Press Release

EMERYVILLE, Calif., May 13, 2014 /PRNewswire/ -- NMI Holdings, Inc., (NASDAQ:  NMIH) (the "Company"), the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company, today reported its results for the three months ended March 31, 2014.  The Company reported a net loss for the quarter ended March 31, 2014 of $15.1 million, or $0.26 per share.

In the first quarter of 2014, the Company had primary new insurance written of $354.3 million compared to $157.6 million of primary new insurance written in the quarter ended December 31, 2013.  The Company did not write any new pool insurance in the quarter.

"National MI is off to a great start in 2014," said Bradley Shuster, president and CEO of NMI Holdings, Inc. "There has been a tremendous response from our existing customers and we continue to build new relationships with additional mortgage banks, lenders and credit unions."

As of March 31, 2014, the Company had primary risk-in-force of $115.5 million compared to primary risk-in-force of $36.5 million as of December 31, 2013.  Pool risk-in-force as of March 31, 2014 was $93.1 million.

In the first quarter of 2014, the Company had total revenues of $4.2 million, comprised of $1.9 million in premiums earned, $1.5 million of investment income and $0.8 million of gain from the change in the fair value of the warrant liability.  Total expenses for the quarter were $19.3 million. 

At March 31, 2014, the Company had approximately $453.7 million of cash and investments and book equity of $453.5 million or $7.81 in book value per share, based on shares outstanding of 58,067,326.  This book value excludes any benefit attributable to the Company's net deferred tax asset.

Cash and investments at the holding company stood at $246.4 million at March 31, 2014, excluding investments in the Company's insurance subsidiaries. Cash and investments at the Company's insurance subsidiaries at March 31, 2014 was $207.3 million.

"National MI is the first and only mortgage insurer to underwrite every loan, which has resonated very well in the mortgage industry based on our customer feedback," Shuster said. "In fact, we believe National MI's innovative approach to mortgage insurance and our unique business model have fundamentally changed the way the industry and our customers view the risk and underwriting process."

"National MI led the industry by introducing rescission relief after 12 months.  Today, we remain the only mortgage insurer to grant 12 month rescission relief on every loan we insure, through both delegated and non-delegated channels," Shuster added.  "The entire team at National MI is excited about continuing to bring innovative change to the industry in 2014, our first full year of providing mortgage insurance and helping families in all 50 states and the District of Columbia achieve homeownership," Shuster said.

Conference Call and Webcast Details

NMI Holdings, Inc. will hold a conference call tomorrow, May 14, 2014 at 5:00 a.m. Pacific time / 8:00 a.m. Eastern time to allow analysts and stockholders the opportunity to hear management discuss the Company's quarterly results.  The conference call will be broadcast live on the Company's website, on the "Events and Presentations" page of the "Investors" section at http://ir.nationalmi.com.  The call may also be accessed by dialing (888) 734-0328 inside the U.S., or (678) 894-3054 for international callers, using conference ID:  51892317 or by referencing NMI Holdings, Inc.  Investors and analysts are asked to dial-in ten minutes before the conference call begins.

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

Certain statements contained in this press release may constitute 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.  Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking.  These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases.  All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them.  Many risks and uncertainties are inherent in our industry and markets.  Others are more specific to our business and operations.  These risks and uncertainties include, but are not limited to, those set forth under the heading "Risk Factors" in our most recent Registration Statement on Form S-1, and described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission, including our Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2013.  Any or all of our forward-looking statements in this press release may turn out to be inaccurate.  Consequently, our actual results could differ materially from those anticipated in such forward-looking statements contained in this press release.  Any forward-looking statement speaks only as of the date on which it is made and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

Media Contact:
Mary McGarity
Strategic Vantage Marketing & Public Relations
(203) 513-2721
MaryMcGarity@StrategicVantage.com 

 

 

 

               

 

 

 

 

 

 

Logo - http://photos.prnewswire.com/prnh/20130731/FL56494LOGO

SOURCE NMI Holdings, Inc.