts of recognized liabilities	9,249	2,294
Net amounts of liabilities presented in the consolidated balance sheet	2,462	509
Total	'	'
Gross amounts of recognized liabilities	480,841	395,828
Gross amounts offset in the consolidated balance sheet	-6,787	-1,785
Net amounts of liabilities presented in the consolidated balance sheet	474,054	394,043
Gross amounts not offset in the balance sheet	'	'
Financial instruments	-471,592	-393,534
Net amount	2,462	509
Bank of America, N.A.	'	'
Total	'	'
Net amounts of liabilities presented in the consolidated balance sheet	234,511	150,082
Gross amounts not offset in the balance sheet	'	'
Financial instruments	-234,511	-150,082
Credit Suisse First Boston Mortgage Capital LLC	'	'
Total	'	'
Net amounts of liabilities presented in the consolidated balance sheet	198,888	122,443
Gross amounts not offset in the balance sheet	'	'
Financial instruments	-198,888	-122,252
Net amount	'	191
Morgan Stanley Bank, N.A.	'	'
Total	'	'
Net amounts of liabilities presented in the consolidated balance sheet	38,193	53
Gross amounts not offset in the balance sheet	'	'
Financial instruments	-38,193	'
Net amount	'	53
Citibank, N.A.	'	'
Total	'	'
Net amounts of liabilities presented in the consolidated balance sheet	'	121,200
Gross amounts not offset in the balance sheet	'	'
Financial instruments	'	-121,200
Other	'	'
Total	'	'
Net amounts of liabilities presented in the consolidated balance sheet	259	254
Gross amounts not offset in the balance sheet	'	'
Net amount	259	254
Mortgage loans	'	'
Mortgage loans sold under agreements to repurchase	'	'
Gross amounts of recognized liabilities	471,592	393,534
Net amounts of liabilities presented in the consolidated balance sheet	471,592	393,534
Forward contracts | Purchases	'	'
Derivatives: Subject to a master netting arrangement:	'	'
Gross amounts of recognized liabilities	6,542	389
Forward contracts | Sales	'	'
Derivatives: Subject to a master netting arrangement:	'	'
Gross amounts of recognized liabilities	504	1,894
IRLCs	'	'
Derivatives not subject to a master netting arrangement	'	'
Gross amounts of recognized liabilities	2,203	11
Total	'	'
Net amounts of liabilities presented in the consolidated balance sheet	2,203	11
Gross amounts not offset in the balance sheet	'	'
Net amount	$2,203	$11

Fair_Value_Details

Fair Value (Details) (USD $)

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

PMT

PMT

PMT

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Level 1

Level 1

Level 1

Level 1

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

Level 3

Level 3

Level 3

Level 3

Level 3

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

PMT

PMT

Forward contracts

Forward contracts

Forward contracts

Forward contracts

MBS put options

MBS put options

MBS call options

PMT

Interest rate lock commitments

Interest rate lock commitments

PMT

PMT

Interest rate lock commitments

Interest rate lock commitments

Forward contracts

Forward contracts

Forward contracts

Forward contracts

MBS put options

MBS put options

MBS call options

Purchases

Purchases

Sales

Sales

Purchases

Purchases

Sales

Sales

Fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate threshold used in determination of accounting for loans underlying mortgage servicing rights (as a percent)

4.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Short-term investments at fair value

$142,582

'

'

'

$53,164

'

'

'

'

'

'

$142,582

$53,164

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$142,582

$53,164

'

'

'

'

'

'

'

'

'

'

'

Mortgage loans held for sale at fair value

531,004

530,248

656,341

203,661

448,384

410,071

248,974

176,282

'

'

'

'

'

'

'

527,071

448,384

'

'

'

'

'

'

'

3,933

'

'

'

'

531,004

448,384

'

'

'

'

'

'

'

'

'

'

'

Derivative assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total derivative assets before netting

28,898

'

'

'

28,381

'

'

'

'

'

'

'

'

'

'

19,934

4,430

416

1,645

18,762

1,818

665

967

91

8,964

23,951

'

8,964

23,951

28,898

28,381

'

'

8,964

23,951

416

1,645

18,762

1,818

665

967

91

Netting

-7,358

'

'

'

-1,091

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-7,358

-1,091

'

'

'

'

'

'

'

'

'

'

'

Total derivative assets

21,540

'

'

'

27,290

'

'

'

'

'

'

'

'

'

'

19,934

4,430

'

'

'

'

'

'

'

8,964

23,951

'

'

'

21,540

27,290

'

'

'

'

'

'

'

'

'

'

'

Investment in PennyMac Mortgage Investment Trust

'

'

'

'

'

'

'

'

1,722

1,897

1,247

'

'

1,722

1,897

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,722

1,897

'

'

'

'

'

'

'

'

'

Mortgage servicing rights at fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

224,913

19,798

'

'

'

224,913

19,798

'

'

'

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

'

'

'

'

144,304

55,061

'

'

547,005

452,814

'

'

'

'

'

'

'

237,810

43,749

'

'

'

921,761

550,533

'

'

'

'

'

'

'

'

'

'

'

Derivative liabilities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Excess servicing spread financing at fair value to affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

138,723

'

'

'

'

138,723

'

'

'

'

'

'

'

'

'

'

Total derivative liabilities before netting

9,249

'

'

'

2,294

'

'

'

'

'

'

'

'

'

'

7,046

2,283

6,542

389

504

1,894

'

'

'

2,203

11

'

2,203

11

9,249

2,294

'

'

2,203

11

6,542

389

504

1,894

'

'

'

Netting

-6,787

'

'

'

-1,785

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-6,787

-1,785

'

'

'

'

'

'

'

'

'

'

'

Total derivative liabilities

2,462

'

'

'

509

'

'

'

'

'

'

'

'

'

'

7,046

2,283

'

'

'

'

'

'

'

2,203

11

'

'

'

2,462

509

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7,046

'

'

'

'

'

'

'

'

$140,926

'

'

'

'

$141,185

'

'

'

'

'

'

'

'

'

'

'

'

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Changes in fair value included in income arising from:	'	'	'
Transfers in or out the levels	$0	'	'
Recurring basis	'	'	'
Roll forward of assets measured using Level 3 inputs on a recurring basis	'	'	'
Balance at the beginning of the period	43,738	33,603	31,944
Repurchases of mortgage loans subject to representations and warranties	5,529	'	'
Repayments	-1,364	'	'
Interest rate lock commitments issued, net	101,179	167,066	18,436
MSRs resulting from purchases	195,871	'	1,352
MSRs resulting from loan sales	14,636	774	1,696
Sales	-550	'	'
Changes in fair value included in income arising from:	'	'	'
Other factors	-20,756	-6,674	-9,307
Total changes in fair value included in income	-20,756	-6,674	-9,307
Transfers of interest rate lock commitments to mortgage loans held for sale	-102,676	-151,031	-10,518
Balance at the end of the period	235,607	43,738	33,603
Roll forward of liabilities measured using Level 3 inputs on a recurring basis	'	'	'
Balance at the beginning of the period	'	'	13,289
Changes in fair value included in income arising from:	'	'	'
Sales	'	'	57,908
Assumption of agreements pursuant purchase from affiliate of mortgage loans subject to agreements to repurchase	'	'	62,989
Repurchases	'	'	-134,186
Recurring basis | Excess servicing spread financing	'	'	'
Roll forward of liabilities measured using Level 3 inputs on a recurring basis	'	'	'
Proceeds received from financing of excess servicing spread	139,028	'	'
Accrual of interest on excess servicing spread financing	1,348	'	'
Changes in fair value included in income arising from:	'	'	'
Other factors	2,423	'	'
Repayments	-4,076	'	'
Total changes in fair value included in income	2,423	'	'
Balance at the end of the period	138,723	'	'
Changes in fair value recognized during the period relating to liability still held at the end of the period	2,423	'	'
Recurring basis | Mortgage loans held for sale	'	'	'
Roll forward of assets measured using Level 3 inputs on a recurring basis	'	'	'
Repurchases of mortgage loans subject to representations and warranties	5,529	'	'
Repayments	-1,364	'	'
Changes in fair value included in income arising from:	'	'	'
Other factors	-232	'	'
Total changes in fair value included in income	-232	'	'
Balance at the end of the period	3,933	'	'
Changes in fair value recognized during the period relating to assets still held at the end of the period	-390	'	'
Recurring basis | Net interest rate lock commitments	'	'	'
Roll forward of assets measured using Level 3 inputs on a recurring basis	'	'	'
Balance at the beginning of the period	23,940	7,905	-13
Interest rate lock commitments issued, net	101,179	167,066	18,436
Changes in fair value included in income arising from:	'	'	'
Other factors	-15,682	'	'
Total changes in fair value included in income	-15,682	'	'
Transfers of interest rate lock commitments to mortgage loans held for sale	-102,676	-151,031	-10,518
Balance at the end of the period	6,761	23,940	7,905
Changes in fair value recognized during the period relating to assets still held at the end of the period	6,761	23,940	7,905
Recurring basis | Mortgage servicing rights	'	'	'
Roll forward of assets measured using Level 3 inputs on a recurring basis	'	'	'
Balance at the beginning of the period	19,798	25,698	31,957
MSRs resulting from purchases	195,871	'	1,352
MSRs resulting from loan sales	14,636	774	1,696
Sales	-550	'	'
Changes in fair value included in income arising from:	'	'	'
Other factors	-4,842	-6,674	-9,307
Total changes in fair value included in income	-4,842	-6,674	-9,307
Balance at the end of the period	224,913	19,798	25,698
Changes in fair value recognized during the period relating to assets still held at the end of the period	($4,842)	($6,674)	($9,307)

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	$44,717	$164,562	$3,722
PennyMac Mortgage Investment Trust	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Excess servicing spread financing at fair value to affiliate	-2,423	'	'
Change in fair value of mortgage loans held for sale at fair value	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	49,559	171,236	13,029
Net servicing income	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	-4,842	-6,674	-9,307
Net servicing income | PennyMac Mortgage Investment Trust	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Excess servicing spread financing at fair value to affiliate	-2,423	'	'
Mortgage loans held for sale at fair value	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	49,559	171,236	13,029
Mortgage loans held for sale at fair value | Change in fair value of mortgage loans held for sale at fair value	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	49,559	171,236	13,029
Mortgage servicing rights at fair value	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	-4,842	-6,674	-9,307
Mortgage servicing rights at fair value | Net servicing income	'	'	'
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value	'	'	'
Total gains (losses) from changes in estimated fair values included in earnings	($4,842)	($6,674)	($9,307)

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
In Thousands, unless otherwise specified
Fair value	'	'	'	'	'	'	'	'
Total fair value	$531,004	$530,248	$656,341	$203,661	$448,384	$410,071	$248,974	$176,282
Mortgage loans held for sale at fair value	'	'	'	'	'	'	'	'
Fair value	'	'	'	'	'	'	'	'
Current through 89 days delinquent	524,665	'	'	'	447,889	'	'	'
Not in foreclosure	5,567	'	'	'	288	'	'	'
In foreclosure	772	'	'	'	207	'	'	'
Total fair value	531,004	'	'	'	448,384	'	'	'
Principal amount due upon maturity	'	'	'	'	'	'	'	'
Current through 89 days delinquent	504,705	'	'	'	418,650	'	'	'
Not in foreclosure	5,479	'	'	'	390	'	'	'
In foreclosure	660	'	'	'	233	'	'	'
Total principal amount due upon maturity	510,844	'	'	'	419,273	'	'	'
Difference	'	'	'	'	'	'	'	'
Current through 89 days delinquent	19,960	'	'	'	29,239	'	'	'
Not in foreclosure	88	'	'	'	-102	'	'	'
In foreclosure	112	'	'	'	-26	'	'	'
Total difference	$20,160	'	'	'	$29,111	'	'	'

Fair_Value_Details_5

Fair Value (Details 5) (Nonrecurring basis, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis	'	'
Mortgage servicing rights at lower of amortized cost or fair value	($1,643)	($2,908)
Total gains on assets measured at estimated fair values on a nonrecurring basis	-1,643	-2,908
Level 3	'	'
Financial statement items measured at fair value on a nonrecurring basis	'	'
Mortgage servicing rights at lower of amortized cost or fair value	136,690	51,180
Total assets	136,690	51,180
Total	'	'
Financial statement items measured at fair value on a nonrecurring basis	'	'
Mortgage servicing rights at lower of amortized cost or fair value	136,690	51,180
Total assets	$136,690	$51,180

Fair_Value_Details_6

Fair Value (Details 6) (Level 3)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Mortgage loans held for sale at fair value | Minimum	'	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'	'
Discount rate (as a percent)	7.80%	'
Twelve-month projected housing price index change (as a percent)	4.50%	'
Prepayment speed (as a percent)	1.60%	'
Total prepayment speed (as a percent)	2.90%	'
Mortgage loans held for sale at fair value | Maximum	'	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'	'
Discount rate (as a percent)	13.40%	'
Twelve-month projected housing price index change (as a percent)	4.70%	'
Prepayment speed (as a percent)	5.10%	'
Total prepayment speed (as a percent)	5.20%	'
Mortgage loans held for sale at fair value | Weighted average	'	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'	'
Discount rate (as a percent)	8.90%	'
Twelve-month projected housing price index change (as a percent)	4.60%	'
Prepayment speed (as a percent)	4.40%	'
Total prepayment speed (as a percent)	4.70%	'
IRLCs | Minimum	'	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'	'
Pull-through rate (as a percent)	62.10%	61.60%
MSR value expressed as: Servicing fee multiple	2	3.2
MSR value expressed as: Percentage of UPB	0.40%	0.60%
IRLCs | Maximum	'	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'	'
Pull-through rate (as a percent)	98.10%	98.10%
MSR value expressed as: Servicing fee multiple	5	4.2
MSR value expressed as: Percentage of UPB	2.40%	2.20%
IRLCs | Weighted average	'	'
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	'	'
Pull-through rate (as a percent)	81.70%	79.10%
MSR value expressed as: Servicing fee multiple	3.7	4
MSR value expressed as: Percentage of UPB	0.90%	0.90%

Fair_Value_Details_7

Fair Value (Details 7) (MSRs, Initial recognition, Level 3, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair value	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Amount recognized	$14,636	$774	$1,696
UPB of underlying loans	1,055,797	17,615	415,954
Weighted-average servicing fee rate (as a percent)	0.33%	0.28%	0.27%
Fair value | Minimum	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Pricing spread (as a percent)	7.40%	7.50%	8.30%
Annual total prepayment speed (as a percent)	7.80%	7.80%	6.30%
Life	'2 years 6 months	'3 years 7 months 6 days	'6 years 6 months
Annual per-loan cost of servicing	68	68	64
Fair value | Maximum	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Pricing spread (as a percent)	14.40%	9.90%	14.00%
Annual total prepayment speed (as a percent)	25.50%	20.10%	8.90%
Life	'7 years 3 months 18 days	'7 years	'8 years 1 month 6 days
Annual per-loan cost of servicing	120	100	98
Fair value | Weighted average	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Pricing spread (as a percent)	10.20%	8.40%	11.70%
Annual total prepayment speed (as a percent)	9.20%	9.70%	8.20%
Life	'6 years 10 months 24 days	'6 years 8 months 12 days	'7 years
Annual per-loan cost of servicing	98	78	88
Amortized cost	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Amount recognized	190,468	89,698	6,557
UPB of underlying loans	15,316,315	8,524,533	449,715
Weighted-average servicing fee rate (as a percent)	0.29%	0.27%	0.31%
Amortized cost | Minimum	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Pricing spread (as a percent)	5.40%	7.50%	9.30%
Annual total prepayment speed (as a percent)	7.60%	6.70%	5.60%
Life	'1 year 6 months	'2 years 9 months 18 days	'5 years 2 months 12 days
Annual per-loan cost of servicing	68	68	61
Amortized cost | Maximum	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Pricing spread (as a percent)	15.90%	11.90%	12.60%
Annual total prepayment speed (as a percent)	42.50%	17.80%	7.90%
Life	'7 years 6 months	'7 years	'8 years
Annual per-loan cost of servicing	120	100	98
Amortized cost | Weighted average	'	'	'
Key assumptions used in determining the fair value of MSRs at time of initial recognition	'	'	'
Pricing spread (as a percent)	8.50%	9.80%	9.70%
Annual total prepayment speed (as a percent)	8.80%	8.50%	6.80%
Life	'6 years 8 months 12 days	'6 years 8 months 12 days	'7 years 3 months 18 days
Annual per-loan cost of servicing	$102	$99	$96

Fair_Value_Details_8

Fair Value (Details 8) (Level 3, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Minimum | ESS	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	2.80%	'
Average life (in years)	'10 months 24 days	'
Prepayment speed (as a percent)	7.70%	'
Maximum | ESS	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	14.40%	'
Average life (in years)	'8 years	'
Prepayment speed (as a percent)	48.60%	'
Weighted average | ESS	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	5.40%	'
Average life (in years)	'6 years 1 month 6 days	'
Prepayment speed (as a percent)	9.70%	'
Purchased MSRs Backed by Distressed Mortgage Loans | Period end | Fair value	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Carrying value	$10,129	$12,370
UPB of underlying loans	969,794	1,271,478
Weighted-average note rate (as a percent)	5.80%	6.01%
Weighted-average servicing fee rate (as a percent)	0.50%	0.50%
Effect on fair value of adverse change of: 5%	-251	-302
Effect on fair value of adverse change of: 10%	-490	-590
Effect on fair value of adverse change of: 20%	-937	-1,130
Effect on fair value of adverse change of: 5%	-231	-273
Effect on fair value of adverse change of: 10%	-456	-529
Effect on fair value of adverse change of: 20%	-898	-1,040
Effect on fair value of adverse change of: 5%	-197	-290
Effect on fair value of adverse change of: 10%	-393	-580
Effect on fair value of adverse change of: 20%	-787	-1,159
Purchased MSRs Backed by Distressed Mortgage Loans | Period end | Fair value | Minimum	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Discount rate (as a percent)	15.30%	15.30%
Average life (in years)	'5 years	'5 years
Prepayment speed (as a percent)	11.40%	10.70%
Annual per-loan cost of servicing	218	270
Purchased MSRs Backed by Distressed Mortgage Loans | Period end | Fair value | Maximum	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Discount rate (as a percent)	15.30%	15.30%
Average life (in years)	'5 years	'5 years
Prepayment speed (as a percent)	11.40%	10.70%
Annual per-loan cost of servicing	218	270
Purchased MSRs Backed by Distressed Mortgage Loans | Period end | Fair value | Weighted average	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Discount rate (as a percent)	15.30%	15.30%
Average life (in years)	'5 years	'5 years
Prepayment speed (as a percent)	11.40%	10.70%
Annual per-loan cost of servicing	218	270
All Other MSRs | Period end | Fair value	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Carrying value	214,784	7,428
UPB of underlying loans	22,469,179	1,166,765
Weighted-average note rate (as a percent)	4.48%	5.22%
Weighted-average servicing fee rate (as a percent)	0.32%	0.26%
Effect on fair value of adverse change of: 5%	-3,551	-113
Effect on fair value of adverse change of: 10%	-6,900	-222
Effect on fair value of adverse change of: 20%	-13,305	-430
Effect on fair value of adverse change of: 5%	-4,622	-238
Effect on fair value of adverse change of: 10%	-9,073	-462
Effect on fair value of adverse change of: 20%	-17,500	-877
Effect on fair value of adverse change of: 5%	-2,817	-77
Effect on fair value of adverse change of: 10%	-5,633	-153
Effect on fair value of adverse change of: 20%	-11,266	-307
All Other MSRs | Period end | Fair value | Minimum	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	2.90%	7.50%
Average life (in years)	'1 month 6 days	'2 months 12 days
Prepayment speed (as a percent)	7.80%	9.00%
Annual per-loan cost of servicing	68	68
All Other MSRs | Period end | Fair value | Maximum	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	18.00%	19.50%
Average life (in years)	'14 years 4 months 24 days	'14 years 4 months 24 days
Prepayment speed (as a percent)	50.80%	84.20%
Annual per-loan cost of servicing	115	140
All Other MSRs | Period end | Fair value | Weighted average	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	7.50%	10.60%
Average life (in years)	'6 years 2 months 12 days	'5 years
Prepayment speed (as a percent)	9.70%	19.20%
Annual per-loan cost of servicing	87	76
All Other MSRs | Period end | Amortized cost	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Carrying value	258,751	89,177
UPB of underlying loans	22,499,847	8,730,686
Weighted-average note rate (as a percent)	3.65%	3.65%
Weighted-average servicing fee rate (as a percent)	0.29%	0.28%
Effect on fair value of adverse change of: 5%	-5,312	-1,814
Effect on fair value of adverse change of: 10%	-10,395	-3,562
Effect on fair value of adverse change of: 20%	-20,039	-6,870
Effect on fair value of adverse change of: 5%	-4,615	-1,751
Effect on fair value of adverse change of: 10%	-9,097	-3,446
Effect on fair value of adverse change of: 20%	-17,684	-6,674
Effect on fair value of adverse change of: 5%	-2,609	-963
Effect on fair value of adverse change of: 10%	-5,217	-1,926
Effect on fair value of adverse change of: 20%	-10,434	-3,852
All Other MSRs | Period end | Amortized cost | Minimum	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	6.30%	7.50%
Average life (in years)	'1 year 6 months	'2 years 6 months
Prepayment speed (as a percent)	7.60%	8.70%
Annual per-loan cost of servicing	68	68
All Other MSRs | Period end | Amortized cost | Maximum	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	14.50%	16.50%
Average life (in years)	'7 years 3 months 18 days	'6 years 10 months 24 days
Prepayment speed (as a percent)	42.50%	28.30%
Annual per-loan cost of servicing	100	140
All Other MSRs | Period end | Amortized cost | Weighted average	'	'
Quantitative summary of key inputs used in the valuation and the effect on estimated fair value from adverse changes in those assumptions	'	'
Pricing spread (as a percent)	8.70%	9.80%
Average life (in years)	'7 years	'6 years 7 months 6 days
Prepayment speed (as a percent)	8.00%	9.20%
Annual per-loan cost of servicing	$99	$99

Mortgage_Loans_Held_for_Sale_a2

Mortgage Loans Held for Sale at Fair Value (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
In Thousands, unless otherwise specified
Mortgage Loans Held for Sale at Fair Value	'	'	'	'	'	'	'	'
Mortgage loans held for sale at fair value	$531,004	$530,248	$656,341	$203,661	$448,384	$410,071	$248,974	$176,282
Fair value of mortgage loans pledged to secure mortgage loans sold under agreements to repurchase	512,350	'	'	'	438,850	'	'	'
Government-insured or guaranteed	'	'	'	'	'	'	'	'
Mortgage Loans Held for Sale at Fair Value	'	'	'	'	'	'	'	'
Mortgage loans held for sale at fair value	482,066	'	'	'	398,381	'	'	'
Conventional	'	'	'	'	'	'	'	'
Mortgage Loans Held for Sale at Fair Value	'	'	'	'	'	'	'	'
Mortgage loans held for sale at fair value	45,005	'	'	'	50,003	'	'	'
Repurchased mortgage loans	'	'	'	'	'	'	'	'
Mortgage Loans Held for Sale at Fair Value	'	'	'	'	'	'	'	'
Mortgage loans held for sale at fair value	$3,933	'	'	'	'	'	'	'

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative assets, fair value	'	'	'
Total derivative assets before netting	$28,898,000	$28,381,000	'
Netting	-7,358,000	-1,091,000	'
Total derivative assets	21,540,000	27,290,000	'
Derivative liabilities, fair value	'	'	'
Total derivative liabilities before netting	9,249,000	2,294,000	'
Netting	-6,787,000	-1,785,000	'
Total derivative liabilities	2,462,000	509,000	'
Change in fair value of mortgage loans held for sale at fair value	'	'	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Net gains (losses) on derivative financial instruments	110,300,000	68,000,000	3,500,000
Amortization, impairment and changes in estimated fair value of mortgage servicing rights	'	'	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Net gains (losses) on derivative financial instruments	1,300,000	1,300,000	'
Not designated as hedging instrument	'	'	'
Derivative assets, fair value	'	'	'
Total derivative assets before netting	28,898,000	28,381,000	'
Netting	-7,358,000	-1,091,000	'
Total derivative assets	21,540,000	27,290,000	'
Derivative liabilities, fair value	'	'	'
Total derivative liabilities before netting	9,249,000	2,294,000	'
Netting	-6,787,000	-1,785,000	'
Total derivative liabilities	2,462,000	509,000	'
Not designated as hedging instrument | Interest rate lock commitments	'	'	'
Derivative Instruments	'	'	'
Notional amount	971,783,000	1,576,174,000	'
Derivative assets, fair value	'	'	'
Total derivative assets before netting	8,964,000	23,951,000	'
Derivative liabilities, fair value	'	'	'
Total derivative liabilities before netting	2,203,000	11,000	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Balance end of period	971,783,000	1,576,174,000	'
Not designated as hedging instrument | Forward contracts | Purchases	'	'	'
Derivative Instruments	'	'	'
Notional amount	1,418,527,000	1,021,981,000	130,900,000
Derivative assets, fair value	'	'	'
Total derivative assets before netting	416,000	1,645,000	'
Derivative liabilities, fair value	'	'	'
Total derivative liabilities before netting	6,542,000	389,000	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Balance at beginning of period	1,021,981,000	130,900,000	2,908,000
Additions	43,449,699,000	19,425,777,000	978,395,000
Dispositions/expirations	-43,053,153,000	-18,534,696,000	-850,403,000
Balance end of period	1,418,527,000	1,021,981,000	130,900,000
Not designated as hedging instrument | Forward contracts | Sales	'	'	'
Derivative Instruments	'	'	'
Notional amount	2,659,000,000	2,621,948,000	510,569,000
Derivative assets, fair value	'	'	'
Total derivative assets before netting	18,762,000	1,818,000	'
Derivative liabilities, fair value	'	'	'
Total derivative liabilities before netting	504,000	1,894,000	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Balance at beginning of period	2,621,948,000	510,569,000	27,700,000
Additions	63,655,600,000	29,394,503,000	1,975,563,000
Dispositions/expirations	-63,618,548,000	-27,283,124,000	-1,492,694,000
Balance end of period	2,659,000,000	2,621,948,000	510,569,000
Not designated as hedging instrument | MBS put options	'	'	'
Derivative Instruments	'	'	'
Notional amount	185,000,000	500,000,000	29,000,000
Derivative assets, fair value	'	'	'
Total derivative assets before netting	665,000	967,000	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Balance at beginning of period	500,000,000	29,000,000	'
Additions	2,520,000,000	2,098,000,000	68,000,000
Dispositions/expirations	-2,835,000,000	-1,627,000,000	-39,000,000
Balance end of period	185,000,000	500,000,000	29,000,000
Not designated as hedging instrument | MBS call options	'	'	'
Derivative Instruments	'	'	'
Notional amount	105,000,000	'	3,000,000
Derivative assets, fair value	'	'	'
Total derivative assets before netting	91,000	'	'
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value	'	'	'
Balance at beginning of period	'	3,000,000	2,000,000
Additions	2,205,000,000	85,000,000	37,500,000
Dispositions/expirations	-2,100,000,000	-88,000,000	-36,500,000
Balance end of period	$105,000,000	'	$3,000,000

Mortgage_Servicing_Rights_Deta

Mortgage Servicing Rights (Details) (MSRs, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
MSRs	'	'	'
Activity in MSRs carried at fair value	'	'	'
Balance at beginning of period	$19,798	$25,698	$31,957
Additions - MSRs resulting from purchases	195,871	'	1,352
Additions - MSRs resulting from loan sales	14,636	774	1,696
Additions	210,507	774	3,048
Sales	-550	'	'
Change in fair value:	'	'	'
Due to changes in valuation inputs or assumptions used in valuation model	659	-1,550	-5,323
Other changes in fair value	-5,501	-5,124	-3,984
Total change in fair value	-4,842	-6,674	-9,307
Balance at end of period	$224,913	$19,798	$25,698

Mortgage_Servicing_Rights_Deta1

Mortgage Servicing Rights (Details 2) (MSRs, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
MSRs	'	'	'
Amortized cost:	'	'	'
Amortized cost at beginning of period	$92,155	$6,496	'
MSRs resulting from loan sales	190,469	89,698	6,557
Amortization	-19,251	-4,039	-61
Amortized cost at end of period	263,373	92,155	6,496
Valuation allowance for impairment of MSRs:	'	'	'
Balance at beginning of period	-2,978	-70	'
Additions	-1,644	-2,908	-70
Balance at of period end	-4,622	-2,978	-70
Additional disclosures	'	'	'
MSRs, net	258,751	89,177	6,426
Estimated fair value of MSRs at of period end	269,422	91,028	6,465
Estimated amortization	'	'	'
2014	23,254	'	'
2015	22,714	'	'
2016	22,215	'	'
2017	21,869	'	'
2018	20,978	'	'
Thereafter	152,343	'	'
Total	$263,373	'	'

Mortgage_Servicing_Rights_Deta2

Mortgage Servicing Rights (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Ancillary and other fees	'	'	'
Other	$11,426	$2,245	$1,657
Net loan servicing fees	90,010	40,105	28,667
MSRs	'	'	'
Net servicing income	'	'	'
Contractual servicing fees	61,523	20,673	11,493
Ancillary and other fees	'	'	'
Late charges	1,998	948	829
Other	549	276	136
Net loan servicing fees	$64,070	$21,897	$12,458

Carried_Interest_Due_from_Inve2

Carried Interest Due from Investment Funds (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
Activity in the carried interest	'	'	'	'	'	'	'	'	'
Balance at beginning of period	$47,723	'	'	$58,134	$55,322	$52,460	$44,504	$41,149	$39,039
Recognition of Carried Interest earned during the period	13,419	10,473	12,596	'	'	'	'	'	'
Balance at end of period	61,142	47,723	'	58,134	55,322	52,460	44,504	41,149	39,039
Investment Funds	'	'	'	'	'	'	'	'	'
Activity in the carried interest	'	'	'	'	'	'	'	'	'
Balance at beginning of period	47,723	37,250	24,654	'	'	'	'	'	'
Carried Interest earned during the year	13,419	10,473	9,275	'	'	'	'	'	'
Adjustment recognized pursuant to amendment of management agreement	'	'	3,321	'	'	'	'	'	'
Recognition of Carried Interest earned during the period	13,419	10,473	12,596	'	'	'	'	'	'
Balance at end of period	$61,142	$47,723	$37,250	'	'	'	'	'	'
Additional disclosures	'	'	'	'	'	'	'	'	'
Number of times when agreement will be extended	3	'	'	'	'	'	'	'	'
Agreement extensions term	'1 year	'	'	'	'	'	'	'	'

Investment_in_PennyMac_Mortgag2

Investment in PennyMac Mortgage Investment Trust at Fair Value (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment in PennyMac Mortgage Investment Trust at Fair Value	'	'	'
Change in fair value and dividends received	$2,541	$3,524	$1,736
PMT	'	'	'
Investment in PennyMac Mortgage Investment Trust at Fair Value	'	'	'
Dividends	216	167	138
Change in fair value	-175	650	-115
Change in fair value and dividends received	41	817	23
Fair value of PennyMac Mortgage Investment Trust shares at period end	$1,722	$1,897	$1,247

Furniture_Fixtures_Equipment_a2

Furniture, Fixtures, Equipment and Building Improvements (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Furniture, fixtures, equipment and building improvements	'	'	'
Furniture, fixtures, equipment and building improvements, net	$9,837,000	$5,065,000	'
Depreciation and amortization expense	824,000	520,000	251,000
Furniture, Fixtures, Equipment and Building Improvements	'	'	'
Furniture, fixtures, equipment and building improvements	'	'	'
Furniture, fixtures, equipment and building improvements	13,128,000	6,494,000	'
Less: accumulated depreciation and amortization	-3,291,000	-1,429,000	'
Furniture, fixtures, equipment and building improvements, net	9,837,000	5,065,000	'
Depreciation and amortization expense	1,800,000	846,000	337,000
Furniture, Fixtures, Equipment and Building Improvements | PMT | Management Agreement	'	'	'
Furniture, fixtures, equipment and building improvements	'	'	'
Depreciation and amortization expense	$1,400,000	$590,000	$324,000

Capitalized_Software_Details

Capitalized Software (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Capitalized Software	'	'	'
Cost	$2,015,000	$1,676,000	'
Less: Accumulated amortization	-1,251,000	-881,000	'
Capitalized Software, net	764,000	795,000	'
Software amortization expense	$374,000	$264,000	$238,000

Borrowings_Details

Borrowings (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012
	item
Mortgage loans sold under agreement to repurchase	'	'	'	'	'	'	'	'	'
Number of borrowing facilities	5	'	'	'	'	'	'	'	'
Number of borrowing facilities that provide for sales of mortgage loans under agreements to repurchase	4	'	'	'	'	'	'	'	'
Number of secured note payable borrowing facilities	1	'	'	'	'	'	'	'	'
Year end:	'	'	'	'	'	'	'	'	'
Balance	$471,592,000	$393,534,000	'	$387,883,000	$500,427,000	$180,049,000	$361,478,000	$220,546,000	$159,547,000
Fair value of mortgage loans securing agreements to repurchase	512,350,000	438,850,000	'	'	'	'	'	'	'
During the Year:	'	'	'	'	'	'	'	'	'
Amortization of commitment fees excluded from calculation of Weighted average interest rate	5,014,000	1,866,000	1,028,000	'	'	'	'	'	'
PMT | Sale and assignment agreement	'	'	'	'	'	'	'	'	'
During the Year:	'	'	'	'	'	'	'	'	'
Proceeds from sale of right to receive excess cash flow generated from the pool of mortgage loans	139,000,000	'	'	'	'	'	'	'	'
Loan Repo Facility	'	'	'	'	'	'	'	'	'
Year end:	'	'	'	'	'	'	'	'	'
Balance	471,592,000	393,534,000	77,700,000	'	'	'	'	'	'
Unused amount	528,408,000	106,466,000	22,300,000	'	'	'	'	'	'
Weighted average interest rate (as a percent)	1.79%	2.20%	2.39%	'	'	'	'	'	'
Fair value of mortgage loans securing agreements to repurchase	512,350,000	438,850,000	86,787,000	'	'	'	'	'	'
During the Year:	'	'	'	'	'	'	'	'	'
Average balance of mortgage loans sold under agreements to repurchase	344,625,000	172,729,000	24,905,000	'	'	'	'	'	'
Weighted-average interest rate (as a percent)	1.96%	2.24%	2.66%	'	'	'	'	'	'
Total interest expense	10,863,000	5,927,000	1,875,000	'	'	'	'	'	'
Maximum daily amount outstanding	623,523,000	441,245,000	127,593,000	'	'	'	'	'	'
Amortization of commitment fees excluded from calculation of Weighted average interest rate	4,000,000	2,000,000	1,000,000	'	'	'	'	'	'
Weighted-average maturity	'2 months 18 days	'	'	'	'	'	'	'	'
Deposit with loan repurchase agreement counterparties	1,500,000	6,800,000	'	'	'	'	'	'	'
Loan Repo Facility | Credit Suisse First Boston Mortgage Capital LLC	'	'	'	'	'	'	'	'	'
During the Year:	'	'	'	'	'	'	'	'	'
Amount at risk	19,593,000	'	'	'	'	'	'	'	'
Loan Repo Facility | Bank of America, N.A.	'	'	'	'	'	'	'	'	'
During the Year:	'	'	'	'	'	'	'	'	'
Amount at risk	19,195,000	'	'	'	'	'	'	'	'
Loan Repo Facility | Morgan Stanley	'	'	'	'	'	'	'	'	'
During the Year:	'	'	'	'	'	'	'	'	'
Amount at risk	3,103,000	'	'	'	'	'	'	'	'
Loan Repo Facility | Within 30 days	'	'	'	'	'	'	'	'	'
Year end:	'	'	'	'	'	'	'	'	'
Balance	782,000	'	'	'	'	'	'	'	'
Loan Repo Facility | Over 30 to 90 days	'	'	'	'	'	'	'	'	'
Year end:	'	'	'	'	'	'	'	'	'
Balance	$470,810,000	'	'	'	'	'	'	'	'
Loan Repo Facility | Overnight cost-of funds rate	'	'	'	'	'	'	'	'	'
Mortgage loans sold under agreement to repurchase	'	'	'	'	'	'	'	'	'
Number of borrowing facilities that provide for sales of mortgage loans under agreements to repurchase	1	'	'	'	'	'	'	'	'
Loan Repo Facility | LIBOR	'	'	'	'	'	'	'	'	'
Mortgage loans sold under agreement to repurchase	'	'	'	'	'	'	'	'	'
Number of borrowing facilities that provide for sales of mortgage loans under agreements to repurchase	3	'	'	'	'	'	'	'	'

Borrowings_Details_2

Borrowings (Details 2) (USD $)

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Note Payable

Note Payable

Note Payable

Note Payable

Note Payable

Note Payable

Note Payable

Note Payable

Minimum

Maximum

Servicing advances

Servicing advances

MSRs

MSRs

Year-end:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note Payable

$52,154,000

$56,775,000

$47,209,000

$63,437,000

$53,013,000

$34,035,000

$18,116,000

$17,584,000

$52,154,000

$53,013,000

'

'

$3,852,000

$4,905,000

$48,302,000

$48,108,000

Assets pledged to secure notes

'

'

'

'

'

'

'

'

'

'

'

'

5,564,000

7,430,000

258,241,000

100,957,000

Interest rate

'

'

'

'

'

'

'

'

'lender's overnight cost of funds

'

'

'

'

'

'

'

Advance rate to secure note payable (as a percent)

'

'

'

'

'

'

'

'

'

'

50.00%

85.00%

'

'

'

'

Advance amount to secure note payable

'

'

'

'

'

'

'

'

'

'

'

'

$17,000,000

'

$100,000,000

'

Liability_for_Losses_Under_Rep2

Liability for Losses Under Representations and Warranties (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Liability for representations and warranties	'	'	'
Balance at beginning of the period	$3,504	$449	$189
Provision for losses on loans sold	4,675	3,055	260
Incurred losses	-56	'	'
Balance at end of period	8,123	3,504	449
UPB of mortgage loans subject to representations and warranties	23,637,202	8,856,044	679,247
During the period:	'	'	'
UPB of mortgage loans repurchased	8,449	4,399	'
UPB of repurchased mortgage loans put to correspondent lenders	3,593	'	'
Period end:	'	'	'
UPB of mortgage loans subject to pending claims for repurchase	$1,655	$2,582	$9,774

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended			12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2013	Mar. 31, 2013
				item
Income Taxes	'	'	'	'	'
Changes to the returns as originally filed	'	'	'	'	$0
Returns currently under examination	'	'	'	0	'
Deferred expense:	'	'	'	'	'
Federal	'	'	'	7,815	'
State	'	'	'	2,146	'
Total deferred expense	'	'	'	9,961	'
Total provision for income taxes	$4,430	$3,493	$2,038	$9,961	'
Reconciliation of the entity's provision for income taxes at statutory rates to the provision for income taxes at the entity's effective tax rate	'	'	'	'	'
Federal income tax statutory rate (as a percent)	'	'	'	35.00%	'
Less: Rate attributable to non-controlling interest members (as a percent)	'	'	'	-30.30%	'
State income taxes, net of federal benefit (as a percent)	'	'	'	0.80%	'
Valuation allowance (as a percent)	'	'	'	0.00%	'
Effective tax rate (as a percent)	'	'	'	5.50%	'

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Deferred expense:	'	'
Investment in PennyMac	$12,909,000	'
Net operating loss carryforward	-2,948,000	'
Total deferred expense	9,961,000	'
Components of Deferred tax asset	'	'
Taxes currently receivable	7,000	'
Deferred income tax asset, net	63,110,000	'
Deferred tax asset	63,117,000	'
Deferred income tax assets:	'	'
Investment in PennyMac	60,162,000	'
Net operating loss carryforward	2,948,000	'
Gross deferred tax assets	63,110,000	0
Net deferred income tax asset	63,110,000	'
Deferred income tax liabilities:	'	'
Gross deferred tax liabilities	'	0
Net operating loss carryforward, generally expire in 2033	7,200,000	'
Unrecognized tax benefits	0	0
Accrual of interest or penalties related to unrecognized tax benefits	$0	$0

Stockholders_Equity_Details

Stockholders' Equity (Details)	Dec. 31, 2013	14-May-13	Dec. 31, 2013
			Class A Common Stock
Stockholders' Equity	'	'	'
Number of Class A units exchanged for PFSI Class A common stock (in shares)	'	'	8,035,000
Noncontrolling interest in Private National Mortgage Acceptance Company, LLC at the date of the IPO (as a percent)	'	83.16%	'
Noncontrolling interest in Private National Mortgage Acceptance Company, LLC (as a percent)	72.57%	'	'

Net_Gains_on_Mortgage_Loans_He2

Net Gains on Mortgage Loans Held for Sale (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash gain (loss):	'	'	'	'	'	'	'	'	'	'	'
Sales proceeds	'	'	'	'	'	'	'	'	($150,589)	$78,671	$182
Hedging activities	'	'	'	'	'	'	'	'	98,707	-70,916	-8,578
Cash gain, net of effects of cash hedging, on sale of mortgage loans held for sale	'	'	'	'	'	'	'	'	-51,882	7,755	-8,396
Non-cash gain:	'	'	'	'	'	'	'	'	'	'	'
Receipt of MSRs in loan sale transactions	'	'	'	'	'	'	'	'	205,105	90,472	8,253
MSR recapture payable to PennyMac Mortgage Investment Trust	'	'	'	'	'	'	'	'	-709	'	'
Provision for losses relating to representations and warranties on loans sold	'	'	'	'	'	'	'	'	-4,675	-3,055	-260
Change in fair value relating to loans and hedging derivatives held at year end:	'	'	'	'	'	'	'	'	'	'	'
IRLCs	'	'	'	'	'	'	'	'	-17,179	16,035	7,919
Mortgage loans	'	'	'	'	'	'	'	'	-4,207	4,030	393
Hedging derivatives	'	'	'	'	'	'	'	'	11,560	2,933	5,120
Net gains on mortgage loans held for sale at fair value	$29,453	$25,949	$42,654	$39,957	$49,683	$39,760	$14,790	$13,937	$138,013	$118,170	$13,029

Net_Interest_Expense_Details

Net Interest Expense (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest income:	'	'	'
Short-term investments	$893	$72	$22
Mortgage loans held for sale at fair value	14,739	6,282	1,510
Interest income	15,632	6,354	1,532
Interest expense:	'	'	'
Mortgage loans sold under agreements to repurchase	10,863	5,927	1,874
Note payable	2,931	1,180	'
Excess servicing spread financing at fair value	1,091	'	'
Other	1,788	772	1
Interest expense	16,673	7,879	1,875
Net interest expense:	($1,041)	($1,525)	($343)

Stockbased_Compensation_Detail

Stock-based Compensation (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013
Stock-Based Compensation	'
Units available for future awards under 2013 Equity Incentive Plan (in units)	18,100,000
Compensation expense recorded during the period (in dollars)	$3,332
Stock Options	'
Stock-Based Compensation	'
Compensation expense recorded during the period (in dollars)	1,387
Percentage of the award vesting at each of the three anniversaries	33.00%
Contractual term of the stock options	'10 years
Expiration term, if employment or other association is terminated due to death or disability	'1 year
Expiration term, if employment or other association is terminated due to other reason	'3 months
Expected volatility (as a percent)	45.00%
Expected dividends (as a percent)	0.00%
Number of Stock Options:	'
Granted (in shares)	425,796
Expired or canceled (in units)	-7,011
Outstanding at end of year (in shares)	418,785
Weighted-average exercise price per share:	'
Granted (in dollars per share)	$21.03
Expired or canceled (in dollars per share)	$21.03
Outstanding at end of year (in dollars per share)	$21.03
Weighted-average remaining contractual term:	'
Outstanding at end of year	'9 years 4 months 24 days
Stock Options | Minimum	'
Stock-Based Compensation	'
Risk-free rate (as a percent)	0.30%
Expected grantee forfeiture rate (as a percent)	0.062
Stock Options | Maximum	'
Stock-Based Compensation	'
Risk-free rate (as a percent)	2.30%
Expected grantee forfeiture rate (as a percent)	0.192
Stock Options | Expected to vest	'
Number of Stock Options:	'
Number of shares (in units)	340,061
Weighted-average exercise price per share:	'
Grant date fair value (in dollars per share)	$9.17
Stock Options | Expected to vest | Weighted average	'
Weighted-average grant date fair value per unit:	'
Weighted - average vesting period	'21 months
Performance-based RSUs	'
Stock-Based Compensation	'
Compensation expense recorded during the period (in dollars)	1,273
Expected volatility (as a percent)	45.00%
Expected dividends (as a percent)	0.00%
Number of units:	'
Granted (in units)	500,373,000
Expired or canceled (in units)	-9,375,000
Outstanding at end of year (in units)	490,998,000
Weighted-average grant date fair value per unit:	'
Granted (in dollars per share)	$11.29
Expired or canceled (in dollars per share)	$10.85
Outstanding at end of year (in dollars per share)	$11.30
Unamortized compensation cost	4,364
Performance-based RSUs | Minimum	'
Stock-Based Compensation	'
Risk-free rate (as a percent)	0.30%
Expected grantee forfeiture rate (as a percent)	0.062
Performance-based RSUs | Maximum	'
Stock-Based Compensation	'
Risk-free rate (as a percent)	2.30%
Expected grantee forfeiture rate (as a percent)	0.192
Performance-based RSUs | Expected to vest	'
Number of units:	'
Number of shares expected to vest (in units)	448,634
Weighted-average grant date fair value per unit:	'
Grant date fair value (in dollars per share)	$20.99
Performance-based RSUs | Expected to vest | Weighted average	'
Weighted-average grant date fair value per unit:	'
Weighted - average vesting period	'18 months
Time-based RSUs	'
Stock-Based Compensation	'
Compensation expense recorded during the period (in dollars)	672
Percentage of the award vesting at each of the three anniversaries	33.00%
Number of units:	'
Granted (in units)	101,459,000
Expired or canceled (in units)	-1,141,000
Outstanding at end of year (in units)	100,318,000
Weighted-average grant date fair value per unit:	'
Granted (in dollars per share)	$18.03
Expired or canceled (in dollars per share)	$17.14
Outstanding at end of year (in dollars per share)	$18.04
Unamortized compensation cost	$1,099
Time-based RSUs | Minimum	'
Weighted-average remaining contractual term:	'
Turnover rates (as a percent)	0.062
Time-based RSUs | Maximum	'
Weighted-average remaining contractual term:	'
Turnover rates (as a percent)	0.192
Time-based RSUs | Expected to vest	'
Number of units:	'
Number of shares expected to vest (in units)	58,398
Weighted-average grant date fair value per unit:	'
Grant date fair value (in dollars per share)	$20.99
Time-based RSUs | Expected to vest | Weighted average	'
Weighted-average grant date fair value per unit:	'
Weighted - average vesting period	'18 months
Time-based RSUs | Class A Common Stock	'
Weighted-average remaining contractual term:	'
Number of share awarded for each RSU (in shares)	1

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental Cash Flow Information	'	'	'
Cash paid for interest	$16,527	$7,858	$858
Cash paid for income taxes	7	'	'
Non-cash investing activity:	'	'	'
Receipt of MSRs created in loan sales activities	$205,105	$90,472	$8,253

Regulatory_Net_Worth_and_Agenc2

Regulatory Net Worth and Agency Capital Requirements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fannie Mae - PLS	'	'
Regulatory Net Worth and Agency Capital Requirements	'	'
Net worth	$409,552	$172,843
Required	83,148	35,947
Freddie Mac - PLS	'	'
Regulatory Net Worth and Agency Capital Requirements	'	'
Net worth	409,860	173,273
Required	3,001	2,556
Ginnie Mae - Issuer - PLS	'	'
Regulatory Net Worth and Agency Capital Requirements	'	'
Net worth	388,125	152,782
Required	102,619	23,886
Ginnie Mae - Issuer's parent - PennyMac	'	'
Regulatory Net Worth and Agency Capital Requirements	'	'
Net worth	598,198	227,560
Required	112,881	26,275
HUD - PLS	'	'
Regulatory Net Worth and Agency Capital Requirements	'	'
Net worth	388,125	152,782
Required	$2,500	$1,000

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Commitments and Contingencies.	'
Commitments to purchase mortgage loans from PennyMac Mortgage Investment Trust	$718,105
Commitments to fund mortgage loans	253,678
Total commitments to purchase and fund mortgage loans	971,783
Commitments to sell mortgage loans	$2,659,000

Segments_and_Related_Informati2

Segments and Related Information (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
									item
Segments and Related Information	'	'	'	'	'	'	'	'	'	'	'
Number of segments	'	'	'	'	'	'	'	'	2	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Net gains on mortgage loans held for sale at fair value	$29,453,000	$25,949,000	$42,654,000	$39,957,000	$49,683,000	$39,760,000	$14,790,000	$13,937,000	$138,013,000	$118,170,000	$13,029,000
Loan origination fees	'	'	'	'	'	'	'	'	23,575,000	9,634,000	669,000
Net servicing fees	'	'	'	'	'	'	'	'	90,010,000	40,105,000	28,667,000
Management fees	'	'	'	'	'	'	'	'	40,330,000	21,799,000	16,683,000
Carried Interest from Investment Funds	'	'	'	'	'	'	'	'	13,419,000	10,473,000	12,596,000
Net interest (expense) income:	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	15,632,000	6,354,000	1,532,000
Interest expense	'	'	'	'	'	'	'	'	-16,673,000	-7,879,000	-1,875,000
Net interest expense:	'	'	'	'	'	'	'	'	-1,041,000	-1,525,000	-343,000
Other	'	'	'	'	'	'	'	'	2,541,000	3,524,000	1,736,000
Total net revenue	90,420,000	87,194,000	106,577,000	102,368,000	109,519,000	76,232,000	41,447,000	37,888,000	386,559,000	265,086,000	74,784,000
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Compensation	'	'	'	'	'	'	'	'	148,576,000	124,014,000	47,479,000
Loan origination	'	'	'	'	'	'	'	'	9,943,000	2,953,000	185,000
Other	'	'	'	'	'	'	'	'	45,914,000	19,796,000	12,421,000
Total expenses	48,733,000	52,277,000	56,348,000	47,075,000	54,099,000	38,369,000	30,969,000	22,657,000	204,433,000	146,763,000	60,085,000
Income before provision for income taxes	41,687,000	34,917,000	50,229,000	55,293,000	55,420,000	37,863,000	10,478,000	15,231,000	182,126,000	118,323,000	14,699,000
Segment assets at year end	1,584,475,000	1,254,384,000	1,280,780,000	692,977,000	832,163,000	702,699,000	505,636,000	418,639,000	1,584,475,000	832,163,000	289,281,000
PennyMac Mortgage Investment Trust	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Fulfillment fees from affiliate	11,087,000	18,327,000	22,054,000	28,244,000	31,809,000	17,258,000	7,715,000	6,124,000	79,712,000	62,906,000	1,747,000
Management fees	'	'	'	'	'	'	'	'	32,410,000	12,436,000	6,740,000
Net interest (expense) income:	'	'	'	'	'	'	'	'	'	'	'
Other	'	'	'	'	'	'	'	'	41,000	817,000	23,000
Investment Funds	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Management fees	'	'	'	'	'	'	'	'	7,920,000	9,363,000	9,943,000
Carried Interest from Investment Funds	'	'	'	'	'	'	'	'	13,419,000	10,473,000	12,596,000
Operating segment | Mortgage banking	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Net gains on mortgage loans held for sale at fair value	'	'	'	'	'	'	'	'	138,013,000	118,170,000	13,029,000
Loan origination fees	'	'	'	'	'	'	'	'	23,575,000	9,634,000	669,000
Net servicing fees	'	'	'	'	'	'	'	'	90,010,000	40,105,000	28,667,000
Net interest (expense) income:	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	15,610,000	6,349,000	1,528,000
Interest expense	'	'	'	'	'	'	'	'	-16,673,000	-7,879,000	-1,875,000
Net interest expense:	'	'	'	'	'	'	'	'	-1,063,000	-1,530,000	-347,000
Other	'	'	'	'	'	'	'	'	-22,000	2,000	'
Total net revenue	'	'	'	'	'	'	'	'	330,225,000	229,287,000	43,765,000
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Compensation	'	'	'	'	'	'	'	'	139,735,000	113,995,000	36,386,000
Loan origination	'	'	'	'	'	'	'	'	9,943,000	2,953,000	185,000
Other	'	'	'	'	'	'	'	'	45,022,000	19,161,000	11,333,000
Total expenses	'	'	'	'	'	'	'	'	194,700,000	136,109,000	47,904,000
Income before provision for income taxes	'	'	'	'	'	'	'	'	135,525,000	93,178,000	-4,139,000
Segment assets at year end	1,490,751,000	'	'	'	761,949,000	'	'	'	1,490,751,000	761,949,000	241,716,000
Operating segment | Mortgage banking | PennyMac Mortgage Investment Trust	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Fulfillment fees from affiliate	'	'	'	'	'	'	'	'	79,712,000	62,906,000	1,747,000
Operating segment | Investment management	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Management fees	'	'	'	'	'	'	'	'	40,330,000	21,799,000	16,683,000
Net interest (expense) income:	'	'	'	'	'	'	'	'	'	'	'
Interest income	'	'	'	'	'	'	'	'	22,000	5,000	4,000
Net interest expense:	'	'	'	'	'	'	'	'	22,000	5,000	4,000
Other	'	'	'	'	'	'	'	'	2,563,000	3,522,000	1,736,000
Total net revenue	'	'	'	'	'	'	'	'	56,334,000	35,799,000	31,019,000
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Compensation	'	'	'	'	'	'	'	'	8,841,000	10,019,000	11,093,000
Other	'	'	'	'	'	'	'	'	892,000	635,000	1,088,000
Total expenses	'	'	'	'	'	'	'	'	9,733,000	10,654,000	12,181,000
Income before provision for income taxes	'	'	'	'	'	'	'	'	46,601,000	25,145,000	18,838,000
Segment assets at year end	93,724,000	'	'	'	70,214,000	'	'	'	93,724,000	70,214,000	47,565,000
Operating segment | Investment management | Investment Funds	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Carried Interest from Investment Funds	'	'	'	'	'	'	'	'	$13,419,000	$10,473,000	$12,596,000

Selected_Quarterly_Results_Una2

Selected Quarterly Results (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenue	'	'	'	'	'	'	'	'	'	'	'	'
Net gains on mortgage loans held for sale at fair value	$29,453,000	$25,949,000	$42,654,000	$39,957,000	$49,683,000	$39,760,000	$14,790,000	$13,937,000	$138,013,000	$118,170,000	$13,029,000	'
Net servicing fees	30,500,000	21,399,000	22,069,000	16,042,000	14,759,000	6,112,000	7,658,000	11,576,000	119,461,000	52,357,000	38,105,000	'
Management fees and Carried Interest	13,963,000	13,352,000	13,291,000	13,143,000	12,560,000	9,469,000	6,966,000	5,982,000	'	'	'	'
Other income	5,417,000	8,167,000	6,509,000	4,982,000	708,000	3,633,000	4,318,000	269,000	2,500,000	2,707,000	1,713,000	'
Total net revenue	90,420,000	87,194,000	106,577,000	102,368,000	109,519,000	76,232,000	41,447,000	37,888,000	386,559,000	265,086,000	74,784,000	'
Expenses	48,733,000	52,277,000	56,348,000	47,075,000	54,099,000	38,369,000	30,969,000	22,657,000	204,433,000	146,763,000	60,085,000	'
Income before provision for income taxes	41,687,000	34,917,000	50,229,000	55,293,000	55,420,000	37,863,000	10,478,000	15,231,000	182,126,000	118,323,000	14,699,000	'
Provision for income taxes	4,430,000	3,493,000	2,038,000	'	'	'	'	'	9,961,000	'	'	'
Net income	37,257,000	31,424,000	48,191,000	55,293,000	55,420,000	37,863,000	10,478,000	15,231,000	172,165,000	118,323,000	14,699,000	'
Less: Net income attributable to noncontrolling interest	30,847,000	26,227,000	45,398,000	'	'	'	'	'	157,765,000	'	'	'
Net income attributable to PennyMac Financial Services, Inc. common stockholders	6,410,000	5,197,000	2,793,000	'	'	'	'	'	14,400,000	'	'	'
Earnings per share of Common Stock:	'	'	'	'	'	'	'	'	'	'	'	'
Basic (in dollars per share)	$0.33	$0.29	$0.22	'	'	'	'	'	$0.83	'	'	'
Diluted (in dollars per share)	$0.32	$0.28	$0.22	'	'	'	'	'	$0.82	'	'	'
Assets	'	'	'	'	'	'	'	'	'	'	'	'
Mortgage loans held for sale at fair value	531,004,000	530,248,000	656,341,000	203,661,000	448,384,000	410,071,000	248,974,000	176,282,000	531,004,000	448,384,000	'	'
Mortgage servicing rights	483,664,000	252,858,000	199,738,000	146,992,000	108,975,000	74,154,000	52,900,000	41,599,000	483,664,000	108,975,000	'	'
Carried Interest from Investment Funds	61,142,000	58,134,000	55,322,000	52,460,000	47,723,000	44,504,000	41,149,000	39,039,000	61,142,000	47,723,000	'	'
Servicing advances	154,328,000	105,344,000	94,791,000	96,587,000	93,152,000	76,554,000	73,706,000	68,961,000	154,328,000	93,152,000	'	'
Other assets	354,337,000	307,800,000	274,588,000	193,277,000	133,929,000	97,416,000	88,907,000	92,758,000	354,337,000	133,929,000	'	'
Total assets	1,584,475,000	1,254,384,000	1,280,780,000	692,977,000	832,163,000	702,699,000	505,636,000	418,639,000	1,584,475,000	832,163,000	289,281,000	'
Liabilities	'	'	'	'	'	'	'	'	'	'	'	'
Assets sold under agreement to repurchase	471,592,000	387,883,000	500,427,000	180,049,000	393,534,000	361,478,000	220,546,000	159,547,000	471,592,000	393,534,000	'	'
Note payable	52,154,000	56,775,000	47,209,000	63,437,000	53,013,000	34,035,000	18,116,000	17,584,000	52,154,000	53,013,000	'	'
Other liabilities	292,802,000	216,908,000	177,000,000	141,748,000	123,866,000	105,259,000	99,744,000	84,586,000	292,802,000	123,866,000	'	'
Total liabilities	955,271,000	664,423,000	724,636,000	385,234,000	570,413,000	500,772,000	338,406,000	261,717,000	955,271,000	570,413,000	'	'
Total equity	629,204,000	589,961,000	556,144,000	307,743,000	261,750,000	201,927,000	167,230,000	156,922,000	629,204,000	261,750,000	123,915,000	89,969,000
Total liabilities and stockholders' equity	1,584,475,000	1,254,384,000	1,280,780,000	692,977,000	832,163,000	702,699,000	505,636,000	418,639,000	1,584,475,000	832,163,000	'	'
PennyMac Mortgage Investment Trust	'	'	'	'	'	'	'	'	'	'	'	'
Revenue	'	'	'	'	'	'	'	'	'	'	'	'
Fulfillment fees from affiliate	11,087,000	18,327,000	22,054,000	28,244,000	31,809,000	17,258,000	7,715,000	6,124,000	79,712,000	62,906,000	1,747,000	'
Liabilities	'	'	'	'	'	'	'	'	'	'	'	'
Excess servicing spread financing at fair value payable to affiliate	$138,723,000	$2,857,000	'	'	'	'	'	'	$138,723,000	'	'	'

Parent_Company_Information_Det

Parent Company Information (Details) (PLS, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
PLS	'
Parent Company Information	'
Minimum tangible net worth	$90,000

Parent_Company_Information_Det1

Parent Company Information (Details 2) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
ASSETS	'	'	'	'	'	'	'	'	'	'
Cash	$30,639	'	'	'	$12,323	'	'	'	$16,465	$5,927
Other assets	15,922	'	'	'	13,032	'	'	'	'	'
Total assets	1,584,475	1,254,384	1,280,780	692,977	832,163	702,699	505,636	418,639	289,281	'
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'	'	'	'	'	'	'	'	'
Stockholders' equity	167,402	'	'	'	'	'	'	'	'	'
Total liabilities and stockholders' equity	1,584,475	1,254,384	1,280,780	692,977	832,163	702,699	505,636	418,639	'	'
Parent Company	'	'	'	'	'	'	'	'	'	'
ASSETS	'	'	'	'	'	'	'	'	'	'
Cash	707	'	'	'	'	'	'	'	'	'
Investment in affiliates, at fair value	177,200	'	'	'	'	'	'	'	'	'
Other assets	63,117	'	'	'	'	'	'	'	'	'
Total assets	241,024	'	'	'	'	'	'	'	'	'
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'	'	'	'	'	'	'	'	'
Accrued expenses and other liabilities	71,056	'	'	'	'	'	'	'	'	'
Payables to subsidiaries	50	'	'	'	'	'	'	'	'	'
Stockholders' equity	169,918	'	'	'	'	'	'	'	'	'
Total liabilities and stockholders' equity	$241,024	'	'	'	'	'	'	'	'	'

Parent_Company_Information_Det2

Parent Company Information (Details 3) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue	'	'	'	'	'	'	'	'	'	'	'
Interest	'	'	'	'	'	'	'	'	$15,632	$6,354	$1,532
Total net revenue	90,420	87,194	106,577	102,368	109,519	76,232	41,447	37,888	386,559	265,086	74,784
Expenses	'	'	'	'	'	'	'	'	'	'	'
Interest	'	'	'	'	'	'	'	'	16,673	7,879	1,875
Total expenses	48,733	52,277	56,348	47,075	54,099	38,369	30,969	22,657	204,433	146,763	60,085
Income before provision for income taxes	41,687	34,917	50,229	55,293	55,420	37,863	10,478	15,231	182,126	118,323	14,699
Provision for income taxes	4,430	3,493	2,038	'	'	'	'	'	9,961	'	'
Net income	37,257	31,424	48,191	55,293	55,420	37,863	10,478	15,231	172,165	118,323	14,699
Parent Company	'	'	'	'	'	'	'	'	'	'	'
Revenue	'	'	'	'	'	'	'	'	'	'	'
Dividends from subsidiaries	'	'	'	'	'	'	'	'	664	'	'
Total net revenue	'	'	'	'	'	'	'	'	664	'	'
Expenses	'	'	'	'	'	'	'	'	'	'	'
Income before provision for income taxes	'	'	'	'	'	'	'	'	664	'	'
Provision for income taxes	'	'	'	'	'	'	'	'	9,961	'	'
Income before equity in undistributed earnings of subsidiaries	'	'	'	'	'	'	'	'	-9,297	'	'
Equity in undistributed earnings of subsidiaries	'	'	'	'	'	'	'	'	23,697	'	'
Net income	'	'	'	'	'	'	'	'	$14,400	'	'

Parent_Company_Information_Det3

Parent Company Information (Details 4) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities	'	'	'	'	'	'	'	'	'	'	'
Net income	$37,257	$31,424	$48,191	$55,293	$55,420	$37,863	$10,478	$15,231	$172,165	$118,323	$14,699
Net cash used in operating activities	'	'	'	'	'	'	'	'	-98,390	-308,057	-74,718
Cash flows from investing activities	'	'	'	'	'	'	'	'	'	'	'
Net cash used in investing activities	'	'	'	'	'	'	'	'	-284,781	-45,535	-12,389
Cash flows from financing activities	'	'	'	'	'	'	'	'	'	'	'
Issuance of common shares	'	'	'	'	'	'	'	'	230,000	'	'
Payment of common share underwriting and offering costs	'	'	'	'	'	'	'	'	-13,486	'	'
Net cash provided by financing activities	'	'	'	'	'	'	'	'	401,487	349,450	97,645
Net change in cash	'	'	'	'	'	'	'	'	18,316	-4,142	10,538
Cash at beginning of year	'	'	'	12,323	'	'	'	16,465	12,323	16,465	5,927
Cash at end of year	30,639	'	'	'	12,323	'	'	'	30,639	12,323	16,465
Parent Company	'	'	'	'	'	'	'	'	'	'	'
Cash flows from operating activities	'	'	'	'	'	'	'	'	'	'	'
Net income	'	'	'	'	'	'	'	'	14,400	'	'
Equity in undistributed earnings of subsidiaries	'	'	'	'	'	'	'	'	-23,697	'	'
Increase in payables to subsidiaries	'	'	'	'	'	'	'	'	50	'	'
Decrease in deferred tax asset	'	'	'	'	'	'	'	'	9,954	'	'
Net cash used in operating activities	'	'	'	'	'	'	'	'	707	'	'
Cash flows from investing activities	'	'	'	'	'	'	'	'	'	'	'
Increase in investments in subsidiaries	'	'	'	'	'	'	'	'	-216,775	'	'
Net cash used in investing activities	'	'	'	'	'	'	'	'	-216,775	'	'
Cash flows from financing activities	'	'	'	'	'	'	'	'	'	'	'
Issuance of common shares	'	'	'	'	'	'	'	'	230,000	'	'
Payment of common share underwriting and offering costs	'	'	'	'	'	'	'	'	-13,225	'	'
Net cash provided by financing activities	'	'	'	'	'	'	'	'	216,775	'	'
Net change in cash	'	'	'	'	'	'	'	'	707	'	'
Cash at end of year	$707	'	'	'	'	'	'	'	$707	'	'