Case 35 National MI

National Mortgage Insurance Corporation (National MI) is an approved primary mortgage insurance company which offers private mortgage insurance to low down payment borrowers and protects lenders and investors against losses related to defaulters. NMI Holdings Inc. was incorporated in May 2011. The company provides mortgage insurance through the wholly owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One. NMIC is the primary insurance subsidiary which is approved as an NMI provider by the GSEs and has license to write MI coverage in all the states in the USA. Re One provides reinsurance coverage to NMIC. NMI Services Inc. (NMIS) provides outsourced loan review services to mortgage loan originators. By December 2021, the NMI had issued master policies for 1732 clients consisting of mortgage banks, credit unions, community banks, builder-owned mortgage lenders, credit unions, and community banks. By year-end 2021, National MI had $153.6 billion of total insurance-in-force (IIF). The average growth rate of revenue and net income was 29% and 121%, respectively. The average growth rate of total assets, short-term investments, and total equity during the period 2017–2021 was 30%, 65%, and 33%, respectively.