<PAGE>
 
   As filed with the Securities and Exchange Commission on November 5, 1998
                                                   Registration No. 333-________

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM S-8
                            REGISTRATION STATEMENT
                                   UNDER THE
                            SECURITIES ACT OF 1933

                              THE PMI GROUP, INC.
              (Exact name of issuer as specified in its charter)

                      Delaware                     94-3199675
             (State or jurisdiction of          (I.R.S. Employer
           incorporation or organization)     Identification No.)

                601 Montgomery Street, San Francisco, CA  94111
                   (Address of Principal Executive Offices)


               THE PMI GROUP, INC. EMPLOYEE STOCK PURCHASE PLAN
                           (Full Title of the Plan)

                             Victor J. Bacigalupi
              Senior Vice President, General Counsel and Secretary
                              The PMI Group, Inc.
                             601 Montgomery Street
                           San Francisco, CA  94111
                    (Name and address of agent for service)

         Telephone number, including area code, of agent for service:
                                (415) 788-7878

                                  Copies to:
                                John E. Aguirre
                      Orrick, Herrington & Sutcliffe LLP
                              400 Sansome Street
                           San Francisco, CA  94111

                        CALCULATION OF REGISTRATION FEE

-------------------------------------------------------------------------------
Title of           Amount to        Proposed    Proposed    Amount of
securities to      be registered    maximum     maximum     fee
registered                          offering    aggregate
                                    price per   offering
                                    share*      price*

------------------------------------------------------------------------------- 
Common Stock       200,000 shares   $54.00      $10,800,000 $3,003.00
 
-------------------------------------------------------------------------------
*   Estimated on the basis of $54.00, the average of the high and low prices of
shares on the New York Stock Exchange on November 3, 1998.

                                       1
<PAGE>
 
              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


ITEM 3.     INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

    The following documents are incorporated by reference in this registration
statement:  (i) the latest annual report of The PMI Group, Inc. (the "Company"),
filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"); (ii) all other reports filed by the Company
pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the
fiscal year covered by the Annual Reports referred to in clause (i) above; and
(iii) the description of the Company's Common Stock filed pursuant to the
Exchange Act, including any amendment or report filed for the purpose of
updating such description.  All documents filed by the Company or the Plan after
the date of this registration statement pursuant to Sections 13(a), 13(c), 14,
and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
(that indicates all securities offered have been sold or deregisters all
securities then remaining unsold), shall be deemed to be incorporated by
reference in this registration statement and to be a part hereof from the date
of filing of such documents.

ITEM 4.     DESCRIPTION OF SECURITIES

Inapplicable.

ITEM 5.     INTERESTS OF NAMED EXPERTS AND COUNSEL

Inapplicable.

ITEM 6.     INDEMNIFICATION OF DIRECTORS AND OFFICERS

    Section 145 of the Delaware General Corporation Law, inter alia, empowers a
Delaware corporation to indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding (other than an action by or in the right of the corporation)
by reason of the fact that such person is or was a director, officer, employee
or agent of the corporation or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation or
other enterprise, against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by him or her in
connection with such action, suit or proceeding if he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Similar indemnity is authorized for such person against expenses (including
attorneys' fees) actually and reasonably incurred in connection with the defense
or settlement of any such threatened, pending or completed action or suit if
such person acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the corporation, and provided
further that (unless a court of competent jurisdiction otherwise provides) such
person shall not have been adjudged liable to the corporation. Any such
indemnification may be made only as authorized in each specific case upon a
determination by the stockholders or disinterested directors or, if there are no
disinterested directors, or if such disinterested directors so direct, by
independent legal counsel in a written opinion that indemnification is proper
because the indemnitee has met the applicable standard of conduct.

                                       2
<PAGE>
 
    Section 145 further authorizes a corporation to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation or enterprise,
against any liability asserted against him and incurred by him in any such
capacity, or arising out of his status as such, whether or not the corporation
would otherwise have the power to indemnify him under Section 145. The Company
maintains policies insuring its and its subsidiaries' officers and directors
against certain liabilities for actions taken in such capacities, including
liabilities under the Securities Act of 1933.

    Article V of the By-laws of the Company provides for indemnification of the
directors and officers of the Company to the fullest extent permitted by law, as
now in effect or later amended. In addition, the By-laws provide for
indemnification against expenses incurred by a director or officer to be paid by
the Company in advance of the final disposition of such action, suit or
proceeding; provided, however, that if required by the Delaware General
Corporation Law, an advancement of expenses will be made only upon receipt of an
undertaking by or on behalf of the director or officer to repay such amount if
it shall be ultimately determined that he is not entitled to be indemnified by
the Company. The By-laws further provide for a contractual cause of action on
the part of directors and officers of the Company with respect to
indemnification claims which have not been paid by the Company.

    The Company also has provided liability insurance for each director and
officer for certain losses arising from claims or charges made against them
while acting in their capacities as directors or officers of the Company.

    The Company has entered into indemnification agreements with its directors
and executive officers that require the Company to indemnify such persons
against all expenses (including attorneys' fees and amounts paid in settlement),
judgments, fines and penalties which are actually incurred in connection with
any threatened, pending or completed action, suit or other proceeding (including
an action by or in the right of the Company) to which such person is, was or is
threatened to be made a party, by reason of the fact that such person is or was
a director or officer of the Company, or is or was serving at the request of the
Company as a director, officer, employee or other agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise, to
the fullest extent permitted by applicable law and the Company's Restated
Certificate of Incorporation and By-laws. The indemnification agreements also
set forth certain procedures that will apply in the event of a claim for
indemnification thereunder.

    Article Nine of the Company's Restated Certificate of Incorporation limits
to the fullest extent permitted by the Delaware General Corporation Law, as the
same exists or may have been amended, the personal liability of the Company's
directors to the Company or its stockholders for monetary damages for a breach
of their fiduciary duty as directors. Section 102(b)(7) of the Delaware General
Corporation Law currently provides that such provisions do not eliminate or
limit the liability of a director (i) for a breach of the director's duty of
loyalty to the Company or its stockholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under Section 174 of the Delaware General Corporation Law (relating
to the declaration of dividends and purchase or redemption of

                                       3
<PAGE>
 
shares in violation of the Delaware General Corporation Law), or (iv) for any
transaction from which the director derived an improper personal benefit.

ITEM 7.     EXEMPTION FROM REGISTRATION CLAIMED

Inapplicable.

ITEM 8.     EXHIBITS

4.1  The PMI Group, Inc. Employee Stock Purchase Plan.

4.2  Restated Certificate of Incorporation of The PMI Group, Inc. (incorporated
     by reference to Exhibit 3.1 to the registrant's Registration Statement on
     Form S-1, Commission File No. 33-88542).

4.3  By-Laws of The PMI Group, Inc. (incorporated by reference to Exhibit 3(ii)
     to the registrant's report on Form 8-K, Commission File No. 001-13664,
     filed with the Commission on September 29, 1998).

5.1  Opinion of Orrick, Herrington & Sutcliffe LLP.

23.1 Consent of Deloitte & Touche LLP, Independent Auditors.

23.2 Consent of Orrick, Herrington & Sutcliffe LLP is included in Exhibit 5.1 to
     this Registration Statement.

24.1 Power of Attorney of Directors (contained on the signature pages of this
     Registration Statement).

ITEM 9.     UNDERTAKINGS

    (a) The undersigned registrant hereby undertakes:

          (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

               (i)    To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933;

               (ii)   To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement;

               (iii)  To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;

          Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the

                                       4
<PAGE>
 
registration statement is on Form S-3 or Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the registrant pursuant to section 13 or section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement.

          (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

    (b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933 each filing of the
registrant's annual report  pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of the
Plan's annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

    (c) Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                       5
<PAGE>
 
                                  Signatures

THE REGISTRANT

Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Francisco, State of California on the 30th day
of October, 1998.


THE PMI GROUP, INC.
(Registrant)


/s/ W. Roger Haughton
-------------------------------------------------
               W. Roger Haughton                
Chairman of the Board and Chief Executive Officer


Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated.

          Signature                    Title                      Date


Principal Executive Officer:
 
/s/ W. Roger Haughton                  Chief Executive       October 30, 1998
------------------------------         Officer
      W. Roger Haughton


Principal Financial Officer:
 
/s/ John M. Lorenzen, Jr.              Executive Vice        October 30, 1998
------------------------------         President and Chief
     John M. Lorenzen, Jr.             Financial Officer 


Principal Accounting Officer:
 
/s/ William A. Seymore                 Vice President        October 30, 1998
------------------------------         and Controller
      William A. Seymore

                                       6
<PAGE>
 
                         POWER OF ATTORNEY OF DIRECTORS

KNOW BY ALL PERSONS BY THESE PRESENTS:

    Each of the undersigned hereby constitutes and appoints Victor J.
Bacigalupi, Mark C. Berkowitz, Charles F. Broom, John M. Lorenzen, Jr., Claude
J. Seaman, and William A. Seymore and each of them with power to act alone, his
or her true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign a Registration Statement or
Registration Statements on Form S-8 relating to 200,000 shares of Common Stock
issuable under The PMI Group, Inc. Employee Stock Purchase Plan and any and all
amendments of such Registration Statements, including post-effective amendments,
and to file the same, together with exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
such attorney-in-fact full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about the premises
hereof, as fully to all intents and purposes as he or she might do or could do
in person, thereby ratifying and confirming all that said attorney-in-fact or
his or her substitutes may lawfully do or cause to be done by virtue hereof.

      /s/ W. Roger Haughton
__________________________________       October 30, 1998
          W. Roger Haughton


__________________________________       October __, 1998
          Wayne E. Hedien


__________________________________       October __, 1998
          Ronald H. Zech

      /s/ Donald C. Clark
__________________________________       October 30, 1998
          Donald C. Clark


__________________________________       October __, 1998
          Kenneth T. Rosen


__________________________________       October __, 1998
          Mary Lee Widener

      /s/ Richard L. Thomas
__________________________________       October 30, 1998
          Richard L. Thomas

                                       7
<PAGE>
      /s/ James C. Castle 
__________________________________       October 30, 1998
          James C. Castle

      /s/ John D. Roach
__________________________________       October 30, 1998
          John D. Roach


A majority of the members of the Board of Directors.

                                       8
<PAGE>
 
                                 EXHIBIT INDEX


4.1  The PMI Group, Inc. Employee Stock Purchase Plan.

4.2  Restated Certificate of Incorporation of The PMI Group, Inc. (incorporated
     by reference to Exhibit 3.1 to the registrant's Registration Statement on
     Form S-1, Commission File No. 33-88542).

4.3  By-Laws of The PMI Group, Inc. (incorporated by reference to Exhibit 3(ii)
     to the registrant's report on Form 8-K, Commission File No. 001-13664,
     filed with the Commission on September 29, 1998).

5.1  Opinion of Orrick, Herrington & Sutcliffe LLP.

23.1 Consent of Deloitte & Touche LLP, Independent Auditors.

23.2 Consent of Orrick, Herrington & Sutcliffe LLP is included in Exhibit 5.1
     to this Registration Statement.

24.1 Power of Attorney of Directors (contained on the signature pages of this
     Registration Statement).

                                       9
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{"company-data": {"conformed-name": "PMI GROUP INC", "cik": "0000935724", "assigned-sic": "6351", "irs-number": "943199675", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-66829", "film-number": "98738455"}, "business-address": {"street1": "601 MONTGOMERY ST", "city": "SAN FRANCISCO", "state": "CA", "zip": "94111", "phone": "4157887878"}, "mail-address": {"street1": "601 MONTGOMERY ST", "city": "SAN FRANCISCO", "state": "CA", "zip": "94111"}}
As filed with the Securities and Exchange Commission on November 5, 1998
                                                   Registration No. 333-________

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM S-8
                            REGISTRATION STATEMENT
                                   UNDER THE
                            SECURITIES ACT OF 1933

                              THE PMI GROUP, INC.
              (Exact name of issuer as specified in its charter)

                      Delaware                     94-3199675
             (State or jurisdiction of          (I.R.S. Employer
           incorporation or organization)     Identification No.)

                601 Montgomery Street, San Francisco, CA  94111
                   (Address of Principal Executive Offices)

               THE PMI GROUP, INC. EMPLOYEE STOCK PURCHASE PLAN
                           (Full Title of the Plan)

                             Victor J. Bacigalupi
              Senior Vice President, General Counsel and Secretary
                              The PMI Group, Inc.
                             601 Montgomery Street
                           San Francisco, CA  94111
                    (Name and address of agent for service)

         Telephone number, including area code, of agent for service:
                                (415) 788-7878

                                  Copies to:
                                John E. Aguirre
                      Orrick, Herrington & Sutcliffe LLP
                              400 Sansome Street
                           San Francisco, CA  94111

                        CALCULATION OF REGISTRATION FEE

-------------------------------------------------------------------------------
Title of           Amount to        Proposed    Proposed    Amount of
securities to      be registered    maximum     maximum     fee
registered                          offering    aggregate
                                    price per   offering
                                    share*      price*

------------------------------------------------------------------------------- 
Common Stock       200,000 shares   $54.00      $10,800,000 $3,003.00
 
-------------------------------------------------------------------------------
*   Estimated on the basis of $54.00, the average of the high and low prices of
shares on the New York Stock Exchange on November 3, 1998.

                                       1
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.     INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

    The following documents are incorporated by reference in this registration
statement:  (i) the latest annual report of The PMI Group, Inc. (the "Company"),
filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"); (ii) all other reports filed by the Company
pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the
fiscal year covered by the Annual Reports referred to in clause (i) above; and
(iii) the description of the Company's Common Stock filed pursuant to the
Exchange Act, including any amendment or report filed for the purpose of
updating such description.  All documents filed by the Company or the Plan after
the date of this registration statement pursuant to Sections 13(a), 13(c), 14,
and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
(that indicates all securities offered have been sold or deregisters all
securities then remaining unsold), shall be deemed to be incorporated by
reference in this registration statement and to be a part hereof from the date
of filing of such documents.

ITEM 4.     DESCRIPTION OF SECURITIES

Inapplicable.

ITEM 5.     INTERESTS OF NAMED EXPERTS AND COUNSEL

Inapplicable.

ITEM 6.     INDEMNIFICATION OF DIRECTORS AND OFFICERS

    Section 145 of the Delaware General Corporation Law, inter alia, empowers a
Delaware corporation to indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding (other than an action by or in the right of the corporation)
by reason of the fact that such person is or was a director, officer, employee
or agent of the corporation or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation or
other enterprise, against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by him or her in
connection with such action, suit or proceeding if he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Similar indemnity is authorized for such person against expenses (including
attorneys' fees) actually and reasonably incurred in connection with the defense
or settlement of any such threatened, pending or completed action or suit if
such person acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the corporation, and provided
further that (unless a court of competent jurisdiction otherwise provides) such
person shall not have been adjudged liable to the corporation. Any such
indemnification may be made only as authorized in each specific case upon a
determination by the stockholders or disinterested directors or, if there are no
disinterested directors, or if such disinterested directors so direct, by
independent legal counsel in a written opinion that indemnification is proper
because the indemnitee has met the applicable standard of conduct.

                                       2
Section 145 further authorizes a corporation to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation or enterprise,
against any liability asserted against him and incurred by him in any such
capacity, or arising out of his status as such, whether or not the corporation
would otherwise have the power to indemnify him under Section 145. The Company
maintains policies insuring its and its subsidiaries' officers and directors
against certain liabilities for actions taken in such capacities, including
liabilities under the Securities Act of 1933.

    Article V of the By-laws of the Company provides for indemnification of the
directors and officers of the Company to the fullest extent permitted by law, as
now in effect or later amended. In addition, the By-laws provide for
indemnification against expenses incurred by a director or officer to be paid by
the Company in advance of the final disposition of such action, suit or
proceeding; provided, however, that if required by the Delaware General
Corporation Law, an advancement of expenses will be made only upon receipt of an
undertaking by or on behalf of the director or officer to repay such amount if
it shall be ultimately determined that he is not entitled to be indemnified by
the Company. The By-laws further provide for a contractual cause of action on
the part of directors and officers of the Company with respect to
indemnification claims which have not been paid by the Company.

    The Company also has provided liability insurance for each director and
officer for certain losses arising from claims or charges made against them
while acting in their capacities as directors or officers of the Company.

    The Company has entered into indemnification agreements with its directors
and executive officers that require the Company to indemnify such persons
against all expenses (including attorneys' fees and amounts paid in settlement),
judgments, fines and penalties which are actually incurred in connection with
any threatened, pending or completed action, suit or other proceeding (including
an action by or in the right of the Company) to which such person is, was or is
threatened to be made a party, by reason of the fact that such person is or was
a director or officer of the Company, or is or was serving at the request of the
Company as a director, officer, employee or other agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise, to
the fullest extent permitted by applicable law and the Company's Restated
Certificate of Incorporation and By-laws. The indemnification agreements also
set forth certain procedures that will apply in the event of a claim for
indemnification thereunder.

    Article Nine of the Company's Restated Certificate of Incorporation limits
to the fullest extent permitted by the Delaware General Corporation Law, as the
same exists or may have been amended, the personal liability of the Company's
directors to the Company or its stockholders for monetary damages for a breach
of their fiduciary duty as directors. Section 102(b)(7) of the Delaware General
Corporation Law currently provides that such provisions do not eliminate or
limit the liability of a director (i) for a breach of the director's duty of
loyalty to the Company or its stockholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under Section 174 of the Delaware General Corporation Law (relating
to the declaration of dividends and purchase or redemption of

                                       3
shares in violation of the Delaware General Corporation Law), or (iv) for any
transaction from which the director derived an improper personal benefit.

ITEM 7.     EXEMPTION FROM REGISTRATION CLAIMED

Inapplicable.

ITEM 8.     EXHIBITS

4.1  The PMI Group, Inc. Employee Stock Purchase Plan.

4.2  Restated Certificate of Incorporation of The PMI Group, Inc. (incorporated
     by reference to Exhibit 3.1 to the registrant's Registration Statement on
     Form S-1, Commission File No. 33-88542).

4.3  By-Laws of The PMI Group, Inc. (incorporated by reference to Exhibit 3(ii)
     to the registrant's report on Form 8-K, Commission File No. 001-13664,
     filed with the Commission on September 29, 1998).

5.1  Opinion of Orrick, Herrington & Sutcliffe LLP.

23.1 Consent of Deloitte & Touche LLP, Independent Auditors.

23.2 Consent of Orrick, Herrington & Sutcliffe LLP is included in Exhibit 5.1 to
     this Registration Statement.

24.1 Power of Attorney of Directors (contained on the signature pages of this
     Registration Statement).

ITEM 9.     UNDERTAKINGS

    (a) The undersigned registrant hereby undertakes:

          (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

               (i)    To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933;

               (ii)   To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement;

               (iii)  To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;

          Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the

                                       4
registration statement is on Form S-3 or Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the registrant pursuant to section 13 or section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement.

          (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

    (b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933 each filing of the
registrant's annual report  pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of the
Plan's annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

    (c) Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                       5
Signatures

THE REGISTRANT

Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Francisco, State of California on the 30th day
of October, 1998.

THE PMI GROUP, INC.
(Registrant)

/s/ W. Roger Haughton
-------------------------------------------------
               W. Roger Haughton                
Chairman of the Board and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated.

          Signature                    Title                      Date

Principal Executive Officer:
 
/s/ W. Roger Haughton                  Chief Executive       October 30, 1998
------------------------------         Officer
      W. Roger Haughton

Principal Financial Officer:
 
/s/ John M. Lorenzen, Jr.              Executive Vice        October 30, 1998
------------------------------         President and Chief
     John M. Lorenzen, Jr.             Financial Officer 

Principal Accounting Officer:
 
/s/ William A. Seymore                 Vice President        October 30, 1998
------------------------------         and Controller
      William A. Seymore

                                       6
POWER OF ATTORNEY OF DIRECTORS

KNOW BY ALL PERSONS BY THESE PRESENTS:

    Each of the undersigned hereby constitutes and appoints Victor J.
Bacigalupi, Mark C. Berkowitz, Charles F. Broom, John M. Lorenzen, Jr., Claude
J. Seaman, and William A. Seymore and each of them with power to act alone, his
or her true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign a Registration Statement or
Registration Statements on Form S-8 relating to 200,000 shares of Common Stock
issuable under The PMI Group, Inc. Employee Stock Purchase Plan and any and all
amendments of such Registration Statements, including post-effective amendments,
and to file the same, together with exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
such attorney-in-fact full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about the premises
hereof, as fully to all intents and purposes as he or she might do or could do
in person, thereby ratifying and confirming all that said attorney-in-fact or
his or her substitutes may lawfully do or cause to be done by virtue hereof.

      /s/ W. Roger Haughton
__________________________________       October 30, 1998
          W. Roger Haughton

__________________________________       October __, 1998
          Wayne E. Hedien

__________________________________       October __, 1998
          Ronald H. Zech

      /s/ Donald C. Clark
__________________________________       October 30, 1998
          Donald C. Clark

__________________________________       October __, 1998
          Kenneth T. Rosen

__________________________________       October __, 1998
          Mary Lee Widener

      /s/ Richard L. Thomas
__________________________________       October 30, 1998
          Richard L. Thomas

                                       7
/s/ James C. Castle 
__________________________________       October 30, 1998
          James C. Castle

      /s/ John D. Roach
__________________________________       October 30, 1998
          John D. Roach

A majority of the members of the Board of Directors.

                                       8
EXHIBIT INDEX

4.1  The PMI Group, Inc. Employee Stock Purchase Plan.

4.2  Restated Certificate of Incorporation of The PMI Group, Inc. (incorporated
     by reference to Exhibit 3.1 to the registrant's Registration Statement on
     Form S-1, Commission File No. 33-88542).

4.3  By-Laws of The PMI Group, Inc. (incorporated by reference to Exhibit 3(ii)
     to the registrant's report on Form 8-K, Commission File No. 001-13664,
     filed with the Commission on September 29, 1998).

5.1  Opinion of Orrick, Herrington & Sutcliffe LLP.

23.1 Consent of Deloitte & Touche LLP, Independent Auditors.

23.2 Consent of Orrick, Herrington & Sutcliffe LLP is included in Exhibit 5.1
     to this Registration Statement.

24.1 Power of Attorney of Directors (contained on the signature pages of this
     Registration Statement).

                                       9