Mortgage Guarantee Insurance Company (MGIC)
Definition of "Mortgage Guarantee Insurance Company (MGIC)"
Private company established in 1957 and headquartered in Milwaukee, WI, providing 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.
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Founded in 1934 and located in Garden, CA with 1993 membership of 9,000, the IRWA is a professional association of appraisers, property managers, title examiners, and others having interest ...
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