Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

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 is as follows.

Reconciliation of adjusted pretax operating income (loss) by segment
	Three Months Ended March 31,
(In thousands)	2023		2022
Adjusted pretax operating income (loss)
Mortgage	$	214,435	$	277,841
homegenius	(23,041)		(13,506)
Total adjusted pretax operating income for reportable segments (1)	191,394		264,335
All Other adjusted pretax operating income	8,469		613
Net gains (losses) on investments and other financial instruments (2)	5,505		(29,457)
Amortization of other acquired intangible assets	(1,371)		(849)
Impairment of other long-lived assets and other non-operating items	14		(502)
Consolidated pretax income	$	204,011	$	234,140

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

	Three Months Ended March 31,
(In thousands)	2023		2022
Mortgage
Allocated corporate operating expenses (a)	$	34,829	$	36,209
Direct depreciation expense	2,124		2,328
homegenius
Allocated corporate operating expenses (b)	$	4,658	$	5,280
Direct depreciation expense	580		644

(a)Includes allocated depreciation expense of $0.8 million for each of the three months ended March 31, 2023 and 2022.

(b)Includes allocated depreciation expense of $0.1 million for each of the three months ended March 31, 2023 and 2022.

(2)Excludes certain net gains (losses), if any, on investments and other financial instruments that are attributable to specific operating segments and therefore included in adjusted pretax operating income (loss).

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)	2023		2022
Revenues
Mortgage	$	279,870	$	284,446
homegenius (1)	12,961		33,912
Total revenues for reportable segments	292,831		318,358
All Other revenues	12,379		4,161
Net gains (losses) on investments and other financial instruments	5,505		(29,457)
Elimination of inter-segment revenues	(95)		(82)
Total revenues	$	310,620	$	292,980

(1)Includes immaterial inter-segment revenues for the three months ended March 31, 2023 and 2022.

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)	2023		2022
homegenius
Title	$	2,554	$	6,403
Real estate
Valuation	2,881		7,969
Single family rental	2,435		7,230
Real estate owned asset management	912		813
Other real estate services	1		1
Technology
Asset management technology platform	1,166		1,332
Other technology services	699		1,048
Mortgage	336		4,552
Total services revenue	$	10,984	$	29,348