Here are 1-3 brief analogies for NMI Holdings, Inc. (NMIH):

• It's like the FDIC for private mortgages.
• It's like AIG for mortgage defaults.

• Private Mortgage Guaranty Insurance Services: These services protect lenders from financial losses if a borrower defaults on a mortgage loan.
• Outsourced Loan Review Services: The company provides independent review services for mortgage loans to loan originators.

NMI Holdings, Inc. (NMIH) sells primarily to other companies in the financial and mortgage industries. Based on the provided description, its major customers fall into the following categories:

• National and regional mortgage banks
• Money center banks
• Credit unions
• Community banks
• Builder-owned mortgage lenders
• Internet-sourced lenders
• Other non-bank lenders

Adam Pollitzer President and Chief Executive Officer

Adam Pollitzer became President and Chief Executive Officer of NMI Holdings, Inc. effective January 1, 2022. He previously served as the company's Executive Vice President and Chief Financial Officer from 2017 to 2021. Before joining NMI, Mr. Pollitzer was a Managing Director in the corporate and investment banking division of J.P. Morgan Securities, LLC, where he led advisory and capital-raising efforts for North American insurance companies. He holds a bachelor's degree in business administration from the Stephen M. Ross School of Business at the University of Michigan.

Aurora Swithenbank Chief Financial Officer

Aurora Swithenbank was appointed Executive Vice President and Chief Financial Officer of NMI Holdings, Inc., effective May 1, 2024. Prior to her role at NMI, she served as CFO at Vantage Group Holdings Ltd., a Bermuda-based specialty insurance and reinsurance group, where she was responsible for organizing the company's finance department as its first CFO. Ms. Swithenbank spent over 20 years at Goldman Sachs, holding various positions including Partner and Head of Insurance in the Americas Financing Group. She earned her bachelor's degree from Harvard University.

Bradley Shuster Executive Chairman

Bradley Shuster has served as Executive Chairman and Chairman of the Board of NMI Holdings, Inc. since January 2019. Mr. Shuster founded National MI, serving as its Chairman and Chief Executive Officer from 2012 to 2018. Before founding National MI, he was a senior executive at The PMI Group, Inc. (NYSE: PMI), where he was Chief Executive Officer of PMI Capital Corporation. Prior to joining PMI in 1995, Mr. Shuster was a partner at Deloitte LLP, leading Deloitte's Northern California Insurance and Mortgage Banking practices. He holds a B.S. from the University of California, Berkeley, and an M.B.A. from the University of California, Los Angeles, and is a CPA and CFA.

Mohammed Yousaf Chief of Operations and Technology

Mohammed Yousaf assumed the role of Executive Vice President, Chief of Operations and Technology for NMI Holdings, Inc. in January 2025. He joined National MI in 2018 and has held positions including EVP, Operations & IT (2022–2024), SVP & Chief Business Transformation Officer (2020–2021), and VP, Business Development & Technology Partnerships (2018–2020). Before his tenure at National MI, Mr. Yousaf was a Senior Managing Director overseeing servicing operations for Home Point Financial and held leadership positions at Mr. Cooper and Wells Fargo. His education includes studies at the Technical University of Budapest and a bachelor's degree in computer science from Metropolitan State University in St. Paul, Minneapolis.

Robert Smith Chief Risk Officer

Robert Smith is the Executive Vice President and Chief Risk Officer of NMI Holdings, Inc. He joined the company in 2012, initially serving as Vice President of Pricing and Portfolio Analytics, and later as Senior Vice President of Pricing and Portfolio Analytics. With over 18 years of experience in the mortgage and financial services industry, his prior roles include leadership positions at Washington Mutual and PMI Mortgage Insurance Co. Mr. Smith holds an M.S. degree in engineering and an M.B.A. from Stanford University, and is a Chartered Financial Analyst (CFA).

• Regulatory Changes and Government-Sponsored Enterprise (GSE) Dependency: NMIH operates in a highly regulated industry and is significantly influenced by the requirements and practices of Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac. Changes in comprehensive state insurance regulations, capital adequacy requirements (including PMIERs), or the business practices and federal legislation concerning GSEs could substantially reduce the private mortgage insurance market opportunity, impact the company's approved insurer status, and necessitate higher capital reserves or more expensive reinsurance.
• Housing Market Slowdown and Increased Credit Risk: As a provider of private mortgage insurance, NMIH's business is directly tied to the health of the U.S. housing market. A slowdown in new mortgage applications due to factors such as high interest rates, a decline in home prices, or a decrease in borrower quality could lead to lower new business volumes, slower premium growth, increased default rates, and higher insurance claims and losses.
• Intense Competition: The private mortgage insurance industry is highly competitive, with NMIH competing against several other private mortgage insurers and government-backed mortgage insurance programs like the Federal Housing Administration (FHA). This competitive environment can lead to pricing pressures, potential loss of customers, and reduced profitability as companies vie for market share.

NMI Holdings, Inc. (NMIH) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Growth in Primary Insurance in Force (IIF): A primary driver of revenue for mortgage insurers, the increase in the total outstanding principal balance of insured mortgages directly translates to higher net premiums earned. NMIH has reported consistent growth in its primary insurance in force, reaching $199.4 billion in Q1 2024, up 6.8% year-over-year.
2. Strong New Insurance Written (NIW) Volume: Robust new business production, or New Insurance Written, is crucial for expanding the insured portfolio. The company generated $9.4 billion in NIW in Q1 2024 and $8.9 billion in Q4 2023, contributing to the growth of its overall insured portfolio.
3. High Persistency Rate: The rate at which insurance policies remain active is a significant factor in maintaining and growing premium income. NMIH's persistency rate of 85.8% in Q1 2024 remains well above historical trends and is identified as an important driver for the embedded value and growth of its insured portfolio.
4. Favorable Housing Market Conditions and Mortgage Originations: The demand for mortgage insurance is intrinsically linked to the health of the housing market and the volume of new mortgage originations. Analysts expect gradual interest rate cuts to boost originations, which would directly increase the pool of potential business for NMIH. The company has also shown a deliberate strategy to accept more higher loan-to-value (LTV) volume as the market stabilized and house prices began to climb.
5. Expansion of Lender Base and Customer Development: NMIH focuses on expanding and deepening its relationships with mortgage loan originators. Ongoing customer development and the expansion of its lender base are key elements supporting business results, enabling the company to capture a larger share of new mortgage insurance opportunities.

Share Repurchases

• NMI Holdings, Inc. completed two share repurchase programs, totaling approximately US$223.57 million and retiring about 6.45 million shares.
• In Q3 2025, the company repurchased $24.6 million of its common stock, following $23.2 million in repurchases during Q2 2025.
• As of December 31, 2025, NMI Holdings had $226 million remaining under its current share repurchase authorization, which is effective through December 31, 2027.

Capital Expenditures

• The company has focused on enhancing financial flexibility and capital efficiency through strategic initiatives, including the renewal and extension of its IT service agreement with TCS, aimed at improving IT solutions and achieving cost efficiencies.
• Capital management also involves maintaining compliance with updated PMIERs (Private Mortgage Insurer Eligibility Requirements) requirements, which are expected to be fully implemented by September 30, 2026.