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NMI Holdings Inc. (NMIH) is a leader in the mortgage insurance industry, dedicated to restoring trust through innovation and a straightforward approach. Through its subsidiaries, the company provides private mortgage guaranty insurance, reinsurance on loans, and outsourced loan review services. NMI Holdings serves a broad range of clients including national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, Internet-sourced lenders, and other non-bank lenders. Its key objective is to protect lenders and investors from default-related losses on a portion of the unpaid principal balance of covered mortgages.
NMI Holdings is committed to putting customers first by pioneering 12-month rescission relief, offering favorable terms of coverage, and ensuring a fair underwriting process. The company emphasizes innovation to move mortgage insurance (MI) forward, helping more low down payment borrowers achieve homeownership.
In recent developments, NMI Holdings has made significant strides, such as appointing Aurora Swithenbank as Executive Vice President and Chief Financial Officer effective May 1, 2024, with Ravi Mallela continuing as CFO through the transition period. The company has also reported substantial financial metrics, including loss ratios, expense ratios, and combined ratios, which may exhibit variations due to rounding and other factors.
For more detailed financial statistics, the company provides comprehensive information such as book value per share, which excludes net unrealized gains and losses. Notably, all unexercised warrants expired in April 2022, eliminating future changes in warrant liability valuation.
To keep investors informed, NMI Holdings offers regular updates on portfolio statistics, geographic dispersion of primary risk in force (RIF), and recent claims data. The company’s commitment to transparency and customer-centric policies continually strengthens its position in the mortgage insurance sector.
For more information, investors can contact John M. Swenson, Vice President of Investor Relations and Treasury, via email at John.Swenson@NationalMI.com or phone at (510) 788-8417.
National Mortgage Insurance Corporation, a subsidiary of NMI Holdings (NASDAQ: NMIH), announced full integration with Lender Price, a leading cloud-based pricing engine for the mortgage industry. This integration allows loan officers immediate access to National MI's risk-based Rate GPS® through the Lender Price platform. The collaboration aims to streamline private mortgage insurance ordering, reduce errors, and shorten the application to closing timeframe.
NMI Holdings' subsidiary, National Mortgage Insurance Corporation, earned a spot on the San Francisco Business Times’ Middle Market 50 List, ranking 15th among the fastest-growing mid-sized companies in the Bay Area. Its revenue surged by 107.3%, from $182.74 million in 2017 to $378.77 million in 2019, surpassing the median growth of 77.7% for listed firms. In 2019, the company reported net income of $171.96 million, marking a year-over-year growth of 59.3%, with insurance-in-force increasing by 38% to $94.8 billion.
NMI Holdings, Inc. (NASDAQ: NMIH) will report its second-quarter results after the market close on August 5, 2020. The company provides private mortgage insurance, facilitating home ownership for low-down-payment borrowers while protecting lenders against defaults.
A conference call and live webcast will occur at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Access is available via dial-in or online at NMI's investor relations webpage.
NMI Holdings reported significant default activity for June 2020, with 10,816 loans in default resulting in a default ratio of 2.90%. This is a notable increase from the previous months, reflecting the ongoing challenges faced by borrowers, particularly influenced by the COVID-19 pandemic and related economic factors. The company emphasized that it will continue to update its operating statistics on the investor relations section of its website monthly.
NMI Holdings, Inc. (Nasdaq: NMIH) announced the pricing of its private offering of senior secured notes due 2025, raising the total to $400 million. The notes, issued at 100% of their principal, carry a 7.375% annual interest rate and will mature on June 1, 2025. Proceeds will be used to retire an existing $147 million term loan and support business operations. The offering is targeted at qualified institutional buyers and will close on June 19, 2020.
NMI Holdings, Inc. (NASDAQ: NMIH) announced a public offering of 13,800,000 shares of Class A common stock at $14.50 per share, raising approximately $191 million in net proceeds. The offering size was increased from 10,000,000 shares, and underwriters may purchase an additional 2,070,000 shares within 30 days. The funds will support corporate purposes and the growth of subsidiary operations. The offering is expected to close on June 8, 2020. J.P. Morgan and Goldman Sachs are leading the transaction.
NMI Holdings (Nasdaq: NMIH) has launched a public offering of 10 million shares of its Class A common stock, aiming to utilize the net proceeds for general corporate purposes and bolster its subsidiaries' growth. The offering is underwritten by J.P. Morgan and Goldman Sachs, with a potential 30-day option for underwriters to buy an additional 15% of shares. Market conditions may affect the offering, which is based on a shelf registration with the SEC.
NMI Holdings, Inc. (Nasdaq: NMIH) announced a private placement offering of $300 million in senior secured notes due 2025. The proceeds will be utilized to repay an existing $147 million term loan and for general corporate purposes, which may include capital contributions to enhance growth in business production and operations. The offering is made exclusively to qualified institutional buyers under SEC regulations, and the notes have not been registered under the Securities Act. NMI Holdings operates National Mortgage Insurance Corporation, catering to low down payment borrowers.
NMI Holdings, Inc. (Nasdaq: NMIH) announced a new quota share reinsurance arrangement through its subsidiary, National Mortgage Insurance Corporation, effective from April 1 to December 31, 2020. Under this deal, National MI will cede 10.5% of its primary new insurance written. The agreement includes a ceding commission of 20% and a profit commission of up to 50%, adjusted for any losses. CFO Adam Pollitzer highlighted the significance of securing additional reinsurance capacity during the COVID-19 pandemic, showcasing confidence in their risk management strategy.
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings (NASDAQ: NMIH), has successfully integrated with PMI Rate Pro, a mortgage insurance rate platform. This integration enables loan officers to access multiple mortgage insurance rates swiftly, enhancing efficiency. PMI Rate Pro, founded by loan officers, offers a unique service that delivers a plethora of quotes in seconds. Both companies emphasize improving the mortgage experience for clients, with strong interest reported from lenders. National MI continues to strengthen its technology offerings in the mortgage insurance sector.
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