NMI Holdings Inc

Hello and welcome to the NMI Holdings, Inc. Third Quarter 2022 Earnings Conference Call. All participants will be in 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 a touch-tone 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 John Swenson. Please go ahead, John.

Thank you. Good afternoon, and welcome to the 2022 Third 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 Nick RealMuto, our Controller. 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 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 SEC. 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've 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 third quarter with strong operating performance, significant growth in our insured portfolio, and record financial results. Through the course of today's call, 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 a growing set of macro headwinds. However, we do not expect the economy or housing market to deteriorate as they did during the financial crisis. For more than a decade now, underwriting standards have been disciplined and responsible across the mortgage markets. Regulatory guardrails have been enacted and the toolkit to assist borrowers through stress has grown meaningfully. Our existing borrowers have strong credit profiles, significant embedded equity in their homes, and benefit from having locked in 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 an exceptionally high-quality insured portfolio 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, and we expect to continue to invest in our employees, support our customers and their borrowers, and deliver for our shareholders, no matter how the macroeconomic environment develops. With that, let me turn it over to Adam.