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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 28, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	NMI HOLDINGS, INC.
Entity Central Index Key	0001547903
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		58,743,867

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $316,639 and $337,718 as of September 30, 2015 and December 31, 2014, respectively)	$ 314,455	$ 336,501
Cash and cash equivalents	132,791	103,021
Premiums receivable	3,986	1,048
Accrued investment income	1,679	1,707
Prepaid expenses	1,783	2,054
Deferred policy acquisition costs, net	12,181	2,985
Software and equipment, net	13,902	11,806
Intangible assets and goodwill	3,634	3,634
Other assets	2,486	509
Total assets	486,897	463,265
Liabilities
Unearned premiums	62,072	22,069
Reserve for insurance claims and claim expenses	358	83
Accounts payable and accrued expenses	14,230	10,646
Warrant liability, at fair value	1,899	3,372
Deferred tax liability	137	137
Total liabilities	78,696	36,307
Commitments and contingencies
Shareholders' Equity
Additional paid-in capital	568,090	562,911
Accumulated other comprehensive loss, net of tax	(4,574)	(3,607)
Accumulated deficit	(155,902)	(132,930)
Total shareholders' equity	408,201	426,958
Total liabilities and shareholders' equity	486,897	463,265
Common Stock - Class A
Shareholders' Equity
Common stock - class A shares, $0.01 par value; 58,743,867 and 58,428,548 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively (250,000,000 shares authorized)	$ 587	$ 584

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed maturity, amortized cost	$ 316,639	$ 337,718
Common Stock - Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	58,743,867	58,428,548
Common stock, shares outstanding (in shares)	58,743,867	58,428,548
Common stock, shares authorized (in shares)	250,000,000	250,000,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Net premiums written	$ 35,360	$ 9,661	$ 68,629	$ 19,890
Increase in unearned premiums	(22,526)	(5,761)	(40,003)	(11,993)
Net premiums earned	12,834	3,900	28,626	7,897
Net investment income	1,884	1,342	5,168	4,299
Net realized investment (losses) gains	(15)	134	952	134
Total revenues	14,703	5,376	34,746	12,330
Expenses
Insurance claims and claims expenses	181	(26)	279	2
Underwriting and operating expenses	19,653	17,895	58,912	55,833
Total expenses	19,834	17,869	59,191	55,835
Other income
Gain from change in fair value of warrant liability	332	1,240	1,473	3,009
Gain from settlement of warrants	0	0	0	37
Loss before income taxes	(4,799)	(11,253)	(22,972)	(40,459)
Income tax benefit	0	(277)	0	(1,574)
Net loss	$ (4,799)	$ (10,976)	$ (22,972)	$ (38,885)
Net loss per share
Basic and diluted loss per share (in dollars per share)	$ (0.08)	$ (0.19)	$ (0.39)	$ (0.67)
Weighted average common shares outstanding (in shares)	58,741,328	58,363,334	58,650,043	58,239,251
Other comprehensive (loss) income, net of tax:
Net unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $0 and ($488) for the three months ended September 30, 2015 and 2014, respectively, and $0 and $2,176 for the nine months ended September 30, 2015 and 2014, respectively	$ (483)	$ (709)	$ (15)	$ 3,165
Reclassification adjustment for losses (gains) included in net loss, net of tax expense of $0, and $0 for the three months ended September 30, 2015 and 2014, respectively, and $0 and $0 for the nine months ended September 30, 2015 and 2014, respectively	15	0	(952)	0
Other comprehensive (loss) income, net of tax	(468)	(709)	(967)	3,165
Comprehensive loss	$ (5,267)	$ (11,685)	$ (23,939)	$ (35,720)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net unrealized investment gains (losses) in AOCI, tax amount	$ 0	$ (488)	$ 0	$ 2,176
Reclassification adjustment for losses (gains) included in net loss, tax amount	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands

Total

Class A

Common Stock

Class A

Additional Paid-in Capital

Class A

Accumulated Other Comprehensive Loss

Accumulated Deficit

Beginning balance (in shares) at Dec. 31, 2013

58,052,480

Beginning balance at Dec. 31, 2013

$ 463,217

$ 581

$ 553,707

$ (7,047)

$ (84,024)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock: class A shares issued under related to warrants (in shares)

^[1]

1,115

Common stock: class A shares issued under related to warrants

^[1]

$ 13

Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes (in shares)

374,953

Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes

$ 3

Share-based compensation expense

9,180

Change in unrealized investment gains/losses, net of tax

3,440

Net loss

(48,906)

Ending balance (in shares) at Dec. 31, 2014

58,428,548

Ending balance at Dec. 31, 2014

426,958

$ 584

562,911

(3,607)

(132,930)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes (in shares)

315,319

Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes

$ (679)

$ 3

$ (682)

Share-based compensation expense

5,861

Change in unrealized investment gains/losses, net of tax

(967)

Net loss

(22,972)

Ending balance (in shares) at Sep. 30, 2015

58,743,867

Ending balance at Sep. 30, 2015

$ 408,201

$ 587

$ 568,090

$ (4,574)

$ (155,902)

[1]	During 2014, we issued 1,115 common shares with a par value of $0.01 related to the exercise of warrants, which is not identifiable in this schedule due to rounding.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Change in unrealized investment gains (losses), tax amount

$ 0

$ (488)

$ 0

$ 2,176

$ 2,390

Class A

Common stock, par value (in dollars per share)

$ 0.01

Class A | Common Stock

Common stock: class A shares issued under related to warrants (in shares)

1,115

^[1]

Common stock, par value (in dollars per share)

$ 0.01

[1]	During 2014, we issued 1,115 common shares with a par value of $0.01 related to the exercise of warrants, which is not identifiable in this schedule due to rounding.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (22,972)	$ (38,885)
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized investment gains	(952)	(134)
Gain from change in fair value of warrant liability	(1,473)	(3,009)
Depreciation and other amortization	3,646	6,603
Share-based compensation expense	5,895	6,874
Benefit for taxes on current year unrealized gains	0	(1,574)
Changes in operating assets and liabilities:
Accrued investment income	28	708
Premiums receivable	(2,938)	(383)
Prepaid expenses	271	422
Deferred policy acquisition costs, net	(9,196)	(1,561)
Other assets	453	(612)
Unearned premiums	40,003	11,993
Reserve for insurance claims and claims expenses	275	2
Accounts payable and accrued expenses	3,131	3
Net cash provided by (used in) operating activities	16,171	(19,553)
Cash flows from investing activities
Purchase of fixed-maturity investments, available-for-sale	(111,215)	(4,359)
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	129,666	112,132
Purchase of software and equipment	(4,173)	(6,641)
Net cash provided by investing activities	14,278	101,132
Cash flows from financing activities
Issuance of common stock	415	1,086
Taxes paid related to net share settlement of equity awards	(1,094)	(1,072)
Gain from settlement of warrants	0	(37)
Net cash used in financing activities	(679)	(23)
Net increase in cash and cash equivalents	29,770	81,556
Cash and cash equivalents, beginning of period	103,021	55,929
Cash and cash equivalents, end of period	$ 132,791	$ 137,485

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation NMI Holdings, Inc. (NMIH) is a Delaware corporation, incorporated in May 2011, to provide private mortgage guaranty insurance (which we refer to as mortgage insurance or MI) through its wholly owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One (Re One). Freddie Mac and Fannie Mae each approved NMIC as an eligible mortgage insurer, on January 15, 2013 and January 16, 2013, respectively, which approvals are conditioned upon NMIC maintaining certain conditions, generally through the end of 2015 (GSE Approval). In April 2013, NMIC, our primary insurance subsidiary, wrote our first mortgage insurance policy. NMIC is fully licensed to write mortgage insurance in all 50 states and D.C. In August 2015, NMIH capitalized with $0.5 million a wholly owned subsidiary, NMI Services, Inc., through which we expect to offer outsourced loan review services to mortgage loan originators starting in the fourth quarter of 2015. As of September 30, 2015, we had $10.6 billion of primary insurance in force (IIF) and $4.3 billion of pool IIF, with $2.6 billion of primary risk-in-force (RIF) and $93.1 million of pool RIF. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which include the results of NMIH and its wholly owned subsidiaries, have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC for interim reporting and include other information and disclosures required by accounting principles generally accepted in the U.S. (GAAP). Our accounts are maintained in U.S. dollars. These statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2014 included in our Annual Report on Form 10-K. All intercompany transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities as of the balance sheet date. Estimates also affect the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates. The results of operations for the interim period may not be indicative of the results that may be expected for the full year ending December 31, 2015. Earnings per Share Basic net loss per share is based on the weighted-average number of common shares outstanding, while diluted net loss per share is based on the weighted-average number of common shares outstanding and common stock equivalents that would be issuable upon the exercise of stock options, other share-based compensation arrangements, and the dilutive effect of outstanding warrants. As a result of our net losses for the nine months ended September 30, 2015 and 2014, 6,311,956 and 5,854,306, respectively, of our common stock equivalents we issued under share-based compensation arrangements and warrants were not included in the calculation of diluted net loss per share as of such dates because they were anti-dilutive. Deferred Policy Acquisition Costs Costs directly associated with the successful acquisition of mortgage insurance policies, consisting of certain selling expenses and other policy issuance and underwriting expenses, are initially deferred and reported as deferred policy acquisition costs (DAC). For each book year of business, these costs are amortized to expense in proportion to estimated gross profits over the estimated life of the policies. Total amortization of DAC for the nine months ended September 30, 2015 and 2014 were $1.8 million and $108 thousand, respectively. Premium Deficiency Reserves We consider whether a premium deficiency exists at each fiscal quarter using best estimate assumptions as of the testing date. Per Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 944, a premium deficiency reserve shall be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income. We have determined that no premium deficiency reserves were necessary for the nine months ended September 30, 2015 or 2014. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This update is intended to provide a consistent approach in recognizing revenue. In accordance with the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, ASU 2015-14 deferred the provisions of ASU 2014-09 to be effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this ASU will have on the consolidated financial statements. Reclassifications Certain items in the financial statements as of September 30, 2015 and for the periods ended September 30, 2014 have been reclassified to conform to the current period's presentation. There was no effect on net income or shareholders' equity previously reported.

Investments

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investments

We have designated our investment portfolio as available-for-sale and report it at fair value. The related unrealized gains and losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive loss in shareholders' equity. Net realized investment gains and losses are reported in income based upon specific identification of securities sold.

Fair Values and Gross Unrealized Gains and Losses on Investments



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of September 30, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	68,243	$	86	$	(106	)	$	68,223
Municipal debt securities	11,001		7		(24		)	10,984
Corporate debt securities	179,650		486		(2,793		)	177,343
Asset-backed securities	57,745		288		(128		)	57,905
Total investments	$	316,639	$	867	$	(3,051	)	$	314,455



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	68,911	$	7	$	(573	)	$	68,345
Municipal debt securities	12,009		27		(73		)	11,963
Corporate debt securities	200,358		883		(1,456		)	199,785
Asset-backed securities	56,440		222		(254		)	56,408
Total investments	$	337,718	$	1,139	$	(2,356	)	$	336,501

Scheduled Maturities

The amortized cost and fair values of available for sale securities at September 30, 2015 and December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.



As of September 30, 2015	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	17,951	$	17,971
Due after one through five years	149,970		150,086
Due after five through ten years	72,232		70,149
Due after ten years	18,741		18,344
Asset-backed securities	57,745		57,905
Total investments	$	316,639	$	314,455



As of December 31, 2014	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	6,110	$	6,125
Due after one through five years	195,492		194,472
Due after five through ten years	54,360		53,891
Due after ten years	25,316		25,605
Asset-backed securities	56,440		56,408
Total investments	$	337,718	$	336,501

Aging of Unrealized Losses

At September 30, 2015, the investment portfolio had gross unrealized losses of $3.1 million, $0.5 million of which has been in an unrealized loss position for a period of 12 months or greater. We did not consider these securities to be other-than-temporarily impaired as of September 30, 2015. We based our conclusion that these investments were not other-than-temporarily impaired at September 30, 2015 on the following facts: (i) the unrealized losses were primarily caused by interest rate movements since the purchase date; (ii) we do not intend to sell these investments; and (iii) we do not believe that it is more likely than not that we will be required to sell these investments before recovery of our amortized cost basis, which may not occur until maturity. For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:



	Less Than 12 Months						12 Months or Greater						Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses
As of September 30, 2015		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	2	$	12,740	$	(57	)	4	$	19,990	$	(49	)	6	$	32,730	$	(106	)
Municipal debt securities	—	—		—			2	4,976		(24		)	2	4,976		(24		)
Corporate debt securities	34	96,420		(2,473		)	5	13,589		(320		)	39	110,009		(2,793		)
Assets-backed securities	5	8,773		(71		)	3	9,273		(57		)	8	18,046		(128		)
Total investments	41	$	117,933	$	(2,601	)	14	$	47,828	$	(450	)	55	$	165,761	$	(3,051	)



	Less Than 12 Months						12 Months or Greater						Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses
As of December 31, 2014		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	7,228	$	(33	)	10	$	49,884	$	(540	)	14	$	57,112	$	(573	)
Municipal debt securities	1	3,232		(18		)	1	1,695		(55		)	2	4,927		(73		)
Corporate debt securities	26	60,334		(559		)	22	65,806		(897		)	48	126,140		(1,456		)
Assets-backed securities	3	10,614		(57		)	4	20,047		(197		)	7	30,661		(254		)
Total investments	34	$	81,408	$	(667	)	37	$	137,432	$	(1,689	)	71	$	218,840	$	(2,356	)

Net Investment Income

For the three and nine months ended September 30, 2015, net investment income was comprised of $2.0 million and $5.5 million of investment income from fixed maturities and $0.1 million and $0.3 million of investment expenses, respectively, compared to $1.5 million and $4.7 million of investment income from fixed maturities and $0.1 million and $0.4 million of investment expenses for the three and nine months ended September 30, 2014, respectively.

As of September 30, 2015 and December 31, 2014, there were approximately $7.0 million of cash and investments in the form of U.S. Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.

Net Realized Investment Gains (Losses)



	For the three months ended September 30,						For the nine months ended September 30,
	2015			2014			2015			2014
	(In Thousands)
Gross realized investment gains	$	266		$	566		$	1,526		$	566
Gross realized investment losses	(281		)	(432		)	(574		)	(432		)
Net realized investment (losses) gains	$	(15	)	$	134		$	952		$	134

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following is a list of those assets and liabilities that are measured at fair value by hierarchy level:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of September 30, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	41,404	$	26,819	$	—	$	68,223
Municipal debt securities	—		10,984		—		10,984
Corporate debt securities	—		177,343		—		177,343
Asset-backed securities	—		57,905		—		57,905
Cash and cash equivalents	132,791		—		—		132,791
Total assets	$	174,195	$	273,051	$	—	$	447,246
Warrant liability	$	—	$	—	$	1,899	$	1,899
Total liabilities	$	—	$	—	$	1,899	$	1,899



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	39,176	$	29,169	$	—	$	68,345
Municipal debt securities	—		11,963		—		11,963
Corporate debt securities	—		199,785		—		199,785
Asset-backed securities	—		56,408		—		56,408
Cash and cash equivalents	103,021		—		—		103,021
Total assets	$	142,197	$	297,325	$	—	$	439,522
Warrant liability	$	—	$	—	$	3,372	$	3,372
Total liabilities	$	—	$	—	$	3,372	$	3,372

The following is a roll-forward of Level 3 liabilities measured at fair value:



	For the nine months ended September 30,
Warrant Liability	2015			2014
	(In Thousands)
Balance, January 1	$	3,372		$	6,371
Change in fair value of warrant liability included in earnings	(1,473		)	(3,009		)
Issuance of common stock on warrant exercise	—			(13		)
Gain on settlement of warrants	—			(37		)
Balance, September 30	$	1,899		$	3,312

We revalue the warrant liability quarterly using a Black-Scholes option-pricing model, in combination with a binomial model, and we value the pricing protection features within the warrants using a Monte-Carlo simulation model. As of September 30, 2015, the assumptions used in the option-pricing model were as follows: a common stock price as of September 30, 2015 of $7.60, risk free interest rate of 1.56%, expected life of 6.00 years, expected volatility of 32.7% and a dividend yield of 0%. The change in fair value is primarily attributable to a decline in the price of our common stock from December 31, 2014 to September 30, 2015.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Reserves for Insurance Claims and Claim Expenses

9 Months Ended

Sep. 30, 2015

Insurance [Abstract]

Reserves for Insurance Claims and Claim Expenses

Reserves for Insurance Claims and Claims Expenses

We establish claim reserves to recognize the estimated liability for insurance claims and claim expenses related to defaults on insured mortgage loans. Our method, consistent with industry practice, is to establish claim reserves only for loans in default. Our claim reserves also include amounts for estimated claims incurred on loans that have been in default for at least 60 days that have not yet been reported to us by the servicers, often referred to as IBNR. As of September 30, 2015, we have established reserves for insurance claims of $358 thousand for twenty primary loans in default. We settled our first primary claim in July 2015 for $4 thousand.

In 2013, we entered into a pool insurance agreement with Fannie Mae. We only establish claim or IBNR reserves for pool risk if we expect claims to exceed the deductible under the pool agreement, which represents the amount of claims absorbed by Fannie Mae before we are obligated to pay any claims. At September 30, 2015, thirty-six loans in the pool were past due by sixty days or more. These thirty-six loans represent approximately $2.4 million in RIF. Due to the remaining deductible of $10.3 million, the level of notices of default (NODs) reported through September 30, 2015 and the expected severity (all loans in the pool have loan-to-value ratios (LTVs) under 80%), we have not established any pool reserves for claims or IBNR for the three and nine months ended September 30, 2015 and 2014. In connection with settlement of pool claims, we applied $18 thousand to the pool deductible through September 30, 2015. We have not paid any pool claims to date.

The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses:



	For the nine months ended September 30,
	2015			2014
	(In Thousands)
Balance, January 1	$	83		$	—

Claims incurred:
Claims and claim expenses incurred:
Current year	358			2
Prior years	(79		)	—
Total claims incurred	279			2

Claims paid:
Claims and claim expenses paid:
Current year	—			—
Prior years	4			—
Total claims paid	4			—

Balance, September 30	$	358		$	2

There was a $79 thousand favorable prior year development during the nine months ended September 30, 2015. There were no reserves remaining for defaults occurring in prior years as of September 30, 2015 as a result of NOD cures and claim payments. The decrease in the period is generally the result of ongoing analysis of recent loss development trends. We may increase or decrease our original estimates as we learn additional information about individual defaults and claims.

Warrants	9 Months Ended
Warrants	Sep. 30, 2015
Debt Disclosure [Abstract]
Warrants	Warrants In April 2012, we issued 992,000 warrants with an aggregate fair value of $5.1 million upon the completion of a private placement of our securities and in conjunction with the acquisition of our insurance subsidiaries. Each warrant gives the holder thereof the right to purchase one share of common stock at an exercise price equal to $10.00. Upon exercise of these warrants, the amounts are reclassified from warrant liability to additional paid-in capital. During the first quarter of 2014, 7,790 warrants were exercised and we issued 1,115 Class A common shares via a cashless exercise. Upon exercise we recognized a gain of approximately $37 thousand. No warrants have been exercised for the nine months ended September 30, 2015. We account for these warrants to purchase our common shares in accordance with ASC 470-20, Debt with Conversion and Other Options and ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are a U.S. taxpayer and are subject to a statutory U.S. federal corporate income tax rate of 35%. Our holding company files a consolidated U.S. federal and various state income tax returns on behalf of itself and its subsidiaries. Our effective income tax rate on our pre-tax loss was 0.0% for the three months ended September 30, 2015, compared to 2.5% for the comparable 2014 period. Our effective income tax rate on our pre-tax loss was 0.0% for the nine months ended September 30, 2015, compared to 3.9% for the comparable 2014 period. During those periods, the benefits from income taxes were eliminated or reduced by the recognition of a full valuation allowance which was recorded to reflect the amount of the deferred taxes that may not be realized.

Statutory Information

9 Months Ended

Sep. 30, 2015

Insurance [Abstract]

Statutory Information

NMIC and Re One's combined statutory net loss, statutory surplus, contingency reserve and risk-to-capital (RTC) ratios were as follows:



As of and for the nine months and year ended September 30, 2015 and December 31, 2014, respectively	September 30, 2015			December 31, 2014
	(In Thousands)
Statutory net loss	$	(38,591	)	$	(47,961	)
Statutory surplus	201,140			236,738
Contingency reserve	23,714			9,401
Risk-to-Capital	11.8:1			3.6:1

NMIH is not subject to any limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware, such as NMIH. Delaware corporation law provides that dividends are only payable out of a corporation's capital surplus or recent net profits (subject to certain limitations). Since inception, NMIC has not paid any dividends to NMIH. As NMIC had a statutory net loss for the year ended December 31, 2014, NMIC cannot pay any dividends to NMIH through December 31, 2015, without the prior approval of the Wisconsin OCI. Additionally, NMIC will not be permitted to pay dividends to NMIH until after December 31, 2015 as a condition of GSE Approval or until January 2016 under agreements with various state insurance regulators.

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Earnings per Share	Earnings per Share Basic net loss per share is based on the weighted-average number of common shares outstanding, while diluted net loss per share is based on the weighted-average number of common shares outstanding and common stock equivalents that would be issuable upon the exercise of stock options, other share-based compensation arrangements, and the dilutive effect of outstanding warrants.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Costs directly associated with the successful acquisition of mortgage insurance policies, consisting of certain selling expenses and other policy issuance and underwriting expenses, are initially deferred and reported as deferred policy acquisition costs (DAC). For each book year of business, these costs are amortized to expense in proportion to estimated gross profits over the estimated life of the policies.
Premium Deficiency Reserves	Premium Deficiency Reserves We consider whether a premium deficiency exists at each fiscal quarter using best estimate assumptions as of the testing date. Per Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 944, a premium deficiency reserve shall be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income.
New Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This update is intended to provide a consistent approach in recognizing revenue. In accordance with the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, ASU 2015-14 deferred the provisions of ASU 2014-09 to be effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this ASU will have on the consolidated financial statements.
Reclassifications	Reclassifications Certain items in the financial statements as of September 30, 2015 and for the periods ended September 30, 2014 have been reclassified to conform to the current period's presentation. There was no effect on net income or shareholders' equity previously reported.

Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Values and Gross Unrealized Gains and Losses



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of September 30, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	68,243	$	86	$	(106	)	$	68,223
Municipal debt securities	11,001		7		(24		)	10,984
Corporate debt securities	179,650		486		(2,793		)	177,343
Asset-backed securities	57,745		288		(128		)	57,905
Total investments	$	316,639	$	867	$	(3,051	)	$	314,455



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	68,911	$	7	$	(573	)	$	68,345
Municipal debt securities	12,009		27		(73		)	11,963
Corporate debt securities	200,358		883		(1,456		)	199,785
Asset-backed securities	56,440		222		(254		)	56,408
Total investments	$	337,718	$	1,139	$	(2,356	)	$	336,501

Schedule of Investments by Maturity



As of September 30, 2015	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	17,951	$	17,971
Due after one through five years	149,970		150,086
Due after five through ten years	72,232		70,149
Due after ten years	18,741		18,344
Asset-backed securities	57,745		57,905
Total investments	$	316,639	$	314,455



As of December 31, 2014	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	6,110	$	6,125
Due after one through five years	195,492		194,472
Due after five through ten years	54,360		53,891
Due after ten years	25,316		25,605
Asset-backed securities	56,440		56,408
Total investments	$	337,718	$	336,501

Schedule of Aging Unrealized Losses

For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:



	Less Than 12 Months						12 Months or Greater						Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses
As of September 30, 2015		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	2	$	12,740	$	(57	)	4	$	19,990	$	(49	)	6	$	32,730	$	(106	)
Municipal debt securities	—	—		—			2	4,976		(24		)	2	4,976		(24		)
Corporate debt securities	34	96,420		(2,473		)	5	13,589		(320		)	39	110,009		(2,793		)
Assets-backed securities	5	8,773		(71		)	3	9,273		(57		)	8	18,046		(128		)
Total investments	41	$	117,933	$	(2,601	)	14	$	47,828	$	(450	)	55	$	165,761	$	(3,051	)



	Less Than 12 Months						12 Months or Greater						Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses
As of December 31, 2014		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	7,228	$	(33	)	10	$	49,884	$	(540	)	14	$	57,112	$	(573	)
Municipal debt securities	1	3,232		(18		)	1	1,695		(55		)	2	4,927		(73		)
Corporate debt securities	26	60,334		(559		)	22	65,806		(897		)	48	126,140		(1,456		)
Assets-backed securities	3	10,614		(57		)	4	20,047		(197		)	7	30,661		(254		)
Total investments	34	$	81,408	$	(667	)	37	$	137,432	$	(1,689	)	71	$	218,840	$	(2,356	)

Net Realized Investments Gains (Losses)



	For the three months ended September 30,						For the nine months ended September 30,
	2015			2014			2015			2014
	(In Thousands)
Gross realized investment gains	$	266		$	566		$	1,526		$	566
Gross realized investment losses	(281		)	(432		)	(574		)	(432		)
Net realized investment (losses) gains	$	(15	)	$	134		$	952		$	134

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following is a list of those assets and liabilities that are measured at fair value by hierarchy level:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of September 30, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	41,404	$	26,819	$	—	$	68,223
Municipal debt securities	—		10,984		—		10,984
Corporate debt securities	—		177,343		—		177,343
Asset-backed securities	—		57,905		—		57,905
Cash and cash equivalents	132,791		—		—		132,791
Total assets	$	174,195	$	273,051	$	—	$	447,246
Warrant liability	$	—	$	—	$	1,899	$	1,899
Total liabilities	$	—	$	—	$	1,899	$	1,899



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	39,176	$	29,169	$	—	$	68,345
Municipal debt securities	—		11,963		—		11,963
Corporate debt securities	—		199,785		—		199,785
Asset-backed securities	—		56,408		—		56,408
Cash and cash equivalents	103,021		—		—		103,021
Total assets	$	142,197	$	297,325	$	—	$	439,522
Warrant liability	$	—	$	—	$	3,372	$	3,372
Total liabilities	$	—	$	—	$	3,372	$	3,372

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a roll-forward of Level 3 liabilities measured at fair value:



	For the nine months ended September 30,
Warrant Liability	2015			2014
	(In Thousands)
Balance, January 1	$	3,372		$	6,371
Change in fair value of warrant liability included in earnings	(1,473		)	(3,009		)
Issuance of common stock on warrant exercise	—			(13		)
Gain on settlement of warrants	—			(37		)
Balance, September 30	$	1,899		$	3,312

Reserves for Insurance Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 30, 2015

Insurance [Abstract]

Reconciliation of Liability for Insurance Claims and Claims Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses:



	For the nine months ended September 30,
	2015			2014
	(In Thousands)
Balance, January 1	$	83		$	—

Claims incurred:
Claims and claim expenses incurred:
Current year	358			2
Prior years	(79		)	—
Total claims incurred	279			2

Claims paid:
Claims and claim expenses paid:
Current year	—			—
Prior years	4			—
Total claims paid	4			—

Balance, September 30	$	358		$	2

Statutory Information (Tables)

9 Months Ended

Sep. 30, 2015

Insurance [Abstract]

Schedule of Statutory Net Loss, Surplus, Contingency Reserve and Risk-to-Capital Ratio

NMIC and Re One's combined statutory net loss, statutory surplus, contingency reserve and risk-to-capital (RTC) ratios were as follows:



As of and for the nine months and year ended September 30, 2015 and December 31, 2014, respectively	September 30, 2015			December 31, 2014
	(In Thousands)
Statutory net loss	$	(38,591	)	$	(47,961	)
Statutory surplus	201,140			236,738
Contingency reserve	23,714			9,401
Risk-to-Capital	11.8:1			3.6:1

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Organization and Basis of Presentation (Details)	1 Months Ended	9 Months Ended
Organization and Basis of Presentation (Details)	Aug. 31, 2015 USD ($)	Sep. 30, 2015 USD ($) state shares	Sep. 30, 2014 USD ($) shares
Business Acquisition [Line Items]
Number of states in which the entity operates \| state		50
Primary insurance in force		$ 10,600,000,000
Pool insurance in force		$ 4,300,000,000
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares		6,311,956	5,854,306
Deferred policy acquisition cost, amortization expense		$ 1,800,000	$ 108,000
Premium deficiency reserve		0	$ 0
NMI Services, Inc.
Business Acquisition [Line Items]
Capitalized wholly owned subsidiary, amount	$ 500,000
Combined
Business Acquisition [Line Items]
Primary insurance risk in force		2,600,000,000
Mortgage insurance risk in force		$ 93,100,000

Investments - Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 316,639	$ 337,718
Gross Unrealized Gains	867	1,139
Gross Unrealized (Losses)	(3,051)	(2,356)
Fair Value	314,455	336,501
U.S. Treasury securities and obligations of U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	68,243	68,911
Gross Unrealized Gains	86	7
Gross Unrealized (Losses)	(106)	(573)
Fair Value	68,223	68,345
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,001	12,009
Gross Unrealized Gains	7	27
Gross Unrealized (Losses)	(24)	(73)
Fair Value	10,984	11,963
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	179,650	200,358
Gross Unrealized Gains	486	883
Gross Unrealized (Losses)	(2,793)	(1,456)
Fair Value	177,343	199,785
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	57,745	56,440
Gross Unrealized Gains	288	222
Gross Unrealized (Losses)	(128)	(254)
Fair Value	$ 57,905	$ 56,408

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Due in one year or less	$ 17,951	$ 6,110
Amortized Cost, Due after one through five years	149,970	195,492
Amortized Cost, Due after five through ten years	72,232	54,360
Amortized Cost, Due after ten years	18,741	25,316
Amortized Cost, Total Investments	316,639	337,718
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Fair Value, Due in one year or less	17,971	6,125
Fair Value, Due after one through five years	150,086	194,472
Fair Value, Due after five through ten years	70,149	53,891
Fair Value Due after ten years	18,344	25,605
Fair Value, Total Investments	314,455	336,501
Asset-backed securities
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Total Investments	57,745	56,440
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Fair Value, Total Investments	$ 57,905	$ 56,408

Investments - Unrealized Losses (Details) $ in Thousands	Sep. 30, 2015 USD ($) security	Dec. 31, 2014 USD ($) security
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	41	34
Fair value, less than 12 months	$ 117,933	$ 81,408
Unrealized losses, less than 12 months	$ (2,601)	$ (667)
Number of securities,12 months or greater \| security	14	37
Fair value, 12 months or greater	$ 47,828	$ 137,432
Unrealized losses, 12 months or greater	$ (450)	$ (1,689)
Number of securities, total \| security	55	71
Fair value	$ 165,761	$ 218,840
Unrealized Losses	$ (3,051)	$ (2,356)
U.S. Treasury securities and obligations of U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	2	4
Fair value, less than 12 months	$ 12,740	$ 7,228
Unrealized losses, less than 12 months	$ (57)	$ (33)
Number of securities,12 months or greater \| security	4	10
Fair value, 12 months or greater	$ 19,990	$ 49,884
Unrealized losses, 12 months or greater	$ (49)	$ (540)
Number of securities, total \| security	6	14
Fair value	$ 32,730	$ 57,112
Unrealized Losses	$ (106)	$ (573)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	0	1
Fair value, less than 12 months	$ 0	$ 3,232
Unrealized losses, less than 12 months	$ 0	$ (18)
Number of securities,12 months or greater \| security	2	1
Fair value, 12 months or greater	$ 4,976	$ 1,695
Unrealized losses, 12 months or greater	$ (24)	$ (55)
Number of securities, total \| security	2	2
Fair value	$ 4,976	$ 4,927
Unrealized Losses	$ (24)	$ (73)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	34	26
Fair value, less than 12 months	$ 96,420	$ 60,334
Unrealized losses, less than 12 months	$ (2,473)	$ (559)
Number of securities,12 months or greater \| security	5	22
Fair value, 12 months or greater	$ 13,589	$ 65,806
Unrealized losses, 12 months or greater	$ (320)	$ (897)
Number of securities, total \| security	39	48
Fair value	$ 110,009	$ 126,140
Unrealized Losses	$ (2,793)	$ (1,456)
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	5	3
Fair value, less than 12 months	$ 8,773	$ 10,614
Unrealized losses, less than 12 months	$ (71)	$ (57)
Number of securities,12 months or greater \| security	3	4
Fair value, 12 months or greater	$ 9,273	$ 20,047
Unrealized losses, 12 months or greater	$ (57)	$ (197)
Number of securities, total \| security	8	7
Fair value	$ 18,046	$ 30,661
Unrealized Losses	$ (128)	$ (254)

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss position, accumulated loss	$ (3,051)		$ (3,051)		$ (2,356)
Unrealized losses, 12 months or greater	(450)		(450)		(1,689)
Investment income, investment expense	100	$ 100	300	$ 400
U.S. Treasury securities and obligations of U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss position, accumulated loss	(106)		(106)		(573)
Unrealized losses, 12 months or greater	(49)		(49)		(540)
Cash and investments held with various state insurance departments	7,000		7,000		$ 7,000
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Investment Income, gross	$ 2,000	$ 1,500	$ 5,500	$ 4,700

- Definition

Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid Investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Short-term investments, exclusive of cash equivalents, generally consist of marketable securities intended to be sold within one year (or the normal operating cycle if longer) and may include trading securities, available-for-sale securities, or held-to-maturity securities (if maturing within one year), as applicable.

+ References + Details

Investments - Net Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]
Gross realized investment gains	$ 266	$ 566	$ 1,526	$ 566
Gross realized investment losses	(281)	(432)	(574)	(432)
Net realized investment (losses) gains	$ (15)	$ 134	$ 952	$ 134

Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 314,455	$ 336,501
Warrant liability	1,899	3,372
U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	68,223	68,345
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	10,984	11,963
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	177,343	199,785
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	57,905	56,408
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	132,791	103,021
Total assets	447,246	439,522
Warrant liability	1,899	3,372
Total liabilities	1,899	3,372
Fair Value, Measurements, Recurring \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	68,223	68,345
Fair Value, Measurements, Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	10,984	11,963
Fair Value, Measurements, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	177,343	199,785
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	57,905	56,408
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	132,791	103,021
Total assets	174,195	142,197
Warrant liability	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	41,404	39,176
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total assets	273,051	297,325
Warrant liability	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	26,819	29,169
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	10,984	11,963
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	177,343	199,785
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	57,905	56,408
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total assets	0	0
Warrant liability	1,899	3,372
Total liabilities	1,899	3,372
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 0	$ 0

Fair Value of Financial Instruments - Rollforward of Level 3 (Details) - Significant Unobservable Inputs (Level 3) - Warrant Liability - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,372	$ 6,371
Change in fair value of warrant liability included in earnings	(1,473)	(3,009)
Issuance of common stock on warrant exercise	0	(13)
Gain on settlement of warrants	0	(37)
Ending balance	$ 1,899	$ 3,312

Fair Value of Financial Instruments - Narrative (Details) - Warrant Liability - Significant Unobservable Inputs (Level 3)	9 Months Ended
	Sep. 30, 2015 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share Price (in dollars per share)	$ 7.60
Risk free rate	1.56%
Expected term	6 years
Volatility assumption	32.70%
Expected dividend rate	0.00%

Reconciliation of Reserve Balances for Insurance Claims Expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, January 1	$ 83	$ 0
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]
Current year	358	2
Prior years	(79)	0
Total claims incurred	279	2
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract]
Current year	0	0
Prior years	4	0
Total claims paid	4	0
Balance, September 30	$ 358	$ 2

Reconciliation of Reserve Balances for Insurance Claims Expenses - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($) loan	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) loan	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
IBNR, default period (at least)			60 days
Liability for insurance claims	$ 358,000	$ 2,000	$ 358,000	$ 2,000	$ 83,000	$ 0
Primary loans in default \| loan	20		20
Prior years			$ 4,000	0
Claims applied to deductible			18,000
Claims paid			4,000	0
Favorable prior year development			(79,000)	0
Reserve for prior year insurance claims and claim expenses	$ 0		$ 0
Fannie Mae
Liability for Claims and Claims Adjustment Expense [Line Items]
Number of loans in pool past due 60 days or more \| loan	36		36
Risk in Force of loans in pool past due 60 days or more	$ 2,400,000		$ 2,400,000
Deductible on policy			$ 10,300,000
Loan-to-value ratio (less than)			0.8
Pool reserve established	$ 0	$ 0	$ 0	$ 0
Claims paid			$ 0

Warrants (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

^[1]

Apr. 30, 2012

Line of Credit Facility [Line Items]

Warrants issued (in shares)

992,000

Warrants value

$ 5,100

Right to purchase, number of shares per warrant

Exercise price of warrants (in dollars per warrant)

$ 10.00

Number of warrants exercised during period

7,790

Gain from settlement of warrants

$ 0

$ 37

$ 0

$ 37

Common Stock - Class A | Common Stock - Class A

Line of Credit Facility [Line Items]

Issuance of Class A shares of common stock as part of cashless exercise of warrants, shares

1,115

[1]	During 2014, we issued 1,115 common shares with a par value of $0.01 related to the exercise of warrants, which is not identifiable in this schedule due to rounding.

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate on pre-tax loss	0.00%	2.50%	0.00%	3.90%

Statutory Information - Schedule of Statutory Net Loss, Surplus, Contingency Reserve and Risk-to-Capital Ratio (Details) - Combined $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Statutory Accounting Practices [Line Items]
Statutory net loss	$ (38,591)	$ (47,961)
Statutory surplus	201,140	236,738
Contingency reserve	$ 23,714	$ 9,401
Risk-to-Capital	11.8	3.6