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NMI Holdings, Inc. Releases Monthly Operating Statistics for June 2020
EMERYVILLE, Calif., July 06, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported selected operating statistics for the month of June
About this update from Nmi Holdings Inc
[{"type":"text","content":"EMERYVILLE, Calif., July 06, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported selected operating statistics for the month of June 2020. At June 30, 2020, the company reported 10,816 loans in default and a default ratio of 2.90%. Going forward, the company will release monthly operating statistics on the investor relations section of its website at https://ir.nationalmi.com/investor-relations.\n Default activity as of: 3/31/2020 4/30/2020 5/31/2020 6/30/2020 Number of loans in default (1) 1,449 1,610 2,265 10,816 Default rate (2) 0.38% 0.43% 0.61% 2.90% New Insurance Written During Quarter Ended 3/31/2020 Month Ended4/30/2020 Month Ended5/31/2020 Month Ended 6/30/2020 Weighted average composition FICO 757 762 762 762 Loan-to-value (LTV) 91.3% 90.8% 90.4% 90.8% Debt-to-income (DTI) 34.4% 33.4% 33.2% 33.3% In-focus risk segments 95.01-97.0% LTV 6.4% 6.1% 3.6% 2.6% 45% DTI 10.3% 8.2% 6.7% 6.1% Layered risk (3) 0.2% 0.1% 0.1% 0.1% (1) Loans are considered to be in default as of the payment date at which a borrower has missed the preceding two or more consecutive monthly payments (2) Default ratio is calculated as total loans in default divided by total policies in force(3) Layered risk includes loans with more than one in-focus risk factor About NMI HoldingsNMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com. Important Disclosures Related to Default ReportingThe information concerning default inventory is compiled from reports received from loan servicers and can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month, and transfers of servicing rights between loan servicers. We expect that we will see a significant increase in our default population going forward as borrowers face challenges related to the COVID-19 outbreak and benefit from the forbearance program for federally backed loans codified under the CARES Act or other programs made available by private lenders. Cautionary Note Regarding Forward-Looking StatementsThis press re...