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Last $10.43 USD
Change Today -0.08 / -0.76%
Volume 6.0M
As of 8:04 PM 05/5/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

MGIC Plaza

250 East Kilbourn Avenue

Milwaukee, WI 53202

United States

Phone: 414-347-6480

Fax:

MGIC Investment Corporation, through its subsidiaries, is engaged in the mortgage insurance business. The company provides mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. The company’s subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). MGIC was licensed in all 50 states of the United States, the District of Columbia, Puerto Rico and Guam. Mortgage Insurance The company offers two principal types of private mortgage insurance, such as primary and pool. Primary Insurance: Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest, and various expenses associated with the default and foreclosure (collectively, the ‘claim amount’). In addition to the loan principal, the claim amount is affected by the mortgage note rate and the time to complete the foreclosure or sale process, which could be lengthened due to foreclosure moratoriums and suspensions. Primary insurance is written on first mortgage loans secured by owner occupied single-family homes, which are one-to-four family homes and condominiums. Primary insurance is also written on first liens secured by non-owner occupied single-family homes, which are referred to in the home mortgage lending industry as investor loans, and on vacation or second homes. Primary coverage could be used on any type of residential mortgage loan instrument approved by the mortgage insurer. Pool Insurance: Pool insurance is used as an additional ‘credit enhancement’ for certain secondary market mortgage transactions. Pool insurance covers the excess of the loss on a defaulted mortgage loan, which exceeds the claim payment under the primary coverage, if primary insurance is required on that mortgage loan, as well as the total loss on a defaulted mortgage loan, which did not require primary insurance. Other Products and Services Contract Underwriting and Related Services: A non-insurance subsidiary of the company performs contract underwriting services for lenders. In performing those services, the company judges whether the data relating to the borrower and the loan contained in the lender’s mortgage loan application file comply with the lender’s loan underwriting guidelines. The company also provides an interface to submit data to the automated underwriting systems of the government sponsored entities, which independently judge the data. These services are provided for loans that require private mortgage insurance, as well as for loans that do not require private mortgage insurance. Other: The company provides various mortgage services for the mortgage finance industry, such as analysis of loan originations, loan portfolios and servicing portfolios; training; and mortgage lead generation. Sales and Marketing The company sells insurance products through its own employees, located throughout all regions of the United States and in Puerto Rico. Customers The company’s customers include originators of residential mortgage loans, such as savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers and other lenders. Competition The company’s private mortgage insurance competitors include Genworth Mortgage Insurance Corporation; United Guaranty Residential Insurance Company; Radian Guaranty Inc.; CMG Mortgage Insurance Company; Essent Guaranty, Inc., and National Mortgage Insurance Corporation. History MGIC Investment Corporation, a Wisconsin corporation, was founded in 1984.

 

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