Earnings call transcript Q4 2022

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Operator

Good day, ladies and gentlemen, and welcome to the NMI Holdings, Inc. Fourth Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

to conference like Swenson. to now would turn over the John I go sir. Please ahead,

John Swenson

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

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

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

could be found filings our our Additional results from with factors actual the materially differ through about or on can discussed to the on call SEC. regulatory those that cause website or the trends information

measures do forward-looking current to the future of and If no is statements subsequent this call. the in on reconciliation fact of guidance developments. statements this update one these in that we extent any any such time of than the non-GAAP GAAP. website, light provided a the note Further, company makes press obligation our to rely those should under we comparable the time at we statements, release that measures all not the today’s other the undertake on refer In Also of call, measures. certain to and most on to

call over to Now Brad. the I’ll turn

Brad Shuster

billion delivered our portfolio tremendous primary total $XXX results, a insurance-in-force. NIW high fourth and in record billion pleased I’m significant and standout $XX of to closed growth quarter, volume high of of in afternoon, that insured you, Thank good quality, performance, John, year We National with again performing MI operating and XXXX a the financial success. capping strong everyone. report

net market reinsurance equity XXXX, in $XXX.X gratifying. year. credit income is XXXX, XXXX during achieved the our development, and XX-year National compared and success a and in MI’s industry-leading continued in on anniversary the GAAP the We XX.X% to performance. customer delivered XX% We of return for once up broad record innovate success an generated year again marked delivered million to particularly

the our XXXX founded to should in provide as to differentiated a to goal risk-responsible and vision of We and stakeholders. a in service our company the borrowers, standard MI engage lender a with shareholders market market value our in clear our building business cycles. for we to across beginning, drive perform National how the commitment our a employees, manner, sustainable From other important focused positioning on customers, we all and

position us a This we approach and has well, of closed served in tremendous growth. XXXX

the economy and Looking ahead in that there housing all we into XXXX, the is market broadly specifically. risk recognize

to our However, performance deliver the strong we’re in cycle. confident through ability

We have exceptionally an high quality insured portfolio.

have benefit significant debt profiles, XX-year borrowers and in credit locked rate manageable embedded equity existing strong Our service low record from homes having fixed with obligations. in mortgages their most

the by protection supported under our and and of earnings of balance significant sits strength power of a transfer risk is the umbrella exposure broad Our our further sheet franchise.

customers positioned value the for XX with shareholders. and Looking next National people, our years opportunity and our of over deliver to lead borrowers out on is MI term, and drive at we impact their I’m excited have longer well success. continue the our to our to

Adam. me to that, it turn over With let

Adam Pollitzer

with of in ended insurance-in-force. production, NIW National high strong $XXX in continues performing period growth volume high significant the afternoon, Thank $XX.X you, our new a business fourth insured outperform quality, Brad, the We billion and portfolio and and quarter, generated financial quality high good delivering standout MI record of success. everyone. to billion

income record or an XXXX of $XXX.X in the and had a growing the and Total quarter $X.XX we diluted in with an real generated Overall, XX.X% GAAP per billion and a of during on with net was $XX.X of embedded period. quarter return of and strong a million equity strength. delivered revenue fourth million, share exited exceptionally and position portfolio NIW closed $XXX value. significant during volume insurance-in-force, We $XX the year billion we

year, XXX,XXX new and us growth with nearly over to and have most. time X,XXX now momentum ending lenders and We enjoyed during the number it accounts. at policies they gain in record customer helped a franchise borrowers We needed a housing continued access activating outstanding, the XXX year active of our when

markets, again along support our reinsurance introduction and once seventh to We executing continue were map dedication in capital We five broad a to program. talented and transactions success of capital reinsurance of the the with inaugural road repurchase our of work, and as corporate recognized new and place year during culture the progressing a unique reflection innovate consecutive and to find successfully our the great award, share our a hard and testament work team. our

to financial an results, $XXX of and revenue, up million full XXXX. ROE. compared income, net record year XX% achieved generating XX.X% up we And compared XXXX X% GAAP million $XXX to total of

economy down weigh markets. however, housing strain and out, house pullback local for borrowers prospective across continued despite and to origination modest year, Looking most many have start to risk Mortgage on affordability rates, a trend to prices and begun remains the market. the in the activity

for the that XXXX. to XXXX, scale industry MI markets we XXXX private purchase will plan pre-pandemic As and NIW similar we level of a expect to

macro the extended of claim after growth our environment. for that our will costs and of the normalize time, natural seasoning performance period At in potential same confident. and an with the portfolio we’re record And development the

environment exceptionally macro the has franchise, been significant from solutions, quality by a set of an driving We us doing comprehensive standpoint day, selection team a customer and a risk our a and even evolved. book talented platform, high we a sheet every pricing, balance of reinsurance transfer by earnings have supported covered proactive forward power more strong robust risk have the as

GPS market. rigorous across and that industry remain More the across valuable. private when even encouraged pricing broadly, we the MI ladder broader to proves insurance standards more potential adoption macro and continues of is a by in rate view the of engines Rate discipline remain the mortgage higher Underwriting This time we risks. see

ability rate have make dynamically the the flexibility that set to we believe and adjustments the and our credit appropriate our real appetite define box to risk We time. are in

the risk again business made further policy to increased geography. mix of quarter, cohort In fourth we changes new pricing additional manage and by our and

see we private an MI As opportunity we a continue to and in to the growing over attractive out tremendous lead look long-term, market.

grow need down housing trends balance, time, Over a payment borrowers demographic core will will market origination demand, and will will support. will affordability of volume point drive rebound, find the

there, we serve be and shareholders. and their will our MI to value for on our deliver National significant opportunity employees in their our continuing the drive have and to customers borrowers, invest success

With that, over Ravi. it I’ll turn to

Ravi Mallela

high significant efficiency Thank quarter and favorable and our you, standout Adam. business growth returns. and the in We line in with new profitability insured strong delivered production record performance, top fourth financial strong line portfolio, bottom quality results expense experience, credit

of We Total billion, of billion our quarter return million and was $XXX.X third diluted net on million. primary XXXX. fourth quarter up $XX.X NIW up was XX%, to revenue our $XX.X in the fourth to insurance-in-force XX.X%. and quarter equity compared end GAAP the or $XXX and per income grew from generated share, the of X% $X.XX was the

compared third improved persistency portfolio our again to XX.X%, in XX.X% in the quarter. reaching XX-month primary

remain fourth persistency XXXX. to million, the premiums portfolio quarter quarter. strong $XXX.X through expect $XXX.X will in were earned We compared Net in million the third

in compared $X.X reinsurance the basis earned period million from basis during quarter, of policies points, premium points a from the quarter, third the the the for XX XX loss yield the agreement to our in and cancellation $X.X compared in fourth quarter We decreased third million of cancellation contribution reflecting to of the earnings. quarter. Reported excess single introduction new was

saw in higher was income compared we quarter. incrementally million flows at during a fourth rolling new third and new $XX.X million income as investment to money Investment rates. continued the the reinvested quarter in quarter, $XX.X the cash maturities deployed acceleration We in

to quarter, expenses expense a ratio We of the in and defaults and $XX.X basis low modestly was rate million the in our were our points XX record X,XXX fourth quarter, third to quarter primary at default basis at the our September XX the quarter. had increased in to December $XX.X XX, Underwriting in operating third compared portfolio million in fourth X,XXX from compared XX.X%. points XX, and

of quarter $X.X compared quarter. the early Pure again a fourth previously was we net outcomes of to $X.X quarter million, released our the and in benefit COVID the portion expense on in we established potential claims reserves a remained the strong, claims activity population. default Claims third million for during

was was $X the time, conservative the setting population the diluted to per for environment. in third default Interest reserves to quarter in XXXX. quarter At quarter, our remaining across per in share in the income we when share same the a of share expense of compared diluted or take million evolving Net risk and $X.XX quarter stance light $XX.X the fourth million. $X.XX continue $X.XX per diluted

Total investments cash and at the including million cash and $X.X holding were at investments of year-end, $XX billion company.

notes million million $XXX undrawn facility our have $XXX We senior of and remains credit and outstanding available. revolving fully

per unrealized gains of quarter quarter XX% was was per $X.X to of fourth to and up $XX.XX. as and the portfolio December $XX.XX, net the book value the the value Book last and X% in equity year. share, billion share XX compared excluding Shareholders’ was of impact investment losses third compared

repurchased $X.X million of an stock, shares average $XX.XX. retiring we In at common the quarter, price fourth XXX,XXX of

X.X a of For of $XX million total retiring average we at million full the stock, year, $XX.XX. of price an repurchased shares

remaining under required available assets available we total of $X.X We of Excess year-end, have and original reported billion. authorization. billion repurchase of million billion. $XXX under $X.X assets At million were $XX assets capacity PMIERs our risk-based $X.X

with favorable bottom our expense profitability and results line efficiency, during experience driving strong in significant line top and insured portfolio credit returns. fourth delivered strong standout the we summary, performance, In quarter growth high and quality financial record

With to back Adam. turn it that, let me

Adam Pollitzer

industry-leading financial to production, value terrific we in had and reinsurance strong growth insured on in XX.X% strong again customer significant development, generated results portfolio financial the once delivered again year achieved a record record significant return business our Thank in innovate and equity. you, continue capping which book Ravi. we quality with standout quarter. delivering growth high an broad in performance exceptionally in share credit new and Once profitability, a market, performance, success per Overall,

ability to deliver and to in ahead, we’re for and customers continue look our our shareholders. lead we our borrowers value and impact with our their confident people, As

now can today. Thank we you for ask joining come back on to the I’ll so take questions. your operator us

Operator

We’ll Thank ahead. now Mark session. Instructions] with Barclays. sir. you, begin from The comes DeVries [Operator first question question-and-answer Please the go

Mark DeVries

year pricing the now? available of and you Could to how about just Thanks. highlighted in given about the markets reinsurance this use thinking you’re you you right Yes. the macro uncertainty reinsurance talk

Ravi Mallela

This Certainly. for Thanks Mark. is the question, Ravi.

very a we been. do to we as part be reinsurance I have expect think always as about we and fundamental In of XXXX, think active every programmatic day. what we

in to coverage important existing note which recent in renewed terms. in that been It’s getting share, we’ve our we XXXX And attractive on XXXX, quota XOL we’ve have most been active our on production. we

getting transfer. time look under also risk great are for we compresses XXXX, between XOLs in – as we new have bring – to if in us coverage. improve. to quickly ILNs conditions being programmatic to XXXX us allow look recent and on when because really And XOL possibly under production production And cycle and production, the the It they covered been

been coverage appetite the evolved on among has And – have look, been our I we what ability pretty has pretty I But been broadly by securely feel And of produced on would constructive basis. to market, demonstrated I durability the risk terms. of say And macro to available XXXX. we a that capacity environment portion evolved. on market we’ve on able the pretty the pricing think overall, has mean, the as market large a regular markets secure the and just access in

Mark DeVries

you have to back of Okay. kind And it of target that last the you then drop that market what consistent talk I share, quarter just share although Got gave don’t looks a last more been couple have market driven levels Can know kind fair this years. might quarter? about like back you but of with this it. amount in to relative

Adam Pollitzer

look manage we’re it, that’s results the Mark, not to that Instead, when We do we you share. the we delighted and going give common achieved going the never in have forward. the which with Yes. refrain, our quarter. market plan not at we’re is we

We high wrote $XX.X of billion business. new quality

growth. high working And driving market key hard customers That’s quality and the importantly, day. stacking our their in production, is new our We’re us, drove in to every we quarter-on-quarter strong for insured Its support growth really borrowers right? portfolio. the

to going revenue expansion. what’s drive That’s

We’re going ROE, to be undertake have we engagement really and we an strategy expenses XX.X% that well. the proof working and market alongside capital it’s can And risk around disciplined the around deliver we that. of is that when

Mark DeVries

Thanks. enough. fair Okay,

Operator

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

Bose George

Hey, that default a to the any provision your XXXX? declaim new everyone. think Good I Is looked is fair wanted rate in for about like for amount. And to also, ask up change about was it notices. good assumption? afternoon. It there a run

Adam Pollitzer

Yes.

a risk to we now So like certainly, That even risk we’ve And but proclivity means an pronounced. at setting There becomes our the purposes, market, reserving to Look, we conservative did. always Bose, also is we position. more downside emerge. would where the to December take appropriate, also optimistic, it, while continues for that we’ve is to more be practice, in and question. talked a aimed to about call evolving downside be anchor in good That’s obviously, generally out appropriately what say It’s scenarios XX, a for the bit we it’s our but an perhaps But more always one something anchor when what conservative that’s there. now. more an view. case. reasons are see to And

forward. a embed conservative continue see further nationally, house We declines reflect to likelihood the we’ll to going HPA forward price assumption that

that In population, its on XX%. in the has roughly rate of new rate be characteristics don’t out the underlying happens we a terms defaults. own assumption of period to for new specific through loan the assumptions, in our Every it quarter in The worked default every defaults to notices evaluated modeled. recall, one in and average blanket new loan and apply default-to-claim individually risk default-to-claim portfolio, the every homogeneous the out something is to came work our

as a were we macro development of quarter-on-quarter. third reflects a That’s end newly where profile of loans well of the bit from the the in quarter. defaulted the the bit up at It the as environment

performance forward a encouraged population. default say guidance. for that really the see provide remain steer, our including in I’ll portfolio, of we credit overall, the don’t As we trends that the we by

Bose George

XXXX? there very Great. bit for on the fourth I any up guidance Thanks. expense quarter. there helpful. And And just ratio, we in was a this unusual? little of the Okay. mean, That’s anything actually bump see then usually, quarter, a

Ravi Mallela

point take a wouldn’t the that in I’ll lower that NIW in we count. leads This lower Quarter-over-quarter had terms – big Look, And is Ravi. underwriting of to slightly generally lower I question. specific. decline, we’re to anything costs. have we head

the year I XXX people. finished think we with

big And are $XX.X $XX.X in so the of was in in million QX, saw down difference those which QX. we million to really, the drivers between expenses what

our and our to our and strategies managing throughout systems XXXX, growth year. respect with – XX.X%. going we’re of the modest a we’re to focused look, in business always efficient out management XXXX, in QX see ratio just we efficiently. investing to on And expense Just always record people because look if low was we’re risk

managing a will constantly expenses we’re So modest focused but manner. we on thoughtful growth, a in our have that expect OpEx

Bose George

Okay, lot. great. a Thanks

Operator

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

Rick Shane

I geographic my perspective, to geographic you from taking for in little now? you concern think on Obviously, of from a on vintage from delve on terms of where perspective, guys risk there’s divergence, following et wanted see when a a sort questions curious question. about bit divergence, lot cohort either greatest the more do up a cetera. perspective, portfolio, I’m right in some going Thanks credit. Bose’s the just

Adam Pollitzer

question. we’re the encouraged the Rick, on. reiterate, that performance that I’ll focused seeing – by one a in just I’ll really portfolio good We Obviously, it’s Look, overall. are we’re Yes.

might with all so we that higher-risk through. focused? scores, greater That’s be FICO worse have being with we’re tend particularly Where are roll we risk borrowers – would marker. to cohorts we naturally, more Those debt-to-income that characteristics, in than and periods stress. that as the of Look, those something high-risk presence amongst see are at layered ratios. of we borrow higher experience one performance monitoring. see with where of cohorts We times define terms as we In borrowers higher lower LTVs,

From a severe than prices a that are there geographic house will we think standpoint, pullback in more markets face others.

And the amount the that expecting. equity And a we’re pockets vintage time their so borrowers least of have those to build standpoint, who from are those position.

new, more nothing roll we that experience ones those and it’s identified who we’ve recently categories we’ll come so but higher forward. always And categories through risk see particular, more those likely the that as as in are

Ravi Mallela

one occurs the thing that XXXX equity books. mature. they see some particular. season, normalized on older amount books, experience But add get embedded we a tremendous will book, result in a sort is as we it But start see large defaults of of now to population seasoning just more just expect loss and Adam, and of will in we the they maybe that that in nothing of they that see and as XXXX outsized to of and those more as have or seasoning as older we

Rick Shane

given it at vintage, historically? worse to bit a is context a default pick you Got bit a it. And little have it – more. understanding just to there little information trends in a rate, sort It’s expect seasoned see is of Is there think the very about and very the any the little you very enough hard better, this well. trends? XXXX there. XXXX vintage? Pulling When helpful. And vintages again, the the anything normal modest it’s than out XXXX bit looking point of Is again, thread would any

Adam Pollitzer

we supporting that and on focus and production, we thing LTV, The aggregations simply one portfolio. risk There’s their earlier embedded equity individual always our when were our nothing a DTI we the XXXX in by Rick, homes was FICO, XXXX that than have the consider the portfolio, risk from we is high-quality built that now. borrowers the constructing case borrowers less layered note who vintages. stands out markers

Rick Shane

Thanks, it. Adam. Appreciate Okay.

Operator

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

Mark Hughes

Good of more are you Yes, pricing how those impact Adam, parts, when afternoon. the you’re your your a some if might lot like reinsurance a up, bit sense up. give you bit us different could wonder here. going thank forces disciplined think moving obviously, you. obviously I underwriting costs little yield, about next looks in of

Ravi Mallela

I’ll I acknowledge to going you one the I’m to to of start, little going that yield. a understand it’s in think certainly we is more Mark, not to Look, a I’m focus then bit on encourage specific. remember give non-answer isolation. you you that a and something lives it but I’d number a thing give that to The do

risk-based prioritize environment, is As also the our persistency and like to to you that cancellation influenced a going by be our the things pricing noted, we portfolio. of a naturally quality choose function of dynamics and in yield business high-quality in the it’s

our treaties, a the we how the get impacted And particular reserving decisions in make. by It’s shares reinsurance loss back-end profit that also our are and experience of because structured, we commission. where also quota actually

insured been portfolio bottom doing, strong on as we’ve think the going staying we’re we in it’s risk be high-quality growth what And need see returns do characteristics our line and strategies. we’ll volume for driving that we’re, growth forward, going when and risk-adjusted see making and think we’re writing we on sure NIW to attractive we obviously we were we most succeed so about that yield with that when about and focused And when management return to in that focused shareholders. fact,

bit of valuable stable that’s prepared believed the production. a which our yield impact of noise We in so will on we going And In a And yield, of high rates quarter remarks. support core appropriate. again year. was forward. talked persistency higher decisions, about provide be expect rates balanced to higher by generally in strips and actions lot will support improving we of we going yield those necessary recent our program cancellation how the our reinsurance away it and in and quality ladder the of the will terms the terms our rate where Look, the current exceptionally did our fourth yield, will it call of be earnings roll through

overall high and our we’re And obviously a to different yield. encouraged in we’ll a standpoint. by quality see risk achieving pricing today risk-based trend rate optimistic environment, in profile. the pricing from a naturally production from comes a market core as in And what rate the we’re But we’re with

Mark Hughes

Okay.

maybe that with quality core but you the that hearing a yield So what the underwriting, steady, maybe of I’m it say? shaves Is is the bit. little

Adam Pollitzer

Yes.

is around the shaving the So terms – little things net on are move going decisions reinsurance the to going core be of bit, yield really that’ll core it yield in to yield market. in we make execution a

which likely profit how and that terms and experience commission they’ll existing the continues to down because loss flows in cancellation improve. of reinsurance our through persistency Our trend structures on then earnings,

Mark Hughes

Any in specific quarter trend if then curious you’d thoughts with don’t improved play-out will basis? early would much I through just it think income, go can suggested know money of the here there’s to up but might any I on yield? have And investment new in kind a provide, quarter. that it continue you the the how how first on forward

Ravi Mallela

same rolling yields capture into at the the pretty the Well, certainly certainly that ratings, we’ve new significantly we’re buying buying, to yield of money types, same same types relative bond to opportunity benefited products duration. from

just X%. the the us at seeing and type had And over to a XXXX, from rateably in coming of gave probably course about maturities $XXX benefit. cash XXXX. We’re of money money in pretty operations year. ability X.X% over around And new yields we And yields million of see that course roll sizable flow new to of we’ll into the that

Mark Hughes

That’s helpful. Thank you.

Operator

question comes ahead. Please Arren with The Cyganovich Citi. go next from

Arren Cyganovich

more there XXXX of prepared the challenging the prices? time besides rate the in But Is home new is driving, rate that something kind for environment the XXXX, in home more time more just levels. level would home a be would first challenge be I’d industry for buyers? in else obviously written that’s buyers said first say the kind of of remarks expectation insurance you that your Thanks. there Adam, I think that of

Adam Pollitzer

point Yes. affordability. now be what price, I equilibrium. probably it’s home developing we we don’t of some rate, mean, steer as income I the well. And I time, NIW XXXX. just XXXX know over combination prices, in markets And certainty. through in gave to see It industry right that wasn’t That’s line also prices potentially a the line overall it’s will from Obviously, on and find At we’ll purchase want grow it’s right? though, to and specify was with XXXX. rate, XXXX going with

So that and if strip refinancing was $XXX up with $XXX and for end billion, markets you go XXXX that you was back activity drove billion. refinancing and industry out XXXX, in activity in and the XXXX that the that in volume purchase XXXX you

And just so a it, see for expectation we’ll to $X.X that’s we’ll you our $XXX origination give see XXXX, MI market around was origination give to as in to size, that size call those gets trillion overall loan take of a market you this some private $X.X equivalent And as or year MI the equivalent years. and market purchased, context, roughly And trillion. XXXX what purchase billion. we which expect roughly for total roughly in XXXX

Arren Cyganovich

Got helpful. it. Thank That’s you.

Operator

with next from comes Geoffrey question Partners. Dowling & ahead. go Please The Instructions] Dunn [Operator

Geoffrey Dunn

Thanks.

is Just seating modest net expense the that Ravi, growth, a guidance or gross commissions basis? firstly on a on of clarification, is that for

Ravi Mallela

believe. I and of the On a the gross QSR, you’re – season impact the referring basis what to,

Geoffrey Dunn

a reported Great. basis. Okay, so

Ravi Mallela

Yes.

Geoffrey Dunn

opinion loss I’m cumulative your to Adam, of with assumptions. then respect on pricing curious market And

X% The average market increases. we Are reflecting for good. after seeing back idea the their expectations it norm in, X% X% in years an sense opinion two, was performance out we of may we ago industry. so out used the Just that? day you like pricing last across down now day the several the have get of maybe rate is on quarters you’re assumption, where the seeing as range? you’re and be probably Are over on to are day how normal an years crept to Do – to three a I’m companies X.X%, cumulative now? in what average a into below still be trying

Adam Pollitzer

Yes. pricing give right? our each adjusted own can’t return, loss going piece perspective On as and risk return about that’s how And on Geoff, of perspective modeling and lot business. necessary to a you they’re by by every on a expected its appropriate in an company to are be is. how steer I Obviously, on things views thinking of on out. has how risk what differences outcomes informed a competitors

the advent more to it’s per generalized in even we’re Now different million mutations. of because rate loan engines, terms individual for X talk over pricing difficult

the rates in industry been the to environment, have an general that really we’ve about go concerns approach what would risk been a as though, as say is grown. what been hardening, what response by would evolving a has As would we taken have I forward they’ve characterize matter across deliberate I encouraged as observe And market. laddering higher discipline the macro and fairly volatility

able we’ve price and it’s for incremental achieve necessary believe where been importantly appropriate. And we us, to both

the you it’s actually a certain assumption. experience we’ll in have a land long-term give direction. map rate And And a capture There’s see, mean generalized in need risk this claims standpoint to an experience a lot and driven on so by can’t right certain in both does develops. probably claim moving incremental we default or for opportunity do to and you price. markets, what steer of ultimately But obviously from how pricing how where cohorts be macro that a will to

Geoffrey Dunn

Thanks. Okay.

Operator

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

Adam Pollitzer

again X. to forward with RBC be for We thank us. Well, participating We’ll speaking you look the Global again you in on soon. March joining Financial Conference Institutions

Operator

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

disconnect. now all may You

NMI (NMIH) 14 Feb 232022 Q4 Earnings call transcript