NMIH - Earnings call transcript Q3 2024

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Operator

Good day, and welcome to the NMI Holdings Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

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

John Swenson

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

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

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

undertake or that do information to our the with in one If that update differ Additional forward-looking than the regulatory fact could and the light not trends those of SEC. the company any this to current from results website time discussed call. subsequent other at on statements future or should found developments. of factors makes statements, obligation Further, through no the such materially be statements the in on call the is filings to we guidance cause about can extent rely actual our on those

to on GAAP. we and Also we note most press under measures of the comparable a certain this non-GAAP these today's may reconciliation on that In refer provided measures. website, call, release our measures to

call the turn over to Brad. I'll Now

Bradley Shuster

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

of volume, insurance of $XXX.X in support. a with generated for borrowers ending critical lenders we the in to billion payment NIW turn period billion quarter, third their us high-performing and Our $XX.X the force. high-quality, And continue to record down

there recognition placing in while access support absorb insurance in private a downturn. is private borrowers Washington, front remain D.C. of believe mortgage provides, the and value to and credit the the also industry to payment loss and active and in efficient mortgage that about taxpayer broad our offering we conversations constructive, down capital risk

X need a homeownership, borrowers we community to housing million borrowers with At MI, we build and to nearly forward. positioned through a have their date. and wealth well value lead third for and are market, we shareholders continue our opportunity recognize are the customers borrowers helped access National proud our with small our had to the long-term establish terrific to and a identity people, Overall, to drive provide quarter to and impact and and going fair

over With Adam. let me it to turn that,

Adam Pollitzer

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

look Total was We elevated an Overall, revenue $XX.X income share and and market have The interest in delivered confident housing remained are and diluted XX.X% equity. a record $XXX.X we million. exceptionally macro million resilient we or of the quarter ahead. third in per quarter net on rates. strong the had a as $X.XX face return of broadly GAAP environment

secular down their payment for business us continue size rely trends. and opportunity and see in borrowers new an customers to fueled sustained lender Our and on critical attractive support, long-term we by

a to and solutions risk portfolio continues set comprehensive We performance our transfer exceptionally of high-quality covered have ahead. credit by an stand insured

platform. expenses and has earnings sheet robust to strong with by Our manage insured our drive NIW growth when supported balance paired a capital and book. well efficiency, value helped significant volume with position continue And above our trend and the persistency embedded discipline historical our and that's gains our to consistent remains power in building of we

of macro us however, and further efficient targeted in secured and geography. and will of business by approach to with reinsurance reinsurance new positives, has new we've maintained to series third It's quarter, And decisioning. manage several for new continues comprehensive changes appropriate our respect served production. risk risk pricing, and strong an funding risks selection our that risk proactive continued well these coverage, make prudent treaties forward business years mix we with a a to do the In remain, to our we protection cohort that us stance provide Notwithstanding next the of course. October, and flow and be PMIERs

MI rigorous, performance, More continued that and private had results. we across the insured broadly, Overall, delivering growth remain market. and by constructive. environment see the been pricing operating quarter, standards we our financial balanced in a record continued and portfolio discipline we've strong Underwriting terrific the encouraged remains

Looking growth shareholders. positioned customers for returns growth success, value their drive to our and cycle through ahead, our serve high-quality to invest our we're their portfolio insured borrowers, well deliver and continue and employees the and in our in

over Aurora. it turn I'll that, to With

Aurora Swithenbank

Thank of you, $XXX.X third per XX.X% we on We that the end again million quarter to the compared second insurance billion, the delivered a XXXX. quarter, $XXX.X up or and share force diluted and primary record Total of was financial million, in to results a NIW X% in GAAP Adam. return and grew pleased equity. achieved record we volume income billion net $X.XX I'm of revenue X% $XX.X report $XX.X generated quarter. third our the and to from of

in portfolio. second an XX.X% was quarter compared value in our third driver to growth as serve to of important the Persistency embedded the persistency continues the and XX.X% insured quarter. XX-month of

second the the Core our in quarter third quarter in quarter of points second yield million $XXX.X Net the million was the premiums earned quarter. also was of unchanged Net earnings the $XXX.X with record XX.X for excludes which the coverage consistent quarter. cancellation from XXXX. $XXX.X quarter points, and basis the third million cost from contribution XX the to yield, were second and reinsurance a compared basis in

$XX.X third at quarter saw in the flows in rolling We $XX.X with XXXX. income rates. and during new growth million quarter investment money as we favorable in was cash deployed of the period compared $XX.X new maturities and quarter the continued third million income the second million Investment in

revenue a million quarter to up operating of $XXX.X third XX% to were and million second in million and third in second $XX.X compared quarter, XXXX. Total compared Underwriting $XX.X the was third quarter compared expenses in the to quarter. the record quarter the the X%

XX.X% was ratio quarter, in expense XX.X% the quarter. Our in compared to the second

the XX at X,XXX quarter was third in at basis XXXX. $XX.X million and had quarter $X.X and rate June quarter defaults compared at XX. of in We in our the compared to XX points basis the September to default million end quarter third Claims expense was XX points second $XXX,XXX

shaped We book. housing credit existing have with The our to benefit in and position of experience insured broad from strong portfolio a high-quality the market. uniquely discipline we the resiliency seen and have the which borrowers our we've our continues

reflects the net X% the $X.X the X% quarter million second and compared was income the million $XX $X $X.XX, XX% we quarter million run of Diluted $X.XX and million, with XX% third to quarter compared to May. up third was to quarter in third $XX.X quarter in and second debt expense savings XXXX. Interest from in in of was XXXX. compared -- achieved compared to up in successful $XX.X the our in EPS rate GAAP refinancing the

investments billion of cash $X.X and quarter cash the $XXX end, at at million were and company. including Total holding investments

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

of structure track In and of record financial pleased decision. ratings our October, A- profitability strength broadly We're portfolio, quality to their our BBB-, the in S&P insured that capital and balanced and upgraded underwriting diversified recognize issuer respectively. and and they performance

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

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

$XXX of of several which existing business for years entered October, As cost in treaties, flow loss capacity capital. of estimated our will program. repurchase at next quota a coverage of under share excess risk new million X% remaining we with an had September forward together comprehensive production us protection of reinsurance new series and pretax In of provide we our into XX,

has our fund management been of and risk insured our us in consistently strategy volatility core needs. and source potential a to with efficient credit Reinsurance portfolio secure provided pillar growth the and working long our peers' capital deep, to has mitigate a of

leading relationships a we've have and our through among of significant our record of their transfer of innovation comprehensive to cost, framework. highlight risk secondary track deals we serve management We we capacity terms risk and and spectrum. have across in experience, duration ever the the best The portfolio are achieved differentiation just insured the with secured quality achieved credit market and have the strong

assets total achieved financial At quarter $X.X profitability growth available high-quality Overall, top in $X.X end, available billion. results performance, billion and of we under portfolio, strong bottom were our Excess efficiency continued insured of returns. risk-based the required record we during assets line assets. delivering standout consistent Premier's and reported $X quarter, line billion and expense

back it let to me that, with And Adam. turn

Adam Pollitzer

quarter, record Aurora. a production, once in insured and significant our consistent you, new growth had terrific again results. We Thank delivering financial business portfolio

confident. we're ahead, Looking

balance set high-quality a forward We talented driving exceptionally an have franchise a team a by robust significant customer of a of sheet power and transfer earnings the our comprehensive that's solutions, us risk day, strong every covered book platform.

are and and shareholders. value well growth, continue are returns positioned for with MI to distinction the We and leading differentiated discipline market our delivering

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

Operator

The comes Ma from Terry [Operator first Instructions] question Barclays. from

Terry Ma

new also accelerated The with Maybe rate starting credit. lower. quarter just in and this the cure notices increase was year-over-year

role? there material if trying we starting to you of I'm So a to curious impact Or episodic are just play see more just anything a that vintage is observed? seasoning

Adam Pollitzer

you're say, we of portfolio by Yes, Terry, the including the noting credit broadly I'd take that. are population. our that encouraged our performance greatly trends overall, default I'll in speaking,

of a see and strength housing economy. we resiliency obviously is the in favorable backdrop. quite broad They of that the Some that to continue market the set

borrowers importantly, More though, well situated. remain existing our

an all experience. have and incredibly book to industry-leading credit measures, We see objective we're through by translate to continuing that high-quality

September lowest by far. At rate industry XX the in track XX, which was basis the our as we points, default

it and what -- the count there's trends be really I and did should the industry through on the of of seasoning portfolio. you natural normal calls noted, quarter. the this third for call lot reflects of as combination default I'd expected, been focus we a course Our of growth a it in also our And would know items. say seasonal one, in increase, these

make is seasonal it that we what to understands we're what we seasoning a do about dynamics. -- and And sure we when that everyone and so talking I say want bit elaborate when talked

uptick in move in half. cash cash second through In experience tax are performance default the an of the credit see cash ensure One, bolsters net are helps also terms default, call year. from benefit in replaced Some loans. In performing typically which and default we outflows. inflows as year, many who current cure the the of half of bonuses borrowers of half it of their helps out of borrowers by right? it on we that of into borrowers seasonality, half the first what of the refunds, all first net those receiving status, When net are stay roll and their them second receive we year, the them inflows, more I'll

season stop, what right? typically that inflows themselves time the for or third quarter, tax In bonus see we It's refunds. not is those

causes that when seasonal many households in shift lack inflow so seasonal credit holidays. the continues that third increase the quarter in in a coming their And into fourth the experience shift of for quarter spending then

actually in. and we a outflow credit so That's see in experience. seasonal that when about at comes performance default it default And talk patterns new is we our what population

a for talked book, recent one XXXX increase loss count more and period we've seasoning the and particularly begin of have come We simply will to while even our of now. expect a terms larger seasoning, and of our growth our as incurrence. default with a production into In growth portfolio normal about XXXX natural this and

There's And what third nothing that's else it to quarter. came would so through. to in we point really the that

Terry Ma

bit remarks, what it. about risk then helpful to kind some color. give a make you targeted talk little changes just guys more implement and changes? by Got you color I prepared maybe observed these made just maybe That's And in Can you you of your you cohort. think mentioned

Adam Pollitzer

we're broadly the Texas now them nationally. affordability some of where constraint we've still is we the increases We -- broadly in saw that and by say, theme, We're the as being Where pricing. risk in So seeing that the markets, we seeing the for I'd Look, magnitude certain the towards fairly see developments few opportunity. see the engaging in market market. do Sure. talk develop the encouraged we're are we We're we now headlines, the quarters our fundamentally value, in seen significant see environment about always None differences emerging that environment. this make monitoring speaking, changes tracking the quarter, but some risk what pandemic we areas rally, across price And and other what risk-based and sharp in will markets changes house in but but do I emerge. we're changes where call where differences, third always all most a Florida time. posture In always has pricing shifted. during local all dominant of a of a right? supply/demand

continually that was point it's GPS, been engine. in case introduced in since so just refining we third we And where again quarter and we Rate at the the the are are as every

Operator

The next question from comes from KBW. Bose George

Bose George

And I long to portfolio. expectation a delinquent steady. remain as your that remain LTV home paid the pretty has Is minimal. ask as will reasonable wanted claims about claims that Obviously, low? on the paid been prices mark-to-market

Aurora Swithenbank

you give is the portfolio, the I roughly will mark-to-market defaulted on which XX%.

come that And just out expected of a amid and embedded X HBA But have that's equity bit at inherently of bit given -- the less as XXXX has the seasoning the $XX. which to it a portfolio. the But path is past sort be down should that vintages, as little reference years. over so those quarter-over-quarter our the number population little

Adam Pollitzer

and reserves Yes. payments And on established of for expectations delinquent are that exposure Bose, ultimate actual our expectations Look, status loans out zones. to default your question on for status, and for claim claim we in our the door. responsibility based

the dollars we in have out can't are population obligation will subset actual outcome, and satisfy towards today that claimable door default our through obviously you we'll obviously, But the loans tell expectation we're some And reserves so of an where establishing the our trend. with progress will there. that a to

Bose George

the current don't then the portfolio. but And actually investment of to switching just the what's new said if portfolio? this, the yield Great. you know Okay. yield money I versus

Aurora Swithenbank

bit, So around X%. on being but the obviously, in the interest seeing are X.X%. new money current quite portfolio we're to rates And put is yield around work and bouncing a

Operator

UBS. The next question comes from Doug Harter from

Douglas Harter

we a competitive bit Hoping dynamic about little the more for could kind of NIW. talk

in This one of quarter player similar share everyone situation. saw kind take significant while else was a kind of

seeing business? So you're can in on you on expand of terms just pricing . what new

Adam Pollitzer

generally balance approach and where of other see sure borrowers. comment Yes. point and, rational. and say, we think rate that same today. market our we using appropriately on fully by broader most time, interpret industry their just rate ability fairly value see and tools, sheet, taking. our customers that we're balance where at to supporting a using pricing make today What deliberate really Look, moves. is where got deliver the that's across that market and the is then at discipline maybe see our give shareholders, perspective but I'll is we really be protect to for our long-term a the first among should And on what stable would We're industry returns We that importantly, we've to we we encouraged the we and a as price the

you holds is a upswing, layer the could all view, on natural true point just are well. of business fluctuation customers and right? fact on decisions amount There's how risk your from you their you're pickup movement to on as winning natural In that, own opposite rate set mix customers a of going Everyone the in of then be own time. the their that And has see are always on movements doing, look, quarter-to-quarter. terms making on adequacy who If more right? always there's the noted, to some themselves the based on part some of everyone

or And environment move to broadly one remains around in see our discipline inside decisioning balanced happening as a market and pricing But overall, what's can't strategy case the what bit. today. that quite and some for competitors. naturally we've We seen speculate the and a so the time, could you little of things really constructive

Operator

from of Rickman comes question next The Nate America. Bank of

Unknown Analyst

guided operating to guys incremental like previously You growth. expense

how that end high you net You but used expect some still range? year like that what and more long-term just like like curious investments, internal would ratio trending of like your XX% to to is I'm towards closer in from trend to that expense end that of XX% expenses like you low range. the

Aurora Swithenbank

I'm Sure. happy that. take to

was a with delivered we're business the So it and and quarter. and this efficiency, always the pleased managing discipline XX.X% ratio expense saw we're that quarter, strong have you to

moves, particular I growth terms near-term quarter-to-quarter normal to base, make of I'd in the quarter think we there's trends, to. in there's nothing are point we terms In point would do I with anything that that to are picture. that in of just that natural although fundamentally don't to And inflationary going that line specific our alter investments going expense in expect

Adam Pollitzer

term to both that expect, now. sort we're term right, you planning going to the through the we over And and our be and immediate for the long long-term We're just manage term long Yes. here the business need of our making should process thinking, investments. long term. as I'm in means for

so focused continue that focus strategies, in and that is far systems, way and our management allows to people, we're doing just growth us so our our achieved our discipline us obviously And maintain will on. a a to that areas, in for the natural risk investing we've something the be

Unknown Analyst

was the did end the quarter. saw to some there changes great if you curious see persistency we then near term? you And persistency, to but in it I'm tail And quarter-over-quarter, very do of intra-quarter? change helpful. expect just like on that movement like That's onto the any stable

Adam Pollitzer

look recent and say, QX persistency look of that talk that I'd see we into trending we but I'll and trends do well look then go as forward, as into next talk out the today. some above year, as historical that, forward case, we will our noted. Look, we Yes. probably remains Certainly, about off about natural anything expect the we remain forward. will peaks And

meaningful rotation us of but it so so, It's to saw just weeks of into, or refinancing points the just valuable, sharply we In uptick volatility terms such opportunity then that recapture that was is so opportunity see lagged which NIW, or quickly a right? was a in meaningful activity, the XXX back bit and but a can have right? boy, capture down from matter rates I of an so rate by whatever basis sensitivities up insight short our it of a intra-quarter, of and us we for time doesn't We wouldn't is incremental mean for period within impact give say, -- portfolio. in it expect we're talking some quick, there. that to portfolio, bounce

Operator

next comes Maxwell from question The Fritscher from Truist.

Maxwell Fritscher

in I'm XQ, on in thus give I the, on trending you first calling days November? far you guess, October in sense see a mortgage Mark how Hughes. Can for few us activity

Adam Pollitzer

down is supports long-term where with number speaking, strong expect which that the of new sizes opportunity again, for will the we through, the opportunity and similar broader we production. what in prices rates don't affordability see private more come market we MI about year. about demand house incrementally next next Sure. and where to of payment perspective the as that market market Maybe in larger But on drive talk for I'll candidly, you resiliency to a moving broadly the to higher overall, support. we've I'll as we continue kind just of own business updates constraints, the activity into provide intra-period loan secular seen borrowers developing increasing Generally an MI be drivers key we've where give talked this very candidly, or guidance year, because how year us our a and roll year

opportunity volume always depending NIW similarly we sense is XXXX. plus/minus Our develop where so, is still to year. on roughly, how be to or but continue will environment industry things create the or can attractive headwind, could it, that call $XXX Obviously, around evolves, XXXX is shift the some incremental outlook is next that and for pacing MI industry rates trend a environment our billion expect and quite how macro positive in

Operator

next from Geoffrey The comes question Dunn Dowling. from

Geoffrey Dunn

share to the the on profit Are you threshold commission able new

Aurora Swithenbank

the share XX% now, of XX-Q -- the which a put subsequent is quota will there's There's quota commission a on our this. but all bit so Sure. event give the up XXXX on you The detail on our shares, in quite to details, profit treaty.

fully at commission We treaty and level, XX% share threshold. our XX% XXXX placed partially also profit we the share placed quota our quota a XXXX at same

Adam Pollitzer

Yes.

highest So there's of terrific, -- that Geoff, said the but locked we in for little are a profit we've ever as commissions tied for most with say, a coverage we'll years' lowest as they're to 'XX, the we're these X were really achieve. the right, able we And and were margins, to happy execution bit worth deals, that stub terrific place achieved. have

Geoffrey Dunn

changes Or And in the Right. down quarter there assumptions? for fundamental your mix sequentially. driven? this that notice any reserving average was are Is then provision

Adam Pollitzer

Yes.

June a $XX,XXX sorry, quarter, the average $XX,XXX of XX, end carried of XX. reserve NOV -- roughly about compares couple $XX,XXX we look, per at carried So the NOD things, at that for at and we September to -- third

right? in reserve FICO, a and such differences terms just the can at fundamental our defaults LTV, have through particularly because no as right, differences our picks in other in say of we similar number of small key that There's the always to of default population variables. I'd small in So come underlying small themselves. end ticket, generally population DTI, second QX the shifts attributes there, Our has default quarter,

manage, for and us reserving more But the You I generally that broadly of X is a in setting while about more continue for forecast at downside but in we sort and roll that done second through. generally as quarter. purposes though, anchor for can that how talked get of small discipline did our embedding reserving speaking, purposes we say And explicitly for We in nothing that keys had terms now of we've that differences shifted. really just to reserves. to conservatism QX we when the we're

Operator

next JPMorgan. from The Shane Instructions] Rick comes from question [Operator

Richard Shane

like little to but out formation talk in -- the default When a realize cumulative, does over to see I about of start default bit I'd formation formation line do flatten cumulative for peak, when you trajectory obviously, sort time. it's terms of time

Adam Pollitzer

Rick. a great It's question,

from labor on step typically So on, those and have, I we vintages for side instead for out if the situated they and just X back that of after experience want vintage price and the run we stretch the to of year between incurrence year develops those extended what say, far origination. normal an which years see market if that obviously, from specific because originated, record talk XXXX a themselves buoyant And we origination occurs a mortgage, right, house are roughly the right? But in right, years. have will XXXX the is appreciation, and and environment any lot those loss depends loans X borrowers the still took their conceptually, how have labor after what after peak

they'll home to decision financial is save when long the right? put you rent to may that many that that roots by right? oftentimes And for sense, a the them prospects, to obligation events. a them they're outcome loan, you do term, driven, around in current down have about to want many your they're housing build kids look one, saying do may signal confidence they'll borrowers, is it, particular is household as wealth job taking emotional and that buy largest a your the it, And have had on successful have a So debt, single For you make in of the have making you're right? really Mary and out borrower it a They you taking right, when confidence way purchase. decision, that right? makes also financial stay carry that a don't over calculus, ability providing if a Typically, in the decision on essentially, this got decision, very ever think and versus life obviously lightly, to profile, buy your a What the financial a heavy community, it that you with there's service you're aspects carry. at

But like any right, goes the longer the like forecast longer predict with stretch. horizon forecast, the any to forecast out, you down, the ability in that accuracy

a indication, get that those true decision. signaling are they've shift statement or personal borrowers in by you confidence so little free and indication that that X environment sort in the hold And of that time for typically start which to barring bit. right, first year the years, But a meaningful X made so, it could

have stranger can loss, job have introduced. developed household all changes, things that You that position, have job be that things unexpected can

their debt that and statement story if you growth borrower They've found X the their hold, to even original of about forecast, amount their their but And may position becomes enjoyed wage in on. the time years. a and year built X original in doesn't some they have They ways. X, their for advanced it they and a different so by to year then service shifted, servicing generally have wealth. they're then They obviously who's equity, that affirmative wherewithal built careers. the you consistently that lag X performance you if get responsibly debt making see conviction, years can statement typically will, from been

to so And X why through X. from that's tend years see we

depends want, not is, As to environment the the depends pattern It going the that within developing. obviously to risk year X the on X borrower. it's which through and it you the X, which book, depends. I'll in the you're give profile It on

Richard Shane

don't it's a My would describing No, a question fair sense. been to me and extent have you in second. would I will experience interesting want up because you what it's makes I get to Adam, assumed you're with look, total have But question, -- once what follow some a digest that, that job sort health, of the once the higher is the year that greater right. easier. through becomes that -- divorce But get means you it occurs. go, think you and loss, exactly you're It year a out through risk first and I further that -- that

don't the look had last to better. 'XX cohort talk don't I'd table the thing again, specifically. X cohort the doing talk at on of You if But to overread 'XX? same about look a sort the to want at things 'XX different this. the to put is bit 'XX point that to cohort there generically. or far the the anything want about about bit the it now 'XX. 'XX said Or 'XX should want the that one versus And tad you actually for as the fundamentally actually than we I little 'XX Is a better too -- 'XX should we we fine year And so cause that. cohort out. But time. I is into a default love be cumulative jumps fundamental at extrapolate at least The

Adam Pollitzer

give don't Well, you we guidance.

how our 'XX is, just We on give books. What just a us with are want and 'XX the say will talk I portfolio. pleased quality, for Those you to developing. well. they've let performing easier bit that like We're exceptionally rest think high really I they're been the but about you incredibly becomes of -- say books I'll So guidance. specifics, say focus broadly though know to me it we don't

same have 'XX We mix shaping the applied risk 'XX as and our production we in have to done. and selection always rigor the

sourced vintages, for the done. risk at look on similar, always as just you we've they're differences. quite no a underlying We both protection comprehensive notable those basis, vintage-by-vintage characteristics reinsurance again, of If

not difference vintages. production The highlight we've our But to X year difference that underpins recent the more obviously, in equity the compared years simply say those and I'd vintages. of recent So talked older some about the now prior to for between vintages. more embedded key is book that our position time

still purchased say, seen house just benefiting, macro who as more haven't Borrowers a homes out who strong loans appreciation their pandemic. same at also from I'd and homes took the borrowers bought right, But price they're market. backdrop, recently their those their the housing during broadly run resilient record

how it's than XXXX between expect model both say earlier. the and costs we years 'XX. 'XX incur it, book do won't Again, really We earlier cumulative will equity higher model you I'd claim 'XX it as than so I and we dynamic. and our And 'XX out tell that

in holding performance, expect We though, to track actual original price experience though, versus share books will is expectations. our I'll And continue our encouraging quite of those well and that on also constructive a both that really way.

Richard Shane

Got it.

best recognizing Yes. is needs little cohorts which of fall. Okay. And XXXX a ever of be could two benchmarking bit and versus your a again, the XXXX,

So I the answer, Adam. appreciate

Operator

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

Adam Pollitzer

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

Operator

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

may You disconnect. now

NMI (NMIH) 6 Nov 242024 Q3 Earnings call transcript