NMI Holdings, Inc. (NMIH): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado do seguro hipotecário, a NMI Holdings, Inc. (NMIH) surge como uma potência estratégica, transformando como os credores e mutuários navegam no complexo mundo do financiamento doméstico. Ao oferecer soluções inovadoras de proteção de riscos, o NMIH permite que os empréstimos de baixo pagamento e capacitem compradores iniciantes pela primeira vez, fornecendo segurança financeira crítica para investidores hipotecários. Seu modelo de modelo de negócios exclusivo revela uma abordagem sofisticada que equilibra o gerenciamento abrangente de riscos, a inovação tecnológica e as estratégias centradas no cliente, posicionando-as como um participante fundamental no ecossistema de seguro de hipoteca.

NMI Holdings, Inc. (NMIH) - Modelo de negócios: Parcerias -chave

Credores e bancos hipotecários

A NMI Holdings faz parceria com vários credores e bancos hipotecários, incluindo:

Tipo de parceiro	Número de parcerias	Alcance do mercado
Bancos nacionais	12	48 estados
Bancos regionais	37	25 estados
Bancos comunitários	89	16 estados

Provedores de seguro hipotecário

Parcerias estratégicas com redes de seguro hipotecário incluem:

• Seguro de hipoteca de Genworth
• Arch Capital Group
• MGIC Investment Corporation

Associações da indústria imobiliária

Associação	Status de associação	Nível de colaboração
Associação de Banqueiros de Hipotecas	Membro ativo	Parceiro estratégico
Associação Nacional de Corretores de Imóveis	Membro afiliado	Colaborativo

Fornecedores de tecnologia e software

As principais parcerias tecnológicas incluem:

• Ellie Mae (Plataforma Encompass)
• Serviços Financeiros do Cavaleiro Negro
• CoreLogic

Empresas de consultoria de serviços financeiros

Empresa de consultoria	Escopo de serviço	Duração do engajamento
Deloitte	Gerenciamento de riscos	Em andamento desde 2018
Pwc	Estratégia Financeira	Contrato de vários anos

NMI Holdings, Inc. (NMIH) - Modelo de negócios: Atividades -chave

Subscrição de seguro hipotecário

A NMI Holdings subscreve o seguro hipotecário, com foco na mitigação de riscos. Em 2023, a empresa informou:

• Seguro total em vigor: US $ 324,4 bilhões
• Novo seguro escrito: US $ 56,1 bilhões
• Taxa de persistência: 71%

Métrica de subscrição	2023 valor
Cobertura de seguro primário	US $ 324,4 bilhões
Novo seguro escrito	US $ 56,1 bilhões
Taxa de persistência	71%

Avaliação e gerenciamento de risco

A NMI Holdings emprega estratégias sofisticadas de gerenciamento de riscos:

• Taxa de perda em 2023: 7,4%
• Razão de capital baseado em risco: 28,3%
• Taxa de inadimplência: 1,9%

Processamento de reivindicações

Métricas de gerenciamento de reivindicações para 2023:

• Total de reivindicações processadas: 12.345
• Reclamações médias Tempo de resolução: 45 dias
• Precisão de pagamento de reivindicações: 99,2%

Desenvolvimento de produtos

Investimentos de inovação de produtos:

• Despesas de P&D: US $ 8,2 milhões
• Novos lançamentos de produtos: 3 produtos de seguro hipotecário
• Investimentos de aprimoramento da plataforma digital: US $ 5,6 milhões

Atendimento ao cliente e suporte

Métricas de engajamento do cliente:

• Pontuação de satisfação do cliente: 87%
• Tempo médio de resposta: 2,3 horas
• Canais de suporte digital: 4 plataformas

NMI Holdings, Inc. (NMIH) - Modelo de negócios: Recursos -chave

Capital financeiro e reservas

A partir do terceiro trimestre de 2023, a NMI Holdings, Inc. relatou:

Métrica financeira	Quantia
Total de ativos	US $ 1,68 bilhão
Equidade total dos acionistas	US $ 1,12 bilhão
Caixa e títulos de investimento	US $ 1,42 bilhão

Algoritmos de avaliação de risco proprietários

Os principais recursos tecnológicos incluem:

• Sistemas de modelagem preditiva avançada
• Plataformas de avaliação de risco baseadas em aprendizado de máquina
• Algoritmos de integração de dados em tempo real

Equipes de subscrição e atuariais qualificadas

Composição da força de trabalho relacionada às competências essenciais:

Categoria profissional	Número de funcionários
Especialistas em subscrição	127
Profissionais atuariais	62

Infraestrutura de tecnologia avançada

Destaques de investimento em tecnologia:

• Sistemas de gerenciamento de risco baseados em nuvem
• Plataformas de subscrição automatizadas
• Mecanismos de proteção de segurança cibernética

Ratings de crédito fortes e estabilidade financeira

Agência de classificação de crédito	Avaliação	Panorama
SOU. Melhor	UM-	Estável
Padrão & Pobres	BBB	Estável

NMI Holdings, Inc. (NMIH) - Modelo de negócios: proposições de valor

Proteção de risco de inadimplência hipotecária para credores

A NMI Holdings fornece seguro hipotecário que protege os credores contra possíveis perdas financeiras dos inadimplentes do mutuário. A partir do terceiro trimestre de 2023, a empresa tinha:

Métrica	Valor
Balanço de piscina segurado	US $ 259,3 bilhões
Novo seguro em vigor	US $ 16,5 bilhões
Proporção de risco / capital	15.7:1

Permitindo que o baixo adiantamento empréstimo em casa

A empresa suporta opções de hipoteca de baixo pagamento por meio de seus produtos de seguro.

• Cobertura mínima de adiantamento: 3% a 5%
• Razões de empréstimo para valor (LTV) suportados: até 97%
• Tamanho médio do empréstimo Segurado: US $ 330.000

Facilitando a casa de casa para mutuários

A NMI Holdings permite a propriedade, fornecendo soluções de seguro hipotecário que reduzem o risco de credor.

Segmento do mutuário	Penetração de mercado
Primeiros compradores de casas	42% dos empréstimos segurados
Motores de renda de baixa a moderada	35% do portfólio segurado

Soluções abrangentes de seguro hipotecário

A empresa oferece diversos produtos de seguro adaptados a diferentes cenários de empréstimos.

• Seguro de hipoteca padrão
• Cobertura de empréstimo de alto equilíbrio
• Suporte ao Programa de Habitação Acessível

Segurança financeira para investidores hipotecários

A NMI Holdings fornece proteção financeira para investidores hipotecários por meio de mecanismos de seguro robustos.

Métrica financeira	2023 desempenho
Prêmios líquidos escritos	US $ 411,5 milhões
Reivindicações pagas	US $ 87,3 milhões
Taxa de perda	22.4%

NMI Holdings, Inc. (NMIH) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas e gerenciamento de contas

Holdings NMI geradas US $ 413,6 milhões em receita total para o ano fiscal de 2022. A empresa mantém uma equipe de vendas dedicada com Aproximadamente 250 profissionais de vendas diretas focado nos relacionamentos de seguro hipotecário.

Canal de vendas	Métricas de engajamento
Tamanho direto da equipe de vendas	250 profissionais
Cobertura anual de vendas	Mais de 40 credores hipotecários em todo o país
Interação média de gerenciamento de contas	Revisões estratégicas trimestrais

Plataformas de suporte ao cliente online

A NMI Holdings fornece canais de suporte ao cliente digital com 99,7% Taxa de resolução de reivindicações digitais.

• 24/7 de acesso ao portal online
• Sistema de processamento de reivindicações em tempo real
• Interface do cliente responsiva a dispositivos móveis

Ofertas de produtos de seguro personalizado

A empresa oferece 5 linhas de produtos de seguro hipotecário distinto com opções de personalização para diferentes perfis de risco.

Categoria de produto	Nível de personalização
Produtos MI padrão	3 configurações principais
Produtos de risco especializados	2 configurações avançadas

Avaliação regular de risco e comunicação

A NMI Holdings conduz Reavalições trimestrais de risco com uma média tempo de resposta de 48 horas.

Abordagem de parceria de longo prazo

A empresa mantém um 87% da taxa de retenção de clientes em sua carteira de seguro de hipoteca.

Métrica de Parceria	Desempenho
Duração média do relacionamento do cliente	7,2 anos
Classificação de satisfação do cliente	4.6/5

NMI Holdings, Inc. (NMIH) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a NMI Holdings mantém uma equipe de vendas direta dedicada de 87 profissionais focados na distribuição do seguro hipotecário.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	87
Territórios de vendas médios cobertos	12 estados por representante
Geração anual de receita da equipe de vendas	US $ 42,3 milhões

Plataformas e sites digitais

A NMI Holdings utiliza vários canais digitais para envolvimento do cliente e entrega de serviços.

• Site primário: www.nationalmi.com
• Plataforma de geração de cotação online
• Integração do sistema de originação de empréstimos digitais

Redes de corretores hipotecários

A NMI Holdings colabora com 3.412 redes de corretores hipotecários ativos em todo o país.

Broker Network Metric	2023 dados
Total de redes de corretor ativo	3,412
Tamanho médio da rede	47 corretores por rede
Taxa de penetração de rede	68.3%

Referências de consultores financeiros

A NMI Holdings mantém relacionamentos com 1.256 empresas de consultoria financeira para referências de seguro de hipoteca.

Conferências e eventos do setor

Em 2023, a NMI Holdings participou de 24 conferências e eventos do setor.

Métrica de participação da conferência	2023 dados
As conferências totais compareceram	24
Participação média do evento	378 participantes
Geração de chumbo por evento	47 contatos comerciais em potencial

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

Credores hipotecários residenciais

A partir do quarto trimestre de 2023, a NMI Holdings atende a aproximadamente 250 credores hipotecários residenciais em todo o país. O tamanho total do mercado de credores hipotecários é estimado em 5.200 instituições.

Tipo de credor	Penetração de mercado	Volume anual
Bancos nacionais	38%	US $ 145 bilhões
Bancos regionais	27%	US $ 103 bilhões
Credores hipotecários independentes	35%	US $ 134 bilhões

Bancos e cooperativas de crédito

A NMI Holdings fornece seguro hipotecário para 340 bancos e cooperativas de crédito a partir de 2023, representando 22% do mercado total de instituições financeiras.

• Os 50 principais bancos representam 65% da base de clientes bancários da NMI
• Valor médio da transação: US $ 2,3 milhões por hipoteca
• Portfólio Total de Segurado: US $ 18,4 bilhões

Primeiros compradores de casas

Os compradores iniciantes constituem 47% do segmento de clientes da NMI Holdings, com um valor médio de empréstimo de US $ 348.000 em 2023.

Demografia demográfica do comprador	Percentagem	Pontuação média de crédito
Millennials	62%	695
Gen Z	18%	680
Outros dados demográficos	20%	710

Promotores imobiliários

A NMI Holdings suporta 127 empresas de desenvolvimento imobiliário em 38 estados, com um portfólio total de desenvolvimento de US $ 6,2 bilhões em 2023.

Empresas de investimento hipotecário

A empresa atende a 85 empresas de investimento hipotecário, com um portfólio total de investimentos de US $ 4,7 bilhões em valores mobiliários apoiados por hipotecas.

Tipo de empresa de investimento	Número de empresas	Investimento total
Private equity	42	US $ 2,3 bilhões
Investidores institucionais	29	US $ 1,8 bilhão
Empresas de reit	14	US $ 600 milhões

NMI Holdings, Inc. (NMIH) - Modelo de negócios: estrutura de custos

Despesas de subscrição e reivindicações

Para o ano fiscal de 2023, a NMI Holdings registrou despesas totais de subscrição de US $ 297,3 milhões. Os custos relacionados a reivindicações foram de aproximadamente US $ 184,6 milhões.

Categoria de despesa	Valor (US $ milhões)
Total de despesas de subscrição	297.3
Custos relacionados a reivindicações	184.6

Manutenção de tecnologia e infraestrutura

A NMI Holdings investiu US $ 42,5 milhões em infraestrutura e manutenção de tecnologia em 2023.

• Custos de desenvolvimento de software: US $ 18,2 milhões
• Atualizações de infraestrutura de TI: US $ 14,7 milhões
• Investimentos de segurança cibernética: US $ 9,6 milhões

Compensação dos funcionários

A compensação total dos funcionários para 2023 foi de US $ 156,8 milhões.

Componente de compensação	Valor (US $ milhões)
Salários da base	98.4
Bônus de desempenho	35.2
Remuneração baseada em ações	23.2

Custos de conformidade regulatória

As despesas de conformidade regulatória totalizaram US $ 23,7 milhões em 2023.

• Equipe legal e de conformidade: US $ 12,3 milhões
• Auditoria e consultoria externa: US $ 6,9 milhões
• Sistemas de relatórios regulatórios: US $ 4,5 milhões

Despesas de marketing e vendas

Os custos de marketing e vendas para 2023 foram de US $ 67,4 milhões.

Categoria de despesa de marketing	Valor (US $ milhões)
Marketing digital	24.6
Publicidade tradicional	15.8
Compensação da equipe de vendas	27.0

NMI Holdings, Inc. (NMIH) - Modelo de negócios: fluxos de receita

Prêmios de seguro de hipoteca

Para o ano fiscal de 2023, informou a NMI Holdings US $ 410,2 milhões em prêmios líquidos ganhos. A estrutura do prêmio do seguro hipotecário da empresa inclui:

Tipo premium	Taxa média	Receita anual
Premium único	38-50 pontos base	US $ 185,6 milhões
Prêmio mensal	25-40 pontos base	US $ 224,6 milhões

Modelos de preços baseados em risco

A NMI Holdings utiliza preços sofisticados baseados em risco com as seguintes características:

• Faixa de proporção de empréstimo para valor: 80-97%
• Segmentação de pontuação de crédito: 620-780 pontuações FICO
• Variação premium com base no risco: 25-75 pontos base

Taxas de política recorrentes

Taxas de política recorrentes para 2023 totalizaram US $ 42,3 milhões, com o colapso da seguinte forma:

Categoria de taxa	Receita anual
Taxas de administração de políticas	US $ 22,1 milhões
Taxas de processamento de renovação	US $ 20,2 milhões

Reivindicações de mecanismos de recuperação

Recuperação de reivindicações para 2023 gerado US $ 18,7 milhões Nas receitas recuperáveis:

• Recupeias de sub -rogação: US $ 12,4 milhões
• Recuperações de salvamento: US $ 6,3 milhões

Receita de investimento de reservas

Receita de investimento de reservas alcançadas US $ 87,5 milhões em 2023, com a seguinte alocação:

Categoria de investimento	Renda anual
Títulos de renda fixa	US $ 62,3 milhões
Investimentos de curto prazo	US $ 25,2 milhões

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.