{ "schemaVersion": 1, "organisationId": "O-5c029e7b385c48cb999a01e32c2fb970", "slug": "nmi-holdings-inc", "name": "NMI Holdings, Inc.", "updatedAt": "2026-10-02T11:27:00.934054Z", "sections": [ { "type": "OVERVIEW", "text": "NMI Holdings, Inc. is a U.S.-focused financial services company whose principal business is private mortgage insurance, conducted through National Mortgage Insurance Corporation. Its primary mortgage insurance protects mortgage lenders and investors against a portion of losses on covered residential loans, mainly first-lien loans on owner-occupied homes and condominiums. Coverage is offered through borrower-paid and lender-paid policies, written individually or in aggregate. [P6547257][P106224544][P108820124]\n\nNational MI states that its mission is to help people access housing and build value and community by responsibly offering mortgage insurance to low-down-payment borrowers. [https://www.nationalmi.com/core-values/] The company was founded in 2012; its history includes receiving government-sponsored enterprise approvals and NMI Holdings’ 2013 Nasdaq listing. [https://www.nationalmi.com/why-national-mi/][https://www.nationalmi.com/milestones/]\n\nFor the year ended December 31, 2025, NMI Holdings reported total revenue of $706.4 million. The company reported 225 employees as of December 31, 2025. [P98594862][https://www.nationalmi.com/wp-content/uploads/2026/03/SustainabilityReport_26.03.18_f.pdf]\n[P6547257][P106224544][P108820124][https://www.nationalmi.com/core-values/][https://www.nationalmi.com/why-national-mi/][https://www.nationalmi.com/milestones/][P98594862][https://www.nationalmi.com/wp-content/uploads/2026/03/SustainabilityReport_26.03.18_f.pdf][https://www.nationalmi.com/core-values/][https://www.nationalmi.com/why-national-mi/][https://www.nationalmi.com/milestones/][https://www.nationalmi.com/wp-content/uploads/2026/03/SustainabilityReport_26.03.18_f.pdf]", "updatedAt": "2026-10-02T11:27:00.934054Z" }, { "type": "PRODUCTS", "text": "NMI’s core product is primary mortgage insurance on individual residential mortgage loans. Coverage is issued at the loan level under a Master Policy, with a certificate for each insured loan; the policy generally limits the insurer’s claim obligation by the selected coverage percentage and the policy-defined loss amount. Premiums can be borrower-paid or lender-paid, and structured as single, monthly, or annual payments, with the payment option selected when coverage begins. [National MI also markets its borrower-paid monthly option as Monthly Advantage Premium.]\n\nNMI’s Rate GPS® pricing capability uses borrower credit and loan-level, product, lender, market, and geographic factors to price most new loans; some lenders may instead use a rate card. Its underwriting criteria address loan-to-value ratios, credit scores, debt-to-income ratios, loan size, property and loan types, loan term, and occupancy. The company also offers outsourced loan reviews through NMIS, checking loan data and documentation against lender and/or GSE guidelines for loans with or without NMI mortgage insurance; certain review errors may be subject to limited indemnification.\n\nIn 2025, monthly-premium policies represented 98% of new insurance written and 93% of insurance in force at year-end, while single-premium policies accounted for the remaining 2% and 7%, respectively. These are production and portfolio-mix measures, not revenue or earnings shares. NMI reports one operating segment and does not separately disclose loan-review services as a share of company performance.\n[P55722863][P32516201][P19304481][https://www.nationalmi.com/products-rates/][P145216771][P145216806][P32258533][T3967051][T3967051][T3967051][P145216563][https://www.nationalmi.com/products-rates/]", "updatedAt": "2026-10-02T11:27:00.934054Z" }, { "type": "GEOGRAPHY", "text": "NMI Holdings, Inc. operates in the U.S. mortgage-insurance market, with a lender network that includes national originators and regional lenders. Its 2025 filing reports master policies issued to 2,193 customers and certificates of authority in each U.S. state and the District of Columbia. [P120920603][P72482726] The company’s principal executive office is in Emeryville, California. [P104310315]\n\nThe company does not disclose revenue or premiums by country, region, or state in the reviewed filings. Its geographic exposure is reflected in primary risk in force: at June 30, 2026, California represented 10.0%, Texas 8.1%, and Florida 7.1%; the ten largest states together represented 51.1%. These figures describe insurance exposure, not revenue. [P145216830]\n[P120920603][P72482726][P104310315][P145216830]", "updatedAt": "2026-10-02T11:27:00.934054Z" }, { "type": "SEGMENTS", "text": "NMI Holdings reports one operating segment, Mortgage Insurance, managed on a consolidated basis. Its activities include private mortgage insurance and ancillary loan-review services; the filing does not separately report the loan-review business’s revenue or profit. [P29734255][P27738827]\n\nIn FY2025, the sole segment accounted for 100% of consolidated revenue, or $706.440 million. Net premiums earned were $602.212 million, approximately 85% of consolidated revenue. [P27738827][T11665684] NMIC provides mortgage insurance, NMIS provides outsourced loan-review services, and Re One historically provided reinsurance but had no active insurance exposures at year-end 2025. [P91773780]\n[P29734255][P27738827][T11665684][T11665684][P91773780]", "updatedAt": "2026-10-02T11:27:00.934054Z" }, { "type": "HISTORY", "text": "NMI Holdings, Inc. was incorporated in Delaware on May 19, 2011, as the holding company for a planned private mortgage-insurance business. In 2012, Bradley M. Shuster and Jay Sherwood founded National MI and raised approximately $550 million in private capital to establish the business. [https://www.sec.gov/Archives/edgar/data/1547903/000154790313000020/nmiipo-1.htm] [https://www.nationalmi.com/wp-content/uploads/2013/05/Press-Release-National-MI-Officially-Launches-042413cb.pdf]\n\nNational Mortgage Insurance Corporation began operating and issued its first mortgage-insurance policy in April 2013; it received Freddie Mac approval in June and Fannie Mae approval in November. [https://www.sec.gov/Archives/edgar/data/1547903/000154790314000029/nmih201310k.htm] NMI Holdings went public on November 8, 2013, with its shares beginning to trade on Nasdaq. [https://www.sec.gov/Archives/edgar/data/1547903/000154790314000029/nmih201310k.htm]\n\nIn April 2014, National MI completed state approvals to write mortgage-guaranty insurance in all 50 states and the District of Columbia; later that year it introduced SafeGuard, a mortgage-insurance offering with rescission relief. [https://ir.nationalmi.com/news-releases/news-release-details/national-mi-approved-write-mortgage-insurance-all-50-states-and] [https://ir.nationalmi.com/news-releases/news-release-details/national-mi-ranked-2-housingwires-list-fastest-growing-companies] The company announced in 2018 that Claudia Merkle would succeed Shuster as CEO in January 2019, with Shuster becoming Executive Chairman. [https://ir.nationalmi.com/news-releases/news-release-details/nmi-holdings-inc-announces-ceo-succession-plan] In 2021, NMI announced Adam Pollitzer would succeed Merkle as President and CEO, effective January 1, 2022. 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