NMIH - Earnings call transcript Q2 2018

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Operator

Good day, ladies and gentlemen, and welcome to NMI Holdings Second Quarter 2018 Earnings Conference Call. [Operator Instructions] I would now like to introduce your host for today's conference, Mr. John Swenson. Sir, you may begin.

John Swenson

Thank you, Skyler. to second welcome for conference and MI. National afternoon, the quarter XXXX call Good Vice Investor President Swenson, John I'm of Relations Treasury. and

accessed the Claudia on our Norberg, us for under Chairman our at release the today Financial Merkle, the CEO; Chief are Pollitzer, located President; released be and staff. www.nationalmi.com, Controller. quarter Financial press today. Joining close The Officer; on Adam of were website Brad market investor call the NMI's and Julie Shuster, after results may the

the of this call, could During our contained may expectations from results statements. in materially we Actual about course make these forward-looking for comments the differ those future.

can that and about differ the our Further, we of any website we of be time the comparable current today's provided parties or factors that on the fact the under statements the such filings do cause could non-GAAP or Also trends through light information of certain our undertake update materially release actual website, in the to the discussed used a guidance most those anytime to measures interested subsequent those call. forward-looking and note regulatory SEC. If this results call makes measures statements, other press to than at future no of not on should the call this statements our rely developments. to in found Additional reconciliation in from have is on with extent on that the company the obligation on GAAP.

your development detail. closing the With call provide Adam of that, Brad me overview an over the Brad financial environment, and discuss to take will then our let questions. remarks we Claudia conference results and call. the market Shuster. an to with Now will Brad, some in the open update turn from After on customer will quarter, will

Bradley Shuster

National second quarter. MI financial results another afternoon, customer you, and I'm Thank again report in the growth. continued John, pleased record everyone. In portfolio to momentum quarter, strong and good and delivered development

executed income share, GAAP of foundation was we was income diluted per for share. initiatives performance. $X.XX GAAP a XX.X%, or Adjusted number ROE the per our that Adjusted was million for risk $XX.X net a strong XX.X%. important was on $XX.X financing and quarter and Additionally, the quarter million or for and record a net on our future return provide equity $X.XX

to of the second compared on NIW Primary to of billion quarter management Our our record performance up XXXX. second year. our $X.X XX% by over In last over billion, high-quality insurance-in-force, bottom-line insurance-in-force the risk the billion, growth up mortgage organizational quarter we portfolio the disciplined efficiency. over quarter, quarter wrote first was of XXXX, $XX.X more XX% of focused insurance, consistent second our was commitment driven Monthly and of new $X.X X% than continued high-quality same was and year. last record XX% a the up the quarter of

in of the industry. deliver continue We rate to growth insurance-in-force fastest of the

rapid initiatives that we X, important further pricing, us significant GPS capabilities launched set more several integrated technology management fully strength. evolution successfully have already risk capture of risk a and The risk-selection and development pricing of process. customer far underwriting of engine of vendor significant an our origination a granular our a the Rate which engagement aligns profile a more dynamically as GPS and industry-leading System. quality Granular attributes seen level on our due portfolio. pricing our risk pricing Since our pricing seamless. our in on executed immediate loan our rollout business were Pricing approach Rate On through terms positive Rate volume. impact a to capabilities. and strategy and GPS majority credit closely is Rate adoption, launch of of past well the represents a our our the allows It of X, and design, in with Over approach we've enhanced GPS, and formal we consider new our attributes that June funding June number capital in our months, product comprehensive we as on

the business we structure it within reinsurance adverse capital The We As we to against pricing risk-adjusted this when are protection This coverage shift in the believe XXXX. National generally on introduction have our selective additional we us of the town paired with the -- increasingly nearly pricing $XXX capital layered insurance in note of on to and established tax our under growth the insured Last private II, and credit prior offering, a the all from deep, impact XXXX production available with our for was of enactment portfolio and now granular substantially industry-wide Re credit the of and we is industry months, available strategies the efficient of the our recent obtained written. notes with volatility levels ILN week, of all needs mitigates that fund Oak a for expected market now million January changes, long-term May returns with MI. source aligned have provides opportunity U.S. through a PMIERs. past mortgage XX and the ever sustainability ILN the insurance-link reform. that for positive closed of losses potential secure and second transaction

quality insurance the larger pricing $XXX and ability we've and terms term refinanced significant and in and loan of May, of Our our our loan. size second the in profile improvement the investor In terms maturity offering a execute million on better with achieved broader to portfolio. franchise highlights base our of our the strength

facility, strength revolving investment provides Moody's revolving source the of flexibility. We insurer to also with refinancing to credit Concurrent the loan establishment the our our grade. increase $XX capital upgraded with financial overall further establish million an immediately an available and us that and term of serves facility financial rating

continued trajectory. debt positive the pleased and ratings in market are to with success Shifting matters. Washington We our

Regarding a changes and proposed PMIERs, FHFA. revised received we In draft from June, GSEs of the

issued of applied of final revised summary the requirement remained have third the end. a first draft effective outlined a and We go to surplus XX, in the changes most position quarter the recent draft the If portfolio our will were as be would XXXX. we expect quarter of in end of at the as quarter June at in

up similar the with be Freddie Broadly to observed heard to based effectiveness pilot to we we that market borrowers which that lenders housing current PMI be and expect its an capital business. announced continue pilots system. and not, anticipate we in that qualified pilot will in speaking, plan. further, implementation all We this have however, believe IMAGIN this program, from any reinsurance we our compliance sustainability stage, finance objectives. the efforts on to impact view. enterprise program. homeownership, on to or provide on Mae from position Mac's of maintain excess We these the providers At upon EPMI recently Fannie full feedback and imagine structurally continue reinforces believe to have our achieve did increased access not The these support we

new the a for still Commissioner, front out of our Commissioner's It think concerns about another serious from all FHA participation capital change first private near-term encouraged XXXX increased tax that we benign preferred source will level note emerge. is capital reduction of reform the what MI around need indicating were comments We any that any private have for also And a reserves. that to proposals know the of Though, more date framework that news the any strong capital payer premiums in continue quarter unlikely FHA of we private be the reform. within of mortgage be National a We insurance the unlikely. FHA's risk. will MI half. believe of reinforced in to policy remains FHA is XXXX through an too by is recent and meaningful if note remainder discussion industry. and The view in early reform. had to We it broader continue a comments GSE to to in Washington initiatives positive complex great given reinforce of topic, We in may

remainder to we for the a well-positioned are set delivering ultimately drive expect the through considering to and will fluctuate. building long-term, the and back we -- We XXXX continue us manage Taking over step factors strong on goals will we volume, are That the of drive will business. our value naturally pricing our risk. ultimately and how deliver what competitive effectively returns is success mid-teens

drive share evaluate return forward, Claudia. me impact actively to and funding that basis results and believe profile, to turn volatility on risk the ILN of enhance shareholder and and it the value. our ability markets granular credit in that, a our our on will and price Going With we success syndicating our let mitigate quota risk over

Claudia Merkle

team you, customer unique quarter, In to lenders and value second strong continue proposition. Brad. Thank the to respond our

quarter of we As approved master X,XXX policies. more end, than had

a We have from we than new Top in continue more and added attract of including over XX new This X lenders. Year-to-date, new quarter, to the we representing We to customers platform, the activated XX top our new year-over-year was XXX opportunity. compared up to $X.X of that base quarter had with NIW expands to active XX%. originators. believe up record annual million, NIW a customer mortgage total market well our XX% lenders X XXX customers, X including XXX, second billion approximately

monthly our XX% of focus We billion growing up NIW stronger, was monthly and $X.X business, year-over-year. continue on even to our

pivot number delivered periods. volume quarter-over-quarter situations. Our by our NIW decision in These a was of small us from attractive customer development impacted situations prior to

represent full and experience platform. point, early use X, this than of our our return approximately opportunities XX% Rate now have the of Rate immediate and of they at launched GPS, risk response more positive. adoption the and is Customer On adjusted the our and are platform. However, best customers time. we're we not GPS nearly our At through and the was of delighted months coming with we do believe using capital evolved X results. volume XX% GPS, June We with Rate this

shift application about business it customers achieving have and with signals new a future quality was for that and uptick new originations. but of and volume pace July a NIW applications, our in opportunities the future precursor the We largest credit we meaningful policy month ever. suttle Applications daily volume, the our our and of seen important good to in momentum flow. the are feel we're

last in application volume months of the also FICO reduction come DTI's scores. the and has X lower higher LTVs, mix higher the over with Our

to initially granular seeing expected paid environment. management very The and are continue than and pricing the the all that, actively manage to take and includes programs. quota market the the that the of the appropriately our We view underwriting we Nonetheless, and to that This underwriting robust are cohorts of we have perform We ensure allow continues insure. through portfolio approach, GPS for that cycle our share turn of With to Shifting development higher-risk invested perform to remained quickly develop over benefit provides. our us in-force ILN the priced. GPS and tools solid and full range of layering Rate credit it across risk a risk long-term Rate reinsurance Adam. I'll now the of flow will deployment can to we and and time over better markets.

Adam Pollitzer

and you, Thank across had another quarter everyone. every good achieved metrics. key and financial We record Claudia, results afternoon, strong

record per enforced, the our record $X.XX strong and These net high-quality of income premiums for diluted adjusted reinforced return of business net share outlook financial continued rapid and of our of book million million, We earned $XX.X performance. our $XX.X results and record on or equity XX.X%. insurance growth adjusted delivered in

at end, quarter the first quarter end at insurance-in-force Now $XX.X X% compared of details. monthly products quarter represented the from in was first XXXX. the At second second end of and up $XX.X billion end at our quarter with to at of insurance-in-force, the XX% quarter of of the billion up primary the from the XXXX. quarter-end, XX% XX% the up XX% Primary and

portfolio was NIW expect increase with percentage months monthly as persistency insurance-in-force. will the continue Given our our to XX.X%, product a roughly mix of and flat we runoff, Difficulty] Insurance-in-force. primary [Technical in portfolio current XX

Investment our yield reinsurance to XX XX to in compared Gross points points across related between is the X the We trend was ILN. impact income remainder the which basis rate the in second the the quarter. approximately will basis before points. quarter XX up net first average quarter. impact of yield, NIW on XX.X $X.X through point approximately basis million, products of million year, was second $X.X from all Weighted premium basis in that reflecting expect XX first points was basis of

our operating as the quarter portfolio higher to $XX.X in of $XXX,XXX investment new in the to continue ILN compared and were first $XX the million benefit our grows to investment costs expect expenses income and include will increase Expenses We million second rates. realize the of money we quarter. quarter transaction. Underwriting in related

of an come expect $X.X through ILN third the additional in We transaction million to quarter. cost

XX.X% Our expense below and to This quarter. is period the ratio was in quarter has financial improvement our in compared nearly the important in leverage just our point X XX.X% milestone ratio the operating an XX%, significant the highlights in been expense one first first quarter model. the

We the on base. industry efficiently the cost in our continue absolute focus lowest have expense footprint managing to and

had book our excluding the the natural We notice, the of in and areas financing We future from zones expect quarter end notices in our as of will from Claims including strong default in disaster notices first quarter. quarter, default XXX of related $XXX,XXX, in X,XXX This continue loans from compares the the last both year's ratio non-FEMA the impact end periods, second was the of benefiting to FEMA XXX populations. to XXX FEMA primary to expense including trend in expense catastrophes. at of down FEMA periodic costs. performance

XXX Excluding end of at storm-related we notices default the quarter. from the at prior up end, quarter have NOVs, XXX of

quarter divided was earned, expense ratio second by premiums loss as net X%. claims Our defined

related expect $X.X term and next in that facility. to the expense years. and be to over refinancing extinguishment continue issuance was loss quarter We digits our to ratio the includes Interest costs credit and mid-single of our million, revolving loan will in $X.X million low few the

of $XXX As Brad our and refinanced debt. facility loan profile noted, May, our in new X-year significant improvement in term with pricing, the million we and the achieved terms maturity

an financial revolver This the drawn The $X We're and revolving pleased refinanced basis were overall on credit million cash market term capital facility. of amounts interest with under available provides flexibility. savings. annual our than quarter facility terms. capital our to the our establish an increasingly translates banking attractive XXX immediately also loans us on our access $XX that We of on is end. ability tighter to points previous a spread million with with X-year syndicated source increases at No partners

or second realized Moving value which quarter to million net the bottom Net line. Adjusted periodic warrants $X.XX fair the changes $XX.X income and income, share, investment $X.XX quarter. costs, million was share. for diluted was excludes first for net per $XX.X from tax share $X.XX in gains XX.X%. up diluted or per or rate Effective the losses, the diluted per was $XX million quarter or transaction

increase the We $XXX modestly quarter up Cash at will expect tax million the in $XXX were of quarter. through effective our the end, investments prior to approximately remainder rate million year. XX.X% from and

The $XX million equity was it $XXX the our in quarter as I provides or As end issuance last end, year ILN access the increase compares quarter. not $XXX after per of cash we end. under of available to risk-based per of quarter is assets quarter required the end second will share future million runway XX, offering at completed the quarter At assets in these million company. closed of $XXX first million, equal at and million. June $X.XX assets periods. funding million, million. holding to was end at with which investments figures share, PMIERs of have available and compares $XXX which total included were significantly position $XXX $X.XX the Access grew at Shareholder's $XX to we The

to first return XX.X% XX.X% on the was equity the quarter in quarter. compared adjusted Our second in

for deliver XXXX. We year equity a full mid-teens the return expect in will strong that we on

capital. our lending. us PMIERs on replay to excess we deliver that under capacity our closing comprehensive repositioning ratios returns base, loss reinsurance to less lifetime program of of In that financial our series that of the less us financial are crises than cost cost insurance-in-force, they were term, are estimate unique, capital earned, market I'll with With reduced debt-like We of net to X%, that expect mid-teens occur insulates impact funding absorption of adverse our losses equity. enforced in portfolio estimate in the ILN a stress results that, strong we Brad If on tapping the ratio for volatility summary, our equity-like full in return XX%. ILNs that weighted of of loss and of of cost be successfully again the capital. on reducing recent his scenarios. and credit we the net profile, in turn adjusted provide achieved of We continue of cost further and our it funding premiums our significantly remarks. over today, a a transactions our pretax income our to from the record broader Over have funding cost would to long completed average than a and be leverage

Bradley Shuster

Thank you, Adam.

reinsurance Rate returns GPS future customer we believe potential evaluate a second provides record have continued often robust the I'm returns lender as gratifying borrowers, strong with our with measure of how view volatility We the from expenses, are of volume, success another to our risk on the again as in managing and is ROE goal and bolster risk delivered It critical to management and sustainable a well minimize results. pricing, framework equity will on capital. of risk quarter. mid-teens our a bottom a talk results. our Rate customers our We return help meaningful key quarter especially about financial of price standpoint benefits MI. have GPS. ability a granular the engagement, proud to management, capital National basis We increased and momentum line and and planning risk of paired

market credit quality the and favorable believe demand in products, regard remain our we to with Washington. tone forward, conditions Looking for

drive our back to plan, in can growth to continue and I'll portfolio on operator shareholders. so we well-positioned the to our We our results for ensured questions. take that, business the come are ask industry-leading strong deliver are executing on to and With

Operator

[Operator KBW. Instructions] George Our first question Bose with comes from

Bose George

the the point over just, singles premium on premium yield, remaining first to to wanted go is on said I But just benefit you So what Adam one of was you've continue the what ILN. said the just for just to the cost the from the outlook basis normalize? think -- X

Adam Pollitzer

Sure.

So of net yield we the in points were basis quarter. XX.X

so in of We remainder year, the expect being to we're point, a transaction, and at through range net-yield basis to the layer in XX related to of looking points basis. about ILN XX a on the the

Bose George

And on we benefit about to then is -- should any but continue down? think go singles the percentage

Adam Pollitzer

of Yes. the Bose, with to that time. Obviously, when we about coming on in about of live talked Rate we the the in as, at rate new effects the first industry way year. think the highlighted in the changes that we'll quarter coming modest with and new GPS back contemplating the see themselves half imbalance delivery was the the rates the rate June through it a X,

bit And dynamic yield pull so the those continued singles that core will otherwise that would balance because of -- with what be mix. monthly of a

Bose George

terms And Okay, Oaktown, in the of loans was that the UPB of transaction? that's what just helpful. by covered

Adam Pollitzer

moment. Sure. Bear me with a

-- billion risk-in-force transaction. was X.X% by So it of about as of $X.X I'll that was give which you covered that the take risk-in-force, EPB, that

factor up by UPB. it get -- a you gross So and the X.XX to Xx

Bose George

rate there And that way there Okay. you peck what card there want are lenders then of noted a everyone for like one accommodate else's Are just XX% that your card looks GPS. lenders The more like? Rate still that to And using in them? of their is looks rate me. -- a

Claudia Merkle

do can Rate some We It's many, have Bose. that but lenders Claudia. some lenders, Sure, operationalize not GPS. Yes.

yes, a rate in So But accommodate them card, we more granular we them. provide it's do nature.

Operator

B. comes with Riley question Randy FBR. next Our Binner from

Randy Binner

I guess up I'll there. pick

pricing? is those Black so lot sounds might like like Rate MI going all from migrate program of you that pushback -- what kind you you quite that think of this? expectation last -- there. kind Box well have on Would if and comments, on composition what a do model And So picking And providers did far. remaining a it lenders the the GPS this be that all for multivariable of not pricing more out your there's impact so, of up to

Bradley Shuster

approach Well, wants and can Claudia Randy, this what in if on to But competition supplement say. is to Brad, jump I our comment the we've then seen the I'll market. start

be see hand, the also introduced And in so to the market. some see Box surprised surprised other approach. But mechanisms card we to with wouldn't the wouldn't Black on be other rate we competitors sticking pricing

GPS Rate risk for So is do a us we're very happy about standpoint. to from selection what going

And so way. think quite not the all And same I in providers frankly, at risk we're MI look of comfortable.

our But haul and you look risk underwrite only we to you near we only -- goes XX% us or think else where manager. makes it's does over at our we anywhere I underwriting what in a over of that thing that need loan-based Nobody it long validate think do, better much. portfolio. appropriate,

and and that our into So those them just environment, the to like approach development that, about thinking will have credit decisions. went market that Others GPS. views that's other up of Rate make to

Randy Binner

you mentioned on -- some did I then, that was a lender in more you the just pivot from market NIW of comment the affected subsegment provide correctly? get color Can quarter. away one or that that, related And there

Bradley Shuster

Yes.

where decision We playing due -- that were a of did or production. be correctly. elsewhere. the get return risk better one conscious X rate their was to You decided we and lenders we made There off characteristics

And periods. so, prior meaningful have those customers us volume to in provided

NIW So up able were We're happy noticeable insurance-in-force about write. about a and sequential about quality it happy being high X%, particularly year-over-year. XX% on happy our very overall up we year-over-year, product is We're we're the But up still our NIW monthly XX% to being basis. our sequentially.

happy we're and we very with decision. So right overall, trade made we that think off the

Operator

question from next Phil with Bank. Deutsche Stefano comes Our

Phil Stefano

Anything there just tell they us mechanism. feel those the guess, that? the signed up pricing like qualitative you originators? that it's X%. about companies that it I Are for progressing makeup does I'm delivery Or particular of they're Black Box companies? can is aren't anything the queue? thinking largest X% And of about the there in about towards IT

Claudia Merkle

of are Phil, Claudia. Those benefits it's granular the many lenders, more pricing Sure, to see move towards a they borrowers. their Yes. looking system, them for

their best models. that have just And application through to work as well. helping we're Some them through

So move some our towards of I think them Rate will GPS.

Phil Stefano

it. Got got it,

Adam, follow in adjusted $X.X million the quarter, were of the are out trying operating markets in I other And and was the to that expenses. $XX of Okay. the The cost adjustments. those that expenses capital included Is right? transaction million

Adam Pollitzer

correct. That's

Phil Stefano

And then embedded within $XXX the that, includes of... million that

Adam Pollitzer

Sorry.

me Let -- let clarify. sorry, I'm me

the costs million So without. of financing-related $X.X adjusted

of is through in $XX ILN transaction $XXX,XXX So come the million OpEx, of cost related that expense. to operating our as

The other million is into that expense that $X.X million line feeds the that adjustment interest that's of through to item. $X.X transaction component related flows expense

to So in from a see interest quarter. $X.X expense million also million you that's spike $X.X the in why

Phil Stefano

it, got it. Got

Okay, last that sense. question. And numbers make one

the of year. half Is or second a 'XX? You the for rate full mentioned XX.X% remainder tax that year

Adam Pollitzer

tick That's full rate in -- had half be beyond and the bit the basically we about effective still QX little We we 'XX. QX what we a XX.X% think But QX. second see we'll year when expect up XX%. into for that the to get

the effective be of expect about QX for to we each XX.X%. So QX, those and rates

Operator

comes question Zelman next Our with Mackenzie from Associates. and Aron

Mackenzie Aron

I part as markets. something capital we expecting of plan? to is when anticipate obviously that the should quarter a on then go lot one guys guess on you need some capital. that But talk runway. capital ILN just can There's have management about I should to you done this the item annual back also give basis just you a pretty the is consistent And

Adam Pollitzer

question, McKenzie. Great Yes.

an us we've we're importantly, from growth capital noted, a got day. clip And at of you ahead As ton runway accelerating capital of organically generating standpoint. a every

as well. But in PMIERs how of to So market, the as back or have need current we of that in need our nature back the specific to we'll through volume transactions. any half capital XXXX don't develops, XXXX. lands where our of timing, be candidly Ultimately, the certainly see sizing is future to X.X thinking a and

XXXX we XX market end growth do in on that a be matter, for need may side. of it, capital ILN a risk to choose management growth see the else months. But As reinsurance the a matter addition for the call something as the to transaction pursue a purely specific matter, capital we as don't or next,

Operator

question Instructions] with next [Operator Our Jack SIG. comes from Micenko

Jack Micenko

On how in GPS, has that volume recent from interesting the it's months come product. much

expected. would the rate guess your adoption I my question said, that side have Is is it clearly would to of sounds card? business, mean, approach be, mean, higher-quality did had like I yields I than it how out some weighted compared is risk Claudia So through price? the well. people better most this think the I winning average also the to migrating of as

would you we to, that? results are I what mix what attributing from So your think, business all coming consider better-than-expected the on of

Adam Pollitzer

GPS to It's to GPS wholesale note they it. I'll operationalize the that Rate Jack, could Yes. right? our entire Adam. so introduce And made a Rate to customer we adopt customers we our we change, base. And extent strongly encourage that

our nearly lenders GPS point, of at XX%. on this all essentially, are Rate So

not, side. of lenders some Claudia are who on the the are larger as And mentioned,

So coming Rate through that our XX% of GPS. is volume

the what see our Rate now pricing up as GPS Simply in how deliver means to we put price variables by or the continue that roll side explicitly cycle. more and view we what whether through pricing our Rate the stacks is -- returns on how of risk the that up, terms tools. that X% It mean, doesn't In our they're of I products our on returns on mid-teens view mechanism, ability rate has than we previously also term. more risk-management count front, overall GPS granular We fact, to risk-adjusted rate and are forward. of our GPS, better across is the longer pricing returns considering our a priced under achieve returns. our for Rate a performance change are targeted card right, business the stable Rate and card, something lenders, ROE granular more over also it's as delivery who GPS volatility that not reduce we all of to they the a on and did. operating formal and enhance should

Jack Micenko

ILN million term is of $XXX today, then that into not buffer look the that? sort that what $XXX $XX correct? the XX% million Okay. But And number, can the that And we of, that what would $XXX include ratio to much would million would from available down, that assets, how million the at take get then so hasn't been included that you but that that pushed I revolver? in And expect everything is, loan, on I'm I include the stand guess the like? include it's if trying

Adam Pollitzer

Yes.

we because at included it's is we the $XXX downstream our back quarter net term that to capital of place. it's our $XXX debut or loan tracing part million, capital been the had number and put in million that so $XX when the So 'XX, not November end. that of in detraction, structure, was April, a The million early addition in

doesn't of the profile. benefit calculus, capital So change terms refinancings we it get -- better simply pricing maturity the the and

a significant, us a the is standpoint. will significant also and attractively for credits risk because amount capital the we to an we of I with is level, that that but what from and the million deal, $XXX get a runway, the both think but that's pursue it believe ILN attractive conversation As with standpoint provides think we offering, dynamic GSEs, a

volume under us as the roll will forward, As and become $XXX calculation. assume chunk million will to could PMIERs all But benefit what offering nearly large provide we a with cushion will in the our our that X.X. on develop the obviously based cushion of very PMIERs will you

Operator

I'm At back [Operator I'd to this no questions. the to turn over management like for Instructions] call remarks. further closing time, showing

Bradley Shuster

joining on for you, call thank today. us the Well,

presenting and We Conference hope New Conference XX. will the will X, join at Financial in the Financial on We September New York you. we Thank be York you Barclays on us. in be Susquehanna at will August

Operator

conclude in you and Ladies gentlemen, your participation the for does conference. This today's thank program.

disconnect. great You Everyone, may now day. have a

NMI (NMIH) 1 Aug 182018 Q2 Earnings call transcript