Segment Reporting (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Adjusted pretax operating income (loss)
Mortgage	$	197,750	$	316,520	$	412,185	$	594,361
homegenius	(24,421)		(17,690)		(47,462)		(31,196)
Total adjusted pretax operating income for reportable segments (1)	173,329		298,830		364,723		563,165
All Other adjusted pretax operating income	11,046		3,203		19,515		3,816
Net gains (losses) on investments and other financial instruments (2)	(331)		(41,869)		5,174		(71,326)
Amortization of other acquired intangible assets	(1,370)		(849)		(2,741)		(1,698)
Impairment of other long-lived assets and other non-operating items	2		565		16		63
Consolidated pretax income	$	182,676	$	259,880	$	386,687	$	494,020

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

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Mortgage
Allocated corporate operating expenses (a)	$	37,081	$	33,237	$	71,910	$	69,446
Direct depreciation expense	2,045		2,241		4,169		4,569
homegenius
Allocated corporate operating expenses (b)	$	4,954	$	5,719	$	9,612	$	10,999
Direct depreciation expense	628		642		1,208		1,286

(a)Includes allocated depreciation expense of $0.7 million and $1.5 million for the three and six months ended June 30, 2023, respectively, and $0.7 million and $1.5 million for the three and six months ended June 30, 2022, respectively.

(b)Includes allocated depreciation expense of $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively.

(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 June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Revenues
Mortgage	$	260,817	$	289,783	$	540,687	$	574,229
homegenius (1)	14,806		32,343		27,767		66,255
Total revenues for reportable segments	275,623		322,126		568,454		640,484
All Other revenues	15,229		6,661		27,608		10,822
Net gains (losses) on investments and other financial instruments	(331)		(41,869)		5,174		(71,326)
Elimination of inter-segment revenues	(108)		(85)		(203)		(167)
Total revenues	$	290,413	$	286,833	$	601,033	$	579,813

(1)Includes immaterial inter-segment revenues for the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
homegenius
Title	$	3,233	$	4,895	$	5,787	$	11,298
Real estate
Valuation	4,544		10,036		8,117		19,053
Single family rental	1,619		8,227		4,054		15,457
Asset management technology platform	1,209		1,274		2,375		2,606
Real estate owned asset management	888		739		1,800		1,552
Other real estate services	—		4		1		5
Real estate technology
Real estate technology services	20		—		27		—
Mortgage	284		2,106		620		6,658
Total services revenue	$	11,797	$	27,281	$	22,781	$	56,629