NMI Holdings, Inc. (NASDAQ:NMIH) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants John Swenson - VP, IR and Treasury Adam Pollitzer - President and CEO Brad Shuster - Executive Chairman Ravi Mallela - CFO Julie Norberg - Chief Accounting Officer Conference Call Participants Mark Devries - Barclays John Kilichowski - Credit Suisse Rick Shane - JPMorgan Bose George - KBW Mark Hughes - Truist Ryan Gilbert - BTIG Bill Dezellem - Tieton Capital Geoffrey Dunn - Dowling Partners Oper ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-36174 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NMI Holdings, Inc. FORM 10-Q (Exact name of registrant as specified in its charter) (Mark One) Delaware 45-4914248 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 2100 Powell Str ...

Financial Data and Key Metrics Changes - The company reported record GAAP net income of $67.7 million or $0.77 per diluted share, and record adjusted net income of $67.5 million also $0.77 per diluted share [11][19] - GAAP return on equity for the quarter was 17.5% and adjusted ROE was 17.4% [12] - Net premiums earned were a record $116.5 million, up from $113.9 million in the previous quarter [20][22] - The expense ratio was a record low of 28.3% for the quarter, and the adjusted expense ratio was a record low of 28% [22] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) volume, including $13.4 billion of purchase volume [19] - Primary insurance-in-force grew to $158.9 billion, up 4% from the end of the fourth quarter and up 28% compared to the first quarter of 2021 [19][20] - The 12-month persistency ratio improved to 71.5% at March 31, from 63.8% at year-end [15][20] Market Data and Key Metrics Changes - The mortgage insurance market environment remains constructive despite increased macroeconomic uncertainties [12][13] - The average 30-year fixed-rate mortgage is now 5.4%, which is well above the weighted average note rate in the in-force portfolio [15] - The company anticipates some degree of pullback in total industry NIW this year, but expects the MI market will remain large by historical standards [14] Company Strategy and Development Direction - The company aims to build franchise value by delivering solutions for customers and borrowers while growing the insured portfolio with a balanced focus on risk and return [10] - The company has established a comprehensive credit risk management framework and has built a high-quality insured portfolio [9][17] - The focus remains on innovation in risk transfer markets and maintaining a strong balance sheet with a robust funding position [18][27] Management's Comments on Operating Environment and Future Outlook - Management highlighted that despite macroeconomic headwinds, the job market remains healthy, consumer balance sheets are strong, and house prices continue to appreciate [16] - The company expects to continue delivering strong growth, consistent returns, and compound growth in book value per share [30] - Management noted that rising interest rates and accelerated house price appreciation will remain dominant themes through the remainder of the year [29] Other Important Information - The company repurchased $5 million of common stock and has $120 million of repurchase capacity remaining under the program announced in February [24][48] - An excess of loss reinsurance agreement of $290 million was completed, providing additional risk protection [25][26] Q&A Session Summary Question: Pricing stability amid macro uncertainties - Management indicated that pricing remains stable and balanced, with some adjustments made for higher-risk business [32] Question: Impact of COVID on expense ratio and operating leverage - Management explained that operating leverage is achieved through disciplined expense management and improved persistency [34] Question: Managing risk during competitive periods - Management emphasized the importance of utilizing established risk management strategies during uncertain times [40] Question: Trends in the ILN market - Management noted that better execution was found in the excess of loss market compared to the ILN market [44] Question: Purchase origination market outlook - Management expects a larger overall purchase market compared to last year, driven by demographic trends and affordability challenges [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-36174 2100 Powell St ...

NMI Holdings, Inc. (NASDAQ:NMIH) Q4 2021 Earnings Conference Call February 15, 2022 5:00 PM ET Company Participants John Swenson - Vice President, Investor Relations and Treasury Brad Shuster - Executive Chairman Adam Pollitzer - President and Chief Executive Officer Ravi Mallela - Chief Financial Officer Julie Norberg - Controller and Chief Accounting Officer Conference Call Participants Mark DeVries - Barclays Rick Shane - JPMorgan Doug Harter - Credit Suisse Bose George - KBW Cullen Johnson - B. Riley Se ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36174 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 (State or other jurisdiction of inc ...

Financial Performance - The company reported record adjusted net income of $61.8 million or $0.71 per diluted share, and record GAAP net income of $60.2 million or $0.69 per diluted share [9][45] - Adjusted return on equity for the quarter was 16.6% and GAAP ROE was 16.2% [9] - The primary insurance in force grew to a record $144 billion, up 5% from the second quarter and 37% from the third quarter of 2020 [10][35] - Net premiums earned were a record $113.6 million, compared to $110.9 million in the second quarter [35][39] - The 12-month persistency ratio increased to 58.1%, up from 53.9% in the second quarter [36] Business Lines and Market Data - The company generated $18.1 billion of new insurance written (NIW) in the third quarter, including $16.4 billion of purchase volume [24] - Refinancing NIW volume declined to $1.7 billion, accounting for 9% of total production, down from $3.8 billion or 17% in the second quarter [26] - The private mortgage insurance market is expected to reach a total industry volume of $575 billion in 2021 [27] - The default rate declined to 1.6% at September 30, with further improvement noted in October [43][68] Company Strategy and Industry Competition - The company is focused on expanding access to homeownership and supporting borrowers from all communities [12][13] - The management emphasized the importance of maintaining a balanced risk-return profile while driving growth in the insured portfolio [20][53] - The company is committed to a disciplined approach to managing risks, expenses, and capital [51] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism regarding the quality of the underlying book and the resilience of the housing market [11][29] - The company expects to continue driving growth and delivering strong results for shareholders [29][51] - The management noted that the housing market dynamics remain favorable, with sustained demand expected [108] Other Important Information - The company announced a succession plan where Adam Pollitzer will take over as President and CEO on January 1, 2022 [14][17] - The company completed a $364 million insurance-linked note (ILN) transaction, which is among the largest to date [46][49] - Total cash and investments were $2.2 billion at quarter end, with shareholders' equity at $1.5 billion, a 4% increase from the second quarter [49] Q&A Session Summary Question: Can you quantify the factors impacting the decline in average premium? - The yield declined from 34.1 basis points in Q2 to 32.4 in Q3, attributed to strong growth in insurance in force and a decline in singles NIW volume [56][59] Question: What are the expectations for the fourth quarter? - Guidance for Q4 indicates a trend down in net yield due to additional seated premium costs from the recent ILN offering [60] Question: How do you view the policy changes from Washington? - The company sees expanding opportunities for homeownership as central to its mission and expects to play a significant role in shaping future housing policy discussions [61][62] Question: Can you provide insight into the increase in new defaults? - New defaults increased to 1,600 in Q3 from 1,100 in Q2, but the overall default population continues to decline [68] Question: What is the outlook for claims from recent defaults? - The company is optimistic about the performance of borrowers in forbearance programs and expects significant cure activity [73] Question: How is the credit appetite evolving? - The company has not fundamentally shifted its risk appetite but is easing some restrictions put in place during the pandemic [117][119]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-36174 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 2100 Powel ...

NMI Holdings, Inc. (NASDAQ:NMIH) Q2 2021 Earnings Conference Call August 3, 2021 5:00 PM ET Company Participants John Swenson - VP, IR and Treasury Brad Shuster - Executive Chairman Claudia Merkle - CEO Adam Pollitzer - CFO Julie Norberg - Controller Conference Call Participants Doug Harter - Credit Suisse Bose George - KBW Rick Shane - JPMorgan Colin Johnson - B. Riley Securities Mark Hughes - Truist Ryan Gilbert - BTIG Geoffrey Dunn - Dowling & Partners Operator Good day and thank you for standing by and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-36174 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 2100 Powell Str ...