NMI Holdings Inc

Good day and welcome to the NMI Holdings, Inc. second quarter 2022 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Mr. John Swenson. Please go ahead, sir.

Thank you, operator. Good afternoon and welcome to the 2022 second 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 Politzer, President and Chief Executive Officer, Ravi Malela, Chief Financial Officer, and Julie Norberg, our 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 have 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. We had a terrific second quarter with strong operating performance, significant growth in our insured portfolio, and record financial results. During today's call, as we always do, we'll share with you the details behind our numbers and the implications for the periods ahead. I'd like to focus, however, on the macroeconomic environment. I've been in this business for almost 30 years. I have seen a number of economic cycles over that time. And importantly, I've seen how the mortgage insurance industry overall, and National MI specifically, have learned from and been transformed by past experience. We do see an emerging set of macro headwinds. However, we do not expect the economy or the housing market to deteriorate as they did in the financial crisis. For more than a decade now, underwriting standards have been disciplined and responsible across the mortgage market. Regulatory guardrails have been enacted, and the toolkit to assist borrowers through stress has grown meaningfully. Our borrowers today have a strong credit profile, significant equity position in their homes given the recent run of house price appreciation, and benefit from record low 30-year fixed rate mortgages with manageable debt service obligations. From the start, we have focused on building national MI in a durable, risk-responsible manner. We've worked hard to establish a comprehensive credit risk management framework, and in doing so, we have built the highest quality insured portfolio in the MI industry and have secured comprehensive reinsurance protection for nearly the entirety of our book. I'm confident in our ability to perform across all market cycles. We will continue to invest in our employees, support our customers and their borrowers, and deliver for our shareholders, no matter how the economy develops. Shifting to Washington matters. In early June, the GSEs each released their equitable housing finance plans which are designed to promote equitable access to affordable and sustainable housing and address longstanding disparities in homeownership. We commend their efforts. At National MI, we believe that providing all borrowers with an equitable opportunity to access the housing market, establish a community identity, and build long-term wealth through homeownership in a manner that appropriately guards against systemic risk is critically important. National MI and the broader private mortgage insurance industry play a uniquely valuable role in the housing finance system, 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. Since our formation, we've helped more than 1.4 million low down payment borrowers gain fair access to mortgage credit. And in doing so, have helped open the door to affordable and sustainable home ownership in communities across the country. We are committed to equally supporting borrowers from all communities and are actively engaged in discussions with policymakers, regulators, the GSEs, lenders, and consumer advocacy groups. We look forward to continuing to work with the GSEs as they put their equitable housing plans into action and develop specific initiatives to support increased access and affordability in a manner that appropriately guards against systemic risk. With that, let me turn it over to Adam.