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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 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 |
|  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Mortgage Insurance adjusted pretax operating income |  | $ | 827,363 |  |  | $ | 829,824 |  |  | $ | 1,131,943 |
Reconciling items |  |  |  |  |  |  |  |  |
All Other adjusted pretax operating income (loss) |  |  | (24,358 | ) |  |  | (43,397 | ) |  |  | (79,226 | )
Net gains (losses) on investments and other financial instruments (1) |  |  | (4,316 | ) |  |  | 9,427 |  |  |  | (80,780 | )
Amortization and impairment of goodwill and other acquired intangible assets |  |  | — |  |  |  | (15,285 | ) |  |  | (4,308 | )
Impairment of other long-lived assets and other non-operating items (2) |  |  | (27,399 | ) |  |  | (13,082 | ) |  |  | (14,850 | )
Consolidated pretax income |  | $ | 771,290 |  |  | $ | 767,487 |  |  | $ | 952,779 |
(1) 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). (2) For 2024, amount includes: (i) $19 million from impairments of internal-use software, due to strategic decisions made in 2024 to discontinue certain products; (ii) $4 million related to loss on extinguishment of debt; and (iii) $4 million from impairments of lease-related assets. For 2023, amount includes $9 million and $5 million r elated to impairments of our lease-related assets and internal use software, respectively. For 2022, amount is primarily related to impairments of our lease-related assets. See Note 13 for more information on our operating leases.
Schedule of Reconciliation of Revenue from Segment 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 segment as follows.
Reportable segment revenue and other segment information |
|  | December 31, 2024 |
(In thousands) |  | Mortgage Insurance |  |  | All Other |  |  | Inter-segment |  |  | Adjustments (1) |  |  | Consolidated Total |
Net premiums earned |  | $ | 939,237 |  |  | $ | 12,046 |  |  | $ | — |  |  | $ | — |  |  | $ | 951,283 |
Services revenue |  |  | 1,025 |  |  |  | 49,646 |  |  |  | (401 | ) |  |  | — |  |  |  | 50,270 |
Net investment income |  |  | 201,453 |  |  |  | 91,240 |  |  |  | — |  |  |  | — |  |  |  | 292,693 |
Net gains (losses) on investments and other financial instruments |  |  | — |  |  |  | (5,798 | ) |  |  | — |  |  |  | (4,316 | ) |  |  | (10,114 | )
Income (loss) on consolidated VIEs |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (2 | )
Other income |  |  | 5,649 |  |  |  | 582 |  |  |  | (78 | ) |  |  | — |  |  |  | 6,153 |
Total revenues |  |  | 1,147,364 |  |  | $ | 147,714 |  |  | $ | (479 | ) |  | $ | (4,316 | ) |  | $ | 1,290,283 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for losses |  |  | (2,248 | ) |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs |  |  | 27,316 |  |  |  |  |  |  |  |  |  |  |  |  |
Direct other operating expenses |  |  | 66,417 |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated corporate operating expenses (2) |  |  | 144,251 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 83,731 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment items |  |  | 534 |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted pretax operating income |  | $ | 827,363 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | $ | 7,974 |  |  |  |  |  |  |  |  |  |  |  |  |
Loss Ratio (3) |  |  | (0.2 | )% |  |  |  |  |  |  |  |  |  |  |  |
Expense Ratio (4) |  |  | 25.3 | % |  |  |  |  |  |  |  |  |  |  |  |
Reportable segment revenue and other segment information |
|  | December 31, 2023 |
(In thousands) |  | Mortgage Insurance |  |  | All Other |  |  | Inter-segment |  |  | Adjustments (1) |  |  | Consolidated Total |
Net premiums earned |  | $ | 909,363 |  |  | $ | 10,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 919,578 |
Services revenue |  |  | 1,088 |  |  |  | 45,394 |  |  |  | (390 | ) |  |  | — |  |  |  | 46,092 |
Net investment income |  |  | 195,077 |  |  |  | 63,353 |  |  |  | — |  |  |  | — |  |  |  | 258,430 |
Net gains (losses) on investments and other financial instruments |  |  | — |  |  |  | 814 |  |  |  | — |  |  |  | 9,427 |  |  |  | 10,241 |
Other income |  |  | 5,372 |  |  |  | 27 |  |  |  | (20 | ) |  |  | 868 |  |  |  | 6,247 |
Total revenues |  |  | 1,110,900 |  |  | $ | 119,803 |  |  | $ | (410 | ) |  | $ | 10,295 |  |  | $ | 1,240,588 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for losses |  |  | (42,136 | ) |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs |  |  | 24,578 |  |  |  |  |  |  |  |  |  |  |  |  |
Direct other operating expenses |  |  | 71,150 |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated corporate operating expenses (2) |  |  | 140,583 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 86,188 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment items |  |  | 713 |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted pretax operating income |  | $ | 829,824 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | $ | 8,164 |  |  |  |  |  |  |  |  |  |  |  |  |
Loss Ratio (3) |  |  | (4.6 | )% |  |  |  |  |  |  |  |  |  |  |  |
Expense Ratio (4) |  |  | 26.0 | % |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |
(In thousands) |  | Mortgage Insurance |  |  | All Other |  |  | Inter-segment |  |  | Adjustments (1) |  |  | Consolidated Total |
Net premiums earned |  | $ | 957,213 |  |  | $ | 23,918 |  |  | $ | — |  |  | $ | — |  |  | $ | 981,131 |
Services revenue |  |  | 7,390 |  |  |  | 85,158 |  |  |  | (332 | ) |  |  | — |  |  |  | 92,216 |
Net investment income |  |  | 171,221 |  |  |  | 24,437 |  |  |  | — |  |  |  | — |  |  |  | 195,658 |
Net gains (losses) on investments and other financial instruments |  |  | — |  |  |  | 47 |  |  |  | — |  |  |  | (80,780 | ) |  |  | (80,733 | )
Other income |  |  | 2,376 |  |  |  | 248 |  |  |  | (170 | ) |  |  | — |  |  |  | 2,454 |
Total revenues |  |  | 1,138,200 |  |  | $ | 133,808 |  |  | $ | (502 | ) |  | $ | (80,780 | ) |  | $ | 1,190,726 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for losses |  |  | (339,374 | ) |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs |  |  | 23,918 |  |  |  |  |  |  |  |  |  |  |  |  |
Direct other operating expenses |  |  | 92,756 |  |  |  |  |  |  |  |  |  |  |  |  |
Allocated corporate operating expenses (2) |  |  | 138,566 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 84,440 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment items |  |  | 5,951 |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted pretax operating income |  | $ | 1,131,943 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | $ | 8,986 |  |  |  |  |  |  |  |  |  |  |  |  |
Loss Ratio (3) |  |  | (35.5 | )% |  |  |  |  |  |  |  |  |  |  |  |
Expense Ratio (4) |  |  | 26.7 | % |  |  |  |  |  |  |  |  |  |  |  |
(1) Represents non-operating items not included in segment results. See “Adjusted Pretax Operating Income (Loss)” above for more information. (2) Includes immaterial allocated depreciation expense. (3) Calculated as provision for losses expressed as a percentage of net premiums earned. (4) Calculated as operating expenses (which consist of policy acquisition costs and direct other operating expenses, as well as 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 consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type.
Services revenue |
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Mortgage Insurance |  |  |  |  |  |  |  |  |
Contract underwriting services |  | $ | 1,024 |  |  | $ | 1,088 |  |  | $ | 1,775 |
Loan fulfillment services |  |  | — |  |  |  | — |  |  |  | 5,615 |
All Other |  |  |  |  |  |  |  |  |
Real Estate Services |  |  |  |  |  |  |  |  |
Valuation |  |  | 15,768 |  |  |  | 14,555 |  |  |  | 30,002 |
Single family rental |  |  | 8,412 |  |  |  | 7,743 |  |  |  | 24,387 |
Asset management technology platform |  |  | 4,924 |  |  |  | 4,639 |  |  |  | 4,814 |
Real estate owned asset management |  |  | 4,455 |  |  |  | 3,960 |  |  |  | 3,091 |
Other real estate services |  |  | 20 |  |  |  | 30 |  |  |  | 115 |
Title |  |  | 13,185 |  |  |  | 11,464 |  |  |  | 18,687 |
Real Estate Technology |  |  | 2,482 |  |  |  | 2,613 |  |  |  | 3,730 |
Total services revenue |  | $ | 50,270 |  |  | $ | 46,092 |  |  | $ | 92,216 |

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