MGIC writes $2.1B in new primary mortgage insurance

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Mortgage Guaranty Insurance Corp. (MGIC), the primary subsidiary of MGIC Investment Corp., has promoted Jerry Murphy and Carie Vos to vice president of field operations and vice president of claims administration, respectively. In his new position, Murphy will be responsible for mortgage insurance and contract operations, which includes processing, underwriting and servicing.

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Mortgage insurer MGIC. insurance, which pays lenders when homeowners default or foreclosures fail to recoup costs. A surge in claims during the housing crash led companies including PMI Group Inc..

Mortgage Insurance is tax-deductible by MGIC. The deduction is reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500. (Details below.) The deduction is not restricted to first-time homebuyers.

 · At February 28, 2018, MGIC had $196.5 billion of primary insurance in force covering approximately one million mortgages.

Cancelling mortgage insurance is typically permitted by lenders and investors after the homeowner has built up enough equity in the home. Cancelling mortgage insurance using original value The Homeowners Protection Act of 1998 (hpa) 1 covers single-family primary residences whose sales were closed on or after July 29, 1999.

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Since insurance in force is the driver of our revenues, this is a key metric that we focus on. With the current and expected level of mortgage. MGIC’s statutory capital is $1.9 billion in excess of.

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