The leading private mortgage insurance (PMI) company, which helps lenders put families in homes with low-down-payment mortgages.
A private corporation that insures mortgage loans similar to FHA and VA insurance. The difference is it does not insure as great a percentage of the loan.
A private corporation which, for a fee, insures mortgage loans similar to FHA and VA insurance, although not insuring as great a percentage of the loan.
(MGIC) A company which insures private mortgages against default.
A company that insures against financial loss to mortgage lenders.
Private company established in 1957 in Milwaukee, WI to provide private mortgage insurance (PMI) to mortgage lenders granting mortgages to mortgagors not having at least a 20% down payment upon application. MGIC indemnifies the mortgage lending company should the mortgagor go into foreclosure because of a default. The cost of PMI is included in the closing costs by the mortgagee.
Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) is the largest provider of private mortgage insurance in the United States.
