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Revenue Recognition
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
Our revenue consists of:
Three months ended September 30,Nine months ended September 30,
2021202020212020
Revenue StreamIncome Statement ClassificationSegmentTotal Revenue
Revenue from insurance contracts:(in millions)
Direct title insurance premiumsDirect title insurance premiumsTitle$896 $733 $2,546 $1,854 
Agency title insurance premiumsAgency title insurance premiumsTitle1,318 981 3,632 2,497 
Life insurance premiums, insurance and investment product fees, and otherEscrow, title-related and other feesF&G431 60 557 80 
Home warrantyEscrow, title-related and other feesTitle57 51 144 140 
Total revenue from insurance contracts2,702 1,825 6,879 4,571 
Revenue from contracts with customers:
Escrow feesEscrow, title-related and other feesTitle359 334 1,057 814 
Other title-related fees and incomeEscrow, title-related and other feesTitle226 189 663 516 
ServiceLink, excluding title premiums, escrow fees, and subservicing feesEscrow, title-related and other feesTitle108 92 295 284 
Real estate technologyEscrow, title-related and other feesCorporate and other37 29 105 81 
Real estate brokerageEscrow, title-related and other feesCorporate and other— 7 — 19 
OtherEscrow, title-related and other feesCorporate and other7 15 28 14 
Total revenue from contracts with customers737 666 2,148 1,728 
Other revenue:
Loan subservicing revenueEscrow, title-related and other feesTitle99 76 274 253 
Interest and investment incomeInterest and investment incomeVarious508 336 1,424 541 
Recognized gains and losses, netRecognized gains and losses, netVarious(154)73 121 (85)
Total revenuesTotal revenues$3,892 $2,976 $10,846 $7,008 
Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by
state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.
Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.
Escrow fees and Other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.
Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.
Life insurance premiums in our F&G segment reflect premiums for traditional life insurance products, life-contingent immediate annuity products and life-contingent PRT products which are recognized as revenue when due from the policyholder. Insurance and investment product fees and other consist primarily of the cost of insurance fees on IUL policies, UREV on IUL policies, policy rider fees primarily on FIA policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.
Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.
Real estate brokerage revenues are primarily comprised of commission revenues earned in association with the facilitation of real estate transactions and are recognized upon closing of the sale of the underlying real estate transaction.
Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.
Interest and investment income consists primarily of interest recognized on fixed maturity security holdings, limited partnership returns and dividends recognized on equity and preferred security holdings, net of investment expense.
We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Contract Balances
The following table provides information about trade receivables and deferred revenue:
 September 30, 2021December 31, 2020
 (In millions)
Trade receivables$484 $404 
Deferred revenue (contract liabilities)108 117 
Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2021, we recognized $56
million and $87 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.