Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(In thousands)	2024			2023			2024			2023
Mortgage Insurance adjusted pretax operating income (1)	$	203,543		$	219,229		$	612,156		$	632,027
Reconciling items
All Other adjusted pretax operating income (loss)		(4,875	)		(8,774	)		(17,988	)		(37,334	)
Net gains (losses) on investments and other financial instruments (2)		6,785			(8,838	)		2,454			(3,664	)
Amortization and impairment of goodwill and other acquired intangible assets		—			(1,371	)		—			(4,112	)
Impairment of other long-lived assets and other non-operating items (3)		(10,061	)		737			(14,458	)		753
Consolidated pretax income	$	195,392		$	200,983		$	582,164		$	587,670

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Allocated corporate operating expenses (a)	$	32,533	$	31,744	$	110,239	$	103,654
Direct depreciation expense		2,003		1,995		5,995		6,164

(a)Includes immaterial allocated depreciation expense for the three and nine months ended September 30, 2024 and 2023.

(2)Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss).

(3)The non-operating loss for the three and nine months ended September 30, 2024, primarily relates to impairment of internal-use software, due to a strategic decision made in the third quarter of 2024 to discontinue the use and offering of a particular product, which resulted in the full impairment of the remaining capitalized costs for this asset.

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 September 30,						Nine Months Ended September 30,
(In thousands)	2024			2023			2024			2023
Mortgage Insurance revenues	$	287,572		$	288,257		$	858,578		$	827,955
Reconciling items
All Other (1)		39,605			32,328			113,733			87,090
Net gains (losses) on investments and other financial instruments		6,785			(8,838	)		2,454			(3,664	)
Other non-operating revenue		—			868			—			868
Elimination of inter-segment revenues		(105	)		(102	)		(343	)		(305	)
Total revenues	$	333,857		$	312,513		$	974,422		$	911,944

(1)All Other total revenues include immaterial inter-segment revenues for the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Mortgage Insurance
Contract underwriting services	$	244	$	266	$	763	$	886
All Other
Real Estate Services
Valuation		3,292		3,405		11,853		10,168
Single family rental		2,302		1,529		7,030		5,583
Asset management technology platform		1,193		1,199		3,616		3,574
Real estate owned asset management		1,082		887		3,331		2,687
Other real estate services		7		26		16		27
Title		3,427		2,964		9,540		8,751
Real Estate Technology		620		616		1,871		1,997
Total services revenue	$	12,167	$	10,892	$	38,020	$	33,673