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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliation of Adjusted Pretax Operating Income (Loss) to Consolidated Pretax Income
The reconciliation of adjusted pretax operating income (loss) for our reportable segment to consolidated pretax income is as follows.
Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2024202320242023
Mortgage Insurance adjusted pretax operating income (1)
$198,763 $198,099 $408,613 $412,798 
Reconciling items
All Other adjusted pretax operating income (loss)(6,080)(13,724)(13,113)(28,560)
Net gains (losses) on investments and other financial
instruments (2)
(4,438)(331)(4,331)5,174 
Amortization and impairment of goodwill and other acquired intangible assets— (1,370)— (2,741)
Impairment of other long-lived assets and other non-operating items (3)
(122)(4,397)16 
Consolidated pretax income$188,123 $182,676 $386,772 $386,687 
(1)Includes allocated corporate operating expenses and depreciation expense as follows.
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2024202320242023
Mortgage Insurance
Allocated corporate operating expenses (a)
$43,197 $37,081 $77,706 $71,910 
Direct depreciation expense2,069 2,045 3,992 4,169 
(a)Includes immaterial allocated depreciation expense for the three and six months ended June 30, 2024 and 2023.
(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).
(3)The non-operating loss for the six months ended June 30, 2024, primarily relates to a loss on extinguishment of debt. See Note 12 for more information.
Schedule of Reconciliation of Reportable Segment Revenues to Total Revenues
The reconciliation of revenues for our reportable segment to consolidated revenues is as follows.
Reconciliation of reportable segment revenues to total revenues
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2024202320242023
Mortgage Insurance revenues$285,983 $260,332 $571,006 $539,698 
Reconciling items
All Other (1)
39,722 29,686 74,128 54,762 
Net gains (losses) on investments and other financial instruments(4,438)(331)(4,331)5,174 
Elimination of inter-segment revenues(120)(108)(238)(203)
Total revenues$321,147 $289,579 $640,565 $599,431 
(1)Includes immaterial inter-segment revenues for the three and six months ended June 30, 2024 and 2023.
Schedule of Services Revenue
The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type.
Services revenue
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2024202320242023
Mortgage Insurance
Contract underwriting services$309 $284 $519 $620 
All Other
Real Estate Services
Valuation4,086 3,882 8,561 6,763 
Single family rental2,368 1,619 4,728 4,054 
Asset management technology platform1,223 1,209 2,423 2,375 
Real estate owned asset management1,100 888 2,249 1,800 
Other real estate services— — 
Title3,540 3,233 6,113 5,787 
Real Estate Technology639 682 1,251 1,381 
Total services revenue $13,265 $11,797 $25,853 $22,781