NMI Holdings (National MI) is a private mortgage insurer (MI). Through its primary subsidiary NMIC, National MI sells insurance policies to mortgage lenders that protect against borrower default on home loans. MI is required on residential mortgages where the borrower puts less than 20% down, and lenders who want to sell these loans to Fannie Mae or Freddie Mac must have eligible credit protection in place — making private MI a mandatory product in the high loan-to-value mortgage market. National MI sells through a direct sales force split between large national mortgage banks and smaller regional lenders like community banks and credit unions. At year-end 2025, National MI had over 1,700 active accounts and $221.4B of primary insurance in force (IIF). National MI earns monthly premiums on its IIF portfolio — roughly 28 bps net of reinsurance costs — as long as coverage remains in place. IIF grows when new insurance written exceeds runoff from repayments, cancellations, and refinancings. The business has significant operating leverage, as expenses are largely fixed and the expense ratio declines as IIF grows. National MI uses quota share, excess-of-loss, and insurance-linked note reinsurance structures to manage capital requirements and reduce loss exposure in stress scenarios. National MI also earns investment income on a fixed income portfolio funded by statutory capital and contingency reserves. Growth strategy centers on expanding IIF through new lender relationships and wallet share gains, disciplined risk selection via its proprietary Rate GPS® pricing platform, and returning excess capital to shareholders through buybacks.