EMERYVILLE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (NASDAQ:NMIH), the parent company of National Mortgage Insurance Corporation (National MI), this year celebrates the fifth anniversary of its Initial Public Offering (IPO) on the NASDAQ Exchange. Yesterday, Chairman and CEO Bradley Shuster rang the closing bell at NASDAQ MarketSite in Times Square to commemorate the milestone.
"National MI has grown significantly since its IPO in 2013 and yesterday's ceremony was a memorable way to celebrate our success," Shuster said. "Six years ago, I set out to create a new company with a fresh and innovative approach to underwriting private mortgage insurance and that wasn't burdened with the losses from the housing downturn. The goal was to help lenders create more homeownership opportunities for Americans."
National MI has achieved that goal: to date the company has helped more than 260,000 borrowers achieve their dream of homeownership. The company has grown from 141 employees in 2013 to over 300 today. It has also steadily grown its customer base and now works with more than 900 lenders.
"In 2013, we generated $1 billion of new insurance written. In 2017, we generated more than $21 billion, and we just reported our
best first quarter ever with new insurance written of $6.5 billion in the first quarter of 2018," Shuster said.
National MI has been a leader in the private mortgage insurance business with its innovative approach to underwriting and understanding risk. In 2013, the company introduced groundbreaking new insurance coverage that shortened the industry-standard timeframe for rescission relief from 36 months to 12 months for the majority of National MI insured loans. The pioneering approach to underwriting served as the basis for National MI SafeGuard® and started a trend in the industry.
"In the early stages of National MI, we hired some of the best and brightest people in the industry and continue to do so today," Shuster said. "Our employees have been instrumental to our success. National MI has been repeatedly recognized with individual or company
awards over the past five years. We have a lot to be proud of."
About National MI
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ:NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com
Cautionary Note Regarding Forward Looking Statements
This press release contains
forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding National MI's positioning for future performance. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. More information about the risks, uncertainties and assumptions
affecting National MI can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy and financial needs. All forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations. You are, therefore, cautioned not to place undue reliance on such statements. We do not undertake, and specifically disclaim, any obligation to revise any forward-looking statements to reflect the occurrence of future events or circumstances.
A photo accompanying this
announcement is available at http://resource.globenewswire.com/Resource/Download/a484e0bd-9ed9-422d-b0cd-48754dab1d03
Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203)513-2721
MaryMcGarity@StrategicVantage.com
Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
john.swenson@nationalmi.com
(510)788-8417
Source:
NMI Holdings Inc
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