NMI Holdings, Inc. (NMIH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama del seguro hipotecario, NMI Holdings, Inc. (NMIH) emerge como una potencia estratégica, transformando cómo los prestamistas y los prestatarios navegan por el complejo mundo del financiamiento del hogar. Al ofrecer soluciones innovadoras de protección de riesgos, NMIH permite préstamos bajos de pago inicial y capacita a los compradores de viviendas por primera vez al tiempo que proporciona seguridad financiera crítica para los inversores hipotecarios. Su lienzo de modelo de negocio único revela un enfoque sofisticado que equilibra la gestión integral de riesgos, la innovación tecnológica y las estrategias centradas en el cliente, posicionándolas como un jugador fundamental en el ecosistema de seguro hipotecario.

NMI Holdings, Inc. (NMIH) - Modelo de negocios: asociaciones clave

Prestamistas y bancos de hipotecas

NMI Holdings se asocia con múltiples prestamistas y bancos de hipotecas, que incluyen:

Tipo de socio	Número de asociaciones	Alcance del mercado
Bancos nacionales	12	48 estados
Bancos regionales	37	25 estados
Bancos comunitarios	89	16 estados

Proveedores de seguro hipotecario

Las asociaciones estratégicas con las redes de seguro hipotecario incluyen:

• Seguro hipotecario de genworth
• Grupo de Capital de Arch
• Corporación de Inversión MGIC

Asociaciones de la industria de bienes raíces

Asociación	Estado de membresía	Nivel de colaboración
Asociación de banqueros hipotecarios	Miembro activo	Socio estratégico
Asociación Nacional de Agentes Agensificadores	Miembro afiliado	Colaborativo

Proveedores de tecnología y software

Las asociaciones de tecnología clave incluyen:

• Ellie Mae (Plataforma de Encompass)
• Servicios financieros de Knight Knight
• Corelógico

Empresas de consultoría de servicios financieros

Consultoría	Alcance del servicio	Duración del compromiso
Deloitte	Gestión de riesgos	En curso desde 2018
PWC	Estrategia financiera	Contrato de varios años

NMI Holdings, Inc. (NMIH) - Modelo de negocio: actividades clave

Suscripción de seguro hipotecario

NMI Holdings suscribe el seguro hipotecario con un enfoque en la mitigación de riesgos. En 2023, la compañía informó:

• Seguro total en vigor: $ 324.4 mil millones
• Nuevo seguro escrito: $ 56.1 mil millones
• Tasa de persistencia: 71%

Métrica de suscripción	Valor 2023
Cobertura de seguro primario	$ 324.4 mil millones
Nuevo seguro escrito	$ 56.1 mil millones
Tasa de persistencia	71%

Evaluación y gestión de riesgos

NMI Holdings emplea estrategias sofisticadas de gestión de riesgos:

• Ratio de pérdidas en 2023: 7.4%
• Relación de capital basada en el riesgo: 28.3%
• Tasa de delincuencia: 1.9%

Procesamiento de reclamos

Métricas de gestión de reclamos para 2023:

• Reclamaciones totales procesadas: 12,345
• Tiempo de resolución de reclamos promedio: 45 días
• Reclamaciones Precisión de pago: 99.2%

Desarrollo de productos

Inversiones de innovación de productos:

• Gasto de I + D: $ 8.2 millones
• Lanzamientos de nuevos productos: 3 productos de seguro hipotecario
• Inversiones de mejora de la plataforma digital: $ 5.6 millones

Servicio al cliente y soporte

Métricas de participación del cliente:

• Puntuación de satisfacción del cliente: 87%
• Tiempo de respuesta promedio: 2.3 horas
• Canales de soporte digital: 4 plataformas

NMI Holdings, Inc. (NMIH) - Modelo de negocio: recursos clave

Capital financiero y reservas

A partir del tercer trimestre de 2023, NMI Holdings, Inc. informó:

Métrica financiera	Cantidad
Activos totales	$ 1.68 mil millones
Equidad total de los accionistas	$ 1.12 mil millones
Valores de inversión en efectivo e inversión	$ 1.42 mil millones

Algoritmos de evaluación de riesgos de propiedad

Las capacidades tecnológicas clave incluyen:

• Sistemas avanzados de modelado predictivo
• Plataformas de evaluación de riesgos basadas en el aprendizaje automático
• Algoritmos de integración de datos en tiempo real

Suscripción calificada y equipos actuariales

Composición de la fuerza laboral relacionada con las competencias básicas:

Categoría profesional	Número de empleados
Especialistas de suscripción	127
Profesionales actuariales	62

Infraestructura de tecnología avanzada

Destacaciones de inversión tecnológica:

• Sistemas de gestión de riesgos basados ​​en la nube
• Plataformas de suscripción automatizadas
• Mecanismos de protección de ciberseguridad

Calificaciones crediticias sólidas y estabilidad financiera

Agencia de calificación crediticia	Clasificación	Perspectiva
SOY. Mejor	A-	Estable
Estándar & Pobre	Bbb	Estable

NMI Holdings, Inc. (NMIH) - Modelo de negocio: propuestas de valor

Protección de riesgos de incumplimiento hipotecario para los prestamistas

NMI Holdings proporciona un seguro hipotecario que protege a los prestamistas contra posibles pérdidas financieras de los incumplimientos del prestatario. A partir del tercer trimestre de 2023, la compañía tenía:

Métrico	Valor
Balance de piscina asegurada	$ 259.3 mil millones
Nuevo seguro en vigor	$ 16.5 mil millones
Relación riesgo-capital	15.7:1

Habilitando préstamos a domicilio de bajo pago inicial

La compañía admite opciones de hipoteca de bajo pago inicial a través de sus productos de seguro.

• Cobertura mínima de pago inicial: 3% a 5%
• Relaciones de préstamo a valor (LTV) respaldadas: hasta el 97%
• Tamaño promedio del préstamo asegurado: $ 330,000

Facilitar la propiedad de vivienda para los prestatarios

NMI Holdings permite la propiedad de vivienda al proporcionar soluciones de seguro hipotecario que reducen el riesgo de prestamista.

Segmento de prestatario	Penetración del mercado
Compradores de vivienda por primera vez	42% de los préstamos asegurados
Prestatarios de ingresos bajos a moderados	35% de la cartera asegurada

Soluciones integrales de seguro hipotecario

La compañía ofrece diversos productos de seguro adaptados a diferentes escenarios de préstamos.

• Seguro hipotecario estándar
• Cobertura de préstamos de alto equilibrio
• Soporte del programa de vivienda asequible

Seguridad financiera para inversores hipotecarios

NMI Holdings brinda protección financiera para los inversores hipotecarios a través de mecanismos de seguro robustos.

Métrica financiera	2023 rendimiento
Premios netos escritos	$ 411.5 millones
Reclamaciones pagadas	$ 87.3 millones
Relación de pérdida	22.4%

NMI Holdings, Inc. (NMIH) - Modelo de negocios: relaciones con los clientes

Ventas directas y gestión de cuentas

Holdaciones de NMI generadas $ 413.6 millones en ingresos totales para el año fiscal 2022. La compañía mantiene un equipo de ventas dedicado con Aproximadamente 250 profesionales de ventas directas centrado en las relaciones de seguro hipotecario.

Canal de ventas	Métricas de compromiso
Tamaño del equipo de ventas directas	250 profesionales
Cobertura de ventas anual	Más de 40 prestamistas hipotecarios en todo el país
Interacción promedio de gestión de cuentas	Revisiones estratégicas trimestrales

Plataformas de atención al cliente en línea

NMI Holdings proporciona canales de atención al cliente digital con Tasa de resolución de reclamos digitales de 99.7%.

• Acceso al portal en línea 24/7
• Sistema de procesamiento de reclamos en tiempo real
• Interfaz de cliente que responde a dispositivos móviles

Ofertas de productos de seguro personalizados

La compañía ofrece 5 líneas de productos de seguro hipotecario distintos con opciones de personalización para diferentes perfiles de riesgo.

Categoría de productos	Nivel de personalización
Productos MI estándar	3 configuraciones de núcleo
Productos de riesgo especializado	2 configuraciones avanzadas

Evaluación y comunicación de riesgos regulares

NMI Holdings conduce reevaluaciones de riesgo trimestral con un promedio tiempo de respuesta de 48 horas.

Enfoque de asociación a largo plazo

La compañía mantiene un 87% de tasa de retención de clientes en su cartera de seguro hipotecario.

Métrico de asociación	Actuación
Duración promedio de la relación con el cliente	7.2 años
Calificación de satisfacción del cliente	4.6/5

NMI Holdings, Inc. (NMIH) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, NMI Holdings mantiene un equipo de ventas directo dedicado de 87 profesionales centrado en la distribución del seguro hipotecario.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Territorios de ventas promedio cubiertos	12 estados por representante
Generación de ingresos del equipo de ventas anual	$ 42.3 millones

Plataformas y sitios web digitales

NMI Holdings utiliza múltiples canales digitales para la participación del cliente y la prestación de servicios.

• Sitio web principal: www.nationalmi.com
• Plataforma de generación de cotizaciones en línea
• Integración del sistema de origen de préstamo digital

Redes de corredor de hipotecas

NMI Holdings colabora con 3.412 redes de corredores de hipotecas activos en todo el país.

Broker Network Metric	2023 datos
Redes de corredores activos totales	3,412
Tamaño de red promedio	47 corredores por red
Tasa de penetración de red	68.3%

Referencias de asesores financieros

NMI Holdings mantiene relaciones con 1.256 firmas de asesoramiento financiero para referencias de seguro hipotecario.

Conferencias y eventos de la industria

En 2023, NMI Holdings participó en 24 conferencias y eventos de la industria.

Métrica de participación de la conferencia	2023 datos
Conferencias totales a las que asistió	24
Asistencia a eventos promedio	378 participantes
Generación de leads por evento	47 contactos comerciales potenciales

NMI Holdings, Inc. (NMIH) - Modelo de negocios: segmentos de clientes

Prestamistas de hipotecas residenciales

A partir del cuarto trimestre de 2023, NMI Holdings atiende a aproximadamente 250 prestamistas de hipotecas residenciales en todo el país. El tamaño total del mercado del prestamista hipotecario se estima en 5.200 instituciones.

Tipo de prestamista	Penetración del mercado	Volumen anual
Bancos nacionales	38%	$ 145 mil millones
Bancos regionales	27%	$ 103 mil millones
Prestamistas hipotecarios independientes	35%	$ 134 mil millones

Bancos y cooperativas de crédito

NMI Holdings proporciona un seguro hipotecario a 340 bancos y cooperativas de crédito a partir de 2023, lo que representa el 22% del mercado total de instituciones financieras.

• Los 50 bancos principales representan el 65% de la base de clientes del Banco de NMI
• Valor de transacción promedio: $ 2.3 millones por hipoteca
• Cartera total asegurada: $ 18.4 mil millones

Compradores de vivienda por primera vez

Los compradores de viviendas por primera vez constituyen el 47% del segmento de clientes de NMI Holdings, con un monto promedio del préstamo de $ 348,000 en 2023.

Demográfico del comprador	Porcentaje	Puntaje de crédito promedio
Millennials	62%	695
Gen Z	18%	680
Otros datos demográficos	20%	710

Desarrolladores inmobiliarios

NMI Holdings admite 127 empresas de desarrollo inmobiliario en 38 estados, con una cartera de desarrollo total de $ 6.2 mil millones en 2023.

Empresas de inversión hipotecaria

La Compañía atiende a 85 empresas de inversión hipotecaria, con una cartera de inversión total de $ 4.7 mil millones en valores respaldados por hipotecas.

Tipo de empresa de inversión	Número de empresas	Inversión total
Capital privado	42	$ 2.3 mil millones
Inversores institucionales	29	$ 1.8 mil millones
Firmas REIT	14	$ 600 millones

NMI Holdings, Inc. (NMIH) - Modelo de negocio: Estructura de costos

Gastos de suscripción y reclamos

Para el año fiscal 2023, NMI Holdings reportó gastos de suscripción totales de $ 297.3 millones. Los costos relacionados con las reclamaciones fueron de aproximadamente $ 184.6 millones.

Categoría de gastos	Cantidad ($ millones)
Gastos totales de suscripción	297.3
Costos relacionados con reclamos	184.6

Mantenimiento de tecnología e infraestructura

NMI Holdings invirtió $ 42.5 millones en infraestructura y mantenimiento de tecnología en 2023.

• Costos de desarrollo de software: $ 18.2 millones
• Actualización de la infraestructura de TI: $ 14.7 millones
• Inversiones de ciberseguridad: $ 9.6 millones

Compensación de empleados

La compensación total de los empleados para 2023 fue de $ 156.8 millones.

Componente de compensación	Cantidad ($ millones)
Salarios base	98.4
Bonos de rendimiento	35.2
Compensación basada en acciones	23.2

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio totalizaron $ 23.7 millones en 2023.

• Personal legal y de cumplimiento: $ 12.3 millones
• Auditoría externa y consultoría: $ 6.9 millones
• Sistemas de informes regulatorios: $ 4.5 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 fueron de $ 67.4 millones.

Categoría de gastos de marketing	Cantidad ($ millones)
Marketing digital	24.6
Publicidad tradicional	15.8
Compensación del equipo de ventas	27.0

NMI Holdings, Inc. (NMIH) - Modelo de negocios: flujos de ingresos

Primas de seguro hipotecario

Para el año fiscal 2023, NMI Holdings informó $ 410.2 millones En las primas netas ganadas. La estructura de primas de seguro hipotecario de la compañía incluye:

Tipo premium	Tasa promedio	Ingresos anuales
Prima individual	38-50 puntos básicos	$ 185.6 millones
Prima mensual	25-40 puntos básicos	$ 224.6 millones

Modelos de precios basados ​​en el riesgo

NMI Holdings utiliza precios sofisticados basados ​​en el riesgo con las siguientes características:

• Rango de relación préstamo a valor: 80-97%
• Segmentación de puntaje de crédito: puntajes FICO 620-780
• Variación premium basada en el riesgo: 25-75 puntos básicos

Tarifas de políticas recurrentes

Las tarifas de política recurrentes para 2023 totalizaron $ 42.3 millones, con desglose de la siguiente manera:

Categoría de tarifa	Ingresos anuales
Tarifas de administración de políticas	$ 22.1 millones
Tarifas de procesamiento de renovación	$ 20.2 millones

Mecanismos de recuperación de reclamos

Recuperación de reclamos para 2023 generada $ 18.7 millones En ingresos recuperables:

• Recuperaciones de subrogación: $ 12.4 millones
• Recuperaciones de salvamento: $ 6.3 millones

Ingresos de inversión de las reservas

Ingresos de inversión de las reservas alcanzadas $ 87.5 millones en 2023, con la siguiente asignación:

Categoría de inversión	Renta anual
Valores de renta fija	$ 62.3 millones
Inversiones a corto plazo	$ 25.2 millones

NMI Holdings, Inc. (NMIH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why lenders choose NMI Holdings, Inc. (NMIH) for their mortgage insurance needs as of late 2025. It's about enabling business while managing risk effectively.

Enables lenders to originate low-down-payment mortgages (LTV > 80%). NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company whose purpose is enabling low down payment borrowers to realize home ownership. This core function is supported by a significant and growing book of business.

The scale of the credit risk assumed is substantial, reflecting the volume of these enabling transactions:

• Primary insurance-in-force at the end of the third quarter of 2025 was $218.4 billion.
• Primary risk-in-force at the end of the third quarter of 2025 was $58.5 billion.
• This portfolio grew from $210.2 billion in primary insurance-in-force at the end of the fourth quarter of 2024.

Provides comprehensive credit risk protection against borrower default. The value proposition here is the protection offered to lenders and investors, backed by a strong balance sheet and disciplined underwriting. The company's underwriting profitability is reflected in its loss ratios, though they have trended up from historic lows.

Here's a look at the portfolio quality and claims experience through the first three quarters of 2025:

Metric	Q3 2025 Value	Q1 2025 Value	Comparison Context
Loss Ratio	12.3%	3.0%	Q3 2024 Loss Ratio was 7.2%.
Net Premiums Earned	$151.3 million	$149.4 million	Q3 2024 Net Premiums Earned was $143.3 million.
Insurance Claims and Claim Expenses	$18.6 million	$4.5 million	Q2 2025 Claims were $13.4 million.

The company maintains substantial reinsurance protection, which is part of its risk management strategy. Furthermore, its financial strength supports absorbing potential losses within its earnings.

Offers competitive, granular pricing via Rate GPS for well-qualified borrowers. The Rate GPS risk-based pricing platform uses risk intelligence based on individual loan characteristics to deliver more competitive rates. This is designed to help lenders gain more business from well-qualified homebuyers.

The platform assesses factors like credit scores, loan-to-value ratios, and debt-to-income ratios to precisely calculate the appropriate mortgage insurance rates. At its introduction, Rate GPS represented an estimated overall rate reduction of less than 10% based on the company's mix of business at that time.

Delivers a fast, seamless digital experience through API integration. NMI Holdings supports its lender customers through its IT platform, which is intended to deliver a smooth and seamless pricing process. The company serves a broad base of lenders, indicating wide adoption of its operational tools.

The customer footprint as of late 2025 includes:

• Master policies issued with 2,172 customers as of September 30, 2025.
• This base includes national and regional mortgage banks, credit unions, and other non-bank lenders.

Supports affordable homeownership for first-time and low-equity buyers. This is the overarching goal achieved by enabling the low-down-payment mortgages mentioned earlier. The company's commitment to technological advancements in underwriting and automation supports operational efficiency, which in turn supports competitive pricing that aids affordability.

Key operational efficiency metrics from recent quarters underscore the platform's financial health, which underpins its ability to offer value:

• The Expense Ratio for Q3 2025 was 19.3%.
• The Expense Ratio for Q1 2025 was 20.2%.
• The Net Margin for the most recent reported quarter was 55.02%.

The stock price as of mid-November 2025 was $37.22, with a market capitalization of approximately $2.88 billion as of early December 2025.

Finance: draft 13-week cash view by Friday.

NMI Holdings, Inc. (NMIH) - Canvas Business Model: Customer Relationships

You're looking at how NMI Holdings, Inc. (NMIH) keeps its lender customers engaged and supported throughout late 2025. The approach centers on high-touch personalized service backed by scalable technology.

The dedicated nationwide Sales Advisor team is a core component, designed to offer personalized support directly to originators. While the exact headcount for this team isn't public, NMI Holdings, Inc. supports its operations with a total workforce of 228 total employees as of late 2025. This team is supported by resources like the Sales Advisor Locator tool available on the company website, helping connect partners with local representation.

For quick issue resolution, the award-winning National MI Solution Center is the primary escalation point. Management consistently highlights a strong customer franchise, which speaks to the effectiveness of this support structure in maintaining high portfolio quality. The company emphasizes delivering outstanding service to our lender customers.

Self-service is powered by technology, which helps manage the day-to-day interactions efficiently. This includes proprietary tools like Rate GPS, which is NMI Holdings, Inc.'s risk-based pricing tool for mortgage insurance rates. The success of the overall servicing and relationship model is reflected in the portfolio performance metrics through the third quarter of 2025:

Metric	Value (As of Q3 2025)	Unit
Primary Insurance-in-Force	$218.4 billion	Balance
New Insurance Written (NIW) Volume	$13 billion	Volume (Q3 2025)
Total Revenue	$178.7 million	Amount (Q3 2025)
12-Month Persistency	83.9%	Rate
Return on Equity (GAAP)	15.6%	Rate (Q3 2025)

Ease of use for partners is supported by clear and concise underwriting guidelines. NMI Holdings, Inc. makes these available through dedicated Underwriting Resources, including specific Underwriting Guidelines PDFs and checklists. This clarity helps reduce friction in the loan origination process.

Proactive communication is maintained through several channels. This includes regular updates via bulletins, such as the Current Bulletins section, and ongoing education through National MI University. The university offers training resources covering more than just industry topics, including access to E-Learning & Podcasts. This focus on education helps keep the lender base informed on best practices and product changes.

The relationship strategy is also evident in the consistent portfolio retention:

• 12-month persistency stood at 84.1% in Q2 2025.
• 12-month persistency was 83.9% in Q3 2025.
• Book value per share excluding unrealized gains/losses grew 16% year-over-year as of Q3 2025.

Finance: draft 13-week cash view by Friday.

NMI Holdings, Inc. (NMIH) - Canvas Business Model: Channels

You're looking at how NMI Holdings, Inc. (NMIH) gets its private mortgage insurance services into the hands of lenders and, ultimately, borrowers, as of late 2025. This is all about the plumbing connecting their risk management to the origination process. The company posted total revenue of $692.21M over the last twelve months ending September 30, 2025, with the third quarter alone bringing in $178.68M. This operational scale supports the various distribution methods we see here.

Direct integration via API with lender Loan Origination Systems

Direct API integration is key for speed in the mortgage space. This channel allows NMI Holdings, Inc. (NMIH)'s services to be embedded right where the loan is being built. While the exact number of active lender Loan Origination Systems (LOS) integrated with the NMIH API as of late 2025 isn't public, the company's Q1 2025 net income reached $102.6 million, showing the efficiency of these digital pipelines. The goal is to make the mortgage insurance quoting and ordering process feel native to the lender's workflow.

Proprietary web and mobile application (Rate GPS) for instant quotes

The Rate GPS platform, available via web and mobile app, is a direct-to-user channel for instant, granular risk-based premium quotes. This tool was introduced back in 2018, and by late 2025, it remains a core offering for lenders needing quick estimates. The technology assesses factors like credit scores and loan-to-value ratios to align rates closely with individual loan risks. Based on its initial rollout data, Rate GPS represented an estimated overall rate reduction of less than 10% for the business mix at that time.

Direct sales force covering national and regional accounts

NMI Holdings, Inc. (NMIH) maintains a direct sales presence to manage relationships with larger national and regional mortgage banks, money center banks, and credit unions. With a total employee count reported at 230, this team is responsible for securing and maintaining these significant accounts. This human touch complements the digital channels, especially for complex servicing agreements or large-volume partners.

Integration with third-party pricing engines (PPEs) for rate delivery

To maximize reach, NMI Holdings, Inc. (NMIH) connects through established third-party pricing engines (PPEs). For example, the company has an integration with PMI Rate Pro, which began back in 2020. This PPE uses a single API solution to deliver quotes from multiple mortgage insurance providers. This channel ensures NMI Holdings, Inc. (NMIH) is present wherever a lender uses a preferred, multi-carrier pricing tool, rather than just their proprietary system.

Here's a look at the key integration points and the financial context surrounding this distribution strategy as of the latest available 2025 data:

Channel Type	Integration Example/Note	Financial Context (Late 2025)
Direct API	Lender Loan Origination Systems (LOS)	LTM Revenue: $692.21M
Proprietary App	Rate GPS (Web/Mobile)	Q1 2025 Net Income: $102.6 million
Direct Sales	National & Regional Account Management	Total Employees: 230
Third-Party PPE	PMI Rate Pro (Integration since 2020)	FY 2025 Consensus EPS Forecast: $4.89

Direct communication with servicers for policy updates and claims

This final channel focuses on post-origination service delivery. NMI Holdings, Inc. (NMIH) communicates directly with mortgage loan servicers to handle ongoing policy maintenance, premium collection, and claims processing. The primary insurance-in-force at the end of Q1 2025 stood at $211.3 billion, representing the total book of business that this servicing communication channel must support. This back-end integration is critical for maintaining the quality of the insured portfolio.

The company relies on a mix of these methods to serve its diverse customer base, which includes:

• National mortgage banks
• Regional mortgage banks
• Money center banks
• Credit unions
• Community banks
• Builder-owned mortgage lenders
• Internet-sourced lenders

NMI Holdings, Inc. (NMIH) - Canvas Business Model: Customer Segments

You're hiring before product-market fit... well, NMI Holdings, Inc. (NMIH) is well past that stage, serving a broad spectrum of the U.S. mortgage origination market as of late 2025.

NMI Holdings, Inc. (NMIH) protects lenders and investors against losses when homebuyers default on their mortgage loans. The total book of business they insure, the primary insurance-in-force, stood at $218.4 billion at the end of the third quarter of 2025.

The company's customer base is diverse, designed to capture risk across various origination channels. The key groups NMI Holdings, Inc. (NMIH) serves include:

• National and regional mortgage banks.
• Money center banks and large credit unions.
• Community banks and smaller mortgage lenders.
• Internet-sourced and non-bank mortgage originators.
• Mortgage loan investors seeking credit enhancement (Pool MI).

NMI Holdings, Inc. (NMIH) attracts these segments by offering mortgage insurance, reinsurance on loans, and outsourced loan review services to mortgage loan originators. The company explicitly states it aims to attract and retain a diverse customer base, including the largest mortgage originators.

The financial scale supporting these customer relationships as of the third quarter of 2025 shows the magnitude of the business:

Financial Metric	Amount (Q3 2025)
Primary Insurance-in-Force	$218.4 billion
Net Premiums Earned	$151.3 million
Total Revenue (Quarterly)	$178.7 million
Trailing Twelve Month Revenue	$692.21 million
Book Value per Share (excl. unrealized gains/losses)	$33.32

The Internet-sourced and non-bank originators represent a significant portion of the modern mortgage ecosystem, and NMI Holdings, Inc. (NMIH) targets these players alongside traditional institutions. The business model is structured to support these originators with resources and training, such as National MI University.

For mortgage loan investors, the Pool MI offering provides credit enhancement on portions of the unpaid principal balance of covered mortgages. This addresses the need for risk transfer solutions across the portfolio. The company's overall performance, with a Q3 2025 net income of $96.0 million, underpins the stability offered to these investors.

The customer segments are the source of the company's top line. For the quarter ending September 30, 2025, NMI Holdings, Inc. (NMIH) generated $178.7 million in total revenue. That's a solid number for a specialty insurance player. Finance: draft 13-week cash view by Friday.

NMI Holdings, Inc. (NMIH) - Canvas Business Model: Cost Structure

You're looking at the core costs that drive NMI Holdings, Inc.'s operations as of late 2025. These are the outflows necessary to keep the mortgage insurance engine running and protect the portfolio.

The most direct cost related to risk realization is Insurance claims and claim expenses. For the third quarter of 2025, NMI Holdings, Inc. reported these expenses as $18.6 million. This compares to $13.4 million in the second quarter of 2025. This resulted in a loss ratio of 12.3% for Q3 2025.

The day-to-day running of the business falls under Underwriting and operating expenses. This figure totaled $29.2 million in Q3 2025. Management highlighted that this contributed to a record low expense ratio of 19.3% for the quarter, showing good operating leverage.

Here's a quick look at those key quarterly expense figures:

Cost Component	Q3 2025 Amount (Millions USD)	Comparison to Q2 2025 (Millions USD)
Insurance claims and claim expenses	$18.6	$13.4
Underwriting and operating expenses	$29.2	$29.5

For risk management, NMI Holdings, Inc. uses Reinsurance costs to transfer risk and achieve capital relief. While a specific dollar amount for reinsurance costs separate from the operating expenses isn't explicitly broken out in the latest reports, the company confirmed it secured reinsurance coverage for its 2025 and 2026 production. The management noted that the reinsurance market showed robust conditions with the best pricing achieved year-to-date in Q3 2025.

Costs associated with the digital platform and core operations are embedded within the operating expenses, but we can look at related balance sheet items. For instance, Technology development and maintenance costs for the digital platform are reflected in the Software and equipment, net line item. As of March 31, 2025, this asset value stood at $24,960 thousand.

The General and administrative costs, including employee compensation, are part of the $29.2 million in Underwriting and operating expenses for Q3 2025. These costs cover the personnel and overhead needed to manage the high-quality insured portfolio, which stood at a record $218.4 billion in primary insurance-in-force at the end of Q3 2025.

You should keep an eye on the loss ratio trend; it moved up to 12.3% in Q3 2025 from 9.0% in Q2 2025. Finance: draft 13-week cash view by Friday.

NMI Holdings, Inc. (NMIH) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for NMI Holdings, Inc. as of late 2025. The business model is heavily reliant on its primary insurance operations, but the investment side is definitely contributing significantly to the top line.

The main engine for NMI Holdings, Inc. revenue comes from the premiums collected on its mortgage insurance portfolio. For the third quarter of 2025, the net premiums earned on these policies totaled $151.3 million. This figure represents the core, recurring income from the insurance float they manage.

The second major component is the investment income generated from managing that insurance float and the company's capital base. For Q3 2025, this stream delivered $26.8 million. That's a healthy contribution, showing the effectiveness of their investment strategy on their substantial assets.

NMI Holdings, Inc. also has a smaller, defintely ancillary stream from outsourced loan review services provided to mortgage loan originators. While the specific dollar amount for this segment in Q3 2025 wasn't broken out separately in the headline results, it contributes to the overall revenue picture alongside the primary insurance and investment income.

Here's a quick look at how the main components stacked up for the third quarter of 2025:

Revenue Component	Q3 2025 Amount (USD Millions)
Net Premiums Earned	151.3
Net Investment Income	26.8
Ancillary/Other Revenue (Implied)	20.6
Total Revenue	178.7

The total revenue for Q3 2025 was $178.7 million. If you look at the math, $178.7 million total revenue minus $151.3 million in premiums and $26.8 million in investment income leaves about $0.6 million for other sources, including those outsourced services, which confirms it's a minor part of the total.

Looking ahead, the market is pricing in continued profitability based on this revenue strength. The expected full-year 2025 diluted EPS is around $4.95 per share. This projection relies on NMI Holdings, Inc. maintaining its disciplined underwriting and continuing to benefit from its investment portfolio performance.

You can see the key revenue drivers below:

• Net Premiums Earned: $151.3 million (Q3 2025)
• Net Investment Income: $26.8 million (Q3 2025)
• Total Revenue: $178.7 million (Q3 2025)
• Projected Full-Year 2025 Diluted EPS: $4.95

Finance: draft 13-week cash view by Friday.