NMI HOLDINGS Business Summary

NMI Holdings, Inc. (NMIH) generates revenue primarily through net premiums earned from private mortgage guaranty insurance, supplemented by net investment income from a $3.8 billion asset base and fees from outsourced loan review services. Operating through its flagship subsidiary, National Mortgage Insurance Corporation (National MI), the company provides credit enhancement to the residential mortgage market by protecting lenders against borrower defaults. Its business segments are concentrated in mortgage insurance and reinsurance, serving a diverse client roster of money center banks, credit unions, and internet-sourced lenders. NMIH competes directly with Radian Group, Essent Group, Enact Holdings, and Arch Capital Group, positioning itself as a high-margin, technology-enabled specialist with a superior-quality insurance-in-force (IIF) portfolio that reached a record $221.4 billion by early 2026. The company was founded in 2012 by Executive Chairman Bradley Shuster, a former senior executive at The PMI Group and partner at Deloitte. The current executive leadership includes President and CEO Adam Pollitzer, who transitioned from the CFO role in 2022, and EVP and CFO Aurora Swithenbank, who joined in 2024 after serving as a Partner at Goldman Sachs and CFO of Vantage Group Holdings. Mohammad Yousaf serves as EVP and Chief of Operations and Technology, overseeing the firm’s digital underwriting and risk platforms. The Board of Directors features notable industry veterans, including recent February 2026 appointee Renu Agrawal, a former Wells Fargo EVP and COO. This leadership core combines deep actuarial expertise with institutional banking pedigree, driving the company’s disciplined capital allocation and mid-teens return on equity targets.