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NMI Sells Its First Mortgage-Insurance Policies

NMI Holdings Inc., a new mortgage insurer, sold its first policies earlier this month, becoming just the second new company to enter the niche market of insuring home loans since the financial crisis decimated the industry.The company, operating under the name National MI, insured four loans to first-time homebuyers in a test run of its newly assembled systems, Chief Executive Bradley Shuster said. The company agreed to policy terms with 100 mortgage lenders and is approved to sell coverage in 46 states and the District of Columbia. Approval from the remaining four states are expected in short order, executives said."We're open and we're ready for business," Mr. Shuster in an interview.It is the latest milestone for a company that is looking to list its shares later this year amid growing investor interest in the mortgage-insurance industry, and comes at a busy time for the sector. Longtime mortgage insurers MGIC Investment Corp. (MTG) and Radian Group Inc. (RDN) recapitalized with sec...

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