NMI Holdings Posts 4Q Losses Despite Gains in New Insurance Written

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NMI Holdings, the parent company of National Mortgage Insurance Corp., reported a net loss again in the fourth quarter as it saw growth in new insurance written.

NMI Holdings lost $10 million during the three months ended Dec. 31, an improvement on its $13.1 million loss in the fourth quarter of 2013, according to results it released Thursday. Losses per share came to 17 cents.

While the company continued its track record for posting net losses, it made impressive gains in writing new insurance. Primary NIW grew to $1.7 billion in the fourth quarter, more than 10 times the $158 million in insurance it wrote during the same quarter in the previous year.

NMI Holdings’ customer base also expanded to 735 from 664 in the third quarter and 305 in the fourth quarter of 2013. This rise in new lenders, along with continued penetration, helped push the company’s strong sequential growth, according to National MI chairman and CEO Bradley Shuster.

“Our ability to rapidly gain share in a competitive marketplace reflects the strength of our team and our differentiated value proposition,” Shuster said in a press release. “We are off to a strong start in 2015 and look forward to another year of solid growth in new master policies, active customers and NIW.”

Article source: http://www.nationalmortgagenews.com/news/origination/nmi-holdings-posts-4q-losses-despite-gains-in-new-insurance-written-1045074-1.html

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