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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Reconciliation of Adjusted Pretax Operating Income (Loss) by Segment

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
						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2023						2022						2023						2022
Adjusted pretax operating income (loss)
Mortgage						$	218,601					$	295,675					$	630,786					$	890,036
homegenius						(20,932)						(25,536)						(68,394)						(56,732)
Total adjusted pretax operating income for reportable segments (1)						197,669						270,139						562,392						833,304
All Other adjusted pretax operating income						12,786						2,581						32,301						6,397
Net gains (losses) on investments and other financial instruments (2)						(8,838)						(16,252)						(3,664)						(87,578)
Amortization of other acquired intangible assets						(1,371)						(1,023)						(4,112)						(2,721)
Impairment of other long-lived assets and other non-operating items						737						16						753						79
Consolidated pretax income						$	200,983					$	255,461					$	587,670					$	749,481

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

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2023						2022						2023						2022
Mortgage
Allocated corporate operating expenses (a)						$	31,744					$	32,457					$	103,654					$	101,903
Direct depreciation expense						1,995						2,234						6,164						6,803
homegenius
Allocated corporate operating expenses (a)						$	4,241					$	5,555					$	13,853					$	16,554
Direct depreciation expense						704						646						1,912						1,932

(a)Includes immaterial allocated depreciation expense for the three and nine months ended September 30, 2023 and 2022.

(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).

Reconciliation of Revenues by Segment

The reconciliation of revenues for our reportable segments to consolidated revenues is as follows.

Reconciliation of revenues by segment
						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2023						2022						2023						2022
Revenues
Mortgage						$	288,649					$	281,033					$	829,336					$	855,262
homegenius (1)						14,707						25,083						42,474						91,338
Total revenues for reportable segments						303,356						306,116						871,810						946,600
All Other revenues						18,249						6,396						45,857						17,218
Net gains (losses) on investments and other financial instruments						(8,838)						(16,252)						(3,664)						(87,578)
Other non-operating revenue						868						—						868						—
Elimination of inter-segment revenues						(102)						(71)						(305)						(238)
Total revenues						$	313,533					$	296,189					$	914,566					$	876,002

(1)Includes immaterial inter-segment revenues for the three and nine months ended September 30, 2023 and 2022.

Services Revenue

The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenue by revenue type.

Services revenue
						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2023						2022						2023						2022
homegenius
Real estate
Valuation						$	4,024					$	7,634					$	12,141					$	26,687
Single family rental						1,529						5,430						5,583						20,887
Asset management technology platform						1,199						1,134						3,574						3,740
Real estate owned asset management						887						750						2,687						2,302
Other real estate services						26						78						27						83
Title						2,964						4,714						8,751						16,012
Real estate technology
Real estate technology services						(3)						2						24						2
Mortgage						266						404						886						7,062
Total services revenue						$	10,892					$	20,146					$	33,673					$	76,775

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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