- Earnings call transcript Q3 2022

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Operator

Hello and welcome to the NMI Holdings, Inc.

Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to John Swenson. Please go ahead, John.

John Swenson

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

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

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

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

the I Brad. to turn will Now, call over

Brad Shuster

of numbers performance, and course share the I’d today’s financial a economic I’ve implications focus, MI and been And growing time. the National third cycles macro I good like the ahead. XX do a and importantly, in specifically, have business results. Through how our over see to our I’ve the overall, number and insured we’ll for almost this learned years. the on industry and macroeconomic afternoon portfolio experience. had John headwinds. of for record seen terrific Thank however, set in quarter that past call, you have been behind environment. seen operating with strong growth insurance We We periods details a mortgage significant by with the of you, transformed everyone. from

as not do during we the economy However, the crisis. housing they financial deteriorate or to market expect did

the stress For guardrails than across the now, underwriting have and meaningfully. more have enacted, standards toolkit decade has mortgage grown been Regulatory through borrowers a assist disciplined been and market. responsible to

strong and on focused the service equity profiles, have credit debt locked rate their building in mortgages fixed manageable durable, MI obligations. National embedded risk-responsible borrowers significant in having manner. with a homes start, we in From existing low Our benefit record from XX-year have

And customers and a to book. doing how to cycles, and it secured have no Adam. risk hard perform expect deliver protection so, comprehensive our environment borrowers employees, turn invest shareholders, our have establish am comprehensive of We ability management insured portfolio an in we built worked in for have framework. our the confident credit entirety nearly exceptionally I develops. reinsurance let their that, to our and to over continue we matter in market support and macroeconomic across With our for me to all high-quality the

Adam Pollitzer

sustainable a their housing an prospective And U.S. towards local are existing impact prices year-end. our across for high-quality in to and NIW the already $X.XX success Overall, per the of between have market. driving trend to at would levels high-performing environment see expect $XX.X Mortgage business face market in in and $XX.X increasing return everyone. volume number third as our the labor homeowners sequentially insured a Thank outperform high-quality, continued an reevaluate in see are portfolio, the and production, the rates the you, reinsurance and and we are mortgage strong to market straining high, $XXX.X households many income in XX-year the bright stress share, do, of rise financial moves. results. unemployment the well risks home MI to begun We of growth payment recession. was profiles, have house and negotiation diluted and of afternoon, delivering currently continue event markets, positioned as net of equity pandemic homeowners a of quarter. with low exceptionally stands to macro We billion insurance-in-force. Brad, buyers begun a the we obligations record had ended to peaks. and however, and quarter in and at XX.X% strong planned good quarter down We record existing continued achieved to credit on We see billion or in new quarter spot, progress and record developing buyers from while record and fixed record National equity tension million strong we sellers generated with affordability many in optimistic rates, new an significant

stress. across control or can’t we’ve taken housing made positioned And and we’re investments X, to market cycles. develop, we are all we the day we navigate performance a to our control through how how action confident, secure period economy While can from of as

as prioritized portfolio, have securing profile by in high-quality markets, franchise. our all grown on supported the originated. we’ve regulatory innovation all earnings conservative coverage sizable and liquidity sheet risk policies the buffer, balance with capital in nearly significant power book, ever exceptionally force strong of the we’ve of established an And risk and investment a responsibility discipline We’ve reinsurance a comprehensive portfolio. with transfer we’ve We led robust our insured building

evolved the bolster even and year the took in We have business more further steps since. has quarter doing been to and proactive the as risk our third environment months through

originated and to secured further made reinsurance additional our manage of cohort by strengthened and we position. changes that protection this to pricing securing of third August, an our In new risk an on risk additional the into our covering quarter. NIW funding we week, and layered We protection treaty, agreement during into second policies production increase we environment. reinsurance XOL policy additional continue quarter announced entered PMIERs and reflect capacity. business evolving the to had And entered mix excess PMIERs we geography, incremental We’ve loss risk

completion is of broadly, that emerging the adoption Rate the more the seen our With portfolio private by now industry remain rigorous standards of insured engines has More we’ve reinsurance the This encouraged solution. Underwriting market. a risks. GPS by approximately a have discipline mortgage across both rate deals, comprehensive insurance even been when XX% MI hardened covered we in across response the to broader valuable. prove time and of pricing and is

dynamically Ravi. the that, invest through-the-cycle their taking a well performance positioned time. a appropriate credit box appetite same the portfolio prepare for shareholders. delivering potential operating borrowers, Overall, financial set for our With flexibility to had our have We our are and strong I’ll the employees record appropriate and make we’re success to and our time, results. we steps to their significant the to to and in and downturn believe customers serve in risk and we our deliver to define it terrific At that real over continue insured rate ability performance, adjustments our turn in quarter, growth and are

Ravi Mallela

quarter. $X.XX record strong quarter a diluted business portfolio, credit delivered resiliency share, results Thank the NIW per you, quarter $XXX.X in of of the significant Net and our third portfolio primary volume, end in primary expense XX% or again, our XXXX. new in of billion, performance X% the was financial billion grew continued insurance-in-force We driving compared generated XX.X% $XX.X the record growth our third XX-month million from persistency We third on in $XX.X equity XX% record our profitability. to XX.X%. reaching improved in and our with return Adam. and quarter insured compared and quarter up was the to the second efficiency in to income second

third of higher quarter. million continue compared We $X.X premiums the million agreement second cancellation premiums in of to earned year. we impact release. in million trend Net a announced earned policies $X.X share quota quarter quarter in our of the alongside seasoned were $XXX.X quarter. Net reflect the through introduction the in to second from to will in the earned compared We the the million earnings from premium quarter the quarter the third end single the persistency million $X.X third expect $XXX.X second

majority commission, which we As new XX.X quarter, quota this introduction reflects the offset points which points time, line share our Reported quarter. through yield XX.X basis serves mentioned to recapture basis second at ceding for top a in seasoned to the of was operating a we cost expenses. the third the the compared significant also of

quarter second unchanged quarter to million of impact the XX excluding calculated was and Investment in quarter. the is the as earnings, second $XX.X $XX.X quarter. income in rolling acceleration XX.X%. points, an ratio new to higher compared million reinsurance which $XX.X yield, second third the the flows and and cash was third were the quarter, basis at investment cancellation core expense the We Our saw rates. our money was in a compared treaties from we our operating Underwriting and $XX.X in deployed new record-low maturities during reinvested significantly million million income expenses quarter in

early the in million setting take the quarter Interest environment. the remaining stance record portion our when diluted compared million we Total third per our the $X.XX in $X.XX for quarter population continue share of $X.X cash of strong, and $X continues to declined on default the rate holding cash default investments our same the including second potential the Net we we time, reserves was recognizing million We a September favorable Cure to at again At share previously basis at a to to quarter COVID at claims in company. and performance third $X.X defaults and primary evolving XXXX. was claims benefit a credit trend or conservative and share points expense per income to diluted of per direction. light for of our remained Our quarter investments quarter compared quarter default population, $XX.X X,XXX at in across risk $XX the outcomes released end, XX during in a the established in activity a XX $X.XX billion reserves quarter. June million. net at and end. were X,XXX diluted XX had quarter portfolio the in

In into attachment our million X.X% point remains losses up pre-tax million quarter undrawn the third on cost. common had we billion pre-tax point at X.X% from to estimated $XX.XX. stock, $XX.XX. value third we impact notes, most lifetime equity reinsurance to carries an $X.X August, the Shareholders’ compared third million have per policies point week, share, loss value last securing $XX.XX, of that and facility outstanding We a This and an XX from was quarter, average weighted September of maximum of portfolio additional per and second cost. credit entered lifetime NIW an was net to the weighted In treaty, into attachment repurchased available. X.XX% of price a $XXX detachment gains protection was entered had excess as of and fully the Book detachment. our senior originated announced of our average X.X% share X.XX% an compared to $XXX X quarter and revolving excluding in the quarter up XX% at production the maximum recent This agreement retiring quarter transaction average up X% estimated during we $XX unrealized covering an of shares investment we X.X% XOL second a million year. a book

quarterly as time credit valuable total record secure At recent quarter. on our PMIERs is were the volatility. retained ability portfolio transactions period reported cycle billion minimize assets and financial assets under Our most $X.X exposure macro between of it particularly coverage high-quality of production during billion. $X.X billion. available summary, required we available Excess a we results our and limit increased during quarter the for warehouse risk-based of achieved assets $X.X compress In end, insured the serves to and to risk our

way. Our in stand credit performance a continues positive to out

turn the execute terms, to constructive me We market let in reinsurance back exceptionally balance it continue With strong and we well to and have on Adam. protected an sheet. that,

Adam Pollitzer

business a Thank Overall, insured our we you, growth record new again and quarter, in results. strong Ravi. financial high-quality significant delivering had once portfolio production, terrific

the expect to evolve implications continue do environment we the forward, will potential market. Looking with for macro housing

disciplined the managing will performance business that We’re our confident, day of however, stress. taken a to X through our approach carry we’ve period from

transfer we covered risk today. day, high-quality We now we’ve macro and as ask by you pricing, solutions doing a reinsurance joining and book to take of sheet. us us have team And been so the a a come franchise, the exceptionally comprehensive your selection strong for set even a has proactive, customer risk talented forward balance environment a driving operator every standpoint Thank an Session Question-and-Answer back can from evolved. more I’ll on robust questions.

Operator

first Instructions] Today’s with Barclays. Please you. [Operator comes question Mark Thank from go ahead. DeVries

Mark DeVries

thanks. different I you assumptions to hear how taking maybe buckets? of glad disparities your thing? up observing kind are Are same you’ve was competitors of in kind that it pricing Yes, risk. so, changing is of kind to response If in of are doing you seeing the different kind about been pricing across growing changing? the also, And the risks layering

Adam Pollitzer

been and macro volatility either the absolutely, market We to that it, laddering context, discipline been And what They’ve approach the and call is from to around shifting. are. achieve we would able within make good that environment higher, question, really we’re we Rates has necessary a broadly observe question. been the we appropriate. changes, incremental characterize second have hardening. risk deliberate encouraged the broadly or believe across a price industry we’ll price that as uniform. it’s as And absolutely more we all we seeing it’s we’ve I’d say industry, have across been the your where as Mark, that observed not by speaking, that increased. Yes, broadly we’ve importantly, been

higher-risk impacted more spanning they’re a would we seeing what changes And in geographies, spectrum while more are downturn. pricing loans, the I’d the say the significant continue by saw that than expect second At severely We uniform, in to that far more time, for be the is broad-based at we same we’re make changes pricing now higher-risk they’re nature. quarter. not more

Mark DeVries

to to then the could and enterprise that your on had impact helpful. business? separate potential for mean That’s assess these targeted changes really the have And yet recently pricing question, announced framework a of you Okay. a chance pricing what

Adam Pollitzer

Yes. Look, Look, loan-level and in were significant upfront announced reform elimination it’s of FHFA that of constructive should these the the as borrowers fees for are pricing actually moves. we’ve view lower-income now a review impact, But thought still for terms we while some a step. GSE and adjustments, and a of market that their fairly early.

the a that that, borrowers. borrowers, will change. to high-LTV amount execution pricing we line for X-point And GSE towards it than many some upfront For expect more will tilt

the Our volume and best at LLPA this market that sense is following approximately of change. XX% point current FHA VA could conforming migrate the to

Mark DeVries

you. thank Great, Okay.

Operator

next JPMorgan. go The Rick with comes question from Please ahead. Shane

Rick Shane

able taking Hey, through that solve and have when life I’m bit or a are think guys. you you – do loss little cumulative Thanks lifetime conceptual curious, for losses price? your but my question. adjust to, underwriting, to originations, about targets target your to It’s you

Adam Pollitzer

are We ensure loans a onto but our that coming really risk profile, align through itself through expectations profile risk price. the the their it’s covered loss and and to the price. use be test Yes, underwriting cost has be anticipated good question. to to of pressure a books has view initial with as our that tool to It our

Rick Shane

it. Got

And so realize in assumptions environment if in like an are losses. upfront, that now, cumulative you you will we’re incur correct, higher your

get And your achieve is way the by hurdle resetting to you price there. so rate

Adam Pollitzer

not we’re from looking really market That’s price any about, the stretch. by making to it’s we’re right. changes, us, Look, when for take

borrowers maintain in where price, and environment, we’re importantly, making this make facing higher sure who out. to need balanced incremental we develops. economy the rate And capture costs and, to is is continue of this day time focused our because expectation to adequacy really in a we’re customers to day In to be we support are us fact, as sure everything we on, can rate doing our cost and that want for adequacy. loss What is that though, grows support the

Rick Shane

There the that where is, the you are the Adam, industry uncomfortable be some an here in industry into all trying sort with just risk and extent, if, the as a things believe were happen, that’s has okay, question, we’re and, to to as deteriorate. some broadly. We responsibility to extent, to in I’m are or how that the industry which there look sitting didn’t – way as would will utility how Because think about generally well, at could reasons expands of knows good it And market but PMI industry can they more collectively, originations who saying, they environment they perfect. actually contracts feel what’s and to macro became the again, price. impact going macro get. should, environment my more to segues the that

Adam Pollitzer

think Yes. interesting an I it’s perspective. Look,

as going First through this it more prospective goes. with most to and rates change course. the strains industry than activity double right? our And right, existing of to volume foremost, where in of And purchase activity origination prevailing happening for on an causes the slow what particular, XX-year otherwise We’ve affordability origination note side, rates and had purchase drives north it perhaps is and what’s is to also likely, X%, who homeowners buyers course move many plan sitting year. had

from think market At borrowers consistently sure their through all the a the time, of will will purchase things individuals weigh a those still a about, the home, customers when goal, from the purchase activity. call same can other pockets large and group we goal aspect, a that is who have so of And I’ll At we us same utility there on making of cycles. very we or it, still market. absolutely need will time, our support support look, who support

sheet, applying ensure right? appropriately It them to balance of to is the is our sheet, It balance responsibility stress. that is it we we to have through periods manage price rate by adequacy. our ways a shareholders’ also and of One that achieve

And today us one things probably from next balance, none XX but to look roll will exactly what in as a of standpoint to the we an so an forward we the that’s XX really challenging where expectation balance will on at knows more months. things as that like we we over land, than try get we’re do environment have where macro better

Rick Shane

you questions. appreciate I the really thank Adam, Okay. for it. taking

Adam Pollitzer

Thanks, Rick.

Operator

comes Credit question with from go Doug next ahead. Harter Suisse. The Please

Doug Harter

to reserving several that past you kind about expectations today and the of new your talk Can compared of on Thanks. defaults kind how quarters?

Ravi Mallela

I Yes. trends, X,XXX Look, to I’d really are we’re little anything default a to different. holding from our this are that trend NODs quarter. just rates and point is this note not the that’s mean seeing bit NODs in – say respect credit with Ravi. of our at than constant. down trending We down. less saw cure X,XXX

rate from points. declined Our basis XX points default to XX basis

Our DXXs flat been have quarter-over-quarter.

as to and we parse steady out reasons to changes, for been so major respect we’ve how consistent trends pretty we And look and things credit with evolving. have been make

looking right is Now look monitor really the story look, today strong. story now, we at going the to and and forward. we continue it at But we’re constantly

Adam Pollitzer

as maintained with carrying incremental we posture adjustments reserve-setting we’re had We’ve some embedded general we had and And a the XX. meaningfully underlying there in some QX, more in posture conservatism quarter that for of QX. bolstered assumptions purposes and And conservative for we remaining in reserving each shifted that NODs second of assumptions reassess September in further than that perspective quarter. conservative the the terms of macro carried to reserves we our do

Doug Harter

the there in there’s where should we favorable vintage then process? are NODs reserving, Or the COVID about that still think just left just how reserve Great. you is development? the much I extent that guess on how to and And

Adam Pollitzer

a went would carried into reserves Yes. loans as our that A default. today majority to COVID-related relates of identify still default we that significant

that we’ll we forward. to so population continues roll see develop And how as

Ravi Mallela

just most last the default the And to the out add XX%, of cured part. maybe of those cured COVID Almost populations course XX% defaults early X have have there, out for years. those over

Doug Harter

you. Thank it. Got

Operator

Please Bose ahead. comes with question from next George go KBW. The

Bose George

afternoon. Good guys. Hey,

on trend your the Just given there are the on updated comments premium margin? thoughts price in hardening, any

Adam Pollitzer

that stable decline – year. through view Look, of core with premium yield perhaps yield, is our modest to we Yes. going expect terms be a the in the generally the of on a end

some and new some We will improving business. get persistency from support from pricing support on the

dynamic will our does roll more the where year. we in is be most today. announced recent quota-share yields We pronounced, Loss under our in introduction yield, expect develop due agreements. will the bit we XOL the see next really the as that a because And trend to things performance fact transaction our commission into of impact net which we profit

where just through this will recent some we and yield so impact next expect core of we most introduction But see develop stability from of year, the year. the through And end things our XOL.

Bose George

you could actually, And just can think you that Great. then Okay. talk about on to? Thanks. where persistency, get

Ravi Mallela

business, work strong, administrative under has Look, year-end. to really Bose, really has it revenue persistency frankly, we above and it a been QX hard margin, in we long-term and persistency at don’t them to And the increases. we big to I credit over hair underwrite forward. generate to us. XX%. trend been And going a see coming then levels, it And normalize are think lifetime premium manage was additional performance our reinsurance. so just costs We XX%, And by expect been positive that the just and has to and put

persistency see we to and up. by slightly year-end trend continuing now, right So, normalizing

Bose George

Okay. Great. Thanks.

Operator

The go next Please Truist. ahead. with Mark question comes from Hughes

Mark Hughes

expense you we I a sure ratio in you. the Thank anything expenses how this, Yes. quarter? not on gave on think this any afternoon. about but detail go-forward am the Good basis? do unusual whether And

Ravi Mallela

to we had QX. our I from quarter. $X.X overall, the of would between million in ceding to From just on QSR, over a And happy And XX.X% from looking about in having that. being expense in have about overwhelming to record are the XX.X% QX. manage and now. driving nice perspective, of we the continuing that for seasoned low difference ratio came opportunities we are low touch and a trend are mid-XXs, I expenses, been is majority optimistic Yes. ratio our right long-term time. in and commission very expense deliver that somewhere down will The quarter, to efficiency continue it’s we see happy of say the – to we have Certainly, quarter-over-quarter expense down ratio setting that that where goal a from

Mark Hughes

the much hardening way, if but I How and comes the in how just about much rates – of of from the am right not me correct the thinking broader interest this uptick more reinsurance cost broadly, which of the obviously impacting Just your XOL macro Can concerns that? with consumer is about and and default. happens you factors? disaggregate presumably what the the versus

Adam Pollitzer

it make that opportunities we front that we say reinsurance transfer. balance factor reinsurance back is maintain rates their we Yes. It’s return a our on a risk-takers the their taken. it we to a we it pretty higher. end. without view side. of on if from economic have the None appetite to of happening capturing the the migrating we Reinsurance easy sure business, want to door define for one. where do adequate our our take and environment. is to are we to are relates approach need the just XXX% what’s risks price go-forward as reinsurance importantly, relates most on goals price It’s the taking in whenever for market primary the we which of have today. the It’s also we basis, We costs, But on don’t are risk That’s sheet a benefit and the standpoint approach gross side. the line to set risk-adjusted risk costs of hold always on

evolving spectrum rate the that the view the we changes of market. all the our what’s making of driven so by are in by And risk not macro, are across reinsurance

Mark Hughes

guess for I cost I the thinking am about transactions. your

influenced much again, And up I question. interest XOL. for bad the recent mentioned rates? a if X.X%, by the You How apologize that’s that broader is of just X.X%, to

Adam Pollitzer

a bad not No, question at all.

the premium same think primary by us majority that’s right. causing the of on raise rate dynamic to side, that the I driven is

lifetime for widened environment the outcomes. to and rate of through coming the view in I At at possibility we that – pricing. just that’s grows, incremental just the And Our coverage are the potential a as reinsurance also There housing perhaps in would cost right. the develop the account partners looking they pretax capital. and achieved say, same macro time, for to not it’s loss dislocation at of well, And want market, right. cost the is benefit grows X.X%

risk As the value that to loss, the environment increases. it of evolves, absorb the also for protection, potential

it, at to primary we changing influence course reinsurance on And still it and efficiency so a doesn’t from find in market. when we but and how transfer value side, a also the continuing we price capital the both look execute aren’t we risk as matter

Ravi Mallela

And at seen, to reinsurance I is we have the least add respect what just would of the that the Adam, capacity course with year. market, over evolved that has

market of capacity used year, up where and that we the and XOL an part dislocation pivoted the over had of the have on so the in ILN of landed. influence And was seen as early MI year, the lot some availability course many folks experienced a to pricing the market. And

Mark Hughes

you Thank Interesting. very much.

Operator

The from ahead. Dowling Dunn Geoffrey next comes & with go Partners. question Please

Geoffrey Dunn

NMI wanted about capital to ask capital afternoon. Good believe I Thanks. consumer. is Adam, still I a strategy.

entering market, order ahead? riskier You on market. your like that, quarters world potential a capitalize a in strategy yet And in you a quarter probably capital think are conservative have take environment, how approach for do or do where put which or market, stock you market could do might pulling approaching And So, going like, back, XX-month like a returns on new the out hard that really into – you gained that return the on is in delays to also, then you be presented business? capital, opportunities the XX-month, with XOL you harder new do take looks how or anything business? have an are the more this and looks it in a any the that right balance into? going to heading now, you money the of Do strategy you buying into money about outlook, the overall we over OpCo share,

Adam Pollitzer

And a when question. of Yes, stronger. times, true that’s capital think we I backdrop, is right. equally year, all against about so, for key. last all things, good for will say macro example, environment evolving an but Geoff. It’s, was much certainly very today, at those us candidly It’s the

doesn’t want are our generally Our that philosophy our needs. sheet about balance conservative to We stance. general prudently change. sure to manage how we We make managing take want a we

We many possible. access our to possible, markets across of minimize build are and want to cost working as wherever hard we capital as

since We year. are balance of we we our position with been matter. funding success activity the pleased as a today sheet in a repurchase really earlier have and this terrific the program And launched

time, is forward, I amount of macro additional we the we would the excess of environment. now is be additional think expected capital, an excess capital, it As where look given an amount valuable carrying say should

And where that going funding of today, and in we to how housing of the But stress that decisioning. have balance we all and decisions, sheet all We what really of potential and that today. how will depend so like the we more emerges going, influence as pacing quarters, can the activity our either size it’s and to on next looks lot capital be organically know profile believe, make today. where going few tests. market, distributions, right, are We the how to right. develops our know We lot the our of the we calculations through a everything information are return are over or as macro run we going deployment, we those think we forward. are roll from A about to think we how on balanced, about

Geoffrey Dunn

price into kind facing follow-up But or the credit. the a of not lot pressure have challenging pressure. you a And of not still recent stuff of you are It’s book. home on a but Okay. environment business, more notices, then your the see seasoning new existing we built book any necessarily also on whether recessionary because past

how severe we really the on where a equity back So, need unemployment how frame can about book? do or Do about for you economic on claim is the because we to or to the – existing think move an how impact of something ultimate about with you worry built-up we where us in in more portfolio, think scenario how are experience X% number book looks? the the much

Adam Pollitzer

very a today good question. Look, our touch under we LTV A portfolio the that Yes. insured on is XX%. estimate mark-to-market

have, borrowers position insured that with equity the of our front a or amount generally so significant an we exceptionally buffer speaking, sits of strong – strong that an exceptionally have exposure. And to-date in

in move right. is if claims for that of would need an credit experience, our to something the of also market deteriorate, though, consequences were labor households isolation employment monitor, a stress, that so to where stress. go. performance, And The face we account number our expect house prices for would in We increasing

increased impact, the we translate equity claims an see house prices we a unemployment, to if in to maybe may experience so see robust, will then rise – claims doesn’t see a and increase And necessarily default outcomes. prices expect that remains – from alongside hold we an impact through house that deteriorate in position If would standpoint. ultimate

Geoffrey Dunn

the X% as book But now, does worry stands unemployment you?

Adam Pollitzer

I mean X.X% at today. are we yes,

isolation nearly our unemployment have X% we though. of where rate the it’s rate stress and no. expected material nationally. a tests, in lot a on So, We And a does go, performance unemployment doubling impact run of

Geoffrey Dunn

Thanks. Okay.

Operator

management End over remarks. This to any the concludes closing Q&A our turn back of like I for to session. conference question-and-answer would

Adam Pollitzer

Thank you again for us. joining

in Day will we in Services XX Investor to our X. speaking participating will December Sachs Conference with Financial hosting soon. look Goldman again We be be and York, We you on Annual Thursday, on forward New the November

Operator

The Thank presentation. for today’s now conference attending you concluded. has

disconnect. now may You

NMI (NMIH) 2 Nov 222022 Q3 Earnings call transcript