| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flow from operating activities | ||||||
Net income | ||||||
392 | 244 | 311 | 336 | |||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||
Net gains on loans held for sale at fair value | ||||||
725 | 249 | 391 | 531 | |||
Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread | ||||||
583 | 245 | 273 | 300 | |||
Capitalization of interest on loans held for sale at fair value | ||||||
73 | 79 | 44 | 29 | |||
Accrual of interest on excess servicing spread financing payable to PennyMac Mortgage Investment Trust | ||||||
10 | 15 | 16 | 22 | |||
Amortization of net debt issuance cost and (premiums) | ||||||
-4 | -29 | 6 | 11 | |||
Carried Interest from Investment Funds | ||||||
- | -0 | -1 | 0 | |||
Results of real estate acquired in settlement of loans | ||||||
0 | 0 | 0 | 0 | |||
Stock based compensation expense | ||||||
24 | 25 | 20 | 16 | |||
Provision for servicing advance losses | ||||||
36 | 40 | 43 | 35 | |||
Depreciation and amortization | ||||||
15 | 12 | 8 | 5 | |||
Amortization of right-to-use assets | ||||||
10 | - | - | - | |||
Loss from disposition of fixed assets and impairment of capitalized software | ||||||
- | - | -1 | - | |||
Origination of loans held for sale | ||||||
11,831 | 5,000 | 5,557 | 6,491 | |||
Purchase of loans held for sale from non-affiliates | ||||||
1,725 | 531 | - | - | |||
Purchase of loans from Ginnie Mae securities and early buyout investors for modification and subsequent sale | ||||||
6,271 | 4,036 | 3,957 | 2,168 | |||
Sale to non-affiliates and principal payments of loans held for sale | ||||||
61,214 | 44,557 | 50,235 | 49,633 | |||
Repurchase of loans subject to representations and warranties | ||||||
18 | 26 | 20 | 19 | |||
Collection of repurchase agreement derivative | ||||||
31 | 31 | - | - | |||
Increase in servicing advances | ||||||
98 | 33 | 15 | 85 | |||
Sale of real estate acquired in settlement of loans | ||||||
28 | 4 | 4 | - | |||
Decrease in deferred tax asset | ||||||
- | - | - | -18 | |||
Decrease (increase) in other assets | ||||||
62 | 7 | -16 | 19 | |||
Decrease in operating lease liabilities | ||||||
12 | - | - | - | |||
Increase in accounts payable and accrued expenses | ||||||
38 | 32 | -59 | 23 | |||
Net cash (used in) operating activities | ||||||
-2,245 | 572 | -883 | -938 | |||
Cash flow from investing activities | ||||||
Decrease (increase) in short-term investments | ||||||
-43 | -52 | 84 | 39 | |||
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights | ||||||
-366 | 122 | 36 | 27 | |||
Purchase of mortgage servicing rights | ||||||
227 | 227 | 178 | 0 | |||
Purchase of furniture, fixtures, equipment and leasehold improvements | ||||||
6 | 13 | 6 | 21 | |||
Acquisition of capitalized software | ||||||
29 | 17 | 16 | 8 | |||
Decrease in margin deposits | ||||||
21 | 7 | 22 | -62 | |||
Net cash provided by (used in) investing activities | ||||||
148 | -322 | -339 | -34 | |||
Cash flow from financing activities | ||||||
Sale of assets under agreements to repurchase | ||||||
63,803 | 41,375 | 35,698 | 45,925 | |||
Repurchase of assets sold under agreements to repurchase | ||||||
61,596 | 41,820 | 35,054 | 45,355 | |||
Issuance of mortgage loan participation purchase and sale certificates | ||||||
-23,451 | -25,284 | -23,011 | -32,336 | |||
Repayment of mortgage loan participation purchase and sale certificates | ||||||
23,485 | 25,279 | 23,155 | 31,900 | |||
Advances of obligations under capital lease | ||||||
25 | - | 10 | 16 | |||
Advances on notes payable | ||||||
- | - | - | 122 | |||
Repayments of notes payable | ||||||
- | - | - | 33 | |||
Repayments of obligations under capital lease | ||||||
10 | 14 | 12 | 7 | |||
Issuance of notes payable secured by mortgage servicing assets | ||||||
- | 1,300 | 935 | - | |||
Repayments of notes payable secured by mortgage servicing assets | ||||||
- | 900 | 186 | - | |||
Settlement of excess servicing spread financing | ||||||
- | - | - | 59 | |||
Payment of debt issuance costs | ||||||
6 | 19 | 22 | 11 | |||
Distributions to Private National Mortgage Acceptance Company, LLC members | ||||||
- | - | - | 7 | |||
Issuance of common stock pursuant to exercise of stock options | ||||||
5 | 5 | 1 | 0 | |||
Repurchase of common stock | ||||||
1 | 5 | 8 | - | |||
Payment of withholding taxes relating to stock-based compensation | ||||||
4 | - | - | - | |||
Acceptance of mortgage servicing liability | ||||||
- | - | - | 10 | |||
Payment of dividend to holders of common stock | ||||||
9 | 10 | - | - | |||
Net cash provided by (used in) financing activities | ||||||
2,128 | -132 | 1,161 | 967 | |||
Net increase (decrease) in cash and restricted cash | ||||||
32 | 117 | -61 | -5 | |||
PMT | ||||||
Amortization, impairment and change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread | ||||||
-9 | 8 | -19 | -23 | |||
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust | ||||||
0 | 0 | -0 | 0 | |||
Purchase of loans held for sale from PennyMac Mortgage Investment Trust | ||||||
50,110 | 37,967 | 42,624 | 42,051 | |||
Sale of loans held for sale to Penny Mac Mortgage Investment Trust | ||||||
6,255 | 3,343 | 904 | 21 | |||
(Increase) decrease in receivable from affiliates | ||||||
20 | 9 | 11 | -2 | |||
Decrease in payable to affiliate | ||||||
-36 | -34 | -34 | 5 | |||
Increase in income taxes payable | ||||||
104 | 25 | 29 | 25 | |||
Net change in assets purchased from PMT under agreement to resell | ||||||
23 | 13 | 5 | - | |||
Repayment of excess servicing spread financing | ||||||
40 | 46 | 54 | 69 | |||
Investment Funds | ||||||
Accrual of servicing rebate payable to Investment Funds | ||||||
- | - | 0 | 0 | |||
Carried Interest from Investment Funds | ||||||
- | -0 | -1 | 0 | |||
Exchanged Unit Holders | ||||||
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | ||||||
0 | 1 | 32 | 0 | |||
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | ||||||
- | - | 6 | - | |||