Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
(In thousands)	2025			2024
Mortgage Insurance adjusted pretax operating income	$	194,293		$	209,850
Reconciling items
All Other adjusted pretax operating income (loss)		(3,459	)		(7,033	)
Net gains (losses) on investments and other financial instruments (1)		(2,010	)		107
Impairment of other long-lived assets and other non-operating items (2)		(384	)		(4,275	)
Consolidated pretax income	$	188,440		$	198,649

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

(2)The non-operating item for the three months ended March 31, 2024, relates to a loss on extinguishment of debt.

Schedule of Reconciliation of Revenue from Segment to Consolidated

The following table summarizes significant expenses and other information for our Mortgage Insurance reportable segment as follows.

Reportable segment revenue and other segment information
	Three Months Ended March 31,
(In thousands)	2025			2024
Total Mortgage Insurance revenues	$	284,298		$	285,023
Less:
Provision for losses		15,340			(6,886	)
Policy acquisition costs		6,388			6,794
Direct other operating expenses		16,567			17,270
Allocated corporate operating expenses (1)		35,123			34,509
Interest expense		16,489			23,333
Other segment items		98			153
Adjusted pretax operating income	$	194,293		$	209,850
Other segment information:
Direct depreciation expense	$	1,940		$	1,923
Loss Ratio (2)		6.6	%		(2.9	)%
Expense Ratio (3)		24.8	%		25.0	%

(1)Includes immaterial allocated depreciation expense.

(2)Calculated as provision for losses expressed as a percentage of net premiums earned.

(3)Calculated as operating expenses (which consist of policy acquisition costs, direct other operating expenses and allocated corporate operating expenses) expressed as a percentage of net premiums earned.

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 March 31,
(In thousands)	2025		2024
Mortgage Insurance
Contract underwriting services	$	173	$	210
All Other
Real Estate Services
Valuation		3,780		4,475
Single family rental		1,850		2,360
Asset management technology platform		1,277		1,200
Real estate owned asset management		1,143		1,149
Other real estate services		5		9
Title		3,261		2,573
Real Estate Technology		627		612
Total services revenue	$	12,116	$	12,588