F. Customers  G. Sales and Marketing H. Competition The principal customers of our mortgage insurance business are mortgage originators such as mortgage bankers,  mortgage brokers, commercial banks, savings institutions, credit unions and community banks.  In an effort to diversify our customer base, beginning in 2009 and 2010, we have increased the amount of business we are  conducting with credit unions and community banks. Since 2010, we have added more than 700 new customers and  significantly increased the amount of business derived from mid-sized mortgage banks.  This has increased our overall level of  new insurance writings, as well as reduced our susceptibility to loss of business from any one customer as a result of disputes  regarding our loss mitigation practices. As a result of this strategy to diversify our customer base, our mortgage insurance business in 2012 was dependent to a  lesser degree on a small number of large lending customers. Our top 10 mortgage insurance customers, measured by primary  NIW, represented 24.8% of our primary NIW in 2012, compared to 34.5% and 54.4% in 2011 and 2010, respectively. The  largest single mortgage insurance customer (including branches and af filiates), measured by primary NIW , accounted for 6.2%  of NIW during 2012, compared to 10.1% and 15.5% in 2011 and 2010, respectively. In 2012 and 2011, the premiums paid to us  by each of Bank of America and Wells Fargo, exceeded 10% of our consolidated revenues. See “Part I. Item 1A. Risk Factors— Our NIW and franchise value could decline if we lose a significant customer. ” Our sales and account management team is or ganized in various geographic regions across the U.S. We have a new  business development group that is focused on the creation of new mortgage insurance relationships and an account  management group that is responsible for supporting our existing mortgage insurance relationships. Mortgage insurance sales  and account management personnel are compensated by salary , commissions for NIW and the creation or development of  customer relationships and other incentive-based pay , which may be tied to the achievement of certain sales goals or the  promotion of certain products. We operate in the intensely competitive U.S. mortgage insurance industry . Our competitors include other private  mortgage insurers and federal and state governmental and quasi-governmental agencies.  We compete with other private mortgage insurers on the basis of price, customer relationships, reputation, financial  strength measures and service. The service-based component includes effective and timely delivery of products, risk  management services, timeliness of claims payments, training, loss mitigation ef forts and management and field service  organization and expertise. We currently compete directly with five private mortgage insurers: CMG Mortgage Insurance  Company, Essent Guaranty Inc., Genworth Financial Inc., Mortgage Guaranty Insurance Corporation and United Guaranty  Corporation. We expect that a sixth competitor, National Mortgage Insurance Corporation, will begin writing mortgage  insurance business during 2013. In February 2013, Arch Capital Group announced its intention to acquire CMG Mortgage  Insurance Company and the operating platform and other assets of PMI Insurance Company , which is likely to increase the  level of competition in the industry . Certain of our private competitors are subsidiaries of lar ger corporations or are not  burdened by legacy credit risks, including the new entrants to our industry . These competitors may have access to greater  amounts of capital and financial resources than we do and may have stronger financial strength ratings than we have. Until the middle of 2011, we also competed against two other private mortgage insurers—PMI Group Inc. (“PMI”) and  Republic Mortgage Insurance Company (“RMIC”). Following regulatory actions taken by insurance regulators with respect to  PMI and RMIC, each of these mortgage insurers ceased writing new mortgage insurance commitments in the third quarter of  2011.  23