PennyMac Financial Services (PFSI) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 20, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-38727
Entity Registrant Name	PennyMac Financial Services, Inc.
Entity Central Index Key	0001745916
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1098934
Entity Address, Address Line One	3043 Townsgate Road
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	818
Local Phone Number	224-7442
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PFSI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 1,244,422,870
Entity Common Stock, Shares Outstanding		50,033,203
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash	$ 1,328,536	$ 340,069
Short-term investment at fair value	12,194	6,873
Loans held for sale at fair value (includes $3,442,847 and $9,135,577 pledged to creditors)	3,509,300	9,742,483
Derivative assets	99,003	333,695
Servicing advances, net (includes valuation allowance of $78,992 and $120,940; $381,379 and $232,107 pledged to creditors)	696,753	702,160
Mortgage servicing rights at fair value (includes $5,897,613 and $3,856,791 pledged to creditors)	5,953,621	3,878,078
Operating lease right-of-use assets	65,866	89,040
Investment in PennyMac Mortgage Investment Trust at fair value	929	1,300
Receivable from PennyMac Mortgage Investment Trust	36,372	40,091
Loans eligible for repurchase	4,702,103	3,026,207
Other (includes $12,277 and $45,294 pledged to creditors)	417,907	616,616
Total assets	16,822,584	18,776,612
LIABILITIES
Assets sold under agreements to repurchase	3,001,283	7,292,735
Mortgage loans participation purchase and sale agreements	287,592	479,845
Notes payable secured by mortgage servicing assets	1,942,646	1,297,622
Unsecured senior notes	1,779,920	1,776,219
Obligations under capital lease		3,489
Derivative liabilities	21,712	22,606
Mortgage servicing liabilities at fair value	2,096	2,816
Accounts payable and accrued expenses	262,358	359,413
Operating lease liabilities	85,550	110,003
Payable to PennyMac Mortgage Investment Trust	205,011	228,019
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	26,099	30,530
Income taxes payable	1,002,744	685,262
Liability for loans eligible for repurchase	4,702,103	3,026,207
Liability for losses under representations and warranties	32,421	43,521
Total liabilities	13,351,535	15,358,287
Commitments and contingencies - Note 16
STOCKHOLDERS' EQUITY
Additional paid-in capital		125,396
Retained earnings	3,471,044	3,292,923
Total stockholders' equity	3,471,049	3,418,325
Total liabilities and stockholders' equity	16,822,584	18,776,612
Common Class A [Member]
STOCKHOLDERS' EQUITY
Common stock - authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 49,988,4925 and 56,867,202 shares respectively	$ 5	$ 6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans held for sale	$ 3,509,300	$ 9,742,483
Servicing advances, net	696,753	702,160
Mortgage servicing rights, at fair value	5,953,621	3,878,078
Other assets	417,907	616,616
Servicing advances, net, valuation allowance	$ 78,992	$ 120,940
Common Class A [Member]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	49,988,492	56,867,202
Common stock, shares outstanding	49,988,492	56,867,202
Asset Pledged as Collateral without Right
Loans held for sale	$ 3,442,847	$ 9,135,577
Servicing advances, net	381,379	232,107
Mortgage servicing rights, at fair value	5,897,613	3,856,791
Other assets	$ 12,277	$ 45,294
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 791,633	$ 2,464,401	$ 2,740,785
Loan origination fees	169,859	384,154	285,551
Fulfillment fees from PennyMac Mortgage Investment Trust	67,991	178,927	222,200
Loan servicing fees
Loan servicing fees	1,228,637	1,075,112	998,291
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	354,176	(415,906)	(1,501,993)
Changes in fair value included in income		(1,037)	24,970
Mortgage servicing rights hedging results	(631,484)	(475,215)	918,180
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust	(277,308)	(892,158)	(558,843)
Net loan servicing fees	951,329	182,954	439,448
Interest income:
Interest income	294,062	300,169	247,026
Interest expense:
Interest expense	335,427	390,699	271,551
Net interest expense	(41,365)	(90,530)	(24,525)
Management fees, net:
Management fees from PennyMac Mortgage Investment Trust	31,065	37,801	34,538
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	(235)	336	(453)
Result of real estate acquired in settlement of loans	2,510	1,993	1,036
Repricing of payable to exchanged Private National Mortgage Acceptance Company , LLC unitholders	576		280
Other	12,392	7,325	6,737
Total net revenue	1,985,755	3,167,361	3,705,597
Expenses
Compensation	735,231	999,802	738,569
Loan origination	173,622	330,788	219,746
Technology	139,950	141,426	112,570
Professional services	73,270	94,283	64,064
Servicing	59,628	109,835	256,934
Marketing and advertising	46,762	44,806	8,658
Occupancy and equipment	40,124	35,810	33,357
Other	51,921	51,428	31,090
Total expenses	1,320,508	1,808,178	1,464,988
Income before provision for income taxes	665,247	1,359,183	2,240,609
Provision for income taxes	189,740	355,693	593,725
Net income attributable to PennyMac Financial Services, Inc. common stockholders	$ 475,507	$ 1,003,490	$ 1,646,884
Earnings per share
Basic (in dollars per share)	$ 8.96	$ 15.73	$ 21.91
Diluted (in dollars per share)	$ 8.50	$ 14.87	$ 20.92
Weighted-average shares outstanding
Basic (in shares)	53,065	63,799	75,161
Diluted (in shares)	55,950	67,471	78,728
Non-affiliates
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 808,197	$ 2,515,874	$ 2,690,104
Loan origination fees	161,441	358,028	262,143
Loan servicing fees
Loan servicing fees	1,054,828	875,570	814,646
Interest income:
Interest income	294,062	299,782	243,701
Interest expense:
Interest expense	335,427	389,419	263,133
PennyMac Mortgage Investment Trust
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	16,564	51,473	(50,681)
Loan origination fees	8,418	26,126	23,408
Loan servicing fees
Loan servicing fees	81,915	80,658	67,181
Interest income:
Interest income		387	3,325
Interest expense:
Interest expense		1,280	8,418
Others
Loan servicing fees
Loan servicing fees	$ 91,894	$ 118,884	$ 116,464

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock.	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2019	$ 8	$ 1,335,107	$ 726,392	$ 2,061,507
Balance (in shares) at Dec. 31, 2019	78,515
Changes in stockholders' equity
Net income			1,646,884	1,646,884
Stock based compensation		49,229		49,229
Stock based compensation (in shares)	1,276
Issuance of common stock in settlement of director fees		194		194
Issuance of common stock in settlement of director fees (in shares)	5
Common stock dividends			(30,947)	(30,947)
Repurchase of common stock	$ (1)	(337,478)		(337,479)
Repurchase of common stock (in shares)	(8,890)
Balance at Dec. 31, 2020	$ 7	1,047,052	2,342,329	3,389,388
Balance (in shares) at Dec. 31, 2020	70,906
Changes in stockholders' equity
Net income			1,003,490	1,003,490
Stock based compensation		36,337		36,337
Stock based compensation (in shares)	1,326
Issuance of common stock in settlement of director fees		200		200
Issuance of common stock in settlement of director fees (in shares)	3
Common stock dividends			(52,896)	(52,896)
Repurchase of common stock	$ (1)	(958,193)		(958,194)
Repurchase of common stock (in shares)	(15,368)
Balance at Dec. 31, 2021	$ 6	125,396	3,292,923	3,418,325
Balance (in shares) at Dec. 31, 2021	56,867
Changes in stockholders' equity
Net income			475,507	475,507
Stock based compensation		37,719		37,719
Stock based compensation (in shares)	905
Issuance of common stock in settlement of director fees		205		205
Issuance of common stock in settlement of director fees (in shares)	4
Common stock dividends			(54,621)	(54,621)
Repurchase of common stock	$ (1)	$ (163,320)	(242,765)	(406,086)
Repurchase of common stock (in shares)	(7,788)
Balance at Dec. 31, 2022	$ 5		$ 3,471,044	$ 3,471,049
Balance (in shares) at Dec. 31, 2022	49,988

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock. | Common Class A [Member]
Common Stock dividends (in dollars per share)	$ 0.80	$ 0.80	$ 0.54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities
Net income	$ 475,507	$ 1,003,490	$ 1,646,884
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net gains on loans held for sale at fair value	(791,633)	(2,464,401)	(2,740,785)
Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread	(354,176)	416,943	1,477,023
Mortgage servicing rights hedging gains	631,484	475,215	(918,180)
Capitalization of interest on loans held for sale	(3,231)	(19,244)	(119,740)
Accrual of interest on excess servicing spread financing payable to PennyMac Mortgage Investment Trust		1,280	8,418
Amortization of debt issuance costs	19,198	24,321	19,048
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust	371	(195)	567
Results of real estate acquired in settlement of loans	(2,510)	(1,993)	(1,036)
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(576)		(280)
Stock based compensation expense	42,552	37,794	45,105
(Reversal of) provision for servicing advance losses	(36,075)	(47,878)	125,898
Depreciation and amortization	34,409	28,645	25,575
Impairment of capitalized software		728	13,145
Amortization of operating lease right-to-use assets	15,831	14,295	12,284
Purchase of loans held for sale from PennyMac Mortgage Investment Trust	(50,575,617)	(67,851,634)	(63,618,185)
Origination of loans held for sale	(20,297,064)	(54,857,114)	(31,783,465)
Purchase of loans held for sale from non-affiliates	(1,802,769)	(4,896,527)	(3,799,336)
Purchase of loans from Ginnie Mae securities and early buyout investors	(6,199,212)	(23,644,025)	(11,156,684)
Sale to non-affiliates and principal payments of loans held for sale	84,345,379	154,450,942	102,840,312
Sale of loans held for sale to PennyMac Mortgage Investment Trust	298,862		2,248,896
Repurchase of loans subject to representations and warranties	(92,924)	(99,508)	(58,375)
Settlement of repurchase agreement derivatives			8,270
Increase in servicing advances	(36,534)	(232,574)	(391,440)
Decrease (increase) in receivable from PennyMac Mortgage Investment Trust	2,776	35,243	(48,320)
Sale of real estate acquired in settlement of loans	19,761	14,555	32,555
Decrease (increase) in other assets	191,384	61,871	(334,045)
(Decrease) increase in accounts payable and accrued expenses	(109,485)	34,666	135,314
Decrease in operating lease liabilities	(19,392)	(16,310)	(13,421)
(Decrease) increase in payable to PennyMac Mortgage Investment Trust	(36,708)	36,549	37,642
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(3,855)	(4,635)	(10,713)
Increase in income taxes payable	317,482	62,562	118,131
Net cash provided by (used in) operating activities	6,033,235	2,563,061	(6,198,938)
Cash flow from investing activities
(Increase) decrease in short-term investment	(5,321)	8,344	59,394
Net change in assets purchased from PMT under agreement to resell		80,862	26,650
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights	(871,878)	(434,397)	913,064
Purchase of mortgage servicing rights	(3,993)		(25,473)
Acquisition of capitalized software	(71,935)	(48,980)	(48,090)
Purchase of furniture, fixtures, equipment and leasehold improvements	(7,159)	(7,899)	(10,671)
Decrease (increase) in margin deposits	238,704	97,701	(131,840)
Net cash (used in) provided by investing activities	(721,582)	(304,369)	783,034
Cash flow from financing activities
Sale of assets under agreements to repurchase	75,076,185	136,179,744	102,232,005
Repurchase of assets sold under agreements to repurchase	(79,368,855)	(138,546,379)	(96,709,690)
Issuance of mortgage loan participation purchase and sale certificates	19,312,943	23,784,510	23,607,079
Repayment of mortgage loan participation purchase and sale certificates	(19,504,845)	(23,826,142)	(23,583,550)
Issuance of notes payable secured by mortgage servicing assets	650,000
Issuance of unsecured senior notes		1,150,000	650,000
Repayments of obligations under capital lease	(3,489)	(8,375)	(8,946)
Repayment of excess servicing spread financing		(134,624)	(32,377)
Payment of debt issuance costs	(19,606)	(37,567)	(30,112)
Issuance of common stock pursuant to exercise of stock options	2,947	7,536	9,389
Payment of withholding taxes relating to stock-based compensation	(7,780)	(8,993)	(5,265)
Payment of dividend to holders of common stock	(54,621)	(52,896)	(30,947)
Repurchase of common stock	(406,086)	(958,194)	(337,479)
Net cash (used in) provided by financing activities	(4,323,207)	(2,451,380)	5,760,107
Net increase (decrease) in cash and restricted cash	988,446	(192,688)	344,203
Cash and restricted cash at beginning of year	340,093	532,781	188,578
Cash and restricted cash at end of year	1,328,539	340,093	532,781
Cash	1,328,536	340,069	532,716
Restricted cash included in Other assets	3	24	65
Supplemental cash flow information:
Cash paid for interest	329,975	389,527	272,970
Cash (refunds received) paid for income taxes, net	(127,742)	293,131	475,594
Non-cash investing activities:
Mortgage servicing rights resulting from loan sales	1,718,094	1,861,949	1,138,045
Operating right-of-use assets recognized	1,364	28,401	14,128
Non-cash financing activities:
Mortgage servicing liabilities resulting from loan sales		106,631	23,325
Issuance of Excess servicing spread payable to PennyMac Mortgage Investment Trust pursuant to a recapture agreement		557	2,093
Issuance of common stock in settlement of director fees	$ 205	$ 200	$ 194

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization
Organization	Note 1—Organization PennyMac Financial Services, Inc. (together, with its consolidated subsidiaries, unless the context indicated otherwise, “PFSI” or the “Company”) is a holding corporation and its primary assets are equity interests in Private National Mortgage Acceptance Company, LLC (“PNMAC”). The Company is the managing member of PNMAC, and it operates and controls all of the businesses and consolidates the financial results of PNMAC and its subsidiaries. ​ PNMAC is a Delaware limited liability company which, through its subsidiaries, engages in mortgage banking and investment management activities. PNMAC’s mortgage banking activities consist of residential mortgage loan production and loan servicing. PNMAC’s investment management activities and a portion of its mortgage banking activities are conducted on behalf of PennyMac Mortgage Investment Trust (“PMT”), a publicly held real estate investment trust that invests in residential mortgage-related assets. PNMAC’s primary wholly owned subsidiaries are: ​ ● PennyMac Loan Services, LLC (“PLS”) —a Delaware limited liability company that services portfolios of residential mortgage loans on behalf of non-affiliates and PMT, purchases, originates and sells new prime credit quality residential mortgage loans and engages in other mortgage banking activities for its 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 United States Department of Housing and Urban Development (“HUD”) and a lender/servicer with the Veterans Administration (“VA”) and United States Department of Agriculture (“USDA”) (each of the above an “Agency” and collectively the “Agencies”). ​ ● PNMAC Capital Management, LLC (“PCM”) —a Delaware limited liability company registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM has an investment management agreement with PMT.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2022
Concentration of Risk
Concentration of Risk	​ Note 2—Concentration of Risk ​ A portion of the Company’s activities relate to PMT. Revenues generated from PMT and its subsidiaries (generally comprised of gains on mortgage loans held for sale, loan origination fees, fulfillment fees, loan servicing fees, management fees and net interest paid to PMT) totaled 9%, 9%, and 11% of total net revenues for the years ended December 31, 2022, 2021 and 2020, respectively. The Company also purchased 70%, 53% and 64% of its newly originated loan production from PMT during the years ended December 31, 2022, 2021 and 2020, respectively. ​

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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 these consolidated financial statements follows. ​ Basis of Presentation ​ The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of PFSI and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. ​ Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments and estimates 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. ​ Cash Flows ​ For the purpose of presentation in the statement of cash flows, the Company has identified tenant security deposits relating to rental properties owned by PMT and managed by the Company as restricted cash. Tenant security deposits are included in Other ​ Fair Value ​ Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: ​ ● Level 1—Quoted prices in active markets for identical assets or liabilities. ​ ● Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. ​ ● Level 3— Prices determined using significant unobservable inputs. In situations where observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. ​ As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. ​ Short-Term Investment ​ Short-term investment, which represents an investment in an account with a depository institution, is carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investment as a “Level 1” fair value asset. ​ Loans Held for Sale at Fair Value ​ The Company has elected to account for 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 are recognized as a component of Net gains on loans held for sale at fair value ​ Sale Recognition ​ The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (i) the loans 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 loans, and (iii) the Company does not maintain effective control over the transferred loans 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 loans. ​ Interest Income Recognition ​ Interest income on loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended and the interest receivable is reversed against interest income when loans become 90 days delinquent. Income recognition is resumed when the loan becomes contractually current. ​ Derivative Financial Instruments ​ The Company holds and issues derivative financial instruments that are created as a result of certain of its operations. The Company also enters into derivative transactions as part of its interest rate risk management activities. ​ Derivative financial instruments created as a result of the Company’s operations include: ​ ● Interest rate lock commitments (“IRLCs”) that are created when the Company commits to purchase or originate a loan for sale at specified interest rates. ​ ● Derivatives that were embedded in a master repurchase agreement with a non-affiliate that provided for the Company to receive incentives for financing loans that satisfied certain consumer relief characteristics as provided in the master repurchase agreement. ​ ​ ● Loans held for sale and IRLCs. The Company bears price risk from the time a commitment to fund a loan is made to a borrower or to purchase a loan from PMT or a non-affiliated entity, to the time either the prospective transaction is cancelled or the loan is sold. During this period, the Company is exposed to losses if market interest rates increase, because the fair value of the purchase commitment or prospective loan decreases. ​ ● Mortgage servicing rights (“MSRs”). MSRs are generally subject to reduction in fair value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the expected life of the mortgage loans underlying the MSRs, thereby reducing their fair value. Reductions in the fair value of MSRs affect earnings primarily through recognition of the changes in fair value. ​ To manage the fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and MSRs. ​ IRLCs are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs by entering into forward sale agreements to sell the expected mortgage loans or mortgage-backed securities (“MBS”) and by the purchase and sale of options on MBS. Such agreements are also accounted for as derivative financial instruments. These and other interest-rate derivatives are also used to manage the fair value risk created by changes in prepayment speeds on certain of the MSRs the Company holds. ​ The Company classifies its IRLCs as “Level 3” fair value assets and liabilities. Fair value of hedging derivative financial instruments that are actively traded on an exchange are categorized by the Company as “Level 1” fair value assets and liabilities. Fair value of hedging derivative financial instruments based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. ​ The Company does not designate its derivative financial instruments for hedge accounting. Therefore, the Company accounts for its derivative financial instruments as free-standing derivatives. 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 derivative financial instruments hedging IRLCs, loans held for sale at fair value and MSRs are included in Net gains on loans held for sale at fair value Mortgage servicing rights hedging results, Interest expense ​ Cash flows from derivative financial instruments relating to hedging of IRLCs and loans acquired for sale are included in Cash flows from operating activities Sale and repayment of loans acquired for sale at fair value to nonaffiliates Cash flows from investing activities Cash flows from operating activities When the Company has multiple derivative financial instruments with the same counterparty subject to 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. ​ Servicing Advances ​ Servicing advances represent advances made on behalf of borrowers and the mortgage loans’ investors to fund property taxes, insurance premiums and out-of-pocket collection costs (e.g., preservation and restoration of mortgaged property or real estate acquired in the settlement of loans (“REO”), legal fees, and appraisals). Servicing advances are made in accordance with the Company’s servicing agreements. A valuation allowance is provided for amounts expected to become uncollectable. Servicing advances are written off when they are deemed uncollectable. ​ Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ MSRs and mortgage servicing liabilities (“MSLs”) 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; administering loss mitigation activities, including modification and forbearance programs; and supervising foreclosures and property dispositions. ​ The Company is contractually entitled to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and the Company is generally entitled to retain the placement fees earned on impounded funds and 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 their existing loan or purchasing a new home. ​ The Company recognizes MSRs and MSLs initially at fair value, either as proceeds from or liabilities incurred in sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs or receipt of cash for acceptance of MSLs. ​ The fair value of MSRs and MSLs is derived from the net positive or negative, respectively, cash flows associated with the servicing contracts. For loans subject to MSR and MSL contracts, the Company receives a servicing fee, based 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 fair value of MSRs and MSLs is difficult to determine because MSRs and MSLs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and MSLs and the exercise of such judgment can significantly affect the Company’s income. Therefore, the Company classifies its MSRs and MSLs as “Level 3” fair value assets and liabilities. ​ Changes in fair value of MSLs and MSRs are recognized in current period income in Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​ Leases The Company determines if an arrangement is a lease at inception. If the arrangement is determined to be a lease, the Company recognizes both an Operating lease right-of-use asset Operating lease liability Occupancy and equipment The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made before lease commencement and for any lease incentives. ​ 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 ​ Capitalized Software ​ The Company capitalizes certain consulting, payroll, and payroll-related costs related to the development of computer software for internal use. Once development is complete and the software is placed in service, the Company amortizes the capitalized costs over three ​ The Company also periodically assesses capitalized software for recoverability when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the Company 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. ​ Investment in PennyMac Mortgage Investment Trust at Fair Value ​ Common shares of beneficial interest in PMT are carried at 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 asset. ​ Loans Eligible for Repurchase ​ The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase loans when the loan is at least three months delinquent. As a result of this right, the Company recognizes the loans in Loans eligible for repurchase Liability for loans eligible for repurchase ​ Borrowings ​ The carrying values of borrowings other than excess servicing spread (“ESS”) are based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements (debt issuance costs) are included in the carrying value of the agreements and are charged to Interest expense ​ ● Debt issuance costs relating to revolving facilities, such as repurchase agreement and mortgage loan participation purchase and sale facilities are amortized on the straight line basis over the term of the facility; and ​ ● Debt issuance cost relating to non-revolving debts, such as the Company’s Notes payable secured by mortgage servicing assets and Unsecured senior notes are amortized over the contractual term of the non-revolving debt using the interest method. ​ Excess Servicing Spread Financing at Fair Value ​ The Company finances certain of its purchases of Agency MSRs through the sale to PMT of the right to receive the excess of the servicing fee rate over a specified rate of the underlying MSRs. This excess is referred to as ESS. ESS is carried at its fair value. Changes in fair value of ESS are recognized in current period income in Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust ​ Interest expense for ESS is accrued using the interest method based upon the expected cash flows from the ESS through the expected life of the underlying mortgage loans. ​ Liability for Losses Under Representations and Warranties ​ The Company’s agreements with the Agencies and other investors include representations and warranties related to the loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor 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 loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the loans. The Company’s credit loss may be reduced by any recourse it may have to correspondent loan sellers that, in turn, had sold such mortgage loans to PMT 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 loan seller, through PMT. ​ As a result of providing representations and warranties to investors and insurers, the Company records a provision for losses relating to representations and warranties 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 estimated 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 level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee. Both the initial recognition of, and adjustments to the level of, the liability for representations and warranties are recorded in Net gains on loans held for sale at fair value ​ The level of the liability for representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, investor repurchase demand or insurer claim denial 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, the Company believes that the current unpaid principal balance (“UPB”) of loans sold to date represents the maximum exposure to repurchases related to representations and warranties. ​ Loan Origination Fees Loan origination fees represent compensation to the Company for the origination or purchase of loans. Loan origination fees are earned and recognized upon funding or purchase of the loan by the Company and are collected either at purchase from the correspondent seller, at funding when paid by the borrower or upon sale of the loan when the origination fees are financed by the borrower. Loan Servicing Fees ​ Loan servicing fees are received by the Company for servicing loans. Loan servicing activities are described in Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ The Company’s obligations under its loan servicing agreements are fulfilled as the Company services the loans. Fees are collected when the loan payments are received from the borrowers in the case of MSRs held by the Company or within 30 days of the applicable month-end for subserviced loans. ​ Loan servicing fees relating to owned MSRs are recognized when earned. Loan servicing fees relating to loans subserviced for PMT are recognized in the month in which the loans are serviced. ​ Fulfillment Fees ​ ​ Management Fees ​ Management fees represent compensation to the Company for management services it provides to PMT. Management fees are based on PMT’s shareholders’ equity amounts and profitability in excess of specified thresholds. Management fees are recognized as services are provided and are paid to the Company on a quarterly basis within 30 days of the end of the quarter. ​ Stock-Based Compensation ​ The Company establishes the cost of its share-based awards at the awards’ fair values at the grant date of the awards. The Company estimates the fair value of time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of its underlying common stock and expected forfeiture rates on the date of the award. The Company estimates the fair value of its stock option awards with reference to the expected price volatility of its shares of common stock, expected dividend yield, expected forfeiture rates, and risk-free interest rate for the period that exercisable stock options are expected to be outstanding. ​ Compensation costs are fixed, except for performance-based restricted stock units, as of the award date. The cost of performance-based restricted stock units is adjusted in each reporting period after the grant for changes in expected performance attainment until the performance share units vest. The Company amortizes the cost of stock based compensation awards to Compensation ​ Income Taxes ​ 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 Company recognizes the effect on deferred taxes of a change in tax rates in income in the period in which the change occurs. The Company establishes a valuation allowance 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. ​ As a result of a recapitalization and reorganization of PNMAC in 2013, the Company expects to benefit from amortization and other tax deductions resulting from increases in the tax basis of PNMAC’s assets from the exchange of PennyMac Class A units to the shares of the Company’s common stock. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. ​ The Company assumed an agreement with certain of the former unitholders of PNMAC that provides for the additional payment by the Company to exchanging unitholders of PNMAC 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. Although a reorganization of the Company in 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and provide payment when applicable for units exchanged before the reorganization. ​

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2022
Transactions with Related Parties
Transactions with Related Parties	Note 4—Transactions with Related Parties ​ Transactions with PMT ​ Operating Activities ​ Mortgage Loan Production Activities ​ ​ MSR Recapture ​ ​ ● 40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate”; ● 35% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 15% and up to 30% ; and ● 30% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30% . ​ ​ Fulfillment Services ​ ​ ● no greater than the product of (i) 0.35% and (ii) the aggregate initial UPB (the “Initial UPB”) of all mortgage loans purchased in such month, plus ● in the case of all mortgage loans other than those sold to or securitized through Fannie Mae or Freddie Mac, no greater than the product of (i) 0.50% and (ii) the aggregate Initial UPB of all such mortgage loans sold and securitized in such month; provided, however, that no fulfillment fee was due or payable to the Company with respect to any mortgage loans underwritten to the Ginnie Mae MBS Guide. ​ ​ Fulfillment fees shall not exceed the following: ● the number of loan commitments multiplied by a pull-through factor of either .99 or .80 depending on whether the loan commitments are subject to a “mandatory trade confirmation” or a “best efforts lock confirmation”, respectively, and then multiplied by $585 for each pull-through adjusted loan commitment up to and including 16,500 per quarter and $355 for each pull-through adjusted loan commitment in excess of 16,500 per quarter, plus ● $315 multiplied by the number of purchased loans up to and including 16,500 per quarter and $195 multiplied by the number of purchased loans in excess of 16,500 per quarter, plus ● $750 multiplied by the number of all purchased loans that are sold or securitized to parties other than Fannie Mae and Freddie Mac; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae loans, and as of October 1, 2022, certain Fannie Mae or Freddie Mac loans acquired by PLS. ​ Sourcing Fees ​ three ​ ​ ​ Following is a summary of loan production activities, including MSR recapture, between the Company and PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Net (losses) gains on loans held for sale at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (losses) gains on loans held for sale to PMT (primarily cash) ​ $ (2,820) ​ $ — ​ $ 81,295 Mortgage servicing rights and excess servicing spread recapture incurred ​ ​ (13,744) ​ ​ (51,473) ​ ​ (30,614) ​ ​ $ (16,564) ​ $ (51,473) ​ $ 50,681 Sale of loans held for sale to PMT ​ $ 298,862 ​ $ — ​ $ 2,248,896 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax service fees earned from PMT included in Loan origination fees ​ $ 8,418 ​ $ 26,126 ​ $ 23,408 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fulfillment fee revenue $ 67,991 $ 178,927 $ 222,200 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees ​ $ 37,090,031 ​ $ 110,003,574 ​ $ 100,389,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sourcing fees included in cost of loans purchased from PMT ​ $ 4,968 ​ $ 6,472 ​ $ 11,037 Unpaid principal balance of loans purchased from PMT ​ $ 49,680,267 ​ $ 64,774,728 ​ $ 60,540,530 ​ Loan Servicing ​ The Company and PMT have entered into a loan servicing agreement (the “Servicing Agreement”), pursuant to which the Company provides subservicing for PMT’s portfolio of MSRs, loans at fair value other than special servicing loans and loans held for sale (prime servicing) and its portfolio of residential mortgage loans purchased with credit deterioration (special servicing). The Servicing Agreement provides for servicing fees of per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or REO. The Company also remains entitled to customary ancillary income and market-based fees and charges relating to loans it services for PMT. ​ Prime Servicing ​ ● The base servicing fees for prime servicing loans are calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the loan is a fixed-rate or adjustable-rate loan. The base servicing fee rates are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans. ​ ● To the extent that prime servicing loans become delinquent, the Company receives an additional servicing fee per loan ranging from $10 to $55 per month based on the delinquency, bankruptcy and foreclosure status of the loan or $75 per month if the underlying mortgaged property becomes REO. ​ ● The Company is entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification, origination fees and a percentage of late charges. ​ ● Effective July 1, 2020, the Company receives certain fees for COVID-19 pandemic-related forbearance and modification activities provided for under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). ​ Special Servicing ​ ● The base servicing fee rates for distressed loans range from $30 per month for current loans up to $95 per month for loans in foreclosure proceedings. The base servicing fee rate for REO is $75 per month. The Company also receives a supplemental servicing fee of $25 per month for each distressed loan. ​ ● The Company receives activity-based fees for modifications, foreclosures and liquidations that it facilitates with respect to special servicing loans, as well as other market-based refinancing and loan disposition fees. The Company may also receive REO rental fees, property lease renewal fees, property management fees, tenant paid application fees, late rent fees, and third-party vendor fees associated with its management of REO. ​ Following is a summary of loan servicing fees earned from PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Loan type serviced 2022 2021 ​ 2020 ​ ​ (in thousands) Loans acquired for sale ​ $ 1,018 ​ $ 2,363 ​ $ 2,067 Loans at fair value ​ ​ 529 ​ ​ 505 ​ ​ 807 Mortgage servicing rights ​ ​ 80,368 ​ ​ 77,790 ​ ​ 64,307 ​ ​ $ 81,915 ​ $ 80,658 ​ $ 67,181 ​ The Servicing Agreement expires on June 30, 2025. ​ Investment Management Activities ​ The Company has a management agreement with PMT (“Management Agreement”), pursuant to which the Company oversees PMT’s business affairs in conformity with the investment policies that are approved and monitored by its board of trustees, for which PFSI collects a base management fee and may collect a performance incentive fee. The Management Agreement provides that: ​ ● The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of PMT’s average shareholders’ equity up to $2 billion, (ii) 1.375% per year of PMT’s average shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of PMT’s average shareholders’ equity in excess of $5 billion. ​ ● The performance incentive fee is calculated quarterly 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 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 attributable to PMT’s common shares of beneficial interest computed in accordance with GAAP adjusted for 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 rolling four-quarter period. ​ The “high watermark” is the quarterly adjustment that 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 less than the Target Yield, the high watermark is increased by the difference. If the “net income” is more 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 a combination of cash and PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at PMT’s option. ​ In the event of termination of the Management Agreement between PMT and the Company, 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 performance incentive fee earned by the Company, in each case during the 24-month period immediately preceding the date of termination. ​ Following is a summary of the base management and performance incentive fees earned from PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 ​ 2020 ​ ​ (in thousands) Base management ​ $ 31,065 $ 34,794 $ 34,538 Performance incentive ​ ​ — ​ ​ 3,007 ​ ​ — ​ ​ $ 31,065 ​ $ 37,801 ​ $ 34,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expense Reimbursement ​ Under the Management Agreement, PMT reimburses the Company for its organizational and operating expenses, including third-party expenses, incurred on PMT’s behalf, it being understood that the Company and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax and investor relations services for the direct benefit of PMT. With respect to the allocation of the Company’s and its affiliates’ personnel compensation, the Company was reimbursed $120,000 per fiscal quarter through June 30, 2020. ​ On June 30, 2020, the Management Agreement was amended and restated for a term of five years (the “2020 Management Agreement”). The terms of the 2020 Management Agreement are materially consistent with those of the prior management agreement, except that, effective July 1, 2020, PMT’s reimbursement of PCM’s and its affiliate’s compensation expenses was increased from $120,000 to $165,000 per fiscal quarter, such amount to be reviewed annually and not preclude reimbursement for any other services performed by the Company or its affiliates. ​ PMT is also required to pay its pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Company and its affiliates required for PMT’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of PMT’s proportion of gross assets compared to all remaining gross assets managed or owned by the Company and/or its affiliates as calculated at each fiscal quarter end. ​ The Company received reimbursements from PMT for expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Reimbursement of: ​ ​ ​ Expenses incurred on PMT's behalf, net ​ $ 23,829 ​ $ 18,812 ​ $ 22,583 Common overhead incurred by the Company ​ ​ 8,588 ​ ​ 4,906 ​ ​ 5,172 Compensation ​ ​ 660 ​ ​ 660 ​ ​ 570 ​ ​ $ 33,077 ​ $ 24,378 ​ $ 28,325 Payments and settlements during the year (1) ​ $ 144,012 ​ $ 284,381 ​ $ 378,162 (1) Payments and settlements include payments for the operating, investing and financing activities summarized in this note and netting settlements made pursuant to master netting agreements between the Company and PMT. ​ Investing Activities ​ Master Repurchase Agreement ​ The Company, through PLS, has a master repurchase agreement with one of PMT’s wholly-owned subsidiaries, PennyMac Holdings, LLC (“PMH”) (the “PMH Repurchase Agreement”), pursuant to which PMH may borrow from the Company for the purpose of financing PMH’s participation certificates representing beneficial ownership in ESS under the Spread Acquisition Agreement. PLS then re-pledges such participation certificates to PNMAC GMSR ISSUER TRUST (the “Issuer Trust”) under a master repurchase agreement by and among PLS, the Issuer Trust and PNMAC, as guarantor (the “PC Repurchase Agreement”). The Issuer Trust was formed for the purpose of allowing PLS to finance MSRs and ESS relating to such MSRs (the “GNMA MSR Facility”). ​ In the first quarter of 2021, PLS repurchased the ESS from PMH at fair market value, effectively terminating the borrowing arrangements allowing PMH to finance its participation certificates representing beneficial ownership in ESS. Such ESS is now included in PLS's participation certificates representing beneficial ownership in ESS and MSRs, which PLS pledges in connection with the GNMA MSR Facility. ​ The Company holds an investment in PMT in the form of 75,000 common shares of beneficial interest. ​ Following is a summary of investing activities between the Company and PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net repayments of assets purchased from PMT under agreement to resell ​ ​ ​ ​ $ 80,862 ​ $ 26,650 ​ Interest income ​ ​ ​ ​ $ 387 ​ $ 3,325 ​ Balance at end of year ​ ​ ​ ​ $ — ​ $ 80,862 ​ Common shares of beneficial interest of PennyMac Mortgage Investment Trust: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends earned from PennyMac Mortgage Investment Trust ​ $ 136 ​ $ 141 ​ $ 114 ​ Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust ​ ​ (371) ​ ​ 195 ​ ​ (567) ​ ​ ​ $ (235) ​ $ 336 ​ $ (453) ​ Balance at end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 929 ​ $ 1,300 ​ ​ ​ ​ Number of shares ​ ​ 75 ​ ​ 75 ​ ​ ​ ​ ​ Financing Activities ​ Spread Acquisition and MSR Servicing Agreements ​ The Company has an amended and restated a master spread acquisition and MSR servicing agreement with PMT (the “Spread Acquisition Agreement”), pursuant to which the Company may sell to PMT, from time to time, the right to receive participation certificates representing beneficial ownership in ESS arising from Ginnie Mae MSRs acquired by the Company, in which case the Company generally would be required to service or subservice the related mortgage loans for Ginnie Mae. The primary purpose of the amendment and restatement was to facilitate the continued financing of the ESS owned by PMT in connection with the parties’ participation in the GNMA MSR Facility. ​ To the extent the Company refinances any of the mortgage loans relating to the ESS it has acquired, the 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 UPB of the newly originated mortgage loans. However, under the 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 UPB 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 UPB of the modified mortgage loans, the 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 market 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 market value in lieu of transferring such ESS. ​ During the quarter ended March 31, 2021, the Company repaid its outstanding ESS financing through the repurchase of the ESS from PMT. ​ ​ Following is a summary of financing activities between the Company and PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 ​ (in thousands) Excess servicing spread financing: ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 131,750 ​ $ 178,586 Issuance pursuant to recapture agreement ​ ​ 557 ​ ​ 2,093 Accrual of interest ​ ​ 1,280 ​ ​ 8,418 Change in fair value ​ ​ 1,037 ​ ​ (24,970) Repayment ​ ​ (134,624) ​ ​ (32,377) Balance at end of year ​ $ — ​ $ 131,750 Recapture incurred pursuant to refinancings by the Company of mortgage loans subject to excess servicing spread financing included in Net gains on loans held for sale at fair value ​ $ 614 ​ $ 2,241 ​ Receivable from and Payable to PMT ​ Amounts receivable from and payable to PMT are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Receivable from PMT: ​ ​ ​ ​ ​ ​ Allocated expenses and expenses incurred on PMT's behalf ​ $ 11,447 ​ $ 15,431 Management fees ​ ​ 7,307 ​ ​ 8,918 Correspondent production fees ​ ​ 6,835 ​ ​ 8,894 Servicing fees ​ ​ 6,740 ​ ​ 6,848 Fulfillment fees ​ ​ 4,043 ​ ​ — ​ ​ $ 36,372 ​ $ 40,091 Payable to PMT: ​ ​ ​ ​ ​ ​ Amounts advanced by PMT to fund its servicing advances ​ $ 201,451 ​ $ 212,066 Other ​ ​ 3,560 ​ ​ 15,953 ​ ​ $ 205,011 ​ $ 228,019 ​ Exchanged Private National Mortgage Acceptance Company, LLC Unitholders ​ On May 8, 2013, as part of a reorganization of PNMAC, the Company entered into a tax receivable agreement with certain former owners of PNMAC that provides for the payment from time to time by the Company to PNMAC’s exchanged unitholders of an amount equal to 85% of the amount of the net tax benefits, if any, that the Company is deemed to realize as a result of (i) increases in tax basis of PNMAC’s assets resulting from exchanges of ownership interests in PNMAC 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. ​ Although a reorganization in November 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and will be required to make payments, to the extent any of the tax benefits specified above are deemed to be realized, under the tax receivable agreement to those certain prior owners of PNMAC who effected exchanges of ownership interests in PNMAC for the Company’s common stock before the closing of the reorganization. ​ Following is a summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments under tax receivable agreement ​ $ 3,855 ​ $ 4,635 ​ $ 10,713 Repricing of liability ​ $ (576) ​ $ — ​ $ (280) Balance at end of year ​ $ 26,099 ​ $ 30,530 ​ $ 35,165 ​ Townsgate Closing Services LLC ​ On December 27, 2022, the Company advanced $801,000 to one of its joint ventures, Townsgate Closing Services, LLC, under a revolving loan agreement. The revolving agreement has a maximum commitment amount of $1.5 million, matures on December 27, 2027 and earns interest, initially 10.75% per year, subject to semi-annual adjustment indexed to the 10+ year USD High Yield Corporate Bond Index as determined by Tradeweb/Bloomberg. The outstanding balance is included in Other ​ Donor Advised Fund ​

Loan Sales and Servicing Activi

Loan Sales and Servicing Activities	12 Months Ended
	Dec. 31, 2022
Loan Sales and Servicing Activities
Loan Sales and Servicing Activities	Note 5—Loan Sales and Servicing Activities ​ The Company originates or 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 for representations and warranties it makes to purchasers and insurers of the loans. ​ The following table summarizes cash flows between the Company and transferees as a result of the sale of loans in transactions where the Company maintains continuing involvement as servicer with the loans as servicer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ ​ (in thousands) ​ Cash flows: ​ ​ ​ ​ ​ ​ ​ ​ Sales proceeds ​ ​ $ 84,345,379 ​ $ 154,450,942 ​ $ 102,840,312 ​ Servicing fees received ​ ​ $ 931,315 ​ $ 840,104 ​ $ 678,142 ​ ​ The following table summarizes the UPB of the loans sold by the Company in which it maintains continuing involvement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ (in thousands) Unpaid principal balance of loans outstanding ​ ​ ​ ​ ​ $ 295,032,674 ​ $ 254,524,015 Delinquent loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 days ​ ​ ​ ​ ​ $ 11,019,194 ​ $ 6,129,597 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ ​ ​ ​ $ 6,548,849 ​ $ 8,399,299 In foreclosure ​ ​ ​ ​ ​ $ 834,155 ​ $ 715,016 Foreclosed ​ ​ ​ ​ ​ $ 12,905 ​ $ 6,900 Loans in bankruptcy ​ ​ ​ ​ ​ $ 1,143,484 ​ $ 1,039,362 Delinquent loans in COVID-19 pandemic-related forbearance plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 days ​ ​ ​ ​ ​ $ 950,172 ​ $ 1,020,290 90 days or more ​ ​ ​ ​ ​ ​ 2,934,718 ​ ​ 2,550,703 ​ ​ ​ ​ ​ ​ $ 3,884,890 ​ $ 3,570,993 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. ​ The following tables summarize the UPB of the Company’s loan servicing portfolio: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Servicing ​ ​ ​ Total ​ rights owned Subservicing loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 295,032,674 $ — $ 295,032,674 Purchased ​ ​ 19,568,122 ​ ​ — ​ ​ 19,568,122 ​ ​ ​ 314,600,796 ​ ​ — ​ ​ 314,600,796 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 233,575,672 ​ ​ 233,575,672 Loans held for sale ​ ​ 3,498,214 ​ ​ — ​ ​ 3,498,214 ​ ​ $ 318,099,010 ​ $ 233,575,672 ​ $ 551,674,682 Delinquent loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 8,903,829 ​ $ 1,576,414 ​ $ 10,480,243 60 days ​ ​ 2,855,176 ​ ​ 337,081 ​ ​ 3,192,257 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 6,829,985 ​ ​ 888,057 ​ ​ 7,718,042 In foreclosure ​ ​ 914,213 ​ ​ 75,012 ​ ​ 989,225 Foreclosed ​ ​ 13,835 ​ ​ 7,979 ​ ​ 21,814 ​ ​ $ 19,517,038 ​ $ 2,884,543 ​ $ 22,401,581 Loans in bankruptcy ​ $ 1,291,038 ​ $ 125,719 ​ $ 1,416,757 Delinquent loans in COVID-19 pandemic-related forbearance plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 453,562 ​ $ 88,024 ​ $ 541,586 60 days ​ ​ 527,035 ​ ​ 89,171 ​ ​ 616,206 90 days or more ​ ​ 3,042,923 ​ ​ 466,489 ​ ​ 3,509,412 ​ ​ $ 4,023,520 ​ $ 643,684 ​ $ 4,667,204 Custodial funds managed by the Company (2) ​ $ 3,329,709 ​ $ 1,783,157 ​ $ 5,112,866 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. ​ (2) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Servicing ​ ​ ​ Total ​ rights owned Subservicing loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 254,524,015 $ — $ 254,524,015 Purchased ​ ​ 23,861,358 ​ ​ — ​ ​ 23,861,358 ​ ​ ​ 278,385,373 ​ ​ — ​ ​ 278,385,373 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 221,892,142 ​ ​ 221,892,142 Loans held for sale ​ ​ 9,430,766 ​ ​ — ​ ​ 9,430,766 ​ ​ $ 287,816,139 ​ $ 221,892,142 ​ $ 509,708,281 Delinquent loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 5,338,545 ​ $ 974,055 ​ $ 6,312,600 60 days ​ ​ 1,604,782 ​ ​ 190,727 ​ ​ 1,795,509 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 9,001,137 ​ ​ 1,750,628 ​ ​ 10,751,765 In foreclosure ​ ​ 829,494 ​ ​ 43,793 ​ ​ 873,287 Foreclosed ​ ​ 8,017 ​ ​ 16,489 ​ ​ 24,506 ​ ​ $ 16,781,975 ​ $ 2,975,692 ​ $ 19,757,667 Loans in bankruptcy ​ $ 1,261,980 ​ $ 133,655 ​ $ 1,395,635 Delinquent loans in COVID-19 pandemic-related forbearance plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 554,161 ​ $ 81,580 ​ $ 635,741 60 days ​ ​ 556,990 ​ ​ 89,534 ​ ​ 646,524 90 days or more ​ ​ 2,732,089 ​ ​ 638,703 ​ ​ 3,370,792 ​ ​ $ 3,843,240 ​ $ 809,817 ​ $ 4,653,057 Custodial funds managed by the Company ​ $ 8,485,081 ​ $ 3,823,527 ​ $ 12,308,608 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. ​ (2) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in 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 UPB: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ State 2022 2021 ​ ​ (in thousands) ​ California ​ $ 68,542,279 ​ $ 67,317,935 Florida ​ ​ 50,873,961 ​ ​ 45,222,233 ​ Texas ​ ​ 47,911,696 ​ ​ 42,064,686 ​ Virginia ​ ​ 33,478,151 ​ ​ 31,442,370 ​ Maryland ​ ​ 25,473,417 ​ ​ 23,922,075 ​ All other states ​ ​ 325,395,178 ​ ​ 299,738,982 ​ ​ ​ $ 551,674,682 ​ $ 509,708,281 ​ ​

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value.
Fair Value	Note 6—Fair Value Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The application of fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Company has elected to carry the item at its fair value as discussed in the following paragraphs. ​ Fair Value Accounting Elections ​ The Company identified its MSRs, its MSLs and all of its non-cash financial assets, to be accounted for at fair value so changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. The Company has also identified its ESS financing to be accounted for at fair value as a means of hedging the related MSRs’ fair value risk. ​ Assets and Liabilities Measured at Fair Value on a Recurring Basis ​ Following is a summary of assets and liabilities that are measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 12,194 ​ $ — ​ $ — ​ $ 12,194 Loans held for sale at fair value ​ ​ — ​ ​ 3,163,528 ​ ​ 345,772 ​ ​ 3,509,300 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 36,728 ​ ​ 36,728 Forward purchase contracts ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Forward sales contracts ​ ​ — ​ ​ 80,754 ​ ​ — ​ ​ 80,754 MBS put options ​ ​ — ​ ​ 6,057 ​ ​ — ​ ​ 6,057 Put options on interest rate futures purchase contracts ​ ​ 29,203 ​ ​ — ​ ​ — ​ ​ 29,203 Call options on interest rate futures purchase contracts ​ ​ 2,820 ​ ​ — ​ ​ — ​ ​ 2,820 Total derivative assets before netting ​ ​ 32,023 ​ ​ 89,244 ​ ​ 36,728 ​ ​ 157,995 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (58,992) Total derivative assets ​ ​ 32,023 ​ ​ 89,244 ​ ​ 36,728 ​ ​ 99,003 Mortgage servicing rights at fair value ​ ​ — ​ ​ — ​ ​ 5,953,621 ​ ​ 5,953,621 Investment in PennyMac Mortgage Investment Trust ​ ​ 929 ​ ​ — ​ ​ — ​ ​ 929 ​ ​ $ 45,146 ​ $ 3,252,772 ​ $ 6,336,121 ​ $ 9,575,047 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 10,884 ​ $ 10,884 Forward purchase contracts ​ ​ — ​ ​ 48,670 ​ ​ — ​ ​ 48,670 Forward sales contracts ​ ​ — ​ ​ 20,684 ​ ​ — ​ ​ 20,684 Put options on interest rate futures sales contracts ​ ​ 3,008 ​ ​ — ​ ​ — ​ ​ 3,008 Total derivative liabilities before netting ​ ​ 3,008 ​ ​ 69,354 ​ ​ 10,884 ​ ​ 83,246 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (61,534) Total derivative liabilities ​ ​ 3,008 ​ ​ 69,354 ​ ​ 10,884 ​ ​ 21,712 Mortgage servicing liabilities at fair value ​ ​ — ​ ​ — ​ ​ 2,096 ​ ​ 2,096 ​ ​ $ 3,008 ​ $ 69,354 ​ $ 12,980 ​ $ 23,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 6,873 ​ $ — ​ $ — ​ $ 6,873 Loans held for sale at fair value ​ ​ — ​ ​ 8,613,607 ​ ​ 1,128,876 ​ ​ 9,742,483 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 323,473 ​ ​ 323,473 Forward purchase contracts ​ ​ — ​ ​ 20,485 ​ ​ — ​ ​ 20,485 Forward sales contracts ​ ​ — ​ ​ 40,215 ​ ​ — ​ ​ 40,215 MBS put options ​ ​ — ​ ​ 7,655 ​ ​ — ​ ​ 7,655 Swaption purchase contracts ​ ​ — ​ ​ 1,625 ​ ​ — ​ ​ 1,625 Put options on interest rate futures purchase contracts ​ ​ 3,141 ​ ​ — ​ ​ — ​ ​ 3,141 Call options on interest rate futures purchase contracts ​ ​ 2,078 ​ ​ — ​ ​ — ​ ​ 2,078 Total derivative assets before netting ​ ​ 5,219 ​ ​ 69,980 ​ ​ 323,473 ​ ​ 398,672 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (64,977) Total derivative assets ​ ​ 5,219 ​ ​ 69,980 ​ ​ 323,473 ​ ​ 333,695 Mortgage servicing rights at fair value ​ ​ — ​ ​ — ​ ​ 3,878,078 ​ ​ 3,878,078 Investment in PennyMac Mortgage Investment Trust ​ ​ 1,300 ​ ​ — ​ ​ — ​ ​ 1,300 ​ ​ $ 13,392 ​ $ 8,683,587 ​ $ 5,330,427 ​ $ 13,962,429 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 1,280 ​ $ 1,280 Forward purchase contracts ​ ​ — ​ ​ 18,007 ​ ​ — ​ ​ 18,007 Forward sales contracts ​ ​ — ​ ​ 35,415 ​ ​ — ​ ​ 35,415 Total derivative liabilities before netting ​ ​ — ​ ​ 53,422 ​ ​ 1,280 ​ ​ 54,702 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (32,096) Total derivative liabilities ​ ​ — ​ ​ 53,422 ​ ​ 1,280 ​ ​ 22,606 Mortgage servicing liabilities at fair value ​ ​ — ​ ​ — ​ ​ 2,816 ​ ​ 2,816 ​ ​ $ — ​ $ 53,422 ​ $ 4,096 ​ $ 25,422 ​ As shown above, certain of the Company’s loans held for sale, IRLCs, repurchase agreement derivatives, MSRs, ESS and MSLs are measured using Level 3 fair value inputs. Following are roll forwards of assets and liabilities measured at fair value using “Level 3” fair value inputs at either the beginning or the end of the year presented for each of the three years ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ Net interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale commitments (1) rights Total ​ (in thousands) Balance, December 31, 2021 ​ $ 1,128,876 ​ $ 322,193 ​ $ 3,878,078 ​ $ 5,329,147 Purchases and issuances, net ​ ​ 3,338,743 ​ ​ 369,769 ​ ​ 3,993 ​ ​ 3,712,505 Capitalization of interest and advances ​ ​ 60,589 ​ ​ — ​ ​ — ​ ​ 60,589 Sales and repayments ​ ​ (1,378,441) ​ ​ — ​ ​ — ​ ​ (1,378,441) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,718,094 ​ ​ 1,718,094 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ (41,483) ​ ​ — ​ ​ — ​ ​ (41,483) Other factors ​ ​ (25,156) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (296,605) ​ ​ ​ (66,639) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (338,088) Transfers from Level 3 to Level 2 ​ ​ (2,736,940) ​ ​ — ​ ​ — ​ ​ (2,736,940) Transfers to real estate acquired in settlement of loans ​ ​ (416) ​ ​ — ​ ​ — ​ ​ (416) Transfers to loans held for sale ​ ​ — ​ ​ (41,213) ​ ​ — ​ ​ (41,213) Balance, December 31, 2022 ​ $ 345,772 ​ $ 25,844 ​ $ 5,953,621 ​ $ 6,325,237 Changes in fair value recognized during the year relating to assets still held at December 31, 2022 ​ $ (26,699) ​ $ 25,844 ​ $ 353,456 ​ $ 352,601 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Liabilities ​ December 31, 2022 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2021 $ 2,816 Changes in fair value included in income ​ ​ (720) Balance, December 31, 2022 ​ $ 2,096 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2022 ​ $ (720) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ Net interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale commitments (1) rights ​ Total ​ ​ (in thousands) Balance, December 31, 2020 $ 4,675,169 ​ $ 677,026 ​ $ 2,581,174 ​ $ 7,933,369 Purchases and issuances, net ​ ​ 20,330,785 ​ ​ 1,654,476 ​ ​ — ​ ​ 21,985,261 Capitalization of interest and advances ​ ​ 169,053 ​ ​ — ​ ​ — ​ ​ 169,053 Sales and repayments ​ ​ (11,783,818) ​ ​ — ​ ​ — ​ ​ (11,783,818) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,861,949 ​ ​ 1,861,949 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 285,501 ​ ​ — ​ ​ — ​ ​ 285,501 Other factors ​ ​ — ​ ​ 489,547 ​ ​ (565,045) ​ ​ (75,498) ​ ​ ​ 285,501 ​ ​ 489,547 ​ ​ (565,045) ​ ​ 210,003 Transfers from Level 3 to Level 2 ​ ​ (12,547,732) ​ ​ — ​ ​ — ​ ​ (12,547,732) Transfer to real estate acquired in settlement of loans ​ ​ (82) ​ ​ — ​ ​ — ​ ​ (82) Transfers to loans held for sale ​ ​ — ​ ​ (2,498,856) ​ ​ — ​ ​ (2,498,856) Balance, December 31, 2021 ​ $ 1,128,876 ​ $ 322,193 ​ $ 3,878,078 ​ $ 5,329,147 Changes in fair value recognized during the year relating to assets still held at December 31, 2021 ​ $ 22,516 ​ $ 322,193 ​ $ (565,045) ​ $ (220,336) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ Excess ​ ​ ​ ​ ​ ​ ​ ​ servicing ​ Mortgage ​ ​ ​ ​ ​ spread ​ servicing ​ ​ ​ Liabilities ​ financing liabilities Total ​ ​ (in thousands) Balance, December 31, 2020 ​ $ 131,750 ​ $ 45,324 $ 177,074 Issuance of excess servicing spread financing pursuant to a recapture agreement with PennyMac Mortgage Investment Trust ​ ​ 557 ​ ​ — ​ ​ 557 Accrual of interest ​ ​ 1,280 ​ ​ — ​ ​ 1,280 Mortgage servicing liabilities resulting from loan sales ​ ​ — ​ ​ 106,631 ​ ​ 106,631 Changes in fair value included in income ​ ​ 1,037 ​ ​ (149,139) ​ ​ (148,102) Repayments ​ ​ (134,624) ​ ​ — ​ ​ (134,624) Balance, December 31, 2021 ​ $ — ​ $ 2,816 ​ $ 2,816 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2021 ​ $ — ​ $ (3,156) ​ $ (3,156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ ​ ​ Net interest ​ Repurchase ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ agreement ​ servicing ​ ​ ​ Assets for sale commitments (1) derivatives rights Total ​ ​ (in thousands) Balance, December 31, 2019 $ 383,878 ​ $ 136,650 ​ $ 8,187 ​ $ 2,926,790 ​ $ 3,455,505 Purchases and issuances, net ​ ​ 9,672,322 ​ ​ 2,028,957 ​ ​ — ​ ​ 25,473 ​ ​ 11,726,752 Capitalization of interest and advances ​ ​ 119,037 ​ ​ — ​ ​ — ​ ​ — ​ ​ 119,037 Sales and repayments ​ ​ (2,381,493) ​ ​ — ​ ​ (8,270) ​ ​ — ​ ​ (2,389,763) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,138,045 ​ ​ 1,138,045 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 127,780 ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,780 Other factors ​ ​ — ​ ​ 1,254,235 ​ ​ 83 ​ ​ (1,509,134) ​ ​ (254,816) ​ ​ ​ 127,780 ​ ​ 1,254,235 ​ ​ 83 ​ ​ (1,509,134) ​ ​ (127,036) Transfers from Level 3 to Level 2 ​ ​ (3,246,282) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,246,282) Transfers to real estate acquired in settlement of loans ​ ​ (73) ​ ​ — ​ ​ — ​ ​ — ​ ​ (73) Transfers to loans held for sale ​ ​ — ​ ​ (2,742,816) ​ ​ — ​ ​ — ​ ​ (2,742,816) Balance, December 31, 2020 ​ $ 4,675,169 ​ $ 677,026 ​ $ — ​ $ 2,581,174 ​ $ 7,933,369 Changes in fair value recognized during the year relating to assets still held at December 31, 2020 ​ $ 153,474 ​ $ 677,026 ​ $ — ​ $ (1,509,134) ​ $ (678,634) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ Excess ​ ​ ​ ​ ​ ​ ​ ​ servicing ​ Mortgage ​ ​ ​ ​ ​ spread ​ servicing ​ ​ ​ Liabilities financing liabilities Total ​ ​ (in thousands) Balance, December 31, 2019 ​ $ 178,586 ​ $ 29,140 $ 207,726 Issuance of excess servicing spread financing pursuant to a recapture agreement with PennyMac Mortgage Investment Trust ​ ​ 2,093 ​ ​ — ​ ​ 2,093 Accrual of interest ​ ​ 8,418 ​ ​ — ​ ​ 8,418 Mortgage servicing liabilities resulting from loan sales ​ ​ — ​ ​ 23,325 ​ ​ 23,325 Changes in fair value included in income ​ ​ (24,970) ​ ​ (7,141) ​ ​ (32,111) Repayments ​ ​ (32,377) ​ ​ — ​ ​ (32,377) Balance, December 31, 2020 ​ $ 131,750 ​ $ 45,324 ​ $ 177,074 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2020 ​ $ (24,970) ​ $ (7,141) ​ $ (32,111) ​ The Company had transfers among the fair value levels arising from the return to salability in the active secondary market of certain loans held for sale and from transfers of IRLCs to loans held for sale at fair value upon purchase or funding. ​ Assets and Liabilities Measured at Fair Value under the Fair Value Option ​ Net changes in fair values included in income for assets and liabilities carried at fair value as a result of the Company’s election of the fair value option by income statement line item are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 2020 ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ fair value fees Total fair value fees Total fair value fees Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ (219,054) ​ $ — ​ $ (219,054) ​ $ 2,568,318 ​ $ — ​ $ 2,568,318 ​ $ 2,899,314 ​ $ — ​ $ 2,899,314 Mortgage servicing rights ​ ​ — ​ ​ 353,456 ​ ​ 353,456 ​ ​ — ​ ​ (565,045) ​ ​ (565,045) ​ ​ — ​ ​ (1,509,134) ​ ​ (1,509,134) ​ ​ $ (219,054) ​ $ 353,456 ​ $ 134,402 ​ $ 2,568,318 ​ $ (565,045) ​ $ 2,003,273 ​ $ 2,899,314 ​ $ (1,509,134) ​ $ 1,390,180 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess servicing spread financing payable to PennyMac Mortgage Investment Trust ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (1,037) ​ $ (1,037) ​ $ — ​ $ 24,970 ​ $ 24,970 Mortgage servicing liabilities ​ ​ — ​ ​ 720 ​ ​ 720 ​ ​ — ​ ​ 149,139 ​ ​ 149,139 ​ ​ — ​ ​ 7,141 ​ ​ 7,141 ​ ​ $ — ​ $ 720 ​ $ 720 ​ $ — ​ $ 148,102 ​ $ 148,102 ​ $ — ​ $ 32,111 ​ $ 32,111 ​ Following are the fair value and related principal amounts due upon maturity of assets accounted for under the fair value option: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ amount ​ ​ ​ ​ ​ amount ​ ​ ​ ​ Fair ​ due upon ​ ​ ​ Fair ​ due upon ​ ​ Loans held for sale value maturity Difference value maturity Difference ​ ​ (in thousands) Current through 89 days delinquent ​ $ 3,450,578 ​ $ 3,428,052 ​ $ 22,526 ​ $ 9,577,398 ​ $ 9,263,242 ​ $ 314,156 90 days or more delinquent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 47,252 ​ ​ 53,351 ​ ​ (6,099) ​ ​ 153,162 ​ ​ 153,875 ​ ​ (713) In foreclosure ​ ​ 11,470 ​ ​ 16,811 ​ ​ (5,341) ​ ​ 11,923 ​ ​ 13,649 ​ ​ (1,726) ​ ​ $ 3,509,300 ​ $ 3,498,214 ​ $ 11,086 ​ $ 9,742,483 ​ $ 9,430,766 ​ $ 311,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Measured at Fair Value on a Nonrecurring Basis ​ Following is a summary of assets held at year end that were measured based on fair value on a nonrecurring basis during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate acquired in settlement of loans ​ Level 1 Level 2 Level 3 Total ​ (in thousands) December 31, 2022 ​ $ — ​ $ — ​ $ 1,850 ​ $ 1,850 December 31, 2021 ​ $ — ​ $ — ​ $ 2,588 ​ $ 2,588 ​ The following table summarizes the total net losses recognized on assets measured based on fair values on a nonrecurring basis during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Real estate acquired in settlement of loans ​ $ 523 ​ $ 799 ​ $ 814 ​ Fair Value of Financial Instruments Carried at Amortized Cost ​ The Company’s Assets sold under agreements to repurchase Mortgage loan participation purchase and sale agreements, Notes payable secured by mortgage servicing assets, Unsecured senior notes Obligations under capital lease These assets and liabilities are classified as “Level 3” fair value items due to the Company’s reliance on unobservable inputs to estimate their fair values. The Company has concluded that the fair values of these liabilities other than the Notes payable secured by mortgage servicing assets Unsecured senior notes ​ The Company estimates the fair value of the Term Notes and the Unsecured senior notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Fair value ​ Carrying value ​ Fair value ​ Carrying value ​ ​ (in thousands) Term Notes ​ $ 1,677,476 ​ $ 1,794,475 ​ $ 1,302,640 ​ $ 1,297,622 Unsecured senior notes ​ $ 1,550,750 ​ $ 1,779,920 ​ $ 1,790,375 ​ $ 1,776,219 ​ Valuation Governance ​ Most of the Company’s financial assets, and all of its derivatives, MSRs, ESS, and MSLs, are carried at fair value with changes in fair value recognized in current period income. Certain of the Company’s financial assets and derivatives and all of its MSRs, ESS, and MSLs are “Level 3” fair value assets and liabilities which require use of unobservable inputs that are significant to the estimation of the items’ fair values. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances. ​ Due to the difficulty in estimating the fair values of “Level 3” fair value assets and liabilities, the Company has assigned responsibility for estimating the fair value of these assets and liabilities to specialized staff and subjects the valuation process to significant senior management oversight: ​ ● The Company’s Financial Analysis and Valuation group (the “FAV group”) is responsible for estimating the fair values of “Level 3” fair value assets and liabilities other than IRLCs and maintaining its valuation policies and procedures. ​ ● The Company’s Capital Markets Risk Management staff develops the fair value of the Company’s IRLCs which is reviewed by its Capital Markets Operations group. ​ With respect to the non-IRLC “Level 3” valuations, the FAV group reports to the Company’s senior management valuation committee, which oversees the valuations. The FAV group monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities, including the models’ performance versus actual results, and reports those results as well as changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuation and any changes in model methods and inputs, to the Company’s senior management valuation committee. 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 and for MSRs, comparisons of its estimates of fair value to those procured from non-affiliate brokers and comparisons of the key inputs used in the Company’s valuation model to published surveys. ​ The Company’s senior management valuation committee includes the Company’s chief financial, risk, credit and deputy chief investment officers as well as other senior members of the Company’s finance, capital markets and risk management staff. ​ Valuation Techniques and Inputs ​ Following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: ​ Loans Held for Sale ​ Most of the Company’s loans held for sale at fair value are saleable into active markets and are therefore categorized as “Level 2” fair value assets. The fair values of “Level 2” fair value loans are determined using their contracted selling price or quoted market price or market price equivalent. ​ Certain of the Company’s loans held for sale are not saleable into active markets and are therefore categorized as “Level 3” fair value assets. Loans held for sale categorized as “Level 3” fair value assets include: ​ ● Government guaranteed or insured loans purchased by the Company from Ginnie Mae guaranteed pools in its loan servicing portfolio. The Company’s right to purchase government guaranteed or insured loans arises as the result of the loan being at least three months delinquent on the date of purchase by the Company and provides an alternative to the Company’s obligation to continue advancing principal and interest at the coupon rate of the related Ginnie Mae security. Such loans may be resold to investors and thereafter may be repurchased to the extent eligible for resale into a new Ginnie Mae guaranteed security. ​ Loans become eligible for resale into a new Ginnie Mae security when the loans become current either through completion of a modification of the loan’s terms or otherwise after three months of timely payments and when the issuance date of the new security is at least 120 days after the date the loan was last delinquent. ​ ● Loans that are not saleable into active markets due to identification of a defect by the Company or to the repurchase by the Company of a loan with an identified defect. ​ ● Home equity loans. At present, there is no active market with observable inputs that are significant to the estimation of fair value of the home equity loans the Company produces. ​ The Company uses a discounted cash flow model to estimate the fair value of its “Level 3” fair value loans held for sale. The significant unobservable inputs used in the fair value measurement of the Company’s “Level 3” fair value loans held for sale are discount rates, home price projections, voluntary and total prepayment/resale 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. ​ Following is a quantitative summary of key “Level 3” fair value inputs used in the valuation of loans held for sale at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Fair value (in thousands) ​ $ 345,772 ​ $ 1,128,876 Key inputs (1): ​ ​ ​ ​ ​ ​ Discount rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 5.5% – 10.2% ​ ​ 2.2% – 9.2% Weighted average ​ ​ 5.7% ​ ​ 2.3% Twelve-month projected housing price index change: ​ ​ ​ ​ ​ ​ Range ​ ​ (1.9)% – (1.7)% ​ ​ 6.1% – 6.5% Weighted average ​ ​ (1.8)% ​ ​ 6.2% Voluntary prepayment/resale speed (2): ​ ​ ​ ​ ​ ​ Range ​ ​ 4.7% – 25.6% ​ ​ 0.4% – 30.3% Weighted average ​ ​ 21.6% ​ ​ 22.0% Total prepayment/resale speed (3): ​ ​ ​ ​ ​ ​ Range ​ ​ 4.8% – 36.1% ​ ​ 0.4% – 39.3% Weighted average ​ ​ 29.4% ​ ​ 28.2% (1) Weighted average inputs are based on fair value of the “Level 3” loans. ​ (2) Voluntary prepayment/resale speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). ​ (3) Total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayment/resale rates. ​ Changes in fair value relating to loans held for sale as the result of changes in the loan’s instrument specific credit risk are indicated by successful modifications of the loan’s terms or changes in the respective loan’s delinquency status and performance history at year end from the later of the beginning of the year or acquisition date. Changes in fair value of loans held for sale are included in Net gains on loans held for sale at fair value ​ Derivative Financial Instruments ​ Interest Rate Lock Commitments ​ The Company categorizes IRLCs as “Level 3” fair value assets or liabilities. The Company estimates the fair value of IRLCs 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 loans 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 fair 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 the IRLCs’ fair value measurement. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the MSR component of IRLC fair value, but increase the pull-through rate for the loan principal and interest payment cash flow component, which has decreased in fair value. Initial recognition and changes in fair value of IRLCs are included in Net gains on loans acquired for sale at fair value Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Fair value (in thousands) (1) $ 25,844 ​ $ 322,193 Key inputs ​ ​ ​ ​ ​ ​ Pull-through rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 10.3% – 100% ​ ​ 8.0% – 100% Weighted average ​ ​ 82.8% ​ ​ 78.4% Mortgage servicing rights fair value expressed as: ​ ​ ​ ​ ​ ​ Servicing fee multiple: ​ ​ ​ ​ ​ ​ Range ​ ​ (1.3) – 7.7 ​ ​ (8.5) – 6.7 Weighted average ​ ​ 4.3 ​ ​ 3.8 Percentage of loan commitment amount ​ ​ ​ ​ ​ ​ Range ​ ​ (0.2)% – 3.8% ​ ​ (1.6)% – 3.6% Weighted average ​ ​ 2.0% ​ ​ 1.5% (1) For purposes of this table, the IRLC assets and liability positions are shown net. ​ (2) Weighted average inputs are based on the committed amounts. ​ Hedging Derivatives ​ Hedging derivatives that are actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Hedging derivatives whose fair values are based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. ​ Changes in the fair value of hedging derivatives are included in Net gains on loans acquired for sale at fair value, Net loan servicing fees – Mortgage servicing rights hedging results , as applicable, in the consolidated statements of income. ​ Mortgage Servicing Rights ​ MSRs are categorized as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include the applicable prepayment rate (prepayment speed), pricing spread (discount rate), and annual per-loan cost to service the underlying loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not directly related. Changes in the fair value of MSRs are included in Net loan servicing fees Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​ Following are the key inputs used in determining the fair value of MSRs received by the Company when it retains the obligation to service the mortgage loans it sells: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Amount recognized and unpaid principal balance of underlying mortgage loans amounts in thousands) Amount recognized ​ $1,718,094 ​ $1,861,949 ​ $1,138,045 Pool characteristics: ​ ​ ​ ​ Unpaid principal balance of underlying loans ​ $83,569,657 ​ $138,319,425 ​ $96,571,835 Weighted average servicing fee rate (in basis points) ​ 44 ​ 34 ​ 35 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ ​ ​ Range ​ 5.1% – 23.4% ​ 6.1% – 31.4% ​ 7.2% – 49.8% Weighted average ​ 9.4% ​ 8.6% ​ 11.9% Equivalent average life (in years): ​ ​ ​ ​ ​ ​ Range ​ 3.7 – 9.4 ​ 3.0 – 9.2 ​ 1.5 – 9.1 Weighted average ​ 8.1 ​ 8.1 ​ 6.7 Pricing spread (3): ​ ​ ​ ​ ​ ​ Range ​ 5.5% – 16.1% ​ 6.0% – 16.9% ​ 6.8% – 18.1% Weighted average ​ 7.8% ​ 8.8% ​ 9.4% Annual per-loan cost of servicing: ​ ​ ​ ​ ​ ​ Range ​ $71 – $177 ​ $80 – $117 ​ $77 – $117 Weighted average ​ $104 ​ $103 ​ $102 (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. ​ (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. Effective January 1, 2022, the Company applies a pricing spread to the United States Treasury (“Treasury”) Securities yield curve for purposes of discounting cash flows relating to MSRs. Through December 31, 2021, the Company applied its pricing spread to the United States Dollar London Interbank Offered Rate (“LIBOR”)/swap curve. The change in reference interest rate from the LIBOR/swap curve to the Treasury yield curve did not have a significant effect on the Company’s fair value measurement of MSRs. ​ ​ Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs at year end and the effect on the fair value from adverse changes in those inputs: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (Fair value, unpaid principal balance of underlying mortgage ​ ​ loans and effect on fair value amounts in thousands) Fair value ​ $ 5,953,621 ​ $ 3,878,078 Pool characteristics: ​ ​ ​ ​ Unpaid principal balance of underlying loans ​ $ 314,567,639 ​ $ 278,324,780 Weighted average note interest rate ​ 3.4% ​ 3.2% Weighted average servicing fee rate (in basis points) ​ 36 ​ 34 Key inputs (1): ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ Range ​ 5.0% – 17.7% ​ 7.9% – 26.7% Weighted average ​ 7.5% ​ 10.7% Equivalent average life (in years): ​ ​ ​ ​ Range ​ 3.7 – 9.3 ​ 3.1 – 7.7 Weighted average ​ 8.4 ​ 6.8 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($77,346) ​ ($80,109) 10% adverse change ​ ($152,192) ​ ($157,252) 20% adverse change ​ ($294,872) ​ ($303,259) Pricing spread (4): ​ ​ ​ ​ Range ​ 4.9% – 14.3% ​ 5.3% – 15.5% Weighted average ​ 6.5% ​ 7.7% Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($81,021) ​ ($59,577) 10% adverse change ​ ($159,863) ​ ($117,352) 20% adverse change ​ ($311,329) ​ ($227,791) Per-loan annual cost of servicing: ​ ​ ​ ​ Range ​ $68 – $144 ​ $79 – $197 Weighted average ​ $109 ​ $108 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($41,263) ​ ($32,979) 10% adverse change ​ ($82,527) ​ ($65,958) 20% adverse change ​ ($165,053) ​ ($131,916) (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using Life Total CPR , which includes both voluntary and involuntary prepayments . Equivalent average life is provided as supplementary information. (3) These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, these estimates should not be viewed as earnings forecasts. (4) Effective January 1, 2022, the Company applies a pricing spread to the Treasury yield curve for purposes of discounting cash flows relating to MSRs. Through December 31, 2021, the Company applied its pricing spread to the United States Dollar LIBOR/swap curve. The change in reference interest rate from the LIBOR/swap curve to the Treasury yield curve did not have a significant effect on the Company’s fair value measurement of MSRs. ​ ​ Excess Servicing Spread Financing at Fair Value ​ ESS is categorized as a “Level 3” fair value liability. Because ESS is a claim to a portion of the cash flows from MSRs, the Company’s approach to fair value measurement of ESS is similar to that of MSRs. The Company uses the same discounted cash flow approach to measuring ESS as it uses to measure MSRs except that certain inputs relating to the cost to service the mortgage loans underlying the MSRs and certain ancillary income are not included as these cash flows do not accrue to the holder of ESS. ​ The key inputs used in the estimation of ESS fair value include pricing spread (discount rate) and prepayment speed. Significant changes to either of those inputs in isolation could result in a significant change in the fair value of ESS. Changes in these key inputs are not necessarily directly related. ​ ESS is generally subject to fair value increases when mortgage interest rates increase. Increasing mortgage interest rates normally discourage mortgage refinancing activity. Decreased refinancing activity increases the life of the mortgage loans underlying the ESS, thereby increasing its fair value. Changes in the fair value of ESS are included in Net loan servicing fees—Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust. ​ Mortgage Servicing Liabilities ​ MSLs are categorized as “Level 3” fair value liabilities. The Company uses a discounted cash flow approach to estimate the fair value of MSLs. The key inputs used in the estimation of the fair value of MSLs include the applicable pricing spread, annual total prepayment speed, and the per-loan annual cost of servicing the underlying loans. Changes in the fair value of MSLs are included in Net servicing fees Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​ Following are the key inputs used in determining the fair value of MSLs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ ​ 2021 Fair value (i

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	12 Months Ended
	Dec. 31, 2022
Loans Held for Sale at Fair Value
Loans Held for Sale at Fair Value	Note 7—Loans Held for Sale at Fair Value ​ Loans held for sale at fair value are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Loan type 2022 2021 ​ ​ (in thousands) Government-insured or guaranteed ​ $ 2,006,157 ​ $ 6,030,518 Conventional conforming ​ ​ 1,145,053 ​ ​ 2,583,089 Jumbo ​ ​ 12,318 ​ ​ — Home equity loans ​ ​ 46,589 ​ ​ — Purchased from Ginnie Mae securities serviced by the Company ​ ​ 257,175 ​ ​ 1,082,444 Repurchased pursuant to representations and warranties ​ ​ 42,008 ​ ​ 46,432 ​ ​ $ 3,509,300 ​ $ 9,742,483 Fair value of loans pledged to secure: ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ $ 3,139,870 ​ $ 8,629,861 Mortgage loan participation purchase and sale agreements ​ ​ 302,977 ​ ​ 505,716 ​ ​ $ 3,442,847 ​ $ 9,135,577 ​

Derivative Activities

Derivative Activities	12 Months Ended
	Dec. 31, 2022
Derivative Activities
Derivative Activities	​ Note 8—Derivative Activities ​ Derivative Notional Amounts and Fair Value of Derivatives ​ The Company had the following derivative financial instruments recorded on its consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Fair value ​ ​ ​ Fair value ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative Derivative instrument amount (1) assets liabilities amount (1) assets liabilities ​ ​ (in thousands) Not subject to master netting arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 7,009,119 ​ $ 36,728 ​ $ 10,884 ​ 14,111,795 ​ $ 323,473 ​ $ 1,280 Subject to master netting arrangements (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase contracts ​ 8,320,849 ​ ​ 2,433 ​ ​ 48,670 ​ 22,007,383 ​ ​ 20,485 ​ ​ 18,007 Forward sales contracts ​ 12,487,760 ​ ​ 80,754 ​ ​ 20,684 ​ 34,429,676 ​ ​ 40,215 ​ ​ 35,415 MBS put options ​ 1,750,000 ​ ​ 6,057 ​ ​ — ​ 9,550,000 ​ ​ 7,655 ​ ​ — Swaption purchase contracts ​ — ​ ​ — ​ ​ — ​ 5,375,000 ​ ​ 1,625 ​ ​ — Put options on interest rate futures purchase contracts ​ 6,800,000 ​ ​ 29,203 ​ ​ — ​ 2,450,000 ​ ​ 3,141 ​ ​ — Call options on interest rate futures purchase contracts ​ 1,350,000 ​ ​ 2,820 ​ ​ — ​ 1,250,000 ​ ​ 2,078 ​ ​ — Put options on interest rate futures sale contracts ​ 250,000 ​ ​ — ​ ​ 3,008 ​ — ​ ​ — ​ ​ — Treasury futures purchase contracts ​ 3,709,200 ​ ​ — ​ ​ — ​ 1,544,800 ​ ​ — ​ ​ — Treasury futures sale contracts ​ 3,456,900 ​ ​ — ​ ​ — ​ 1,925,000 ​ ​ — ​ ​ — Interest rate swap futures purchase contracts ​ — ​ ​ — ​ ​ — ​ 3,010,600 ​ ​ — ​ ​ — Interest rate swap futures sale contracts ​ — ​ ​ — ​ ​ — ​ 2,187,200 ​ ​ — ​ ​ — Total derivatives before netting ​ ​ ​ ​ 157,995 ​ ​ 83,246 ​ ​ ​ ​ 398,672 ​ ​ 54,702 Netting ​ ​ ​ ​ (58,992) ​ ​ (61,534) ​ ​ ​ ​ (64,977) ​ ​ (32,096) ​ ​ ​ ​ $ 99,003 ​ $ 21,712 ​ ​ ​ $ 333,695 ​ $ 22,606 Deposits placed with (received from) derivative counterparties included in the derivative balances above, net ​ ​ ​ $ 2,542 ​ ​ ​ ​ ​ ​ $ (32,881) ​ ​ ​ (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. ​ (2) All of the derivatives used for hedging purposes are interest rate derivatives and are used as economic hedges. ​ Derivative Assets, Financial Instruments, and Cash 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 netting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net ​ balance sheet instruments received amount balance sheet instruments received amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 36,728 ​ $ — ​ $ — ​ $ 36,728 ​ $ 323,473 ​ $ — ​ $ — ​ $ 323,473 RJ O'Brien ​ ​ 29,016 ​ ​ — ​ ​ — ​ ​ 29,016 ​ ​ 5,219 ​ ​ — ​ ​ — ​ ​ 5,219 Morgan Stanley Bank, N.A. ​ ​ 18,501 ​ ​ — ​ ​ — ​ ​ 18,501 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Goldman Sachs ​ ​ 5,757 ​ ​ — ​ ​ — ​ ​ 5,757 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Citibank, N.A. ​ ​ 5,098 ​ ​ — ​ ​ — ​ ​ 5,098 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Bank of America, N.A. ​ ​ 1,519 ​ ​ — ​ ​ — ​ ​ 1,519 ​ ​ 3,005 ​ ​ — ​ ​ — ​ ​ 3,005 Others ​ ​ 2,384 ​ ​ — ​ ​ — ​ ​ 2,384 ​ ​ 1,998 ​ ​ — ​ ​ — ​ ​ 1,998 ​ ​ $ 99,003 ​ $ — ​ $ — ​ $ 99,003 ​ $ 333,695 ​ $ — ​ $ — ​ $ 333,695 ​ Derivative Liabilities, Financial Instruments, 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 do not qualify under the accounting guidance for netting. All assets sold under agreements to repurchase are secured by sufficient collateral or have fair value that exceeds the liability amount recorded on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ Net amount ​ consolidated ​ ​ ​ Net amount ​ consolidated ​ ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net ​ balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 10,884 ​ $ — ​ $ — ​ $ 10,884 ​ $ 1,280 ​ $ — ​ $ — ​ $ 1,280 Credit Suisse First Boston Mortgage Capital LLC ​ ​ 970,725 ​ ​ (968,804) ​ ​ — ​ ​ 1,921 ​ ​ 1,974,278 ​ ​ (1,969,670) ​ ​ — ​ ​ 4,608 Bank of America, N.A. ​ ​ 567,745 ​ ​ (567,745) ​ ​ — ​ ​ — ​ ​ 1,758,690 ​ ​ (1,758,690) ​ ​ — ​ ​ — Royal Bank of Canada ​ ​ 381,893 ​ ​ (381,893) ​ ​ — ​ ​ — ​ ​ 496,064 ​ ​ (496,064) ​ ​ — ​ ​ — BNP Paribas ​ ​ 300,280 ​ ​ (300,280) ​ ​ — ​ ​ — ​ ​ 349,172 ​ ​ (349,172) ​ ​ — ​ ​ — Wells Fargo Bank, N.A. ​ ​ 228,181 ​ ​ (221,986) ​ ​ — ​ ​ 6,195 ​ ​ 203,779 ​ ​ (200,338) ​ ​ — ​ ​ 3,441 JPMorgan Chase Bank, N.A. ​ ​ 211,713 ​ ​ (211,713) ​ ​ — ​ ​ — ​ ​ 300,912 ​ ​ (300,912) ​ ​ — ​ ​ — Morgan Stanley Bank, N.A. ​ ​ 114,277 ​ ​ (114,277) ​ ​ — ​ ​ — ​ ​ 299,580 ​ ​ (292,105) ​ ​ — ​ ​ 7,475 Citibank, N.A. ​ ​ 94,211 ​ ​ (94,211) ​ ​ — ​ ​ — ​ ​ 403,003 ​ ​ (402,806) ​ ​ — ​ ​ 197 Barclays Capital ​ ​ 80,276 ​ ​ (79,295) ​ ​ — ​ ​ 981 ​ ​ 677,419 ​ ​ (676,685) ​ ​ — ​ ​ 734 Goldman Sachs ​ ​ 64,486 ​ ​ (64,486) ​ ​ — ​ ​ — ​ ​ 853,147 ​ ​ (850,918) ​ ​ — ​ ​ 2,229 Others ​ ​ 1,731 ​ ​ — ​ ​ — ​ ​ 1,731 ​ ​ 2,642 ​ ​ — ​ ​ — ​ ​ 2,642 ​ ​ $ 3,026,402 ​ $ (3,004,690) ​ $ — ​ $ 21,712 ​ $ 7,319,966 ​ $ (7,297,360) ​ $ — ​ $ 22,606 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . ​ Following are the gains (losses) recognized by the Company on derivative financial instruments and the income statement line items where such gains and losses are included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Derivative activity Consolidated income statement line 2022 2021 2020 ​ ​ ​ ​ (in thousands) Interest rate lock commitments ​ Net gains on loans held for sale at fair value (1) ​ $ (296,349) ​ $ (354,833) ​ $ 540,376 Repurchase agreement derivatives ​ Interest expense ​ $ — ​ $ — ​ $ 83 Hedged item: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments and loans held for sale ​ Net gains on loans held for sale at fair value ​ $ 1,326,964 ​ $ 319,141 ​ $ (650,898) Mortgage servicing rights ​ Net loan servicing fees–Mortgage servicing rights hedging results ​ $ (631,484) ​ $ (475,215) ​ $ 918,180 (1) Represents net change in fair value of IRLCs from the beginning to the end of the year. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loans are shown in the rollforward of IRLCs for the year in Note 6 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis.

Mortgage Servicing Rights and M

Mortgage Servicing Rights and Mortgage Servicing Liabilities	12 Months Ended
	Dec. 31, 2022
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Mortgage Servicing Rights and Mortgage Servicing Liabilities	Note 9—Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ Mortgage Servicing Rights Carried at Fair Value: ​ The activity in MSRs carried at fair value is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands) Balance at beginning of year $ 3,878,078 $ 2,581,174 $ 2,926,790 Additions: ​ ​ ​ ​ ​ ​ ​ ​ ​ MSRs resulting from loan sales ​ ​ 1,718,094 ​ ​ 1,861,949 ​ ​ 1,138,045 Purchases ​ ​ 3,993 ​ ​ — ​ ​ 25,473 ​ ​ ​ 1,722,087 ​ ​ 1,861,949 ​ ​ 1,163,518 Change in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ 877,324 ​ ​ (136,350) ​ ​ (1,078,084) Other changes in fair value (2) ​ ​ (523,868) ​ ​ (428,695) ​ ​ (431,050) Total change in fair value ​ ​ 353,456 ​ ​ (565,045) ​ ​ (1,509,134) Balance at end of year ​ $ 5,953,621 ​ $ 3,878,078 ​ $ 2,581,174 Unpaid principal balance of underlying loans at end of year ​ $ 314,567,639 ​ $ 278,324,780 ​ $ 238,410,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ ​ ​ $ 5,897,613 ​ $ 3,856,791 (1) Principally reflects changes in pricing spread, annual total prepayment speed, per loan annual cost of servicing and UPB of underlying loan inputs. ​ (2) Represents changes due to realization of cash flows. ​ Mortgage Servicing Liabilities Carried at Fair Value: ​ The activity in MSLs carried at fair value is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Balance at beginning of year ​ $ 2,816 ​ $ 45,324 ​ $ 29,140 Mortgage servicing liabilities resulting from loan sales ​ ​ — ​ ​ 106,631 ​ ​ 23,325 Changes in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ (347) ​ ​ (68,020) ​ ​ 31,757 Other changes in fair value (2) ​ ​ (373) ​ ​ (81,119) ​ ​ (38,898) Total change in fair value ​ ​ (720) ​ ​ (149,139) ​ ​ (7,141) Balance at end of period ​ $ 2,096 ​ $ 2,816 ​ $ 45,324 Unpaid principal balance of underlying loans at end of year ​ $ 33,157 ​ $ 60,593 ​ $ 2,857,492 ​ ​ ​ ​ (1) During the year ended December 31, 2021, significant changes were made to valuation inputs used to estimate the fair value of MSLs in recognition of the observed increase in the proportion of performing government insured or guaranteed loans and reduced expected costs and losses from defaulted government insured or guaranteed loans underlying the Company’s MSLs. ​ (2) Represents changes due to realization of cash flows. ​ Contractual servicing fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—From non-affiliates Net loan servicing fees—Loan servicing fees—Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Contractual servicing fees ​ $ 1,054,828 ​ $ 875,570 ​ $ 814,646 Other fees: ​ ​ ​ ​ ​ ​ Late charges ​ ​ 40,583 ​ ​ 29,848 ​ ​ 36,339 Other ​ ​ 13,742 ​ ​ 29,505 ​ ​ 25,543 ​ ​ $ 1,109,153 ​ $ 934,923 ​ $ 876,528 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 10—Leases Substantially all of the Company’s lease agreements are operating leases and relate to its office facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to ten years; some of these operating lease agreements include options to extend their terms for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments. ​ The Company’s leases are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 19,779 ​ $ 18,363 ​ $ 16,223 Short-term leases ​ ​ 778 ​ ​ 904 ​ ​ 1,153 Sublease income ​ ​ (46) ​ ​ — ​ ​ — Net lease expense included in Occupancy and equipment ​ $ 20,511 ​ $ 19,267 ​ $ 17,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments for operating leases ​ $ 23,475 ​ $ 20,145 ​ $ 16,524 Operating lease right-of-use assets ​ $ 1,364 ​ $ 28,401 ​ $ 14,128 Period end weighted averages: ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining lease term (in years) ​ ​ 4.8 ​ ​ 5.7 ​ ​ 6.3 Discount rate ​ ​ 3.8% ​ ​ 4.0% ​ ​ 4.1% ​ The maturities of the Company’s operating lease liabilities are summarized below: ​ ​ ​ ​ ​ Year ended December 31, ​ Operating leases ​ ​ (in thousands) 2023 ​ $ 24,228 2024 ​ ​ 19,523 2025 ​ ​ 18,645 2026 ​ ​ 14,322 2027 ​ ​ 6,799 Thereafter ​ ​ 12,039 Total lease payments ​ ​ 95,556 Less imputed interest ​ ​ (10,006) Operating lease liability ​ $ 85,550 ​

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2022
Other Asset
Other Assets	Note 11—Other Assets Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) Capitalized software, net ​ $ 157,460 ​ $ 109,480 Margin deposits ​ ​ 55,968 ​ ​ 100,482 Prepaid expenses ​ ​ 38,780 ​ ​ 64,924 Servicing fees receivable, net ​ ​ 31,356 ​ ​ 23,672 Furniture, fixtures, equipment and building improvements, net ​ ​ 28,382 ​ ​ 31,677 Other servicing receivables ​ ​ 24,854 ​ ​ 113,820 Interest receivable ​ ​ 24,110 ​ ​ 9,688 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ 12,277 ​ ​ 36,632 Real estate acquired in settlement of loans ​ ​ 11,497 ​ ​ 7,474 Derivative settlements receivable ​ ​ 1,522 ​ ​ 20,026 Other ​ ​ 31,701 ​ ​ 98,741 ​ ​ $ 417,907 ​ $ 616,616 Other assets pledged to secure: ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ $ 12,277 ​ $ 36,632 Obligations under capital lease ​ ​ ​ ​ ​ ​ Capitalized software, net ​ ​ — ​ ​ 4,546 Furniture, fixture, equipment and building improvements, net ​ ​ — ​ ​ 4,116 ​ ​ $ 12,277 ​ $ 45,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ (in thousands) Cost ​ $ 231,341 $ 159,407 Less: Accumulated amortization ​ ​ (73,881) ​ ​ (49,927) ​ ​ $ 157,460 ​ $ 109,480 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Included in Technology ​ 2022 ​ 2021 ​ 2020 ​ (in thousands) Amortization ​ $ 23,955 $ 20,206 $ 16,641 Impairment ​ $ — ​ $ 728 ​ $ 13,145 ​ Furniture, fixtures, equipment and building improvements are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Furniture, fixtures, equipment and building improvements ​ $ 82,721 $ 75,562 Less: Accumulated depreciation and amortization ​ ​ (54,339) ​ ​ (43,885) ​ ​ ​ $ 28,382 ​ $ 31,677 ​ ​ Depreciation and amortization expenses are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands) ​ Depreciation and amortization expenses included in Occupancy and equipment ​ $ 10,454 $ 8,439 $ 8,934 ​ ​

Short-Term Borrowings

Short-Term Borrowings	12 Months Ended
	Dec. 31, 2022
Short-Term Borrowings
Short-Term Borrowings	Note 12—Short-Term Borrowings ​ The borrowing facilities described throughout these Notes 12 and 13 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of December 31, 2022. ​ Assets Sold Under Agreements to Repurchase ​ The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by loans held for sale at fair value or participation certificates backed by mortgage servicing assets. Eligible assets are sold at advance rates based on their fair values (as determined by the lender). Interest is charged at a rate based on the Secured Overnight Financing Rate (“SOFR”). Loans and participation certificates financed under these agreements may be re-pledged by the lenders. ​ Fannie Mae MSR Facility ​ On April 28, 2021, the Company, through its wholly-owned subsidiaries, PLS, PNMAC, and PFSI ISSUER TRUST - FMSR, entered into a structured finance transaction, allowing PLS to finance Fannie Mae MSRs and ESS (the “Fannie Mae MSR Facility”). In connection with the Fannie Mae MSR Facility, PLS pledges and/or sells to PFSI ISSUER TRUST - FMSR participation certificates representing beneficial interests in MSRs and ESS pursuant to the terms of a master repurchase agreement, dated as of April 28, 2021, by and between PLS, PFSI Issuer Trust - FMSR and PNMAC (the “FMSR PC Repurchase Agreement”). In return, PFSI ISSUER TRUST- FMSR has issued to PLS the Series 2021-MSRVF1 Note, dated April 28, 2021, known as the “PFSI ISSUER TRUST - FMSR Collateralized Notes, Series 2021-MSRVF1” (the “FMSR VFN”), and may, from time to time, issue to institutional investors term notes, in each case secured on a pari passu basis by the participation certificates relating to the MSRs (the “FMSR Term Notes”). The maximum principal balance of the FMSR VFN is $1 billion. ​ Under the FMSR PC Repurchase Agreement, PLS grants to PFSI ISSUER TRUST – FMSR a security interest in all of its right, title and interest in, to and under participation certificates representing beneficial interests in MSRs and ESS, including all of its rights and interests in any MSRs and ESS it thereafter owns or acquires. The principal amount paid by PFSI ISSUER TRUST - FMSR for the participation certificates under the FMSR PC Repurchase Agreement is based upon a percentage of the market value of the underlying MSRs (inclusive of the ESS). Upon PLS’s repurchase of the participation certificates, PLS is required to repay PFSI ISSUER TRUST - FMSR the principal amount relating thereto plus accrued interest (at a rate reflective of the current market and consistent with the weighted average note rate of the FMSR VFN and any outstanding term notes) to the date of such repurchase. ​ ​ The principal amount paid by CSCIB for the FMSR VFN is based upon a percentage of the market value of such FMSR VFN. Upon PLS’s repurchase of the FMSR VFN, PLS is required to repay CSCIB the principal amount relating thereto plus accrued interest (at a rate reflective of the current market based on a spread above SOFR to the date of such repurchase). Ginnie Mae MSR Facility ​ The Company, through its wholly-owned subsidiaries PLS, PNMAC, and the Issuer Trust, have a structured finance transaction, in which PLS pledges and/or sells to the Issuer Trust participation certificates representing beneficial interests in MSRs and ESS pursuant to the terms of the PC Repurchase Agreement (the “GNMA MSR Facility”). In return, the Issuer Trust has issued to PLS, pursuant to the terms of an indenture, the Series 2016-MSRVF1 Variable Funding Note, known as the “PNMAC GMSR ISSUER TRUST MSR Collateralized Notes, Series 2016-MSRVF1” (the “VFN”), and has issued and may, from time to time pursuant to the terms of any supplemental indenture, issue to institutional investors additional term notes, in each case secured on a pari passu basis by the participation certificates relating to the MSRs and ESS. The maximum principal balance of the VFN is $2 billion. ​ On July 30, 2021, the Company, through its wholly-owned subsidiaries PLS, PNMAC and the Issuer Trust, entered into agreements to syndicate existing variable funding note repurchase agreements as part of the Ginnie Mae MSR structured finance facility. The Company entered into an Amended and Restated Series 2016-MSRVF1 Master Repurchase Agreement by and among PLS, as seller, CSFB, as administrative agent to the buyers, CSCIB, as a buyer, Citibank, N.A., as a buyer, and PNMAC, as a guarantor (the “Syndicated GMSR Servicing Spread Agreement”), related to the servicing spread. The Syndicated GMSR Servicing Spread Agreement added Citibank as a syndicate buyer of MSRs and related ESS, and increased the borrowing capacity from $400 to $500 million, all of which is committed on a 50-50 pro rata basis between CSCIB and Citibank. Ginnie Mae Servicing Advances ​ On April 1, 2020, the Company, through its wholly-owned subsidiaries PLS, PNMAC and the PNMAC GMSR ISSUER TRUST, ​ The GMSR Servicing Advances Repurchase Agreement provides the Company with financing secured by servicing advance receivables to pay, in accordance with the Ginnie Mae requirements, in the event borrowers are delinquent: (i) regularly scheduled monthly principal and interest to mortgage-backed securities holders; (ii) taxes, homeowner’s insurance, and other escrowed items; and (iii) other expenses related to servicing delinquent loans as specified by (A) state and federal laws and (B) government agencies, including the FHA, the VA, and the USDA. ​ On July 30, 2021, the Company, through its wholly-owned subsidiaries PLS, PNMAC and the Issuer Trust, entered into agreements to syndicate existing variable funding note repurchase agreements, as part of the Ginnie Mae servicing advance facility. an Amended and Restated Series 2020-SPIADVF1 Master Repurchase Agreement by and among PLS, as seller, CSFB, as administrative agent to the buyers, CSCIB, as a buyer, Citibank, as a buyer, and PNMAC, as a guarantor (the “Syndicated GMSR SAR Agreement”). The Syndicated GMSR SAR Agreement added Citibank as a syndicate buyer of servicing advances receivables and provides a $600 million borrowing capacity, all of which is committed on a 50-50 pro rata basis between CSCIB and Citibank. ​ ​ Assets sold under agreements to repurchase are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars in thousands) Average balance of assets sold under agreements to repurchase ​ $ 2,580,513 ​ $ 6,911,843 ​ $ 3,348,928 Weighted average interest rate (1) ​ ​ 3.59% ​ ​ 2.09% ​ ​ 2.91% Total interest expense ​ $ 105,459 ​ $ 164,132 ​ $ 112,778 Maximum daily amount outstanding ​ $ 7,289,147 ​ $ 10,969,029 ​ $ 9,663,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance funded under: ​ ​ ​ ​ ​ ​ Committed facilities ​ $ 2,476,073 $ 5,079,581 Uncommitted facilities ​ ​ 528,617 ​ ​ 2,217,779 ​ ​ ​ 3,004,690 ​ ​ 7,297,360 Unamortized debt issuance costs ​ ​ (3,407) ​ ​ (4,625) ​ ​ $ 3,001,283 $ 7,292,735 Weighted average interest rate ​ ​ 6.00% ​ ​ 1.83% Available borrowing capacity (2): ​ ​ ​ ​ ​ ​ Committed ​ $ 1,078,927 ​ $ 285,419 Uncommitted ​ ​ 5,391,383 ​ ​ 8,417,221 ​ ​ $ 6,470,310 ​ $ 8,702,640 Fair value of assets securing repurchase agreements: ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ 3,139,870 ​ $ 8,629,861 Servicing advances (3) ​ $ 381,379 ​ $ 232,107 Mortgage servicing rights (3) ​ $ 5,339,513 ​ $ 3,552,812 Deposits (3) ​ $ 12,277 ​ $ 36,632 (1) Excludes the effect of amortization of debt issuance costs totaling $12.9 million, $19.4 million and $15.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. ​ (2) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. Certain of the debt financing agreements contain a condition precedent to obtaining additional funding that requires PLS to maintain positive net income for at least one of the previous two consecutive quarters. ​ (3) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits are pledged to the Issuer Trust and together serve as the collateral backing the VFN, GMSR Servicing Advance Notes, and the Term Notes described in Note 13 – Long-Term Debt – Notes payable secured by mortgage servicing assets . The VFN financing and the GMSR Servicing Advance Notes financing are included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets. ​ ​ Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: ​ ​ ​ ​ ​ Remaining maturity at December 31, 2022 (1) Unpaid principal balance ​ ​ (dollars in thousands) Within 30 days ​ $ 300,240 Over 30 to 90 days ​ ​ 2,221,473 Over 90 to 180 days ​ ​ 372,517 Over 180 days to one year ​ ​ 10,460 Over one year to two years ​ ​ 100,000 Total assets sold under agreements to repurchase ​ $ 3,004,690 Weighted average maturity (in months) ​ ​ 3.0 (1) 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 fair value (as determined by the applicable lender) of the assets securing those agreements decreases. ​ The amounts at risk (the fair value of the assets pledged plus the related margin deposits, less the amounts advanced by the counterparty and interest payable) relating to the Company’s assets sold under agreements to repurchase are summarized by counterparty below as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Counterparties Amount at risk maturity of advances Facility maturity ​ ​ (in thousands) ​ ​ ​ ​ Credit Suisse First Boston Mortgage Capital LLC & Citibank, N.A. (1) ​ $ 3,831,311 ​ May 31, 2024 ​ May 31, 2024 Credit Suisse First Boston Mortgage Capital LLC ​ $ 75,634 ​ March 1, 2023 ​ May 31, 2024 Bank of America, N.A. ​ $ 68,918 ​ March 16, 2023 ​ June 5, 2024 Royal Bank of Canada ​ $ 19,895 ​ April 12, 2023 ​ December 14, 2023 JP Morgan Chase Bank, N.A. (EBO facility) ​ $ 13,316 ​ February 14, 2023 ​ October 11, 2024 JP Morgan Chase Bank, N.A. (warehouse facility) ​ $ 11,908 ​ February 26, 2023 ​ June 17, 2024 BNP Paribas ​ $ 11,131 ​ March 19, 2023 ​ July 31, 2024 Wells Fargo Bank, N.A. ​ $ 9,664 ​ March 16, 2023 ​ November 17, 2023 Morgan Stanley Bank, N.A. ​ $ 8,310 ​ March 6, 2023 ​ January 3, 2024 Barclays Bank PLC ​ $ 7,248 ​ November 13, 2024 ​ November 13, 2024 Goldman Sachs ​ $ 4,326 ​ March 19, 2023 ​ December 23, 2023 Citibank, N.A. ​ $ 1,657 February 12, 2023 April 26, 2024 (1) The calculation of the amount at risk includes the VFN and the Term Notes because beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs and servicing advances are pledged to the Issuer Trust and together serve as the collateral backing the VFN and the Term Notes described in Notes payable secured by mortgage servicing assets below. The VFN financing is included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets. ​ Mortgage Loan Participation Purchase and Sale Agreements ​ Certain of the borrowing facilities secured by mortgage loans held for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in mortgage loans that have been pooled into Fannie Mae, Freddie Mac or Ginnie Mae securities, are sold to a lender pending the securitization of the mortgage loans and sale of the resulting securities which generally occurs within 30 days. A commitment to sell the securities resulting from the pending securitization between the Company and a non-affiliate is also assigned to the lender at the time a participation certificate is sold. ​ The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount that is based on a percentage of the purchase price. The holdback amount is not required to be paid to the Company until the settlement of the security and its delivery to the lender. ​ The mortgage loan participation purchase and sale agreements are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ ​ (dollars in thousands) ​ Average balance ​ $ 211,035 ​ $ 249,255 ​ $ 226,689 ​ Weighted average interest rate (1) ​ ​ 3.16% ​ ​ 1.39% ​ ​ 1.88% ​ Total interest expense ​ $ 7,314 ​ $ 4,153 ​ $ 4,933 ​ Maximum daily amount outstanding ​ $ 515,043 ​ $ 532,819 ​ $ 540,977 ​ (1) Excludes the effect of amortization of debt issuance costs totaling $651,000 , $688,000 and $662,000 for the years ended December 31, 2022, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ ​ ​ ​ $ 287,943 ​ $ 479,845 Unamortized debt issuance costs ​ ​ ​ ​ ​ (351) ​ ​ — ​ ​ ​ ​ ​ $ 287,592 $ 479,845 Weighted average interest rate ​ ​ ​ ​ ​ 5.71% ​ ​ 1.48% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements ​ ​ ​ ​ $ 302,977 ​ $ 505,716 ​

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Long-Term Debt.
Long-Term Debt	Note 13—Long-Term Debt ​ Notes Payable Secured by Mortgage Servicing Assets ​ Term Notes ​ In connection with the GNMA MSR Facility, the Issuer Trust described in Note 4 – Transactions with Affiliates—Transactions with PMT—Investing Activities Short-Term Borrowings—Assets Sold Under Agreements to Repurchase ​ Following is a summary of the issued and outstanding Term Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual interest rate ​ ​ Issuance date ​ Principal balance ​ Index ​ Spread ​ Stated maturity date (1) ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ February 28, 2018 ​ $ 650,000 ​ One-month LIBOR ​ 2.85% ​ 2/25/2023 (2) August 10, 2018 ​ ​ 650,000 ​ One-month LIBOR ​ 2.65% ​ 8/25/2023 June 3, 2022 ​ ​ 500,000 ​ SOFR ​ 4.25% ​ 5/25/2027 ​ ​ $ 1,800,000 ​ ​ ​ ​ ​ ​ (1) The Term Notes’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after the stated maturity. ​ (2) In January 2023, the Company exercised its option to extend the maturity for two years . ​ MSR Note Payable ​ On December 16, 2022, the Company issued a note payable that is secured by Freddie Mac MSRs. Interest is charged at a rate based on SOFR plus a spread as defined in the agreement. The facility expires on November 13, 2024. The maximum amount that the Company may borrow under the note payable is $400 million, $350 million of which is committed and which may be reduced by other debt outstanding with the counterparty. Notes payable secured by mortgage servicing assets are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Average balance ​ $ 1,584,383 ​ $ 1,300,000 ​ $ 1,300,000 Weighted average interest rate (1) ​ ​ 4.88% ​ ​ 2.89% ​ ​ 3.42% Total interest expense ​ $ 79,813 ​ $ 39,782 ​ $ 46,222 (1) Excludes the effect of amortization of debt issuance costs totaling $2.5 million, $2.2 million and $1.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance: ​ ​ ​ ​ ​ ​ Term Notes ​ $ 1,800,000 $ 1,300,000 MSR Note Payable ​ ​ 150,000 ​ ​ — ​ ​ ​ 1,950,000 ​ ​ 1,300,000 Unamortized debt issuance costs ​ ​ (7,354) ​ ​ (2,378) ​ ​ $ 1,942,646 ​ $ 1,297,622 Weighted average interest rate ​ ​ 7.46% ​ ​ 2.84% Assets pledged to secure notes payable (1): ​ ​ ​ ​ ​ ​ Servicing advances ​ $ 381,379 ​ $ 232,107 Mortgage servicing rights ​ $ 5,897,613 ​ $ 3,856,791 Deposits ​ $ 12,277 ​ $ 36,632 (1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits are pledged to the Issuer Trust and together serve as the collateral for the VFN, the GMSR Servicing Advance Notes and any outstanding Term Notes. The VFN financing and the GMSR Servicing Advance Notes financing are included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets. ​ Unsecured Senior Notes The Company issued unsecured senior notes (the “Unsecured Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The Unsecured Notes are senior unsecured obligations of the Company and will rank senior in right of payment to any future subordinated indebtedness of the Company, equally in right of payment with all existing and future senior indebtedness of the Company and effectively subordinated to any existing and future secured indebtedness of the Company to the extent of the fair value of collateral securing such indebtedness. The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by PFSI’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indenture under which the Unsecured Notes were issued). The guarantees are senior unsecured obligations of the guarantors and will rank senior in right of payment to any future subordinated indebtedness of the guarantors, equally in right of payment with all existing and future senior indebtedness of the guarantors and effectively subordinated to any existing and future secured indebtedness of the guarantors to the extent of the fair value of collateral securing such indebtedness. The Unsecured Notes and the guarantees are structurally subordinated to the indebtedness and liabilities of the Company’s subsidiaries that do not guarantee the Unsecured Notes. Following is a summary of the Company’s issued and outstanding Unsecured Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance date ​ Principal balance ​ Coupon interest rate ​ Maturity date ​ Optional redemption date (1) ​ ​ (in thousands) ​ (annual) ​ ​ ​ ​ September 29, 2020 ​ $ 500,000 ​ 5.38% ​ October 15, 2025 ​ October 15, 2022 October 19, 2020 ​ ​ 150,000 ​ 5.38% ​ October 15, 2025 ​ October 15, 2022 February 11, 2021 ​ ​ 650,000 ​ 4.25% ​ February 15, 2029 ​ February 15, 2024 September 16, 2021 ​ ​ 500,000 ​ 5.75% ​ September 15, 2031 ​ September 15, 2026 ​ ​ $ 1,800,000 ​ ​ ​ ​ ​ ​ (1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued and unpaid interest. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Average balance ​ $ 1,800,000 ​ $ 1,373,562 ​ $ 158,743 Weighted average interest rate (1) ​ ​ 5.07% ​ ​ 4.94% ​ ​ 5.38% Total interest expense ​ $ 95,014 ​ $ 70,208 ​ $ 8,774 (1) Excludes the effect of amortization of debt issuance costs of $3.7 million, $2.3 million and $225,000 for the years ended December 31, 2022, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 1,800,000 $ 1,800,000 Unamortized debt issuance costs and premiums, net ​ ​ (20,080) ​ ​ (23,781) ​ ​ $ 1,779,920 ​ $ 1,776,219 Weighted average interest rate ​ ​ 5.07% ​ ​ 5.07% ​ Obligations Under Capital Lease ​ The Company had a capital lease transaction secured by certain fixed assets and capitalized software. The capital lease matured on June 13, 2022, and bore interest at a spread over one-month LIBOR. ​ Obligations under capital lease are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Average balance ​ $ 848 ​ $ 7,999 ​ $ 16,224 Weighted average interest rate ​ ​ 2.18% ​ ​ 2.11% ​ ​ 2.62% Total interest expense ​ $ 20 ​ $ 169 ​ $ 425 Maximum daily amount outstanding ​ $ 3,489 ​ $ 11,864 ​ $ 20,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ (dollars in thousands) Unpaid principal balance ​ ​ ​ $ 3,489 Weighted average interest rate ​ ​ ​ ​ ​ 2.11% Assets pledged to secure obligations under capital lease: ​ ​ ​ ​ ​ ​ Capitalized software ​ ​ ​ ​ $ 4,546 Furniture, fixtures and equipment ​ ​ ​ ​ $ 4,116 ​ Maturities of Long-Term Debt ​ Maturities of long-term debt obligations (based on final maturity dates) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ 2023 2024 2025 2026 2027 Thereafter Total ​ ​ (in thousands) Notes payable secured by mortgage servicing assets ​ $ 1,300,000 ​ $ 150,000 ​ $ — ​ $ — ​ $ 500,000 ​ $ — ​ $ 1,950,000 Unsecured senior notes ​ ​ — ​ ​ — ​ ​ 650,000 ​ ​ — ​ ​ — ​ ​ 1,150,000 ​ ​ 1,800,000 Total ​ $ 1,300,000 ​ $ 150,000 ​ $ 650,000 ​ $ — ​ $ 500,000 ​ $ 1,150,000 ​ $ 3,750,000 (1) The Term Notes’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after their stated maturities. In January 2023, the Company exercised its option to extend the maturity of $650 million Term Notes originally due on February 25, 2023 for two years .

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	12 Months Ended
	Dec. 31, 2022
Liability for Losses Under Representations and Warranties
Liability for Losses Under Representations and Warranties	Note 14—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Balance at beginning of year ​ $ 43,521 ​ $ 32,688 ​ $ 21,446 Provision for losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Resulting from sales of loans ​ ​ 9,617 ​ ​ 31,590 ​ ​ 21,035 Resulting from change in estimate ​ ​ (8,451) ​ ​ (16,037) ​ ​ (8,667) Losses incurred ​ ​ (12,266) ​ ​ (4,720) ​ ​ (1,126) Balance at end of year ​ $ 32,421 ​ $ 43,521 ​ $ 32,688 Unpaid principal balance of loans subject to representations and warranties at end of year ​ $ 296,774,121 ​ $ 257,369,777 ​ $ 210,222,447 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 15—Income Taxes ​ The Company files U.S. federal and state corporate income tax returns for PFSI and partnership returns for PNMAC. The Company’s federal tax returns are subject to examination for 2019 and forward and its state tax returns are generally subject to examination for 2018 and forward. PNMAC’s federal partnership returns are subject to examination for 2019 and forward, and its state tax returns are generally subject to examination for 2018 and forward. The returns of both PFSI and PNMAC are under an examination by New York State for years 2019 and 2020, and the returns of PFSI are in the initial stages of an examination by the state of South Carolina for years 2019, 2020 and 2021. The Company does not expect any material changes from these examinations. ​ The following table details the Company’s provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Current (benefit) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (2,944) ​ $ 101,659 ​ $ 378,984 ​ State ​ ​ (249) ​ ​ 39,551 ​ ​ 128,495 ​ Total current (benefit) expense ​ ​ (3,193) ​ ​ 141,210 ​ ​ 507,479 ​ Deferred expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 131,670 ​ ​ 160,587 ​ ​ 61,592 ​ State ​ ​ 61,263 ​ ​ 53,896 ​ ​ 24,654 ​ Total deferred expense ​ ​ 192,933 ​ ​ 214,483 ​ ​ 86,246 ​ Total provision for income taxes ​ $ 189,740 ​ $ 355,693 ​ $ 593,725 ​ ​ 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, ​ ​ 2022 2021 2020 Federal income tax statutory rate ​ 21.0% ​ 21.0% ​ 21.0% ​ State income taxes, net of federal benefit ​ 5.9% ​ 5.4% ​ 5.5% ​ Tax rate revaluation ​ 1.2% ​ 0.0% ​ (0.1)% ​ Other ​ 0.4% ​ (0.2)% ​ 0.1% ​ Effective income tax rate ​ 28.5% ​ 26.2% ​ 26.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of the Company’s provision for deferred income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Mortgage servicing rights ​ $ 326,378 ​ $ 196,697 ​ $ 128,471 ​ Net operating loss ​ ​ (160,605) ​ ​ — ​ ​ 581 ​ Reserves and losses ​ ​ 13,480 ​ ​ 15,736 ​ ​ (33,477) ​ Compensation accruals ​ ​ 10,473 ​ ​ (11,456) ​ ​ (647) ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 4,517 ​ ​ 4,420 ​ ​ 5,200 ​ California franchise taxes ​ ​ 4,447 ​ ​ 10,753 ​ ​ (15,200) ​ Tax credits ​ ​ — ​ ​ 50 ​ ​ — ​ Other ​ ​ (5,757) ​ ​ (1,717) ​ ​ 1,318 ​ Total provision for deferred income taxes ​ $ 192,933 ​ $ 214,483 ​ $ 86,246 ​ ​ The components of Income taxes payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Current income tax receivable ​ $ (1,993) ​ $ (126,542) Deferred income tax liability, net ​ ​ 1,004,737 ​ ​ 811,804 Income taxes payable ​ $ 1,002,744 ​ $ 685,262 ​ The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 161,682 ​ $ 1,077 ​ Compensation accruals ​ ​ 42,668 ​ ​ 53,141 ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 25,760 ​ ​ 30,277 ​ Reserves and losses ​ ​ 33,795 ​ ​ 47,275 ​ California franchise tax ​ ​ — ​ ​ 4,447 ​ Other ​ ​ 6,159 ​ ​ 5,661 ​ Gross deferred income tax assets ​ ​ 270,064 ​ ​ 141,878 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ ​ 1,260,181 ​ ​ 933,803 ​ Other ​ ​ 14,620 ​ ​ 19,879 ​ Gross deferred income tax liabilities ​ ​ 1,274,801 ​ ​ 953,682 ​ Net deferred income tax liability ​ $ 1,004,737 ​ $ 811,804 ​ ​ The Company recorded a deferred tax asset of $161.7 million, of which $160.6 million related to net operating losses incurred in 2022 and $1.1 million related to net operating losses incurred in 2018. The $126.1 million related to federal net operating loss carry forward has no expiration date but is subject to an annual utilization limitation of up to 80% of taxable income. The remaining $35.6 million in deferred tax assets, relating to state net operating losses, either have no expiration date or expire by 2042. The Company expects to fully utilize these net operating losses before their expiration dates. ​ At December 31, 2022 and 2021, the Company had no unrecognized tax benefits and does not anticipate any unrecognized tax benefits. Should the recognition of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such expenses in the Company’s income tax accounts. No such accruals existed at December 31, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	Note 16—Commitments and Contingencies ​ Commitments to Purchase and Fund Loans ​ ​ Legal Proceedings ​ From time to time, the Company may be involved in various claims, investigations, lawsuits and other legal proceedings in the ordinary course of its business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, income, or cash flows of the Company. ​ Litigation ​ On November 5, 2019, Black Knight Servicing Technologies, LLC, a wholly-owned indirect subsidiary of Black Knight, Inc. (“BKI”), filed a Complaint and Demand for Jury Trial in the Fourth Judicial Circuit Court in and for Duval County, Florida (the “Florida State Court”), captioned Black Knight Servicing Technologies , LLC v. PennyMac Loan Services, LLC , Case No. 2019-CA-007908 (the “BKI Complaint”). Allegations contained within the BKI Complaint include breach of contract and misappropriation of MSP® System trade secrets in order to develop an imitation mortgage-processing system intended to replace the MSP® System. ​ The BKI Complaint seeks damages for breach of contract and misappropriation of trade secrets, injunctive relief under the Florida Uniform Trade Secrets Act and declaratory judgment of ownership of all intellectual property and software developed by or on behalf of PLS as a result of its wrongful use of and access to the MSP® System and related trade secret and confidential information. On March 30, 2020, the Florida State Court granted a motion to compel arbitration filed by PLS. While no assurance can be provided as to the ultimate outcome of this claim or the account of any losses to the Company, the Company believes the BKI Complaint is without merit and plans to vigorously defend the matter, which remains pending. ​ Regulatory Matters ​ The Company and/or its subsidiaries are subject to various state and federal regulations related to its loan production and servicing operations by the various states it operates in as well as federal agencies such as the Consumer Financial Protection Bureau (“CFPB”), HUD, and the FHA and is subject to the requirements of the Agencies to which it sells loans and for which it performs loan servicing activities. As a result, the Company may become involved in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by such various federal, state and local regulatory bodies. ​ On January 7, 2021, PLS received a letter from the CFPB notifying PLS that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement was considering recommending that the CFPB take legal action against PLS for alleged violations of the Real Estate Settlement Procedures Act and Truth in Lending Act. The CFPB's examination covered the period from March 2015 through September 2016. Should the CFPB commence an action, it may seek restitution, civil monetary penalties, injunctive relief, or other corrective action, the extent of which remains uncertain at this time. Notably, certain of the alleged violations were originally self-identified by PLS and remediated before the CFPB's examination, and all alleged violations were fully remediated as of August 2017. PLS confirmed these remediation actions as well as full restitution to any affected borrowers in its response to the NORA letter submitted on February 8, 2021. While the NORA process remains open and pending at this time, and there can be no assurance as to the nature or extent of any actions taken by the CFPB with regard to these alleged violations, the Company does not believe that the ultimate resolution of this matter will have a material adverse effect on its financial statements or operations. ​ Cessation of the LIBOR Index ​ ​ ​ ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity.
Stockholders' Equity	Note 17—Stockholders’ Equity ​ In August 2021, the Company’s board of directors approved an increase to the Company’s common stock repurchase program from $1 billion to $2 billion. ​ The following table summarizes the Company’s stock repurchase activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ Cumulative ​ 2022 2021 ​ 2020 total (1) ​ ​ (in thousands) Shares of common stock repurchased ​ ​ 7,788 ​ ​ 15,368 ​ ​ 8,890 ​ ​ 32,862 Cost of shares of common stock repurchased ​ $ 406,086 ​ $ 958,194 ​ $ 337,479 ​ $ 1,716,707 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program through December 31, 2022. ​ The shares of repurchased common stock were canceled upon settlement of the repurchase transactions.

Net Gains on Loans Held for Sal

Net Gains on Loans Held for Sale	12 Months Ended
	Dec. 31, 2022
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	Note 18—Net Gains on Loans Held for Sale ​ Net gains on mortgage loans held for sale at fair value are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash (losses) gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ $ (2,128,195) $ 600,840 $ 2,025,260 Hedging activities ​ ​ 1,347,843 ​ ​ 443,341 ​ ​ (767,588) ​ ​ ​ (780,352) ​ ​ 1,044,181 ​ ​ 1,257,672 Non-cash gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales ​ ​ 1,718,094 ​ ​ 1,755,318 ​ ​ 1,114,720 Provisions for losses relating to representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pursuant to loan sales ​ ​ (9,617) ​ ​ (31,590) ​ ​ (21,035) Reductions in liability due to change in estimate ​ ​ 8,451 ​ ​ 16,037 ​ ​ 8,667 Changes in fair values of loans and derivatives held at year end: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ (296,349) ​ ​ (354,833) ​ ​ 540,376 Loans ​ ​ 188,849 ​ ​ 210,961 ​ ​ (326,986) Hedging derivatives ​ ​ (20,879) ​ ​ (124,200) ​ ​ 116,690 ​ ​ ​ 808,197 ​ ​ 2,515,874 ​ ​ 2,690,104 From PennyMac Mortgage Investment Trust (1) ​ ​ (16,564) ​ ​ (51,473) ​ ​ 50,681 ​ ​ $ 791,633 ​ $ 2,464,401 ​ $ 2,740,785 (1) Gains on sales of loans to PMT are described in Note 4– Transactions with Affiliates.

Net Interest Expense

Net Interest Expense	12 Months Ended
	Dec. 31, 2022
Net Interest Expense
Net Interest Expense	Note 19—Net Interest Expense ​ Net interest expense is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and short-term investments ​ $ 19,839 ​ $ 3,280 ​ $ 6,154 ​ Loans held for sale at fair value ​ ​ 172,124 ​ ​ 275,176 ​ ​ 184,789 ​ Placement fees relating to custodial funds ​ ​ 102,099 ​ ​ 21,326 ​ ​ 52,758 ​ ​ ​ ​ 294,062 ​ ​ 299,782 ​ ​ 243,701 ​ From PennyMac Mortgage Investment Trust— Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell ​ ​ — ​ ​ 387 ​ ​ 3,325 ​ ​ ​ ​ 294,062 ​ ​ 300,169 ​ ​ 247,026 ​ Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ ​ 105,459 ​ ​ 164,132 ​ ​ 112,778 ​ Mortgage loan participation purchase and sale agreements ​ ​ 7,314 ​ ​ 4,153 ​ ​ 4,933 ​ Notes payable secured by mortgage servicing assets ​ ​ 79,813 ​ ​ 39,782 ​ ​ 46,222 ​ Unsecured senior notes ​ ​ 95,014 ​ ​ 70,208 ​ ​ 8,774 ​ Obligations under capital lease ​ ​ 20 ​ ​ 169 ​ ​ 425 ​ Corporate revolving line of credit ​ ​ — ​ ​ — ​ ​ 1,537 ​ Interest shortfall on repayments of mortgage loans serviced for Agency securitizations ​ ​ 40,741 ​ ​ 105,430 ​ ​ 82,285 ​ Interest on mortgage loan impound deposits ​ ​ 7,066 ​ ​ 5,545 ​ ​ 6,179 ​ ​ ​ ​ 335,427 ​ ​ 389,419 ​ ​ 263,133 ​ To PennyMac Mortgage Investment Trust— Excess servicing spread financing at fair value ​ ​ — ​ ​ 1,280 ​ ​ 8,418 ​ ​ ​ ​ 335,427 ​ ​ 390,699 ​ ​ 271,551 ​ ​ ​ $ (41,365) ​ $ (90,530) ​ $ (24,525) ​ ​

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-based Compensation
Stock-based Compensation	Note 20—Stock-based Compensation ​ The Company has adopted equity incentive plans that provide 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, 2022, the Company has 4.6 million units available for future awards. ​ Following is a summary of the stock-based compensation expense by instrument awarded: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Performance-based RSUs ​ $ 18,096 ​ $ 23,166 ​ $ 20,610 Time-based RSUs ​ ​ 14,837 ​ ​ 10,184 ​ ​ 9,515 Stock options ​ ​ 9,619 ​ ​ 4,444 ​ ​ 14,980 ​ ​ $ 42,552 ​ $ 37,794 ​ $ 45,105 ​ Performance-Based RSUs ​ The performance based RSUs provide for the issuance of shares of the Company’s common stock based on the achievement of performance goals and job performance ratings. Approximately 612,000 shares under the grants with performance periods ending December 31, 2022 are expected to vest and be issued to the grantees in the first quarter of 2023. ​ The fair value of the performance-based RSUs is measured based on the fair value of the Company’s common stock at the grant date, taking into consideration management’s estimate of the expected outcome of the performance goal, and the number of shares to be forfeited during the vesting period. The Company assumes forfeiture rates of 0 – 20.3% per year based on the grantees’ employee classification. The actual number of shares that vest could vary from zero, if the performance goals are not met, to as much as 187.5% of the units granted, if the performance goals are meaningfully exceeded. ​ The table below summarizes performance-based RSU activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands, except per unit amounts) ​ Number of units: ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 1,226 ​ ​ 1,583 ​ ​ 1,807 ​ Granted ​ ​ 342 ​ ​ 310 ​ ​ 440 ​ Vested (1) ​ ​ (509) ​ ​ (634) ​ ​ (645) ​ Forfeited or cancelled ​ ​ (83) ​ ​ (33) ​ ​ (19) ​ Outstanding at end of year ​ ​ 976 ​ ​ 1,226 ​ 1,583 ​ Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 36.12 ​ $ 27.02 ​ $ 21.67 ​ Granted ​ $ 57.10 ​ $ 58.85 ​ $ 35.95 ​ Vested ​ $ 23.40 ​ $ 24.47 ​ $ 18.16 ​ Forfeited ​ $ 49.14 ​ $ 36.91 ​ $ 26.71 ​ Outstanding at end of year ​ $ 48.94 ​ $ 36.12 ​ $ 27.02 ​ (1) The actual number of performance-based RSUs vested during the years ended December 31, 2022, 2021 and 2020 was 654,000 , 781,000 and 608,000 shares, respectively, which is approximately 128% , 123% and 94% of the 509,000 , 634,000 and 645,000 originally granted units, respectively, due to the performance varying from the established target for the respective grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 12,021 Number of shares expected to vest (in thousands) ​ ​ ​ ​ ​ 908 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 11 ​ 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 common stock for each RSU. In general, and except as otherwise provided by the agreement, one-third ​ Compensation cost relating to time-based RSUs is based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. For purposes of estimating the cost of the time-based RSUs granted, the Company assumes forfeiture rates of 0% – 20.3% per year based on the grantees’ employee classification. The table below summarizes time-based RSU activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands, except per unit amounts) Number of units: ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 434 ​ ​ 587 ​ ​ 642 Granted ​ ​ 331 ​ ​ 173 ​ ​ 311 Vested ​ ​ (246) ​ ​ (312) ​ ​ (357) Forfeited ​ ​ (36) ​ ​ (14) ​ ​ (9) Outstanding at end of year ​ ​ 483 ​ ​ 434 ​ ​ 587 Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 41.74 ​ $ 29.37 ​ $ 22.40 Granted ​ $ 57.10 ​ $ 58.90 ​ $ 34.98 Vested ​ $ 37.34 ​ $ 28.08 ​ $ 21.75 Forfeited ​ $ 51.97 ​ $ 39.48 ​ $ 28.14 Outstanding at end of year ​ $ 53.71 ​ $ 41.74 ​ $ 29.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 7,214 Number of units expected to vest (in thousands) ​ ​ ​ ​ ​ 460 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 10 ​ 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 ​ During the year ended December 31, 2020, the Company awarded approximately 604,000 shares of stock options that vested on the grant date with a term of ten years from the date of grant, subject to certain transfer restrictions. ​ Each stock option has a term of ten years from the date of grant but expires (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 following inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 Expected volatility (1) ​ 37% ​ 38% ​ 34% ​ Expected dividends ​ 1.4% ​ 1.4% ​ 1.4% ​ Risk-free interest rate ​ 1.1% - 2.1% ​ 0.1% - 1.7% ​ 0.1% - 1.5% ​ Expected grantee forfeiture rate ​ 0% - 5.1% ​ 0% - 6.7% ​ 0% - 6.7% ​ (1) Based on historical volatilities of the Company’s common stock. ​ The Company uses its historical employee departure behavior to estimate the grantee forfeiture rates used in its option- pricing model. The expected term of common stock options granted is derived from the Company’s option pricing model and represents the period that common stock options granted are expected to be outstanding. The risk-free interest 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands, except per option amounts) Number of stock options: ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 3,906 ​ ​ 4,040 ​ ​ 3,699 Granted ​ ​ 574 ​ ​ 249 ​ ​ 876 Exercised ​ ​ (155) ​ ​ (377) ​ ​ (530) Forfeited ​ ​ (8) ​ ​ (6) ​ ​ (5) Outstanding at end of year ​ ​ 4,317 ​ ​ 3,906 ​ ​ 4,040 Weighted average exercise price per option: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 28.43 ​ $ 28.01 ​ $ 18.40 Granted ​ $ 57.10 ​ $ 58.85 ​ $ 52.00 Exercised ​ $ 21.09 ​ $ 19.96 ​ $ 17.72 Forfeited ​ $ 53.10 ​ $ 39.52 ​ $ 20.61 Outstanding at end of year ​ $ 32.46 ​ $ 28.43 ​ $ 28.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of options exercisable at end of year (in thousands) ​ ​ ​ ​ ​ 3,488 Weighted average exercise price per exercisable option ​ ​ ​ ​ $ 27.09 Weighted average remaining contractual term (in years): ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ 5.2 Exercisable ​ ​ ​ ​ ​ 4.4 Aggregate intrinsic value: ​ ​ ​ ​ ​ ​ Outstanding (in thousands) ​ ​ ​ ​ $ 107,080 Exercisable (in thousands) ​ ​ ​ ​ $ 105,114 Expected vesting amounts: ​ ​ ​ ​ ​ ​ Number of options expected to vest (in thousands) ​ ​ ​ ​ ​ 825 Weighted average vesting period (in months) ​ ​ ​ ​ ​ 11 ​

Earnings Per Share of Common St

Earnings Per Share of Common Stock	12 Months Ended
	Dec. 31, 2022
Earnings Per Share of Common Stock
Earnings Per Share of Common Stock	Note 21—Earnings Per Share of Common Stock ​ Basic earnings per share of common stock is determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share of common stock is determined by dividing net income by the weighted average number of shares of common stock and dilutive securities outstanding. ​ The Company’s potentially dilutive securities are stock-based compensation awards. The Company applies the treasury stock method to determine the diluted weighted average number of shares of common stock outstanding based on the outstanding stock-based compensation awards. ​ The following table summarizes the basic and diluted earnings per share calculations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ (in thousands, except per share amounts) ​ Net income ​ $ 475,507 $ 1,003,490 $ 1,646,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding ​ ​ 53,065 ​ ​ 63,799 ​ ​ 75,161 ​ Effect of dilutive securities - shares issuable under stock-based compensation plan ​ ​ 2,885 ​ ​ 3,672 ​ ​ 3,567 ​ Weighted average diluted shares of common stock outstanding ​ ​ 55,950 ​ ​ 67,471 ​ ​ 78,728 ​ Basic earnings per share ​ $ 8.96 ​ $ 15.73 ​ $ 21.91 ​ Diluted earnings per share ​ $ 8.50 ​ $ 14.87 ​ $ 20.92 ​ ​ Calculations of diluted earnings per share require certain potentially dilutive shares to be excluded when their inclusion in the diluted earnings per share calculation would be anti-dilutive. The following table summarizes the weighted-average number of anti-dilutive outstanding performance-based RSUs, time-based RSUs and stock options excluded from the calculation of diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands except for weighted average exercise price) Performance-based RSUs (1) ​ ​ 281 ​ ​ 223 ​ ​ 322 Time-based RSUs ​ ​ 62 ​ ​ 1 ​ ​ — Stock options (2) ​ ​ 1,339 ​ ​ 211 ​ ​ 83 Total anti-dilutive units and options ​ ​ 1,682 ​ ​ 435 ​ ​ 405 Weighted average exercise price of anti-dilutive stock options (2) ​ $ 58.58 ​ $ 58.85 ​ $ 43.89 (1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved. ​ (2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock price for the year.

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	12 Months Ended
	Dec. 31, 2022
Regulatory Capital and Liquidity Requirements
Regulatory Capital and Liquidity Requirements	Note 22—Regulatory Capital and Liquidity Requirements ​ The Company, through PLS, is required to maintain specified levels of capital and liquidity to remain a seller/servicer in good standing with the Agencies. Such capital and liquid asset requirements generally are tied to the size of the Company’s loan servicing portfolio, loan origination volume and delinquency rates. ​ PLS is subject to financial eligibility requirements established by the Federal Housing Finance Agency (“FHFA”) for sellers/servicers eligible to sell or service mortgage loans with Fannie Mae and Freddie Mac. The eligibility requirements include: ​ ● tangible net worth of $2.5 million plus 25 basis points of the UPB of the Company’s total 1-4 unit servicing portfolio, excluding mortgage loans subserviced for others; ​ ● a liquidity requirement equal to 3.5 basis points of the aggregate UPB serviced for the Agencies plus 200 basis points of total nonperforming Agency servicing UPB less 70% of such nonperforming Agency servicing UPB in excess of 600 basis points where the underlying loans are in COVID-19 forbearance but were current at the time they entered forbearance. ​ basis points of PLS' outstanding Ginnie Mae single-family securities. ​ The Agencies’ capital and liquidity requirements, the calculations of which are specified by each Agency, are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Requirement/Agency Actual (1) Requirement (1) Actual (1) Requirement (1) ​ ​ (dollars in thousands) ​ Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 6,632,627 ​ $ 797,748 ​ $ 5,872,064 ​ $ 722,040 ​ Ginnie Mae ​ $ 5,899,892 ​ $ 923,202 ​ $ 5,424,747 ​ $ 976,303 ​ HUD ​ $ 5,899,892 ​ $ 2,500 ​ $ 5,424,747 ​ $ 2,500 ​ Liquidity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 1,265,569 ​ $ 107,768 ​ $ 316,659 ​ $ 93,973 ​ Ginnie Mae ​ $ 1,265,569 ​ $ 246,953 ​ $ 316,659 ​ $ 220,577 ​ Adjusted net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ginnie Mae ​ ​ 35 % ​ 6 % ​ 29 % ​ 6 % Tangible net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ ​ 39 % ​ 6 % ​ 32 % ​ 6 % (1) Calculated in compliance with the respective Agency’s requirements. ​ In August 2022, the Agencies issued revised capital and liquidity requirements. The requirements will be effective at various dates beginning September 30, 2023, for issuers of securities guaranteed by Ginnie Mae and seller/servicers of mortgage loans to Fannie Mae and Freddie Mac. The Company believes it is in compliance with Agencies’ revised requirements as of December 31, 2022. ​ Noncompliance with an Agency’s requirements can result in such Agency taking various remedial actions up to and including terminating PLS’s ability to sell loans to and service loans on behalf of the respective Agency.

Segments

Segments	12 Months Ended
	Dec. 31, 2022
Segments
Segments	Note 23—Segments ​ The Company operates in three segments: production, servicing and investment management. ​ Two of the segments are in the mortgage banking business: production and servicing. The production segment performs loan origination, acquisition and sale activities. The servicing segment performs servicing of loans on behalf of PMT and non-affiliate investors, execution and management of early buyout transactions and servicing of loans sourced and managed by the investment management segment for PMT. ​ The investment management segment represents the activities of the Company’s investment manager, which include sourcing, performing diligence, bidding and closing investment asset acquisitions, managing the acquired assets and correspondent production activities for PMT. ​ Financial performance and results by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ Mortgage Banking ​ Investment ​ ​ ​ ​ ​ Production Servicing Total Management Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 599,896 ​ $ 191,737 ​ $ 791,633 ​ $ — ​ $ 791,633 ​ Loan origination fees ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ Net loan servicing fees ​ ​ — ​ ​ 951,329 ​ ​ 951,329 ​ ​ — ​ ​ 951,329 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 133,000 ​ ​ 161,062 ​ ​ 294,062 ​ ​ — ​ ​ 294,062 ​ Interest expense ​ ​ 108,072 ​ ​ 227,355 ​ ​ 335,427 ​ ​ — ​ ​ 335,427 ​ ​ ​ ​ 24,928 ​ ​ (66,293) ​ ​ (41,365) ​ ​ — ​ ​ (41,365) ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,065 ​ ​ 31,065 ​ Other ​ ​ 2,503 ​ ​ 3,727 ​ ​ 6,230 ​ ​ 9,013 ​ ​ 15,243 ​ Total net revenue ​ ​ 865,177 ​ ​ 1,080,500 ​ ​ 1,945,677 ​ ​ 40,078 ​ ​ 1,985,755 ​ Expenses ​ ​ 816,697 ​ ​ 466,874 ​ ​ 1,283,571 ​ ​ 36,937 ​ ​ 1,320,508 ​ Income before provision for income taxes ​ $ 48,480 ​ $ 613,626 ​ $ 662,106 ​ $ 3,141 ​ $ 665,247 ​ Segment assets at year end ​ $ 3,866,934 ​ $ 12,929,233 ​ $ 16,796,167 ​ $ 26,417 ​ $ 16,822,584 ​ (1) All revenues are from external customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ Mortgage Banking ​ Investment ​ ​ ​ ​ ​ Production Servicing Total Management Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 1,746,650 ​ $ 717,751 ​ $ 2,464,401 ​ $ — ​ $ 2,464,401 ​ Loan origination fees ​ ​ 384,154 ​ ​ — ​ ​ 384,154 ​ ​ — ​ ​ 384,154 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 178,927 ​ ​ — ​ ​ 178,927 ​ ​ — ​ ​ 178,927 ​ Net loan servicing fees ​ ​ — ​ ​ 182,954 ​ ​ 182,954 ​ ​ — ​ ​ 182,954 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 134,706 ​ ​ 165,463 ​ ​ 300,169 ​ ​ — ​ ​ 300,169 ​ Interest expense ​ ​ 139,296 ​ ​ 251,393 ​ ​ 390,689 ​ ​ 10 ​ ​ 390,699 ​ ​ ​ ​ (4,590) ​ ​ (85,930) ​ ​ (90,520) ​ ​ (10) ​ ​ (90,530) ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 37,801 ​ ​ 37,801 ​ Other ​ ​ 1,623 ​ ​ 2,520 ​ ​ 4,143 ​ ​ 5,511 ​ ​ 9,654 ​ Total net revenue ​ ​ 2,306,764 ​ ​ 817,295 ​ ​ 3,124,059 ​ ​ 43,302 ​ ​ 3,167,361 ​ Expenses ​ ​ 1,262,353 ​ ​ 510,617 ​ ​ 1,772,970 ​ ​ 35,208 ​ ​ 1,808,178 ​ Income before provision for income taxes ​ $ 1,044,411 ​ $ 306,678 ​ $ 1,351,089 ​ $ 8,094 ​ $ 1,359,183 ​ Segment assets at year end ​ $ 8,934,032 ​ $ 9,821,436 ​ $ 18,755,468 ​ $ 21,144 ​ $ 18,776,612 ​ (1) All revenues are from external customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ ​ Mortgage Banking ​ Investment ​ ​ ​ ​ ​ Production Servicing Total Management Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 2,297,108 ​ $ 443,677 ​ $ 2,740,785 ​ $ — ​ $ 2,740,785 ​ Loan origination fees ​ ​ 285,551 ​ ​ — ​ ​ 285,551 ​ ​ — ​ ​ 285,551 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 222,200 ​ ​ — ​ ​ 222,200 ​ ​ — ​ ​ 222,200 ​ Net loan servicing fees ​ ​ — ​ ​ 439,448 ​ ​ 439,448 ​ ​ — ​ ​ 439,448 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 101,605 ​ ​ 145,421 ​ ​ 247,026 ​ ​ — ​ ​ 247,026 ​ Interest expense ​ ​ 82,160 ​ ​ 189,368 ​ ​ 271,528 ​ ​ 23 ​ ​ 271,551 ​ ​ ​ ​ 19,445 ​ ​ (43,947) ​ ​ (24,502) ​ ​ (23) ​ ​ (24,525) ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,538 ​ ​ 34,538 ​ Other ​ ​ 695 ​ ​ 1,584 ​ ​ 2,279 ​ ​ 5,321 ​ ​ 7,600 ​ Total net revenue ​ ​ 2,824,999 ​ ​ 840,762 ​ ​ 3,665,761 ​ ​ 39,836 ​ ​ 3,705,597 ​ Expenses ​ ​ 860,878 ​ ​ 578,618 ​ ​ 1,439,496 ​ ​ 25,492 ​ ​ 1,464,988 ​ Income before provision for income taxes ​ $ 1,964,121 ​ $ 262,144 ​ $ 2,226,265 ​ $ 14,344 ​ $ 2,240,609 ​ Segment assets at year end ​ $ 7,870,398 ​ $ 23,709,122 ​ $ 31,579,520 ​ $ 18,275 ​ $ 31,597,795 ​ (1) All revenues are from external customers.

Parent Company Information

Parent Company Information	12 Months Ended
	Dec. 31, 2022
Parent Company Information
Parent Company Information	Note 24—Parent Company Information ​ The Company’s debt financing agreements require PLS, the Company’s indirect controlled subsidiary, to comply with financial covenants that include a minimum tangible net worth of $500 million. PLS is limited from transferring funds to the Parent by this minimum tangible net worth requirement. The Company’s Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indentures under which the Unsecured Notes were issued). ​ ​ PENNYMAC FINANCIAL SERVICES, INC. CONDENSED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ ASSETS ​ ​ ​ ​ ​ Cash ​ $ 45,496 ​ $ 9,276 ​ Investments in subsidiaries ​ ​ 4,421,906 ​ ​ 4,217,461 ​ Receivable from PennyMac Mortgage Investment Trust ​ ​ 27 ​ ​ 27 ​ Due from subsidiaries ​ ​ 1,509,103 ​ ​ 1,477,332 ​ Total assets ​ $ 5,976,532 ​ $ 5,704,096 ​ LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ ​ Unsecured senior notes ​ $ 1,779,920 ​ $ 1,776,219 ​ Accounts payable and accrued expenses ​ ​ 26,356 ​ ​ 28,135 ​ Payable to subsidiaries ​ ​ 135 ​ ​ 116 ​ Income taxes payable ​ ​ 699,072 ​ ​ 481,301 ​ Total liabilities ​ ​ 2,505,483 ​ ​ 2,285,771 ​ Stockholders' equity ​ ​ 3,471,049 ​ ​ 3,418,325 ​ Total liabilities and stockholders' equity ​ $ 5,976,532 ​ $ 5,704,096 ​ ​ ​ PENNYMAC FINANCIAL SERVICES, INC. CONDENSED STATEMENTS OF INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Revenues ​ ​ ​ ​ ​ ​ Dividends from subsidiaries ​ $ 417,391 ​ $ 982,740 ​ $ 602,606 Net interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from subsidiary ​ ​ 121,452 ​ ​ 77,162 ​ ​ 15,830 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ To non-affiliates ​ ​ 95,014 ​ ​ 70,208 ​ ​ 8,774 To subsidiary ​ ​ — ​ ​ — ​ ​ 83 ​ ​ ​ 95,014 ​ ​ 70,208 ​ ​ 8,857 Net interest income ​ ​ 26,438 ​ ​ 6,954 ​ ​ 6,973 Total net revenues ​ ​ 443,829 ​ ​ 989,694 ​ ​ 609,579 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Charitable contributions ​ ​ — ​ ​ 5,800 ​ ​ 2,314 Professional services ​ ​ — ​ ​ 2,236 ​ ​ 42 Other ​ ​ 267 ​ ​ 449 ​ ​ 327 Total expenses ​ ​ 267 ​ ​ 8,485 ​ ​ 2,683 Income before provision for income taxes and equity in undistributed earnings of subsidiaries ​ ​ 443,562 ​ ​ 981,209 ​ ​ 606,896 Provision for income taxes ​ ​ 129,948 ​ ​ 238,803 ​ ​ 395,340 Income before equity in undistributed earnings of subsidiaries ​ ​ 313,614 ​ ​ 742,406 ​ ​ 211,556 Equity in undistributed earnings of subsidiaries ​ ​ 161,893 ​ ​ 261,084 ​ ​ 1,435,328 Net income ​ $ 475,507 ​ $ 1,003,490 ​ $ 1,646,884 ​ PENNYMAC FINANCIAL SERVICES, INC. CONDENSED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Cash flows from operating activities ​ ​ ​ ​ ​ ​ Net income ​ $ 475,507 ​ $ 1,003,490 ​ $ 1,646,884 Adjustments to reconcile net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in undistributed earnings of subsidiaries ​ ​ (161,893) ​ ​ (261,084) ​ ​ (1,435,328) Amortization of net debt issuance cost ​ ​ 3,701 ​ ​ 2,321 ​ ​ 225 Increase in receivable from PennyMac Mortgage Investment Trust ​ ​ — ​ ​ (27) ​ ​ — (Increase) decrease in intercompany receivable ​ ​ (31,566) ​ ​ (897,063) ​ ​ (574,518) Increase in accounts payable and accrued expenses ​ ​ (1,779) ​ ​ 13,545 ​ ​ 14,590 (Decrease) increase in payable to subsidiaries ​ ​ 19 ​ ​ (22,289) ​ ​ 18,211 Increase in income taxes payable ​ ​ 217,771 ​ ​ 35,839 ​ ​ 65,406 Net cash provided by (used in) operating activities ​ ​ 501,760 ​ ​ (125,268) ​ ​ (264,530) Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of unsecured senior notes ​ ​ — ​ ​ 1,150,000 ​ ​ 650,000 Payment of debt issuance costs ​ ​ — ​ ​ (21,922) ​ ​ (4,405) Payment of dividend to holders of common stock ​ ​ (54,621) ​ ​ (52,896) ​ ​ (30,947) Issuance of common stock pursuant to exercise of stock options ​ ​ 2,947 ​ ​ 7,536 ​ ​ 9,389 Payment of withholding taxes relating to stock-based compensation ​ ​ (7,780) ​ ​ (8,993) ​ ​ (5,265) Repurchase of common stock ​ ​ (406,086) ​ ​ (958,194) ​ ​ (337,479) Net cash (used in) provided by financing activities ​ ​ (465,540) ​ ​ 115,531 ​ ​ 281,293 Net increase (decrease) in cash (1) ​ ​ 36,220 ​ ​ (9,737) ​ ​ 16,763 Cash at beginning of year ​ ​ 9,276 ​ ​ 19,013 ​ ​ 2,250 Cash at end of year ​ $ 45,496 ​ $ 9,276 ​ $ 19,013 Supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash financing activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock in settlement of directors' fees ​ $ 205 ​ $ 200 ​ $ 194 (1) The Company did no t hold restricted cash during the years presented.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 25—Subsequent Events ​ Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: ​ ● On January 31, 2023, the Company’s board of directors declared a cash dividend of $0.20 per common share. The dividend will be paid on February 24, 2023 to common stockholders of record as of February 14, 2023. ​ ● In January 2023, the Company exercised its option to extend the maturity of $650 million of Term Notes secured by Ginnie Mae MSRs originally due in February 2023 for two years . ​ ● On February 7, 2023, the Company, through the Issuer Trust, PLS and PNMAC entered into two new variable funding note repurchase agreements, as part of the structured finance transaction that PLS uses to finance Ginnie Mae mortgage servicing rights and related excess servicing spread and servicing advance receivables. ​ ● All agreements to repurchase assets that matured before the date of this Report were extended or renewed. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Basis of Presentation	​ Basis of Presentation ​ The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification ​
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of PFSI and 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 GAAP requires management to make judgments and estimates 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. ​
Cash Flows	Cash Flows ​ For the purpose of presentation in the statement of cash flows, the Company has identified tenant security deposits relating to rental properties owned by PMT and managed by the Company as restricted cash. Tenant security deposits are included in Other ​
Fair Value	Fair Value ​ Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: ​ ● Level 1—Quoted prices in active markets for identical assets or liabilities. ​ ● Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. ​ ● Level 3— Prices determined using significant unobservable inputs. In situations where observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. ​ As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported.
Short-Term Investment	Short-Term Investment ​ Short-term investment, which represents an investment in an account with a depository institution, is carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investment as a “Level 1” fair value asset. ​
Loans Held for Sale at Fair Value	Loans Held for Sale at Fair Value ​ The Company has elected to account for 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 are recognized as a component of Net gains on loans held for sale at fair value ​ Sale Recognition ​ The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (i) the loans 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 loans, and (iii) the Company does not maintain effective control over the transferred loans 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 loans.
Interest Income Recognition	​ Interest Income Recognition ​ Interest income on loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended and the interest receivable is reversed against interest income when loans become 90 days delinquent. Income recognition is resumed when the loan becomes contractually current. ​
Derivative Financial Instruments	Derivative Financial Instruments ​ The Company holds and issues derivative financial instruments that are created as a result of certain of its operations. The Company also enters into derivative transactions as part of its interest rate risk management activities. ​ Derivative financial instruments created as a result of the Company’s operations include: ​ ● Interest rate lock commitments (“IRLCs”) that are created when the Company commits to purchase or originate a loan for sale at specified interest rates. ​ ● Derivatives that were embedded in a master repurchase agreement with a non-affiliate that provided for the Company to receive incentives for financing loans that satisfied certain consumer relief characteristics as provided in the master repurchase agreement. ​ ​ ● Loans held for sale and IRLCs. The Company bears price risk from the time a commitment to fund a loan is made to a borrower or to purchase a loan from PMT or a non-affiliated entity, to the time either the prospective transaction is cancelled or the loan is sold. During this period, the Company is exposed to losses if market interest rates increase, because the fair value of the purchase commitment or prospective loan decreases. ​ ● Mortgage servicing rights (“MSRs”). MSRs are generally subject to reduction in fair value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the expected life of the mortgage loans underlying the MSRs, thereby reducing their fair value. Reductions in the fair value of MSRs affect earnings primarily through recognition of the changes in fair value. ​ To manage the fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and MSRs. ​ IRLCs are accounted for as derivative financial instruments. The Company manages the risk created by IRLCs by entering into forward sale agreements to sell the expected mortgage loans or mortgage-backed securities (“MBS”) and by the purchase and sale of options on MBS. Such agreements are also accounted for as derivative financial instruments. These and other interest-rate derivatives are also used to manage the fair value risk created by changes in prepayment speeds on certain of the MSRs the Company holds. ​ The Company classifies its IRLCs as “Level 3” fair value assets and liabilities. Fair value of hedging derivative financial instruments that are actively traded on an exchange are categorized by the Company as “Level 1” fair value assets and liabilities. Fair value of hedging derivative financial instruments based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. ​ The Company does not designate its derivative financial instruments for hedge accounting. Therefore, the Company accounts for its derivative financial instruments as free-standing derivatives. 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 derivative financial instruments hedging IRLCs, loans held for sale at fair value and MSRs are included in Net gains on loans held for sale at fair value Mortgage servicing rights hedging results, Interest expense ​ Cash flows from derivative financial instruments relating to hedging of IRLCs and loans acquired for sale are included in Cash flows from operating activities Sale and repayment of loans acquired for sale at fair value to nonaffiliates Cash flows from investing activities Cash flows from operating activities When the Company has multiple derivative financial instruments with the same counterparty subject to 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. ​
Servicing Advances	Servicing Advances ​ Servicing advances represent advances made on behalf of borrowers and the mortgage loans’ investors to fund property taxes, insurance premiums and out-of-pocket collection costs (e.g., preservation and restoration of mortgaged property or real estate acquired in the settlement of loans (“REO”), legal fees, and appraisals). Servicing advances are made in accordance with the Company’s servicing agreements. A valuation allowance is provided for amounts expected to become uncollectable. Servicing advances are written off when they are deemed uncollectable.
Mortgage Servicing Rights and Mortgage Servicing Liabilities	Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ MSRs and mortgage servicing liabilities (“MSLs”) 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; administering loss mitigation activities, including modification and forbearance programs; and supervising foreclosures and property dispositions. ​ The Company is contractually entitled to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and the Company is generally entitled to retain the placement fees earned on impounded funds and 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 their existing loan or purchasing a new home. ​ The Company recognizes MSRs and MSLs initially at fair value, either as proceeds from or liabilities incurred in sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs or receipt of cash for acceptance of MSLs. ​ The fair value of MSRs and MSLs is derived from the net positive or negative, respectively, cash flows associated with the servicing contracts. For loans subject to MSR and MSL contracts, the Company receives a servicing fee, based 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 fair value of MSRs and MSLs is difficult to determine because MSRs and MSLs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and MSLs and the exercise of such judgment can significantly affect the Company’s income. Therefore, the Company classifies its MSRs and MSLs as “Level 3” fair value assets and liabilities. ​ Changes in fair value of MSLs and MSRs are recognized in current period income in Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​
Lease	Leases The Company determines if an arrangement is a lease at inception. If the arrangement is determined to be a lease, the Company recognizes both an Operating lease right-of-use asset Operating lease liability Occupancy and equipment The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made before lease commencement and for any lease incentives. ​
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
Capitalized Software	​ Capitalized Software ​ The Company capitalizes certain consulting, payroll, and payroll-related costs related to the development of computer software for internal use. Once development is complete and the software is placed in service, the Company amortizes the capitalized costs over three ​ The Company also periodically assesses capitalized software for recoverability when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the Company 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.
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 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 asset. ​
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 loans when the loan is at least three months delinquent. As a result of this right, the Company recognizes the loans in Loans eligible for repurchase Liability for loans eligible for repurchase ​
Borrowings	Borrowings ​ The carrying values of borrowings other than excess servicing spread (“ESS”) are based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements (debt issuance costs) are included in the carrying value of the agreements and are charged to Interest expense ​ ● Debt issuance costs relating to revolving facilities, such as repurchase agreement and mortgage loan participation purchase and sale facilities are amortized on the straight line basis over the term of the facility; and ​ ● Debt issuance cost relating to non-revolving debts, such as the Company’s Notes payable secured by mortgage servicing assets and Unsecured senior notes are amortized over the contractual term of the non-revolving debt using the interest method.
Excess Servicing Spread Financing at Fair Value	​ Excess Servicing Spread Financing at Fair Value ​ The Company finances certain of its purchases of Agency MSRs through the sale to PMT of the right to receive the excess of the servicing fee rate over a specified rate of the underlying MSRs. This excess is referred to as ESS. ESS is carried at its fair value. Changes in fair value of ESS are recognized in current period income in Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust ​ Interest expense for ESS is accrued using the interest method based upon the expected cash flows from the ESS through the expected life of the underlying mortgage loans.
Liability for Losses Under Representations and Warranties	Liability for Losses Under Representations and Warranties ​ The Company’s agreements with the Agencies and other investors include representations and warranties related to the loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor 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 loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the loans. The Company’s credit loss may be reduced by any recourse it may have to correspondent loan sellers that, in turn, had sold such mortgage loans to PMT 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 loan seller, through PMT. ​ As a result of providing representations and warranties to investors and insurers, the Company records a provision for losses relating to representations and warranties 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 estimated 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 level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee. Both the initial recognition of, and adjustments to the level of, the liability for representations and warranties are recorded in Net gains on loans held for sale at fair value ​ The level of the liability for representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, investor repurchase demand or insurer claim denial 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, the Company believes that the current unpaid principal balance (“UPB”) of loans sold to date represents the maximum exposure to repurchases related to representations and warranties. ​
Loan Origination Fees	Loan Origination Fees Loan origination fees represent compensation to the Company for the origination or purchase of loans. Loan origination fees are earned and recognized upon funding or purchase of the loan by the Company and are collected either at purchase from the correspondent seller, at funding when paid by the borrower or upon sale of the loan when the origination fees are financed by the borrower.
Loan Servicing Fees	Loan Servicing Fees ​ Loan servicing fees are received by the Company for servicing loans. Loan servicing activities are described in Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ The Company’s obligations under its loan servicing agreements are fulfilled as the Company services the loans. Fees are collected when the loan payments are received from the borrowers in the case of MSRs held by the Company or within 30 days of the applicable month-end for subserviced loans. ​ Loan servicing fees relating to owned MSRs are recognized when earned. Loan servicing fees relating to loans subserviced for PMT are recognized in the month in which the loans are serviced. ​
Fulfillment Fees	Fulfillment Fees ​ ​
Management fees	Management Fees ​ Management fees represent compensation to the Company for management services it provides to PMT. Management fees are based on PMT’s shareholders’ equity amounts and profitability in excess of specified thresholds. Management fees are recognized as services are provided and are paid to the Company on a quarterly basis within 30 days of the end of the quarter. ​
Stock-Based Compensation	Stock-Based Compensation ​ The Company establishes the cost of its share-based awards at the awards’ fair values at the grant date of the awards. The Company estimates the fair value of time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of its underlying common stock and expected forfeiture rates on the date of the award. The Company estimates the fair value of its stock option awards with reference to the expected price volatility of its shares of common stock, expected dividend yield, expected forfeiture rates, and risk-free interest rate for the period that exercisable stock options are expected to be outstanding. ​ Compensation costs are fixed, except for performance-based restricted stock units, as of the award date. The cost of performance-based restricted stock units is adjusted in each reporting period after the grant for changes in expected performance attainment until the performance share units vest. The Company amortizes the cost of stock based compensation awards to Compensation ​
Income Taxes	Income Taxes ​ 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 Company recognizes the effect on deferred taxes of a change in tax rates in income in the period in which the change occurs. The Company establishes a valuation allowance 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. ​ As a result of a recapitalization and reorganization of PNMAC in 2013, the Company expects to benefit from amortization and other tax deductions resulting from increases in the tax basis of PNMAC’s assets from the exchange of PennyMac Class A units to the shares of the Company’s common stock. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. ​ The Company assumed an agreement with certain of the former unitholders of PNMAC that provides for the additional payment by the Company to exchanging unitholders of PNMAC 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. Although a reorganization of the Company in 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and provide payment when applicable for units exchanged before the reorganization.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2022
Transactions with Affiliates
Summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments under tax receivable agreement ​ $ 3,855 ​ $ 4,635 ​ $ 10,713 Repricing of liability ​ $ (576) ​ $ — ​ $ (280) Balance at end of year ​ $ 26,099 ​ $ 30,530 ​ $ 35,165 ​
PennyMac Mortgage Investment Trust
Transactions with Affiliates
Summary of lending activity between the Company and affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Net (losses) gains on loans held for sale at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (losses) gains on loans held for sale to PMT (primarily cash) ​ $ (2,820) ​ $ — ​ $ 81,295 Mortgage servicing rights and excess servicing spread recapture incurred ​ ​ (13,744) ​ ​ (51,473) ​ ​ (30,614) ​ ​ $ (16,564) ​ $ (51,473) ​ $ 50,681 Sale of loans held for sale to PMT ​ $ 298,862 ​ $ — ​ $ 2,248,896 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax service fees earned from PMT included in Loan origination fees ​ $ 8,418 ​ $ 26,126 ​ $ 23,408 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fulfillment fee revenue $ 67,991 $ 178,927 $ 222,200 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees ​ $ 37,090,031 ​ $ 110,003,574 ​ $ 100,389,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sourcing fees included in cost of loans purchased from PMT ​ $ 4,968 ​ $ 6,472 ​ $ 11,037 Unpaid principal balance of loans purchased from PMT ​ $ 49,680,267 ​ $ 64,774,728 ​ $ 60,540,530 ​
Summary of loan servicing fees earned from PMT	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Loan type serviced 2022 2021 ​ 2020 ​ ​ (in thousands) Loans acquired for sale ​ $ 1,018 ​ $ 2,363 ​ $ 2,067 Loans at fair value ​ ​ 529 ​ ​ 505 ​ ​ 807 Mortgage servicing rights ​ ​ 80,368 ​ ​ 77,790 ​ ​ 64,307 ​ ​ $ 81,915 ​ $ 80,658 ​ $ 67,181 ​
Summary of management fees earned	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 ​ 2020 ​ ​ (in thousands) Base management ​ $ 31,065 $ 34,794 $ 34,538 Performance incentive ​ ​ — ​ ​ 3,007 ​ ​ — ​ ​ $ 31,065 ​ $ 37,801 ​ $ 34,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of reimbursement of expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Reimbursement of: ​ ​ ​ Expenses incurred on PMT's behalf, net ​ $ 23,829 ​ $ 18,812 ​ $ 22,583 Common overhead incurred by the Company ​ ​ 8,588 ​ ​ 4,906 ​ ​ 5,172 Compensation ​ ​ 660 ​ ​ 660 ​ ​ 570 ​ ​ $ 33,077 ​ $ 24,378 ​ $ 28,325 Payments and settlements during the year (1) ​ $ 144,012 ​ $ 284,381 ​ $ 378,162 (1) Payments and settlements include payments for the operating, investing and financing activities summarized in this note and netting settlements made pursuant to master netting agreements between the Company and PMT.
Summary of investing activity between the Company and affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net repayments of assets purchased from PMT under agreement to resell ​ ​ ​ ​ $ 80,862 ​ $ 26,650 ​ Interest income ​ ​ ​ ​ $ 387 ​ $ 3,325 ​ Balance at end of year ​ ​ ​ ​ $ — ​ $ 80,862 ​ Common shares of beneficial interest of PennyMac Mortgage Investment Trust: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends earned from PennyMac Mortgage Investment Trust ​ $ 136 ​ $ 141 ​ $ 114 ​ Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust ​ ​ (371) ​ ​ 195 ​ ​ (567) ​ ​ ​ $ (235) ​ $ 336 ​ $ (453) ​ Balance at end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 929 ​ $ 1,300 ​ ​ ​ ​ Number of shares ​ ​ 75 ​ ​ 75 ​ ​ ​ ​ ​
Summary of financing activity between the Company and affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 ​ (in thousands) Excess servicing spread financing: ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 131,750 ​ $ 178,586 Issuance pursuant to recapture agreement ​ ​ 557 ​ ​ 2,093 Accrual of interest ​ ​ 1,280 ​ ​ 8,418 Change in fair value ​ ​ 1,037 ​ ​ (24,970) Repayment ​ ​ (134,624) ​ ​ (32,377) Balance at end of year ​ $ — ​ $ 131,750 Recapture incurred pursuant to refinancings by the Company of mortgage loans subject to excess servicing spread financing included in Net gains on loans held for sale at fair value ​ $ 614 ​ $ 2,241 ​
Summary of amounts due from and payable to affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Receivable from PMT: ​ ​ ​ ​ ​ ​ Allocated expenses and expenses incurred on PMT's behalf ​ $ 11,447 ​ $ 15,431 Management fees ​ ​ 7,307 ​ ​ 8,918 Correspondent production fees ​ ​ 6,835 ​ ​ 8,894 Servicing fees ​ ​ 6,740 ​ ​ 6,848 Fulfillment fees ​ ​ 4,043 ​ ​ — ​ ​ $ 36,372 ​ $ 40,091 Payable to PMT: ​ ​ ​ ​ ​ ​ Amounts advanced by PMT to fund its servicing advances ​ $ 201,451 ​ $ 212,066 Other ​ ​ 3,560 ​ ​ 15,953 ​ ​ $ 205,011 ​ $ 228,019 ​

Loan Sales and Servicing Acti_2

Loan Sales and Servicing Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Loan Sales and Servicing Activities
Summary of cash flows between the Company and transferees upon sale of loans in transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ ​ (in thousands) ​ Cash flows: ​ ​ ​ ​ ​ ​ ​ ​ Sales proceeds ​ ​ $ 84,345,379 ​ $ 154,450,942 ​ $ 102,840,312 ​ Servicing fees received ​ ​ $ 931,315 ​ $ 840,104 ​ $ 678,142 ​ ​
Summary of sale of loans between the Company and transferees upon sale of loans in transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ (in thousands) Unpaid principal balance of loans outstanding ​ ​ ​ ​ ​ $ 295,032,674 ​ $ 254,524,015 Delinquent loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 days ​ ​ ​ ​ ​ $ 11,019,194 ​ $ 6,129,597 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ ​ ​ ​ $ 6,548,849 ​ $ 8,399,299 In foreclosure ​ ​ ​ ​ ​ $ 834,155 ​ $ 715,016 Foreclosed ​ ​ ​ ​ ​ $ 12,905 ​ $ 6,900 Loans in bankruptcy ​ ​ ​ ​ ​ $ 1,143,484 ​ $ 1,039,362 Delinquent loans in COVID-19 pandemic-related forbearance plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 days ​ ​ ​ ​ ​ $ 950,172 ​ $ 1,020,290 90 days or more ​ ​ ​ ​ ​ ​ 2,934,718 ​ ​ 2,550,703 ​ ​ ​ ​ ​ ​ $ 3,884,890 ​ $ 3,570,993 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. ​
Summary of servicing portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Servicing ​ ​ ​ Total ​ rights owned Subservicing loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 295,032,674 $ — $ 295,032,674 Purchased ​ ​ 19,568,122 ​ ​ — ​ ​ 19,568,122 ​ ​ ​ 314,600,796 ​ ​ — ​ ​ 314,600,796 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 233,575,672 ​ ​ 233,575,672 Loans held for sale ​ ​ 3,498,214 ​ ​ — ​ ​ 3,498,214 ​ ​ $ 318,099,010 ​ $ 233,575,672 ​ $ 551,674,682 Delinquent loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 8,903,829 ​ $ 1,576,414 ​ $ 10,480,243 60 days ​ ​ 2,855,176 ​ ​ 337,081 ​ ​ 3,192,257 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 6,829,985 ​ ​ 888,057 ​ ​ 7,718,042 In foreclosure ​ ​ 914,213 ​ ​ 75,012 ​ ​ 989,225 Foreclosed ​ ​ 13,835 ​ ​ 7,979 ​ ​ 21,814 ​ ​ $ 19,517,038 ​ $ 2,884,543 ​ $ 22,401,581 Loans in bankruptcy ​ $ 1,291,038 ​ $ 125,719 ​ $ 1,416,757 Delinquent loans in COVID-19 pandemic-related forbearance plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 453,562 ​ $ 88,024 ​ $ 541,586 60 days ​ ​ 527,035 ​ ​ 89,171 ​ ​ 616,206 90 days or more ​ ​ 3,042,923 ​ ​ 466,489 ​ ​ 3,509,412 ​ ​ $ 4,023,520 ​ $ 643,684 ​ $ 4,667,204 Custodial funds managed by the Company (2) ​ $ 3,329,709 ​ $ 1,783,157 ​ $ 5,112,866 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. ​ (2) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Servicing ​ ​ ​ Total ​ rights owned Subservicing loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 254,524,015 $ — $ 254,524,015 Purchased ​ ​ 23,861,358 ​ ​ — ​ ​ 23,861,358 ​ ​ ​ 278,385,373 ​ ​ — ​ ​ 278,385,373 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 221,892,142 ​ ​ 221,892,142 Loans held for sale ​ ​ 9,430,766 ​ ​ — ​ ​ 9,430,766 ​ ​ $ 287,816,139 ​ $ 221,892,142 ​ $ 509,708,281 Delinquent loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 5,338,545 ​ $ 974,055 ​ $ 6,312,600 60 days ​ ​ 1,604,782 ​ ​ 190,727 ​ ​ 1,795,509 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 9,001,137 ​ ​ 1,750,628 ​ ​ 10,751,765 In foreclosure ​ ​ 829,494 ​ ​ 43,793 ​ ​ 873,287 Foreclosed ​ ​ 8,017 ​ ​ 16,489 ​ ​ 24,506 ​ ​ $ 16,781,975 ​ $ 2,975,692 ​ $ 19,757,667 Loans in bankruptcy ​ $ 1,261,980 ​ $ 133,655 ​ $ 1,395,635 Delinquent loans in COVID-19 pandemic-related forbearance plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 554,161 ​ $ 81,580 ​ $ 635,741 60 days ​ ​ 556,990 ​ ​ 89,534 ​ ​ 646,524 90 days or more ​ ​ 2,732,089 ​ ​ 638,703 ​ ​ 3,370,792 ​ ​ $ 3,843,240 ​ $ 809,817 ​ $ 4,653,057 Custodial funds managed by the Company ​ $ 8,485,081 ​ $ 3,823,527 ​ $ 12,308,608 (1) Includes delinquent loans in COVID-19 pandemic-related forbearance plans that were requested by borrowers seeking payment relief in accordance with the CARES Act. ​ (2) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in 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 (UPB)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ State 2022 2021 ​ ​ (in thousands) ​ California ​ $ 68,542,279 ​ $ 67,317,935 Florida ​ ​ 50,873,961 ​ ​ 45,222,233 ​ Texas ​ ​ 47,911,696 ​ ​ 42,064,686 ​ Virginia ​ ​ 33,478,151 ​ ​ 31,442,370 ​ Maryland ​ ​ 25,473,417 ​ ​ 23,922,075 ​ All other states ​ ​ 325,395,178 ​ ​ 299,738,982 ​ ​ ​ $ 551,674,682 ​ $ 509,708,281 ​

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value
Summary of financial statement items measured at estimated fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 12,194 ​ $ — ​ $ — ​ $ 12,194 Loans held for sale at fair value ​ ​ — ​ ​ 3,163,528 ​ ​ 345,772 ​ ​ 3,509,300 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 36,728 ​ ​ 36,728 Forward purchase contracts ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Forward sales contracts ​ ​ — ​ ​ 80,754 ​ ​ — ​ ​ 80,754 MBS put options ​ ​ — ​ ​ 6,057 ​ ​ — ​ ​ 6,057 Put options on interest rate futures purchase contracts ​ ​ 29,203 ​ ​ — ​ ​ — ​ ​ 29,203 Call options on interest rate futures purchase contracts ​ ​ 2,820 ​ ​ — ​ ​ — ​ ​ 2,820 Total derivative assets before netting ​ ​ 32,023 ​ ​ 89,244 ​ ​ 36,728 ​ ​ 157,995 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (58,992) Total derivative assets ​ ​ 32,023 ​ ​ 89,244 ​ ​ 36,728 ​ ​ 99,003 Mortgage servicing rights at fair value ​ ​ — ​ ​ — ​ ​ 5,953,621 ​ ​ 5,953,621 Investment in PennyMac Mortgage Investment Trust ​ ​ 929 ​ ​ — ​ ​ — ​ ​ 929 ​ ​ $ 45,146 ​ $ 3,252,772 ​ $ 6,336,121 ​ $ 9,575,047 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 10,884 ​ $ 10,884 Forward purchase contracts ​ ​ — ​ ​ 48,670 ​ ​ — ​ ​ 48,670 Forward sales contracts ​ ​ — ​ ​ 20,684 ​ ​ — ​ ​ 20,684 Put options on interest rate futures sales contracts ​ ​ 3,008 ​ ​ — ​ ​ — ​ ​ 3,008 Total derivative liabilities before netting ​ ​ 3,008 ​ ​ 69,354 ​ ​ 10,884 ​ ​ 83,246 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (61,534) Total derivative liabilities ​ ​ 3,008 ​ ​ 69,354 ​ ​ 10,884 ​ ​ 21,712 Mortgage servicing liabilities at fair value ​ ​ — ​ ​ — ​ ​ 2,096 ​ ​ 2,096 ​ ​ $ 3,008 ​ $ 69,354 ​ $ 12,980 ​ $ 23,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 6,873 ​ $ — ​ $ — ​ $ 6,873 Loans held for sale at fair value ​ ​ — ​ ​ 8,613,607 ​ ​ 1,128,876 ​ ​ 9,742,483 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 323,473 ​ ​ 323,473 Forward purchase contracts ​ ​ — ​ ​ 20,485 ​ ​ — ​ ​ 20,485 Forward sales contracts ​ ​ — ​ ​ 40,215 ​ ​ — ​ ​ 40,215 MBS put options ​ ​ — ​ ​ 7,655 ​ ​ — ​ ​ 7,655 Swaption purchase contracts ​ ​ — ​ ​ 1,625 ​ ​ — ​ ​ 1,625 Put options on interest rate futures purchase contracts ​ ​ 3,141 ​ ​ — ​ ​ — ​ ​ 3,141 Call options on interest rate futures purchase contracts ​ ​ 2,078 ​ ​ — ​ ​ — ​ ​ 2,078 Total derivative assets before netting ​ ​ 5,219 ​ ​ 69,980 ​ ​ 323,473 ​ ​ 398,672 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (64,977) Total derivative assets ​ ​ 5,219 ​ ​ 69,980 ​ ​ 323,473 ​ ​ 333,695 Mortgage servicing rights at fair value ​ ​ — ​ ​ — ​ ​ 3,878,078 ​ ​ 3,878,078 Investment in PennyMac Mortgage Investment Trust ​ ​ 1,300 ​ ​ — ​ ​ — ​ ​ 1,300 ​ ​ $ 13,392 ​ $ 8,683,587 ​ $ 5,330,427 ​ $ 13,962,429 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 1,280 ​ $ 1,280 Forward purchase contracts ​ ​ — ​ ​ 18,007 ​ ​ — ​ ​ 18,007 Forward sales contracts ​ ​ — ​ ​ 35,415 ​ ​ — ​ ​ 35,415 Total derivative liabilities before netting ​ ​ — ​ ​ 53,422 ​ ​ 1,280 ​ ​ 54,702 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (32,096) Total derivative liabilities ​ ​ — ​ ​ 53,422 ​ ​ 1,280 ​ ​ 22,606 Mortgage servicing liabilities at fair value ​ ​ — ​ ​ — ​ ​ 2,816 ​ ​ 2,816 ​ ​ $ — ​ $ 53,422 ​ $ 4,096 ​ $ 25,422 ​
Summary of roll forward of items measured using Level 3 inputs on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ Net interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale commitments (1) rights Total ​ (in thousands) Balance, December 31, 2021 ​ $ 1,128,876 ​ $ 322,193 ​ $ 3,878,078 ​ $ 5,329,147 Purchases and issuances, net ​ ​ 3,338,743 ​ ​ 369,769 ​ ​ 3,993 ​ ​ 3,712,505 Capitalization of interest and advances ​ ​ 60,589 ​ ​ — ​ ​ — ​ ​ 60,589 Sales and repayments ​ ​ (1,378,441) ​ ​ — ​ ​ — ​ ​ (1,378,441) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,718,094 ​ ​ 1,718,094 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ (41,483) ​ ​ — ​ ​ — ​ ​ (41,483) Other factors ​ ​ (25,156) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (296,605) ​ ​ ​ (66,639) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (338,088) Transfers from Level 3 to Level 2 ​ ​ (2,736,940) ​ ​ — ​ ​ — ​ ​ (2,736,940) Transfers to real estate acquired in settlement of loans ​ ​ (416) ​ ​ — ​ ​ — ​ ​ (416) Transfers to loans held for sale ​ ​ — ​ ​ (41,213) ​ ​ — ​ ​ (41,213) Balance, December 31, 2022 ​ $ 345,772 ​ $ 25,844 ​ $ 5,953,621 ​ $ 6,325,237 Changes in fair value recognized during the year relating to assets still held at December 31, 2022 ​ $ (26,699) ​ $ 25,844 ​ $ 353,456 ​ $ 352,601 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Liabilities ​ December 31, 2022 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2021 $ 2,816 Changes in fair value included in income ​ ​ (720) Balance, December 31, 2022 ​ $ 2,096 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2022 ​ $ (720) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ Net interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale commitments (1) rights ​ Total ​ ​ (in thousands) Balance, December 31, 2020 $ 4,675,169 ​ $ 677,026 ​ $ 2,581,174 ​ $ 7,933,369 Purchases and issuances, net ​ ​ 20,330,785 ​ ​ 1,654,476 ​ ​ — ​ ​ 21,985,261 Capitalization of interest and advances ​ ​ 169,053 ​ ​ — ​ ​ — ​ ​ 169,053 Sales and repayments ​ ​ (11,783,818) ​ ​ — ​ ​ — ​ ​ (11,783,818) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,861,949 ​ ​ 1,861,949 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 285,501 ​ ​ — ​ ​ — ​ ​ 285,501 Other factors ​ ​ — ​ ​ 489,547 ​ ​ (565,045) ​ ​ (75,498) ​ ​ ​ 285,501 ​ ​ 489,547 ​ ​ (565,045) ​ ​ 210,003 Transfers from Level 3 to Level 2 ​ ​ (12,547,732) ​ ​ — ​ ​ — ​ ​ (12,547,732) Transfer to real estate acquired in settlement of loans ​ ​ (82) ​ ​ — ​ ​ — ​ ​ (82) Transfers to loans held for sale ​ ​ — ​ ​ (2,498,856) ​ ​ — ​ ​ (2,498,856) Balance, December 31, 2021 ​ $ 1,128,876 ​ $ 322,193 ​ $ 3,878,078 ​ $ 5,329,147 Changes in fair value recognized during the year relating to assets still held at December 31, 2021 ​ $ 22,516 ​ $ 322,193 ​ $ (565,045) ​ $ (220,336) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ Excess ​ ​ ​ ​ ​ ​ ​ ​ servicing ​ Mortgage ​ ​ ​ ​ ​ spread ​ servicing ​ ​ ​ Liabilities ​ financing liabilities Total ​ ​ (in thousands) Balance, December 31, 2020 ​ $ 131,750 ​ $ 45,324 $ 177,074 Issuance of excess servicing spread financing pursuant to a recapture agreement with PennyMac Mortgage Investment Trust ​ ​ 557 ​ ​ — ​ ​ 557 Accrual of interest ​ ​ 1,280 ​ ​ — ​ ​ 1,280 Mortgage servicing liabilities resulting from loan sales ​ ​ — ​ ​ 106,631 ​ ​ 106,631 Changes in fair value included in income ​ ​ 1,037 ​ ​ (149,139) ​ ​ (148,102) Repayments ​ ​ (134,624) ​ ​ — ​ ​ (134,624) Balance, December 31, 2021 ​ $ — ​ $ 2,816 ​ $ 2,816 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2021 ​ $ — ​ $ (3,156) ​ $ (3,156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ ​ ​ Net interest ​ Repurchase ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ agreement ​ servicing ​ ​ ​ Assets for sale commitments (1) derivatives rights Total ​ ​ (in thousands) Balance, December 31, 2019 $ 383,878 ​ $ 136,650 ​ $ 8,187 ​ $ 2,926,790 ​ $ 3,455,505 Purchases and issuances, net ​ ​ 9,672,322 ​ ​ 2,028,957 ​ ​ — ​ ​ 25,473 ​ ​ 11,726,752 Capitalization of interest and advances ​ ​ 119,037 ​ ​ — ​ ​ — ​ ​ — ​ ​ 119,037 Sales and repayments ​ ​ (2,381,493) ​ ​ — ​ ​ (8,270) ​ ​ — ​ ​ (2,389,763) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,138,045 ​ ​ 1,138,045 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 127,780 ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,780 Other factors ​ ​ — ​ ​ 1,254,235 ​ ​ 83 ​ ​ (1,509,134) ​ ​ (254,816) ​ ​ ​ 127,780 ​ ​ 1,254,235 ​ ​ 83 ​ ​ (1,509,134) ​ ​ (127,036) Transfers from Level 3 to Level 2 ​ ​ (3,246,282) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,246,282) Transfers to real estate acquired in settlement of loans ​ ​ (73) ​ ​ — ​ ​ — ​ ​ — ​ ​ (73) Transfers to loans held for sale ​ ​ — ​ ​ (2,742,816) ​ ​ — ​ ​ — ​ ​ (2,742,816) Balance, December 31, 2020 ​ $ 4,675,169 ​ $ 677,026 ​ $ — ​ $ 2,581,174 ​ $ 7,933,369 Changes in fair value recognized during the year relating to assets still held at December 31, 2020 ​ $ 153,474 ​ $ 677,026 ​ $ — ​ $ (1,509,134) ​ $ (678,634) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ Excess ​ ​ ​ ​ ​ ​ ​ ​ servicing ​ Mortgage ​ ​ ​ ​ ​ spread ​ servicing ​ ​ ​ Liabilities financing liabilities Total ​ ​ (in thousands) Balance, December 31, 2019 ​ $ 178,586 ​ $ 29,140 $ 207,726 Issuance of excess servicing spread financing pursuant to a recapture agreement with PennyMac Mortgage Investment Trust ​ ​ 2,093 ​ ​ — ​ ​ 2,093 Accrual of interest ​ ​ 8,418 ​ ​ — ​ ​ 8,418 Mortgage servicing liabilities resulting from loan sales ​ ​ — ​ ​ 23,325 ​ ​ 23,325 Changes in fair value included in income ​ ​ (24,970) ​ ​ (7,141) ​ ​ (32,111) Repayments ​ ​ (32,377) ​ ​ — ​ ​ (32,377) Balance, December 31, 2020 ​ $ 131,750 ​ $ 45,324 ​ $ 177,074 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2020 ​ $ (24,970) ​ $ (7,141) ​ $ (32,111) ​
Summary of net gains (losses) from changes in fair values included in earnings for financial statement items carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 2020 ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ fair value fees Total fair value fees Total fair value fees Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ (219,054) ​ $ — ​ $ (219,054) ​ $ 2,568,318 ​ $ — ​ $ 2,568,318 ​ $ 2,899,314 ​ $ — ​ $ 2,899,314 Mortgage servicing rights ​ ​ — ​ ​ 353,456 ​ ​ 353,456 ​ ​ — ​ ​ (565,045) ​ ​ (565,045) ​ ​ — ​ ​ (1,509,134) ​ ​ (1,509,134) ​ ​ $ (219,054) ​ $ 353,456 ​ $ 134,402 ​ $ 2,568,318 ​ $ (565,045) ​ $ 2,003,273 ​ $ 2,899,314 ​ $ (1,509,134) ​ $ 1,390,180 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excess servicing spread financing payable to PennyMac Mortgage Investment Trust ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (1,037) ​ $ (1,037) ​ $ — ​ $ 24,970 ​ $ 24,970 Mortgage servicing liabilities ​ ​ — ​ ​ 720 ​ ​ 720 ​ ​ — ​ ​ 149,139 ​ ​ 149,139 ​ ​ — ​ ​ 7,141 ​ ​ 7,141 ​ ​ $ — ​ $ 720 ​ $ 720 ​ $ — ​ $ 148,102 ​ $ 148,102 ​ $ — ​ $ 32,111 ​ $ 32,111 ​
Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ amount ​ ​ ​ ​ ​ amount ​ ​ ​ ​ Fair ​ due upon ​ ​ ​ Fair ​ due upon ​ ​ Loans held for sale value maturity Difference value maturity Difference ​ ​ (in thousands) Current through 89 days delinquent ​ $ 3,450,578 ​ $ 3,428,052 ​ $ 22,526 ​ $ 9,577,398 ​ $ 9,263,242 ​ $ 314,156 90 days or more delinquent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 47,252 ​ ​ 53,351 ​ ​ (6,099) ​ ​ 153,162 ​ ​ 153,875 ​ ​ (713) In foreclosure ​ ​ 11,470 ​ ​ 16,811 ​ ​ (5,341) ​ ​ 11,923 ​ ​ 13,649 ​ ​ (1,726) ​ ​ $ 3,509,300 ​ $ 3,498,214 ​ $ 11,086 ​ $ 9,742,483 ​ $ 9,430,766 ​ $ 311,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of financial statement items measured at estimated fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate acquired in settlement of loans ​ Level 1 Level 2 Level 3 Total ​ (in thousands) December 31, 2022 ​ $ — ​ $ — ​ $ 1,850 ​ $ 1,850 December 31, 2021 ​ $ — ​ $ — ​ $ 2,588 ​ $ 2,588 ​
Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Real estate acquired in settlement of loans ​ $ 523 ​ $ 799 ​ $ 814 ​
Summary of carrying value and fair value of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ ​ Fair value ​ Carrying value ​ Fair value ​ Carrying value ​ ​ (in thousands) Term Notes ​ $ 1,677,476 ​ $ 1,794,475 ​ $ 1,302,640 ​ $ 1,297,622 Unsecured senior notes ​ $ 1,550,750 ​ $ 1,779,920 ​ $ 1,790,375 ​ $ 1,776,219 ​
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Amount recognized and unpaid principal balance of underlying mortgage loans amounts in thousands) Amount recognized ​ $1,718,094 ​ $1,861,949 ​ $1,138,045 Pool characteristics: ​ ​ ​ ​ Unpaid principal balance of underlying loans ​ $83,569,657 ​ $138,319,425 ​ $96,571,835 Weighted average servicing fee rate (in basis points) ​ 44 ​ 34 ​ 35 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ ​ ​ Range ​ 5.1% – 23.4% ​ 6.1% – 31.4% ​ 7.2% – 49.8% Weighted average ​ 9.4% ​ 8.6% ​ 11.9% Equivalent average life (in years): ​ ​ ​ ​ ​ ​ Range ​ 3.7 – 9.4 ​ 3.0 – 9.2 ​ 1.5 – 9.1 Weighted average ​ 8.1 ​ 8.1 ​ 6.7 Pricing spread (3): ​ ​ ​ ​ ​ ​ Range ​ 5.5% – 16.1% ​ 6.0% – 16.9% ​ 6.8% – 18.1% Weighted average ​ 7.8% ​ 8.8% ​ 9.4% Annual per-loan cost of servicing: ​ ​ ​ ​ ​ ​ Range ​ $71 – $177 ​ $80 – $117 ​ $77 – $117 Weighted average ​ $104 ​ $103 ​ $102 (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. ​ (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. Effective January 1, 2022, the Company applies a pricing spread to the United States Treasury (“Treasury”) Securities yield curve for purposes of discounting cash flows relating to MSRs. Through December 31, 2021, the Company applied its pricing spread to the United States Dollar London Interbank Offered Rate (“LIBOR”)/swap curve. The change in reference interest rate from the LIBOR/swap curve to the Treasury yield curve did not have a significant effect on the Company’s fair value measurement of MSRs. ​
Quantitative summary of key inputs used in the valuation of the MSRs at year end and the effect on estimated fair value from adverse changes in those inputs	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (Fair value, unpaid principal balance of underlying mortgage ​ ​ loans and effect on fair value amounts in thousands) Fair value ​ $ 5,953,621 ​ $ 3,878,078 Pool characteristics: ​ ​ ​ ​ Unpaid principal balance of underlying loans ​ $ 314,567,639 ​ $ 278,324,780 Weighted average note interest rate ​ 3.4% ​ 3.2% Weighted average servicing fee rate (in basis points) ​ 36 ​ 34 Key inputs (1): ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ Range ​ 5.0% – 17.7% ​ 7.9% – 26.7% Weighted average ​ 7.5% ​ 10.7% Equivalent average life (in years): ​ ​ ​ ​ Range ​ 3.7 – 9.3 ​ 3.1 – 7.7 Weighted average ​ 8.4 ​ 6.8 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($77,346) ​ ($80,109) 10% adverse change ​ ($152,192) ​ ($157,252) 20% adverse change ​ ($294,872) ​ ($303,259) Pricing spread (4): ​ ​ ​ ​ Range ​ 4.9% – 14.3% ​ 5.3% – 15.5% Weighted average ​ 6.5% ​ 7.7% Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($81,021) ​ ($59,577) 10% adverse change ​ ($159,863) ​ ($117,352) 20% adverse change ​ ($311,329) ​ ($227,791) Per-loan annual cost of servicing: ​ ​ ​ ​ Range ​ $68 – $144 ​ $79 – $197 Weighted average ​ $109 ​ $108 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($41,263) ​ ($32,979) 10% adverse change ​ ($82,527) ​ ($65,958) 20% adverse change ​ ($165,053) ​ ($131,916) (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using Life Total CPR , which includes both voluntary and involuntary prepayments . Equivalent average life is provided as supplementary information. (3) These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, these estimates should not be viewed as earnings forecasts. (4) Effective January 1, 2022, the Company applies a pricing spread to the Treasury yield curve for purposes of discounting cash flows relating to MSRs. Through December 31, 2021, the Company applied its pricing spread to the United States Dollar LIBOR/swap curve. The change in reference interest rate from the LIBOR/swap curve to the Treasury yield curve did not have a significant effect on the Company’s fair value measurement of MSRs. ​ ​
Mortgage servicing liabilities
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ ​ 2021 Fair value (in thousands) ​ $ 2,096 ​ $ 2,816 Pool characteristics: ​ ​ ​ ​ Unpaid principal balance of underlying loans (in thousands) ​ $ 33,157 ​ $ 60,593 Servicing fee rate (in basis points) ​ ​ 25 ​ ​ 25 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2) ​ ​ 17.2% ​ ​ 19.8% Equivalent average life (in years) ​ ​ 4.9 ​ ​ 4.1 Pricing spread (3) ​ ​ 7.8% ​ ​ 6.9% Per-loan annual cost of servicing ​ $ 1,177 ​ $ 1,406 (1) Weighted average inputs are based on UPB of the underlying mortgage loans. (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) Effective January 1, 2022, the Company applies a pricing spread to the Treasury yield curve for purposes of discounting cash flows relating to MSLs. Through December 31, 2021, the Company applied its pricing spread to the United States Dollar London LIBOR/swap curve. The change in reference interest rate from the LIBOR/swap curve to the Treasury yield curve did not have a significant effect on the Company’s fair value measurement of MSLs.
Interest rate lock commitments
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Fair value (in thousands) (1) $ 25,844 ​ $ 322,193 Key inputs ​ ​ ​ ​ ​ ​ Pull-through rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 10.3% – 100% ​ ​ 8.0% – 100% Weighted average ​ ​ 82.8% ​ ​ 78.4% Mortgage servicing rights fair value expressed as: ​ ​ ​ ​ ​ ​ Servicing fee multiple: ​ ​ ​ ​ ​ ​ Range ​ ​ (1.3) – 7.7 ​ ​ (8.5) – 6.7 Weighted average ​ ​ 4.3 ​ ​ 3.8 Percentage of loan commitment amount ​ ​ ​ ​ ​ ​ Range ​ ​ (0.2)% – 3.8% ​ ​ (1.6)% – 3.6% Weighted average ​ ​ 2.0% ​ ​ 1.5% (1) For purposes of this table, the IRLC assets and liability positions are shown net. ​ (2) Weighted average inputs are based on the committed amounts. ​
Mortgage servicing rights
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Amount recognized and unpaid principal balance of underlying mortgage loans amounts in thousands) Amount recognized ​ $1,718,094 ​ $1,861,949 ​ $1,138,045 Pool characteristics: ​ ​ ​ ​ Unpaid principal balance of underlying loans ​ $83,569,657 ​ $138,319,425 ​ $96,571,835 Weighted average servicing fee rate (in basis points) ​ 44 ​ 34 ​ 35 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ ​ ​ Range ​ 5.1% – 23.4% ​ 6.1% – 31.4% ​ 7.2% – 49.8% Weighted average ​ 9.4% ​ 8.6% ​ 11.9% Equivalent average life (in years): ​ ​ ​ ​ ​ ​ Range ​ 3.7 – 9.4 ​ 3.0 – 9.2 ​ 1.5 – 9.1 Weighted average ​ 8.1 ​ 8.1 ​ 6.7 Pricing spread (3): ​ ​ ​ ​ ​ ​ Range ​ 5.5% – 16.1% ​ 6.0% – 16.9% ​ 6.8% – 18.1% Weighted average ​ 7.8% ​ 8.8% ​ 9.4% Annual per-loan cost of servicing: ​ ​ ​ ​ ​ ​ Range ​ $71 – $177 ​ $80 – $117 ​ $77 – $117 Weighted average ​ $104 ​ $103 ​ $102 (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. ​ (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. Effective January 1, 2022, the Company applies a pricing spread to the United States Treasury (“Treasury”) Securities yield curve for purposes of discounting cash flows relating to MSRs. Through December 31, 2021, the Company applied its pricing spread to the United States Dollar London Interbank Offered Rate (“LIBOR”)/swap curve. The change in reference interest rate from the LIBOR/swap curve to the Treasury yield curve did not have a significant effect on the Company’s fair value measurement of MSRs. ​ ​
Mortgage loans held for sale
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Fair value (in thousands) ​ $ 345,772 ​ $ 1,128,876 Key inputs (1): ​ ​ ​ ​ ​ ​ Discount rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 5.5% – 10.2% ​ ​ 2.2% – 9.2% Weighted average ​ ​ 5.7% ​ ​ 2.3% Twelve-month projected housing price index change: ​ ​ ​ ​ ​ ​ Range ​ ​ (1.9)% – (1.7)% ​ ​ 6.1% – 6.5% Weighted average ​ ​ (1.8)% ​ ​ 6.2% Voluntary prepayment/resale speed (2): ​ ​ ​ ​ ​ ​ Range ​ ​ 4.7% – 25.6% ​ ​ 0.4% – 30.3% Weighted average ​ ​ 21.6% ​ ​ 22.0% Total prepayment/resale speed (3): ​ ​ ​ ​ ​ ​ Range ​ ​ 4.8% – 36.1% ​ ​ 0.4% – 39.3% Weighted average ​ ​ 29.4% ​ ​ 28.2% (1) Weighted average inputs are based on fair value of the “Level 3” loans. ​ (2) Voluntary prepayment/resale speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). ​ (3) Total prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayment/resale rates. ​

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Loans Held for Sale at Fair Value
Summary of loans held for sale at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Loan type 2022 2021 ​ ​ (in thousands) Government-insured or guaranteed ​ $ 2,006,157 ​ $ 6,030,518 Conventional conforming ​ ​ 1,145,053 ​ ​ 2,583,089 Jumbo ​ ​ 12,318 ​ ​ — Home equity loans ​ ​ 46,589 ​ ​ — Purchased from Ginnie Mae securities serviced by the Company ​ ​ 257,175 ​ ​ 1,082,444 Repurchased pursuant to representations and warranties ​ ​ 42,008 ​ ​ 46,432 ​ ​ $ 3,509,300 ​ $ 9,742,483 Fair value of loans pledged to secure: ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ $ 3,139,870 ​ $ 8,629,861 Mortgage loan participation purchase and sale agreements ​ ​ 302,977 ​ ​ 505,716 ​ ​ $ 3,442,847 ​ $ 9,135,577

Derivative Activities (Tables)

Derivative Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Activities
Summary of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Fair value ​ ​ ​ Fair value ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative Derivative instrument amount (1) assets liabilities amount (1) assets liabilities ​ ​ (in thousands) Not subject to master netting arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 7,009,119 ​ $ 36,728 ​ $ 10,884 ​ 14,111,795 ​ $ 323,473 ​ $ 1,280 Subject to master netting arrangements (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase contracts ​ 8,320,849 ​ ​ 2,433 ​ ​ 48,670 ​ 22,007,383 ​ ​ 20,485 ​ ​ 18,007 Forward sales contracts ​ 12,487,760 ​ ​ 80,754 ​ ​ 20,684 ​ 34,429,676 ​ ​ 40,215 ​ ​ 35,415 MBS put options ​ 1,750,000 ​ ​ 6,057 ​ ​ — ​ 9,550,000 ​ ​ 7,655 ​ ​ — Swaption purchase contracts ​ — ​ ​ — ​ ​ — ​ 5,375,000 ​ ​ 1,625 ​ ​ — Put options on interest rate futures purchase contracts ​ 6,800,000 ​ ​ 29,203 ​ ​ — ​ 2,450,000 ​ ​ 3,141 ​ ​ — Call options on interest rate futures purchase contracts ​ 1,350,000 ​ ​ 2,820 ​ ​ — ​ 1,250,000 ​ ​ 2,078 ​ ​ — Put options on interest rate futures sale contracts ​ 250,000 ​ ​ — ​ ​ 3,008 ​ — ​ ​ — ​ ​ — Treasury futures purchase contracts ​ 3,709,200 ​ ​ — ​ ​ — ​ 1,544,800 ​ ​ — ​ ​ — Treasury futures sale contracts ​ 3,456,900 ​ ​ — ​ ​ — ​ 1,925,000 ​ ​ — ​ ​ — Interest rate swap futures purchase contracts ​ — ​ ​ — ​ ​ — ​ 3,010,600 ​ ​ — ​ ​ — Interest rate swap futures sale contracts ​ — ​ ​ — ​ ​ — ​ 2,187,200 ​ ​ — ​ ​ — Total derivatives before netting ​ ​ ​ ​ 157,995 ​ ​ 83,246 ​ ​ ​ ​ 398,672 ​ ​ 54,702 Netting ​ ​ ​ ​ (58,992) ​ ​ (61,534) ​ ​ ​ ​ (64,977) ​ ​ (32,096) ​ ​ ​ ​ $ 99,003 ​ $ 21,712 ​ ​ ​ $ 333,695 ​ $ 22,606 Deposits placed with (received from) derivative counterparties included in the derivative balances above, net ​ ​ ​ $ 2,542 ​ ​ ​ ​ ​ ​ $ (32,881) ​ ​ ​ (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. ​ (2) All of the derivatives used for hedging purposes are interest rate derivatives and are used as economic hedges. ​
Summary of the amount of derivative asset positions by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net ​ balance sheet instruments received amount balance sheet instruments received amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 36,728 ​ $ — ​ $ — ​ $ 36,728 ​ $ 323,473 ​ $ — ​ $ — ​ $ 323,473 RJ O'Brien ​ ​ 29,016 ​ ​ — ​ ​ — ​ ​ 29,016 ​ ​ 5,219 ​ ​ — ​ ​ — ​ ​ 5,219 Morgan Stanley Bank, N.A. ​ ​ 18,501 ​ ​ — ​ ​ — ​ ​ 18,501 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Goldman Sachs ​ ​ 5,757 ​ ​ — ​ ​ — ​ ​ 5,757 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Citibank, N.A. ​ ​ 5,098 ​ ​ — ​ ​ — ​ ​ 5,098 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Bank of America, N.A. ​ ​ 1,519 ​ ​ — ​ ​ — ​ ​ 1,519 ​ ​ 3,005 ​ ​ — ​ ​ — ​ ​ 3,005 Others ​ ​ 2,384 ​ ​ — ​ ​ — ​ ​ 2,384 ​ ​ 1,998 ​ ​ — ​ ​ — ​ ​ 1,998 ​ ​ $ 99,003 ​ $ — ​ $ — ​ $ 99,003 ​ $ 333,695 ​ $ — ​ $ — ​ $ 333,695 ​
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, 2022 ​ December 31, 2021 ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ Net amount ​ consolidated ​ ​ ​ Net amount ​ consolidated ​ ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net ​ balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 10,884 ​ $ — ​ $ — ​ $ 10,884 ​ $ 1,280 ​ $ — ​ $ — ​ $ 1,280 Credit Suisse First Boston Mortgage Capital LLC ​ ​ 970,725 ​ ​ (968,804) ​ ​ — ​ ​ 1,921 ​ ​ 1,974,278 ​ ​ (1,969,670) ​ ​ — ​ ​ 4,608 Bank of America, N.A. ​ ​ 567,745 ​ ​ (567,745) ​ ​ — ​ ​ — ​ ​ 1,758,690 ​ ​ (1,758,690) ​ ​ — ​ ​ — Royal Bank of Canada ​ ​ 381,893 ​ ​ (381,893) ​ ​ — ​ ​ — ​ ​ 496,064 ​ ​ (496,064) ​ ​ — ​ ​ — BNP Paribas ​ ​ 300,280 ​ ​ (300,280) ​ ​ — ​ ​ — ​ ​ 349,172 ​ ​ (349,172) ​ ​ — ​ ​ — Wells Fargo Bank, N.A. ​ ​ 228,181 ​ ​ (221,986) ​ ​ — ​ ​ 6,195 ​ ​ 203,779 ​ ​ (200,338) ​ ​ — ​ ​ 3,441 JPMorgan Chase Bank, N.A. ​ ​ 211,713 ​ ​ (211,713) ​ ​ — ​ ​ — ​ ​ 300,912 ​ ​ (300,912) ​ ​ — ​ ​ — Morgan Stanley Bank, N.A. ​ ​ 114,277 ​ ​ (114,277) ​ ​ — ​ ​ — ​ ​ 299,580 ​ ​ (292,105) ​ ​ — ​ ​ 7,475 Citibank, N.A. ​ ​ 94,211 ​ ​ (94,211) ​ ​ — ​ ​ — ​ ​ 403,003 ​ ​ (402,806) ​ ​ — ​ ​ 197 Barclays Capital ​ ​ 80,276 ​ ​ (79,295) ​ ​ — ​ ​ 981 ​ ​ 677,419 ​ ​ (676,685) ​ ​ — ​ ​ 734 Goldman Sachs ​ ​ 64,486 ​ ​ (64,486) ​ ​ — ​ ​ — ​ ​ 853,147 ​ ​ (850,918) ​ ​ — ​ ​ 2,229 Others ​ ​ 1,731 ​ ​ — ​ ​ — ​ ​ 1,731 ​ ​ 2,642 ​ ​ — ​ ​ — ​ ​ 2,642 ​ ​ $ 3,026,402 ​ $ (3,004,690) ​ $ — ​ $ 21,712 ​ $ 7,319,966 ​ $ (7,297,360) ​ $ — ​ $ 22,606 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . ​
Summary of gains (losses) recognized on derivative financial instruments and the respective income statement line items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Derivative activity Consolidated income statement line 2022 2021 2020 ​ ​ ​ ​ (in thousands) Interest rate lock commitments ​ Net gains on loans held for sale at fair value (1) ​ $ (296,349) ​ $ (354,833) ​ $ 540,376 Repurchase agreement derivatives ​ Interest expense ​ $ — ​ $ — ​ $ 83 Hedged item: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments and loans held for sale ​ Net gains on loans held for sale at fair value ​ $ 1,326,964 ​ $ 319,141 ​ $ (650,898) Mortgage servicing rights ​ Net loan servicing fees–Mortgage servicing rights hedging results ​ $ (631,484) ​ $ (475,215) ​ $ 918,180 (1) Represents net change in fair value of IRLCs from the beginning to the end of the year. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loans are shown in the rollforward of IRLCs for the year in Note 6 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis.

Mortgage Servicing Rights and_2

Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Schedule of activity in MSRs carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands) Balance at beginning of year $ 3,878,078 $ 2,581,174 $ 2,926,790 Additions: ​ ​ ​ ​ ​ ​ ​ ​ ​ MSRs resulting from loan sales ​ ​ 1,718,094 ​ ​ 1,861,949 ​ ​ 1,138,045 Purchases ​ ​ 3,993 ​ ​ — ​ ​ 25,473 ​ ​ ​ 1,722,087 ​ ​ 1,861,949 ​ ​ 1,163,518 Change in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ 877,324 ​ ​ (136,350) ​ ​ (1,078,084) Other changes in fair value (2) ​ ​ (523,868) ​ ​ (428,695) ​ ​ (431,050) Total change in fair value ​ ​ 353,456 ​ ​ (565,045) ​ ​ (1,509,134) Balance at end of year ​ $ 5,953,621 ​ $ 3,878,078 ​ $ 2,581,174 Unpaid principal balance of underlying loans at end of year ​ $ 314,567,639 ​ $ 278,324,780 ​ $ 238,410,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ ​ ​ $ 5,897,613 ​ $ 3,856,791 (1) Principally reflects changes in pricing spread, annual total prepayment speed, per loan annual cost of servicing and UPB of underlying loan inputs. ​ (2) Represents changes due to realization of cash flows. ​
Schedule of activity in mortgage servicing liability carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Balance at beginning of year ​ $ 2,816 ​ $ 45,324 ​ $ 29,140 Mortgage servicing liabilities resulting from loan sales ​ ​ — ​ ​ 106,631 ​ ​ 23,325 Changes in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ (347) ​ ​ (68,020) ​ ​ 31,757 Other changes in fair value (2) ​ ​ (373) ​ ​ (81,119) ​ ​ (38,898) Total change in fair value ​ ​ (720) ​ ​ (149,139) ​ ​ (7,141) Balance at end of period ​ $ 2,096 ​ $ 2,816 ​ $ 45,324 Unpaid principal balance of underlying loans at end of year ​ $ 33,157 ​ $ 60,593 ​ $ 2,857,492 ​ ​ ​ ​ (1) During the year ended December 31, 2021, significant changes were made to valuation inputs used to estimate the fair value of MSLs in recognition of the observed increase in the proportion of performing government insured or guaranteed loans and reduced expected costs and losses from defaulted government insured or guaranteed loans underlying the Company’s MSLs. ​ (2) Represents changes due to realization of cash flows. ​
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, ​ 2022 2021 2020 ​ ​ (in thousands) Contractual servicing fees ​ $ 1,054,828 ​ $ 875,570 ​ $ 814,646 Other fees: ​ ​ ​ ​ ​ ​ Late charges ​ ​ 40,583 ​ ​ 29,848 ​ ​ 36,339 Other ​ ​ 13,742 ​ ​ 29,505 ​ ​ 25,543 ​ ​ $ 1,109,153 ​ $ 934,923 ​ $ 876,528

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Summary of Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 19,779 ​ $ 18,363 ​ $ 16,223 Short-term leases ​ ​ 778 ​ ​ 904 ​ ​ 1,153 Sublease income ​ ​ (46) ​ ​ — ​ ​ — Net lease expense included in Occupancy and equipment ​ $ 20,511 ​ $ 19,267 ​ $ 17,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments for operating leases ​ $ 23,475 ​ $ 20,145 ​ $ 16,524 Operating lease right-of-use assets ​ $ 1,364 ​ $ 28,401 ​ $ 14,128 Period end weighted averages: ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining lease term (in years) ​ ​ 4.8 ​ ​ 5.7 ​ ​ 6.3 Discount rate ​ ​ 3.8% ​ ​ 4.0% ​ ​ 4.1% ​
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Year ended December 31, ​ Operating leases ​ ​ (in thousands) 2023 ​ $ 24,228 2024 ​ ​ 19,523 2025 ​ ​ 18,645 2026 ​ ​ 14,322 2027 ​ ​ 6,799 Thereafter ​ ​ 12,039 Total lease payments ​ ​ 95,556 Less imputed interest ​ ​ (10,006) Operating lease liability ​ $ 85,550

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) Capitalized software, net ​ $ 157,460 ​ $ 109,480 Margin deposits ​ ​ 55,968 ​ ​ 100,482 Prepaid expenses ​ ​ 38,780 ​ ​ 64,924 Servicing fees receivable, net ​ ​ 31,356 ​ ​ 23,672 Furniture, fixtures, equipment and building improvements, net ​ ​ 28,382 ​ ​ 31,677 Other servicing receivables ​ ​ 24,854 ​ ​ 113,820 Interest receivable ​ ​ 24,110 ​ ​ 9,688 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ 12,277 ​ ​ 36,632 Real estate acquired in settlement of loans ​ ​ 11,497 ​ ​ 7,474 Derivative settlements receivable ​ ​ 1,522 ​ ​ 20,026 Other ​ ​ 31,701 ​ ​ 98,741 ​ ​ $ 417,907 ​ $ 616,616 Other assets pledged to secure: ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ $ 12,277 ​ $ 36,632 Obligations under capital lease ​ ​ ​ ​ ​ ​ Capitalized software, net ​ ​ — ​ ​ 4,546 Furniture, fixture, equipment and building improvements, net ​ ​ — ​ ​ 4,116 ​ ​ $ 12,277 ​ $ 45,294 ​
Summary of depreciation and amortization expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands) ​ Depreciation and amortization expenses included in Occupancy and equipment ​ $ 10,454 $ 8,439 $ 8,934 ​
Furniture, Fixtures, Equipment and Building Improvements
Schedule of furniture, fixtures, equipment and building improvements and capitalized software	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Furniture, fixtures, equipment and building improvements ​ $ 82,721 $ 75,562 Less: Accumulated depreciation and amortization ​ ​ (54,339) ​ ​ (43,885) ​ ​ ​ $ 28,382 ​ $ 31,677 ​ ​
Capitalized software
Schedule of furniture, fixtures, equipment and building improvements and capitalized software	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ (in thousands) Cost ​ $ 231,341 $ 159,407 Less: Accumulated amortization ​ ​ (73,881) ​ ​ (49,927) ​ ​ $ 157,460 ​ $ 109,480 ​
Summary of depreciation and amortization expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Included in Technology ​ 2022 ​ 2021 ​ 2020 ​ (in thousands) Amortization ​ $ 23,955 $ 20,206 $ 16,641 Impairment ​ $ — ​ $ 728 ​ $ 13,145 ​

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	12 Months Ended
	Dec. 31, 2022
Short-Term Borrowings
Summary of financial data pertaining to assets sold under agreements to repurchase	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (dollars in thousands) Average balance of assets sold under agreements to repurchase ​ $ 2,580,513 ​ $ 6,911,843 ​ $ 3,348,928 Weighted average interest rate (1) ​ ​ 3.59% ​ ​ 2.09% ​ ​ 2.91% Total interest expense ​ $ 105,459 ​ $ 164,132 ​ $ 112,778 Maximum daily amount outstanding ​ $ 7,289,147 ​ $ 10,969,029 ​ $ 9,663,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance funded under: ​ ​ ​ ​ ​ ​ Committed facilities ​ $ 2,476,073 $ 5,079,581 Uncommitted facilities ​ ​ 528,617 ​ ​ 2,217,779 ​ ​ ​ 3,004,690 ​ ​ 7,297,360 Unamortized debt issuance costs ​ ​ (3,407) ​ ​ (4,625) ​ ​ $ 3,001,283 $ 7,292,735 Weighted average interest rate ​ ​ 6.00% ​ ​ 1.83% Available borrowing capacity (2): ​ ​ ​ ​ ​ ​ Committed ​ $ 1,078,927 ​ $ 285,419 Uncommitted ​ ​ 5,391,383 ​ ​ 8,417,221 ​ ​ $ 6,470,310 ​ $ 8,702,640 Fair value of assets securing repurchase agreements: ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ 3,139,870 ​ $ 8,629,861 Servicing advances (3) ​ $ 381,379 ​ $ 232,107 Mortgage servicing rights (3) ​ $ 5,339,513 ​ $ 3,552,812 Deposits (3) ​ $ 12,277 ​ $ 36,632 (1) Excludes the effect of amortization of debt issuance costs totaling $12.9 million, $19.4 million and $15.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. ​ (2) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. Certain of the debt financing agreements contain a condition precedent to obtaining additional funding that requires PLS to maintain positive net income for at least one of the previous two consecutive quarters. ​ (3) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits are pledged to the Issuer Trust and together serve as the collateral backing the VFN, GMSR Servicing Advance Notes, and the Term Notes described in Note 13 – Long-Term Debt – Notes payable secured by mortgage servicing assets . The VFN financing and the GMSR Servicing Advance Notes financing are included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets. ​ ​
Summary of maturities of outstanding advances under repurchase agreements by maturity date	​ ​ ​ ​ ​ Remaining maturity at December 31, 2022 (1) Unpaid principal balance ​ ​ (dollars in thousands) Within 30 days ​ $ 300,240 Over 30 to 90 days ​ ​ 2,221,473 Over 90 to 180 days ​ ​ 372,517 Over 180 days to one year ​ ​ 10,460 Over one year to two years ​ ​ 100,000 Total assets sold under agreements to repurchase ​ $ 3,004,690 Weighted average maturity (in months) ​ ​ 3.0 (1) 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 fair value (as determined by the applicable lender) of the assets securing those agreements decreases. ​
Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Counterparties Amount at risk maturity of advances Facility maturity ​ ​ (in thousands) ​ ​ ​ ​ Credit Suisse First Boston Mortgage Capital LLC & Citibank, N.A. (1) ​ $ 3,831,311 ​ May 31, 2024 ​ May 31, 2024 Credit Suisse First Boston Mortgage Capital LLC ​ $ 75,634 ​ March 1, 2023 ​ May 31, 2024 Bank of America, N.A. ​ $ 68,918 ​ March 16, 2023 ​ June 5, 2024 Royal Bank of Canada ​ $ 19,895 ​ April 12, 2023 ​ December 14, 2023 JP Morgan Chase Bank, N.A. (EBO facility) ​ $ 13,316 ​ February 14, 2023 ​ October 11, 2024 JP Morgan Chase Bank, N.A. (warehouse facility) ​ $ 11,908 ​ February 26, 2023 ​ June 17, 2024 BNP Paribas ​ $ 11,131 ​ March 19, 2023 ​ July 31, 2024 Wells Fargo Bank, N.A. ​ $ 9,664 ​ March 16, 2023 ​ November 17, 2023 Morgan Stanley Bank, N.A. ​ $ 8,310 ​ March 6, 2023 ​ January 3, 2024 Barclays Bank PLC ​ $ 7,248 ​ November 13, 2024 ​ November 13, 2024 Goldman Sachs ​ $ 4,326 ​ March 19, 2023 ​ December 23, 2023 Citibank, N.A. ​ $ 1,657 February 12, 2023 April 26, 2024 (1) The calculation of the amount at risk includes the VFN and the Term Notes because beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs and servicing advances are pledged to the Issuer Trust and together serve as the collateral backing the VFN and the Term Notes described in Notes payable secured by mortgage servicing assets below. The VFN financing is included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets. ​
Summary of participating mortgage loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ ​ (dollars in thousands) ​ Average balance ​ $ 211,035 ​ $ 249,255 ​ $ 226,689 ​ Weighted average interest rate (1) ​ ​ 3.16% ​ ​ 1.39% ​ ​ 1.88% ​ Total interest expense ​ $ 7,314 ​ $ 4,153 ​ $ 4,933 ​ Maximum daily amount outstanding ​ $ 515,043 ​ $ 532,819 ​ $ 540,977 ​ (1) Excludes the effect of amortization of debt issuance costs totaling $651,000 , $688,000 and $662,000 for the years ended December 31, 2022, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ ​ ​ ​ $ 287,943 ​ $ 479,845 Unamortized debt issuance costs ​ ​ ​ ​ ​ (351) ​ ​ — ​ ​ ​ ​ ​ $ 287,592 $ 479,845 Weighted average interest rate ​ ​ ​ ​ ​ 5.71% ​ ​ 1.48% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements ​ ​ ​ ​ $ 302,977 ​ $ 505,716

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Long-Term Debt.
Summary of term notes issued	Following is a summary of the issued and outstanding Term Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual interest rate ​ ​ Issuance date ​ Principal balance ​ Index ​ Spread ​ Stated maturity date (1) ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ February 28, 2018 ​ $ 650,000 ​ One-month LIBOR ​ 2.85% ​ 2/25/2023 (2) August 10, 2018 ​ ​ 650,000 ​ One-month LIBOR ​ 2.65% ​ 8/25/2023 June 3, 2022 ​ ​ 500,000 ​ SOFR ​ 4.25% ​ 5/25/2027 ​ ​ $ 1,800,000 ​ ​ ​ ​ ​ ​ (1) The Term Notes’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after the stated maturity. ​ (2) In January 2023, the Company exercised its option to extend the maturity for two years . ​
Summary of note payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Average balance ​ $ 1,584,383 ​ $ 1,300,000 ​ $ 1,300,000 Weighted average interest rate (1) ​ ​ 4.88% ​ ​ 2.89% ​ ​ 3.42% Total interest expense ​ $ 79,813 ​ $ 39,782 ​ $ 46,222 (1) Excludes the effect of amortization of debt issuance costs totaling $2.5 million, $2.2 million and $1.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance: ​ ​ ​ ​ ​ ​ Term Notes ​ $ 1,800,000 $ 1,300,000 MSR Note Payable ​ ​ 150,000 ​ ​ — ​ ​ ​ 1,950,000 ​ ​ 1,300,000 Unamortized debt issuance costs ​ ​ (7,354) ​ ​ (2,378) ​ ​ $ 1,942,646 ​ $ 1,297,622 Weighted average interest rate ​ ​ 7.46% ​ ​ 2.84% Assets pledged to secure notes payable (1): ​ ​ ​ ​ ​ ​ Servicing advances ​ $ 381,379 ​ $ 232,107 Mortgage servicing rights ​ $ 5,897,613 ​ $ 3,856,791 Deposits ​ $ 12,277 ​ $ 36,632 (1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits are pledged to the Issuer Trust and together serve as the collateral for the VFN, the GMSR Servicing Advance Notes and any outstanding Term Notes. The VFN financing and the GMSR Servicing Advance Notes financing are included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets. ​
Summary of Unsecured Notes issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance date ​ Principal balance ​ Coupon interest rate ​ Maturity date ​ Optional redemption date (1) ​ ​ (in thousands) ​ (annual) ​ ​ ​ ​ September 29, 2020 ​ $ 500,000 ​ 5.38% ​ October 15, 2025 ​ October 15, 2022 October 19, 2020 ​ ​ 150,000 ​ 5.38% ​ October 15, 2025 ​ October 15, 2022 February 11, 2021 ​ ​ 650,000 ​ 4.25% ​ February 15, 2029 ​ February 15, 2024 September 16, 2021 ​ ​ 500,000 ​ 5.75% ​ September 15, 2031 ​ September 15, 2026 ​ ​ $ 1,800,000 ​ ​ ​ ​ ​ ​ (1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued and unpaid interest.
Summary of unsecured notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Average balance ​ $ 1,800,000 ​ $ 1,373,562 ​ $ 158,743 Weighted average interest rate (1) ​ ​ 5.07% ​ ​ 4.94% ​ ​ 5.38% Total interest expense ​ $ 95,014 ​ $ 70,208 ​ $ 8,774 (1) Excludes the effect of amortization of debt issuance costs of $3.7 million, $2.3 million and $225,000 for the years ended December 31, 2022, 2021 and 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 1,800,000 $ 1,800,000 Unamortized debt issuance costs and premiums, net ​ ​ (20,080) ​ ​ (23,781) ​ ​ $ 1,779,920 ​ $ 1,776,219 Weighted average interest rate ​ ​ 5.07% ​ ​ 5.07% ​
Summary of maturities of Long-Term Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ 2023 2024 2025 2026 2027 Thereafter Total ​ ​ (in thousands) Notes payable secured by mortgage servicing assets ​ $ 1,300,000 ​ $ 150,000 ​ $ — ​ $ — ​ $ 500,000 ​ $ — ​ $ 1,950,000 Unsecured senior notes ​ ​ — ​ ​ — ​ ​ 650,000 ​ ​ — ​ ​ — ​ ​ 1,150,000 ​ ​ 1,800,000 Total ​ $ 1,300,000 ​ $ 150,000 ​ $ 650,000 ​ $ — ​ $ 500,000 ​ $ 1,150,000 ​ $ 3,750,000 (1) The Term Notes’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after their stated maturities. In January 2023, the Company exercised its option to extend the maturity of $650 million Term Notes originally due on February 25, 2023 for two years .
Summary of obligations under capital lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (dollars in thousands) Average balance ​ $ 848 ​ $ 7,999 ​ $ 16,224 Weighted average interest rate ​ ​ 2.18% ​ ​ 2.11% ​ ​ 2.62% Total interest expense ​ $ 20 ​ $ 169 ​ $ 425 Maximum daily amount outstanding ​ $ 3,489 ​ $ 11,864 ​ $ 20,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ (dollars in thousands) Unpaid principal balance ​ ​ ​ $ 3,489 Weighted average interest rate ​ ​ ​ ​ ​ 2.11% Assets pledged to secure obligations under capital lease: ​ ​ ​ ​ ​ ​ Capitalized software ​ ​ ​ ​ $ 4,546 Furniture, fixtures and equipment ​ ​ ​ ​ $ 4,116 ​

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 2022
Liability for Losses Under Representations and Warranties
Summary of repurchase activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Balance at beginning of year ​ $ 43,521 ​ $ 32,688 ​ $ 21,446 Provision for losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Resulting from sales of loans ​ ​ 9,617 ​ ​ 31,590 ​ ​ 21,035 Resulting from change in estimate ​ ​ (8,451) ​ ​ (16,037) ​ ​ (8,667) Losses incurred ​ ​ (12,266) ​ ​ (4,720) ​ ​ (1,126) Balance at end of year ​ $ 32,421 ​ $ 43,521 ​ $ 32,688 Unpaid principal balance of loans subject to representations and warranties at end of year ​ $ 296,774,121 ​ $ 257,369,777 ​ $ 210,222,447

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of the Company's income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Current (benefit) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (2,944) ​ $ 101,659 ​ $ 378,984 ​ State ​ ​ (249) ​ ​ 39,551 ​ ​ 128,495 ​ Total current (benefit) expense ​ ​ (3,193) ​ ​ 141,210 ​ ​ 507,479 ​ Deferred expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 131,670 ​ ​ 160,587 ​ ​ 61,592 ​ State ​ ​ 61,263 ​ ​ 53,896 ​ ​ 24,654 ​ Total deferred expense ​ ​ 192,933 ​ ​ 214,483 ​ ​ 86,246 ​ Total provision for income taxes ​ $ 189,740 ​ $ 355,693 ​ $ 593,725 ​ ​
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, ​ ​ 2022 2021 2020 Federal income tax statutory rate ​ 21.0% ​ 21.0% ​ 21.0% ​ State income taxes, net of federal benefit ​ 5.9% ​ 5.4% ​ 5.5% ​ Tax rate revaluation ​ 1.2% ​ 0.0% ​ (0.1)% ​ Other ​ 0.4% ​ (0.2)% ​ 0.1% ​ Effective income tax rate ​ 28.5% ​ 26.2% ​ 26.5% ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of the Company's provision for deferred income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Mortgage servicing rights ​ $ 326,378 ​ $ 196,697 ​ $ 128,471 ​ Net operating loss ​ ​ (160,605) ​ ​ — ​ ​ 581 ​ Reserves and losses ​ ​ 13,480 ​ ​ 15,736 ​ ​ (33,477) ​ Compensation accruals ​ ​ 10,473 ​ ​ (11,456) ​ ​ (647) ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 4,517 ​ ​ 4,420 ​ ​ 5,200 ​ California franchise taxes ​ ​ 4,447 ​ ​ 10,753 ​ ​ (15,200) ​ Tax credits ​ ​ — ​ ​ 50 ​ ​ — ​ Other ​ ​ (5,757) ​ ​ (1,717) ​ ​ 1,318 ​ Total provision for deferred income taxes ​ $ 192,933 ​ $ 214,483 ​ $ 86,246 ​ ​
Schedule of components of income taxes payable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (in thousands) Current income tax receivable ​ $ (1,993) ​ $ (126,542) Deferred income tax liability, net ​ ​ 1,004,737 ​ ​ 811,804 Income taxes payable ​ $ 1,002,744 ​ $ 685,262 ​
Schedule of tax effects of temporary differences that gave rise to deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 161,682 ​ $ 1,077 ​ Compensation accruals ​ ​ 42,668 ​ ​ 53,141 ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 25,760 ​ ​ 30,277 ​ Reserves and losses ​ ​ 33,795 ​ ​ 47,275 ​ California franchise tax ​ ​ — ​ ​ 4,447 ​ Other ​ ​ 6,159 ​ ​ 5,661 ​ Gross deferred income tax assets ​ ​ 270,064 ​ ​ 141,878 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ ​ 1,260,181 ​ ​ 933,803 ​ Other ​ ​ 14,620 ​ ​ 19,879 ​ Gross deferred income tax liabilities ​ ​ 1,274,801 ​ ​ 953,682 ​ Net deferred income tax liability ​ $ 1,004,737 ​ $ 811,804 ​ ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity.
Summary of share repurchase activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ Cumulative ​ 2022 2021 ​ 2020 total (1) ​ ​ (in thousands) Shares of common stock repurchased ​ ​ 7,788 ​ ​ 15,368 ​ ​ 8,890 ​ ​ 32,862 Cost of shares of common stock repurchased ​ $ 406,086 ​ $ 958,194 ​ $ 337,479 ​ $ 1,716,707 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program through December 31, 2022. ​

Net Gains on Loans Held for S_2

Net Gains on Loans Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2022
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash (losses) gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ $ (2,128,195) $ 600,840 $ 2,025,260 Hedging activities ​ ​ 1,347,843 ​ ​ 443,341 ​ ​ (767,588) ​ ​ ​ (780,352) ​ ​ 1,044,181 ​ ​ 1,257,672 Non-cash gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales ​ ​ 1,718,094 ​ ​ 1,755,318 ​ ​ 1,114,720 Provisions for losses relating to representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pursuant to loan sales ​ ​ (9,617) ​ ​ (31,590) ​ ​ (21,035) Reductions in liability due to change in estimate ​ ​ 8,451 ​ ​ 16,037 ​ ​ 8,667 Changes in fair values of loans and derivatives held at year end: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ (296,349) ​ ​ (354,833) ​ ​ 540,376 Loans ​ ​ 188,849 ​ ​ 210,961 ​ ​ (326,986) Hedging derivatives ​ ​ (20,879) ​ ​ (124,200) ​ ​ 116,690 ​ ​ ​ 808,197 ​ ​ 2,515,874 ​ ​ 2,690,104 From PennyMac Mortgage Investment Trust (1) ​ ​ (16,564) ​ ​ (51,473) ​ ​ 50,681 ​ ​ $ 791,633 ​ $ 2,464,401 ​ $ 2,740,785 (1) Gains on sales of loans to PMT are described in Note 4– Transactions with Affiliates.

Net Interest Expense (Tables)

Net Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2022
Net Interest Expense
Summary of net interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ (in thousands) ​ Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and short-term investments ​ $ 19,839 ​ $ 3,280 ​ $ 6,154 ​ Loans held for sale at fair value ​ ​ 172,124 ​ ​ 275,176 ​ ​ 184,789 ​ Placement fees relating to custodial funds ​ ​ 102,099 ​ ​ 21,326 ​ ​ 52,758 ​ ​ ​ ​ 294,062 ​ ​ 299,782 ​ ​ 243,701 ​ From PennyMac Mortgage Investment Trust— Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell ​ ​ — ​ ​ 387 ​ ​ 3,325 ​ ​ ​ ​ 294,062 ​ ​ 300,169 ​ ​ 247,026 ​ Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ ​ 105,459 ​ ​ 164,132 ​ ​ 112,778 ​ Mortgage loan participation purchase and sale agreements ​ ​ 7,314 ​ ​ 4,153 ​ ​ 4,933 ​ Notes payable secured by mortgage servicing assets ​ ​ 79,813 ​ ​ 39,782 ​ ​ 46,222 ​ Unsecured senior notes ​ ​ 95,014 ​ ​ 70,208 ​ ​ 8,774 ​ Obligations under capital lease ​ ​ 20 ​ ​ 169 ​ ​ 425 ​ Corporate revolving line of credit ​ ​ — ​ ​ — ​ ​ 1,537 ​ Interest shortfall on repayments of mortgage loans serviced for Agency securitizations ​ ​ 40,741 ​ ​ 105,430 ​ ​ 82,285 ​ Interest on mortgage loan impound deposits ​ ​ 7,066 ​ ​ 5,545 ​ ​ 6,179 ​ ​ ​ ​ 335,427 ​ ​ 389,419 ​ ​ 263,133 ​ To PennyMac Mortgage Investment Trust— Excess servicing spread financing at fair value ​ ​ — ​ ​ 1,280 ​ ​ 8,418 ​ ​ ​ ​ 335,427 ​ ​ 390,699 ​ ​ 271,551 ​ ​ ​ $ (41,365) ​ $ (90,530) ​ $ (24,525) ​

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of the stock-based compensation expense by instrument awarded	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Performance-based RSUs ​ $ 18,096 ​ $ 23,166 ​ $ 20,610 Time-based RSUs ​ ​ 14,837 ​ ​ 10,184 ​ ​ 9,515 Stock options ​ ​ 9,619 ​ ​ 4,444 ​ ​ 14,980 ​ ​ $ 42,552 ​ $ 37,794 ​ $ 45,105
Summary of valuation assumptions, stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 Expected volatility (1) ​ 37% ​ 38% ​ 34% ​ Expected dividends ​ 1.4% ​ 1.4% ​ 1.4% ​ Risk-free interest rate ​ 1.1% - 2.1% ​ 0.1% - 1.7% ​ 0.1% - 1.5% ​ Expected grantee forfeiture rate ​ 0% - 5.1% ​ 0% - 6.7% ​ 0% - 6.7% ​ (1) Based on historical volatilities of the Company’s common stock. ​
Summary of Stock Option award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands, except per option amounts) Number of stock options: ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 3,906 ​ ​ 4,040 ​ ​ 3,699 Granted ​ ​ 574 ​ ​ 249 ​ ​ 876 Exercised ​ ​ (155) ​ ​ (377) ​ ​ (530) Forfeited ​ ​ (8) ​ ​ (6) ​ ​ (5) Outstanding at end of year ​ ​ 4,317 ​ ​ 3,906 ​ ​ 4,040 Weighted average exercise price per option: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 28.43 ​ $ 28.01 ​ $ 18.40 Granted ​ $ 57.10 ​ $ 58.85 ​ $ 52.00 Exercised ​ $ 21.09 ​ $ 19.96 ​ $ 17.72 Forfeited ​ $ 53.10 ​ $ 39.52 ​ $ 20.61 Outstanding at end of year ​ $ 32.46 ​ $ 28.43 ​ $ 28.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of options exercisable at end of year (in thousands) ​ ​ ​ ​ ​ 3,488 Weighted average exercise price per exercisable option ​ ​ ​ ​ $ 27.09 Weighted average remaining contractual term (in years): ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ 5.2 Exercisable ​ ​ ​ ​ ​ 4.4 Aggregate intrinsic value: ​ ​ ​ ​ ​ ​ Outstanding (in thousands) ​ ​ ​ ​ $ 107,080 Exercisable (in thousands) ​ ​ ​ ​ $ 105,114 Expected vesting amounts: ​ ​ ​ ​ ​ ​ Number of options expected to vest (in thousands) ​ ​ ​ ​ ​ 825 Weighted average vesting period (in months) ​ ​ ​ ​ ​ 11
Performance-based RSUs
Summary of RSU activity and compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands, except per unit amounts) ​ Number of units: ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 1,226 ​ ​ 1,583 ​ ​ 1,807 ​ Granted ​ ​ 342 ​ ​ 310 ​ ​ 440 ​ Vested (1) ​ ​ (509) ​ ​ (634) ​ ​ (645) ​ Forfeited or cancelled ​ ​ (83) ​ ​ (33) ​ ​ (19) ​ Outstanding at end of year ​ ​ 976 ​ ​ 1,226 ​ 1,583 ​ Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 36.12 ​ $ 27.02 ​ $ 21.67 ​ Granted ​ $ 57.10 ​ $ 58.85 ​ $ 35.95 ​ Vested ​ $ 23.40 ​ $ 24.47 ​ $ 18.16 ​ Forfeited ​ $ 49.14 ​ $ 36.91 ​ $ 26.71 ​ Outstanding at end of year ​ $ 48.94 ​ $ 36.12 ​ $ 27.02 ​ (1) The actual number of performance-based RSUs vested during the years ended December 31, 2022, 2021 and 2020 was 654,000 , 781,000 and 608,000 shares, respectively, which is approximately 128% , 123% and 94% of the 509,000 , 634,000 and 645,000 originally granted units, respectively, due to the performance varying from the established target for the respective grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 12,021 Number of shares expected to vest (in thousands) ​ ​ ​ ​ ​ 908 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 11 ​
Time-based RSUs
Summary of RSU activity and compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (in thousands, except per unit amounts) Number of units: ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 434 ​ ​ 587 ​ ​ 642 Granted ​ ​ 331 ​ ​ 173 ​ ​ 311 Vested ​ ​ (246) ​ ​ (312) ​ ​ (357) Forfeited ​ ​ (36) ​ ​ (14) ​ ​ (9) Outstanding at end of year ​ ​ 483 ​ ​ 434 ​ ​ 587 Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 41.74 ​ $ 29.37 ​ $ 22.40 Granted ​ $ 57.10 ​ $ 58.90 ​ $ 34.98 Vested ​ $ 37.34 ​ $ 28.08 ​ $ 21.75 Forfeited ​ $ 51.97 ​ $ 39.48 ​ $ 28.14 Outstanding at end of year ​ $ 53.71 ​ $ 41.74 ​ $ 29.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 7,214 Number of units expected to vest (in thousands) ​ ​ ​ ​ ​ 460 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 10 ​

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share of Common Stock
Summary of basic and diluted earnings per share calculations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ (in thousands, except per share amounts) ​ Net income ​ $ 475,507 $ 1,003,490 $ 1,646,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding ​ ​ 53,065 ​ ​ 63,799 ​ ​ 75,161 ​ Effect of dilutive securities - shares issuable under stock-based compensation plan ​ ​ 2,885 ​ ​ 3,672 ​ ​ 3,567 ​ Weighted average diluted shares of common stock outstanding ​ ​ 55,950 ​ ​ 67,471 ​ ​ 78,728 ​ Basic earnings per share ​ $ 8.96 ​ $ 15.73 ​ $ 21.91 ​ Diluted earnings per share ​ $ 8.50 ​ $ 14.87 ​ $ 20.92 ​ ​
Schedule of anti-dilutive shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands except for weighted average exercise price) Performance-based RSUs (1) ​ ​ 281 ​ ​ 223 ​ ​ 322 Time-based RSUs ​ ​ 62 ​ ​ 1 ​ ​ — Stock options (2) ​ ​ 1,339 ​ ​ 211 ​ ​ 83 Total anti-dilutive units and options ​ ​ 1,682 ​ ​ 435 ​ ​ 405 Weighted average exercise price of anti-dilutive stock options (2) ​ $ 58.58 ​ $ 58.85 ​ $ 43.89 (1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved. ​ (2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock price for the year.

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	12 Months Ended
	Dec. 31, 2022
Regulatory Capital and Liquidity Requirements
Summary of agencies' capital and liquidity requirements by each agency	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Requirement/Agency Actual (1) Requirement (1) Actual (1) Requirement (1) ​ ​ (dollars in thousands) ​ Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 6,632,627 ​ $ 797,748 ​ $ 5,872,064 ​ $ 722,040 ​ Ginnie Mae ​ $ 5,899,892 ​ $ 923,202 ​ $ 5,424,747 ​ $ 976,303 ​ HUD ​ $ 5,899,892 ​ $ 2,500 ​ $ 5,424,747 ​ $ 2,500 ​ Liquidity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 1,265,569 ​ $ 107,768 ​ $ 316,659 ​ $ 93,973 ​ Ginnie Mae ​ $ 1,265,569 ​ $ 246,953 ​ $ 316,659 ​ $ 220,577 ​ Adjusted net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ginnie Mae ​ ​ 35 % ​ 6 % ​ 29 % ​ 6 % Tangible net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ ​ 39 % ​ 6 % ​ 32 % ​ 6 % (1) Calculated in compliance with the respective Agency’s requirements. ​

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2022
Segments
Summary of financial highlights by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ Mortgage Banking ​ Investment ​ ​ ​ ​ ​ Production Servicing Total Management Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 599,896 ​ $ 191,737 ​ $ 791,633 ​ $ — ​ $ 791,633 ​ Loan origination fees ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ Net loan servicing fees ​ ​ — ​ ​ 951,329 ​ ​ 951,329 ​ ​ — ​ ​ 951,329 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 133,000 ​ ​ 161,062 ​ ​ 294,062 ​ ​ — ​ ​ 294,062 ​ Interest expense ​ ​ 108,072 ​ ​ 227,355 ​ ​ 335,427 ​ ​ — ​ ​ 335,427 ​ ​ ​ ​ 24,928 ​ ​ (66,293) ​ ​ (41,365) ​ ​ — ​ ​ (41,365) ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,065 ​ ​ 31,065 ​ Other ​ ​ 2,503 ​ ​ 3,727 ​ ​ 6,230 ​ ​ 9,013 ​ ​ 15,243 ​ Total net revenue ​ ​ 865,177 ​ ​ 1,080,500 ​ ​ 1,945,677 ​ ​ 40,078 ​ ​ 1,985,755 ​ Expenses ​ ​ 816,697 ​ ​ 466,874 ​ ​ 1,283,571 ​ ​ 36,937 ​ ​ 1,320,508 ​ Income before provision for income taxes ​ $ 48,480 ​ $ 613,626 ​ $ 662,106 ​ $ 3,141 ​ $ 665,247 ​ Segment assets at year end ​ $ 3,866,934 ​ $ 12,929,233 ​ $ 16,796,167 ​ $ 26,417 ​ $ 16,822,584 ​ (1) All revenues are from external customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ Mortgage Banking ​ Investment ​ ​ ​ ​ ​ Production Servicing Total Management Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 1,746,650 ​ $ 717,751 ​ $ 2,464,401 ​ $ — ​ $ 2,464,401 ​ Loan origination fees ​ ​ 384,154 ​ ​ — ​ ​ 384,154 ​ ​ — ​ ​ 384,154 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 178,927 ​ ​ — ​ ​ 178,927 ​ ​ — ​ ​ 178,927 ​ Net loan servicing fees ​ ​ — ​ ​ 182,954 ​ ​ 182,954 ​ ​ — ​ ​ 182,954 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 134,706 ​ ​ 165,463 ​ ​ 300,169 ​ ​ — ​ ​ 300,169 ​ Interest expense ​ ​ 139,296 ​ ​ 251,393 ​ ​ 390,689 ​ ​ 10 ​ ​ 390,699 ​ ​ ​ ​ (4,590) ​ ​ (85,930) ​ ​ (90,520) ​ ​ (10) ​ ​ (90,530) ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 37,801 ​ ​ 37,801 ​ Other ​ ​ 1,623 ​ ​ 2,520 ​ ​ 4,143 ​ ​ 5,511 ​ ​ 9,654 ​ Total net revenue ​ ​ 2,306,764 ​ ​ 817,295 ​ ​ 3,124,059 ​ ​ 43,302 ​ ​ 3,167,361 ​ Expenses ​ ​ 1,262,353 ​ ​ 510,617 ​ ​ 1,772,970 ​ ​ 35,208 ​ ​ 1,808,178 ​ Income before provision for income taxes ​ $ 1,044,411 ​ $ 306,678 ​ $ 1,351,089 ​ $ 8,094 ​ $ 1,359,183 ​ Segment assets at year end ​ $ 8,934,032 ​ $ 9,821,436 ​ $ 18,755,468 ​ $ 21,144 ​ $ 18,776,612 ​ (1) All revenues are from external customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ ​ Mortgage Banking ​ Investment ​ ​ ​ ​ ​ Production Servicing Total Management Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 2,297,108 ​ $ 443,677 ​ $ 2,740,785 ​ $ — ​ $ 2,740,785 ​ Loan origination fees ​ ​ 285,551 ​ ​ — ​ ​ 285,551 ​ ​ — ​ ​ 285,551 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 222,200 ​ ​ — ​ ​ 222,200 ​ ​ — ​ ​ 222,200 ​ Net loan servicing fees ​ ​ — ​ ​ 439,448 ​ ​ 439,448 ​ ​ — ​ ​ 439,448 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 101,605 ​ ​ 145,421 ​ ​ 247,026 ​ ​ — ​ ​ 247,026 ​ Interest expense ​ ​ 82,160 ​ ​ 189,368 ​ ​ 271,528 ​ ​ 23 ​ ​ 271,551 ​ ​ ​ ​ 19,445 ​ ​ (43,947) ​ ​ (24,502) ​ ​ (23) ​ ​ (24,525) ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,538 ​ ​ 34,538 ​ Other ​ ​ 695 ​ ​ 1,584 ​ ​ 2,279 ​ ​ 5,321 ​ ​ 7,600 ​ Total net revenue ​ ​ 2,824,999 ​ ​ 840,762 ​ ​ 3,665,761 ​ ​ 39,836 ​ ​ 3,705,597 ​ Expenses ​ ​ 860,878 ​ ​ 578,618 ​ ​ 1,439,496 ​ ​ 25,492 ​ ​ 1,464,988 ​ Income before provision for income taxes ​ $ 1,964,121 ​ $ 262,144 ​ $ 2,226,265 ​ $ 14,344 ​ $ 2,240,609 ​ Segment assets at year end ​ $ 7,870,398 ​ $ 23,709,122 ​ $ 31,579,520 ​ $ 18,275 ​ $ 31,597,795 ​ (1) All revenues are from external customers.

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2022
Parent Company Information
Schedule of condensed balance sheets of Parent Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (in thousands) ​ ASSETS ​ ​ ​ ​ ​ Cash ​ $ 45,496 ​ $ 9,276 ​ Investments in subsidiaries ​ ​ 4,421,906 ​ ​ 4,217,461 ​ Receivable from PennyMac Mortgage Investment Trust ​ ​ 27 ​ ​ 27 ​ Due from subsidiaries ​ ​ 1,509,103 ​ ​ 1,477,332 ​ Total assets ​ $ 5,976,532 ​ $ 5,704,096 ​ LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ ​ Unsecured senior notes ​ $ 1,779,920 ​ $ 1,776,219 ​ Accounts payable and accrued expenses ​ ​ 26,356 ​ ​ 28,135 ​ Payable to subsidiaries ​ ​ 135 ​ ​ 116 ​ Income taxes payable ​ ​ 699,072 ​ ​ 481,301 ​ Total liabilities ​ ​ 2,505,483 ​ ​ 2,285,771 ​ Stockholders' equity ​ ​ 3,471,049 ​ ​ 3,418,325 ​ Total liabilities and stockholders' equity ​ $ 5,976,532 ​ $ 5,704,096 ​ ​
Schedule of condensed statements of income of Parent Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Revenues ​ ​ ​ ​ ​ ​ Dividends from subsidiaries ​ $ 417,391 ​ $ 982,740 ​ $ 602,606 Net interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from subsidiary ​ ​ 121,452 ​ ​ 77,162 ​ ​ 15,830 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ To non-affiliates ​ ​ 95,014 ​ ​ 70,208 ​ ​ 8,774 To subsidiary ​ ​ — ​ ​ — ​ ​ 83 ​ ​ ​ 95,014 ​ ​ 70,208 ​ ​ 8,857 Net interest income ​ ​ 26,438 ​ ​ 6,954 ​ ​ 6,973 Total net revenues ​ ​ 443,829 ​ ​ 989,694 ​ ​ 609,579 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Charitable contributions ​ ​ — ​ ​ 5,800 ​ ​ 2,314 Professional services ​ ​ — ​ ​ 2,236 ​ ​ 42 Other ​ ​ 267 ​ ​ 449 ​ ​ 327 Total expenses ​ ​ 267 ​ ​ 8,485 ​ ​ 2,683 Income before provision for income taxes and equity in undistributed earnings of subsidiaries ​ ​ 443,562 ​ ​ 981,209 ​ ​ 606,896 Provision for income taxes ​ ​ 129,948 ​ ​ 238,803 ​ ​ 395,340 Income before equity in undistributed earnings of subsidiaries ​ ​ 313,614 ​ ​ 742,406 ​ ​ 211,556 Equity in undistributed earnings of subsidiaries ​ ​ 161,893 ​ ​ 261,084 ​ ​ 1,435,328 Net income ​ $ 475,507 ​ $ 1,003,490 ​ $ 1,646,884 ​
Schedule of condensed statements of cash flows of Parent Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Cash flows from operating activities ​ ​ ​ ​ ​ ​ Net income ​ $ 475,507 ​ $ 1,003,490 ​ $ 1,646,884 Adjustments to reconcile net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in undistributed earnings of subsidiaries ​ ​ (161,893) ​ ​ (261,084) ​ ​ (1,435,328) Amortization of net debt issuance cost ​ ​ 3,701 ​ ​ 2,321 ​ ​ 225 Increase in receivable from PennyMac Mortgage Investment Trust ​ ​ — ​ ​ (27) ​ ​ — (Increase) decrease in intercompany receivable ​ ​ (31,566) ​ ​ (897,063) ​ ​ (574,518) Increase in accounts payable and accrued expenses ​ ​ (1,779) ​ ​ 13,545 ​ ​ 14,590 (Decrease) increase in payable to subsidiaries ​ ​ 19 ​ ​ (22,289) ​ ​ 18,211 Increase in income taxes payable ​ ​ 217,771 ​ ​ 35,839 ​ ​ 65,406 Net cash provided by (used in) operating activities ​ ​ 501,760 ​ ​ (125,268) ​ ​ (264,530) Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of unsecured senior notes ​ ​ — ​ ​ 1,150,000 ​ ​ 650,000 Payment of debt issuance costs ​ ​ — ​ ​ (21,922) ​ ​ (4,405) Payment of dividend to holders of common stock ​ ​ (54,621) ​ ​ (52,896) ​ ​ (30,947) Issuance of common stock pursuant to exercise of stock options ​ ​ 2,947 ​ ​ 7,536 ​ ​ 9,389 Payment of withholding taxes relating to stock-based compensation ​ ​ (7,780) ​ ​ (8,993) ​ ​ (5,265) Repurchase of common stock ​ ​ (406,086) ​ ​ (958,194) ​ ​ (337,479) Net cash (used in) provided by financing activities ​ ​ (465,540) ​ ​ 115,531 ​ ​ 281,293 Net increase (decrease) in cash (1) ​ ​ 36,220 ​ ​ (9,737) ​ ​ 16,763 Cash at beginning of year ​ ​ 9,276 ​ ​ 19,013 ​ ​ 2,250 Cash at end of year ​ $ 45,496 ​ $ 9,276 ​ $ 19,013 Supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash financing activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock in settlement of directors' fees ​ $ 205 ​ $ 200 ​ $ 194 (1) The Company did no t hold restricted cash during the years presented.

Concentration of Risk (Details)

Concentration of Risk (Details) - PennyMac Mortgage Investment Trust - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Revenue
Concentration of Risk
Percentage of total	9%	9%	11%
Loan Production
Concentration of Risk
Percentage of total	70%	53%	64%

Significant Accounting Polici_3

Significant Accounting Policies - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Mortgage servicing rights, at fair value	$ 5,953,621	$ 3,878,078
Income taxes payable	1,002,744	685,262
Stockholders' equity	$ 3,471,049	$ 3,418,325	$ 3,389,388	$ 2,061,507

Significant Accounting Polici_4

Significant Accounting Policies - Long-lived Assets (Details)	12 Months Ended
	Dec. 31, 2022
Capitalized Software
Period of payment default	3 months
Furniture, Fixtures, Equipment and Building Improvements | Minimum
Capitalized Software
Estimated useful lives	5 years
Furniture, Fixtures, Equipment and Building Improvements | Maximum
Capitalized Software
Estimated useful lives	7 years
Capitalized software | Minimum
Capitalized Software
Estimated useful lives	3 years
Capitalized software | Maximum
Capitalized Software
Estimated useful lives	7 years

Significant Accounting Polici_5

Significant Accounting Policies - Fulfillment Fees and Management Fees (Details)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Number of days fees are collected from Advised Entities	30 days
Fulfillment Fees
Number of days from purchase fulfillment fees are collected	30 days
Management fees
The period from quarter end that management fees are collected	30 days

Significant Accounting Polici_6

Significant Accounting Policies - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Amount of tax benefits under the tax sharing agreement (as a percent)	85%

Transactions with Related Par_3

Transactions with Related Parties - Correspondent Production (Details) - USD ($)				12 Months Ended
	Jul. 01, 2020	Jun. 30, 2020	Sep. 12, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lending activity between the entity and affiliate
Net gains on loans held for sale at fair value				$ (791,633,000)	$ (2,464,401,000)	$ (2,740,785,000)
Sale of loans held for sale to PMT				298,862,000		2,248,896,000
Fulfillment fee revenue				67,991,000	178,927,000	222,200,000
Proceeds from sale of mortgage loans held for sale to PennyMac Mortgage Investment Trust				298,862,000		2,248,896,000
Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Threshold limit of loan commitment	$ 16,500
Threshold limit of loan	16,500
Maximum Multiplier factor for each pull through adjusted loan commitment	585
Multiplying factor for each pull through adjusted loan commitment in excess of threshold limit per quarter	355
Multiplying factor for number of purchased loans	315
Multiplying factor for number of purchased loans in excess of threshold limit per quarter	$ 195
Ginnie Mae Mortgage Backed Securities Guide Loan | Minimum
Transactions with Affiliates
Pull through factor as a percentage	80%
Ginnie Mae Mortgage Backed Securities Guide Loan | Maximum
Transactions with Affiliates
Pull through factor as a percentage	99%
Other mortgage loans
Transactions with Affiliates
Multiplying factor for number of purchased loans	$ 750
MBS Agreement
Transactions with Affiliates
The administrative fee plus accrued interest and sourcing fee percent			0.35%
Fulfillment fee as a percent of UPB of all other mortgage loans, excluding Ginnie Mae mortgage loans			0.50%
MSR Recapture Agreement
Transactions with Affiliates
Percentage of recapture rate.	15%
Lending activity between the entity and affiliate
Minimum percent of total UPB of loans originated from refinancing of loans which a related party previously held the MSR required to be transferred			30%
Related party transaction, renewal period		5 years
MSR Recapture Agreement | First 15%
Transactions with Affiliates
Percentage of fair market value.	40%
Percentage of recapture rate.	15%
MSR Recapture Agreement | In excess of 15% and upto 30%
Transactions with Affiliates
Percentage of fair market value.	35%
MSR Recapture Agreement | In excess of 15% and upto 30% | Minimum
Transactions with Affiliates
Percentage of recapture rate.	15%
MSR Recapture Agreement | In excess of 15% and upto 30% | Maximum
Transactions with Affiliates
Percentage of recapture rate.	30%
MSR Recapture Agreement | In excess of 30%
Transactions with Affiliates
Percentage of fair market value.	30%
Percentage of recapture rate.	30%
PennyMac Mortgage Investment Trust
Lending activity between the entity and affiliate
Net gains on loans held for sale at fair value				16,564,000	51,473,000	(50,681,000)
Fulfillment fee revenue				67,991,000	178,927,000	222,200,000
PennyMac Mortgage Investment Trust | MBS Agreement | Minimum
Transactions with Affiliates
The administrative fee plus accrued interest and sourcing fee percent			0.02%
PennyMac Mortgage Investment Trust | MBS Agreement | Maximum
Transactions with Affiliates
The administrative fee plus accrued interest and sourcing fee percent			0.035%
PennyMac Mortgage Investment Trust | Mortgage Lending
Lending activity between the entity and affiliate
Net (losses) gains on loans held for sale to PMT				(2,820,000)		81,295,000
Mortgage servicing rights and excess servicing spread recapture incurred				(13,744,000)	(51,473,000)	(30,614,000)
Total of gain on sale of loans and MSR recapture				(16,564,000)	(51,473,000)	50,681,000
Sale of loans held for sale to PMT				298,862,000		2,248,896,000
Tax service fee				8,418,000	26,126,000	23,408,000
Fulfillment fee revenue				67,991,000	178,927,000	222,200,000
Unpaid principal balance of loans fulfilled for PMT				37,090,031,000	110,003,574,000	100,389,252,000
Sourcing fees paid				4,968,000	6,472,000	11,037,000
Unpaid principal balance of loans purchased from PMT				49,680,267,000	$ 64,774,728,000	60,540,530,000
Proceeds from sale of mortgage loans held for sale to PennyMac Mortgage Investment Trust				$ 298,862,000		$ 2,248,896,000
PLS | Minimum
Transactions with Affiliates
Sourcing fees (as a percent)	0.01%
PLS | Maximum
Transactions with Affiliates
Sourcing fees (as a percent)	0.02%
PLS | Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Fulfilment fee payable	$ 0

Transactions with Related Par_4

Transactions with Related Parties - Mortgage Loan Servicing (Details) - USD ($)		12 Months Ended
	Sep. 12, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loan Servicing Agreement
Transactions with Affiliates
Base servicing fees per month for REO	$ 75
Base servicing fees per month for fixed-rate non-distressed loans subserviced	7.50
Base servicing fees per month for adjustable rate non-distressed loans subserviced	8.50
Supplemental fee per month for each distressed whole loan	25
Minimum | Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for current loans	30
Additional servicing fee amount per month for delinquent loans	10
Maximum | Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for current loans	95
Additional servicing fee amount per month for delinquent loans	$ 55
PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		$ 81,915,000	$ 80,658,000	$ 67,181,000
PennyMac Mortgage Investment Trust | Loans acquired for sale at fair value
Summary of mortgage loan servicing fees earned
Loan servicing fees		1,018,000	2,363,000	2,067,000
PennyMac Mortgage Investment Trust | Distressed loans
Summary of mortgage loan servicing fees earned
Loan servicing fees		529,000	505,000	807,000
PennyMac Mortgage Investment Trust | Mortgage servicing rights
Summary of mortgage loan servicing fees earned
Loan servicing fees		$ 80,368,000	$ 77,790,000	$ 64,307,000

Transactions with Related Par_5

Transactions with Related Parties - Management Fees (Details) - USD ($)		12 Months Ended
	Sep. 12, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Management Fee Revenue Abstract
Management fees		$ 31,065,000	$ 37,801,000	$ 34,538,000
PennyMac Mortgage Investment Trust | Management Fees
Transactions with Affiliates
Percentage of change in net income due to quarterly adjustments	8%
Management Fee Revenue Abstract
Base management fee		31,065,000	34,794,000	34,538,000
Performance incentive			3,007,000
Management fees		$ 31,065,000	$ 37,801,000	$ 34,538,000
PennyMac Mortgage Investment Trust | Management Fees | Maximum
Transactions with Affiliates
Percentage of performance incentive fee payable by issuance of common shares	50%
PennyMac Mortgage Investment Trust | Management Fees | Minimum
Transactions with Affiliates
High watermark	$ 0
PennyMac Mortgage Investment Trust | Shareholders Equity Up To 2 Billion Dollars | Maximum
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.50%
Base management fee shareholders' equity limit	$ 2,000,000,000
PennyMac Mortgage Investment Trust | Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.375%
PennyMac Mortgage Investment Trust | Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars | Maximum
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
PennyMac Mortgage Investment Trust | Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars | Minimum
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 2,000,000,000
PennyMac Mortgage Investment Trust | Shareholders Equity In Excess Of 5 Billion Dollars
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.25%
PennyMac Mortgage Investment Trust | Shareholders Equity In Excess Of 5 Billion Dollars | Maximum
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
PennyMac Mortgage Investment Trust | Return on Shareholders Equity 8 Percent
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	10%
PennyMac Mortgage Investment Trust | Return on Shareholders Equity 8 Percent | Maximum
Transactions with Affiliates
Percentage of return on affiliate's equity	12%
PennyMac Mortgage Investment Trust | Return on Shareholders Equity 8 Percent | Minimum
Transactions with Affiliates
Percentage of return on affiliate's equity	8%
PennyMac Mortgage Investment Trust | Return on Shareholders Equity 12 Percent
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	15%
Percentage of return on affiliate's equity	12%
PennyMac Mortgage Investment Trust | Return on Shareholders Equity 12 Percent | Maximum
Transactions with Affiliates
Percentage of return on affiliate's equity	16%
PennyMac Mortgage Investment Trust | Return on Shareholders Equity in Excess of 16 Percent
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	20%
Percentage of return on affiliate's equity	16%

Transactions with Related Par_6

Transactions with Related Parties - Other Transactions, Reimbursement of Common Overhead Expenses (Details) - USD ($)			12 Months Ended			30 Months Ended	46 Months Ended
	Jul. 01, 2020	Sep. 12, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Jun. 30, 2020
PennyMac Mortgage Investment Trust
Transactions with Affiliates
Expense reimbursement amount, per quarter, relating to personnel		$ 120,000
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company			$ 33,077,000	$ 24,378,000	$ 28,325,000
Payments and settlements during the year			144,012,000	284,381,000	378,162,000
PennyMac Mortgage Investment Trust | Common overhead incurred
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company			8,588,000	4,906,000	5,172,000
PennyMac Mortgage Investment Trust | Compensation
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company			660,000	660,000	570,000
PennyMac Mortgage Investment Trust | Expenses incurred by related party (reporting entity), net
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company			$ 23,829,000	$ 18,812,000	$ 22,583,000
PCM
Transactions with Affiliates
Expense reimbursement amount, per quarter, relating to personnel						$ 165,000	$ 120,000
Related party transaction, renewal period	5 years

Transactions with Related Par_7

Transactions with Related Parties - Investing Activities (Details) $ in Thousands		12 Months Ended
	Dec. 19, 2016 item	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Activity during the period:
Interest income		$ 294,062	$ 300,169	$ 247,026
Activity during the period:
Balance at end of period		(235)	336	(453)
Fair value of PennyMac Mortgage Investment Trust shares		$ 929	1,300
PennyMac Holdings, L L C Repurchase Agreement
Transactions with Affiliates
Number of subsidiaries entered into master repurchase agreement | item	1
PennyMac Mortgage Investment Trust
Transactions with Affiliates
Common shares of beneficial interest owned | shares		75,000
Activity during the period:
Interest income			387	3,325
Activity during the period:
Dividends received from PennyMac Mortgage Investment Trust		$ 136	141	114
Change in fair value of investment in Common shares of PennyMac Mortgage Investment Trust		(371)	195	(567)
Balance at end of period		(235)	336	(453)
Fair value of PennyMac Mortgage Investment Trust shares		$ 929	$ 1,300
Number of shares | shares		75,000	75,000
PennyMac Mortgage Investment Trust | PennyMac Holdings, L L C Repurchase Agreement
Repurchase agreement with PennyMac Mortgage Investment Trust:
Net repayments of assets purchased from PMT under agreement to resell			$ 80,862	26,650
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors				80,862
Activity during the period:
Interest income on receivable from PennyMac Mortgage Investment Trust			$ 387	3,325
Activity during the period:
Loans and Leases Receivable, Related Parties				$ 80,862

Transactions with Related Par_8

Transactions with Related Parties - Financing Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 19, 2016
Financing activities:
Issuance pursuant to recapture agreement		$ 557,000	$ 2,093,000
Interest Expense	$ 335,427,000	390,699,000	271,551,000
Repayments		134,624,000	32,377,000
Change in fair value		(1,037,000)	24,970,000
PennyMac Mortgage Investment Trust
Financing activities:
Interest Expense		1,280,000	8,418,000
PennyMac Mortgage Investment Trust | 2/1/13 Spread Acquisition Agreement
Financing activities:
Maximum ESS recapture obligation				$ 200,000
Excess servicing spread financing | PennyMac Mortgage Investment Trust
Financing activities:
Balance at the beginning of the year		131,750,000	178,586,000
Issuance pursuant to recapture agreement		557,000	2,093,000
Repayments		(134,624,000)	(32,377,000)
Change in fair value		1,037,000	(24,970,000)
Balance at the end of the year			131,750,000
interest expense		1,280,000	8,418,000
Excess servicing spread recapture recognized		$ 614,000	$ 2,241,000

Transactions with Related Par_9

Transactions with Related Parties - Amounts due from Affiliate (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amounts due from affiliate
Total due from affiliate	$ 36,372	$ 40,091
Payable to affiliate
Payable to affiliates	205,011	228,019
PennyMac Mortgage Investment Trust
Amounts due from affiliate
Allocated expenses	11,447	15,431
Management fees	7,307	8,918
Correspondent production fees	6,835	8,894
Servicing fees	6,740	6,848
Fulfillment fees	4,043
Total due from affiliate	36,372	40,091
Payable to affiliate
Amounts advanced by PMT	201,451	212,066
Other expenses	3,560	15,953
Payable to affiliates	$ 205,011	$ 228,019

Transactions with Related Pa_10

Transactions with Related Parties - Amounts due from Investment Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amounts due from affiliate
Total due from affiliate	$ 36,372	$ 40,091
Payable to affiliates	$ 205,011	$ 228,019

Transactions with Related Pa_11

Transactions with Related Parties - Exchanged Private National Mortgage Acceptance Company, LLC Unitholders (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 27, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Transactions with Affiliates
Amount of tax benefits under the tax sharing agreement (as a percent)		85%
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		$ (3,855)	$ (4,635)	$ (10,713)
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		(576)		(280)
Private National Mortgage Acceptance Company
Transactions with Affiliates
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		3,855	4,635	10,713
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		(576)		(280)
Payable to exchanged PNMAC unitholders under tax receivable agreement		26,099	30,530	35,165
Related Party Donor Advised Fund
Transactions with Affiliates
Charitable contributions		$ 0	$ 5,800	$ 2,300
Townsgate Closing Services, LLC
Transactions with Affiliates
Advances to related party	$ 801,000
Maximum commitment amount	$ 1,500
Advances stated percentage	10.75%
Advances variable rate	10+ year USD High Yield Corporate Bond Index

Loan Sales and Servicing Acti_3

Loan Sales and Servicing Activities - Summary of Cash Flows with Transferees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows:
Sales proceeds	$ 84,345,379	$ 154,450,942	$ 102,840,312
Servicing fees received	931,315	840,104	$ 678,142
Period end information:
Unpaid principal balance of loans outstanding	295,032,674	254,524,015
30-89 days	11,019,194	6,129,597
90 days or more - Not in foreclosure	6,548,849	8,399,299
90 days or more - In foreclosure	834,155	715,016
90 days or more - Foreclosed	12,905	6,900
Bankruptcy	1,143,484	1,039,362
30-89 days delinquent under CARES Act	950,172	1,020,290
90 days or more delinquent not in foreclosure under CARES Act	2,934,718	2,550,703
Total delinquent loans in COVID-19 pandemic related forbearance	$ 3,884,890	$ 3,570,993

Loan Sales and Servicing Acti_4

Loan Sales and Servicing Activities - Summary of Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage servicing portfolio
Loans held for sale	$ 3,498,214	$ 9,430,766
Total loans serviced	551,674,682	509,708,281
Delinquent loans:
30 days	10,480,243	6,312,600
60 days	3,192,257	1,795,509
90 days or more - Not in foreclosure	7,718,042	10,751,765
90 days or more - In foreclosure	989,225	873,287
90 days or more - Foreclosed	21,814	24,506
Total delinquent mortgage loans	22,401,581	19,757,667
Bankruptcy	1,416,757	1,395,635
Delinquent loans in COVID-19 related forbearance
30 days	541,586	635,741
60 days	616,206	646,524
90 days or more	3,509,412	3,370,792
Total delinquent loans in COVID-19 related forbearance	4,667,204	4,653,057
Custodial funds managed by the Company	5,112,866	12,308,608
Servicing rights owned
Mortgage servicing portfolio
Loans held for sale	3,498,214	9,430,766
Total loans serviced	318,099,010	287,816,139
Delinquent loans:
30 days	8,903,829	5,338,545
60 days	2,855,176	1,604,782
90 days or more - Not in foreclosure	6,829,985	9,001,137
90 days or more - In foreclosure	914,213	829,494
90 days or more - Foreclosed	13,835	8,017
Total delinquent mortgage loans	19,517,038	16,781,975
Bankruptcy	1,291,038	1,261,980
Delinquent loans in COVID-19 related forbearance
30 days	453,562	554,161
60 days	527,035	556,990
90 days or more	3,042,923	2,732,089
Total delinquent loans in COVID-19 related forbearance	4,023,520	3,843,240
Custodial funds managed by the Company	3,329,709	8,485,081
Contract servicing and subservicing
Mortgage servicing portfolio
Total loans serviced	233,575,672	221,892,142
Delinquent loans:
30 days	1,576,414	974,055
60 days	337,081	190,727
90 days or more - Not in foreclosure	888,057	1,750,628
90 days or more - In foreclosure	75,012	43,793
90 days or more - Foreclosed	7,979	16,489
Total delinquent mortgage loans	2,884,543	2,975,692
Bankruptcy	125,719	133,655
Delinquent loans in COVID-19 related forbearance
30 days	88,024	81,580
60 days	89,171	89,534
90 days or more	466,489	638,703
Total delinquent loans in COVID-19 related forbearance	643,684	809,817
Custodial funds managed by the Company	1,783,157	3,823,527
Non affiliated entities
Mortgage servicing portfolio
Originated	295,032,674	254,524,015
Purchased	19,568,122	23,861,358
Total loans serviced, excluding loans held for sale	314,600,796	278,385,373
Non affiliated entities | Servicing rights owned
Mortgage servicing portfolio
Originated	295,032,674	254,524,015
Purchased	19,568,122	23,861,358
Total loans serviced, excluding loans held for sale	314,600,796	278,385,373
Affiliated entities
Mortgage servicing portfolio
Advised entities	233,575,672	221,892,142
Affiliated entities | Contract servicing and subservicing
Mortgage servicing portfolio
Advised entities	$ 233,575,672	$ 221,892,142

Loan Sales and Servicing Acti_5

Loan Sales and Servicing Activities - Geographical Distribution of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loan Sales and Servicing Activities
Total loans serviced	$ 551,674,682	$ 509,708,281
California
Loan Sales and Servicing Activities
Total loans serviced	68,542,279	67,317,935
Florida
Loan Sales and Servicing Activities
Total loans serviced	50,873,961	45,222,233
Texas
Loan Sales and Servicing Activities
Total loans serviced	47,911,696	42,064,686
Virginia
Loan Sales and Servicing Activities
Total loans serviced	33,478,151	31,442,370
Maryland
Loan Sales and Servicing Activities
Total loans serviced	25,473,417	23,922,075
All other states
Loan Sales and Servicing Activities
Total loans serviced	$ 325,395,178	$ 299,738,982

Fair Value - Financial Statemen

Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Short-term investment at fair value	$ 12,194	$ 6,873
Loans held for sale	3,509,300	9,742,483
Derivative assets:
Derivative asset, before netting	157,995	398,672
Netting	(58,992)	(64,977)
Total derivative assets	99,003	333,695
Investment in PennyMac Mortgage Investment Trust	929	1,300
Derivative liabilities:
Derivative liability, before netting	83,246	54,702
Netting	(61,534)	(32,096)
Net amounts of liabilities presented in the consolidated balance sheet	21,712	22,606
Mortgage servicing liabilities	2,096	2,816
PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	929	1,300
Interest rate lock commitments
Derivative assets:
Total derivative assets	36,728	323,473
Recurring basis
Assets:
Short-term investment at fair value	12,194	6,873
Loans held for sale	3,509,300	9,742,483
Derivative assets:
Derivative asset, before netting	157,995	398,672
Netting	(58,992)	(64,977)
Total derivative assets	99,003	333,695
Mortgage servicing rights at fair value	5,953,621	3,878,078
Total assets	9,575,047	13,962,429
Derivative liabilities:
Derivative liability, before netting	83,246	54,702
Netting	(61,534)	(32,096)
Net amounts of liabilities presented in the consolidated balance sheet	21,712	22,606
Mortgage servicing liabilities	2,096	2,816
Total liabilities	23,808	25,422
Recurring basis | PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	929	1,300
Recurring basis | Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	36,728	323,473
Derivative liabilities:
Derivative liability, before netting	10,884	1,280
Recurring basis | Forward contracts | Purchases
Derivative assets:
Derivative asset, before netting	2,433	20,485
Derivative liabilities:
Derivative liability, before netting	48,670	18,007
Recurring basis | Forward contracts | Sales
Derivative assets:
Derivative asset, before netting	80,754	40,215
Derivative liabilities:
Derivative liability, before netting	20,684	35,415
Recurring basis | MBS put options
Derivative assets:
Derivative asset, before netting	6,057	7,655
Recurring basis | Swaptions
Derivative assets:
Derivative asset, before netting		1,625
Recurring basis | Call options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	2,820	2,078
Recurring basis | Put options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	29,203	3,141
Recurring basis | Put options on Eurodollar futures | Sales
Derivative liabilities:
Derivative liability, before netting	3,008
Recurring basis | Level 1
Assets:
Short-term investment at fair value	12,194	6,873
Derivative assets:
Derivative asset, before netting	32,023	5,219
Total derivative assets	32,023	5,219
Total assets	45,146	13,392
Derivative liabilities:
Derivative liability, before netting	3,008
Net amounts of liabilities presented in the consolidated balance sheet	3,008
Total liabilities	3,008
Recurring basis | Level 1 | PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	929	1,300
Recurring basis | Level 1 | Call options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	2,820	2,078
Recurring basis | Level 1 | Put options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	29,203	3,141
Recurring basis | Level 1 | Put options on Eurodollar futures | Sales
Derivative liabilities:
Derivative liability, before netting	3,008
Recurring basis | Level 2
Assets:
Loans held for sale	3,163,528	8,613,607
Derivative assets:
Derivative asset, before netting	89,244	69,980
Total derivative assets	89,244	69,980
Total assets	3,252,772	8,683,587
Derivative liabilities:
Derivative liability, before netting	69,354	53,422
Net amounts of liabilities presented in the consolidated balance sheet	69,354	53,422
Total liabilities	69,354	53,422
Recurring basis | Level 2 | Forward contracts | Purchases
Derivative assets:
Derivative asset, before netting	2,433	20,485
Derivative liabilities:
Derivative liability, before netting	48,670	18,007
Recurring basis | Level 2 | Forward contracts | Sales
Derivative assets:
Derivative asset, before netting	80,754	40,215
Derivative liabilities:
Derivative liability, before netting	20,684	35,415
Recurring basis | Level 2 | MBS put options
Derivative assets:
Derivative asset, before netting	6,057	7,655
Recurring basis | Level 2 | Swaptions
Derivative assets:
Derivative asset, before netting		1,625
Recurring basis | Level 3
Assets:
Loans held for sale	345,772	1,128,876
Derivative assets:
Derivative asset, before netting	36,728	323,473
Total derivative assets	36,728	323,473
Mortgage servicing rights at fair value	5,953,621	3,878,078
Total assets	6,336,121	5,330,427
Derivative liabilities:
Derivative liability, before netting	10,884	1,280
Net amounts of liabilities presented in the consolidated balance sheet	10,884	1,280
Mortgage servicing liabilities	2,096	2,816
Total liabilities	12,980	4,096
Recurring basis | Level 3 | Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	36,728	323,473
Derivative liabilities:
Derivative liability, before netting	$ 10,884	$ 1,280

Fair Value - Level 3 Input Roll

Fair Value - Level 3 Input Roll Forward, Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in fair value included in income arising from:
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Mortgage servicing liabilities resulting from loan sales		$ 106,631	$ 23,325
Changes in fair value included in income		(1,037)	24,970
Recurring basis
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	$ 5,329,147	7,933,369	3,455,505
Purchases and issuances, net	3,712,505	21,985,261	11,726,752
Capitalization of interest and advances	60,589	169,053	119,037
Sales and repayments	(1,378,441)	(11,783,818)	(2,389,763)
Mortgage servicing rights resulting from loan sales	1,718,094	1,861,949	1,138,045
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	(41,483)	285,501	127,780
Other factors	(296,605)	(75,498)	(254,816)
Total changes in fair value included in income	(338,088)	210,003	(127,036)
Transfers from mortgage loans held for sale from Level 3 to Level 2	(2,736,940)	(12,547,732)	(3,246,282)
Transfers to real estate acquired in settlement of loans	(416)	(82)	(73)
Transfers from interest rate lock commitments to loans held for sale	(41,213)	(2,498,856)	(2,742,816)
Balance at the end of the year	6,325,237	5,329,147	7,933,369
Changes in fair value recognized during the period relating to assets still held at the end of the year	352,601	(220,336)	(678,634)
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	2,816	177,074	207,726
Issuances		557	2,093
Accrual of interest on excess servicing spread financing		1,280	8,418
Repayment		(134,624)	(32,377)
Mortgage servicing liabilities resulting from loan sales		106,631	23,325
Changes in fair value included in income	(720)	(148,102)	(32,111)
Balance at the end of the year	2,096	2,816	177,074
Changes in fair value recognized during the period relating to liability still outstanding at the end of the year	(720)	(3,156)	(32,111)
Recurring basis | Excess servicing spread financing
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year		131,750	178,586
Issuances		557	2,093
Accrual of interest on excess servicing spread financing		1,280	8,418
Repayment		(134,624)	(32,377)
Changes in fair value included in income		1,037	(24,970)
Balance at the end of the year			131,750
Changes in fair value recognized during the period relating to liability still outstanding at the end of the year			(24,970)
Recurring basis | Mortgage servicing liabilities
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	2,816	45,324	29,140
Mortgage servicing liabilities resulting from loan sales		106,631	23,325
Changes in fair value included in income		(149,139)	(7,141)
Balance at the end of the year		2,816	45,324
Changes in fair value recognized during the period relating to liability still outstanding at the end of the year		(3,156)	(7,141)
Recurring basis | Mortgage loans held for sale
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	1,128,876	4,675,169	383,878
Purchases and issuances, net	3,338,743	20,330,785	9,672,322
Capitalization of interest and advances	60,589	169,053	119,037
Sales and repayments	(1,378,441)	(11,783,818)	(2,381,493)
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	(41,483)	285,501	127,780
Other factors	(25,156)
Total changes in fair value included in income	(66,639)	285,501	127,780
Transfers from mortgage loans held for sale from Level 3 to Level 2	(2,736,940)	(12,547,732)	(3,246,282)
Transfers to real estate acquired in settlement of loans	(416)	(82)	(73)
Balance at the end of the year	345,772	1,128,876	4,675,169
Changes in fair value recognized during the period relating to assets still held at the end of the year	(26,699)	22,516	153,474
Recurring basis | Interest rate lock commitments
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	322,193	677,026	136,650
Purchases and issuances, net	369,769	1,654,476	2,028,957
Changes in fair value included in income arising from:
Other factors	(624,905)	489,547	1,254,235
Total changes in fair value included in income	(624,905)	489,547	1,254,235
Transfers from interest rate lock commitments to loans held for sale	(41,213)	(2,498,856)	(2,742,816)
Balance at the end of the year	25,844	322,193	677,026
Changes in fair value recognized during the period relating to assets still held at the end of the year	25,844	322,193	677,026
Recurring basis | Repurchase agreement derivatives
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year			8,187
Sales and repayments			(8,270)
Changes in fair value included in income arising from:
Other factors			83
Total changes in fair value included in income			83
Recurring basis | Mortgage servicing rights
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	3,878,078	2,581,174	2,926,790
Purchases and issuances, net	3,993		25,473
Mortgage servicing rights resulting from loan sales	1,718,094	1,861,949	1,138,045
Changes in fair value included in income arising from:
Other factors	353,456	(565,045)	(1,509,134)
Total changes in fair value included in income	353,456	(565,045)	(1,509,134)
Balance at the end of the year	5,953,621	3,878,078	2,581,174
Changes in fair value recognized during the period relating to assets still held at the end of the year	$ 353,456	$ (565,045)	$ (1,509,134)

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value, Fair Value Option, Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability [Member]
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	$ 720	$ 148,102	$ 32,111
Liability [Member] | Net gains on 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			32,111
Liability [Member] | Net loan servicing fees
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	720	148,102
Excess servicing spread financing
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		(1,037)	24,970
Excess servicing spread financing | Net gains on 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			24,970
Excess servicing spread financing | Net loan servicing fees
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		(1,037)
Mortgage servicing liabilities
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	720	149,139	7,141
Mortgage servicing liabilities | Net gains on 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			7,141
Mortgage servicing liabilities | Net loan servicing fees
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	720	149,139
Assets
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	134,402	2,003,273	1,390,180
Assets | Net gains on 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	(219,054)	2,568,318	(1,509,134)
Assets | Net loan servicing fees
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	353,456	(565,045)	2,899,314
Mortgage loans held for sale
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	(219,054)	2,568,318	2,899,314
Mortgage loans held for sale | Net gains on 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	(219,054)	2,568,318
Mortgage loans held for sale | Net loan servicing fees
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			2,899,314
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	353,456	(565,045)	(1,509,134)
Mortgage servicing rights at fair value | Net gains on 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			$ (1,509,134)
Mortgage servicing rights at fair value | Net loan servicing fees
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	$ 353,456	$ (565,045)

Fair Value - Fair Value Option

Fair Value - Fair Value Option Maturities, Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair value
Total fair value	$ 3,509,300	$ 9,742,483
Recurring basis
Fair value
Total fair value	3,509,300	9,742,483
Mortgage loans held for sale
Fair value
Current through 89 days delinquent	3,450,578	9,577,398
Not in foreclosure	47,252	153,162
In foreclosure	11,470	11,923
Total fair value	3,509,300	9,742,483
Principal amount due upon maturity
Current through 89 days delinquent	3,428,052	9,263,242
Not in foreclosure	53,351	153,875
In foreclosure	16,811	13,649
Total principal amount due upon maturity	3,498,214	9,430,766
Difference
Current through 89 days delinquent	22,526	314,156
Not in foreclosure	(6,099)	(713)
In foreclosure	(5,341)	(1,726)
Total difference	$ 11,086	$ 311,717

Fair Value - Measurement Basis,

Fair Value - Measurement Basis, Nonrecurring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	$ 1,942,646	$ 1,297,622
Unsecured Senior Notes	1,779,920	1,776,219
Term Notes
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,794,475	1,297,622
Unsecured senior note
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	1,779,920	1,776,219
Nonrecurring basis
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	1,850	2,588
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Real estate acquired in settlement of loans	523	799	$ 814
Nonrecurring basis | Level 3
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	1,850	2,588
Total | Term Notes
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,677,476	1,302,640
Total | Unsecured senior note
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	$ 1,550,750	$ 1,790,375

Fair Value - Level 3 Unobservab

Fair Value - Level 3 Unobservable Inputs, Mortgage Loans and IRLC (Details) $ in Thousands	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Excess servicing spread financing
Loans held for sale | $	$ 3,509,300	$ 9,742,483
Mortgage loans held for sale
Excess servicing spread financing
Loans held for sale | $	3,509,300	9,742,483
Mortgage loans held for sale | Level 3
Excess servicing spread financing
Loans held for sale | $	$ 345,772	$ 1,128,876
Mortgage loans held for sale | Discount rate | Level 3 | Minimum
Excess servicing spread financing
Input	5.5	2.2
Mortgage loans held for sale | Discount rate | Level 3 | Maximum
Excess servicing spread financing
Input	10.2	9.2
Mortgage loans held for sale | Discount rate | Level 3 | Weighted average
Excess servicing spread financing
Input	5.7	2.3
Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Minimum
Excess servicing spread financing
Input	(1.9)	6.1
Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Maximum
Excess servicing spread financing
Input	(1.7)	6.5
Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Weighted average
Excess servicing spread financing
Input	(1.8)	6.2
Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Minimum
Excess servicing spread financing
Input	4.7	0.4
Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Maximum
Excess servicing spread financing
Input	25.6	30.3
Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Weighted average
Excess servicing spread financing
Input	21.6	22
Mortgage loans held for sale | Total prepayment speed | Level 3 | Minimum
Excess servicing spread financing
Input	4.8	0.4
Mortgage loans held for sale | Total prepayment speed | Level 3 | Maximum
Excess servicing spread financing
Input	36.1	39.3
Mortgage loans held for sale | Total prepayment speed | Level 3 | Weighted average
Excess servicing spread financing
Input	29.4	28.2
Interest rate lock commitments | Level 3
Excess servicing spread financing
Interest rate lock commitment | $	$ 25,844	$ 322,193
Interest rate lock commitments | Pull-through rate | Level 3 | Minimum
Excess servicing spread financing
Input	10.3	8
Interest rate lock commitments | Pull-through rate | Level 3 | Maximum
Excess servicing spread financing
Input	100	100
Interest rate lock commitments | Pull-through rate | Level 3 | Weighted average
Excess servicing spread financing
Input	82.8	78.4
Interest rate lock commitments | Mortgage servicing rights value expressed as servicing fee multiple | Level 3 | Minimum
Excess servicing spread financing
Input	(1.3)	(8.5)
Interest rate lock commitments | Mortgage servicing rights value expressed as servicing fee multiple | Level 3 | Maximum
Excess servicing spread financing
Input	7.7	6.7
Interest rate lock commitments | Mortgage servicing rights value expressed as servicing fee multiple | Level 3 | Weighted average
Excess servicing spread financing
Input	4.3	3.8
Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Minimum
Excess servicing spread financing
Input	(0.2)	(1.6)
Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Maximum
Excess servicing spread financing
Input	3.8	3.6
Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Weighted average
Excess servicing spread financing
Input	2	1.5

Fair Value - Level 3 Unobserv_2

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights - Initial Recognition (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($) item
Mortgage servicing rights
Inputs
Amount recognized | $	$ 1,718,094,000	$ 1,861,949,000	$ 1,138,045,000
Total | Mortgage servicing rights | Level 3 | Minimum
Inputs:
Annual per-loan cost of servicing | $	68	79
Total | Mortgage servicing rights | Level 3 | Maximum
Inputs:
Annual per-loan cost of servicing | $	144	197
Total | Mortgage servicing rights | Level 3 | Weighted average
Inputs:
Annual per-loan cost of servicing | $	$ 109	$ 108
Total | Mortgage servicing rights | Pricing spread | Level 3 | Minimum
Inputs:
Input	4.9	5.3
Total | Mortgage servicing rights | Pricing spread | Level 3 | Maximum
Inputs:
Input	14.3	15.5
Total | Mortgage servicing rights | Pricing spread | Level 3 | Weighted average
Inputs:
Input	6.5	7.7
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Minimum
Inputs:
Input	5	7.9
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Maximum
Inputs:
Input	17.7	26.7
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Weighted average
Inputs:
Input	7.5	10.7
Total | Mortgage servicing rights | Life | Level 3 | Minimum
Inputs:
Input	3.7	3.1
Total | Mortgage servicing rights | Life | Level 3 | Maximum
Inputs:
Input	9.3	7.7
Total | Mortgage servicing rights | Life | Level 3 | Weighted average
Inputs:
Input	8.4	6.8
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3
Inputs
Amount recognized | $	$ 1,718,094,000	$ 1,861,949,000	1,138,045,000
Unpaid principal balance of underlying loans | $	$ 83,569,657,000	$ 138,319,425,000	$ 96,571,835,000
Weighted-average servicing fee rate (as a percent)	0.44%	0.34%	0.35%
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | Minimum
Inputs:
Annual per-loan cost of servicing | $	$ 71	$ 80	$ 77
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | Maximum
Inputs:
Annual per-loan cost of servicing | $	177	117	117
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | Weighted average
Inputs:
Annual per-loan cost of servicing | $	$ 104	$ 103	$ 102
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Minimum
Inputs:
Input	5.5	6	6.8
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Maximum
Inputs:
Input	16.1	16.9	18.1
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Weighted average
Inputs:
Input	7.8	8.8	9.4
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Minimum
Inputs:
Input	5.1	6.1	7.2
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Maximum
Inputs:
Input	23.4	31.4	49.8
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Weighted average
Inputs:
Input	9.4	8.6	11.9
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Minimum
Inputs:
Input	3.7	3	1.5
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Maximum
Inputs:
Input	9.4	9.2	9.1
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Weighted average
Inputs:
Input	8.1	8.1	6.7

Fair Value - Level 3 Unobserv_3

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights, Effect of Change In Inputs on Fair Value (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
MSR and pool characteristics
Carrying value	$ 5,953,621,000	$ 3,878,078,000
Mortgage servicing liabilities | Level 3
Prepayment speed
Annual per-loan cost of servicing	1,177	1,406
Total | Mortgage servicing rights | Level 3
MSR and pool characteristics
Carrying value	5,953,621,000	3,878,078,000
Unpaid principal balance of underlying loans	$ 314,567,639,000	$ 278,324,780,000
Weighted-average note interest rate (as a percent)	3.40%	3.20%
Weighted-average servicing fee rate (as a percent)	0.36%	0.34%
Pricing spread
Effect on fair value of 5% adverse change	$ (81,021,000)	$ (59,577,000)
Effect on fair value of 10% adverse change	(159,863,000)	(117,352,000)
Effect on fair value of 20% adverse change	(311,329,000)	(227,791,000)
Prepayment speed
Effect on fair value of 5% adverse change	(77,346,000)	(80,109,000)
Effect on fair value of 10% adverse change	(152,192,000)	(157,252,000)
Effect on fair value of 20% adverse change	(294,872,000)	(303,259,000)
Annual per-loan cost of servicing
Effect on fair value of 5% adverse change	(41,263,000)	(32,979,000)
Effect on fair value of 10% adverse change	(82,527,000)	(65,958,000)
Effect on fair value of 20% adverse change	(165,053,000)	(131,916,000)
Total | Mortgage servicing rights | Level 3 | Minimum
Prepayment speed
Annual per-loan cost of servicing	68	79
Total | Mortgage servicing rights | Level 3 | Maximum
Prepayment speed
Annual per-loan cost of servicing	144	197
Total | Mortgage servicing rights | Level 3 | Weighted average
Prepayment speed
Annual per-loan cost of servicing	$ 109	$ 108
Total | Mortgage servicing rights | Pricing spread | Level 3 | Minimum
Inputs
Input | item	4.9	5.3
Total | Mortgage servicing rights | Pricing spread | Level 3 | Maximum
Inputs
Input | item	14.3	15.5
Total | Mortgage servicing rights | Pricing spread | Level 3 | Weighted average
Inputs
Input | item	6.5	7.7
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Minimum
Inputs
Input | item	5	7.9
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Maximum
Inputs
Input | item	17.7	26.7
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Weighted average
Inputs
Input | item	7.5	10.7
Total | Mortgage servicing rights | Life | Level 3 | Minimum
Inputs
Input | item	3.7	3.1
Total | Mortgage servicing rights | Life | Level 3 | Maximum
Inputs
Input | item	9.3	7.7
Total | Mortgage servicing rights | Life | Level 3 | Weighted average
Inputs
Input | item	8.4	6.8

Fair Value - Level 3 Unobserv_4

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Liabilities (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	$ 2,096,000	$ 2,816,000
Mortgage servicing liabilities | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	2,096,000	2,816,000
Unpaid principal balance of underlying loans	$ 33,157,000	$ 60,593,000
Servicing fee rate (as a percent)	0.25%	0.25%
Annual per-loan cost of servicing	$ 1,177	$ 1,406
Mortgage servicing liabilities | Pricing spread | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input | item	7.8	6.9
Mortgage servicing liabilities | Annual total prepayment speed | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input | item	17.2	19.8
Mortgage servicing liabilities | Life | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input | item	4.9	4.1

Loans Held for Sale at Fair V_3

Loans Held for Sale at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 3,509,300	$ 9,742,483
Government-insured or guaranteed
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	2,006,157	6,030,518
Conventional mortgage loans
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	1,145,053	2,583,089
Jumbo Loan
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	12,318
Mortgage loans purchased from Ginnie Mae pools serviced by the entity
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	257,175	1,082,444
Mortgage loans repurchased pursuant to representations and warranties
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	42,008	46,432
Home equity lines of credit
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	46,589
Asset Pledged as Collateral without Right
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	3,442,847	9,135,577
Asset Pledged as Collateral without Right | Loan Repo Facility
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	3,139,870	8,629,861
Asset Pledged as Collateral without Right | Mortgage Loan Participation and Sale Agreement member
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 302,977	$ 505,716

Derivative Activities - Other I

Derivative Activities - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative assets:
Margin deposits placed with counterparties	$ (55,968)	$ (100,482)
Derivative asset, before netting	157,995	398,672
Netting	(58,992)	(64,977)
Total derivative assets	99,003	333,695
Derivative liabilities:
Derivative liability, before netting	83,246	54,702
Netting	(61,534)	(32,096)
Net amounts of liabilities presented in the consolidated balance sheet	21,712	22,606
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(631,484)	(475,215)	$ 918,180
Repurchase agreement derivative
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments			83
Interest rate lock commitments and loans held for sale
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	1,326,964	319,141	(650,898)
Mortgage servicing rights
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(631,484)	(475,215)	918,180
Margin Deposits
Derivative assets:
Collateral placed with (received from) derivative counterparties	2,542	(32,881)
Interest rate lock commitments
Derivative assets:
Total derivative assets	36,728	323,473
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(296,349)	(354,833)	$ 540,376
Not designated as hedging instrument | Interest rate lock commitments
Derivative Instruments
Notional amount	7,009,119	14,111,795
Derivative assets:
Derivative asset, before netting	36,728	323,473
Derivative liabilities:
Derivative liability, before netting	10,884	1,280
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	14,111,795
Balance at end of period	7,009,119	14,111,795
Not designated as hedging instrument | Forward contracts | Purchases
Derivative Instruments
Notional amount	8,320,849	22,007,383
Derivative assets:
Derivative asset, before netting	2,433	20,485
Derivative liabilities:
Derivative liability, before netting	48,670	18,007
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	22,007,383
Balance at end of period	8,320,849	22,007,383
Not designated as hedging instrument | Forward contracts | Sales
Derivative Instruments
Notional amount	12,487,760	34,429,676
Derivative assets:
Derivative asset, before netting	80,754	40,215
Derivative liabilities:
Derivative liability, before netting	20,684	35,415
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	34,429,676
Balance at end of period	12,487,760	34,429,676
Not designated as hedging instrument | MBS put options
Derivative Instruments
Notional amount	1,750,000	9,550,000
Derivative assets:
Derivative asset, before netting	6,057	7,655
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	9,550,000
Balance at end of period	1,750,000	9,550,000
Not designated as hedging instrument | Swaptions | Purchases
Derivative Instruments
Notional amount		5,375,000
Derivative assets:
Derivative asset, before netting		1,625
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	5,375,000
Balance at end of period		5,375,000
Not designated as hedging instrument | Put options on Eurodollar futures | Purchases
Derivative Instruments
Notional amount	6,800,000	2,450,000
Derivative assets:
Derivative asset, before netting	29,203	3,141
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	2,450,000
Balance at end of period	6,800,000	2,450,000
Not designated as hedging instrument | Put options on Eurodollar futures | Sales
Derivative Instruments
Notional amount	250,000
Derivative liabilities:
Derivative liability, before netting	3,008
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at end of period	250,000
Not designated as hedging instrument | Call options on Eurodollar futures | Purchases
Derivative Instruments
Notional amount	1,350,000	1,250,000
Derivative assets:
Derivative asset, before netting	2,820	2,078
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	1,250,000
Balance at end of period	1,350,000	1,250,000
Not designated as hedging instrument | Treasury future | Purchases
Derivative Instruments
Notional amount	3,709,200	1,544,800
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	1,544,800
Balance at end of period	3,709,200	1,544,800
Not designated as hedging instrument | Treasury future | Sales
Derivative Instruments
Notional amount	3,456,900	1,925,000
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	1,925,000
Balance at end of period	3,456,900	1,925,000
Not designated as hedging instrument | Interest rate swap futures | Purchases
Derivative Instruments
Notional amount		3,010,600
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	3,010,600
Balance at end of period		3,010,600
Not designated as hedging instrument | Interest rate swap futures | Sales
Derivative Instruments
Notional amount		2,187,200
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of period	$ 2,187,200
Balance at end of period		$ 2,187,200

Derivative Activities - Offsett

Derivative Activities - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives subject to master netting arrangements:
Gross amounts offset in the consolidated balance sheet	$ (58,992)	$ (64,977)
Total
Gross amounts of recognized assets	157,995	398,672
Net amounts of assets presented in the balance sheet	99,003	333,695
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	$ 36,728	$ 323,473

Derivative Activities - Offse_2

Derivative Activities - Offsetting of Derivative Assets - Derivative Assets, Financial Assets, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total
Net amounts of assets presented in the balance sheet	$ 99,003	$ 333,695
Net amount		333,695
RJ O'Brien
Total
Net amounts of assets presented in the balance sheet	29,016	5,219
Net amount		5,219
Morgan Stanley Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	18,501
Citibank, N.A.
Total
Net amounts of assets presented in the balance sheet	5,098
Goldman Sachs
Total
Net amounts of assets presented in the balance sheet	5,757
Bank of America, N.A.
Total
Net amounts of assets presented in the balance sheet	1,519	3,005
Net amount		3,005
Other
Total
Net amounts of assets presented in the balance sheet	2,384	1,998
Net amount		1,998
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	$ 36,728	323,473
Net amount		$ 323,473

Derivative Activities - Offse_3

Derivative Activities - Offsetting of Derivative Assets - Offsetting of Derivative and Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives: Subject to master netting arrangements:
Netting	$ (61,534)	$ (32,096)
Total.
Gross amounts of recognized liabilities	83,246	54,702
Net amounts of liabilities presented in the consolidated balance sheet	21,712	22,606
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	3,004,690
Debt Issuance Costs
Net amount of liabilities in the consolidated balance sheet	3,001,283	7,292,735
Total
Net amounts of liabilities presented in the consolidated balance sheet	3,026,402	7,319,966
Net amount of liabilities in the consolidated balance sheet	21,712	22,606
Loan Repo Facility
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	3,004,690	7,297,360
Debt Issuance Costs
Debt issuance costs, gross	(3,407)	(4,625)
Net amount of liabilities in the consolidated balance sheet	3,001,283	7,292,735
Interest rate lock commitments
Total
Net amounts of liabilities presented in the consolidated balance sheet	10,884	1,280
Net amount of liabilities in the consolidated balance sheet	$ 10,884	$ 1,280

Derivative Activities - Offse_4

Derivative Activities - Offsetting of Derivative Assets - Derivative Liabilities, Financial Liabilities, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	$ 3,026,402	$ 7,319,966
Financial instruments	(3,004,690)	(7,297,360)
Net amount of liabilities in the consolidated balance sheet	21,712	22,606
Credit Suisse First Boston Mortgage Capital LLC
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	970,725	1,974,278
Financial instruments	(968,804)	(1,969,670)
Net amount of liabilities in the consolidated balance sheet	1,921	4,608
JP Morgan
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	211,713	300,912
Financial instruments	(211,713)	(300,912)
Bank of America, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	567,745	1,758,690
Financial instruments	(567,745)	(1,758,690)
Barclays
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	80,276	677,419
Financial instruments	(79,295)	(676,685)
Net amount of liabilities in the consolidated balance sheet	981	734
Citibank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	94,211	403,003
Financial instruments	(94,211)	(402,806)
Net amount of liabilities in the consolidated balance sheet		197
Royal Bank of Canada
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	381,893	496,064
Financial instruments	(381,893)	(496,064)
BNP Paribas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	300,280	349,172
Financial instruments	(300,280)	(349,172)
Morgan Stanley Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	114,277	299,580
Financial instruments	(114,277)	(292,105)
Net amount of liabilities in the consolidated balance sheet		7,475
Wells Fargo Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	228,181	203,779
Financial instruments	(221,986)	(200,338)
Net amount of liabilities in the consolidated balance sheet	6,195	3,441
Goldman Sachs
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	64,486	853,147
Financial instruments	(64,486)	(850,918)
Net amount of liabilities in the consolidated balance sheet		2,229
Other
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,731	2,642
Net amount of liabilities in the consolidated balance sheet	1,731	2,642
Interest rate lock commitments
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	10,884	1,280
Net amount of liabilities in the consolidated balance sheet	$ 10,884	$ 1,280

Mortgage Servicing Rights and_3

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Activity in MSRs at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in fair value due to:
Total change in fair value	$ (354,176)	$ 415,906	$ 1,501,993
Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period	3,878,078	2,581,174	2,926,790
Additions - Resulting from loan sales	1,718,094	1,861,949	1,138,045
Additions - Purchases (purchase adjustments)	3,993		25,473
Additions	1,722,087	1,861,949	1,163,518
Change in fair value due to:
Changes in valuation inputs used in valuation model	877,324	(136,350)	(1,078,084)
Other changes in fair value	(523,868)	(428,695)	(431,050)
Total change in fair value	353,456	(565,045)	(1,509,134)
Balance at end of period	5,953,621	3,878,078	2,581,174
UPB of underlying loan at end of period	$ 314,567,639	$ 278,324,780	$ 238,410,809
Asset Pledged as Collateral without Right
Change in fair value due to:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Asset Pledged as Collateral without Right | Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period	$ 3,856,791
Change in fair value due to:
Balance at end of period	$ 5,897,613	$ 3,856,791
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable

Mortgage Servicing Rights and_4

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Mortgage Servicing Liabilities Carried at FV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortized cost:
Mortgage servicing liabilities resulting from loan sales		$ 106,631	$ 23,325
Mortgage servicing liabilities
Amortized cost:
Balance at beginning of year	$ 2,816	45,324	29,140
Mortgage servicing liabilities resulting from loan sales		106,631	23,325
Changes in valuation inputs used in valuation model	(347)	(68,020)	31,757
Other changes in fair value	(373)	(81,119)	(38,898)
Total change in fair value	(720)	(149,139)	(7,141)
Balance at end of year	2,096	2,816	45,324
UPB of underlying loan at end of period	$ 33,157	$ 60,593	$ 2,857,492

Mortgage Servicing Rights and_5

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Servicing, Late, Ancillary and Other Fees Relating to MSRs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other fees:
Loan servicing fees	$ 1,228,637	$ 1,075,112	$ 998,291
Mortgage servicing rights
Contractual servicing fees	1,054,828	875,570	814,646
Other fees:
Late charges	40,583	29,848	36,339
Other	13,742	29,505	25,543
Loan servicing fees	$ 1,109,153	$ 934,923	$ 876,528

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating lease option to extend	true
Lease expenses:
Operating leases	$ 19,779	$ 18,363	$ 16,223
Short-term leases	778	904	1,153
Sublease income	(46)
Total lease cost	20,511	19,267	17,376
Payments for operating leases	23,475	20,145	16,524
Right-of-use assets obtained in exchange for lease obligations	$ 1,364	$ 28,401	$ 14,128
Remaining lease term (in year)	4 years 9 months 18 days	5 years 8 months 12 days	6 years 3 months 18 days
Discount rate (as a percent)	3.80%	4%	4.10%
Operating lease liabilities
2023	$ 24,228
2024	19,523
2025	18,645
2026	14,322
2027	6,799
Thereafter	12,039
Total lease payments	95,556
Less imputed interest	(10,006)
Total	$ 85,550	$ 110,003
Minimum
Leases
Remaining operating lease term	1 year
Maximum
Leases
Remaining operating lease term	10 years
Operating lease renewal term	5 years

Other Assets - Other (Details)

Other Assets - Other (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying value:
Capitalized software, net	$ 157,460	$ 109,480
Derivative settlements receivable	1,522	20,026
Prepaid Expense	38,780	64,924
Servicing fee receivables, net	31,356	23,672
Furniture, fixtures, equipment and building improvements, net	28,382	31,677
Other servicing receivables	24,854	113,820
Interest receivable	24,110	9,688
Deposits	12,277	36,632
Real estate acquired in settlement of loans	11,497	7,474
Margin deposits	55,968	100,482
Other	31,701	98,741
Other assets	417,907	616,616
Asset Pledged as Collateral without Right
Carrying value:
Other assets	12,277	45,294
Asset Pledged as Collateral without Right | Deposits.
Carrying value:
Other assets	$ 12,277	36,632
Asset Pledged as Collateral without Right | Capitalized software
Carrying value:
Other assets		4,546
Asset Pledged as Collateral without Right | Furniture, fixtures and equipment
Carrying value:
Other assets		$ 4,116

Other Assets - Furniture, Fixtu

Other Assets - Furniture, Fixtures, Equipment and Building Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Furniture, fixtures, equipment and building improvements
Furniture, Fixtures, Equipment and Building Improvements, net	$ 28,382	$ 31,677
Depreciation and amortization expense	34,409	28,645	$ 25,575
Furniture, Fixtures, Equipment and Building Improvements
Furniture, fixtures, equipment and building improvements
Furniture, fixtures, equipment and building improvements	82,721	75,562
Less: accumulated depreciation and amortization	(54,339)	(43,885)
Furniture, Fixtures, Equipment and Building Improvements, net	28,382	31,677
Depreciation and amortization expense	$ 10,454	$ 8,439	$ 8,934

Other Assets - Capitalized Soft

Other Assets - Capitalized Software (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Software
Capitalized Computer Software, Net, Total	$ 157,460	$ 109,480
Software amortization expense	23,955	20,206	$ 16,641
Impairment of capitalized software		728	$ 13,145
Capitalized software
Capitalized Software
Cost	231,341	159,407
Less: Accumulated amortization	(73,881)	(49,927)
Capitalized Computer Software, Net, Total	$ 157,460	$ 109,480

Short-Term Borrowings - Assets

Short-Term Borrowings - Assets Sold Under Agreement to Repurchase (Details) - USD ($) $ in Thousands			12 Months Ended
	Apr. 28, 2021	Dec. 19, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying value:
Net amounts of liabilities presented in the consolidated balance sheet			$ 3,004,690
Total loans sold under agreements to repurchase			3,001,283	$ 7,292,735
Loans held for sale			3,509,300	9,742,483
Servicing advances, net			696,753	702,160
Mortgage servicing rights, at fair value			5,953,621	3,878,078
Other Assets			417,907	616,616
Margin deposits placed with counterparties			55,968	100,482
PennyMac Holdings, L L C Repurchase Agreement
Carrying value:
Maximum principal balance of VFN		$ 2,000,000
Note Payable
During the period:
Average balance of assets sold under agreements to repurchase			1,584,383	1,300,000	$ 1,300,000
Carrying value:
Amortization of debt issuance costs			2,500	2,200	1,800
Loan Repo Facility
During the period:
Average balance of assets sold under agreements to repurchase			$ 2,580,513	$ 6,911,843	$ 3,348,928
Weighted-average interest rate (as a percent)			3.59%	2.09%	2.91%
Total interest expense			$ 105,459	$ 164,132	$ 112,778
Maximum daily amount outstanding			7,289,147	10,969,029	9,663,995
Carrying value:
Unpaid principal balance under committed facilities			2,476,073	5,079,581
Unpaid principal balance under uncommitted facilities			528,617	2,217,779
Net amounts of liabilities presented in the consolidated balance sheet			3,004,690	7,297,360
Unamortized debt issuance costs and premiums			(3,407)	(4,625)
Total loans sold under agreements to repurchase			$ 3,001,283	$ 7,292,735
Weighted average interest rate (as a percent)			6%	1.83%
Available borrowing capacity committed			$ 1,078,927	$ 285,419
Available borrowing capacity uncommitted			5,391,383	8,417,221
Available borrowing capacity			6,470,310	8,702,640
Amortization of debt issuance costs			12,900	19,400	$ 15,300
FMSR VFN Repurchase Agreement
Carrying value:
Maximum principal balance of VFN	$ 250,000
Maximum principal balance of VFN	$ 1,000,000
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale			3,442,847	9,135,577
Servicing advances, net			$ 381,379	$ 232,107
Assets, Pledging Purpose [Extensible Enumeration]			Notes Payable	Notes Payable
Mortgage servicing rights, at fair value			$ 5,897,613	$ 3,856,791
Other Assets			$ 12,277	$ 45,294
Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]			Notes Payable	Notes Payable
Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]			Notes Payable	Notes Payable
Asset Pledged as Collateral without Right | Note Payable | Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value			$ 5,897,613	$ 3,856,791
Asset Pledged as Collateral without Right | Note Payable | Servicing advances
Carrying value:
Servicing advances, net			381,379	232,107
Asset Pledged as Collateral without Right | Loan Repo Facility | Servicing advances
Carrying value:
Servicing advances, net			381,379	232,107
Asset Pledged as Collateral without Right | Loan Repo Facility | Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value			5,339,513	3,552,812
Asset Pledged as Collateral without Right | Mortgage loans held for sale | Loan Repo Facility | Loans held for sale
Carrying value:
Loans held for sale			3,139,870	8,629,861
Asset Pledged as Collateral without Right | Deposits.
Carrying value:
Other Assets			12,277	36,632
Asset Pledged as Collateral without Right | Deposits. | Loan Repo Facility | Deposits
Carrying value:
Other Assets			$ 12,277	$ 36,632

Short-Term Borrowings - Maturit

Short-Term Borrowings - Maturities of Outstanding Advances Under Repurchase Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 3,004,690
Weighted-average maturity (in months)	3 months
Within 30 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 300,240
Over 30 to 90 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	2,221,473
Over 90 to 180 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	372,517
Over 180 days to one year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	10,460
Over one year to two year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 100,000

Short-Term Borrowings - Mortgag

Short-Term Borrowings - Mortgage Loans Sold Under Agreement to Repurchase by Counterparty (Details) - Loan Repo Facility $ in Thousands	Dec. 31, 2022 USD ($)
Credit Suisse First Boston Mortgage Capital LLC Tranche Two
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 3,831,311
Credit Suisse First Boston Mortgage Capital LLC Tranche One
Mortgage loans sold under agreement to repurchase
Amount at risk	75,634
Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	68,918
JP Morgan Chase Bank
Mortgage loans sold under agreement to repurchase
Amount at risk	13,316
JP Morgan
Mortgage loans sold under agreement to repurchase
Amount at risk	11,908
BNP Paribas
Mortgage loans sold under agreement to repurchase
Amount at risk	11,131
Barclays
Mortgage loans sold under agreement to repurchase
Amount at risk	7,248
Goldman Sachs
Mortgage loans sold under agreement to repurchase
Amount at risk	4,326
Citibank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	1,657
Morgan Stanley Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	8,310
Royal Bank of Canada
Mortgage loans sold under agreement to repurchase
Amount at risk	19,895
Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 9,664

Short-Term Borrowings - Mortg_2

Short-Term Borrowings - Mortgage Loan Participation and Sale Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 30, 2021
Carrying value:
Loans held for sale	$ 3,509,300,000	$ 9,742,483,000
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	287,592,000	479,845,000
Mortgage Loan Participation and Sale Agreement member
During the period:
Average balance	$ 211,035,000	$ 249,255,000	$ 226,689,000
Weighted-average interest rate (as a percent)	3.16%	1.39%	1.88%
Total interest expense	$ 7,314,000	$ 4,153,000	$ 4,933,000
Maximum daily amount outstanding	515,043,000	532,819,000	540,977,000
Carrying value:
Unpaid principal balance of mortgage loan participation and sale agreement secured by mortgage loan participation certificates	287,943,000	479,845,000
Unamortized debt issuance costs	(351,000)
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 287,592,000	$ 479,845,000
Weighted average interest rate (as a percent)	5.71%	1.48%
Amortization of debt issuance costs	$ 651,000	$ 688,000	662,000
Note Payable
Carrying value:
Unamortized debt issuance costs	(7,354,000)	(2,378,000)
Amortization of debt issuance costs	2,500,000	2,200,000	$ 1,800,000
Syndicated Repurchase Agreement
Short-term Debt [Line Items]
Previous maximum aggregate purchase price				$ 400,000,000
Maximum aggregate purchase price				500,000,000
Syndicated Repurchase Agreement SAR
Short-term Debt [Line Items]
Maximum aggregate purchase price				$ 600,000,000
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	3,442,847,000	9,135,577,000
Asset Pledged as Collateral without Right | Mortgage Loan Participation and Sale Agreement member
Carrying value:
Loans held for sale	302,977,000	505,716,000
Asset Pledged as Collateral without Right | Mortgage Loan Participation and Sale Agreement member | Mortgage Loan Participation and Sale Agreement member
Carrying value:
Loans held for sale	$ 302,977,000	$ 505,716,000

Long-Term Debt - Note Payable (

Long-Term Debt - Note Payable (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 16, 2022	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
During the period:
Unpaid principal balance			$ 3,004,690,000	$ 3,004,690,000
Carrying value:
Notes payable			1,942,646,000	1,942,646,000	$ 1,297,622,000
Unsecured senior notes			1,779,920,000	1,779,920,000	1,776,219,000
Servicing advances, net			696,753,000	696,753,000	702,160,000
Mortgage servicing rights, at fair value			5,953,621,000	5,953,621,000	3,878,078,000
Other Assets			$ 417,907,000	417,907,000	616,616,000
Notes payable
Debt instrument option to extend period			2 years
Asset Pledged as Collateral without Right
Carrying value:
Servicing advances, net			$ 381,379,000	381,379,000	232,107,000
Mortgage servicing rights, at fair value			$ 5,897,613,000	$ 5,897,613,000	$ 3,856,791,000
Assets, Pledging Purpose [Extensible Enumeration]			Notes payable	Notes payable	Notes payable
Other Assets			$ 12,277,000	$ 12,277,000	$ 45,294,000
Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]			Notes payable	Notes payable	Notes payable
Asset Pledged as Collateral without Right | Deposits.
Carrying value:
Other Assets			$ 12,277,000	$ 12,277,000	$ 36,632,000
Note Payable
During the period:
Average balance				$ 1,584,383,000	$ 1,300,000,000	$ 1,300,000,000
Weighted-average interest rate (as a percent)				4.88%	2.89%	3.42%
Total interest expense				$ 79,813,000	$ 39,782,000	$ 46,222,000
Carrying value:
Unpaid principal balance			1,950,000,000	1,950,000,000	1,300,000,000
Unamortized debt issuance costs			(7,354,000)	(7,354,000)	(2,378,000)
Notes payable			$ 1,942,646,000	$ 1,942,646,000	$ 1,297,622,000
Weighted-average interest rate (as a percent)			7.46%	7.46%	2.84%
Amortization of Financing Costs				$ 2,500,000	$ 2,200,000	1,800,000
Notes payable
Maximum loan amount			$ 1,800,000,000	1,800,000,000
Debt instrument extension period		2 years
Note Payable | SOFR
Notes payable
Maximum loan amount	$ 400,000,000
Committed amount of debt instrument	$ 350,000,000
Description of variable rate	SOFR
Note Payable | Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value			5,897,613,000	5,897,613,000	3,856,791,000
Note Payable | Asset Pledged as Collateral without Right | Servicing advances
Carrying value:
Servicing advances, net			381,379,000	381,379,000	232,107,000
Note Payable | Asset Pledged as Collateral without Right | Deposits. | Deposit
Carrying value:
Other Assets			12,277,000	$ 12,277,000	36,632,000
Notes Payable Term Loan 2018-GT1
Notes payable
Debt instrument option to extend period				2 years
Debt instrument extension period		2 years
Notes Payable Term Loan 2018-GT1 | LIBOR
Notes payable
Maximum loan amount			650,000,000	$ 650,000,000
Interest rate spread				2.85%
Notes Payable Term Loan 2018-GT2
Notes payable
Debt instrument option to extend period				2 years
Notes Payable Term Loan 2018-GT2 | LIBOR
Notes payable
Maximum loan amount			650,000,000	$ 650,000,000
Interest rate spread				2.65%
Notes Payable Term Loan 2022-GT1 | SOFR
Notes payable
Maximum loan amount			500,000,000	$ 500,000,000
Interest rate spread				4.25%
Unsecured Senior Note
During the period:
Average balance				$ 1,800,000,000	$ 1,373,562,000	$ 158,743,000
Weighted-average interest rate (as a percent)				5.07%	4.94%	5.38%
Total interest expense				$ 95,014,000	$ 70,208,000	$ 8,774,000
Carrying value:
Unpaid principal balance			1,800,000,000	1,800,000,000	1,800,000,000
Unamortized debt issuance costs			(20,080,000)	(20,080,000)	(23,781,000)
Unsecured senior notes			$ 1,779,920,000	$ 1,779,920,000	$ 1,776,219,000
Weighted-average interest rate (as a percent)			5.07%	5.07%	5.07%
Amortization of Financing Costs				$ 3,700,000	$ 2,300,000	$ 225,000
Notes payable
Maximum loan amount			$ 1,800,000,000	$ 1,800,000,000
Redemption rate (as a percent)				100%
Unsecured Senior Note | Before October 15, 2022 with up to 40% principal redeemed
Notes payable
Redemption rate (as a percent)				40%
Unsecured Senior Notes One Due October 2025
Notes payable
Maximum loan amount			500,000,000	$ 500,000,000
Coupon Rate (as a percent)				5.38%
Unsecured Senior Notes Two Due October 2025
Notes payable
Maximum loan amount			150,000,000	$ 150,000,000
Coupon Rate (as a percent)				5.38%
Unsecured Senior Notes Due February 2029
Notes payable
Maximum loan amount			650,000,000	$ 650,000,000
Coupon Rate (as a percent)				4.25%
Unsecured Senior Notes Due September 2031
Notes payable
Maximum loan amount			500,000,000	$ 500,000,000
Coupon Rate (as a percent)				5.75%
Loan and Security Agreement
Carrying value:
Unpaid principal balance			150,000,000	$ 150,000,000
Term Loan Notes Payable
Carrying value:
Unpaid principal balance			$ 1,800,000,000	$ 1,800,000,000	$ 1,300,000,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2023	Dec. 31, 2022
Long-Term debt
2023		$ 1,300,000
2024		150,000
2025		650,000
2027		500,000
Thereafter		1,150,000
Total		3,750,000
Note Payable
Long-Term debt
2023		1,300,000
2024		150,000
2027		500,000
Total		1,950,000
Debt instrument extension amount	$ 650,000
Debt instrument extension period	2 years
Unsecured Senior Note
Long-Term debt
2025		650,000
Thereafter		1,150,000
Total		$ 1,800,000

Long-Term Debt - Obligations Un

Long-Term Debt - Obligations Under Capital Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Average balance	$ 848	$ 7,999	$ 16,224
Weighted average interest rate	2.18%	2.11%	2.62%
Total interest expense	$ 20	$ 169	$ 425
Maximum daily amount outstanding	3,489	11,864	$ 20,810
Unpaid principal balance		$ 3,489
Weighted average interest rate		2.11%
Other Assets	417,907	$ 616,616
Asset Pledged as Collateral without Right
Leases
Other Assets	$ 12,277	45,294
Asset Pledged as Collateral without Right | Capitalized software
Leases
Other Assets		4,546
Asset Pledged as Collateral without Right | Furniture, fixtures and equipment
Leases
Other Assets		$ 4,116

Liability for Losses Under Re_3

Liability for Losses Under Representations and Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
During the period:
Balance at beginning of year	$ 43,521	$ 32,688	$ 21,446
Provision for losses on loans sold resulting from sales of loans	9,617	31,590	21,035
Provision for losses on loans sold resulting from change in estimate	(8,451)	(16,037)	(8,667)
Losses incurred, net	(12,266)	(4,720)	(1,126)
Balance at end of year	32,421	43,521	32,688
Unpaid principal balance of loans subject to representations and warranties at end of period	$ 296,774,121	$ 257,369,777	$ 210,222,447

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense Details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current (benefit) expense:
Federal	$ (2,944)	$ 101,659	$ 378,984
State	(249)	39,551	128,495
Total current expense	(3,193)	141,210	507,479
Deferred (benefit) expense:
Federal	131,670	160,587	61,592
State	61,263	53,896	24,654
Total provision for deferred income taxes	192,933	214,483	86,246
Total provision for income taxes	$ 189,740	$ 355,693	$ 593,725

Income Taxes - General (Details

Income Taxes - General (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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)	21%	21%	21%
State income taxes, net of federal benefit (as a percent)	5.90%	5.40%	5.50%
Tax rate revaluation ( as a percent)	1.20%	0%	(0.10%)
Other (as a percent)	0.40%	(0.20%)	0.10%
Effective income tax rate (as a percent)	28.50%	26.20%	26.50%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Deferred (benefit) expense:
Mortgage servicing rights	$ 326,378	$ 196,697	$ 128,471
Net operating loss	(160,605)		581
Reserves and losses	13,480	15,736	(33,477)
Compensation accruals	10,473	(11,456)	(647)
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock	4,517	4,420	5,200
California franchise taxes	4,447	10,753	(15,200)
Tax credits		50
Other	(5,757)	(1,717)	1,318
Total provision for deferred income taxes	192,933	214,483	$ 86,246
Components of income taxes payable:
Income taxes currently (receivable)	(1,993)	(126,542)
Deferred income tax liabilities, net	1,004,737	811,804
Income taxes payable	1,002,744	685,262
Deferred income tax assets:
Net operating loss carryforward	161,682	1,077
Compensation accruals	42,668	53,141
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock	25,760	30,277
Reserves and losses	33,795	47,275
California franchise tax		4,447
Other	6,159	5,661
Gross deferred income tax assets	270,064	141,878
Deferred income tax liabilities:
Mortgage servicing rights	1,260,181	933,803
Other	14,620	19,879
Gross deferred income tax liabilities	1,274,801	953,682
Deferred income tax liabilities, net	1,004,737	811,804
Net operating loss carryforward	160,600			$ 1,100
Net operating loss carryforward, no expiration date	126,100
Net operating loss carryforwards with most having no expiration or expiring 2042	35,600
Unrecognized tax benefits	0	0
Accrual of interest or penalties related to unrecognized tax benefits	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Other (Details) $ in Billions	Dec. 31, 2022 USD ($)
Commitments and Contingencies.
Total commitments to purchase and fund mortgage loans	$ 7

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended			96 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Aug. 31, 2021	Feb. 28, 2021
Stockholders' Equity
Cost of shares of common stock repurchased	$ 406,086	$ 958,194	$ 337,479
Common Class A [Member]
Stockholders' Equity
Authorized stock repurchase amount					$ 2,000,000	$ 1,000,000
Shares of common stock repurchased	7,788	15,368	8,890	32,862
Cost of shares of common stock repurchased	$ 406,086	$ 958,194	$ 337,479	$ 1,716,707

Net Gains on Loans Held for S_3

Net Gains on Loans Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash (losses) gains:
Loans	$ (2,128,195)	$ 600,840	$ 2,025,260
Hedging activities	1,347,843	443,341	(767,588)
Cash gain (loss), net of effects of cash hedging, on sale of loans held for sale	(780,352)	1,044,181	1,257,672
Non-cash gain:
Mortgage servicing rights and mortgage servicing liabilities resulting from loan sales	1,718,094	1,755,318	1,114,720
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	(9,617)	(31,590)	(21,035)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	8,451	16,037	8,667
Change in fair value of loans and derivatives held at period end:
Interest rate lock commitments	(296,349)	(354,833)	540,376
Loans	188,849	210,961	(326,986)
Hedging derivatives	(20,879)	(124,200)	116,690
Net gains on loans held for sale at fair value	791,633	2,464,401	2,740,785
PennyMac Mortgage Investment Trust
Change in fair value of loans and derivatives held at period end:
Net gains on loans held for sale at fair value	(16,564)	(51,473)	50,681
Non-affiliates
Change in fair value of loans and derivatives held at period end:
Net gains on loans held for sale at fair value	$ 808,197	$ 2,515,874	$ 2,690,104

Net Interest Expense (Details)

Net Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Interest income	$ 294,062	$ 300,169	$ 247,026
Interest expense:
Obligations under capital lease	20	169	425
Interest expense	335,427	390,699	271,551
Net interest expense	(41,365)	(90,530)	(24,525)
PennyMac Mortgage Investment Trust
Interest income:
Interest income		387	3,325
Interest expense:
Interest expense		1,280	8,418
Non-affiliates
Interest income:
Cash and short-term investments	19,839	3,280	6,154
Loans held for sale at fair value	172,124	275,176	184,789
Placement fees relating to custodial funds	102,099	21,326	52,758
Interest income	294,062	299,782	243,701
Interest expense:
Mortgage loan participation purchase and sale agreements	7,314	4,153	4,933
Obligations under capital lease	20	169	425
Notes payable	79,813	39,782	46,222
Unsecured senior notes	95,014	70,208	8,774
Corporate revolving line of credit			1,537
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	40,741	105,430	82,285
Interest on mortgage loan impound deposits	7,066	5,545	6,179
Other	335,427	389,419	263,133
Loan Repo Facility
Interest expense:
Assets sold under agreements to repurchase	105,459	164,132	112,778
Loan Repo Facility | Non-affiliates
Interest expense:
Assets sold under agreements to repurchase	$ 105,459	$ 164,132	$ 112,778

Stock-based Compensation - Othe

Stock-based Compensation - Other (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation
Units available for future awards under 2013 Equity Incentive Plan (in units)		4,600,000
Stock-based compensation expense		$ 42,552	$ 37,794	$ 45,105
Stock Options
Stock-Based Compensation
Granted (in units)		574,000	249,000	876,000
Stock-based compensation expense		$ 9,619	$ 4,444	$ 14,980
Performance-based RSUs
Stock-Based Compensation
Granted (in units)		342,000	310,000	440,000
Vested (in units)	612,000	509,000	634,000	645,000
Stock-based compensation expense		$ 18,096	$ 23,166	$ 20,610
Time-based RSUs
Stock-Based Compensation
Granted (in units)		331,000	173,000	311,000
Vested (in units)		246,000	312,000	357,000
Stock-based compensation expense		$ 14,837	$ 10,184	$ 9,515
Minimum | Stock Options
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		0%	0%	0%
Minimum | Performance-based RSUs
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		0%
Shares earned as a percent of performance goal achievement		0%
Maximum | Stock Options
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		5.10%	6.70%	6.70%
Maximum | Performance-based RSUs
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		20.30%
Shares earned as a percent of performance goal achievement		187.50%

Stock-based Compensation - Perf

Stock-based Compensation - Performance-Based RSUs (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Weighted-average grant date fair value per unit:
Compensation expense recorded during the year | $		$ 42,552	$ 37,794	$ 45,105
Performance-based RSUs
Summary of equity award grants, RSUs
Balance at beginning of year (in units)		1,226,000	1,583,000	1,807,000
Granted (in units)		342,000	310,000	440,000
Vested (in units)	(612,000)	(509,000)	(634,000)	(645,000)
Forfeited or canceled (in units)		(83,000)	(33,000)	(19,000)
Balance at end of year (in units)		976,000	1,226,000	1,583,000
Weighted-average grant date fair value per unit:
Outstanding at beginning of year (in dollars per share) | $ / shares		$ 36.12	$ 27.02	$ 21.67
Granted (in dollars per share) | $ / shares		57.10	58.85	35.95
Vested (in dollars per share) | $ / shares		23.40	24.47	18.16
Forfeited (in dollars per share) | $ / shares		49.14	36.91	26.71
Outstanding at end of year (in dollars per share) | $ / shares		$ 48.94	$ 36.12	$ 27.02
Compensation expense recorded during the year | $		$ 18,096	$ 23,166	$ 20,610
Actually vested (in shares)		654,000	781,000	608,000
Vesting percentage		128	123	94
Unamortized compensation cost | $		$ 12,021
Number of shares expected to vest (in units)		908,000
Weighted average remaining vesting period (in months)		11 months
Minimum | Performance-based RSUs
Stock-Based Compensation
Shares earned as a percent of performance goal achievement		0%
Expected grantee forfeiture rate (as a percent)		0%
Maximum | Performance-based RSUs
Stock-Based Compensation
Shares earned as a percent of performance goal achievement		187.50%
Expected grantee forfeiture rate (as a percent)		20.30%

Stock-based Compensation - Time

Stock-based Compensation - Time-Based RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average grant date fair value per unit:
Compensation expense recorded during the year	$ 42,552	$ 37,794	$ 45,105
Time-based RSUs
Stock-Based Compensation
Percentage of the award vesting at each of the three anniversaries	33%
Summary of equity award grants, RSUs
Balance at beginning of year (in units)	434,000	587,000	642,000
Granted (in units)	331,000	173,000	311,000
Vested (in units)	(246,000)	(312,000)	(357,000)
Forfeited or canceled (in units)	(36,000)	(14,000)	(9,000)
Balance at end of year (in units)	483,000	434,000	587,000
Weighted-average grant date fair value per unit:
Outstanding at beginning of year (in dollars per share)	$ 41.74	$ 29.37	$ 22.40
Granted (in dollars per share)	57.10	58.90	34.98
Vested (in dollars per share)	37.34	28.08	21.75
Forfeited (in dollars per share)	51.97	39.48	28.14
Outstanding at end of year (in dollars per share)	$ 53.71	$ 41.74	$ 29.37
Compensation expense recorded during the year	$ 14,837	$ 10,184	$ 9,515
Unamortized compensation cost	$ 7,214
Number of shares expected to vest (in units)	460,000
Weighted average remaining vesting period (in months)	10 months
Time-based RSUs | Minimum
Stock-Based Compensation
Turnover rates (as a percent)	0
Time-based RSUs | Maximum
Stock-Based Compensation
Turnover rates (as a percent)	20.3
Time-based RSUs | Common Class A [Member]
Stock-Based Compensation
Number of share awarded for each RSU (in shares)	1

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average exercise price per share:
Compensation expense recorded during the year	$ 42,552	$ 37,794	$ 45,105
Stock Options
Stock-Based Compensation
Percentage of the award vesting at each of the three anniversaries	33%
Contractual term of the stock options	10 years		10 years
Fair Value Assumptions
Expected volatility (as a percent)	37%	38%	34%
Expected dividends (as a percent)	1.40%	1.40%	1.40%
Risk-free rate, Minimum (as a percent)	1.10%	0.10%	0.10%
Risk-free rate, Maximum (as a percent)	2.10%	1.70%	1.50%
Summary of equity awards, options
Balance at beginning of year (in units)	3,906,000	4,040,000	3,699,000
Granted (in units)	574,000	249,000	876,000
Exercised (in units)	(155,000)	(377,000)	(530,000)
Forfeited or canceled (in units)	(8,000)	(6,000)	(5,000)
Balance at end of year (in units)	4,317,000	3,906,000	4,040,000
Weighted-average exercise price per share:
Outstanding at beginning of year (in dollars per share)	$ 28.43	$ 28.01	$ 18.40
Granted (in dollars per share)	57.10	58.85	52
Exercised (in dollars per share)	21.09	19.96	17.72
Forfeited	53.10	39.52	20.61
Outstanding at end of year (in dollars per share)	$ 32.46	$ 28.43	$ 28.01
Compensation expense recorded during the year	$ 9,619	$ 4,444	$ 14,980
Number of options exercisable at end of year	3,488,000
Weighted average exercise price per exercisable option	$ 27.09
Weighted-average remaining contractual term:
Outstanding at end of year	5 years 2 months 12 days
Exercisable at end of year	4 years 4 months 24 days
Aggregate intrinsic value
Outstanding at end of year	$ 107,080
Exercisable at end of year	$ 105,114
Number of shares expected to vest	825,000
Weighted-average vesting period (in months)	11 months
Stock Options | Share-Based Payment Arrangement, Tranche One
Stock-Based Compensation
Contractual term of the stock options	1 year
Stock Options | Share-Based Payment Arrangement, Tranche Two
Stock-Based Compensation
Contractual term of the stock options	3 months
Employee Stock Option Ten Year Term
Summary of equity awards, options
Granted (in units)			604,000
Minimum | Stock Options
Fair Value Assumptions
Expected grantee forfeiture rate (as a percent)	0%	0%	0%
Maximum | Stock Options
Fair Value Assumptions
Expected grantee forfeiture rate (as a percent)	5.10%	6.70%	6.70%

Earnings Per Share of Common _3

Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Diluted earnings per share of common stock:
Net income attributable to common stockholders	$ 475,507	$ 1,003,490	$ 1,646,884
Weighted-average common stock outstanding applicable to basic earnings per share (in shares)	53,065	63,799	75,161
Effect of dilutive shares:
Common shares issuable under stock-based compensation plans (in shares)	2,885	3,672	3,567
Weighted-average shares of common stock applicable to diluted earnings per share (in shares)	55,950	67,471	78,728
Basic earnings per share of common stock (in dollars per share)	$ 8.96	$ 15.73	$ 21.91
Diluted earnings per share of common stock (in dollars per share)	$ 8.50	$ 14.87	$ 20.92
Total anti-dilutive shares and units (in shares)	1,682	435	405
Weighted-average exercise price of anti-dilutive stock options (in dollars per share)	$ 58.58	$ 58.85	$ 43.89
Performance-based RSUs
Effect of dilutive shares:
Total anti-dilutive shares and units (in shares)	281	223	322
Time-based RSUs
Effect of dilutive shares:
Total anti-dilutive shares and units (in shares)	62	1
Stock Options
Effect of dilutive shares:
Total anti-dilutive shares and units (in shares)	1,339	211	83

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2015	Dec. 31, 2021
Fannie Mae / Freddie Mac - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth		$ 6,632,627		$ 5,872,064
Capital Requirement		797,748		722,040
Liquidity		1,265,569		316,659
Liquidity requirement		$ 107,768		$ 93,973
Tangible net worth / Total assets ratio actual		39%		32%
Tangible net worth / Total assets ratio requirement		6%		6%
Ginnie Mae - Issuer - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth		$ 5,899,892		$ 5,424,747
Capital Requirement		923,202		976,303
Liquidity		1,265,569		316,659
Liquidity requirement		$ 246,953		$ 220,577
Adjusted net worth / Total assets ratio actual		35%		29%
Adjusted net worth / Total assets ratio requirement		6%		6%
Ginnie Mae - Issuer's parent - PennyMac | 1-4 unit servicing portfolio
Regulatory Net Worth and Agency Capital Requirements
Net worth		$ 2,500
FHFA net worth requirement spread		0.35%
FHFA liquidity spread of UPB serviced		0.10%
Liquidity requirement		$ 1,000
HUD - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth		5,899,892		$ 5,424,747
Capital Requirement		$ 2,500	$ 2,500	$ 2,500
Federal Housing Finance Agency
Regulatory Net Worth and Agency Capital Requirements
FHFA liquidity spread of UPB serviced	0.035%
FHFA additional liquidity spread of UPB in excess of set percent	2%
FHFA additional liquidity spread of UPB excluded	70%
Federal Housing Finance Agency | 1-4 unit servicing portfolio
Regulatory Net Worth and Agency Capital Requirements
FHFA net worth requirement spread			0.25%

Segments (Details)

Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segments and Related Information
Number of segments | item	3
Revenues:
Net gains on loans held for sale at fair value	$ 791,633	$ 2,464,401	$ 2,740,785
Loan origination fees	169,859	384,154	285,551
Fulfillment fees from PennyMac Mortgage Investment Trust	67,991	178,927	222,200
Net loan servicing fees	951,329	182,954	439,448
Net interest income (expense):
Interest income	294,062	300,169	247,026
Interest expense, before non-segment activities	335,427	390,699	271,551
Net interest expense, before non-segment activities	(41,365)	(90,530)	(24,525)
Management fees from PennyMac Mortgage Investment Trust	31,065	37,801	34,538
Other	15,243	9,654	7,600
Total net revenues, before non-segment activities	1,985,755	3,167,361	3,705,597
Expenses	1,320,508	1,808,178	1,464,988
Income (loss) before provision for income taxes and non-segment activities		1,359,183	2,240,609
Income before provision for income taxes	665,247	1,359,183	2,240,609
Assets:
Segment assets at quarter end	16,822,584	18,776,612
PennyMac Mortgage Investment Trust
Revenues:
Net gains on loans held for sale at fair value	(16,564)	(51,473)	50,681
Fulfillment fees from PennyMac Mortgage Investment Trust	$ 67,991	178,927	222,200
Net interest income (expense):
Interest income		387	3,325
Mortgage banking
Segments and Related Information
Number of segments | item	2
Operating segment
Assets:
Segment assets at quarter end	$ 16,822,584	18,776,612	31,597,795
Operating segment | Investment management
Net interest income (expense):
Interest expense, before non-segment activities		10	23
Net interest expense, before non-segment activities		(10)	(23)
Management fees from PennyMac Mortgage Investment Trust	31,065	37,801	34,538
Other	9,013	5,511	5,321
Total net revenues, before non-segment activities	40,078	43,302	39,836
Expenses	36,937	35,208	25,492
Income (loss) before provision for income taxes and non-segment activities		8,094	14,344
Income before provision for income taxes	3,141
Assets:
Segment assets at quarter end	26,417	21,144	18,275
Operating segment | Mortgage banking
Revenues:
Net gains on loans held for sale at fair value	791,633	2,464,401	2,740,785
Loan origination fees	169,859	384,154	285,551
Net loan servicing fees	951,329	182,954	439,448
Net interest income (expense):
Interest income	294,062	300,169	247,026
Interest expense, before non-segment activities	335,427	390,689	271,528
Net interest expense, before non-segment activities	(41,365)	(90,520)	(24,502)
Other	6,230	4,143	2,279
Total net revenues, before non-segment activities	1,945,677	3,124,059	3,665,761
Expenses	1,283,571	1,772,970	1,439,496
Income (loss) before provision for income taxes and non-segment activities		1,351,089	2,226,265
Income before provision for income taxes	662,106
Assets:
Segment assets at quarter end	16,796,167	18,755,468	31,579,520
Operating segment | Mortgage banking | PennyMac Mortgage Investment Trust
Revenues:
Fulfillment fees from PennyMac Mortgage Investment Trust	67,991	178,927	222,200
Operating segment | Mortgage banking Production
Revenues:
Net gains on loans held for sale at fair value	599,896	1,746,650	2,297,108
Loan origination fees	169,859	384,154	285,551
Net interest income (expense):
Interest income	133,000	134,706	101,605
Interest expense, before non-segment activities	108,072	139,296	82,160
Net interest expense, before non-segment activities	24,928	(4,590)	19,445
Other	2,503	1,623	695
Total net revenues, before non-segment activities	865,177	2,306,764	2,824,999
Expenses	816,697	1,262,353	860,878
Income (loss) before provision for income taxes and non-segment activities		1,044,411	1,964,121
Income before provision for income taxes	48,480
Assets:
Segment assets at quarter end	3,866,934	8,934,032	7,870,398
Operating segment | Mortgage banking Production | PennyMac Mortgage Investment Trust
Revenues:
Fulfillment fees from PennyMac Mortgage Investment Trust	67,991	178,927	222,200
Operating segment | Mortgage banking Servicing
Revenues:
Net gains on loans held for sale at fair value	191,737	717,751	443,677
Net loan servicing fees	951,329	182,954	439,448
Net interest income (expense):
Interest income	161,062	165,463	145,421
Interest expense, before non-segment activities	227,355	251,393	189,368
Net interest expense, before non-segment activities	(66,293)	(85,930)	(43,947)
Other	3,727	2,520	1,584
Total net revenues, before non-segment activities	1,080,500	817,295	840,762
Expenses	466,874	510,617	578,618
Income (loss) before provision for income taxes and non-segment activities		306,678	262,144
Income before provision for income taxes	613,626
Assets:
Segment assets at quarter end	$ 12,929,233	$ 9,821,436	$ 23,709,122

Parent Company Information - Mi

Parent Company Information - Minimum Tangible Net Worth (Details) $ in Millions	Dec. 31, 2022 USD ($)
PLS
Parent Company Information
Minimum tangible net worth	$ 500

Parent Company Information - Co

Parent Company Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash	$ 1,328,536	$ 340,069	$ 532,716
Investment in subsidiaries	929	1,300
Receivable from PennyMac Mortgage Investment Trust	36,372	40,091
Total assets	16,822,584	18,776,612
LIABILITIES AND STOCKHOLDERS' EQUITY
Unsecured senior notes	1,779,920	1,776,219
Accounts payable and accrued expenses	262,358	359,413
Income taxes payable	1,002,744	685,262
Total liabilities	13,351,535	15,358,287
Total liabilities and stockholders' equity	16,822,584	18,776,612
PennyMac Financial Services, Inc. | Parent Company [Member]
ASSETS
Cash	45,496	9,276
Investment in subsidiaries	4,421,906	4,217,461
Receivable from PennyMac Mortgage Investment Trust	27	27
Due from subsidiaries	1,509,103	1,477,332
Total assets	5,976,532	5,704,096
LIABILITIES AND STOCKHOLDERS' EQUITY
Unsecured senior notes	1,779,920	1,776,219
Accounts payable and accrued expenses	26,356	28,135
Payables to subsidiaries	135	116
Income taxes payable	699,072	481,301
Total liabilities	2,505,483	2,285,771
Stockholders' equity	3,471,049	3,418,325
Total liabilities and stockholders' equity	$ 5,976,532	$ 5,704,096

Parent Company Information - _2

Parent Company Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$ 576		$ 280
Interest expense:
Interest expense	335,427	$ 390,699	271,551
Net interest income (expense)	(41,365)	(90,530)	(24,525)
Expenses
Professional services	73,270	94,283	64,064
Other	51,921	51,428	31,090
Total expenses	1,320,508	1,808,178	1,464,988
Income before provision for income taxes	665,247	1,359,183	2,240,609
Provision for income taxes	189,740	355,693	593,725
Net income	475,507	1,003,490	1,646,884
Private National Mortgage Acceptance Company
Revenue
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	576		280
Non-affiliates
Interest expense:
Interest expense	335,427	389,419	263,133
PennyMac Financial Services, Inc. | Parent Company [Member]
Revenue
Dividends from subsidiaries	417,391	982,740	602,606
Interest income from subsidiary	121,452	77,162	15,830
Interest expense:
Interest expense	95,014	70,208	8,857
Net interest income (expense)	26,438	6,954	6,973
Total net revenue	443,829	989,694	609,579
Expenses
Charitable contributions		5,800	2,314
Professional services		2,236	42
Other	267	449	327
Total expenses	267	8,485	2,683
Income before provision for income taxes	443,562	981,209	606,896
Provision for income taxes	129,948	238,803	395,340
Income before equity in undistributed earnings of subsidiaries	313,614	742,406	211,556
Equity in undistributed earnings of subsidiaries	161,893	261,084	1,435,328
Net income	475,507	1,003,490	1,646,884
PennyMac Financial Services, Inc. | Non-affiliates | Parent Company [Member]
Interest expense:
Interest expense	$ 95,014	$ 70,208	8,774
PennyMac Financial Services, Inc. | Subsidiary | Parent Company [Member]
Interest expense:
Interest expense			$ 83

Parent Company Information - _3

Parent Company Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities
Net income	$ 475,507	$ 1,003,490	$ 1,646,884
Amortization of debt issuance costs	19,198	24,321	19,048
Increase in receivable from PennyMac Mortgage Investment Trust	2,776	35,243	(48,320)
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(576)		(280)
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(3,855)	(4,635)	(10,713)
(Decrease) increase in accounts payable and accrued expenses	(109,485)	34,666	135,314
Increase in income taxes payable	317,482	62,562	118,131
Net cash provided by (used in) operating activities	6,033,235	2,563,061	(6,198,938)
Cash flow from investing activities
Net cash (used in) provided by investing activities	(721,582)	(304,369)	783,034
Cash flow from financing activities
Issuance of unsecured senior notes		1,150,000	650,000
Payment of debt issuance costs	(19,606)	(37,567)	(30,112)
Issuance of common stock pursuant to exercise of stock options	2,947	7,536	9,389
Repurchase of common stock and Class A common stock	(406,086)	(958,194)	(337,479)
Payment of withholding taxes relating to stock-based compensation	(7,780)	(8,993)	(5,265)
Net cash (used in) provided by financing activities	(4,323,207)	(2,451,380)	5,760,107
Net increase (decrease) in cash and restricted cash	988,446	(192,688)	344,203
Non-cash financing activity:
Restricted Cash	3	24	65
PennyMac Financial Services, Inc.
Non-cash financing activity:
Issuance of common stock in settlement of directors' fees	205	200	194
PennyMac Financial Services, Inc. | Parent Company [Member]
Cash flow from operating activities
Net income	475,507	1,003,490	1,646,884
Equity in undistributed earnings of subsidiaries	(161,893)	(261,084)	(1,435,328)
Amortization of debt issuance costs	3,701	2,321	225
Increase in receivable from PennyMac Mortgage Investment Trust		(27)
(Increase) decrease in intercompany receivable	(31,566)	(897,063)	(574,518)
(Decrease) increase in accounts payable and accrued expenses	(1,779)	13,545	14,590
Increase in payable to subsidiaries	19	(22,289)	18,211
Increase in income taxes payable	217,771	35,839	65,406
Net cash provided by (used in) operating activities	501,760	(125,268)	(264,530)
Cash flow from financing activities
Issuance of unsecured senior notes		1,150,000	650,000
Payment of debt issuance costs		(21,922)	(4,405)
Payment of dividend to common stock and Class A common stockholders	(54,621)	(52,896)	(30,947)
Issuance of common stock pursuant to exercise of stock options	2,947	7,536	9,389
Repurchase of common stock and Class A common stock	(406,086)	(958,194)	(337,479)
Payment of withholding taxes relating to stock-based compensation	(7,780)	(8,993)	(5,265)
Net cash (used in) provided by financing activities	(465,540)	115,531	281,293
Net increase (decrease) in cash and restricted cash	36,220	(9,737)	16,763
Cash at beginning of year	9,276	19,013	2,250
Cash at end of year	45,496	9,276	19,013
Non-cash financing activity:
Restricted Cash	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands		1 Months Ended
	Feb. 07, 2023 item	Jan. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Note Payable
Subsequent Event
Maximum loan amount			$ 1,800,000
Securities Repurchase Agreements
Debt instrument extension amount		$ 650,000
Debt instrument extension period		2 years
Subsequent Event
Subsequent Event
Dividends declared (in dollars per share) | $ / shares		$ 0.20
Number of new variable funding repurchase agreements | item	2
Subsequent Event | Note Payable
Securities Repurchase Agreements
Debt instrument extension amount		$ 650,000
Debt instrument extension period		2 years