MGIC

What MGIC does

MGIC Investment Corporation (NYSE: MTG) is a US private mortgage insurance company founded in 1957 in Milwaukee, Wisconsin, where it remains headquartered. It was the first private mortgage insurer in the country and went public in the 1990s following a long operational history of providing private mortgage insurance that protects lenders against borrower default on low-down-payment loans. The company operates within the GSE ecosystem backed by Fannie Mae and Freddie Mac and manages more than $300 billion in insured loans.

MGIC's core product is private mortgage insurance, with monthly or upfront premium options such as Choice Monthly, on loans with down payments below 20%. The technology stack comprises three integrated platforms: MiQ for MI rate quoting, Loan Center for ordering MI and managing underwriting documents, and MGIC/Link Servicing for policy administration, default reporting, and claim servicing. Surrounding the core offering are specialist modules including MGIC Go! for streamlined processing, Portfolio Playbook for portfolio lending, HomeReady and Home Possible coverage for affordable loans, Self-Employed Borrower worksheets, and the Readynest and Loan Officer Hub consumer/producer channels.

MGIC earns premium income across the life of each insured loan and prices against GSE-mandated coverage levels (e.g., 25% coverage on a 90% LTV fixed-rate mortgage). Distribution combines direct regional account teams covering US lenders, LOS integrations for in-platform ordering, a credit-union channel built around the TruStage partnership and the CU:REALM peer forum, and Housing Finance Agency relationships. The company also invests heavily in industry education via Magic Minutes training, the Mortgage Connects knowledge hub, and Hispanic-market outreach in partnership with NAHREP. Q1 2026 financials showed $165M net income, 13% annualized ROE, $14B in new insurance written (up 41% year-over-year), book value per share of $23.63 (+10% YoY), and an active capital-return program including a $750M buyback authorization and a $400M holding-company dividend.

Name

MGIC

Legal name

MGIC Investment Corporation

Website

https://mgic.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MGIC (NYSE: MTG) is a US private mortgage insurer founded in 1957 that protects lenders against default on low-down-payment mortgages, managing over $300 billion in insured loans for banks, credit unions, and HFAs within the GSE ecosystem.

Ownership category

akta.pro rank

Product category

Mortgage Insurance

NAICS

Mortgage and Nonmortgage Loan Brokers (522310)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro industry

PRIMARYFSALAJAB

Private Mortgage Insurance (PMI) — Lender-Paid (LPMI)

Financial & Insurance/Mortgage & Housing Finance/Mortgage Insurance & Credit Enhancement

SECONDARYFSALAJAH

Mortgage Default Insurance & Loss Mitigation Services (Claims, Recoveries, MI Servicing)

Financial & Insurance/Mortgage & Housing Finance/Mortgage Insurance & Credit Enhancement

SECONDARYFSALAJAA

Private Mortgage Insurance (PMI) — Borrower-Paid (BPMI)

Financial & Insurance/Mortgage & Housing Finance/Mortgage Insurance & Credit Enhancement

Keywords

• Private mortgage insurance
• Mortgage insurance underwriting
• Lender risk management
• Low down payment financing
• Mortgage default coverage

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mortgage Insurance Premiums: MGIC collects premium income from lenders for providing mortgage insurance coverage on loans with down payments less than 20%. Premiums can be paid monthly or upfront, and the company earns premium income throughout the life of the insured loan. On a 90% LTV fixed-rate mortgage, investors require 25% coverage, meaning MGIC pays 25% of the outstanding loan balance in the event of a claim.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

MGIC is a private mortgage insurance provider that protects mortgage lenders against borrower defaults on low-down-payment loans (typically those with less than 20% down). The company operates within the government-sponsored enterprise ecosystem backed by Fannie Mae and Freddie Mac, collecting monthly or upfront premium income from lenders throughout the life of insured loans, paying claims of 25% of outstanding loan balance on a typical 90% LTV mortgage. MGIC manages over $300 billion in insured loans and serves lenders, credit unions, and housing finance agencies through digital platforms (MiQ, Loan Center, MGIC/Link Servicing) and direct sales teams.

Product overview

MGIC (Mortgage Guaranty Insurance Corporation) is a private mortgage insurance provider offering a comprehensive suite of products and services for lenders, loan originators, and credit unions. The core product is private mortgage insurance that protects lenders against borrower defaults on low-down-payment mortgages. MGIC's platform consists of three primary digital platforms: MiQ for rate quotes, Loan Center for ordering MI and document management, and MGIC/Link Servicing for loan servicing operations. The product portfolio includes various MI premium plans (such as Choice Monthly), specialized products for specific loan programs (MGIC Go! for streamlined processing, HomeReady, Home Possible), portfolio lending tools (Portfolio Playbook), self-employed borrower analysis worksheets, credit union-specific solutions through the TruStage partnership, and educational resources including Magic Minutes training videos and the Mortgage Connects knowledge hub. MGIC also supports Housing Finance Agencies (HFAs) and offers contract underwriting services.

Differentiator

Problem solved

Functional benefit

Brands

• MiQ: MGIC's rate quote platform for getting MI rate quotes
• MGIC/Link Servicing
• Portfolio Playbook
• MGIC Go!
• CU:REALM
• Readynest

Products and services

• MiQ (Mortgage Insurance Quote Platform) A rate quote platform that provides quick and competitive MI pricing quotes in real-time for lenders and loan officers selecting the right mortgage insurance rate for their borrowers.
• Loan Center An online ordering platform for mortgage insurance enabling lenders to submit MI applications, upload underwriting documents, check loan status, and view or print Commitments/Certificates.
• MGIC/Link Servicing A loan servicing platform that allows servicers to view policy and payment details, activate and transfer servicing, report defaults and claims, and cancel coverage on MGIC-insured loans.
• MGIC Go! A streamlined mortgage insurance product designed to simplify the MI process for eligible loans with faster turnaround times.
• HomeReady Mortgage Insurance Mortgage insurance coverage designed for HomeReady loans, supporting low-down-payment financing for creditworthy borrowers.
• Home Possible Mortgage Insurance Mortgage insurance coverage for Home Possible loans, supporting affordable homeownership with low-down-payment options.
• Portfolio Playbook A suite of mortgage product solutions enabling lenders to stretch beyond GSE limits, manage MI coverage levels for risk management, offer unique marketplace products, and diversify mortgage product mix.
• Choice Monthly A monthly MI premium plan offering flexibility for borrowers with monthly mortgage insurance premium payments and options for borrower-paid or lender-paid MI.
• Contract Underwriting Contract underwriting services provided by MGIC for additional loan evaluation support to lenders.
• Readynest A consumer-facing website with step-by-step homebuying process guidance and resources available in English and Spanish to help homebuyers prepare for homeownership.

Quantifiable outcome

• 41% year-over-year increase in new insurance written to $14 billion in Q1 2026, largest first-quarter NIW since 2022
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• MISMO (Mortgage Bankers Association)coreStrategic or Co-development Partner · 2 July 2026MGIC provided leadership in MISMO's Mortgage Insurance Community of Practice to update the Mortgage Insurance Implementation Guide for VantageScore 4.0 and FICO 10T credit scoring models. The guide reached 'Candidate Recommendation' status signaling broad industry consensus for standardized electronic information exchange between lenders and mortgage insurers.
• TruStage Financial GroupcoreChannel Partner/ Reseller/ DistributorTruStage and MGIC partnership brings together over 150 years of combined expertise in mortgage insurance and credit union service. The partnership provides extensive offerings including competitive rates, specialized training, portfolio lending solutions, and purchase money strategies for credit union members.
• NAHREP (National Association of Hispanic Real Estate Professionals)coreGTM or Marketing PartnerMGIC is a national partner of NAHREP, supporting their mission to increase sustainable homeownership rates and economic mobility of Hispanics in the US. The partnership includes shared passion for sustainable Hispanic homeownership, education and advocacy around mortgage insurance's role in expanding homeownership.
• Newbold AdvisorsminorGTM or Marketing PartnerNewbold Advisors is a founding sponsor of CU:REALM, providing behind-the-scenes support with logistics, agenda setting, and content planning for the credit union peer-to-peer forum.
• American Reporting CompanyminorGTM or Marketing PartnerAmerican Reporting Company is a founding sponsor of CU:REALM, providing behind-the-scenes support with logistics, agenda setting, and content planning for the credit union peer-to-peer forum.
• Delta Community Credit UnionminorGTM or Marketing PartnerDelta Community Credit Union hosted the 2026 CU:REALM Live meeting at their conference center in Atlanta, demonstrating active partnership in the credit union community forum.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Radian Group: Radian (NYSE: RDN) is one of the two largest U.S. private mortgage insurers with a $300B+ in-force book and a near-identical GSE-anchored product set (BPMI and LPMI), making it the most directly comparable competitor to MGIC on pricing, capital, and underwriting.
• Essent Group: Essent (NYSE: ESNT) is a leading pure-play U.S. private mortgage insurer with comparable GSE-eligibility, channel mix, and underwriting focus, competing head-to-head with MGIC on lender relationships and pricing.
• NMI Holdings: NMI Holdings (NASDAQ: NMIH) operates National MI, a U.S. private mortgage insurer competing for the same lender and GSE-aligned business as MGIC, with overlapping product offerings in borrower-paid and lender-paid MI.
• Enact Financial Group: Enact (NASDAQ: ACT) is one of the largest U.S. private mortgage insurers, originally Genworth's MI business, and competes with MGIC for GSE-backed low-down-payment volume with a similar product and capital structure.

Broad incumbents

• Arch Capital Group: Arch Capital (NASDAQ: ACGL) operates Arch MI as one of its diversified insurance lines. While much broader than MGIC, its U.S. mortgage insurance subsidiary competes for the same GSE and lender relationships.
• Genworth Financial: Genworth (NYSE: GNW) historically ran a U.S. private mortgage insurance business that was spun off as Enact; even in run-off/legacy mode, it remains a structural comparable on capital, claims, and servicing economics versus MGIC.

Others

• loanDepot: loanDepot (NYSE: LDI) is a major U.S. retail and partner-channel mortgage originator that orders private MI for low-down-payment loans, functioning as a sizeable lender customer for MGIC.
• Rocket Companies: Rocket (NYSE: RKT) is one of the largest U.S. mortgage originators and a meaningful customer/distribution channel for MGIC, given that MGIC MI is required on the bulk of Rocket's low-down-payment conforming volume.
• PennyMac Financial Services: PennyMac (NYSE: PFSI) is a top U.S. mortgage originator and servicer; its servicing book and correspondent channel create ongoing MI ordering and claims relationships comparable to those MGIC serves across the GSE ecosystem.
• UWM Holdings: UWM (NYSE: UWMC) is the largest U.S. wholesale mortgage lender and a significant indirect customer for MGIC, sourcing loans from brokers that require PMI on low-down-payment files.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/mgic
• YouTubeyoutube.com/user/MGICvideos
• Facebookfacebook.com/mgicmi
• LinkedInlinkedin.com/company/mgic

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MGIC