maybe resources Thank can crisis you, valuable achieved stress; and to when it through value now metrics that strategy Claudia. look environment of in to our emerged, historical performance because, We past us to going strength the position of of of the this the our the take we duration capital across temptation in of provides the number performance expect of a first strength pandemic and built macro with a have the key the the these stabilizes and into note given the the there future. and results two, while has we performance we highlights one, our deliver record quarter, this results carry
adjusted the NIW of drove on $X.XX premiums We at diluted $XX.X of and March net This in-force return generated primary equity million, in quarter million XX. and earned, $XX.X or XX.X%. of per billion our insurance to net share, of billion grew income $XX.X adjusted $XX.X
quarter billion at and the was compared in-force up was from of of primary Primary reduce in the this risk our turnover with $XX.X portfolio first persistency billion the refinancing XX% to XX%, exposure helps quarter turnover. spur In the of uncertain XXXX. in XX-month in-force insurance the environment to overall interest environment, $XX.X up X% the fourth rate continuing to embedded portfolio. current end
$XX.X XX% volume. refinancing represented from of our trend contributing volume XX% was total quarter. the This Refinancing in $XX.X billion, activity of fourth in the NIW with accelerates. up production continuing in NIW our April. quarter, or XX% products originations Total Refinancing accounted is over for XX% as volume of billion monthly our
basis single were earned in the quarter. million premiums the cancellation million, flat the with the quarter first of fourth roughly from $X.X premium XX quarter including $XX.X Reported policies. was yield for points, Net
XXXX premium call, we than of our estimate outbreak. yield first is year for to the withdrawing last our quarter guidance yield While the due the are higher shared our we uncertainty COVID-XX anticipated on remainder surrounding we when the full-year
with portfolio from GPS the our risk rate concentration quarter of benefit actively have credit end, we We business done work our with concentration continue our the layered XX%, At our manage respectively. in-force to to of XXX mix below concentration characteristics. of LTV risk business DTI a and XX% were XX risk of and as FICO of primary XX greater X%, percentage than and was and total shape
$X.X were fourth the in $XX.X quarter. to $X fourth quarter. income the in operating the was and $XX.X million million Underwriting quarter million in to million Investment first expenses compared compared
to the quarter markets Expenses of crisis transaction capital related that in included caused markets. were the the prior COVID to onset it costs dislocation in the first $XXX,XXX contemplating the activity we and of
Excluding and our these costs, XX.X% million, adjusted our adjusted ratio the for ratio underwriting were XX.X% $XX.X expense and GAAP quarter. operating was was expense expenses
X,XXX $X.X Claims expense quarter, had quarter, in of default the at end portfolio of essentially notices reflecting our fourth the held the end quarter. a We the first existing at primary of X,XXX from flat the against and in new strengthening of populations. the the reserves was million default
do establish we way risk insured reserve company, lender delinquent Instead, a until under days is mortgage wait or in more loss against establish underlying insurance not the a XX an loan due. policy an the in-force its same GAAP, against does performing we past provision. at reserves to through As
population a significant available COVID-XX going under related by backed other programs see made We in the for increase or Act will default forbearance private forward, federally as program access expect lenders. challenges to the borrowers codified our loans CARES we and face that
increased X,XXX, As of April XX, XX basis rate. had a point represented population to which delinquency our default
forbearance-driven important able two receive we we not will to points. develop, in are of the we level timing they the While which or delinquencies ultimate will that yet forecast note
GSE forbearance that First, pace. we're slowing rates progression number monitoring. a Bankers is data the new of programs to in published in slowdown loans Association been forbearance data weekly in declining, made requests and growing at of of a the by share is forbearance uptake indicates Survey external the servicers we've Mortgage the seeing the
we've FICO through borrower the the forbearance and between appear incidence frequency. observed ratios and second, who we've XX. those the And accessing received a programs risk Borrowers profile higher are higher debt-to-income of correlation lower forbearance self-employed of in scores to notably April underlying data with with be and the
higher credit the Knight's VA the Black legacy This that trend data loss forbearance status dramatically by fraction risk we of and of McDash, favorable covered on delinquency by further concentration that supported of and we GSEs. is forbearance reported the compared a mortgages this exposures, higher expect drive of quality by higher concentration indicates where are no the our pattern the in purchased comparative which a If have holds, being loans basis. to FHA by the will a loans experience insured meaningfully portfolio, precrisis and
in As we our additional incur our of and expect reserves eventual delinquencies of periods, reflect claims for The with default best population to level loss exposure. reserves as we future grows estimate establish NODs, claims increasing establish these all expense. will,
severity. is exposure don't We claims it's frequency, refer to amount function as claims, settle that by the as we delinquencies, Our triggered which property and foreclosure. we of which owe such delinquent progress the a to a and of ultimately to number to fund claim, loans refer we
of housing majority timely lenders and of events point the specified provide that by generally significant in driving a keep acute stated remain and borrowers pathway a homes. desire bridge access avoid homes. to and regulators a the stress obligations mortgage And able policy observe overarching this of their to today, foreclosure resume of is past help and decisions their them programs forbearance who to politicians, wake goal their eventually this are with payment disaster borrowers We in
million forbearance announcement forbearance payment a that at will such with work, in the owe view recorded price gain inform Interest us sum end $X.X setting their accommodations, period, our change $X fair resiliency, enhanced and borrowers not expense their our the from develop. was of liability. quarter, coupled of as recent in FHFA's we would tells as and programs effectiveness. of warrant general will Experience the a value the house further million dynamic, reserve This our NODs the lump that
adjusted income the $X.XX net Moving $XX.X to compared income diluted million per $X.XX or and $XX.X XX%. $XX.X diluted share by or we in million Adjusted share XXXX. share. million GAAP was or diluted or per to $XX.X net quarter diluted of share Year-on-year, fourth the the line. million per for grew quarter was quarter $X.XX in bottom the net $X.XX first per income
billion end, company. $X.X at were cash holding investments investments including and and at cash million Total quarter of $XX the
to significant strategy generation, positioned Our portfolio is capital always our well alongside perform prioritized investment of and a volatility. investment preservation income market through has period
is and rating single issuer Level portfolio income, highly than and Our highly diversified fixed credit and with no A+. investment-grade has a X.X%. asset weighted is X XXX% greater liquid of XXX% no positions average It concentration
had exposure limited March million $XX across classes individual at of broadly aggregate COVID-XX issuers, XX. a to set unrealized million asset have to of sectors categories. or which defined We risk approximately At an XX, $XX our grew gain April portfolio
position level. at and both holding the operating company liquidity equally is strong company Our
operating of securities During ended from sale XX, additional generated flow portfolio. cash investment operations the $XXX of the subsidiary, from NMIC, period flow our million in received $XXX its lead XX-month March cash an of redemption and million and maturity, held
service approved agreements by our reimburse and debt long-standing regulator holding Wisconsin. under subsidiaries expense operating have cash Our that in of substantially primary for its expenses our tax company all been
our do profile, any believe of not knock-on discussed would issues, been impact we position. of or financial on have consequence liquidity which possible that business strength as overall servicer our notable have a forbearance COVID-related the Given programs
Shareholders' equity million, of $XX.XX quarter the end first was the per at share. equal $XXX to
incremental significant GAAP We quarter outstanding at of our have end, providing additional indebtedness. leverage us term carry million capacity debt loan, our and was with XX% $XXX under to
available credit facility, under reducing $XXX to date. extending cost. funding more its maturity our February million with us. On amounts increasing the XXXX a at with March to full cost currently maturity and we $XX its $XXX us facility, group, amended million lower XX, our a provides remains the revolving expanding lender drawn capacity million, to No amendment its The are from size longer and
million secured should pursue operating subsidiaries proceeds to primary In alongside further our to April, we expanded to support our to issue secured $XXX we of opportunities business. And regulator holding up to consent downstream lenders interest approval in additional senior choose us permit from debt and revolving the incremental debt credit our expense company to Wisconsin facility. allocate to from financing operating our we
assets million. $XXX we assets quarter assets total under risk-based million available Excess $X,XXX of were At reported required end, $XXX of PMIERs and available million.
an asset insured of is at Our policy determined amount level PMIERs the each loan. characteristics risk-based based risk individual required on
than with of higher are such scores, loans Loans FICO loan two borrower to the or borrower higher lower or higher assessed or as higher underlying assessed factors, performing regardless loan risk more charge. are significantly Non-performing have risk payments missed values profile. charge a a generally loans that
loans non-performing However, to by to major PMIERs an the Management major in has that disaster a in special FEMA, Emergency The be Federal on a XX located disaster a delinquent COVID-XX in declaration loans declaration FEMA to declared charge that status given consideration zone. Agency, enter is XX% states area homes are the response on pandemic. after under a FEMA disaster all haircut. from delinquent major benefits made PMIERs
the federal charge including such, PMIERs will required reduced delinquent forbearance or go nationwide, those As be delinquent for loans a private XX%. that all under newly risk-based asset program by
Our is transactions. ceded amount reinsurance our for asset in quota share approved required PMIERs force. we treaties, amount risk-based receive risk PMIERs reinsurance the also asset for on risk-based adjusted required Under credit
ceded on As as credit our PMIERs increases well. increases, our gross risk requirement automatically PMIERs
generally receive we outstanding structured as we the in of risk loss currently PMIERs treaties. have ILN for To is credit our that ceded We've requirement on our credit than the such to over ILN credit requirement on held within under and be the notes coverage our under increased ceded receive transactions, grows, for of to transactions requirement receive the extent PMIERs. more ILN ILN the we trust collateralized, cash it, term or PMIERs risk detachment layer Under the we extent we subordinated threshold, such excess transaction. equivalent
under delinquencies a we held is by credit triggers. risk, the assets the enhanced amortizing stop the feature, and ILN PMIERs further for in X% event structural as ILN the benefit. notes their increasing we our exceed of secured delinquency lockout ceded receive refer to trust treaties The are In equivalent cash which
increasing effect event ceded nuanced, how ILN rising This to run will continues of underlying level each this the the position develop risk understanding an PMIERs of the critically to PMIERs important but excess structure. in the a has is by As provided delinquencies. of within our off, capacity COVID-related overcollateralization
our is And risk in million reported. ceded each the the we've that March This our did three At collateralization during run the across at our delinquency transactions. million and $XX lockout total we had will collateralization March, assuming excess deal over quarter. of underlying rate $XXX above to activated of $XX and assets PMIERs trigger continues over ILN XX, same increase by we aggregate X% up the to estimate per is off million month it of over
new funding of business will PMIERs periods of profile and Our and go in-force the up the production requirement volume on portfolio. our future in based risk performance our
if of and million materially XX% significant forbearance delinquent cushion we policies the funding each each remain the FHA, we newly the rates PMIERs automatically compliance in and increasing the estimate given $XXX the reported we reported current provided the at exceed However, the that under haircut of our rates treaties. applicability of PMIERs our in on quota in-force XX, our with relief share nationwide by GSEs ILN disaster will FEMA and March default portfolio requirement even
have company our million increasingly opportunity and undrawn $XXX excess the our supporting to business the and capacity, new level this customers a environment. at on to we credit have of attractive we capitalize great continue holding our Add funding and revolving
before. is we've current unlike the environment seen Overall, any
stress. valuable managed that be the business through which we nature uncertainty, we've While with believe this introduces we the general across as navigate this our will board conservative
With Claudia. that, to me back turn let it
