Recent quarterly earnings reports indicate premium growth, lower claims, and rising insurance in force year-over-year, supporting the company’s mortgage insurance business growth and profitability.

• NMIH reported Q2 2026 earnings highlighting premium growth and lower claims, contributing to improved profitability. [N1]
• The Q2 2026 earnings call provided detailed discussion of key metrics and business performance. [N2]
• Q2 2026 earnings and revenues surpassed prior expectations, reflecting strong operational execution. [N3][N4]
• NMI Holdings’ mortgage insurance business continues to drive growth and profitability as of mid-2026. [N7]
• Q1 2026 earnings and revenues topped prior periods, with insurance in force rising year-over-year. [N8]

NMI Holdings benefits from a large and growing U.S. residential mortgage market with significant demand for private mortgage insurance on high-LTV loans. The company’s broad customer base and diversified insured portfolio support premium growth and profitability. Its proprietary pricing and risk management capabilities enable disciplined underwriting and competitive pricing. Regulatory capital adequacy and strong financial results provide a foundation for operational stability. The company’s loan review services offer ancillary revenue streams and deepen customer relationships. Continued growth in insurance in force and favorable claims experience contribute to positive business momentum. Recent quarterly earnings reports highlight premium growth and lower claims, supporting profitability. [N1][N7][N8]

The private mortgage insurance industry is highly competitive, with pressure on pricing, underwriting standards, and market share from other private insurers and government-run MI programs. Changes in regulatory requirements or GSE policies could impact business practices or capital requirements. Adverse changes in housing market conditions, borrower credit quality, or claims experience could increase losses and reduce profitability. The company’s exposure to high-LTV loans entails credit risk that may fluctuate with economic cycles. Dependence on a limited number of large customers or concentration in certain loan types could increase operational risk. Market disruptions or changes in mortgage origination volumes could affect new insurance written and premium revenue.

NMI Holdings’ moat derives from its regulatory approvals and licensing to provide mortgage insurance across all U.S. states and D.C., including approval by the GSEs, which are the largest participants in the secondary mortgage market. The company’s proprietary pricing platform (Rate GPS®) and disciplined risk management approach support competitive underwriting and pricing. Its broad and diverse customer base, including national and regional banks, credit unions, and non-bank lenders, provides scale and market access. The company’s financial strength, demonstrated by capital adequacy exceeding regulatory requirements, and its focus on customer service and claims management contribute to its competitive positioning. The mortgage insurance industry’s high barriers to entry due to regulatory oversight, capital requirements, and the need for GSE approval further protect NMIH’s market position.

• Competitive Pressure: NMIH operates in a highly competitive market with other private mortgage insurers and government MI programs, which may pressure pricing and market share.
• Regulatory and GSE Oversight: The company is subject to extensive regulation and GSE approval requirements, including capital adequacy standards that could change and affect operations.
• Credit and Housing Market Risk: Adverse changes in borrower credit quality, housing prices, or economic conditions could increase claims and losses.
• Concentration Risk: Concentration in certain customer segments or loan types may increase exposure to specific risks.
• Operational Risk: Dependence on proprietary pricing models and loan review services entails risks related to model accuracy and service quality.

• NMI Holdings, Inc. provides mortgage insurance through its wholly-owned subsidiaries NMIC and Re One, with NMIC as the primary insurance subsidiary approved by GSEs and licensed in all 50 states and D.C. [S1]
• The company also offers outsourced loan review services through its subsidiary NMIS. [S1]
• Mortgage insurance protects lenders and investors from default-related losses on a portion of the unpaid principal balance of covered mortgages, primarily high-LTV residential loans. [S1]
• NMIH was incorporated in 2011, began operations in 2012, and wrote its first mortgage insurance policy in 2013. [S1]
• As of December 31, 2025, NMIH had issued master policies to 2,193 customers including a broad mix of mortgage lenders such as national and regional banks, credit unions, and non-bank lenders. [S1]
• As of December 31, 2025, the company had $221.4 billion of primary insurance in force (IIF) and $59.3 billion of primary risk in force (RIF). [S1]
• For the year ended December 31, 2025, NMIH generated new insurance written (NIW) of $48.9 billion. [S1]
• The company employs 225 full-time and part-time employees as of December 31, 2025. [S1]
• NMIH uses a proprietary Rate GPS® pricing platform to evaluate risk and price policies dynamically. [S1]
• The company’s strategy focuses on building long-term customer relationships, disciplined risk selection and pricing, fair claims payment, responsive service, and financial strength. [S1]
• NMIH operates in a highly competitive private mortgage insurance industry with five other approved participants, competing on coverage terms, underwriting, pricing, customer service, financial strength, and innovation. [S1]
• Private mortgage insurance accounted for approximately 38% of total high-LTV loan origination volume in 2025, with government-run MI programs accounting for 62%. [S1]
• NMIH’s primary mortgage insurance is written mostly on first-lien, owner-occupied single-family homes, with limited exposure to vacation homes, second homes, and investment properties. [S1]
• Premiums are based on statutory rating rules and models assessing risk factors including coverage levels, LTV ratios, borrower credit profiles, and market conditions. [S1]
• The company offers four premium plans: single premium upfront, annual, monthly, and Monthly Advantage®. [S1]
• Mortgage insurance coverage attaches at the loan level and remains effective regardless of loan sale or transfer. [S1]
• Premium payments may be made by either lenders or borrowers, with borrower-paid policies referred to as BPMI and lender-paid as LPMI. [S1]
• NMIH’s PMIERs available assets exceeded risk-based required assets by 70% as of December 31, 2025, indicating capital adequacy under GSE regulatory requirements. [S1]
• As of June 30, 2026, NMIH reported revenue of $187.9 million and net income of $105.8 million for the quarter, with basic EPS of $1.40 and diluted EPS of $1.38. [S2]
• Cash and cash equivalents were $16.45 million as of June 30, 2026. [S2]
• Recent quarterly earnings reports highlight premium growth, lower claims, and rising insurance in force year-over-year. [N1][N7][N8]
• NMIH’s mortgage insurance business is described as driving growth and profitability in recent news coverage. [N7]
• The company’s Q2 2026 earnings and revenues surpassed prior expectations, with detailed discussion in earnings call transcripts. [N1][N2][N3][N4]