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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.
NMI Holdings reported a net income of $52.9 million, or $0.61 per diluted share for Q1 2021, up from $48.3 million in Q4 2020 but down from $58.3 million in Q1 2020. Adjusted net income was $53.4 million, a 5% increase from Q4 2020. New insurance written was $26.4 billion, a 33% quarter-over-quarter increase. The company's primary insurance-in-force grew 11% to $123.8 billion. NMIH maintained a strong cash position with $1.9 billion in cash and investments, reflecting positive credit performance and a favorable outlook for the economy.
NMI Holdings, Inc. (Nasdaq: NMIH) announced the closing of a $367 million mortgage insurance-linked notes offering by Oaktown Re VI Ltd., a Bermuda-based reinsurance company. The notes have a 12.5-year legal maturity and include five classes with varying interest rates starting from one-month LIBOR plus 1.65% to 5.50%. NMIH’s subsidiary, National Mortgage Insurance Corporation, will receive fully collateralized excess of loss reinsurance protection for existing mortgage insurance policies, covering losses beginning at a 1.85% cumulative claim rate threshold.
NMI Holdings, Inc. (NASDAQ: NMIH) will announce its Q1 results on May 4, 2021, after market close. The scheduled conference call and webcast will start at 2:00 PM PT / 5:00 PM ET, accessible through their website. As the parent company of National Mortgage Insurance Corporation, NMIH focuses on aiding low-down-payment borrowers while protecting lenders from defaults. Investors can expect an earnings release and corresponding supplemental information post-call.
NMI Holdings reported March 2021 statistics showing a decline in loans in default, totaling 11,090, with a default rate of 2.54%. This is a decrease from 11,648 loans in February 2021, highlighting an improvement in loan performance. The weighted average FICO score for loans decreased slightly to 754, with a loan-to-value ratio of 91.1% and a debt-to-income ratio of 33.7%. The report indicates potential risks as borrowers may still face challenges due to COVID-19, possibly leading to an increase in defaults in the future.
On March 2, 2021, NMI Holdings, Inc. (NMIH) reported operational statistics for February 2021. The company recorded 11,648 loans in default, resulting in a default rate of 2.77%. This shows a decrease in default loans compared to prior months. The report highlighted key metrics including FICO scores averaging 755 and a loan-to-value ratio of 90.9%. The announcement also cautioned that loans in default may increase due to potential borrower challenges amid the ongoing COVID-19 pandemic and related forbearance programs.
National MI, a subsidiary of NMI Holdings (NASDAQ: NMIH), has integrated with Mortech, a Zillow Group company. This collaboration allows lenders to access National MI’s Rate GPS risk-based pricing tool within Mortech’s platform, enhancing productivity and reducing loan officer cycle times. The integration aims to streamline the mortgage insurance origination process by providing quick and accurate pricing. Both companies expect this partnership to improve lenders' competitiveness in the mortgage market.
NMI Holdings reported a net income of $48.3 million for Q4 2020, or $0.56 per diluted share, compared to $38.2 million in Q3 2020 and $50.2 million in Q4 2019. Full-year net income was $171.6 million, a slight decline from $172.0 million in 2019. The company achieved new insurance written of $19.8 billion (up 7% Q/Q and 66% Y/Y) and maintained primary insurance-in-force of $111.3 billion. The loss ratio improved to 3.5%, with cash and investments totaling $1.9 billion.
NMI Holdings, Inc. has appointed Priya Huskins as an independent member of its Board of Directors. Huskins, currently Senior Vice President at Woodruff-Sawyer & Co., brings extensive leadership experience and a strong background in the insurance industry. Executive Chairman Bradley Shuster expressed confidence in her ability to enhance the board's diversity and strength. Huskins also serves as a director at Realty Income Corporation and has a law background from Wilson Sonsini Goodrich & Rosati. NMI Holdings provides private mortgage insurance, helping low down payment borrowers achieve home ownership.
NMI Holdings, Inc. (Nasdaq: NMIH) reported that as of January 31, 2021, it has 11,905 loans in default, resulting in a default rate of 2.90%. This marks a significant increase from the previous months, with default rates rising from 0.38% in March 2020 to 2.90% in January 2021. The company notes that the total default population decreased from December 31, 2020, but may rise again due to ongoing economic impacts from COVID-19 and the potential for borrowers to access forbearance programs.
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