National MI Surpasses 1,000 Customers
Private mortgage insurer celebrates its third year in business with over 1,000 lender customers; continues to lead the industry with innovative products and terms of coverage
March 31, 2016 – EMERYVILLE, CA – National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc., (NASDAQ: NMIH) is celebrating its third year of doing business. Since insuring its first loan in April 2013, the company has added over 1,000 lender customers nationwide.
“Surpassing the 1,000-lender mark is a great milestone for National MI,” said Bradley Shuster, CEO of National MI. “We have come a long way in three years, thanks to the outstanding efforts of our employees and the growing appreciation by customers of our unique value proposition. National MI has been at the forefront of the private mortgage insurance business, setting the pace for the industry with innovative coverage terms, products, and customer service.”
National MI has also seen growth in new insurance written (NIW) and market share. “We tripled our market share in 2015 and we were the only mortgage insurer that consistently grew NIW every quarter in 2015,” Shuster noted.
The company led the industry in 2013 by developing strong and clear terms of coverage. National MI was the first company to offer 12-month rescission relief on most insured loans, through its National MI SafeGuard® coverage, protecting lenders from coverage rescissions and denials upon borrowers making their first 12 timely monthly mortgage payments.
Most recently, National MI was the first mortgage insurer to introduce a nationwide, disciplined, risk-based pricing structure to address the strengthened capital standards of the Private Mortgage Insurer Eligibility Requirements (PMIERs). “On March 7th, our Signature Borrower Paid Mortgage Insurance (BPMI) monthly rates went into effect as our National BPMI rates, opening up homeownership opportunities for a wide spectrum of credit-worthy borrowers,” said Claudia Merkle, executive vice president.
About National MI
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding National MI’s positioning for future performance. More information about the risks, uncertainties and assumptions affecting National MI can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. We do not undertake, and specifically disclaim, any obligation to revise any forward-looking statements to reflect the occurrence of future events or circumstances.
John M. Swenson
Vice President, Investor Relations and Treasury