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New words:
agenda, attack, commutation, comprised, decision, defend, Director, disaggregated, dissatisfaction, governmental, jeopardize, malware, onset, President, privacy, processed, prospective, similarly, slightly, stored, stronger, temporarily, transmitted, transparency, unacceptable, unavailable
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administrative, administrator, advance, applying, attempt, attractive, burden, challenging, climatic, collect, competing, conservatorship, convert, counterparty, creating, criteria, Debenture, deny, description, designed, discontinuance, dispute, ease, enacted, excise, execution, extending, fewer, framework, half, hedging, ICE, identifiable, immaterial, IRA, Junior, larger, law, lender, LIBOR, limited, obtain, offer, originally, outcome, periodically, personally, promote, published, publishing, recognizing, reflective, reform, repayment, shortfall, SOFR, stemming, temporary, transition, transitioned, undergoing, USD, volatility, warranted, weaker
Financial report summary
?Risks
- Wars and/or other global events may adversely affect the U.S. economy and our business.
- Downturns in the domestic economy or declines in home prices may result in more homeowners defaulting and our losses increasing, with a corresponding decrease in our returns.
- Changes in the business practices of Fannie Mae and Freddie Mac ("the GSEs"), federal legislation that changes their charters or a restructuring of the GSEs could reduce our revenues or increase our losses.
- We may not continue to meet the GSEs’ private mortgage insurer eligibility requirements and our returns may decrease if we are required to maintain more capital in order to maintain our eligibility.
- Because loss reserve estimates are subject to uncertainties, paid claims may be substantially different than our loss reserves.
- We are subject to comprehensive regulation and other requirements, which we may fail to satisfy.
- Pandemics, hurricanes and other disasters may impact our incurred losses, the amount and timing of paid claims, our inventory of notices of default and our Minimum Required Assets under PMIERs.
- Reinsurance may be unavailable at current levels and prices, and/or the GSEs may reduce the amount of capital credit we receive for our reinsurance transactions.
- Because we establish loss reserves only upon a loan delinquency rather than based on estimates of our ultimate losses on risk in force, losses may have a disproportionate adverse effect on our earnings in certain periods.
- State capital requirements may prevent us from continuing to write new insurance on an uninterrupted basis.
- If the volume of low down payment home mortgage originations declines, the amount of insurance that we write could decline.
- The amount of insurance we write could be adversely affected if lenders and investors select alternatives to private mortgage insurance or are unable to obtain capital relief for mortgage insurance.
- Changes in interest rates, house prices or mortgage insurance cancellation requirements may change the length of time that our policies remain in force.
- We are susceptible to disruptions in the servicing of mortgage loans that we insure and we rely on third-party reporting for information regarding the mortgage loans we insure.
- If our risk management programs are not effective in identifying, or adequate in controlling or mitigating, the risks we face, or if the models used in our businesses are inaccurate, it could have a material adverse impact on our business, results of operations and financial condition.
- Information technology system failures or interruptions may materially impact our operations and/or adversely affect our financial results.
- We could be materially adversely affected by a cybersecurity breach or failure of information security controls.
- Our underwriting practices and the mix of business we write affects our Minimum Required Assets under the PMIERs, our premium yields and the likelihood of losses occurring.
- The premiums we charge may not be adequate to compensate us for our liabilities for losses and as a result any inadequacy could materially affect our financial condition and results of operations.
- Actual or perceived instability in the financial services industry or non-performance by financial institutions or transactional counterparties could materially impact our business.
- We rely on our management team and our business could be harmed if we are unable to retain qualified personnel or successfully develop and/or recruit their replacements.
- Competition or changes in our relationships with our customers could reduce our revenues, reduce our premium yields and / or increase our losses.
- Adverse rating agency actions could have a material adverse impact on our business, results of operations and financial condition.
- We are subject to the risk of legal proceedings.
- Our success depends, in part, on our ability to manage risks in our investment portfolio.
- Our holding company debt obligations are material.
- Your ownership in our company may be diluted by additional capital that we raise.
- The price of our common stock may fluctuate significantly, which may make it difficult for holders to resell common stock when they want or at a price they find attractive.
Management Discussion
- Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- As discussed under “Forward Looking Statements and Risk Factors” below, actual results may differ materially from the results contemplated by forward looking statements. These forward looking statements speak only as of the date of this filing and are subject to change without notice. We are not undertaking any obligation to update any forward looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the time at which this document was filed with the Securities and Exchange Commission.
- (1) May not foot due to rounding.