NMI Holdings (NMIH) Q2 2026 Earnings Call Transcript
Thursday, July 30, 2026 at 5 p.m. ET CALL PARTICIPANTS Vice President of Investor Relations and Treasury - John Swenson Executive Chairman - Brad Shuster President and Chief Executive Officer - Adam Pollitzer Chief Financial Officer - Aurora Swithenbank TAKEAWAYS New Insurance Written (NIW) -- $16 billion in the second quarter, representing high return new business volume according to management.
How this was made
The 30-second read
Why it matters
Traders can update near-term expectations for MI earnings power using the disclosed profitability metrics and buyback activity, while also adjusting risk assumptions for the second-half default trajectory and regional housing stress.
Market read
Record insurance-in-force and higher adjusted EPS support a constructive read-through, but management’s expectation of higher default population in the back half introduces a clear risk to subsequent quarters.
What to watch
Core yield stability can be influenced by refinancing mix and premium dynamics; investors may need to watch whether refinancing activity changes borrower composition and premium yield going forward.
Background
NMI Holdings, branded as National MI, is a private mortgage insurer; the transcript covers Q2 2026 performance, portfolio metrics, and credit/default outlook.
Ticker impact
NMI Holdings reported Q2 2026 results and disclosed NIW of $16B, IIF of $227.1B, and adjusted EPS of $1.38 on the call.
Near-term bias modestly positive on strong profitability and record IIF, partially offset by management’s expectation for higher defaults in 3Q-4Q.
Multiple Q2 datapoints (revenue, adjusted net income, EPS, expense ratio) are presented as record/strong, while the main offset is explicit guidance that default populations may rise seasonally and macro housing stress is emerging in specific regions.
Market effects
Reinforces mortgage-insurance sector read-through that credit performance is resilient but default rates may seasonally normalize, affecting MI pricing expectations.
Management flags emerging pressure in Florida, Texas, Sun Belt, Mountain West, and parts of the West Coast, which can influence regional credit risk sentiment.
Limited direct global linkage; primarily US housing credit and mortgage-insurance risk appetite.
Counterpoint
Despite strong Q2 metrics, the company explicitly expects default population to trend higher in 3Q-4Q, which could pressure future earnings even if core yield stays stable.
Key entities
- companyNMI Holdings Inc.
Subject of the earnings call transcript, reporting Q2 2026 results and providing forward-looking commentary on defaults and macro housing risk.
- executiveAdam Pollitzer
CEO who discussed expected default normalization and regional macro housing pressures.
- executiveAurora Swithenbank
CFO who discussed reinsurance execution and PMIERs available assets.
