NMIH - Earnings call transcript Q1 2022

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Operator

Good day, and thank you for standing by. Welcome to the NMI Holdings, Inc.

First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today's recorded. [Operator Instructions]. [Operator like I Mr. conference over hand to the would to our speaker today, Swenson with John management.

John Swenson

quarter of Investor afternoon the and Treasury. MI. Good welcome Relations John conference first I'm President Andrea. National call Vice Thanks, Swenson, for and XXXX to

were Joining the Chief for Officer, Financial and under are Norberg our call after Brad Adam results Executive Chairman, released Chief us President Ravi and today, Investors the NMI’s quarter release Mallela, Officer. close on Accounting the Financial accessed Pollitzer, tab. maybe nationalmi.com Chief website today the Shuster, Executive the Officer, Julie at located press on

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

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

over the turn I'll to call Now. Brad.

Brad Shuster

I'm operating significant record And in John. results. to financial and quarter, strong in National Thank good that everyone. MI growth performance, our you, portfolio, delivered again, insured report afternoon, the first pleased

to how should provide important service drive clear anniversary. company our stakeholders. positioning our standard National and XXXX a XX-year customers, business the From goal of have success focused an as sustainable, important and in in We building market April risk we cycles. our differentiated marking their and on MI milestone in we market past years. reached to with engage also our employees, the to founded ten borrowers, manner, a commitment across We borrowers, we customers shareholders a tremendous with a to And and lender National our the for MI's responsible value deliver and shareholders, other beginning, over the had all support for vision

over open to borrowers helped million affordable communities credit across in country. access X.X gain mortgage to the and and have home We the sustainable door ownership

established customer foundation national of have and trust, a with partnership, We a franchise, innovation.

dedicated talented, and employees where team, a energized built and culture collaboration, feel and of integrity our performance, established have We a valued.

directly years over success traces the Our ten work hard to their and dedication. past

have use We underwriting, individual our Rate to spanning market framework developed cycles. comprehensive reinsurance GPS, across management all of performance the risk through ensure a and selection granular and risk pricing comprehensive credit risk

unique unique our highlighting delivered outperformance strong positioning high-performing a the financial consistently of for with returns. book. significant pandemic, achieving through high-quality high COVID built insured value, with have results have We we strength high-growth shareholders, portfolio our stress and And of the large, our the embedded of both and a and combination

with lead is MI National believe I well to impact, success. innovation, forward, and positioned Looking continue to

insured by growing important our continue delivering and our their will that value we to continue discipline focus to customers build with franchise embedded That growth, will to cycle, share. our consistent value growth risk let over With turn shareholders, a returns build solutions through value expect delivering that continue and the portfolio and balanced per by borrowers. We me for build that, in to it for And will compound return. and strong value Adam. on book

Adam Pollitzer

us performance long-term macros price to with the builds upon continues mortgage responding across Thank set turning incremental lenders stock job growth first favorable generated discipline strong success to team returns and the a and providing business environment their our support quarter, is in afternoon, the the to Brad, significant short an critical production, high-quality are net we attractive in market delivering and for good record risk MI you, the ROE We new in capacity the continued production. insurance billion reinsurance of equity deliver equity trend industry results, NIW National in loss per February. underwriting across And and And most to provide supporting of transaction, in resiliency Overall, still shareholders. an direction, net diluted common $X.XX layered the buffer, quarter billion appreciation million volume our broad of million for fully to in markets. emergence authorization began record paramount completed return capital. XX.X% share. on outperform the the share. everyone. NIW XXX protection Insurance-in-force. to record also remaining Earlier excess adjusted and securing in in borrowers support. a portfolio, and $XXX.X on risk-adjusted $X.XX the week, size consumer. income to despite achieved date provides $XX.X under ended protecting quarter with continued $XX.X or markets the mortgage stable fairly a remains our sizable borrowers, at and adjusted MI transaction GAAP while repurchase record announced the was $XX.X market approximately Credit broad million that reinsurance We market, to an with and high-quality, that recent Pricing the of same cost record financial achieved of success this We appropriately and down-payment value program of turns. balanced, capital we've ability we and house XX.X%. GAAP risk high-performing income The diluted per in of was at of of and time the constructive increased allowing transfer us

has While considerably, some the since industry interest total production, On in of refinancing the the in to this levels in purchase degree pullback anticipate of caused strong. activity year year, demand beginning XXXX we balance, NIW delivered sector remains record following of XXXX. sharp slow increase rates the the and

increased had portfolio. favorable on dramatic rates payment our impact the compelling However, of a we will long-term home still number the persistency will standards for of for in-force large by rising prices, expect historical home and secular an demographic Rising have be and and the an support buyers millennial the need generation, of MI trends, down industry. market the drive increasing that in opportunity market, the first-time tailwinds

to X.X%, Our the our XX-year XX-month portfolio. capacity, XXst, a now expected earnings at year-end. The mortgage embedded premium revenue, rate rate from weighted persistency of Increasing lifetime average ratio improved to average fixed XX.X% is is well positive value our portfolio. the at above serving persistency which significant and in-force March in-force in is increase XX.X% note

we've prices underwriting dynamic, instability anticipated risk had our to We've standards on our with one increase markets, from robust our we've the We've sheets buffer. year. confident is discipline industry wide persistent improve consumer all we remains in technology responsibility and margin. our the team strong of our expect will position every geopolitical attracted securing reinsurance the environment with embedded And the made sizable of funding market grown the a balance pace, appreciate Fed trust our job led broader focus rigorous. further ever as to drive customers healthy, established we've in quality day partnership value-added house portfolio, secure a transfer portfolio all and the meaningfully talented business headwinds, remain our originated. continue to building day. We've in in-force our We're the service, and engagement, dedicated investments and regulatory The Ukraine. with these the tightening, and market strong, success are MI the coverage comprehensive highest insured that and and a from and We on balance a policies and book outperformance to continue cycles. innovation at by macro Despite right persistency as lingering war by inflation, progress We across in highlighted prioritize pandemic, position risk drive the sheet accelerated we've value leadership. with nearly capital an through risk

we and our over that, we employees I'll believe consistent returns their and to it Going well-positioned their success, to our With are value serve and customers turn forward, deliver for our shareholders. invest Ravi. to in continue growth, and borrowers,

Ravi Mallela

adjusted in of quarter, portfolio compared net XX% share, $XX.X Net first million were XX.X% Thank in our quarter. financial return insured credit was fourth Primary record strength persistency revenue or and record to XX-month XX.X% in you, first generated NIW and quarter, a the a the billion XX.X%. results profitability. quarter and volume. per first X% performance, of compared end fourth was bottom-line record on billion to driving the diluted with from of primary growth We up Adam. and $XXX.X earned, Insurance-in-force in reaching up a We million, the in billion to continued $X.XX quarter grew our purchase XXXX. $XXX.X delivered our record including improved the premiums in portfolio the adjusted $XX.X of $XX.X significantly, income significant equity

strong fourth that beginning were year. revenue to first is quarter. continue positive progress of value a to and million traced A We the $XXX.X us, premiums for of the improve in-force embedded the compared the to improving period will quarter a This we profile credit the in our premium recurring and at expect our were quarter. be persistency. portfolio. in can persistency as highlights in of earned the XX% meaningfully policies Net million of value given $XXX.X the force Approximately real revenue, in the through

expenses to income in of the first basis during our first compared fourth with $X.X our the operating to expenses cancellation fourth an from was decreased in fourth earnings. $X.X were the to quarter. Adjusted million quarter. to were expenses points from book $XXX,XXX stream basis earned we're yield in to and reflecting the compared quarter, compared As the Reported incurred million million the million the $XX.X million quarter quarter. quarter, for from the first capital portfolio in fourth single $XX.X was extended We operating premium the the XX extends, in million period. compared Investment We cancellation Underwriting million in policies quarter points $XX increased in-force activity primarily contribution markets period. in the underwriting insured XX of able to in $XX.X fourth for $XX.X revenue quarter, connection $XX.X harvest in and quarter. an the million compared

the Highlighting was ratio expense XX%. adjusted the in in record low and significant expense ratio base insured achieved leverage our managing XX.X% embedded GAAP operating was business we've scaled and our cost we Our success a in record as a portfolio. our efficiently quarter, our the have low

X,XXX declined to in a previously at X% population portfolio XXst, quarter. default X,XXX continues our to established direction. quarter-end. performance compared early defaults favorable trend we potential credit Our We in of outcomes on a than claims at December in first our default March the We XXst, our reserves the and had to less primary rate portion for released COVID

a $X period. a March per million the was benefit share. for record change Total for income we or billion $XX,XXX was our during the with release. at investments adjusted a were was from to $X.X Shareholders' to $XX.XX. and Book unrealized the fully defaults million. gain or million the the fourth-quarter, losses recorded of value per liability compared we the value year. in including And the net GAAP our excluding $X.X $XX.XX, of net in share our of $XX.X quarter. $XXX holding reserves As we impact $X.XX $X.XX and XXst, the we $XX.X the income first-quarter, and common a fair new a company. was billion investment as per of investments million result, of equity of per and share on diluted record In period the of book recognized and quarter established diluted stock. warrant value claims Interest a first-quarter million cash offset expense cash in share, the And was end, up $X quarter in the net compared by the the gains repurchased last XX% X% portfolio, was $XXX,XXX

this on available a coverage with meaningful growth total $XXX estimated to $X.X functionally under -tax have and originated were such agreement March protection assets The week, Excess repurchase transaction and market, the attachment capacity same XX average quarter-end, cost. outcome is of required program against in assets announced with into a into risk risk transfer We core We're a At point us our provides have detachment. a market. from we million. a comprehensive or billion stress of under highly segment loss capital X.XX% panel us of to Earlier and providing favorable carries pillar XXXX in The the primarily efficient business. reported remaining policies credit remains of pleased an X% a Reinsurance extended risk-based ILN between reinsurance the an of the $XXX and strategy, with have weighted management of entered as maximum achieved loss million to valuable agreement up broad available of million excess for loss excess and rated this Xst lifetime February. and of of a of we losses reinsurers. October our PMIERs X.X% we this pre of our excess year, $XXX scenarios billion. program assets source $X.X reinsurance of an

agreement total and periods. provide Insurance-in-force, after record The net quarter-end. new $XXX revenue, in excess in million more our earned, we've funding future ratio, these adjusted of position is Our included net further premiums income, figures expense achieved will even was not bolster runway it excess and results as net income. completed tree for In summary, loss

returns are it book to delivering credit and in look Adam. believe way. a value-per-share mid-teens shareholders. Our to ahead, well compounded to we we that turn positioned growth continue And back performance me stand out strong With for continues we favorable let as

Adam Pollitzer

all growth insured driving and to strong We've returns. portfolio, our MI mid-teen business Ravi. performance discipline with Thank results profitability favorable driving outperform delivered in and significant production, significant quarter, and we Overall, cycles. you, National the market for expense across increasing built high-quality credit new an strong persistency,

through rising we team the customer reach. building backdrop, appreciation continue will forward, remain Looking year. our leadership to of that themes expect to house extend best-in-class leveraging and our price this the value, further accelerated Against dominant technology expect rates interest pace of remainder the franchise we and

on joining both can to new Operator continue expect value value, today. of high-quality, And per with the delivering in embedded insured I'll benefit building share. value, consistent rapidly a portfolio to significant building persistency strong ask so production. shareholder high-return growth, returns, Thank We we to business improving continue growing expect we growth take questions. you for now and compound book the us your come back and

Operator

question Thank you. from today for from [Operator comes Barclays. Instructions] DeVries Our first Mark

Mark DeVries

indicated balanced you do or do think see of pricing pricing adequately for risk of that I you see of you stable compensates you these just do Adam, is is risks? the growing you already in macro uncertainties Thanks. kind but you here, think and some recession, higher biased pricing given

Adam Pollitzer

In and we've most us more a to talk view question, to offer a what broadly. recently, maybe pricing standpoint about then I'll done from trying

environment of all. our risk pricing the we as risk and now, [Indiscernible] fine-tune of As frequently appetite

done, framework inflation decisioning. would changes what What rates stage, we by We always that also with directly on business guide but I would the and be the is higher focus around say have edges like to impacted in monitoring this broad changes pricing data expect higher-risk risk and a what's our we classes downturn. at internal most own to made some I'll macro our or call environment happening our we're haven't

and Some DTI focus It's of markers. always do. FICO we the on what

strong now, chain risk We interest have we headwinds disruptions. still the pandemic, commodity out but that Balance that what's tallied see -- externally, stand number emerged a there we're prices data still that inflation, balance. from are internal rates, both an from supply seeing, There's job are a balance of house lot point appreciate. prices, an of monitoring obviously and happening right that we really healthy, macro -- consumer the remains strong, though market to sheets there's by are continuing

we I'd on the say face down, of in So, changes is it of on move risk than generally leading-edge think the there. conservative buckets, on some likely always to posture we've in also our higher being more we've end more for to stress, increases but we're see balance, perhaps go certain made and pricing our

Mark DeVries

That's helpful.

dynamic and the moderate to insurance is you now grow and COVID could you new question, discussed for much leverage have don't starting to that Next discuss rate expense as operating ratio lapse to the Insurance-in-force? you write

Adam Pollitzer

Obviously, is had write for a in more really disciplined into I'll larger comes of to to bit call it a more that it's to Sure. recognize mentioned speaking, as and we with DAC a rates the it persistency or change environment a perhaps year, significant improving the is about few also a Part choose more that with record because few in play, to was as What QX If turnover whether portfolio a what we some business, From marginal grows. improvement our factors I'd in dynamic base. volume factor normalized meaningfully. a, great leveraging The DAC say amortization into QX dynamic we what of with the generally cost we of to it's a accelerated, that to is QX times we've but moderated, movement amortization aimed we've item our where and her that portfolio it being -- last we've an calls absorb expense expense function having a that's always from volume about rate. And continues expenses, in us business in takes we've to QX on apply expenses as we portfolio years, the investments, the a base for to fixed -- it interest is helps deploy with manage saw to really us a base not persistency portfolio driving benefit bolster higher, new grow. persistency, larger operating helps, at have a larger where other when growth. larger and is just accelerated that revenue -- And moving fixed that doesn't leverage discipline largely -- us QX see of and environment real new success it causes dramatically. last that's was is portfolio our is other rate. normalization in our really

Mark DeVries

Thank you. helpful. That's it. Got

Operator

Thank you.

Our next Shane JPMorgan. question comes from Rick with

Rick Shane

what guys. important are mortgage there But here, -- risk Mark's I the my the is Obviously, their of during Thanks to something of curious which power think incentives. have and in power. touched taking things and environment for in do I'm question. challenges periods originators you on current terms pricing Look, of you that Hi, operationally, time. plus minus competitively if underwriting manage these the

Adam Pollitzer

great start us where volatility really a that live decision the to strategies to one, a order in question. certainty market that effectively is It's of that or the the are manage from spend risk to the always is strong. perhaps periods to about path available the decide full the risk there [Indiscernible] we go for few get management said to with We've time less benefit today. order more strategies when the we ahead, action them and in in make us to all things; we've noise and have developed, can't

loan our an of right? have evaluate program real-time done, individual exactly that's having the that real-time also, mix NIW of overwhelming of of to risk and a in And our reinsurance want hands us GPS majority, underwriting we can make engine, and in see. the about files north approach to through, benefit we've through we can we The for Rate so source our coming and to decisions to place. flow pricing have on what risk get comprehensive volume where where risk And XX% return,

that noise from those period strategies less of little in valuable certainty being a live more there's with are we've All in where for gone that as little the ones standpoint. a see prior periods a us and bit a really macro we

prior utilizing It's what periods. tools we is so, today of or strategies. actioning doing necessarily that new all we're which And built not in

Rick Shane

Okay. Very much. Thank answer, helpful you so Adam.

Operator

comes from KBW. question George Bose next Our with

Bose George

about in part market there of bit Good market just of there. seeing afternoon. come the talk the you down to as given terms things the you the Can some a stay until and it, of ILN terms did? you're And volatility over ILN that away what in just XOL -- transaction from in

Adam Pollitzer

loss. the risk Bose, the few reinsurance ILN to another excess like loss point, we public looking share attaining in we've we've our the really something a capital -- we in that And transaction we to a the time say, to of just for think but potential excess absorb to high-quality all be and diversifies consider market we've And share us got We've feel a for XOL I turbulence the of market. program. side, this have better outlet not supported sources But cost that's capping good policies, consider protection found ILN we're a of still and and of so of we efficient coverage execution transact pool quota-share Hey, transfer how now further in forward, all outlet capital reinsurance look did. quota portfolio months. now in layer we'll focused on partners efforts panel risk At attractive got it's loss. market, the each us the to most future and and on going we I'd meaningful we're market, we'll ILN for debt periods. And than this some in got we've and done our and most got programmatic, years, we that we're better it ILN, at of quota in we're this the the always on experienced funding last with question. there deal provides markets, the great that found market really happy the in over active been

Bose George

repurchases. just great you given your material? that And purchases, And expect sense that? noted rates makes we of material started when anything growth could thanks. terms you in it more actually Okay Is then

Adam Pollitzer

Sure.

in call authorization that month-and-a-half, expect mid-February went year runs $XXX a And ratable to be a roughly million We next X at is that the And of ratable the we the of on did through announced authorization when was the through we million we So, end authorization the said through blackout. it it point February. in into announcement time from focus that's the that plan authorization period. to a the on our that the period. still the life timeline through we'd of $XXX course remains roughly million remaining executing

Bose George

Okay. Great. Thanks.

Operator

Thank you.

comes Our with Ryan from next question Gilbert BTIG.

Ryan Gilbert

afternoon, Good think, purchase I to the Thanks. the out generally and expand given the affordability gain you hoping market market your just -- company could and Hi. your MI how can extent guess, on challenges? year of share -- I the you guys. you which guess increased Adam was on views the over rest you origination plays

AdamPollitzer

environment Yes. is have the question. into I anybody number We a of an a else's. certainly without still say borrowers would market It's a there's drivers good seen And right? balance, clearer from our where We've standpoint. crystal pushing ball than purchase

still typically the we increasing a drivers, where think see, higher, demographic home number is form of people fear owning meaningfully age could I home a rent. that. a it's a mortgage get dynamic rates rate large security. have there's which are bringing so payment the of beyond fixed Rent buyers which market that, move we that a reaching prices house with is that becomes There move is and the will degree, see and control ahead higher, them a to there's to fixed with a who right? and now buyers. rent And You first-time active as of certainty into XX-year

a as by it's fact us right? probably so, continues the see than the rates it's provide We stretched last origination there is think that as And to purchase modestly inside an and higher, rates for a that, continuing balance and purchase we'll market still as to on more really purchase. but within payment move higher larger still come need company, for through. affordability opportunity as was increase. not volume, moving just support there for NIW that an down And a industry is it of Where is support. increasing All prices year, is overall with I to is balanced that that price move overall think little higher,

And that really to we purchase through year the have so, the we're excited to course at opportunity continue the support borrowers. of

Ryan Gilbert

that. thanks great for Okay

on is quarter-over-quarter up course looks it that question to as there? default, you and per year-over-year would the call your like considerably basis And over Anything was of pretty expect, a on reserve how 'XX? well. to trend Second out

Adam Pollitzer

reserve Sure, the carrying default per I make reserve on our understand sure the -- of just we're look to at that end quarter?

Ryan Gilbert

Yeah, that's correct.

Adam Pollitzer

Sure.

Ryan Gilbert

Yeah

Adam Pollitzer

some continue were even at the The performance strong emerged COVID defaults though that remained on have to really reserves in that a we in defaults from that reserving both did reserve quarter on and and an delinquent default and that We carrying our we did standpoint. standpoint it age claims the periods expense of reserve quarter-end, we've credit the that reflects of we release status. early population each all other earlier QX. delinquencies overall And the also new have remain obviously, default, default for existing that from the on decisions made

the so, the the defaults, And as aging will, carryover it's time. really reserve that that if you increases per over of default

at during So, that last the bit entirely release had of $XX,XXX period. the compared and it's were by $XX,XXX carried that the balanced the quarter the per And aging reserve quarter-end, December XXst. defaults to default carrying into we we year a through think first it's at from

Ryan Gilbert

much. very thanks great, Okay,

Operator

[Operator comes Our Credit Harter next with Thank question Suisse. you. from instructions] Doug

Doug Harter

Thanks.

that lower right of that expenses. run guess that? rate of is operating quantify going You can DAC mentioned to the lower expense just was I And amortization operating contributor kind a -- of you how much this drove level forward? the

Adam Pollitzer

their to that that largely related it's improvement down. Payroll that some we each IT there's so were There the a reset. costs a a the balanced of the timing to those some be from but certain DAC I'd FICO are the to of moving out, other good higher of of Doug, behind, than items moving in the bit through, for question. up, tend Yes, saw the though, coming us; all QX in for balanced most bit projects and QX say came remainder dynamics. that and QX P&E other out. year

say, see terms year, of expect in of continued to see expect current we invest side. and In general growth by and benefits our should to do expense you costs, the the the we realize arrangement we in that level to is remainder our a some take travel overall managing discipline for entertainment portion, to rebound of balanced and given what increase environment. as in the the and we All that, spend some other on outsourcing typical we our payroll continue going IT the a under be expenses

is the efficient we may as as a increase as we see and Our goal we -- modest progress quarter-to-quarter see year. through possible be may to

Doug Harter

Great. Thank you, Adam.

Operator

Our next question Securities. comes with Truist Hughes from Mark

Michael Ramirez

This I Michael in afternoon. is for Curious, questions thanks guess. Mark, Ramirez our today. for Good taking

mentioned insurance in market mortgage and the You interest is rate, balanced. interest remains stable pricing constructive

through making adjustments to share? mortgage to the dramatic business retain the pricing rates, anticipate change and year Given market any you keep in

Adam Pollitzer

pockets our return is on really rate. It's standpoint. policies priced price the note policy the insurance are renewable We We And goals underlying -- based other policies our our in on our don't the yearly from like question. risk-adjusted No. policies market. based of

ages extended insurance the loan or really we as when the loan speaking, policy cancels. refinances certain the it we put impact because the policy So, on cancelable coverage It's the refinancing. and our circumstances are itself retired remains outstanding whether loan, period. generally loan not and is doesn't cancels whether or But for in under at as pricing an not place

isolation, on focused, for the [Indiscernible]. in but instead So, in reach our expectations not backdrop rate interest itself we're the environment much credit more performance macro on

Michael Ramirez

PMI? the that. out market. for funds you mortgage are one curious, some for year possibly slow benefit rates mortgage higher-level Do the from the PMI increasing especially with they low refinance period activity, it question year, you Thank through levels, unable you through just end Maybe especially and under get whereas the overall of current a activity to low to of do refinance in seems increase the refinance from be will current Okay. increasing, are mortgages, that from 'XX, I'm -- expected might --

Adam Pollitzer

Yes.

one So, highlighting, we persistency. that our of call It's stickiness it's question the been the items policy. that great certainly we've a and would of

So, is a increasing we our premium become. the the increasing hang lifetime the it, as about stickier us really the book of important of the value, we we and And think revenue policies, onto rate And they critically of of stream. insure, business. the the that provide because slower in that longer the earnings policies it our with our to mortgages of capacity portfolio embedded turnover continue in-force in effect has

the real And so extension strength, equity revenue a the speaking, through have increasing borrower that far, might strong is all come stream generally themselves. outweighs far claims we so portfolio, of our when because any it have of increased a pumps that policies longer policies from those position in profile positive, that of particularly additional persistency HPA, the underlying life is the the of that loans past credit because

Michael Ramirez

that. for in the in new last terms momentum? you up? just Thank helpful. more What you seen us, weeks change in of business share. rates That's one is recent recent this trends few Any hopefully from have could you mortgage Maybe gone Okay. have extremely

Adam Pollitzer

at activity still a only and activity I'll we're constructive, come low, at It so we're some been that say major would already Purchase I volumes Repurchase hasn't also and No. call movement say, can a has go remain standpoint. I'd but through. seasonal time seeing look low from it, ReFi changed. for where we're is time in remains down and strong already ReFi XXXX, general seasonality things and and But with is remains same and purchase through back low slower. to strength it XXXX, coming obviously really there. constructive, so you XXXX in it, the just season, spring still the it's market if seeing, were

Michael Ramirez

Great. Okay. taking questions. for Thanks our

Operator

I'm showing questions time. no at further this

turn to like to would back I Now, management. conference the

Adam Pollitzer

New on in Well, you We'll again both BTIG York. joining for us. and Housing thank Truist in on participating XXth, Conference the Financial Services be May Conference the May XX, Securities

again as Real Estate the to on with soon. Technology We look May Finance KBW speaking XXth. As and Conference well virtually you forward

Operator

for call. concludes This Thank today's conference participating. you

now disconnect. may You

NMI (NMIH) 5 May 222022 Q1 Earnings call transcript