<SEC-DOCUMENT>0001547903-24-000028.txt : 20240212
<SEC-HEADER>0001547903-24-000028.hdr.sgml : 20240212
<ACCEPTANCE-DATETIME>20240212204937
ACCESSION NUMBER:		0001547903-24-000028
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240209
FILED AS OF DATE:		20240212
DATE AS OF CHANGE:		20240212

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHUSTER BRADLEY M
		CENTRAL INDEX KEY:			0001052831
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36174
		FILM NUMBER:		24622255

	MAIL ADDRESS:	
		STREET 1:		2100 POWELL STREET
		STREET 2:		12TH FLOOR
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NMI Holdings, Inc.
		CENTRAL INDEX KEY:			0001547903
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				454914248
		STATE OF INCORPORATION:			CA
		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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1707788965.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-02-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001052831</rptOwnerCik>
            <rptOwnerName>SHUSTER BRADLEY M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NMI HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2100 POWELL STREET 12TH FL.</rptOwnerStreet2>
            <rptOwnerCity>EMERYVILLE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94608</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive Chairman</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>1</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2024-02-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6213</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>447085</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2024-02-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6978</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>440107</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2024-02-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>12836</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>30.53</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>427271</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Shares, $0.01 par value per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>47150</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Shuster Family Trust, of which Mr. Shuster and his wife are co-trustees and beneficiaries</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares withheld by NMIH to satisfy withholding taxes due in connection with the vesting of certain restricted stock units granted to the reporting person on February 9, 2022  at a net settlement price equal to the closing stock price on February 9, 2024. The shares underlying these restricted stock units vest in three equal annual installments beginning on February 9, 2023.</footnote>
        <footnote id="F2">Represents shares withheld by NMIH to satisfy withholding taxes due in connection with the vesting of certain restricted stock units granted to the reporting person on February 10, 2021 at a net settlement price equal to the closing stock price on February 9, 2024. The shares underlying these restricted stock units vest in three equal annual installments beginning on February 10, 2022.</footnote>
        <footnote id="F3">The common stock was sold by the reporting person in a series of open market transactions at an average sale price of $30.53.  The range of sale prices on the transaction date was $30.21 to $30.71.  The reporting person undertakes to provide, upon request by the SEC staff, NMIH or a security holder of NMIH, full information regarding the shares sold at each price.</footnote>
        <footnote id="F4">Represents 347,640 Class A common shares and 79,631 unvested restricted stock units.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Lynn Zheng, as Attorney-in-Fact</signatureName>
        <signatureDate>2024-02-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
