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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 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.