Quarterly pre-tax income and quarterly new business each ascended to the highest level ever at NMI Holdings. In addition, the book of business grew.
From July 1, 2017, until Sept. 30, income before taxes was $19 million, a record high, according to the
Emeryville, California-based firms’ third-quarter earnings report.
Pre-tax income at the parent of National MI tripled from $6 million earned in the same quarter last year. Income was previously reported at $9 million for the second-quarter 2017.
NMI wrote $6.115 billion in new insurance — also an all-time high. Business was $5.037 billion in the second quarter and $5.857 billion in the third-quarter 2016.
For all nine months of 2017 that have been reported so far by NMI, $14.711 billion in new insurance was written.
September 2017 finished with $43.259 billion insurance in force. The book of business expanded from $38.629 billion as of mid-2017 and $28.228 billion as of Sept. 30, 2016.
At the close of the third quarter of this year, 0.2 percent of NMI’s loans were in default. The rate was unchanged on a month-over-month basis but up from 0.1 percent a year earlier.
