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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | 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
|  | December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Adjusted pretax operating income (loss) |  |  |  |  |  |
Mortgage |  | $ | 1,131,943 |  |  | $ | 781,546 |  |  | $ | 453,294 |
homegenius |  | (88,198) |  |  | (27,324) |  |  | (23,240) |
Total adjusted pretax operating income for reportable segments |  | 1,043,745 |  |  | 754,222 |  |  | 430,054 |
All Other adjusted pretax operating income |  | 8,972 |  |  | 3,527 |  |  | 2,013 |
Net gains (losses) on investments and other financial instruments (1) |  | (80,780) |  |  | 14,094 |  |  | 60,277 |
Amortization of other acquired intangible assets |  | (4,308) |  |  | (3,450) |  |  | (5,144) |
Impairment of other long-lived assets and other non-operating items |  | (14,850) |  |  | (3,561) |  |  | (7,759) |
Consolidated pretax income |  | $ | 952,779 |  |  | $ | 764,832 |  |  | $ | 479,441 |
(1)For 2022 and 2021, excludes certain net gains (losses) on investments that are attributable to specific operating segments and therefore included in adjusted pretax operating income (loss).
Reconciliation of Revenue from Segments to Consolidated | The following tables reconcile reportable segment revenues to consolidated revenues and summarize interest expense, depreciation expense, allocation of corporate operating expenses and adjusted pretax operating income for our reportable segments as follows.
Reportable segment revenue and other segment information
|  | December 31, 2022
(In thousands) |  | Mortgage |  | homegenius |  | Reportable Segment Total |  | All Other |  | Inter-segment |  | Adjustments |  | Consolidated Total
Net premiums earned |  | $ | 957,213 |  |  | $ | 23,918 |  |  | $ | 981,131 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 981,131 |
Services revenue |  | 7,390 |  |  | 85,158 |  |  | 92,548 |  |  | — |  |  | (332) |  |  | — |  |  | 92,216 |
Net investment income |  | 171,221 |  |  | 729 |  |  | 171,950 |  |  | 23,708 |  |  | — |  |  | — |  |  | 195,658 |
Net gains (losses) on investments and other financial instruments |  | — |  |  | — |  |  | — |  |  | 47 |  |  | — |  |  | (80,780) |  |  | (80,733) |
Other income |  | 2,376 |  |  | 170 |  |  | 2,546 |  |  | 78 |  |  | (170) |  |  | — |  |  | 2,454 |
Total revenues |  | $ | 1,138,200 |  |  | $ | 109,975 |  |  | $ | 1,248,175 |  |  | $ | 23,833 |  |  | $ | (502) |  |  | $ | (80,780) |  |  | $ | 1,190,726 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 84,440 |  |  | $ | — |  |  | $ | 84,440 |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | 8,986 |  |  | 2,538 |  |  | 11,524 |  |  |  |  |  |  |  |  |
Allocation of corporate operating expenses (1) |  | 138,566 |  |  | 22,856 |  |  | 161,422 |  |  |  |  |  |  |  |  |
(1)Includes allocated depreciation expense of $3.0 million, $0.5 million and $3.6 million allocated to Mortgage, homegenius and Reportable Segment Total, respectively.
|  | December 31, 2021
(In thousands) |  | Mortgage |  | homegenius |  | Reportable Segment Total |  | All Other |  | Inter-segment |  | Adjustments |  | Consolidated Total
Net premiums earned |  | $ | 998,282 |  |  | $ | 38,901 |  |  | $ | 1,037,183 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,037,183 |
Services revenue |  | 17,670 |  |  | 108,282 |  |  | 125,952 |  |  | 154 |  |  | (281) |  |  | — |  |  | 125,825 |
Net investment income |  | 132,929 |  |  | 358 |  |  | 133,287 |  |  | 14,622 |  |  | — |  |  | — |  |  | 147,909 |
Net gains (losses) on investments and other financial instruments |  | — |  |  | 1,509 |  |  | 1,509 |  |  | — |  |  | — |  |  | 14,094 |  |  | 15,603 |
Other income |  | 2,678 |  |  | — |  |  | 2,678 |  |  | 734 |  |  | — |  |  | — |  |  | 3,412 |
Total revenues |  | $ | 1,151,559 |  |  | $ | 149,050 |  |  | $ | 1,300,609 |  |  | $ | 15,510 |  |  | $ | (281) |  |  | $ | 14,094 |  |  | $ | 1,329,932 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 84,344 |  |  | $ | — |  |  | $ | 84,344 |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | 9,580 |  |  | 2,452 |  |  | 12,032 |  |  |  |  |  |  |  |  |
Allocation of corporate operating expenses (1) |  | 127,482 |  |  | 18,482 |  |  | 145,964 |  |  |  |  |  |  |  |  |
(1)Includes allocated depreciation expense of $3.2 million, $0.5 million and $3.7 million allocated to Mortgage, homegenius and Reportable Segment Total, respectively.
|  | December 31, 2020
(In thousands) |  | Mortgage |  | homegenius |  | Reportable Segment Total |  | All Other |  | Inter-segment |  | Adjustments |  | Consolidated Total
Net premiums earned |  | $ | 1,092,767 |  |  | $ | 22,554 |  |  | $ | 1,115,321 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,115,321 |
Services revenue |  | 14,765 |  |  | 79,524 |  |  | 94,289 |  |  | 12,535 |  |  | (1,439) |  |  | — |  |  | 105,385 |
Net investment income |  | 137,195 |  |  | 361 |  |  | 137,556 |  |  | 16,481 |  |  | — |  |  | — |  |  | 154,037 |
Net gains (losses) on investments and other financial instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 60,277 |  |  | 60,277 |
Other income |  | 2,816 |  |  | — |  |  | 2,816 |  |  | 534 |  |  | — |  |  | 247 |  |  | 3,597 |
Total revenues |  | $ | 1,247,543 |  |  | $ | 102,439 |  |  | $ | 1,349,982 |  |  | $ | 29,550 |  |  | $ | (1,439) |  |  | $ | 60,524 |  |  | $ | 1,438,617 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 71,150 |  |  | $ | — |  |  | $ | 71,150 |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | 12,387 |  |  | 2,857 |  |  | 15,244 |  |  |  |  |  |  |  |  |
Allocation of corporate operating expenses (1) |  | 114,802 |  |  | 12,807 |  |  | 127,609 |  |  |  |  |  |  |  |  |
(1)Includes allocated depreciation expense of $2.6 million, $0.3 million and $2.9 million allocated to Mortgage, homegenius and Reportable Segment Total, respectively.
Services Revenue | The table below, which represents total services revenue on our consolidated statements of operations for the periods indicated, represents the disaggregation of services revenues by revenue type.
Services revenue |  |  |  |  |  |
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
homegenius |  |  |  |  |  |
Title |  | $ | 18,687 |  |  | $ | 40,202 |  |  | $ | 23,265 |
Real estate |  |  |  |  |  |
Valuation |  | 30,002 |  |  | 28,590 |  |  | 17,986 |
Single-family rental |  | 24,387 |  |  | 27,291 |  |  | 17,159 |
REO asset management |  | 3,091 |  |  | 2,370 |  |  | 5,518 |
Other real estate services |  | 115 |  |  | 144 |  |  | 2,479 |
Technology |  |  |  |  |  |
Asset management workflow platform |  | 4,814 |  |  | 5,535 |  |  | 7,998 |
Other technology services |  | 3,730 |  |  | 3,869 |  |  | 3,763 |
Mortgage |  | 7,390 |  |  | 17,670 |  |  | 14,682 |
All Other (1) |  | — |  |  | 154 |  |  | 12,535 |
Total services revenue |  | $ | 92,216 |  |  | $ | 125,825 |  |  | $ | 105,385 |
(1)Includes services revenue from Clayton Services LLC, a former indirect subsidiary of Radian Group, prior to its sale in January 2020 and amounts related to our traditional appraisal business, which we wound down beginning in the fourth quarter of 2020.

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