NMI Holdings

What NMI Holdings does

NMI Holdings, Inc. (NASDAQ: NMIH) is a U.S. private mortgage insurance holding company founded in 2012 by Bradley M. Shuster and headquartered in Emeryville, California. Through its core operating subsidiary National Mortgage Insurance Corporation (National MI), the company underwrites private mortgage insurance (PMI) that enables low down-payment borrowers to qualify for conventional financing, protecting lenders and investors against borrower default. National MI is approved by Fannie Mae (June 2013) and Freddie Mac (January 2013) as an eligible mortgage insurer, holds licenses to issue MI policies across all 50 states and the District of Columbia, and has built a primary insurance-in-force portfolio of $222.3 billion as of Q1 2026 across more than 1,700 active lender relationships.

The company's product suite centers on Borrower-Paid MI (BPMI) and Lender-Paid MI (LPMI) structures, supported by a 97% LTV program and expanded affordable lending guidelines targeting low down-payment and underserved borrowers. Underlying these products is a proprietary technology stack: the Rate GPS risk-based pricing engine delivers granular, loan-level MI quotes; the AXIS (Advanced Exchange and Information System) platform handles MI ordering, underwriting, servicing, and claims; and TrueGuide underwriting guidelines, including delegated and non-delegated paths with multi-tier rescission relief, streamline lender decisions. The technology stack is integrated with more than 36 loan origination, product pricing, point-of-sale, and document management vendors, including Encompass, Origence, Optimal Blue, and Blend Labs.

NMI Holdings generates revenue primarily through recurring mortgage insurance premiums paid by lenders and borrowers on insured loans, billed monthly, annually, or as single upfront premiums. Distribution combines a regional direct sales force of Sales Advisors covering all 50 states, digital self-service via AXIS and Rate GPS, embedded technology integrations, and a National Solution Center. The company employs approximately 101-250 people, has delivered record financial results in FY2025 ($388.9M net income, $4.92 diluted EPS) and Q1 2026 ($183.5M revenue, 33% YoY NIW growth), and holds financial strength ratings of A- (S&P, Stable), A3 (Moody's, Positive), and A (Fitch).

Name

NMI Holdings

Legal name

NMI Holdings, Inc.

Website

https://nationalmi.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

NMI Holdings (NASDAQ: NMIH), operating as National MI, is a U.S. private mortgage insurance company that enables low down-payment homeownership and protects lenders against default on insured loans distributed across 1,700+ lender accounts and all 50 states.

Ownership category

akta.pro rank

Product category

Private Mortgage Insurance

NAICS

Insurance Carriers and Related Activities (524)

SIC

Insurance Carriers, Nec (6399)

akta.pro primary industry

Private Mortgage Insurance (PMI) — Borrower-Paid (BPMI) (FSALAJAA)

akta.pro secondary industries

Private Mortgage Insurance (PMI) — Lender-Paid (LPMI) (FSALAJAB), Mortgage Default Insurance & Loss Mitigation Services (Claims, Recoveries, MI Servicing) (FSALAJAH), Pool/Portfolio Mortgage Insurance (Bulk & Flow Coverage) (FSALAJAF)

Keywords

• Private mortgage insurance
• Mortgage insurance premiums
• Lender risk coverage
• Low down-payment lending
• Homeownership financing

Headquarters

HQ city

Emeryville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mortgage Insurance Premiums: NMI Holdings generates revenue primarily through private mortgage insurance premiums charged to lenders on insured loans. Premiums can be paid monthly (borrower-paid or lender-paid), annually, or as single upfront premiums. The company earns premiums based on insurance-in-force and new insurance written.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

NMI Holdings, through its wholly-owned operating subsidiary National Mortgage Insurance Corporation (National MI), underwrites and provides private mortgage insurance (PMI) to U.S. mortgage lenders on low down-payment residential loans, enabling borrowers to qualify for conventional financing with as little as 3% down. The company generates revenue primarily through mortgage insurance premiums (borrower-paid or lender-paid, monthly/annual/single-premium structures) on its insured loan portfolio, supported by its proprietary Rate GPS risk-based pricing engine and the AXIS digital platform for ordering, underwriting, servicing, and claims management.

Product overview

National MI (NMI Holdings, Inc.) is a U.S.-based private mortgage insurance company offering a comprehensive suite of products and digital platforms. Its core offering is private mortgage insurance (PMI) for low down-payment borrowers, available via Borrower-Paid MI (BPMI) and Lender-Paid MI (LPM) options, complemented by specialized programs such as Affordable Lending (with LTVs up to 97%), the 97% LTV Program, Portfolio Edge for portfolio lenders, and Credit Union Solutions. The product ecosystem is supported by two key digital platforms: AXIS (Advanced Exchange and Information System), an online portal for MI ordering, underwriting, servicing and claims; and Rate GPS, a risk-based pricing technology providing granular MI rate quotes. Supporting tools include TrueGuide Underwriting Guidelines (with delegated and non-delegated options), TrueGuide Rescission Relief (Early, 12-month, and 36-month pathways), Master Policy, Sensible Servicing, a suite of Mortgage Calculators, and the Digital TRID Pencil Calculator. National MI also offers education and training through National MI University (webinars, e-learning, and The Mortgage MIx podcast), Borrower Education resources, Landlord Counseling, and the Economic Market Snapshot newsletter. The company operates nationwide, licensed in all 50 states and DC, and is approved by Fannie Mae and Freddie Mac as an eligible mortgage insurer.

Differentiator

Problem solved

Functional benefit

Brands

• Rate GPS: Risk-based pricing technology platform that offers competitive rates based on individual loan characteristics
• AXIS
• TrueGuide
• National MI University
• Sensible Servicing
• The Mortgage MIx

Products and services

• Private Mortgage Insurance (PMI) Private mortgage insurance enabling low down-payment borrowers (as little as 3% down) to access conventional housing financing while protecting lenders and GSE investors against borrower default losses; approved by Fannie Mae and Freddie Mac as an eligible mortgage insurer and licensed nationwide in all 50 states plus the District of Columbia.
• Borrower-Paid MI (BPMI) Borrower-paid mortgage insurance options including monthly, annual, and single premium (refundable and non-refundable) rate plans, with premiums paid by the borrower as part of their mortgage payment.
• Lender-Paid MI (LPMI) Lender-paid mortgage insurance where the lender pays the MI premium, typically in exchange for a higher interest rate charged to the borrower; premium rolled into the loan interest rate.
• Affordable Lending Programs Expanded affordable lending guidelines designed for lower-income borrowers and low down-payment purchases, featuring minimum credit scores as low as 600, up to 97% LTV, and compatibility with down payment assistance programs.
• 97% LTV Program Mortgage insurance program allowing borrowers to finance up to 97% of a home's value, enabling home purchases with as little as 3% down payment.
• Portfolio Edge Mortgage insurance product designed for portfolio lenders, offering customized MI coverage for loans held in portfolio rather than sold to GSEs.
• Credit Union Solutions Specialized MI products and services tailored for credit union mortgage lending operations, with credit union-specific rate cards and archived bulletins.
• AXIS (Advanced Exchange and Information System) Interactive online platform for mortgage insurance ordering, underwriting, servicing, and claims management with single sign-on, pipeline reports, and customizable preferences, available to approved lender accounts through web and mobile.
• Rate GPS Risk-based pricing technology that delivers competitive MI rates based on individual loan and borrower characteristics (LTV, FICO, property type, occupancy, loan amount), accessible via website, mobile app, AXIS, and industry LOS and pricing engines.
• TrueGuide Rescission Relief Rescission relief options providing lenders with coverage certainty, including Early Rescission Relief upon successful independent validation, plus 12-month and 36-month rescission relief pathways.
• Claims and Loss Mitigation Services Claims processing and loss mitigation services helping servicers manage defaulted insured loans, minimize losses, and execute the Sensible Servicing philosophy aligned with GSE Rescission Relief Principles.
• Outsourced Loan Review Services Outsourced loan review and validation services available to lenders across all U.S. states and the District of Columbia.
• National MI University (MIU) Training platform providing webinars, e-learning courses, and podcasts (The Mortgage MIx) covering mortgage industry topics, MI sales strategies, and mortgage fundamentals for lender partners and mortgage professionals.

Quantifiable outcome

• Record $12.3B new insurance written in Q1 2026, up 33% year-over-year
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration40 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Fannie MaecoreStrategic or Co-development PartnerNational MI is approved by Fannie Mae as an eligible mortgage insurer, enabling lenders to deliver loans insured by National MI to Fannie Mae.
• Freddie MaccoreStrategic or Co-development PartnerNational MI is approved by Freddie Mac as an eligible mortgage insurer, allowing lenders to sell loans with National MI coverage to Freddie Mac.
• American Bankers Association (ABA)minorGTM or Marketing PartnerIndustry association partnership for mortgage bankers and lending professionals.
• ACUMA (American Credit Union Mortgage Association)minorGTM or Marketing PartnerPartnership with association serving credit union mortgage professionals.
• Housing Policy CouncilminorGTM or Marketing PartnerIndustry policy council focused on housing finance policy advocacy.
• Lenders One CooperativeminorGTM or Marketing PartnerCooperative of independent mortgage lenders for shared resources and partnerships.
• Mortgage Bankers Association (MBA)minorGTM or Marketing PartnerPrimary trade association for the mortgage banking industry with member programs and events.
• The Mortgage CollaborativeminorGTM or Marketing PartnerNetwork of independent mortgage service providers for industry collaboration.
• NAMMBA (National Association of Minority Mortgage Bankers of America)minorGTM or Marketing PartnerAssociation focused on diversity and inclusion in mortgage banking.
• U.S. Mortgage Insurers (USMI)minorGTM or Marketing PartnerIndustry trade association representing private mortgage insurers.
• 36 Technology Vendors (LOS, PPE, POS, Document Management)coreTechnology or IntegrationIntegrated with major loan origination systems (Encompass, Origence), product eligibility/pricing engines (Optimal Blue, Pricing Platform), point-of-sale solutions, and servicing platforms for seamless MI workflow. Vendors include Blend Labs, Blue Sage, Calyx, Cloudvirga, Finastra, Fiserv, Ice Mortgage Technology, and others.
• MBA Opens Doors FoundationminorOthersNational MI donated over $230,000 since 2019 and commits $0.26 per new loan insured in 2026 to help families with critically ill or injured children stay in their homes.

Scale indicators20 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Radian Group: Radian is a leading U.S. private mortgage insurance provider selling BPMI and LPMI to the same lender channel with similar GSE eligibility, making it a direct like-for-like competitor for NMI's portfolio and pricing-tier business.
• MGIC Investment Corporation: MGIC is the largest U.S. private mortgage insurer by insurance-in-force and an approved Fannie/Freddie eligible MI provider — the most direct U.S. PMI competitor to NMI Holdings in core product, customer base (lenders), GSE distribution, and pricing dynamics.
• Enact Holdings: Enact is a major U.S. private mortgage insurance underwriter serving GSE-eligible lender customers; competes head-on with NMI for origination flow, especially on bulk/structured deals and delegated underwriting programs.
• Essent Group: Essent is a U.S. private mortgage insurance carrier approved by the GSEs and competing for the same BPMI/LPMI dollar at lender partners — directly comparable in product mix, single-premium options, and customer base.
• Arch Capital Group (Arch MI): Arch Mortgage Insurance is the U.S. private MI arm of Arch Capital Group, another GSE-eligible PMI underwriter competing in the same BPMI/LPMI market and a meaningful direct peer for NIW and insurance-in-force share.

Broad incumbents

• Freddie Mac: The second GSE approving NMI as an eligible mortgage insurer and setting parallel PMIERs-style standards; like Fannie, Freddie is the institutional gatekeeper governing NMI's product eligibility and pricing frameworks.
• Fannie Mae: As the GSE that approves NMI as an eligible MI provider and effectively establishes private MI capital and underwriting rules (PMIERs), Fannie Mae functions as the regulator-counterparty that defines NMI's market access — a structural counterpart rather than a direct product competitor.
• Mr. Cooper (Rocket Mortgage): Mr. Cooper is one of the largest U.S. mortgage servicers and originators, a key customer profile for NMI's master policy and servicing/claims products; although not an MI carrier, it represents the customer archetype that drives NMI's revenue and demand for the AXIS workflow.

Others

• ICE Mortgage Technology (formerly Ellie Mae): ICE Mortgage Technology operates the Encompass loan origination system and is a core technology integration partner for NMI's AXIS platform — an ecosystem enabler whose product direction influences NMI's distribution workflow.
• CoreLogic: Cotality (formerly CoreLogic) provides property data, analytics, and valuation services that NMI leverages for MI underwriting and risk assessment; an enabling infrastructure provider within the same mortgage risk stack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NationalMI
• Facebookfacebook.com/nationalmi
• LinkedInlinkedin.com/company/national-mortgage-insurance-corp

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NMI Holdings