COPYRIGHT FROM WIKIPEDIA
National Mortgage Insurance Corporation (National MI) is a prominent player in the U.S. mortgage insurance industry, known for its innovative approach and commitment to facilitating homeownership. Established in 2012, National MI has rapidly grown to become a significant force in the sector.
Founding and Early Growth
Founded in 2012 by Bradley Shuster and Jay Sherwood, National MI was created to provide private mortgage insurance solutions that support low down payment borrowers while protecting lenders and investors against losses related to borrower defaults. The company raised $500 million in private capital to launch its operations and received approvals from Fannie Mae and Freddie Mac in January 2013, allowing it to deliver loans to both government-sponsored enterprises.
By April 2014, National MI had signed master policies with 478 lenders, including six of the country's largest lenders, and was licensed to write mortgage guaranty insurance in all 50 U.S. states and the District of Columbia. The company also introduced its innovative National MI SafeGuard® product, offering rescission relief after 12 timely payments, significantly reducing lenders' repurchase risk.
Expansion and Industry Recognition
In November 2013, National MI's holding company, NMI Holdings, Inc., went public, trading on the NASDAQ under the symbol "NMIH." This move provided the company with additional capital to expand its operations and services. By March 2016, National MI had surpassed 1,000 lender customers nationwide, celebrating its third year in business with significant growth and industry recognition.
The company continued to innovate by introducing a nationwide, risk-based pricing structure and expanding its product offerings to meet the evolving needs of the mortgage industry.
Workplace Excellence
National MI has been consistently recognized for its exceptional workplace culture. In June 2023, the company was certified as a Great Place to Work® for the eighth consecutive year, reflecting its commitment to fostering an inclusive and collaborative environment where employees can thrive.
As of 2023, National MI continues to lead the industry with innovative solutions and a strong commitment to supporting homeownership. With a solid foundation and a focus on customer-centric services, the company is well-positioned for sustained growth and success in the evolving mortgage landscape.
National MI's journey from its inception to becoming a leading mortgage insurer highlights its dedication to innovation, customer service, and workplace excellence. As the company continues to evolve, it remains a key player in making homeownership more accessible to borrowers across the United States.
