CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans held for sale | $ 8,217,468 | $ 4,420,691 |
| Servicing advances, net | 568,512 | 694,038 |
| Mortgage servicing rights, at fair value | 8,744,528 | 7,099,348 |
| Other assets | 770,081 | 582,460 |
| Servicing advances, net, valuation allowance | $ 85,788 | $ 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 | 51,376,616 | 50,178,963 |
| Common stock, shares outstanding | 51,376,616 | 50,178,963 |
| Asset Pledged as Collateral without Right | ||
| Loans held for sale | $ 8,140,834 | $ 4,329,501 |
| Servicing advances, net | 357,939 | 354,831 |
| Mortgage servicing rights, at fair value | $ 8,609,388 | $ 7,033,892 |
| Assets, Pledging Purpose [Extensible Enumeration] | Notes Payable | Notes Payable |
| Other assets | $ 16,697 | $ 15,653 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||
| Common Stock dividends (in dollars per share) | $ 1 | $ 0.8 | $ 0.8 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash flow from operating activities | |||
| Net income | $ 311,423 | $ 144,656 | $ 475,507 |
| Adjustments to reconcile net income to net cash used in operating activities: | |||
| Net gains on loans held for sale at fair value | (817,368) | (545,943) | (791,633) |
| Change in fair value of mortgage servicing rights, mortgage servicing liabilities | 433,342 | 605,568 | (354,176) |
| Mortgage servicing rights hedging results | 832,483 | 236,778 | 631,484 |
| Accrual of unearned discounts on principal-only stripped mortgage-backed securities | (25,226) | ||
| Capitalization of interest on loans held for sale | (473) | (751) | (3,231) |
| Amortization of debt issuance costs | 28,812 | 21,432 | 19,198 |
| Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust | 177 | (192) | 371 |
| Results of real estate acquired in settlement in loans | (864) | (1,545) | (2,510) |
| Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | (201) | (576) | |
| Stock-based compensation expense | 20,868 | 27,582 | 42,552 |
| Provision (reversal of provision) for servicing advance losses | 32,962 | 3,271 | (36,075) |
| Depreciation and amortization | 55,984 | 53,214 | 34,409 |
| Impairment of capitalized software | 147 | 46 | |
| Amortization of operating lease right-of-use assets | 13,676 | 16,804 | 15,831 |
| Purchase of loans held for sale from PennyMac Mortgage Investment Trust | (81,997,773) | (72,441,699) | (50,575,617) |
| Origination of loans held for sale | (18,724,478) | (10,770,257) | (20,297,064) |
| Purchase of loans held for sale from non-affiliates | (2,862,610) | (2,057,135) | (1,802,769) |
| Purchase of loans from Ginnie Mae securities and early buyout investors | (3,367,264) | (2,555,865) | (6,199,212) |
| Sale to non-affiliates and principal payment of loans held for sale | 101,105,292 | 85,684,522 | 84,345,379 |
| Sale of loans held for sale to PennyMac Mortgage Investment Trust | 662,952 | 298,862 | |
| Repurchase of loans subject to representations and warranties | (89,749) | (49,575) | (92,924) |
| Increase in servicing advances | (15,941) | (76,614) | (36,534) |
| (Increase) decrease in receivable from PennyMac Mortgage Investment Trust | (4,464) | 5,666 | 2,776 |
| Sale of real estate acquired in settlement of loans | 64,156 | 35,630 | 19,761 |
| (Increase) decrease in other assets | (95,757) | (60,442) | 191,384 |
| (Decrease) increase in accounts payable and accrued expenses | (78,651) | 121,677 | (109,485) |
| Decrease in operating lease liabilities | (17,924) | (21,158) | (19,392) |
| (Decrease) increase in payable to PennyMac Mortgage Investment Trust | (84,916) | 1,969 | (36,708) |
| Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | (3,855) | ||
| Increase in income taxes payable | 88,115 | 40,142 | 317,482 |
| Net cash used in operating activities | (4,533,270) | (1,582,219) | 6,033,235 |
| Cash flow from investing activities | |||
| (Increase) decrease in short-term investment | (410,285) | 1,926 | (5,321) |
| Purchase of principal-only stripped mortgage-backed securities | (935,356) | ||
| Repayment of principal-only stripped mortgage-backed securities | 96,516 | ||
| Sale of interest-only stripped mortgage-backed securities | 202,186 | 98,066 | |
| Net settlement of derivative financial instruments used for hedging of mortgage servicing rights | (702,593) | (241,956) | (871,878) |
| Purchase of mortgage servicing rights | (3,993) | ||
| Transfer of mortgage servicing rights relating to delinquent loans to Agency | 305 | ||
| Acquisition of capitalized software | (20,382) | (34,784) | (71,935) |
| Purchase of furniture, fixtures, equipment and leasehold improvements | (1,715) | (1,386) | (7,159) |
| Sale of furniture, fixtures and equipment | 1,000 | ||
| (Increase) decrease in margin deposits | (116,326) | (96,459) | 238,704 |
| Net cash used in investing activities | (1,887,955) | (273,288) | (721,582) |
| Cash flow from financing activities | |||
| Sale of assets under agreements to repurchase | 109,006,699 | 85,352,643 | 75,076,185 |
| Repurchase of assets sold under agreements to repurchase | (104,083,392) | (84,587,885) | (79,368,855) |
| Issuance of mortgage loan participation purchase and sale certificates | 23,148,016 | 22,233,907 | 19,312,943 |
| Repayment of mortgage loan participation purchase and sale certificates | (23,097,566) | (22,075,444) | (19,504,845) |
| Issuance of notes payable secured by mortgage servicing assets | 1,050,000 | 1,005,000 | 650,000 |
| Repayment of notes payable secured by mortgage servicing assets | (875,000) | (1,075,000) | |
| Issuance of unsecured senior notes | 650,000 | 750,000 | |
| Repayment of obligations under capital lease | (3,489) | ||
| Payment of debt issuance costs | (35,922) | (33,018) | (19,606) |
| Issuance of common stock by exercise of stock options | 20,062 | 17,215 | 2,947 |
| Payment of withholding taxes relating to stock-based compensation | (9,401) | (9,142) | (7,780) |
| Payment of dividends to holders of common stock | (52,160) | (41,446) | (54,621) |
| Repurchase of common stock | (71,491) | (406,086) | |
| Net cash provided by (used in) financing activities | 5,721,336 | 1,465,339 | (4,323,207) |
| Net decrease in cash and restricted cash | (699,889) | (390,168) | 988,446 |
| Cash and restricted cash at beginning of period | 938,371 | 1,328,539 | 340,093 |
| Cash at end of period | 238,482 | 938,371 | 1,328,539 |
| Supplemental cash flow information: | |||
| Cash paid for interest | 797,212 | 639,486 | 329,975 |
| Cash paid (refunds received) for income taxes, net | 1,488 | (1,167) | (127,742) |
| Non-cash investing activities: | |||
| Mortgage servicing rights received from loan sales | 2,280,830 | 1,849,957 | 1,718,094 |
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities | 202,186 | 98,066 | |
| Operating right-of-use assets recognized | 1,388 | 2,893 | 1,364 |
| Non-cash financing activities: | |||
| Issuance of common stock in settlement of directors' fees | $ 256 | $ 180 | $ 205 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| Cash | $ 238,482 | $ 938,371 | $ 1,328,536 | |
| Restricted cash included in Other assets | 3 | |||
| Cash and restricted cash at end of period | $ 238,482 | $ 938,371 | $ 1,328,539 | $ 340,093 |
Organization |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||
| Organization | |||||||
| Organization | Note 1—Organization PennyMac Financial Services, Inc. (together, with its consolidated subsidiaries, unless the context indicated otherwise, “PFSI” or the “Company”) is a holding corporation and its primary assets are equity interests in Private National Mortgage Acceptance Company, LLC (“PNMAC”). The Company is the managing member of PNMAC, and it operates and controls all of the businesses and consolidates the financial results of PNMAC and its subsidiaries. PNMAC is a Delaware limited liability company which, through its subsidiaries, engages in mortgage banking and investment management activities. PNMAC’s mortgage banking activities consist of residential mortgage loan production and 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:
PLS is approved as a seller/servicer of mortgage loans by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and as an issuer of securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”). PLS is a licensed Federal Housing Administration Nonsupervised Title II Lender with the United States Department of Housing and Urban Development (“HUD”) and a lender/servicer with the U.S. Department of Veterans Affairs and United States Department of Agriculture (each of the above an “Agency” and collectively the “Agencies”).
|
Concentration of Risk |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Concentration of Risk | |
| Concentration of Risk | Note 2—Concentration of Risk A portion of the Company’s activities relate to PMT. Revenues generated from PMT and its subsidiaries (generally comprised of gains on mortgage loans held for sale, loan origination fees, fulfillment fees, loan servicing fees, management fees, change in fair value of investment in and dividend received from PMT and expenses allocations charged to PMT) totaled 10%, 11% and 9% of total net revenues for the years ended December 31, 2024, 2023 and 2022, respectively. The Company also purchased 79%, 85% and 70% of its loan production from PMT during the years ended December 31, 2024, 2023 and 2022, 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.
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Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | ||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | Note 3—Significant Accounting Policies A description of the significant accounting policies applied in the preparation of these consolidated financial statements follows. Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. Principles of Consolidation These consolidated financial statements include the accounts of PFSI and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The Company also consolidates certain variable interest entities (“VIEs”) as described below. Variable Interest Entities The Company entered into securitization transactions in which VIEs issue variable funding notes (“VFNs”) to PLS and term debt backed by beneficial interests in Ginnie Mae and Fannie Mae mortgage servicing rights (“MSRs”). PLS finances the VFNs by selling them under agreements to repurchase. The Company 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 the VFNs and guarantor of the VFNs and term debt, it holds the variable interest in the VIEs. Therefore, PFSI consolidates the VIEs. For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value and the financing of VFNs are included in Assets sold under agreements to repurchase and the term debt is included in Notes payable secured by mortgage servicing assets on the Company’s consolidated balance sheets. The financing is detailed in Note 15 – Short-Term Debt and Note 16 – Long Term Debt. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ from those estimates. Cash Flows For the purpose of presentation in the statement of cash flows, the Company has identified tenant security deposits relating to rental properties owned by PMT and managed by the Company as restricted cash. Tenant security deposits are included in Other assets on the Company’s consolidated balance sheets. Fair Value Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine their fair values. These levels are:
As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. Short-Term Investment Short-term investment, which represents an investment in an account with a depository institution, is carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investment as a “Level 1” fair value asset. Principal-Only Stripped Mortgage-Backed Securities The Company invests in Agency principal-only stripped mortgage-backed securities (“MBS”) for the purpose of economically hedging the fair value of its MSRs. The Company’s investments in 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 discount are recognized using the interest method and are included in Interest income. Changes in fair value arising from other factors are included in Net loan servicing fees – Mortgage servicing rights hedging results. Purchases and sales of MBS are recorded as of the trade date. The Company categorizes principal-only stripped MBS as “Level 2” fair value assets. Loans Held for Sale The Company has elected to account for loans held for sale at fair value, with changes in fair value recognized in current period income, to more timely reflect the Company’s performance. All changes in fair value are recognized as a component of Net gains on loans held for sale at fair value. The Company classifies most of the loans held for sale as “Level 2” fair value assets. Certain of the Company’s loans held for sale may not be saleable into active markets due to the loans’ lack of active markets with observable inputs. Such loans are classified as “Level 3” fair value assets. Sale Recognition The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (i) the loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and (iii) the Company does not maintain effective control over the transferred loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific loans. Interest Income Recognition Interest income on loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended and the interest receivable is reversed against Interest income when a loan becomes 90 days delinquent. Income recognition is resumed when the loan becomes contractually current. Derivative Financial Instruments The Company holds and issues derivative financial instruments that are created as a result of certain of its operations. The Company also enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created as a result of the Company’s operations are interest rate lock commitments (“IRLCs”) that are created when the Company commits to purchase or originate a loan for sale at a specified interest rate. PFSI 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 the Company’s assets. The Company is exposed to price risk relative to:
To manage the fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and MSRs. The Company manages the risk created by IRLCs by entering into forward sale agreements to sell the expected mortgage loans or MBS and by the purchase and sale of options on MBS. Such agreements are also accounted for as derivative financial instruments. These and other interest-rate derivatives are also used to manage the fair value risk created by changes in prepayment speeds on certain of the MSRs the Company holds. The Company classifies its IRLCs as “Level 3” fair value assets and liabilities. Fair value of hedging derivative financial instruments that are actively traded on an exchange are categorized by the Company as “Level 1” fair value assets and liabilities. Fair value of hedging derivative financial instruments based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. The Company does not designate its derivative financial instruments for hedge accounting. Therefore, the Company accounts for its derivative financial instruments as free-standing derivatives. All derivative financial instruments are recognized on the consolidated balance sheet at fair value with changes in the fair values being reported in current period income. Changes in fair value of derivative financial instruments hedging IRLCs, loans held for sale at fair value and MSRs are included in Net gains on loans held for sale at fair value or in Mortgage servicing rights hedging results, as applicable, in the Company’s consolidated statements of income. Cash flows from derivative financial instruments hedging IRLCs and loans acquired for sale are included in Cash flows from operating activities in Sale and repayment of loans acquired for sale at fair value to nonaffiliates and cash flows from derivative financial instruments hedging MSRs is included in Cash flows from investing activities. When the Company has multiple derivative financial instruments with the same counterparty subject to a master netting arrangement, it offsets the amounts recorded as assets and liabilities and amounts recognized for the right to reclaim cash collateral it has deposited with the counterparty or the obligation to return cash collateral it has collected from the counterparty arising from that master netting arrangement. Such offset amounts are presented as either a net asset or liability by counterparty on the Company’s consolidated balance sheets. Servicing Advances Servicing advances represent contractually required protective advances the Company makes on behalf of the loans’ beneficial interest holders. Servicing advances may include advances of scheduled principal and interest amounts due to the beneficial interest holders on delinquent loans, property taxes, insurance premiums and out-of-pocket collection amounts (e.g., preservation and restoration of mortgaged property or real estate acquired in the settlement of loans (“REO”), legal fees, and appraisals) made to protect beneficial interest holders’ interests in the properties collateralizing their loans. Servicing advances are made in compliance with the respective servicing agreements and Agency loan servicing guides. The Company does not expect to incur credit losses on servicing advances as such amounts are generally recoverable from the Agencies. Certain of the Company’s loan servicing agreements and Agency loan servicing guides limit the amounts that the beneficial interest holders or loan insurers or guarantors will reimburse the Company, and beneficial interest holders or guarantors may dispute the level of certain charges incurred in the collection process. The Company is contractually responsible for making the payments required to protect its beneficial interest holders’ interests in the properties collateralizing their loans and may, therefore, be required to incur 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 expense in the consolidated statements of income. Servicing advances are written off when they are deemed unrecoverable.
Mortgage Servicing Rights and Mortgage Servicing Liabilities MSRs and mortgage servicing liabilities (“MSLs”) arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impounded) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; administering loss mitigation activities, including modification and forbearance programs; and supervising foreclosures and property dispositions. The Company is contractually entitled to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and the Company is generally entitled to retain the placement fees earned on impounded funds and funds held pending remittance related to its collection of mortgagor payments. The Company also generally has the right to solicit the mortgagors for other products and services as well as for new mortgages for those considering refinancing their existing loan or purchasing a new home. The Company recognizes MSRs and MSLs initially at fair value, either as proceeds from or liabilities incurred in sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs or receipt of cash for acceptance of MSLs. The fair value of MSRs and MSLs is derived from the net positive or negative, respectively, cash flows associated with the servicing contracts. For loans subject to MSR and MSL contracts, the Company receives a servicing fee, based on the remaining outstanding principal balances of the mortgage loans subject to the servicing contracts. The servicing fees are collected from the monthly payments made by the mortgagors. The fair value of MSRs and MSLs is difficult to determine because MSRs and MSLs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and MSLs and the exercise of such judgment can significantly affect the Company’s income. Therefore, the Company classifies its MSRs and MSLs as “Level 3” fair value assets and liabilities. Changes in fair value of MSLs and MSRs are recognized in current period income in Change in fair value of mortgage servicing rights and mortgage servicing liabilities in the consolidated statements of income. Leases The Company determines if an arrangement is a lease at inception. If the arrangement is determined to be a lease, the Company recognizes both an operating lease right-of-use asset in Other assets and a corresponding operating lease liability in Accounts payable and accrued expenses in its consolidated balance sheet, except for leases with initial terms less than or equal to 12 months. Lease expense is recognized on the straight-line basis over the lease term and is recorded in Occupancy and equipment in the consolidated statements of income. The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made before lease commencement and for any lease incentives. Furniture, Fixtures, Equipment and Building Improvements Furniture, fixtures, equipment and building improvements are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from to seven years for furniture and equipment and the lesser of the asset’s estimated useful life or the remaining lease term for fixtures and building improvements. Capitalized Software The Company capitalizes certain consulting, payroll, and payroll-related costs related to the development of computer software for internal use. Once development is complete and the software is placed in service, the Company amortizes the capitalized costs over to seven years using the straight-line method. The Company periodically assesses capitalized software for recoverability when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the Company identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value. Investment in PennyMac Mortgage Investment Trust at Fair Value Common shares of beneficial interest in PMT are carried at fair value with changes in fair value recognized in current period income. Fair value for purposes of the Company’s holdings in PMT is based on the published closing price of the shares as of period end. The Company classifies its investment in common shares of PMT as a “Level 1” fair value asset. Loans Eligible for Repurchase The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase a loan when it is at least three months delinquent. As a result of this right, the Company recognizes the loans in Loans eligible for repurchase at their unpaid principal balances and records a corresponding liability in Liability for loans eligible for repurchase on its consolidated balance sheets. Borrowings The carrying values of borrowings are based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements (debt issuance costs) are included in the carrying value of the agreements and are charged to Interest expense over the terms of the respective borrowing facilities:
Liability for Losses Under Representations and Warranties The Company’s agreements with the Agencies and other investors include representations and warranties related to the loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the loans. The Company’s credit loss may be reduced by any recourse it may have to correspondent loan sellers that, in turn, had sold such mortgage loans to PMT and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent loan seller, through PMT. As a result of providing representations and warranties to investors and insurers, the Company records a provision for losses on representations and warranties at fair value upon sale of loans. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company periodically assesses the adequacy of the recorded liability. The level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee. Both the initial recognition of, and adjustments to the level of, the liability for representations and warranties are recorded in Net gains on loans held for sale at fair value. The level of the liability for representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, investor repurchase demand or insurer claim denial strategies, and other external conditions that may change over the lives of the underlying loans. The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Company believes that the current unpaid principal balance (“UPB”) of loans sold to date represents the maximum exposure to repurchases related to representations and warranties. Loan Origination Fees Loan origination fees represent compensation to the Company for the origination or purchase of loans. Loan origination fees are earned and recognized upon funding or purchase of the loan by the Company and are collected either at purchase from the correspondent seller, at funding when paid by the borrower or upon sale of the loan when the origination fees are financed by the borrower. Loan Servicing Fees Loan servicing fees are received by the Company for servicing loans. Loan servicing activities are described in Mortgage Servicing Rights and Mortgage Servicing Liabilities above. Loan servicing fee amounts relating to MSRs and MSLs are based upon fee rates established at the time a loan sale or securitization agreement is entered into. Loan servicing fee amounts relating to loans subserviced for PMT are detailed in Note 4 – Transactions with Related Parties. The Company’s obligations under its loan servicing agreements are fulfilled as the Company services the loans. Fees are collected when the loan payments are received from the borrowers in the case of MSRs and MSLs held by the Company or within 30 days of the applicable month-end for subserviced loans. Loan servicing fees relating to owned MSRs are recognized when earned. Loan servicing fees relating to loans subserviced for PMT are recognized in the month in which the loans are serviced. Fulfillment Fees Fulfillment fees represent fees the Company collects for services it performs on behalf of PMT in connection with the acquisition, packaging and sale of loans. Fulfillment fee amounts are based upon a negotiated fee schedule as detailed in Note 4 – Transactions with Related Parties. The Company’s obligation under the agreement is fulfilled when PMT issues a loan commitment, when it purchases a loan and when it completes the sale or securitization of a loan it purchases to investors other than Fannie Mae or Freddie Mac. Fulfillment fee revenue is recognized in the month an interest rate lock commitment is issued, or the loan is purchased or sold by PMT. Fulfillment fees are not collected for any loans sold from PMT to the Company. Fulfillment fees are generally collected from PMT within 30 days of the applicable activity. Management Fees Management fees represent compensation to the Company for management services it provides to PMT. Management fees are based on PMT’s shareholders’ equity amounts and profitability in excess of specified thresholds as detailed in Note 4 – Transactions with Related Parties. Management fees are recognized as services are provided and are paid to the Company on a quarterly basis within 30 days of the end of the quarter. Stock-Based Compensation The Company establishes the cost of its share-based awards at the awards’ fair values at the grant date of the awards. The Company estimates the fair value of time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of its underlying common stock and expected forfeiture rates on the date of the award. The Company estimates the fair value of its stock option awards with reference to the expected price volatility of its shares of common stock, expected dividend yield, expected forfeiture rates, and risk-free interest rate for the period that exercisable stock options are expected to be outstanding. Compensation costs are fixed, except for performance-based restricted stock units, as of the award date. The cost of performance-based restricted stock units is adjusted in each reporting period after the grant for changes in expected performance attainment until the performance share units vest. The Company amortizes the cost of stock based compensation awards to Compensation expense over the vesting period using the graded vesting method. Marketing and Advertising Marketing and advertising (selling) expense represent expenditures for advertising, direct and digital mail solicitation and promotional activities. Marketing and advertising expense is recognized as incurred. Sponsorship agreements are amortized over the period covered by the sponsorship agreements on the straight-line basis. Income Taxes The Company is subject to federal and state income taxes. Income taxes are provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period in which the change occurs. The Company establishes a valuation allowance if, in management’s judgment, it is not more likely than not that a deferred tax asset will be realized. The Company recognizes tax benefits relating to its tax positions only if, in the opinion of management, it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that is greater than 50% likely to be realized upon ultimate settlement with the appropriate taxing authority. The Company will classify any penalties and interest as a component of provision for income taxes. As a result of a recapitalization and reorganization of PNMAC in 2013, the Company expects to benefit from amortization and other tax deductions resulting from increases in the tax basis of PNMAC’s assets from the exchange of PennyMac Class A units to the shares of the Company’s common stock. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. The Company entered into a tax receivable agreement with certain of the former unitholders of PNMAC that provides for the additional payment by the Company to exchanging unitholders of PNMAC equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PFSI realizes due to (i) increases in tax basis resulting from exchanges of the then existing unitholders and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. Although a reorganization of the Company in 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and provide payment when applicable for units exchanged before the reorganization. Recently Issued Accounting Pronouncements Income Tax Disclosures The FASB issued Accounting Standards Update (“ASU”) No. 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:
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. The Company is evaluating the effect on its disclosures. Accounting Standards Adopted in 2024 Segment Disclosures In November 2023, 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 disclosures primarily through enhanced disclosures about significant segment expenses. The key amendments require that the Company supplement its existing disclosures to include disclosure of:
The Company adopted ASU 2023-07, using the retrospective method, for the year ended December 31, 2024. Detailed disclosures are included in Note 27‒Segments. Disaggregation of Income Statement Expenses The FASB issued ASU No. 2024-03, Income Statement (Topic 220) —Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions; employee compensation, depreciation and amortization of intangible assets in a separate note to the financial statements. A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses. The Company adopted ASU 2024-03 effective December 31, 2024. The disclosure specified by ASU 2024-03 is included in Note 24‒Disaggregation of Certain Expense Captions.
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Transactions with Related Parties |
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| Transactions with Related Parties | Note 4—Transactions with Related Parties Transactions with PMT Operating Activities Mortgage Loan Production Activities and Mortgage Servicing Rights Recapture Loan Sales The Company may sell newly originated loans to PMT under a mortgage loan purchase agreement. The Company has typically utilized the mortgage loan purchase agreement for the purpose of selling to PMT conforming balance non-government insured or guaranteed loans, as well as prime jumbo residential mortgage loans. MSR Recapture Agreement Pursuant to the terms of an MSR recapture agreement, when the Company refinances mortgage loans for which PMT previously held the MSRs, the Company is generally required to transfer and convey to PMT cash in an amount equal to:
The “recapture rate” means, during each month, the ratio of (i) the aggregate UPB of all recaptured loans, to (ii) the aggregate UPB of all mortgage loans for which the Company held the MSRs and that were refinanced or otherwise paid off in such month. The Company has further agreed to allocate sufficient resources to target a recapture rate of 15%. In December 2024, the MSR recapture agreement was renewed and amended, effective January 1, 2025, to adjust the recapture fee to require the Company to transfer cash to PMT in an amount equal to:
For the purpose of the December 2024 renewal and amendment of the MSR recapture agreement, the “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance of all refinance mortgage loans originated in such month, plus the aggregate unpaid principal balance of all “preserved mortgage loans” relating to closed end second lien loans originated in such month, to (ii) the aggregate unpaid principal balance of all mortgage loans from the portfolio that PLS has determined in good faith were refinanced in such month, plus the aggregate unpaid principal balance of all “preserved mortgage loans” relating to closed end second loans originated in such month. For purposes of such calculation, “preserved mortgage loan” means a mortgage loan in PMT’s portfolio as to which PLS or its affiliates originated a new closed end second lien loan in a subordinate position to such mortgage loan. The MSR recapture agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. Mortgage Banking Services Agreement Fulfillment Services The Company provides PMT with certain mortgage banking services, including fulfillment and disposition-related services, for which it receives a monthly fulfillment fee. Pursuant to the terms of a mortgage banking services agreement, the fulfillment fees shall not exceed the following:
In December 2024, the mortgage banking services agreement was renewed and amended, effective January 1, 2025, to provide for a quarterly fulfillment fee not to exceed the following:
Sourcing Fees PMT does not hold the Ginnie Mae approval required to issue Ginnie Mae MBS and act as a servicer. Accordingly, under the agreement, the Company purchases mortgage loans underwritten in accordance with the Ginnie Mae MBS Guide “as is” and without recourse of any kind from PMT at PMT’s cost less an administrative fee plus accrued interest and sourcing fee ranging from one to two basis points of the UPB of the loan, generally based on the average number of calendar days the loans are held by PMT before purchase by the Company. The Company may also acquire conventional loans from PMT on the same terms upon mutual agreement between PMT and the Company. While the Company purchases these mortgage loans “as is” and without recourse of any kind from PMT, where the Company has a claim for repurchase, indemnity or otherwise against a correspondent seller, it is entitled, at its sole expense, to pursue any such claim through or in the name of PMT. In December 2024, the mortgage banking services agreement was renewed and amended to provide for the Company to assume the role of initial correspondent loan purchaser in place of PMT effective July 1, 2025. Under this agreement, PMT retains the right to purchase up to 100% of the non-government insured or guaranteed loans purchased by the Company through its correspondent operations at the Company’s cost plus accrued interest, less any loan administrative fees paid to the Company by the correspondent sellers and subject to quarterly fulfillment fee charges as previously described. The Company may hold or otherwise sell correspondent lending loans to other investors if PMT chooses not to purchase such loans. Accordingly, the sourcing fee arrangement will no longer have any effect beginning July 1, 2025. The mortgage banking services agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. Following is a summary of loan production activities, including MSR recapture, between the Company and PMT:
Servicing Agreement The Company and PMT have entered into a loan servicing agreement (the “Servicing Agreement”), pursuant to which the Company provides subservicing for PMT’s portfolio of MSRs, loans at fair value other than loans purchased with credit deterioration and loans held for sale (prime servicing) and its portfolio of residential mortgage loans purchased with credit deterioration (special servicing). The Servicing Agreement provides for servicing fees of per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or REO. The Company also remains entitled to customary ancillary income and market-based fees and charges relating to loans it services for PMT. Prime Servicing
Special Servicing
Following is a summary of loan servicing fees earned from PMT:
In December 2024, the Servicing Agreement was modified and extended, effective January 1, 2025. Changes to the Servicing Agreement include applying the servicing fee rates under the prime servicing fee schedule to special servicing loans, passing through Agency incentive fees to the Company for loss mitigation activities, adding a fee for processing insurance and guarantee claims on defaulted loans and increasing servicing fee rates for delinquent loans to a range of $18 to $80 per month based on the loans’ delinquency, bankruptcy and foreclosure status. The Servicing Agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. Management Agreement The Company has a management agreement with PMT (“Management Agreement”), pursuant to which the Company oversees PMT’s business affairs and for which PFSI collects a base management fee and may collect a performance incentive fee. The Management Agreement provides that:
The performance incentive fee is equal to the sum of:
For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss attributable to PMT’s common shares of beneficial interest computed in accordance with GAAP adjusted for certain other non-cash charges determined after discussions between the Company and PMT’s independent trustees and approval by a majority of PMT’s independent trustees. “Equity” is the weighted average of the issue price per common share of all of PMT’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the rolling four-quarter period. The “high watermark” is the quarterly adjustment that reflects the amount by which the “net income” (stated as a percentage of return on “equity”) in that quarter exceeds or falls short of the lesser of 8% and the average Fannie Mae 30-year MBS yield (the “Target Yield”) for the four quarters then ended. If the “net income” is less than the Target Yield, the high watermark is increased by the difference. If the “net income” is more than the Target Yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for the Company to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s “net income” over (or under) the Target Yield, until the “net income” in excess of the Target Yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned. The base management fee and the performance incentive fee are both receivable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at PMT’s option. In the event of termination of the Management Agreement between PMT and the Company, the Company may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by the Company, in each case during the 24-month period immediately preceding the date of termination. Following is a summary of the base management and performance incentive fees earned from PMT:
In December 2024, the Management Agreement was renewed and amended effective January 1, 2025, to change the incentive fee from a quarterly fee to an annual fee and limit the calculation of the high watermark to the two-year period preceding the fiscal year for which the incentive fee is calculated. In addition, the highwater mark shall never be less than zero after including all high watermark increases and high watermark decreases over any such rolling two fiscal year period. The Management Agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. 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 rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Company and its affiliates required for PMT’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of PMT’s proportion of gross assets compared to all remaining gross assets managed or owned by the Company and/or its affiliates as calculated at each fiscal quarter end. Under the amended Management Agreement discussed above, effective January 1, 2025, the Company will be reimbursed based on the resources it dedicates to investment management for PMT and will also be reimbursed for its accounting, legal, financial reporting, Sarbanes Oxley Act of 2002 compliance and internal audit services. Such allocations will be reviewed annually. The Company received reimbursements from PMT for expenses as follows:
Investing Activities The Company holds an investment in PMT in the form of 75,000 common shares of beneficial interest. Following is a summary of investing activities between the Company and PMT:
Receivable from and Payable to PMT Amounts receivable from and payable to PMT are summarized below:
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. Although a reorganization in November 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and will be required to make payments, to the extent any of the tax benefits specified above are deemed to be realized, under the tax receivable agreement to those certain prior owners of PNMAC who effected exchanges of ownership interests in PNMAC for the Company’s common stock before the closing of the reorganization. Following is a summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement:
Donor Advised Fund During the year ended December 31, 2024, the Company contributed $2.5 million to a donor advised fund for the purpose of making charitable contributions. No such contributions were made during the years ended December 31, 2023 and 2022. |
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| Loan Sales and Servicing Activities | Note 5—Loan Sales and Servicing Activities The Company originates or purchases and sells mortgage loans in the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and the liability for representations and warranties it makes to purchasers and insurers of the loans. The following table summarizes cash flows between the Company and transferees as a result of the sale of loans in transactions where the Company maintains continuing involvement with the loans as servicer:
The following is a summary of the allowance for losses on servicing advances that the Company makes on behalf of the loans’ beneficial interest holders in the properties collateralizing their loans:
The following table summarizes the UPB of the loans sold by the Company in which it maintains continuing involvement:
The following tables summarize the UPB of the Company’s loan servicing portfolio:
Following is a summary of the geographical distribution of loans included in the Company’s servicing portfolio for the top five and all other states as measured by UPB:
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Fair Value |
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| Fair Value | Note 6—Fair Value Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The application of fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Company has elected to carry the item at its fair value as discussed in the following paragraphs. Fair Value Accounting Elections The Company identified its MSRs, its MSLs and all of its non-cash financial assets, to be accounted for at fair value so changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. 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:
As shown above, certain of the Company’s loans held for sale, 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” fair value inputs at either the beginning or the end of the year presented for each of the three years ended December 31, 2024:
(1) For the purpose of this table, the IRLC asset and liability positions are shown net.
The Company had transfers among the fair value levels arising from the return to salability in the active secondary market of certain loans held for sale and from transfers of IRLCs to loans held for sale at fair value upon purchase or funding. Assets and Liabilities Measured at Fair Value under the Fair Value Option Net changes in fair values included in income for assets and liabilities carried at fair value as a result of the Company’s election of the fair value option by income statement line item are summarized below:
Following are the fair value and related principal amounts due upon maturity of assets accounted for under the fair value option:
Assets Measured at Fair Value on a Nonrecurring Basis Following is a summary of assets held at year end that were measured based on fair value on a nonrecurring basis during the year:
The following table summarizes the total net losses recognized on assets measured based on fair values on a nonrecurring basis during the year:
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 and Unsecured senior notes are carried at amortized cost. 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 the Notes payable secured by mortgage servicing assets and the Unsecured senior notes approximate their carrying values due to their short terms and/or variable interest rates. The Company estimates the fair value of the term notes and term loans included in Notes payable secured by mortgage servicing assets and the Unsecured senior notes using indications of fair value provided by non-affiliate brokers, pricing services and internal estimates of fair value. The fair value and carrying value of these liabilities are summarized below:
Valuation Governance Most of the Company’s 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 reports to the Company’s senior management valuation subcommittee, which oversees the valuations. The 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 subcommittee. The Company’s senior management valuation subcommittee includes the Company’s chief financial, credit, 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 to those procured from non-affiliate 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 MBS 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 with observable significant inputs to the estimation of fair value and are therefore categorized as “Level 2” fair value assets. The fair values of “Level 2” fair value loans are determined using their contracted selling price or quoted market price or market price equivalent. Certain of the Company’s loans held for sale are not saleable into active markets with observable significant inputs to the estimation of fair value and are therefore categorized as “Level 3” fair value assets. Loans held for sale categorized as “Level 3” fair value assets include:
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 certain types of payment deferral programs 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.
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 and voluntary and total prepayment/resale speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds. Following is a quantitative summary of key “Level 3” fair value inputs used in the valuation of loans held for sale at fair value:
Changes in fair value relating to loans held for sale as the result of changes in the loan’s instrument specific credit risk are indicated by successful modifications of the loan’s terms or changes in the respective loan’s delinquency status and performance history at year end from the later of the beginning of the year or acquisition date. Changes in fair value of loans held for sale are included in Net gains on loans held for sale at fair value in the Company’s consolidated statements of income. Derivative Financial Instruments Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets or liabilities. The Company estimates the fair value of IRLCs based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the loans will fund or be purchased (the “pull-through rate”). The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the MSR component of the Company’s estimate of the fair value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, could result in significant changes in the IRLCs’ fair value measurement. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the MSR component of IRLC fair value, but increase the pull-through rate for the loan principal and interest payment cash flow component, which has decreased in fair value. Initial recognition and changes in fair value of IRLCs are included in Net gains on loans acquired for sale at fair value in the Company’s consolidated statements of income. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
Hedging Derivatives Hedging derivatives that are actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Hedging derivatives whose fair values are based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. Changes in the fair value of hedging derivatives are included in Net gains on loans acquired for sale at fair value, or Net loan servicing fees – Mortgage servicing rights hedging results, as applicable, in the Company’s consolidated statements of income. Mortgage Servicing Rights MSRs are categorized as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include the applicable prepayment rate (prepayment speed), pricing spread (a component of 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 in the Company’s consolidated statements of income. 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:
Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs at year end and the effect on the fair value from adverse changes in those inputs:
Mortgage Servicing Liabilities MSLs are categorized as “Level 3” fair value liabilities. The Company uses a discounted cash flow approach to estimate the fair value of MSLs. The key inputs used in the estimation of the fair value of MSLs include the annual total prepayment speed, applicable pricing spread, and the per-loan annual cost of servicing the underlying loans. Changes in the fair value of MSLs are included in Net servicing fees—Change in fair value of mortgage servicing rights and mortgage servicing liabilities in the consolidated statements of income. Following are the key inputs used in determining the fair value of MSLs:
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Principal-Only Stripped Mortgage-Backed Securities |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principal-Only Stripped Mortgage-Backed Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principal-Only Stripped Mortgage-Backed Securities |
Note 7—Principal-Only Stripped Mortgage-Backed Securities Following is a summary of activity in the Company’s investment in principal-only stripped MBS:
Following is a summary of the Company’s investment in principal-only stripped MBS:
All of the Company’s principal-only stripped MBS had contractual maturities of over ten years. |
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Loans Held for Sale at Fair Value |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale at Fair Value | Note 8—Loans Held for Sale at Fair Value Loans held for sale at fair value are summarized below:
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Derivative Financial Instruments |
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| Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Note 9—Derivative Financial Instruments Derivative Notional Amounts and Fair Value of Derivatives The Company had the following derivative financial instruments recorded on its consolidated balance sheets:
Derivative Assets, Financial Instruments, and Cash Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for netting.
Derivative Liabilities, Financial Instruments, and Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not qualify under the accounting guidance for netting. All assets sold under agreements to repurchase are secured by sufficient collateral with fair values that exceed the liability amount recorded on the consolidated balance sheets.
Following are the gains (losses) recognized by the Company on derivative financial instruments and the income statement line items where such gains and losses are included:
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Mortgage Servicing Rights and Mortgage Servicing Liabilities |
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| Mortgage Servicing Rights and Mortgage Servicing Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights and Mortgage Servicing Liabilities | Note 10—Mortgage Servicing Rights and Mortgage Servicing Liabilities Mortgage Servicing Rights at Fair Value: The activity in MSRs is as follows:
Mortgage Servicing Liabilities at Fair Value: The activity in MSLs is summarized below:
Contractual servicing fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—From non-affiliates on the consolidated statements of income; late charges and other ancillary fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—Other on the Company’s consolidated statements of income. Such amounts are summarized below:
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Capitalized Software |
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| Capitalized software | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized Software | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized Software | Note 11—Capitalized Software Capitalized software included in Other assets is summarized below:
Amortization and impairment of capitalized software included in Technology expense are summarized below:
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Furniture, Fixtures, Equipment and Building Improvements |
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| Furniture, Fixtures, Equipment and Building Improvements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Furniture, Fixtures, Equipment and Building Improvements | Note 12—Furniture, Fixtures, Equipment and Building Improvements Furniture, fixtures, equipment and building improvements, included in Other assets are summarized below:
Depreciation and amortization expenses included in Occupancy and equipment expense are summarized below:
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Leases |
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| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 13—Leases The Company has operating lease agreements relating to its office facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to six years; some of these operating lease agreements include options to extend their terms for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments. The Company’s operating lease right-of-use assets included in Other assets and leasing activity is summarized below:
The maturities of the Company’s operating lease liabilities are summarized below:
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Other Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | Note 14—Other Assets Other assets are summarized below:
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Short-Term Debt |
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| Short-Term Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Debt | Note 15—Short-Term Debt The borrowing facilities described throughout these Notes 15 and 16 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of December 31, 2024. Assets Sold Under Agreements to Repurchase The Company has multiple secured borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by MBS, loans held for sale at fair value or participation certificates backed by mortgage servicing assets. Eligible assets are sold at advance rates based on their fair values (as determined by the lender). Interest is charged at a rate based on the Secured Overnight Financing Rate (“SOFR”). Principal-only stripped MBS, loans and participation certificates financed under these agreements may be re-pledged by the lenders. Assets sold under agreements to repurchase are summarized below:
Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
The amounts at risk (the fair value of the assets pledged plus the related margin deposits, less the amounts advanced by the counterparty and interest payable) relating to the Company’s assets sold under agreements to repurchase are summarized by counterparty below as of December 31, 2024: Loans held for sale and MSRs
Principal-only stripped MBS
Mortgage Loan Participation Purchase and Sale Agreements Certain of the borrowing facilities secured by mortgage loans held for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in mortgage loans that have been pooled into Fannie Mae, Freddie Mac or Ginnie Mae securities, are sold to a lender pending the securitization of the mortgage loans and sale of the resulting securities which generally occurs within 30 days. A commitment to sell the securities resulting from the pending securitization between the Company and a non-affiliate is also assigned to the lender at the time a participation certificate is sold. The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount that is based on a percentage of the purchase price. The holdback amount is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation purchase and sale agreements are summarized below:
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Long-Term Debt |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Long-Term Debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | Note 16—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 which are sold by PLS under agreements to repurchase as shown in Note 15—Short-Term Debt. Following is a summary of the issued and outstanding Term Notes and Term Loans:
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 plus a spread as defined in the agreements. The facilities expire on March 6, 2026 and June 11, 2026. The maximum amount that the Company may borrow under the notes payable is $900 million, $850 million of which is committed, and may be reduced by other debt outstanding with the counterparties. Notes payable secured by mortgage servicing assets are summarized below:
Unsecured Senior Notes The Company issued unsecured senior notes (the “Unsecured Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The Unsecured Notes are senior unsecured obligations of the Company and will rank senior in right of payment to any future 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 PFSI’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indenture under which the Unsecured Notes were issued). The guarantees are senior unsecured obligations of the guarantors and will rank senior in right of payment to any future 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 issued and outstanding Unsecured Notes:
Maturities of Long-Term Debt Maturities of long-term debt obligations (based on stated maturity dates) are as follows:
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Liability for Losses Under Representations and Warranties |
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| Liability for Losses Under Representations and Warranties | Note 17—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties:
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Income Taxes |
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| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 18—Income Taxes The Company files U.S. federal and state corporate income tax returns for PFSI and partnership returns for PNMAC. The Company’s federal tax returns are subject to examination for 2021 and forward and its state tax returns are generally subject to examination for 2020 and forward. PNMAC’s federal partnership returns are subject to examination for 2021 and forward, and its state tax returns are generally subject to examination for 2020 and forward. The Internal Revenue Service has recently concluded their examination of the Company’s federal income tax return for 2020 and issued a no change letter. California has opened an audit for tax years 2019 and 2020. The Company does not expect any material changes from these examinations as of December 31, 2024. The following table details the Company’s provision for income taxes:
The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective income tax rate:
The components of the Company’s provision for deferred income taxes are as follows:
The components of Income taxes payable are as follows:
The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below:
The Company recorded a deferred tax asset of $454.9 million for net operating losses, of which $181.3 million related to net operating losses incurred in 2024 and the remaining balance of $273.6 million related to net operating losses incurred between 2018 and 2023. The $355.7 million related to federal net operating loss carry forward has no expiration date but is subject to an annual utilization limitation of up to 80% of taxable income. Of the remaining $99.2 million in deferred tax assets, relating to state net operating losses, $12.3 million expires between 2032 and 2037, $68.9 million expires in 2042 and $18.0 million has no expiration date. The Company expects to fully utilize these net operating losses before their expiration dates. At December 31, 2024 and 2023, the Company had no unrecognized tax benefits and does not anticipate any unrecognized tax benefits. Should the recognition of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such expenses in the Company’s income tax accounts. No such accruals existed at December 31, 2024 and 2023. The Company made dividend payments of $52.2 million to holders of common stock in 2024. For tax purposes, the entire distribution is a return of capital to the stockholders. |
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies. | |
| Commitments and Contingencies | Note 19—Commitments and Contingencies Commitments to Purchase and Fund Loans The Company’s commitments to purchase and fund loans totaled $7.8 billion as of December 31, 2024. Legal Proceedings From time to time, the Company may be involved in various claims, investigations, lawsuits and other legal and regulatory proceedings in the ordinary course of its business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, income, or cash flows of the Company. Litigation On November 5, 2019, Black Knight Servicing Technologies, LLC (“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.
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Stockholders' Equity |
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| Stockholders' Equity | Note 20—Stockholders’ Equity The Company has a common stock repurchase program in the amount of $2 billion before transaction costs and excise taxes. The following table summarizes the Company’s stock repurchase activity:
The shares of repurchased common stock were canceled upon settlement of the repurchase transactions. The Company made dividend payments of $52.2 million to holders of common stock in 2024. For tax purposes, the entire distribution is a return of capital to the stockholders. |
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Net Gains on Loans Held for Sale |
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| Net Gains on Loans Held for Sale | Note 21—Net Gains on Loans Held for Sale Net gains on loans held for sale at fair value are summarized below:
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Net Interest Expense |
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| Net Interest Expense | Note 22—Net Interest Expense Net interest expense is summarized below:
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Stock-based Compensation |
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| Stock-based Compensation | Note 23—Stock-based Compensation The Company has adopted equity incentive plans that provide for grants of stock options, time-based and performance-based restricted stock units (“RSUs”), stock appreciation rights, performance units and stock grants. As of December 31, 2024, the Company has 5.3 million units available for future awards. Following is a summary of the stock-based compensation expense by instrument awarded:
Performance-Based RSUs The performance based RSUs provide for the issuance of shares of the Company’s common stock based on the achievement of performance goals and job performance ratings. No shares under the grants with performance periods ending December 31, 2024 are expected to vest as the performance goals were not achieved. The fair value of the performance-based RSUs is measured based on the fair value of the Company’s common stock at the grant date, taking into consideration the expected outcome of the performance goal, and the number of shares to be forfeited during the vesting period. The Company applies forfeiture rates of 0 – 20.3% per year based on the grantees’ employee classification. The actual number of shares that vest could vary from zero, if the performance goals are not met, to as much as 300% of the units granted, if the performance goals are meaningfully exceeded. The table below summarizes performance-based RSU activity:
Following is a summary of performance-based RSUs as of December 31, 2024:
Time-Based RSUs The RSU grant agreements provide for the award of time-based RSUs, entitling the award recipient to one share of the Company’s common stock for each RSU. In general, and except as otherwise provided by the agreement, of the time-based RSUs vest on each of the first, second, and third anniversaries of the grant date, subject to the recipient’s continued service through each anniversary. Compensation cost relating to time-based RSUs is based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. For purposes of estimating the cost of the time-based RSUs granted, the Company applies forfeiture rates of 0% – 20.3% per year based on the grantees’ employee classification. The table below summarizes time-based RSU activity:
Following is a summary of RSUs as of December 31, 2024:
Stock Options The stock option award agreements provide for the award of options to purchase common stock. In general, and except as otherwise provided by the agreement, of the stock option awards vests on each of the first, second, and third anniversaries of the grant date, subject to the recipient’s continued service through each anniversary. Each stock option has a term of ten years from the date of grant but expires (1) immediately upon termination of the holder’s employment or other association with the Company for cause, (2) one year after the holder’s employment or other association is terminated due to death or disability and (3) three months after the holder’s employment or other association is terminated for any other reason. The fair value of each stock option award is estimated on the date of grant using a variant of the Black Scholes model based on the following inputs:
The Company uses its historical employee departure behavior to estimate the grantee forfeiture rates used in its option-pricing model. The expected term of common stock options granted is derived from the Company’s option pricing model and represents the period that common stock options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual term of the common stock option is based on the U.S. Treasury yield curve in effect at the time of grant. The table below summarizes stock option award activity:
Following is a summary of stock options as of December 31, 2024:
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Disaggregation of Certain Expense Captions |
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| Disaggregation of Certain Expense Captions | Note 24—Disaggregation of Certain Expense Captions As discussed in Note 3 - Significant Accounting Policies – Accounting Standards Adopted in 2024, the Company adopted ASU 2024-03 December 31, 2024. Following are the disaggregation disclosures required by ASU 2024-03:
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Earnings Per Share of Common Stock |
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| Earnings Per Share of Common Stock | Note 25—Earnings Per Share of Common Stock Basic earnings per share of common stock is determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share of common stock is determined by dividing net income by the weighted average number of shares of common stock and dilutive securities outstanding during the year. 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:
Calculations of diluted earnings per share require certain potentially dilutive shares to be excluded when their inclusion in the diluted earnings per share calculation would be anti-dilutive. The following table summarizes the weighted-average number of anti-dilutive outstanding performance-based RSUs, time-based RSUs and stock options excluded from the calculation of diluted earnings per share:
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Regulatory Capital and Liquidity Requirements |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Regulatory Capital and Liquidity Requirements | Note 26—Regulatory Capital and Liquidity Requirements The Company, through PLS, is required to maintain specified levels of capital and liquidity to remain a seller/servicer in good standing with the Agencies. Such capital and liquid asset requirements generally are tied to the size of the Company’s loan servicing portfolio, loan origination volume and delinquency rate. The Agencies’ capital and liquidity requirements, the calculations of which are specified by each Agency, are summarized below:
Noncompliance with an Agency’s requirements can result in such Agency taking various remedial actions up to and including terminating PLS’s ability to sell loans to and service loans on behalf of the respective Agency. |
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Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | Note 27—Segments The Company’s reportable segments are identified based on their unique business 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 reportable segments are evaluated based on income or loss before provisions for (benefit from) income taxes. The chief operating decision maker uses pre-tax segment results to assess segment performance and allocate operating and capital resources among the two reportable segments. The segments are separately evaluated because they represent different products and services. The Company’s chief operating decision maker is its chief executive officer. During the year ended December 31, 2024, the Company adopted ASU 2023-07. Concurrent with the adoption of ASU 2023-07 management reassessed its segment definitions to those shown below. Prior year amounts have been recast to conform those years’ presentation to current year presentation. The Company conducts its business in two operating and reportable segments, production and servicing:
Financial performance and results by segment are as follows:
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Parent Company Information |
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| Parent Company Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Information | Note 28—Parent Company Information The Company’s debt financing agreements require PLS, the Company’s indirect controlled subsidiary, to comply with financial covenants that include a minimum tangible net worth of $1.3 billion. PLS is limited from transferring funds to the Parent by this minimum tangible net worth requirement. The Company’s Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indentures under which the Unsecured Notes were issued). PENNYMAC FINANCIAL SERVICES, INC. CONDENSED BALANCE SHEETS
PENNYMAC FINANCIAL SERVICES, INC. CONDENSED STATEMENTS OF INCOME
PENNYMAC FINANCIAL SERVICES, INC. CONDENSED STATEMENTS OF CASH FLOWS
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Subsequent Events |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||
| Subsequent Events | |||||||||||||
| Subsequent Events | Note 29—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 311,423 | $ 144,656 | $ 475,507 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |||||||||||||||||||||||||
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Enterprise Risk Management Framework and Governance The Cybersecurity Program is integrated with our enterprise risk management framework and is primarily managed by the CIO, the CISO, and other information security personnel and consultants, and is overseen by risk management, internal audit, senior management and the board of directors to ensure the confidentiality, integrity and the availability of the Company’s enterprise information systems, data and business operations. Our Enterprise Risk Management unit separately provides independent oversight and monitoring of the Cybersecurity Program through periodic quality control testing and regulatory compliance verification of the Cybersecurity Program’s controls. Our Internal Audit unit is an independent corporate function reporting to the board of directors’ Audit Committee that also reviews the effectiveness of the Cybersecurity Program and whether it is effectively integrated into our overall enterprise risk management framework. Additionally, our Enterprise Risk Management and Internal Audit units may from time to time separately engage consulting services to perform independent cybersecurity controls audits and provide expert guidance. |
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| Cybersecurity Risk Management Processes Integrated [Flag] | true | ||||||||||||||||||||||||
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Cybersecurity Program, which is into our enterprise risk management framework, assesses, identifies and protects our enterprise information systems, data and business operations from various security threats and contains the following elements:
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true | ||||||||||||||||||||||||
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true | ||||||||||||||||||||||||
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false | ||||||||||||||||||||||||
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board of Directors Oversight our cybersecurity risks by periodically evaluating cybersecurity reports from senior management, including the CIO and CISO, as well as . The Risk Committee oversees our enterprise risk management framework including risks associated with data security, cybersecurity, IT infrastructure, and data privacy. The Audit Committee oversees the internal and external auditors’ review of our cybersecurity risks. |
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Management Oversight Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. The CIO, CISO and our management committees periodically provide cybersecurity reports about our Cybersecurity Program to senior management, the board of directors and our board committees. |
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| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Board of Directors Oversight our cybersecurity risks by periodically evaluating cybersecurity reports from senior management, including the CIO and CISO, as well as . The Risk Committee oversees our enterprise risk management framework including risks associated with data security, cybersecurity, IT infrastructure, and data privacy. The Audit Committee oversees the internal and external auditors’ review of our cybersecurity risks. Management Oversight Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. The CIO, CISO and our management committees periodically provide cybersecurity reports about our Cybersecurity Program to senior management, the board of directors and our board committees. |
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| Cybersecurity Risk Role of Management [Text Block] | Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. The CIO, CISO and our management committees periodically provide cybersecurity reports about our Cybersecurity Program to senior management, the board of directors and our board committees. |
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true | ||||||||||||||||||||||||
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Risk Committee | ||||||||||||||||||||||||
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. | ||||||||||||||||||||||||
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | When a potential cybersecurity incident is detected, we gather the necessary information to classify the incident by type and severity and activate containment plans and response teams depending on the nature of the incident. Cybersecurity incidents that may impact enterprise business operations, compromise critical systems or result in unauthorized access to critical data will be escalated to the CISO and an internal incident response team comprised of senior IT, business operations and compliance personnel to coordinate any internal and external responses. The CISO and the internal incident team will also elevate any material cybersecurity incidents or unauthorized occurrences that jeopardize the confidentiality, integrity or availability of enterprise information to senior management and the board of directors. | ||||||||||||||||||||||||
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies (Policies) |
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| Significant Accounting Policies | |||||||||||||
| Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification.
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| Principles of Consolidation | Principles of Consolidation These consolidated financial statements include the accounts of PFSI and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The Company also consolidates certain variable interest entities (“VIEs”) as described below. Variable Interest Entities The Company entered into securitization transactions in which VIEs issue variable funding notes (“VFNs”) to PLS and term debt backed by beneficial interests in Ginnie Mae and Fannie Mae mortgage servicing rights (“MSRs”). PLS finances the VFNs by selling them under agreements to repurchase. The Company 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 the VFNs and guarantor of the VFNs and term debt, it holds the variable interest in the VIEs. Therefore, PFSI consolidates the VIEs. For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value and the financing of VFNs are included in Assets sold under agreements to repurchase and the term debt is included in Notes payable secured by mortgage servicing assets on the Company’s consolidated balance sheets. The financing is detailed in Note 15 – Short-Term Debt and Note 16 – Long Term Debt.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ from those estimates. |
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| Cash Flows | Cash Flows For the purpose of presentation in the statement of cash flows, the Company has identified tenant security deposits relating to rental properties owned by PMT and managed by the Company as restricted cash. Tenant security deposits are included in Other assets on the Company’s consolidated balance sheets.
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| Fair Value | Fair Value Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine their fair values. These levels are:
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. |
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| Short-Term Investment | Short-Term Investment Short-term investment, which represents an investment in an account with a depository institution, is carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investment as a “Level 1” fair value asset. |
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| Principal-Only Stripped Mortgage-Backed Securities | Principal-Only Stripped Mortgage-Backed Securities The Company invests in Agency principal-only stripped mortgage-backed securities (“MBS”) for the purpose of economically hedging the fair value of its MSRs. The Company’s investments in 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 discount are recognized using the interest method and are included in Interest income. Changes in fair value arising from other factors are included in Net loan servicing fees – Mortgage servicing rights hedging results. Purchases and sales of MBS are recorded as of the trade date. The Company categorizes principal-only stripped MBS as “Level 2” fair value assets. |
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| Loans Held for Sale | Loans Held for Sale The Company has elected to account for loans held for sale at fair value, with changes in fair value recognized in current period income, to more timely reflect the Company’s performance. All changes in fair value are recognized as a component of Net gains on loans held for sale at fair value. The Company classifies most of the loans held for sale as “Level 2” fair value assets. Certain of the Company’s loans held for sale may not be saleable into active markets due to the loans’ lack of active markets with observable inputs. Such loans are classified as “Level 3” fair value assets. Sale Recognition The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (i) the loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and (iii) the Company does not maintain effective control over the transferred loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific loans. |
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| Interest Income Recognition | Interest Income Recognition Interest income on loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended and the interest receivable is reversed against Interest income when a loan becomes 90 days delinquent. Income recognition is resumed when the loan becomes contractually current. |
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| Derivative Financial Instruments | Derivative Financial Instruments The Company holds and issues derivative financial instruments that are created as a result of certain of its operations. The Company also enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created as a result of the Company’s operations are interest rate lock commitments (“IRLCs”) that are created when the Company commits to purchase or originate a loan for sale at a specified interest rate. PFSI 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 the Company’s assets. The Company is exposed to price risk relative to:
To manage the fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and MSRs. The Company manages the risk created by IRLCs by entering into forward sale agreements to sell the expected mortgage loans or MBS and by the purchase and sale of options on MBS. Such agreements are also accounted for as derivative financial instruments. These and other interest-rate derivatives are also used to manage the fair value risk created by changes in prepayment speeds on certain of the MSRs the Company holds. The Company classifies its IRLCs as “Level 3” fair value assets and liabilities. Fair value of hedging derivative financial instruments that are actively traded on an exchange are categorized by the Company as “Level 1” fair value assets and liabilities. Fair value of hedging derivative financial instruments based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. The Company does not designate its derivative financial instruments for hedge accounting. Therefore, the Company accounts for its derivative financial instruments as free-standing derivatives. All derivative financial instruments are recognized on the consolidated balance sheet at fair value with changes in the fair values being reported in current period income. Changes in fair value of derivative financial instruments hedging IRLCs, loans held for sale at fair value and MSRs are included in Net gains on loans held for sale at fair value or in Mortgage servicing rights hedging results, as applicable, in the Company’s consolidated statements of income. Cash flows from derivative financial instruments hedging IRLCs and loans acquired for sale are included in Cash flows from operating activities in Sale and repayment of loans acquired for sale at fair value to nonaffiliates and cash flows from derivative financial instruments hedging MSRs is included in Cash flows from investing activities. When the Company has multiple derivative financial instruments with the same counterparty subject to a master netting arrangement, it offsets the amounts recorded as assets and liabilities and amounts recognized for the right to reclaim cash collateral it has deposited with the counterparty or the obligation to return cash collateral it has collected from the counterparty arising from that master netting arrangement. Such offset amounts are presented as either a net asset or liability by counterparty on the Company’s consolidated balance sheets. |
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| Servicing Advances | Servicing Advances Servicing advances represent contractually required protective advances the Company makes on behalf of the loans’ beneficial interest holders. Servicing advances may include advances of scheduled principal and interest amounts due to the beneficial interest holders on delinquent loans, property taxes, insurance premiums and out-of-pocket collection amounts (e.g., preservation and restoration of mortgaged property or real estate acquired in the settlement of loans (“REO”), legal fees, and appraisals) made to protect beneficial interest holders’ interests in the properties collateralizing their loans. Servicing advances are made in compliance with the respective servicing agreements and Agency loan servicing guides. The Company does not expect to incur credit losses on servicing advances as such amounts are generally recoverable from the Agencies. Certain of the Company’s loan servicing agreements and Agency loan servicing guides limit the amounts that the beneficial interest holders or loan insurers or guarantors will reimburse the Company, and beneficial interest holders or guarantors may dispute the level of certain charges incurred in the collection process. The Company is contractually responsible for making the payments required to protect its beneficial interest holders’ interests in the properties collateralizing their loans and may, therefore, be required to incur 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 expense in the consolidated statements of income. Servicing advances are written off when they are deemed unrecoverable. |
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| Mortgage Servicing Rights and Mortgage Servicing Liabilities | Mortgage Servicing Rights and Mortgage Servicing Liabilities MSRs and mortgage servicing liabilities (“MSLs”) arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impounded) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; administering loss mitigation activities, including modification and forbearance programs; and supervising foreclosures and property dispositions. The Company is contractually entitled to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and the Company is generally entitled to retain the placement fees earned on impounded funds and funds held pending remittance related to its collection of mortgagor payments. The Company also generally has the right to solicit the mortgagors for other products and services as well as for new mortgages for those considering refinancing their existing loan or purchasing a new home. The Company recognizes MSRs and MSLs initially at fair value, either as proceeds from or liabilities incurred in sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs or receipt of cash for acceptance of MSLs. The fair value of MSRs and MSLs is derived from the net positive or negative, respectively, cash flows associated with the servicing contracts. For loans subject to MSR and MSL contracts, the Company receives a servicing fee, based on the remaining outstanding principal balances of the mortgage loans subject to the servicing contracts. The servicing fees are collected from the monthly payments made by the mortgagors. The fair value of MSRs and MSLs is difficult to determine because MSRs and MSLs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and MSLs and the exercise of such judgment can significantly affect the Company’s income. Therefore, the Company classifies its MSRs and MSLs as “Level 3” fair value assets and liabilities. Changes in fair value of MSLs and MSRs are recognized in current period income in Change in fair value of mortgage servicing rights and mortgage servicing liabilities in the consolidated statements of income. |
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| Lease | Leases The Company determines if an arrangement is a lease at inception. If the arrangement is determined to be a lease, the Company recognizes both an operating lease right-of-use asset in Other assets and a corresponding operating lease liability in Accounts payable and accrued expenses in its consolidated balance sheet, except for leases with initial terms less than or equal to 12 months. Lease expense is recognized on the straight-line basis over the lease term and is recorded in Occupancy and equipment in the consolidated statements of income. The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made before lease commencement and for any lease incentives.
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| Furniture, Fixtures, Equipment and Building Improvements | Furniture, Fixtures, Equipment and Building Improvements Furniture, fixtures, equipment and building improvements are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from to seven years for furniture and equipment and the lesser of the asset’s estimated useful life or the remaining lease term for fixtures and building improvements. |
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| Capitalized Software | Capitalized Software The Company capitalizes certain consulting, payroll, and payroll-related costs related to the development of computer software for internal use. Once development is complete and the software is placed in service, the Company amortizes the capitalized costs over to seven years using the straight-line method. The Company periodically assesses capitalized software for recoverability when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the Company identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value. |
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| Investment in PennyMac Mortgage Investment Trust at Fair Value | Investment in PennyMac Mortgage Investment Trust at Fair Value Common shares of beneficial interest in PMT are carried at fair value with changes in fair value recognized in current period income. Fair value for purposes of the Company’s holdings in PMT is based on the published closing price of the shares as of period end. The Company classifies its investment in common shares of PMT as a “Level 1” fair value asset. |
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| Loans Eligible for Repurchase | Loans Eligible for Repurchase The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase a loan when it is at least three months delinquent. As a result of this right, the Company recognizes the loans in Loans eligible for repurchase at their unpaid principal balances and records a corresponding liability in Liability for loans eligible for repurchase on its consolidated balance sheets.
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| Borrowings | Borrowings The carrying values of borrowings are based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements (debt issuance costs) are included in the carrying value of the agreements and are charged to Interest expense over the terms of the respective borrowing facilities:
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| Liability for Losses Under Representations and Warranties | The Company’s agreements with the Agencies and other investors include representations and warranties related to the loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the loans. The Company’s credit loss may be reduced by any recourse it may have to correspondent loan sellers that, in turn, had sold such mortgage loans to PMT and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent loan seller, through PMT. As a result of providing representations and warranties to investors and insurers, the Company records a provision for losses on representations and warranties at fair value upon sale of loans. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company periodically assesses the adequacy of the recorded liability. The level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee. Both the initial recognition of, and adjustments to the level of, the liability for representations and warranties are recorded in Net gains on loans held for sale at fair value. The level of the liability for representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, investor repurchase demand or insurer claim denial strategies, and other external conditions that may change over the lives of the underlying loans. The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Company believes that the current unpaid principal balance (“UPB”) of loans sold to date represents the maximum exposure to repurchases related to representations and warranties. |
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| Loan Origination Fees | Loan Origination Fees Loan origination fees represent compensation to the Company for the origination or purchase of loans. Loan origination fees are earned and recognized upon funding or purchase of the loan by the Company and are collected either at purchase from the correspondent seller, at funding when paid by the borrower or upon sale of the loan when the origination fees are financed by the borrower. |
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| Loan Servicing Fees | Loan Servicing Fees Loan servicing fees are received by the Company for servicing loans. Loan servicing activities are described in Mortgage Servicing Rights and Mortgage Servicing Liabilities above. Loan servicing fee amounts relating to MSRs and MSLs are based upon fee rates established at the time a loan sale or securitization agreement is entered into. Loan servicing fee amounts relating to loans subserviced for PMT are detailed in Note 4 – Transactions with Related Parties. The Company’s obligations under its loan servicing agreements are fulfilled as the Company services the loans. Fees are collected when the loan payments are received from the borrowers in the case of MSRs and MSLs held by the Company or within 30 days of the applicable month-end for subserviced loans. Loan servicing fees relating to owned MSRs are recognized when earned. Loan servicing fees relating to loans subserviced for PMT are recognized in the month in which the loans are serviced.
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| Fulfillment Fees | Fulfillment Fees Fulfillment fees represent fees the Company collects for services it performs on behalf of PMT in connection with the acquisition, packaging and sale of loans. Fulfillment fee amounts are based upon a negotiated fee schedule as detailed in Note 4 – Transactions with Related Parties. The Company’s obligation under the agreement is fulfilled when PMT issues a loan commitment, when it purchases a loan and when it completes the sale or securitization of a loan it purchases to investors other than Fannie Mae or Freddie Mac. Fulfillment fee revenue is recognized in the month an interest rate lock commitment is issued, or the loan is purchased or sold by PMT. Fulfillment fees are not collected for any loans sold from PMT to the Company. Fulfillment fees are generally collected from PMT within 30 days of the applicable activity.
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| Management Fees | Management Fees Management fees represent compensation to the Company for management services it provides to PMT. Management fees are based on PMT’s shareholders’ equity amounts and profitability in excess of specified thresholds as detailed in Note 4 – Transactions with Related Parties. Management fees are recognized as services are provided and are paid to the Company on a quarterly basis within 30 days of the end of the quarter. |
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| Stock-Based Compensation | Stock-Based Compensation The Company establishes the cost of its share-based awards at the awards’ fair values at the grant date of the awards. The Company estimates the fair value of time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of its underlying common stock and expected forfeiture rates on the date of the award. The Company estimates the fair value of its stock option awards with reference to the expected price volatility of its shares of common stock, expected dividend yield, expected forfeiture rates, and risk-free interest rate for the period that exercisable stock options are expected to be outstanding. Compensation costs are fixed, except for performance-based restricted stock units, as of the award date. The cost of performance-based restricted stock units is adjusted in each reporting period after the grant for changes in expected performance attainment until the performance share units vest. The Company amortizes the cost of stock based compensation awards to Compensation expense over the vesting period using the graded vesting method. |
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| Marketing and Advertising | Marketing and Advertising Marketing and advertising (selling) expense represent expenditures for advertising, direct and digital mail solicitation and promotional activities. Marketing and advertising expense is recognized as incurred. Sponsorship agreements are amortized over the period covered by the sponsorship agreements on the straight-line basis. |
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| Income Taxes | Income Taxes The Company is subject to federal and state income taxes. Income taxes are provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period in which the change occurs. The Company establishes a valuation allowance if, in management’s judgment, it is not more likely than not that a deferred tax asset will be realized. The Company recognizes tax benefits relating to its tax positions only if, in the opinion of management, it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that is greater than 50% likely to be realized upon ultimate settlement with the appropriate taxing authority. The Company will classify any penalties and interest as a component of provision for income taxes. As a result of a recapitalization and reorganization of PNMAC in 2013, the Company expects to benefit from amortization and other tax deductions resulting from increases in the tax basis of PNMAC’s assets from the exchange of PennyMac Class A units to the shares of the Company’s common stock. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. The Company entered into a tax receivable agreement with certain of the former unitholders of PNMAC that provides for the additional payment by the Company to exchanging unitholders of PNMAC equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PFSI realizes due to (i) increases in tax basis resulting from exchanges of the then existing unitholders and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. Although a reorganization of the Company in 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and provide payment when applicable for units exchanged before the reorganization. |
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Income Tax Disclosures The FASB issued Accounting Standards Update (“ASU”) No. 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:
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. The Company is evaluating the effect on its disclosures. Accounting Standards Adopted in 2024 Segment Disclosures In November 2023, 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 disclosures primarily through enhanced disclosures about significant segment expenses. The key amendments require that the Company supplement its existing disclosures to include disclosure of:
The Company adopted ASU 2023-07, using the retrospective method, for the year ended December 31, 2024. Detailed disclosures are included in Note 27‒Segments. Disaggregation of Income Statement Expenses The FASB issued ASU No. 2024-03, Income Statement (Topic 220) —Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions; employee compensation, depreciation and amortization of intangible assets in a separate note to the financial statements. A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses. The Company adopted ASU 2024-03 effective December 31, 2024. The disclosure specified by ASU 2024-03 is included in Note 24‒Disaggregation of Certain Expense Captions. |
Transactions with Related Parties (Tables) |
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| Transactions with Affiliates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement |
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| Related Party | PennyMac Mortgage Investment Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Summary of lending activity between the Company and affiliate |
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| Summary of loan servicing fees earned from PMT |
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| Summary of management fees earned |
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| Summary of reimbursement of expenses |
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| Summary of investing activity between the Company and affiliate |
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| Summary of amounts due from and payable to affiliate |
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Loan Sales and Servicing Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Sales and Servicing Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of cash flows between the Company and transferees upon sale of loans in transactions |
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| Summary of the allowance for losses |
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| Summary of sale of loans between the Company and transferees upon sale of loans in transactions |
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| Summary of servicing portfolio |
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| Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB) |
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Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of financial statement items measured at estimated fair value on a recurring basis |
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| Summary of roll forward of items measured using Level 3 inputs on a recurring basis |
(1) For the purpose of this table, the IRLC asset and liability positions are shown net.
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| Summary of net gains (losses) from changes in fair values included in earnings for financial statement items carried at fair value |
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| Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option |
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| Summary of financial statement items measured at estimated fair value on a nonrecurring basis |
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| Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis |
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| Summary of carrying value and fair value of debt |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs at year end and the effect on the fair value from adverse changes in those inputs:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage servicing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantitative summary of key inputs or assumptions used in the valuation of financial statement items |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate lock commitments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantitative summary of key inputs or assumptions used in the valuation of financial statement items |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage servicing rights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage loans held for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantitative summary of key inputs or assumptions used in the valuation of financial statement items |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal-Only Stripped Mortgage-Backed Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principal-Only Stripped Mortgage-Backed Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of principal-only stripped MBS |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held for Sale at Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of loans held for sale at fair value |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of derivative financial instruments |
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| Summary of the amount of derivative asset positions by significant counterparty after considering master netting arrangements and financial instruments or cash pledged |
|
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| 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 |
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| Summary of gains (losses) recognized on derivative financial instruments and the respective income statement line items |
|
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Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights and Mortgage Servicing Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of activity in MSRs carried at fair value |
|
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| Schedule of activity in mortgage servicing liability carried at fair value |
|
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| Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income |
|
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Capitalized Software (Tables) - Capitalized software |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized Software | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of capitalized software |
|
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| Summary of depreciation and amortization expenses |
|
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Furniture, Fixtures, Equipment and Building Improvements (Tables) - Furniture, Fixtures, Equipment and Building Improvements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Furniture, fixtures, equipment and building improvements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of furniture, fixtures, equipment and building improvements and capitalized software |
|
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| Summary of depreciation and amortization expenses |
|
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's leases |
|
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| Schedule of maturities of operating lease liabilities |
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Other Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of other assets |
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Short-Term Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of financial data pertaining to assets sold under agreements to repurchase |
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| Summary of maturities of outstanding advances under repurchase agreements by maturity date |
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| Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty |
Principal-only stripped MBS
|
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| Summary of participating mortgage loans |
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of term notes issued | Following is a summary of the issued and outstanding Term Notes and Term Loans:
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| Summary of note payable |
|
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| Summary of Unsecured Notes issued |
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| Summary of unsecured notes payable |
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| Summary of maturities of Long-Term Debt |
|
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| Summary of obligations under capital lease |
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Liability for Losses Under Representations and Warranties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liability for Losses Under Representations and Warranties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of repurchase activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Company's income tax expense (benefit) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of the Company's provision for income taxes at statutory rates to the provision for income taxes at the Company's effective tax rate |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of the Company's provision for deferred income taxes |
|
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| Schedule of components of income taxes payable, net |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of tax effects of temporary differences that gave rise to deferred income tax assets and liabilities |
|
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of share repurchase activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Gains on Loans Held for Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Gains on Loans Held for Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Gains on Loans Held for Sale |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of net interest expense |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the stock-based compensation expense by instrument awarded |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of valuation assumptions, stock options |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Option award activity |
Following is a summary of stock options as of December 31, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance-based RSUs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of RSU activity and compensation expense |
Following is a summary of performance-based RSUs as of December 31, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time-based RSUs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of RSU activity and compensation expense |
Following is a summary of RSUs as of December 31, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Certain Expense Captions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Certain Expense Captions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disaggregation disclosures required by ASU 2024-03 |
|
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Earnings Per Share of Common Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share of Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of basic and diluted earnings per share calculations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of anti-dilutive shares outstanding |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital and Liquidity Requirements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Capital and Liquidity Requirements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of agencies' capital and liquidity requirements by each agency |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of financial highlights by segment |
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Parent Company Information (Tables) |
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| Parent Company Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of condensed balance sheets of Parent Company |
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| Schedule of condensed statements of income of Parent Company |
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| Schedule of condensed statements of cash flows of Parent Company |
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Concentration of Risk (Details) - PennyMac Mortgage Investment Trust - Customer Concentration Risk |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Net Revenue | |||
| Concentration of Risk | |||
| Percentage of total | 10.00% | 11.00% | 9.00% |
| Loan Production | |||
| Concentration of Risk | |||
| Percentage of total | 79.00% | 85.00% | 70.00% |
Significant Accounting Policies - Long-lived Assets (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Capitalized Software | |
| Period of payment default | 3 months |
| Furniture, Fixtures, Equipment and Building Improvements | Minimum | |
| Capitalized Software | |
| Estimated useful lives | 5 years |
| Furniture, Fixtures, Equipment and Building Improvements | Maximum | |
| Capitalized Software | |
| Estimated useful lives | 7 years |
| Capitalized software | Minimum | |
| Capitalized Software | |
| Estimated useful lives | 3 years |
| Capitalized software | Maximum | |
| Capitalized Software | |
| Estimated useful lives | 7 years |
Significant Accounting Policies - Fulfillment Fees and Management Fees (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Significant Accounting Policies | |
| Number of days fees are collected from Advised Entities | 30 days |
| Fulfillment Fees | |
| Number of days from purchase fulfillment fees are collected | 30 days |
| Management fees | |
| The period from quarter end that management fees are collected | 30 days |
Significant Accounting Policies - Income Taxes (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Income Taxes | |
| Amount of tax benefits under the tax sharing agreement (as a percent) | 85.00% |
Transactions with Related Parties - Correspondent Production (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jul. 01, 2020 |
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Lending activity between the entity and affiliate | |||||
| Fulfillment fee revenue | $ 26,291,000 | $ 27,826,000 | $ 67,991,000 | ||
| Ginnie Mae Mortgage Backed Securities Guide Loan | |||||
| Transactions with Affiliates | |||||
| Threshold limit of loan commitment | $ 16,500 | $ 16,500 | 16,500 | ||
| Threshold limit of loan | 16,500 | 16,500 | 16,500 | ||
| Maximum Multiplier factor for each pull through adjusted loan commitment | 585 | 585 | 585 | ||
| Multiplying factor for each pull through adjusted loan commitment in excess of threshold limit per quarter | 355 | 355 | 355 | ||
| Multiplying factor for number of purchased loans | 315 | 500 | 500 | ||
| Multiplying factor for number of purchased loans in excess of threshold limit per quarter | $ 195 | $ 195 | 195 | ||
| Ginnie Mae Mortgage Backed Securities Guide Loan | Minimum | |||||
| Transactions with Affiliates | |||||
| Pull through factor as a percentage | 80.00% | 80.00% | |||
| Ginnie Mae Mortgage Backed Securities Guide Loan | Maximum | |||||
| Transactions with Affiliates | |||||
| Pull through factor as a percentage | 99.00% | 99.00% | |||
| Other mortgage loans | |||||
| Transactions with Affiliates | |||||
| Multiplying factor for number of purchased loans | $ 750 | $ 315 | 315 | ||
| MSR Recapture Agreement | |||||
| Transactions with Affiliates | |||||
| Percentage of recapture rate. | 15.00% | ||||
| Related party transaction, automatic renewal period | 18 months | ||||
| Mortgage loan servicing fee per loan (in dollars) | $ 900 | ||||
| MSR Recapture Agreement | First 15% | |||||
| Transactions with Affiliates | |||||
| Percentage of fair market value. | 40.00% | ||||
| Percentage of recapture rate. | 15.00% | ||||
| MSR Recapture Agreement | In excess of 15% and upto 30% | |||||
| Transactions with Affiliates | |||||
| Percentage of fair market value. | 35.00% | ||||
| MSR Recapture Agreement | In excess of 15% and upto 30% | Minimum | |||||
| Transactions with Affiliates | |||||
| Percentage of recapture rate. | 15.00% | ||||
| MSR Recapture Agreement | In excess of 15% and upto 30% | Maximum | |||||
| Transactions with Affiliates | |||||
| Percentage of recapture rate. | 30.00% | ||||
| MSR Recapture Agreement | In excess of 30% | |||||
| Transactions with Affiliates | |||||
| Percentage of fair market value. | 30.00% | ||||
| Percentage of recapture rate. | 30.00% | ||||
| MSR Recapture Agreement | First 30% | |||||
| Transactions with Affiliates | |||||
| Percentage of fair market value. | 70.00% | ||||
| Percentage of recapture rate. | 30.00% | ||||
| MSR Recapture Agreement | In excess of 30% and upto 50% | |||||
| Transactions with Affiliates | |||||
| Percentage of fair market value. | 50.00% | ||||
| MSR Recapture Agreement | In excess of 30% and upto 50% | Minimum | |||||
| Transactions with Affiliates | |||||
| Percentage of recapture rate. | 30.00% | ||||
| MSR Recapture Agreement | In excess of 30% and upto 50% | Maximum | |||||
| Transactions with Affiliates | |||||
| Percentage of recapture rate. | 50.00% | ||||
| MSR Recapture Agreement | In excess of 50% | |||||
| Transactions with Affiliates | |||||
| Percentage of fair market value. | 40.00% | ||||
| Percentage of recapture rate. | 50.00% | ||||
| Related Party | Mortgage Lending | PennyMac Mortgage Investment Trust | |||||
| Lending activity between the entity and affiliate | |||||
| Net gains (losses) on loans sold to PMT (primarily cash) | 6,260,000 | (2,820,000) | |||
| Mortgage servicing rights recapture incurred | (2,193,000) | (1,784,000) | (13,744,000) | ||
| Total of gain on sale of loans and MSR recapture | 4,067,000 | (1,784,000) | (16,564,000) | ||
| Sale of loans held for sale to PMT | 662,952,000 | 298,862,000 | |||
| UPB of loans recaptured | 353,710,000 | 315,412,000 | 2,533,115,000 | ||
| Tax service fees earned from PMT included in Loan origination fees | 2,503,000 | 3,216,000 | 8,418,000 | ||
| Fulfillment fee revenue | 26,291,000 | 27,826,000 | 67,991,000 | ||
| Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees | 13,446,484,000 | 14,898,301,000 | 37,090,031,000 | ||
| Sourcing fees included in cost of loans purchased from PMT | 8,069,000 | 7,162,000 | 4,968,000 | ||
| Government guaranteed or insured | 40,838,480,000 | 40,476,782,000 | 45,768,110,000 | ||
| Conventional conforming | 39,856,056,000 | 31,141,915,000 | 3,912,157,000 | ||
| Unpaid principal balance of loans purchased from PMT | 80,694,536,000 | $ 71,618,697,000 | $ 49,680,267,000 | ||
| 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 | ||||
| PennyMac Mortgage Investment Trust | Ginnie Mae Mortgage Backed Securities Guide Loan | |||||
| Transactions with Affiliates | |||||
| Fulfilment fee payable | $ 0 | $ 0 | |||
Transactions with Related Parties - Mortgage Loan Servicing (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Sep. 12, 2016 |
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Summary of mortgage loan servicing fees earned | |||||
| Loan servicing fees | $ 1,799,480,000 | $ 1,484,946,000 | $ 1,228,637,000 | ||
| 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 | 7.5 | ||||
| Base servicing fees per month for adjustable rate non-distressed loans subserviced | 8.5 | ||||
| Supplemental fee per month for each distressed whole loan | 25 | ||||
| Minimum | Loan Servicing Agreement | |||||
| Transactions with Affiliates | |||||
| Servicing fees amount per month for current loans | 30 | ||||
| Servicing fees amount per month for severely delinquent loans | $ 18 | ||||
| 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 | ||||
| Servicing fees amount per month for severely delinquent loans | $ 80 | ||||
| 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 | 83,252,000 | 81,347,000 | 81,915,000 | ||
| Related Party | Loans acquired for sale at fair value | PennyMac Mortgage Investment Trust | |||||
| Summary of mortgage loan servicing fees earned | |||||
| Loan servicing fees | 83,173,000 | 81,139,000 | 81,386,000 | ||
| Related Party | Distressed loans | PennyMac Mortgage Investment Trust | |||||
| Summary of mortgage loan servicing fees earned | |||||
| Loan servicing fees | $ 79,000 | $ 208,000 | $ 529,000 | ||
Transactions with Related Parties - Management Fees (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Sep. 12, 2016 |
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Management fees, net: | |||||
| Management fees | $ 28,623,000 | $ 28,762,000 | $ 31,065,000 | ||
| Related Party | Management Fees | PennyMac Mortgage Investment Trust | |||||
| Transactions with Affiliates | |||||
| High watermark measurement period | 2 years | ||||
| Percentage of change in net income due to quarterly adjustments | 8.00% | ||||
| Management fees, net: | |||||
| Base management fee | 28,623,000 | 28,762,000 | 31,065,000 | ||
| Management fees | 28,623,000 | 28,762,000 | 31,065,000 | ||
| Average PMT's shareholders' equity used to calculate base management fees | $ 1,908,287,000 | $ 1,917,642,000 | $ 2,079,851,000 | ||
| Related Party | Management Fees | Maximum | PennyMac Mortgage Investment Trust | |||||
| Transactions with Affiliates | |||||
| Percentage of performance incentive fee payable by issuance of common shares | 50.00% | ||||
| 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 | 10.00% | ||||
| Related Party | Return on Shareholders Equity 8 Percent | Maximum | PennyMac Mortgage Investment Trust | |||||
| Transactions with Affiliates | |||||
| Percentage of return on affiliate's equity | 12.00% | ||||
| Related Party | Return on Shareholders Equity 8 Percent | Minimum | PennyMac Mortgage Investment Trust | |||||
| Transactions with Affiliates | |||||
| Percentage of return on affiliate's equity | 8.00% | ||||
| 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 | 15.00% | ||||
| Percentage of return on affiliate's equity | 12.00% | ||||
| Related Party | Return on Shareholders Equity 12 Percent | Maximum | PennyMac Mortgage Investment Trust | |||||
| Transactions with Affiliates | |||||
| Percentage of return on affiliate's equity | 16.00% | ||||
| 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 | 20.00% | ||||
| Percentage of return on affiliate's equity | 16.00% | ||||
Transactions with Related Parties - Other Transactions, Reimbursement of Common Overhead Expenses (Details) - Related Party - PennyMac Mortgage Investment Trust - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Sep. 12, 2016 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 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 | $ 29,440,000 | $ 29,620,000 | $ 33,077,000 | |
| Payments and settlements during the period | 118,167,000 | 94,339,000 | 144,012,000 | |
| Common overhead incurred | ||||
| Reimbursement of common overhead and expenses incurred on behalf of affiliates | ||||
| Reimbursement of common overhead and expenses incurred by the Company | 7,909,000 | 7,492,000 | 8,588,000 | |
| Compensation | ||||
| Reimbursement of common overhead and expenses incurred on behalf of affiliates | ||||
| Reimbursement of common overhead and expenses incurred by the Company | 660,000 | 660,000 | 660,000 | |
| 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 | $ 20,871,000 | $ 21,468,000 | $ 23,829,000 | |
Transactions with Related Parties - Investing Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Activity during the period: | |||
| Dividends received and change in fair value | $ (57) | $ 312 | $ (235) |
| Fair value of PennyMac Mortgage Investment Trust shares | 944 | 1,121 | |
| Related Party | PennyMac Mortgage Investment Trust | |||
| Activity during the period: | |||
| Dividends from PennyMac Mortgage Investment Trust | 120 | 120 | 136 |
| Change in fair value of investment in PennyMac Mortgage Investment Trust | (177) | 192 | (371) |
| Dividends received and change in fair value | (57) | 312 | $ (235) |
| Fair value of PennyMac Mortgage Investment Trust shares | $ 944 | $ 1,121 | |
| Common shares of beneficial interest owned | 75,000 | 75,000 | |
Transactions with Related Parties - Financing Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Financing activities: | |||
| Interest expense | $ 819,348 | $ 637,777 | $ 335,427 |
Transactions with Related Parties - Amounts due from Affiliate (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amounts due from affiliate | ||
| Total due from affiliate | $ 30,206 | $ 29,262 |
| Payable to affiliate | ||
| Other Liabilities, Total | 122,317 | 208,210 |
| Related Party | PennyMac Mortgage Investment Trust | ||
| Amounts due from affiliate | ||
| Correspondent production fees | 11,122 | 8,288 |
| Management fees | 7,149 | 7,252 |
| Servicing fees | 6,822 | 6,809 |
| Allocated expenses and expenses incurred on PMT's behalf | 3,508 | 5,612 |
| Fulfillment fees | 1,605 | 1,301 |
| Payable to affiliate | ||
| Amounts advanced by PMT | 106,302 | 208,154 |
| Other expenses | 16,015 | 56 |
| Affiliated entities | PennyMac Mortgage Investment Trust | ||
| Amounts due from affiliate | ||
| Total due from affiliate | 30,206 | 29,262 |
| Payable to affiliate | ||
| Other Liabilities, Total | $ 122,317 | $ 208,210 |
Transactions with Related Parties - Amounts due from Investment Funds (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amounts due from affiliate | ||
| Total due from affiliate | $ 30,206 | $ 29,262 |
| Other Liabilities, Total | $ 122,317 | $ 208,210 |
Transactions with Related Parties - Exchanged Private National Mortgage Acceptance Company, LLC Unitholders (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Transactions with Affiliates | |||
| Amount of tax benefits under the tax sharing agreement (as a percent) | 85.00% | ||
| Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | $ (3,855) | ||
| Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | $ (201) | (576) | |
| Interest income | 793,566 | $ 632,924 | 294,062 |
| Related Party | Private National Mortgage Acceptance Company | |||
| Transactions with Affiliates | |||
| Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | 3,855 | ||
| Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | (201) | (576) | |
| Payable to exchanged PNMAC unitholders under tax receivable agreement | 25,898 | 26,099 | 26,099 |
| Related Party | Related Party Donor Advised Fund | |||
| Transactions with Affiliates | |||
| Charitable contributions | $ 2,500 | $ 0 | $ 0 |
Loan Sales and Servicing Activities - Summary of Cash Flows with Transferees (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash flows: | |||
| Sales proceeds | $ 101,105,292 | $ 85,684,522 | $ 84,345,379 |
| Servicing fees received | 1,423,171 | 1,173,108 | 931,315 |
| Allowance for losses rollforward | |||
| Balance at beginning of period | 73,991 | 78,992 | 120,940 |
| Provision (reversal of provision) for losses | 32,962 | 3,271 | (36,075) |
| Charge-offs, net | (21,165) | (8,272) | (5,873) |
| Balance at end of period | 85,788 | 73,991 | $ 78,992 |
| Period end information: | |||
| Unpaid principal balance of loans outstanding | 410,393,342 | 352,790,614 | |
| 30-89 days | 17,301,961 | 13,775,493 | |
| 90 days or more - Not in foreclosure | 8,104,348 | 6,754,282 | |
| 90 days or more - In foreclosure | 693,934 | 618,694 | |
| 90 days or more - Foreclosed | 2,928 | 7,565 | |
| Loans in bankruptcy | $ 1,762,324 | $ 1,415,614 | |
Loan Sales and Servicing Activities - Summary of Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Mortgage servicing portfolio | ||
| Loans held for sale | $ 8,128,914 | $ 4,294,689 |
| Total loans serviced | 665,763,827 | 607,216,769 |
| Delinquent loans: | ||
| 30 days | 15,092,071 | 12,906,445 |
| 60 days | 5,515,058 | 3,716,280 |
| 90 days or more - Not in foreclosure | 9,499,399 | 7,972,624 |
| 90 days or more - In foreclosure | 836,560 | 778,977 |
| 90 days or more - Foreclosed | 6,448 | 12,428 |
| Total delinquent mortgage loans | 30,949,536 | 25,386,754 |
| Bankruptcy | 2,138,489 | 1,709,811 |
| Custodial funds managed by the Company | 8,563,032 | 5,501,952 |
| Servicing rights owned | ||
| Mortgage servicing portfolio | ||
| Loans held for sale | 8,128,914 | 4,294,689 |
| Total loans serviced | 434,203,662 | 374,563,700 |
| Delinquent loans: | ||
| 30 days | 13,095,250 | 11,097,929 |
| 60 days | 4,838,550 | 3,316,494 |
| 90 days or more - Not in foreclosure | 8,289,129 | 6,941,325 |
| 90 days or more - In foreclosure | 730,372 | 686,359 |
| 90 days or more - Foreclosed | 3,716 | 8,133 |
| Total delinquent mortgage loans | 26,957,017 | 22,050,240 |
| Bankruptcy | 1,852,396 | 1,523,218 |
| Custodial funds managed by the Company | 6,171,157 | 3,741,978 |
| Contract servicing and subservicing | ||
| Mortgage servicing portfolio | ||
| Total loans serviced | 231,560,165 | 232,653,069 |
| Delinquent loans: | ||
| 30 days | 1,996,821 | 1,808,516 |
| 60 days | 676,508 | 399,786 |
| 90 days or more - Not in foreclosure | 1,210,270 | 1,031,299 |
| 90 days or more - In foreclosure | 106,188 | 92,618 |
| 90 days or more - Foreclosed | 2,732 | 4,295 |
| Total delinquent mortgage loans | 3,992,519 | 3,336,514 |
| Bankruptcy | 286,093 | 186,593 |
| Custodial funds managed by the Company | 2,391,875 | 1,759,974 |
| Non affiliated entities | ||
| Mortgage servicing portfolio | ||
| Originated | 410,393,342 | 352,790,614 |
| Purchased | 15,681,406 | 17,478,397 |
| Subserviced | 806,584 | |
| Total loans serviced, excluding loans held for sale | 426,881,332 | 370,269,011 |
| Non affiliated entities | Servicing rights owned | ||
| Mortgage servicing portfolio | ||
| Originated | 410,393,342 | 352,790,614 |
| Purchased | 15,681,406 | 17,478,397 |
| Total loans serviced, excluding loans held for sale | 426,074,748 | 370,269,011 |
| Non affiliated entities | Contract servicing and subservicing | ||
| Mortgage servicing portfolio | ||
| Subserviced | 806,584 | |
| Total loans serviced, excluding loans held for sale | 806,584 | |
| Affiliated entities | ||
| Mortgage servicing portfolio | ||
| Advised entities | 230,753,581 | 232,653,069 |
| Affiliated entities | Contract servicing and subservicing | ||
| Mortgage servicing portfolio | ||
| Advised entities | $ 230,753,581 | $ 232,653,069 |
Loan Sales and Servicing Activities - Geographical Distribution of Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loan Sales and Servicing Activities | ||
| Total loans serviced | $ 665,763,827 | $ 607,216,769 |
| California | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | 76,364,993 | 72,788,272 |
| Texas | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | 65,317,775 | 56,437,082 |
| Florida | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | 63,850,638 | 57,824,310 |
| Virginia | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | 36,428,575 | 35,376,266 |
| Georgia | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | 28,499,141 | |
| Maryland | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | 26,746,355 | |
| All other states | ||
| Loan Sales and Servicing Activities | ||
| Total loans serviced | $ 395,302,705 | $ 358,044,484 |
Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets: | ||
| Short-term investment at fair value | $ 420,553 | $ 10,268 |
| Principal-only stripped mortgage-backed securities at fair value pledged to creditors | 825,865 | |
| Loans held for sale | 8,217,468 | 4,420,691 |
| Derivative assets: | ||
| Derivative asset, before netting | 232,293 | 258,809 |
| Netting | (119,217) | (79,730) |
| Total derivative assets | 113,076 | 179,079 |
| Investment in PennyMac Mortgage Investment Trust | 944 | 1,121 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 102,881 | 101,866 |
| Netting | (61,981) | (48,591) |
| Net amounts of liabilities presented in the consolidated balance sheet | 40,900 | 53,275 |
| Mortgage servicing liabilities | 1,683 | 1,805 |
| Related Party | PennyMac Mortgage Investment Trust | ||
| Derivative assets: | ||
| Investment in PennyMac Mortgage Investment Trust | 944 | 1,121 |
| Principal-Only-Strip MBS | ||
| Assets: | ||
| Principal-only stripped mortgage-backed securities at fair value pledged to creditors | 825,865 | |
| Recurring basis | ||
| Assets: | ||
| Short-term investment at fair value | 420,553 | 10,268 |
| Principal-only stripped mortgage-backed securities at fair value pledged to creditors | 825,865 | |
| Loans held for sale | 8,217,468 | 4,420,691 |
| Derivative assets: | ||
| Derivative asset, before netting | 232,293 | 258,809 |
| Netting | (119,217) | (79,730) |
| Total derivative assets | 113,076 | 179,079 |
| Mortgage servicing rights | 8,744,528 | 7,099,348 |
| Total assets | 18,322,434 | 11,710,507 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 102,881 | 101,866 |
| Netting | (61,981) | (48,591) |
| Net amounts of liabilities presented in the consolidated balance sheet | 40,900 | 53,275 |
| Mortgage servicing liabilities | 1,683 | 1,805 |
| Total liabilities | 42,583 | 55,080 |
| Recurring basis | Related Party | PennyMac Mortgage Investment Trust | ||
| Derivative assets: | ||
| Investment in PennyMac Mortgage Investment Trust | 944 | 1,121 |
| Recurring basis | Interest rate lock commitments | ||
| Derivative assets: | ||
| Derivative asset, before netting | 56,946 | 90,313 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 23,381 | 720 |
| Recurring basis | Forward contracts | Purchases | ||
| Derivative assets: | ||
| Derivative asset, before netting | 3,701 | 78,448 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 66,646 | 5,141 |
| Recurring basis | Forward contracts | Sales | ||
| Derivative assets: | ||
| Derivative asset, before netting | 152,526 | 6,151 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 12,854 | 92,796 |
| Recurring basis | MBS put options | ||
| Derivative assets: | ||
| Derivative asset, before netting | 3,278 | 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 | 3,250 | 66,176 |
| Recurring basis | Call options on Eurodollar futures | Sales | ||
| Derivative liabilities: | ||
| Derivative liability, before netting | 3,209 | |
| Recurring basis | Put options on Eurodollar futures | Purchases | ||
| Derivative assets: | ||
| Derivative asset, before netting | 12,592 | 11,043 |
| Recurring basis | Level 1 | ||
| Assets: | ||
| Short-term investment at fair value | 420,553 | 10,268 |
| Derivative assets: | ||
| Derivative asset, before netting | 15,842 | 77,219 |
| Total derivative assets | 15,842 | 77,219 |
| Total assets | 437,339 | 88,608 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 3,209 | |
| Net amounts of liabilities presented in the consolidated balance sheet | 3,209 | |
| Total liabilities | 3,209 | |
| Recurring basis | Level 1 | Related Party | PennyMac Mortgage Investment Trust | ||
| Derivative assets: | ||
| Investment in PennyMac Mortgage Investment Trust | 944 | 1,121 |
| Recurring basis | Level 1 | Call options on Eurodollar futures | Purchases | ||
| Derivative assets: | ||
| Derivative asset, before netting | 3,250 | 66,176 |
| Recurring basis | Level 1 | Call options on Eurodollar futures | Sales | ||
| Derivative liabilities: | ||
| Derivative liability, before netting | 3,209 | |
| Recurring basis | Level 1 | Put options on Eurodollar futures | Purchases | ||
| Derivative assets: | ||
| Derivative asset, before netting | 12,592 | 11,043 |
| Recurring basis | Level 2 | ||
| Assets: | ||
| Principal-only stripped mortgage-backed securities at fair value pledged to creditors | 825,865 | |
| Loans held for sale | 7,783,415 | 3,942,127 |
| Derivative assets: | ||
| Derivative asset, before netting | 159,505 | 91,277 |
| Total derivative assets | 159,505 | 91,277 |
| Total assets | 8,768,785 | 4,033,404 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 79,500 | 97,937 |
| Net amounts of liabilities presented in the consolidated balance sheet | 79,500 | 97,937 |
| Total liabilities | 79,500 | 97,937 |
| Recurring basis | Level 2 | Forward contracts | Purchases | ||
| Derivative assets: | ||
| Derivative asset, before netting | 3,701 | 78,448 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 66,646 | 5,141 |
| Recurring basis | Level 2 | Forward contracts | Sales | ||
| Derivative assets: | ||
| Derivative asset, before netting | 152,526 | 6,151 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 12,854 | 92,796 |
| Recurring basis | Level 2 | MBS put options | ||
| Derivative assets: | ||
| Derivative asset, before netting | 3,278 | 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 | 434,053 | 478,564 |
| Derivative assets: | ||
| Derivative asset, before netting | 56,946 | 90,313 |
| Total derivative assets | 56,946 | 90,313 |
| Mortgage servicing rights | 8,744,528 | 7,099,348 |
| Total assets | 9,235,527 | 7,668,225 |
| Derivative liabilities: | ||
| Derivative liability, before netting | 23,381 | 720 |
| Net amounts of liabilities presented in the consolidated balance sheet | 23,381 | 720 |
| Mortgage servicing liabilities | 1,683 | 1,805 |
| Total liabilities | 25,064 | 2,525 |
| Recurring basis | Level 3 | Interest rate lock commitments | ||
| Derivative assets: | ||
| Derivative asset, before netting | 56,946 | 90,313 |
| Derivative liabilities: | ||
| Derivative liability, before netting | $ 23,381 | $ 720 |
Fair Value - Level 3 Input Roll Forward, Recurring Basis (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Changes in fair value included in income arising from: | |||
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Servicing Asset at Fair Value, Period Increase (Decrease) | Servicing Asset at Fair Value, Period Increase (Decrease) | Servicing Asset at Fair Value, Period Increase (Decrease) |
| Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Servicing Asset at Fair Value, Period Increase (Decrease) | Servicing Asset at Fair Value, Period Increase (Decrease) | Servicing Asset at Fair Value, Period Increase (Decrease) |
| Recurring basis | |||
| Roll forward of assets measured using Level 3 inputs on a recurring basis | |||
| Balance at the beginning of the year | $ 7,667,505 | $ 6,325,237 | $ 5,329,147 |
| Purchases and issuances, net | 4,687,800 | 2,640,539 | 3,712,505 |
| Capitalization of interest and advances | 45,848 | 39,625 | 60,589 |
| Sales and repayments | (1,562,159) | (654,795) | (1,378,441) |
| Mortgage servicing rights resulting from loan sales | 2,280,830 | 1,849,957 | 1,718,094 |
| Changes in fair value included in income arising from: | |||
| Changes in instrument specific credit risk | 106,723 | 69,934 | (41,483) |
| Other factors | (396,034) | (476,596) | (296,605) |
| Total changes in fair value included in income | (289,311) | (406,662) | (338,088) |
| Transfers from Level 3 to Level 2 | (2,779,090) | (1,674,624) | (2,736,940) |
| Transfers to real estate acquired in settlement of loans | (173) | (450) | (416) |
| Transfers to loans held for sale | (636,918) | (353,256) | (41,213) |
| Exchange of mortgage servicing spread for interest only stripped mortgage-backed securities | (202,186) | (98,066) | |
| Balance at the end of the year | 9,212,146 | 7,667,505 | 6,325,237 |
| Changes in fair value recognized during the period relating to assets still held at the end of the year | (362,570) | (483,079) | 352,601 |
| Roll forward of liabilities measured using Level 3 inputs on a recurring basis | |||
| Balance at the beginning of the year | 1,805 | 2,096 | |
| Changes in fair value included in income | (122) | (291) | |
| Balance at the end of the year | 1,683 | 1,805 | 2,096 |
| Changes in fair value recognized during the period relating to liability still outstanding at the end of the year | (122) | (291) | |
| Recurring basis | Excess servicing spread financing | |||
| Roll forward of liabilities measured using Level 3 inputs on a recurring basis | |||
| Balance at the beginning of the year | 2,096 | 2,816 | |
| Changes in fair value included in income | (720) | ||
| Balance at the end of the year | 2,096 | ||
| Changes in fair value recognized during the period relating to liability still outstanding at the end of the year | (720) | ||
| Recurring basis | Mortgage loans held for sale | |||
| Roll forward of assets measured using Level 3 inputs on a recurring basis | |||
| Balance at the beginning of the year | 478,564 | 345,772 | 1,128,876 |
| Purchases and issuances, net | 4,145,555 | 2,353,958 | 3,338,743 |
| Capitalization of interest and advances | 45,848 | 39,625 | 60,589 |
| Sales and repayments | (1,562,159) | (654,490) | (1,378,441) |
| Changes in fair value included in income arising from: | |||
| Changes in instrument specific credit risk | 106,723 | 69,934 | (41,483) |
| Other factors | (1,215) | (1,161) | (25,156) |
| Total changes in fair value included in income | 105,508 | 68,773 | (66,639) |
| Transfers from Level 3 to Level 2 | (2,779,090) | (1,674,624) | (2,736,940) |
| Transfers to real estate acquired in settlement of loans | (173) | (450) | (416) |
| Balance at the end of the year | 434,053 | 478,564 | 345,772 |
| Changes in fair value recognized during the period relating to assets still held at the end of the year | 21,177 | 33,187 | (26,699) |
| Recurring basis | Interest rate lock commitments | |||
| Roll forward of assets measured using Level 3 inputs on a recurring basis | |||
| Balance at the beginning of the year | 89,593 | 25,844 | 322,193 |
| Purchases and issuances, net | 542,245 | 286,581 | 369,769 |
| Changes in fair value included in income arising from: | |||
| Other factors | 38,645 | 130,424 | (624,905) |
| Total changes in fair value included in income | 38,645 | 130,424 | (624,905) |
| Transfers to loans held for sale | (636,918) | (353,256) | (41,213) |
| Balance at the end of the year | 33,565 | 89,593 | 25,844 |
| Changes in fair value recognized during the period relating to assets still held at the end of the year | 33,565 | 89,593 | 25,844 |
| Recurring basis | Mortgage servicing rights | |||
| Roll forward of assets measured using Level 3 inputs on a recurring basis | |||
| Balance at the beginning of the year | 7,099,348 | 5,953,621 | 3,878,078 |
| Purchases and issuances, net | 3,993 | ||
| Sales and repayments | (305) | ||
| Mortgage servicing rights resulting from loan sales | 2,280,830 | 1,849,957 | 1,718,094 |
| Changes in fair value included in income arising from: | |||
| Other factors | (433,464) | (605,859) | 353,456 |
| Total changes in fair value included in income | (433,464) | (605,859) | 353,456 |
| Exchange of mortgage servicing spread for interest only stripped mortgage-backed securities | (202,186) | (98,066) | |
| Balance at the end of the year | 8,744,528 | 7,099,348 | 5,953,621 |
| Changes in fair value recognized during the period relating to assets still held at the end of the year | $ (417,312) | $ (605,859) | $ 353,456 |
Fair Value - Changes in Fair Value, Fair Value Option, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 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 | $ 122 | $ 291 | $ 720 |
| Mortgage servicing liabilities | Net gains on loans held for sale at fair value | |||
| Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value | |||
| Total gains (losses) from changes in estimated fair values included in earnings | 720 | ||
| 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 | 122 | 291 | |
| 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 | 152,639 | (165,377) | 134,402 |
| 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 | 624,304 | 440,482 | 353,456 |
| 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 | (471,665) | (605,859) | (219,054) |
| 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 | (38,201) | ||
| 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 | (38,201) | ||
| 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 | 624,304 | 440,482 | (219,054) |
| 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 | 624,304 | 440,482 | |
| Mortgage loans held for sale | Net loan servicing fees | |||
| Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value | |||
| Total gains (losses) from changes in estimated fair values included in earnings | (219,054) | ||
| 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 | (433,464) | (605,859) | 353,456 |
| Mortgage servicing rights at fair value | Net gains on loans held for sale at fair value | |||
| Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value | |||
| Total gains (losses) from changes in estimated fair values included in earnings | $ 353,456 | ||
| 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 | $ (433,464) | $ (605,859) | |
Fair Value - Fair Value Option Maturities, Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair value | ||
| Total fair value | $ 8,217,468 | $ 4,420,691 |
| Recurring basis | ||
| Fair value | ||
| Total fair value | 8,217,468 | 4,420,691 |
| Mortgage loans held for sale | Recurring basis | ||
| Fair value | ||
| Current through 89 days delinquent | 8,187,561 | 4,378,042 |
| Not in foreclosure | 24,663 | 35,253 |
| In foreclosure | 5,244 | 7,396 |
| Total fair value | 8,217,468 | 4,420,691 |
| Principal amount due upon maturity | ||
| Current through 89 days delinquent | 8,089,532 | 4,233,764 |
| Not in foreclosure | 27,901 | 38,922 |
| In foreclosure | 11,481 | 22,003 |
| Total principal amount due upon maturity | 8,128,914 | 4,294,689 |
| Difference | ||
| Current through 89 days delinquent | 98,029 | 144,278 |
| Not in foreclosure | (3,238) | (3,669) |
| In foreclosure | (6,237) | (14,607) |
| Total difference | $ 88,554 | $ 126,002 |
Fair Value - Measurement Basis, Nonrecurring (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis | |||
| Notes payable secured by mortgage servicing assets | $ 2,048,972 | $ 1,873,415 | |
| Unsecured Senior Notes | 3,164,032 | 2,519,651 | |
| Term Notes | |||
| Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis | |||
| Notes payable secured by mortgage servicing assets | 1,724,120 | 1,724,290 | |
| Unsecured senior notes. | |||
| Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis | |||
| Unsecured Senior Notes | 3,164,032 | 2,519,651 | |
| Nonrecurring basis | |||
| Financial statement items measured at fair value on a nonrecurring basis | |||
| Real estate acquired in settlement of loans | 5,238 | 2,669 | |
| Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis | |||
| Real estate acquired in settlement of loans | (2,384) | (710) | $ (523) |
| Nonrecurring basis | Level 3 | |||
| Financial statement items measured at fair value on a nonrecurring basis | |||
| Real estate acquired in settlement of loans | 5,238 | 2,669 | |
| Total | Term Notes | |||
| Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis | |||
| Notes payable secured by mortgage servicing assets | 1,742,421 | 1,730,000 | |
| Total | Unsecured senior notes. | |||
| Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis | |||
| Unsecured Senior Notes | $ 3,172,983 | $ 2,467,750 | |
Fair Value - Level 3 Unobservable Inputs, Mortgage Loans and IRLC (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
item
|
Dec. 31, 2023
USD ($)
item
|
|---|---|---|
| Excess servicing spread financing | ||
| Loans held for sale | $ 8,217,468 | $ 4,420,691 |
| Mortgage loans held for sale | Level 3 | ||
| Excess servicing spread financing | ||
| Loans held for sale | $ 434,053 | $ 478,564 |
| Mortgage loans held for sale | Discount rate | Level 3 | Minimum | ||
| Excess servicing spread financing | ||
| Input | 0.065 | 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 | 0.07 | 0.072 |
| Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Minimum | ||
| Excess servicing spread financing | ||
| Input | 0.022 | 0.003 |
| Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Maximum | ||
| Excess servicing spread financing | ||
| Input | 0.028 | 0.005 |
| Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Weighted average | ||
| Excess servicing spread financing | ||
| Input | 0.023 | 0.005 |
| Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Minimum | ||
| Excess servicing spread financing | ||
| Input | 0.064 | 0.04 |
| Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Maximum | ||
| Excess servicing spread financing | ||
| Input | 0.344 | 0.369 |
| Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Weighted average | ||
| Excess servicing spread financing | ||
| Input | 0.22 | 0.248 |
| Mortgage loans held for sale | Total prepayment speed | Level 3 | Minimum | ||
| Excess servicing spread financing | ||
| Input | 0.065 | 0.04 |
| Mortgage loans held for sale | Total prepayment speed | Level 3 | Maximum | ||
| Excess servicing spread financing | ||
| Input | 0.413 | 0.503 |
| Mortgage loans held for sale | Total prepayment speed | Level 3 | Weighted average | ||
| Excess servicing spread financing | ||
| Input | 0.239 | 0.322 |
| Interest rate lock commitments | Level 3 | ||
| Excess servicing spread financing | ||
| Committed amount | $ 7,801,677 | $ 6,349,628 |
| Interest rate lock commitment | $ 33,565 | $ 89,593 |
| Interest rate lock commitments | Pull-through rate | Level 3 | Minimum | ||
| Excess servicing spread financing | ||
| Input | 0.298 | 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 | 0.882 | 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 | 8.6 | 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 | 5.4 | 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 | 0.046 | 0.043 |
| Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Weighted average | ||
| Excess servicing spread financing | ||
| Input | 0.024 | 0.019 |
Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights - Initial Recognition (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
Y
item
|
Dec. 31, 2023
USD ($)
Y
|
Dec. 31, 2022
USD ($)
Y
|
|
| Mortgage servicing rights | |||
| Inputs | |||
| Amount recognized | $ 2,280,830,000 | $ 1,849,957,000 | $ 1,718,094,000 |
| 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 | 130 | 135 | |
| Total | Mortgage servicing rights | Level 3 | Weighted average | |||
| Inputs: | |||
| Annual per-loan cost of servicing | $ 105 | $ 107 | |
| Total | Mortgage servicing rights | Pricing spread | Level 3 | Minimum | |||
| Inputs: | |||
| Input | 0.05 | 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 | 0.062 | 0.064 | |
| Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Minimum | |||
| Inputs: | |||
| Input | 0.059 | 0.061 | |
| Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Maximum | |||
| Inputs: | |||
| Input | 0.177 | 0.178 | |
| Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Weighted average | |||
| Inputs: | |||
| Input | 0.078 | 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 | 9.1 | 9 | |
| Total | Mortgage servicing rights | Life | Level 3 | Weighted average | |||
| Inputs: | |||
| Input | Y | 8.4 | 8.1 | |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | |||
| Inputs | |||
| Amount recognized | $ 2,280,830,000 | $ 1,849,957,000 | 1,718,094,000 |
| Unpaid principal balance of underlying loans | $ 100,662,790,000 | $ 86,606,196,000 | $ 83,569,657,000 |
| Weighted-average servicing fee rate (as a percent) | 0.45% | 0.46% | 0.44% |
| 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 | $ 71 |
| 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 | 177 |
| 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 | $ 99 | $ 99 | $ 104 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Minimum | |||
| Inputs: | |||
| Input | 4.9 | 0.055 | 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 | 0.161 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Weighted average | |||
| Inputs: | |||
| Input | 0.058 | 0.068 | 0.078 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Minimum | |||
| Inputs: | |||
| Input | 0.064 | 0.072 | 0.051 |
| 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 | 0.232 | 0.234 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Weighted average | |||
| Inputs: | |||
| Input | 0.101 | 0.107 | 0.094 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Minimum | |||
| Inputs: | |||
| Input | Y | 3.5 | 3 | 3.7 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Maximum | |||
| Inputs: | |||
| Input | Y | 9.9 | 9.8 | 9.4 |
| Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Weighted average | |||
| Inputs: | |||
| Input | Y | 8 | 7.7 | 8.1 |
Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights, Effect of Change In Inputs on Fair Value (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
Y
item
|
Dec. 31, 2023
USD ($)
Y
|
|
| MSR and pool characteristics | ||
| Carrying value | $ 8,744,528,000 | $ 7,099,348,000 |
| Mortgage servicing liabilities | Level 3 | ||
| Prepayment speed | ||
| Annual per-loan cost of servicing | 969 | 1,043 |
| Total | Mortgage servicing rights | Level 3 | ||
| MSR and pool characteristics | ||
| Carrying value | 8,744,528,000 | 7,099,348,000 |
| Unpaid principal balance of underlying loans | $ 426,055,220,000 | $ 370,244,119,000 |
| Weighted-average note interest rate (as a percent) | 4.50% | 4.10% |
| Weighted-average servicing fee rate (as a percent) | 0.38% | 0.38% |
| Pricing spread | ||
| Effect on fair value of 5% adverse change | $ (113,419,000) | $ (94,307,000) |
| Effect on fair value of 10% adverse change | (223,960,000) | (186,129,000) |
| Effect on fair value of 20% adverse change | (436,805,000) | (362,671,000) |
| Prepayment speed | ||
| Effect on fair value of 5% adverse change | (126,224,000) | (107,757,000) |
| Effect on fair value of 10% adverse change | (248,349,000) | (211,643,000) |
| Effect on fair value of 20% adverse change | (481,100,000) | (408,638,000) |
| Annual per-loan cost of servicing | ||
| Effect on fair value of 5% adverse change | (48,830,000) | (44,572,000) |
| Effect on fair value of 10% adverse change | (97,661,000) | (89,145,000) |
| Effect on fair value of 20% adverse change | (195,321,000) | (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 | 130 | 135 |
| Total | Mortgage servicing rights | Level 3 | Weighted average | ||
| Prepayment speed | ||
| Annual per-loan cost of servicing | $ 105 | $ 107 |
| Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Minimum | ||
| Inputs | ||
| Input | 0.059 | 0.061 |
| Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Maximum | ||
| Inputs | ||
| Input | 0.177 | 0.178 |
| Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Weighted average | ||
| Inputs | ||
| Input | 0.078 | 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 | 9.1 | 9 |
| Total | Mortgage servicing rights | Life | Level 3 | Weighted average | ||
| Inputs | ||
| Input | Y | 8.4 | 8.1 |
| Total | Mortgage servicing rights | Pricing spread | Level 3 | Minimum | ||
| Inputs | ||
| Input | 0.05 | 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 | 0.062 | 0.064 |
Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Liabilities (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 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 | $ 1,683,000 | $ 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 | 1,683,000 | 1,805,000 |
| Unpaid principal balance of underlying loans | $ 19,528,000 | $ 24,892,000 |
| Servicing fee rate (as a percent) | 0.25% | 0.25% |
| Annual per-loan cost of servicing | $ 969 | $ 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 | 0.157 | 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 | 5.1 | 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 | 0.086 | 0.083 |
Principal-Only Stripped Mortgage-Backed Securities - Activity in the Company's investment in principal-only stripped MBS (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Mortgage-backed securities | |
| Balance at end of year | $ 825,865 |
| Principal-Only-Strip MBS | |
| Mortgage-backed securities | |
| Purchases | 935,356 |
| Repayments | (96,516) |
| Amortization of purchase discounts | 25,226 |
| Valuation adjustments | (38,201) |
| Total | 12,975 |
| Balance at end of year | $ 825,865 |
Principal-Only Stripped Mortgage-Backed Securities - summary of the Company investment in principal-only stripped MBS (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Mortgage-backed securities | |
| Fair Value | $ 825,865 |
| Principal-Only-Strip MBS | |
| Mortgage-backed securities | |
| Principal balance | 1,061,484 |
| Unearned discounts | (197,418) |
| Cumulative valuation changes | (38,201) |
| Fair Value | $ 825,865 |
| Contractual maturities term | 10 years |
Loans Held for Sale at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | $ 8,217,468 | $ 4,420,691 |
| Government-insured or guaranteed | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 4,154,069 | 2,099,135 |
| Conventional conforming | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 3,127,082 | 1,821,085 |
| Jumbo Loan | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 502,264 | 21,907 |
| Closed-end second lien | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 272,285 | 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 | 145,026 | 146,585 |
| Mortgage loans repurchased pursuant to representations and warranties | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 16,742 | 9,964 |
| Asset Pledged as Collateral without Right | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 8,140,834 | 4,329,501 |
| Asset Pledged as Collateral without Right | Loan Repo Facility | ||
| Mortgage Loans Held for Sale at Fair Value | ||
| Loans held for sale | 7,612,832 | 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 | $ 528,002 | $ 470,524 |
Derivative Financial Instruments - Other Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative assets: | |||
| Derivative asset, before netting | $ 232,293 | $ 258,809 | |
| Netting | (119,217) | (79,730) | |
| Total derivative assets | 113,076 | 179,079 | |
| Derivative liabilities: | |||
| Derivative liability, before netting | 102,881 | 101,866 | |
| Netting | (61,981) | (48,591) | |
| Net amounts of liabilities presented in the consolidated balance sheet | 40,900 | 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 | (832,483) | (236,778) | $ (631,484) |
| 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 | 251,305 | 46,941 | 1,326,964 |
| 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 | (794,282) | (236,778) | (631,484) |
| Margin Deposits | |||
| Derivative assets: | |||
| Collateral placed with (received from) derivative counterparties | (57,236) | (31,139) | |
| Interest rate lock commitments | |||
| Derivative assets: | |||
| Total derivative assets | 56,946 | 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 | (56,028) | 63,749 | $ (296,349) |
| Forward contracts | Purchases | |||
| Derivative Instruments | |||
| Notional amount | 12,760,764 | 15,863,667 | |
| Derivative assets: | |||
| Derivative asset, before netting | 3,701 | 78,448 | |
| Derivative liabilities: | |||
| Derivative liability, before netting | 66,646 | 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 | 12,760,764 | 15,863,667 | |
| Forward contracts | Sales | |||
| Derivative Instruments | |||
| Notional amount | 23,440,334 | 14,477,159 | |
| Derivative assets: | |||
| Derivative asset, before netting | 152,526 | 6,151 | |
| Derivative liabilities: | |||
| Derivative liability, before netting | 12,854 | 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 | 23,440,334 | 14,477,159 | |
| MBS put options | |||
| Derivative Instruments | |||
| Notional amount | 450,000 | 2,925,000 | |
| Derivative assets: | |||
| Derivative asset, before netting | 3,278 | 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 | 450,000 | 2,925,000 | |
| 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 | ||
| Balance at end of year | 1,000,000 | ||
| Put options on Eurodollar futures | Purchases | |||
| Derivative Instruments | |||
| Notional amount | 4,270,000 | 8,717,500 | |
| Derivative assets: | |||
| Derivative asset, before netting | 12,592 | 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 | 4,270,000 | 8,717,500 | |
| Call options on Eurodollar futures | Purchases | |||
| Derivative Instruments | |||
| Notional amount | 7,600,000 | 4,250,000 | |
| Derivative assets: | |||
| Derivative asset, before netting | 3,250 | 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 | 7,600,000 | 4,250,000 | |
| Treasury future | Purchases | |||
| Derivative Instruments | |||
| Notional amount | 7,467,000 | 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 | 7,467,000 | 5,986,500 | |
| Treasury future | Sales | |||
| Derivative Instruments | |||
| Notional amount | 10,521,000 | 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 | 10,521,000 | 10,677,000 | |
| Not designated as hedging instrument | Interest rate lock commitments | |||
| Derivative Instruments | |||
| Notional amount | 7,801,677 | 6,349,628 | |
| Derivative assets: | |||
| Derivative asset, before netting | 56,946 | 90,313 | |
| Derivative liabilities: | |||
| Derivative liability, before netting | 23,381 | 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 | $ 7,801,677 | $ 6,349,628 | |
Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivatives subject to master netting arrangements: | ||
| Gross amounts offset in the consolidated balance sheet | $ (119,217) | $ (79,730) |
| Total | ||
| Gross amounts of recognized assets | 232,293 | 258,809 |
| Net amounts of assets presented in the balance sheet | 113,076 | 179,079 |
| Interest rate lock commitments | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 56,946 | 90,313 |
| Forward contracts | Purchases | ||
| Total | ||
| Gross amounts of recognized assets | 3,701 | 78,448 |
| Forward contracts | Sales | ||
| Total | ||
| Gross amounts of recognized assets | 152,526 | 6,151 |
| MBS put options | ||
| Total | ||
| Gross amounts of recognized assets | 3,278 | 413 |
| MBS call options | ||
| Total | ||
| Gross amounts of recognized assets | 6,265 | |
| Put options on Eurodollar futures | Purchases | ||
| Total | ||
| Gross amounts of recognized assets | 12,592 | 11,043 |
| Call options on Eurodollar futures | Purchases | ||
| Total | ||
| Gross amounts of recognized assets | $ 3,250 | $ 66,176 |
Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Assets, Financial Assets, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Total | ||
| Net amounts of assets presented in the balance sheet | $ 113,076 | $ 179,079 |
| Net amount | 179,079 | |
| RJ O' Brien | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 15,842 | 74,010 |
| Net amount | 74,010 | |
| Goldman Sachs | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 8,473 | |
| Net amount | 8,473 | |
| Morgan Stanley Bank, N.A. | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 15,260 | |
| Bank of America, N.A. | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 8,221 | |
| Citibank, N.A. | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 657 | 2,947 |
| Net amount | 2,947 | |
| Bank of Montreal | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 3,781 | 137 |
| Net amount | 137 | |
| Mizuho Bank, Ltd. | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 1,683 | 1,467 |
| Net amount | 1,467 | |
| Others | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 6,074 | 1,575 |
| Net amount | 1,575 | |
| Athene Annuity & Life Assurance Company | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 2,352 | |
| BNP Paribas | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | 2,260 | 157 |
| Net amount | 157 | |
| Interest rate lock commitments | ||
| Total | ||
| Net amounts of assets presented in the balance sheet | $ 56,946 | 90,313 |
| Net amount | $ 90,313 |
Derivative Financial Instruments - Offsetting of Derivative Assets - Offsetting of Derivative and Financial Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivatives: Subject to master netting arrangements: | ||
| Netting | $ (61,981) | $ (48,591) |
| Derivative liabilities, fair value | ||
| Gross amounts of recognized liabilities | 102,881 | 101,866 |
| Net amounts of liabilities presented in the consolidated balance sheet | 40,900 | 53,275 |
| Mortgage loans sold under agreements to repurchase | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 8,692,756 | |
| Debt Issuance Costs | ||
| Net amount of liabilities in the consolidated balance sheet | 8,685,207 | 3,763,956 |
| Total | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 8,733,656 | 3,822,724 |
| Net amount of liabilities in the consolidated balance sheet | 40,900 | 53,275 |
| Loan Repo Facility | ||
| Mortgage loans sold under agreements to repurchase | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 8,692,756 | 3,769,449 |
| Debt Issuance Costs | ||
| Debt issuance costs, gross | (7,549) | (5,493) |
| Net amount of liabilities in the consolidated balance sheet | 8,685,207 | 3,763,956 |
| Forward contracts | Purchases | ||
| Derivative liabilities, fair value | ||
| Gross amounts of recognized liabilities | 66,646 | 5,141 |
| Forward contracts | Sales | ||
| Derivative liabilities, fair value | ||
| Gross amounts of recognized liabilities | 12,854 | 92,796 |
| Interest rate lock commitments | ||
| Total | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 23,381 | 720 |
| Net amount of liabilities in the consolidated balance sheet | $ 23,381 | 720 |
| Call options on Eurodollar futures | Purchases | ||
| Derivative liabilities, fair value | ||
| Gross amounts of recognized liabilities | $ 3,209 |
Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Liabilities, Financial Liabilities, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | $ 8,733,656 | $ 3,822,724 |
| Financial instruments | (8,692,756) | (3,769,449) |
| Net amount of liabilities in the consolidated balance sheet | 40,900 | 53,275 |
| Bank of America, N.A. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 1,294,213 | 875,766 |
| Financial instruments | (1,294,213) | (872,148) |
| Net amount of liabilities in the consolidated balance sheet | 3,618 | |
| Atlas Securitized Products, L.P. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 1,938,756 | 1,210,473 |
| Financial instruments | (1,938,756) | (1,210,473) |
| Wells Fargo Bank, N.A. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 795,119 | 116,275 |
| Financial instruments | (789,305) | (114,647) |
| Net amount of liabilities in the consolidated balance sheet | 5,814 | 1,628 |
| Royal Bank of Canada | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 785,597 | 457,743 |
| Financial instruments | (785,597) | (457,743) |
| JPMorgan Chase Bank, N.A. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 1,220,822 | 243,225 |
| Financial instruments | (1,214,559) | (243,225) |
| Net amount of liabilities in the consolidated balance sheet | 6,263 | |
| BNP Paribas | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 568,790 | 185,425 |
| Financial instruments | (568,790) | (185,425) |
| Citibank, N.A. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 455,426 | 174,221 |
| Financial instruments | (455,426) | (174,221) |
| Barclays Capital | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 258,559 | 128,488 |
| Financial instruments | (254,750) | (118,667) |
| Net amount of liabilities in the consolidated balance sheet | 3,809 | 9,821 |
| Santander US Capital Markets LLC | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 282,077 | |
| Financial instruments | (282,077) | |
| Goldman Sachs | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 336,894 | 178,751 |
| Financial instruments | (336,624) | (178,751) |
| Net amount of liabilities in the consolidated balance sheet | 270 | |
| Morgan Stanley Bank, N.A. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 472,659 | 195,714 |
| Financial instruments | (472,659) | (164,149) |
| Net amount of liabilities in the consolidated balance sheet | 31,565 | |
| Nomura Corporate Funding Americas | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 175,000 | 50,000 |
| Financial instruments | (175,000) | (50,000) |
| Mizuho Bank, Ltd. | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 125,000 | |
| Financial instruments | (125,000) | |
| Others | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 1,363 | 5,923 |
| Net amount of liabilities in the consolidated balance sheet | 1,363 | 5,923 |
| Interest rate lock commitments | ||
| Derivative liabilities: | ||
| Net amounts of liabilities presented in the consolidated balance sheet | 23,381 | 720 |
| Net amount of liabilities in the consolidated balance sheet | $ 23,381 | $ 720 |
Mortgage Servicing Rights and Mortgage Servicing Liabilities - Activity in MSRs at Fair Value (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Activity in MSRs carried at fair value | |||
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities | $ 202,186 | $ 98,066 | |
| Change in fair value due to: | |||
| Total change in fair value | 433,342 | 605,568 | $ (354,176) |
| Mortgage servicing rights | |||
| Activity in MSRs carried at fair value | |||
| Balance at beginning of period | 7,099,348 | 5,953,621 | 3,878,078 |
| MSRs resulting from loan sales | 2,280,830 | 1,849,957 | 1,718,094 |
| Additions - Purchases (purchase adjustments) | 3,993 | ||
| Additions - Transfer to Agency of MSRs relating to delinquent loans | 305 | ||
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities | (202,186) | (98,066) | |
| Additions | 2,078,644 | 1,751,586 | 1,722,087 |
| Change in fair value due to: | |||
| Changes in inputs used in valuation model | 407,423 | 56,757 | 877,324 |
| Other changes in fair value | (840,887) | (662,616) | (523,868) |
| Total change in fair value | (433,464) | (605,859) | 353,456 |
| Balance at end of period | 8,744,528 | 7,099,348 | 5,953,621 |
| Unpaid principal balance of underlying loans at end of period | $ 426,055,220 | $ 370,244,119 | $ 314,567,639 |
| Asset Pledged as Collateral without Right | |||
| Change in fair value due to: | |||
| Assets, Pledging Purpose [Extensible Enumeration] | Notes Payable | Notes Payable | |
| Asset Pledged as Collateral without Right | Mortgage servicing rights | |||
| Activity in MSRs carried at fair value | |||
| Balance at beginning of period | $ 7,033,892 | ||
| Change in fair value due to: | |||
| Balance at end of period | $ 8,609,388 | $ 7,033,892 | |
| Assets, Pledging Purpose [Extensible Enumeration] | Notes Payable | Notes Payable | |
Mortgage Servicing Rights and Mortgage Servicing Liabilities - Mortgage Servicing Liabilities Carried at FV (Details) - Mortgage servicing liabilities - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Amortized cost: | |||
| Balance at beginning of period | $ 1,805 | $ 2,096 | $ 2,816 |
| Changes in valuation inputs used in valuation model | 35 | (50) | (347) |
| Other changes in fair value | (157) | (241) | (373) |
| Total change in fair value | (122) | (291) | (720) |
| Balance at end of period | 1,683 | 1,805 | 2,096 |
| Unpaid principal balance of underlying loans at end of period | $ 19,528 | $ 24,892 | $ 33,157 |
Mortgage Servicing Rights and Mortgage Servicing Liabilities - Servicing, Late, Ancillary and Other Fees Relating to MSRs (Details) - Mortgage servicing rights - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Contractual servicing fees | $ 1,529,452 | $ 1,268,650 | $ 1,054,828 |
| Other fees: | |||
| Late charges | 73,227 | 55,685 | 40,583 |
| Other | 13,705 | 9,539 | 13,742 |
| Loan servicing fees | $ 1,616,384 | $ 1,333,874 | $ 1,109,153 |
Capitalized Software (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Capitalized Software | |||
| Capitalized Computer Software, Net, Total | $ 120,802 | $ 148,736 | |
| Software amortization expense | 48,169 | 43,462 | $ 23,955 |
| Impairment of capitalized software | 147 | 46 | |
| Capitalized software | |||
| Capitalized Software | |||
| Cost | 286,467 | 266,124 | |
| Less: Accumulated amortization | (165,665) | (117,388) | |
| Capitalized Computer Software, Net, Total | $ 120,802 | $ 148,736 | |
Furniture, Fixtures, Equipment and Building Improvements (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Furniture, fixtures, equipment and building improvements | |||
| Furniture, Fixtures, Equipment and Building Improvements, net | $ 12,916 | $ 19,016 | |
| Depreciation | 55,984 | 53,214 | $ 34,409 |
| Furniture, Fixtures, Equipment and Building Improvements | |||
| Furniture, fixtures, equipment and building improvements | |||
| Furniture, fixtures, equipment and building improvements | 84,382 | 82,667 | |
| Less: accumulated depreciation and amortization | (71,466) | (63,651) | |
| Furniture, Fixtures, Equipment and Building Improvements, net | 12,916 | 19,016 | |
| Depreciation | $ 7,815 | $ 9,752 | $ 10,454 |
Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases | |||
| Operating lease option to extend | true | ||
| Lease expense: | |||
| Operating leases | $ 15,870 | $ 18,782 | $ 19,779 |
| Short-term leases | 303 | 436 | 778 |
| Sublease income | (1,405) | (902) | (46) |
| Net lease expense included in Occupancy and equipment expense | 14,768 | 18,316 | 20,511 |
| Payments for operating leases | 20,118 | 24,026 | 23,475 |
| Operating lease right-of-use assets recognized | $ 1,388 | $ 2,893 | $ 1,364 |
| Remaining lease term (in years) | 3 years 7 months 6 days | 4 years 3 months 18 days | 4 years 9 months 18 days |
| Discount rate | 4.00% | 3.80% | 3.80% |
| Operating lease liabilities | |||
| 2025 | $ 19,698 | ||
| 2026 | 14,590 | ||
| 2027 | 7,050 | ||
| 2028 | 5,065 | ||
| 2029 | 3,922 | ||
| Thereafter | 3,141 | ||
| Total lease payments | 53,466 | ||
| Less imputed interest | (5,024) | ||
| Operating lease liability included in Accounts payable and accrued expenses | $ 48,442 | ||
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | ||
| Minimum | |||
| Leases | |||
| Remaining operating lease term | 1 year | ||
| Maximum | |||
| Leases | |||
| Remaining operating lease term | 6 years | ||
| Operating lease renewal term | 5 years | ||
Other Assets - Other (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Carrying value: | ||
| Margin deposits | $ 288,153 | $ 135,645 |
| Capitalized software, net | 120,802 | 148,736 |
| Interest receivable | 41,286 | 35,196 |
| Servicing fees receivable, net | 38,676 | 37,271 |
| Other servicing receivables | 54,058 | 30,530 |
| Prepaid expenses | 45,762 | 36,044 |
| Operating lease right-of-use assets | $ 36,572 | $ 49,926 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
| Deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets | $ 16,697 | $ 15,653 |
| Real estate acquired in settlement of loans | 14,976 | 14,982 |
| Furniture, fixtures, equipment and building improvements, net | 12,916 | 19,016 |
| Other | 100,183 | 59,461 |
| Other assets | 770,081 | 582,460 |
| Asset Pledged as Collateral without Right | ||
| Carrying value: | ||
| Other assets | 16,697 | 15,653 |
| Asset Pledged as Collateral without Right | Deposits. | ||
| Carrying value: | ||
| Other assets | $ 16,697 | $ 15,653 |
Short-Term Debt - Assets Sold Under Agreement to Repurchase (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Carrying value: | |||
| Unpaid principal balance | $ 8,692,756 | ||
| Total loans sold under agreements to repurchase | 8,685,207 | $ 3,763,956 | |
| Loans held for sale | 8,217,468 | 4,420,691 | |
| Servicing advances, net | 568,512 | 694,038 | |
| Mortgage servicing rights, at fair value | 8,744,528 | 7,099,348 | |
| Other Assets | $ 770,081 | 582,460 | |
| 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 | $ 1,848,374 | 2,421,124 | $ 1,584,383 |
| Carrying value: | |||
| Amortization of debt issuance costs | 2,900 | 3,200 | 2,500 |
| Loan Repo Facility | |||
| During the period: | |||
| Average balance of assets sold under agreements to repurchase | $ 5,474,998 | $ 3,701,448 | $ 2,580,513 |
| Weighted-average interest rate | 6.79% | 7.12% | 3.59% |
| Total interest expense | $ 393,977 | $ 279,289 | $ 105,459 |
| Maximum daily amount outstanding | 8,591,735 | 6,358,007 | 7,289,147 |
| Carrying value: | |||
| Unpaid principal balance | 8,692,756 | 3,769,449 | |
| Unamortized debt issuance costs and premiums | (7,549) | (5,493) | |
| Total loans sold under agreements to repurchase | $ 8,685,207 | $ 3,763,956 | |
| Weighted average interest rate | 5.89% | 7.05% | |
| Available borrowing capacity committed | $ 460,000 | $ 1,282,040 | |
| Available borrowing capacity uncommitted | 3,104,026 | 5,548,511 | |
| Available borrowing capacity | 3,564,026 | 6,830,551 | |
| Amortization of debt issuance costs | 22,200 | 15,700 | $ 12,900 |
| Asset Pledged as Collateral without Right | |||
| Carrying value: | |||
| Loans held for sale | 8,140,834 | 4,329,501 | |
| Servicing advances, net | $ 357,939 | $ 354,831 | |
| Assets, Pledging Purpose [Extensible Enumeration] | Notes Payable | Notes Payable | |
| Mortgage servicing rights, at fair value | $ 8,609,388 | $ 7,033,892 | |
| Other Assets | $ 16,697 | $ 15,653 | |
| Asset Pledged as Collateral without Right | Mortgage servicing rights | |||
| Carrying value: | |||
| Assets, Pledging Purpose [Extensible Enumeration] | Notes Payable | Notes Payable | |
| Asset Pledged as Collateral without Right | Mortgage servicing rights | |||
| Carrying value: | |||
| Assets, Pledging Purpose [Extensible Enumeration] | Notes Payable | Notes Payable | |
| Asset Pledged as Collateral without Right | Note Payable | Mortgage servicing rights | |||
| Carrying value: | |||
| Mortgage servicing rights, at fair value | $ 8,609,388 | $ 7,033,892 | |
| Asset Pledged as Collateral without Right | Note Payable | Servicing advances | |||
| Carrying value: | |||
| Servicing advances, net | 357,939 | 354,831 | |
| Asset Pledged as Collateral without Right | Loan Repo Facility | Servicing advances | |||
| Carrying value: | |||
| Servicing advances, net | 357,939 | 354,831 | |
| Asset Pledged as Collateral without Right | Loan Repo Facility | Mortgage servicing rights | |||
| Carrying value: | |||
| Mortgage servicing rights, at fair value | 7,488,539 | 6,284,239 | |
| Asset Pledged as Collateral without Right | Mortgage loans held for sale | Loan Repo Facility | Principal-only stripped MBS | |||
| Carrying value: | |||
| Loans held for sale | 825,865 | ||
| Asset Pledged as Collateral without Right | Mortgage loans held for sale | Loan Repo Facility | Loans held for sale | |||
| Carrying value: | |||
| Loans held for sale | 7,612,832 | 3,858,977 | |
| Asset Pledged as Collateral without Right | Deposits. | |||
| Carrying value: | |||
| Other Assets | 16,697 | 15,653 | |
| Asset Pledged as Collateral without Right | Deposits. | Loan Repo Facility | Deposits | |||
| Carrying value: | |||
| Other Assets | $ 16,697 | $ 15,653 | |
Short-Term Debt - Maturities of Outstanding Advances Under Repurchase Agreements (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Mortgage loans sold under agreement to repurchase | |
| Unpaid principal balance | $ 8,692,756 |
| Weighted-average maturity (in months) | 4 months |
| Within 30 days | |
| Mortgage loans sold under agreement to repurchase | |
| Unpaid principal balance | $ 1,902,179 |
| Over 30 to 90 days | |
| Mortgage loans sold under agreement to repurchase | |
| Unpaid principal balance | 5,692,381 |
| Over 90 to 180 days | |
| Mortgage loans sold under agreement to repurchase | |
| Unpaid principal balance | 108,542 |
| Over 180 days to one year | |
| Mortgage loans sold under agreement to repurchase | |
| Unpaid principal balance | 246,095 |
| Over one year to two year | |
| Mortgage loans sold under agreement to repurchase | |
| Unpaid principal balance | $ 743,559 |
Short-Term Debt - Mortgage Loans Sold Under Agreement to Repurchase by Counterparty (Details) - Loan Repo Facility $ in Thousands |
Dec. 31, 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 | $ 5,770,912 |
| Royal Bank of Canada | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 41,459 |
| Bank of America, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 76,289 |
| BNP Paribas | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 24,468 |
| Barclays Capital | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 37,068 |
| Citibank, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 26,417 |
| Wells Fargo Bank, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 14,954 |
| Morgan Stanley Bank, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 25,893 |
| Atlas Securitized Products L.P. #2 | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 138,531 |
| Goldman Sachs | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 7,475 |
| JPMorgan Chase Bank, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | $ 55,833 |
Short-Term Debt - Principal only stripped MBS (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Bank of America, N.A. | Principal-only stripped MBS | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | $ 1,788 |
| JP Morgan Chase Bank, N.A | Principal-only stripped MBS | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 21,739 |
| Wells Fargo Bank, N.A. | Principal-only stripped MBS | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 18,238 |
| Santander US Capital Markets LLC | Principal-only stripped MBS | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 13,226 |
| Loan Repo Facility | Bank of America, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | 76,289 |
| Loan Repo Facility | Wells Fargo Bank, N.A. | |
| Mortgage loans sold under agreement to repurchase | |
| Amount at risk | $ 14,954 |
Short-Term Debt - Mortgage Loan Participation and Sale Agreement (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Carrying value: | |||
| Loans held for sale | $ 8,217,468,000 | $ 4,420,691,000 | |
| Mortgage loan participation and sale agreement secured by mortgage loan participation certificates | 496,512,000 | 446,054,000 | |
| Mortgage Loan Participation and Sale Agreement member | |||
| During the year: | |||
| Short-Term Debt, Average Outstanding Amount | $ 243,132,000 | $ 238,197,000 | $ 211,035,000 |
| Weighted-average interest rate | 6.46% | 6.48% | 3.16% |
| Total interest expense | $ 16,404,000 | $ 16,129,000 | $ 7,314,000 |
| Maximum daily amount outstanding | 518,042,000 | 515,537,000 | 515,043,000 |
| Carrying value: | |||
| Amortization of debt issuance costs | 695,000 | 688,000 | 651,000 |
| Note Payable | |||
| Carrying value: | |||
| Unamortized debt issuance costs | (6,028,000) | (6,585,000) | |
| Amortization of debt issuance costs | 2,900,000 | 3,200,000 | $ 2,500,000 |
| 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 | 496,856,000 | 446,406,000 | |
| Unamortized debt issuance costs | (344,000) | (352,000) | |
| Mortgage loan participation and sale agreement secured by mortgage loan participation certificates | $ 496,512,000 | $ 446,054,000 | |
| Weighted average interest rate | 5.58% | 6.60% | |
| Asset Pledged as Collateral without Right | |||
| Carrying value: | |||
| Loans held for sale | $ 8,140,834,000 | $ 4,329,501,000 | |
| Asset Pledged as Collateral without Right | Mortgage Loan Participation and Sale Agreement member | |||
| Carrying value: | |||
| Loans held for sale | $ 528,002,000 | $ 470,524,000 | |
Long-Term Debt - Note Payable (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2024
USD ($)
item
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| During the year: | ||||
| Unpaid principal balance | $ 8,692,756 | |||
| Carrying value: | ||||
| Notes payable | 2,048,972 | $ 1,873,415 | ||
| Servicing advances, net | 568,512 | 694,038 | ||
| Mortgage servicing rights, at fair value | 8,744,528 | 7,099,348 | ||
| Other assets | $ 770,081 | 582,460 | ||
| Notes payable | ||||
| Number Of Lenders | item | 2 | |||
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember | |||
| Debt Instrument Option To Extend Period | 2 years | |||
| Asset Pledged as Collateral without Right | ||||
| Carrying value: | ||||
| Servicing advances, net | $ 357,939 | 354,831 | ||
| Mortgage servicing rights, at fair value | $ 8,609,388 | $ 7,033,892 | ||
| Assets, Pledging Purpose [Extensible Enumeration] | Notes payable | Notes payable | ||
| Other assets | $ 16,697 | $ 15,653 | ||
| Asset Pledged as Collateral without Right | Mortgage servicing rights | ||||
| Carrying value: | ||||
| Assets, Pledging Purpose [Extensible Enumeration] | Notes payable | Notes payable | ||
| Asset Pledged as Collateral without Right | Deposits. | ||||
| Carrying value: | ||||
| Other assets | $ 16,697 | $ 15,653 | ||
| Note Payable | ||||
| During the year: | ||||
| Average balance | $ 1,848,374 | $ 2,421,124 | $ 1,584,383 | |
| Weighted-average interest rate (as a percent) | 8.73% | 8.59% | 4.88% | |
| Total interest expense | $ 164,161 | $ 211,085 | $ 79,813 | |
| Carrying value: | ||||
| Unpaid principal balance | 2,055,000 | 1,880,000 | ||
| Unamortized debt issuance costs | (6,028) | (6,585) | ||
| Notes payable | $ 2,048,972 | $ 1,873,415 | ||
| Weighted-average interest rate (as a percent) | 7.81% | 8.82% | ||
| Amortization of Debt Issuance Costs | $ 2,900 | $ 3,200 | 2,500 | |
| Notes payable | ||||
| Maximum loan amount | 1,730,000 | |||
| Note Payable | Asset Pledged as Collateral without Right | Servicing advances | ||||
| Carrying value: | ||||
| Servicing advances, net | 357,939 | 354,831 | ||
| Note Payable | Asset Pledged as Collateral without Right | Mortgage servicing rights | ||||
| Carrying value: | ||||
| Mortgage servicing rights, at fair value | 8,609,388 | 7,033,892 | ||
| Note Payable | Asset Pledged as Collateral without Right | Deposits. | Deposit | ||||
| Carrying value: | ||||
| Other assets | 16,697 | 15,653 | ||
| Note Payable expiring 2024 | ||||
| Notes payable | ||||
| Maximum loan amount | 900,000 | |||
| Committed amount of debt instrument | 850,000 | |||
| Notes Payable Term Loan 2022-GT1 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 500,000 | |||
| Interest rate spread | 4.25% | |||
| Notes Payable Term Loan 2024-GT1 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 425,000 | |||
| Interest rate spread | 3.20% | |||
| Notes Payable Term Loan 2023-GT1 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 680,000 | |||
| Interest rate spread | 3.00% | |||
| Notes Payable Term Loan 2023-GT2 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 125,000 | |||
| Interest rate spread | 3.00% | |||
| Unsecured Senior Note | ||||
| During the year: | ||||
| Average balance | $ 2,946,039 | $ 1,843,151 | $ 1,800,000 | |
| Weighted-average interest rate (as a percent) | 6.04% | 5.13% | 5.07% | |
| Total interest expense | $ 184,304 | $ 98,396 | $ 95,014 | |
| Debt Instrument Unamortized Premium And Debt Issuance Costs Net | $ 3,164,032 | $ 2,519,651 | ||
| Weighted average interest rate (as a percent) | 6.15% | 5.90% | ||
| Carrying value: | ||||
| Unpaid principal balance | $ 3,200,000 | $ 2,550,000 | ||
| Unamortized debt issuance costs | (35,968) | (30,349) | ||
| Amortization of Debt Issuance Costs | 6,500 | 3,800 | $ 3,700 | |
| Notes payable | ||||
| Maximum loan amount | $ 3,200,000 | |||
| Redemption rate (as a percent) | 100.00% | |||
| Unsecured Senior Note | Before October 15, 2022 with up to 40% principal redeemed | ||||
| Notes payable | ||||
| Redemption rate (as a percent) | 40.00% | |||
| Unsecured Senior Notes One Due October 2025 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 500,000 | |||
| Coupon Rate (as a percent) | 5.375% | |||
| Unsecured Senior Notes Two Due October 2025 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 150,000 | |||
| Coupon Rate (as a percent) | 5.375% | |||
| Unsecured Senior Notes Due February 2029 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 650,000 | |||
| Coupon Rate (as a percent) | 4.25% | |||
| Unsecured Senior Notes Due September 2031 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 500,000 | |||
| Coupon Rate (as a percent) | 5.75% | |||
| Unsecured Senior Notes Due December 2029 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 750,000 | |||
| Coupon Rate (as a percent) | 7.875% | |||
| Unsecured Senior Notes Due November 2030 | ||||
| Notes payable | ||||
| Maximum loan amount | $ 650,000 | |||
| Coupon Rate (as a percent) | 7.125% | |||
| Loan and Security Agreement | ||||
| Carrying value: | ||||
| Unpaid principal balance | $ 325,000 | 150,000 | ||
| Term Loan Notes Payable | ||||
| Carrying value: | ||||
| Unpaid principal balance | $ 1,730,000 | $ 1,730,000 | ||
Long-Term Debt - Maturities (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Long-Term debt | |
| 2025 | $ 650,000 |
| 2026 | 325,000 |
| 2027 | 500,000 |
| 2028 | 805,000 |
| 2029 | 1,825,000 |
| Thereafter | 1,150,000 |
| Total | 5,255,000 |
| Note Payable | |
| Long-Term debt | |
| 2026 | 325,000 |
| 2027 | 500,000 |
| 2028 | 805,000 |
| 2029 | 425,000 |
| Total | 2,055,000 |
| Unsecured Senior Note | |
| Long-Term debt | |
| 2025 | 650,000 |
| 2029 | 1,400,000 |
| Thereafter | 1,150,000 |
| Total | $ 3,200,000 |
Long-Term Debt - Obligations Under Capital Lease (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases | ||
| Other Assets | $ 770,081 | $ 582,460 |
| Asset Pledged as Collateral without Right | ||
| Leases | ||
| Other Assets | $ 16,697 | $ 15,653 |
Liability for Losses Under Representations and Warranties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| During the period: | |||
| Balance at beginning of period | $ 30,788 | $ 32,421 | $ 43,521 |
| Provision for losses on loans sold resulting from sales of loans | 16,486 | 12,997 | 9,617 |
| Provision for losses on loans sold resulting from change in estimate | (13,579) | (9,115) | (8,451) |
| Losses incurred | (4,566) | (5,515) | (12,266) |
| Balance at end of period | 29,129 | 30,788 | 32,421 |
| Unpaid principal balance of loans subject to representations and warranties at end of period | $ 413,382,503 | $ 354,423,684 | $ 296,774,121 |
Income Taxes - Income Tax Expense Details (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current (benefit) expense: | |||
| Federal | $ (44) | $ 1,436 | $ (2,944) |
| State | 258 | 620 | (249) |
| Total current expense | 214 | 2,056 | (3,193) |
| Deferred (benefit) expense: | |||
| Federal | 70,877 | 31,375 | 131,670 |
| State | 18,512 | 5,544 | 61,263 |
| Total provision for deferred income taxes | 89,389 | 36,919 | 192,933 |
| Total provision for income taxes | $ 89,603 | $ 38,975 | $ 189,740 |
Income Taxes - General (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of the entity's provision for income taxes at statutory rates to the provision for income taxes at the entity's effective tax rate | |||
| Federal income tax statutory rate (as a percent) | 21.00% | 21.00% | 21.00% |
| State income taxes, net of federal benefit (as a percent) | 5.20% | 4.70% | 5.90% |
| Tax rate revaluation ( as a percent) | (1.90%) | (2.20%) | 1.20% |
| Other (as a percent) | (2.00%) | (2.30%) | 0.40% |
| Effective income tax rate (as a percent) | 22.30% | 21.20% | 28.50% |
Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
||||
| Deferred (benefit) expense: | ||||||
| Mortgage servicing rights | $ 231,892 | $ 186,628 | $ 326,378 | |||
| Net operating loss | (181,759) | (111,496) | (160,605) | |||
| Reserves and losses | 39,071 | (41,641) | 13,480 | |||
| Compensation accruals | (451) | 7,403 | 10,473 | |||
| Additional tax basis in partnership from exchanges of partnership units into the Company's common stock | 3,841 | 3,803 | 4,517 | |||
| California franchise taxes | 4,447 | |||||
| Other | (3,205) | (7,778) | (5,757) | |||
| Total provision for deferred income taxes | 89,389 | 36,919 | 192,933 | |||
| Components of income taxes payable: | ||||||
| Current income tax (receivable) payable | (45) | |||||
| Income taxes currently payable | 1,230 | |||||
| Deferred income tax liabilities, net | 1,131,045 | 1,041,656 | ||||
| Income taxes payable | 1,131,000 | 1,042,886 | ||||
| Deferred income tax assets: | ||||||
| Net operating loss carryforward | 454,936 | 273,178 | ||||
| Compensation accruals | 35,718 | 35,266 | ||||
| Additional tax basis in partnership from exchanges of partnership units into the Company's common stock | 18,116 | 21,957 | ||||
| Reserves and losses | 36,365 | 75,436 | ||||
| Other | 8,588 | 9,943 | ||||
| Gross deferred income tax assets | 553,723 | 415,780 | ||||
| Deferred income tax liabilities: | ||||||
| Mortgage servicing rights | 1,678,702 | 1,446,810 | ||||
| Other | 6,066 | 10,626 | ||||
| Gross deferred income tax liabilities | 1,684,768 | 1,457,436 | ||||
| Deferred income tax liabilities, net | 1,131,045 | 1,041,656 | ||||
| Net operating losses incurred in 2024 | 181,300 | |||||
| Net operating losses incurred between 2018 and 2023 | 273,600 | |||||
| Net operating loss no expiration date subject to standard limitations | 355,700 | |||||
| Net operating loss carryforwards with most having no expiration or expiring 2037 | 99,200 | |||||
| Operating Loss Carryforwards Expiring Between 2032 and 2037 | 12,300 | |||||
| Operating Loss Carryforwards Expiring 2042 | 68,900 | |||||
| Net operating loss carryforward, no expiration date | 18,000 | |||||
| Unrecognized tax benefits | 0 | 0 | ||||
| Accrual of interest or penalties related to unrecognized tax benefits | 0 | 0 | ||||
| Common stock dividends | $ 52,160 | [1] | $ 41,446 | $ 54,621 | ||
| ||||||
Commitments and Contingencies - Other (Details) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Jan. 12, 2024 |
Nov. 28, 2023 |
Dec. 31, 2023 |
Dec. 31, 2024 |
|
| Contingencies | ||||
| Total commitments to purchase and fund mortgage loans | $ 7,800.0 | |||
| 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) - USD ($) shares in Thousands |
12 Months Ended | 120 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
[1] | Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2024 |
Aug. 31, 2021 |
|||
| Stockholders' Equity | ||||||||
| Cost of shares of common stock repurchased | $ 71,491,000 | $ 406,086,000 | ||||||
| Cumulative common stock repurchase transactions fees. | $ 537,000 | |||||||
| Common stock dividends | $ 52,160,000 | $ 41,446,000 | $ 54,621,000 | |||||
| Common Class A | ||||||||
| Stockholders' Equity | ||||||||
| Authorized stock repurchase amount | $ 2,000,000,000 | |||||||
| Shares of common stock repurchased | 1,201 | 7,788 | 34,063 | |||||
| Cost of shares of common stock repurchased | $ 71,491,000 | $ 406,086,000 | $ 1,788,198,000 | |||||
| ||||||||
Net Gains on Loans Held for Sale (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Non-cash gain: | |||
| Provision for losses relating to representations and warranties on loans sold pursuant to loan sales | $ (16,486) | $ (12,997) | $ (9,617) |
| Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate | 13,579 | 9,115 | 8,451 |
| Changes in fair values of loans and derivatives held at end of year: | |||
| Net gains on loans held for sale at fair value | 817,368 | 545,943 | 791,633 |
| Nonrelated Party | |||
| Cash losses: | |||
| Loans | (1,731,125) | (1,337,613) | (2,128,195) |
| Hedging activities | 495,429 | (99,515) | 1,347,843 |
| Cash gain (loss), net of effects of cash hedging, on sale of loans held for sale | (1,235,696) | (1,437,128) | (780,352) |
| Non-cash gain: | |||
| Mortgage servicing rights resulting from loan sales | 2,280,830 | 1,849,957 | 1,718,094 |
| Provision for losses relating to representations and warranties on loans sold pursuant to loan sales | (16,486) | (12,997) | (9,617) |
| Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate | 13,579 | 9,115 | 8,451 |
| Changes in fair values of loans and derivatives held at end of year: | |||
| Interest rate lock commitments | (56,028) | 63,749 | (296,349) |
| Loans | 71,226 | (71,425) | 188,849 |
| Hedging derivatives | (244,124) | 146,456 | (20,879) |
| Net gains on loans held for sale at fair value | 813,301 | 547,727 | 808,197 |
| Related Party | |||
| Changes in fair values of loans and derivatives held at end of year: | |||
| Net gains on loans held for sale at fair value | 4,067 | (1,784) | (16,564) |
| Related Party | PennyMac Mortgage Investment Trust | |||
| Changes in fair values of loans and derivatives held at end of year: | |||
| Net gains on loans held for sale at fair value | $ 4,067 | $ (1,784) | $ (16,564) |
Net Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Interest income: | |||
| Interest income | $ 793,566 | $ 632,924 | $ 294,062 |
| Interest expense: | |||
| Interest expense | 819,348 | 637,777 | 335,427 |
| Net interest expense | (25,782) | (4,853) | (41,365) |
| Nonrelated Party | |||
| Interest income: | |||
| Cash and short-term investments | 56,252 | 68,457 | 19,839 |
| Principal-only stripped mortgage-backed securities | 26,035 | ||
| Loans held for sale | 326,697 | 279,506 | 172,124 |
| Placement fees relating to custodial funds | 383,798 | 284,877 | 102,099 |
| Other | 784 | 84 | |
| Interest income | 793,566 | 632,924 | 294,062 |
| Interest expense: | |||
| Assets sold under agreements to repurchase | 393,977 | 279,289 | 105,459 |
| Mortgage loan participation purchase and sale agreements | 16,404 | 16,129 | 7,314 |
| Notes payable secured by mortgage servicing assets | 164,161 | 211,085 | 79,813 |
| Unsecured senior notes | 184,304 | 98,396 | 95,014 |
| Interest shortfall on repayments of mortgage loans serviced for Agency securitizations | 46,385 | 21,538 | 40,741 |
| Interest on mortgage loan impound deposits | 11,298 | 9,795 | 7,066 |
| Other | 2,819 | 1,545 | 20 |
| Interest expense | 819,348 | 637,777 | 335,427 |
| Loan Repo Facility | |||
| Interest expense: | |||
| Assets sold under agreements to repurchase | $ 393,977 | $ 279,289 | $ 105,459 |
Stock-based Compensation - Other (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Stock-Based Compensation | ||||
| Units available for future awards under 2013 Equity Incentive Plan (in units) | 5,300,000 | |||
| Stock-based compensation expense | $ 20,868 | $ 27,582 | $ 42,552 | |
| Employee Stock Option | ||||
| Stock-Based Compensation | ||||
| Granted (in units) | 188,000 | 221,000 | 574,000 | |
| Stock-based compensation expense | $ 6,935 | $ 6,170 | $ 9,619 | |
| Performance-based RSUs | ||||
| Stock-Based Compensation | ||||
| Granted (in units) | 246,000 | 307,000 | 342,000 | |
| Vested (in units) | 0 | 274,000 | 385,000 | 509,000 |
| Stock-based compensation expense | $ 1,490 | $ 9,740 | $ 18,096 | |
| Time-based RSUs | ||||
| Stock-Based Compensation | ||||
| Granted (in units) | 152,000 | 187,000 | 331,000 | |
| Vested (in units) | 215,000 | 247,000 | 246,000 | |
| Stock-based compensation expense | $ 12,443 | $ 11,672 | $ 14,837 | |
| Minimum | Employee Stock Option | ||||
| Stock-Based Compensation | ||||
| Expected grantee forfeiture rate (as a percent) | 0.00% | 0.00% | 0.00% | |
| Minimum | Performance-based RSUs | ||||
| Stock-Based Compensation | ||||
| Expected grantee forfeiture rate (as a percent) | 0.00% | |||
| Shares earned as a percent of performance goal achievement | 0.00% | |||
| Maximum | Employee Stock Option | ||||
| Stock-Based Compensation | ||||
| Expected grantee forfeiture rate (as a percent) | 5.10% | 5.10% | 5.10% | |
| Maximum | Performance-based RSUs | ||||
| Stock-Based Compensation | ||||
| Expected grantee forfeiture rate (as a percent) | 20.30% | |||
| Shares earned as a percent of performance goal achievement | 300.00% | |||
Stock-based Compensation - Performance-Based RSUs (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Mar. 31, 2023
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
|
| Weighted-average grant date fair value per unit: | ||||
| Compensation expense recorded during the year | $ | $ 20,868 | $ 27,582 | $ 42,552 | |
| Performance-based RSUs | ||||
| Summary of equity award grants, RSUs | ||||
| Balance at beginning of year (in units) | 873,000 | 976,000 | 1,226,000 | |
| Granted (in units) | 246,000 | 307,000 | 342,000 | |
| Vested (in units) | 0 | (274,000) | (385,000) | (509,000) |
| Forfeited or canceled (in units) | (62,000) | (25,000) | (83,000) | |
| Balance at end of year (in units) | 783,000 | 873,000 | 976,000 | |
| Weighted-average grant date fair value per unit: | ||||
| Outstanding at beginning of year (in dollars per share) | $ / shares | $ 58.9 | $ 48.94 | $ 36.12 | |
| Granted (in dollars per share) | $ / shares | 84.93 | 60.7 | 57.1 | |
| Vested (in dollars per share) | $ / shares | 58.86 | 35.36 | 23.4 | |
| Forfeited (in dollars per share) | $ / shares | 65.29 | 58.46 | 49.14 | |
| Outstanding at end of year (in dollars per share) | $ / shares | $ 66.58 | $ 58.9 | $ 48.94 | |
| Compensation expense recorded during the year | $ | $ 1,490 | $ 9,740 | $ 18,096 | |
| Actually vested (in shares) | 309,000 | 617,000 | 654,000 | |
| Vesting percentage | 113 | 160 | 128 | |
| Unamortized compensation cost | $ | $ 9,415 | |||
| Number of shares expected to vest (in units) | 467,000 | |||
| Weighted average remaining vesting period (in months) | 11 months | |||
| Minimum | Performance-based RSUs | ||||
| Stock-Based Compensation | ||||
| Shares earned as a percent of performance goal achievement | 0.00% | |||
| Expected grantee forfeiture rate (as a percent) | 0.00% | |||
| Maximum | Performance-based RSUs | ||||
| Stock-Based Compensation | ||||
| Shares earned as a percent of performance goal achievement | 300.00% | |||
| Expected grantee forfeiture rate (as a percent) | 20.30% | |||
Stock-based Compensation - Time-Based RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Weighted-average grant date fair value per unit: | |||
| Compensation expense recorded during the year | $ 20,868 | $ 27,582 | $ 42,552 |
| Time-based RSUs | |||
| Stock-Based Compensation | |||
| Percentage of the award vesting at each of the three anniversaries | 33.00% | ||
| Summary of equity award grants, RSUs | |||
| Balance at beginning of year (in units) | 412,000 | 483,000 | 434,000 |
| Granted (in units) | 152,000 | 187,000 | 331,000 |
| Vested (in units) | (215,000) | (247,000) | (246,000) |
| Forfeited or canceled (in units) | (27,000) | (11,000) | (36,000) |
| Balance at end of year (in units) | 322,000 | 412,000 | 483,000 |
| Weighted-average grant date fair value per unit: | |||
| Outstanding at beginning of year (in dollars per share) | $ 58.9 | $ 53.71 | $ 41.74 |
| Granted (in dollars per share) | 85.66 | 60.72 | 57.1 |
| Vested (in dollars per share) | 59.18 | 50.09 | 37.34 |
| Forfeited (in dollars per share) | 66.59 | 57.66 | 51.97 |
| Outstanding at end of year (in dollars per share) | $ 70.64 | $ 58.9 | $ 53.71 |
| Compensation expense recorded during the year | $ 12,443 | $ 11,672 | $ 14,837 |
| Unamortized compensation cost | $ 4,982 | ||
| Number of shares expected to vest (in units) | 303,000 | ||
| Weighted average remaining vesting period (in months) | 8 months | ||
| Time-based RSUs | Minimum | |||
| Stock-Based Compensation | |||
| Turnover rates (as a percent) | 0 | ||
| Time-based RSUs | Maximum | |||
| Stock-Based Compensation | |||
| Turnover rates (as a percent) | 20.3 | ||
| Time-based RSUs | Common Class A | |||
| Stock-Based Compensation | |||
| Number of share awarded for each RSU (in shares) | 1 | ||
Stock-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Weighted-average exercise price per share: | |||
| Compensation expense recorded during the year | $ 20,868 | $ 27,582 | $ 42,552 |
| Employee Stock Option | |||
| Stock-Based Compensation | |||
| Percentage of the award vesting at each of the three anniversaries | 33.00% | ||
| Contractual term of the stock options | 10 years | ||
| Fair Value Assumptions | |||
| Expected volatility (as a percent) | 38.00% | 38.00% | 37.00% |
| Expected dividends (as a percent) | 0.90% | 1.30% | 1.40% |
| Risk-free rate, Minimum (as a percent) | 4.20% | 4.20% | 1.10% |
| Risk-free rate, Maximum (as a percent) | 5.00% | 5.00% | 2.10% |
| Summary of equity awards, options | |||
| Balance at beginning of year (in units) | 3,857 | 4,317 | 3,906 |
| Granted (in units) | 188 | 221 | 574 |
| Exercised (in units) | (788) | (658) | (155) |
| Forfeited or canceled (in units) | (47) | (23) | (8) |
| Balance at end of year (in units) | 3,210 | 3,857 | 4,317 |
| Weighted-average exercise price per share: | |||
| Outstanding at beginning of year (in dollars per share) | $ 35.08 | $ 32.46 | $ 28.43 |
| Granted (in dollars per share) | 84.93 | 60.67 | 57.1 |
| Exercised (in dollars per share) | 25.68 | 25.66 | 21.09 |
| Forfeited | 64.97 | 58.1 | 53.1 |
| Outstanding at end of year (in dollars per share) | $ 39.87 | $ 35.08 | $ 32.46 |
| Compensation expense recorded during the year | $ 6,935 | $ 6,170 | $ 9,619 |
| Number of options exercisable at end of year | 2,738 | ||
| Weighted average exercise price per exercisable option | $ 34.94 | ||
| Weighted-average remaining contractual term: | |||
| Outstanding at end of year | 4 years 8 months 12 days | ||
| Exercisable at end of year | 4 years 1 month 6 days | ||
| Aggregate intrinsic value | |||
| Outstanding at end of year | $ 199,893 | ||
| Exercisable at end of year | $ 184,011 | ||
| Number of shares expected to vest | 465 | ||
| Weighted-average vesting period (in months) | 8 months | ||
| Employee Stock Option | Share-Based Payment Arrangement, Tranche One | |||
| Stock-Based Compensation | |||
| Contractual term of the stock options | 1 year | ||
| Employee Stock Option | Share-Based Payment Arrangement, Tranche Two | |||
| Stock-Based Compensation | |||
| Contractual term of the stock options | 3 months | ||
| Minimum | Employee Stock Option | |||
| Fair Value Assumptions | |||
| Expected grantee forfeiture rate (as a percent) | 0.00% | 0.00% | 0.00% |
| Maximum | Employee Stock Option | |||
| Fair Value Assumptions | |||
| Expected grantee forfeiture rate (as a percent) | 5.10% | 5.10% | 5.10% |
Disaggregation of Certain Expense Captions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Technology | |||
| Amortization of capitalized software | $ 48,169 | $ 43,462 | $ 23,955 |
| Impairment of capitalized software | 147 | 46 | |
| Total technology expenses | 149,547 | 143,152 | 139,950 |
| Occupancy and equipment | |||
| Depreciation | 55,984 | 53,214 | 34,409 |
| Short-term lease cost | 303 | 436 | 778 |
| Total occupancy and equipment expenses | $ 32,898 | 36,558 | 40,124 |
| ASU adoption date | Dec. 15, 2025 | ||
| ASU early adopted | true | ||
| ASU 2024-03 | |||
| Technology | |||
| Amortization of capitalized software | $ 48,169 | 43,462 | 23,955 |
| Impairment of capitalized software | 147 | 46 | |
| Other | 101,231 | 99,644 | 115,995 |
| Total technology expenses | 149,547 | 143,152 | 139,950 |
| Occupancy and equipment | |||
| Depreciation | 7,815 | 9,752 | 10,454 |
| Operating lease cost | 14,465 | 17,880 | 19,733 |
| Short-term lease cost | 303 | 436 | 778 |
| Other | 10,315 | 8,490 | 9,159 |
| Total occupancy and equipment expenses | $ 32,898 | $ 36,558 | $ 40,124 |
Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Diluted earnings per share of common stock: | |||
| Net Income (Loss) | $ 311,423 | $ 144,656 | $ 475,507 |
| Weighted average shares of common stock outstanding (in shares) | 50,990 | 49,978 | 53,065 |
| Effect of dilutive shares: | |||
| shares issuable under stock-based compensation plan (in shares) | 2,366 | 2,755 | 2,885 |
| Weighted average diluted shares of common stock outstanding (in shares) | 53,356 | 52,733 | 55,950 |
| Basic earnings per share (in dollars per share) | $ 6.11 | $ 2.89 | $ 8.96 |
| Diluted earnings per share (in dollars per share) | $ 5.84 | $ 2.74 | $ 8.5 |
| Total anti-dilutive units and options (in shares) | 931 | 852 | 1,682 |
| Performance-based RSUs | |||
| Effect of dilutive shares: | |||
| Total anti-dilutive units and options (in shares) | 775 | 561 | 281 |
| Time-based RSUs | |||
| Effect of dilutive shares: | |||
| Total anti-dilutive units and options (in shares) | 3 | 2 | 62 |
| Employee Stock Option | |||
| Effect of dilutive shares: | |||
| Total anti-dilutive units and options (in shares) | 153 | 289 | 1,339 |
| Weighted-average exercise price of anti-dilutive stock options (in dollars per share) | $ 84.93 | $ 59.42 | $ 58.58 |
Regulatory Capital and Liquidity Requirements (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fannie Mae / Freddie Mac - PLS | ||
| Regulatory Net Worth and Agency Capital Requirements | ||
| Net worth | $ 7,457,748 | $ 6,890,144 |
| Capital Requirement | 1,380,100 | 1,211,365 |
| Liquidity | 870,243 | 1,243,927 |
| Liquidity requirement | $ 630,698 | $ 543,913 |
| Tangible net worth / Total assets ratio actual | 29.00% | 37.00% |
| Tangible net worth / Total assets ratio requirement | 6.00% | 6.00% |
| Ginnie Mae - Issuer - PLS | ||
| Regulatory Net Worth and Agency Capital Requirements | ||
| Net worth | $ 6,952,347 | $ 6,559,001 |
| Capital Requirement | $ 1,526,074 | 1,314,677 |
| Risk-based capital requirement | 6.00% | |
| Risk-based capital | 40.00% | |
| Liquidity | $ 1,208,755 | 1,684,457 |
| Liquidity requirement | $ 460,200 | $ 389,501 |
| Adjusted net worth / Total assets ratio actual | 35.00% | 48.00% |
| Adjusted net worth / Total assets ratio requirement | 6.00% | 6.00% |
| HUD - PLS | ||
| Regulatory Net Worth and Agency Capital Requirements | ||
| Net worth | $ 6,952,347 | $ 6,559,001 |
| Capital Requirement | $ 2,500 | $ 2,500 |
Segments (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Segments and Related Information | |||
| Number of reportable segments | segment | 2 | ||
| Revenues: | |||
| Net gains on loans held for sale at fair value | $ 817,368 | $ 545,943 | $ 791,633 |
| Loan origination fees | 185,700 | 146,118 | 169,859 |
| Fulfillment fees from PennyMac Mortgage Investment Trust | 26,291 | 27,826 | 67,991 |
| Net loan servicing fees | 533,655 | 642,600 | 951,329 |
| Management fees | 28,623 | 28,762 | 31,065 |
| Net interest income (expense): | |||
| Interest income | 793,566 | 632,924 | 294,062 |
| Interest expense | 819,348 | 637,777 | 335,427 |
| Net interest income (expense) | (25,782) | (4,853) | (41,365) |
| Other | 27,876 | 15,260 | 15,243 |
| Total net revenues | 1,593,731 | 1,401,656 | 1,985,755 |
| Expenses: | |||
| Compensation | 632,738 | 576,964 | 735,231 |
| Loan origination | 164,092 | 114,500 | 173,622 |
| Technology | 149,547 | 143,152 | 139,950 |
| Servicing | 105,997 | 69,433 | 59,628 |
| Professional services | 37,992 | 60,521 | 73,270 |
| Occupancy and equipment | 32,898 | 36,558 | 40,124 |
| Marketing and advertising | 21,969 | 17,631 | 46,762 |
| Legal settlements | 1,591 | 162,770 | 4,649 |
| Other | 45,881 | 36,496 | 47,272 |
| Total expenses | 1,192,705 | 1,218,025 | 1,320,508 |
| Income before provision for income taxes | 401,026 | 183,631 | 665,247 |
| Acquisition of: | |||
| Segment assets at year end | 26,086,887 | 18,844,563 | 16,822,584 |
| Capitalized software | 20,382 | 34,784 | 71,935 |
| Furniture, fixtures, equipment and building improvements | 1,715 | 1,386 | 7,159 |
| Amortization of capitalized software | 48,169 | 43,462 | 23,955 |
| Depreciation and amortization of furniture, fixtures, equipment and building improvements | 55,984 | 53,214 | 34,409 |
| Furniture, Fixtures, Equipment and Building Improvements | |||
| Acquisition of: | |||
| Depreciation and amortization of furniture, fixtures, equipment and building improvements | $ 7,815 | 9,752 | 10,454 |
| Mortgage banking | |||
| Segments and Related Information | |||
| Number of operating segments | segment | 2 | ||
| Number of reportable segments | segment | 2 | ||
| Operating segment | |||
| Revenues: | |||
| Net gains on loans held for sale at fair value | $ 817,368 | 545,943 | 791,633 |
| Loan origination fees | 185,700 | 146,118 | 169,859 |
| Fulfillment fees from PennyMac Mortgage Investment Trust | 26,291 | 27,826 | 67,991 |
| Net loan servicing fees | 533,655 | 642,600 | 951,329 |
| Net interest income (expense): | |||
| Interest income | 791,702 | 630,554 | 293,160 |
| Interest expense | 819,348 | 637,777 | 335,427 |
| Net interest income (expense) | (27,646) | (7,223) | (42,267) |
| Other | 1,698 | 3,913 | 3,560 |
| Total net revenues | 1,537,066 | 1,359,177 | 1,942,105 |
| Expenses: | |||
| Compensation | 520,209 | 475,449 | 590,216 |
| Loan origination | 164,092 | 114,500 | 173,622 |
| Technology | 135,114 | 128,429 | 123,082 |
| Servicing | 105,997 | 69,433 | 59,628 |
| Professional services | 18,112 | 18,310 | 30,269 |
| Occupancy and equipment | 26,825 | 29,127 | 34,006 |
| Marketing and advertising | 20,418 | 16,303 | 41,098 |
| Legal settlements | (30) | 853 | |
| Other | 30,096 | 22,303 | 28,172 |
| Total expenses | 1,020,833 | 874,707 | 1,080,093 |
| Income before provision for income taxes | 516,233 | 484,470 | 862,012 |
| Acquisition of: | |||
| Segment assets at year end | 26,019,630 | 18,596,526 | 16,674,088 |
| Capitalized software | 19,841 | 32,920 | 67,536 |
| Furniture, fixtures, equipment and building improvements | 1,504 | 1,190 | 6,661 |
| Amortization of capitalized software | 47,041 | 41,219 | 21,614 |
| Operating segment | Furniture, Fixtures, Equipment and Building Improvements | |||
| Acquisition of: | |||
| Depreciation and amortization of furniture, fixtures, equipment and building improvements | 6,547 | 8,190 | 8,876 |
| Operating segment | Mortgage banking Production | |||
| Revenues: | |||
| Net gains on loans held for sale at fair value | 726,720 | 453,063 | 599,895 |
| Loan origination fees | 185,700 | 146,118 | 169,859 |
| Fulfillment fees from PennyMac Mortgage Investment Trust | 26,291 | 27,826 | 67,991 |
| Net interest income (expense): | |||
| Interest income | 321,210 | 272,307 | 134,206 |
| Interest expense | 318,750 | 254,890 | 108,072 |
| Net interest income (expense) | 2,460 | 17,417 | 26,134 |
| Other | 531 | 250 | 441 |
| Total net revenues | 941,702 | 644,674 | 864,320 |
| Expenses: | |||
| Compensation | 315,838 | 274,447 | 384,884 |
| Loan origination | 164,092 | 114,500 | 173,622 |
| Technology | 95,603 | 88,086 | 81,826 |
| Professional services | 11,206 | 10,825 | 22,769 |
| Occupancy and equipment | 15,683 | 18,353 | 21,653 |
| Marketing and advertising | 20,138 | 16,125 | 40,419 |
| Legal settlements | 853 | ||
| Other | 7,911 | 5,407 | 8,348 |
| Total expenses | 630,471 | 528,596 | 733,521 |
| Income before provision for income taxes | 311,231 | 116,078 | 130,799 |
| Acquisition of: | |||
| Segment assets at year end | 8,431,612 | 4,560,323 | 3,617,627 |
| Capitalized software | 16,156 | 32,504 | 66,171 |
| Furniture, fixtures, equipment and building improvements | 465 | 199 | 5,146 |
| Amortization of capitalized software | 39,160 | 31,285 | 11,653 |
| Operating segment | Mortgage banking Production | Furniture, Fixtures, Equipment and Building Improvements | |||
| Acquisition of: | |||
| Depreciation and amortization of furniture, fixtures, equipment and building improvements | 3,743 | 5,225 | 5,832 |
| Operating segment | Mortgage banking Servicing | |||
| Revenues: | |||
| Net gains on loans held for sale at fair value | 90,648 | 92,880 | 191,738 |
| Net loan servicing fees | 533,655 | 642,600 | 951,329 |
| Net interest income (expense): | |||
| Interest income | 470,492 | 358,247 | 158,954 |
| Interest expense | 500,598 | 382,887 | 227,355 |
| Net interest income (expense) | (30,106) | (24,640) | (68,401) |
| Other | 1,167 | 3,663 | 3,119 |
| Total net revenues | 595,364 | 714,503 | 1,077,785 |
| Expenses: | |||
| Compensation | 204,371 | 201,002 | 205,332 |
| Technology | 39,511 | 40,343 | 41,256 |
| Servicing | 105,997 | 69,433 | 59,628 |
| Professional services | 6,906 | 7,485 | 7,500 |
| Occupancy and equipment | 11,142 | 10,774 | 12,353 |
| Marketing and advertising | 280 | 178 | 679 |
| Legal settlements | (30) | ||
| Other | 22,185 | 16,896 | 19,824 |
| Total expenses | 390,362 | 346,111 | 346,572 |
| Income before provision for income taxes | 205,002 | 368,392 | 731,213 |
| Acquisition of: | |||
| Segment assets at year end | 17,588,018 | 14,036,203 | 13,056,461 |
| Capitalized software | 3,685 | 416 | 1,365 |
| Furniture, fixtures, equipment and building improvements | 1,039 | 991 | 1,515 |
| Amortization of capitalized software | 7,881 | 9,934 | 9,961 |
| Operating segment | Mortgage banking Servicing | Furniture, Fixtures, Equipment and Building Improvements | |||
| Acquisition of: | |||
| Depreciation and amortization of furniture, fixtures, equipment and building improvements | 2,804 | 2,965 | 3,044 |
| Corporate and other | |||
| Revenues: | |||
| Management fees | 28,623 | 28,762 | 31,065 |
| Net interest income (expense): | |||
| Interest income | 1,864 | 2,370 | 902 |
| Net interest income (expense) | 1,864 | 2,370 | 902 |
| Other | 26,178 | 11,347 | 11,683 |
| Total net revenues | 56,665 | 42,479 | 43,650 |
| Expenses: | |||
| Compensation | 112,529 | 101,515 | 145,015 |
| Technology | 14,433 | 14,723 | 16,868 |
| Professional services | 19,880 | 42,211 | 43,001 |
| Occupancy and equipment | 6,073 | 7,431 | 6,118 |
| Marketing and advertising | 1,551 | 1,328 | 5,664 |
| Legal settlements | 1,621 | 161,917 | 4,649 |
| Other | 15,785 | 14,193 | 19,100 |
| Total expenses | 171,872 | 343,318 | 240,415 |
| Income before provision for income taxes | (115,207) | (300,839) | (196,765) |
| Acquisition of: | |||
| Segment assets at year end | 67,257 | 248,037 | 148,496 |
| Capitalized software | 541 | 1,864 | 4,399 |
| Furniture, fixtures, equipment and building improvements | 211 | 196 | 498 |
| Amortization of capitalized software | 1,128 | 2,243 | 2,341 |
| Corporate and other | Furniture, Fixtures, Equipment and Building Improvements | |||
| Acquisition of: | |||
| Depreciation and amortization of furniture, fixtures, equipment and building improvements | $ 1,268 | $ 1,562 | $ 1,578 |
Parent Company Information - Minimum Tangible Net Worth (Details) $ in Billions |
Dec. 31, 2024
USD ($)
|
|---|---|
| PLS | |
| Parent Company Information | |
| Minimum tangible net worth | $ 1.3 |
Parent Company Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| ASSETS | |||
| Cash | $ 238,482 | $ 938,371 | $ 1,328,536 |
| Investment in subsidiaries | 944 | 1,121 | |
| Receivable from PennyMac Mortgage Investment Trust | 30,206 | 29,262 | |
| Total assets | 26,086,887 | 18,844,563 | $ 16,822,584 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Unsecured senior notes | 3,164,032 | 2,519,651 | |
| Accounts payable and accrued expenses | 354,414 | 449,896 | |
| Income taxes payable | 1,131,000 | 1,042,886 | |
| Total liabilities | 22,257,236 | 15,305,960 | |
| Total liabilities and stockholders' equity | 26,086,887 | 18,844,563 | |
| PennyMac Financial Services, Inc. | Parent Company | |||
| ASSETS | |||
| Cash | 2,994 | 8,639 | |
| Investment in subsidiaries | 4,809,214 | 4,488,039 | |
| Due from subsidiaries | 3,012,578 | 2,322,854 | |
| Total assets | 7,824,786 | 6,819,532 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Unsecured senior notes | 3,164,032 | 2,519,651 | |
| Accounts payable and accrued expenses | 34,274 | 29,636 | |
| Payables to subsidiaries | 187 | ||
| Income taxes payable | 796,829 | 731,455 | |
| Total liabilities | 3,995,135 | 3,280,929 | |
| Stockholders' equity | 3,829,651 | 3,538,603 | |
| Total liabilities and stockholders' equity | $ 7,824,786 | $ 6,819,532 |
Parent Company Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenue | |||
| Interest income | $ 793,566 | $ 632,924 | $ 294,062 |
| Interest expense: | |||
| Interest expense | 819,348 | 637,777 | 335,427 |
| Net interest income (expense) | (25,782) | (4,853) | (41,365) |
| Expenses | |||
| Professional services | 37,992 | 60,521 | 73,270 |
| Other | 45,881 | 36,496 | 47,272 |
| Total expenses | 1,192,705 | 1,218,025 | 1,320,508 |
| Income before provision for income taxes | 401,026 | 183,631 | 665,247 |
| Provision for income taxes | 89,603 | 38,975 | 189,740 |
| Net income | 311,423 | 144,656 | 475,507 |
| Nonrelated Party | |||
| Revenue | |||
| Interest income | 793,566 | 632,924 | 294,062 |
| Interest expense: | |||
| Interest expense | 819,348 | 637,777 | 335,427 |
| PennyMac Financial Services, Inc. | Parent Company | |||
| Revenue | |||
| Dividends from subsidiaries | 9,378 | 80,617 | 417,391 |
| Interest income | 255,778 | 156,082 | 121,452 |
| Interest expense: | |||
| Interest expense | 184,304 | 98,396 | 95,014 |
| Net interest income (expense) | 71,474 | 57,686 | 26,438 |
| Total net revenue | 80,852 | 138,303 | 443,829 |
| Expenses | |||
| Charitable contributions | 2,500 | ||
| Other | 838 | 931 | 267 |
| Total expenses | 3,338 | 931 | 267 |
| Income before provision for income taxes | 77,514 | 137,372 | 443,562 |
| Provision for income taxes | 66,398 | 31,267 | 129,948 |
| Income before equity in undistributed earnings of subsidiaries | 11,116 | 106,105 | 313,614 |
| Equity in undistributed earnings of subsidiaries | 300,307 | 38,551 | 161,893 |
| Net income | 311,423 | 144,656 | 475,507 |
| PennyMac Financial Services, Inc. | Non-affiliates | Parent Company | |||
| Revenue | |||
| Interest income | 5 | ||
| PennyMac Financial Services, Inc. | Subsidiary | Parent Company | |||
| Revenue | |||
| Interest income | $ 255,773 | $ 156,082 | $ 121,452 |
Parent Company Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash flow from operating activities | |||
| Net income | $ 311,423 | $ 144,656 | $ 475,507 |
| Amortization of debt issuance costs | 28,812 | 21,432 | 19,198 |
| Increase in receivable from PennyMac Mortgage Investment Trust | (4,464) | 5,666 | 2,776 |
| Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | (201) | (576) | |
| Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | (3,855) | ||
| (Decrease) increase in accounts payable and accrued expenses | (78,651) | 121,677 | (109,485) |
| Increase in income taxes payable | 88,115 | 40,142 | 317,482 |
| Net cash used in operating activities | (4,533,270) | (1,582,219) | 6,033,235 |
| Cash flow from investing activities | |||
| Net cash used in investing activities | (1,887,955) | (273,288) | (721,582) |
| Cash flow from financing activities | |||
| Issuance of unsecured senior notes | 650,000 | 750,000 | |
| Payment of debt issuance costs | (35,922) | (33,018) | (19,606) |
| Issuance of common stock by exercise of stock options | 20,062 | 17,215 | 2,947 |
| Repurchase of common stock and Class A common stock | (71,491) | (406,086) | |
| Payment of withholding taxes relating to stock-based compensation | (9,401) | (9,142) | (7,780) |
| Net cash provided by (used in) financing activities | 5,721,336 | 1,465,339 | (4,323,207) |
| Net decrease in cash and restricted cash | (699,889) | (390,168) | 988,446 |
| Non-cash financing activity: | |||
| Restricted Cash | 3 | ||
| PennyMac Financial Services, Inc. | |||
| Non-cash financing activity: | |||
| Repurchase of common stock paid by PNMAC on behalf of Parent company | 71,491 | ||
| Payment of withholdings taxes relating to stock-based compensation by PNMAC on behalf of Parent company | 9,401 | 9,142 | |
| Issuance of common stock in settlement of directors' fees | 256 | 180 | 205 |
| PennyMac Financial Services, Inc. | Parent Company | |||
| Cash flow from operating activities | |||
| Net income | 311,423 | 144,656 | 475,507 |
| Equity in undistributed earnings of subsidiaries | (300,307) | (38,551) | (161,893) |
| Amortization of debt issuance costs | 6,509 | 3,802 | 3,701 |
| Increase in receivable from PennyMac Mortgage Investment Trust | 27 | ||
| (Increase) decrease in intercompany receivable | (698,869) | (894,204) | (31,566) |
| (Decrease) increase in accounts payable and accrued expenses | 4,638 | 3,280 | (1,779) |
| Increase in payable to subsidiaries | (187) | 52 | 19 |
| Increase in income taxes payable | 65,374 | 32,383 | 217,771 |
| Net cash used in operating activities | (611,419) | (748,555) | 501,760 |
| Cash flow from financing activities | |||
| Issuance of unsecured senior notes | 650,000 | 750,000 | |
| Payment of debt issuance costs | (12,128) | (14,071) | |
| Payment of dividend to common stock and Class A common stockholders | (52,160) | (41,446) | (54,621) |
| Issuance of common stock by exercise of stock options | 20,062 | 17,215 | 2,947 |
| Repurchase of common stock and Class A common stock | (406,086) | ||
| Payment of withholding taxes relating to stock-based compensation | (7,780) | ||
| Net cash provided by (used in) financing activities | 605,774 | 711,698 | (465,540) |
| Net decrease in cash and restricted cash | (5,645) | (36,857) | 36,220 |
| Cash at beginning of year | 8,639 | 45,496 | 9,276 |
| Cash at end of year | 2,994 | 8,639 | 45,496 |
| Non-cash financing activity: | |||
| Restricted Cash | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | |||
|---|---|---|---|---|
Jan. 30, 2025 |
Feb. 06, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Subsequent Event | ||||
| Unsecured senior notes | $ 3,164,032 | $ 2,519,651 | ||
| Subsequent Event | ||||
| Subsequent Event | ||||
| Unsecured senior notes | $ 850,000 | |||
| Stated interest rate (as a percent) | 6.875% | |||
| Subsequent Event | 2025 Q1 Dividends | ||||
| Subsequent Event | ||||
| Dividends declared (in dollars per share) | $ 0.3 | |||
| Securities Repurchase Agreements | ||||
| Dividend declaration date | Jan. 30, 2024 | |||
| Dividend date of record | Feb. 13, 2025 | |||
| Dividend payable date | Feb. 23, 2025 |