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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Mortgage Insurance adjusted pretax operating income |  | $ | 189,522 |  |  | $ | 198,763 |  |  | $ | 383,815 |  |  | $ | 408,613 |
Reconciling items |  |  |  |  |  |  |  |  |  |  |  |
All Other adjusted pretax operating income (loss) |  |  | (16,361 | ) |  |  | (6,080 | ) |  |  | (19,820 | ) |  |  | (13,113 | )
Net gains (losses) on investments and other financial instruments (1) |  |  | 1,852 |  |  |  | (4,438 | ) |  |  | (158 | ) |  |  | (4,331 | )
Impairment of other long-lived assets and other non-operating items (2) |  |  | — |  |  |  | (122 | ) |  |  | (384 | ) |  |  | (4,397 | )
Consolidated pretax income |  | $ | 175,013 |  |  | $ | 188,123 |  |  | $ | 363,453 |  |  | $ | 386,772 |
(1) Does not include 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 six months ended June 30, 2024, primarily relates to a loss on extinguishment of debt.
Schedule of Reconciliation of Revenue from Segment to Consolidated | The following table summarizes information for our Mortgage Insurance reportable segment as follows.
Reportable segment revenue, significant segment expenses and other segment information |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
($ in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total Mortgage Insurance revenues |  | $ | 288,316 |  |  | $ | 285,983 |  |  | $ | 572,614 |  |  | $ | 571,006 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Provision for losses |  |  | 11,954 |  |  |  | (1,769 | ) |  |  | 27,294 |  |  |  | (8,655 | )
Policy acquisition costs |  |  | 7,205 |  |  |  | 6,522 |  |  |  | 13,593 |  |  |  | 13,316 |
Direct other operating expenses |  |  | 19,874 |  |  |  | 17,157 |  |  |  | 36,441 |  |  |  | 34,427 |
Allocated corporate operating expenses (1) |  |  | 42,328 |  |  |  | 43,197 |  |  |  | 77,451 |  |  |  | 77,706 |
Interest expense |  |  | 17,428 |  |  |  | 21,957 |  |  |  | 33,917 |  |  |  | 45,290 |
Other segment items |  |  | 5 |  |  |  | 156 |  |  |  | 103 |  |  |  | 309 |
Adjusted pretax operating income |  | $ | 189,522 |  |  | $ | 198,763 |  |  | $ | 383,815 |  |  | $ | 408,613 |
Other Mortgage Insurance segment information: |  |  |  |  |  |  |  |  |  |  |  |
Direct depreciation expense |  | $ | 1,916 |  |  | $ | 2,069 |  |  | $ | 3,856 |  |  | $ | 3,992 |
Loss Ratio (2) |  |  | 5.1 | % |  |  | (0.8 | )% |  |  | 5.8 | % |  |  | (1.8 | )%
Expense Ratio (3) |  |  | 29.7 | % |  |  | 28.5 | % |  |  | 27.3 | % |  |  | 26.8 | %
(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 following table, 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 June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Mortgage Insurance |  |  |  |  |  |  |  |  |  |  |  |
Contract underwriting services |  | $ | 42 |  |  | $ | 309 |  |  | $ | 215 |  |  | $ | 519 |
All Other |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Services |  |  |  |  |  |  |  |  |  |  |  |
Valuation |  |  | 2,447 |  |  |  | 4,086 |  |  |  | 6,226 |  |  |  | 8,561 |
Single family rental |  |  | 1,245 |  |  |  | 2,368 |  |  |  | 3,095 |  |  |  | 4,728 |
Asset management technology platform |  |  | 1,250 |  |  |  | 1,223 |  |  |  | 2,527 |  |  |  | 2,423 |
Real estate owned asset management |  |  | 1,213 |  |  |  | 1,100 |  |  |  | 2,356 |  |  |  | 2,249 |
Other real estate services |  |  | 32 |  |  |  | — |  |  |  | 37 |  |  |  | 9 |
Title |  |  | 4,013 |  |  |  | 3,540 |  |  |  | 7,274 |  |  |  | 6,113 |
Real Estate Technology |  |  | 682 |  |  |  | 639 |  |  |  | 1,310 |  |  |  | 1,251 |
Total services revenue |  | $ | 10,924 |  |  | $ | 13,265 |  |  | $ | 23,040 |  |  | $ | 25,853 |

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