NMI Holdings (NMIH) New Insurance Written

Value of newly issued mortgage insurance during the period, showing current sales momentum and how quickly the company is adding future premium streams. Rising new written points to stronger originator relationships and market share gains; falling volumes warn of weaker growth ahead.

NIW has staged a clear recovery from the 2021–2023 trough into a stronger, but volatile, run in 2024–2025 driven by originations growth and expanding insurance‑in‑force. Management calls Q1 a record NIW quarter and expects volumes in 2026 to be broadly similar to 2025 while keeping disciplined pricing, reinsurance and risk selection—meaning growth may plateau rather than accelerate. That discipline matters because defaults, reserve per notice and slight persistency erosion are normalizing; capital and buybacks cushion downside, but underwriting margin compression and macro sensitivity to mortgage rates remain key risks.