Headquartered in Emeryville, CA, NMI Holdings was incorporated in May 2011 and began start-up operations in 2012. NMI Holdings wrote its first MI policy in 2013.

The company provides private mortgage insurance (MI) through its 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 OCI. NMIC is the company’s primary insurance subsidiary and is approved as an MI provider by the GSEs and is licensed to write coverage in all 50 states and D.C. Re One provides reinsurance to NMIC on insured loans after giving effect to third-party reinsurance. The subsidiary NMI Services, Inc. (NMIS) provides outsourced loan review services to mortgage loan originators.

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-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. As of Dec 31, 2022, NMI Holdings had $185 billion of total insurance-in-force (IIF), including primary IIF of $184 billion, and $47.7 billion of gross risk-in-force (RIF), including primary RIF of $47.6 billion. For the year that ended Dec 31, 2022, the company generated new insurance written (NIW) of $58.7 billion.

NMI Holdings exited 2022 with master policies with 1,875 customers, 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.