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NMI Holdings, Inc. reports developments for its National Mortgage Insurance Corporation subsidiary, a U.S.-based private mortgage insurance company that supports low down payment borrowers and protects lenders and investors against losses tied to borrower default. Recurring updates cover quarterly and annual financial results, insured portfolio growth, new insurance written, credit performance, risk-transfer solutions, shareholders’ equity and book value trends. Company announcements also include earnings-call schedules, financial-institution conference participation, and board governance changes such as independent-director appointments.
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.
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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.
On January 13, 2021, NMI Holdings, (NASDAQ: NMIH) announced that it will report its fourth quarter results for the period ending December 31, 2020, after market close on February 16, 2021. The announcement includes a scheduled conference call and live webcast at 2:00 PM PT (5:00 PM ET) to discuss the earnings results. Investors can access the conference via phone or through the company’s website. A replay of the webcast will also be made available post-call.
NMI Holdings, Inc. (NMIH) announced a new quota share reinsurance agreement, effective January 1, 2021, with highly rated reinsurers. The agreement allows National MI to cede 22.5% of its primary new insurance written for 2021 and receive a ceding commission of 20% along with a profit commission of up to 57.5% of ceded premiums. As of December 31, 2020, the company reported 12,209 loans in default, with a default rate of 3.06%. CFO Adam Pollitzer expressed confidence in the reinsurance agreement and the performance of their credit risk management approach.
On December 4, 2020, NMI Holdings (Nasdaq: NMIH) reported operating statistics for November 2020, indicating 12,532 loans in default, with a default rate of 3.23%. This reflected a decrease of over 200 loans from the previous month, where the rate was 3.41%. The company highlighted potential challenges from the COVID-19 outbreak, suggesting defaults could rise if borrowers access forbearance programs. The press release also noted the impact of loan servicer reports on default data, emphasizing the fluctuating nature of these statistics.