MGIC Indemnity Corporation, Wisconsin: Overview, Contacts, Financials, Services, Coverage, Claims, FAQs

If you are looking for a reliable and reputable company to provide you with mortgage insurance, you might want to consider MGIC Indemnity Corporation.

An image illustration of MGIC Indemnity Corporation
MGIC Indemnity Corporation is a property insurance company

MGIC Indemnity Corporation is a subsidiary of MGIC Investment Corporation, one of the leading private mortgage insurance companies in the United States.

In this blog post, we will give you an overview of MGIC Indemnity Corporation, its history, products, services, financial details, coverage details, and claims process.

We hope that this information will help you make an informed decision about your mortgage insurance needs.

MGIC Indemnity Corporation Company Details

MGIC Indemnity Corporation was founded in 1957 by Max Karl, a Milwaukee real estate attorney who wanted to offer an alternative to 100% government-guaranteed loans.

He believed that there had to be a better way to help families achieve homeownership with low-down-payment mortgages.

He raised $250,000 from investors, family, and friends (even his barber!) and established MGIC as the first private mortgage insurance company in the United States

Today, MGIC Indemnity Corporation is headquartered in Milwaukee, Wisconsin, and serves lenders in the United States, Puerto Rico, and other locations.

MGIC Indemnity Corporation Contacts

Here is some basic information about MGIC Indemnity Corporation that you might find useful:

Category Information
Phone Number (414) 347-6480
Address 250 E Kilbourn Ave, Milwaukee, WI, 53202
Customer Service Contact (800) 424-6442
Policy Details Varies depending on loan type, loan-to-value ratio, credit score, and other factors
Email Address
Fax Number (414) 347-4917
Operating Hours Monday to Friday, 7:00 AM to 4:00 PM Central Time

MGIC Indemnity Corporation Services & Products

MGIC Indemnity Corporation offers various types of mortgage insurance products and services to help lenders reduce their risk and make affordable low-down-payment mortgages possible for borrowers.

Some of the products and services that MGIC Indemnity Corporation offers are:

  • Borrower-paid mortgage insurance (BPMI): This is the most common type of mortgage insurance, where the borrower pays the premium as part of their monthly mortgage payment. The premium can be either fixed or adjustable depending on the loan terms.
  • Lender-paid mortgage insurance (LPMI): This is a type of mortgage insurance where the lender pays the premium on behalf of the borrower. The lender typically charges a higher interest rate or fees to cover the cost of the premium.
  • Split-premium mortgage insurance: This is a type of mortgage insurance where the borrower pays part of the premium upfront as a single payment and the rest as part of their monthly mortgage payment. This can lower the monthly premium and the overall cost of the mortgage insurance.
  • Single-premium mortgage insurance requires an upfront payment, eliminating monthly premiums and lowering loan interest costs.
  • MGIC offers portfolio products tailored to lenders with non-standard loans, not meeting Fannie Mae or Freddie Mac standards.
  • MGIC Indemnity Corp extends mortgage insurance coverage to loans outside the U.S., including Puerto Rico.
  • Temporary policies cover loans for short durations (e.g., 6 months or 1 year) often used for imminent refinancing or loan payoff.

Financial Details

MGIC Indemnity Corporation has a strong financial position and performance. Here are some financial details that you might want to know:

  • Premium costs: The cost of mortgage insurance depends on various factors, such as loan type, loan-to-value ratio, credit score, coverage percentage, premium plan, and loan term. You can use MGIC’s rate finder tool to get an estimate of your premium cost based on your loan scenario.
  • Payment options: You can choose to pay your premium either monthly or annually depending on your preference and loan terms. You can also choose to pay your premium upfront as a single payment if you opt for single-premium or split-premium plans.
  • Discounts and promotional offers: MGIC Indemnity Corporation offers various discounts and promotional offers to eligible borrowers and lenders.
  • Claim payout ratio: The claim payout ratio is the percentage of claims that MGIC Indemnity Corporation pays out to lenders in the event of a default or foreclosure. The claim payout ratio for MGIC Indemnity Corporation was 77.6% as of June 30, 2023.

Coverage Details

MGIC Indemnity Corporation provides coverage for a portion of the loan balance in case the borrower defaults or forecloses on their loan. The amount of coverage depends on the loan type, loan-to-value ratio, coverage percentage, and other factors. Here are some coverage details that you might want to know:

  • Policy exclusions: There are some situations where MGIC Indemnity Corporation may not pay a claim or may rescind or cancel a policy. Some of these situations are:
    • Fraud, misrepresentation, or negligence by the borrower, lender, or any other party involved in the loan transaction
    • Failure to comply with the terms and conditions of the policy or the loan agreement
    • Failure to notify MGIC Indemnity Corporation of any material changes in the loan status, property condition, or borrower circumstances
    • Failure to pay the premium on time or in full
    • Bankruptcy, insolvency, or receivership of the lender or the borrower
    • Loss or damage caused by war, terrorism, nuclear hazard, environmental hazard, or natural disaster
  • Coverage limits: The maximum amount of coverage that MGIC Indemnity Corporation provides is based on the original loan amount and the coverage percentage. The coverage percentage is determined by the loan type, loan-to-value ratio, and other factors.

MGIC Indemnity Corporation Claims

If you are a lender who has a loan insured by MGIC Indemnity Corporation and you need to file a claim due to a default or foreclosure, here are some steps that you need to follow:

  • Claim process: You need to submit your claim within 60 days after acquiring title to the property through foreclosure or deed-in-lieu of foreclosure. You can submit your claim online through MGIC’s eMagic portal or by mail or fax. You need to provide all the required information and documentation to support your claim, such as:
    • Loan number and policy number
    • Borrower name and address
    • Date and reason of default
    • Date and method of acquisition
    • Property address and condition
    • Net sale proceeds and expenses
    • Proof of title and occupancy
    • Servicing history and collection efforts
    • Appraisal report and photos
  • Required documents for claims: You need to provide copies of the following documents along with your claim:
    • Loan application and underwriting documents
    • Closing documents and settlement statement
    • Mortgage note and deed of trust
    • Mortgage insurance certificate and endorsement
    • Foreclosure documents and notice of sale
    • Deed-in-lieu of foreclosure agreement and deed
    • Property inspection report and repair estimate
    • Listing agreement and sales contract
  • Average claim approval time: The average time that MGIC Indemnity Corporation takes to approve a claim is about 30 days from the date of receipt. However, this may vary depending on the completeness and accuracy of the claim submission and the complexity of the claim.


Here are some frequently asked questions that you might have about MGIC Indemnity Corporation:

Q: How can I contact MGIC Indemnity Corporation?

A: You can contact MGIC Indemnity Corporation by phone at (414) 347-6480 or (800) 424-6442, by email at, by fax at (414) 347-4917

You can also visit their website at for more information.

Q: How can I check my policy status?

A: You can check your policy status online through MGIC’s eMagic

portal or by contacting their customer service. You can also view your policy details, premium payments, and claim status online.

Q: What are the benefits of having mortgage insurance from MGIC Indemnity Corporation?

A: Some of the benefits of having mortgage insurance from MGIC Indemnity Corporation are:

  • It allows you to buy a home with a low down payment, as low as 3% of the purchase price.
  • It protects the lender in case you default on your loan, which makes it easier for you to qualify for a loan.
  • It can be canceled once you reach 20% equity in your home, which can save you money in the long run.
  • It offers flexible premium plans and coverage options that suit your needs and budget.
  • It provides fast and efficient claim processing and customer service.

Q: How can I file a claim with MGIC Indemnity Corporation?

A: To file a claim with MGIC Indemnity Corporation, you need to follow these steps:

  1. Notify MGIC Indemnity Corporation of the default or foreclosure as soon as possible.
  2. Gather all the required documents and information for your claim.
  3. Submit your claim online through MGIC’s [eMagic] portal or by mail or fax.
  4. Wait for MGIC Indemnity Corporation to review and approve your claim.
  5. Receive your claim payment and apply it to your loan balance.


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