Since its launch in 2012, National MI has become one of the fastest-growing companies in the lending industry. The company has seen an impressive increase in both customers and market share under the leadership of CEO Bradley Shuster.
Since the beginnings of National MI, Shuster has led the company through everything from securing initial funding to obtaining all state and regulatory approvals. In 2011 and 2012, Shuster traveled the U.S. on an “investor roadshow,” which led to NMI Holdings, Inc. raising $500 million of private capital to launch National MI in 2012. He then guided National MI through licensing approval by all 50 states.
Shuster was also instrumental in obtaining approvals from Freddie Mac and Fannie Mae in early 2013.
The private mortgage insurance industry has become one of the fastest-growing segments of the housing economy, and grew more than 20% between 2010 and 2014, according to U.S. Treasury Department data. The San Francisco-based company has grown to be a profitable leader in private mortgage insurance, with more than 1,000 lender clients and steadily growing.
Under Shuster’s guidance, National MI has pioneered an initiative to launch a new insurance product that made 12-month rescission relief feasible and started a trend in the mortgage insurance industry.
The product, National MI Safeguard, shortened the traditional industry time frame for rescission relief by two-thirds, from 36 to 12 months.
Shuster led NMI Holdings, Inc. through a successful initial public offering in November 2013 and since 2015, National MI has tripled its market share. National MI reported total new insurance written of $5.8 billion in the second quarter of 2016, up 129% from the second quarter of 2015.
The company’s insurance-in-force has steadily increased since March 2015, showing positive gains each quarter, with its primary IIF currently standing at $23.6 billion.
National MI’s employee base has grown to more than 260 with Shuster at the helm and has been recognized as a Best Place to Work by Fortune magazine and the San Francisco Business Times. Shuster is also a member of the Mortgage Bankers Association, a speaker at Wall Street conferences and has authored articles in mortgage industry publications.
In July 2016, Shuster was named vice chair of U.S. Mortgage Insurers, the Washington, D.C.-based trade group representing private mortgage insurers. By establishing a successful mortgage insurance company that offers products with attractive terms and rates, Shuster has helped create and restore confidence in the private mortgage insurance business.
By providing the credit enhancement needed for lower down payment mortgages, private mortgage insurers can now reduce the time it takes a borrower to save for a down payment, promoting homeownership in the U.S.
Throughout his 35-year career, Shuster has held C-level positions with leading mortgage insurance companies, managed start-up operations (through both organic growth and acquisition) and managed internationally based mortgage insurance business units.
Prior to NMI Holdings, Shuster was the president of international and strategic investments at The PMI Group, CEO of PMI Capital Corp. and partner-in-charge of Deloitte, LLP’s Northern California insurance and mortgage banking practices.