NMI Holdings, Inc.

NMIH provides mortgage insurance (MI) through its wholly-owned insurance subsidiaries, NMIC and Re One. NMIC and Re One are based in Wisconsin and regulated by the Wisconsin OCI. NMIC is the primary insurance subsidiary, approved by the GSEs and licensed to offer MI coverage in all 50 states and D.C. The subsidiary NMIS offers outsourced loan review services to mortgage loan originators. Re One, historically providing reinsurance to NMIC for statutory risk retention, no longer has active insurance exposures as these requirements have been repealed and coverage commuted. MI protects lenders and investors from losses on a portion of the unpaid principal balance of a covered mortgage. It is crucial in the U.S. housing market by reducing mortgage credit risk and enabling the secondary market sale of high-LTV (above 80%) residential loans to the GSEs, who are otherwise restricted from purchasing or guaranteeing such mortgages without credit protection. This allows lenders to increase mortgage commitments and expand financing access. NMIH, a Delaware corporation, was incorporated in May 2011, began operations in 2012, and wrote its first MI policy in 2013. The company has established customer relationships with a broad group of mortgage lenders, including national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. As of December 31, 2025, NMIH had issued master policies with 2,193 customers. As of December 31, 2025, the company had $221.4 billion of primary IIF and $59.3 billion of primary RIF.