National Mortgage Insurance Inc. (NMIH) operates as a private mortgage insurance provider through its Wisconsin-domiciled subsidiary NMIC, which is approved by government-sponsored enterprises and licensed across all 50 states. The company offers primary mortgage insurance protecting lenders and investors against default losses on high-loan-to-value residential mortgages above 80%, which enables the purchase of mortgages that would otherwise be ineligible, as well as outsourced loan review services to mortgage originators. NMIH generates revenue by charging premiums calculated as a percentage of original loan principal, structured flexibly as single, annual, or monthly payments, with rates set individually using a proprietary risk-based pricing platform that evaluates borrower credit, loan-to-value ratios, debt-to-income levels, and other risk factors to target through-the-cycle returns. The company serves national and regional banks, credit unions, community banks, and non-bank lenders, competing with five other approved private mortgage insurers and government-run programs in a highly competitive market where success depends on underwriting discipline, pricing sophistication, customer service, financial strength, and effective risk management through reinsurance and capital management aligned with regulatory requirements.