NMI Holdings Inc

Good day, and thank you for standing by. Welcome to the NMI Holdings Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during our session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, John Swenson. Please go ahead.

Thank you, Operator, and good afternoon. Welcome to the 2021 Fourth Quarter Conference Call for National MI. I'm John Swenson, Vice President of Investor Relations and Treasury. Joining us on the call today are Brad Schuster, Executive Chairman, Adam Pulitzer, President and Chief Executive Officer, Ravi Malaya, Chief Financial Officer, and Julie Norberg, our Controller and Chief Accounting Officer. Financial results for the quarter were released after the close today. The press release may be accessed on NMI's website, located at nationalmi.com under the Investors tab. During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about the factors that could cause actual results or trends to differ materially from those discussed on the call can be found on our website or through our regulatory filings with the FCC. If and to the extent the company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments. Further, no one should rely on the fact that the guidance of such statements is current at any time other than the time of this call. Also note that on this call, we refer to certain non-GAAP measures. In today's press release and on our website, we provided a reconciliation of these measures to the most comparable measures under GAAP. Now, I'll turn the call over to Brad.

Thank you, John, and good afternoon, everyone. I'm pleased to report that in the fourth quarter, National IMI again delivered strong operating performance, significant growth in our insured portfolio, and record financial results, capping a year of standout success. We closed 2021 with $85.6 billion of total NIW volume and a record $152.3 billion of high-quality, high-performing primary insurance in force. We delivered broad success in customer development, continued to innovate in the reinsurance market, once again achieved industry-leading credit performance and actioned our CEO succession plan in a seamless fashion. We generated a record $236.8 million of adjusted net income in 2021, up 36% compared to 2020, and fully delivered on our strong mid-teens return goal with a 16.1% adjusted ROE for the year. Shifting to Washington matters. Policymakers, regulators, the FHFA, and the GSEs remain focused on promoting broader access and affordability to the housing market for all borrowers. Expanding access to homeownership and all the benefits it provides in a manner that appropriately guards against systemic risk is critically important. At National MI, we recognize the need to provide all borrowers with an equitable opportunity to access the housing market, establish a community identity, and build long-term wealth through homeownership. And we are actively engaged and committed to equally supporting borrowers from all communities. We believe there is broad recognition in Washington of the value that the private mortgage insurance industry brings to this effort, providing borrowers with down payment support and equal access to mortgage credit while also placing private capital in front of the taxpayer to absorb risk and loss in a downturn. Overall, I'm delighted with what we achieved last year. and I am excited about our opportunity to continue to lead with impact and build value for our employees, for borrowers, for our customers, and for our shareholders in 2022. With that, let me turn it over to Adam.