Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Reconciliation of adjusted pretax operating income (loss) by segment

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

Reconciliation of adjusted pretax operating income (loss) by segment
	Three Months Ended March 31,
(In thousands)	2022		2021
Adjusted pretax operating income (loss)
Mortgage	$	277,841	$	175,709
homegenius	(13,506)		(10,453)
Total adjusted pretax operating income for reportable segments (1)	264,335		165,256
All Other adjusted pretax operating income	613		2,060
Net gains (losses) on investments and other financial instruments	(29,457)		(5,181)
Amortization of other acquired intangible assets	(849)		(862)
Impairment of other long-lived assets and other non-operating items	(502)		(84)
Consolidated pretax income	$	234,140	$	161,189

(1)Includes allocated corporate operating expenses and depreciation expense as follows.

	Three Months Ended March 31,
(In thousands)	2022		2021
Mortgage
Allocated corporate operating expenses (a)	$	36,209	$	27,576
Direct depreciation expense	2,328		2,642
homegenius
Allocated corporate operating expenses (b)	$	5,280	$	3,996
Direct depreciation expense	644		578

(a)Includes allocated depreciation expense of $0.8 million for both the three months ended March 31, 2022 and 2021.

(b)Includes allocated depreciation expense of $0.1 million for both the three months ended March 31, 2022 and 2021.

Reconciliation of revenues by segment

The reconciliation of revenues for our reportable segments to consolidated revenues is as follows.

Reconciliation of revenues by segment
	Three Months Ended March 31,
(In thousands)	2022		2021
Revenues
Mortgage	$	284,446	$	303,797
homegenius (1)	33,912		25,795
Total revenues for reportable segments	318,358		329,592
All Other revenues	4,161		4,461
Net gains (losses) on investments and other financial instruments	(29,457)		(5,181)
Elimination of inter-segment revenues	(82)		(59)
Total revenues	$	292,980	$	328,813

(1)Includes immaterial inter-segment revenues for the three months ended March 31, 2022 and 2021.

Services revenue

The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenue by revenue type.

Services revenue
	Three Months Ended March 31,
(In thousands)	2022		2021
homegenius
Title	$	6,403	$	8,057
Real estate
Valuation	7,969		3,922
Single family rental	7,230		3,449
REO asset management	813		580
Other real estate services	1		13
Technology
Asset management technology platform	1,332		1,506
Other technology services	1,048		964
Mortgage	4,552		4,351
All Other (1)	—		53
Total services revenue	$	29,348	$	22,895

(1)Includes amounts related to our traditional appraisal business, which we wound down beginning in the fourth quarter of 2020.