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Mgic Investment Corporation

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Market Research Report: Mortgage Guaranty Insurance Corporation (MGIC)



Company Overview



  • Name: Mortgage Guaranty Insurance Corporation (MGIC)

  • Mission: MGIC is committed to leading the private mortgage insurance industry by supporting customers and helping borrowers achieve their dreams of homeownership.

  • Founded: 1957

  • Founder: Max Karl

  • Key People: Information on specific key people is not available.

  • Headquarters: 270 E. Kilbourn Ave., Milwaukee, WI 53202

  • Number of Employees: No information is available.

  • Revenue: No information is available.

  • What the Company is Known For: MGIC is known for being the premier provider of private mortgage insurance (PMI), which facilitates homeownership for individuals with low down payments by insuring a portion of the mortgage loan.


Products



  • Private Mortgage Insurance (PMI)

  • Description: PMI is designed to reduce the risk for lenders by providing insurance for mortgage loans with down payments of less than 20% of the property value. It enables homebuyers to achieve homeownership sooner.


  • Key Features:

  • Makes low-down-payment mortgages possible.

  • Offers credit loss protection for lenders.

  • Supports borrowers with as little as a 3% down payment.


  • Community Pro™

  • Description: A program aimed at providing flexibility for portfolio lenders to meet various community financing needs.


  • Key Features:

  • Supports low-income communities.

  • Facilitates sustainable homeownership.


Recent Developments



  • New Products and Features:

  • MGIC has developed programs to assist lenders and borrowers alike, such as their affordable lending programs with housing finance agencies and government-sponsored enterprises like Fannie Mae and Freddie Mac.


  • Training and Resources:

  • Launched “Magic Minutes,” a new training option offering brief, focused videos to increase knowledge efficiently.


  • Partnerships:

  • Collaborating with industry organizations to promote equitable homeownership policy and sustainable practices. This includes partnerships with various national and local housing and financial organizations to bridge homeownership gaps among underserved communities.


  • Commitment to Corporate Social Responsibility:

  • Active in community engagement, diversity, equity, inclusion initiatives, and sustainability through energy management and corporate governance.


Conclusion



MGIC continues to be a leader in the private mortgage insurance industry by providing innovative insurance solutions that promote equal homeownership opportunities. While precise financial figures and employee details are not disclosed in the available information, MGIC's commitment to community service, sustainable practices, and equitable homeownership stands out as its cornerstone, reflecting its ongoing influence in the housing finance arena.