PennyMac Financial Services (PFSI) 10-Q29 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 28, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,257,808
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash	$ 145,814	$ 938,371
Short-term investment at fair value	667,934	10,268
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	960,267
Loans held for sale at fair value (includes $6,503,418 and $4,329,501 pledged to creditors)	6,565,704	4,420,691
Derivative assets	190,612	179,079
Servicing advances, net (includes valuation allowance of $73,908 and $73,991; $232,766 and $354,831 pledged to creditors)	400,764	694,038
Mortgage servicing rights at fair value (includes $7,656,519 and $7,033,892 pledged to creditors)	7,752,292	7,099,348
Investment in PennyMac Mortgage Investment Trust at fair value	1,070	1,121
Receivable from PennyMac Mortgage Investment Trust	$ 32,603	$ 29,262
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Loans eligible for repurchase	$ 5,512,289	$ 4,889,925
Other (includes $16,082 and $15,653 pledged to creditors)	642,189	582,460
Total assets	22,871,538	18,844,563
LIABILITIES
Assets sold under agreements to repurchase	6,600,997	3,763,956
Mortgage loan participation purchase and sale agreements	517,527	446,054
Notes payable secured by mortgage servicing assets	1,723,632	1,873,415
Unsecured senior notes	3,162,239	2,519,651
Derivative liabilities	41,471	53,275
Mortgage servicing liabilities at fair value	1,718	1,805
Accounts payable and accrued expenses	331,512	449,896
Payable to PennyMac Mortgage Investment Trust	$ 81,040	$ 208,210
Other Liability, Related Party [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$ 26,099	$ 26,099
Income taxes payable	1,105,550	1,042,886
Liability for loans eligible for repurchase	5,512,289	4,889,925
Liability for losses under representations and warranties	28,286	30,788
Total liabilities	19,132,360	15,305,960
Commitments and contingencies - Note 18
STOCKHOLDERS' EQUITY
Common stock-authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 51,257,630 and 50,178,963 shares, respectively	5	5
Additional paid-in capital	54,415	24,287
Retained earnings	3,684,758	3,514,311
Total stockholders' equity	3,739,178	3,538,603
Total liabilities and stockholders' equity	$ 22,871,538	$ 18,844,563

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans held for sale	$ 6,565,704	$ 4,420,691
Servicing advances, net	400,764	694,038
Mortgage servicing rights, at fair value	7,752,292	7,099,348
Other assets	642,189	582,460
Servicing advances, net, valuation allowance	$ 73,908	$ 73,991
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	51,257,630	50,178,963
Common stock, shares outstanding	51,257,630	50,178,963
Asset Pledged as Collateral without Right
Loans held for sale	$ 6,503,418	$ 4,329,501
Servicing advances, net	232,766	354,831
Mortgage servicing rights, at fair value	$ 7,656,519	$ 7,033,892
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Other assets	$ 16,082	$ 15,653

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 256,819	$ 151,374	$ 595,324	$ 397,178
Loan origination fees	49,430	37,701	127,876	108,059
Fulfillment fees from PennyMac Mortgage Investment Trust	11,492	5,531	19,935	22,895
Loan servicing fees:
Loan servicing fees	462,037	387,934	1,326,917	1,082,462
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(628,258)	221,096	(758,158)	(70,608)
Mortgage servicing rights hedging results	242,051	(423,656)	(224,371)	(531,565)
Change in fair value of mortgage servicing rights and mortgage-backed securities	(386,207)	(202,560)	(982,529)	(602,173)
Net loan servicing fees	75,830	185,374	344,388	480,289
Management fees from PennyMac Mortgage Investment Trust	7,153	7,175	21,474	21,510
Net interest income (expense):
Interest income	225,470	166,552	582,707	467,982
Interest expense	217,597	156,863	591,237	467,276
Net interest income (expense)	7,873	9,689	(8,530)	706
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	68	(51)	38	91
Results of real estate acquired in settlement of loans	(269)	637	330	978
Other	3,438	2,878	22,786	8,011
Total net revenues	411,834	400,308	1,123,621	1,039,717
Expenses
Compensation	171,316	156,909	459,648	441,826
Loan origination	45,208	28,889	116,046	87,621
Technology	37,059	39,000	108,716	110,282
Servicing	28,885	13,242	67,909	40,526
Professional services	9,339	11,942	28,005	50,837
Occupancy and equipment	8,156	8,900	24,725	27,786
Marketing and advertising	5,088	4,632	14,204	13,451
Other	12,858	9,997	32,706	29,527
Total expenses	317,909	273,511	851,959	801,856
Income before provision for income taxes	93,925	126,797	271,662	237,861
Provision for income taxes	24,557	33,927	64,728	56,363
Net income	$ 69,368	$ 92,870	$ 206,934	$ 181,498
Earnings per share
Basic (in dollars per share)	$ 1.36	$ 1.86	$ 4.07	$ 3.63
Diluted (in dollars per share)	$ 1.30	$ 1.77	$ 3.88	$ 3.44
Weighted-average shares outstanding
Basic (in shares)	51,180	49,902	50,895	49,975
Diluted (in shares)	53,495	52,561	53,274	52,735
Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 2,506	$ (500)	$ 1,680	$ (1,494)
Loan origination fees	1,107	579	1,897	2,690
Nonrelated Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	254,313	151,874	593,644	398,672
Loan origination fees	48,323	37,122	125,979	105,369
Net interest income (expense):
Interest expense	217,597	156,863	591,237	467,276
Non-affiliates \| Nonrelated Party
Loan servicing fees:
Loan servicing fees	393,457	328,049	1,126,523	925,865
PennyMac Mortgage Investment Trust \| Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	256,819	151,374	595,324	397,178
Loan servicing fees:
Loan servicing fees	22,240	20,257	62,766	61,023
Net interest income (expense):
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	68	(51)	38	91
Others \| Nonrelated Party
Loan servicing fees:
Loan servicing fees	$ 46,340	$ 39,628	$ 137,628	$ 95,574

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2022	$ 5		$ 3,471,044	$ 3,471,049
Balance (in shares) at Dec. 31, 2022	49,988
Changes in stockholders' equity
Net income			181,498	181,498
Stock based compensation		$ 23,005		23,005
Stock based compensation (in shares)	1,137
Issuance of common stock in settlement of directors' fees		102		102
Issuance of common stock in settlement of director fees (in shares)	2
Common stock dividends			(31,206)	(31,206)
Repurchase of common stock		(11,632)	(59,943)	(71,575)
Repurchase of common stock (in shares)	(1,201)
Balance at Sep. 30, 2023	$ 5	11,475	3,561,393	3,572,873
Balance (in shares) at Sep. 30, 2023	49,926
Balance at Jun. 30, 2023	$ 5		3,478,755	3,478,760
Balance (in shares) at Jun. 30, 2023	49,858
Changes in stockholders' equity
Net income			92,870	92,870
Stock based compensation		11,475		11,475
Stock based compensation (in shares)	68
Common stock dividends			(10,232)	(10,232)
Balance at Sep. 30, 2023	$ 5	11,475	3,561,393	3,572,873
Balance (in shares) at Sep. 30, 2023	49,926
Balance at Dec. 31, 2023	$ 5	24,287	3,514,311	3,538,603
Balance (in shares) at Dec. 31, 2023	50,179
Changes in stockholders' equity
Net income			206,934	206,934
Stock based compensation		29,929		29,929
Stock based compensation (in shares)	1,077
Issuance of common stock in settlement of directors' fees		199		199
Issuance of common stock in settlement of director fees (in shares)	2
Common stock dividends			(36,487)	(36,487)
Balance at Sep. 30, 2024	$ 5	54,415	3,684,758	3,739,178
Balance (in shares) at Sep. 30, 2024	51,258
Balance at Jun. 30, 2024	$ 5	30,053	3,631,060	3,661,118
Balance (in shares) at Jun. 30, 2024	51,017
Changes in stockholders' equity
Net income			69,368	69,368
Stock based compensation		24,305		24,305
Stock based compensation (in shares)	240
Issuance of common stock in settlement of directors' fees		57		57
Issuance of common stock in settlement of director fees (in shares)	1
Common stock dividends	$ 0	0	(15,670)	(15,670)
Balance at Sep. 30, 2024	$ 5	$ 54,415	$ 3,684,758	$ 3,739,178
Balance (in shares) at Sep. 30, 2024	51,258

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Common Stock dividends (in dollars per share)	$ 0.30	$ 0.20	$ 0.70	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities
Net income	$ 206,934	$ 181,498
Adjustments to reconcile net income to net cash used in operating activities:
Net gains on loans held for sale at fair value	(595,324)	(397,178)
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	758,158	70,608
Mortgage servicing rights hedging results	224,371	531,565
Accrual of unearned discounts on mortgage-backed securities	(29,219)
Capitalization of interest on loans held for sale	(362)	(678)
Amortization of debt issuance costs	21,860	14,925
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust	51	(1)
Results of real estate acquired in settlement in loans	(330)	(978)
Stock-based compensation expense	21,314	20,839
Provision (reversal of provision) for servicing advance losses	13,974	(7,603)
Depreciation and amortization	42,165	39,122
Amortization of operating lease right-of-use assets	10,256	13,311
Purchase of loans held for sale from PennyMac Mortgage Investment Trust	(57,502,461)	(50,812,386)
Origination of loans held for sale	(12,069,838)	(8,277,117)
Purchase of loans held for sale from non-affiliates	(1,933,158)	(1,507,346)
Purchase of loans from Ginnie Mae securities and early buyout investors	(2,379,099)	(2,045,156)
Sale to non-affiliates and principal payment of loans held for sale	70,706,054	60,061,205
Sale of loans held for sale to PennyMac Mortgage Investment Trust	191,250
Repurchase of loans subject to representations and warranties	(70,700)	(38,943)
Decrease in servicing advances	194,088	248,115
(Increase) decrease in receivable from PennyMac Mortgage Investment Trust	(5,451)	8,229
Sale of real estate acquired in settlement of loans	37,840	25,039
Increase in other assets	(42,377)	(47,226)
Decrease in accounts payable and accrued expenses	(106,125)	(24,641)
Decrease in operating lease liabilities	(13,359)	(16,992)
Decrease in payable to PennyMac Mortgage Investment Trust	(127,710)	(107,968)
Increase in income taxes payable	62,664	57,249
Net cash used in operating activities	(2,384,534)	(2,012,508)
Cash flow from investing activities
(Increase) decrease in short-term investment	(657,666)	6,641
Purchase of principal-only stripped mortgage-backed securities	(935,356)
Repayment of principal-only stripped mortgage-backed securities	36,506
Sale of interest-only stripped mortgage-backed securities	121,520	98,066
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights	(210,157)	(450,193)
Transfer of mortgage servicing rights relating to delinquent loans to Agency		305
Acquisition of capitalized software	(13,001)	(27,650)
Purchase of furniture, fixtures, equipment and leasehold improvements	(1,467)	(891)
Increase in margin deposits	(99,989)	(4,254)
Net cash used in investing activities	(1,759,610)	(377,976)
Cash flow from financing activities
Sale of assets under agreements to repurchase	77,065,706	61,277,758
Repurchase of assets sold under agreements to repurchase	(74,225,451)	(59,864,151)
Issuance of mortgage loan participation purchase and sale certificates	17,117,748	16,137,040
Repayment of mortgage loan participation purchase and sale certificates	(17,046,112)	(15,926,067)
Issuance of notes payable secured by mortgage servicing assets	725,000	880,000
Repayment of notes payable secured by mortgage servicing assets	(875,000)	(150,000)
Issuance of unsecured senior notes	650,000
Payment of debt issuance costs	(32,432)	(14,716)
Issuance of common stock by exercise of stock options	18,016	11,308
Payment of withholding taxes relating to stock-based compensation	(9,401)	(9,142)
Payment of dividends to holders of common stock	(36,487)	(31,206)
Repurchase of common stock		(71,575)
Net cash provided by financing activities	3,351,587	2,239,249
Net decrease in cash and restricted cash	(792,557)	(151,235)
Cash and restricted cash at beginning of period	938,371	1,328,539
Cash at end of period	145,814	1,177,304
Supplemental cash flow information:
Cash paid for interest	571,461	463,567
Cash paid (refunds received) for income taxes, net	2,064	(886)
Non-cash investing activities:
Mortgage servicing rights received from loan sales	1,532,709	1,299,992
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	121,520	98,066
Operating right-of-use assets recognized	1,388	2,893
Non-cash financing activities:
Issuance of common stock in settlement of directors' fees	$ 199	$ 102

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization
Organization	Note 1—Organization PennyMac Financial Services, Inc. (together, with its consolidated subsidiaries, unless the context indicates 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 servicing. PNMAC’s investment management activities and a portion of its mortgage banking activities are conducted on behalf of PennyMac Mortgage Investment Trust, a real estate investment trust that invests in residential mortgage-related assets and is separately listed on the New York Stock Exchange under the ticker symbol “PMT”. 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 own account and the account of PMT. PLS has mortgage banking, loan servicing, mortgage loan purchase and mortgage servicing rights (“MSRs”) recapture agreements with PMT. PLS is approved as a seller/servicer of mortgage loans by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and as an issuer of securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”). PLS is a licensed Federal Housing Administration Nonsupervised Title II Lender with the U.S. Department of Housing and Urban Development (“HUD”) and a lender/servicer with the U.S. Department of Veterans Affairs and U.S. Department of Agriculture (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 (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM has an investment management agreement with PMT.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Basis of Presentation and Recently Issued Accounting Pronouncements
Basis of Presentation and Recently Issued Accounting Pronouncements	Note 2—Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation The accompanying 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 The accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of income that may be expected for the full year ending December 31, 2024. Intercompany accounts and transactions have been eliminated. The Company held no restricted cash at the end of periods presented. Cash and restricted cash at January 1, 2023, included $3,000 in tenant security deposits relating to rental properties owned by PMT and managed by the Company. Tenant security deposits were included in Other Preparation of financial statements in compliance with GAAP requires the Company to make judgments and estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. Recently Issued Accounting Pronouncements During 2023, the FASB issued two Accounting Standards Updates (“ASUs”) aimed at increasing the amount of detail provided to financial statement users in certain existing disclosures. The ASUs do not require changes to the Company’s accounting. The ASUs are discussed below: Segment Disclosures The FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), that is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amendments in ASU 2023-07 are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments will require that the Company supplement its existing disclosures to include disclosure of: ● significant segment expenses that are regularly provided to the chief operating decision maker included within each reported measure of segment profit or loss; and ● an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. The Company will be required to apply the reporting specified by ASU 2023-07 in annual periods beginning with its fiscal year ending December 31, 2024 and for quarterly periods ended thereafter. Income Tax Disclosures The FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the level of detail and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosures of: ● Reconciliation of the expected tax at the applicable statutory federal income tax rate to the reported tax in a tabular format, using both percentages and amounts, broken out into specific categories with certain reconciling items of five percent or greater of the expected tax further broken out by nature and/or jurisdiction; and ● Income taxes paid, net of refunds received, broken out between federal and state and local income taxes. Payments to individual jurisdictions representing five percent or more of the total income tax payments must also be separately disclosed. The disclosures specified by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ended December 31, 2025, with early adoption permitted.

Concentration of Risk

Concentration of Risk	9 Months Ended
Concentration of Risk	Sep. 30, 2024
Concentration of Risk
Concentration of Risk	Note 3—Concentration of Risk A portion of the Company’s activities relate to PMT. Revenues generated from PMT (generally comprised of gains on loans held for sale, loan origination and fulfillment fees, loan servicing fees, management fees, change in fair value of investment in and dividends received from PMT, and expense allocations charged to PMT) totaled 11% and 9% of total net revenues for the quarters ended September 30, 2024 and 2023, respectively, and 10% and 11% for the nine months ended September 30, 2024 and 2023, respectively. The Company also purchased 78% and 84% of its loan production from PMT during the quarters ended September 30, 2024 and 2023, respectively, and 80% and 84% during the nine months ended September 30, 2024 and 2023, respectively. The Company maintains cash and short-term investment balances at financial institutions in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Should one or more of the financial institutions at which the Company’s deposits are maintained fail, there is no guarantee as to the extent that the Company would recover the funds deposited, whether through FDIC coverage or otherwise, or the timing of any recovery.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2024
Variable Interest Entities
Variable Interest Entities	Note 4—Variable Interest Entities The Company entered into securitization transactions in which variable interest entities (“VIEs”) may issue variable funding notes (“VFNs”) and term debt backed by beneficial interests in Ginnie Mae and Fannie Mae MSRs. The Company is the holder of the VFNs and acts as guarantor of the VFNs and term debt. The Company determined that it is the primary beneficiary of the VIEs because as the holder of VFNs and guarantor of both the VFNs and term debt, it holds the variable interest in the VIEs. Therefore, the Company consolidates the VIEs. For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets Short Term Debt Long Term Debt

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions
Related Party Transactions	Note 5—Related Party Transactions PennyMac Mortgage Investment Trust Operating Activities Mortgage Loan Production Activities and MSR Recapture Loan Sales 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% . 18-month Fulfillment Services ● the number of loan commitments issued 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 loan commitments 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 that are sold to Fannie Mae or Freddie Mac up to and including 16,500 loans per quarter and $195 multiplied by the number of such 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 or Freddie Mac; provided, however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae loans and certain Fannie Mae or Freddie Mac loans acquired by PLS. Sourcing Fees 18-month Following is a summary of loan production and MSR recapture activities, between the Company and PMT: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net gains (losses) on loans held for sale at fair value: Net gains on loans sold to PMT (primarily cash) $ 2,947 $ — $ 2,947 $ — Mortgage servicing rights recapture incurred (441) (500) (1,267) (1,494) $ 2,506 $ (500) $ 1,680 $ (1,494) Sale of loans held for sale to PMT $ 191,250 $ — $ 191,250 $ — UPB of loans recaptured $ 71,370 $ 77,403 $ 207,651 $ 270,720 Tax service fees earned from PMT included in Loan origination fees $ 1,107 $ 579 $ 1,897 $ 2,690 Fulfillment fee revenue $ 11,492 $ 5,531 $ 19,935 $ 22,895 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees $ 5,948,057 $ 2,760,000 $ 9,949,135 $ 12,418,084 Sourcing fees included in cost of loans purchased from PMT $ 1,994 $ 1,854 $ 5,649 $ 5,014 Unpaid principal balance of loans purchased from PMT: Government guaranteed or insured $ 11,843,268 $ 8,606,835 $ 30,200,608 $ 29,127,889 Conventional conforming 8,092,380 9,932,593 26,289,016 21,013,357 $ 19,935,648 $ 18,539,428 $ 56,489,624 $ 50,141,246 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 MSRs and loans in its prime and special servicing (loans purchased by PMT with credit deterioration) portfolios. 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 the real estate acquired in settlement of loans (“REO”). The Company is also 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 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 loans become delinquent, the Company is entitled to 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 also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and a percentage of late charges. Special Servicing ● The base servicing fee rates for special servicing 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 special servicing 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. Following is a summary of loan servicing fees earned from PMT: Quarter ended September 30, Nine months ended September 30, Servicing portfolio 2024 2023 2024 2023 (in thousands) Prime servicing $ 22,180 $ 20,224 $ 62,581 $ 60,839 Special servicing 60 33 185 184 $ 22,240 $ 20,257 $ 62,766 $ 61,023 The Servicing Agreement expires on June 30, 2025, subject to automatic renewal for additional 18-month Investment Management Activities The Company has a management agreement with PMT (the “Management Agreement”), pursuant to which the Company oversees PMT’s business affairs in conformity with PMT’s investment policies for which the Company 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: ● 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 ● 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 ● 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 beneficial interest of all of PMT’s public offerings, multiplied by the weighted average number of PMT’s common shares of beneficial interest outstanding (including restricted share units) in the rolling four-quarter period. “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 lower than the Target Yield, the high watermark is increased by the difference. If the “net income” is higher than the Target Yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for the Company to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s “net income” over (or under) the Target Yield, until the “net income” in excess of the Target Yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned. The base management fee and the performance incentive fee are both receivable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and PMT’s common shares of beneficial interest (subject to a limit of no more than 50% paid in common shares of beneficial interest), 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: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Base management $ 7,153 $ 7,175 $ 21,474 $ 21,510 Performance incentive — — — — $ 7,153 $ 7,175 $ 21,474 $ 21,510 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 is reimbursed $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 the 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 owned or managed by the Company as calculated at each fiscal quarter end. The Company received reimbursements from PMT for expenses as follows: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Reimbursement of: Expenses incurred on PMT's behalf, net $ 6,318 $ 5,893 $ 15,511 $ 15,532 Common overhead incurred by the Company 1,867 1,489 5,811 5,450 Compensation 165 165 495 495 $ 8,350 $ 7,547 $ 21,817 $ 21,477 Payments and settlements during the period (1) $ 31,752 $ 9,190 $ 91,100 $ 72,446 (1) Payments and settlements include payments for the operating, investing and financing activities itemized in this Note. Investing Activities The Company owns 75,000 common shares of beneficial interest of PMT. Following is a summary of investing activities between the Company and PMT: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust $ 68 $ (51) $ 38 $ 91 September 30, December 31, 2024 2023 (in thousands) Common shares of beneficial interest of PennyMac Mortgage Investment Trust: Fair value $ 1,070 $ 1,121 Number of shares 75 75 Receivable from and Payable to PMT Amounts receivable from and payable to PMT are summarized below: September 30, December 31, 2024 2023 (in thousands) Receivable from PMT: Servicing fees $ 8,670 $ 6,809 Correspondent production fees 7,986 8,288 Management fees 7,153 7,252 Allocated expenses and expenses incurred on PMT's behalf 4,788 5,612 Fulfillment fees 4,006 1,301 $ 32,603 $ 29,262 Payable to PMT: Amounts advanced by PMT to fund its servicing advances $ 72,502 $ 208,154 Other 8,538 56 $ 81,040 $ 208,210 Exchanged Private National Mortgage Acceptance Company, LLC Unitholders 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. The Company has recorded a $26.1 million Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement Townsgate Closing Services, LLC Townsgate Closing Services, LLC is a joint venture in which the Company holds a 60% ownership interest through a wholly owned subsidiary. The Company advanced $801,000 to Townsgate Closing Services, LLC, under a revolving loan agreement. The revolving loan agreement has a maximum commitment amount of $1.5 million, matures on December 27, 2027, and earned interest indexed to the 10+ year USD High Yield Corporate Bond Index as determined by Tradeweb/Bloomberg. The outstanding balance was included in Other

Loan Sales and Servicing Activi

Loan Sales and Servicing Activities	9 Months Ended
Loan Sales and Servicing Activities	Sep. 30, 2024
Loan Sales and Servicing Activities
Loan Sales and Servicing Activities	Note 6—Loan Sales and Servicing Activities The Company originates, purchases and sells loans in the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans. The following table summarizes cash flows between the Company and transferees as a result of the sale of loans in transactions where the Company maintains continuing involvement with the loans as servicer: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Cash flows: Sales proceeds $ 26,168,605 $ 21,651,096 $ 70,706,054 $ 60,061,205 Servicing fees received $ 363,121 $ 303,224 $ 1,048,099 $ 853,962 The Company is contractually responsible for making the payments required to protect the loans’ beneficial interest holders’ interests in the properties collateralizing their loans and may, therefore, be required to advance amounts in excess of insurer or guarantor reimbursement limits. Therefore, the Company provides a valuation allowance on the servicing advances for these amounts in excess of amounts that are expected to ultimately be recovered from the loans’ insurers, guarantors, or beneficial interest holders. The servicing advance valuation allowance is estimated based on relevant qualitative and quantitative information about past events, including historical collection and loss experience, current conditions, and reasonable and supportable forecasts that affect collectable amounts. The provision for losses on servicing advances is included in Servicing The following is a summary of the allowance for losses on servicing advances: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 68,671 $ 70,070 $ 73,991 $ 78,992 Provision (reversals of provision) for losses 9,583 (2,554) 13,974 (7,603) Charge-offs, net (4,346) (1,872) (14,057) (5,745) Balance at end of period $ 73,908 $ 65,644 $ 73,908 $ 65,644 The following table summarizes the UPB of the loans sold by the Company in transactions where it maintains continuing involvement with the loans as servicer: September 30, December 31, 2024 2023 (in thousands) Unpaid principal balance of loans outstanding $ 393,947,146 $ 352,790,614 Delinquent loans: 30-89 days $ 16,324,494 $ 13,775,493 90 days or more: Not in foreclosure $ 7,380,142 $ 6,754,282 In foreclosure $ 666,480 $ 618,694 Foreclosed $ 4,471 $ 7,565 Loans in bankruptcy $ 1,685,409 $ 1,415,614 The following tables summarize the Company’s loan servicing portfolio as measured by UPB: September 30, 2024 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 393,947,146 $ — $ 393,947,146 Purchased 16,104,333 — 16,104,333 Subserviced — 257,696 257,696 410,051,479 257,696 410,309,175 PennyMac Mortgage Investment Trust — 231,378,323 231,378,323 Loans held for sale 6,366,787 — 6,366,787 $ 416,418,266 $ 231,636,019 $ 648,054,285 Delinquent loans: 30 days $ 12,611,232 $ 1,997,395 $ 14,608,627 60 days 4,334,544 553,081 4,887,625 90 days or more: Not in foreclosure 7,559,602 1,061,557 8,621,159 In foreclosure 697,586 106,040 803,626 Foreclosed 5,075 3,466 8,541 $ 25,208,039 $ 3,721,539 $ 28,929,578 Loans in bankruptcy $ 1,780,953 $ 260,599 $ 2,041,552 Custodial funds managed by the Company (1) $ 7,708,840 $ 3,059,731 $ 10,768,571 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income. December 31, 2023 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 352,790,614 $ — $ 352,790,614 Purchased 17,478,397 — 17,478,397 370,269,011 — 370,269,011 PennyMac Mortgage Investment Trust — 232,653,069 232,653,069 Loans held for sale 4,294,689 — 4,294,689 $ 374,563,700 $ 232,653,069 $ 607,216,769 Delinquent loans: 30 days $ 11,097,929 $ 1,808,516 $ 12,906,445 60 days 3,316,494 399,786 3,716,280 90 days or more: Not in foreclosure 6,941,325 1,031,299 7,972,624 In foreclosure 686,359 92,618 778,977 Foreclosed 8,133 4,295 12,428 $ 22,050,240 $ 3,336,514 $ 25,386,754 Loans in bankruptcy $ 1,523,218 $ 186,593 $ 1,709,811 Custodial funds managed by the Company $ 3,741,978 $ 1,759,974 $ 5,501,952 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these 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 loan servicing portfolio for the top five and all other states as measured by UPB: September 30, December 31, State 2024 2023 (in thousands) California $ 74,743,579 $ 72,788,272 Texas 62,664,066 56,437,082 Florida 62,385,137 57,824,310 Virginia 36,081,471 35,376,266 Georgia (1) 27,991,453 — Maryland (1) — 26,746,355 All other states 384,188,579 358,044,484 $ 648,054,285 $ 607,216,769 (1) Maryland and Georgia, were not one of the top five states as of September 30, 2024 and December 31, 2023, respectively, and are included in “All other states”.

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2024
Fair Value.
Fair Value	Note 7—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 significant inputs used to determine the fair values. These levels are: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Prices determined 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. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the inputs required to establish fair value at a higher level of the hierarchy become available. Fair Value Accounting Elections The Company identified its MSRs, its mortgage servicing liabilities (“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. 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: September 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 667,934 $ — $ — $ 667,934 Principal-only stripped mortgage-backed securities — 960,267 — 960,267 Loans held for sale — 6,131,830 433,874 6,565,704 Derivative assets: Interest rate lock commitments — — 120,837 120,837 Forward purchase contracts — 10,878 — 10,878 Forward sales contracts — 57,180 — 57,180 MBS put options — 1,892 — 1,892 Put options on interest rate futures purchase contracts 20,797 — — 20,797 Call options on interest rate futures purchase contracts 35,109 — — 35,109 Total derivative assets before netting 55,906 69,950 120,837 246,693 Netting — — — (56,081) Total derivative assets 55,906 69,950 120,837 190,612 Mortgage servicing rights — — 7,752,292 7,752,292 Investment in PennyMac Mortgage Investment Trust 1,070 — — 1,070 $ 724,910 $ 7,162,047 $ 8,307,003 $ 16,137,879 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 2,222 $ 2,222 Forward purchase contracts — 50,487 — 50,487 Forward sales contracts — 36,855 — 36,855 Call options on interest rate futures sale contracts 13,672 — — 13,672 Total derivative liabilities before netting 13,672 87,342 2,222 103,236 Netting — — — (61,765) Total derivative liabilities 13,672 87,342 2,222 41,471 Mortgage servicing liabilities — — 1,718 1,718 $ 13,672 $ 87,342 $ 3,940 $ 43,189 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 10,268 $ — $ — $ 10,268 Loans held for sale — 3,942,127 478,564 4,420,691 Derivative assets: Interest rate lock commitments — — 90,313 90,313 Forward purchase contracts — 78,448 — 78,448 Forward sales contracts — 6,151 — 6,151 MBS put options — 413 — 413 MBS call options — 6,265 — 6,265 Put options on interest rate futures purchase contracts 11,043 — — 11,043 Call options on interest rate futures purchase contracts 66,176 — — 66,176 Total derivative assets before netting 77,219 91,277 90,313 258,809 Netting — — — (79,730) Total derivative assets 77,219 91,277 90,313 179,079 Mortgage servicing rights — — 7,099,348 7,099,348 Investment in PennyMac Mortgage Investment Trust 1,121 — — 1,121 $ 88,608 $ 4,033,404 $ 7,668,225 $ 11,710,507 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 720 $ 720 Forward purchase contracts — 5,141 — 5,141 Forward sales contracts — 92,796 — 92,796 Call options on interest rate futures sales contracts 3,209 — — 3,209 Total derivative liabilities before netting 3,209 97,937 720 101,866 Netting — — — (48,591) Total derivative liabilities 3,209 97,937 720 53,275 Mortgage servicing liabilities — — 1,805 1,805 $ 3,209 $ 97,937 $ 2,525 $ 55,080 As shown above, certain of the Company’s loans held for sale, interest rate lock commitments (“IRLCs”), MSRs 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” inputs at either the beginning or the end of the period presented: Quarter ended September 30, 2024 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, June 30, 2024 $ 400,076 $ 68,752 $ 7,923,078 $ 8,391,906 Purchases and issuances, net 1,013,520 246,391 — 1,259,911 Capitalization of interest and servicing advances 15,282 — — 15,282 Sales and repayments (384,101) — — (384,101) Mortgage servicing rights resulting from loan sales — — 578,982 578,982 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 36,968 — — 36,968 Other factors 367 150,334 (628,248) (477,547) 37,335 150,334 (628,248) (440,579) Transfers: From Level 3 to Level 2 (648,238) — — (648,238) To loans held for sale — (346,862) — (346,862) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (121,520) (121,520) Balance, September 30, 2024 $ 433,874 $ 118,615 $ 7,752,292 $ 8,304,781 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2024 $ 29,833 $ 118,615 $ (615,931) $ (467,483) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Quarter ended Liabilities September 30, 2024 (in thousands) Mortgage servicing liabilities: Balance, June 30, 2024 $ 1,708 Changes in fair value included in income 10 Balance, September 30, 2024 $ 1,718 Changes in fair value recognized during the quarter relating to liabilities still outstanding at September 30, 2024 $ 10 Quarter ended September 30, 2023 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, June 30, 2023 $ 392,758 $ 30,636 $ 6,510,585 $ 6,933,979 Purchases and issuances, net 681,022 46,991 — 728,013 Capitalization of interest and servicing advances 10,770 — — 10,770 Sales and repayments (202,892) — (73) (202,965) Mortgage servicing rights resulting from loan sales — — 450,936 450,936 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 15,520 — — 15,520 Other factors (1,831) (32,161) 220,974 186,982 13,689 (32,161) 220,974 202,502 Transfers: From Level 3 to Level 2 (496,019) — — (496,019) To real estate acquired in settlement of loans (144) — — (144) To loans held for sale — (24,692) — (24,692) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (98,066) (98,066) Balance, September 30, 2023 $ 399,184 $ 20,774 $ 7,084,356 $ 7,504,314 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2023 $ 6,519 $ 20,774 $ 220,974 $ 248,267 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Liabilities Quarter ended September 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, June 30, 2023 $ 1,940 Changes in fair value included in income (122) Balance, September 30, 2023 $ 1,818 Changes in fair value recognized during the quarter relating to liabilities still outstanding at September 30, 2023 $ (122) Nine months ended September 30, 2024 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, December 31, 2023 $ 478,564 $ 89,593 $ 7,099,348 $ 7,667,505 Purchases and issuances, net 2,873,461 474,903 — 3,348,364 Capitalization of interest and servicing advances 40,618 — — 40,618 Sales and repayments (1,125,088) — — (1,125,088) Mortgage servicing rights resulting from loan sales — — 1,532,709 1,532,709 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 82,121 — — 82,121 Other factors (741) 181,400 (758,245) (577,586) 81,380 181,400 (758,245) (495,465) Transfers: From Level 3 to Level 2 (1,915,061) — — (1,915,061) To loans held for sale — (627,281) — (627,281) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (121,520) (121,520) Balance, September 30, 2024 $ 433,874 $ 118,615 $ 7,752,292 $ 8,304,781 Changes in fair value recognized during the period relating to assets still held at September 30, 2024 $ 28,536 $ 118,615 $ (752,232) $ (605,081) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Nine months ended Liabilities September 30, 2024 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2023 $ 1,805 Changes in fair value included in income (87) Balance, September 30, 2024 $ 1,718 Changes in fair value recognized during the period relating to liabilities still outstanding at September 30, 2024 $ (87) Nine months ended September 30, 2023 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, December 31, 2022 $ 345,772 $ 25,844 $ 5,953,621 $ 6,325,237 Purchases and issuances, net 1,733,158 177,377 — 1,910,535 Capitalization of interest and servicing advances 31,608 — — 31,608 Sales and repayments (472,039) — (305) (472,344) Mortgage servicing rights resulting from loan sales — — 1,299,992 1,299,992 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 36,014 — — 36,014 Other factors (1,967) 18,559 (70,886) (54,294) 34,047 18,559 (70,886) (18,280) Transfers: From Level 3 to Level 2 (1,272,912) — — (1,272,912) To real estate acquired in settlement of loans (450) — — (450) To loans held for sale — (201,006) — (201,006) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (98,066) (98,066) Balance, September 30, 2023 $ 399,184 $ 20,774 $ 7,084,356 $ 7,504,314 Changes in fair value recognized during the period relating to assets still held at September 30, 2023 $ 10,465 $ 20,774 $ (70,886) $ (39,647) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Liabilities Nine months ended September 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2022 $ 2,096 Changes in fair value included in income (278) Balance, September 30, 2023 $ 1,818 Changes in fair value recognized during the period relating to liabilities still outstanding at September 30, 2023 $ (278) 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 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 management’s election of the fair value option, by income statement line item are summarized below: Quarter ended September 30, 2024 2024 2023 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Principal-only stripped mortgage-backed securities $ — $ 48,969 $ 48,969 $ — $ — $ — Loans held for sale 425,501 — 425,501 762 — 762 Mortgage servicing rights — (628,248) (628,248) — 220,974 220,974 $ 425,501 $ (579,279) $ (153,778) $ 762 $ 220,974 $ 221,736 Liabilities: Mortgage servicing liabilities $ — $ (10) $ (10) $ — $ 122 $ 122 Nine months ended September 30, 2024 2023 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Principal-only stripped mortgage-backed securities $ — $ 32,198 $ 32,198 $ — $ — $ — Loans held for sale 679,704 — 679,704 187,462 — 187,462 Mortgage servicing rights — (758,245) (758,245) — (70,886) (70,886) $ 679,704 $ (726,047) $ (46,343) $ 187,462 $ (70,886) $ 116,576 Liabilities: Mortgage servicing liabilities $ — $ 87 $ 87 $ — $ 278 $ 278 Following are the fair value and related principal amounts due upon maturity of loans held for sale: September 30, 2024 December 31, 2023 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 $ 6,531,836 $ 6,325,838 $ 205,998 $ 4,378,042 $ 4,233,764 $ 144,278 90 days or more delinquent: Not in foreclosure 29,485 31,884 (2,399) 35,253 38,922 (3,669) In foreclosure 4,383 9,065 (4,682) 7,396 22,003 (14,607) $ 6,565,704 $ 6,366,787 $ 198,917 $ 4,420,691 $ 4,294,689 $ 126,002 Assets Measured at Fair Value on a Nonrecurring Basis Following is a summary of assets that were measured at fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2024 $ — $ — $ 6,687 $ 6,687 December 31, 2023 $ — $ — $ 2,669 $ 2,669 The following table summarizes the losses recognized on assets when they were remeasured at fair value on a nonrecurring basis: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Real estate acquired in settlement of loans $ (1,758) $ (494) $ (2,804) $ (791) 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 These 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 term notes and term loans included in Notes payable secured by mortgage servicing assets Unsecured senior notes The Company estimates the fair value of the term notes, term loans and the Unsecured senior notes September 30, 2024 December 31, 2023 Fair value Carrying value Fair value Carrying value (in thousands) Term notes and term loans $ 1,742,421 $ 1,723,632 $ 1,730,000 $ 1,724,290 Unsecured senior notes $ 3,235,284 $ 3,162,239 $ 2,467,750 $ 2,519,651 Valuation Governance Most of the Company’s non-cash financial assets, and all of its derivatives, MSRs 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 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 values of these assets and liabilities to specialized staff within its capital markets group and subjects the valuation process to significant senior management oversight. With respect to “Level 3” valuations other than IRLCs, the capital markets valuation staff group reports to the Company’s senior management valuation committee, which oversees the valuations. Capital markets valuation staff 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 valuations and any changes in model methods and inputs, to the Company’s senior management valuation committee. The Company’s senior management valuation committee includes the Company’s chief financial, risk, and capital markets officers as well as other senior members of the Company’s finance, risk management and capital markets staffs. To assess the reasonableness of its valuations, the capital markets valuation staff presents an analysis of the effect on the valuations of changes to the significant inputs to the models and, for MSRs, comparisons of its estimates of fair value and of key inputs to those procured from nonaffiliate brokers and published surveys. The fair value of the Company’s IRLCs is developed by its capital markets risk management staff and is reviewed by its capital markets operations 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: Principal-Only Stripped Mortgage-Backed Securities The Company categorizes principal-only stripped securities as “Level 2” fair value financial instruments. Fair values of these securities are established based on quoted market prices for these or similar securities. 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 prices or quoted market prices or market price equivalents. 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: ● Closed-end second lien mortgage loans. At present, there is no active market with observable inputs that are significant to the estimation of fair value of the closed-end second lien mortgage loans the Company produces. ● Early buy out (“EBO”) loans. EBO loans are government guaranteed or insured loans purchased by the Company from Ginnie Mae guaranteed securities in its loan servicing portfolio. The Company’s right to purchase a government guaranteed or insured loan from a Ginnie Mae security 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 a loan may be resold to an investor and thereafter may be repurchased to the extent it becomes eligible for resale into a new Ginnie Mae guaranteed security. A loan becomes eligible for resale into a new Ginnie Mae security when the loan becomes current either through completion of a modification of the loan’s terms or after three months of timely payments following either the completion of a payment deferral program or borrower reperformance and when the issuance date of the new security is at least 120 days after the date the loan was last delinquent. ● Loans with identified defects. 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. 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 prepayment/resale 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: September 30, 2024 December 31, 2023 Fair value (in thousands) $ 433,874 $ 478,564 Key inputs (1): Discount rate: Range 6.0% – 9.3% 7.1% – 10.2% Weighted average 6.6% 7.2% Twelve-month projected housing price index change: Range 2.3% – 2.9% 0.3% – 0.5% Weighted average 2.6% 0.5% Voluntary prepayment/resale speed (2): Range 6.4% – 39.3% 4.0% – 36.9% Weighted average 23.0% 24.8% Total prepayment/resale speed (3): Range 6.5% – 48.8% 4.0% – 50.3% Weighted average 25.5% 32.2% (1) Weighted average inputs are based on the fair values of the “Level 3” fair value loans. (2) Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”). (3) Total prepayment/resale speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale speeds. Changes in fair value of loans held for sale attributable to changes in a loan’s instrument-specific credit risk are measured with reference to the change in the respective loan’s delinquency status and performance history at period end from the later of the beginning of the period 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 values 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 be funded or 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 estimated fair values of MSRs attributable to the mortgage loans it has committed to originate or purchase. Significant changes in the pull-through rate or the MSR components of the IRLCs, in isolation, could result in significant changes in the IRLCs’ fair value measurements. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC fair value, but increase the pull-through rate for the loan principal and interest payment cash flow component, which has decreased in fair value. Changes in fair value of IRLCs are included in Net gains on loans held for sale at fair value Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: September 30, 2024 December 31, 2023 Fair value (in thousands) (1) $ 118,615 $ 89,593 Committed amount (in thousands) $ 9,749,537 $ 6,349,628 Key inputs Pull-through rate: Range 19.8% – 100% 10.2% – 100% Weighted average 84.5% 81.1% Mortgage servicing rights fair value expressed as: Servicing fee multiple: Range 1.0 – 8.1 1.1 – 7.3 Weighted average 5.1 4.2 Percentage of loan commitment amount: Range 0.3% – 4.7% 0.3% – 4.3% Weighted average 2.5% 1.9% (1) For purpose of this table, IRLC asset and liability positions are shown net. (2) Weighted average inputs are based on the committed amounts. Hedging Derivatives Fair values of derivative financial instruments actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities; fair values of derivative financial instruments based on observable interest rates, volatilities and prices in the MBS or other markets are categorized by the Company as “Level 2” fair value assets and liabilities. Changes in the fair values of hedging derivatives are included in Net gains on loans held for sale at fair value, Net loan servicing fees – Mortgage servicing rights hedging results . 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: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (Amount recognized and unpaid principal balance of underlying loans in thousands) MSR and underlying loan characteristics: Amount recognized $ 578,982 $ 450,936 $ 1,532,709 $ 1,299,992 Unpaid principal balance $ 25,922,146 $ 21,861,437 $ 70,148,676 $ 60,549,919 Weighted average servicing fee rate (in basis points) 46 42 44 47 Key inputs (1): Annual total prepayment speed (2): Range 7.9% – 25.8% 7.5% – 20.4% 7.3% – 25.8% 7.5% – 23.2% Weighted average 11.5% 10.3% 10.5% 10.9% Equivalent average life (in years): Range 3.7 – 9.3 3.6 – 9.4 3.5 – 9.7 3.0 – 9.4 Weighted average 7.4 7.7 7.7 7.6 Pricing spread (3): Range 4.9% – 12.6% 5.5% – 12.6% 4.9% – 12.6% 5.5% – 12.6% Weighted average 5.7% 6.1% 6.1% 7.0% Per-loan annual cost of servicing: Range $69 – $127 $68 – $127 $69 – $127 $68 – $127 Weighted average $102 $97 $100 $99 (1) Weighted average inputs are based on the 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. The Company applies a pricing spread to a derived United State Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to MSRs. Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs and the effect on the fair value from adverse changes in those inputs: September 30, 2024 December 31, 2023 (Fair value, unpaid principal balance of underlying loans and effect on fair value amounts in thousands) Fair value $ 7,752,292 $ 7,099,348 Underlying loan characteristics: Unpaid principal balance $ 410,031,301 $ 370,244,119 Weighted average note interest rate 4.4% 4.1% Weighted average servicing fee rate (in basis points) 38 38 Key inputs (1): Annual total prepayment speed (2): Range 6.3% – 18.9% 6.1% – 17.8% Weighted average 9.1% 8.3% Equivalent average life (in years): Range 2.7 – 8.8 3.0 – 9.0 Weighted average 7.7 8.1 Effect on fair value of (3): 5% adverse change ($133,350) ($107,757) 10% adverse change ($261,595) ($211,643) 20% adverse change ($503,923) ($408,638) Pricing spread (4): Range 5.0% – 11.3% 5.5% – 12.6% Weighted average 6.3% 6.4% Effect on fair value of (3): 5% adverse change ($101,071) ($94,307) 10% adverse change ($199,523) ($186,129) 20% adverse change ($388,935) ($362,671) Per-loan annual cost of servicing: Range $68 – $131 $70 – $135 Weighted average $106 $107 Effect on fair value of (3)

Principal-Only Stripped Mortgag

Principal-Only Stripped Mortgage-Backed Securities	9 Months Ended
Principal-Only Stripped Mortgage-Backed Securities	Sep. 30, 2024
Principal-Only Stripped Mortgage-Backed Securities
Principal-Only Stripped Mortgage-Backed Securities	Note 8— Principal-Only Stripped Mortgage-Backed Securities During the nine months ended September 30, 2024, the Company began to invest in Agency principal-only stripped MBS for the purpose of economically hedging the fair value of its MSRs. MBS are carried at fair value with changes in fair value recognized in current period income. Changes in fair value arising from accrual of unearned discounts are recognized using the interest method and are included in Interest income Mortgage servicing rights hedging results Following is a summary of the Company’s investment in principal-only stripped MBS: September 30, 2024 (in thousands) Principal balance $ 1,121,494 Unearned discounts (193,425) Cumulative valuation changes 32,198 Fair value $ 960,267

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	9 Months Ended
Loans Held for Sale at Fair Value	Sep. 30, 2024
Loans Held for Sale at Fair Value
Loans Held for Sale at Fair Value	Note 9—Loans Held for Sale at Fair Value Loans held for sale at fair value include the following: September 30, December 31, Mortgage type 2024 2023 (in thousands) Government-insured or guaranteed $ 4,327,303 $ 2,099,135 Conventional conforming 1,589,131 1,821,085 Jumbo 215,396 21,907 Closed-end second lien 271,094 322,015 Purchased from Ginnie Mae securities serviced by the Company 151,374 146,585 Repurchased pursuant to representations and warranties 11,406 9,964 $ 6,565,704 $ 4,420,691 Fair value of loans pledged to secure: Assets sold under agreements to repurchase $ 5,954,470 $ 3,858,977 Mortgage loan participation purchase and sale agreements 548,948 470,524 $ 6,503,418 $ 4,329,501

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2024
Derivative Financial Instruments
Derivative Financial Instruments	Note 10—Derivative Financial Instruments The Company holds and issues derivative financial instruments in connection with its operating and investing activities. Derivative financial instruments are created in the Company’s loan production activities and when the Company enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created in the Company’s loan production activities are IRLCs that are created when the Company commits to purchase or originate a loan for sale. The Company engages in interest rate risk management activities in an effort to moderate the effect of changes in market interest rates on the fair value of certain of the its assets. To manage this 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 its MSRs. The Company does not designate and qualify any of its derivatives for hedge accounting. The Company records all derivative financial instruments at fair value and records changes in fair value in current period income. Derivative Notional Amounts, Fair Value of Derivatives and Netting of Financial Instruments The Company has elected to present net derivative asset and liability positions, and cash collateral obtained from or posted to its counterparties when subject to a master netting arrangement that is legally enforceable on all counterparties in the event of default. The derivatives that are not subject to a master netting arrangement are IRLCs. The Company had the following derivative financial instruments recorded on its consolidated balance sheets: September 30, 2024 December 31, 2023 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 9,749,537 $ 120,837 $ 2,222 6,349,628 $ 90,313 $ 720 Subject to master netting arrangements (2): Forward purchase contracts 26,839,882 10,878 50,487 15,863,667 78,448 5,141 Forward sales contracts 29,548,275 57,180 36,855 14,477,159 6,151 92,796 MBS put options 1,850,000 1,892 — 2,925,000 413 — MBS call options — — — 1,000,000 6,265 — Put options on interest rate futures purchase contracts 7,650,000 20,797 — 8,717,500 11,043 — Call options on interest rate futures purchase contracts 9,600,000 35,109 — 4,250,000 66,176 3,209 Call options on interest rate futures sale contracts 2,500,000 — 13,672 — — — Treasury futures purchase contracts 8,125,000 — — 5,986,500 — — Treasury futures sale contracts 11,379,000 — — 10,677,000 — — Total derivatives before netting 246,693 103,236 258,809 101,866 Netting (56,081) (61,765) (79,730) (48,591) $ 190,612 $ 41,471 $ 179,079 $ 53,275 Deposits placed with (received from) derivative counterparties included in the derivative balances above, net $ 5,684 $ (31,139) (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All derivatives subject to master netting agreements are interest rate derivatives that 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 to qualify for setoff accounting. September 30, 2024 December 31, 2023 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 Counterparty balance sheet instruments received amount balance sheet instruments received amount (in thousands) Interest rate lock commitments $ 120,837 $ — $ — $ 120,837 $ 90,313 $ — $ — $ 90,313 RJ O' Brien 42,234 — — 42,234 74,010 — — 74,010 JPMorgan Chase Bank, N.A. 5,034 — — 5,034 873 — — 873 Goldman Sachs 4,488 — — 4,488 8,473 — — 8,473 Barclays Capital 3,671 — — 3,671 — — — — Morgan Stanley Bank, N.A. 3,226 — — 3,226 — — — — Citibank, N.A. 2,187 — — 2,187 2,947 — — 2,947 Bank of Montreal 2,129 — — 2,129 137 — — 137 Mizuho Bank, Ltd. 2,015 — — 2,015 1,467 — — 1,467 Others 4,791 — — 4,791 859 — — 859 $ 190,612 $ — $ — $ 190,612 $ 179,079 $ — $ — $ 179,079 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 meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase are secured by sufficient collateral with fair values that exceed the liability amounts recorded on the consolidated balance sheets. September 30, 2024 December 31, 2023 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 Counterparty balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount (in thousands) Interest rate lock commitments $ 2,222 $ — $ — $ 2,222 $ 720 $ — $ — $ 720 Bank of America, N.A. 1,456,536 (1,454,936) — 1,600 875,766 (872,148) — 3,618 Atlas Securitized Products, L.P. 837,377 (837,377) — — 1,210,473 (1,210,473) — — Wells Fargo Bank, N.A. 802,353 (769,487) — 32,866 116,275 (114,647) — 1,628 Royal Bank of Canada 706,793 (706,793) — — 457,743 (457,743) — — JPMorgan Chase Bank, N.A. 675,917 (675,579) — 338 243,225 (243,225) — — BNP Paribas 557,496 (557,496) — — 185,425 (185,425) — — Citibank, N.A. 436,127 (436,127) — — 174,221 (174,221) — — Barclays Capital 310,540 (310,540) — — 128,488 (118,667) — 9,821 Santander US Capital Markets LLC 282,511 (282,077) — 434 — — — — Goldman Sachs 219,834 (219,834) — — 178,751 (178,751) — — Morgan Stanley Bank, N.A. 209,495 (209,457) — 38 195,714 (164,149) — 31,565 Nomura Corporate Funding Americas 100,075 (100,000) — 75 50,000 (50,000) — — Mizuho Bank, Ltd. 50,000 (50,000) — — — — — Ellington Management 3,089 — — 3,089 — — — — Others 809 — — 809 5,923 — — 5,923 $ 6,651,174 $ (6,609,703) $ — $ 41,471 $ 3,822,724 $ (3,769,449) $ — $ 53,275 (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 lines where such gains and losses are included: Quarter ended September 30, Nine months ended September 30, Derivative activity Consolidated income statement line 2024 2023 2024 2023 (in thousands) Interest rate lock commitments Net gains on loans held for sale at fair value (1) $ 49,862 $ (9,862) $ 29,021 $ (5,069) Hedged item: Interest rate lock commitments and loans held for sale Net gains on loans held for sale at fair value $ (217,380) $ 162,006 $ (112,188) $ 217,968 Mortgage servicing rights Net loan servicing fees–Mortgage servicing rights hedging results $ 193,081 $ (423,656) $ (256,570) $ (531,565) (1) Represents net change in fair value of IRLCs from the beginning to the end of the period. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loans or the cancellation of the commitment are shown in the rollforward of IRLCs for the quarter in Note 7 – 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	9 Months Ended
	Sep. 30, 2024
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Mortgage Servicing Rights and Mortgage Servicing Liabilities	Note 11—Mortgage Servicing Rights and Mortgage Servicing Liabilities Mortgage Servicing Rights at Fair Value The activity in MSRs is as follows: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 7,923,078 $ 6,510,585 $ 7,099,348 $ 5,953,621 Additions (deductions): MSRs resulting from loan sales 578,982 450,936 1,532,709 1,299,992 Transfer of mortgage servicing rights relating to delinquent loans to Agency — (73) — (305) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities (121,520) (98,066) (121,520) (98,066) 457,462 352,797 1,411,189 1,201,621 Change in fair value due to: Changes in inputs used in valuation model (1) (402,376) 398,807 (132,984) 427,426 Other changes in fair value (2) (225,872) (177,833) (625,261) (498,312) Total change in fair value (628,248) 220,974 (758,245) (70,886) Balance at end of period $ 7,752,292 $ 7,084,356 $ 7,752,292 $ 7,084,356 Unpaid principal balance of underlying loans at end of period $ 410,031,301 $ 351,269,905 September 30, December 31, 2024 2023 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets $ 7,656,519 $ 7,033,892 (1) Principally reflects changes in annual total prepayment speed, pricing spread, per loan annual cost of servicing and UPB of underlying loan inputs. (2) Represents changes due to realization of cash flows. Mortgage Servicing Liabilities at Fair Value The activity in MSLs is summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 1,708 $ 1,940 $ 1,805 $ 2,096 Changes in fair value due to: Changes in inputs used in valuation model (1) 46 (64) 34 (86) Other changes in fair value (2) (36) (58) (121) (192) Total change in fair value 10 (122) (87) (278) Balance at end of period $ 1,718 $ 1,818 $ 1,718 $ 1,818 Unpaid principal balance of underlying loans at end of period $ 20,179 $ 27,010 (1) Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing. (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 Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Contractual servicing fees $ 393,457 $ 328,049 $ 1,126,523 $ 925,865 Other fees: Late charges 19,122 14,486 53,979 39,984 Other 3,804 2,708 9,593 7,664 $ 416,383 $ 345,243 $ 1,190,095 $ 973,513

Other Assets

Other Assets	9 Months Ended
Other Assets	Sep. 30, 2024
Other Asset
Other Assets	Note 12—Other Assets Other September 30, December 31, 2024 2023 (in thousands) Margin deposits $ 192,638 $ 135,645 Capitalized software, net 125,478 148,736 Interest receivable 46,119 35,196 Servicing fees receivable, net 41,050 37,271 Other servicing receivables 46,333 30,530 Operating lease right-of-use assets 39,985 49,926 Prepaid expenses 38,160 36,044 Real estate acquired in settlement of loans 22,420 14,982 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets 16,082 15,653 Furniture, fixtures, equipment and building improvements, net 14,577 19,016 Other 59,347 59,461 $ 642,189 $ 582,460 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets $ 16,082 $ 15,653

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases
Leases	Note 13—Leases The Company has operating lease agreements relating to its facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to seven years. Some of the operating lease agreements include options to extend the term for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments. The Company’s lease agreements are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Lease expense: Operating leases $ 3,917 $ 4,862 $ 11,952 $ 14,665 Short-term leases 66 114 234 351 Sublease income (394) (315) (1,136) (584) Net lease expense included in Occupancy and equipment $ 3,589 $ 4,661 $ 11,050 $ 14,432 Other information: Payments for operating leases $ 5,093 $ 7,617 $ 15,053 $ 19,217 Operating lease right-of-use assets recognized $ 1,388 $ 1,166 $ 1,388 $ 2,893 Period end weighted averages: Remaining lease term (in years) 3.7 4.4 Discount rate 4.0% 3.8% Lease payment obligations attributable to the Company’s operating lease liabilities are summarized below: Twelve months ended September 30, Operating leases (in thousands) 2025 $ 20,285 2026 15,737 2027 9,066 2028 5,123 2029 4,339 Thereafter 3,981 Total lease payments 58,531 Less imputed interest (5,531) Operating lease liability included in Accounts payable and accrued expenses $ 53,000

Short-Term Debt

Short-Term Debt	9 Months Ended
Short-Term Debt	Sep. 30, 2024
Short-Term Debt
Short-Term Debt	Note 14—Short-Term Debt The borrowing facilities described throughout these Notes 14 and 15 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of September 30, 2024. 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 principal-only stripped mortgage-backed securities at fair value, loans held for sale at fair value or participation certificates backed by mortgage servicing assets. Eligible assets are sold at advance rates based on the fair value (as determined by the lender) of the assets sold. Interest is charged at a rate based on the Secured Overnight Financing Rate (“SOFR”). Principal-only stripped mortgage-backed securities, participation certificates and loans financed under these agreements may be re-pledged by the lenders. Assets sold under agreements to repurchase are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance of assets sold under agreements to repurchase $ 5,638,124 $ 3,208,434 $ 4,982,988 $ 3,800,502 Weighted average interest rate (1) 6.88% 7.19% 7.04% 7.01% Total interest expense $ 102,708 $ 62,758 $ 279,730 $ 209,461 Maximum daily amount outstanding $ 6,608,245 $ 4,418,359 $ 7,122,796 $ 6,358,007 (1) Excludes the effect of amortization of debt issuance costs and non-utilization fees of $5.2 million and $4.6 million for the quarters ended September 30, 2024 and 2023, respectively, and $17.3 million and $10.1 million for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 6,609,703 $ 3,769,449 Unamortized debt issuance costs (8,706) (5,493) $ 6,600,997 $ 3,763,956 Weighted average interest rate 6.49% 7.05% Available borrowing capacity (1): Committed $ 943,876 $ 1,282,040 Uncommitted 4,803,203 5,548,511 $ 5,747,079 $ 6,830,551 Assets securing repurchase agreements: Principal-only stripped MBS $ 960,267 — Loans held for sale $ 5,954,470 $ 3,858,977 Servicing advances (2) $ 232,766 $ 354,831 Mortgage servicing rights (2) $ 6,799,741 $ 6,284,239 Deposits (2) $ 16,082 $ 15,653 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposits together serve as the collateral backing servicing asset financing facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The term notes and term loans are described in Note 15 — Long-Term Debt - Notes payable secured by mortgage servicing assets. Remaining maturity at September 30, 2024 (1) Unpaid principal balance (dollars in thousands) Within 30 days $ 1,676,719 Over 30 to 90 days 4,139,432 Over 90 to 180 days 207,823 Over 180 days to one year 435,729 Over one year to two years 150,000 Total assets sold under agreements to repurchase $ 6,609,703 Weighted average maturity (in months) 3.0 (1) The Company is subject to margin calls during the periods the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair values (as determined by the applicable lender) of the assets securing those agreements decrease. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s assets sold under agreements to repurchase is summarized by asset type and counterparty below as of September 30, 2024: Loans held for sale and MSRs Weighted average Counterparty Amount at risk maturity of advances Facility maturity (in thousands) Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1) $ 4,965,381 November 5, 2025 November 5, 2025 Royal Bank of Canada $ 144,170 October 30, 2024 August 11, 2025 Bank of America, N.A. $ 131,432 November 7, 2024 June 10, 2026 Atlas Securitized Products, L.P. $ 86,753 February 5, 2025 June 26, 2026 BNP Paribas $ 68,995 December 18, 2024 September 30, 2025 Barclays Bank PLC $ 51,364 January 31, 2025 March 6, 2026 JP Morgan Chase Bank, N.A. $ 33,726 December 29, 2024 June 28, 2026 Citibank, N.A. $ 26,294 November 27, 2024 June 11, 2026 Wells Fargo Bank, N.A. $ 24,140 December 12, 2024 October 15, 2025 Morgan Stanley Bank, N.A. $ 12,327 December 14, 2024 May 22, 2026 Goldman Sachs Bank USA $ 10,536 January 16, 2025 December 8, 2025 (1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs, Fannie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The facilities mature on various dates through July 25, 2026 and the facility maturity date shown in this table represents a weighted average of those dates. Principal-only stripped MBS Counterparty Amount at risk Maturity (in thousands) Bank of America, N.A. $ 2,602 January 24, 2025 JP Morgan Chase Bank, N.A. $ 23,009 January 6, 2025 Wells Fargo Bank, N.A. $ 21,452 January 23, 2025 Santander US Capital Markets LLC $ 11,970 January 15, 2025 Mortgage Loan Participation Purchase and Sale Agreements Two of the borrowing facilities secured by 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 with Fannie Mae, Freddie Mac or Ginnie Mae, are sold to a lender pending securitization of the mortgage loans and sale of the resulting securities. 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: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 256,995 $ 251,904 $ 242,890 $ 234,583 Weighted average interest rate (1) 6.56% 6.63% 6.64% 6.41% Total interest expense $ 4,411 $ 4,383 $ 12,597 $ 11,768 Maximum daily amount outstanding $ 518,042 $ 508,062 $ 518,042 $ 515,537 (1) Excludes the effect of amortization of debt issuance costs totaling $176,000 and $172,000 for the quarters ended September 30, 2024 and 2023, respectively, and $523,000 and $516,000 for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 518,043 $ 446,406 Unamortized debt issuance costs (516) (352) $ 517,527 $ 446,054 Weighted average interest rate 6.10% 6.60% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements $ 548,948 $ 470,524

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Long-Term Debt.
Long-Term Debt	Note 15—Long-Term Debt Notes Payable Secured by Mortgage Servicing Assets Term Notes and Term Loans The Company, through its wholly-owned subsidiaries PNMAC, PLS and the PNMAC GMSR ISSUER TRUST (“Issuer Trust”) has entered into a structured finance transaction, in which PLS pledges and/or sells to the Issuer Trust participation certificates representing beneficial interests in Ginnie Mae mortgage servicing assets pursuant to a repurchase agreement. The Issuer Trust has issued VFNs to PLS, has issued secured term notes (the “Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and has entered into a series of syndicated term loans with various lenders (the “Term Loans”). The Term Notes and Term Loans are secured by the participation certificates relating to Ginnie Mae mortgage servicing assets financed pursuant to the servicing asset repurchase facilities, and rank pari passu with the mortgage servicing asset VFNs. Following is a summary of the issued and outstanding Term Notes and Term Loans: Maturity date Issuance date Principal balance Annual interest rate spread (1) Stated Optional extension (2) (in thousands) Term Notes: June 3, 2022 $ 500,000 4.25% 5/25/2027 5/25/2029 February 29, 2024 425,000 3.20% 3/26/2029 3/25/2031 Term Loans: February 28, 2023 680,000 3.00% 2/25/2028 2/25/2029 October 25, 2023 125,000 3.00% 10/25/2028 $ 1,730,000 (1) Interest is charged at a rate of SOFR plus a spread. (2) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of certain of the Term Notes or Term Loans as specified in the respective agreements. Freddie Mac MSR Notes Payable The Company has notes payable to two lenders that are secured by Freddie Mac MSRs. Interest is charged at a rate of SOFR Notes payable secured by mortgage servicing assets are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 1,730,000 $ 2,484,348 $ 1,850,621 $ 2,353,572 Weighted average interest rate (1) 8.86% 8.78% 8.88% 8.40% Total interest expense $ 39,265 $ 55,676 $ 125,203 $ 150,271 (1) Excludes the effect of amortization of debt issuance costs totaling $726,000 and $689,000 for the quarters ended September 30, 2024 and 2023, respectively, and $2.2 million and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance: Term Notes and Term Loans $ 1,730,000 $ 1,730,000 Freddie Mac MSR Notes Payable — 150,000 1,730,000 1,880,000 Unamortized debt issuance costs (6,368) (6,585) $ 1,723,632 $ 1,873,415 Weighted average interest rate 8.39% 8.82% Assets pledged to secure notes payable (1): Servicing advances $ 232,766 $ 354,831 Mortgage servicing rights $ 7,656,519 $ 7,033,892 Deposits $ 16,082 $ 15,653 (1) Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that include Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets. Unsecured Senior Notes The Company has 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 subordinate indebtedness of the Company, equally in right of payment with all existing and future senior indebtedness of the Company and effectively subordinate 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 the Company’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 subordinate indebtedness of the guarantors, equally in right of payment with all existing and future senior indebtedness of the guarantors and effectively subordinate 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 subordinate 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 outstanding Unsecured Notes: Issuance date Principal balance Note interest rate Maturity date Optional redemption date (1) (in thousands) (annual) September 29, 2020 $ 500,000 5.375% October 15, 2025 October 15, 2022 October 19, 2020 150,000 5.375% 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 December 11, 2023 750,000 7.875% December 15, 2029 December 15, 2026 May 23, 2024 650,000 7.125% November 15, 2030 November 15, 2026 $ 3,200,000 (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 interest. Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 3,200,000 $ 1,800,000 $ 2,860,766 $ 1,800,000 Weighted average interest rate (1) 6.15% 5.07% 6.03% 5.07% Total interest expense $ 51,147 $ 23,949 $ 133,947 $ 71,065 (1) Excludes the effect of amortization of debt issuance costs of $1.8 million and $933,000 for the quarters ended September 30, 2024 and 2023, respectively, and $4.7 million and $2.8 million for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,200,000 $ 2,550,000 Unamortized debt issuance costs and premiums, net (37,761) (30,349) $ 3,162,239 $ 2,519,651 Weighted average interest rate 6.15% 5.90% Maturities of Long-Term Debt Maturities of long-term debt (based on stated maturity dates) are as follows: Twelve months ended September 30, 2025 2026 2027 2028 2029 Thereafter Total (in thousands) Notes payable secured by mortgage servicing assets (1) $ — $ — $ 500,000 $ 680,000 $ 550,000 $ — $ 1,730,000 Unsecured senior notes — 650,000 — — 650,000 1,900,000 3,200,000 Total $ — $ 650,000 $ 500,000 $ 680,000 $ 1,200,000 $ 1,900,000 $ 4,930,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements.

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	9 Months Ended
Liability for Losses Under Representations and Warranties	Sep. 30, 2024
Liability for Losses Under Representations and Warranties
Liability for Losses Under Representations and Warranties	Note 16—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 28,688 $ 30,146 $ 30,788 $ 32,421 Provision for losses: Resulting from sales of loans 4,070 4,011 12,151 8,885 Resulting from change in estimate (3,481) (2,552) (10,877) (6,005) Losses incurred (991) (1,114) (3,776) (4,810) Balance at end of period $ 28,286 $ 30,491 $ 28,286 $ 30,491 Unpaid principal balance of loans subject to representations and warranties at end of period $ 396,102,491 $ 335,044,546

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Taxes
Income Taxes	Note 17—Income Taxes The Company’s effective income tax rates were 26.1% and 26.8% for the quarters ended September 30, 2024 and 2023, respectively, and 23.8% and 23.7% for the nine months ended September 30, 2024 and 2023, respectively. The decrease in the effective tax rate for the quarter ended September 30, 2024 compared to the same period in 2023 is attributable to an increase in tax deductions realized for stock options exercised in the quarter ended September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	Note 18—Commitments and Contingencies Commitments to Purchase and Fund Mortgage Loans The Company’s commitments to purchase and fund loans totaled $9.7 billion as of September 30, 2024. Legal Proceedings From time to time, the Company may be a party to legal and regulatory proceedings, lawsuits and other claims arising 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 (“Black Knight”), now a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE), 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 (“PLS”), Case No. 2019-CA-007908, alleging breach of contract and misappropriation of MSP® System trade secrets. On November 6, 2019, PLS filed unlawful monopolization claims against Black Knight pursuant to the Sherman Act and Clayton Act seeking injunctive relief. On March 30, 2020, the Florida State Court granted a motion to compel arbitration filed by the Company, after which all claims of the Company and Black Knight were consolidated into a binding arbitration. On November 28, 2023, the arbitrator issued an interim award (the “Interim Award”) granting in part and denying in part Black Knight’s breach of contract claim. The arbitrator’s Interim Award also denied in full Black Knight’s claim of trade secrets misappropriation. The Interim Award granted Black Knight monetary damages in the amount of $155.2 million, plus prejudgment interest and reasonable attorneys’ fees, and it denied in full all of Black Knight’s claims for injunctive and declaratory relief. The Interim Award also granted PLS’ claim that Black Knight violated federal antitrust laws, specifically unlawful monopolization in violation of Section 2 of the Sherman Act, and granted PLS’ claim for injunctive relief under the Sherman Act and Clayton Act, as well as its reasonable attorneys’ fees and costs. The parties subsequently agreed not to seek attorneys’ fees or costs on any claims. As a result of the Interim Award, PLS’ loan servicing technology, known as Servicing Systems Environment, or SSE, and all related intellectual property and software developed by or on behalf of PLS, remain the proprietary technology of PLS, free and clear of any restrictions on use. To this end, the arbitrator expressly enjoined Black Knight from claiming ownership to any portion of SSE or preventing the Company from commercializing SSE. Black Knight is also enjoined from enforcing any of its contract clauses requiring that its clients process their loans exclusively on the MSP platform. On January 12, 2024, the arbitrator issued the final award (the “Final Award”), reducing Black Knight’s monetary damages to $150.2 million, plus interest. As a result of the Final Award, the Company reported a pretax expense accrual of $158.4 million in its financial results for the fourth quarter of fiscal year 2023. On February 14, 2024, the Company paid in full and Black Knight accepted payment of all damages and accrued interest due under the Final Award. On March 15, 2024, the Florida State Court confirmed the Final Award, giving the rulings and remedies therein preclusive effect. The Final Award was entered as a judgment in the Florida State Court on August 10, 2024.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Stockholders' Equity.
Stockholders' Equity	Note 19—Stockholders’ Equity The Company has a common stock repurchase program in the amount of $2 billion before transaction costs and excise tax. Following is a summary of activity under the stock repurchase program: Nine months ended September 30, Cumulative 2024 2023 total (1) (in thousands) Shares of common stock repurchased — 1,201 34,063 Cost of shares of common stock repurchased $ — $ 71,575 $ 1,788,198 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program from inception through September 30, 2024. Cumulative total cost of common stock repurchased includes $537,000 of transaction fees as of September 30, 2024.

Net Gains on Loans Held for Sal

Net Gains on Loans Held for Sale	9 Months Ended
Net Gains on Loans Held for Sale	Sep. 30, 2024
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	Note 20—Net Gains on Loans Held for Sale Net gains on loans held for sale at fair value are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) From non-affiliates: Cash losses: Loans $ (108,058) $ (471,830) $ (831,070) $ (1,136,101) Hedging activities (274,090) 220,585 (31,319) 305,133 (382,148) (251,245) (862,389) (830,968) Non-cash gains: Mortgage servicing rights resulting from loan sales 578,982 450,936 1,532,709 1,299,992 Provisions for losses relating to representations and warranties: Pursuant to loan sales (4,070) (4,011) (12,151) (8,885) Reductions in liability due to changes in estimate 3,481 2,552 10,877 6,005 Changes in fair values of loans and derivatives held at end of period: Interest rate lock commitments 49,862 (9,862) 29,021 (5,069) Loans (48,504) 22,083 (23,554) 24,762 Hedging derivatives 56,710 (58,579) (80,869) (87,165) 254,313 151,874 593,644 398,672 From PennyMac Mortgage Investment Trust (1) 2,506 (500) 1,680 (1,494) $ 256,819 $ 151,374 $ 595,324 $ 397,178 (1) Gains on sales of loans to PMT are described in Note 4– Related Party Transactions – Transactions with PMT–Operating Activities.

Net Interest Expense

Net Interest Expense	9 Months Ended
Net Interest Expense	Sep. 30, 2024
Net Interest Expense
Net Interest Expense	Note 21—Net Interest Expense Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Interest income: Cash and short-term investments $ 15,641 $ 15,814 $ 43,395 $ 53,186 Principal-only stripped mortgage-backed securities 20,412 — 29,756 — Loans held for sale 80,103 65,641 231,807 205,414 Placement fees relating to custodial funds 109,201 85,076 277,564 209,319 From Townsgate Closing Services, LLC — 21 20 63 Other 113 — 165 — 225,470 166,552 582,707 467,982 Interest expense: Assets sold under agreements to repurchase 102,708 62,758 279,730 209,461 Mortgage loan participation purchase and sale agreements 4,411 4,383 12,597 11,768 Notes payable secured by mortgage servicing assets 39,265 55,676 125,203 150,271 Unsecured senior notes 51,147 23,949 133,947 71,065 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 15,711 6,857 29,734 16,781 Interest on mortgage loan impound deposits 3,450 2,888 8,399 7,080 Other 905 352 1,627 850 217,597 156,863 591,237 467,276 $ 7,873 $ 9,689 $ (8,530) $ 706

Stock-based Compensation

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2024
Stock-based Compensation
Stock-based Compensation	Note 22—Stock-based Compensation Following is a summary of the stock-based compensation activity: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Grants: Units: Performance-based restricted share units ("RSUs") — — 246 307 Stock options — — 188 221 Time-based RSUs 4 — 151 187 Grant date fair value: Performance-based RSUs $ — $ — $ 20,915 $ 18,611 Stock options — — 6,935 5,492 Time-based RSUs 449 — 12,927 11,341 Total $ 449 $ — $ 40,777 $ 35,444 Vesting and exercise: Performance-based RSUs vested — — 309 612 Stock options exercised 239 61 666 412 Time-based RSUs vested — — 211 246 Stock-based compensation expense $ 18,943 $ 8,814 $ 21,314 $ 20,839

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share
Earnings Per Share	Note 23—Earnings Per Share Basic earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding during the quarter. Diluted earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding, assuming all dilutive securities were issued. 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: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands, except per share amounts) Net income $ 69,368 $ 92,870 $ 206,934 $ 181,498 Weighted average shares of common stock outstanding 51,180 49,902 50,895 49,975 Effect of dilutive securities - shares issuable under stock-based compensation plan 2,315 2,659 2,379 2,760 Weighted average diluted shares of common stock outstanding 53,495 52,561 53,274 52,735 Basic earnings per share $ 1.36 $ 1.86 $ 4.07 $ 3.63 Diluted earnings per share $ 1.30 $ 1.77 $ 3.88 $ 3.44 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 RSUs and stock options excluded from the calculation of diluted earnings per share: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands except for weighted average exercise price) Performance-based RSUs (1) 809 604 772 548 Time-based RSUs 1 — 23 46 Stock options (2) 184 219 145 287 Total anti-dilutive units and options 994 823 940 881 Weighted average exercise price of anti-dilutive stock options (2) $ 84.93 $ 60.69 $ 84.93 $ 59.31 (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 prices for the quarter.

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
Regulatory Capital and Liquidity Requirements	Sep. 30, 2024
Regulatory Capital and Liquidity Requirements
Regulatory Capital and Liquidity Requirements	Note 24—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 liquidity requirements generally are tied to the size of the PLS’s loan servicing portfolio and loan origination volume. The Agencies’ capital and liquidity levels and requirements, the calculations of which are specified by each Agency, are summarized below: September 30, 2024 December 31, 2023 Requirement/Agency Actual (1) Requirement (1) Actual (1) Requirement (1) (dollars in thousands) Capital Fannie Mae & Freddie Mac $ 7,280,027 $ 1,330,147 $ 6,890,144 $ 1,211,365 Ginnie Mae (2) $ 6,909,409 $ 1,471,131 $ 6,559,001 $ 1,314,677 HUD $ 6,909,409 $ 2,500 $ 6,559,001 $ 2,500 Liquidity Fannie Mae & Freddie Mac $ 1,155,446 $ 611,836 $ 1,243,927 $ 543,913 Ginnie Mae $ 1,181,210 $ 445,873 $ 1,684,457 $ 389,501 Adjusted net worth / Total assets ratio Ginnie Mae 40 % 6 % 48 % 6 % Tangible net worth / Total assets ratio Fannie Mae & Freddie Mac 32 % 6 % 37 % 6 % (1) Calculated in accordance with the respective Agency’s requirements. (2) Ginnie Mae has issued a risk-based capital requirement that will become effective December 31, 2024. The Company believes it is in compliance with the Agency’s pending requirement as of September 30, 2024. Noncompliance with an Agency’s requirements can result in such Agency taking various remedial actions up to and including terminating the Company’s ability to sell loans to and service loans on behalf of the respective Agency.

Segments

Segments	9 Months Ended
Segments	Sep. 30, 2024
Segments
Segments	Note 25—Segments The Company conducts its business in three segments: production, servicing (together, production and servicing comprise its mortgage banking activities) and investment management: ● The production segment performs loan origination, acquisition and sale activities. ● The servicing segment performs loan servicing for loans held for sale and loans serviced for others, including for PMT, as well as provides other ancillary services for customers. ● The investment management segment represents the Company’s investment management activities relating to PMT, which include the activities associated with investment asset acquisitions and dispositions such as sourcing, due diligence, negotiation and settlement. The Company’s reportable segments are identified based on their unique activities. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. The Company’s chief operating decision maker is its chief executive officer. Financial performance and results by segment are as follows: Quarter ended September 30, 2024 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 235,902 $ 20,917 $ 256,819 $ — $ 256,819 Loan origination fees 49,430 — 49,430 — 49,430 Fulfillment fees from PennyMac Mortgage Investment Trust 11,492 — 11,492 — 11,492 Net loan servicing fees — 75,830 75,830 — 75,830 Net interest income (expense): Interest income 79,386 145,985 225,371 99 225,470 Interest expense 81,496 136,101 217,597 — 217,597 (2,110) 9,884 7,774 99 7,873 Management fees — — — 7,153 7,153 Other 625 512 1,137 2,100 3,237 Total net revenues 295,339 107,143 402,482 9,352 411,834 Expenses 187,486 121,765 309,251 8,658 317,909 Income before provision for income taxes $ 107,853 $ (14,622) $ 93,231 $ 694 $ 93,925 Segment assets at end of quarter $ 6,846,311 $ 16,010,758 $ 22,857,069 $ 14,469 $ 22,871,538 (1) All revenues are from external customers. Quarter ended September 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 127,821 $ 23,553 $ 151,374 $ — $ 151,374 Loan origination fees 37,701 — 37,701 — 37,701 Fulfillment fees from PennyMac Mortgage Investment Trust 5,531 — 5,531 — 5,531 Net loan servicing fees — 185,374 185,374 — 185,374 Net interest income (expense): Interest income 62,150 104,402 166,552 — 166,552 Interest expense 59,614 97,249 156,863 — 156,863 2,536 7,153 9,689 — 9,689 Management fees — — — 7,175 7,175 Other 823 1,037 1,860 1,604 3,464 Total net revenues 174,412 217,117 391,529 8,779 400,308 Expenses 149,219 115,913 265,132 8,379 273,511 Income before provision for income taxes $ 25,193 $ 101,204 $ 126,397 $ 400 $ 126,797 Segment assets at end of quarter $ 5,485,039 $ 13,441,925 $ 18,926,964 $ 22,350 $ 18,949,314 (1) All revenues are from external customers. Nine months ended September 30, 2024 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 531,650 $ 63,674 $ 595,324 $ — $ 595,324 Loan origination fees 127,876 — 127,876 — 127,876 Fulfillment fees from PennyMac Mortgage Investment Trust 19,935 — 19,935 — 19,935 Net loan servicing fees — 344,388 344,388 — 344,388 Net interest income (expense): Interest income 227,930 354,515 582,445 262 582,707 Interest expense 226,768 364,469 591,237 — 591,237 1,162 (9,954) (8,792) 262 (8,530) Management fees — — — 21,474 21,474 Other 1,952 14,858 16,810 6,344 23,154 Total net revenue 682,575 412,966 1,095,541 28,080 1,123,621 Expenses 497,551 334,112 831,663 20,296 851,959 Income before provision for income taxes $ 185,024 $ 78,854 $ 263,878 $ 7,784 $ 271,662 Segment assets at end of period $ 6,846,311 $ 16,010,758 $ 22,857,069 $ 14,469 $ 22,871,538 (1) All revenues are from external customers. Nine months ended September 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 328,796 $ 68,382 $ 397,178 $ — $ 397,178 Loan origination fees 108,059 — 108,059 — 108,059 Fulfillment fees from PennyMac Mortgage Investment Trust 22,895 — 22,895 — 22,895 Net loan servicing fees — 480,289 480,289 — 480,289 Net interest income (expense): Interest income 194,566 273,416 467,982 — 467,982 Interest expense 189,691 277,585 467,276 — 467,276 4,875 (4,169) 706 — 706 Management fees — — — 21,510 21,510 Other 1,925 1,118 3,043 6,037 9,080 Total net revenue 466,550 545,620 1,012,170 27,547 1,039,717 Expenses 436,582 340,425 777,007 24,849 801,856 Income before provision for income taxes $ 29,968 $ 205,195 $ 235,163 $ 2,698 $ 237,861 Segment assets at end of period $ 5,485,039 $ 13,441,925 $ 18,926,964 $ 22,350 $ 18,949,314 (1) All revenues are from external customers.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events
Subsequent Events	Note 26—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: ● On October 22, 2024 , the Company announced a cash dividend of $0.30 per common share. The dividend will be paid on November 27, 2024 to common stockholders of record as of November 18, 2024 . ● All agreements to sell assets under agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 69,368	$ 92,870	$ 206,934	$ 181,498

Insider Trading Arrangements

Insider Trading Arrangements - David A. Spector	3 Months Ended
Insider Trading Arrangements - David A. Spector	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 2, 2024, David A. Spector, Chairman and Chief Executive Officer, adopted a trading plan to sell: (1) The trading plan will expire on December 17, 2025. Mr. Spector’s trading plan was entered into during an open insider trading window and is intended to satisfy Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions.
Name	David A. Spector
Title	Chairman and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	Sep. 02, 2024
Expiration Date	Dec. 17, 2025
Common Stock
Trading Arrangements, by Individual
Aggregate Available	60,000
Time-based RSUs
Trading Arrangements, by Individual
Aggregate Available	19,937
Performance-based RSUs
Trading Arrangements, by Individual
Aggregate Available	73,883

Basis of Presentation and Rec_2

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Basis of Presentation and Recently Issued Accounting Pronouncements
Basis of Presentation	Basis of Presentation The accompanying 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 The accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of income that may be expected for the full year ending December 31, 2024. Intercompany accounts and transactions have been eliminated. The Company held no restricted cash at the end of periods presented. Cash and restricted cash at January 1, 2023, included $3,000 in tenant security deposits relating to rental properties owned by PMT and managed by the Company. Tenant security deposits were included in Other Preparation of financial statements in compliance with GAAP requires the Company to make judgments and estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements During 2023, the FASB issued two Accounting Standards Updates (“ASUs”) aimed at increasing the amount of detail provided to financial statement users in certain existing disclosures. The ASUs do not require changes to the Company’s accounting. The ASUs are discussed below: Segment Disclosures The FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), that is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amendments in ASU 2023-07 are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments will require that the Company supplement its existing disclosures to include disclosure of: ● significant segment expenses that are regularly provided to the chief operating decision maker included within each reported measure of segment profit or loss; and ● an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. The Company will be required to apply the reporting specified by ASU 2023-07 in annual periods beginning with its fiscal year ending December 31, 2024 and for quarterly periods ended thereafter. Income Tax Disclosures The FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the level of detail and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosures of: ● Reconciliation of the expected tax at the applicable statutory federal income tax rate to the reported tax in a tabular format, using both percentages and amounts, broken out into specific categories with certain reconciling items of five percent or greater of the expected tax further broken out by nature and/or jurisdiction; and ● Income taxes paid, net of refunds received, broken out between federal and state and local income taxes. Payments to individual jurisdictions representing five percent or more of the total income tax payments must also be separately disclosed. The disclosures specified by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ended December 31, 2025, with early adoption permitted.

Related Party Transactions (Tab

Related Party Transactions (Tables) - Related Party - PennyMac Mortgage Investment Trust	9 Months Ended
	Sep. 30, 2024
Transactions with Affiliates
Summary of lending activity between the Company and affiliate	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net gains (losses) on loans held for sale at fair value: Net gains on loans sold to PMT (primarily cash) $ 2,947 $ — $ 2,947 $ — Mortgage servicing rights recapture incurred (441) (500) (1,267) (1,494) $ 2,506 $ (500) $ 1,680 $ (1,494) Sale of loans held for sale to PMT $ 191,250 $ — $ 191,250 $ — UPB of loans recaptured $ 71,370 $ 77,403 $ 207,651 $ 270,720 Tax service fees earned from PMT included in Loan origination fees $ 1,107 $ 579 $ 1,897 $ 2,690 Fulfillment fee revenue $ 11,492 $ 5,531 $ 19,935 $ 22,895 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees $ 5,948,057 $ 2,760,000 $ 9,949,135 $ 12,418,084 Sourcing fees included in cost of loans purchased from PMT $ 1,994 $ 1,854 $ 5,649 $ 5,014 Unpaid principal balance of loans purchased from PMT: Government guaranteed or insured $ 11,843,268 $ 8,606,835 $ 30,200,608 $ 29,127,889 Conventional conforming 8,092,380 9,932,593 26,289,016 21,013,357 $ 19,935,648 $ 18,539,428 $ 56,489,624 $ 50,141,246
Summary of loan servicing fees earned from PMT	Quarter ended September 30, Nine months ended September 30, Servicing portfolio 2024 2023 2024 2023 (in thousands) Prime servicing $ 22,180 $ 20,224 $ 62,581 $ 60,839 Special servicing 60 33 185 184 $ 22,240 $ 20,257 $ 62,766 $ 61,023
Summary of management fees earned	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Base management $ 7,153 $ 7,175 $ 21,474 $ 21,510 Performance incentive — — — — $ 7,153 $ 7,175 $ 21,474 $ 21,510
Summary of reimbursement of expenses	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Reimbursement of: Expenses incurred on PMT's behalf, net $ 6,318 $ 5,893 $ 15,511 $ 15,532 Common overhead incurred by the Company 1,867 1,489 5,811 5,450 Compensation 165 165 495 495 $ 8,350 $ 7,547 $ 21,817 $ 21,477 Payments and settlements during the period (1) $ 31,752 $ 9,190 $ 91,100 $ 72,446 (1) Payments and settlements include payments for the operating, investing and financing activities itemized in this Note.
Summary of investing activity between the Company and affiliate	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust $ 68 $ (51) $ 38 $ 91 September 30, December 31, 2024 2023 (in thousands) Common shares of beneficial interest of PennyMac Mortgage Investment Trust: Fair value $ 1,070 $ 1,121 Number of shares 75 75
Summary of amounts due from and payable to affiliate	September 30, December 31, 2024 2023 (in thousands) Receivable from PMT: Servicing fees $ 8,670 $ 6,809 Correspondent production fees 7,986 8,288 Management fees 7,153 7,252 Allocated expenses and expenses incurred on PMT's behalf 4,788 5,612 Fulfillment fees 4,006 1,301 $ 32,603 $ 29,262 Payable to PMT: Amounts advanced by PMT to fund its servicing advances $ 72,502 $ 208,154 Other 8,538 56 $ 81,040 $ 208,210

Loan Sales and Servicing Acti_2

Loan Sales and Servicing Activities (Tables)	9 Months Ended
Loan Sales and Servicing Activities (Tables)	Sep. 30, 2024
Loan Sales and Servicing Activities
Summary of cash flows between the Company and transferees upon sale of loans in transactions	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Cash flows: Sales proceeds $ 26,168,605 $ 21,651,096 $ 70,706,054 $ 60,061,205 Servicing fees received $ 363,121 $ 303,224 $ 1,048,099 $ 853,962
Summary of the allowance for losses	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 68,671 $ 70,070 $ 73,991 $ 78,992 Provision (reversals of provision) for losses 9,583 (2,554) 13,974 (7,603) Charge-offs, net (4,346) (1,872) (14,057) (5,745) Balance at end of period $ 73,908 $ 65,644 $ 73,908 $ 65,644
Summary of sale of loans between the Company and transferees upon sale of loans in transactions	September 30, December 31, 2024 2023 (in thousands) Unpaid principal balance of loans outstanding $ 393,947,146 $ 352,790,614 Delinquent loans: 30-89 days $ 16,324,494 $ 13,775,493 90 days or more: Not in foreclosure $ 7,380,142 $ 6,754,282 In foreclosure $ 666,480 $ 618,694 Foreclosed $ 4,471 $ 7,565 Loans in bankruptcy $ 1,685,409 $ 1,415,614
Summary of servicing portfolio	September 30, 2024 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 393,947,146 $ — $ 393,947,146 Purchased 16,104,333 — 16,104,333 Subserviced — 257,696 257,696 410,051,479 257,696 410,309,175 PennyMac Mortgage Investment Trust — 231,378,323 231,378,323 Loans held for sale 6,366,787 — 6,366,787 $ 416,418,266 $ 231,636,019 $ 648,054,285 Delinquent loans: 30 days $ 12,611,232 $ 1,997,395 $ 14,608,627 60 days 4,334,544 553,081 4,887,625 90 days or more: Not in foreclosure 7,559,602 1,061,557 8,621,159 In foreclosure 697,586 106,040 803,626 Foreclosed 5,075 3,466 8,541 $ 25,208,039 $ 3,721,539 $ 28,929,578 Loans in bankruptcy $ 1,780,953 $ 260,599 $ 2,041,552 Custodial funds managed by the Company (1) $ 7,708,840 $ 3,059,731 $ 10,768,571 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income. December 31, 2023 Servicing Total rights owned Subservicing loans serviced (in thousands) Investor: Non-affiliated entities: Originated $ 352,790,614 $ — $ 352,790,614 Purchased 17,478,397 — 17,478,397 370,269,011 — 370,269,011 PennyMac Mortgage Investment Trust — 232,653,069 232,653,069 Loans held for sale 4,294,689 — 4,294,689 $ 374,563,700 $ 232,653,069 $ 607,216,769 Delinquent loans: 30 days $ 11,097,929 $ 1,808,516 $ 12,906,445 60 days 3,316,494 399,786 3,716,280 90 days or more: Not in foreclosure 6,941,325 1,031,299 7,972,624 In foreclosure 686,359 92,618 778,977 Foreclosed 8,133 4,295 12,428 $ 22,050,240 $ 3,336,514 $ 25,386,754 Loans in bankruptcy $ 1,523,218 $ 186,593 $ 1,709,811 Custodial funds managed by the Company $ 3,741,978 $ 1,759,974 $ 5,501,952 (1) Custodial funds include 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 these custodial funds where it owns the MSRs and these 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)	September 30, December 31, State 2024 2023 (in thousands) California $ 74,743,579 $ 72,788,272 Texas 62,664,066 56,437,082 Florida 62,385,137 57,824,310 Virginia 36,081,471 35,376,266 Georgia (1) 27,991,453 — Maryland (1) — 26,746,355 All other states 384,188,579 358,044,484 $ 648,054,285 $ 607,216,769 (1) Maryland and Georgia, were not one of the top five states as of September 30, 2024 and December 31, 2023, respectively, and are included in “All other states”.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2024
Fair Value
Summary of financial statement items measured at estimated fair value on a recurring basis	September 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 667,934 $ — $ — $ 667,934 Principal-only stripped mortgage-backed securities — 960,267 — 960,267 Loans held for sale — 6,131,830 433,874 6,565,704 Derivative assets: Interest rate lock commitments — — 120,837 120,837 Forward purchase contracts — 10,878 — 10,878 Forward sales contracts — 57,180 — 57,180 MBS put options — 1,892 — 1,892 Put options on interest rate futures purchase contracts 20,797 — — 20,797 Call options on interest rate futures purchase contracts 35,109 — — 35,109 Total derivative assets before netting 55,906 69,950 120,837 246,693 Netting — — — (56,081) Total derivative assets 55,906 69,950 120,837 190,612 Mortgage servicing rights — — 7,752,292 7,752,292 Investment in PennyMac Mortgage Investment Trust 1,070 — — 1,070 $ 724,910 $ 7,162,047 $ 8,307,003 $ 16,137,879 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 2,222 $ 2,222 Forward purchase contracts — 50,487 — 50,487 Forward sales contracts — 36,855 — 36,855 Call options on interest rate futures sale contracts 13,672 — — 13,672 Total derivative liabilities before netting 13,672 87,342 2,222 103,236 Netting — — — (61,765) Total derivative liabilities 13,672 87,342 2,222 41,471 Mortgage servicing liabilities — — 1,718 1,718 $ 13,672 $ 87,342 $ 3,940 $ 43,189 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investment $ 10,268 $ — $ — $ 10,268 Loans held for sale — 3,942,127 478,564 4,420,691 Derivative assets: Interest rate lock commitments — — 90,313 90,313 Forward purchase contracts — 78,448 — 78,448 Forward sales contracts — 6,151 — 6,151 MBS put options — 413 — 413 MBS call options — 6,265 — 6,265 Put options on interest rate futures purchase contracts 11,043 — — 11,043 Call options on interest rate futures purchase contracts 66,176 — — 66,176 Total derivative assets before netting 77,219 91,277 90,313 258,809 Netting — — — (79,730) Total derivative assets 77,219 91,277 90,313 179,079 Mortgage servicing rights — — 7,099,348 7,099,348 Investment in PennyMac Mortgage Investment Trust 1,121 — — 1,121 $ 88,608 $ 4,033,404 $ 7,668,225 $ 11,710,507 Liabilities: Derivative liabilities: Interest rate lock commitments $ — $ — $ 720 $ 720 Forward purchase contracts — 5,141 — 5,141 Forward sales contracts — 92,796 — 92,796 Call options on interest rate futures sales contracts 3,209 — — 3,209 Total derivative liabilities before netting 3,209 97,937 720 101,866 Netting — — — (48,591) Total derivative liabilities 3,209 97,937 720 53,275 Mortgage servicing liabilities — — 1,805 1,805 $ 3,209 $ 97,937 $ 2,525 $ 55,080
Summary of roll forward of items measured using Level 3 inputs on a recurring basis	Quarter ended September 30, 2024 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, June 30, 2024 $ 400,076 $ 68,752 $ 7,923,078 $ 8,391,906 Purchases and issuances, net 1,013,520 246,391 — 1,259,911 Capitalization of interest and servicing advances 15,282 — — 15,282 Sales and repayments (384,101) — — (384,101) Mortgage servicing rights resulting from loan sales — — 578,982 578,982 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 36,968 — — 36,968 Other factors 367 150,334 (628,248) (477,547) 37,335 150,334 (628,248) (440,579) Transfers: From Level 3 to Level 2 (648,238) — — (648,238) To loans held for sale — (346,862) — (346,862) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (121,520) (121,520) Balance, September 30, 2024 $ 433,874 $ 118,615 $ 7,752,292 $ 8,304,781 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2024 $ 29,833 $ 118,615 $ (615,931) $ (467,483) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Quarter ended Liabilities September 30, 2024 (in thousands) Mortgage servicing liabilities: Balance, June 30, 2024 $ 1,708 Changes in fair value included in income 10 Balance, September 30, 2024 $ 1,718 Changes in fair value recognized during the quarter relating to liabilities still outstanding at September 30, 2024 $ 10 Quarter ended September 30, 2023 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, June 30, 2023 $ 392,758 $ 30,636 $ 6,510,585 $ 6,933,979 Purchases and issuances, net 681,022 46,991 — 728,013 Capitalization of interest and servicing advances 10,770 — — 10,770 Sales and repayments (202,892) — (73) (202,965) Mortgage servicing rights resulting from loan sales — — 450,936 450,936 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 15,520 — — 15,520 Other factors (1,831) (32,161) 220,974 186,982 13,689 (32,161) 220,974 202,502 Transfers: From Level 3 to Level 2 (496,019) — — (496,019) To real estate acquired in settlement of loans (144) — — (144) To loans held for sale — (24,692) — (24,692) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (98,066) (98,066) Balance, September 30, 2023 $ 399,184 $ 20,774 $ 7,084,356 $ 7,504,314 Changes in fair value recognized during the quarter relating to assets still held at September 30, 2023 $ 6,519 $ 20,774 $ 220,974 $ 248,267 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Liabilities Quarter ended September 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, June 30, 2023 $ 1,940 Changes in fair value included in income (122) Balance, September 30, 2023 $ 1,818 Changes in fair value recognized during the quarter relating to liabilities still outstanding at September 30, 2023 $ (122) Nine months ended September 30, 2024 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, December 31, 2023 $ 478,564 $ 89,593 $ 7,099,348 $ 7,667,505 Purchases and issuances, net 2,873,461 474,903 — 3,348,364 Capitalization of interest and servicing advances 40,618 — — 40,618 Sales and repayments (1,125,088) — — (1,125,088) Mortgage servicing rights resulting from loan sales — — 1,532,709 1,532,709 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 82,121 — — 82,121 Other factors (741) 181,400 (758,245) (577,586) 81,380 181,400 (758,245) (495,465) Transfers: From Level 3 to Level 2 (1,915,061) — — (1,915,061) To loans held for sale — (627,281) — (627,281) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (121,520) (121,520) Balance, September 30, 2024 $ 433,874 $ 118,615 $ 7,752,292 $ 8,304,781 Changes in fair value recognized during the period relating to assets still held at September 30, 2024 $ 28,536 $ 118,615 $ (752,232) $ (605,081) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Nine months ended Liabilities September 30, 2024 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2023 $ 1,805 Changes in fair value included in income (87) Balance, September 30, 2024 $ 1,718 Changes in fair value recognized during the period relating to liabilities still outstanding at September 30, 2024 $ (87) Nine months ended September 30, 2023 Interest Mortgage Loans held rate lock servicing Assets for sale commitments, net (1) rights Total (in thousands) Balance, December 31, 2022 $ 345,772 $ 25,844 $ 5,953,621 $ 6,325,237 Purchases and issuances, net 1,733,158 177,377 — 1,910,535 Capitalization of interest and servicing advances 31,608 — — 31,608 Sales and repayments (472,039) — (305) (472,344) Mortgage servicing rights resulting from loan sales — — 1,299,992 1,299,992 Changes in fair value included in income arising from: Changes in instrument-specific credit risk 36,014 — — 36,014 Other factors (1,967) 18,559 (70,886) (54,294) 34,047 18,559 (70,886) (18,280) Transfers: From Level 3 to Level 2 (1,272,912) — — (1,272,912) To real estate acquired in settlement of loans (450) — — (450) To loans held for sale — (201,006) — (201,006) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — — (98,066) (98,066) Balance, September 30, 2023 $ 399,184 $ 20,774 $ 7,084,356 $ 7,504,314 Changes in fair value recognized during the period relating to assets still held at September 30, 2023 $ 10,465 $ 20,774 $ (70,886) $ (39,647) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. Liabilities Nine months ended September 30, 2023 (in thousands) Mortgage servicing liabilities: Balance, December 31, 2022 $ 2,096 Changes in fair value included in income (278) Balance, September 30, 2023 $ 1,818 Changes in fair value recognized during the period relating to liabilities still outstanding at September 30, 2023 $ (278)
Summary of changes in fair value relating to financial statement items	Quarter ended September 30, 2024 2024 2023 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Principal-only stripped mortgage-backed securities $ — $ 48,969 $ 48,969 $ — $ — $ — Loans held for sale 425,501 — 425,501 762 — 762 Mortgage servicing rights — (628,248) (628,248) — 220,974 220,974 $ 425,501 $ (579,279) $ (153,778) $ 762 $ 220,974 $ 221,736 Liabilities: Mortgage servicing liabilities $ — $ (10) $ (10) $ — $ 122 $ 122 Nine months ended September 30, 2024 2023 Net gains on Net Net gains on Net loans held loan loans held loan for sale at servicing for sale at servicing fair value fees Total fair value fees Total (in thousands) Assets: Principal-only stripped mortgage-backed securities $ — $ 32,198 $ 32,198 $ — $ — $ — Loans held for sale 679,704 — 679,704 187,462 — 187,462 Mortgage servicing rights — (758,245) (758,245) — (70,886) (70,886) $ 679,704 $ (726,047) $ (46,343) $ 187,462 $ (70,886) $ 116,576 Liabilities: Mortgage servicing liabilities $ — $ 87 $ 87 $ — $ 278 $ 278
Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option	September 30, 2024 December 31, 2023 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 $ 6,531,836 $ 6,325,838 $ 205,998 $ 4,378,042 $ 4,233,764 $ 144,278 90 days or more delinquent: Not in foreclosure 29,485 31,884 (2,399) 35,253 38,922 (3,669) In foreclosure 4,383 9,065 (4,682) 7,396 22,003 (14,607) $ 6,565,704 $ 6,366,787 $ 198,917 $ 4,420,691 $ 4,294,689 $ 126,002
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) September 30, 2024 $ — $ — $ 6,687 $ 6,687 December 31, 2023 $ — $ — $ 2,669 $ 2,669
Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Real estate acquired in settlement of loans $ (1,758) $ (494) $ (2,804) $ (791)
Summary of carrying value and fair value of debt	September 30, 2024 December 31, 2023 Fair value Carrying value Fair value Carrying value (in thousands) Term notes and term loans $ 1,742,421 $ 1,723,632 $ 1,730,000 $ 1,724,290 Unsecured senior notes $ 3,235,284 $ 3,162,239 $ 2,467,750 $ 2,519,651
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	September 30, 2024 December 31, 2023 (Fair value, unpaid principal balance of underlying loans and effect on fair value amounts in thousands) Fair value $ 7,752,292 $ 7,099,348 Underlying loan characteristics: Unpaid principal balance $ 410,031,301 $ 370,244,119 Weighted average note interest rate 4.4% 4.1% Weighted average servicing fee rate (in basis points) 38 38 Key inputs (1): Annual total prepayment speed (2): Range 6.3% – 18.9% 6.1% – 17.8% Weighted average 9.1% 8.3% Equivalent average life (in years): Range 2.7 – 8.8 3.0 – 9.0 Weighted average 7.7 8.1 Effect on fair value of (3): 5% adverse change ($133,350) ($107,757) 10% adverse change ($261,595) ($211,643) 20% adverse change ($503,923) ($408,638) Pricing spread (4): Range 5.0% – 11.3% 5.5% – 12.6% Weighted average 6.3% 6.4% Effect on fair value of (3): 5% adverse change ($101,071) ($94,307) 10% adverse change ($199,523) ($186,129) 20% adverse change ($388,935) ($362,671) Per-loan annual cost of servicing: Range $68 – $131 $70 – $135 Weighted average $106 $107 Effect on fair value of (3): 5% adverse change ($46,687) ($44,572) 10% adverse change ($93,373) ($89,145) 20% adverse change ($186,746) ($178,289) (1) Weighted average inputs are based on the 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 analyses should not be viewed as earnings forecasts. (4) The Company applies a pricing spread to a derived Treasury yield curve for purposes of discounting cash flows relating to MSRs.
Mortgage servicing liabilities
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	September 30, December 31, 2024 2023 Fair value (in thousands) $ 1,718 $ 1,805 Underlying loan characteristics: Unpaid principal balance of underlying loans (in thousands) $ 20,179 $ 24,892 Servicing fee rate (in basis points) 25 25 Key inputs (1): Annual total prepayment speed (2) 16.0% 16.1% Equivalent average life (in years) 5.0 5.1 Pricing spread (3) 8.5% 8.3% Per-loan annual cost of servicing $ 1,001 $ 1,043 (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) The Company applies a pricing spread to a derived Treasury yield curve for purposes of discounting cash flows relating to MSLs.
Interest rate lock commitments
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	September 30, 2024 December 31, 2023 Fair value (in thousands) (1) $ 118,615 $ 89,593 Committed amount (in thousands) $ 9,749,537 $ 6,349,628 Key inputs Pull-through rate: Range 19.8% – 100% 10.2% – 100% Weighted average 84.5% 81.1% Mortgage servicing rights fair value expressed as: Servicing fee multiple: Range 1.0 – 8.1 1.1 – 7.3 Weighted average 5.1 4.2 Percentage of loan commitment amount: Range 0.3% – 4.7% 0.3% – 4.3% Weighted average 2.5% 1.9% (1) For purpose of this table, IRLC asset 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	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (Amount recognized and unpaid principal balance of underlying loans in thousands) MSR and underlying loan characteristics: Amount recognized $ 578,982 $ 450,936 $ 1,532,709 $ 1,299,992 Unpaid principal balance $ 25,922,146 $ 21,861,437 $ 70,148,676 $ 60,549,919 Weighted average servicing fee rate (in basis points) 46 42 44 47 Key inputs (1): Annual total prepayment speed (2): Range 7.9% – 25.8% 7.5% – 20.4% 7.3% – 25.8% 7.5% – 23.2% Weighted average 11.5% 10.3% 10.5% 10.9% Equivalent average life (in years): Range 3.7 – 9.3 3.6 – 9.4 3.5 – 9.7 3.0 – 9.4 Weighted average 7.4 7.7 7.7 7.6 Pricing spread (3): Range 4.9% – 12.6% 5.5% – 12.6% 4.9% – 12.6% 5.5% – 12.6% Weighted average 5.7% 6.1% 6.1% 7.0% Per-loan annual cost of servicing: Range $69 – $127 $68 – $127 $69 – $127 $68 – $127 Weighted average $102 $97 $100 $99 (1) Weighted average inputs are based on the 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. The Company applies a pricing spread to a derived United State Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to MSRs.
Mortgage loans held for sale
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	September 30, 2024 December 31, 2023 Fair value (in thousands) $ 433,874 $ 478,564 Key inputs (1): Discount rate: Range 6.0% – 9.3% 7.1% – 10.2% Weighted average 6.6% 7.2% Twelve-month projected housing price index change: Range 2.3% – 2.9% 0.3% – 0.5% Weighted average 2.6% 0.5% Voluntary prepayment/resale speed (2): Range 6.4% – 39.3% 4.0% – 36.9% Weighted average 23.0% 24.8% Total prepayment/resale speed (3): Range 6.5% – 48.8% 4.0% – 50.3% Weighted average 25.5% 32.2% (1) Weighted average inputs are based on the fair values of the “Level 3” fair value loans. (2) Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”). (3) Total prepayment/resale speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale speeds.

Principal-Only Stripped Mortg_2

Principal-Only Stripped Mortgage-Backed Securities (Tables)	9 Months Ended
Principal-Only Stripped Mortgage-Backed Securities (Tables)	Sep. 30, 2024
Principal-Only Stripped Mortgage-Backed Securities
Summary of principal-only stripped MBS	September 30, 2024 (in thousands) Principal balance $ 1,121,494 Unearned discounts (193,425) Cumulative valuation changes 32,198 Fair value $ 960,267

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	9 Months Ended
Loans Held for Sale at Fair Value (Tables)	Sep. 30, 2024
Loans Held for Sale at Fair Value
Summary of loans held for sale at fair value	September 30, December 31, Mortgage type 2024 2023 (in thousands) Government-insured or guaranteed $ 4,327,303 $ 2,099,135 Conventional conforming 1,589,131 1,821,085 Jumbo 215,396 21,907 Closed-end second lien 271,094 322,015 Purchased from Ginnie Mae securities serviced by the Company 151,374 146,585 Repurchased pursuant to representations and warranties 11,406 9,964 $ 6,565,704 $ 4,420,691 Fair value of loans pledged to secure: Assets sold under agreements to repurchase $ 5,954,470 $ 3,858,977 Mortgage loan participation purchase and sale agreements 548,948 470,524 $ 6,503,418 $ 4,329,501

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2024
Derivative Financial Instruments
Summary of derivative financial instruments	September 30, 2024 December 31, 2023 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 9,749,537 $ 120,837 $ 2,222 6,349,628 $ 90,313 $ 720 Subject to master netting arrangements (2): Forward purchase contracts 26,839,882 10,878 50,487 15,863,667 78,448 5,141 Forward sales contracts 29,548,275 57,180 36,855 14,477,159 6,151 92,796 MBS put options 1,850,000 1,892 — 2,925,000 413 — MBS call options — — — 1,000,000 6,265 — Put options on interest rate futures purchase contracts 7,650,000 20,797 — 8,717,500 11,043 — Call options on interest rate futures purchase contracts 9,600,000 35,109 — 4,250,000 66,176 3,209 Call options on interest rate futures sale contracts 2,500,000 — 13,672 — — — Treasury futures purchase contracts 8,125,000 — — 5,986,500 — — Treasury futures sale contracts 11,379,000 — — 10,677,000 — — Total derivatives before netting 246,693 103,236 258,809 101,866 Netting (56,081) (61,765) (79,730) (48,591) $ 190,612 $ 41,471 $ 179,079 $ 53,275 Deposits placed with (received from) derivative counterparties included in the derivative balances above, net $ 5,684 $ (31,139) (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All derivatives subject to master netting agreements are interest rate derivatives that 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	September 30, 2024 December 31, 2023 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 Counterparty balance sheet instruments received amount balance sheet instruments received amount (in thousands) Interest rate lock commitments $ 120,837 $ — $ — $ 120,837 $ 90,313 $ — $ — $ 90,313 RJ O' Brien 42,234 — — 42,234 74,010 — — 74,010 JPMorgan Chase Bank, N.A. 5,034 — — 5,034 873 — — 873 Goldman Sachs 4,488 — — 4,488 8,473 — — 8,473 Barclays Capital 3,671 — — 3,671 — — — — Morgan Stanley Bank, N.A. 3,226 — — 3,226 — — — — Citibank, N.A. 2,187 — — 2,187 2,947 — — 2,947 Bank of Montreal 2,129 — — 2,129 137 — — 137 Mizuho Bank, Ltd. 2,015 — — 2,015 1,467 — — 1,467 Others 4,791 — — 4,791 859 — — 859 $ 190,612 $ — $ — $ 190,612 $ 179,079 $ — $ — $ 179,079
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	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 meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase are secured by sufficient collateral with fair values that exceed the liability amounts recorded on the consolidated balance sheets. September 30, 2024 December 31, 2023 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 Counterparty balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount (in thousands) Interest rate lock commitments $ 2,222 $ — $ — $ 2,222 $ 720 $ — $ — $ 720 Bank of America, N.A. 1,456,536 (1,454,936) — 1,600 875,766 (872,148) — 3,618 Atlas Securitized Products, L.P. 837,377 (837,377) — — 1,210,473 (1,210,473) — — Wells Fargo Bank, N.A. 802,353 (769,487) — 32,866 116,275 (114,647) — 1,628 Royal Bank of Canada 706,793 (706,793) — — 457,743 (457,743) — — JPMorgan Chase Bank, N.A. 675,917 (675,579) — 338 243,225 (243,225) — — BNP Paribas 557,496 (557,496) — — 185,425 (185,425) — — Citibank, N.A. 436,127 (436,127) — — 174,221 (174,221) — — Barclays Capital 310,540 (310,540) — — 128,488 (118,667) — 9,821 Santander US Capital Markets LLC 282,511 (282,077) — 434 — — — — Goldman Sachs 219,834 (219,834) — — 178,751 (178,751) — — Morgan Stanley Bank, N.A. 209,495 (209,457) — 38 195,714 (164,149) — 31,565 Nomura Corporate Funding Americas 100,075 (100,000) — 75 50,000 (50,000) — — Mizuho Bank, Ltd. 50,000 (50,000) — — — — — Ellington Management 3,089 — — 3,089 — — — — Others 809 — — 809 5,923 — — 5,923 $ 6,651,174 $ (6,609,703) $ — $ 41,471 $ 3,822,724 $ (3,769,449) $ — $ 53,275 (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	Quarter ended September 30, Nine months ended September 30, Derivative activity Consolidated income statement line 2024 2023 2024 2023 (in thousands) Interest rate lock commitments Net gains on loans held for sale at fair value (1) $ 49,862 $ (9,862) $ 29,021 $ (5,069) Hedged item: Interest rate lock commitments and loans held for sale Net gains on loans held for sale at fair value $ (217,380) $ 162,006 $ (112,188) $ 217,968 Mortgage servicing rights Net loan servicing fees–Mortgage servicing rights hedging results $ 193,081 $ (423,656) $ (256,570) $ (531,565) (1) Represents net change in fair value of IRLCs from the beginning to the end of the period. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loans or the cancellation of the commitment are shown in the rollforward of IRLCs for the quarter in Note 7 – 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)	9 Months Ended
	Sep. 30, 2024
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Schedule of activity in MSRs carried at fair value	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 7,923,078 $ 6,510,585 $ 7,099,348 $ 5,953,621 Additions (deductions): MSRs resulting from loan sales 578,982 450,936 1,532,709 1,299,992 Transfer of mortgage servicing rights relating to delinquent loans to Agency — (73) — (305) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities (121,520) (98,066) (121,520) (98,066) 457,462 352,797 1,411,189 1,201,621 Change in fair value due to: Changes in inputs used in valuation model (1) (402,376) 398,807 (132,984) 427,426 Other changes in fair value (2) (225,872) (177,833) (625,261) (498,312) Total change in fair value (628,248) 220,974 (758,245) (70,886) Balance at end of period $ 7,752,292 $ 7,084,356 $ 7,752,292 $ 7,084,356 Unpaid principal balance of underlying loans at end of period $ 410,031,301 $ 351,269,905 September 30, December 31, 2024 2023 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets $ 7,656,519 $ 7,033,892 (1) Principally reflects changes in annual total prepayment speed, pricing spread, 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	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 1,708 $ 1,940 $ 1,805 $ 2,096 Changes in fair value due to: Changes in inputs used in valuation model (1) 46 (64) 34 (86) Other changes in fair value (2) (36) (58) (121) (192) Total change in fair value 10 (122) (87) (278) Balance at end of period $ 1,718 $ 1,818 $ 1,718 $ 1,818 Unpaid principal balance of underlying loans at end of period $ 20,179 $ 27,010 (1) Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing. (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	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Contractual servicing fees $ 393,457 $ 328,049 $ 1,126,523 $ 925,865 Other fees: Late charges 19,122 14,486 53,979 39,984 Other 3,804 2,708 9,593 7,664 $ 416,383 $ 345,243 $ 1,190,095 $ 973,513

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
Other Assets (Tables)	Sep. 30, 2024
Other Asset
Summary of other assets	September 30, December 31, 2024 2023 (in thousands) Margin deposits $ 192,638 $ 135,645 Capitalized software, net 125,478 148,736 Interest receivable 46,119 35,196 Servicing fees receivable, net 41,050 37,271 Other servicing receivables 46,333 30,530 Operating lease right-of-use assets 39,985 49,926 Prepaid expenses 38,160 36,044 Real estate acquired in settlement of loans 22,420 14,982 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets 16,082 15,653 Furniture, fixtures, equipment and building improvements, net 14,577 19,016 Other 59,347 59,461 $ 642,189 $ 582,460 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets $ 16,082 $ 15,653

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases
Summary of Company's leases	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Lease expense: Operating leases $ 3,917 $ 4,862 $ 11,952 $ 14,665 Short-term leases 66 114 234 351 Sublease income (394) (315) (1,136) (584) Net lease expense included in Occupancy and equipment $ 3,589 $ 4,661 $ 11,050 $ 14,432 Other information: Payments for operating leases $ 5,093 $ 7,617 $ 15,053 $ 19,217 Operating lease right-of-use assets recognized $ 1,388 $ 1,166 $ 1,388 $ 2,893 Period end weighted averages: Remaining lease term (in years) 3.7 4.4 Discount rate 4.0% 3.8%
Schedule of maturities of operating lease liabilities	Twelve months ended September 30, Operating leases (in thousands) 2025 $ 20,285 2026 15,737 2027 9,066 2028 5,123 2029 4,339 Thereafter 3,981 Total lease payments 58,531 Less imputed interest (5,531) Operating lease liability included in Accounts payable and accrued expenses $ 53,000

Short-Term Debt (Tables)

Short-Term Debt (Tables)	9 Months Ended
Short-Term Debt (Tables)	Sep. 30, 2024
Short-Term Debt
Summary of financial data pertaining to assets sold under agreements to repurchase	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance of assets sold under agreements to repurchase $ 5,638,124 $ 3,208,434 $ 4,982,988 $ 3,800,502 Weighted average interest rate (1) 6.88% 7.19% 7.04% 7.01% Total interest expense $ 102,708 $ 62,758 $ 279,730 $ 209,461 Maximum daily amount outstanding $ 6,608,245 $ 4,418,359 $ 7,122,796 $ 6,358,007 (1) Excludes the effect of amortization of debt issuance costs and non-utilization fees of $5.2 million and $4.6 million for the quarters ended September 30, 2024 and 2023, respectively, and $17.3 million and $10.1 million for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 6,609,703 $ 3,769,449 Unamortized debt issuance costs (8,706) (5,493) $ 6,600,997 $ 3,763,956 Weighted average interest rate 6.49% 7.05% Available borrowing capacity (1): Committed $ 943,876 $ 1,282,040 Uncommitted 4,803,203 5,548,511 $ 5,747,079 $ 6,830,551 Assets securing repurchase agreements: Principal-only stripped MBS $ 960,267 — Loans held for sale $ 5,954,470 $ 3,858,977 Servicing advances (2) $ 232,766 $ 354,831 Mortgage servicing rights (2) $ 6,799,741 $ 6,284,239 Deposits (2) $ 16,082 $ 15,653 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposits together serve as the collateral backing servicing asset financing facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The term notes and term loans are described in Note 15 — Long-Term Debt - Notes payable secured by mortgage servicing assets.
Summary of maturities of outstanding advances under repurchase agreements by maturity date	Remaining maturity at September 30, 2024 (1) Unpaid principal balance (dollars in thousands) Within 30 days $ 1,676,719 Over 30 to 90 days 4,139,432 Over 90 to 180 days 207,823 Over 180 days to one year 435,729 Over one year to two years 150,000 Total assets sold under agreements to repurchase $ 6,609,703 Weighted average maturity (in months) 3.0 (1) The Company is subject to margin calls during the periods the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair values (as determined by the applicable lender) of the assets securing those agreements decrease.
Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty	Weighted average Counterparty Amount at risk maturity of advances Facility maturity (in thousands) Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1) $ 4,965,381 November 5, 2025 November 5, 2025 Royal Bank of Canada $ 144,170 October 30, 2024 August 11, 2025 Bank of America, N.A. $ 131,432 November 7, 2024 June 10, 2026 Atlas Securitized Products, L.P. $ 86,753 February 5, 2025 June 26, 2026 BNP Paribas $ 68,995 December 18, 2024 September 30, 2025 Barclays Bank PLC $ 51,364 January 31, 2025 March 6, 2026 JP Morgan Chase Bank, N.A. $ 33,726 December 29, 2024 June 28, 2026 Citibank, N.A. $ 26,294 November 27, 2024 June 11, 2026 Wells Fargo Bank, N.A. $ 24,140 December 12, 2024 October 15, 2025 Morgan Stanley Bank, N.A. $ 12,327 December 14, 2024 May 22, 2026 Goldman Sachs Bank USA $ 10,536 January 16, 2025 December 8, 2025 (1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs, Fannie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The facilities mature on various dates through July 25, 2026 and the facility maturity date shown in this table represents a weighted average of those dates. Principal-only stripped MBS Counterparty Amount at risk Maturity (in thousands) Bank of America, N.A. $ 2,602 January 24, 2025 JP Morgan Chase Bank, N.A. $ 23,009 January 6, 2025 Wells Fargo Bank, N.A. $ 21,452 January 23, 2025 Santander US Capital Markets LLC $ 11,970 January 15, 2025
Summary of participating mortgage loans	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 256,995 $ 251,904 $ 242,890 $ 234,583 Weighted average interest rate (1) 6.56% 6.63% 6.64% 6.41% Total interest expense $ 4,411 $ 4,383 $ 12,597 $ 11,768 Maximum daily amount outstanding $ 518,042 $ 508,062 $ 518,042 $ 515,537 (1) Excludes the effect of amortization of debt issuance costs totaling $176,000 and $172,000 for the quarters ended September 30, 2024 and 2023, respectively, and $523,000 and $516,000 for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 518,043 $ 446,406 Unamortized debt issuance costs (516) (352) $ 517,527 $ 446,054 Weighted average interest rate 6.10% 6.60% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements $ 548,948 $ 470,524

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2024
Long-Term Debt.
Summary of term notes issued	Maturity date Issuance date Principal balance Annual interest rate spread (1) Stated Optional extension (2) (in thousands) Term Notes: June 3, 2022 $ 500,000 4.25% 5/25/2027 5/25/2029 February 29, 2024 425,000 3.20% 3/26/2029 3/25/2031 Term Loans: February 28, 2023 680,000 3.00% 2/25/2028 2/25/2029 October 25, 2023 125,000 3.00% 10/25/2028 $ 1,730,000 (1) Interest is charged at a rate of SOFR plus a spread. (2) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of certain of the Term Notes or Term Loans as specified in the respective agreements.
Summary of note payable	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 1,730,000 $ 2,484,348 $ 1,850,621 $ 2,353,572 Weighted average interest rate (1) 8.86% 8.78% 8.88% 8.40% Total interest expense $ 39,265 $ 55,676 $ 125,203 $ 150,271 (1) Excludes the effect of amortization of debt issuance costs totaling $726,000 and $689,000 for the quarters ended September 30, 2024 and 2023, respectively, and $2.2 million and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance: Term Notes and Term Loans $ 1,730,000 $ 1,730,000 Freddie Mac MSR Notes Payable — 150,000 1,730,000 1,880,000 Unamortized debt issuance costs (6,368) (6,585) $ 1,723,632 $ 1,873,415 Weighted average interest rate 8.39% 8.82% Assets pledged to secure notes payable (1): Servicing advances $ 232,766 $ 354,831 Mortgage servicing rights $ 7,656,519 $ 7,033,892 Deposits $ 16,082 $ 15,653 (1) Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that include Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets.
Summary of Unsecured Notes issued	Issuance date Principal balance Note interest rate Maturity date Optional redemption date (1) (in thousands) (annual) September 29, 2020 $ 500,000 5.375% October 15, 2025 October 15, 2022 October 19, 2020 150,000 5.375% 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 December 11, 2023 750,000 7.875% December 15, 2029 December 15, 2026 May 23, 2024 650,000 7.125% November 15, 2030 November 15, 2026 $ 3,200,000 (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 interest.
Summary of unsecured notes payable	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 3,200,000 $ 1,800,000 $ 2,860,766 $ 1,800,000 Weighted average interest rate (1) 6.15% 5.07% 6.03% 5.07% Total interest expense $ 51,147 $ 23,949 $ 133,947 $ 71,065 (1) Excludes the effect of amortization of debt issuance costs of $1.8 million and $933,000 for the quarters ended September 30, 2024 and 2023, respectively, and $4.7 million and $2.8 million for the nine months ended September 30, 2024 and 2023, respectively. September 30, December 31, 2024 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 3,200,000 $ 2,550,000 Unamortized debt issuance costs and premiums, net (37,761) (30,349) $ 3,162,239 $ 2,519,651 Weighted average interest rate 6.15% 5.90%
Summary of maturities of Long-Term Debt	Maturities of long-term debt (based on stated maturity dates) are as follows: Twelve months ended September 30, 2025 2026 2027 2028 2029 Thereafter Total (in thousands) Notes payable secured by mortgage servicing assets (1) $ — $ — $ 500,000 $ 680,000 $ 550,000 $ — $ 1,730,000 Unsecured senior notes — 650,000 — — 650,000 1,900,000 3,200,000 Total $ — $ 650,000 $ 500,000 $ 680,000 $ 1,200,000 $ 1,900,000 $ 4,930,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements.

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 30, 2024
Liability for Losses Under Representations and Warranties
Summary of repurchase activity	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 28,688 $ 30,146 $ 30,788 $ 32,421 Provision for losses: Resulting from sales of loans 4,070 4,011 12,151 8,885 Resulting from change in estimate (3,481) (2,552) (10,877) (6,005) Losses incurred (991) (1,114) (3,776) (4,810) Balance at end of period $ 28,286 $ 30,491 $ 28,286 $ 30,491 Unpaid principal balance of loans subject to representations and warranties at end of period $ 396,102,491 $ 335,044,546

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2024
Stockholders' Equity.
Summary of share repurchase activity	Nine months ended September 30, Cumulative 2024 2023 total (1) (in thousands) Shares of common stock repurchased — 1,201 34,063 Cost of shares of common stock repurchased $ — $ 71,575 $ 1,788,198 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program from inception through September 30, 2024. Cumulative total cost of common stock repurchased includes $537,000 of transaction fees as of September 30, 2024.

Net Gains on Loans Held for S_2

Net Gains on Loans Held for Sale (Tables)	9 Months Ended
Net Gains on Loans Held for Sale (Tables)	Sep. 30, 2024
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) From non-affiliates: Cash losses: Loans $ (108,058) $ (471,830) $ (831,070) $ (1,136,101) Hedging activities (274,090) 220,585 (31,319) 305,133 (382,148) (251,245) (862,389) (830,968) Non-cash gains: Mortgage servicing rights resulting from loan sales 578,982 450,936 1,532,709 1,299,992 Provisions for losses relating to representations and warranties: Pursuant to loan sales (4,070) (4,011) (12,151) (8,885) Reductions in liability due to changes in estimate 3,481 2,552 10,877 6,005 Changes in fair values of loans and derivatives held at end of period: Interest rate lock commitments 49,862 (9,862) 29,021 (5,069) Loans (48,504) 22,083 (23,554) 24,762 Hedging derivatives 56,710 (58,579) (80,869) (87,165) 254,313 151,874 593,644 398,672 From PennyMac Mortgage Investment Trust (1) 2,506 (500) 1,680 (1,494) $ 256,819 $ 151,374 $ 595,324 $ 397,178 (1) Gains on sales of loans to PMT are described in Note 4– Related Party Transactions – Transactions with PMT–Operating Activities.

Net Interest Expense (Tables)

Net Interest Expense (Tables)	9 Months Ended
Net Interest Expense (Tables)	Sep. 30, 2024
Net Interest Expense
Summary of net interest expense	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Interest income: Cash and short-term investments $ 15,641 $ 15,814 $ 43,395 $ 53,186 Principal-only stripped mortgage-backed securities 20,412 — 29,756 — Loans held for sale 80,103 65,641 231,807 205,414 Placement fees relating to custodial funds 109,201 85,076 277,564 209,319 From Townsgate Closing Services, LLC — 21 20 63 Other 113 — 165 — 225,470 166,552 582,707 467,982 Interest expense: Assets sold under agreements to repurchase 102,708 62,758 279,730 209,461 Mortgage loan participation purchase and sale agreements 4,411 4,383 12,597 11,768 Notes payable secured by mortgage servicing assets 39,265 55,676 125,203 150,271 Unsecured senior notes 51,147 23,949 133,947 71,065 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations 15,711 6,857 29,734 16,781 Interest on mortgage loan impound deposits 3,450 2,888 8,399 7,080 Other 905 352 1,627 850 217,597 156,863 591,237 467,276 $ 7,873 $ 9,689 $ (8,530) $ 706

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
Stock-based Compensation (Tables)	Sep. 30, 2024
Stock-based Compensation
Summary of the stock-based compensation activity	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Grants: Units: Performance-based restricted share units ("RSUs") — — 246 307 Stock options — — 188 221 Time-based RSUs 4 — 151 187 Grant date fair value: Performance-based RSUs $ — $ — $ 20,915 $ 18,611 Stock options — — 6,935 5,492 Time-based RSUs 449 — 12,927 11,341 Total $ 449 $ — $ 40,777 $ 35,444 Vesting and exercise: Performance-based RSUs vested — — 309 612 Stock options exercised 239 61 666 412 Time-based RSUs vested — — 211 246 Stock-based compensation expense $ 18,943 $ 8,814 $ 21,314 $ 20,839

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share
Summary of basic and diluted earnings per share calculations	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands, except per share amounts) Net income $ 69,368 $ 92,870 $ 206,934 $ 181,498 Weighted average shares of common stock outstanding 51,180 49,902 50,895 49,975 Effect of dilutive securities - shares issuable under stock-based compensation plan 2,315 2,659 2,379 2,760 Weighted average diluted shares of common stock outstanding 53,495 52,561 53,274 52,735 Basic earnings per share $ 1.36 $ 1.86 $ 4.07 $ 3.63 Diluted earnings per share $ 1.30 $ 1.77 $ 3.88 $ 3.44
Schedule of anti-dilutive shares outstanding	Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands except for weighted average exercise price) Performance-based RSUs (1) 809 604 772 548 Time-based RSUs 1 — 23 46 Stock options (2) 184 219 145 287 Total anti-dilutive units and options 994 823 940 881 Weighted average exercise price of anti-dilutive stock options (2) $ 84.93 $ 60.69 $ 84.93 $ 59.31 (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 prices for the quarter.

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
Regulatory Capital and Liquidity Requirements (Tables)	Sep. 30, 2024
Regulatory Capital and Liquidity Requirements
Summary of agencies' capital and liquidity requirements by each agency	September 30, 2024 December 31, 2023 Requirement/Agency Actual (1) Requirement (1) Actual (1) Requirement (1) (dollars in thousands) Capital Fannie Mae & Freddie Mac $ 7,280,027 $ 1,330,147 $ 6,890,144 $ 1,211,365 Ginnie Mae (2) $ 6,909,409 $ 1,471,131 $ 6,559,001 $ 1,314,677 HUD $ 6,909,409 $ 2,500 $ 6,559,001 $ 2,500 Liquidity Fannie Mae & Freddie Mac $ 1,155,446 $ 611,836 $ 1,243,927 $ 543,913 Ginnie Mae $ 1,181,210 $ 445,873 $ 1,684,457 $ 389,501 Adjusted net worth / Total assets ratio Ginnie Mae 40 % 6 % 48 % 6 % Tangible net worth / Total assets ratio Fannie Mae & Freddie Mac 32 % 6 % 37 % 6 % (1) Calculated in accordance with the respective Agency’s requirements. (2) Ginnie Mae has issued a risk-based capital requirement that will become effective December 31, 2024. The Company believes it is in compliance with the Agency’s pending requirement as of September 30, 2024.

Segments (Tables)

Segments (Tables)	9 Months Ended
Segments (Tables)	Sep. 30, 2024
Segments
Summary of financial highlights by segment	Quarter ended September 30, 2024 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 235,902 $ 20,917 $ 256,819 $ — $ 256,819 Loan origination fees 49,430 — 49,430 — 49,430 Fulfillment fees from PennyMac Mortgage Investment Trust 11,492 — 11,492 — 11,492 Net loan servicing fees — 75,830 75,830 — 75,830 Net interest income (expense): Interest income 79,386 145,985 225,371 99 225,470 Interest expense 81,496 136,101 217,597 — 217,597 (2,110) 9,884 7,774 99 7,873 Management fees — — — 7,153 7,153 Other 625 512 1,137 2,100 3,237 Total net revenues 295,339 107,143 402,482 9,352 411,834 Expenses 187,486 121,765 309,251 8,658 317,909 Income before provision for income taxes $ 107,853 $ (14,622) $ 93,231 $ 694 $ 93,925 Segment assets at end of quarter $ 6,846,311 $ 16,010,758 $ 22,857,069 $ 14,469 $ 22,871,538 (1) All revenues are from external customers. Quarter ended September 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 127,821 $ 23,553 $ 151,374 $ — $ 151,374 Loan origination fees 37,701 — 37,701 — 37,701 Fulfillment fees from PennyMac Mortgage Investment Trust 5,531 — 5,531 — 5,531 Net loan servicing fees — 185,374 185,374 — 185,374 Net interest income (expense): Interest income 62,150 104,402 166,552 — 166,552 Interest expense 59,614 97,249 156,863 — 156,863 2,536 7,153 9,689 — 9,689 Management fees — — — 7,175 7,175 Other 823 1,037 1,860 1,604 3,464 Total net revenues 174,412 217,117 391,529 8,779 400,308 Expenses 149,219 115,913 265,132 8,379 273,511 Income before provision for income taxes $ 25,193 $ 101,204 $ 126,397 $ 400 $ 126,797 Segment assets at end of quarter $ 5,485,039 $ 13,441,925 $ 18,926,964 $ 22,350 $ 18,949,314 (1) All revenues are from external customers. Nine months ended September 30, 2024 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 531,650 $ 63,674 $ 595,324 $ — $ 595,324 Loan origination fees 127,876 — 127,876 — 127,876 Fulfillment fees from PennyMac Mortgage Investment Trust 19,935 — 19,935 — 19,935 Net loan servicing fees — 344,388 344,388 — 344,388 Net interest income (expense): Interest income 227,930 354,515 582,445 262 582,707 Interest expense 226,768 364,469 591,237 — 591,237 1,162 (9,954) (8,792) 262 (8,530) Management fees — — — 21,474 21,474 Other 1,952 14,858 16,810 6,344 23,154 Total net revenue 682,575 412,966 1,095,541 28,080 1,123,621 Expenses 497,551 334,112 831,663 20,296 851,959 Income before provision for income taxes $ 185,024 $ 78,854 $ 263,878 $ 7,784 $ 271,662 Segment assets at end of period $ 6,846,311 $ 16,010,758 $ 22,857,069 $ 14,469 $ 22,871,538 (1) All revenues are from external customers. Nine months ended September 30, 2023 Mortgage Banking Investment Production Servicing Total Management Total (in thousands) Revenues: (1) Net gains on loans held for sale at fair value $ 328,796 $ 68,382 $ 397,178 $ — $ 397,178 Loan origination fees 108,059 — 108,059 — 108,059 Fulfillment fees from PennyMac Mortgage Investment Trust 22,895 — 22,895 — 22,895 Net loan servicing fees — 480,289 480,289 — 480,289 Net interest income (expense): Interest income 194,566 273,416 467,982 — 467,982 Interest expense 189,691 277,585 467,276 — 467,276 4,875 (4,169) 706 — 706 Management fees — — — 21,510 21,510 Other 1,925 1,118 3,043 6,037 9,080 Total net revenue 466,550 545,620 1,012,170 27,547 1,039,717 Expenses 436,582 340,425 777,007 24,849 801,856 Income before provision for income taxes $ 29,968 $ 205,195 $ 235,163 $ 2,698 $ 237,861 Segment assets at end of period $ 5,485,039 $ 13,441,925 $ 18,926,964 $ 22,350 $ 18,949,314 (1) All revenues are from external customers.

Basis of Presentation and Rec_3

Basis of Presentation and Recently Adopted Accounting Pronouncements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Basis of Presentation and Recently Issued Accounting Pronouncements
Restricted cash included in Other assets	$ 0	$ 0	$ 3,000

Concentration of Risk (Details)

Concentration of Risk (Details) - PennyMac Mortgage Investment Trust - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Revenue
Concentration of Risk
Percentage of total	11%	9%	10%	11%
Loan Production
Concentration of Risk
Percentage of total	78%	84%	80%	84%

Related Party Transactions - Co

Related Party Transactions - Correspondent Production (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jul. 01, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lending activity between the entity and affiliate
Fulfillment fee revenue		$ 11,492,000	$ 5,531,000	$ 19,935,000	$ 22,895,000
Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Threshold limit of loan commitment	$ 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
MSR Recapture Agreement
Transactions with Affiliates
Target recapture rate	15%
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%
Mortgage Lending
Transactions with Affiliates
Related party transaction, automatic renewal period				18 months
Related Party \| Mortgage Lending \| PennyMac Mortgage Investment Trust
Lending activity between the entity and affiliate
Net gains on loans sold to PMT (primarily cash)		2,947,000		$ 2,947,000
Mortgage servicing rights recapture incurred		(441,000)	(500,000)	(1,267,000)	(1,494,000)
Total of gain on sale of loans and MSR recapture		2,506,000	(500,000)	1,680,000	(1,494,000)
Sale of loans held for sale to PMT		191,250,000		191,250,000
UPB of loans recaptured		71,370,000	77,403,000	207,651,000	270,720,000
Tax service fee		1,107,000	579,000	1,897,000	2,690,000
Fulfillment fee revenue		11,492,000	5,531,000	19,935,000	22,895,000
Unpaid principal balance of loans fulfilled for PMT		5,948,057,000	2,760,000,000	9,949,135,000	12,418,084,000
Sourcing fees paid		1,994,000	1,854,000	5,649,000	5,014,000
Government guaranteed or insured		11,843,268,000	8,606,835,000	30,200,608,000	29,127,889,000
Conventional conforming		8,092,380,000	9,932,593,000	26,289,016,000	21,013,357,000
Unpaid principal balance of loans purchased from PMT		$ 19,935,648,000	$ 18,539,428,000	$ 56,489,624,000	$ 50,141,246,000
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

Related Party Transactions - Mo

Related Party Transactions - Mortgage Loan Servicing (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 12, 2016	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary of mortgage loan servicing fees earned
Loan servicing fees		$ 462,037,000	$ 387,934,000	$ 1,326,917,000	$ 1,082,462,000
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
Related party transaction, automatic renewal period				18 months
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
Related Party \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		22,240,000	20,257,000	$ 62,766,000	61,023,000
Related Party \| Loans acquired for sale at fair value \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		22,180,000	20,224,000	62,581,000	60,839,000
Related Party \| Loans at fair value \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees		$ 60,000	$ 33,000	$ 185,000	$ 184,000

Related Party Transactions - Ma

Related Party Transactions - Management Fees (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 12, 2016	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Management Fee Revenue Abstract
Management fees		$ 7,153,000	$ 7,175,000	$ 21,474,000	$ 21,510,000
Related Party \| Management Fees \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of change in net income due to quarterly adjustments	8%
Management Fee Revenue Abstract
Base management fee		7,153,000	7,175,000	21,474,000	21,510,000
Management fees		$ 7,153,000	$ 7,175,000	$ 21,474,000	$ 21,510,000
Related Party \| Management Fees \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of performance incentive fee payable by issuance of common shares	50%
Related Party \| Management Fees \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
High watermark	$ 0
Related Party \| Shareholders Equity Up To 2 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.50%
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.375%
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party \| Shareholders Equity In Excess Of 5 Billion Dollars \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.25%
Related Party \| Shareholders Equity In Excess Of 5 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party \| Return on Shareholders Equity 8 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	10%
Related Party \| Return on Shareholders Equity 8 Percent \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	12%
Related Party \| Return on Shareholders Equity 8 Percent \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	8%
Related Party \| Return on Shareholders Equity 12 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	15%
Related Party \| Return on Shareholders Equity 12 Percent \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	16%
Related Party \| Return on Shareholders Equity 12 Percent \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	12%
Related Party \| Return on Shareholders Equity in Excess of 16 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	20%
Percentage of return on affiliate's equity	16%

Related Party Transactions - Ot

Related Party Transactions - Other Transactions, Reimbursement of Common Overhead Expenses (Details) - Related Party - PennyMac Mortgage Investment Trust - USD ($)		3 Months Ended		9 Months Ended
	Sep. 12, 2016	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Transactions with Affiliates
Expense reimbursement amount, per quarter, relating to personnel	$ 165,000
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		$ 8,350,000	$ 7,547,000	$ 21,817,000	$ 21,477,000
Payments and settlements during the period		31,752,000	9,190,000	91,100,000	72,446,000
Common overhead incurred
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		1,867,000	1,489,000	5,811,000	5,450,000
Compensation
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		165,000	165,000	495,000	495,000
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		$ 6,318,000	$ 5,893,000	$ 15,511,000	$ 15,532,000

Related Party Transactions - In

Related Party Transactions - Investing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Activity during the period:
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	$ 68	$ (51)	$ 38	$ 91
Related Party \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Common shares of beneficial interest owned	75,000		75,000		75,000
Common shares of beneficial interest owned	$ 1,070		$ 1,070		$ 1,121
Activity during the period:
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	$ 68	$ (51)	$ 38	$ 91

Related Party Transactions - Am

Related Party Transactions - Amounts due from Affiliate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amounts due from affiliate
Total due from affiliate	$ 32,603	$ 29,262
Payable to affiliate
Other Liabilities, Total	81,040	208,210
Related Party \| PennyMac Mortgage Investment Trust
Amounts due from affiliate
Servicing fees	8,670	6,809
Correspondent production fees	7,986	8,288
Management fees	7,153	7,252
Allocated expenses and expenses incurred on PMT's behalf	4,788	5,612
Fulfillment fees	4,006	1,301
Payable to affiliate
Amounts advanced by PMT	72,502	208,154
Other expenses	8,538	56
Affiliated entities \| PennyMac Mortgage Investment Trust
Amounts due from affiliate
Total due from affiliate	32,603	29,262
Payable to affiliate
Other Liabilities, Total	$ 81,040	$ 208,210

Related Party Transactions - Ex

Related Party Transactions - Exchanged Private National Mortgage Acceptance Company, LLC Unitholders (Details) - USD ($)		3 Months Ended		9 Months Ended
	Dec. 27, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Transactions with Affiliates
Amount of tax benefits under the tax sharing agreement (as a percent)				85%
Payable to exchanged PNMAC unitholders under tax receivable agreement		$ 26,100,000		$ 26,100,000		$ 26,100,000
Interest income		225,470,000	$ 166,552,000	582,707,000	$ 467,982,000
Related Party \| Townsgate Closing Services, LLC
Transactions with Affiliates
Ownership interest	60%
Related Party \| Private National Mortgage Acceptance Company
Transactions with Affiliates
Payment of tax liability under the tax receivable agreement to Private National Mortgage Acceptance Company, LLC unitholders		0	0	0	0
Related Party \| Townsgate Closing Services, LLC
Transactions with Affiliates
Advances to related party	$ 801,000
Maximum commitment amount	$ 1,500,000
Advances variable rate	10+ year USD High Yield Corporate Bond Index
Interest income		$ 0	$ 21,000	$ 20,000	$ 63,000

Loan Sales and Servicing Acti_3

Loan Sales and Servicing Activities - Summary of Cash Flows with Transferees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows:
Sales proceeds	$ 26,168,605	$ 21,651,096	$ 70,706,054	$ 60,061,205
Servicing fees received	363,121	303,224	1,048,099	853,962
Allowance for losses rollforward
Balance at beginning of period	68,671	70,070	73,991	78,992
Provision (reversal of provision) for losses	9,583	(2,554)	13,974	(7,603)
Charge-offs, net	(4,346)	(1,872)	(14,057)	(5,745)
Balance at end of period	73,908	$ 65,644	73,908	$ 65,644
Period end information:
Unpaid principal balance of loans outstanding	393,947,146		393,947,146		$ 352,790,614
30-89 days	16,324,494		16,324,494		13,775,493
90 days or more - Not in foreclosure	7,380,142		7,380,142		6,754,282
90 days or more - In foreclosure	666,480		666,480		618,694
90 days or more - Foreclosed	4,471		4,471		7,565
Bankruptcy	$ 1,685,409		$ 1,685,409		$ 1,415,614

Loan Sales and Servicing Acti_4

Loan Sales and Servicing Activities - Summary of Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage servicing portfolio
Loans held for sale	$ 6,366,787	$ 4,294,689
Total loans serviced	648,054,285	607,216,769
Delinquent loans:
30 days	14,608,627	12,906,445
60 days	4,887,625	3,716,280
90 days or more - Not in foreclosure	8,621,159	7,972,624
90 days or more - In foreclosure	803,626	778,977
90 days or more - Foreclosed	8,541	12,428
Total delinquent mortgage loans	28,929,578	25,386,754
Bankruptcy	2,041,552	1,709,811
Custodial funds managed by the Company	10,768,571	5,501,952
Servicing rights owned
Mortgage servicing portfolio
Loans held for sale	6,366,787	4,294,689
Total loans serviced	416,418,266	374,563,700
Delinquent loans:
30 days	12,611,232	11,097,929
60 days	4,334,544	3,316,494
90 days or more - Not in foreclosure	7,559,602	6,941,325
90 days or more - In foreclosure	697,586	686,359
90 days or more - Foreclosed	5,075	8,133
Total delinquent mortgage loans	25,208,039	22,050,240
Bankruptcy	1,780,953	1,523,218
Custodial funds managed by the Company	7,708,840	3,741,978
Contract servicing and subservicing
Mortgage servicing portfolio
Total loans serviced	231,636,019	232,653,069
Delinquent loans:
30 days	1,997,395	1,808,516
60 days	553,081	399,786
90 days or more - Not in foreclosure	1,061,557	1,031,299
90 days or more - In foreclosure	106,040	92,618
90 days or more - Foreclosed	3,466	4,295
Total delinquent mortgage loans	3,721,539	3,336,514
Bankruptcy	260,599	186,593
Custodial funds managed by the Company	3,059,731	1,759,974
Non affiliated entities
Mortgage servicing portfolio
Originated	393,947,146	352,790,614
Purchased	16,104,333	17,478,397
Subserviced	257,696
Total loans serviced, excluding loans held for sale	410,309,175	370,269,011
Non affiliated entities \| Servicing rights owned
Mortgage servicing portfolio
Originated	393,947,146	352,790,614
Purchased	16,104,333	17,478,397
Total loans serviced, excluding loans held for sale	410,051,479	370,269,011
Non affiliated entities \| Contract servicing and subservicing
Mortgage servicing portfolio
Subserviced	257,696
Total loans serviced, excluding loans held for sale	257,696
Affiliated entities
Mortgage servicing portfolio
Advised entities	231,378,323	232,653,069
Affiliated entities \| Contract servicing and subservicing
Mortgage servicing portfolio
Advised entities	$ 231,378,323	$ 232,653,069

Loan Sales and Servicing Acti_5

Loan Sales and Servicing Activities - Geographical Distribution of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loan Sales and Servicing Activities
Total loans serviced	$ 648,054,285	$ 607,216,769
California
Loan Sales and Servicing Activities
Total loans serviced	74,743,579	72,788,272
Texas
Loan Sales and Servicing Activities
Total loans serviced	62,664,066	56,437,082
Florida
Loan Sales and Servicing Activities
Total loans serviced	62,385,137	57,824,310
Virginia
Loan Sales and Servicing Activities
Total loans serviced	36,081,471	35,376,266
Georgia
Loan Sales and Servicing Activities
Total loans serviced	27,991,453
Maryland
Loan Sales and Servicing Activities
Total loans serviced		26,746,355
All other states
Loan Sales and Servicing Activities
Total loans serviced	$ 384,188,579	$ 358,044,484

Fair Value - Financial Statemen

Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Short-term investment at fair value	$ 667,934	$ 10,268
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	960,267
Loans held for sale	6,565,704	4,420,691
Derivative assets:
Derivative asset, before netting	246,693	258,809
Netting	(56,081)	(79,730)
Total derivative assets	190,612	179,079
Investment in PennyMac Mortgage Investment Trust	1,070	1,121
Derivative liabilities:
Derivative liability, before netting	103,236	101,866
Netting	(61,765)	(48,591)
Net amounts of liabilities presented in the consolidated balance sheet	41,471	53,275
Mortgage servicing liabilities	1,718	1,805
Principal-Only-Strip MBS
Assets:
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	960,267
Recurring basis
Assets:
Short-term investment at fair value	667,934	10,268
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	960,267
Loans held for sale	6,565,704	4,420,691
Derivative assets:
Derivative asset, before netting	246,693	258,809
Netting	(56,081)	(79,730)
Total derivative assets	190,612	179,079
Mortgage servicing rights	7,752,292	7,099,348
Total assets	16,137,879	11,710,507
Derivative liabilities:
Derivative liability, before netting	103,236	101,866
Netting	(61,765)	(48,591)
Net amounts of liabilities presented in the consolidated balance sheet	41,471	53,275
Mortgage servicing liabilities	1,718	1,805
Total liabilities	43,189	55,080
Recurring basis \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	1,070	1,121
Recurring basis \| Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	120,837	90,313
Derivative liabilities:
Derivative liability, before netting	2,222	720
Recurring basis \| Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	10,878	78,448
Derivative liabilities:
Derivative liability, before netting	50,487	5,141
Recurring basis \| Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	57,180	6,151
Derivative liabilities:
Derivative liability, before netting	36,855	92,796
Recurring basis \| MBS put options
Derivative assets:
Derivative asset, before netting	1,892	413
Recurring basis \| MBS call options
Derivative assets:
Derivative asset, before netting		6,265
Recurring basis \| Call options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	35,109	66,176
Recurring basis \| Call options on Eurodollar futures \| Sales
Derivative liabilities:
Derivative liability, before netting	13,672	3,209
Recurring basis \| Put options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	20,797	11,043
Recurring basis \| Level 1
Assets:
Short-term investment at fair value	667,934	10,268
Derivative assets:
Derivative asset, before netting	55,906	77,219
Total derivative assets	55,906	77,219
Total assets	724,910	88,608
Derivative liabilities:
Derivative liability, before netting	13,672	3,209
Net amounts of liabilities presented in the consolidated balance sheet	13,672	3,209
Total liabilities	13,672	3,209
Recurring basis \| Level 1 \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	1,070	1,121
Recurring basis \| Level 1 \| Call options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	35,109	66,176
Recurring basis \| Level 1 \| Call options on Eurodollar futures \| Sales
Derivative liabilities:
Derivative liability, before netting	13,672	3,209
Recurring basis \| Level 1 \| Put options on Eurodollar futures \| Purchases
Derivative assets:
Derivative asset, before netting	20,797	11,043
Recurring basis \| Level 2
Assets:
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	960,267
Loans held for sale	6,131,830	3,942,127
Derivative assets:
Derivative asset, before netting	69,950	91,277
Total derivative assets	69,950	91,277
Total assets	7,162,047	4,033,404
Derivative liabilities:
Derivative liability, before netting	87,342	97,937
Net amounts of liabilities presented in the consolidated balance sheet	87,342	97,937
Total liabilities	87,342	97,937
Recurring basis \| Level 2 \| Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	10,878	78,448
Derivative liabilities:
Derivative liability, before netting	50,487	5,141
Recurring basis \| Level 2 \| Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	57,180	6,151
Derivative liabilities:
Derivative liability, before netting	36,855	92,796
Recurring basis \| Level 2 \| MBS put options
Derivative assets:
Derivative asset, before netting	1,892	413
Recurring basis \| Level 2 \| MBS call options
Derivative assets:
Derivative asset, before netting		6,265
Recurring basis \| Level 3
Assets:
Loans held for sale	433,874	478,564
Derivative assets:
Derivative asset, before netting	120,837	90,313
Total derivative assets	120,837	90,313
Mortgage servicing rights	7,752,292	7,099,348
Total assets	8,307,003	7,668,225
Derivative liabilities:
Derivative liability, before netting	2,222	720
Net amounts of liabilities presented in the consolidated balance sheet	2,222	720
Mortgage servicing liabilities	1,718	1,805
Total liabilities	3,940	2,525
Recurring basis \| Level 3 \| Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	120,837	90,313
Derivative liabilities:
Derivative liability, before netting	$ 2,222	$ 720

Fair Value - Level 3 Input Roll

Fair Value - Level 3 Input Roll Forward, Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in fair value included in income arising from:
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)	Servicing Asset at Fair Value, Period Increase (Decrease)
Recurring basis
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	$ 8,391,906	$ 6,933,979	$ 7,667,505	$ 6,325,237
Purchases and issuances, net	1,259,911	728,013	3,348,364	1,910,535
Capitalization of interest and advances	15,282	10,770	40,618	31,608
Sales and repayments	(384,101)	(202,965)	(1,125,088)	(472,344)
Mortgage servicing rights resulting from loan sales	578,982	450,936	1,532,709	1,299,992
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	36,968	15,520	82,121	36,014
Other factors	(477,547)	186,982	(577,586)	(54,294)
Total changes in fair value included in income	(440,579)	202,502	(495,465)	(18,280)
Transfers from Level 3 to Level 2	648,238	(496,019)	(1,915,061)	(1,272,912)
Transfers to real estate acquired in settlement of loans		(144)		(450)
Transfers to loans held for sale	(346,862)	(24,692)	(627,281)	(201,006)
Exchange of mortgage servicing spread for interest only stripped mortgage-backed securities	(121,520)	(98,066)	(121,520)	(98,066)
Balance at the end of the quarter	8,304,781	7,504,314	8,304,781	7,504,314
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	(467,483)	248,267	(605,081)	(39,647)
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	1,708	1,940	1,805	2,096
Changes in fair value included in income	10	(122)	(87)	(278)
Balance at the end of the quarter	1,718	1,818	1,718	1,818
Changes in fair value recognized during the period relating to liability still outstanding at the end of the quarter	10	(122)	(87)	(278)
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 quarter	400,076	392,758	478,564	345,772
Purchases and issuances, net	1,013,520	681,022	2,873,461	1,733,158
Capitalization of interest and advances	15,282	10,770	40,618	31,608
Sales and repayments	(384,101)	(202,892)	(1,125,088)	(472,039)
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	36,968	15,520	82,121	36,014
Other factors	367	(1,831)	(741)	(1,967)
Total changes in fair value included in income	37,335	13,689	81,380	34,047
Transfers from Level 3 to Level 2	648,238	(496,019)	(1,915,061)	(1,272,912)
Transfers to real estate acquired in settlement of loans		(144)		(450)
Balance at the end of the quarter	433,874	399,184	433,874	399,184
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	29,833	6,519	28,536	10,465
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 quarter	68,752	30,636	89,593	25,844
Purchases and issuances, net	246,391	46,991	474,903	177,377
Changes in fair value included in income arising from:
Other factors	150,334	(32,161)	181,400	18,559
Total changes in fair value included in income	150,334	(32,161)	181,400	18,559
Transfers to loans held for sale	(346,862)	(24,692)	(627,281)	(201,006)
Balance at the end of the quarter	118,615	20,774	118,615	20,774
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	118,615	20,774	118,615	20,774
Recurring basis \| Mortgage servicing rights
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	7,923,078	6,510,585	7,099,348	5,953,621
Sales and repayments		(73)		(305)
Mortgage servicing rights resulting from loan sales	578,982	450,936	1,532,709	1,299,992
Changes in fair value included in income arising from:
Other factors	(628,248)	220,974	(758,245)	(70,886)
Total changes in fair value included in income	(628,248)	220,974	(758,245)	(70,886)
Exchange of mortgage servicing spread for interest only stripped mortgage-backed securities	(121,520)	(98,066)	(121,520)	(98,066)
Balance at the end of the quarter	7,752,292	7,084,356	7,752,292	7,084,356
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	$ (615,931)	$ 220,974	$ (752,232)	$ (70,886)

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value, Fair Value Option, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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			$ (46,343)	$ 116,576
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			679,704	187,462
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			(726,047)	(70,886)
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	$ (10)	$ 122	87	278
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	(10)	122	87	278
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	(153,778)	221,736
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	425,501	762
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	(579,279)	220,974
Principal-only stripped mortgage-backed securities
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	48,969		32,198
Principal-only stripped mortgage-backed securities \| 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	48,969		32,198
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	425,501	762	679,704	187,462
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	425,501	762	679,704	187,462
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	(628,248)	220,974	(758,245)	(70,886)
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	$ (628,248)	$ 220,974	$ (758,245)	$ (70,886)

Fair Value - Fair Value Option

Fair Value - Fair Value Option Maturities, Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value
Total fair value	$ 6,565,704	$ 4,420,691
Recurring basis
Fair value
Total fair value	6,565,704	4,420,691
Mortgage loans held for sale \| Recurring basis
Fair value
Current through 89 days delinquent	6,531,836	4,378,042
Not in foreclosure	29,485	35,253
In foreclosure	4,383	7,396
Total fair value	6,565,704	4,420,691
Principal amount due upon maturity
Current through 89 days delinquent	6,325,838	4,233,764
Not in foreclosure	31,884	38,922
In foreclosure	9,065	22,003
Total principal amount due upon maturity	6,366,787	4,294,689
Difference
Current through 89 days delinquent	205,998	144,278
Not in foreclosure	(2,399)	(3,669)
In foreclosure	(4,682)	(14,607)
Total difference	$ 198,917	$ 126,002

Fair Value - Measurement Basis,

Fair Value - Measurement Basis, Nonrecurring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	$ 1,723,632		$ 1,723,632		$ 1,873,415
Unsecured Senior Notes	3,162,239		3,162,239		2,519,651
Term Notes and Term Loans
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,723,632		1,723,632		1,724,290
Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	3,162,239		3,162,239		2,519,651
Nonrecurring basis
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	6,687		6,687		2,669
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Real estate acquired in settlement of loans	(1,758)	$ (494)	(2,804)	$ (791)
Nonrecurring basis \| Level 3
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	6,687		6,687		2,669
Total \| Term Notes and Term Loans
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,742,421		1,742,421		1,730,000
Total \| Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	$ 3,235,284		$ 3,235,284		$ 2,467,750

Fair Value - Level 3 Unobservab

Fair Value - Level 3 Unobservable Inputs, Mortgage Loans and IRLC (Details) $ in Thousands	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Excess servicing spread financing
Loans held for sale	$ 6,565,704	$ 4,420,691
Mortgage loans held for sale \| Level 3
Excess servicing spread financing
Loans held for sale	$ 433,874	$ 478,564
Mortgage loans held for sale \| Discount rate \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.060	0.071
Mortgage loans held for sale \| Discount rate \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.093	0.102
Mortgage loans held for sale \| Discount rate \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.066	0.072
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.023	0.003
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.029	0.005
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.026	0.005
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.064	0.040
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.393	0.369
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.230	0.248
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.065	0.040
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.488	0.503
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.255	0.322
Interest rate lock commitments \| Level 3
Excess servicing spread financing
Fair Value	$ 118,615	$ 89,593
Committed amount	$ 9,749,537	$ 6,349,628
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.198	0.102
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Maximum
Excess servicing spread financing
Input	1	1
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.845	0.811
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Minimum
Excess servicing spread financing
Input \| item	1	1.1
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Maximum
Excess servicing spread financing
Input \| item	8.1	7.3
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Weighted average
Excess servicing spread financing
Input \| item	5.1	4.2
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.003	0.003
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.047	0.043
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.025	0.019

Fair Value - Level 3 Unobserv_2

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights - Initial Recognition (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Y	Sep. 30, 2023 USD ($) Y	Sep. 30, 2024 USD ($) Y	Sep. 30, 2023 USD ($) Y	Dec. 31, 2023 USD ($) Y
Mortgage servicing rights
Inputs
Amount recognized	$ 578,982,000	$ 450,936,000	$ 1,532,709,000	$ 1,299,992,000
Total \| Mortgage servicing rights \| Level 3 \| Minimum
Inputs:
Annual per-loan cost of servicing			68		$ 70
Total \| Mortgage servicing rights \| Level 3 \| Maximum
Inputs:
Annual per-loan cost of servicing			131		135
Total \| Mortgage servicing rights \| Level 3 \| Weighted average
Inputs:
Annual per-loan cost of servicing			$ 106		$ 107
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Minimum
Inputs:
Input	0.050		0.050		0.055
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Maximum
Inputs:
Input	0.113		0.113		0.126
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Weighted average
Inputs:
Input	0.063		0.063		0.064
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs:
Input	0.063		0.063		0.061
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs:
Input	0.189		0.189		0.178
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs:
Input	0.091		0.091		0.083
Total \| Mortgage servicing rights \| Life \| Level 3 \| Minimum
Inputs:
Input \| Y	2.7		2.7		3
Total \| Mortgage servicing rights \| Life \| Level 3 \| Maximum
Inputs:
Input \| Y	8.8		8.8		9
Total \| Mortgage servicing rights \| Life \| Level 3 \| Weighted average
Inputs:
Input \| Y	7.7		7.7		8.1
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3
Inputs
Amount recognized	$ 578,982,000	450,936,000	$ 1,532,709,000	1,299,992,000
Unpaid principal balance of underlying loans	$ 25,922,146,000	$ 21,861,437,000	$ 70,148,676,000	$ 60,549,919,000
Weighted-average servicing fee rate (as a percent)	0.46%	0.42%	0.44%	0.47%
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3 \| Minimum
Inputs:
Annual per-loan cost of servicing	$ 69	$ 68	$ 69	$ 68
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Level 3 \| Maximum
Inputs:
Annual per-loan cost of servicing	127	127	127	127
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	$ 102	$ 97	$ 100	$ 99
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Pricing spread \| Level 3 \| Minimum
Inputs:
Input	0.049	0.055	0.049	0.055
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Pricing spread \| Level 3 \| Maximum
Inputs:
Input	0.126	0.126	0.126	0.126
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Pricing spread \| Level 3 \| Weighted average
Inputs:
Input	0.057	0.061	0.061	0.070
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs:
Input	0.079	0.075	0.073	0.075
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs:
Input	0.258	0.204	0.258	0.232
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs:
Input	0.115	0.103	0.105	0.109
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Life \| Level 3 \| Minimum
Inputs:
Input	3.7	3.6	3.5	3
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Life \| Level 3 \| Maximum
Inputs:
Input	9.3	9.4	9.7	9.4
Total \| Mortgage servicing rights \| MSRs at the time of initial recognition, excluding MSR purchases \| Life \| Level 3 \| Weighted average
Inputs:
Input \| Y	7.4	7.7	7.7	7.6

Fair Value - Level 3 Unobserv_3

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights, Effect of Change In Inputs on Fair Value (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Y	Dec. 31, 2023 USD ($) Y
MSR and pool characteristics
Carrying value	$ 7,752,292,000	$ 7,099,348,000
Mortgage servicing liabilities \| Level 3
Prepayment speed
Annual per-loan cost of servicing	1,001	1,043
Total \| Mortgage servicing rights \| Level 3
MSR and pool characteristics
Carrying value	7,752,292,000	7,099,348,000
Unpaid principal balance of underlying loans	$ 410,031,301,000	$ 370,244,119,000
Weighted-average note interest rate (as a percent)	4.40%	4.10%
Weighted-average servicing fee rate (as a percent)	0.38%	0.38%
Pricing spread
Effect on fair value of 5% adverse change	$ (101,071,000)	$ (94,307,000)
Effect on fair value of 10% adverse change	(199,523,000)	(186,129,000)
Effect on fair value of 20% adverse change	(388,935,000)	(362,671,000)
Prepayment speed
Effect on fair value of 5% adverse change	(133,350,000)	(107,757,000)
Effect on fair value of 10% adverse change	(261,595,000)	(211,643,000)
Effect on fair value of 20% adverse change	(503,923,000)	(408,638,000)
Annual per-loan cost of servicing
Effect on fair value of 5% adverse change	(46,687,000)	(44,572,000)
Effect on fair value of 10% adverse change	(93,373,000)	(89,145,000)
Effect on fair value of 20% adverse change	(186,746,000)	(178,289,000)
Total \| Mortgage servicing rights \| Level 3 \| Minimum
Prepayment speed
Annual per-loan cost of servicing	68	70
Total \| Mortgage servicing rights \| Level 3 \| Maximum
Prepayment speed
Annual per-loan cost of servicing	131	135
Total \| Mortgage servicing rights \| Level 3 \| Weighted average
Prepayment speed
Annual per-loan cost of servicing	$ 106	$ 107
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs
Input	0.063	0.061
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs
Input	0.189	0.178
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs
Input	0.091	0.083
Total \| Mortgage servicing rights \| Life \| Level 3 \| Minimum
Inputs
Input \| Y	2.7	3
Total \| Mortgage servicing rights \| Life \| Level 3 \| Maximum
Inputs
Input \| Y	8.8	9
Total \| Mortgage servicing rights \| Life \| Level 3 \| Weighted average
Inputs
Input \| Y	7.7	8.1
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Minimum
Inputs
Input	0.050	0.055
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Maximum
Inputs
Input	0.113	0.126
Total \| Mortgage servicing rights \| Pricing spread \| Level 3 \| Weighted average
Inputs
Input	0.063	0.064

Fair Value - Level 3 Unobserv_4

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Liabilities (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Y	Dec. 31, 2023 USD ($) Y
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	$ 1,718,000	$ 1,805,000
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	1,718,000	1,805,000
Unpaid principal balance of underlying loans	$ 20,179,000	$ 24,892,000
Servicing fee rate (as a percent)	0.25%	0.25%
Annual per-loan cost of servicing	$ 1,001	$ 1,043
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	0.160	0.161
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 \| Y	5	5.1
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	0.085	0.083

Principal-Only Stripped Mortg_3

Principal-Only Stripped Mortgage-Backed Securities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Mortgage-backed securities
Fair Value	$ 960,267
Principal-Only-Strip MBS
Mortgage-backed securities
Contractual maturities term	10 years
Principal Balance	$ 1,121,494
Unearned discounts	(193,425)
Cumulative valuation changes	32,198
Fair Value	$ 960,267

Loans Held for Sale at Fair V_3

Loans Held for Sale at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 6,565,704	$ 4,420,691
Government-insured or guaranteed
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	4,327,303	2,099,135
Conventional conforming
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	1,589,131	1,821,085
Jumbo Loan
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	215,396	21,907
Closed-end second lien
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	271,094	322,015
Mortgage loans purchased from Ginnie Mae pools serviced by the entity
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	151,374	146,585
Mortgage loans repurchased pursuant to representations and warranties
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	11,406	9,964
Asset Pledged as Collateral without Right
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	6,503,418	4,329,501
Asset Pledged as Collateral without Right \| Loan Repo Facility
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	5,954,470	3,858,977
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	$ 548,948	$ 470,524

Derivative Financial Instrume_3

Derivative Financial Instruments - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative assets:
Derivative asset, before netting	$ 246,693		$ 246,693		$ 258,809
Netting	(56,081)		(56,081)		(79,730)
Total derivative assets	190,612		190,612		179,079
Derivative liabilities:
Derivative liability, before netting	103,236		103,236		101,866
Netting	(61,765)		(61,765)		(48,591)
Net amounts of liabilities presented in the consolidated balance sheet	41,471		41,471		53,275
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	242,051	$ (423,656)	(224,371)	$ (531,565)
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	(217,380)	162,006	(112,188)	217,968
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	193,081	(423,656)	(256,570)	(531,565)
Margin Deposits
Derivative assets:
Collateral placed with (received from) derivative counterparties	5,684		5,684		(31,139)
Interest rate lock commitments
Derivative assets:
Total derivative assets	120,837		120,837		90,313
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	49,862	$ (9,862)	29,021	$ (5,069)
Forward contracts \| Purchases
Derivative Instruments
Notional amount	26,839,882		26,839,882		15,863,667
Derivative assets:
Derivative asset, before netting	10,878		10,878		78,448
Derivative liabilities:
Derivative liability, before netting	50,487		50,487		5,141
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			15,863,667
Balance at end of year	26,839,882		26,839,882
Forward contracts \| Sales
Derivative Instruments
Notional amount	29,548,275		29,548,275		14,477,159
Derivative assets:
Derivative asset, before netting	57,180		57,180		6,151
Derivative liabilities:
Derivative liability, before netting	36,855		36,855		92,796
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			14,477,159
Balance at end of year	29,548,275		29,548,275
MBS put options
Derivative Instruments
Notional amount	1,850,000		1,850,000		2,925,000
Derivative assets:
Derivative asset, before netting	1,892		1,892		413
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			2,925,000
Balance at end of year	1,850,000		1,850,000
MBS call options
Derivative Instruments
Notional amount					1,000,000
Derivative assets:
Derivative asset, before netting					6,265
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			1,000,000
Put options on Eurodollar futures \| Purchases
Derivative Instruments
Notional amount	7,650,000		7,650,000		8,717,500
Derivative assets:
Derivative asset, before netting	20,797		20,797		11,043
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			8,717,500
Balance at end of year	7,650,000		7,650,000
Call options on Eurodollar futures \| Purchases
Derivative Instruments
Notional amount	9,600,000		9,600,000		4,250,000
Derivative assets:
Derivative asset, before netting	35,109		35,109		66,176
Derivative liabilities:
Derivative liability, before netting					3,209
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			4,250,000
Balance at end of year	9,600,000		9,600,000
Treasury future \| Purchases
Derivative Instruments
Notional amount	8,125,000		8,125,000		5,986,500
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			5,986,500
Balance at end of year	8,125,000		8,125,000
Treasury future \| Sales
Derivative Instruments
Notional amount	11,379,000		11,379,000		10,677,000
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			10,677,000
Balance at end of year	11,379,000		11,379,000
Call options on futures \| Sales
Derivative Instruments
Notional amount	2,500,000		2,500,000
Derivative liabilities:
Derivative liability, before netting	13,672		13,672
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at end of year	2,500,000		2,500,000
Not designated as hedging instrument \| Interest rate lock commitments
Derivative Instruments
Notional amount	9,749,537		9,749,537		6,349,628
Derivative assets:
Derivative asset, before netting	120,837		120,837		90,313
Derivative liabilities:
Derivative liability, before netting	2,222		2,222		$ 720
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year			6,349,628
Balance at end of year	$ 9,749,537		$ 9,749,537

Derivative Financial Instrume_4

Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives subject to master netting arrangements:
Gross amounts offset in the consolidated balance sheet	$ (56,081)	$ (79,730)
Total
Gross amounts of recognized assets	246,693	258,809
Net amounts of assets presented in the balance sheet	190,612	179,079
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	120,837	90,313
Forward contracts \| Purchases
Total
Gross amounts of recognized assets	10,878	78,448
Forward contracts \| Sales
Total
Gross amounts of recognized assets	57,180	6,151
MBS put options
Total
Gross amounts of recognized assets	1,892	413
MBS call options
Total
Gross amounts of recognized assets		6,265
Put options on Eurodollar futures \| Purchases
Total
Gross amounts of recognized assets	20,797	11,043
Call options on Eurodollar futures \| Purchases
Total
Gross amounts of recognized assets	$ 35,109	$ 66,176

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Assets, Financial Assets, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total
Net amounts of assets presented in the balance sheet	$ 190,612	$ 179,079
Net amount	190,612	179,079
RJ O' Brien
Total
Net amounts of assets presented in the balance sheet	42,234	74,010
Net amount	42,234	74,010
JPMorgan Chase Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	5,034	873
Net amount	5,034	873
Goldman Sachs
Total
Net amounts of assets presented in the balance sheet	4,488	8,473
Net amount	4,488	8,473
Barclays Capital
Total
Net amounts of assets presented in the balance sheet	3,671
Net amount	3,671
Morgan Stanley Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	3,226
Net amount	3,226
Citibank, N.A.
Total
Net amounts of assets presented in the balance sheet	2,187	2,947
Net amount	2,187	2,947
Bank of Montreal
Total
Net amounts of assets presented in the balance sheet	2,129	137
Net amount	2,129	137
Mizuho Bank, Ltd.
Total
Net amounts of assets presented in the balance sheet	2,015	1,467
Net amount	2,015	1,467
Others
Total
Net amounts of assets presented in the balance sheet	4,791	859
Net amount	4,791	859
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	120,837	90,313
Net amount	$ 120,837	$ 90,313

Derivative Financial Instrume_6

Derivative Financial Instruments - Offsetting of Derivative Assets - Offsetting of Derivative and Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives: Subject to master netting arrangements:
Netting	$ (61,765)	$ (48,591)
Derivative Liability [Abstract]
Gross amounts of recognized liabilities	103,236	101,866
Net amounts of liabilities presented in the consolidated balance sheet	41,471	53,275
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	6,609,703
Debt Issuance Costs
Net amount of liabilities in the consolidated balance sheet	6,600,997	3,763,956
Total
Net amounts of liabilities presented in the consolidated balance sheet	6,651,174	3,822,724
Net amount of liabilities in the consolidated balance sheet	41,471	53,275
Loan Repo Facility
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	6,609,703	3,769,449
Debt Issuance Costs
Debt issuance costs	(8,706)	(5,493)
Net amount of liabilities in the consolidated balance sheet	6,600,997	3,763,956
Forward contracts \| Purchases
Derivative Liability [Abstract]
Gross amounts of recognized liabilities	50,487	5,141
Forward contracts \| Sales
Derivative Liability [Abstract]
Gross amounts of recognized liabilities	36,855	92,796
Interest rate lock commitments
Total
Net amounts of liabilities presented in the consolidated balance sheet	2,222	720
Net amount of liabilities in the consolidated balance sheet	$ 2,222	720
Call options on Eurodollar futures \| Purchases
Derivative Liability [Abstract]
Gross amounts of recognized liabilities		$ 3,209

Derivative Financial Instrume_7

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Liabilities, Financial Liabilities, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	$ 6,651,174	$ 3,822,724
Financial instruments	(6,609,703)	(3,769,449)
Net amount of liabilities in the consolidated balance sheet	41,471	53,275
Bank of America, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,456,536	875,766
Financial instruments	(1,454,936)	(872,148)
Net amount of liabilities in the consolidated balance sheet	1,600	3,618
Atlas Securitized Products, L.P.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	837,377	1,210,473
Financial instruments	(837,377)	(1,210,473)
Wells Fargo Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	802,353	116,275
Financial instruments	(769,487)	(114,647)
Net amount of liabilities in the consolidated balance sheet	32,866	1,628
Royal Bank of Canada
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	706,793	457,743
Financial instruments	(706,793)	(457,743)
JPMorgan Chase Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	675,917	243,225
Financial instruments	(675,579)	(243,225)
Net amount of liabilities in the consolidated balance sheet	338
BNP Paribas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	557,496	185,425
Financial instruments	(557,496)	(185,425)
Citibank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	436,127	174,221
Financial instruments	(436,127)	(174,221)
Barclays Capital
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	310,540	128,488
Financial instruments	(310,540)	(118,667)
Net amount of liabilities in the consolidated balance sheet		9,821
Santander US Capital Markets LLC
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	282,511
Financial instruments	(282,077)
Net amount of liabilities in the consolidated balance sheet	434
Goldman Sachs
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	219,834	178,751
Financial instruments	(219,834)	(178,751)
Morgan Stanley Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	209,495	195,714
Financial instruments	(209,457)	(164,149)
Net amount of liabilities in the consolidated balance sheet	38	31,565
Nomura Corporate Funding Americas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	100,075	50,000
Financial instruments	(100,000)	(50,000)
Net amount of liabilities in the consolidated balance sheet	75
Mizuho Bank, Ltd.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	50,000
Financial instruments	(50,000)
Ellington Management
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	3,089
Net amount of liabilities in the consolidated balance sheet	3,089
Others
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	809	5,923
Net amount of liabilities in the consolidated balance sheet	809	5,923
Interest rate lock commitments
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	2,222	720
Net amount of liabilities in the consolidated balance sheet	$ 2,222	$ 720

Mortgage Servicing Rights and_3

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Activity in MSRs at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Activity in MSRs carried at fair value
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities			$ 121,520	$ 98,066
Change in fair value due to:
Total change in fair value	$ 628,258	$ (221,096)	758,158	70,608
Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period	7,923,078	6,510,585	7,099,348	5,953,621
MSRs resulting from loan sales	578,982	450,936	1,532,709	1,299,992
Transfer of mortgage servicing rights relating to delinquent loans to Agency		(73)		(305)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	(121,520)	(98,066)	(121,520)	(98,066)
Additions	457,462	352,797	1,411,189	1,201,621
Change in fair value due to:
Changes in inputs used in valuation model	(402,376)	398,807	(132,984)	427,426
Other changes in fair value	(225,872)	(177,833)	(625,261)	(498,312)
Total change in fair value	(628,248)	220,974	(758,245)	(70,886)
Balance at end of period	7,752,292	7,084,356	7,752,292	7,084,356
Unpaid principal balance of underlying loans at end of period	$ 410,031,301	$ 351,269,905	$ 410,031,301	$ 351,269,905
Asset Pledged as Collateral without Right
Change in fair value due to:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		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			$ 7,033,892
Change in fair value due to:
Balance at end of period	$ 7,656,519		$ 7,656,519
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		Notes Payable		Notes Payable

Mortgage Servicing Rights and_4

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Mortgage Servicing Liabilities Carried at FV (Details) - Mortgage servicing liabilities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortized cost:
Balance at beginning of period	$ 1,708	$ 1,940	$ 1,805	$ 2,096
Changes in valuation inputs used in valuation model	46	(64)	34	(86)
Other changes in fair value	(36)	(58)	(121)	(192)
Total change in fair value	10	(122)	(87)	(278)
Balance at end of period	1,718	1,818	1,718	1,818
Unpaid principal balance of underlying loans at end of period	$ 20,179	$ 27,010	$ 20,179	$ 27,010

Mortgage Servicing Rights and_5

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Servicing, Late, Ancillary and Other Fees Relating to MSRs (Details) - Mortgage servicing rights - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Contractual servicing fees	$ 393,457	$ 328,049	$ 1,126,523	$ 925,865
Other fees:
Late charges	19,122	14,486	53,979	39,984
Other	3,804	2,708	9,593	7,664
Loan servicing fees	$ 416,383	$ 345,243	$ 1,190,095	$ 973,513

Other Assets - Other (Details)

Other Assets - Other (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying value:
Margin deposits	$ 192,638	$ 135,645
Capitalized software, net	125,478	148,736
Interest receivable	46,119	35,196
Servicing fees receivable, net	41,050	37,271
Other servicing receivables	46,333	30,530
Operating lease right-of-use assets	$ 39,985	$ 49,926
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Prepaid expenses	$ 38,160	$ 36,044
Real estate acquired in settlement of loans	22,420	14,982
Deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	16,082	15,653
Furniture, fixtures, equipment and building improvements, net	14,577	19,016
Other	59,347	59,461
Other assets	642,189	582,460
Asset Pledged as Collateral without Right
Carrying value:
Other assets	16,082	15,653
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other assets	$ 16,082	$ 15,653

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases
Operating lease option to extend			true
Lease expense:
Operating leases	$ 3,917	$ 4,862	$ 11,952	$ 14,665
Short-term leases	66	114	234	351
Sublease income	(394)	(315)	(1,136)	(584)
Net lease expense included in Occupancy and equipment expense	3,589	4,661	11,050	14,432
Payments for operating leases	5,093	7,617	15,053	19,217
Operating lease right-of-use assets recognized	$ 1,388	$ 1,166	$ 1,388	$ 2,893
Remaining lease term (in years)	3 years 8 months 12 days	4 years 4 months 24 days	3 years 8 months 12 days	4 years 4 months 24 days
Discount rate	4%	3.80%	4%	3.80%
Operating lease liabilities
2025	$ 20,285		$ 20,285
2026	15,737		15,737
2027	9,066		9,066
2028	5,123		5,123
2029	4,339		4,339
Thereafter	3,981		3,981
Total lease payments	58,531		58,531
Less imputed interest	(5,531)		(5,531)
Operating lease liability included in Accounts payable and accrued expenses	$ 53,000		$ 53,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Minimum
Leases
Remaining operating lease term	1 year		1 year
Maximum
Leases
Remaining operating lease term	7 years		7 years
Operating lease renewal term	5 years		5 years

Short-Term Debt - Assets Sold U

Short-Term Debt - Assets Sold Under Agreement to Repurchase (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Carrying value:
Unpaid principal balance	$ 6,609,703,000		$ 6,609,703,000
Total loans sold under agreements to repurchase	6,600,997,000		6,600,997,000		$ 3,763,956,000
Loans held for sale	6,565,704,000		6,565,704,000		4,420,691,000
Servicing advances, net	400,764,000		400,764,000		694,038,000
Mortgage servicing rights, at fair value	7,752,292,000		7,752,292,000		7,099,348,000
Other Assets	642,189,000		$ 642,189,000		582,460,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Note Payable
During the period:
Average balance of assets sold under agreements to repurchase	1,730,000,000	$ 2,484,348,000	$ 1,850,621,000	$ 2,353,572,000
Carrying value:
Amortization of debt issuance costs	726,000	689,000	2,200,000	2,400,000
Loan Repo Facility
During the period:
Average balance of assets sold under agreements to repurchase	$ 5,638,124,000	$ 3,208,434,000	$ 4,982,988,000	$ 3,800,502,000
Weighted-average interest rate	6.88%	7.19%	7.04%	7.01%
Total interest expense	$ 102,708,000	$ 62,758,000	$ 279,730,000	$ 209,461,000
Maximum daily amount outstanding	6,608,245,000	4,418,359,000	7,122,796,000	6,358,007,000
Carrying value:
Unpaid principal balance	6,609,703,000		6,609,703,000		3,769,449,000
Unamortized debt issuance costs	(8,706,000)		(8,706,000)		(5,493,000)
Total loans sold under agreements to repurchase	$ 6,600,997,000		$ 6,600,997,000		$ 3,763,956,000
Weighted average interest rate	6.49%		6.49%		7.05%
Available borrowing capacity committed	$ 943,876,000		$ 943,876,000		$ 1,282,040,000
Available borrowing capacity uncommitted	4,803,203,000		4,803,203,000		5,548,511,000
Available borrowing capacity	5,747,079,000		5,747,079,000		6,830,551,000
Amortization of debt issuance costs	5,200,000	$ 4,600,000	17,300,000	$ 10,100,000
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	6,503,418,000		6,503,418,000		4,329,501,000
Servicing advances, net	$ 232,766,000		$ 232,766,000		$ 354,831,000
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		Notes Payable		Notes Payable
Mortgage servicing rights, at fair value	$ 7,656,519,000		$ 7,656,519,000		$ 7,033,892,000
Other Assets	$ 16,082,000		$ 16,082,000		$ 15,653,000
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 \| Note Payable \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	$ 7,656,519,000		$ 7,656,519,000		$ 7,033,892,000
Asset Pledged as Collateral without Right \| Note Payable \| Servicing advances
Carrying value:
Servicing advances, net	232,766,000		232,766,000		354,831,000
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Principal-only stripped MBS
Carrying value:
Principal-only stripped MBS	960,267,000		960,267,000
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	6,799,741,000		6,799,741,000		6,284,239,000
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Servicing advances
Carrying value:
Servicing advances, net	232,766,000		232,766,000		354,831,000
Asset Pledged as Collateral without Right \| Mortgage loans held for sale \| Loan Repo Facility \| Loans held for sale
Carrying value:
Loans held for sale	5,954,470,000		5,954,470,000		3,858,977,000
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other Assets	16,082,000		16,082,000		15,653,000
Asset Pledged as Collateral without Right \| Deposits. \| Note Payable \| Deposits
Carrying value:
Other Assets	16,082,000		16,082,000		15,653,000
Asset Pledged as Collateral without Right \| Deposits. \| Loan Repo Facility \| Deposits
Carrying value:
Other Assets	$ 16,082,000		$ 16,082,000		$ 15,653,000

Short-Term Debt - Maturities of

Short-Term Debt - Maturities of Outstanding Advances Under Repurchase Agreements (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 6,609,703
Weighted-average maturity (in months)	3 months
Within 30 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 1,676,719
Over 30 to 90 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	4,139,432
Over 90 to 180 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	207,823
Over 180 days to one year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	435,729
Over one year to two year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 150,000

Short-Term Debt - Mortgage Loan

Short-Term Debt - Mortgage Loans Sold Under Agreement to Repurchase by Counterparty (Details) - Loan Repo Facility $ in Thousands	Sep. 30, 2024 USD ($)
Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 4,965,381
Royal Bank of Canada
Mortgage loans sold under agreement to repurchase
Amount at risk	144,170
Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	131,432
Atlas Securitized Products, L.P.
Mortgage loans sold under agreement to repurchase
Amount at risk	86,753
BNP Paribas
Mortgage loans sold under agreement to repurchase
Amount at risk	68,995
Barclays Capital
Mortgage loans sold under agreement to repurchase
Amount at risk	51,364
Citibank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	26,294
Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	24,140
Morgan Stanley Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	12,327
Goldman Sachs
Mortgage loans sold under agreement to repurchase
Amount at risk	10,536
JPMorgan Chase Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 33,726

Short-Term Debt - Principal onl

Short-Term Debt - Principal only stripped MBS (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Bank of America, N.A. \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 2,602
JP Morgan Chase Bank, N.A \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	23,009
Wells Fargo Bank, N.A. \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	21,452
Santander US Capital Markets LLC \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	11,970
Loan Repo Facility \| Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	131,432
Loan Repo Facility \| Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 24,140

Short-Term Debt - Mortgage Lo_2

Short-Term Debt - Mortgage Loan Participation and Sale Agreement (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Carrying value:
Loans held for sale	$ 6,565,704,000		$ 6,565,704,000		$ 4,420,691,000
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 517,527,000		$ 517,527,000		446,054,000
Mortgage Loan Participation and Sale Agreement member
Short-Term Debt [Line Items]
Number of borrowing facilities secured by loans held for sale \| item	2		2
During the year:
Short-Term Debt, Average Outstanding Amount	$ 256,995,000	$ 251,904,000	$ 242,890,000	$ 234,583,000
Weighted-average interest rate	6.56%	6.63%	6.64%	6.41%
Total interest expense	$ 4,411,000	$ 4,383,000	$ 12,597,000	$ 11,768,000
Carrying value:
Amortization of debt issuance costs	176,000	172,000	523,000	516,000
Mortgage Loan Participation and Sale Agreement member \| Maximum
Carrying value:
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	518,042,000	508,062,000	518,042,000	515,537,000
Note Payable
Carrying value:
Unamortized debt issuance costs	(6,368,000)		(6,368,000)		(6,585,000)
Amortization of debt issuance costs	726,000	$ 689,000	2,200,000	$ 2,400,000
Mortgage Loan Participation and Sale Agreement member
Carrying value:
Unpaid principal balance of mortgage loan participation and sale agreement secured by mortgage loan participation certificates	518,043,000		518,043,000		446,406,000
Unamortized debt issuance costs	(516,000)		(516,000)		(352,000)
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 517,527,000		$ 517,527,000		$ 446,054,000
Weighted average interest rate	6.10%		6.10%		6.60%
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	$ 6,503,418,000		$ 6,503,418,000		$ 4,329,501,000
Asset Pledged as Collateral without Right \| Mortgage Loan Participation and Sale Agreement member
Carrying value:
Loans held for sale	$ 548,948,000		$ 548,948,000		$ 470,524,000

Long-Term Debt - Note Payable (

Long-Term Debt - Note Payable (Details)	3 Months Ended		9 Months Ended
Long-Term Debt - Note Payable (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Lender	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
During the year:
Unpaid principal balance	$ 6,609,703,000		$ 6,609,703,000
Carrying value:
Notes payable	1,723,632,000		1,723,632,000		$ 1,873,415,000
Servicing advances, net	400,764,000		400,764,000		694,038,000
Mortgage servicing rights, at fair value	7,752,292,000		7,752,292,000		7,099,348,000
Other assets	642,189,000		$ 642,189,000		582,460,000
Notes payable
Number Of Lenders \| Lender			2
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Asset Pledged as Collateral without Right
Carrying value:
Servicing advances, net	232,766,000		$ 232,766,000		354,831,000
Mortgage servicing rights, at fair value	$ 7,656,519,000		$ 7,656,519,000		$ 7,033,892,000
Assets, Pledging Purpose [Extensible Enumeration]	Notes payable		Notes payable		Notes payable
Other assets	$ 16,082,000		$ 16,082,000		$ 15,653,000
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	$ 16,082,000		$ 16,082,000		$ 15,653,000
Note Payable
During the year:
Average balance	$ 1,730,000,000	$ 2,484,348,000	$ 1,850,621,000	$ 2,353,572,000
Weighted-average interest rate (as a percent)	8.86%	8.78%	8.88%	8.40%
Total interest expense	$ 39,265,000	$ 55,676,000	$ 125,203,000	$ 150,271,000
Carrying value:
Unpaid principal balance	1,730,000,000		1,730,000,000		1,880,000,000
Unamortized debt issuance costs	(6,368,000)		(6,368,000)		(6,585,000)
Notes payable	$ 1,723,632,000		$ 1,723,632,000		$ 1,873,415,000
Weighted-average interest rate (as a percent)	8.39%		8.39%		8.82%
Amortization of Debt Issuance Costs	$ 726,000	689,000	$ 2,200,000	2,400,000
Notes payable
Maximum loan amount	1,730,000,000		1,730,000,000
Note Payable \| Asset Pledged as Collateral without Right \| Servicing advances
Carrying value:
Servicing advances, net	232,766,000		232,766,000		$ 354,831,000
Note Payable \| Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	7,656,519,000		7,656,519,000		7,033,892,000
Note Payable \| Asset Pledged as Collateral without Right \| Deposits. \| Deposits
Carrying value:
Other assets	16,082,000		16,082,000		15,653,000
Note Payable expiring 2024
Notes payable
Maximum loan amount	900,000,000		900,000,000
Committed amount of debt instrument	850,000,000		850,000,000
Notes Payable Term Loan 2022-GT1
Notes payable
Maximum loan amount	500,000,000		$ 500,000,000
Interest rate spread			4.25%
Notes Payable Term Loan 2024-GT1
Notes payable
Maximum loan amount	425,000,000		$ 425,000,000
Interest rate spread			3.20%
Notes Payable Term Loan 2023-GT1
Notes payable
Maximum loan amount	680,000,000		$ 680,000,000
Interest rate spread			3%
Notes Payable Term Loan 2023-GT2
Notes payable
Maximum loan amount	125,000,000		$ 125,000,000
Interest rate spread			3%
Unsecured Senior Note
During the year:
Average balance	3,200,000,000	1,800,000,000	$ 2,860,766,000	1,800,000,000
Total interest expense	$ 51,147,000	$ 23,949,000	$ 133,947,000	$ 71,065,000
Weighted-average interest rate (as a percent)	6.15%	5.07%	6.03%	5.07%
Unpaid principal balance	$ 3,200,000,000		$ 3,200,000,000		2,550,000,000
Unamortized debt issuance costs and premiums	(37,761,000)		(37,761,000)		(30,349,000)
Debt Instrument Unamortized Premium And Debt Issuance Costs Net	$ 3,162,239,000		$ 3,162,239,000		$ 2,519,651,000
Weighted average interest rate (as a percent)	6.15%		6.15%		5.90%
Carrying value:
Amortization of Debt Issuance Costs	$ 1,800,000	$ 933,000	$ 4,700,000	$ 2,800,000
Notes payable
Maximum loan amount	3,200,000,000		$ 3,200,000,000
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
Interest rate spread			5.375%
Unsecured Senior Notes Two Due October 2025
Notes payable
Maximum loan amount	150,000,000		$ 150,000,000
Interest rate spread			5.375%
Unsecured Senior Notes Due February 2029
Notes payable
Maximum loan amount	650,000,000		$ 650,000,000
Interest rate spread			4.25%
Unsecured Senior Notes Due September 2031
Notes payable
Maximum loan amount	500,000,000		$ 500,000,000
Interest rate spread			5.75%
Unsecured Senior Notes Due December 2029
Notes payable
Maximum loan amount	750,000,000		$ 750,000,000
Interest rate spread			7.875%
Unsecured Senior Notes Due November 2030
Notes payable
Maximum loan amount	650,000,000		$ 650,000,000
Interest rate spread			7.125%
Term Notes and Term Loans
Carrying value:
Unpaid principal balance	$ 1,730,000,000		$ 1,730,000,000		$ 1,730,000,000
Freddie Mac MSR Note Payable
Carrying value:
Unpaid principal balance					$ 150,000,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-Term debt
2026	$ 650,000
2027	500,000
2028	680,000
2029	1,200,000
Thereafter	1,900,000
Total	4,930,000
Note Payable
Long-Term debt
2027	500,000
2028	680,000
2029	550,000
Total	1,730,000
Unsecured Senior Note
Long-Term debt
2026	650,000
2029	650,000
Thereafter	1,900,000
Total	$ 3,200,000

Liability for Losses Under Re_3

Liability for Losses Under Representations and Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
During the period:
Balance at beginning of period	$ 28,688	$ 30,146	$ 30,788	$ 32,421
Provision for losses on loans sold resulting from sales of loans	4,070	4,011	12,151	8,885
Provision for losses on loans sold resulting from change in estimate	(3,481)	(2,552)	(10,877)	(6,005)
Losses incurred	(991)	(1,114)	(3,776)	(4,810)
Balance at end of period	28,286	30,491	28,286	30,491
Unpaid principal balance of loans subject to representations and warranties at end of period	$ 396,102,491	$ 335,044,546	$ 396,102,491	$ 335,044,546

Income Taxes - General (Details

Income Taxes - General (Details)	3 Months Ended		9 Months Ended
Income Taxes - General (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective tax rate (as a percent)	26.10%	26.80%	23.80%	23.70%

Commitments and Contingencies -

Commitments and Contingencies - Other (Details) - USD ($) $ in Millions			3 Months Ended
	Jan. 12, 2024	Nov. 28, 2023	Dec. 31, 2023	Sep. 30, 2024
Contingencies
Total commitments to purchase and fund mortgage loans				$ 9,700
Black Knight Servicing Technologies, LLC \| Pending Litigation
Contingencies
Damages for breach of contract and misappropriation of trade secrets	$ 150.2
Litigation settlement amount			$ 158.4
Black Knight Servicing Technologies, LLC \| Pending Litigation \| Minimum
Contingencies
Damages for breach of contract and misappropriation of trade secrets		$ 155.2

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Thousands	9 Months Ended		88 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Aug. 31, 2021
Stockholders' Equity
Cost of shares of common stock repurchased		$ 71,575,000
Cumulative common stock repurchase transactions fees.	$ 537,000
Common Class A
Stockholders' Equity
Authorized stock repurchase amount				$ 2,000,000,000
Shares of common stock repurchased		1,201	34,063
Cost of shares of common stock repurchased		$ 71,575,000	$ 1,788,198,000

Net Gains on Loans Held for S_3

Net Gains on Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash losses:
Cash gain (loss), net of effects of cash hedging, on sale of loans held for sale	$ (382,148)	$ (251,245)	$ (862,389)	$ (830,968)
Non-cash gain:
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	(4,070)	(4,011)	(12,151)	(8,885)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	3,481	2,552	10,877	6,005
Changes in fair values of loans and derivatives held at end of quarter:
Net gains on loans held for sale at fair value	256,819	151,374	595,324	397,178
Nonrelated Party
Cash losses:
Loans	(108,058)	(471,830)	(831,070)	(1,136,101)
Hedging activities	(274,090)	220,585	(31,319)	305,133
Non-cash gain:
Mortgage servicing rights resulting from loan sales	578,982	450,936	1,532,709	1,299,992
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	(4,070)	(4,011)	(12,151)	(8,885)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	3,481	2,552	10,877	6,005
Changes in fair values of loans and derivatives held at end of quarter:
Interest rate lock commitments	49,862	(9,862)	29,021	(5,069)
Loans	(48,504)	22,083	(23,554)	24,762
Hedging derivatives	56,710	(58,579)	(80,869)	(87,165)
Net gains on loans held for sale at fair value	254,313	151,874	593,644	398,672
Related Party
Changes in fair values of loans and derivatives held at end of quarter:
Net gains on loans held for sale at fair value	2,506	(500)	1,680	(1,494)
Related Party \| PennyMac Mortgage Investment Trust
Changes in fair values of loans and derivatives held at end of quarter:
Net gains on loans held for sale at fair value	$ 256,819	$ 151,374	$ 595,324	$ 397,178

Net Interest Expense (Details)

Net Interest Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
Net Interest Expense (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Interest income	$ 225,470,000	$ 166,552,000	$ 582,707,000	$ 467,982,000
Interest expense:
Interest expense	217,597,000	156,863,000	591,237,000	467,276,000
Net interest income (expense)	7,873,000	9,689,000	(8,530,000)	706,000
Nonrelated Party
Interest income:
Cash and short-term investments	15,641,000	15,814,000	43,395,000	53,186,000
Principal-only stripped mortgage-backed securities	20,412,000		29,756,000
Loans held for sale	80,103,000	65,641,000	231,807,000	205,414,000
Placement fees relating to custodial funds	109,201,000	85,076,000	277,564,000	209,319,000
Other	113,000		165,000
Interest expense:
Assets sold under agreements to repurchase	102,708,000	62,758,000	279,730,000	209,461,000
Mortgage loan participation purchase and sale agreements	4,411,000	4,383,000	12,597,000	11,768,000
Notes payable secured by mortgage servicing assets	39,265,000	55,676,000	125,203,000	150,271,000
Unsecured senior notes	51,147,000	23,949,000	133,947,000	71,065,000
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	15,711,000	6,857,000	29,734,000	16,781,000
Interest on mortgage loan impound deposits	3,450,000	2,888,000	8,399,000	7,080,000
Other	905,000	352,000	1,627,000	850,000
Interest expense	217,597,000	156,863,000	591,237,000	467,276,000
Related Party \| Townsgate Closing Services, LLC
Interest income:
Interest income	0	21,000	20,000	63,000
Loan Repo Facility
Interest expense:
Assets sold under agreements to repurchase	$ 102,708,000	$ 62,758,000	$ 279,730,000	$ 209,461,000

Stock-based Compensation - Othe

Stock-based Compensation - Other (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation
Grant date fair value	$ 449		$ 40,777	$ 35,444
Stock-based compensation expense	$ 18,943	$ 8,814	$ 21,314	$ 20,839
Employee Stock Option
Stock-Based Compensation
Granted (in units)			188	221
Grant date fair value			$ 6,935	$ 5,492
Exercised (in units)	239	61	666	412
Performance-based RSUs
Stock-Based Compensation
Granted (in units)			246	307
Grant date fair value			$ 20,915	$ 18,611
Vested (in units)			309	612
Time-based RSUs
Stock-Based Compensation
Granted (in units)	4		151	187
Grant date fair value	$ 449		$ 12,927	$ 11,341
Vested (in units)			211	246

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Diluted earnings per share of common stock:
Net Income (Loss)	$ 69,368	$ 92,870	$ 206,934	$ 181,498
Weighted average shares of common stock outstanding (in shares)	51,180	49,902	50,895	49,975
Effect of dilutive shares:
shares issuable under stock-based compensation plan (in shares)	2,315	2,659	2,379	2,760
Weighted average diluted shares of common stock outstanding (in shares)	53,495	52,561	53,274	52,735
Basic earnings per share (in dollars per share)	$ 1.36	$ 1.86	$ 4.07	$ 3.63
Diluted earnings per share (in dollars per share)	$ 1.30	$ 1.77	$ 3.88	$ 3.44
Total anti-dilutive units and options (in shares)	994	823	940	881
Performance-based RSUs
Effect of dilutive shares:
Total anti-dilutive units and options (in shares)	809	604	772	548
Time-based RSUs
Effect of dilutive shares:
Total anti-dilutive units and options (in shares)	1		23	46
Employee Stock Option
Effect of dilutive shares:
Total anti-dilutive units and options (in shares)	184	219	145	287
Weighted-average exercise price of anti-dilutive stock options (in dollars per share)	$ 84.93	$ 60.69	$ 84.93	$ 59.31

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fannie Mae / Freddie Mac - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 7,280,027	$ 6,890,144
Capital Requirement	1,330,147	1,211,365
Liquidity	1,155,446	1,243,927
Liquidity requirement	$ 611,836	$ 543,913
Tangible net worth / Total assets ratio actual	32%	37%
Tangible net worth / Total assets ratio requirement	6%	6%
Ginnie Mae - Issuer - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 6,909,409	$ 6,559,001
Capital Requirement	1,471,131	1,314,677
Liquidity	1,181,210	1,684,457
Liquidity requirement	$ 445,873	$ 389,501
Adjusted net worth / Total assets ratio actual	40%	48%
Adjusted net worth / Total assets ratio requirement	6%	6%
HUD - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 6,909,409	$ 6,559,001
Capital Requirement	$ 2,500	$ 2,500

Segments (Details)

Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segments (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segments and Related Information
Number of segments \| segment			3
Revenues:
Net gains on loans held for sale at fair value	$ 256,819	$ 151,374	$ 595,324	$ 397,178
Loan origination fees	49,430	37,701	127,876	108,059
Fulfillment fees from PennyMac Mortgage Investment Trust	11,492	5,531	19,935	22,895
Net loan servicing fees	75,830	185,374	344,388	480,289
Net interest income (expense):
Interest income	225,470	166,552	582,707	467,982
Interest expense	217,597	156,863	591,237	467,276
Net interest expense, before non-segment activities	7,873	9,689	(8,530)	706
Management fees from PennyMac Mortgage Investment Trust	7,153	7,175	21,474	21,510
Other	3,237	3,464	23,154	9,080
Total net revenues	411,834	400,308	1,123,621	1,039,717
Expenses	317,909	273,511	851,959	801,856
Income before provision for income taxes	93,925	126,797	271,662	237,861
Assets:
Segment assets at year end	22,871,538	18,949,314	22,871,538	18,949,314	$ 18,844,563
Operating segment
Assets:
Segment assets at year end	22,871,538	18,949,314	22,871,538	18,949,314
Operating segment \| Investment management
Net interest income (expense):
Interest income	99		262
Net interest expense, before non-segment activities	99		262
Management fees from PennyMac Mortgage Investment Trust	7,153	7,175	21,474	21,510
Other	2,100	1,604	6,344	6,037
Total net revenues	9,352	8,779	28,080	27,547
Expenses	8,658	8,379	20,296	24,849
Income before provision for income taxes	694	400	7,784	2,698
Assets:
Segment assets at year end	14,469	22,350	14,469	22,350
Operating segment \| Mortgage banking
Revenues:
Net gains on loans held for sale at fair value	256,819	151,374	595,324	397,178
Loan origination fees	49,430	37,701	127,876	108,059
Fulfillment fees from PennyMac Mortgage Investment Trust	11,492	5,531	19,935	22,895
Net loan servicing fees	75,830	185,374	344,388	480,289
Net interest income (expense):
Interest income	225,371	166,552	582,445	467,982
Interest expense	217,597	156,863	591,237	467,276
Net interest expense, before non-segment activities	7,774	9,689	(8,792)	706
Other	1,137	1,860	16,810	3,043
Total net revenues	402,482	391,529	1,095,541	1,012,170
Expenses	309,251	265,132	831,663	777,007
Income before provision for income taxes	93,231	126,397	263,878	235,163
Assets:
Segment assets at year end	22,857,069	18,926,964	22,857,069	18,926,964
Operating segment \| Mortgage banking Production
Revenues:
Net gains on loans held for sale at fair value	235,902	127,821	531,650	328,796
Loan origination fees	49,430	37,701	127,876	108,059
Fulfillment fees from PennyMac Mortgage Investment Trust	11,492	5,531	19,935	22,895
Net interest income (expense):
Interest income	79,386	62,150	227,930	194,566
Interest expense	81,496	59,614	226,768	189,691
Net interest expense, before non-segment activities	(2,110)	2,536	1,162	4,875
Other	625	823	1,952	1,925
Total net revenues	295,339	174,412	682,575	466,550
Expenses	187,486	149,219	497,551	436,582
Income before provision for income taxes	107,853	25,193	185,024	29,968
Assets:
Segment assets at year end	6,846,311	5,485,039	6,846,311	5,485,039
Operating segment \| Mortgage banking Servicing
Revenues:
Net gains on loans held for sale at fair value	20,917	23,553	63,674	68,382
Net loan servicing fees	75,830	185,374	344,388	480,289
Net interest income (expense):
Interest income	145,985	104,402	354,515	273,416
Interest expense	136,101	97,249	364,469	277,585
Net interest expense, before non-segment activities	9,884	7,153	(9,954)	(4,169)
Other	512	1,037	14,858	1,118
Total net revenues	107,143	217,117	412,966	545,620
Expenses	121,765	115,913	334,112	340,425
Income before provision for income taxes	(14,622)	101,204	78,854	205,195
Assets:
Segment assets at year end	$ 16,010,758	$ 13,441,925	$ 16,010,758	$ 13,441,925

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	1 Months Ended	9 Months Ended
Subsequent Events (Details) - $ / shares	Oct. 22, 2024	Sep. 30, 2024
Subsequent Event
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Subsequent Event \| 2024 Q4 Dividends
Subsequent Event
Dividends declared (in dollars per share)	$ 0.30
Securities Repurchase Agreements
Dividend declaration date	Oct. 22, 2024
Dividend date of record	Nov. 18, 2024
Dividend payable date	Nov. 27, 2024