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Primary Insurance In-Force
Total outstanding mortgage insurance coverage the company currently guarantees. Size and trends in in-force reflect the scale of future premium income and the company’s exposure to borrower defaults—growing in-force suggests expansion, while declines signal shrinking business or tighter underwriting.NMI has converted consistent NIW into a multi-year, record-sized primary insurance‑in‑force balance, reflecting scale gained through disciplined pricing and reinsurance. Management signals growth will be more sideways in 2026 even as they return capital, so the metric’s expansion looks deliberate rather than risky. Still, rising defaults, modestly weaker persistency and lower profit commissions mean investors should watch reserve‑per‑notice, net yield stability and claim trends for signs that credit normalization could constrain margins despite the company’s sizable capital cushion.
Date | Primary Insurance In-Force |
|---|---|
Jun 30, 2026 | $227.10B |
Mar 31, 2026 | $222.32B |
Dec 31, 2025 | $221.40B |
Sep 30, 2025 | $218.40B |
Jun 30, 2025 | $214.70B |
Mar 31, 2025 | $211.30B |
Dec 31, 2024 | $210.20B |
Sep 30, 2024 | $207.50B |
Jun 30, 2024 | $203.50B |
Mar 31, 2024 | $199.40B |