NMI Holdings Inc (NMIH) saw its stock plummet 5.59% during intraday trading on Friday, despite reporting solid Q4 2024 earnings that featured record revenue and profitability.
The mortgage insurance provider delivered strong operating results, with adjusted net income of $86.1 million and a 15.6% adjusted return on equity for the quarter. However, the company acknowledged some impact from hurricane-related mortgage defaults, which may have raised concerns among investors regarding near-term credit performance.
In the earnings call, management noted that approximately $1.5 million of the quarterly claims expense was related to new defaults linked to recent hurricane activity. While NMI Holdings adjusts reserve levels for these events expecting higher cure rates, the spike in storm-driven delinquencies appears to have weighed on investor sentiment.
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