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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 15, 2017

NMI Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)



Delaware	001-36174	45-4914248
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2100 Powell Street, 12th Floor, Emeryville, CA.

(Address of Principal Executive Offices)

94608

(Zip Code)

(855) 530-6642

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On February 15, 2017, NMI Holdings, Inc. issued a news release announcing its financial results for the quarter and year to date periods ended December 31, 2017. A copy of the news release is furnished as Exhibit 99.1 to this report.

The information included in, or furnished with, this report has been "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1* NMI Holdings, Inc. News Release dated February 15, 2017.

_____________________

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NMI Holdings, Inc.

(Registrant)



Date: February 15, 2017	By:	/s/ Nicole C. Sanchez
		Nicole C. Sanchez
		VP, Associate General Counsel

EXHIBIT INDEX

Exhibit No. Description

99.1* NMI Holdings, Inc. News Release dated February 15, 2017.

* Furnished herewith

Exhibit

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

NMI Holdings, Inc. Reports Fourth Quarter Net Income of $61.6 Million

EMERYVILLE, CALIF., Feb 15, 2017 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $61.6 million, or $1.01 per share, for the fourth quarter ended Dec. 31, 2016. Results for the quarter include a tax benefit of $54.5 million resulting from reversal of the valuation allowance on the company’s deferred tax asset and a charge of $1.7 million related to the change in fair value of outstanding warrants as a result of the company’s higher stock price at Dec. 31, 2016. The company reported net income of $6.2 million, or $0.10 per share, in the prior quarter and a net loss of ($4.8) million, or ($0.08) per share, in the fourth quarter of 2015.

Bradley Shuster, chairman and CEO of National MI, said, “We are proud of our performance in the fourth quarter and for the full year. In 2016 we achieved profitability, more than doubled insurance in force and premiums earned, negotiated a reinsurance treaty to support our growth, and solidified our position as a strong, returns-oriented mortgage insurance provider. We are excited about our growing operating leverage and returns profile, realizing the business model we envisioned at our founding. We want to thank our customers and employees, as well as business partners, lenders and shareholders for making it possible.”

Shuster added, “Looking ahead, we believe 2017 will be an even better year as we continue to layer on more high-quality insurance in force and drive strong revenue growth while prudently managing expenses and risk. With our largely fixed expense base, we expect that the operating leverage we already have demonstrated will drive increasing profits and returns throughout the year.”


•	As of December 31, 2016, the company had primary insurance-in-force of $32.2 billion, up 14% from $28.2 billion at the prior quarter end and up 117% over $14.8 billion as of December 31, 2015.


•	Premiums earned for the quarter were $32.8 million, up 3% from $31.8 million in the prior quarter and up 94% over $16.9 million in the same quarter a year ago.


•	NIW mix was 75% monthly premium product, which compares with 71% in the prior quarter and 45% in the fourth quarter of 2015.


•	Total underwriting and operating expenses in the fourth quarter were $23.3 million, including share-based compensation expense of $1.9 million. This compares with total underwriting and operating expenses of $24.0 million, including $1.8 million of share-based compensation, in the prior quarter, and $21.7 million, including $2.3 million of share-based compensation, in the same quarter a year ago.


•	Loss expense for the quarter was $0.8 million, resulting in a loss ratio of 2%.


•	As of the end of the fourth quarter, the company had approved master policies in place with 1,131 customers, up from 1,100 as of the end of the prior quarter, and up from 964 as of the end of the fourth quarter of 2015. Customers delivering NIW in the quarter grew to a new high of 638, which compares with 525 in the prior quarter and 500 in the same quarter a year ago.


•	At quarter-end, cash and investments were $677 million, including $74 million at the holding company, and book equity was $477 million, equal to $8.07 per share.


•	In 2016, the company generated $71.9 million of cash from operations, which compares with $41.5 million for 2015.


•	At quarter-end, the company had total PMIERs available assets of $454 million, which compares with risk-based required assets under PMIERs of $367 million.

EXHIBIT 99.1



		Quarter Ended 12/31/2016		Quarter Ended 9/30/2016		Quarter Ended 12/31/2015		Growth Q/Q		Growth Y/Y
Primary Insurance-in-Force ($billions)		32.17		28.22		14.82		14	%	117	%
New Insurance Written - NIW ($billions)
	Monthly premium	3.90		4.16		2.03		-6	%	92	%
	Single premium	1.34		1.70		2.52		-21	%	-47	%
	Total	5.24		5.86		4.55		-11	%	15	%

Premiums Earned ($millions)		32.83		31.81		16.88		3	%	94	%
Underwriting & Operating Expense ($millions)		23.28		24.04		21.69		-3	%	7	%
Loss Expense ($millions)		0.80		0.66		0.37		21	%	116	%
Loss Ratio		2	%	2	%	2	%
Cash & Investments ($millions)		677		686		617		-1	%	10	%
Book Equity ($millions)		477		430		403		11	%	18	%
Book Value per Share		8.07		7.28		6.85		11	%	18	%
Approved Master Policies		1,131		1,100		964		3	%	17	%
Customers Generating NIW		638		525		500		22	%	28	%

Conference Call and Webcast Details

The company will hold a conference call and live webcast today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the "Investor Relations" section. The call also can be accessed by dialing (888) 734-0328 in the U.S., or (914) 495-8578 for international callers using Conference ID: 41208251, or by referencing NMI Holdings, Inc.

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 or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995 (PSLRA). The PSLRA provides a "safe harbor" for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believe," "can," "could," "may," "predict," "assume," "potential," "should," "will," "estimate," "plan," "project," "continuing," "ongoing," "expect," "intend" and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and 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. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: our ability to implement our business strategy, including our ability to attract and retain a diverse customer base and to achieve a diversified mix of business across the spectrum of our product offerings; changes in the business practices of the GSEs that may impact the use of private mortgage insurance; our ongoing ability to comply with the financial requirements of the PMIERs; our ability to maintain sufficient holding company liquidity to meet our short- and long-term liquidity needs; our ability to successfully execute and implement our capital plans, including our ability to access the reinsurance market and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; heightened competition for our mortgage insurance business from other private mortgage insurers and the FHA; adoption of new or changes to existing laws and regulations or their enforcement and implementation by regulators; changes to the GSEs' role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance in particular; potential future lawsuits, investigations or inquiries or resolution of current lawsuits or inquiries; emergence of unexpected claims and coverage issues, including claims

EXHIBIT 99.1

exceeding our reserves or amounts we expected to experience; our ability to utilize our net operating loss carryforwards, which could be limited or eliminated in various ways, including if we experience an ownership change as defined in Section 382 of the Internal Revenue Code; and general economic downturns and volatility. These risks and uncertainties also include, but are not limited to, those set forth under the heading "Risk Factors" detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2015, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

Investor Contact

John M. Swenson

Vice President, Investor Relations and Treasury

john.swenson@nationalmi.com

(510) 788-8417

Press Contact

Mary McGarity

Strategic Vantage Mortgage Public Relations

(203) 513-2721

MaryMcGarity@StrategicVantage.com

EXHIBIT 99.1



Consolidated statements of operations and comprehensive income	For the three months ended December 31,						For the year ended December 31,
	2016			2015			2016			2015
Revenues	(In Thousands, except for share data)
Net premiums earned	$	32,825		$	16,880		$	110,481		$	45,506
Net investment income	3,634			2,078			13,751			7,246
Net realized investment gains (losses)	65			(121		)	(693		)	831
Other revenues	105			25			276			25
Total revenues	36,629			18,862			123,815			53,608
Expenses
Insurance claims and claims expenses	800			371			2,392			650
Underwriting and operating expenses	23,281			21,686			93,223			80,599
Total expenses	24,081			22,057			95,615			81,249
Other (expense) income
(Loss) gain from change in fair value of warrant liability	(1,713		)	431			(1,900		)	1,905
Interest expense	(3,777		)	(2,057		)	(14,848		)	(2,057		)
Total other (expense)	(5,490		)	(1,626		)	(16,748		)	(152		)

Income (loss) before income taxes	7,058			(4,821		)	11,452			(27,793		)
Income tax benefit	(54,502		)	—			(54,389		)	—
Net income (loss)	$	61,562		$	(4,821	)	$	65,841		$	(27,793	)

Earnings (loss) per share
Basic	$	1.04		$	(0.08	)	$	1.11		$	(0.47	)
Diluted	$	1.01		$	(0.08	)	$	1.08		$	(0.47	)

Weighted average common shares outstanding
Basic	59,140,011			58,781,566			59,070,948			58,683,194
Diluted	61,229,338			58,781,566			60,829,372			58,683,194

Loss Ratio⁽¹⁾	2		%	2		%	2		%	1		%
Expense Ratio⁽²⁾	71			128			84			177
Combined ratio	73		%	131		%	87		%	179		%

Net income (loss)	$	61,562		$	(4,821	)	$	65,841		$	(27,793	)
Other comprehensive (loss) income, net of tax:
Net unrealized (losses) gains in accumulated other comprehensive income (loss), net of tax expense of $1,178, and $0 for the years ended December 31, 2016 and December 31, 2015, respectively and $1,178, and $0 for the quarters ended December 31, 2016 and December 31, 2015	(16,196		)	(3,503		)	1,429			(3,518		)
Reclassification adjustment for losses (gains) included in net loss, net of tax expense of $0 for all periods presented	(65		)	603			758			(349		)
Other comprehensive (loss) income, net of tax	(16,261		)	(2,900		)	2,187			(3,867		)
Comprehensive income (loss)	$	45,301		$	(7,700	)	$	68,028		$	(31,660	)

⁽¹⁾ Loss ratio is calculated by dividing the provision for insurance claims and claims expenses by net premiums earned.

⁽²⁾Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.

EXHIBIT 99.1



Consolidated balance sheets	December 31, 2016			December 31, 2015
Assets	(In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $630,688 and $564,319 as of December 31, 2016 and December 31, 2015, respectively)	$	628,969		$	559,235
Cash and cash equivalents	47,746			57,317
Premiums receivable	13,728			5,143
Accrued investment income	3,421			2,873
Prepaid expenses	1,991			1,428
Deferred policy acquisition costs, net	30,109			17,530
Software and equipment, net	20,402			15,201
Intangible assets and goodwill	3,634			3,634
Prepaid reinsurance premiums	37,921			—
Deferred tax asset, net	53,274			—
Other assets	542			90
Total assets	$	841,737		$	662,451

Liabilities
Term loan	$	144,353		$	143,939
Unearned premiums	152,906			90,773
Accounts payable and accrued expenses	25,297			22,725
Reserve for insurance claims and claim expenses	3,001			679
Reinsurance funds withheld	30,633			—
Deferred ceding commission	4,831			—
Warrant liability, at fair value	3,367			1,467
Deferred tax liability, net	—			137
Total liabilities	364,388			259,720
Commitments and contingencies

Shareholders' equity
Common stock - class A shares, $0.01 par value; 59,145,161 and 58,807,825 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively (250,000,000 shares authorized)	591			588
Additional paid-in capital	576,927			570,340
Accumulated other comprehensive loss, net of tax	(5,287		)	(7,474		)
Accumulated deficit	(94,882		)	(160,723		)
Total shareholders' equity	477,349			402,731
Total liabilities and shareholders' equity	$	841,737		$	662,451

EXHIBIT 99.1



Historical Quarterly Data	2016												2015
	December 31,			September 30			June 30			March 31			December 31			September 30
Revenues				(In Thousands, except for share data)
Net premiums earned	$	32,825		$	31,808		$	26,041		$	19,807		$	16,880		$	12,834
Net investment income	3,634			3,544			3,342			3,231			2,078			1,884
Net realized investment gains (losses)	65			66			61			(885		)	(121		)	(15		)
Other revenues	105			102			37			32			25			—
Total revenues	36,629			35,520			29,481			22,185			18,862			14,703
Expenses
Insurance claims and claims expenses	800			664			470			458			371			181
Underwriting and operating expenses	23,281			24,037			23,234			22,672			21,686			19,653
Total expenses	24,081			24,701			23,704			23,130			22,057			19,834

Other (expense) income ⁽¹⁾	(5,490		)	(4,530		)	(3,766		)	(2,962		)	(1,626		)	332

Income (loss) before income taxes	7,058			6,289			2,011			(3,907		)	(4,821		)	(4,799		)
Income tax (benefit) expense	(54,502		)	114			—			—			—			—
Net income (loss)	$	61,562		$	6,175		$	2,011		$	(3,907	)	$	(4,821	)	$	(4,799	)

Earnings (loss) per share
Basic	$	1.04		$	0.10		$	0.03		$	(0.07	)	$	(0.08	)	$	(0.08	)
Diluted	$	1.01		$	0.10		0.03			(0.07		)	(0.08		)	(0.08		)

Weighted average common shares outstanding
Basic	59,140,011			59,130,401			59,105,613			58,936,694			58,781,566			58,741,328
Diluted	61,229,338			60,284,746			59,830,899			58,936,694			58,781,566			58,741,328

Other data
Loss Ratio ⁽²⁾	2		%	2		%	2		%	2		%	2		%	1		%
Expense Ratio ⁽³⁾	71		%	76		%	89		%	114		%	128		%	153		%
Combined ratio	73		%	78		%	91		%	117		%	131		%	155		%

⁽¹⁾ Other (expense) income includes the gain from change in fair value of warrant liability, gain from settlement of warrants, and interest expense.

⁽²⁾ Loss ratio is calculated by dividing the provision for insurance claims and claims expenses by net premiums earned.

⁽³⁾Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.

EXHIBIT 99.1

New Insurance Written (NIW), Insurance in Force (IIF) and Premiums

The tables below show primary and pool NIW and IIF, by quarter, for the last six quarters.



Primary NIW	Three months ended
	December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015
	(In Millions)
Monthly	$	3,904	$	4,162	$	3,700	$	2,492	$	2,029	$	1,582
Single	1,336		1,695		2,138		1,762		2,518		2,051
Primary	$	5,240	$	5,857	$	5,838	$	4,254	$	4,547	$	3,633



Primary and pool IIF	As of
	December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015
	(In Millions)
Monthly	$	19,205	$	16,038	$	12,529	$	9,210	$	6,958	$	5,087
Single	12,963		12,190		11,095		9,354		7,866		5,514
Primary	32,168		28,228		23,624		18,564		14,824		10,601

Pool	3,650		3,826		3,999		4,136		4,238		4,340
Total	$	35,818	$	32,054	$	27,623	$	22,700	$	19,062	$	14,941

Portfolio Statistics

The table below shows primary portfolio trends, by quarter, for the last six quarters.



Primary portfolio trends	As of and for the quarter ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
	($ Values In Millions)
New insurance written	$	5,240		$	5,857		$	5,838		$	4,254		$	4,547		$	3,633
New risk written	1,244			1,415			1,411			1,016			1,105			887
Insurance in force⁽¹⁾	32,168			28,228			23,624			18,564			14,824			10,601
Risk in force⁽¹⁾	7,790			6,847			5,721			4,487			3,586			2,553
Policies in force (count)⁽¹⁾	134,662			119,002			100,547			79,700			63,948			46,175
Weighted-average coverage ⁽²⁾	24.2		%	24.3		%	24.2		%	24.2		%	24.2		%	24.1		%
Loans in default (count)	179			115			79			55			36			20
Percentage of loans in default	0.1		%	0.1		%	0.1		%	0.1		%	0.1		%	—		%
Risk in force on defaulted loans	$	10		$	6		$	4		$	3		$	2		$	1
Average premium yield ⁽³⁾	0.44		%	0.48		%	0.47		%	0.45		%	0.49		%	0.52		%
Annual persistency ⁽⁴⁾	80.7		%	81.8		%	83.3		%	82.7		%	79.6		%	71.6		%


⁽¹⁾	Reported as of the end of the period.


⁽²⁾	End of period risk in force (RIF) divided by IIF.


⁽³⁾	Average premium yield is calculated by dividing primary net premiums earned, net of reinsurance, by average gross IIF for the period, annualized.


⁽⁴⁾	Defined as the percentage of IIF that remains on our books after any 12-month period.

EXHIBIT 99.1

The tables below reflect our total primary NIW by FICO, loan-to-value (LTV), and purchase/refinance mix.



Primary NIW by FICO	Three months ended
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
>= 760	$	2,566	$	2,975	$	2,315
740-759	846		934		754
720-739	647		725		569
700-719	560		588		485
680-699	375		387		277
<=679	246		248		147
Total	$	5,240	$	5,857	$	4,547



Primary NIW by LTV	Three months ended
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
95.01% and above	$	355	$	347	$	219
90.01% to 95.00%	2,224		2,557		1,989
85.01% to 90.00%	1,580		1,844		1,559
85.00% and below	1,081		1,109		780
Total	$	5,240	$	5,857	$	4,547



Primary NIW by purchase/refinance mix	Three months ended
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
Purchase	$	3,776	$	4,400	$	3,138
Refinance	1,464		1,457		1,409
Total	$	5,240	$	5,857	$	4,547

The tables below show the primary weighted average FICO and the weighted average LTV, by policy type, for NIW in the quarters presented.



Weighted Average FICO
	December 31, 2016	September 30, 2016	December 31, 2015
Monthly	746	748	750
Single	764	763	756



Weighted Average LTV
	December 31, 2016		September 30, 2016		December 31, 2015
Monthly	92	%	91	%	92	%
Single	90		90		91

EXHIBIT 99.1

The table below reflects a summary of our primary IIF and RIF by book year.



Primary IIF and RIF	As of December 31, 2016
	IIF		RIF
	(In Millions)
December 31, 2016	$	20,193	$	4,850
2015	10,071		2,472
2014	1,856		457
2013	48		11
Total	$	32,168	$	7,790

The tables below reflect our total primary IIF and RIF by FICO, average loan size, LTV, and loan type.



Primary IIF by FICO	As of
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
>= 760	$	16,166	$	14,258	$	7,124
740-759	5,248		4,612		2,406
720-739	4,130		3,648		2,111
700-719	3,245		2,813		1,515
680-699	2,151		1,863		1,100
<=679	1,228		1,034		568
Total	$	32,168	$	28,228	$	14,824



Primary RIF by FICO	As of
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
>= 760	$	3,934	$	3,470	$	1,707
740-759	1,281		1,130		590
720-739	1,000		887		519
700-719	782		680		369
680-699	511		443		267
<=679	282		237		134
Total	$	7,790	$	6,847	$	3,586



Primary Average Loan Size by FICO	As of
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Thousands)
>= 760	$	250	$	250	$	246
740-759	241		240		235
720-739	235		235		229
700-719	233		233		228
680-699	224		224		219
<=679	210		209		207

EXHIBIT 99.1



Primary IIF by LTV	As of
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
95.01% and above	$	1,686	$	1,363	$	498
90.01% to 95.00%	14,358		12,644		6,583
85.01% to 90.00%	10,282		9,157		5,098
85.00% and below	5,842		5,064		2,645
Total	$	32,168	$	28,228	$	14,824



Primary RIF by LTV	As of
	December 31, 2016		September 30, 2016		December 31, 2015
	(In Millions)
95.01% and above	$	467	$	380	$	139
90.01% to 95.00%	4,226		3,725		1,943
85.01% to 90.00%	2,439		2,174		1,210
85.00% and below	658		568		294
Total	$	7,790	$	6,847	$	3,586



Primary RIF by Loan Type	As of
	December 31, 2016		September 30, 2016		December 31, 2015

Fixed	99	%	98	%	98	%
Adjustable rate mortgages:
Less than five years	—		—		—
Five years and longer	1		2		2
Total	100	%	100	%	100	%

As of December 31, 2016 and December 31, 2015, 100% of each of our pool IIF and RIF was comprised of insurance on fixed rate mortgages.

The table below reflects a summary of the change in total primary IIF for the following periods.



Primary IIF	Three months ended
	December 31, 2016			September 30, 2016			December 31, 2015
	(In Millions)
IIF, beginning of period	$	28,228		$	23,624		$	10,601
NIW	5,240			5,857			4,547
Cancellations and other reductions	(1,300		)	(1,253		)	(324		)
IIF, end of period	$	32,168		$	28,228		$	14,824

EXHIBIT 99.1

Geographic Dispersion

The following table shows the distribution by state of our primary RIF.



Top 10 primary RIF by state	As of
	December 31, 2016		September 30, 2016		December 31, 2015
California	13.6	%	13.2	%	12.9	%
Texas	7.0		6.8		6.8
Virginia	6.5		6.6		5.2
Florida	4.5		4.7		5.3
Arizona	3.9		3.8		3.7
Colorado	3.9		4.0		4.2
Maryland	3.7		3.6		2.8
Michigan	3.7		3.9		4.4
Utah	3.7		3.6		3.0
Pennsylvania	3.6		3.6		3.7
Total	54.1	%	53.8	%	52.0	%

EXHIBIT 99.1

The following table shows portfolio data by origination year.



	As of December 31, 2016
Origination year	Original Insurance Written		Remaining Insurance in Force		% Remaining of Original Insurance		Policies Ever in Force	Number of Policies in Force	Number of Loans in Default	# of Claims Paid	Incurred Loss Ratio (Inception to Date) ⁽¹⁾		Cumulative default rate ⁽²⁾
	($ Values in Millions)
2013	$	162	$	48	30	%	655	239	—	1	—	%	0.2	%
2014	3,451		1,857		54	%	14,786	9,003	48	3	2.6	%	0.3	%
2015	12,422		10,071		81	%	52,548	44,716	103	7	2.4	%	0.2	%
2016	21,189		20,192		95	%	83,633	80,704	28	—	0.6	%	—	%
Total	$	37,224	$	32,168			151,622	134,662	179	11


⁽¹⁾	The ratio of losses incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.


⁽²⁾	The sum of claims paid ever to date and notices of default as of the end of the period divided by policies ever in force.

EXHIBIT 99.1

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



	For the three months ended December 31,					For the year ended December 31,
	2016			2015		2016			2015
	(In Thousands)
Beginning balance	$	2,133		$	358	$	679		$	83
Less reinsurance recoverables ⁽¹⁾	(90		)	—		—			—
Beginning balance, net of reinsurance recoverables	2,043			358		679			83

Add claims incurred:
Claims and claim expenses incurred:
Current year ⁽²⁾	654			341		2,457			699
Prior years⁽³⁾	149			30		(65		)	(49		)
Total claims and claims expenses incurred	803			371		2,392			650

Less claims paid:
Claims and claim expenses paid:
Current year ⁽²⁾	171			50		171			50
Prior years ⁽³⁾	(29		)	—		196			4
Total claims and claim expenses paid	142			50		367			54

Reserve at end of period, net of reinsurance recoverables	2,704			679		2,704			679
Add reinsurance recoverables ⁽¹⁾	297			—		297			—
Balance, December 31	$	3,001		$	679	$	3,001		$	679

⁽¹⁾ Related to ceded losses recoverable on our 2016 quota-share reinsurance transaction. To date, ceded losses have been immaterial.

⁽²⁾ Related to defaults occurring in the current year.

⁽³⁾ Related to defaults occurring in prior years.

The following table provides a reconciliation of the beginning and ending count of loans in default.



	Three months ended				Year ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Beginning default inventory	115		20		36		4
Plus: new defaults	126		27		284		51
Less: cures	(59	)	(10	)	(132	)	(17	)
Less: claims paid	(3	)	(1	)	(9	)	(2	)
Ending default inventory	179		36		179		36

EXHIBIT 99.1

The following tables provide details of our claims and reserves.



	Three months ended						Year ended
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	($ Values In Thousands)
Number of claims paid	3			1			9			2
Total amount paid for claims	$	136		$	50		$	367		$	54
Average amount paid per claim	$	45		$	50		$	41		$	27
Severity	65		%	104		%	64		%	44		%



Average reserve per default:	As of December 31, 2016		As of December 31, 2015
	(In Thousands)
Case	$	15	$	18
IBNR	2		1
Total	$	17	$	19

The following table provides a comparison of the PMIERs financial requirements as reported by National MI.



	As of
	December 31, 2016			September 30, 2016			December 31, 2015
	(In thousands)
Available Assets	$	453,523		$	488,635		$	431,411
Net Risk-Based Required Assets	366,584			320,609			249,805

Asset charge % ⁽¹⁾	6.15		%	6.14		%	6.17		%

⁽¹⁾Asset charge represents the risk based required asset amount as defined in the PMIERs, divided by the outstanding RIF on performing primary loans.