NMI Holdings Beats Earnings and Revenue Estimates in Q2 2026

NMIH delivered record second-quarter results, reporting EPS of $1.38 and revenue of $187.9 million, both ahead of estimates, with net income of $105.8 million. Management attributed the outperformance to insurance-in-force portfolio growth and disciplined capital allocation.

Private mortgage insurance is a business where the current environment cuts two ways. Elevated mortgage rates suppress origination volume, which limits new insurance written, but the same conditions keep existing policies on the books longer because borrowers have no incentive to refinance out of them. That persistency is what is driving the record revenue: the in-force portfolio is compounding even as new business growth stays modest.

Credit performance is the other half of the equation and remains the variable to watch. NMI's earnings depend on default rates staying contained; a labor market deterioration would show up first in delinquency notices and then in reserve builds, and the operating leverage that produces record quarters in benign credit works in reverse.

For investors the setup is a business earning well through a difficult origination market with a clean credit book. Watch monthly delinquency disclosures, persistency rates as any rate relief arrives and refinancing resumes, and whether management continues returning capital through buybacks at the current pace.

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