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NMI Holdings, Inc. Releases Monthly Operating Statistics for May 2020
EMERYVILLE, Calif., June 01, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported selected operating statistics for the month of May
About this update from Nmi Holdings Inc
[{"type":"text","content":"EMERYVILLE, Calif., June 01, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported selected operating statistics for the month of May 2020. In light of the COVID-19 crisis, the company will be releasing operating updates related to the credit performance of its insured portfolio and the risk characteristics of its new insurance written on a monthly basis going forward. \n At May 31, 2020, the company reported 2,265 loans in default and a default ratio of 0.61%. A loan is considered to be in default when a borrower has missed two or more consecutive monthly payments. Default ratio is calculated as total loans in default divided by total policies currently in force. Default activity as of: 3/31/20204/30/20205/31/2020Number of loans in default 1,4491,6102,265Default rate 0.38%0.43%0.61% New insurance written during: Quarter Ended 3/31/2020Month Ended 4/30/2020Month Ended 5/31/2020Weighted average composition FICO 757762762Loan-to-value (LTV) 91.3%90.8%90.4%Debt-to-income (DTI) 34.4%33.4%33.2% In-focus risk segments 95.01-97.0% LTV 6.4%6.1%3.6%45% DTI 10.3%8.2%6.7%Layered risk (1) 0.2%0.1%0.1% (1) 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 release may contain statements that are deemed to be forward looking statements wit...