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Record Business at National M.I.

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Mortgage Daily

                                                 February 15, 2018

Quarterly business ascended to an all-time high at National Mortgage Insurance Corp.
As the book of business grew, so did delinquency.

NMI earned $17 million before taxes from Oct. 1, 2017, through the end of last year, according to its fourth-quarter earnings report.

Earnings at the
Emeryville, California-based firm soared from just $7 million in the fourth-quarter 2016 but slipped from $19 million in the third-quarter 2017.

A change in the fair value of warrant liability as a result of an increase in NMI’s stock price led to a $3.4 million fourth-quarter 2017 expense.

After-tax earnings were impacted by a one-time $14 million expense related
to re-measurement of net deferred tax assets as a result of the Tax Cuts and Jobs Act.

Insurance written in the final-three months of 2017 was a record
$6.876 billion. Business totaled $6.115 billion the prior quarter and $5.240 billion a year prior.

Fourth-quarter 2017 refinance share was 16.5 percent, more broad than 11.9 percent the prior three-month period.

Full-year 2017 insurance written worked out to $21.587 billion,
a little more than $21.189 billion the preceding year.

Last year concluded with 202,351 policies in force on $48.465 billion. NMI’s book of business grew from $43.259 billion at the end of the third quarter and $32.168 billion at the end of 2016.

The default rate climbed to 0.5 percent from 0.2 percent. As of year-end 2016, the rate was 0.1 percent.

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