<SEC-DOCUMENT>0001140361-16-064381.txt : 20160510
<SEC-HEADER>0001140361-16-064381.hdr.sgml : 20160510
<ACCEPTANCE-DATETIME>20160510175010
ACCESSION NUMBER:		0001140361-16-064381
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160509
FILED AS OF DATE:		20160510
DATE AS OF CHANGE:		20160510

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NMI Holdings, Inc.
		CENTRAL INDEX KEY:			0001547903
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				454914248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2100 POWELL STREET, 12TH FLOOR
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
		BUSINESS PHONE:		(855) 530-6642

	MAIL ADDRESS:	
		STREET 1:		2100 POWELL STREET, 12TH FLOOR
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hayman Investments LLC
		CENTRAL INDEX KEY:			0001420196
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36174
		FILM NUMBER:		161637205

	BUSINESS ADDRESS:	
		STREET 1:		2626 COLE AVENUE
		STREET 2:		SUITE 200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75204
		BUSINESS PHONE:		214-347-8050

	MAIL ADDRESS:	
		STREET 1:		2626 COLE AVENUE
		STREET 2:		SUITE 200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75204

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bass J Kyle
		CENTRAL INDEX KEY:			0001420193

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36174
		FILM NUMBER:		161637206

	MAIL ADDRESS:	
		STREET 1:		2626 COLE AVENUE
		STREET 2:		SUITE 200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75204

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HAYMAN CAPITAL MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001420192
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36174
		FILM NUMBER:		161637207

	BUSINESS ADDRESS:	
		STREET 1:		2101 CEDAR SPRINGS ROAD
		STREET 2:		SUITE 1400
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		214-347-8050

	MAIL ADDRESS:	
		STREET 1:		2101 CEDAR SPRINGS ROAD
		STREET 2:		SUITE 1400
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	FORMER NAME:	
		FORMER CONFORMED NAME:	Hayman Advisors LP
		DATE OF NAME CHANGE:	20071204

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Osmon John Brandon
		CENTRAL INDEX KEY:			0001591062

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36174
		FILM NUMBER:		161637208

	MAIL ADDRESS:	
		STREET 1:		C/O NMI HOLDINGS, INC.
		STREET 2:		2100 POWELL ST., 12TH FLOOR
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2016-05-09</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001547903</issuerCik>
        <issuerName>NMI Holdings, Inc.</issuerName>
        <issuerTradingSymbol>NMIH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001591062</rptOwnerCik>
            <rptOwnerName>Osmon John Brandon</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NMI HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2100 POWELL STREET, 12TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>EMERYVILLE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94608</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former Dir.; Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001420192</rptOwnerCik>
            <rptOwnerName>HAYMAN CAPITAL MANAGEMENT, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2101 CEDAR SPRINGS ROAD, SUITE 1400</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former Dir.; Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001420193</rptOwnerCik>
            <rptOwnerName>Bass J Kyle</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HAYMAN INVESTMENTS, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>2101 CEDAR SPRINGS ROAD, SUITE 1400</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>X1</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001420196</rptOwnerCik>
            <rptOwnerName>Hayman Investments LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2101 CEDAR SPRINGS ROAD, SUITE 1400</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>39832</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2016-05-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1750000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.30</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5621500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2016-05-10</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>312800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.3241</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5308700</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Osmon is a managing director of Hayman Capital Management, L.P. (&quot;Hayman Capital Management&quot;). Mr. Osmon ceased to be a director of the Issuer as of May 10, 2016. Hayman Capital Management acts as an investment adviser to, and manages investment and trading accounts of, other persons, including Hayman Capital Master Fund, L.P. (&quot;HCMF&quot;). Hayman Investments, L.L.C. (&quot;Hayman Investments&quot;) is the general partner of Hayman Capital Management. Mr. Bass is the managing member of Hayman Investments. In the foregoing capacities, Hayman Capital Management, Hayman Investments and Mr. Bass may be deemed to beneficially own securities beneficially owned by Hayman Capital Management. In connection with Mr. Osmon's employment by Hayman Capital Management, HCMF may be deemed to beneficially own securities of the Issuer beneficially owned by Mr. Osmon.</footnote>
        <footnote id="F2">Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest in such securities, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F3">Reflects the weighted average price of shares sold in multiple transactions at prices ranging from $6.314 to $6.3677.  The Reporting Persons undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth above.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Brandon Osmon</signatureName>
        <signatureDate>2016-05-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Hayman Capital Management, L.P., by Hayman Investments, L.L.C., its general partner, by J Kyle Bass, Managing Member</signatureName>
        <signatureDate>2016-05-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Hayman Investments L.L.C., by J Kyle Bass, Managing Member</signatureName>
        <signatureDate>2016-05-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ J Kyle Bass</signatureName>
        <signatureDate>2016-05-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
