NMI Holdings, Inc.
nationalmi.comWhat Do They Do?
Provides mortgage insurance on residential loans to mortgage lenders, protecting lenders and investors from some default-related losses; also provides outsourced loan-review services to mortgage originators.
10-K for FY2025, filed Feb 12, 2026We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, NMIC and Re One.…View ↗
MI protects lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage. MI plays…View ↗
We offer outsourced loan review services to mortgage originators through NMIS. In connection with these services, NMIS reviews loan data…View ↗
How Do They Make Money?
Mortgage lenders are responsible for insurance premiums, though the lender or borrower may pay depending on the loan; premiums can be paid upfront or in advance monthly or annually during coverage. Loan-review fees are collected as services are provided, typically one month after billing.
10-K for FY2025, filed Feb 12, 2026Premium payments for primary MI are the contractual responsibility of our insureds; however, depending on how the loan is structured, the…View ↗
single — entire premium is paid upfront at the time the coverage is placed; annual — premiums are paid in advance for a subsequent…View ↗
Other revenues represent underwriting fee revenue from our subsidiary, NMIS, which provides outsourced loan review services to mortgage…View ↗
$706.4M
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10-K for FY2025, filed Feb 12, 2026
$706.4M ↗
Who Are Their Customers?
Mortgage lenders, including banks, credit unions and non-bank lenders, receive policies directly under Master Policies; mortgage originators also buy outsourced loan-review services.
10-K for FY2025, filed Feb 12, 2026The terms of our primary mortgage insurance coverage are governed by the applicable Master Policy, which we issue to each approved lender…View ↗
Since our inception, we have sought to establish customer relationships with a broad group of mortgage lenders. As of December 31, 2025, we…View ↗
We offer outsourced loan review services to mortgage originators through NMIS. In connection with these services, NMIS reviews loan data…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 55 cents of every revenue dollar as net income in FY2025 and turned 58 cents into free cash flow.
How Are They Changing?
Growing. Revenue grew 46% in 4 years, from $485.1M in FY2021 to $706.4M in FY2025, about 10% a year.
Who Do They Compete With?
Competes with Arch Capital Group, Essent Group, Enact Holdings, MGIC Investment, and Radian Group
10-K for FY2025, filed Feb 12, 2026The private MI industry is highly competitive and currently consists of six approved participants, including us, Arch Capital Group Ltd.…View ↗
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