NMI Holdings Files 2024 10-K

TL;DR

NMI Holdings filed its 2024 10-K, check it for surety insurance biz performance.

AI Summary

NMI Holdings, Inc. filed its 2024 10-K on February 14, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The company, operating in surety insurance, is headquartered at 2100 Powell Street, Emeryville, CA. The filing covers financial data for the fiscal years 2024, 2023, and 2022, providing a comprehensive overview of its financial position and operations.

Why It Matters

This filing provides investors and stakeholders with a detailed look at NMI Holdings' financial health and operational performance over the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the surety insurance industry can be subject to economic fluctuations and regulatory changes.

Key Numbers

• 2024 — Fiscal Year End (The primary period covered by the 10-K filing.)
• 2023 — Prior Fiscal Year (Comparative financial data is typically included for the previous year.)
• 2022 — Year Before Prior (Further comparative financial data for trend analysis.)

Key Players & Entities

• NMI Holdings, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-14 (date) — Filing date
• 2100 Powell Street, 12th Floor, Emeryville, CA 94608 (address) — Company business and mailing address
• 6351 (SIC Code) — Surety Insurance industry classification

FAQ

Key Financial Figures

• $0.01 — The number of shares of common stock, $0.01 par value per share, of the registrant
• $210.2 billion — enders. As of December 31, 2024, we had $210.2 billion of primary insurance-in-force (IIF) and
• $56.1 billion — of primary insurance-in-force (IIF) and $56.1 billion of primary risk-in-force (RIF). For the
• $46.0 billion — enerated new insurance written (NIW) of $46.0 billion. As of December 31, 2024, we had 230 fu
• $13 — argest in the world, with approximately $13 trillion of mortgage debt outstanding a

Filing Documents

• nmih-20241231.htm (10-K) — 3003KB
• ex1012rsuagreementforindep.htm (EX-10.12) — 37KB
• ex1018rsuagreementforexecu.htm (EX-10.18) — 42KB
• ex1019rsuagreementforemplo.htm (EX-10.19) — 42KB
• ex1020rsuagreementperforma.htm (EX-10.20) — 57KB
• ex191insidertradingandinfo.htm (EX-19.1) — 72KB
• exhibit231ye2024bdoconsent.htm (EX-23.1) — 2KB
• ex31110kye2024.htm (EX-31.1) — 11KB
• ex31210kye2024.htm (EX-31.2) — 10KB
• ex32110kye2024.htm (EX-32.1) — 8KB
• image_0.jpg (GRAPHIC) — 7KB
• image_1.jpg (GRAPHIC) — 8KB
• nmih-20241231_g1.jpg (GRAPHIC) — 50KB
• 0001547903-25-000026.txt ( ) — 13737KB
• nmih-20241231.xsd (EX-101.SCH) — 75KB
• nmih-20241231_cal.xml (EX-101.CAL) — 122KB
• nmih-20241231_def.xml (EX-101.DEF) — 454KB
• nmih-20241231_lab.xml (EX-101.LAB) — 957KB
• nmih-20241231_pre.xml (EX-101.PRE) — 721KB
• nmih-20241231_htm.xml (XML) — 2002KB

Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 27

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50

Properties

Item 2. Properties 50

Legal Proceedings

Item 3. Legal Proceedings 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

52

PART II 52

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52

[Reserved]

Item 6. [Reserved] 53

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 82

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 83

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118

Controls and Procedures

Item 9A. Controls and Procedures 118

Other Information

Item 9B. Other Information 120

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 120

121

PART III 121

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 121

Executive Compensation

Item 11. Executive Compensation 121

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 121

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 121

122

PART IV 122

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 122

Form 10-K Summary

Item 16. Form 10-K Summary 125

Signatures

Signatures 126 Index to Financial Statement Schedules 127 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believe," "can," "could," "may," "predict," "assume," "potential," "should," "will," "estimate," "perceive," "plan," "project," "continuing," "ongoing," "expect," "intend" or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. All forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations. You are, therefore, cautioned not to place undue reliance on such statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy and financial needs. There are important factors that could cause our actual results, level of activity, per

Business

Item 1. Business General We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One (Re One). NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin Office of the Commissioner of Insurance (Wisconsin OCI). NMIC is our primary insurance subsidiary, and is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. Our subsidiary, NMI Services, Inc. (NMIS), provides outsourced loan review services to mortgage loan originators and our subsidiary, Re One, historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures. MI protects lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage. MI plays a critical role in the U.S. housing market by mitigating mortgage credit risk and facilitating the secondary market sale of high loan-to-value (LTV) ( i.e., above 80%) residential loans to the GSEs, who are otherwise restricted by their charters from purchasing or guaranteeing high-LTV mortgages that are not covered by certain credit protections. Such credit protection and secondary market sales allow lenders to increase their capacity for mortgage commitments and expand financing access to existing and prospective homeowners. NMI Holdings, Inc. (NMIH), a Delaware corporation, was incorporated in May 2011, and we began start-up operations in 2012 and wrote our first MI policy in 2013. Since formation, we have sought to establish customer relationships with a broad group of mortgage lenders and build a diversif