February 21, 2017 5:31 PM ET

Thrifts and Mortgage Finance

Company Overview of NMI Holdings, Inc.

Company Overview

NMI Holdings, Inc., through its subsidiaries, provides private mortgage guaranty insurance services in the United States. It offers mortgage and pool insurance; reinsurance on loans; and outsourced loan review services to mortgage loan originators. The company was founded in 2011 and is headquartered in Emeryville, California.

2100 Powell Street

12th Floor

Emeryville, CA 94608

United States

Founded in 2011

276 Employees

Phone:

855-530-6642

Key Executives for NMI Holdings, Inc.

Chairman of the Board and Chief Executive Officer
Age: 61
Total Annual Compensation: $1.7M
Chief Financial Officer and Executive Vice President
Age: 63
Total Annual Compensation: $847.5K
Chief Operating Officer
Age: 57
Total Annual Compensation: $861.9K
Chief Legal Officer, Executive Vice President, General Counsel and Secretary
Age: 45
Total Annual Compensation: $811.9K
Compensation as of Fiscal Year 2015.

NMI Holdings, Inc. Key Developments

NMI Holdings, Inc. Announces Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2016

NMI Holdings, Inc. announced consolidated earnings for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $36.629 million against $18.862 million a year ago. Income before income taxes was $7.058 million against loss before income taxes of $4.821 million a year ago. Net profit for the period was $61.562 million or $1.01 per diluted share against net loss of $4.821 million or $0.08 per basic and diluted share a year ago. For the full year, the company reported total revenues of $123.815 million against $53.608 million a year ago. Income before income taxes was $11.452 million against loss before income taxes of $27.793 million a year ago. Net profit for the period was $65.841 million or $1.08 per diluted share against net loss of $27.793 million or $0.47 per basic and diluted share a year ago.

NMI Holdings, Inc. Reduces Interest Rate and Extends Maturity of Term Loan

NMI Holdings, Inc. announced that it has amended its existing Term Loan B, originated in November 2015, to reduce the interest rate and extend its maturity date. The interest rate for Libor-based loans was reduced from Libor plus 7.50% to Libor plus 6.75%. The maturity of the loan was extended from November 10, 2018 to November 10, 2019. Other minor provisions of the Lender Agreement were modified pursuant to the amendment. The outstanding principal balance of the loan as of December 31, 2016 was approximately $148 million.

NMI Holdings, Inc. Announces Executive Changes

NMI Holdings, Inc. announced that Glenn Farrell, 64, executive vice president and chief financial officer, plans to retire on July 31, 2017. Adam Pollitzer, 37, formerly of J.P Morgan Securities LLC, has been named to succeed Mr. Farrell as the company's next executive vice president and chief financial officer effective May 2, 2017. As of May 2, 2017, Mr. Farrell will step down as chief financial officer but will remain executive vice president and chief accounting officer until his retirement. Adam Pollitzer was most recently a managing director in J.P. Morgan's Corporate and Investment Banking division, where he led advisory and capital raising efforts on behalf of North American insurance companies.

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Recent Private Companies Transactions

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