ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A.
Form 10-K Summary 122 Signatures 123 Index to Financial Statement Schedules 124 2 Glossary of Abbreviations and Acronyms The following list defines various abbreviations and acronyms used throughout this report.
Federal Trade Commission GAAP Generally accepted accounting principles in the U.S.
GCC Group capital calculation GLBA The Gramm-Leach-Bliley Act of 1999 GSAM Goldman Sachs Asset Management GSEs Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) HOPA Homeowners Protection Act of 1998 HUD U.S.
Department of Housing and Urban Development IBNR Incurred but not reported IIF Insurance-in-force ILN Insurance-linked notes IRA The Inflation Reduction Act 3 IRC Internal revenue code IT Information technology LTV Loan-to-value LPMI Lender-paid mortgage insurance MI Mortgage insurance NAIC National Association of Insurance Commissioners NIST National Institute of Standards and Technology NIW New insurance written NMIC National Mortgage Insurance Corporation, a subsidiary of NMI Holdings, Inc.
NMIS National Mortgage Insurance Services, Inc., a subsidiary of NMI Holding, Inc.
PCAOB Public Company Accounting Oversight Board PMIERs Private mortgage insurer eligibility requirements PSPAs Senior preferred stock purchase agreements QC Quality control QM Qualified mortgage QSR Quota share reinsurance Rate card A fixed schedule of mortgage insurance premium rates applied uniformly across defined loan categories Rate GPS Our proprietary risk-based pricing platform Re One National Mortgage Reinsurance Inc.
One RESPA Real Estate Settlement Procedures Act of 1974 RIF Risk-in-force RRP Rescission relief principles RSU Restricted stock units ROU Right-of-use RTC Risk-to-capital SAFE Act Secure and Fair Enforcement for Mortgage Licensing Act of 2008 SAP Statutory accounting principles SEC United States Securities and Exchange Commission SOFR Secured Overnight Financing Rate TCJA Tax Cuts and Jobs Act TCS Tata Consultancy Services TILA The Truth in Lending Act USDA U.S.
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.
Unless expressly indicated or the context requires otherwise, the terms we, our, us, Company and NMI in this document refer to NMI Holdings, Inc., a Delaware corporation, and its wholly-owned subsidiaries on a consolidated basis.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.
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.
Unless expressly indicated or the context requires otherwise, the terms "we," "our," "us," "Company" and "NMI" in this document refer to NMI Holdings, Inc., a Delaware corporation, and its wholly-owned subsidiaries on a consolidated basis.
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).
As of December 31, 2024, we had $210.2 billion of primary insurance-in-force (IIF) and $56.1 billion of primary risk-in-force (RIF).
For the year ended December 31, 2024, we generated new insurance written (NIW) of $46.0 billion.
As of December 31, 2024, we had 230 full-time and part-time employees.
We and other private mortgage insurers also compete directly with the government MI companies, who significantly increased their share in the MI market following the 2008 financial crisis.
Prior to the financial crisis, private mortgage insurers accounted for the majority of the insured mortgage origination market.