NMI Holdings Inc., the parent of National Mortgage Insurance Corp., reported record income. While new business slipped, the company’s book of business expanded.
From Jan. 1, 2018, through March 31, income before income taxes was $27 million, according to the Emeryville, California-based company’s first-quarter earnings report.
Income soared compared to the same three-month period in 2017, when National M.I. earned $7 million, and the preceding three-month period, when income was $17 million.
After-tax earnings were a record $22.4 million.
National M.I. wrote $6.460 billion in primary new insurance, off from $6.876 billion written in the fourth-quarter 2017. But business picked up from $3.559 billion in the first-quarter 2017.
Primary insurance in force grew to $53.434 billion from $48.465 billion at the end of 2017 and $34.779 billion on the same date in 2017.
Policies in force expanded to 223,263 from 202,351 and were just 145,632 as of March 31, 2017.
The mortgage insurer reported a default rate of 0.5 percent, unchanged from three months earlier and up from 0.1 percent on year earlier.
