Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The reconciliation of adjusted pretax operating income (loss) for our reportable segments to consolidated pretax income is as follows.

Reconciliation of adjusted pretax operating income (loss) by segment
	December 31,
(In thousands)	2021		2020		2019
Adjusted pretax operating income (loss)
Mortgage	$	781,546	$	453,294	$	852,854
homegenius	(27,324)		(23,240)		(17,987)
Total adjusted pretax operating income for reportable segments	754,222		430,054		834,867
All Other adjusted pretax operating income	3,527		2,013		19,768
Net gains on investments and other financial instruments (1)	14,094		60,277		51,719
Loss on extinguishment of debt	—		—		(22,738)
Impairment of goodwill	—		—		(4,828)
Amortization and impairment of other acquired intangible assets	(3,450)		(5,144)		(22,288)
Impairment of other long-lived assets and other non-operating items	(3,561)		(7,759)		(7,507)
Consolidated pretax income	$	764,832	$	479,441	$	848,993

(1)For 2021, excludes $1.5 million in net gains on investments attributable to our homegenius segment and included in adjusted pretax operating income (loss) for that reportable segment.

Reconciliation of Revenue from Segments to Consolidated

The following tables reconcile reportable segment revenues to consolidated revenues and summarize interest expense, depreciation expense, allocation of corporate operating expenses and adjusted pretax operating income for our reportable segments as follows.

Reportable segment revenue and other segment information
	December 31, 2021
(In thousands)	Mortgage		homegenius		Reportable Segment Total		All Other		Inter-segment		Adjustments		Consolidated Total
Net premiums earned	$	998,282	$	38,901	$	1,037,183	$	—	$	—	$	—	$	1,037,183
Services revenue	17,670		108,282		125,952		154		(281)		—		125,825
Net investment income	132,929		358		133,287		14,622		—		—		147,909
Net gains on investments and other financial instruments	—		1,509		1,509		—		—		14,094		15,603
Other income	2,678		—		2,678		734		—		—		3,412
Total revenues	$	1,151,559	$	149,050	$	1,300,609	$	15,510	$	(281)	$	14,094	$	1,329,932
Other segment information:
Interest expense	$	84,344	$	—	$	84,344
Direct depreciation expense	9,580		2,452		12,032
Allocation of corporate operating expenses (1)	127,482		18,482		145,964

(1)Includes allocated depreciation expense of $3.2 million, $0.5 million and $3.7 million allocated to Mortgage, homegenius and Reportable Segment Total, respectively.

	December 31, 2020
(In thousands)	Mortgage		homegenius		Reportable Segment Total		All Other		Inter-segment		Adjustments		Consolidated Total
Net premiums earned	$	1,092,767	$	22,554	$	1,115,321	$	—	$	—	$	—	$	1,115,321
Services revenue	14,765		79,524		94,289		12,535		(1,439)		—		105,385
Net investment income	137,195		361		137,556		16,481		—		—		154,037
Net gains on investments and other financial instruments	—		—		—		—		—		60,277		60,277
Other income	2,816		—		2,816		534		—		247		3,597
Total revenues	$	1,247,543	$	102,439	$	1,349,982	$	29,550	$	(1,439)	$	60,524	$	1,438,617
Other segment information:
Interest expense	$	71,150	$	—	$	71,150
Direct depreciation expense	12,387		2,857		15,244
Allocation of corporate operating expenses (1)	114,802		12,807		127,609

(1)Includes allocated depreciation expense of $2.6 million, $0.3 million and $2.9 million allocated to Mortgage, homegenius and Reportable Segment Total, respectively.

	December 31, 2019
(In thousands)	Mortgage		homegenius		Reportable Segment Total		All Other		Inter-segment		Adjustments		Consolidated Total
Net premiums earned	$1,134,214		$	11,976	$	1,146,190	$	(841)	$	—	$	—	$	1,145,349
Services revenue	8,134		76,941		85,075		70,961		(1,440)		—		154,596
Net investment income	151,491		680		152,171		19,625		—		—		171,796
Net gains on investments and other financial instruments	—		—		—		—		—		51,719		51,719
Other income	2,798		—		2,798		697		—		—		3,495
Total revenues	$	1,296,637	$	89,597	$	1,386,234	$	90,442	$	(1,440)	$	51,719	$	1,526,955
Other segment information:
Interest expense	$	56,310	$	—	$	56,310
Direct depreciation expense	15,323		2,321		17,644
Allocation of corporate operating expenses (1)	104,078		10,165		114,243

(1)Includes allocated depreciation expense of $1.6 million, $0.1 million and $1.7 million allocated to Mortgage, homegenius and Reportable Segment Total, respectively.

Services Revenue

The table below represents the disaggregation of services revenues by revenue type.

Services revenue
	Years Ended December 31,
(In thousands)	2021		2020		2019
homegenius
Title	$	40,202	$	23,265	$	14,185
Real estate
Valuation	32,459		21,749		27,549
Single family rental	27,291		17,159		16,011
Asset management workflow platform	5,348		7,707		9,951
REO asset management	2,381		5,518		5,930
Other real estate services	320		2,770		2,862
Mortgage	17,670		14,682		7,632
All Other (1)	154		12,535		70,476
Total services revenue	$	125,825	$	105,385	$	154,596

(1)Includes services revenue from Clayton prior to its sale in January 2020 and amounts related to our traditional appraisal business, which we wound down beginning in the fourth quarter of 2020.