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NMIH on Nasdaq

NMI Holdings, Inc.

NMI Holdings, Inc. is an American surety insurance company based in Emeryville, listed on Nasdaq (NMIH).2

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Last updated Oct 21, 2026.

Overview

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  • TickerNMIH on Nasdaq2
  • IndustrySurety Insurance2
  • HeadquartersEmeryville, United States2
  • Incorporated inCA3
  • Business address2100 Powell Street, 12Th Floor, Emeryville, Ca 946083
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI529900KNNGFXJX1C3Z082
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 49851932

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See the “ Glossary of Abbreviations and Acronyms ” for descriptions of terms used through this annual report.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

55.1%Net margin5
8.5%Revenue growth, 20255
15.0%Return on equity5
$412.5MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs29¢$206.6M
  • Income tax16¢$110.9M
  • Profit55¢$388.9M

Out of $706.4M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending2¢$6.8M
  • Share buybacks25¢$105.1M
  • Kept or used elsewhere73¢$307.4M

Out of $419.3M of cash from operations.5

Financial statements

Revenue67895$706.4M in 2025+87% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $378.8M$378.8M20192020: $433.3M$433.3M2020+14%2021: $485.1M$485.1M2021+12%2022: $523.3M$523.3M2022+8%2023: $579.0M$579.0M2023+11%2024: $651.0M$651.0M2024+12%2025: $706.4M$706.4M2025+9%
Net income67895$388.9M in 2025+126% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $172.0M$172.0M20192020: $171.6M$171.6M2020−0%2021: $231.1M$231.1M2021+35%2022: $292.9M$292.9M2022+27%2023: $322.1M$322.1M2023+10%2024: $360.1M$360.1M2024+12%2025: $388.9M$388.9M2025+8%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net premiums earned$602.2M$564.7M$510.8M
Net investment income$102.9M$85.3M$67.5M
Net realized investment gains (losses)$432.0K$23.0K-$33.0K
Other revenues$859.0K$944.0K$756.0K
Total revenues$706.4M$651.0M$579.0M
Insurance claims and claim expenses$57.6M$31.5M$22.6M
Underwriting and operating expenses$119.9M$118.4M$110.7M
Service expenses$601.0K$723.0K$771.0K
Interest expense$28.5M$36.9M$32.2M
Total expenses$206.6M$187.6M$166.3M
Income before income taxes$499.8M$463.4M$412.7M
Income tax expense$110.9M$103.3M$90.6M
Net income$388.9M$360.1M$322.1M
Basic (in dollars per share)$5.01$4.51$3.91
Diluted (in dollars per share)$4.92$4.43$3.84
Basic (in shares)77.6M shares79.8M shares82.4M shares
Diluted (in shares)79.0M shares81.3M shares83.9M shares
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $20,995, $3,921 and $17,113 for each of the years in the three-year period ended December 31, 2025, respectively$79.0M$15.1M$64.4M
Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $69, $0 and $(7) for each of the years in the three-years ended December 31, 2025, respectively-$262.0K$0$26.0K
Other comprehensive income, net of tax$78.7M$15.1M$64.4M
Comprehensive income$467.6M$375.2M$386.5M
Reclassification adjustment for realized losses (gains) included in net income, tax (benefit) expense$69.0K$0-$7.0K

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Corporate structure

NMI Holdings, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NMI Holdings, Inc.

  • NMI Holdings, Inc. Emeryville, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NMI Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$115.5M5 Dec 31, 2025$110.5M5 Dec 31, 2024+4.5%
Accumulated depreciation$93.8M5 Dec 31, 2025$84.9M5 Dec 31, 2024+10.5%
Property and equipment, net$21.7M5 Dec 31, 2025$25.7M5 Dec 31, 2024−15.4%
Operating-lease assets (leased space)$6.7M5 Dec 31, 2025$8.2M5 Dec 31, 2024−18.3%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$3.1B5 Dec 31, 2025$2.7B5 Dec 31, 2024+15.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.2M5 Dec 31, 2025$3.2M5 Dec 31, 20240%

Properties, in its own words

We lease approximately 36,983 square feet of office space in Emeryville, California pursuant to an office facility lease that we initially entered into in 2012 (as amended, the Lease). The term of the Lease extends through March 2030.

Item 2 of the 10-K filed Feb 12, 2026.4

Leadership

Who has led NMI Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bradley M. Shuster2013–2018
  2. Claudia J. Merkle2019–2021
  3. Adam Pollitzer2022–now

Chair

  1. Bradley M. Shuster2019–now

President

  1. Bradley M. Shuster2013–2014
  2. John M. Sherwood Jr.2015
  3. Claudia J. Merkle2018

Chief financial officer

  1. John M. Sherwood Jr.2013–2014
  2. Glenn Michael Farrell2015–2017
  3. Adam Pollitzer2017–2021
  4. Ravi Mallela2022–2024
  5. Aurora Swithenbank2024–now

Chief operating officer

  1. Claudia J. Merkle2017–2018
  2. Patrick L. Mathis2019–2022
201520202025
Board members and other officers (27)

Timeline

  1. Jul 30, 20268-K Results of operations50
  2. May 15, 20268-K Shareholder vote51
  3. Apr 30, 20268-K Results of operations52
  4. Feb 12, 20268-K Executive or director change; Regulation FD disclosure53
  5. Feb 10, 20268-K Results of operations54
  6. Nov 4, 20258-K Results of operations55
  7. Jul 29, 20258-K Results of operations56
  8. May 9, 20258-K Shareholder vote57
  9. Apr 29, 20258-K Results of operations58
  10. Feb 6, 20258-K Results of operations59
  11. Nov 6, 20248-K Results of operations60
  12. Jul 30, 20248-K Results of operations61
  13. Feb 11, 2022New chief executive Adam Pollitzer becomes CEO13
  14. Feb 11, 2019New chief executive Claudia J. Merkle becomes CEO14
  15. Nov 7, 2013New chief executive Bradley M. Shuster becomes CEO15

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.21 a share, on Nov 4, 2025.62

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results50
  2. Apr 30, 2026Reported quarterly or annual results52
  3. Feb 10, 2026Reported quarterly or annual results54
  4. Nov 4, 2025Reported quarterly or annual results55
  5. Jul 29, 2025Reported quarterly or annual results56
  6. Apr 29, 2025Reported quarterly or annual results58
  7. Feb 6, 2025Reported quarterly or annual results59
  8. Nov 6, 2024Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

329 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 35 major events, 190 insider forms, 16 large holders, 68 other. The latest 20:

  1. Sep 15, 20264 EDGAR
  2. Sep 9, 20264 EDGAR
  3. Sep 4, 2026144 EDGAR
  4. Sep 4, 20264 EDGAR
  5. Aug 12, 20264 EDGAR
  6. Aug 11, 2026144 EDGAR
  7. Aug 5, 20264 EDGAR
  8. Aug 3, 2026144 EDGAR
  9. Jul 31, 202610-Q EDGAR
  10. Jul 30, 20268-K EDGAR
  11. Jul 24, 2026144 EDGAR
  12. Jul 21, 2026144 EDGAR
  13. Jul 2, 2026144 EDGAR
  14. May 20, 20264 EDGAR
  15. May 19, 2026144 EDGAR
  16. May 18, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 18, 20264 EDGAR

The 329 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

61 open-market trades by officers, directors and large owners since October 2021: 0 buys and 61 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 4, 2026Pollitzer AdamChief Executive OfficerSale172,706$44.86$7.7MForm 4
Aug 11, 2026Swithenbank AuroraEVP, Chief Financial OfficerSale11,662$44.51$519.1KForm 4
Aug 3, 2026Smith Robert OwenEVP, Chief Risk OfficerSale12,000$44.65$535.8KForm 4
May 19, 2026Montgomery Michael CurryDirectorSale1,554$37.90$58.9KForm 4
Mar 24, 2026SHUSTER BRADLEY MExecutive ChairmanSale18,953$37.35$707.9KForm 4
Mar 19, 2026SHUSTER BRADLEY MExecutive ChairmanSale18,996$37.05$703.8KForm 4
Mar 12, 2026SHUSTER BRADLEY MExecutive ChairmanSale18,976$36.58$694.1KForm 4
Mar 5, 2026SHUSTER BRADLEY MExecutive ChairmanSale19,430$38.91$756.0KForm 4
Feb 26, 2026SHUSTER BRADLEY MExecutive ChairmanSale19,557$39.85$779.3KForm 4
Feb 18, 2026SHUSTER BRADLEY MExecutive ChairmanSale55,000$39.63$2.2MForm 4
Feb 17, 2026Fitzgerald Norman PeterEVP, Chief Sales OfficerSale22,500$39.94$898.6KForm 4
Feb 17, 2026Yousaf Mohammad NawazEVP, Chief of Ops and TechSale16,000$39.89$638.2KForm 4
Nov 19, 2025EMBLER MICHAEL JDirectorSale20,000$36.90$738.0KForm 4
Sep 16, 2025Realmuto Nicholas DanielSVP, ControllerSale291$38.52$11.2KForm 4
Sep 15, 2025SCHEID STEVENDirectorSale19,926$39.31$783.3KForm 4
Sep 15, 2025SCHEID STEVENDirectorSale19,926$39.31$783.3KForm 4
Jun 6, 2025SHUSTER BRADLEY MExecutive ChairmanSale21,545$39.56$852.3KForm 4
May 30, 2025Leatherberry William JChief Admin. Officer & GCSale18,121$39.67$718.9KForm 4
May 13, 2025Montgomery Michael CurryDirectorSale1,875$38.05$71.3KForm 4
May 1, 2025Smith Robert OwenEVP, Chief Risk OfficerSale20,000$36.58$731.6KForm 4

All 61 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Adam S. PollitzerPresident and Chief Executive Officer47$975.0K$10.2M70
2025Bradley M. ShusterExecutive Chairman71$650.0K$3.5M70
2025William J. LeatherberryChief Administrative Officer, General Counsel$615.0K$3.1M70
2025Aurora SwithenbankChief Financial Officer$530.0K$2.6M70
2025Robert SmithChief Risk Officer$515.0K$2.5M70
2024Adam S. PollitzerPresident and Chief Executive Officer47$975.0K$9.0M70
2024Aurora SwithenbankChief Financial Officer$336.7K$3.8M70
2024Bradley M. ShusterExecutive Chairman71$650.0K$3.1M70
2024William J. LeatherberryChief Administrative Officer, General Counsel$585.0K$3.0M70
2024Robert SmithChief Risk Officer$485.0K$2.4M70
2023Adam S. PollitzerPresident and Chief Executive Officer47$900.0K$7.9M70
2023Bradley M. ShusterExecutive Chairman71$650.0K$2.8M70
2023William J. LeatherberryChief Administrative Officer, General Counsel$570.0K$2.8M70
2023Robert SmithChief Risk Officer$470.0K$2.2M70

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.13,189,334$541.9M0.0%+326,180
Dimensional Fund Advisors LP4,665,910$191.7M0.0%+314,102
State Street Corp3,478,523$142.9M0.0%+175,276
Vanguard Capital Management LLC3,420,198$140.5M0.0%−10,255
American Century Companies Inc3,046,624$125.2M0.1%+326,477
Vanguard Portfolio Management LLC2,901,852$119.2M0.0%−104,826
Geode Capital Management, LLC2,110,234$86.7M0.0%+95,606
Nomura Asset Management International Inc.1,883,225$77.4M0.1%+215,297
Assenagon Asset Management S.A.1,359,678$55.9M0.0%+633,123
Fuller & Thaler Asset Management, Inc.1,314,375$54.0M0.1%+243,795
Fmr LLC1,275,890$52.4M0.0%+116,993
Goldman Sachs Group Inc1,271,316$52.2M0.0%+34,553
Bank Of America Corp /de/1,208,661$49.7M0.0%−95,972
Jpmorgan Chase & Co1,184,503$49.0M0.0%+308,077
Morgan Stanley1,137,279$46.7M0.0%+138,420
Charles Schwab Investment Management Inc1,011,979$41.6M0.0%+26,314
Aqr Capital Management LLC954,073$39.2M0.0%+235,743
Donald Smith & Co., Inc.882,495$36.3M0.6%+484,896
Northern Trust Corp877,573$36.1M0.0%+41,977
Frontier Capital Management Co LLC860,919$35.4M0.3%−155,307
Nuveen, LLC832,172$34.2M0.0%−154,219
Allianz Asset Management GmbH783,594$29.4M0.0%No change
Public Sector Pension Investment Board708,850$29.1M0.1%+28,467
Clearbridge Investments, LLC708,685$29.1M0.0%+3,724
Ameriprise Financial Inc702,605$28.9M0.0%−2,874

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 15, 2020Susie LeeDemocratic, HouseSale$1,001 - $15,000−24.2%Report
Jun 5, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−27.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How NMI Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNMI Holdings, Inc.1
  • CIK0001547903
  • Employer ID (EIN)45-49142484
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6351 Surety Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address2100 Powell Street, 12Th Floor, Emeryville, CA 946081
  • Phone(855) 530-66421
  • Shares outstanding75,217,851 as of Jul 27, 202611
  • Public float$2.7B as of Jun 30, 20254
  • AuditorBDO USA, P.C., San Francisco, CA PCAOB ID 243; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceApr 23, 20121
  • Filings914 in all: 4 (501), 8-K (119), 144 (46), SC 13G/A (41), 10-Q (39), 3 (32), DEFA14A (14), 10-K (13)1
    All 37 form types

    DEF 14A (13), SC 13G (12), 424B3 (11), 4/A (9), CORRESP (7), ARS (6), S-1/A (6), 3/A (4), 424B2 (4), S-8 (4), SC 13D/A (4), UPLOAD (4), EFFECT (3), 424B4 (2), 424B5 (2), FWP (2), S-1 (2), S-3ASR (2), SCHEDULE 13G/A (2), 8-A12B (1), 8-K/A (1), CERTNAS (1), CT ORDER (1), D (1), D/A (1), POS AM (1), PRE 14A (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Mar 26, 2026
    Latest 8-K (8-K) Jul 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $.01 par value per shareNMIHNASDAQ

From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks NMI Holdings, Inc. names in Item 1A of its 10-K filed Feb 12, 2026: 75 risks under these headings, as written.4

  • Risk Related to Our Business Operations
  • •We face intense competition for business in our industry, and if we are unable to compete effectively, we may not be able to achieve our business goals, which would adversely affect our business, financial condition and operating results.
  • •Our NIW volumes could be adversely affected if lenders and investors select alternatives to private MI.
  • •If we are unable to continue to attract and retain the most significant mortgage originators as customers, our ability to achieve our business goals could be negatively impacted.
  • •If the volume of high-LTV loan originations declines, our NIW volume could decline, which would reduce our revenues.
  • •Our underwriting and credit risk management policies and practices may not anticipate all risks and/or the magnitude of potential for loss as the result of unforeseen risks.
  • •Unexpected material increases in borrower defaults could cause our actual losses to materially exceed our expected loss rates, including in certain geographic regions in which our business may be concentrated and more susceptible to downturns.
  • •The premiums we charge may be insufficient to cover claim payments and our operating costs.
  • •Changes in factors that impact the length of time that our policies remain in force may adversely affect our future revenues and claims experience.
  • •Changes in inflation, interest rates and mortgage interest rates may have an adverse impact on our business, future revenue and financial condition.
  • •We outsource the underwriting of our mortgage insurance on certain loans to third-party USPs. If these USPs fail to adequately perform their underwriting services or place our coverage on loans we would deem ineligible, we could experience increased claims on loans underwritten by them, and our customer relationships could be negatively impacted.
  • •Our Master Policies contain restrictions on our ability to rescind coverage for certain material misrepresentations (including fraud) and underwriting defects, and if we were to fail to timely discover any such misrepresentations or underwriting defects, our rights of rescission would be significantly limited, and we could suffer increased losses as a result of paying claims on loans with unacceptable risk characteristics.
The other 64 risks
  • •The mix of business we write affects our revenue stream and the likelihood of losses occurring.
  • •We expect our claims to increase as our insured loan portfolio grows and matures.
  • •Our business depends, in part, on effective and reliable loan servicing.
  • •If the estimates we use in establishing claims reserves are incorrect, the actual claim payments we make may materially exceed the amount of our corresponding claims reserves, resulting in unexpected charges to income, which could be material and adversely affect our results of operations.
  • •The occurrence of natural or man-made disasters or pandemics could adversely affect our business, financial condition and operating results.
  • •Climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations.
  • •We are exposed to certain risks associated with our third-party reinsurance transactions, including the possibility that our reinsurers will fail to perform their obligations or that we will lose the capital credit we expected to receive when we entered into the transactions as a result of future GSE or Wisconsin OCI action or if any of our reinsurers experiences a downgrade or other adverse business event.
  • •Our operating results depend in large part on our ability to manage the risks related to the growth of our business and on maintaining and enhancing effective operating procedures and internal controls.
  • •We are exposed to operational risk from fraud, malfeasance or error by borrowers, employees and third-party service providers, and any such fraud, malfeasance or error could materially and adversely affect us.
  • •If we do not maintain connectivity with or otherwise meet the technological demands of our customers or are unable to develop, enhance and maintain our proprietary technology platform, our business and financial performance could be adversely affected.
  • •We may not be able to prevent the unauthorized disclosure or misuse of confidential, personal or proprietary information.
  • •Adverse investment performance may affect our financial results and ability to conduct business.
  • •We face regulatory and litigation risks associated with offering loan review services.
  • Risk Related to Regulation of the Mortgage Insurance Industry
  • •There can be no assurance that the GSEs will continue to treat us as an approved insurer in the future, and changes to, or our failure to maintain compliance with, the GSEs' PMIERs, could adversely impact our business, financial condition and operating results.
  • •Changes in the business practices of the GSEs, including a decision to decrease or discontinue the use of private MI, or changes in the terms on which mortgage insurance coverage may be canceled, federal legislation that changes their charters or a restructuring of the GSEs or changes in loan delivery pricing imposed by the GSEs could reduce the private MI market opportunity, reduce our revenues or increase our losses.
  • •We are subject to comprehensive state insurance regulations and capital adequacy requirements, which we must satisfy to continue to operate our MI business.
  • •The private MI industry is, and as a participant we are, subject to litigation and regulatory enforcement risk generally.
  • •Our business prospects and operating results could be adversely impacted if, and to the extent that, the Consumer Financial Protection Bureau's ATR Rules defining a QM negatively impact the size of the origination market.
  • •The implementation of the Basel rules may discourage the use of mortgage insurance.
  • Risks Related to Our Holding Company and Capital Structure
  • •Our holding company structure and certain regulatory and other constraints could affect our ability to satisfy our obligations and potentially require us to raise more capital.
  • •Our substantial indebtedness could adversely affect our financial condition.
  • •Our existing, and any future, variable rate indebtedness subjects us to interest rate risk, which could cause our annual debt service obligations to increase significantly.
  • •Despite our substantial level of debt, we may incur more debt, which could exacerbate any or all of the risks described above.
  • •Our current credit ratings may adversely affect our ability to access capital and the cost of such capital, which could have a material adverse effect on our business, financial condition and operating results.
  • General Risks Related to Ownership of Our Common Stock
  • •We do not currently pay any dividends on our common stock and may not do so in the future, and payment of any declared dividends may be delayed.
  • •The market price of our common stock may be volatile, which could cause the value of an investment in our common stock to decline.
  • •The market price of our common stock could decline due to the large number of outstanding shares of our common stock eligible for future sale, and future issuances of our common stock may depress our share price and dilute the book value of our common stock.
  • •Future issuance of debt or preferred stock, which would rank senior to our common stock upon our liquidation, may adversely affect the market value of our common stock.
  • •Provisions contained in our organizational documents, as well as provisions of Delaware law and Wisconsin insurance law, could delay or prevent a change of control of us, which could adversely affect the price of shares of our common stock.
  • Risks Related to Our Business Operations
  • We face intense competition for business in our industry, and if we are unable to compete effectively, we may not be able to achieve our business goals, which would adversely affect our business, financial condition and operating results.
  • Our NIW volumes could be adversely affected if lenders and investors select alternatives to private MI.
  • If we are unable to continue to attract and retain the most significant mortgage originators as customers, our ability to achieve our business goals could be negatively impacted.
  • If the volume of high-LTV loan originations declines, our NIW volume could decline, which would reduce our revenues.
  • Our underwriting and credit risk management policies and practices may not anticipate all risks and/or the magnitude of potential for loss as the result of unforeseen risks.
  • Unexpected material increases in borrower defaults could cause our actual losses to materially exceed our expected loss rates, including in certain geographic regions in which our business may be concentrated and more susceptible to downturns.
  • The premiums we charge may be insufficient to cover claim payments and our operating costs.
  • Changes in factors that impact the length of time that our policies remain in force may adversely affect our future revenues and claims experience.
  • Changes in inflation, interest rates and mortgage interest rates may have an adverse impact on our business, future revenue and financial condition.
  • We outsource the underwriting of our mortgage insurance on certain loans to third-party USPs. If these USPs fail to adequately perform their underwriting services or place our coverage on loans we would deem ineligible, we could experience increased claims on loans underwritten by them, and our customer relationships could be negatively impacted.
  • Our Master Policies contain restrictions on our ability to rescind coverage for certain material misrepresentations (including fraud) and underwriting defects, and if we were to fail to timely discover any such misrepresentations or underwriting defects, our rights of rescission would be significantly limited, and we could suffer increased losses as a result of paying claims on loans with unacceptable risk characteristics.
  • The mix of business we write affects our revenue stream and the likelihood of losses occurring.
  • We expect our claims to increase as our insured loan portfolio grows and matures.
  • Our business depends, in part, on effective and reliable loan servicing.
  • If the estimates we use in establishing claims reserves are incorrect, the actual claim payments we make may materially exceed the amount of our corresponding claims reserves, resulting in unexpected charges to income, which could be material and adversely affect our results of operations.
  • The occurrence of natural or man-made disasters or pandemics could adversely affect our business, financial condition and operating results.
  • Climate risk and efforts to manage climate risk by government agencies could affect our business and operations.
  • We are exposed to certain risks associated with our third-party reinsurance transactions, including the possibility that our reinsurers will fail to perform their obligations or that we will lose the capital credit we expected to receive when we entered into the transactions as a result of future GSE or Wisconsin OCI action or if any of our reinsurers experiences a downgrade or other adverse business event.
  • Our operating results depend in large part on our ability to manage the risks related to the growth of our business and on maintaining and enhancing effective operating procedures and internal controls.
  • We are exposed to operational risk from fraud, malfeasance or error by borrowers, employees and third-party service providers, and any such fraud, malfeasance or error could materially and adversely affect us.
  • If we do not maintain connectivity with or otherwise meet the technological demands of our customers or are unable to develop, enhance and maintain our proprietary technology platform, our business and financial performance could be adversely affected.
  • We may not be able to prevent the unauthorized disclosure or misuse of confidential, personal or proprietary information.
  • Adverse investment performance may affect our financial results and ability to conduct business.
  • We face regulatory and litigation risks associated with offering loan review services.
  • Risks Related to Regulation of the Mortgage Insurance Industry
  • There can be no assurance that the GSEs will continue to treat us as an approved insurer in the future, and changes to, or our failure to maintain compliance with the GSEs' PMIERs, could adversely impact our business, financial condition and operating results.
  • Changes in the business practices of the GSEs, including a decision to decrease or discontinue the use of private MI, or changes in the terms on which mortgage insurance coverage may be canceled, federal legislation that changes their charters or a restructuring of the GSEs or changes in loan delivery pricing imposed by the GSEs could reduce the private MI market opportunity, reduce our revenues or increase our losses.
  • We are subject to comprehensive state insurance regulations and capital adequacy requirements, which we must satisfy to continue to operate our MI business.
  • The private MI industry is, and as a participant we are, subject to litigation and regulatory enforcement risk generally.
  • Our business prospects and operating results could be adversely impacted if, and to the extent that, the Consumer Financial Protection Bureau's ATR Rules defining a QM negatively impact the size of the origination market.
  • The implementation of the Basel rules may discourage the use of mortgage insurance.
  • Our holding company structure and certain regulatory and other constraints could affect our ability to satisfy our obligations and potentially require us to raise more capital.
  • Our substantial indebtedness could adversely affect our financial condition.
  • Our existing, and any future, variable rate indebtedness subjects us to interest rate risk, which could cause our annual debt service obligations to increase significantly.
  • Despite our substantial level of debt, we may incur more debt, which could exacerbate any or all of the risks described above.

Legal proceedings

Certain lawsuits and claims arising in the ordinary course of business may be filed or pending against us or our affiliates from time to time. In accordance with applicable accounting guidance, we establish accruals for all lawsuits, claims and expected settlements when we believe it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. When a loss contingency is not both probable and estimable, we do not establish an accrual. Any such loss estimates are inherently uncertain, based on currently available information and are subject to management's judgment and various assumptions. Due to the inherent subjectivity of these estimates and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate resolution of such matters.

To the extent we believe any potential loss relating to such lawsuits and claims may have a material impact on our liquidity, consolidated financial position, results of operations, and/or our business as a whole and is reasonably possible but not probable, we will disclose information relating to any such potential loss, whether in excess of any established accruals or where there is no established accrual. We will also disclose information relating to any material potential loss that is probable but not reasonably estimable. Where reasonably practicable, we will provide an estimate of loss or range of potential loss. No disclosures are generally made for any loss contingencies that are deemed to be remote.

The opening of Item 3, Legal Proceedings.4

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